International Karachi, Saturday, July 16, 2011, Shaban-ul-Muazzam 13, Price Rs12 Pages 8
Haqqani says US, Pak share multi-facet links See on Page 8 Economic Indicators
Foreign Debt (Mar 11) Domestic Debt (May 11) Repatriated Profit (Jul- Apr 11) LSM Growth (May 11)
GDP Growth FY10E Per Capita Income FY10 Population SCRA(U.S $ in million)
-1.22 -1.22 0.60 2805
Total Portfolio Invest (9-Jul-2011)
(U.S $ in million)
0.47 3.00 -7.12 -0.10 -0.94 4.26 0.42
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 12,346.52 9,974.47 21,875.38 18,561.92 2,725.25 2,820.17 5,843.66 12,464.82
Change 79.19 38.35 64.82 56.28 10.49 9.73 3.29 27.70
GDR update $.Price PKR/Shares Symbols 111.59 MCB (1 GDR= 2 Shares) 2.60 157.51 OGDC (1 GDR= 10 Shares) 18.35 42.92 UBL (1 GDR= 4 Shares) 2.00 36.48 LUCK (1 GDR= 4 Shares) 1.70 38.68 HUBC (1 GDR= 25 Shares) 11.27
Money Market Update T-Bills (3 Mths) 13-Jul-2011 T-Bills (6 Mths) 13-Jul-2011 T-Bills (12 Mths) 13-Jul-2011 Discount Rate 20-May-2011 Kibor (1 Mth) 15-Jul-2011 Kibor (3 Mths) 15-Jul-2011 Kibor (6 Mths) 15-Jul-2011 Kibor (9 Mths) 15-Jul-2011 15-Jul-2011 Kibor (1 Yr) 15-Jul-2011 P.I.B (3 Yrs) 15-Jul-2011 P.I.B (5 Yrs) 15-Jul-2011 P.I.B (10 Yrs) 15-Jul-2011 P.I.B (15 Yrs) 15-Jul-2011 P.I.B (20 Yrs) 15-Jul-2011 P.I.B (30 Yrs)
13.48% 13.74% 13.90% 14.00% 13.65% 13.56% 13.80% 14.15% 14.25% 13.98% 14.02% 14.07% 14.25% 14.34% 14.46%
Commodities *Crude Oil (brent)$/bbl *Crude Oil (WTI)$/bbl *Cotton $/lb *Gold $/ozs *Silver $/ozs Malaysian Palm $ GOLD (NCEL) PKR KHI Cotton 40Kg PKR
117.14 97.17 99.46 1,589.50 38.90 1,038 43,942 6,645
Open Mkt Currency Rates Symbols
Buy (Rs)
Sell (Rs)
Australian $ 91.80 92.80 Canadian $ 89.10 90.10 Danish Krone 16.25 16.65 Euro 121.30 123.00 Hong Kong $ 10.65 11.15 Japanese Yen 1.076 1.103 Saudi Riyal 22.87 23.07 Singapore $ 70.20 71.20 Swedish Korona 13.30 13.60 Swiss Franc 97.90 98.90 U.A.E Dirham 23.37 23.57 UK Pound 138.30 139.50 US $ 85.95 86.25 Inter-Bank Currency Rates Symbols
Buying
Selling
TT Clean
TT & OD
Australian $ 92.06 92.27 Canadian $ 89.35 89.55 Danish Krone 16.29 16.33 Euro 121.27 121.55 Hong Kong $ 11.00 11.03 Japanese Yen 1.090 1.092 Saudi Riyal 22.87 22.92 Singapore $ 70.48 70.64 Swedish Korona 13.19 13.22 Swiss Franc 105.20 105.45 U.A.E Dirham 23.35 23.40 UK Pound 138.50 138.83 US $ 85.84 86.02 Weather Forecast Cities
Islamabad Karachi Lahore Faisalabad Quetta Rawalpindi
Max-Temp Min-Temp
35°C 35°C 33°C 34°C 37°C 36°C
20°C 29°C 29°C 30°C 15°C 20°C
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See on Page 8
Mohajirs across the country are sons of soil: Zardari
NCCPL FIPI (15-Jul-2011) Local Companies (15-Jul-2011) Banks / DFI (15-Jul-2011) Mutual Funds (15-Jul-2011) NBFC (15-Jul-2011) Local Investors (15-Jul-2011) Other Organization (15-Jul-2011)
America's return from Afghanistan begins
Zardari-Altaf contact viewed with high hopes
Portfolio Investment Yearly(Jul, 2011 up to 14-Jul-2011) Monthly(Jun, 2011 up to 14-Jul-2011) Daily (14-Jul-2011)
See on Page 8
Fortified economic relations with SLanka stressed See on Page 8
President phones MQM chief, reprimands Mirza
$18.11bn 13.92% $24.83bn $40.41bn $(15.59)bn $205mn $10.10bn $1.92bn Rs 1598bn $59.54bn Rs 5873bn $725mn -2.28% 4.10% $1,051 176.63mn
Forex Reserves (10-July-11) Inflation CPI% (Jul 10-Jun 11) Exports (Jul 10-Jun 11) Imports (Jul 10-Jun 11) Trade Balance (Jul 10-Jun 11) Current A/C (Jul 10- May 11) Remittances (Jul 10 - May 11) Foreign Invest (Jul 10-Jun 11) Revenue (Jul 10-Jun 11)
US stopped military aid on trainers cut
ISLAMABAD: President Asif Ali Zardari in a meeting with the Chinese delegation headed by Chairman Dongfang Electric Corporation Si Zefu at Aiwan-e-Sadr.-APP
ISI chief's visit to US "went very well"
Pak, US agree to refurbish ties WASHINGTON: US and Pakistan intelligence chiefs made progress in mending rifts in a relationship that had soured over the US raid that killed al Qaeda leader Osama bin Laden during meetings at CIA headquarters, US and Pakistani officials said on Thursday. Director General InterServices Intelligence LieutenantGeneral Ahmad Shuja Pasha made a brief visit to Washington,
arriving on Wednesday and leaving on Thursday, to meet with acting CIA director Michael Morell and other intelligence officials. Both sides sought to renew ties of cooperation and move forward in an often challenging relationship. "The discussions on Thursday between General Pasha and the acting director of the Central Intelligence Agency went very well," a US official
NICL scam case
Govt evades to restore FIA official ISLAMABAD: The federal government has once again defied orders from Supreme Court (SC) to restore Zafar Qureshi as the Chief Investigation Officer in the National Insurance Company Limited (NICL) multi-billion scam case on Friday. According to a private television channel, a three-member apex court bench headed by Chief Justice Pakistan (CJP) Iftihkar Mohammed Chaudhry comprising Justice Khilji Arif Hussain and Justice Amir Hani Muslim as its other members heard the NICL case. The CJ Chaudhry said the court could give orders regard-
ing the restoration of Qureshi; however, it wanted government to function its way. The court also wondered as to why Zafar Qureshi was suspended, remarking it would be written in history for the government to have removed an honest officer from a case involving corruption. Justice Khilji Arif queried as to why Zafar Qureshi was not being restored to his office. Subsequently, Chief Justice of Pakistan, Iftikhar Muhammad Chaudhry observed summary moved by the Secretary Ministry of Interior for suspension of See # 4 Page 7
City mayhem costs Rs37bn TFD Report KARACHI: Owing to arson, killings, firing incidents and riots during five days, the partial or complete shutdown of business and industrial activities has cost Rs37 billion Main reason of standstill in most of the business activities was thin turnover due to nonplying of public transport and risk to put on roads private transport owing to widespread lawlessness in the city. In a rare move, Karachi Stock
Exchange had to close share trading on Thursday 75 minutes before schedule closure of 3 pm owing to spilling of violence across the city. In early days of week the main reason of lackluster and shutdown in business and industrial activity was rumour mongering, uncertainty and uneasy calm in city after killing of 100 innocent people mostly in Orangi Town and subsequent tirade by leaders of three main political parties against each other. See # 5 Page 7
'Tax on sugar not to increase its price'
Ministry rejects chance of sugar crisis ISLAMABAD: Brushing aside the possibility of any sugar crisis, the government said on Friday that the tax imposition will not lead to increase in the price of sugar in the country but instead the net effect would cause decrease in its price by Rs1.5 per kilo. "As regards the newspaper reports of allegation about `tax' imposition leading to increase in price is incorrect", Ministry
of Industries clarified in a statement issued here. The statement added that there were two concessions on white sugar, firstly the assessed sugar price per kg was fixed at Rs28.88 per kg and secondly sales tax levied was 8 per cent of this fixed assessable value. In March 2011, the assessable value was taken as the `market value' while the sales tax was See # 6 Page 7
said on condition of anonymity. "They agreed on a number of steps that will improve Pakistani and US national security," the official said, without disclosing any more details. A senior official at the Pakistani embassy in Washington said the meetings helped stabilise the intelligence partnership between the two countries. See # 3 Page 7
ISLAMABAD: President Asif Ali Zardari telephoned the leader of Muttahida Qaumi Movement (MQM) Altaf Hussain in the small hours of Friday morning and discussed the situation arising out of Zulfiqar Mirza's controversial statement. The President telephoned the MQM leader and informed him that the statement of Mirza had no endorsement of the party and were his personal views. According to media reports, government sources claimed that telephonic contact between top leaders of two key political parties is turning point in their relations which may materialise in days and MQM would come back on treasury benches very soon. In first phase of rapproche-
ment, sources said, Dr Ishratul Ebad Khan would resume his charge as Governor Sindh and thereafter ministers and advisors would rejoin their portfolios. However, MQM sources denied such reports and said that nothing was made final to restore relations between government and MQM on previous track and MQM lawmakers would keep sitting on opposition benches in both Sindh, National Assemblies and Senate. In a statement, leader of MQM Altaf Hussain vowed to continue cooperation with the government while MQM lawmakers sitting on opposition benches. However, political analysts viewed his statement as preface of new beginning to restore
strained relations into cordial one. President Zardari who took a serious note on the situation in Karachi had summoned the senior minister of Pakistan People's Party Zulfiqar Mirza to Islamabad on Thursday. Subsequently, Sindh senior Minister Dr Zulfiqar Mirza called on Co-Chairman Pakistan Peoples' Party (PPP) and President Asif Ali Zardari at Aiwan-e-Sadr here on Friday. The President during the meeting called for his explanation and expressed displeasure over his uncalled for remarks. The President asked him to be careful in making public statements and said that neither the party nor the government will condone offensive remarks. See # 2 Page 7
2 Saturday, July 16, 2011
Ban on pillion riding lifted in Karachi KARACHI: Sindh Home Minister, Manzoor Wasan has announced lifting of the ban on motorcycle pillion riding in Karachi here on Friday. He has also directed the immediate implementation of the issued circular. Within last few days pillion ridding was banned in the city due to which more than 125 men were killed, traders faced loss of billions of rupees, almost 100 cars were burnt. During these days police kept on arresting the pil-
lion riders instead of arresting the terrorists. According to details, the Sindh Home Minister, Manzoor Wasan called upon a special meeting for the maintenance of law and order in whole province especially in Karachi. In this meeting Additional Chief Secretary Interior Department Waseem Ahmad, Consultant of Interior Affairs Sharaf Uddin Memon, IGP Sindh Wajid Ali Durrani and various other officers partici-
pated. The home minister underlined the need of making sure of all possible options under an effective strategy for maintaining law and order and routing crimes. The home minister said that the relevant SHOs would be held responsible for increase in crimes and actions would be taken against them. The meeting also decided to lift the ban on motorcycle pillion riding. - Online
Malik orders deployment of more troops in Khi ISLAMABAD: Federal Minister for Interior, Senator A. Rehman Malik has appreciated the excellent and professional role played by the Rangers Sindh for averting blast during the recent trouble in Karachi. According to a press release, Rehman Malik
has ordered for deployment of more troops of Rangers and FC in the city to protect the life and property of the citizens. He said that nobody should be allowed to take law into their hands and law violators be dealt strictly. Federal Minister for
Interior, Senator A. Rehman Malik also directed that foreigners should possess proper Identification (ID) and valid visa with them while traveling in the country. The foreigners should refrain from traveling to the restricted places. - Online
20K MW power generation in process: minister ISLAMABAD: Minister for Religious Affairs Syed Khursheed Shah has said that the government has initiated work on various projects having capacity to generate 20,000 mega watts electricity. Addressing the participants of Izhar-e-Tashakur ceremony arranged by the reinstated employees of People's programme, he said: "the government is tackling energy crisis seriously. The work was continued on various projects having capacity to generate about 20,000 mw electricity." He said the government has allocated about Rs. 35 billion in current financial budget for energy sector. Work on about 17 small, medium and big dams is in progress, he said. The Minister said the PPP-led government has added about 32,00 mw power in the national grid station. He said a commission should be constituted to ascertain the responsibility of the energy crisis in the country. "The commission should investigate from 1988 to 2008 and pinpoint the responsible of the energy
AJK elections
No-change in Karachi polling spots decreed MUZAFFARABAD: The Azad Jammu and Kashmir High Court has directed Friday not to change polling stations in Karachi for LA 23 and 36 elections. According to a private television channel, the Muttahida Qaumi Movement (MQM) had filed the contempt of court application in Sindh High Court but with the orders of AJK court, MQM has withdrawn the application. NNI
crisis." He recalled that in the era of Shaheed Benazir Bhutto, the country had surplus energy. Khursheed Shah said PPP government always works for the poor. He said the government has regularized about 4,000 contract and daily wages employees before June, 30. The Minister said about 86 doctors in various cities have also been regularized. He said PPP-government has always given employment to the deserving youngsters. "We have always been criticized by the opposition for providing jobs to youngsters and if this is a crime we will continue such crimes in future too." He said it was the promise of Shaheed Benazir Bhutto to reinstate employees and it has been fulfilled by President Asif Ali Zardari through an ordinance. The Bhutto families have rendered unmatched sacrifices for the strengthening of democracy, he said. On the occasion Incharge People's Labour Bureau, Chaudhry Manzoor Ahmad said the
government is taking all possible steps to provide relief to masses. He said the government has increased about 135 per cent salaries of the g o v e r n m e n t employees.The government has also increased pension. He said that about 8,000 quarters would be constructed for the labourers, providing them accommodation facility. The PPP would continue the mission of its leader Shaheed Mohtarma Benazir Bhutto of serving the poor masses whether it remains in the power or not, he said. "PPP is a hope for the deprived people of the society," he said. PPP-led government was making policies for the betterment of the masses adding he said, democracy was best option to put the country on path of progress. He said the government was taking solid steps for the provision of basic facilities to the people. Manzoor said death grant has been increased up to 500,000 to 300,000. Dowry grant has also been increased from 70,000 to 100,000. - APP
MQM backs JUI-F for Senate Opp leader I S L A M A B A D : Muttahida Qaumi Movement (MQM) Friday backed up Jamiat Ulema-e-Islam (JUI-F) for seat of opposition leader in the Senate. Muttahida senator Tahir Hussain Mashhadi submitted at the Senate Secretariat the application supporting Abdul Ghafoor Haideri as Leader of the Opposition
in the Senate. With backing of six MQM senators, JUI-F gained prominent majority of 18 members, as it previously enjoyed the support of at least 12 senators. Secretary Senate Raja Ameen said MQM members would be allotted opposition seats in senate session starting from July 21. - NNI
KARACHI: Karachi Chamber of Commerce & Industry organised a presentation on the “energy crisis unconventional mitigation approach", Masood Abdali, Country Manager, Weatherford, was the Chief Guest.
Impact of colonization on Sindh discussed TFD Report KARACHI: Venue was the Conference Hall of Alliance Française de Karachi (AFK - French Cultural Centre) where erudite crème de la crème of the Metropolis converged on Tuesday to listen to the visiting scholars Michel Boivin and Matthew Cook. In a 2010 work, published by Oxford University Press (Pakistan), Michel Boivin and Matthew Cook, brought to light a review focused on Sindhi Studies in the early 19th century. Centered on society and history, the book provides an analysis of diverse issues related to Sindh Proper and Sindhi Diaspora in India and all over the world. Notwithstanding the wide-ranging exploration, a number of issues logically missed out. Matthew Cook also narrated British attack on Bugtis in which they massacred 560 tribesmen in 2 hours. French Scholar Michel Boivin, in his discourse duly illustrated with slides, shed light on Colonial Power, Sufism & Imperial Policy in Sindh, referring to several works including literary Anthropology of South Asia by Farina Mir & Bombay Islam by historian Nile Green.
Commissionerate system challenged in SHC KARACHI: A petition challenging the revival of the commissionerate system was filed in the Sindh High Court (SHC) on Friday. The petition, filed by
Etihad Airways earned 28pc more in 1HCY10 TFD Report KARACHI: Etihad Airways today reported its most successful first half year, with revenues up 28 per cent to US$ 1,720 million (H1 2010: US$ 1,342 million), driven by solid performances in both passenger and cargo activities.
A 2 per cent reduction in costs per available seat kilometer, despite large increases in oil prices, also helped deliver a positive Rangers' case EBITDAR (earnings before interest, tax, depreciation, amortisation and rentals) in the six months from January 1 for the first time. The results mark continKARACHI: A court hear- ued progress towards the ing a case regarding assas- airline's goal of breaking sination of a matriculation even this year and moving student Sarfraz Shah sent DIG, head of investigation team out of the courtroom for being late. Anti-Terrorist Court-1 (ATC) is currently hearing Sarfraz Shah murder case. Deputy Inspector General (DIG) East, Sultan Khwaja TFD Report turned up late at the courtroom. On this, court, expressing displeasure, LAHORE: The former ordered him to leave the Chairman of Pakistan Poultry Association (PPA) courtroom. It should be mentioned and former LCCI Senior here that the DIG remained Vice President Abdul absent three times earlier. Basit Friday expressed On this, the court issued grave concern over eight notice to IG Sindh to make percent decline in Foreign Direct Investment (FDI) him stand by discipline. The court summoned IG and Portfolio Investment Sindh to appear before the during the financial year 2011. court. NNI In a statement, the Abdul Basit said that according to the State Bank of Pakistan, out of total investment, FDI stood at $1.573 billion at the end of
Court expels DIG for being late
Moulvi Iqbal Haider, the chairman of Awami Himayat Tehrik Pakistan, stated that in the light of the Constitution's Article 140, provincial assemblies did not have the
into sustainable profitability in 2012. James Hogan, Etihad Airways Chief Executive Officer, said the results were achieved despite a still fragile economy and, at times, difficult operating conditions. They were released as Etihad, the national airline of the United Arab Emirates, prepares to significantly expand its global network. "We are determined to build a schedule which increases customer choice and attracts local point-topoint traffic in line with the Abu Dhabi 2030 plan," Hogan said. The delivery of five new wide-body passenger aircraft - three A330-300s and two B777-300ERs during the 2011 summer allowed frequencies to be increased to several major markets. Manchester becomes a double -daily destination from August 1. Daily services were also introduced to Geneva, Milan and Beijing, while two extra flights to Brussels enabled the Belgian capital to be serviced eight times a week.
Foreign investment decline worries businessmen
FBR extends date for payment of taxes
ISLAMABAD: FBR has extended date for payment of taxes/duty and filling of Sales Tax/FED returns up to 22nd July for the period June 2011, for persons registered in LTU/RTOs, Karachi. The decision has been taken to facilitate the tax payers who could not pay taxes or file sales tax/FED returns due to law and order situation in Karachi. - Online
FY11 as compared to $2.15 billion in FY10, depicting a decrease of $577 million. He said that it was eye opener that even those countries are reluctant to invest in Pakistan who pushed Pakistan in to the fire of "War against terrorism". He said that in the financial year 2009-10 the volume of US investment in Pakistan was $468.3 million but in the financial year 2010-11 it declined to $ 238.9. Likewise, in the same period UK investment has also declined from $294.6 million to $208.1.
KARACHI: Chairman Pakistan Chemicals and Dyes Merchants Association Muhammad Haroon inaugurating the Judia Bazar branch of Burj Bank.- Staff Photo
power to abolish the local government system. Provincial assemblies do not have the power to abolish the said system as the local government ordinance was enforced
after approval from the parliament. Earlier on Wednesday, the system's restoration in Sindh was challenged in the Supreme Court by Mr Haider. - NNI
NO.XEN/RDD/Tenders/2011/ 63 OFFICE OF THE EXECTUVIE ENGINEER RURAL DEVELOPMENT DEPARTMENT
022-9201391
OLD SRTC OFFICE PREMISES, WAI IDAT COLONY NEAR AGRICULTURE COMPLEX HYDERABAD Hyderabad, dated the 13th July, 2011
NOTICE INVITING TENDERS Sealed Tenders arc invited as per SPPRA Rules from the Interested Persons/ Firms/Contractors who wish to participate in the tenders on B-1 / B-11 Form for biding of the following works.
s.# Name of scheme
Estimated cost in (M)
Earnest
Tender Period
Money (M) Fee(Rs.)
ADP SCHEMES Water & Sanitation Facilities 7.50 0.150 1,500 6 Months in Coastal Areas of District BadinADP No.1631 Water & Sanitation Facilities 7.50 0.150 1,500 6 Months in Coastal Areas of District ThattaADP No.1631 3 Rehabilitation of Hand 5.699 0.1139 1.500 6 Months Pumps contaminated from Arsenic inrural areas of District Thatta ADP No.1632 4 Rehabilitation of Hand 15.42 0.3084 -3,000 6 Months Pumps contaminated from Arsenic inrural areas of District Dadu ADP No.1632 5 Rehabilitation of Hand 13.892 0.2778 3,000 6 Months Pumps contaminated from Arsenic inrural areas of District Khairpur ADP No.1632 6 Rehabilitation of Hand 4.986 0.0997 1,500 6.Months Pumps contaminated from Arsenic inrural areas of District Ghotki ADP No.1632 7 Sanitation Scheme (canal & 2.50 0.050 1,000 4 Months sweet water Zone) in UnionCouncils of District Hyderabad ADP No.1633. 8 Sanitation Scheme (canal & 2.50 0.050 1,000 4 Months sweet water Zone) in UnionCouncils of District Tando Muhammad Khan ADP No.1633. 9 Sanitation Scheme (canal & 2.50 0.050 1,000 4 Months sweet water Zone) in UnionCouncils of District Matiari ADP No.1633. Sanitation Scheme (canal & 10 2.50 0.050 1,000 4 Months sweet water Zone)in UnionCouncils of District Tando Allahyar ADP No.1633. 11 Sanitation Scheme (canal & 2.50 0.050 1,000 4 Months sweet water Zone) in UnionCouncils of District Mirpurkhas ADP No.I633. 12 Sanitation Scheme (canal & 2.50 0.050 1,000 - 4 Months sweet water Zone) in UnionCouncils of District Sanghar ADP No.1633. PROGRAMME FOR ISSUE / RECEIPT AND OPENING OF TENDERS 1
2
s.# Particulars
1
2
Last date of receipt of application for issuance ofBlank Tenders from publication of NIT upto 4.00 pm Date of receipt of Tenders and opening(Receipt of-tenders upto 12.00 Noon & Opening at 2.00 PM)
1st Attempt
In case of un-responded works 2nd Attempt 3rd Attempt
2/8/2011
08-08-2011
11-08-2011
3/8/2011
9/8/2011
12/8/2011
TERMS AND CONDITIONS OF THE TENDERS i) Contract documents and other terms and conditions can be seen and blank tenders can obtained from the office of the undersigned on any working day during working hours after publication of advertisement upto the dates mentioned above on payment documents charges (Nonrefundable) and submission of Call Deposit of any reputed Bank of Pakistan, in the name of undersigned. ii) No conditional tenders will be entertained. iii) The tender will be opened at 2.00 PM in presence of the Contractors or. their authorized agents who are present at the time. other terms and condition, specifications, drawing & design can be seen in the office of the undersigned on any working day during working hours. iv) If the undersigned happens to be out of the Headquarter on the date of opening of tenders the same will be opened on the next working day in presence of interesting bidders or their authorized agents. v) The procuring agency may reject all bids or proposal at any time prior to the acceptance of a bid or proposal under SPPRA Rule-2004. vi) Registration with Income Tax Department (NTN Certificate) and copy of CN IC. vii) Bank Statement from schedule bank. viii) Registration from the Engineering Council for the current financial year. ix) Undertaking on Affidavit the firm is not involved in any litigation or abandoned any work in the Department. x) Affidavit to the effect that the Firm/Contractor have not been black listed previously by any executing agency. xi) Affidavit to effect that all documents/particulars/information furnished are true & correct. xii) In case of firm, list of Partners/Partnerships Deed, giving full particulars of Directors/Proprietors or other connected alongwith Power of Attorney. In case of being sole proprietors such undertaking on Affidavit be furnished.
INF/KRY-2574/2011
EXECUTIVE ENGINEER RURAL DEVELOPMENT DEPARTMENT HYDERABAD
3
Saturday, July 16, 2011
Oil rises on US debt fears, EU bank stress test Obama gives congressional leaders weekend deadline for deal LONDON: Oil rose on Friday as the market focused on the potential for a weaker dollar amid concerns about US budget talks meant to cut deficits and avert a debt default. US crude, leading the oil complex, was up $1.16 or 1.2 percent at $96.85 a barrel by 1436 GMT. Brent crude was up 67 cents, or 0.6 percent, at $116.93 a barrel. "It is all about the US debt ceiling. If they do not do a deal, then Moody's will downgrade US debt," a New Yorkbased trader said. After the prospect of a second round of quantitative easing (QE2) drove dollar weakness and spurred a strong rally across the commodities complex in the final quarter of last year, analysts said traders could be positioning themselves for a repeat of that.
Sterling rises to 1-mth high vs euro LONDON: Sterling hit a onemonth highagainst the euro on Friday as jitters ahead of European stress test results weighed on the single currency, but gains for the pound were limited by a patchy growth outlook for UK. A lack of UK data releases or news flow kept investor focus squarely on the euro-zone and the dollar. The results of Europe-wide stress tests on 90 banks are due at 1600 GMT and could force some banks to seek state aid. The euro fell to 87.46 pence in early trade, its lowest since mid-June, before recovering to trade flat at 87.59pence. Traders said corporate and leveraged demand for the euro helped lift it back off the low. Markets were abuzz with speculation that more than 15 of the90 banks would fail the stress tests, but no large bank is expected to fall short and total capital needed could be under10 billion euros. Sterling has been on a weak trend for some time and is caught between a rock and a hard place, the euro-zone and the US,which has dominated sterling's direction." Technical analysts at Barclays said daily charts showed that the euro was oversold against sterling, pointing towards abounce towards 89.60-90.00. On the downside, a break below 87.40 pence would open thedoor for a test of the late May low around 86.10, although interim support for the euro was around the June 16 low at87.21. Cable was last down 0.3 percent at $1.6100, pulling away from a three-week high of $1.6195 hit on Thursday. The dollar gained on Friday on safehaven flows and weaker than expected US data also keeping appetite for risk subdued. Downside stop-losses were hit on the early break of $1.6090,traders said, though losses were limited to $1.6077. The next key date for sterling will be next Wednesday when the Bank of England releases minutes from its July policy meeting where interest rates were left on hold at record lows. -Reuters
President Barack Obama suspended US budget negotiations for the day on Friday to give congressional leaders a chance to come up with a "plan of action" on how to unblock talks. The talks may resume over the weekend. Obama, who had vowed to meet top lawmakers every day until a deal is reached to raise the US debt limit, gave top Democrats and Republicans until Saturday morning to reconsider their positions in the highstakes negotiations. Obama was due to hold a news conference Friday at 1500 GMT. Earlier this week, Moody's Investors Service warned for potential downgrade of US debt. Standard & Poor's chimed in on Friday, warning that there was a one-in-two chance it could
cut the prized triple-A rating within the next 90 days if a deal to raise the government's debt ceiling is not struck by the White House and Republicans. Earlier on Friday when European traders were a majority of the players in the oil market, the same US debt woe drove oil prices lower, being interpreted as a threat to the global economy. The United States is the world's largest economy and the euro-zone has already been hit by spate of downgrades. The market was also weighing the possibility of a second round of strategic petroleum reserve releases. Germany and Italy are likely to oppose a second release, a French government source said on Friday. Reuters
Asian currencies ease, S’pore dlr off record high SINGAPORE: Asian currencies were steady to easier against the dollar on Friday, with the Singapore dollar pulling back from a record high, as investors turned cautious ahead of the release of European banks' stress test results later in the day. The Singapore dollar earlier rose to as high as 1.2155 against the US dollar, matching a record high first struck on Thursday, but later lost steam, tracking the euro's drop against the dollar. Elsewhere, the Indonesian rupiah dipped in the face of dollar demand related to local fixings, and the Indian rupee also retreated against the dollar. "Everyone is waiting to see what the EU will come out with, there is the bank stress test coming out. People are all waiting for those things to come out before they're willing to decide what the next move is," said Perry Kojodjojo, FX strategist for HSBC in Hong Kong. In addition to the results of European banks' stress tests
due later on Friday, investors are focusing on a possible summit of euro-zone leaders next week. The implications for Asian currencies, if ratings agencies such as S&P were to actually downgrade the United States, are not clear cut, traders and analysts said. One factor that has supported Asian currencies this year is monetary tightening by Asian central banks, in contrast with the US Federal Reserve's very loose monetary policy of keeping interest rates close to zero. The dollar edged higher against the Indonesian rupiah, helped by dollar demand related to local fixings. Dollar/rupiah also drew support from broad firmness in dollar/Asia and a drop in the euro against the dollar. The dollar rebounded against the Singapore dollar after matching a record low earlier on Friday. One Singaporebased analyst said there were market rumours on Friday that Singapore's central bank had intervened at levels around 1.2160. -Reuters
NY cotton settles lower on investor sales NEW YORK: Cotton futures settled lower Thursday on investor sales as the inability of the market to build on the gains of the previous session prompted players to dump fiber contracts, analysts said. The key December cotton futures on ICE Futures US fell 4.00 cents or by 3.69 percent to finish at the session low of $1.0446 per lb, with the day's top trade at $1.087. On Tuesday, the contract ended at $1.0439 to mark the lowest close for the second position cotton contract since early October 2010, Thomson Reuters data showed. Volume traded was over 12,100 lots at 1847 GMT, more than a third below the 30-day norm, Thomson Reuters preliminary data showed. Independent cotton analyst Mike Stevens in Louisiana said the
market filled a gap left over from Tuesday in the December contract of $1.0888 to $1.0679 and this should have opened the door for a test of $1.11 to $1.13. "When it had absolutely no follow through to the upside today, technical traders quickly took that as a sign there was obviously more to the downside despite the extremely oversold readings of virtually every technical indicator," he said. "It's a technical breakdown, a money flow." The market also came under pressure from the weekly export sales report of the US Agriculture Department which showed cancellations of 91,400 running bales (RBs, 500lbs each). Open interest stood at 137,983 lots as of July 13, ICE Futures US data showed. Volume traded on Wednesday stood at 16,453 lots, it added. -Reuters
Copper rises, eyes on bank stress tests LONDON: Copper rose on Friday after data showed US consumerprices fell slightly more than expected, but late in the day it pared gains asthe dollar rose on fears about the results of European bank stress tests. Three-month copper on the London Metal Exchange closed at $9,672 atonne from $9,630 a tonne at the close on Thursday. Prices had climbed to $9,723.75 earlier in the session after data showedUS consumer prices in June posted their biggest drop in a year, but came underpressure as the euro fell against the dollar on concerns ahead of European bankstress tests. But the results of the tests, which came out after LME ringtrading closed,showed that eight of 90 banks had failed, roughly
in line with expectations. Thetests did not build in the impact of a Greek default, and all big banks passed. "The fiscal situation on both sides of the Atlantic is messy and may not beclarified for some time to come," Nic Brown, head of commodity research atNatixis said. President Barack Obama suspended US budget negotiations for the day onFriday to give congressional leaders a chance to come up with a "plan of action"on how to unblock talks meant to cut deficits and avert a debt default. Ratings agency Standard & Poor's warned there was a onein-two chance it could cut US ratings if no deal is reached on raising the government's debt ceiling. Also diminishing hopes of a quick economic rebound,
US consumer confidence fell to its lowest level in more than two years in early July, and factory output stalled in June. Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 22.3 percent from last Friday, the exchange said on Friday. Copper inventories at LME warehouses were unchanged at 462,025 tonnes,latest data showed. Still, analysts are optimistic about copper's longerterm outlook. In London, the LME said that warehousing firms with operations in one location storing more than 900,000 tonnes will have to load out a minimum of3,000 tonnes per day from next April and that companies which don't comply could fall off its approval list. Reuters
ICE sugar turns higher as uptrend resumes LONDON: Raw sugar futures on ICE turned higher on Friday with the market showing signs of resuming its uptrend after suffering a technically driven setback. Cocoa futures were slightly higher, supported partly by constructive second-quarter grind data, while coffee registered modest losses. "We still seem to be in a strong uptrend (on sugar) with a fundamental 'story' to justify it...buying the dip rather than selling the rally still seems the order of the day," brokers Sucden Financial said in a market note on Friday. October raw sugar on ICE was up 0.51 cent or 1.8 percent at 29.53 cents a lb at 1403 GMT, rebounding strongly from a low earlier in the session of 28.50 cents. Dealers said earlier weakness had reflected a technical correction after a prolonged advanced with culminated in October setting a contract high of 31.33 cents on Wednesday. The market continued to keep a close watch on the outlook in top producer Brazil with diminishing crop prospects helping fuel the recent run-up in prices. August white sugar on Liffe expired around midday with around 200,000 to 300,000 tonnes expected to be tendered against the contract. October white sugar was off $0.60 or 0.1 percent at $763.90 a tonne. Arabica coffee futures on ICE fell slightly with the market looking to consolidate after a steep advance on Wednesday was followed by a sharp setback on Thursday. September arabica coffee on ICE eased 0.85 cents or 0.3 percent to $2.5750 per lb. Dealers said roaster buying had helped to limit losses in robusta coffee futures on Liffe with September off a marginal $6 at $2,300 a tonne. Cocoa futures on Liffe turned higher, supported partly by second-quarter grind data. Dealers noted the North American second-quarter grind showed a 6.22 percent rise following an 8.3 percent rise in the European grind September cocoa on Liffe was up 14 pounds at 1,990 pounds a tonne.September cocoa on ICE rose $17 to $3,173 a tonne. -Reuters
Indian sugar ends steady for 3rd day MUMBAI: India's sugar prices ended steady for a third straight session on Friday as a rally in international market outweighed softening in demand and hopes of bumper cane crop in 2011/12, traders and analysts said. The most active sugar for August delivery on the National Commodity and Derivatives Exchange ended unchanged at 2,791 rupees per 100 kg. In Kolhapur, a key market in top producer Maharashtra, the most traded S-variety ended flat at 2,700 rupees per 100 kg ($60.65) per 100 kg. "Demand was weak today. Stockists were not active. Millers were not reducing prices," said a member of Bombay Sugar Merchants Association. London white sugar futures soared to a record peak Wednesday on concerns over the crop in Brazil, the world's biggest producer. India has already allowed exports of 1 million tonnes under Open General Licence scheme for 2010/11 year ending in September. India, the world's top consumer and the biggest producer after Brazil, should churn out 24.2 million tonnes in the current 2010/11 season and output may jump to 26.5 million tonnes in 2011/12, higher than the country's estimated consumption of around 22 million tonnes, industry estimates. -Reuters
Euro weakens for 2nd day on stress test jitters Market cautious before EU bank stress tests NEW YORK: The euro fell against the dollar for a second straight day on Friday, weighed down by concerns about European bank stress test results due later in the day and unexpectedly weak US data that fueled risk aversion. Unexpected contraction in a New York state manufacturing index in July and a drop in US consumer sentiment boosted the safe-haven greenback at the expense of the euro and other risk-sensitive currencies such as the Australian and New Zealand dollars. But the focus remained squarely on the critical eurozone bank stress tests due at 1600 GMT. They are expected to show that around 10 to 15 lenders have insufficient capital to withstand a prolonged recession. Traders, however, cited talk that banks failing the tests could actually number more than 20. "The key number is 15. If the
number is higher than 15 banks, then that would create a disturbance in euro/dollar," said Boris Schlossberg, director of FX research at GFT in New York. These stress tests, he added, are "extraordinarily detailed in their analysis so there may be something in the details that could be troubling for the euro." In midday New York trading, the euro slipped 0.1 percent to $1.41243, still above a four-month low of $1.38376 hit this week. Traders said demand from sovereign names had supported the euro-zone single currency earlier, though they expected gains to be limited due to offers between $1.41900 and $1.42250. On the week, the euro was down 0.7 percent versus the dollar. Schlossberg also said the weak US data "created a bit of risk aversion." "What you're seeing across the board is a big global slowdown on top of the European
sovereign debt crisis," he added, a scenario not exactly conducive for risk-taking. The ICE dollar index was flat at 75.217. The fact that the core reading of US consumer prices for June was higher at 0.3 percent did not really hurt the dollar, as the data suggested another round of quantitative easing was not imminent. But the impasse on the US debt ceiling talks remained a headwind for the US dollar. Standard & Poor's earlier said there was a one-in-two chance it could cut the United States' credit ratings if no deal was reached on raising the government's debt ceiling. The euro outlook was also shaky on worries about whether Europe could find a solution to the debt crisis in Greece and prevent contagion to larger countries such as Italy, highlighted by the rising cost of insuring peripheral euro-zone debt against default. -Reuters.
Indian rupee ends off lows as euro steadies
NZ & Aussie dollar firm, await EU bank stress test
MUMBAI: The Indian rupee weakened on Friday weighed down by losses in local shares and oil importers' demand for the dollar, but came off the day's low as the euro steadied against the greenback. The partially convertible rupee closed 44.5325/5425 per dollar, 0.1 percent weaker than Thursday's close of 44.4950/5050. It had moved in a narrow band of 44.472544.5850. "There was some flows in the morning, but thereafter good (dollar) buying was seen on weak stocks and euro. The rupee was mainly looking at euro for direction," said Hari Chandramgathan, a senior foreign exchange dealer with Federal Bank. Indian shares logged their first weekly decline in four and shed 0.3 percent on Friday, as foreign funds opted to lock in
gains, with investor caution seen rising ahead of the central bank's policy review this month. Traders said demand for the greenback from oil importers also weighed on the local unit. The one-month onshore forward premium was at 26 points from 24 on Thursday, while the three-month was steady at 70.25 points and the one-year was at 229.50 points versus 231.50. One-month offshore nondeliverable forward contracts were quoted at 44.70, weaker than the onshore spot rate. In the currency futures market , the most traded near-month dollar-rupee contracts on the National Stock Exchange was at 44.6000, while those on the MCX-SX and the United Stock Exchange were both at 44.6025. The total volume was at $8.62 billion. -Reuters
Palm retreats on supply build up, econ woes KUALA LUMPUR: Malaysian palm oil futures retreated onFriday on expectations of higher supply and an uncertain global economic outlook. Traders largely ignored strong export data, focusing instead on the debt crises in the euro-zone and the United States that may slow global economic growth. Intertek Testing Services reported Malaysian palm oil exports rose 12percent for July 1-15 compared to a month ago. Another cargo surveyor said exports during the same period rose 4.6 percent. Malaysia's June palm oil stocks hit an 18-month high of 2.05 million tonnes,and traders predict the figure will rise more as planters push the harvest before the Muslim festival of Eid Al-fitr in August. The benchmark September crude palm oil contract on the
BursaMalaysia Derivatives exchange fell 0.9 percent to 3,116 ringgit ($1,038) atonne. Overall traded volume was light at 22,251 lots of 25 tonnes each,compared to the usual 25,000 lots. The same contract hit a near three-week high the previous day on the back of a firmer grains complex and crude oil. Palm oil prices along with other commodities in the previous session after Federal Reserve Chairman Ben Bernanke dashed hopes for another quick economic stimulus that could have boosted raw materials demand. Other vegetable oils were mixed.US soyoil for August delivery rose 0.3 percent on the back of firmer US grains complex with some help from hot weather in the country. The most active May 2012 soyoil on China's Dalian Commodity Exchange barely moved. -Reuters
WELLINGTON/SYDNEY: The New Zealand and Australian dollars firmed on Friday after the US currency dipped following another threat of a ratings downgrade for the United States, though trade was thin ahead of the release of European bank stress tests. The Australian dollar nudged higher to $1.0734, from $1.0717 in New York. The currency, which has gained 5 percent this year, remained within sight of a two-month peak of $1.0807 struck on Tuesday. Resistance is seen at $1.0813, with support from $1.0692. Traders are wary of taking big positions ahead of the muchanticipated release of stress tests on 90 European banks due later Friday, which could force some to seek state aid. As a result, the Antipodeans were holding in tight ranges. "The kiwi is still benefiting from the GDP data," said ANZNational head of market economic and strategy Khoon Goh, adding that markets were also cautious in the run up to more US data later on Friday. Support for the kiwi remained at $0.8400 and below that $0.8370, with $0.8480 the likely cap to the topside ahead of a renewed move above $0.8500. The kiwi, which gained nearly 1 percent this week, ranks among the world's top performers this year. The kiwi was boosted on Thursday after first-quarter GDP data showed the economy was picking up momentum that may cause a rate hike this year to choke off inflation pressures. A majority of analysts in a Reuters poll now expected the central bank to start raising interest rates later this year. The Aussie recouped some of its losses against the kiwi at $1.2738, slowly recovering from a 7-month trough of NZ$1.2655 struck earlier in the week. -Reuters
Gold undermined by Bernanke, firm dollar LONDON: Gold slipped on Friday undermined by growing perceptions further stimulus measures from the United States were unlikely and by a higher dollar against the euro, which was under pressure from concern about the results of European bank stress tests. Spot gold was bid at $1,583.49 a troy ounce at 1310 GMT from $1,586.75 an ounce late in New York on Thursday when the precious metal hit a record high of $1,594.16. Gold recovered some losses after US annual core inflation, which excludes food and energy, for June rose to its highest level since January 2010. "High core inflation ... reduces the chances of more (US monetary easing) and should support the dollar," said Carsten Fritsch, commodity analyst at Commerzbank. Gold is also used to protect
investment portfolios against inflation, which could be fuelled by excess liquidity. The Fed's $600 billion bond purchase programme that ended in June -- dubbed QE2 -pumped large amounts of cash into the global financial system, much of which found its way to commodities sparking a sharp price rally. "The biggest risk to gold at current record prices is not just investors banking profits - as some did after Fed Chairman Bernanke poured a little cold water on QE3 expectations yesterday - but also the threat of a sizeable upswing in scrap supply," UBS said in a note. "For the past 12 months or more, scrap sales have been moderate, never reaching a level to significantly impact rising gold prices. But feedback from our refining contacts this week indicates that current scrap flow
is noticeably above normal levels." The European Banking Authority at 1600 GMT publishes results of its stress tests of 91 lenders along with measures to bolster capital for those that failed and for those that nearly failed. Holdings of the largest gold-backed exchange-tradedfund (ETF), New York's SPDR Gold Trust and that of the largest silver-backed ETF, New York's iShares Silver Trust remained unchanged. Spot silver was bid at $38.50 an ounce from $38.18 late on Thursday when it saw $39.34 an ounce, its highest since May 11. "In light of persisting sovereign debt woes, we consider gold as a safer place to be compared to silver." Spot platinum was bid at $1,757.00 an ounce from $1,760.80 late on Thursday and palladium was at $774.22 an ounce from $772.73. -Reuters
4
Saturday, July 16, 2011
The Financial Daily International Vol 4, Issue 253
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
Troubled sea waters Some of the experts have been highlighting rising interest of various groups having vested interest in Indian Ocean. On one hand has been the Somali pirates and on the other hand various countries ie India and the US in particular trying to get control over centuries old navigation route. There has also been an upsurge in confrontation at sea in Asia in recent years, with clashes increasing in both frequency and intensity and the stakes certainly getting higher. Nationalism and resource needs, meanwhile, are reinforcing the value of territorial claims in the East and South China seas, making maritime sovereignty disputes harder to manage. Expanding naval and air power meant Asia was becoming a danger zone for close-range encounters between competing powers, typically in sensitive or contested areas. While the chance that such incidents will lead to major military clashes can't be undermined. Confrontation among China, the United States, Japan and India are likely to persist and intensify. In March 2009 confrontation between Chinese ships and the US Naval ship impeccable in the South China Sea off Hainan Island is cited as typical of East Asia's modern maritime security environment. Suspecting the impeccable of gathering intelligence on Chinese submarines, the US ship was trailed until it left the area. The South China Sea is now looked upon as another strategic flashpoint in East Asia. China's relations with Washington were further damaged by Beijing designating its territorial claims in the South China Sea a core defence interest which could require the use of force. An escalation in the number and tempo of confrontations is likely to increase the chances of an armed stand-off, diplomatic crisis or even conflict, leading to deterioration of security relations among major powers. Though currently concentrated in East Asia the risk of major-power conflict could spread across the entire Indo-Pacific, with competition between China and India at sea only a matter of time. It may be said that India is flexing its muscles on the behest of United States which is already projecting India a regional super power. Based on American support India has already started demanding a permanent seat in UN Security Council. Release of Pakistani and other nationals by the Somali pirates after nearly eleven months, attack on Naval base in Karachi and two surveillance aero planes is also being termed part of the ongoing game. Since bulk of the Middle Eastern oil moves through Indian Ocean there has been a deliberate attempt to deter all those attempts which can not only detect some undesirable moves but also take immediate remedial steps. Pakistan has over 1,200 kilometer long coastal line exposing the troubled Balochistan to those who are keen to use the area for attacking both Pakistan and Iran. Jindullah, after having established its base in Balochistan has been attacking strategic installations both in Pakistan and Iran.
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.
S&P warns of downgrade if US strikes no debt deal atings agency Standard & Poor's has warned there is a one-in-two chance it could cut the United States' prized AAA credit rating if a deal on raising the government's debt ceiling is not agreed soon. Putting the US on negative watch, S&P warned that it could cut the rating as soon as this month if talks between the White House and Republicans remain stalemated. Any cut would be by one or more notches, it added. The dollar fell on the news but US Treasuries were largely steady. John Chambers, the chairman of S&P's sovereign ratings committee, said "this is the time" for the two sides to tackle the country's long-term debt problems. "If you get a small agreement that will lead to a downgrade," he told Reuters in an interview. A downgrade could raise borrowing costs not only for the United States but also for loans that use the Treasury rate as a benchmark. Some money managers that are restricted to investing only in AAArated assets would be forced to dump
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Treasuries, which could spread disruption through global financial markets. The S&P warning comes just a day after Moody's Investors Service warned the US may lose its top-notch credit rating in the next few weeks if lawmakers fail to increase the country's legal borrowing limit of $14.3 trillion and the government misses debt payments. "Today's CreditWatch placement signals our view that, owing to the dynamics of the political debate on the debt ceiling, there is at least a one-in-two likelihood that we could lower the long-term rating on the US within the next 90 days," the agency said in a statement. "We have also placed our short-term rating on the US on CreditWatch negative, reflecting our view that the current situation presents such significant uncertainty to the US' creditworthiness," S&P said. "Further delays in raising the debt ceiling could lead us to conclude that a default is more possible than we previously thought. If so, we could lower the long-term rating on US government this month," S&P said.
US Treasuries reaction was generally muted, perhaps because Moody's had already raised the possibility of a downgrade. Dealers said the market might also be hoping that the pressure from the agencies would jolt US lawmakers into reaching a deal. As a result, Treasury prices dipped only modestly, lifting 10-year yields to 2.97 percent from 2.92 percent late in New York on Thursday. The dollar fell against the euro to a session low of $1.42 before pulling back a bit to $1.4180. Dealers said the market was wary of buying the euro ahead of the results of Europe-wide stress tests on 90 banks due later Friday which could force some to seek state aid. "Markets won't be able to shrug this off completely," said Adrian Foster, head of financial markets research for Asia Pacific at Rabobank International in Hong Kong. "But the United States is in a different position from other countries. This is not some fiscal reform program that they have to put in place. This is just political machinations.
"It has less of a market impact, because we're programmed to think the political machine will come through at the end of the day." So protracted has been the wrangling over the budget that S&P warned that even if there was a deal done on raising the ceiling, it might still cut the rating if it was not convinced the agreement went far enough to address mediumterm debt strains. "If an agreement is reached, but we do not believe that it likely will stabilize the US' debt dynamics, we, again all other things unchanged, would expect to lower the long-term 'AAA' rating, affirm the 'A-1+' short-term rating, and assign a negative outlook on the long-term rating," said S&P. The S&P statement showed the need for Congress to act to raise the debt limit, Jeffrey Goldstein, the US Treasury's under secretary for domestic finance, said in a statement. "Congress must act expeditiously to avoid defaulting on the country's obligations and to enact a credible deficit reduction plan that commands bipartisan support," he said. -Reuters
West, Arab powers to recognise Libya rebels estern and Arab powers in the Libya contact group are to recognize the rebel leadership as representing the Libyan people; Italy said on Friday, giving a boost to the rebels as their military campaign falters. The decision at a meeting in Istanbul of more than 30 countries and international bodies meant Libyan leader Muammar Gaddafi had no option but to stand down, Italian Foreign Minister Franco Frattini said. The UN Secretary General's special envoy to Libya, Abdul Elah Al-Khatib, will be authorized to present terms for Gaddafi to leave power, but the British foreign minister said military action against Gaddafi would be stepped up at the same time. The political package to be offered Gaddafi will include a ceasefire to halt fighting in the five-monthold war. There have been reports that Gaddafi is quietly exploring a diplomatic solution under which he would end his 41-year rule, but in public the Libyan leader has remained defiant. "Today, we will see the final document where the contact group recognizes TNC (the rebel Transitional National Council) as the interlocutor representing Libyan people. So (there is) no other option but for Gaddafi to leave," Frattini said. British Foreign Secretary William Hague told Reuters that at the same time as al-Khatib pursues a political settlement, "the military pressure on the regime will continue to intensify." The Libya contact group, established in London in March, is trying, at its fourth meeting, to find a political solution that would persuade Gaddafi to quit. Turkish Foreign Minister Ahmet Davutoglu said he hoped a political solution could emerge by the start of the Muslim holy month of Ramadan, which begins at the start of August. "There has been progressive improvement of the situation on the ground," he said. "What we need to do now is consolidate our achievements and move into the phase of conflict resolution." The rebels urgently need cash and contact group
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members should consider opening credit lines to the rebel Transitional National Council (TNC) in Benghazi, he said. He also backed a rebel proposal for the release of $3 billion of frozen Libyan assets to alleviate a "grave" humanitarian situation during Ramadan in areas of Libya controlled by the rebels and by Gaddafi. US Secretary of State Hillary Clinton and European Union foreign policy chief Catherine Ashton were attending the Istanbul talks. China and Russia, which have taken a softer line toward Gaddafi, were invited to the contact group meeting for the first time, but decided not to become involved. Speaking in The Hague on Thursday, Nato chief Anders Fogh Rasmussen called on alliance members to provide more warplanes to bomb increasingly elusive Libyan military targets. Britain said it was sending four more Tornado reconnaissance planes to beef up the Nato mission. Such aircraft have become vital as Gaddafi's forces have hidden their armor and artillery from Nato warplanes. Britain said its warplanes had on Thursday destroyed a Libyan army armored personnel carrier near Zlitan, west of the rebel stronghold of Misrata. British aircraft had so far damaged or destroyed more than 500 Libyan military targets including command and control sites. "But as the campaign has progressed, the regime is increasingly attempting to conceal troops, equipment and headquarters, often in populated areas," a British military spokesman, General Nick Pope, said. On the ground, rebel commanders in the village of Al-Qawalish, about 100 km (60 miles) west of Tripoli, said they were massing their forces for an advance east toward the town of Garyan, which controls access to the main highway to the capital. But on Wednesday, the handful of rebels defending Al-Qawalish ran out of ammunition and fled when
Gaddafi's forces staged a surprise attack. The rebels took back the village before nightfall, but the backand-forth fighting showed how the rebels are struggling to make gains on the ground. UNCERTAIN INTENTIONS It is not clear whether Gaddafi intends to fight on in the hope of keeping his grip on the territory round Tripoli or seek an exit strategy that guarantees security for himself and his family, but he is not seen having any future role in Libya. "Countries are starting to look past Gaddafi. He's going to go, and the meeting can be a useful place to take stock of and prepare for that transition," one senior US official told reporters aboard Clinton's plane before landing in Istanbul. "That's the way we're thinking about this meeting: trying to see it as a pivot in this process." Earlier this week, French Foreign Minister Alain Juppe said emissaries from Gaddafi's government in contact with Nato members had said that Gaddafi was ready to quit, but US officials were unconvinced. "There are a lot of straws in the wind," a second US official said. "We are not persuaded yet that any of this is decisive in terms of the red lines that we have laid out." Gaddafi himself, in his latest speech on Libyan television on Thursday evening, said he was staying put. "I will fight until the end," he said. "The end of Nato will be in Libya." The international community has told Gaddafi he must cease violence against his people, withdraw his forces and step down. Any solution could hinge on whether Gaddafi, after stepping down, is allowed to stay in Libya or take refuge in a third country, regardless of an International Criminal Court's investigation into crimes against his people. The rebel leadership has not held direct negotiations with Gaddafi's side, according to Mahmoud Jebril, a senior member of the rebel council. -Reuters
Egyptians say army not doing enough housands of Egyptians packed Cairo's Tahrir Square on Friday, keeping up pressure on the ruling generals to implement reforms more swiftly and to try ousted President Hosni Mubarak and his aides. But the Muslim Brotherhood, Egypt's most organized group, said it was not participating and said the authorities must have time to respond to demands first made at a mass rally last week. The split partly reflects caution in the Brotherhood, banned under ousted President Hosni Mubarak, about riling the army under which it now has unprecedented freedom. It also indicates the gap between the Brotherhood's cautious approach and a new generation of activists, who are less well established but determined to keep pressure, analysts said. "The youth reject the language of threats used by the Supreme Council (for the Armed Forces), and reject that this is the way for dialogue," said Mohamed Adel of the April 6 movement, which had called for a big turnout on Friday. Activists, some of whom have camped in the square for a week, were angered by the tone of an army statement this week that suggested protests
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were threatening public order. At a news conference, generals defended the use of military courts saying they had not been used to stifle opinion but only against serious crimes. The army also said it would use all legal means to end the protest without resorting to violence. But there has been no sign of any action to stop the protest in Cairo or in other cities where demonstrators have rallied. Thousands defied the scorching sun as they lined up in Cairo's Tahrir Square, Alexandria and Suez for noon prayers. Numbers tend to climb after prayers, when the summer heat cools in the afternoon and evening. "Down, down with the rule of the military," one group chanted in Tahrir. Others demanded swift trials for policemen who killed demonstrators. A preacher, Muzhar Shaheen, said the demonstrators would not leave until all demands were met. Osama El Ghazali Harb, a founder of the Democratic Front Party, said Egyptians wanted to see change on the ground. "The Egyptian people feel that the demands that drove them to the streets have not been achieved," he said, sit-
ting under a white canopy in the center of the square. FIRING OFFICIALS The army has also said it backs the prime minister, Essam Sharaf, who is working on a cabinet reshuffle. Other concessions include a shakeup of hundreds of senior officers in the police, a force scorned for violent tactics used under Mubarak. "Purging all state institutions and particularly the judiciary," is one of the demands listed by April 6. The movement has named officials still in place that it wants fired. It has also demanded that military courts, long used by Mubarak, should not be used for civilians. Among the demonstrators is Muhammed Fawzy, who said he began a hunger strike in Tahrir on July 10 and only drinks water. He wants a dialogue with the army about his demands, such as setting up an independent committee to draw up a constitution. The Brotherhood said it would stay away. The group is widely seen to have benefited most from the army's policies, such as the military's drive for a swift election, although voting has been pushed back to November from September. "We will not participate
today. That does not mean that we are against demonstrating or against continuing the revolution strongly. But we ... participated last Friday in big numbers and with specific demands and we say we must give a chance in each period for our demands to be met," Mohamed Morsy, head of the Brotherhood's political Freedom and Justice party, told Reuters. "If they are not met enough we will return again to the square, and not just there, but to all squares," he said. The Brotherhood, though banned under Mubarak, was given enough room to build a broad network of support through social and charity work. It also ran candidates as independents in parliament elections, winning 20 percent of seats in 2005. Hassan Nafaa, a political scientist and activist, said the Brotherhood might be wary of antagonizing the military council when the group now has more freedom to act than any time before. Nafaa said the army may had tended to side with Islamists believing it was the best way to control the streets, adding: "The military council should understand now that the Muslim Brotherhood and Islamist trend is not the whole scene." -Reuters
5
Saturday, July 16, 2011
Market
KSE 100 Index
Symbols
Volume
69,234,426
Value
3,593,580,256
Trades
47,807
Advanced Decline Unchanged Total
Current High Low Change
127 114 100 341
All Share Index
12,346.52 12,414.29 12,267.33 h79.19
Current High Low Change
8,563.75 8,610.50 8,513.34 h50.41
OIL AND GAS
Company
Paid up Cap(mn)
PE
Current High Low Change
KMI 30 Index Current High Low Change
11,792.91 11,857.43 11,679.68 h113.23
21,563.27 21,636.72 21,298.43 h264.84
High Low 1,566.62 1,541.11 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.44 32.54
Open
High
Low
Close Chg
Volume
381.00 130.33 9.50 106.90 386.35 152.00 210.98 381.45 80.88 266.00 24.50 226.90
377.75 127.49 9.21 105.33 373.80 149.50 208.00 375.10 79.00 262.65 23.01 222.03
379.63 1.91 128.79 2.00 9.24 -0.03 106.46 1.91 381.75 9.16 150.73 0.52 209.41 1.86 380.37 7.16 79.98 1.40 263.02 1.53 24.02 0.67 222.43 0.93
80764 1529431 1105780 34214 657571 53499 507151 1576321 11229 180398 2198 5084
Last 60 days High Low 394.90 143.50 10.10 113.75 387.35 157.51 219.70 381.45 89.25 291.50 28.29 233.00
369.10 120.40 7.93 98.50 323.50 137.91 202.50 321.10 77.50 261.00 22.11 207.50
% Change 0.89 5-Day High 1,554.66 5-Day Low 1,540.92
2010 Div BR (%) (%) 300 31 200 55 90 255 80 120
2011 Div BR (%) (%)
20B115.00 - 23.43 - 30.00 20B100.00 -100.00 - 80.00 -
-
CHEMICALS
Open 762.93 Turnover 38,374 P/E (x) 5.28 Company
High Low 796.05 770.00 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.35 25.53
Close 778.84 Listed cap 3,242.17 mn Payout (%) 11.08
Change 15.90 Market cap 12,548.44 mn Div Yield (%) 2.10
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1092 1321
7.65 7.14
81.20 24.34
85.26 24.50
82.00 24.50
83.19 24.34
38223 151
91.20 30.89
Pak Int Cont.Terminal PNSC
1.99 0.00
67.31 22.90
Paid up Cap(mn)
PE
Open
High
Low
Bawany Air 75 4.17 7.49 BOC (Pak) 250 7.53 99.99 Clariant Pak 341 4.88 159.90 Dawood Hercules 4813 3.49 60.88 Descon Chemical 1996 2.04 Descon Oxychem Ltd. 1020 9.38 6.31 Dewan Salman 3663 2.60 Engro Corporation Ltd 3933 6.77 155.94 Engro Polymer 6635 - 10.10 Fatima Fertilizer 22000 - 15.72 Fauji Fertilizer 8482 10.08 157.70 Fauji Fert.Bin Qasim 9341 7.04 45.59 Ghani Gases Ltd 725 10.43 12.52 ICI Pakistan 1388 8.56 154.00 Lotte Pakistan 15142 3.52 12.91 Nimir Ind Chemical 1106 13.78 3.09 Pak PVC SPOT 150 6.82 Shaffi Chemical 120 36.75 2.30 Sitara Peroxide 551 5.08 16.41 Wah-Noble 90 5.23 37.00
8.48 100.00 160.00 61.80 2.25 6.44 2.70 158.15 10.30 16.62 165.15 47.42 12.94 156.00 13.14 3.30 7.82 3.20 16.80 37.50
7.60 100.00 159.50 59.65 2.03 6.30 2.57 150.10 9.85 15.80 159.00 45.95 12.35 153.90 12.53 3.10 7.80 2.30 16.40 37.50
Close Chg 8.29 100.00 159.96 60.15 2.03 6.38 2.59 151.42 9.90 16.41 163.83 47.01 12.41 154.01 12.61 3.17 7.82 2.94 16.41 37.00
0.80 0.01 0.06 -0.73 -0.01 0.07 -0.01 -4.52 -0.20 0.69 6.13 1.42 -0.11 0.01 -0.30 0.08 1.00 0.64 0.00 0.00
Close 1,898.47 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 1400 1000 5071 95878 27514 135944 348567 2439328 225781 3298294 4822240 8892367 41502 80740 3919323 1048667 610 1210 102217 200
Change 31.26 Market cap 387,867.18 mn Div Yield (%) 5.52
9.45 101.75 167.00 66.00 2.79 8.59 3.65 200.50 12.83 17.05 165.15 47.42 14.10 161.00 17.36 3.30 7.82 3.25 19.99 37.99
6.11 90.50 143.00 56.10 1.83 5.60 2.11 150.10 9.85 12.10 137.51 41.10 11.40 148.02 12.53 2.26 2.00 1.57 16.05 34.19
% Change 1.67 5-Day High 1,898.47 5-Day Low 1,839.77
2010 Div BR (%) (%)
2011 Div BR (%) (%)
5 10R 60 135 25B 50 300B 60 20B - 27.5R 130 25B 45.00 65.5 - 12.50 175 5 50 -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,072.88 Turnover 43,968 P/E (x) 5.42 Company
High Low 1,080.23 1,060.42 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.40 7.47
Close 1,069.57 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
1.85 7.17
15.10 43.74 40.51
15.05 44.50 41.00
14.95 43.00 40.02
15.00 -0.10 43.48 -0.26 40.49 -0.02
28245 2529 13194
Century Paper Pak Paper Product Security Paper
Change -3.32 Market cap 2,951.56 mn Div Yield (%) 4.67
Last 60 days High Low 18.00 44.50 42.80
14.31 39.36 37.00
% Change -0.31 5-Day High 1,072.88 5-Day Low 1,067.53
2010 Div BR (%) (%) 2533.33B 50 -
2011 Div BR (%) (%) -
-
Open 1,103.05 Turnover 215,541 P/E (x) 3.73 Paid up Cap(mn)
High Low 1,115.90 1,094.95 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.95 25.35
Close 1,100.96 Listed cap 6,768.53 mn Payout (%) 20.42
PE
Open
High
Low
Close Chg
Volume
Agriautos Ind 144 4.29 Atlas Battery 101 6.03 Atlas Honda 719 7.55 Baluchistan Wheels Ltd. 133 1.37 Dewan Motors 1087 Exide (PAK)XDXB 71 3.57 General Tyre 598 4.28 Honda Atlas Cars 1428 Indus Motors 786 7.07 Pak Suzuki 823 14.24 Sazgar Engineering 150 1.21
69.62 222.36 120.94 29.45 2.87 176.15 22.47 10.40 206.28 63.21 23.75
69.99 228.00 123.00 29.00 3.05 184.00 22.95 10.40 206.45 65.00 24.90
69.11 223.00 120.00 28.29 2.91 170.10 22.45 10.00 204.40 63.20 24.00
69.63 0.01 227.13 4.77 121.04 0.10 29.45 0.00 2.98 0.11 174.57 -1.58 22.47 0.00 10.10 -0.30 204.74 -1.54 63.22 0.01 24.73 0.98
690 14217 5297 371 127695 4154 201 7200 630 42052 13032
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe XD Inter.Steel Ltd. International Ind
Close 1,032.08 Listed cap 3,596.11 mn Payout (%) 30.91
Change -3.87 Market cap 15,525.96 mn Div Yield (%) 9.90
Last 60 days High Low
% Change -0.37 5-Day High 1,040.63 5-Day Low 1,026.64
2010 Div BR (%) (%)
2011 Div BR (%) (%)
PE
Open
High
Low
Close Chg
Volume
27.30 2.42 12.76
27.50 2.70 12.93
26.91 2.50 12.11
26.91 -0.39 2.69 0.27 12.87 0.11
15712 59140 1496
29.75 3.10 13.00
25.70 1.62 11.05
30 -
- 20.00 25B 15.00
-
13.85 50.88
13.89 51.15
13.65 50.40
13.85 0.00 50.70 -0.18
25202 51989
15.06 52.99
0.00 48.52
40
20B
-
9.07
Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar
AL-Noor Sugar Ansari Sugar Bawany Sugar Chashma Sugar Faran Sugar Habib Sugar Habib-ADM Ltd Haseeb Waqas Hussein Sugar J D W Sugar Mehran Sugar Mirpurkhas Sugar Mirza Sugar National Foods Nestle Pakistan Pangrio Sugar S S Oil Sakrand Sugar Shahmurad Sugar Shakarganj Mills Sind Abadgar Tandlianwala UniLever Pakistan
793 186 244 87 287 217 750 200 324 121 539 173 84 141 414 453 109 57 223 211 695 104 1177 665
PE
Close 859.19 Listed cap 54,792.74 mn Payout (%) 19.04
Change 0.24 Market cap 63,746.36 mn Div Yield (%) 3.24
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
3657
-
2.50
2.60
2.45
2.45 -0.05
10000
3.25
2.40
Attock Cement
866
6.17
49.40
49.01
48.75
48.76 -0.64
3510
56.01
48.03
50
Balochistan Glass Ltd
858
-
2.00
2.00
1.61
1.91 -0.09
775
2.90
1.51
-
182
Company Al-Abbas Cement
Berger Paints Cherat Cement Dadabhoy Cement
Last 60 days High Low
Volume
15
% Change 0.03 5-Day High 869.68 5-Day Low 858.95
2010 Div BR (%) (%) - 100R
2011 Div BR (%) (%) -
-
-
-
-
-
-
-
-
13.69
14.24
13.70
13.70 0.01
941
16.50
13.27
- 122R
-
-
956 42.62
9.00
9.15
8.76
8.95 -0.05
3564
11.60
8.50
-
-
-
-
982 15.15
1.66
2.24
1.52
1.97 0.31
4003
2.24
1.52
-
-
-
1.66
1.65
1.60
1.63 -0.03
38000
2.67
1.36
-
-
-
-
649125
20R
Dewan Cement
3891
-
DG Khan Cement Ltd
4381 30.31
-
22.69
23.10
22.66
22.73 0.04
25.85
21.31
-
20R
-
350
-
1.61
2.59
1.72
1.61 0.00
105
2.59
1.60
-
-
-
-
Fauji Cement
6933
7.02
4.10
4.29
4.06
4.07 -0.03
72032
5.04
3.99
-
-
-
92R
Fecto Cement
502
4.05
5.30
4.99
4.70
4.70 -0.60
701
8.50
4.70
-
-
-
-
Flying Cement Ltd
1760
-
1.24
1.33
1.22
1.26 0.02
9526
1.95
1.20
-
-
-
-
Gharibwal Cement
4003
-
6.18
6.21
6.00
6.04 -0.14
500
13.50
4.25
-
-
-
-
32
-
0.42
0.78
0.59
0.42 0.00
219
0.83
0.21
-
-
-
-
EMCO Ind
Haydery Const Kohat Cement
6.00 0.00
333
-
-
-
-
2.70
2.80
2.65
2.68 -0.02
239439
3.35
2.10
-
-
-
-
Lucky Cement
1288 3234
5.84
71.33
72.29
71.51
71.87 0.54
142700
77.43
66.93
40
-
-
-
Maple Leaf Cement
5267
-
2.08
2.12
2.06
2.08 0.00
70268
3.05
1.97
-
-
-
-
Shabbir Tiles
721
-
7.09
7.45
6.11
6.66 -0.43
8175
7.49
5.25
-
-
- 100R
Thatta Cement
798
-
17.51
16.90
16.51
16.53 -0.98
1556
20.90
16.01
-
50R
Lafarge Pakistan Cmt.
-
13126 67.00
6.00
6.05
6.05
7.60
5.85
-
-
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 978.21 Turnover 95,473 P/E (x) 1.43
High Low 984.57 971.71 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 0.63 43.91
Close 977.63 Listed cap 3,043.31 mn Payout (%) 15.55
Change -0.58 Market cap 36,474.98 mn Div Yield (%) 10.88
% Change -0.06 5-Day High 978.43 5-Day Low 972.37
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
Cherat Papersack
172
2.32
47.08
48.25
47.10
47.30 0.22
7163
56.60
46.02
20
25B
-
50R
ECOPACK Ltd MACPAC Films Merit Pack
230 389 2.20 47 11.32
1.44 10.85 26.00
1.65 11.50 26.89
1.35 11.00 25.25
1.39 -0.05 11.00 0.15 25.25 -0.75
66138 9812 2010
1.90 15.21 31.95
1.10 9.78 24.10
-
-
-
-
Packages Ltd
844 17.50 104.75
106.00 103.10 105.00 0.25
7242
118.00
103.00
32.5
-
-
-
Tri-Pack Films
300
177.00 174.30 174.53 -1.52
3108
181.99
154.90
100
-
-
-
Company
6.81 176.05
2010 Div BR (%) (%)
2011 Div BR (%) (%)
INDUSTRIAL ENGINEERING
Change -2.09 Market cap 40,603.58 mn Div Yield (%) 5.48
Last 60 days High Low
Company
Paid up Cap(mn)
PE
Open
AL-Ghazi Tractor
215
4.02 222.08
Bolan Casting
104
4.96
Dewan Auto Engineering 214 Ghandhara Ind
213
KSB Pumps
132
Millat Tractors
366
Pak Engineering
57
-
49.87 1.30
9.52
8.00
-
32.22
9.37 617.00 -
64.05
High
High Low 1,829.49 1,797.58 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 3.26 38.02 Low
Close Chg
233.18 228.00 232.94 10.86 50.25 1.47
49.51 1.14
Volume
Company
Paid up Cap(mn)
Hussain Industries Pak Elektron Singer Pak Tariq Glass Ind
-
50.45
44.00
25
10B
-
-
-
-
-
-
-
-
-
-
-
25B325.00
-
1.30
0.00
120
8.00
8.00
0.00
7000
32.22
0.00
101
0.00
2.15 9.90
2010 Div BR (%) (%) 90 100 50 25 60 20 150 5 10
20B 15B 20B
2011 Div BR (%) (%) 65.00 60.00 50.00 10.00
15B 25B -
Close Chg
Volume
Change -1.72 Market cap 346,554.27 mn Div Yield (%) 0.52
Last 60 days High Low
120 6.90 4.00 501 54.20 37.65 500 10.85 5.24 720 9.25 7.25 4000 10.90 8.00 195 19.50 17.50 19978 28.00 23.00 265 13.74 12.00 14500 13.00 8.75 300 12.56 8.50 5024 84.30 72.75 109 68.48 52.11 174 53.00 39.51 22302 3.50 2.35 426 88.00 60.64 377 5675.00 3299.00 565 4.52 3.15 3500 6.45 3.80 4000 3.40 1.75 200 10.79 7.91 400 6.99 5.05 200 8.00 7.00 1800 60.30 47.09 117 6108.08 4915.70
2010 Div BR (%) (%)
% Change -0.07 5-Day High 2,389.10 5-Day Low 2,264.24 2011 Div BR (%) (%)
50 10 25 25 25B 40 10 -40.49R 7010B 12.5R - 10R 35 20B 15.00 10B 15 20B 10 12 750 10 10 10 492 -
0.71
High Low 672.63 648.22 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.13 10.64
Close 653.65 Listed cap 3,763.71 mn Payout (%) 6.27
Open
High
Low
Close Chg
Volume
106 1219 375 113.23 693 1.50
2.82 6.70 13.72 11.50
3.25 6.98 14.72 11.50
2.75 6.50 14.72 11.34
3.05 0.23 6.60 -0.10 14.72 1.00 11.34 -0.16
1722 24852 1000 25306
Change 3.14 Market cap 4,391.98 mn Div Yield (%) 5.02
31.66
Total Assets (Rs in mn)
10,559.36
MA (10-day)
2.17
Total Equity (Rs in mn)
6,486.15
MA (100-day)
2.82
Revenue (Rs in mn)
1,649.34
MA (200-day)
2.87
Interest Expense
211.21
1st Support
1.97
Profit after Taxation
633.16
2nd Support
1.87
EPS 10 (Rs)
2.270
1st Resistance
2.20
Book value / share (Rs)
23.26
2nd Resistance
2.33
PE 11 E (x)
Pivot
2.10
PBV (x)
0.09
PACE closed down -0.05 at 2.06. Volume was 46 per cent above Bollinger Bands were 54 per cent narrower than normal. . The company's loss after taxation stood at Rs939.425 million which translates into a Loss Per Share of Rs3.37 for the nine months of fiscal year (9MFY11). PACE is currently 28.1 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of PACE (mildly bearish). Trend forecasting oscillators are currently bearish on PACE.
Sui Northern Gas Pipelines Ltd
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
44.16
Total Assets (Rs in mn)
MA (10-day)
19.95
Total Equity (Rs in mn)
MA (100-day)
19.75
Revenue (Rs in mn)
MA (200-day)
24.22
Interest Expense
4,650.15
1st Support
20.00
Profit after Taxation
2,554.56
2nd Support
19.93
EPS 10 (Rs)
1st Resistance
20.12
Book value / share (Rs)
34.06
2nd Resistance
20.17
PE 11 E (x)
19.74
Pivot
20.05
PBV (x)
138,421.94 18,702.08 161,629.83
4.652
0.59
SNGP closed up 0.26 at 20.00. Volume was 61 per cent above Bollinger Bands were 50 per cent narrower than normal. The company's profit after taxation stood at Rs415.224 million which translates into an Earning Per Share of Rs0.76 for the nine months of fiscal year (9MFY11). SNGP is currently 17.4 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of SNGP at a relatively equal pace. Trend forecasting oscillators are currently bearish on SNGP.
JS Bank Limited
Last 60 days High Low
2010 Div BR (%) (%)
5.87 10.80 20.76 14.00
17.5
1.82 6.50 13.10 11.20
10B 10B -
% Change 0.48 5-Day High 663.25 5-Day Low 648.83 2011 Div BR (%) (%) - 200R
PERSONAL GOODS Performance of SR Personal Goods Index Open 964.72 Turnover 3,178,602 P/E (x) 6.25 Company
Paid up Cap(mn)
Ali Asghar Textile Amtex Limited Artistic Denim Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Blessed Tex Mills Chakwal Spinning Chenab Limited Colony Mills Ltd Crescent Textile D S Ind Ltd Dawood Lawrencepur Din Textile Ellcot Spinning Fazal Textile Gadoon Textile XD Ghazi Fabrics Gulistan Spinning Gulistan Textile Gulshan Spinning Hajra Textile Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Indus Dyeing Ishaq Textile J K Spinning Janana D Mal Khalid Siraj Kohinoor Ind Kohinoor Textile Mohd Farooq Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Olympia Textile Paramount Spinning Ravi Textile Reliance Weaving Saif Textile Sally Textile Salman Noman Sana Ind Sargoda Spinning Service Ind Service Textile Suraj Cotton Thal Ltd Treet Corp Tri-Star Poly Zil Limited
222 2594 840 133 4493 37 76 76 64 400 1150 2442 492 600 591 204 110 62 234 326 146 190 222 138 716 3105 99 180 181 97 184 48 107 303 2455 189 145 187 1621 3516 108 174 250 308 264 88 42 55 312 120 44 180 307 418 215 53
High Low 976.57 964.16 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.54 8.64
Close 963.72 Listed cap 47,070.70 mn Payout (%) 16.68
PE
Open
High
Low
Close Chg
Volume
8.32 0.35 0.27 0.64 7.66 0.86 0.98 1.59 3.99 0.76 0.56 3.13 0.68 0.38 0.43 0.59 0.45 0.75 2.85 0.36 1.86 3.16 0.48 0.91 0.40 0.41 3.59 0.63 3.38 4.56 0.65 0.58 0.28 0.25 0.43 3.04 1.18 3.21 0.23 0.69 6.74 6.30
0.61 2.70 27.03 2.12 5.91 15.40 15.81 650.18 89.30 2.42 2.00 1.50 15.00 0.95 31.47 36.86 24.00 310.00 68.16 4.33 8.25 18.60 11.35 0.50 3.70 39.88 4.88 4.85 346.95 6.00 8.35 13.00 1.50 1.22 3.20 0.80 0.44 15.50 22.27 50.94 0.79 14.00 0.99 11.05 8.00 7.22 2.25 40.00 2.90 190.00 0.51 35.92 99.93 53.51 0.60 57.01
0.80 2.76 26.95 2.45 6.10 16.35 15.37 682.68 93.75 3.00 2.00 1.64 15.75 1.08 31.01 38.70 23.75 325.50 69.90 4.20 8.00 19.60 11.48 1.49 4.20 39.80 4.25 5.74 331.19 6.00 7.46 13.95 1.50 1.20 3.34 0.99 0.50 15.50 22.58 51.75 0.62 13.94 1.00 11.22 8.00 8.09 2.10 40.89 3.75 194.75 0.89 37.00 101.99 54.24 0.52 59.85
0.70 2.61 25.80 1.90 5.84 16.00 15.30 650.00 84.84 1.50 1.93 1.53 14.50 0.92 31.00 35.02 23.75 325.50 69.90 4.00 7.99 19.00 10.62 0.41 3.75 39.00 4.25 4.75 331.00 5.99 7.46 12.20 1.33 1.20 3.11 0.60 0.40 15.50 21.75 51.10 0.61 13.00 0.80 11.10 8.00 6.50 2.10 39.61 2.75 188.00 0.85 36.70 100.00 53.50 0.52 56.00
0.75 0.14 2.67 -0.03 26.30 -0.73 1.96 -0.16 5.86 -0.05 16.18 0.78 15.37 -0.44 650.89 0.71 90.00 0.70 2.42 0.00 2.00 0.00 1.53 0.03 14.85 -0.15 1.06 0.11 31.00 -0.47 38.22 1.36 23.75 -0.25 325.50 15.50 69.90 1.74 3.70 -0.63 7.99 -0.26 18.60 0.00 10.80 -0.55 0.50 0.00 3.75 0.05 39.88 0.00 4.88 0.00 4.85 0.00 331.05-15.90 6.00 0.00 8.35 0.00 13.93 0.93 1.50 0.00 1.20 -0.02 3.12 -0.08 0.80 0.00 0.40 -0.04 15.50 0.00 21.95 -0.32 51.37 0.43 0.62 -0.17 13.10 -0.90 0.96 -0.03 11.20 0.15 8.00 0.00 6.50 -0.72 2.10 -0.15 40.08 0.08 2.84 -0.06 188.01 -1.99 0.89 0.38 35.92 0.00 101.32 1.39 53.94 0.43 0.60 0.00 58.16 1.15
1501 105994 900 593 2146343 2000 502 208 3708 402 419 2235 4300 43181 1010 2308 907 200 999 1507 1010 154 1963 312 57840 361 300 15000 150 250 101 904 9000 500 19451 326 5156 1750 237502 355057 500 1510 53770 2726 500 36324 910 2083 10320 2747 1000 300 14308 23607 151 1012
Change -1.01 Market cap 122,701.93 mn Div Yield (%) 2.67
Last 60 days High Low 1.55 3.76 27.10 2.99 7.09 17.99 20.99 682.68 93.75 3.00 2.70 2.64 16.87 1.39 38.95 38.70 28.74 337.99 91.47 8.00 9.00 21.00 12.16 1.49 4.90 49.92 9.00 5.74 398.00 8.24 9.35 17.80 2.24 1.75 5.25 1.20 1.39 17.95 29.35 66.00 1.98 14.53 1.30 14.00 11.40 9.35 3.75 41.85 4.95 198.90 0.89 42.00 108.50 59.20 1.58 67.20
2010 Div BR (%) (%)
% Change -0.10 5-Day High 966.25 5-Day Low 963.72 2011 Div BR (%) (%)
0.61 1.81 - 30B 20.60 20 1.90 7.5 4.40 14.30 - 15B 14.70 20 411.00 280 56.07 50 0.76 5 1.65 1.32 12.50 15 0.90 30.50 5 15B 26.35 20 10B 23.50 35 274.60 100 65.01 70 4.00 10 6.30 10 18.01 10 9.52 10 20B 0.05 3.60 10 38.38 20 3.50 3.80 10 276.70 50 - 50.00 5.25 8 5.05 20 5B 10.00 12.15 1.00 0.75 3.11 0.23 0.16 14.10 20SD 21.75 15 49.80 25 45R 0.30 12.00 10 10B 0.53 10.70 25SD 7.00 6.00 10 2.10 5B 36.50 60 2.51 5 160.00 75 0.25 35.11 50 97.00 80 20B 47.95 50 900B 0.23 55.00 35 -
-
-
7.60
-
47.80
30.50
12.5
74833
625.80
510.00
650
360
107.70
62.00
100
-
Performance of SR Pharma and Bio Tech Index Open 993.77 Turnover 26,326 P/E (x) 6.59
2011 Div BR (%) (%) -
33.49
64.05
2010 Div BR (%) (%) -
8.00
62.00
Last 60 days High Low
400
3100
Low
Close 2,387.38 Listed cap 11,335.33 mn Payout (%) 30.57
PE
% Change 0.19 5-Day High 1,809.21 5-Day Low 1,799.88
208.51
33.83 67.25
Change 3.37 Market cap 35,586.16 mn Div Yield (%) 15.32
239.00
0.36
68.00 206.00 112.10 28.29 1.50 170.10 22.01 9.00 201.00 61.35 22.01
PHARMA AND BIO TECH
11409
50.23
625.80 615.50 616.88 -0.12
Close 1,803.25 Listed cap 1,336.62 mn Payout (%) 131.49
74.85 235.89 160.00 36.34 3.46 235.00 26.17 11.58 232.53 72.50 25.50
% Change -0.19 5-Day High 1,132.86 5-Day Low 1,100.96
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
HOUSEHOLD GOODS
Performance of SR Industrial Engineering Index Open 1,799.88 Turnover 96,934 P/E (x) 8.58
High
Open 650.51 Turnover 52,880 P/E (x) 1.25
Performance of SR Construction and Materials Index High Low 876.87 856.08 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.42 7.10
Open
High Low 2,414.69 2,355.56 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 17.90 30.30
2.07 5.00 5.10 4.00 5.00 0.00 2.29 39.91 39.99 37.92 39.99 0.08 6.21 5.24 5.24 5.24 -0.97 8.15 8.97 8.90 8.94 0.79 0.69 10.00 9.90 9.90 9.90 -0.10 1.34 18.50 19.00 18.50 18.50 0.00 4.63 25.83 26.25 26.00 26.02 0.19 5.18 12.85 13.47 12.85 12.85 0.00 9.71 9.90 8.75 8.75 -0.96 0.63 10.67 10.50 10.50 10.67 0.00 1.59 79.00 80.50 79.05 80.05 1.05 1.69 55.69 57.00 54.60 55.69 0.00 3.19 49.50 47.25 47.25 49.50 0.00 0.30 2.62 2.80 2.65 2.79 0.17 12.63 76.69 76.00 73.11 73.11 -3.58 33.37 4320.01 4400.00 4253.00 4395.80 75.79 3.55 3.67 3.66 3.67 0.12 0.32 4.48 4.50 4.45 4.45 -0.03 22.73 2.50 2.51 2.50 2.50 0.00 1.18 10.04 9.75 9.75 10.04 0.00 1.19 5.90 5.60 5.60 5.90 0.00 1.72 7.00 7.50 7.50 7.00 0.00 14.69 52.50 52.00 50.60 52.00 -0.50 21.96 5998.67 6045.00 5909.09 5938.48 -60.19
CONSTRUCTION AND MATERIALS Open 858.95 Turnover 1,255,481 P/E (x) 5.88
-
Performance of SR Household Goods Index
565 1.82 675 555 22.98 4350 1199
2011 Div BR (%) (%)
- 50SD -
FOOD PRODUCERS Open 2,389.10 Turnover 80,298 P/E (x) 59.08
INDUSTRIAL METALS AND MINING High Low 1,054.79 1,023.07 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.03 33.10
40 15
Performance of SR Food Producers Index
Performance of SR Industrial Metals and Mining Index Open 1,035.94 Turnover 128,343 P/E (x) 3.12
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,931.17 1,859.04 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.09 35.00
% Change 2.08 5-Day High 778.84 5-Day Low 762.93
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index
Company
Pace (Pakistan) Limited
Performance of SR Industrial Transportation Index
Close Change 1,554.66 13.74 Listed cap Market cap 65,194.15 mn 1,131,384.25 mn Payout (%) Div Yield (%) 55.94 5.29
Attock Petroleum 691 6.86 377.72 Attock Refinery 853 4.22 126.79 BYCO Petroleum 3921 9.27 Mari Gas Company 735 4.35 104.55 National Refinery 800 5.27 372.59 Oil & Gas Development 43009 10.20 150.21 Pak Petroleum 11950 7.66 207.55 Pak Oilfields 2365 8.39 373.21 Pak Refinery Limited 350 44.68 78.58 P.S.O 1715 3.76 261.49 Burshane LPG 226 - 23.35 Shell Pakistan 685 7.91 221.50
Open 1,867.21 Turnover 22,162,105 P/E (x) 8.84
Alert ! Unusual Movements
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,540.92 Turnover 4,635,662 P/E (x) 10.57
KSE 30 Index
-
-
Company Abbott (Lab) XD Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Searle Pak
Paid up Cap(mn) 979 250 2019 182 200 306
High Low 1,004.75 988.19 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.47 22.31
PE
Open
High
Low
5.89 8.16 10.85 6.72 4.30 5.88
94.68 94.03 75.76 29.01 9.50 59.90
96.25 98.73 76.10 28.96 10.50 61.15
95.00 96.85 74.75 28.95 9.99 59.25
Close 1,004.46 Listed cap 3,904.20 mn Payout (%) 44.54
Change 10.69 Market cap 32,956.22 mn Div Yield (%) 6.76
Close Chg
Volume
Last 60 days High Low
96.09 98.53 75.98 29.01 10.48 60.23
1925 5021 960 200 6661 11555
96.25 98.73 79.99 33.45 11.95 65.00
1.41 4.50 0.22 0.00 0.98 0.33
87.26 88.21 71.00 24.51 9.00 54.00
2010 Div BR (%) (%) 50 40 25 30
% Change 1.08 5-Day High 1,004.46 5-Day Low 988.97 2011 Div BR (%) (%)
20B 12.50 15B 10B -
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
36.19
Total Assets (Rs in mn)
32,894.92
MA (10-day)
2.29
Total Equity (Rs in mn)
5,654.56
MA (100-day)
2.60
Revenue (Rs in mn)
2,527.30
MA (200-day)
2.59
Interest Expense
1,806.71
1st Support
2.16
Loss after Taxation
(594.94)
2nd Support
2.11
EPS 09 (Rs)
1st Resistance
2.30
Book value / share (Rs)
2nd Resistance
2.39
PE 10 E (x)
Pivot
2.25
PBV (x)
(0.98) 9.23 43.65 0.24
JSBL closed down -0.05 at 2.20. Volume was 7 per cent below Bollinger Bands were 28 per cent narrower than normal. The company's profit after taxation stood at Rs10.254 million which translates into an Earning Per Share of Rs0.0126 for the 1st quarter of current calendar year (1QCY11). JSBL is currently 15.1 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of JSBL (mildly bearish). Trend forecasting oscillators are currently bearish on JSBL.
WorldCall Telecom Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
34.47
Total Assets (Rs in mn)
17,566.02
MA (10-day)
1.98
Total Equity (Rs in mn)
11,379.05
MA (100-day)
2.29
Revenue (Rs in mn)
MA (200-day)
2.49
Interest Expense
1st Support
1.90
Loss after Taxation
2nd Support
1.83
EPS 09 (Rs)
(0.57)
1st Resistance
2.02
Book value / share (Rs)
13.22
2nd Resistance
2.07
PE 10 E (x)
Pivot
1.95
PBV (x)
8,408.28 523.03 (490.82)
0.14
WTL closed down -0.03 at 1.90. Volume was 8 per cent below Bollinger Bands were 31 per cent narrower than normal. . The company's loss after taxation stood at Rs182.323 million which translates into a Loss Per Share of Rs0.21 for the 1st quarter of current calendar year (1QCY11). WTL is currently 23.6 per cent below its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of WTL at a relatively equal pace. Trend forecasting oscillators are currently bearish on WTL.
BOOK CLOSURES Company
From
To
Nina Industries
18-Jul
23-Jul
-
-
-
Exide Pakistan #
18-Jul
25-Jul
-
-
25-Jul
Service Industries #
23-Jul
30-Jul
-
-
30-Jul
Gulshan Spinning Mills #
24-Jul
01-Aug
-
-
01-Aug
Paramount Spinning Mills #
24-Jul
01-Aug
-
-
Gulistan Spinning Mills #
24-Jul
01-Aug
-
-
Singer Pakistan #
25-Jul
04-Aug
-
-
04-Aug
Ruby Textile Mills
29-Jul
04-Aug
33.20(R)
-
-
(TFC) United Bank
31-Jul
13-Aug
-
-
-
29-Aug
04-Sep
-
-
-
Fauji Fertilizer
D/B/R
Spot AGM/Date
01-Aug 01-Aug
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Pak Hotels P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies Pak Telephone
Open 2.52 110.54 4 28.02 2.2 37 2.11 20.92 3.23
High 2.73 116.06 4.99 29.42 2.3 38.85 2.23 21.49 3.2
Low Close 2.47 111.99 3.83 29.42 2.15 37.8 2 20.8 3.01
2.51 113.21 3.83 29.42 2.25 37 2.06 20.82 3.01
Change -0.01 2.67 -0.17 1.4 0.05 0 -0.05 -0.1 -0.22
Vol 212435 8658 5000 2500 3092 101 1943588 138425 500
6
Saturday, July 16, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 861.66 Turnover 11,983,160 P/E (x) 4.07 Paid up Cap(mn)
Company Pak Datacom Pak.Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 878.72 817.53 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.52 12.84
PE
Open
High
Low
Close Chg
78 28.24 37740 10.72 3000 2.46 8606 6175 -
29.73 13.38 1.48 1.93 2.04
29.99 13.62 1.54 2.00 2.10
29.00 12.65 1.45 1.88 2.03
29.37 13.08 1.45 1.90 2.05
Close 842.89 Listed cap 50,077.79 mn Payout (%) 62.56
Volume
-0.36 -0.30 -0.03 -0.03 0.01
2390 11401563 58112 521095 284082
Change -18.77 Market cap 52,930.11 mn Div Yield (%) 15.38
% Change -2.18 5-Day High 903.78 5-Day Low 842.89
Last 60 days High Low
2010 Div BR (%) (%)
46.50 17.83 1.94 2.50 3.09
80 17.5 1 -
28.71 12.65 1.40 1.88 1.94
2011 Div BR (%) (%)
- 15.00 -
-
Ask Gen Insurance Atlas Insurance Central Insurance Century Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Premier Insurance Reliance Insurance Shaheen Insurance Silver Star Insurance Universal Insurance
280 3.05 443 3.60 391 1.40 457 4.55 1250 13.35 450 7.69 970 5.98 989 10.19 3000 5.52 303 3.59 284 4.52 250 9.08 291 0.91 263 -
9.00 29.03 65.01 8.00 35.04 11.10 72.74 58.00 15.65 8.05 7.40 12.50 5.20 1.50
Paid up Cap(mn)
Company
PE
Genertech 198 Hub Power 11572 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 Kot Addu Power 8803 Nishat Chunian Power Ltd 3673 Nishat Power Ltd 3541 Southern Electric 1367 Tri-star Power XD 150
7.81 4.85 5.46 2.52 2.26 -
Open
High
0.50 38.37 1.18 2.15 16.05 42.72 13.80 15.62 1.27 0.77
0.68 38.97 1.25 2.25 16.75 43.00 14.24 16.00 1.43 0.95
Low 0.51 38.50 1.12 2.11 16.50 42.40 13.75 15.70 1.20 0.95
Close Chg
Close 1,363.71 Listed cap 95,369.29 mn Payout (%) 104.13
Last 60 days High Low
Volume
0.50 0.00 38.88 0.51 1.15 -0.03 2.15 0.00 16.05 0.00 42.52 -0.20 14.00 0.20 15.86 0.24 1.21 -0.06 0.95 0.18
Change 12.26 Market cap 104,415.52 mn Div Yield (%) 7.83
1502 260266 10055 95757 301 144749 185677 548658 95514 3500
0.80 39.45 1.70 2.68 18.00 44.19 17.25 17.70 1.69 1.35
0.16 36.70 0.97 2.10 15.41 41.75 13.47 15.40 1.13 0.36
% Change 0.91 5-Day High 1,363.71 5-Day Low 1,351.44
2010 Div BR (%) (%) 50 25 50 -
7.8R -
2011 Div BR (%) (%) 25.00 10.00 30.00 10.00 -
Paid up Cap(mn)
Company Sui North Gas Sui South Gas
PE
5491 14.29 8390 4.62
Open
High Low 1,294.18 1,278.43 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.95 11.41
High
19.74 20.53
20.10 20.73
Low 19.98 20.35
Close Chg
Close 1,282.20 Listed cap 12,202.80 mn Payout (%) 66.79
20.00 0.26 20.45 -0.08
269630 36538
23.60 23.75
17.64 20.30
% Change 0.46 5-Day High 1,287.22 5-Day Low 1,276.37
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Open 1,125.92 Turnover 5,455,287 P/E (x) 7.22 Paid up Cap(mn)
Company Allied Bank Limited Askari Bank XB Bank Alfalah Bank AL-Habib Bank Of Khyber Bank Of Punjab BankIslami Pak Faysal Bank Habib Bank Ltd
8603 7070 13492 8786 5004 5288 5280 7327 11021 Habib Metropolitan Bank XB 10478 JS Bank Ltd 8150 KASB Bank Ltd 9509 MCB Bank Ltd 8362 National Bank 16818 Network Mic Bank 300 NIB Bank 40437 Samba Bank 14335 Silkbank Ltd 26716 Soneri Bank 6023 Stand Chart Bank 38716 Summit Bank Ltd 8701 United Bank Ltd 12242
PE
Open
6.20 62.90 5.03 11.28 5.44 10.29 6.14 28.97 1.98 4.40 6.60 10.16 3.80 7.20 9.50 7.33 116.92 5.47 19.49 44.00 2.25 1.42 8.07 198.44 4.17 52.45 2.52 1.50 21.50 1.71 15.69 2.46 2.52 5.00 6.26 7.77 3.76 7.19 61.04
High
High Low Close 1,143.86 1,122.07 1,129.55 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.01 13.94 40.49 Low
Close Chg
Last 60 days High Low
Volume
63.89 62.77 62.88 -0.02 11.60 11.01 11.06 -0.22 10.65 10.30 10.34 0.05 29.20 28.78 28.96 -0.01 4.87 4.35 4.44 0.04 6.90 6.61 6.68 0.08 3.88 3.62 3.76 -0.04 9.80 9.35 9.50 0.00 118.00 117.00 117.33 0.41 19.95 19.01 19.04 -0.45 2.34 2.20 2.20 -0.05 1.50 1.41 1.45 0.03 200.90 198.01 199.65 1.21 53.60 52.83 53.02 0.57 3.00 1.65 3.00 0.48 1.50 1.44 1.48 -0.02 1.78 1.70 1.72 0.01 2.59 2.50 2.51 0.05 5.10 4.95 5.04 0.04 7.99 7.75 7.76 -0.01 3.70 3.60 3.69 -0.07 61.50 61.00 61.19 0.15
Change 3.63 Market cap 665,303.64 mn Div Yield (%) 5.61
3214 68.99 330453 12.35 1334580 11.02 62762 29.98 5676 6.25 993532 7.35 20535 4.09 60690 10.50 49434 125.10 24389 22.45 106333 3.00 32081 1.77 376452 210.95 1008456 55.15 1504 3.50 693397 2.01 7005 2.18 195044 3.06 83000 6.69 11486 9.75 143058 4.75 55262 65.01
59.30 10.79 9.42 28.25 4.16 4.51 3.25 9.00 114.10 17.00 2.06 1.16 190.99 49.51 1.65 1.44 1.62 2.15 4.95 7.53 2.67 60.40
% Change 0.32 5-Day High 1,140.40 5-Day Low 1,125.92
2010 Div BR (%) (%)
2011 Div BR (%) (%)
40 10B - 10B 20 20B -64.41R - 20B 65 10B - 20B - 33R -105.16R 115 10B 30.00 75 25B -154.79R -63.46R - 311R 6 - 20R 50 -
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 733.07 Turnover 304,001 P/E (x) 10.70 Paid up Cap(mn)
Company
Adamjee Insurance XD
1237
High Low 743.53 728.41 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.56 5.20
Close 735.22 Listed cap 11,111.34 mn Payout (%) 79.54
Change 2.15 Market cap 45,772.74 mn Div Yield (%) 7.44
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
6.85
64.12
65.00
63.67
63.85 -0.27
46294
71.30
62.00
% Change 0.29 5-Day High 739.29 5-Day Low 733.07
2010 Div BR (%) (%) 25
2011 Div BR (%) (%)
-
-
-
700 947 5175 603 1146 1200 44889 299 181780 16451 3110 1114 113 179
10.95 29.60 75.37 9.35 39.65 11.90 76.12 62.37 18.30 8.99 7.90 14.49 6.40 2.39
8.11 26.00 63.06 7.89 29.01 10.95 67.00 51.16 12.43 8.00 5.76 11.50 4.21 1.32
-10B 25R 40 20B 25 50B 10 12.5 25 12.5B 30 55B 10.00 20 25B 30 25 - 12.5B - 15B -
25R -
High Low 937.56 912.63 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.49 3.85
Change 10.67 Market cap 10,290.06 mn Div Yield (%) 3.92
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
850 9.96 627 14.52
69.00 55.13
71.50 54.00
68.55 54.00
70.93 1.93 54.00 -1.13
941 500
73.25 58.99
Open 287.24 Turnover 8,161,276 P/E (x) 11.48
High Low 304.41 283.76 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.19 0.91
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
50.70 45.10
225
0.81
0.37
0.46
0.33
0.39 0.02
Arif Habib Investments Arif Habib Limited
360
5.08
450 19.15
19.92
20.75
19.51
19.92 0.00
% Change 1.16 5-Day High 935.12 5-Day Low 919.73
2010 Div BR (%) (%) 50 15
2011 Div BR (%) (%)
0.64
101
2010 Div BR (%) (%)
0.26
0.00
30
SITC
101.56
98.00
98.00
101.56
0.00
25
SHDT
12.00
12.00
12.00
12.00
0.00
23
AGL
17.59
18.10
17.99
17.59
0.00
20
FTSM
1.55
1.42
1.42
1.55
0.00
RMPL
2500.96
2626.00
2540.00
2595.25
94.29
19.05
52 50
20 19
0.95
1.20
0.95
0.95
0.00
15
HINO
111.27
111.50
111.50
111.27
0.00
10
LIBM
60.47
57.45
57.45
60.47
0.00
10
POML
40.00
42.00
42.00
40.00
0.00
8
STPL
0.00
6
PIOC
5.32
6.24
5.85
5.32
0.00
5
SHEZ
149.30
156.48
155.00
149.30
0.00
5
SMTM
4.56
5.55
4.13
4.56
0.00
5
COLG
736.00
770.00
735.10
736.00
10.00
4
4
2
% Change 0.49 5-Day High 289.59 5-Day Low 287.24
DATM
0.11
0.80
0.40
0.11
0.00
2
DFSM
1.70
2.24
2.24
1.70
0.00
2
MEBL
17.80
17.85
17.30
17.80
0.00
2
MFFL
78.25
82.16
82.16
78.25
0.00
2
TATM
31.75
32.32
32.32
31.75
0.00
2
ADOS
8.50
8.50
8.50
8.50
0.00
1
2011 Div BR (%) (%)
ASIC
18.50
17.70
17.70
18.50
0.00
1
ATEL
39.50
41.00
41.00
39.50
0.00
1
-
1.23
0.00
0.00
WYETH
1.95
9.00
0.00
FPJM
1.22
8.80
0.81
-
DNCC
9.00
1.01
3 3
BOKR
0.01
0.03
0.03
0.01
0.00
1
-
CSUML
2.00
2.19
2.19
2.00
0.00
1
-
DCM
1.30
1.64
1.64
1.30
0.00
1
2.01 -0.53
978
5.35
1.56
-
-
- 140R
1.25
1.50 0.10
5052
2.04
1.15
-
-
-
7.90
7.35
7.35 0.10
3102
9.29
7.02
11.5
-
7.25
0.00
43.80
1.11
-
600 19.86
0.00
93.80
45.98
1.76
-
1.50
19.98
95.00
45.98
1.11
-
1.40
18.99
95.00
43.80
1.78
-
7.89
20.39
93.80
FASM
0.81
4.26
2121
19.98
PAKT
1.01
6.10
IGI Investment Bank
91
PSYL
CLCPS
2501
1.60
1.00
TRIBL
-
2.79
20.90
4
-
2.54
20.90
0.00
-
-
20.90
0.79
-
575
19.90
0.61
-
First National Equity
100
SHCM
1.60
-
5.01 -0.01
0.00
0.79
20B
4.50
33.00
CJPL
20B
5.20
33.95
4
-
5.02
33.95
0.00
-
-
33.00
0.00
-
First Credit & Invest Bank Ltd 650
100
SHFA
0.00
30
13465
100
0.00
1.11
1.01
1.20 -0.01
100
0.00
27.36
1.22
12.01
26.29 1.00
1.15
Vol
0.00
0.75
28.22
987.00
20.53
25.31
1.50
Change
1.00
28.22
1.18
1.99
26.45
1.21
49.00
1.00
27.36
938.19
20.20
18.19 0.26
25.29
-
Close
47.50
0.75
RCML
1.19
27.29
18.06
3.52
250
Low
47.50
ICCT
938.76
-
23600
18.50
3750
High
49.00
1.11
-
1769837
17.93
Arif Habib Corp
23.49
-
Open
987.00
-
Change 1.42 Market cap 14,140.14 mn Div Yield (%) 4.81
Last 60 days High Low
16514
Dawood Equities
Invest and Fin Sec
Close 288.65 Listed cap 30,336.44 mn Payout (%) 99.56
Volume
UPTO 100 VOLUME Symbols GATM
MWMP
Close 930.44 Listed cap 2,290.72 mn Payout (%) 355.53
Performance of SR Financial Services Index
0.00
1
GAIL
3.44
3.50
3.50
3.44
0.00
1
GLPL
57.12
54.27
54.27
57.12
0.00
1
ISIL
74.68
70.95
70.95
74.68
0.00
1
KML
1.25
1.30
1.30
1.25
0.00
1
KOSM
1.55
1.40
1.40
1.55
0.00
1
-
PCAL
45.60
47.00
47.00
45.60
0.00
1
-
-
SANSM
11.85
11.82
11.82
11.85
0.00
1
-
-
EWLA
1.40
1.91
1.91
1.40
Invest Bank
2849
-
0.43
0.43
0.34
0.35 -0.08
1743
1.20
0.22
-
-
-
-
SPLC
0.65
0.79
0.79
0.65
0.00
1
Ist Cap Securities
3166
-
2.51
2.70
2.50
2.60 0.09
23718
3.27
2.22
-
10B
-
-
UPFL
1713.93
1799.00
1799.00
1713.93
0.00
1
Ist Dawood Bank
626
0.70
1.42
1.70
1.49
1.57 0.15
25890
1.96
1.30
-
-
-
-
YOUW
1.16
1.24
1.24
1.16
0.00
1
Jah Siddiq Co
Performance of SR Banks Index
-0.83 -0.08 -0.94 0.19 0.75 -0.02 -0.54 0.00 0.26 0.00 0.01 0.94 0.00 0.00
FINANCIAL SERVICES
AMZ Ventures
Change 5.83 Market cap 28,139.00 mn Div Yield (%) 8.05
Last 60 days High Low
Volume
Company
EFU Life Assurance New Jub Life Insurance
Company
GAS WATER AND MULTIUTILITIES Open 1,276.37 Turnover 306,168 P/E (x) 8.30
Paid up Cap(mn)
-
Performance of SR Gas Water and Multiutilities Index
8.17 28.95 64.07 8.19 35.79 11.08 72.20 58.00 15.91 8.05 7.41 13.44 5.20 1.50
LIFE INSURANCE Open 919.77 Turnover 1,442 P/E (x) 5.30
Performance of SR Electricity Index High Low 1,374.72 1,352.39 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.24 9.35
8.15 28.80 64.00 8.00 34.70 11.06 71.97 58.00 15.70 8.00 7.41 11.50 4.40 1.50
Performance of SR Life Insurance Index
ELECTRICITY Open 1,351.44 Turnover 1,345,979 P/E (x) 13.30
8.95 29.50 64.70 8.27 35.79 11.40 72.89 58.00 16.10 8.37 7.50 13.50 5.88 1.50
7633
-
7.36
7.85
7.40
7.45 0.09
7719650
8.34
4.82
10
-
-
-
FUTURE CONTRACTS
JOV and CO
508
-
2.60
2.82
2.51
2.57 -0.03
51908
3.40
2.31
-
-
-
-
JS Global Cap
500
5.70
20.78
20.89
19.75
19.85 -0.93
14499
22.94
16.42
50
-
-
-
Symbols
Open
1000 43.00
5.10
5.44
5.01
5.16 0.06
36271
6.43
4.53
-
-
-
-
FFBL-JUL
45.70
High
Low
Close
Change
Vol
47.59
45.99
47.17
1000
-
3.21
3.72
3.04
3.21 0.00
303
4.79
3.04
-
-
-
-
ENGRO-JUL 156.66
158.99
151.37
152.17
-4.49
898500
Orix Leasing
821
3.38
5.95
6.39
5.50
5.57 -0.38
118297
6.45
5.06
-
-
-
-
FFC-JUL
158.42
165.78
159.50
164.65
6.23
766000
Pervez Ahmed Sec
775
5.32
1.44
1.53
1.40
1.49 0.05
103155
1.99
1.32
-
POL-JUL
374.69
382.00
376.40
381.37
Sec Inv Bank
514
4.90
1.72
1.98
1.50
1.96 0.24
988
3.14
1.25
-
-
-
-
Stand Chart Leasing
978
3.32
2.97
2.50
2.36
2.36 -0.61
2037
3.20
2.10
-
-
-
-
JS Investment KASB Securities
-
-
-
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,558.30 Turnover 676,595 P/E (x) 19.49 Paid up Cap(mn)
High Low 1,605.64 1,547.65 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.43 2.21
Close 1,556.95 Listed cap 29,771.58 mn Payout (%) 104.74
Change -1.35 Market cap 19,767.65 mn Div Yield (%) 8.35
% Change -0.09 5-Day High 1,558.57 5-Day Low 1,547.08
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
2010 Div BR (%) (%)
2011 Div BR (%) (%)
1st Fid Leasing AL-Meezan Mutual F. Atlas Fund of Funds B R R Guardian Mod. Crescent St Modaraba Elite Cap Modaraba Equity Modaraba First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund Meezan Balanced Fund
264 1375 525 780 200 113 524 581 760 397 1008 3180 1186 1200
4.75 1.73 2.40 4.00 4.51 7.05 1.17 2.19 3.87 4.21 2.06 0.58 2.76
1.51 10.81 6.50 2.28 0.56 2.45 1.50 1.95 3.31 8.09 8.19 5.90 5.74 9.59
1.50 11.20 6.50 2.30 0.50 3.25 1.74 2.00 3.50 7.89 8.20 6.89 5.73 9.64
1.50 10.80 6.50 2.04 0.50 3.00 1.30 1.96 3.30 7.89 8.10 5.90 5.47 9.50
1.50 11.07 6.50 2.30 0.56 3.25 1.34 1.96 3.30 7.89 8.13 6.00 5.49 9.60
-0.01 0.26 0.00 0.02 0.00 0.80 -0.16 0.01 -0.01 -0.20 -0.06 0.10 -0.25 0.01
1500 69940 500 8585 200 2060 550 2456 43680 1276 3437 120104 159840 8000
2.00 11.32 6.90 2.91 0.89 3.60 2.50 2.47 3.72 8.44 8.44 7.40 6.68 10.19
1.15 10.15 6.11 1.41 0.30 2.10 1.10 1.82 3.11 7.10 7.26 5.32 4.91 8.46
18.5 2.2 0 1.2 5 17 11 21 12.5 10 15.5
5.00 5.00 -
-
Pak Modaraba PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund
125 1000 2835 2841
2.18 2.77 2.38
1.01 7.51 13.35 6.10
1.25 7.65 13.60 6.20
1.10 7.40 13.50 6.01
1.18 7.40 13.51 6.01
0.17 -0.11 0.16 -0.09
1769 41652 151598 52351
1.50 8.25 13.84 6.95
0.60 6.92 12.00 5.50
3 10 20 10
- 10.00 - 12.50 - 7.50
-
872 454 50
1.71 5.80 0.67
0.91 10.37 1.10
0.94 10.50 1.49
0.83 10.50 1.00
0.94 0.03 10.50 0.13 1.00 -0.10
1952 4100 1021
1.10 10.90 2.00
0.75 9.50 0.72
3 17 -
-
-
Company
Prud Modaraba 1st Stand Chart Modaraba Tri-Star Mutual
-
-
1.47 1559500
6.68
529500
13.12
-0.29
440000
DGKC-JUL
22.84
23.19
22.80
22.89
0.05
162000
ATRL-JUL
127.46
130.60
127.85
129.34
1.88
146000
NBP-JUL
52.78
53.85
53.20
53.30
0.52
102000
NML-JUL
51.23
51.95
51.40
51.50
0.27
64500
MCB-JUL
199.92
201.90
199.20
200.34
0.42
58000
PPL-JULB
209.21
211.50
210.00
210.44
1.23
46000
LUCK-JUL
71.60
72.30
71.90
72.01
0.41
9500
PTC-JUL
13.41
13.50
12.80
MTS LEVERAGE POSITION Symbol AHCL AICL AKBL ANL ATRL BAFL DGKC ENGRO FFBL FFC HUBC KAPCO LOTPTA LUCK MCB NBP NCL NETSOL NML OGDC PAKRI POL PPL PSO PTC SSGC UBL TOTAL
Total Volume 636,343 17,199 494,740 332,600 41,980 919,750 464,633 96,756 391,129 29,100 7,000 84,687 2,918,101 56,126 19,850 1,281,369 345,581 10,000 330,284 500 276,776 84,450 35,000 23,500 6,156 3,000 102,500 9,009,110
Total Value 12,009,732 837,695 4,098,075 1,444,962 3,956,328 6,851,883 7,940,852 11,409,515 12,937,180 3,506,505 201,886 2,730,878 28,442,971 3,017,738 2,975,257 50,097,584 5,784,438 158,712 12,643,450 56,744 3,304,306 23,953,274 5,494,053 4,646,199 62,022 46,386 4,681,955 213,290,577
MTS Rate 19.60 20.00 20.00 19.74 18.84 17.72 19.00 18.82 14.61 18.77 17.00 16.35 17.86 20.00 20.00 18.36 20.00 15.00 16.00 18.00 18.00 17.86 16.47
BOARD MEETINGS
Pakistan Telecommunication Co Ltd
KSE 100 INDEX
Fauji Fertiliser Co
Fauji Fertiliser Bin Qasim Ltd
Company
Date
Faysal Bank Ltd
18-Jul
3:00
Shahtaj Sugar Mills Ltd
18-Jul
Time 11:30
Clariant Pak Ltd
28-Jul
3:00
Unilever Pakistan Ltd
09-Aug
10:30
BOC Pak Ltd
12-Aug
3:00
Unilever Pakistan Foods Ltd
11-Aug
2:30
Kot Addu Power Company Ltd
05-Sep
1:00
TECHNICAL LEVELS Company
RSI 1st 2nd (14-day) Support 39.61 2.40 2.35 43.83 62.45 62.05 Attock Cement 38.66 48.65 48.60 Arif Habib Corp 60.93 25.60 24.90 Arif Habib Limited 53.80 18.00 17.80 Adamjee Insurance 35.80 63.35 62.85 Askari Bank 39.90 10.85 10.65 Azgard Nine 45.05 5.75 5.65 Attock Petroleum 48.33 377.90 376.20 Attock Refinery 54.60 127.40 126.05 Bank Al-Falah 59.11 10.20 10.10 BankIslami Pak 53.66 3.60 3.50 Bank.Of.Punjab 54.65 6.55 6.45 Dewan Cement 42.83 1.60 1.55 D.G.K.Cement 42.34 22.55 22.40 Dewan Salman 43.20 2.55 2.50 Dost Steels Ltd 62.50 2.55 2.45 EFU General Insurance 51.27 35.05 34.35 EFU Life Assurance 60.63 69.15 67.40 Engro Corp 22.45 148.30 145.15 Faysal Bank 47.46 9.30 9.10 Fauji Cement 36.01 4.00 3.90 Fauji Fert Bin 78.72 46.15 45.30 Fauji Fertilizer 73.12 160.15 156.50 Habib Bank Ltd 48.49 116.90 116.45 Hub Power 60.53 38.60 38.30 ICI Pakistan 46.89 153.30 152.55 Indus Motors 16.95 203.95 203.15 J.O.V.and CO 41.22 2.45 2.30 Japan Power 43.53 1.10 1.05 JS Bank Ltd 36.20 2.15 2.10 Jah Siddiq Co 44.21 7.30 7.10 Kot Addu Power 44.28 42.30 42.05 K.E.S.C 41.30 2.10 2.05 Lotte Pakistan 26.95 12.40 12.15 Lucky Cement 52.23 71.50 71.10 MCB Bank Ltd 44.10 198.15 196.65 Maple Leaf Cement 42.78 2.05 2.00 National Bank 54.39 52.70 52.40 Nishat (Chunian) 33.26 21.60 21.25 Netsol Technologies 43.04 20.60 20.35 NIB Bank 34.56 1.40 1.35 Nimir Ind.Chemical 65.08 3.10 3.00 Nishat Mills 36.53 51.05 50.75 Oil & Gas Dev. XD 45.61 149.50 148.25 PACE (Pakistan) Ltd. 31.55 1.95 1.85 Pervez Ahmed Sec 45.11 1.40 1.35 P.I.A.C.(A) 49.72 2.15 2.10 Pioneer Cement 46.04 5.75 5.70 Pak Oilfields 73.79 376.50 372.60 Pak Petroleum 47.50 207.95 206.50 Pak Suzuki 39.58 62.60 62.00 P.S.O. XD 35.38 261.80 260.55 P.T.C.L.A 13.45 12.60 12.15 Shell Pakistan 46.57 220.70 218.90 Sui North Gas 48.72 19.95 19.90 Sitara Peroxide 35.67 16.30 16.15 Sui South Gas 37.06 20.30 20.15 Telecard 35.41 1.45 1.40 TRG Pakistan 39.77 2.40 2.30 United Bank Ltd 39.69 60.95 60.75 WorldCall Tele 34.52 1.85 1.80 Al-Abbas Cement
Allied Bank Limited
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
50.33
Support 1
12,271.15
MA (5-day)
12,272.01
Support 2
12,195.75
MA (10-day)
12,386.19
Resistance 1
12,418.10
MA (100-day)
12,025.76
Resistance 2
Target Price
Recommendations
24.7
Buy
Arif Habib Ltd
Sell
Arif Habib Ltd
Buy
AKD Securities Ltd
45.52
Accumulate
AKD Securities Ltd
20.15
Positive
TFD Research
47.75
Neutral
TFD Research
Technical Analysis
Leverage Position
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
78.79 44.26 42.03 38.79 Free Float Shares (mn) 326.94
Brokerage House
Recommendations
224
Buy
Arif Habib Ltd
386.5
Accumulate
TFD Research
388.3
Neutral
indicating that FFBL is currently in an overbought condition.
Leverage Position
22.39 MTS Shares `000 96.756 158.84 MTS Rs `000 11,409.52 192.61 MTS Rate 19.00 193.06 ** NOI Rs (mn) 236.60 Free Float Shares (mn) 176.98 Free Float Rs (mn) 26,797.99 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)
73.84 MTS Shares `000 84.45 372.71 MTS Rs `000 23,953.27 335.05 MTS Rate 15.00 309.51 ** NOI Rs (mn) 245.68 Free Float Shares (mn) 107.95 Free Float Rs (mn) 41,061.34 Target price for Dec-11 & **Net Open Interest in future market
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
73.13 MTS Shares `000 29.10 155.39 MTS Rs `000 3,506.50 140.16 MTS Rate 14.61 132.03 ** NOI Rs (mn) 97.77 Free Float Shares (mn) 466.49 Free Float Rs (mn) 76,424.62 Target price for Dec-11 & **Net Open Interest in future market
(trending) and Bollinger Bands were 16 per cent wider than normal.
ly indicating that FFC is currently in an overbought condition.
National Bank of Pakistan
Bank Al-Falah Ltd
Brokerage House
Technical Outlook
Technical Outlook
Leverage Position
oscillators are currently bullish on FFBL. Momentum oscillator is currently ing oscillators are currently bullish on FFC. Momentum oscillator is current-
AKD Securities Ltd
AKD Securities Ltd
Positive
Technical Analysis
reflect very strong flows of volume into FFBL (bullish). Trend forecasting reflect moderate flows of volume into FFC (mildly bullish). Trend forecast-
Arif Habib Ltd
Neutral
Sell Neutral
the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators
Buy
245.95
Buy
120.7
FFBL is currently 21.2 per cent above its 200-day moving average and is FFC is currently 24.1 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is relatively normal as compared to
Recommendations
195.41
165.3
FFBL closed up 1.42 at 47.01. Volume was 240 per cent above average FFC closed up 6.13 at 163.83. Volume was 196 per cent above average (trending) and Bollinger Bands were 56 per cent wider than normal.
405
TFD Research
391.129 12,937.18 18.82 76.69 15,369.38
Target price for Dec-11 & **Net Open Interest in future market
Target Price
AKD Securities Ltd
Recommendations
Technical Outlook
Leverage Position MTS Shares `000 MTS Rs `000 MTS Rate ** NOI Rs (mn) Free Float Rs (mn)
Target Price
164.95
Technical Outlook
Pakistan Oilfields Ltd
Target Price
Technical Analysis
42.2
Brokerage House
23.91
Technical Outlook
12,489.65
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Recommendations
TFD Research
Engro Corporation
Brokerage House
Target Price
AKD Securities Ltd
Arif Habib Ltd
RSI (14-day) 13.36 MTS Shares `000 6.156 MA (200-day) 11,745.73 Pivot 12,342.70 MA (10-day) 13.92 MTS Rs `000 62.02 16.44 MTS Rate 18.00 KSE 100 INDEX closed up 79.19 points at 12,346.52. Volume was MA (100-day) MA (200-day) 17.80 ** NOI Rs (mn) 4.18 22 per cent above average and Bollinger Bands were 19 per cent Free Float Shares (mn) 585.06 Free Float Rs (mn) 7,652.59 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 12,418.10 and 2nd resistPTC closed down -0.30 at 13.08. Volume was 750 per cent above average ance level at 12,489.65, while Index will continue to find its 1st sup(trending) and Bollinger Bands were 1 per cent wider than normal. port level at 12,271.15 and 2nd support level at 12,195.75. KSE 100 INDEX is currently 5.1 per cent above its 200-day moving PTC is currently 26.5 per cent below its 200-day moving average and is average and is displaying a downward trend. Volatility is relatively displaying a downward trend. Volatility is extremely low when compared to normal as compared to the average volatility over the last 10 trading the average volatility over the last 10 trading sessions. Volume indicators sessions. Volume indicators reflect volume flowing into and out of reflect very strong flows of volume out of PTC (bearish). Trend forecasting INDEX at a relatively equal pace. Trend forecasting oscillators are oscillators are currently bearish on PTC. Momentum oscillator is currently currently bearish on INDEX. indicating that PTC is currently in an oversold condition.
Arif Habib Ltd
Brokerage House
Brokerage House
Target Price
Recommendations
12.2
Hold
Arif Habib Ltd
11.75
Buy
AKD Securities Ltd
Technical Analysis
Leverage Position
59.12 MTS Shares `000 919.75 10.11 MTS Rs `000 6,851.88 10.11 MTS Rate 18.84 10.17 ** NOI Rs (mn) N/A Free Float Shares (mn) 674.58 Free Float Rs (mn) 6,975.14 Target price for Dec-11 & **Net Open Interest in future market
Recommendations
65
Buy
64.99
Buy
Technical Outlook
Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Target Price
Technical Analysis
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
54.47 MTS Shares `000 1,281.369 53.30 MTS Rs `000 50,097.58 57.20 MTS Rate 17.86 63.95 ** NOI Rs (mn) 66.46 Free Float Shares (mn) 398.12 Free Float Rs (mn) 21,108.45a Target price for Dec-11 & **Net Open Interest in future market
ENGRO closed down -4.52 at 151.42. Volume was 21 per cent above POL closed up 7.16 at 380.37. Volume was 20 per cent above average BAFL closed up 0.05 at 10.34. Volume was 14 per cent below average and NBP closed up 0.57 at 53.02. Volume was 46 per cent below Bollinger average and Bollinger Bands were 35 per cent narrower than normal.
and Bollinger Bands were 32 per cent wider than normal.
Bollinger Bands were 22 per cent narrower than normal. ENGRO is currently 21.6 per cent below its 200-day moving average and is POL is currently 22.9 per cent above its 200-day moving average and is BAFL is currently 1.6 per cent above its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is relatively normal as compared to average volatility over the last 10 trading sessions. Volume indicators reflect the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators volume flowing into and out of ENGRO at a relatively equal pace. Trend fore- reflect moderate flows of volume into POL (mildly bullish). Trend forecastcasting oscillators are currently bearish on ENGRO. Momentum oscillator is ing oscillators are currently bullish on POL. Momentum oscillator is current- reflect moderate flows of volume into BAFL (mildly bullish). Trend forecastcurrently indicating that ENGRO is currently in an oversold condition.
ly indicating that POL is currently in an overbought condition.
ing oscillators are currently bullish on BAFL.
Bands were 52 per cent narrower than normal. NBP is currently 17.1 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NBP (mildly bullish). Trend forecasting oscillators are currently bullish on NBP.
1st 2nd Resistance 2.55 2.65 64.30 48.95 49.10 26.75 27.15 18.45 18.70 64.65 65.50 11.45 11.80 6.00 6.20 381.15 382.70 130.25 131.70 10.55 10.80 3.90 4.00 6.85 7.00 1.70 1.75 23.00 23.25 2.65 2.75 2.75 2.85 36.15 36.50 72.10 73.30 156.35 161.25 9.75 10.00 4.20 4.35 47.65 48.25 166.30 168.80 117.90 118.45 39.05 39.25 155.40 156.75 206.00 207.25 2.75 2.95 1.20 1.30 2.30 2.40 7.75 8.00 42.90 43.25 2.20 2.25 13.00 13.35 72.25 72.65 201.05 202.40 2.15 2.20 53.45 53.90 22.45 22.90 21.30 21.75 1.50 1.55 3.30 3.40 51.70 52.05 152.00 153.25 2.20 2.35 1.50 1.55 2.30 2.40 5.85 5.90 382.85 385.30 210.90 212.45 64.40 65.60 265.15 267.25 13.60 14.10 225.55 228.65 20.10 20.15 16.70 16.95 20.65 20.90 1.55 1.60 2.65 2.85 61.45 61.75 2.00 2.05 63.60
Pivot 2.50 63.20 48.85 26.00 18.25 64.15 11.20 5.95 379.45 128.85 10.45 3.75 6.75 1.65 22.85 2.60 2.65 35.45 70.35 153.20 9.55 4.15 46.80 162.65 117.45 38.80 154.65 205.20 2.65 1.15 2.25 7.55 42.65 2.15 12.75 71.90 199.50 2.10 53.15 22.10 21.05 1.45 3.20 51.40 150.75 2.10 1.45 2.25 5.80 378.95 209.45 63.80 263.90 13.10 223.80 20.05 16.55 20.50 1.50 2.55 61.25 1.95
Hong Kong shares slide HONG KONG/SHANGHAI: Hong Kong shares fell on Friday, dragged down by Chinese property stocks after Beijing extended home purchase restrictions to cool surging property prices, with the Hang Seng Index posting its biggest weekly decline since March. On top of the worsening euro zone debt crisis, market players have been spooked by warnings from Moody's and Standard & Poor's this week that it could cut the United States' prized tripleA rating by one or more notches this month if a deal on raising the government's debt ceiling is not reached soon. The Hang Seng Index finished down 0.3 per cent on the day at 21,875.38 points as turnover remained under its 20-day moving average and declined slightly from Thursday. The index fell 3.8 per cent on the week. The highest turnover on the Hang Seng this week coincided with the worst one-day drop in fourteen
US stocks early-trade
Wall Street gives up gains on weaker economy NEW YORK: Wall Street gave up much of its early gains on Friday as signs of weakness in the US economy and concern over European bank stress tests outweighed strong earnings from Google and Citigroup. A report showing US consumer sentiment slipped in July to its lowest level since March 2009, a weak reading from the manufacturing sector in New York State, and anticipation of the bank stress tests results due later on Friday weighed on sentiment. "We expect it to continue to be a roller coaster, driven by the European stress test, the US debt and tax agreements ... and earnings," said Kim Caughey Forrest senior equity research analyst at Fort Pitt Capital Group in Pittsburgh. Consumer discretionary stocks were among the biggest drags. Home Depot fell 0.7 per cent, while the S&P 500's discretionary index fell 0.3 per cent. The Dow Jones industrial average dropped 17.30 points, or 0.14 per cent, to 12,419.82. The Standard & Poor's 500 Index dropped 0.01 points, or 0.00 per cent, to 1,308.86. The Nasdaq Composite Index gained 9.44 points, or 0.34 per cent, to 2,772.11. Google Inc's earnings beat the most bullish forecasts, sending its shares up 12 per cent and lifting the Nasdaq. Citigroup Inc posted higher net income, helped by falling credit losses. The stock rose 0.7.-Reuters
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months on Tuesday, while turnover declined as the market rebounded mildly on Wednesday. This possibly indicates investors were more willing to sell in a weakening market than to buy in a rising one. Chinese Overseas Land & Investment Ltd and Chinese Resources Land Ltd were the top two losers among benchmark constituents on Friday after Beijing on Thursday extended home purchase restrictions to more cities in its latest move to curb housing inflation. "It's pretty obvious(the authorities) want the target price to come down, but they are very focused on weeding out the speculative demand this time," said Lee Wee-Liat, Samsung Securities' regional head of property. Chinese Overseas Land fell nearly 5 per cent, while China Resources Land shed nearly 3 per cent. "We believe both the market consensus and property developers are overly opti-
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of commuters that pass through the nearby rail station. Mumbai's diamond trade began about 40 years ago in what is now the main building, Panchratna, which means five gems in Hindi. The bourse has since expanded into about 10 buildings, with up to 4,500 stores. All vaults are housed in Panchratna. Traders from Belgium and Israel are often seen in the small shops with metallic shutters set along a cobblestone street. The new Bharat Diamond Bourse complex, which opened in October, is spread over 20 million square feet in the Bandra-Kurla complex in suburban Mumbai, home to global banks and other multinationals and nearly deserted after dark. India's newer and larger National Stock Exchange is also housed in Bandra-Kurla; the Bombay Stock Exchange, Asia's oldest, remains in south Mumbai's traditional trading district. Shaped like a diamond, the new bourse has 2,500 offices and formal security, including armed guards, a feature absent in the Opera House area, where merchants carry their diamonds every evening to the vaults at Panchratna, which close at 7 p.m. "The new site will not allow such things moving in and out for security reasons, and that will hinder the security of the people if they have to declare they are carrying diamonds. Also, it is not a crowded area and anyone entering or leaving can be a target for robbery," Popley said. Wednesday's blast came just as most merchants were carrying their diamonds to the vaults. The site was sealed after the blast, and the fate of the diamonds is not known, traders said. - Reuters
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mistic about a potential market rebound (in the second half of 2011)," said Credit Suisse property analysts in a report on Friday. Credit Suisse expects companies that have significantly outperformed, such as Longfor Properties Co Ltd and Evergrande Real Estate Group Ltd , to come under selling pressure in the near term despite maintaining an outperform rating on Evergrande. Longfor finished down 1.5 per cent on the day, while Evergrande reversed a more than 3 per cent loss at midday to finish up 2.8 per cent. In Shanghai, surging construction-related names helped the Shanghai Composite Index reverse early losses to close up 0.4 per cent on the day and up 0.8 per cent on the week at 2,820.2 points. Shanghai's fourth-straight weekly gain came as Ashare turnover hit its highest this week on Friday, almost 18 per cent more than its 20day average.-Reuters
Indian shares post weekly fall MUMBAI: Indian shares logged their first weekly decline in four and shed 0.3 per cent on Friday, as foreign funds opted to lock in gains, with investor caution seen rising ahead of the central bank's policy review this month. Top software services exporter Tata Consultancy Services bucked the trend and rallied as much as 4.8 per cent, as investors warmed up to its forecast-beating quarterly earnings. The 30-share BSE index declined 56.28 points to 18,561.92, taking losses for the week to 1.6 per cent, with 22 of its components losing ground. It had gained 5.5 per cent over the previous three weeks, buoyed by foreign fund inflows of $2.5 billion since June 23. But, the inflows have slowed with data showing foreign institutional investors (FIIs) were sellers in at least one day this week, leading to doubts on their near-term moves. The 50-share NSE index shed 0.3 per cent to 5,581.10 points. ICICI Securities' Char said investor caution was reflected in anemic volumes, which on the NSE dropped to 445 million shares from the average 90-day daily volume of 580 million shares. "I think that FIIs are just shifting money from one geography to another. Does not look like there are a lot of fresh flows," said Sunder Subramaniam, senior manager
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The President said that all the Mohajirs, whether in Sindh, KPK, Punjab or any other part of the country were Pakistanis and sons of the soil. He said that any suggestion to the contrary or any insinuation that tended to undermine their status as Pakistani nationals or patriotism is abhorrent. The President said that the real and the greatest threat to the country came from the militants and emphasised upon the need to stand united against the real enemy. The President said that this was time to strengthen democratic political forces, unite the people and build them as bulwark against militancy and terrorism and not to do anything that undermined their strength. The President said "our young democracy was under threat from militancy and extremism. The present situation demands political forces to manifest tolerance and patience so that the country, its people and nascent democracy could be protected from all such elements which are hostile to democracy", he said. - Agencies
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Stock Review & Continuations
Saturday, July 16 , 2011
of sales at brokerage Sharekhan. "With Europe in trouble, we may benefit in the short run in terms of diversion of flows, but overall risk appetite is coming off," Subramaniam added. Financials led the drop, with the banking sector index shedding 0.3 per cent on concerns the central bank may raise rates at its review on July 26 to tame sticky inflation. Investors also closely followed the progress of monsoon rains, critical to India's trilliondollar economy, and the investigations over Wednesday's bomb blasts in the financial capital, Mumbai. The monsoon rains were 19 per cent below normal in the week to July 13, a slight pick up from a quarter below average in the previous week. Prime Minister Manmohan Singh vowed late Thursday to bring to justice those behind the triple bomb attacks on Mumbai, and police questioned members of a home-grown Islamist militant group. TCS closed nearly 2 per cent higher, while smaller rival Wipro, which details its earnings on July 20, climbed 0.8 per cent. After the market hours on Thursday, TCS beat estimates with a 28 per cent rise in quarterly net profit as western clients increased spending on technology services, but warned of global uncertainty. Reuters
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Bank stress test deepens FTSE gloom LONDON: Britain's top shares edged lower on Friday, having posted their biggest weekly decline in four months, as worries about bank stress test results due after the market close took their toll on investor sentiment. The UK benchmark index ended 3.29 points, or 0.1 per cent, lower at 5,843.66, leaving it down 2.5 per cent for the week. Banks fell, having oscillated between positive and negative territory throughout the day as traders readied themselves for the publication of the stress test results by the European Banking Authority at 1600 GMT. Lloyds Banking Group led the sector lower, down 2.5 per cent, while Barclays shed 1.1 per cent. "Everything's just a little bit cautious ahead of these stress test results," David Jones, chief market strategist at IG Index, said. "All this week 5,800 (the week's lows) has propped up the market, so I think that if there are no shocks in these results, then next week we are reasonably poised for a bit of a rally." The credibility of regulators is on the line after last year's stress test failed to convince investors that banks had stabilised after the financial crisis. "It looks as if it's going to be a more rigorous test this time round. It's part of the process of rebuilding confidence in the financial system, which is very important," Henk Potts, market strategist at Barclays Wealth, said. "It will be interesting to see one, how many fail, and two, what solutions will be implemented to make sure the financial system will continue to operate successfully on Monday morning." The bulls had found some cause for enthusiasm in strong earnings from Google Inc and Citigroup Inc, but this was tempered by signs of weakness in the U.S. economy. US blue-chips pared early gains by London's close, up 0.1 per cent, after a report showing US consumer sentiment slipped in July to its lowest since March 2009, and a weak reading from the manufacturing sector in New York State. EXPENSIVE VENTURE Miners declined as concerns over global growth clouded the demand picture, with BHP Billiton among the worst off, down 1.9 per cent, after it swooped for US gas producer Petrohawk Energy Corp in a $12.1 billion deal. "What does on the surface look like an expensive venture into alternative energy could reap significant rewards as Billiton gets in at ground level into a potentially highly lucrative industry," Manoj Ladwa, senior trader at ETX Capital, said.-Reuters
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"Both sides were able to agree on the way forward in intelligence," the Pakistani official told Reuters on condition of anonymity. "This visit has put the intelligence component back on track completely." The relationship between US and Pakistani intelligence services was especially strained after US Special Forces conducted a secret raid in Pakistan in May that killed Osama. Pakistan branded the operation a violation of its sovereignty and Pasha offered to resign. "We have had difficulties since May 2," the senior Pakistani official said. "Those difficulties are being addressed." Pasha had also been expected to meet with the heads of congressional intelligence committees during this visit, but the meeting did not happen because of time constraints, a US source familiar with the visit said. - Reuters
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Additional Director General, Federal Investigation Agency, Zafar Ahmed Qureshi was unlawful. The Court summoned relevant record over suspension of ADG FIA which was presented by Attorney General for Pakistan Molvi Anwarul Haq, accompanied by secretary Establishment Division Suhail Ahmed and Secretary Interior Khawaja Siddique Akbar. To bench's query, Secretary Establishment Division Suhail Ahmed replied that the summary was moved by the secretary interior and it was not moved under Establishment Division Rules (EDR). He said that the hand written para by the concerned secretary was made basis for FIA official's suspension. The Chief Justice said that they had issued order on July 1 and the suspension order of the official was passed on July 2 with apparent attempt to defy judicial stricture. He remarked "You ought to go through Article 4 of the Constitution every morning which clearly states dealing with individuals' rights in accordance with law'. Moreover, officials like you were further bound by Article 5 for showing loyalty to the State and the Article 10A (about fair trial), he added. The bench directed that the original record should be submitted with the Registrar office. The Chief Justice told them that they would proceed further in the matter on July 18. He also asked the Attorney General (AG) to realize in which direction things were heading. Earlier, the AG apprised the bench that he had conveyed Court's concerns to the relevant authorities. To bench's question he said so far one FIA officer who was transferred to Peshawar had resumed charge of his duties. However, he remained silent when the Chief Justice inquired him about the harassment issue which was being faced by Zafar
Shares soar on selective buying at local bourse Nawaz Ali KARACHI: The week ended on a bullish note at the Karachi Stock Exchange KSE) on Friday ending above 12,300 levels with improved volumes as investors bought fertilizer stocks on rise in fertilizer prices and on hopes of better corporate results and payouts. The benchmark KSE-100 index increased by 79 points to close at 12,346 points, KSE-30 index rose by 113 points to close at 11,792 points and KSE all-share index grew by 50 points to close at 8,563 points. "Fertilizer stocks continued to support index after increase in urea prices", said Samar Iqbal, equity dealer at Topline Securities. It should be noted that Engro raised urea price by Rs125 per bag, owing to curtailed supply of gas. Engro has attributed the
increase to huge production losses due to enhanced gas curtailment. After the said step by Engro other fertilizer manufacturers i.e. FFC and FFBL would also raise the urea prices. FFC gained Rs6.13 as it is the major beneficiary of increase in urea prices. However, investors preferred to offload Engro Corporation after it announced plant closure due to gas curtailment, Samar added. Following the improvement in the law and order situation in the city after Sindh minister apologized on his statement, market started the day with 6 points up. Positive activities then continued throughout the day as investors kept took positions in stocks mainly from the fertiliser and oil sectors. Therefore the first session of the day closed with a gain of 115 points.
Green numbers were then increased during the session where index touched an intra day high of 12,412 points (+ve 145). However, as it was the last trading day of the week. Therefore, investors opted to book profit at higher levels and it close the day with some clipped gains. Investor participation too remained on the higher side as 69.2 million shares traded during the day which is 43.9 million shares more as compared to a turnover of 25.3 million shares a day earlier. Pakistan Telecommunication was the volume leader with 11.4 million shares followed by Fauji Fertilizer Bin Qasim with 8.89 million shares and Jahangir Siddiqui &.Co. with 7.71 million shares. Out of total 341 active issues; 127 advanced and 114 declined while 100 issues remained unchanged.
Nikkei edges up but capped ahead of bank stress tests TOKYO: The Nikkei share average rose on Friday, buoyed by European investors scooping up cyclical shares, but was capped by the top of the narrow range it has traded in for most of the week, with the majority of big players on the sidelines ahead of bank stress tests in Europe. Home electronics retailers like Yamada Denki bolstered the market after a media report saying Japan will revive a programme to promote energy-efficient appliances as it looks to ease power shortages in the wake of the March 11 earthquake. Appetite for riskier assets was tentatively maintained after S&P futures shrugged off a warning from Standard & Poor's that there was at
least a 50 per cent chance it would downgrade its rating on US debt. But traders were reluctant to make big bets ahead of the results of stress tests on European banks due later in the day, as well as before a long weekend in Japan. Investors were hedging against negative test results by shifting funds into defensive sectors such as pharmaceuticals and railways. "The market is strongly supported by European and Asian investors. Europeans are now switching to autos and machinery, as Japan is poised to recover sharply after the quake," said Hideyuki Ishiguro, a supervisor at Okasan Securities. Banks shares were lacklus-
tre ahead of the stress tests in Europe, failing to capitalise on the higher-than-expected profit reported by JPMorgan Chase & Co "The combination of the upcoming three-day weekend, bank stress tests and earnings by bellwether US companies like Apple due next week are depressing volumes," Ishiguro said. The benchmark Nikkei was up 0.4 per cent at 9,974.47 after opening marginally lower. The Nikkei has spent most of the week trapped between resistance at 10,000 and immediate support at its 200-day moving average, around 9,901. The broader To p i x added 0.3 per cent to 859.36.-Reuters
Qureshi. The Chief Justice remarked that so far they were exercising restraint. "We will send the request to Chief Justice Lahore High Court to appoint a judge to investigate the issue and resolve it once for all," he added. He said "No one in the country now accepts corruption and in this case, huge money has to be recovered and the responsible are to be brought to book." He said that in all cases they had to appoint Commissions. Responding to another query of the bench about a media campaign against judiciary in electronic media, the Attorney General replied that he had communicated to the Secretary Ministry of Information who had also talked to the Registrar office over the matter. He told us that they were looking into the issue and the sponsors behind it, he added. The Chief Justice observed that this incident would go down in the history of the country that an honest man who was implementing Court's orders and stood up against corruption, was not allowed to perform his duties. Justice Khilji Arif Hussain while comparing situation in Karachi to anarchy, observed that defiance of Court's orders might lead to similar chaos in society. On Thursday, the same bench had sent the issue of non-compliance of its order by the FIA Director General Syed Tahseen Ali Shah, regarding reversal of transfer orders of four FIA officials, to the Secretary Establishment to further place it before the competent authority for initiation of immediate proceedings against him. Earlier in yesterday's hearing, the apex court gave the government one day's notice to reinstate Zafar Qureshi as the Chief Investigative Officer in the NICL case. It is pertinent to note here the federal government Monday night suspended senior FIA officer, Zafar Ahmad Qureshi, on the pretext of his "speaking to media". However, in a counter move, the apex court cancelled his transfer orders. The interior ministry appointed Shafqat Naghmi as an inquiry officer and asked him to submit report in one week. - NNI
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Subsequently violence flared up in city again on Wednesday night when senior minister of Sindh govt and vice president of PPP Zulfiqar Mirza made scathing verbal attack on MQM, its leader Altaf Hussain and Urdu speaking community. Consequently violence erupted all over Karachi and Hyderabad and on subsequent day shutdown was witness in almost all main cities of Sindh where Karachi presented a deserted look where people preferred to stay inside causing complete shutdown in city. According to a transporters representative, there were approximately 18,500 vehicles plying on the city roads, 8000 mini buses, 7000 coaches and around 3,500 big buses. Daily income of every vehicle ranges from Rs5,000 to Rs10,000, which can help estimate the total per day losses of transport sector only. Similarly, daily turnover of all industries located in Karachi is estimated to be about Rs3 billion daily while that of businesses and retails daily combined net profit is estimated to be Rs1 billion daily. Therefore, according to conservative estimates Rs7 billion per day loss can be correct on account of intense turmoil in the city.
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still 8 per cent or 50 per cent the sales tax (16 per cent) levied on other items. An amount of Rs6.30 per kg (Sales tax 8 per cent at market value and Special Excise Duty at 2.5 per cent) was already added to the retail market price at that time, it added. Now, sugar has been exempted from sales tax through Finance Act 2011 while 8 per cent Federal Excise duty (FED) has been imposed. Moreover 2.5 per cent Special Excise Duty (SED) has also been abolished as for all other items. As such if ex-mill price is taken as Rs 60 per kg then the 8 per cent FED will be Rs4.80 per kg. Therefore, any increase in price is unwarranted since the net effect is a reduction in tax. Sugar price should in fact be reduced from the March 2011 level to the tune of Rs1.50 per kg approximately since now SED has been abolished. It may be pointed out that it was reported in various newspapers a day earlier that another sugar crisis is round the corner, as the country could face a shortage of around 250,000 metric tonne and the price of the commodity is expected to rise in the coming weeks. Reports said that there are multiple factors, which would result in a shortage of sugar in the country namely, the smuggling to Afghanistan, high landed cost of imported sugar in Pakistan, increase in sugar intake in Ramazan and wrong calculations by policymakers. The consumption of sugar is expected to increase sharply in the holy month of Ramazan. This is largely due to the increase of intake of juices and beverages in summer. The monthly consumption of sugar in the country is estimated at 350,000 metric tonne but in Ramazan it would touch 500,000 metric tonne. Currently, the price of sugar is looming at Rs70 to Rs72 per kilogram. It is also pertinent to mention that around 35 per cent stocks with TCP are not consumable and the problem would get severe. The sugar mills would also melt 150,000 tonnes of sugar for remaking. - Agencies
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Senate panel told
US stopped military aid on trainers cut ISLAMABAD/KARACHI: The Foreign Office said on Friday that the United States cut of $500 million in aid to Pakistan was in response to the cutback in the number of US trainers in Pakistan, a private news channel reported. The Minister of State for Foreign Affairs Hina Rabbani Khar briefed the Senate Standing Committee on Foreign Affairs on the latest developments in the global and regional arena and Pakistan's political and diplomatic engagements. Committee directed that control of Shamsi airbase be taken over from US immediately adding US is using this base presently and India can also use it in coming days to serve its interests Committee met here Friday in Parliament House under its Chairman Senator Salim Saifullah. The Committee underscored the importance of maintaining good relations with the United States which should be on mutual respect and mutual interest. In this context, the Committee affirmed the importance of safeguarding Pakistan's sovereignty, independence and territorial integrity and rejecting any tendency or approach that compromises national honour and dignity. The Committee also recommended that the visa policy with regard to Foreign Missions in Pakistan be made the sole responsibility of the
Ministry of Foreign Affairs to ensure a transparent mechanism protecting Pakistan's national interests. The Standing Committee also called upon the government to implement the recommendations of the Parliamentary Committee on National Security and the resolution unanimously adopted by the joint sitting of the Parliament held on May 13 this year. The Senate Standing Committee on Foreign Affairs adopted a resolution affirming the importance that Pakistan attaches to an independent foreign policy in accordance with its national priorities and interests in conformity with the aspirations of the people of Pakistan as expressed in the relevant resolutions of the parliament of Pakistan. It reaffirmed the importance of pursing policies of national self-reliance in all fields, including defence and development and strongly rejected the notion of dependency. The Committee appreciated government's resolve to move away from the concept of "Aid to Trade". The Senate Foreign Relations Committee noted with satisfaction the ongoing efforts of Pakistan to improve relations with Afghanistan and to promote reconciliation and peace process there. The Committee emphasized the importance of stability, peace and development in Afghanistan and support for the
ongoing efforts of the Afghan government to promote an Afghan-owned and Afghan-led process of national reconciliation. It noted with satisfaction the resumption of the dialogue process with India and emphasized the need that it should be carry forward on the basis of sovereign equality, mutual respect and mutual interests leading to concrete results. The Committee also attaches importance to the forthcoming Pakistan-India Ministerial Meeting in New Delhi in last week of this month. The Committee called upon the government to continue its efforts to promote strategic cooperative partnership with China and underscored the importance of building mutually beneficial and enduring bonds of partnership with all other members of the international community especially with close neighbours like Iran, the Gulf Cooperation Council member states, Russia and Central Asian Republics. The Senate Foreign Relations Committee also underscored the importance of Pakistan's membership of the Shanghai Cooperation Organization (SCO) and Pakistan's early admission into SCO. The Committee called upon the government to provide adequate resources to the foreign ministry to enable it to optimally perform its functions and to expand its coverage in Africa and Latin America. - Agencies
Haqqani says US, Pak share multi-facet links WASHINGTON: Denying that the relationship between the US and Pakistan has deteriorated, Islamabad's top envoy in Washington has said that both the countries need each other and share multidimensional ties. According to PTI, "Not at all," Pakistan's Ambassador to US Husain Haqqani said when asked if the relationship between US and Islamabad has deteriorated."Pakistan and the United States have a complex, multidimensional relationship. Both countries need each other. Occasionally there are differences between the best of allies," he said during an interview with National Public Radio (NPR). "We've seen that through history: France and the United States had problems; Britain
and the United States did not always agree on the conduct of the Second World War," he argued."I think what we see is basically a difficult, complex relationship playing out in an age of media glare. But what comes in the media glare is not always what happens in private between us as allies," he added. Responding to questions about US withholding military aid to Pakistan, Haqqani said "what has been withheld or delayed is coalition support payments and is not aid." "They are reimbursement for Pakistan's expenditure in the course of action against terrorists. And these payments have not actually come through since December 2010," he said. The United States has been relatively slow in reimbursing Pakistan. We will take it up
with them, have taken it up with them, and we hope that it will clear up over time, said the Pakistan's Ambassador. "Pakistan and the United States have been allies for a long time. Where we have always disagreed is that the American timelines for specific actions are not necessarily the same as Pakistani timelines," he said. "We have to take into account a lot of ground realities. We have to take into account how our public feels," he said. The fundamental fact is that the will and the intention to eliminate terrorism from Pakistan is shared both by Islamabad and Washington, he said."Terrorists are as much Pakistan's enemies as they are of the US," Haqqani said. Online
America’s return from Afghanistan begins KABUL: The first US troops have left Afghanistan as part of President Barrack Obama's planned drawdown of about a third of the 100,000 US forces there during the next year. Facing growing political opposition to the nearly decade-old war, Obama announced in June the withdrawal plan, which was a faster timetable than the military had recommended. The first 10,000 troops will come home by the end of the year, but Obama left the details up to his commanders. US Lt Col Wayne Perry, a spokesman for the Nato-led International Security Assistance Force (ISAF), said about 650 troops who had completed their rotation in Afghanistan left on Wednesday
as scheduled, and would not be replaced. "As part of the drawdown the first US troops have left Afghanistan," he said. The units that left were the Army National Guard's 1st Squadron, 134th Cavalry Regiment, based in Kabul, and the Army National Guard's 1st Squadron, 113th Cavalry Regiment, which had been in neighboring Parwan province. Afghan security forces are to take over security responsibility from foreign forces in seven areas of the country this summer. Afghan forces will then take the lead in securing the entire country by the end of 2014. Critics have said Obama's decision to bring troops home
from Afghanistan faster than the military recommended could jeopardize the next major push of the war, to unseat insurgents in the east. The drawdown comes amid intense fighting in Afghanistan, where more than 1,500 US forces have been killed since the war began. Although extra US troops ordered into southern Afghanistan have made security gains there, the situation in the east of the country bordering Pakistan has deteriorated. Late last month, insurgents staged a brazen raid on the Kabul Intercontinental hotel, killing 12 people and raising fresh questions about whether Afghan forces are ready to assume responsibilities as US forces pull out. - Reuters
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talking to Prof GL Peiris, Sri Lankan Minister for External Affairs who called on him at PM House-APP
Senate body defers perusal of OGDC Bill 2009 ISLAMABAD: A meeting of the Standing Committee on Cabinet was held on Friday in Parliament House to consider Oil and Gas Regulatory Authority (Amendment) Bill 2009 and the regulation of Generation Transmission and Distribution of Electric Power (Amendment) Bill 2009. The Committee meeting, chaired by Dewan Ashiq Bukhari MNA, took notice of the absence of the movers of the aforementioned bills Humayun Saifullah and others and unanimously decided to postpone the perusal till the arrival of the movers (of the bills) from abroad. Additional Secretary Cabinet Division requested that both the bills be deferred for the time being as a committee of the Secretary Cabinet Division and Secretary Establishment Division is also finalizing recommendations in this regard. However, Pervaiz Khan, MNA did not agree for postponing the meeting by awaiting the recommendations of the Cabinet Committee. MNAs Malik Nawab Waseer, Engineer Muhammad Tariq Khattak, Tariq Mahmood Bajwa, Asma Arbab Alamgir, Malik Shakir Bashir Awan, Dr Tariq Fazal Chaudhry, Sardar Muhammad Irfan Dogar, Sheikh Salahuddin, Pervaiz Khan and Parveen Bhatti, attended the meeting. - APP
Mumbai blasts may have hit costly diamonds MUMBAI: One of this week's deadly Mumbai blasts scattered diamonds, possibly worth millions of dollars, onto the street but has not convinced traders to abandon their hub in the heart of the city for a purpose-built diamond bourse in the suburbs. About 60 per cent of the world's diamond processing passes through the Opera House area in south Mumbai, site of the most powerful of the three coordinated blasts, which killed 18 people and injured 133 others. Generations of merchants, mostly from the Gujarati community that also dominates Mumbai stockbrokerage, have developed a unique culture of security over the years, using the area's dense crowds to their advantage. "Diamonds move from office to office unseen. People carrying them are not identified and there is security in the anonymity," said Rajiv Popley, director of Popley Group, which has a store in the main building and a retail network in India and Dubai. Traders carry the diamonds in their pockets, often rolled in tissue paper. They dress casually, blending with the thousands See # 1 Page 7
SLankan FM meets President, PM
Fortified economic relations with SLanka stressed ISLAMABAD: President Asif Ali Zardari on Friday said that Pakistan values its relations with Sri Lanka which are based on mutual respect, shared cultural heritage and shared perceptions on host of issues. He said that there was a need to translate this equation into economic terms and take advantage of each other's economic expertise and opportunities. The President was talking to Foreign Minister of Sri Lanka Prof Gamini Lakshman Peiris, who called on him here at the Aiwan-e-Sadr on Friday. He was accompanied by High Commissioner of Sri Lanka, Air Chief Marshal (R) Jayalath Weerakkody and Deputy Head of Mission, M H M N. Bandar. Pakistan side included Secretary General to the President M Salman Farooqui, Minister of State for Foreign Affairs Hina Rabbani Khar, Foreign Secretary Salman Bashir, Chairman Board of Investment Salim H Mandviwala and other senior officials besides spokesperson to the President Farhatullah Babar. Pak-Sri Lankan bilateral relations, mutual cooperation with special reference to that of trade and other related matters were discussed during the meeting. Progress on the proposed currency swap agreement for promoting and facilitating mutual
trade also came under discussion. The President said that by increasing the synergies of PakSri Lanka economies and reinforcing institutional framework for economic cooperation, the mutual trade volume can be significantly increased by the two countries. Prof G L Peiris thanked the President for meeting and hoped that the mutual cooperation and bilateral relations would be further strengthened with each passing day. Earlier Prime Minister Syed Yousuf Raza Gilani while talking to Sri Lankan foreign minister said that Pakistan and Sri Lanka are two important countries of South Asia and look forward to further strengthening their multifaceted relations. The Prime Minister encouraged Sri Lanka to move forward on negotiations with Pakistan on Comprehensive Economic Partnership Agreement (CEPA) and welcomed a meeting in this context between the two countries in August in Colombo. The Prime Minister expressed satisfaction at the resolve of both Pakistan and India to continue with their bilateral dialogue, and not get deterred by terrorists' designs to derail the dialogue once again. He said that Pakistan strongly condemned the recent terrorist attack in Mumbai.
The Prime Minister placed great emphasis on peace in the region and said that Pakistan wanted to maintain friendly relations with all its neighbours including India, Iran and Afghanistan. He stated that stability in Afghanistan was most important. He said that Pakistan supported an Afghan-led and Afghanowned process of reconciliation in their country. He said that Pakistan looked forward to receiving the President of Sri Lanka Mahindra Rajapakse in November this year. He emphasized that the two countries should cooperate with each other in the fields of education, particularly training of nurses and teachers. He said that collaboration between them in such sectors as cement, sugar, pharmaceuticals and gems and jewellery would add a deeper dimension to their relationship. Prime Minister Gilani also offered to assist Sri Lanka in the preparations for hosting the Asian Games. The Foreign Minister of Sri Lanka, briefed the Prime Minister on his country's campaign against terrorism during the last 30 years and the current process of reconciliation, revival of leadership, reconstruction of infrastructure as Sri Lanka's priorities after its success in rooting out terrorism from their country. - Agencies
US denies access to 26/11 suspects NEW DELHI: The US Friday expressed its inability to give India access to 2008 Mumbai terror attack accused Pakistani Canadian Tahawwur Rana and David Coleman Headley, saying it was restricted by the ongoing judicial process regarding the two. UNI reports, "US inclination is to accommodate the Indian request, but the court process makes it complex," US Charge D'Affairs Peter Burleigh said talking to reporters. He was asked whether the US would
give India access to Lashkar operative Headley and his coaccused Rana as it had offered the country all help in nailing down the culprits of the 2008 Mumbai terror attack. Burleigh said his country was doing all to assist India in the 2008 attack case but giving access to the accused undergoing trial in his country was not so easy as it was not a matter just between two governments. "We have a continuing judicial process," he said. The US envoy also
refused any comment on identities of agencies involved in most recent Mumbai terror attacks. "We don't want to make any assumptions. We would analyse the information the Indian authorities would be releasing," he said. When asked whether the US shared any intelligence input regarding last evening's Mumbai blasts, Burleigh said his country always shares information with India whenever it has. - Online
Trade Policy 2011-12
Govt mulls 3pc uniform R&D TFD Report KARACHI: A proposal to offer three per cent research and development (R&D) payment to all non-textile sectors or selected markets on uniformed basis is under consideration of the government which would soon be incorporated in
Trade Policy 2011-12 after due deliberations with all stakeholders. According to internal sources of Ministry of Commerce, the suggestion to increase subsidy up to $150 to trade delegates has also been approved which earlier was put up by leading trade bodies of the country as
$300 per day. It reflects that Ministry of Commerce in consultation with National Tariff Commission is perusing to develop a mechanism under which Export Development Fund surcharge will directly be credited in the MoC account after fulfilling codal formalities.
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