International Karachi, Thursday, June 2, 2011, Jumadi-ul-Saani 29, Price Rs12 Pages 12
Nisar thumbs nose at inquiry commission
Pakistan May CPI up 13.23pc YoY Rangers chopper crashes
See on Page 12
Chinese Ambassador meets Wyne
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See on Page 12 Economic Indicators
Gilani chairs Council of Common Interests meeting
$17.07bn Forex Reserves (21-May-11) 14.08% Inflation CPI% (Jul 10-Apr 11) $20.15bn Exports (Jul 10-Apr 11) $32.26bn Imports (Jul 10 - Apr 11) Trade Balance (Jul 10 - Apr 11) $(12.11)bn $748mn Current A/C (Jul 10- Mar 11) $9.05bn Remittances (Jul 10 - Apr 11) $1.53bn Foreign Invest (Jul 10-Apr 11) Rs 1012bn Revenue (Jul 10 Mar 11)
Uniform policy on agri-tax urged
$59.54bn Foreign Debt (Mar 11) Rs 5617bn Domestic Debt (Apr 11) Repatriated Profit (Jul- Apr 11) $649.9mn 6.75% LSM Growth (Mar 11) 4.10% GDP Growth FY10E $1,051 Per Capita Income FY10 176.20mn Population
Portfolio Investment SCRA(U.S $ in million)
Yearly(Jul, 2010 up to 30-May-2011) 246.30 Monthly(May, 2011 up to 30-May-2011) 20.73 0.19 Daily (30-May-2011) Total Portfolio Invest (21-May-2011) 2791
NCCPL (U.S $ in million) FIPI (31-May-2011)
-0.85 1.23 -2.18 0.34 0.04 0.48 0.95
Local Companies (31-May-2011) Banks / DFI (31-May-2011) Mutual Funds (31-May-2011) NBFC (31-May-2011) Local Investors (31-May-2011) Other Organization (31-May-2011)
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91.85 88.06 16.53 123.24 11.02 1.058 22.85 69.56 13.86 100.99 23.33 141.67 85.81
92.06 88.27 16.57 123.53 11.04 1.061 22.91 69.72 13.89 101.23 23.39 142.00 86.00
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ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani chairing the meeting of Council of Common Interest at PM Secretariat. -APP
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US urged to delay $7.5bn aid to Pak WASHINGTON: US House Republicans have unveiled a nearly 650-billion-dollar defence package, which would attach new conditions demanding a better explanation from the Obama administration of the counterinsurgency aid promised to Pakistan. Core Pentagon spending would grow by 17 billion dollars to 530 billion dollars, and an estimated 119billion-dollar package is provided for military operations overseas, chiefly in the Afghanistan and Pakistan theatre, Politico reports. The 1.1-billion-dollar
aid in continued counterinsurgency assistance for the Pakistan government is included in this package, but the House Appropriations Committee would add new conditions forcing a fuller airing of concerns regarding partnership in the wake of the killing of al Qaeda founder Osama bin Laden inside Pakistan last month. Speaker John Boehner has spoken out strongly for continued US involvement with Pakistan, but the fact that bin Laden was found living in a military town has aroused See # 8 Page 11
Rs 256 billion waived loan
SC adjures SBP to exert powers Governor Kardar to issue new circular ISLAMABAD: A Counsel for SBP Wednesday apprised the Supreme Court of Pakistan that Governor State Bank of Pakistan, Shahid Kardar had agreed on issuance of new circular to formalise scope of proceedings for the threemember Commission already set up to scrutinise cases of written off bank loans worth Rs 256 billion from 1971 to onward. Appearing before a three-member bench comprising Chief Justice Iftikhar Muhammad
Chaudhry, Justice Muhammad Sair Ali and Justice Ghulam Rabbani, Syed Iqbal Haider, SBP's counsel, said that he had conveyed Court's observations to the Governor SBP who consented for issuance of new Circular with request that it might set guidelines for them. The Chief Justice expressed his gratitude and opined that it was up to them and the counsels representing various banks to sit and with consensus bring about a draft See # 9 Page 11
President orders pro-people budget
Pay-raise for govt employees mulled ISLAMABAD: President Asif Ali Zardari has directed the government economic team to evolve poor-friendly budget besides providing relief to government employees through increase in their salaries. Government economic team led by finance minister Hafiz Shaikh gave briefing to the President Asif Ali Zardari on the
salient features of the budget for the fiscal year 2011-12 here at Aiwan Sadr. Sources told President was informed budget had been made people-friendly despite financial constraints. However subsidies are being curtailed and government administrative expenses will also be See # 11 Page 11
Pressure on FBR to reduce FED on cigs ISLAMABAD: The Federal Board of Revenue (FBR) is facing immense pressure to reduce the Federal Excise Duty (FED) from Rs 1 to 30 paisas per filter rod on cigarettes. According to press release issued here on Wednesday.
Earlier, the FBR had imposed Federal Excise Duty @ Re 1 per filter rod on cigarettes which is adjustable, with a view to realizing revenue on sale of filter rods from unregistered and illicit manufacturers of cigarettes and to document the economy. See # 12 Page 11
No treaty with US for NWA ops, Hina says ISLAMABAD: Minister of State for Foreign Affairs Hina Rabbani Khar has said that there has neither been an agreement between Pakistan and the United States for operation in North Waziristan nor any final decision has been taken for the operation. The minister of state while briefing the Senate Standing Committee on Foreign Affairs here on Wednesday however admitted that the United States was exerting pressure on Pakistan for launching operation in North Waziristan against al Qaeda militants. Later talking to media, Chairman of the Foreign See # 7 Page 11
Rs3.2tn outlay for FY12 likely ISLAMABAD: The progrowth, economic stabilisation, employment generation and relief-oriented national budget for the Year 2011-12 will be presented in the National Assembly on Friday. Minister for Finance, Dr Abdul Hafeez Shaikh after the approval of the budget from the Federal Cabinet will announce the budget, sources in the Ministry of Finance said. Enhancing revenues to minimize dependence on external finances, cutting down the government expenditures, enhancing growth through a new growth strategy and job creation will feature in the upcoming budget. The consolidated outlay of the next year budget is See # 10 Page 11
Terrorists attack Pak checkpost, seven dead ISLAMABAD: About 200 militants crossed into Pakistan's rugged northwest from Afghanistan on Wednesday and attacked a security check-post; killing one policeman, police said, and a television station put the death toll at seven. The border area is a global hub for militants, including al Qaeda and allies such as the Pakistani Taliban, who seek to topple the US-backed Islamabad government. The pre-dawn assault was launched in Shaldalo village in the mountainous northwestern region of See # 13 Page 11
CCI discusses distribution of water resources, PM says federal PSDP cut, 10pc more resources to provinces a paradigm shift ISLAMABAD: The Council of Common Interests (CCI) Wednesday constituted a committee comprising representatives from the federal and provincial governments to develop a uniform policy regarding the agriculture tax and decided to improve the system of revenue collection. The meeting chaired by Prime Minister Syed Yousuf Raza Gilani discussed in detail the proposals, pertaining to distribution of water resources and non-tax revenue collection, before the budget for the next financial year. The meeting noted that the agriculture tax was primarily the responsibility of the provinces, however to develop a uniform approach the Council agreed on the constitution of the committee to reconcile the policy in this regard. It was also observed that the agriculture tax was already in place. It, however, noted that the system of collection needed to be further improved as it would not only help the
provinces work on their ongoing development schemes, but also increase the tax to GDP ratio. The CCI decided that to make the Indus River System Authority (IRSA) financially independent and self-sustaining a nominal levy of 30 paisas per acre at all canal heads will be charged, which would be shared by the provinces, Wapda, Pakistan Atomic Energy Commission and it was estimated that an allocation of Rs 27 million per year would be collected. The Council also deliberated on a proposal to streamline the revenue of the regulatory authorities and agreed that the suggestions of the provinces would be subsequently looked into. The CCI also agreed that the amount, collected by various regulatory authorities in the shape of fees, licenses, penalty and fines, over and above the budgetary requirements would be deposited in the federal consolidated fund. The meeting noted that though the
matter was not directly related to the provinces, but it believed that the provinces would benefit from it ultimately. In view of the increased responsibilities of the Securities and Exchange Commission of Pakistan (SECP) a draft amendment bill 2011 was presented to the CCI, which was unanimously approved. The Council was informed that consultations on this matter were held with the private and public sector stakeholders for the past five years and it was agreed that the draft be presented before the parliament for approval. Regarding the devolution of the National Education Foundation and National Commission for Human Development (NCHD), it was decided that the budget including salaries of employees of both the organizations, till June 30, 2011 will be cleared by the federal government. See # 6 Page 11
2
Thursday, June 2, 2011
Malik puts Rs2.5mn bounty on Shehzad's killers
Chinese delegation visits Quaid's mausoleum KARACHI: A six-member delegation of EconomicDaily of China led by its president Xu Rujun arrived here on Wednesday and visited the mausoleum of Father of the Nation Quaid-i-Azam Muhammad Ali Jinnah. The delegation members laid a wreath and stood silent for some time as a mark of respect. On the occasion they also recorded their impressions in the visitors' book and also mentioned the deep friendly ties between China and Pakistan. The delegation members visited the museum located within the precincts of the mausoleum and evinced keen interest in the personal articles and other exhibits being displayed at the museum.-APP
Distributors for review of LPG pricing mechanism Staff Reporter KARACHI: The All Pakistan Liquified Petroleum Gas Distributors Association expressing concern over inflated prices of the gas, has called for taking effective steps to curb unethical practices in the sector for the benefit of poor consumers. "Despite the fact the LPG has not been imported for the last three months but its prices have been adjusted according to those at international market, burdening the poor who are already groaning under inflation", the association's chairman Muhammad Irfan Khokhar said. He urged the government to thoroughly review LPG pricing mechanism while coming hard on mafia that had been minting money through unjustified raises of the gas prices. Regarding the reduction of LPG prices of Rs11 per Kg from June 3, the chairman said, the decrease was due to downward trend in Saudi Armco Contract Price (CP) of $105 per metric ton at international market. He projected another decrease of Rs5 per kg in the current month, if the prices in LPG market continued to persist at the same level. He lamented that in 2006 the LPG price LPG was Rs17 per kg while now it had surged to Rs96 per kg, reflecting how the mafia was active in the LPG market.
SEDF to organise awareness seminar TFD Report KARACHI: To create awareness and highlight investment opportunities in Agriculture, Livestock, Dairy, Fisheries/Aquaculture, Mining and Processing of Minerals, Storage and Cold Chains sector, a seminar will be organised in Mirpurkhas on June 11, 2011 at State Life Auditorium at 10AM by Sindh Enterprise Development Fund. This was stated by the Secretary Investment Mohammad Younus Dagha while briefing the Advisor to Chief Minister on Investment Muhammad Zubair Motiwala at the Sindh Board of Investment office. Muhammad Zubair Motiwala was informed that SBI has coordinated with District coordination Officers of Mirpurkhas Region in order to identity and invite progressive farmers and serious players in such fields of Agro-processing, Livestock and Dairy, Fisheries and Mechanized Mining to make them aware of the available credit subsidy under Sindh Enterprise Development Fund.
ISLAMABAD: Federal Interior Minister Rehman Malik announced a bounty of Rs2.5 million on the killers of journalist Saleem Shezad, whose body was found from Mandi Bahauddin. The minister went to the SIALKOT: Corp Commander Lieutenant General Raheel Sharif visiting the exercise areas on house of the slain journalists here and condoled with Wednesday.-Online his family. Talking to the media, Malik said that Saleem Shehzad's killing was regrettable and the government was reviewing the matter from every aspect. He said Shehzad's postmortem report revealed that he was tortured before being killed. He said that an investigation committee, headed by a police deputy inspector general, had been formed to probe into the killing and assured the nation that the KARACHI: The World only a quarter of youth Pakistan, adding "Through facts behind the killing Bank Tuesday approved a graduate from secondary this assistance, the Bank is would be unveiled.-NNI US$21 million credit for education and a meager 4 targeting a critical need the Sindh Skills per cent enters the higher which has enormous social and economic impact for Development Project education system. In addition, the quality of Pakistan to maximize its (SSDP) to assist the government to strengthen its education is weak at all development and growth." "The lack of a skilled training programmes for levels of education, dropbetter employment out- out rates are high, and labour force presents a sigcomes of youth in the learning achievements are nificant constraint to the low and varied, it said country's growth and com- ISLAMABAD: province of Sindh. The The aim of the project is adding this translates to petitiveness, which under- United States Embassy in to provide vocational train- more than three-quarters of scores the need to make the Pakistan has strongly coning to some 50,000 youth youth exiting the education Technical and Vocational demned the abduction and in order to improve their system with some founda- Education and Training murder of reporter Syed skills and employability tional skills, but with few (TVET) sector responsive Saleem Shahzad. "We said a WB statement marketable skills and fac- to the demand of the youth extend our condolences to adding that the project will ing difficulties finding for jobs and a contributor his family and friends," a statement said. to improved competitivefocus on trainees between employment. This atrocity is an affront "With 29 per cent of ness of Pakistani firms. 18 and 35 years old, with "As in the rest of the against Pakistan's free press special emphasis on youth Pakistan's 169 million peofrom poor and less devel- ple in the 15-24 age range, country, the TVET sector and democratic institutions. Shazhad's reporting on teroped districts of the this amounts to a tremen- in Sindh is also faced with dous education and train- a number of challenges, rorism and intelligence province. Access to education ing challenge," said Rachid notably poor relevance of issues brought to light the remains a huge challenge Benmessaoud, World Bank training and few training threat extremism poses to Pakistan's peace and stabiliin Pakistan, it said adding Country Director for opportunities. -APP ty. We deeply admire his commitment to following the truth wherever it led him, in accordance with the highest principles of his profession. We urge a full and transparent investigation. The culprits of this heinous crime must be brought to justice. According to the TFD Report the lives of its customers CEO, wi-tribe Pakistan, Committee to Protect by offering not just a prod- Mustafa Peracha said, "wiJournalists, since the slayKARACHI: Celebrating its uct but a novel combina- tribe believes in exceeding ing of Daniel Pearl in 2002 second year of successful tion of converged products customer expectations. Our "at least 15 other journaloperations in Pakistan, wi- and services. Established focus is on continuous ists have lost their lives in tribe unveiled the re-launch in June 2009, wi-tribe progress. Following this intentionally targeted of its brand with a new iden- Pakistan quickly gained thought, we have come up killings in Pakistan." The tity and a refreshed brand consumer trust and became with a fresh brand identity United States stands in solconcept. The re-branding the fastest growing broad- to better reflect the expandidarity with the journalists initiative moves away from band service provider in ing set of services that we of Pakistan. A free and wi-tribe's previous tagline the country. wi-tribe is aim to bring to Pakistani open press is the best guar"online with no line" to synonymous with fun and customers. In doing so, wi- antee of the freedom and "create your own world", innovation by making tribe will add the kind of security of the Pakistani promising a deeper, more internet surfing more zest in their lives, empow- people, the embassy stateprofound consumer rela- enjoyable. Taking its ering them to enjoy greater ment added.-PR tionship by providing a vision forward, wi-tribe value and satisfaction. We more exciting experience aims to follow a more per- hope to enrich our cusfrom Pakistan's no.1 broad- sonalized, community-ori- tomers' internet experiband company. ented and warmer ence; giving them the freeWith a new look and approach to attract greater dom to create their own feel, wi-tribe reaffirms its customer affinity. world and explore endless commitment to transform Speaking on the occasion, possibilities."
$21 million credit approved
WB supports training for youth in Sindh
US Embassy condemns murder of journalist
wi-tribe celebrates 2 years
JS Investments announces maturity of JS CP Fund IV TFD Report KARACHI: JS Investments has announced the maturity of JS Capital Protected Fund IV (JS CPF IV), after successfully completing its tenure of 3 years and 6 weeks on 30th May 2011. JS CPF IV, which was launched in 2008, has suc-
cessfully achieved its objective of providing 100 per cent security of initial investment to its investors and has provided an impressive cumulative return of 27.45 per cent, during its tenure. In the same duration the KSE 30 Index was down by 37.88 per cent.
LAHORE: Tetra Pak joins hands with UVAS to celebrate World Milk Day. Vice Chancellor Prof. Dr. Muhammad Nawaz, Dean FAPT Dr. Talat Naseer Pasha and UVAS students participate in the day's activities.
JS CPF IV is the fourth fund to mature from the JS Investments capital protected fund series, after the successful maturity of JS Capital Protected Fund I, II & III. Currently the company is successfully managing two more capital protected funds namely JS Principal Secure Fund I & II, which offer 100 per cent capital protection to its investors. JS Investments Limited, the management company of the JS CPF IV has completed the liquidation process and is in the final stages of sending the liquidation proceeds to the respective Unit Holders. JS Investments is the first private sector asset management company in Pakistan and with the management of 15 mutual funds and has the largest product suite in the asset management industry.
Govt cognisant polio presence, says Gilani Staff Correspondent SLAMABAD: Prime Minister Syed Yusuf Raza Gilani has said that the Government is cognizant of the presence of Polio disease in Pakistan and sought cooperation of the provinces, National and International agencies for this national as well as international cause. Welcoming all participants in the inaugural meeting of the National Task Force on Polio Eradication at Prime Minister's Secretariat on Wednesday, Prime Minister mentioned that Polio Eradication has been one of the top priorities of the Government in the health sector since the days of Shaheed Benazir Bhutto. The inaugural meeting was attended by the Governor Khyber Pakhtunkhwa Barrister Masood Kausar, Chief Minister Punjab Mian Shahbaz Sharif, Chief Minister Sindh Syed Qaim Ali Shah and Chief Minister Khyber Pakhtunkhwa Amir Haider Khan Hoti, parliamentarians, representatives of the International Agencies and
senior officers of the Federal Government and Provincial Governments. The Prime Minister said that the President of Pakistan too launched an Emergency Plan to eradicate Polio from Pakistan. He mentioned about the meeting on 14th January, 2011 to oversee the steps taken to eradicate polio and the establishment of the National Task Force on Polio Eradication. He pointed out that despite increase of the members of the National Task Force to benefit from their expertise and experience, however, there are reports of occurrences of polio cases in a few provinces which reflect poorly on our performance. The Prime Minister recalled that in the meeting of January, 2011, the National Polio Emergency Plan 2011 was approved and we all collectively resolved to combat and wipe out Polio from our country so as to give our future generations a Polio Free Pakistan. Among other things the Plan envisaged monitoring by National Polio Monitoring
Cell established by him in the Prime Minister's Secretariat and he had requested all the Chief Ministers of the provinces to take its ownership personally and to regularly monitor the progress of the implementation of the Plan, he added.. The Prime Minister said that he had further requested all the Chief Ministers through my letter dated 25th February, 2011 to advise all the Chief Secretaries and Deputy Commissioners, Political Agents, and District Coordination Officers to take personal charge of the implementation in the areas of their jurisdiction. He directed the district management to leave no stone unturned in reaching every child under 5 years of age as per Emergency Plan in the length and breadth of Pakistan. Similarly, the Prime Minister urged all parents to ensure that their eligible children must receive the polio vaccine during the forthcoming campaigns. He also sought the generous support of international partners in this regard.
UBL EGM to get Engro investment nod Fertilizers Staff Reporter KARACHI: United Bank Limited has convened an extraordinary general meeting (EGM) of shareholders on June 24, to get approval to invest $6 million to raise capital to $14 million in the proposed subsidiary United Bank Tanzania to be incorporated in Tanzania. According to a communiquĂŠ sent to KSE here Wednesday, UBL had
already approved $8 million investment in the proposed 100 per cent subsidiary. The Bank of Tanzania (BoT), the central bank has raised the minimum capital requirement to Tanzanian schilling 15billion or $10 million from 2012. The BoT is expected to raise requirements both initial capital and projected start up losses up to $4 million over the first two years.
KARACHI: Akbar Khan, Chief Marketing Officer Ufone receiving "Best Advertising Campaign Award 2010-2011" from Reema Khan at recently held Pakistan Advertising Society Awards. Also seen in the picture is Masood Hashmi.-Staff Photo
gets gas Staff Reporter
KARACHI: Engro Corporation Ltd said that Sui Northern Gas Pipeline Company (SNGPL) has started supplying 55 million cubic feet of gas (mmscf) per day to its new fertilizer plant. According to a communiquĂŠ dispatched to Karachi Stock Exchange here Wednesday, SNGPL has to supply 100 MMSCF per day, according to contract, to its 100 percent owned subsidiary Engro Fertilizer Ltd at Dhaharki. Engro further said that Sindh High Court (SHC), on its petition has ordered SNGPL to supply 80 to 100 MMSCFD to Engro Fertilizer till further orders. The company hopes that gas supply will be increased to at least 80 MMSCFD.
3
Thursday, June 2, 2011 Top Economic Events
Euro hits 4-wk high on Greece; dour data detriments dollar Economic data hints at weakening US recovery NEW YORK: The euro touched a fourweek high against the dollar on Wednesday as growing optimism over a fresh aid deal for Greece, and the greenback likely to remain under pressure if US data continues to reflect a slowing economic recovery. The Institute for Supply Management said its index in May hit its lowest levels since Sept. 2009. The soft data followed an earlier report showing a weakening jobs market. US private-sector payroll growth slowed sharply in May, coming in far below expectations and falling to the lowest level in eight months, an ADP Employer Services report showed. The report hints at a weak US Labor Department report on Friday on nonfarm payrolls, a key monthly driver of finan-
cial markets given jobs growth is one of the Federal Reserve's two mandates. The dollar fell to 0.83830 on electronic trading platform EBS and was last at 0.83940 francs, down 1.7 per cent. The euro also hit a record trough versus the Swiss currency, below 1.21 francs. The dollar extended losses against the euro and yen after the report. "We've seen general softening in US data, and that's a concern about how recovery is maintaining itself," said Camilla Sutton, chief currency strategist at Scotia Capital in Toronto,
"Markets are starting to turn their attention to this." A slowing economic recovery could sway Fed policy and prompt it to keep
rates low for a longer period of time. That would contrast with the European Central Bank, which raised rates in early April and several more rate increases are expected this year to combat inflation. These rate differentials are a primary reason for the euro's 7.7 per cent gain
Asian currencies
Won, Sing dlr lead gains as risk appetite increases SINGAPORE: The South Korean won and the Singapore dollar led gains in their Asian peers on Wednesday as some investors resumed chasing riskier assets amid hopes for an aid package for Greece. Emerging Asian currencies are expected to stay firm on views that investors may seek risks again on ample liquidity after unwinding their risk positions in May, but their gains may be limited by any negative headlines about the euro-zone and a weakening global recovery, analysts and dealers said. The won hit a four-week high against the dollar on demand linked to foreign investors' stock purchases and they continued to bought Seoul shares even after reporting their biggest daily net
purchase on Tuesday in more than a month. The South Korean currency found more support from exporters' demand for settlements, especially with local shipbuilders' big foreign orders, and as local interbank speculators cleared dollar-long positions. The won strengthened to as firm as 1,074.3 per dollar, the strongest since May 4. Still, caution increased over possible dollar-buying intervention by the foreign exchange authorities to stem the won's strength. Importers also bought The caution, along with slowing growth in Asia's fourth-largest economy, is seen limiting the won's further gains. The local currency is expected to find resistance between
1,064 and 1,057. Short-term speculators bought the Singapore dollar with aiming got a break a resistance of 1.2280 per the US dollar, lifting the city-state currency to 1.2292. Earlier, there was talk of the central bank's intervention around 1.2315, but the Monetary Authority of Singapore pulled the bids, dealers say. If the Singapore dollar clearly breaks through 1.2280, the high of May 11, it is seen heading to test record low of 1.2212 hit on May 2 without major technical resistances. The peso rose in thin trading with interbank speculators merely looking towards other regional for cues. The Philippine central bank was spotted buying dollars at around 43.19, dealers said. -Reuters
Sterling falls, stung by disappointing data
Swiss franc holds steady
LONDON: Sterling dived against the dollar and euro on Wednesday after UK manufacturing data came in much worse than expected, bolstering the view that the Bank of England will keep interest rates at record lows until next year. The Markit/CIPS manufacturing PMI headline index fell to 52.1 last month from a downwardly revised 54.4 in April, well
below the 54.1 consensus forecast. While the market had been braced for a softer reading, the unexpectedly steep drop sent sterling tumbling around 80 pips against the dollar to a session low of $1.6394, breaking through stops at $1.6420 and $1.6200. The euro rose around 40 pips to a high of 87.95 pence, with the next target seen as the May 20 high around 88.30 pence. It was last up 0.2 per cent at 87.65 pence. Data showing UK mortgage approvals unexpectedly fell to their lowest level since December also contributed to the downward
pressure on sterling. Markets are pricing in one quarter percentage point rate hike by the ECB in July, according to Euribor interest rate futures, with a strong chance a second rate hike will be priced in later in the year. In contrast, the Bank of England is expected to keep rates on hold this year. Markets have almost priced in the first rise in
February 2012. A second purchasing managers' index from the services sector -which makes up around 70 per cent of the UK economy -- is due on Friday and could further dent sterling if it adds to a gloomy economic growth picture. But analysts said the pound had limited scope to extend falls against the dollar given the recent string of weaker US data, including the key Chicago business barometer on Tuesday. Sterling pared some losses sustained in the immediate aftermath of the PMI data and was last just over 0.1 per cent down against the dollar at $1.6428. -Reuters
ZURICH: The Swiss franc treaded water against the euro and the dollar on Wednesday as investors await the outcome of the Greek aid package as well as Swiss economic data for more clues about when Switzerland may start to hike rates. The franc hit has recently pulled back from record highs versus the euro and the dollar as a deal with Greece looks more likely, while weaker than expected Swiss economic growth also suggested an interest rate hike was unlikely to come soon. The franc was 0.1 per cent weaker against the euro compared to the New York close, trading at 1.2312 francs per euro at 0701 GMT. The franc also largely flat against the dollar at 0.8539 francs per dollar. The Swiss National Bank has so far held off moving away from its ultra-loose monetary policy despite the robust Swiss economy due to the strong Swiss franc and the very low inflation rates. The SNB will publish its next monetary policy assessment on June 16. "The Swiss franc benefits from the fact that it is the only safehaven currency that is left, given that the Japanese yen and the US dollar are both under pressure," said Ulrich Leuchtmann, head of forex research at Commerzbank.-Reuters
Aussie jumps on relief rally post GDP, NZD pauses SYDNEY/WELLINGTON: The Australian dollar staged a relief rally on Wednesday after data showed the economy did not contract by as much as some had feared, while the kiwi took a breather following a series of post-float highs. The Aussie dollar jumped nearly one per cent on the day to a session high of $1.0751, not far off a three-week peak of $1.0757 set on Tuesday, after data showed Australia's gross domestic product (GDP) contracted 1.2 per cent in the March quarter. While this is still the biggest quarterly drop in 20 years, markets had been bracing for a far worse number following Tuesday's shocking report showing net exports subtracted a record 2.4 percentage points from Q1 growth. Investors, who had shorted the Aussie before the data, scrambled to unwind their positions, dealers said. Support for the currency is seen from $1.0637, with resistance at $1.0757. Interbank bill futures and bank bills fell, but still implied no chance of an interest rate hike in June and just a 50-50 prospect of a quarter point
tightening by October. The Reserve Bank of Australia will hold its monthly policy meeting next week and is largely expected to keep its 4.75 per cent rates on hold. The Aussie climbed nearly one per cent on the kiwi in a major turnaround, as investors booked profits. The kiwi has gained nearly 5 per cent in just a fortnight, taking the Aussie to a four-month trough of NZ$1.2905 on Tuesday. The New Zealand dollar was knocked off its perch and briefly dipped below $0.8200 from $0.8246 offshore before steadying at around $0.8219 in late local trade. "We saw a bit of profit-taking in Asia for kiwi today," said Tim Kelleher, CBA's vice president of institutional banking and markets. "The kiwi has also drifted off on Aussie/kiwi buying." The critical level for the kiwi, which touched a 26-year high of $0.8264 on Tuesday, was seen around $0.8270, the June 1982 peak, ahead of the psychological barrier at $0.8300. First line of support is seen at $0.8200 and then $0.8170. -Reuters
Yuan edges up vs dlr, but seen retreating 6 per cent this year as China has said it will use all means, including the currency, to fight high inflation, partly imported due to surging global commodity prices. A central bank researcher said in comments published on Wednesday that China was likely to let the yuan rise 3-5 per cent against the dollar per year in coming years but it would keep the door shut on another one-off revaluation. The Chinese currency has now appreciated 5.38 per cent since it was depegged from the dollar in June 2010, and 1.70 per cent since the start of this year. In nominal terms, the yuan has risen only 0.2 per cent in May, less than gains of 0.9 per cent in April and 0.4 rise in March, respectively. Offshore, one-year nondeliverable forwards (NDFs) were bid at 6.3580, little changed from Tuesday's close of 6.3550. Their implied yuan appreciation in a year's time was 1.98 per cent. -Reuters
India rupee off 3-wk high on choppy euro MUMBAI: The Indian rupee surged on Wednesday in anticipation of large dollar inflows due to a planned takeover of Indian outsourcing company Intelenet by Britain's Serco, but the local unit pulled back from a near three-week high on a volatile euro. Strong gains in local equities had underpinned the rupee through the day, traders said. Serco is to buy Intelenet for up to 385 million pounds ($634 million) as part of a drive into higher-growth overseas markets. "There were some foreign banks who were selling (dollars) on expectation of Intelenet inflows. But besides this, there was also some ECB (external commercial borrowings) related inflows," said a foreign bank dealer. The partially convertible rupee ended at 44.84/85 per dollar, 0.5 per cent stronger from last close of 45.06/07. Earlier, it had touched 44.77 -a level not seen since May 12. "We could see another dip for the rupee towards 44.60-44.65 where it is likely to see good resistance," said Sudarshana Bhat, head of forex trading at state-run Corporation Bank.
Source AUD AUD GBP USD USD USD USD USD
Source
Events
CNY AUD EUR GBP GBP USD USD USD USD USD
Events Retail Sales m/m Trade Balance Construction PMI Unemployment Claims Revised Nonfarm Productivity q/q Revised Unit Labor Costs q/q Factory Orders m/m Crude Oil Inventories
Forecast 0.4% 2.13B 53.8 427K 1.8% 0.8% -0.3% -1.7M
Previous -0.5% 1.74B 53.3 424K 1.6% 1.0% 3.4% 0.6M
Actual
Forecast
Previous
Manufacturing PMI 52.0 GDP q/q -1.2% Final Manufacturing PMI 54.6 Manufacturing PMI 52.1 Mortgage Approvals 45K Challenger Job Cuts y/y -4.3% ADP Non-Farm Employment Change 38K ISM Manufacturing PMI 53.5 Construction Spending m/m 0.4% ISM Manufacturing Prices 76.5
51.6 -1.0% 54.8 54.2 48K
Previous Day
against the dollar this year. In early New York trade, the euro was up 0.2 per cent at $1.4424 after rising to a four-week high of $1.4448 on electronic platform EBS in early European trade. A UK trader said there was protective selling ahead of $1.44550 barriers, with more sell orders toward $1.4480 ahead of huge barrier option at around $1.4500. The dollar last traded 0.8 per cent lower to 80.84 yen. A source told Reuters on Wednesday that whether Athens gets the fifth, 12 billion euro tranche of aid under its 110 billion euro EU/IMF bailout will depend on a meeting of senior EU finance officials underway in Vienna and also on a meeting of euro-zone finance ministers to be held soon. -Reuters
SHANGHAI: The yuan ended up slightly against the dollar on Wednesday after the People's Bank of China set a new peak for the mid-point, for the fifth successive day, but dealers expect it to pull back soon. Although the central bank has set the mid-point higher each day, it has only been several pips higher, raising some concerns it could shortly rein in gains. Spot yuan finished at 6.4780 versus the dollar after hitting an intraday peak of 6.4777 and firmer than Tuesday's close of 6.4791. Before trade began, the PBOC set the yuan's daily midpoint at a peak of 6.4837 against the dollar, from Tuesday's 6.4845. "The daily trading range is small. That means the market has less intention of pushing up the yuan," said a dealer at a Chinese bank in Shanghai. But dealers did not change their long-term forecasts for greater yuan appreciation. The yuan is likely to rise around 5-
Time 6:30 6:30 13:30 17:30 17:30 17:30 19:00 20:00
With the underlying sentiment for the euro still negative and local stocks not yet stable, the rupee's rise will be tempered, he said. The one-month onshore forward premium was at 24 points versus 22.5 last close. The three-month was at 74 points versus 66.50 and the one-year was at 268.5 points versus 249.50. The one-month offshore nondeliverable forward contracts were quoted at 45.03, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange were at 45.0450, 45.0500, 45.0525 respectively. Total volume was $9.44 billion. Reuters
52.9 0.8% 54.8 54.4 47K -4.8% 177K 60.4 0.1% 85.5
177K 58.1 0.4% 81.9
Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY Gold
As per 22.00 PST Ask High 1.4433 1.4450 0.8398 0.8542 1.6412 1.6496 0.9726 0.9726 1.0723 1.0753 116.51 117.69 0.8795 0.8795 1.2117 1.2318 132.53 134.33 96.19 96.32 1536.18 1538.70
Bid 1.4432 0.8394 1.6408 0.9721 1.0719 116.47 0.8792 1.2114 132.45 96.13 1535.30
Low 1.4389 0.8385 1.6380 0.9669 1.0656 116.28 0.8746 1.2089 132.30 95.20 1529.40
London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 01/06/2011 A USD GBP CAD EUR JPY O/N 0.12700 0.56813 0.99250 0.84500 SN 0.10594 1WK 0.16270 0.58775 1.02667 0.99875 0.11719 2WK 0.17170 0.59750 1.04917 1.05750 0.12344 1MO 0.19043 0.62500 1.09083 1.18000 0.13906 2MO 0.22363 0.70000 1.12667 1.23938 0.16000 3MO 0.25288 0.82625 1.19750 1.38188 0.19531 4MO 0.29463 0.89688 1.26833 1.46500 0.24156 5MO 0.35013 1.00250 1.33542 1.56125 0.29719 6MO 0.40263 1.10750 1.39958 1.66450 0.34156 7MO 0.45863 1.19250 1.48542 1.73438 0.39031 8MO 0.51238 1.27938 1.56375 1.81063 0.43719 9MO 0.56413 1.36125 1.64167 1.89313 0.48156 10MO 0.61863 1.44500 1.73104 1.96938 0.51031 11MO 0.67125 1.51625 1.82167 2.02938 0.53594 12MO 0.72950 1.58500 1.91167 2.10625 0.56000
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of Canada Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia
July 19, 2011 June 9, 2011 June 14, 2011 June 9, 2011 June 22, 2011 June 16, 2011 June 7, 2011
September 8, 2010 March 5, 2009 December 19, 2008 April 7, 2011 December 16, 2008 March 12, 2009 November 2, 2010
Current Interest Rate 1% 0.50% 0.10% 1.25% 0.25% 0.25% 4.75%
Division of National Bank of Pakistan (NBP) KARACHI, June 01,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG KUWAIT MALAYSIA NEWZEALAND QATAR U.A.E. KR WON THAILAND
86.00 141.63 124.01 88.84 100.83 92.38 13.95 1.06 16.01 69.91 16.63 22.93 11.06 312.62 28.58 70.69 23.62 23.41 0.08 2.84
85.80 141.30 123.72 88.64 100.59 92.16 13.92 1.06 15.97 69.75 16.59 22.88 11.03 311.89 28.51 70.52 23.56 23.36 0.08 2.83
85.58 140.92 123.36 88.40 100.33 91.92 13.89 1.05 15.93 69.57 16.55 22.82 11.00 311.07 28.44 70.34 23.50 23.30 0.08 2.83
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for June 01, 2011
KASB 0-7days 13.20 8-15dys 13.15 16-30dys 13.15 31-60dys 13.25 61-90dys 13.25 91-120dys 13.35 121-180dys 13.58 181-270dys 13.74 271-365dys 13.82 2-- years 13.98 3-- years 14.00 4-- years 14.04 5-- years 14.06 6-- years 14.07 7-- years 14.09 8-- years 13.70 9-- years 14.10 10--years 14.10 15--years 14.35 20--years 14.55
BMA 12.50 12.90 13.10 13.30 13.33 13.42 13.58 13.64 13.83 13.94 14.00 14.06 14.06 14.09 14.08 13.40 14.07 14.09 14.30 14.50
ELXIR 13.00 13.10 13.10 13.25 13.33 13.40 13.57 13.76 13.84 13.97 13.98 14.01 14.02 14.06 14.07 13.60 14.10 14.10 14.12 14.45
GSL 13.00 13.10 13.10 13.20 13.33 13.45 13.64 13.72 13.84 13.98 14.00 14.01 14.02 14.05 14.08 13.60 14.07 14.09 14.35 14.55
ICSL 13.20 13.20 13.15 13.30 13.35 13.40 13.60 13.70 13.82 13.95 14.00 14.03 14.03 14.07 14.07 13.58 14.08 14.09 14.10 14.50
JSCM AvgRate 13.10 13.00 13.00 13.08 13.25 13.14 13.30 13.27 13.32 13.32 13.38 13.40 13.58 13.59 13.70 13.71 13.80 13.83 13.97 13.97 14.01 14.00 14.01 14.03 14.05 14.04 14.06 14.07 14.04 14.07 13.52 13.57 14.08 14.08 14.09 14.09 14.25 14.25 14.35 14.48
Currencies Correlation GBP/USD Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/JPY
week month months months year years
0.96 0.87 0.74 0.75 0.89 0.15
-0.99 0.24 -0.15 0.12 -0.52 0.23
-0.69 0.45 0.41 0.67 0.70 0.33
EUR/USD NZD/USD
0.69 0.75 0.54 0.84 0.66 0.55
0.97 0.84 0.83 0.91 0.94 0.85
USD/CAD USD/CHF
0.99 0.63 0.68 0.54 0.84 0.15
-0.68 -0.64 -0.71 -0.87 -0.81 0.13
-0.99 -0.75 -0.70 -0.78 -0.91 -0.47
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)01/06/2011 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
ABLN 13.20
13.70
13.20
13.70
13.10
13.60
13.25
13.50
13.50
13.75
13.60
14.10
13.75
14.25
13.90
14.40
JSBL
13.30
13.80
13.30
13.80
13.25
13.75
13.35
13.60
13.60
13.85
13.70
14.20
13.80
14.30
13.90
14.40
ASPK 13.25
13.75
13.25
13.75
13.20
13.70
13.25
13.50
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
CIPK
13.15
13.65
13.15
13.65
13.10
13.60
13.15
13.40
13.50
13.75
13.60
14.10
13.75
14.25
13.90
14.40
DBPK 13.10
13.60
13.05
13.55
13.00
13.50
13.15
13.40
13.40
13.65
13.55
14.05
13.70
14.20
13.75
14.25
FBPK 13.35
13.85
13.25
13.75
13.20
13.70
13.25
13.50
13.50
13.75
13.60
14.10
13.70
14.20
13.90
14.40
FLAH 13.35
13.85
13.30
13.80
13.30
13.80
13.30
13.55
13.55
13.80
13.60
14.10
13.70
14.20
13.80
14.30
HBPK 13.30
13.80
13.25
13.75
13.20
13.70
13.25
13.50
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
HKBP 13.25
13.75
13.20
13.70
13.15
13.65
13.20
13.45
13.45
13.70
13.55
14.05
13.70
14.20
13.80
14.30
NIPK
13.10
13.60
13.10
13.60
13.10
13.60
13.30
13.55
13.40
13.65
13.50
14.00
13.60
14.10
13.70
14.20
HMBP 13.30
13.80
13.20
13.70
13.15
13.65
13.25
13.50
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
SAMB 13.25
13.75
13.20
13.70
13.20
13.70
13.20
13.45
13.45
13.70
13.55
14.05
13.65
14.15
13.75
14.25
MCBK 13.30
13.80
13.20
13.70
13.10
13.60
13.30
13.55
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
NBPK 13.10
13.60
13.15
13.65
13.10
13.60
13.20
13.45
13.45
13.70
13.65
14.15
13.75
14.25
13.85
14.35
SCPK 13.20
13.70
13.15
13.65
13.15
13.65
13.25
13.50
13.55
13.80
13.60
14.10
13.70
14.20
13.80
UBPL 13.20
13.70
13.20
13.70
13.15
13.65
13.25
13.50
13.50
13.75
13.50
14.00
13.60
14.10
13.90
14.40
AVE
13.74
13.20
13.70
13.15
13.65
13.25
13.50
13.49
13.74
13.59
14.09
13.71
14.21
13.83
14.33
13.24
14.30
4
Thursday, June 2, 2011
PAKISTAN AFTER OSAMA BIN LADEN
The Financial Daily International Vol 4, Issue 210
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
Growing pessimism among masses Many of Pakistanis are becoming cynics, withdrawing from the society and are overwhelmed by the fear hat hardly any writ of the government prevails. Though, there are dozens of ministers and advisors both at the federal and provincial levels complete insanity prevails when it comes to making some strategic decisions. The rulers seem to be on the borrowing spree contrary to the advice of the experts. While the government seems adamant on borrowing more, no effort is made to contain non-development expenditures. The government is borrowing only to finance nondevelopmental expenditures. Residents of Karachi feel highly insecure for a number of reasons from target killing to mobs indulging in sabotage and burning of property. The city continues to suffer from prolonged load shedding of electricity and prices eatables are skyrocketing. Till recently there were headlines that starving families were selling their children and/or committing suicides. On top of this atrocities of police are at the peak. Extra judicial killings are on the rise on late night the police seem busy only on exhorting money. In the aftermath of killing on Osama bin Laden in Pakistan, which may Pakistani consider a melodrama there are threats of imposition of economic sanctions. Some of the quarters are openly demanding withdrawal of logistic support for the Nato forces as they want Pakistan to pull itself out of the proxy war. Both the US and Afghan governments are putting pressure on Pakistan to deliver more but secretly trying to workout deal with Afghan Taliban. Ironically, the opposition parties are still busy in mudslinging and fail to understand the threat to Pakistan's sovereignty. The worst has been the efforts to malign armed forces. An ordinary person gets the feeling that those responsible for guarding the frontiers have become subservient to the super power. Pakistani politicians still fail to understanding the grand drama being staged in many Muslim countries in the name of change of regime and democratisation. Having maligned elected representatives of massive corruption, nepotism and even siding with the militants, now the target is armed forces. Still Pakistanis have the faith that armed forces are capable of averting any attack but the recent campaigns are shattering their confidence. Worst of the worries are that one day some external special forces will takeover the security of Pakistan's nuclear assets. Some even go to the extent of saying that attacks on naval installations and destruction of very special surveillance aero planes is part of the plan to attack sensitive installation by firing long-range missiles from the Arabian Sea. Unfortunately, the attention now has been diverted from security issues to budget and some of the quarters saying that meeting a deficit of one trillion rupees will not be possible without the active support of the US administration.
Disclaimer:
All reports and recommendations have been prepared for your information only. Summary and Analysis are not recommendation to buy or sell. This information should only be used by investors who are aware of the risk inherent in securities trading. The facts, information, data, indicators and charts presented have been obtained from sources believed to be reliable, but their accuracy and completeness cannot be guaranteed. The Financial Daily International and its employees are not responsible for any loss arising from use of these reports and recommendations.
Muhammad Arif
O
n May 2, 2011, two US helicopters flew in to Pakistan from its western border, landed in Abbotabad, few yards away from the prime military training centre of Pakistan Army with 79 commandoes and a dog and entered in to a compound of three floor building. One of the helicopters experienced collision with the compound's wall. The damaged aircraft was landed allowing the mission to continue, however it had to be destroyed on-site to protect technology secrets. With little resistance and killing Laden's courier, his wife and his brother with bin Laden's 22year-old son they rushed towards the staircase where on its third floor they found their high valued target. The commandoes fired fatal gunshots into his head and chest. The entire raid, including intelligence sweeps of the compound, was completed in less than 40 minutes. His body was taken away by the raiders. Within 24 hours of his death, bin Laden's body was transported to the aircraft carrier USS Carl Vinson reportedly for final rites and burial at sea. One U.S. official stated, "Finding a country willing to accept the remains of the world's most wanted terrorist would have been difficult. MSNBC reported, "There also was speculation about worry that a grave site could have become a rallying point for militants, so one can say that last remains of Bin Laden are now in the North Arabian Sea. On the same day, that was morning in Pakistan, President Obama announced about the mission and death of bin Laden praising Pakistan for its help but also clarifying that Pakistan was not taken in to confidence in this mission. Prime Minister of Pakistan congratulated on the completion of the mission but later very many questions emerged regarding incident, First question is that how bin Laden was staying in Pakistan for the last six to seven years without knowledge of any body and particularly without knowing to Intelligence agencies. Another question is that how US entered in Pakistan and stayed in its space for almost an hour and no body knew about this movement. Later it was clarified that PAF got knowledge of this and after knowing ordered its planes for interception but it was too late. As regards enquiry on the incident no formidable step has yet been taken to get answers that are being asked everywhere. With passing time some thing would emerge, how credible it would be no body knows right now. Apart from inquiry proceedings, we
should try to get some answers on questions attached with the incident. They are important as they are going to play their role in build up of future landscape of Pakistan. Bin Laden has gone but politically some circles in Pakistan still holds his political ideas, so one needs to examine those ideas. Bin Laden was born in 1957 in Riyadh in a rich family. Bin Laden was raised as a Wahhabi Muslim. He held degrees in economics and business administration, civil engineering and public administration. At university, bin Laden's main interest was religion, where he was involved in both "interpreting the Quran and jihad" and charitable work. Other interests included writing poetry and reading about the works of Field Marshal Bernard Montgomery and Charles de Gaulle. Bin Laden believed that only the restoration of Sharia law would "set things right" in the Muslim world, and that alternatives such as "pan-Arabism, socialism, communism, democracy" must be opposed. This belief, in conjunction with violent jihad, has sometimes been called Qutbism after being promoted by Sayyid Qutb of Egypt. Bin Laden believed that Afghanistan, under the rule of Mullah Omar's Taliban, was "the only Islamic country" in the Muslim world. Bin Laden consistently dwelt on the need for violent jihad to right what he believed were injustices against Muslims perpetrated by the United States and sometimes by other non-Muslim states, the need to eliminate the state of Israel, and the necessity of forcing the United States to withdraw from the Middle East. He also called on Americans to "reject the immoral acts of fornication, homosexuality, intoxicants, gambling, and usury". Bin Laden opposed music on religious grounds and his attitude towards technology was mixed. He was interested in "earthmoving machinery and genetic engineering of plants" on the one hand, but rejected "chilled water" on the other. His viewpoints and methods of achieving them had led to him being designated as a terrorist by scholars. By ideas he stands close to Sayyid Qutub of Egypt and Maulana Abul ala Maududi of Jamat Islami of Pakistan. Both scholars were imprisoned and sent for execution. However Sayyid Qutub was executed in 1964 during Jamal Abdul Nasser period. Moulana Maududi was pardoned in Pakistan in 1954. As reported bin Laden had married six women at different times and had 20-26 children. Ironically most of them are now in Iran. He travelled with his ideas in different countries including Sudan, Pakistan and
Afghanistan. During Zia era he had close relations with military establishment of Pakistan. After nine eleven US asked Pakistan Government to contact Mullah Umar and arrange for his deportation. In this regard as reported by a notable journalist in his TV show, the delegation sent to Afghanistan under ISI chief instead of asking for his deportation asked for his retention in Afghanistan. This invited US forces to enter in to Afghanistan Thereafter his whereabouts remained unconfirmed until finally he was located in Abbotabad. After his death military installations of Pakistan are under attack. The political scenario is highly fragmented. Religious groups including PML-N and Imran Khan hold soft views on this and stress for break down of relations with US. What an irony. Before 1990 all these parties were close allies to US and liberals were considered anti- US. Now by perception things have reversed. Going forward no doubt bin Laden assassination is going to have its impact on political, economic and social scenarios of Pakistan. But before moving further we all should agree that contrary to what TV anchor persons or experts are portraying, ground realities in our region have altogether changed. Away from 20 years back two changes are on the front. One is the rising power of media particularly electronic media. In spite of its teething problems it is creating awareness making it difficult for those forces who always ruled over Pakistan. In this regard first comes its establishment and than the forces of feudals. It is no incident that Pakistan has been used by the establishment for its own ends since its inception. Kashmir war, going to Afgahnistan, Kargil are the same moves played by the establishment to keep its clutches tight over Pakistan. No doubt Kashmir is an important issue but Kashmir belongs to Kashmiris and it is they who have to decide their fate. Pakistan needs peace around its borders for its development. At least now media is present to keep people of Pakistan know of conspiracies in hatch against them. Second change relates to perception of big countries about this region. No body including US or India is now in favor of dismemberment of any country in this region as it would create problems for them. No doubt they would like to keep Pakistan or any other country weak but than it would be on part of the government in Pakistan or other countries to avert such moves. This game moves in see saw manner but by strengthening ourselves from
inside we can make Pakistan stronger as by geography it is a key to all powers including India, US, USSR or China. With this perception in mind politicians and economists should prepare their onward policies. The forces who brought havoc to Pakistan through its dismemberment, Afghan war and Kargil should realize that their days are over and if they remained overambitious as they have always been than it can create colossal loss to Pakistan. In the current scenario the onus lies on them to answer that how Osama was staying in Pakistan and how US forces intervened in to Pakistan's space without its consent. Pakistan has been created as a country of peace and it should remain so if it has to survive. Now on Jihadi culture that has become an issue. We must admit that before 3 years the areas controlled by al Qaeda or Taliban were bigger. Swat and altogether Fata was under their control. With military operations swat is now out of their reach. Peshawar and Islamabad are now safe as they were not three years back. The Taliban still exists in some sanctuaries but they are getting weaker. Our forces should sweep those areas as quickly as they can. This makes war against terrorirism a war against Pakistan. These moves would of course push these elements to urban side which they had. We must remember that to create chaos now remains the main objective of these forces. Take it granted that people of Pakistan has never remained in favor of Jahadi culture and this they have expressed every time though election or any referendum. However majority in Pakistan are now afraid of these elements and this is the point which is being exploited by these elements. Finally Pakistan has a bright future but for that it has to keep intact its ideas based on liberalism, equality and respect for all. We should deal US like China i.e. taking them as business partner as well as business rival. The jehadis know that through people support in peaceful manner they can not come in power so they are trying to avert the whole system. We have to be very cautious on that as they seem to have infiltrated in to establishment as well. In this regard forming of a security committees participated by government, its allies, military establishment, members of the opposition and participation from the media is very much required. This is the time to realise that after bin Laden we have to take some concrete steps for the security of Pakistan for its ultimate prosperity. (The writer is a member of visiting Faculty at KASBIT.)
Slim chance of success for ‘Doha lite’ trade talks A
decade of talks for a global trade deal that could add billions to world prosperity have led negotiators to a dead end, and even plans for a scaled-back deal to benefit the world's poorest states promise no easy exit. Faced with the fact that talks will reach no conclusion for several years due to divisions between leading trading powers and upcoming elections, the head of the World Trade Organization called on negotiators on Tuesday to focus on a preliminary deal for now that would grant concessions to least-developed nations. "The price of having allowed the talks to drag on is that the search for a perfect deal has ruined the chance of a decent deal," said Bruce Stokes, senior fellow at the German Marshall Fund, an independent Washington-based think tank. The so-called Doha round of trade talks was launched in 2001 under the banner of easing global poverty and unrest, recruiting stars from Bono to Madonna and creating unprecedented grass-roots calls for fair free trade. Concessions to poor countries were planned and provisionally agreed in 2004 as a small yet central part of a vast trade agreement that the World Bank in 2009 said would contribute $160 billion to world prosperity, boosting sales from food and cars to telecoms and insurance. But years of frustrated negotiations, fear of emerging economies' export muscle and an unwillingness to grant one-sided concessions -- even temporarily -- at a time of economic malaise have stalled the talks indefinitely and mean that even a "Lite" version of the Doha accord focused on poor countries has little chance of success. "Your legislative body will ask, what did you get in return? Will the US Congress approve such a deal? Will the European Parliament approve this?" said Shahid Bashir, Pakistan's negotiator at the WTO.
COTTON AND TEXTILES Pascal Lamy told the WTO's 153-nation membership that they would have to scale back their expectations and focus on the achievable prizes for now. Divisive but lucrative issues such as freeing trade in industrial goods would have to wait, he said. However, a limited version would require at least limiting rich-country cotton subsidies that hurt West African farmers. And it would see rich countries admit duty-free all but 3 percent of imports from the world's least developed countries. On the face of it these are small concessions, with support from a large part of the WTO membership. US cotton farmers, moreover, have needed fewer subsidies as prices have risen - the Department of Agriculture expects payments to cotton farmers to total $921 million in 2011, down from $5.7 billion in 2005. But negotiators and industry experts in Geneva and Washington expect opposition to a deal that locks in concessions for many years and does not weigh them up with other gains. The European Union and China also subsidises cotton growing, though it is unclear to what level. Duty-free status for goods from least-developed countries are another difficult issue. Boosting poor countries' textile exports in particular, this could raise opposition from U.S. and EU textile sectors fearful of making job-intensive industry vulnerable to more competition. It may also provoke opposition from poor countries who would see existing preferences eroded by competition from booming textile exporters Bangladesh and Cambodia. The European Union has struggled for more than six months to push past India and European textile makers a temporary duty waiver for Pakistani textile exporters in the wake of last year's floods -- a hitherto
unsuccessful attempt that does not bode well for a WTO deal that similarly guarantees no quick payback for concessions. "A duty free deal was supposed to be in exchange for other things. It was tied up to what would happen in the textile sector for other players," said Cass Johnson, president of the U.S. National Council of Textile Organizations. "NO PLACE FOR PHILANTHROPY" Echoing such concerns, U.S. trade negotiator Michael Punke on Tuesday signaled the United States would need a broader agreement to make a small deal worthwhile. "We do not subscribe to the notion that there is yet any consensus on this question (of what should be covered by a limited package), including the issue of whether any particular issue is in or out for December," he told WTO negotiators. Trade ministers will meet in Geneva in December in an attempt to find a solution. Several negotiators have already suggested adding more issues into the deal -- such as environmental rules, customs procedures, non-tariff barriers or farm payments -- reopening the wider debate over issues that made Doha stall. "We keep getting back to the point that there can be no deal unless we do the entire deal, yet as we have seen there is no scope at the moment for the entire deal. We are trying to square the circle once again," said one trade negotiator. Questions over the feasibility of even a limited package are raising questions over the future of the WTO and demands that it limit its work to that of an arbitrator of trade rules, disregarding questions of poverty or development. -Reuters
Letter to Editor
The Way Forward The fall and rise in the history of nations is an established fact. The great called are the ones who counter the falls with intellectual approach and determination. It is a fact on ground that Pakistan today is passing through the most critical stage of its history. The recent turmoil has been faced by the nation due to one main reason i.e. a wide gap of understanding between the general public and decision makers, hence disturbing the state of consensus over core issues. The decision makers lack comprehension with regard to policymaking. The policy can be derived by seeing beyond the wall and addressing the problems. The implementation of strategies or polices directly affect the masses hence this group has to be taken onboard for effective implementation of any strategy or policy. The few out of many reasons for this dilemma are lack of dynamic leadership with vision; mismanagement at all levels; sharing of policy matters in practicality
amongst policymakers and masses in a defined fashion; say of common person in electing and selecting the policymakers is of no practical value; and deviation from the ideology of Pakistan. The question hammering every Pakistani today is how the affairs of the country can be put back on track to make the nation hopeful of achieving this objective. For that I think a number steps need to be taken. That includes defining of national objectives through necessary input from all elements of society; very intelligently defining the role of military and restructuring its positive image; elaborating the concept of two nation theory whether or not a centre of gravity; making think tanks to redefine national line of action on various issues; reducing the economic gap amongst various classes of society; self reliance to be encouraged at all levels; inculcation of self respect as a nation at all levels; the two-party system may be sub-
sequently developed; define the criteria of friend and foe; and a unified mode of education may be introduced with no discrimination. To exist as one, the nation requires an immediate morale booster, which is none other than the sense of pride as the seventh nuclear state of the world. Gather all men and material (resources), make ready the nation to face hardships with dignity, go for more nuclear tests and convey the clear message to the world that the sanctity of our sovereignty is above everything. This may be taken as an emotional outburst, but the only language that is understood to the rule of tyranny is the stick, not carrot. This act will boost the morale of the nation and give a direction for the objective-oriented future course for a Greater Pakistan. Askar B Haider Islamabad
5
Thursday, June 2, 2011
European shares end lower on poor economic data KSE-100 Index Opening Closing Change % Change Turnover (mn)
12,123.15 12,264.06 140.91 1.16 118.31
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,257.22 3,272.51 15.29 0.47 2.99
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,750.14 2,797.29 47.15 1.71 0.29
Major Gainers
Symbol
Close
Change
ULEVER 4,995.86 NRL 382.82 MTL 550.54 APL 386.21 ILTM 230.91
49.46 18.03 10.54 8.14 7.77
Major Losers
Symbol
Close
Change
NESTLE 3,330.76 JDWS 76.68 UBL 63.17 SITC 101.89 TATM 31.75
-59.05 -2.29 -1.67 -1.6 -1.50
Top 5 Volume Leaders
Symbol
Close Vol (mn)
ISL FATIMA BYCO JSCL LOTPTA
14.84 13.46 10.01 7.79 15.02
9.46 8.69 8.37 7.28 4.86
Active Issues Plus Minus Unchanged
173 94 83
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Feb 11) 807 Urea Offtake (Feb 11) 413 Urea Price (Rs/50 kg) 1,195 DAP Offtake (Jan to Feb 11) 128 DAP Offtake (Feb 11) 69 DAP Price (Rs/50 kg) 4,041
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Feb 11) 53,036 Sales (July 10 to Feb 11) 52,067 Production (Feb 11) 5,883 Sales (Feb 11) 6,954
INDUS MOTOR CO Production (July 10 to Feb 11) 33,832 Sales (July 10 to Feb 11) 32,991 Production (Feb 11) 4,754 Sales (Feb 11) 4,698
HONDA ATLAS CAR Production (July 10 to Feb 11) 10,834 Sales (July 10 to Feb 11) 10,444 Production (Feb 11) Sales (Feb 11)
1,555 1,665
DEWAN FAROOQ MOTORS Production (July 10 to Feb 11) Sales (July 10 to Feb 11) Production (Feb 11) Sales (Feb 11)
186 133 0 20
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (March 25,11) 5,046,487 Advances (March 25,11) 3,118,444 Investments (March 25,11) 2,202,311 Spread (Feburay 11) 7.51%
OIL MARKETING CO (000 tons) MS (Jul 10 to Jan 11) MS (Jan 11) Kerosene (Jul 10 to Jan 11) Kerosene (Jan 11) JP (Jul 10 to Jan 11) JP (Jan 11) HSD (Jul 10 to Jan 11) HSD (Jan 11) LDO (Jul 10 to Jan 11)) LDO (Jan 11) Fuel Oil (Jul 10 to Jan 11) Fuel Oil (Jan 11) Others (Jul 10 to Jan 11) Others (Jan 11)
1,300 183 96 14 795 129 4,044 614 38 5 5,007 680 98 15
PRICES (Ex-Refinery)
Rs
MS (1 Apr 11) MS (1 Mar 11) MS % Chg Kerosene (1 Apr 11) Kerosene (1 Mar 11) Kerosene % Chg JP-1 (1 Apr 11) JP-1 (1 Mar 11) JP-1 % Chg HSD (1 Apr 11) HSD (1 Mar 11) HSD % Chg LDO (1 Apr 11) LDO (1 Mar 11) LDO % Chg Fuel Oil (1 Apr 11) Fuel Oil (1 Mar 11)
59.35 53.88 10.15% 68.95 63.31 8.91% 70.88 63.54 11.55% 75.02 66.53 12.76% 65.27 60.96 7.07% 56,777 53,252
SE Asia Stocks-Most edge up; foreign inflows lift big-caps
Expectations driving rally at KSE Nawaz Ali KARACHI: Bulls managed to enter the Karachi Stock Exchange on Wednesday. Active buying was visible in oil stocks after the government deregulated petroleum prices. Hopes of replacement of Capital Gains Tax (CGT) and expectation of changes in MTS rules also induced buying and the index ended more than one per cent up. The benchmark KSE-100 index increased by 140 points 1.16 per cent to close at 12,264 points, KSE-30 index rose by
127 points - 1.08 per cent to close at 11,890 points and KSE all-share index was up by 94 points - 1.12 per cent to close at 8,534 points. "Changes in local oil price mechanism sparked a rally amid hopes that oil and refinery sectors will reap the benefit", said Samar Iqbal, equity dealer at Topline Securities. OGDC gained 2.4 per cent, POL raised by 2.01 per cent; PPL was up 1.8 per cent. And OGDC alone contributed 61 points in the total gains of the benchmark index, she added.
Japanese politics weigh on Nikkei TOKYO: The Nikkei average rose to a three-week closing high on Wednesday, but caution on the pace of economic recovery in the United States and the growing prospect of a split in Japan's ruling party were seen keeping further gains in check. Weak US data has exacerbated worries about the health of the world's biggest economy, with an unexpected drop in May consumer confidence, a slowdown in regional manufacturing and a double-dip in home prices. With the domestic economy burdened by heavy damage from the disaster in March, a lack of traction in overseas equity markets is likely to dampen appetite from investors, especially foreign players, who have led buying since the earthquake. "Foreigners (have) slowed their pace of buying after a long buying streak," said Mattia Ciancaleoni, director of equity sales at Citigroup, adding that they may not actively build positions for a few weeks as they wait for Japanese manufactures to announce planned fullyear earnings estimates in June. Overseas investors were net buyers of Japanese stocks in the third week of May for a record 29th straight week, the Tokyo Stock Exchange said last week. Their purchases are likely to slow after such a long period of buying, said Fumiyuki Takahashi, chief Japan equity
strategist at Barclays Capital. "Since last autumn, foreign investors have been buying Japanese shares because of cheap valuations compared to other markets and also due to excess liquidity in global markets. As their buying recently has not been driven by Japanspecific factors, it is likely to slow," Takahashi said. The benchmark Nikkei climbed 0.3 per cent to 9,719.61, extending its gain of 2 per cent the previous day to close at its highest level in three weeks. But resistance is seen at its 200-day moving average just above 9,800. The broader Topix index edged up 0.1 per cent to 839.41. The market is not being helped by the rising risk of further political paralysis in Japan as Prime Minister Naoto Kan faces a rebellion in his party, with opposition parties looking to put forward a no-confidence motion. Analysts have said Kan should survive the vote in parliament, expected to be on Thursday, but said that he would still face big hurdles pushing policies through a divided parliament, including an extra budget to pay for rebuilding. "This could mean more political indecisiveness," said Ayako Sera, market economist at Sumitomo Trust and Banking Corp. See # 16 Page 11
It should be noted that the government on Tuesday deregulated the prices of all petroleum products. According to news report the prices are deregulated with an improved monitoring role for the Oil and Gas Regulatory Authority, abolishing guaranteed inland freight equalisation margins (IFEM) to refineries and marketing companies effective June 1. Market started the session on a positive note and remained in green zone almost throughout the session as continued buying mainly in oil stocks kept on
FTSE drops on weak data LONDON: Britain's top share index dropped back on Wednesday as below-par US economic pointers and weak UK manufacturing and housing data intensified investor concerns about the strength of the global economy. At the close, the FTSE 100 index was down 61.38 points, or one per cent, at 5,928.61, reversing sharply in the afternoon after briefly pushing back close to the psychologically important 6,000 level in the morning session. Energy and banking stocks suffered the biggest falls as risk appetite evaporated, with Lloyds Banking Group down 3.8 per cent and BG Group off 3.1 per cent. "The markets finally ended their winning streak as data this afternoon suggested that the US recovery was slowing, and with non-farm payrolls numbers on Friday there will be little reason for that to change before then," said Mic Mills, head of electronic trading at ETX Capital. As a precursor to the US jobs report, a survey by ADP Employer Services on Wednesday showed US private employers added a scant 38,000 jobs in May, far below expectations and the lowest level since September 2010. May's US ISM report showed a sharp slowdown in manufacturing activity, adding to fears the recovery is faltering after poor consumer confidence data on Tuesday. See # 15 Page 11
Hong Kong shares slip HONG KONG: Hong Kong shares slipped on Wednesday, getting off to a weak start in June as investors took a more defensive stance, although a pick up in volumes suggested greater market participation by investors. The macro backdrop was cloudy after a Chinese manufacturing gauge showed the slowest pace of activity in at least nine months, while power shortages as well the drought in the world's second biggest economy were becoming major concerns. The Hang Seng index fell 0.2 per cent to 23,626.4, a day after posting a solid 2.2 per cent jump on Tuesday on strong volumes that traders attributed largely to month-end window dressing by portfolio managers. "With the Hang Seng not doing a lot for months, two things happen - you see a lot of rotation between sectors and allocation of new money becomes difficult," said Andrew Sullivan, director of institutional sales at OSK Group in Hong Kong. "People are probably looking at IPOs to soak up money." MGM China will be the latest in a long line of big name listings in Hong Kong when it debuts on Thursday. The $1.5 billion IPO priced at the top of its indicative price range due to strong demand.
China Construction Bank , one of the top picks among banking analysts in China, fell 0.8 per cent and was the thirdbiggest drag on the benchmark behind oil major CNOOC, down 1.1 per cent, and HSBC which fell 0.6 per cent. Outside of financials, consumer goods exporter Li & Fung shares were up 3.2 per cent after brokerage CLSA upgraded the stock to "outperform" from "underperform" based on recent weakness which has seen shares drop about 30 percent from their peak in February. SHANGHAI FLAT China stocks finished flat on Wednesday amid uncertainty about how a Chinese central government plan to clean up billions of dollars of local government debt would impact the banking sector's bottom line. China's largest lender, Industrial & Commercial Bank of China (ICBC) fell 1.8 per cent while Bank of China slipped 0.3 per cent. "Some might read this as being positive for banks, but I'm not so sure," said Wang Aochao, an analyst with UOB Kay Hian in Shanghai. "Even if local governments are going to have their bad debts restructured, who's going to buy these bond products and where is the money going to come from?" The Shanghai financial sector
index lost 0.8 per cent on the day, the only sector underperforming the broader market as the benchmark Shanghai Composite Index finished flat at 2,743.6. This follows the Shanghai Composite's worst monthly showing in a year. It lost 5.8 per cent in May, pushing China's main stock index into negative territory on the year so far, underperforming its regional peers except Japan's benchmark Nikkei. Analysts said improving liquidity in money markets in China could push the Shanghai benchmark as investors put money back into equities as brokerages and funds find it easier to borrow. Overnight government bond repurchase rate was down 72 basis points on Wednesday, a sign that the liquidity squeeze seen in the past two weeks was easing. Coal and consumer staple plays curbed losses on the broad index with Kweichow Moutai, China's top alcohol producer with a market cap of US$26.7 billion, up almost 3 per cent. Soaring demand for coal underpinned the moves higher in coal producers with China's top coal names gaining on the day. Yanzhou Coal gained 2.3 per cent, while China's largest coal producer, China Shenhua Energy Co Ltd gained 0.9 per cent.-Reuters
multiplying the index gains. Just near the closing bells index touched an intra-day high of 12,289 points (+ve 166) and finally closed the session near this level. Apart from deregulation of petroleum prices, according to an expert investors were bullish over rumors that KSE's Board of Directors were proposing relaxation to apex regulator in margin regime for futures and Margin Trading Markets (MTS) from cash to security eligible margin. Investor participation however remained marginally lower
as 118.3 million shares traded during the day which was 4.8 million shares less as compared to a turnover of 123.1 million shares a day earlier. Heavy interest was seen in International Steels Limited on its first day of listing. The scrip stood as the volume leader of the day with 9.46 million shares followed by Fatima Fertiliser with 8.69 million shares and Byco Petroleum with 8.37 million shares. Out of total 350 active issues; 173 advanced and 94 declined while 83 issues remained unchanged.
Indian shares end higher BANGALORE: Indian shares rose for a second straight session on Wednesday as investors returned to buy select stocks after the recent sell-off, with hopes of progress on bailout and austerity steps for debtladen Greece buoying sentiments globally. Reliance Communications Ltd led the gains, a day after India's second-largest mobile carrier said it had received several offers for its 95-per cent stake in its tower arm, Reliance Infratel, a move seen as aimed at soothing investors after it reported a plunge in profit. The benchmark 30-share BSE index gained 0.6 per cent, or 105.5 points, to close at 18,608.81, with 22 components advancing. "Foreign fund inflows in the past few sessions have improved sentiment. Also the valuation has become attractive after the market came down. The onset of monsoon is also building up confidence," said KK Mital, head of portfolio management at Globe Capital. The main BSE index had lost 3.3 per cent in May as foreign funds pulled out $1.44 billion in the month till May 30, mainly on worries high inflation and rising borrowing costs would crimple growth in Asia's third largest economy. However, foreign funds have been net investors in the past
three sessions. A survey showing manufacturing activity maintained strong momentum in May, albeit at a slower pace, also helped the mood. The HSBC Markit Purchasing Managers' Index, based on a survey of around 500 companies, edged down to 57.5 in May from 58.0 in April, weighed down by a slower expansion rate for new orders and a labour shortage. "The momentum in the manufacturing sector eased in May as sequential growth in output and orders slowed a bit. However, the momentum remains strong," said Leif Eskesen, chief economist for India & ASEAN at HSBC. Maruti Suzuki ended 1.6 per cent higher after the country's top car maker said vehicle sales in May rose 1.9 per cent despite increase in interest rates. "Maruti's numbers have lifted sentiment. There was a doubt if auto companies would be able to maintain growth given the rising commodity prices and high interest rates," said Gajendra Nagpal, CEO of Unicon Financial. "Maruti's numbers are good. The market is reassured." Utility vehicle leader Mahindra & Mahindra ended 0.6 per cent higher after posting a 20 per cent rise in May automobile sales. See # 14 Page 11
ANNOUNCEMENTS Company Haseeb Waqas Sugar Abdullah Shah
Period Half Yearly Half Yearly
Div/Bon/Right -
PAT (Rs in mn) -16.72 96.08
EPS(Rs) -0.52 1.21
US stocks late-morning
Wall Street falters on weak data NEW YORK: US stocks fell on Wednesday as another round of weak economic data cast doubts on the strength of an economic recovery. The S&P was off more than one per cent after climbing in the four prior sessions. The gains came even as data showed a decline in growth in the second quarter, a trend supported by Wednesday's private employment and factory activity reports. US private employers added a scant 38,000 jobs in May, the lowest level since September 2010, according to ADP Employer Services data. The Institute for Supply Management's index of national factory activity fell to 53.5 in May -- its worst since September 2009 -- from 60.4 the month before. "There's clearly a debate going on within the market as to how much the slowdown that we're seeing is temporary, related to the situation in Japan and the supply chain disruptions, and how much of it is more fundamental slowing," said Keith Hembre, chief economist at First American Funds in Minneapolis. The Dow Jones industrial average dropped 157.57 points, or 1.25 per cent, to 12,412.22. The Standard & Poor's 500 Index slid 16.44 points, or 1.22 per cent, to 1,328.76. The Nasdaq Composite Index fell 24.17 points, or 0.85 per cent, to 2,811.13. Bank stocks were among the worst performers, with JPMorgan Chase & Co off nearly 3 per cent to $42, and US Bancorp down 2.7 per cent to $24.92. The KBW bank index dropped nearly 3 per cent. Macy's Inc dipped 1.1 per cent to $28.55 after the department store operator posted a 7.4 per cent increase in May same-store stores, beating expectations. Marathon Oil Corp dropped 2.8 per cent to $52.71 after the integrated oil company made a deal to acquire oil and gas properties in Texas' Eagle Ford shale field from private equity firm KKR and Hilcorp Resources Holdings LP for $3.5 billion.-Reuters
Dhiyan
OPINIONS ARE SPILT Mohsin Adhi, Director Alfa Adhi Securities The future activity of the market is now depended upon the fate of Capital Gains Tax (CGT), which if waived off can initiate some bullish activities and also generate good volumes. Investors are therefore suggested to stay on the sidelines and wait for the budget announcement. Market would be positive today, However on Friday we may see the dull activity due to budget uncertainty.
Faran Rizvi, Technical analyst Invisor Securities Market has completed its correction phase and now we expect the index to it to continue upward move. The index is expected to reach its resistance level of 12,585 points and if it manages to sustain that level then it can soon touch 13,000 levels. Investors are advised to invest in fertiliser, oil marketing and banking sector stocks. Market would be positive today.
6
Thursday, June 2, 2011
Market
KSE 100 Index
Symbols
Volume
118,307,962
Value
4,751,846,194
Trades
62,269
Advanced Declined Unchanged Total
Current High Low Change
173 94 83 350
All Share Index
12,264.06 12,289.59 12,116.51 h140.91
Current High Low Change
8,534.02 8,551.04 8,436.49 h94.27
OIL AND GAS
Company
Paid up Cap(mn)
PE
Current High Low Change
KMI 30 Index Current High Low Change
11,890.10 11,905.77 11,742.67 h127.34
20,977.33 21,005.39 20,628.89 h348.44
High Low 1,560.95 1,518.71 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.44 32.54
Open
High
Low
Close Chg
Volume
387.99 137.60 10.05 111.55 383.02 154.90 217.50 341.18 88.65 290.94 24.20 228.90
380.00 130.50 9.39 106.00 369.10 149.75 213.16 334.25 85.05 285.00 23.00 225.80
386.21 8.14 137.60 6.55 10.01 0.75 107.67 -1.40 382.82 18.03 154.01 3.52 217.01 3.92 340.20 6.76 88.17 2.79 290.19 6.62 23.85 -0.34 228.33 3.31
348241 3570523 8370566 91853 963498 1193154 1664112 1879676 204758 971070 1200 28084
Last 60 days High Low 387.99 138.38 10.15 113.75 383.02 158.80 217.50 341.18 110.50 292.00 28.29 231.00
338.18 115.00 7.93 98.50 277.25 128.21 199.50 307.50 81.23 269.47 22.11 201.00
% Change 2.28 5-Day High 1,554.66 5-Day Low 1,519.20
2010 Div BR (%) (%) 300 31 200 55 90 255 80 120
2011 Div BR (%) (%)
20B115.00 - 23.43 - 30.00 20B 50.00 -100.00 - 80.00 -
-
CHEMICALS
Open 809.55 Turnover 83,175 P/E (x) 5.55 Company
High Low 842.26 791.14 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.42 25.53
Close 826.20 Listed cap 3,242.17 mn Payout (%) 11.08
Change 16.65 Market cap 13,469.68 mn Div Yield (%) 2.00
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1092 1321
8.02 8.21
84.97 28.28
89.21 28.00
83.10 27.45
87.20 2.23 28.00 -0.28
81575 1600
89.21 32.49
Pak Int Cont. Terminal PNSC
66.03 25.18
Paid up Cap(mn)
PE
Open
High
Low
Agritech Limited 3924 - 18.84 Clariant Pak 341 5.01 162.19 Dawood Hercules 4813 3.71 63.33 Descon Chemical 1996 2.56 Descon Oxychem Ltd. 1020 11.68 7.70 Dewan Salman 3663 3.02 Engro Corporation Ltd 3933 8.82 194.30 Engro Polymer 6635 - 11.58 Fatima Fertilizer 22000 - 12.90 Fauji Fertilizer XD 8482 8.72 139.76 Fauji Fert. Bin Qasim 9341 6.51 42.83 Gatron Ind 384 3.78 55.24 Ghani Gases Ltd 725 10.46 12.34 ICI Pakistan 1388 8.84 156.95 Lotte Pakistan 15142 4.20 14.92 Mandviwala 74 1.00 Nimir Ind Chemical 1106 12.17 2.76 Pak Gum 42 4.98 18.11 Shaffi Chemical 120 28.00 2.19 Sitara Chem Ind 214 2.53 103.49 Sitara Peroxide 551 5.66 17.82 United Distributors 92 - 15.13 Wah-Noble 90 4.97 35.20
19.84 164.70 64.50 2.70 8.05 3.15 197.99 12.09 13.75 142.00 43.66 56.40 12.60 159.51 15.32 1.00 2.84 18.11 2.29 101.90 18.37 16.13 35.36
18.12 162.01 63.45 2.60 7.77 2.86 194.31 11.46 12.94 140.00 42.80 52.57 12.37 157.00 14.93 0.90 2.71 18.11 2.03 99.60 17.90 14.41 35.35
Close Chg 19.39 164.28 64.03 2.60 7.94 3.00 197.49 11.80 13.46 141.67 43.49 55.24 12.45 159.13 15.02 1.00 2.80 18.11 2.24 101.89 18.27 15.12 35.20
0.55 2.09 0.70 0.04 0.24 -0.02 3.19 0.22 0.56 1.91 0.66 0.00 0.11 2.18 0.10 0.00 0.04 0.00 0.05 -1.60 0.45 -0.01 0.00
Close 1,874.88 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 3202 18316 75296 18055 393812 3812883 1657118 320131 8691396 2247685 3363334 256 289939 239942 4864584 341 312131 102 1205 1508 743733 3500 180
Change 25.61 Market cap 385,753.91 mn Div Yield (%) 5.51
24.55 201.40 294.00 3.23 9.60 3.65 238.50 13.95 13.75 145.21 43.89 58.80 14.49 172.00 17.36 1.40 3.40 18.99 2.99 112.45 19.99 16.50 37.99
17.86 140.00 56.10 2.00 6.95 2.11 188.55 10.70 11.80 124.50 37.86 43.15 10.65 148.02 14.64 0.18 2.26 15.05 1.90 96.37 12.80 13.00 34.19
% Change 1.38 5-Day High 1,874.88 5-Day Low 1,849.27
2010 Div BR (%) (%)
2011 Div BR (%) (%)
135 25B 50 300B 60 20B - 27.5R 130 25B 45.00 65.5 - 12.50 20 175 5 25 5B 50 -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,130.09 Turnover 357,165 P/E (x) 5.81 Company
High Low 1,159.96 1,129.40 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.43 7.47
Close 1,159.69 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
1.81 7.43
16.70 42.70 41.70
17.70 42.50 42.00
16.85 41.70 41.51
17.70 1.00 42.34 -0.36 42.00 0.30
352554 1030 3581
Century Paper Pak Paper Product Security Paper
Change 29.60 Market cap 3,198.85 mn Div Yield (%) 4.35
Last 60 days High Low 17.70 44.49 42.80
13.85 35.50 36.77
% Change 2.62 5-Day High 1,159.69 5-Day Low 1,130.09
2010 Div BR (%) (%) 2533.33B 50 -
2011 Div BR (%) (%) -
-
Open 1,142.99 Turnover 1,634,862 P/E (x) 3.94 Paid up Cap(mn)
Agriautos Ind Atlas Battery Atlas Honda Dewan Motors General Tyre Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering
PE
Open
144 4.46 71.25 101 5.65 212.17 626 9.32 148.02 1087 2.96 598 4.57 23.70 450 3.54 200 5.98 3.56 1428 - 10.17 786 7.69 221.51 823 15.26 65.60 150 1.13 23.00
High
High Low 1,165.26 1,147.29 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 1.00 25.35 Low
Close Chg
Company
Paid up Cap(mn)
Crescent SteelSPOT Dost Steels Ltd Huffaz Pipe XD International Ind
PE
565 1.95 675 555 22.29 1199 9.26
Open 28.00 2.01 12.22 52.02
High 29.25 2.98 12.50 52.75
Low 28.00 2.08 12.23 51.60
Close Chg 28.76 2.50 12.48 51.74
0.76 0.49 0.26 -0.28
Close 1,049.97 Listed cap 3,596.11 mn Payout (%) 30.91
114681 29.75 2294493 2.98 15305 14.74 70782 54.50
Company
Paid up Cap(mn)
Adam Sugar Ansari Sugar Bawany Sugar Colony Sugar Mills Crescent Sugar Dewan Sugar Faran Sugar Fecto Sugar Habib Sugar Habib-ADM Ltd Hussein Sugar J D W Sugar Khairpur Sugar Kohinoor Sugar Mehran Sugar Mirza Sugar National Foods Nestle Pakistan Pangrio Sugar Premier Sugar Rafhan Maize XD Sakrand Sugar Shahmurad Sugar Shahtaj Sugar Shakarganj Mills
58 244 87 990 214 365 217 146 750 200 121 539 160 109 157 141 414 453 109 38 92 223 211 120 695
PE
Close 1,154.72 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change 10.09 Market cap 16,148.15 mn Div Yield (%) 10.57
26.20 1.62 11.05 48.52
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Berger Paints Cherat Cement Dadabhoy Cement Dadex Eternit Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Mustehkam Cement Pioneer Cement Safe Mix Concrete Thatta Cement XR
1828 866 182 956 982 108 3891 3651 350 6933 502 1760 77 32 1288 13126 3234 5261 417 2271 200 798
PE
Open
High
Low
6.90 47.62 15.08 22.08 31.80 8.16 5.46 76.25 5.90 -
2.90 54.89 16.00 10.05 2.00 16.66 2.05 23.10 2.00 4.77 6.33 1.52 3.00 0.40 6.62 3.00 71.08 2.30 9.75 5.41 5.63 18.95
2.95 54.50 16.25 10.00 2.05 17.66 2.13 24.00 2.00 4.89 6.69 1.57 2.80 0.50 6.80 3.09 73.03 2.34 10.75 5.80 4.71 18.98
2.95 54.01 15.75 9.71 1.80 17.66 1.90 23.20 2.00 4.71 6.30 1.52 2.80 0.50 6.56 3.00 71.50 2.26 9.90 5.50 4.71 18.01
Close 904.19 Listed cap 54,792.74 mn Payout (%) 19.04
% Change 0.97 5-Day High 1,049.97 5-Day Low 1,022.04
2010 Div BR (%) (%) 30 40
2011 Div BR (%) (%)
- 20.00 25B 15.00 20B 15.00
Change 12.83 Market cap 64,848.50 mn Div Yield (%) 2.84
Close Chg
Volume
Last 60 days High Low
2.95 54.50 16.00 10.00 1.96 17.66 1.92 23.85 2.00 4.73 6.33 1.54 2.80 0.50 6.71 3.05 72.65 2.26 9.90 5.50 4.71 18.59
1000 9517 1052 20100 13141 1000 407908 3089593 160 923487 409 17435 2501 500 50926 180977 635565 92509 1667 43776 500 2001
3.23 56.70 17.40 11.90 2.24 19.60 2.67 26.44 2.60 4.94 8.90 1.84 3.80 0.90 7.87 3.45 73.69 2.89 12.58 6.40 6.50 19.19
0.05 -0.39 0.00 -0.05 -0.04 1.00 -0.13 0.75 0.00 -0.04 0.00 0.02 -0.20 0.10 0.09 0.05 1.57 -0.04 0.15 0.09 -0.92 -0.36
-
2.31 49.22 13.55 8.81 1.50 15.41 1.36 21.31 1.60 3.99 6.10 1.26 1.45 0.26 5.70 2.10 62.50 1.97 7.25 4.50 4.41 16.50
% Change 1.44 5-Day High 904.19 5-Day Low 882.71
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 - 210R - 50R
2011 Div BR (%) (%) -
20R 92R -
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 988.27 Turnover 404,583 P/E (x) 2.82 Company Cherat Papersack
High Low 999.65 982.30 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.24 43.91
Close 992.33 Listed cap 3,043.31 mn Payout (%) 15.55
Change 4.06 Market cap 36,725.06 mn Div Yield (%) 5.52
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
115
2.54
50.37
52.80
50.95
230 1067
% Change 0.41 5-Day High 992.33 5-Day Low 978.93
2010 Div BR (%) (%)
2011 Div BR (%) (%)
51.80 1.43
159200
56.90
46.45
20
25B
-
50R
5.75
1.63 56.50
1.75 56.50
1.42 55.80
1.70 0.07 56.50 0.00
66804 3152
2.38 58.00
1.31 49.00
25
10B
-
-
MACPAC Films Merit Pack
389 2.50 47 12.45
12.84 27.85
13.00 28.50
12.50 27.01
12.52 -0.32 27.77 -0.08
6005 5298
15.21 32.00
6.06 26.20
-
-
-
-
Packages Ltd Tri-Pack Films
844 18.78 112.71 300 6.94 174.11
124.50 180.80
103.01 126.51
32.5 100
-
-
-
ECOPACK Ltd Ghani Glass
113.75 111.51 112.70 -0.01 180.80 174.00 178.06 3.95
129660 34457
Company AL-Ghazi Tractor
Paid up Cap(mn) 215
PE
4.05 232.01
Dewan Auto Engineering 214 Ghandhara Ind 213 10.81 Hinopak Motor KSB Pumps
124 132
Millat Tractors
366
Open
-
High
Low
235.00 233.00 234.44
1.46 9.15
1.46 9.39
1.20 8.61
86.44 38.80
88.50 39.49
86.25 38.45
8.36 540.00
Close Chg 2.43
1.22 -0.24 9.08 -0.07 86.44 38.80
0.00 0.00
557.00 541.00 550.54 10.54
Close 1,641.05 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
-
-
Change 11.73 Market cap 42,911.82 mn Div Yield (%) 5.18
Last 60 days High Low 74.85 216.30 153.93 3.46 26.17 4.50 4.60 10.77 233.75 76.90 25.50
70.00 188.00 132.00 1.50 22.01 2.16 2.90 9.00 205.51 60.00 22.00
2010 Div BR (%) (%) 90 100 50 20 150 5 10
% Change 1.03 5-Day High 1,154.72 5-Day Low 1,142.99 2011 Div BR (%) (%)
20B 15B 65.00 - 50.00 20B 10.00
15B -
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
67.58
Total Assets (Rs in mn)
14,069.28
MA (10-day)
16.92
Total Equity (Rs in mn)
4,894.56
MA (100-day)
16.09
Revenue (Rs in mn)
9,702.31
MA (200-day)
17.08
Interest Expense
1,141.10
1st Support
17.10
Profit after Taxation
42.32
2nd Support
16.55
EPS 10 (Rs)
0.599
1st Resistance
17.95
Book value / share (Rs)
69.25
2nd Resistance
18.25
PE 11 E (x)
Pivot
17.40
PBV (x)
0.26
CEPB closed up 1.00 at 17.70. Volume was 890 per cent above average (trending) and Bollinger Bands were 10 per cent wider than normal. The company's loss after taxation stood at Rs118.961 million which translates into a Loss Per Share of Rs2.46 for the nine months of fiscal year (9MFY11). CEPB is currently 3.7 per cent above its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into CEPB (bullish). Trend forecasting oscillators are currently bullish on CEPB.
Soneri Bank Limited
High
Low
Close Chg 0.20 -0.01 0.50 0.55 0.47 -0.30 0.50 0.00 1.14 0.00 0.00 -2.29 0.00 0.72 2.00 -0.13 3.76 -59.05 0.00 0.00 -0.99 -0.30 0.58 0.05 0.29
Close 2,046.94 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change 5.83 Market cap 285,589.33 mn Div Yield (%) 0.64
Last 60 days High Low
942 19.00 11.50 6000 8.95 5.45 1587 9.25 5.25 13005 3.70 2.11 13901 10.01 6.02 76707 3.85 2.16 3016 19.90 17.50 4628 50.00 35.08 237959 25.89 21.33 126 13.00 10.80 407 11.94 8.00 10195 83.95 71.50 500 7.95 7.95 25016 4.69 2.45 3811 68.00 50.30 258075 3.90 2.47 49781 79.10 52.01 152 3700.00 2891.68 121 5.08 3.25 125 42.97 34.23 6013 2932.00 2140.00 7500 3.00 1.60 502 10.79 7.91 2100 71.50 59.72 2410 7.49 4.01
2010 Div BR (%) (%)
% Change 0.29 5-Day High 2,113.82 5-Day Low 2,041.11 2011 Div BR (%) (%)
25 25 25 25B 40 -40.49R 7010B 12.5R - 10R 35 20B 15.00 10B 10 12 750 10 10 1150 - 350.00 10 -
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
49.34
Total Assets (Rs in mn)
95,310.27
MA (10-day)
6.22
Total Equity (Rs in mn)
7,803.20
MA (100-day)
6.43
Revenue (Rs in mn)
9,337.28
MA (200-day)
6.60
Interest Expense
6,602.78
1st Support
6.10
Profit after Taxation
2nd Support
6.01
EPS 09 (Rs)
0.290
1st Resistance
6.29
Book value / share (Rs)
15.55
2nd Resistance
6.39
PE 10 E (x)
3.10
Pivot
6.20
PBV (x)
0.40
145.35
SNBL closed down -0.22 at 6.19. Volume was 49 per cent above average and Bollinger Bands were 44 per cent narrower than normal. The company's profit after taxation stood at Rs303.387 million which translates into an Earning Per Share of Rs0.50 for the 1st quarter of current calendar year (1QCY11). SNBL is currently 6.2 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of SNBL at a relatively equal pace. Trend forecasting oscillators are currently bullish on SNBL.
Samba Bank Limited
HOUSEHOLD GOODS
Company
Paid up Cap(mn)
Pak Elektron Singer Pak Tariq Glass Ind
PE
1219 375 130.77 693 1.55
7.72 17.00 11.70
High 7.97 17.95 12.14
Low 7.50 17.00 11.65
Close Chg 7.79 0.07 17.00 0.00 11.72 0.02
Close 734.52 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 108658 7791 113700
Change 3.31 Market cap 4,624.09 mn Div Yield (%) 4.06
Last 60 days High Low 14.50 21.57 14.50
7.26 14.71 11.20
2010 Div BR (%) (%) 17.5
10B 10B -
% Change 0.45 5-Day High 773.17 5-Day Low 731.21 2011 Div BR (%) (%) - 200R
Performance of SR Personal Goods Index Open 968.73 Turnover 8,963,810 P/E (x) 5.12 Company
Paid up Cap(mn)
Ali Asghar Textile Amtex Limited Artistic Denim Azgard Nine Bannu Woolen XD Bata (Pak) Blessed Tex Mills Chenab Limited Colony Mills Ltd Crescent Jute D M Textile D S Ind Ltd Dar-es-Salaam Dawood Lawrencepur Dewan Farooque Spin. Dewan Khalid Textile Dewan Mushtaq Textile Ellcot Spinning Gadoon Textile XD Ghazi Fabrics Gul Ahmed Textile Gulistan Spinning Gulshan Spinning Hira Textile Mills Ltd Ibrahim Fibres Indus Dyeing Ishaq Textile Island Textile Janana D Mal Khalid Siraj Kohinoor Ind Kohinoor Mills Kohinoor Textile Masood Textile Mian Textile Mohd Farooq Nagina Cotton Nishat (Chunian) Nishat Mills Olympia Spinning Pak Synthetic Paramount Spinning Prosperity Ravi Textile Redco Textile Saif Textile Sally Textile Samin Textile Sargoda Spinning Service Ind Shahtaj Textile Tata Textile Thal Ltd Treet Corp Zil Limited
222 2594 840 4493 76 76 64 1150 2442 238 31 600 80 591 978 57 34 110 234 326 635 146 222 716 3105 181 97 5 48 107 303 509 2455 600 221 189 187 1620 3516 120 560 174 185 250 213 264 88 267 312 120 97 173 307 418 53
High Low 981.22 965.99 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.44 8.64
PE
Open
High
Low
7.28 0.75 5.99 0.63 2.08 1.84 0.25 0.22 0.60 0.68 0.61 3.17 0.39 0.46 0.77 3.23 3.05 0.56 0.21 0.42 0.41 4.98 1.59 0.61 3.91 5.33 1.22 2.44 0.64 0.97 2.63 0.28 0.29 2.44 1.37 2.98 1.45 0.43 6.87 6.68
0.91 2.66 23.10 6.50 18.00 506.13 66.00 2.10 1.88 0.62 3.70 1.26 3.50 35.16 3.39 1.98 4.16 25.25 71.07 7.00 50.01 7.25 11.00 3.99 45.53 317.27 6.75 223.14 15.50 1.50 1.24 1.10 4.15 17.15 0.50 0.85 15.25 25.05 59.49 1.75 19.30 13.00 14.80 1.04 0.65 8.25 7.99 5.00 4.01 175.07 25.72 33.25 103.00 54.42 62.46
0.86 3.05 23.10 6.84 18.50 528.99 66.00 2.24 2.25 0.82 3.50 1.39 3.60 36.91 3.19 1.99 4.30 26.10 71.00 6.20 50.05 7.50 11.21 4.08 45.49 325.00 7.00 233.50 14.75 1.49 1.24 1.90 4.40 17.20 0.45 0.80 15.00 25.55 60.77 2.44 20.24 13.25 15.00 1.09 0.50 8.50 8.44 5.79 3.50 177.00 26.00 32.25 104.05 55.31 62.80
0.86 2.73 23.01 6.42 17.90 505.00 66.00 1.72 1.90 0.42 3.50 1.25 2.66 34.01 2.50 1.71 4.30 26.00 70.00 6.00 50.04 7.25 11.00 3.86 43.99 302.03 7.00 230.00 14.50 1.25 1.14 1.90 4.14 17.20 0.45 0.70 14.80 24.75 59.70 1.75 18.56 13.25 14.80 0.90 0.50 7.60 7.25 5.00 3.26 174.49 26.00 31.75 103.00 54.35 61.20
Close Chg 0.86 2.98 23.01 6.69 17.90 508.53 66.00 2.24 2.00 0.60 3.50 1.31 3.50 35.27 2.79 1.71 4.30 25.25 70.00 6.00 50.04 7.27 11.16 3.86 45.21 319.82 7.00 230.91 14.50 1.49 1.17 1.90 4.33 17.20 0.45 0.73 15.00 25.44 60.08 1.94 19.55 13.00 14.90 1.00 0.50 7.97 7.60 5.00 3.31 174.88 26.00 31.75 103.52 54.97 61.62
-0.05 0.32 -0.09 0.19 -0.10 2.40 0.00 0.14 0.12 -0.02 -0.20 0.05 0.00 0.11 -0.60 -0.27 0.14 0.00 -1.07 -1.00 0.03 0.02 0.16 -0.13 -0.32 2.55 0.25 7.77 -1.00 -0.01 -0.07 0.80 0.18 0.05 -0.05 -0.12 -0.25 0.39 0.59 0.19 0.25 0.00 0.10 -0.04 -0.15 -0.28 -0.39 0.00 -0.70 -0.19 0.28 -1.50 0.52 0.55 -0.84
Close 971.66 Listed cap 47,070.70 mn Payout (%) 16.68
Volume 5000 3081456 2450 2497244 2081 3540 500 80025 84116 16001 5000 127755 5102 51552 36503 1103 502 210 2170 503 601 15349 6989 46326 4708 1100 500 203 2711 8515 45012 25500 2103 1854 1000 10000 8500 450415 2205505 3500 1758 300 25210 32363 15500 4020 5551 499 605 649 1000 2000 14296 14871 1807
Change 2.93 Market cap 126,567.13 mn Div Yield (%) 3.26
Last 60 days High Low 1.45 3.25 23.13 9.48 23.27 570.00 68.09 3.40 2.85 1.40 4.00 1.85 4.00 49.05 5.00 2.26 5.40 28.74 102.24 8.00 53.65 9.00 11.68 5.20 50.74 327.80 8.24 250.80 17.80 1.79 1.78 2.90 5.25 18.89 0.75 1.69 17.95 29.50 66.19 2.64 21.21 15.49 16.90 1.74 1.00 11.49 9.35 6.80 5.01 215.44 26.29 43.00 112.95 59.20 68.00
2010 Div BR (%) (%)
% Change 0.30 5-Day High 972.33 5-Day Low 968.73 2011 Div BR (%) (%)
0.62 1.81 - 30B 18.55 20 4.40 15.26 20 411.00 280 58.00 50 1.65 1.50 0.25 3.00 0.95 1.30 34.01 5 15B 1.81 1.10 3.02 24.25 35 66.00 70 4.00 10 40.35 12.5 6.30 10 9.20 10 20B 3.76 10 43.25 20 251.00 50 - 50.00 5.00 8 173.25 50 12.90 0.92 0.75 0.67 3.60 16.70 15 100R 0.31 0.51 14.10 20SD 23.15 15 56.80 25 45R 0.70 17.01 11.50 10 10B 13.60 30 0.40 0.31 7.22 5.50 10 4.10 - 100R 3.00 5 154.00 75 20.90 45 31.75 25 97.00 80 20B 46.00 50 900B 55.00 35 -
-
PHARMA AND BIO TECH
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
49.48
Total Assets (Rs in mn)
23,734.13
MA (10-day)
1.95
Total Equity (Rs in mn)
7,075.66
MA (100-day)
1.89
Revenue (Rs in mn)
1,878.63
MA (200-day)
1.90
Interest Expense
1,208.86
1st Support
1.90
Loss after Taxation
(593.05)
2nd Support
1.90
EPS 09 (Rs)
1st Resistance
1.95
Book value / share (Rs)
2nd Resistance
2.00
PE 10 E (x)
Pivot
1.95
PBV (x)
% Change 1.76 5-Day High 1,641.05 5-Day Low 1,611.56
2010 Div BR (%) (%)
2011 Div BR (%) (%)
2445
239.00
199.05
400
-
-
-
85601 11102
2.15 10.84
0.71 8.01
-
-
-
-
231 251
124.90 62.00
85.00 37.01
12.5
-
-
-
130182
557.00
504.00
650
25B325.00
-
Open 960.17 Turnover 18,728 P/E (x) 6.17 Company Abbott (Lab) XD GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Sanofi-Aventis Searle Pak
Paid up Cap(mn) 979 1963 182 200 96 306
PE
Open
5.68 92.52 10.65 73.90 6.13 26.01 3.89 9.50 - 145.50 5.81 59.04
High
High Low 969.59 960.42 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.38 22.31 Low
Close Chg
93.00 92.51 92.69 75.01 73.78 74.54 26.50 26.13 26.46 9.88 9.01 9.50 146.05 146.05 145.50 59.74 59.50 59.54
0.17 0.64 0.45 0.00 0.00 0.50
Close 965.49 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 2948 6104 8803 172 101 600
94.00 90.00 33.50 12.80 168.00 66.15
81.00 70.60 24.51 9.00 143.10 58.05
8.07 24.38 0.24
Lotte Pakistan PTA Ltd
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
42.49
Total Assets (Rs in mn)
MA (10-day)
15.06
Total Equity (Rs in mn)
MA (100-day)
15.62
Revenue (Rs in mn)
18,976.36 7,536.40 38,552.26
MA (200-day)
13.02
Interest Expense
1st Support
14.88
Profit after Taxation
2nd Support
14.71
EPS 09 (Rs)
1st Resistance
15.27
Book value / share (Rs)
307.33
2nd Resistance
15.49
PE 10 E (x)
2.29
Pivot
15.10
PBV (x)
3.02
3,383.27 2.234 4.98
LOTPTA closed up 0.10 at 15.02. Volume was 60 per cent below average (consolidating) and Bollinger Bands were 34 per cent narrower than normal. The company's profit after taxation stood at Rs2.488 billion which translates into an Earning Per Share of Rs1.64 for the 1st quarter of current calendar year (1QCY11). LOTPTA is currently 15.1 per cent above 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 LOTPTA at a relatively equal pace. Trend forecasting oscillators are currently bearish on LOTPTA.
BOOK CLOSURES Company
From
To
MCB Bank Soneri Bank Shaheen Insurance # Ittehad Chemicals # (TFC) Engro Fertilizer JS Bank # Jahangir Siddiqui & Company # Crescent Steel (Un-Consolidated) Treet Corporation # (TFC) Saudi Pak Leasing Co Lotte Pakistan PTA # PTCL OGDC Fauji Fertilizer Bin Qasim Hinopak Motors Pakistan Oilfields # National Bank of Pakistan # Atlas Honda Invest Cap. Inv Bank
02-Jun 02-Jun 03-Jun 04-Jun 04-Jun 06-Jun 06-Jun 08-Jun 08-Jun 10-Jun 10-Jun 11-Jun 14-Jun 14-Jun 14-Jun 14-Jun 14-Jun 15-Jun 17-Jun
09-Jun 05-Jun 10-Jun 10-Jun 17-Jun 14-Jun 15-Jun 14-Jun 14-Jun 16-Jun 20-Jun 21-Jun 20-Jun 20-Jun 20-Jun 20-Jun 23-Jun 24-Jun
D/B/R 30(I) 33.25(R) 10(II) 17.5(I) 15(II) 12.5(I) 65,15(B) -
Spot AGM/Date 25-May 31-May 03-Jun 06-Jun 06-Jun 07-Jun -
10-Jun 10-Jun 15-Jun 15-Jun 14-Jun 16-Jun 20-Jun 20-Jun 20-Jun 23-Jun 24-Jun
INDICATIONS
Change 5.33 Market cap 31,386.62 mn Div Yield (%) 7.21
Last 60 days High Low
(0.676)
SBL closed down -0.03 at 1.95. Volume was 16 per cent below average and Bollinger Bands were 51 per cent narrower than normal. The company's profit after taxation stood at Rs22.384 million which translates into an Earning Per Share of Rs0.02 for the 1st quarter of current calendar year (1QCY11). SBL is currently 2.9 per cent above 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 SBL at a relatively equal pace. Trend forecasting oscillators are currently bearish on SBL.
Performance of SR Pharma and Bio Tech Index
Change 28.43 Market cap 33,163.08 mn Div Yield (%) 16.22
Last 60 days High Low
Open
High Low 752.40 719.63 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.16 10.64
PERSONAL GOODS
Performance of SR Industrial Engineering Index High Low 1,657.92 1,613.46 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 3.08 38.02
Open
Open 731.21 Turnover 230,169 P/E (x) 1.54
INDUSTRIAL ENGINEERING Open 1,612.62 Turnover 229,825 P/E (x) 8.11
1264 4275 2155 1523131 9899 26790 5200 52320 2281 5808 1672
High Low 2,076.94 2,021.35 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 14.39 30.30
1.10 18.58 18.90 18.10 18.78 8.01 8.01 8.00 8.00 8.00 8.50 8.50 8.50 4.38 2.25 2.96 2.84 2.80 9.01 10.01 9.23 9.48 3.10 3.33 2.25 2.80 1.34 18.00 18.65 18.48 18.50 38.00 38.00 38.00 38.00 4.59 24.66 25.89 24.55 25.80 5.12 12.70 12.83 12.75 12.70 0.65 10.94 11.94 11.70 10.94 1.52 78.97 79.00 76.00 76.68 0.98 7.95 7.95 7.95 7.95 0.70 3.01 3.95 3.25 3.73 2.06 66.00 68.00 67.50 68.00 0.27 2.63 2.90 2.47 2.50 13.66 75.34 79.10 74.24 79.10 25.29 3389.81 3449.98 3300.05 3330.76 3.50 3.80 3.50 3.50 40.21 40.15 39.90 40.21 11.78 2666.08 2749.00 2611.00 2665.09 18.18 2.30 2.00 2.00 2.00 1.24 10.03 10.63 10.00 10.61 1.86 64.95 65.00 65.00 65.00 1.21 5.70 6.44 5.80 5.99
CONSTRUCTION AND MATERIALS High Low 914.97 890.41 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.48 7.10
2011 Div BR (%) (%)
FOOD PRODUCERS
Performance of SR Construction and Materials Index Open 891.36 Turnover 5,495,251 P/E (x) 6.69
-
Performance of SR Household Goods Index
Last 60 days High Low
Volume
72.40 72.23 72.40 1.15 213.99 212.51 212.60 0.43 149.98 149.45 149.47 1.45 3.05 2.57 2.78 -0.18 24.00 23.03 23.97 0.27 3.83 3.60 3.60 0.06 3.55 3.15 3.17 -0.39 10.70 10.10 10.52 0.35 225.00 222.00 222.63 1.12 68.00 66.89 67.75 2.15 23.00 22.95 23.00 0.00
Open 2,041.11 Turnover 724,920 P/E (x) 47.50
INDUSTRIAL METALS AND MINING High Low 1,069.05 1,034.48 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 0.97 33.10
40 15
Performance of SR Food Producers Index
Performance of SR Industrial Metals and Mining Index Open 1,039.88 Turnover 2,495,262 P/E (x) 2.92
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,882.83 1,849.12 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.10 35.00
% Change 2.06 5-Day High 826.20 5-Day Low 758.94
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index
Company
Century Paper & Board Mills Limited
Performance of SR Industrial Transportation Index
Close Change 1,554.66 34.73 Listed cap Market cap 65,194.15 mn 1,152,100.81 mn Payout (%) Div Yield (%) 55.94 5.29
Attock Petroleum 691 6.98 378.07 Attock Refinery 853 4.51 131.05 BYCO Petroleum 3921 9.26 Mari Gas Company 735 4.40 109.07 National Refinery 800 5.29 364.79 Oil & Gas Development 43009 10.42 150.49 Pak Petroleum 11950 7.93 213.09 Pak Oilfields 2365 7.50 333.44 Pak Refinery Limited 350 49.26 85.38 P.S.O XD 1715 4.15 283.57 Shell Gas LPG 226 - 24.19 Shell Pakistan 685 8.12 225.02
Open 1,849.27 Turnover 18,349,225 P/E (x) 8.86
Alert ! Unusual Movements
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,519.93 Turnover 10,916,169 P/E (x) 10.58
KSE 30 Index
2010 Div BR (%) (%) 50 40 25 100 30
15B 10B -
% Change 0.55 5-Day High 969.74 5-Day Low 960.17 2011 Div BR (%) (%) -
-
# Extraordinary General Meeting
OTHER SECTORS Symbols Johnson & Philips Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Grays of Cambridge Pak Tobacco Co. Shifa Int.HospitXD Media Times LtdXR P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies Pak Telephone
Open 7.71 49.04 2.83 107.92 2.5 46.94 102 32.05 16.64 2.51 38.86 2.77 21.23 3.18
High 8.25 49.8 2.9 110 2.5 49.28 106 32.9 17.38 2.6 40 2.88 21.99 3.34
Low Close 8.25 49.1 2.8 105.85 2.5 47.95 103.95 32.7 15.7 2.52 39 2.77 21.05 3.01
7.71 49.8 2.84 107.01 2.5 49.28 105.75 32.05 16.64 2.55 40 2.85 21.72 3.2
Change 0 0.76 0.01 -0.91 0 2.34 3.75 0 0 0.04 1.14 0.08 0.49 0.02
Vol 200 1325 642360 6571 500 2359 66563 105 110 86345 2060 595016 399405 3107
7
Thursday, June 2, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,018.81 Turnover 756,194 P/E (x) 5.63 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 1,029.40 1,016.92 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.72 12.84
PE
Open
High
Low
Close Chg
78 30.75 37740 14.48 3000 3.12 8606 6175 -
30.46 17.57 1.88 2.29 2.80
31.98 17.70 1.92 2.39 2.90
31.25 17.57 1.82 2.25 2.66
31.98 17.67 1.84 2.27 2.80
1.52 0.10 -0.04 -0.02 0.00
Close 1,023.22 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 8752 489962 57860 199620 6857
Change 4.41 Market cap 71,171.76 mn Div Yield (%) 11.12
% Change 0.43 5-Day High 1,023.22 5-Day Low 993.68
Last 60 days High Low
2010 Div BR (%) (%)
51.90 18.10 2.12 2.89 3.20
80 17.5 1 -
28.71 16.05 1.40 1.94 2.41
2011 Div BR (%) (%)
- 15.00 -
-
Atlas Insurance Central Insurance Century Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance XD PICIC Ins Ltd Premier Insurance Reliance Insurance Silver Star Insurance United Insurance Universal Insurance
443 3.45 391 1.60 457 4.68 1250 14.26 450 7.94 970 5.88 989 10.28 3000 5.93 350 9.07 303 3.80 284 4.12 291 0.92 496 1.75 263 -
27.50 71.00 8.28 38.00 11.45 72.00 57.78 16.96 11.01 8.42 6.52 4.84 5.20 2.01
Paid up Cap(mn)
PE
Open
High
Low
Hub Power 11572 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 Kohinoor Power 126 Kot Addu Power 8803 Nishat Chunian Power Ltd XD 3673 Nishat Power Ltd 3541 Sitara Energy Ltd 191 Southern Electric 1367 Tri-star Power XD 150
7.57 5.14 2.33 5.61 2.83 2.42 5.83 -
37.63 1.30 2.44 17.50 2.76 43.54 15.83 17.04 20.10 1.57 1.01
37.99 1.36 2.55 17.51 3.00 44.01 15.97 17.25 21.05 1.64 1.00
37.61 1.21 2.40 17.00 2.85 43.42 15.70 16.55 20.50 1.50 1.00
Company
Close 1,364.53 Listed cap 95,369.29 mn Payout (%) 104.13
Change 1.78 Market cap 106,110.52 mn Div Yield (%) 7.55
Close Chg
Volume
Last 60 days High Low
37.72 1.23 2.45 17.00 3.00 43.69 15.74 16.98 21.05 1.55 1.00
1421249 117310 298810 81920 655 325195 225484 610725 3399 49880 10500
40.39 1.70 2.87 18.25 4.25 44.90 17.25 17.75 23.26 1.98 1.37
0.09 -0.07 0.01 -0.50 0.24 0.15 -0.09 -0.06 0.95 -0.02 -0.01
36.12 0.97 2.25 15.41 2.11 40.26 14.30 15.45 15.35 1.13 0.31
% Change 0.13 5-Day High 1,373.15 5-Day Low 1,358.69
2010 Div BR (%) (%) 50 25 50 20 -
7.8R -
2011 Div BR (%) (%) 25.00 10.00 30.00 10.00 -
Open 877.08 Turnover 14,782 P/E (x) 5.42
Paid up Cap(mn)
Company Sui North Gas Sui South Gas
PE
5491 13.84 8390 5.04
Open
High Low 1,330.12 1,302.26 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.97 11.41
High
19.16 22.03
19.50 22.49
Low 19.11 22.00
Close Chg 19.37 0.21 22.31 0.28
Close 1,320.31 Listed cap 12,202.80 mn Payout (%) 66.79
Change 15.51 Market cap 29,353.55 mn Div Yield (%) 7.85
Last 60 days High Low
Volume 17751 173125
21.87 26.15
17.64 20.52
% Change 1.19 5-Day High 1,320.31 5-Day Low 1,299.09
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index Open 1,154.69 Turnover 7,800,157 P/E (x) 7.37 Paid up Cap(mn)
Company
PE
Open
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 6.06 62.00 7070 5.50 11.89 13492 5.45 10.30 8786 6.03 28.39 5004 2.26 5.14 5288 6.13 5280 10.14 3.80 7327 7.55 9.90 11021 7.38 117.32 Habib Metropolitan Bank XB 10478 5.28 17.78 JS Bank Ltd 8150 56.80 2.71 KASB Bank Ltd 9509 1.45 MCB Bank Ltd XD 8362 8.22 204.97 Meezan Bank XB 8030 6.11 17.71 Mybank Ltd 5304 2.52 National Bank 16818 4.16 52.75 Network Mic Bank 300 2.70 NIB Bank XR 40437 1.74 Samba Bank 14335 24.38 1.98 Silkbank Ltd 26716 17.56 2.86 Soneri Bank XR 6023 3.10 6.06 Stand Chart Bank 38716 7.02 8.45 Summit Bank Ltd 7251 3.29 United Bank Ltd 12242 7.42 64.84
High
High Low Close 1,168.07 1,143.16 1,151.87 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.03 13.94 40.49 Low
Close Chg
62.20 61.00 61.41 -0.59 12.23 11.86 12.11 0.22 10.59 10.31 10.35 0.05 28.50 28.35 28.45 0.06 5.29 5.00 5.07 -0.07 6.31 6.14 6.23 0.10 3.84 3.75 3.75 -0.05 10.29 9.93 9.96 0.06 118.91 117.50 118.09 0.77 18.39 18.00 18.38 0.60 2.85 2.75 2.84 0.13 1.45 1.40 1.44 -0.01 206.75 202.15 203.53 -1.44 17.99 17.50 17.85 0.14 2.73 2.56 2.57 0.05 53.20 52.51 52.96 0.21 2.70 2.65 2.70 0.00 1.80 1.71 1.76 0.02 2.00 1.95 1.95 -0.03 2.92 2.80 2.81 -0.05 6.30 6.11 6.19 0.13 8.80 8.51 8.70 0.25 3.55 3.32 3.40 0.11 64.55 63.00 63.17 -1.67
Change -2.82 Market cap 678,222.29 mn Div Yield (%) 5.49
Last 60 days High Low
Volume
46269 64.03 280331 14.29 461247 11.20 263339 30.65 13956 6.25 1293477 7.40 16125 4.18 42184 13.90 61689 128.79 48462 24.23 49327 3.10 89521 1.69 702191 230.80 212098 19.70 77137 2.87 672541 79.95 55499 3.49 1848673 2.25 105376 2.20 912720 3.00 157115 6.99 9862 9.75 333434 3.87 381018 66.50
57.00 10.90 9.01 26.95 3.30 4.51 3.26 9.00 104.16 17.00 2.06 1.16 192.20 16.26 1.60 49.57 0.80 1.47 1.62 2.02 5.62 7.90 2.36 56.70
% Change -0.24 5-Day High 1,168.71 5-Day Low 1,151.87
2010 Div BR (%) (%)
40 10B - 10B 20 20B -64.41R - 20B 65 10B - 20B - 33R -105.16R 115 10B 30.00 - 15B 75 25B -154.79R -63.46R - 311R 6 - 20R 50 -
NON LIFE INSURANCE
Paid up Cap(mn)
Company
Adamjee Insurance XD
1237
High Low 777.03 758.08 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.58 5.20
500
EFU Life Assurance
850
AMZ Ventures Arif Habib Investments
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.31
67.54
68.69
66.87
68.14 0.60
291797
83.40
62.00
2010 Div BR (%) (%) 25
2011 Div BR (%) (%)
-
-
-
41.95 115.90 10.85 39.50 16.05 103.00 74.90 20.80 13.00 13.27 8.25 7.49 8.49 3.42
26.00 65.00 8.00 29.01 11.00 65.10 51.16 12.43 7.08 8.00 5.76 4.56 4.23 1.32
40 20B 25 50B 10 12.5 25 12.5B 30 55B 10.00 20 25B 30 25 - 12.5B - 15B - 24B -
-a
Open
6.54
16.52
9.53
65.38
High
Low
Close Chg
Close 899.61 Listed cap 2,290.72 mn Payout (%) 355.53
Change 22.53 Market cap 9,970.86 mn Div Yield (%) 5.88
Last 60 days High Low
Volume
% Change 2.57 5-Day High 899.61 5-Day Low 850.70
2010 Div BR (%) (%)
2011 Div BR (%) (%)
UPTO 100 VOLUME Symbols CHAS
High
Low
Close
10.00
10.25
10.25
10.00
Change
Vol
0.00
100
1.47
1.59
1.59
1.47
0.00
100
WAZIR
7.63
7.50
7.50
7.63
0.00
100
MIRKS
42.54
44.45
41.60
42.54
0.00
99
SHTM
0.49
0.45
0.45
0.49
0.00
90
EXIDE
56
195.08
201.50
196.25
195.08
0.00
SHNI
11.68
12.00
12.00
11.68
0.00
50
SNAI
39.94
40.00
40.00
39.94
0.00
50
4946.40
ULEVER
5020.00
4933.33
4995.86
49.46
26
30.00
30.84
30.00
30.00
0.00
22
TOWL
8.08
7.09
7.08
8.08
0.00
20
FIBLM
1.60
2.45
2.45
1.60
0.00
FECM
2.92
3.00
3.00
2.92
0.00
ICL
13 12
TREI
1.40
1.44
1.44
1.40
0.00
11
BAFS
46.03
43.73
43.73
46.03
0.00
10
BCL
49.75
47.77
47.77
49.75
0.00
10
GVGL
23.10
24.25
24.25
23.10
0.00
10
GWLC
6.15
0.00
10
JVDC
61.37
62.00
62.00
61.37
0.00
10
SHEZ
151.27
157.00
157.00
151.27
0.00
10
SIEM
993.19
995.03
995.00
993.19
0.00
7
UPFL
6.15
6.05
6.05
1400.00
1445.00
1445.00
1400.00
0.00
6
BROT
0.30
0.49
0.49
0.30
0.00
5
MEHT
64.94
65.00
65.00
64.94
0.00
5
1.00
1.25
1.25
1.00
0.00
5
17.00
17.00 0.48
2000
17.99
14.02
-
-
-
-
MUBT
67.99
65.16
67.85 2.47
12782
67.99
50.70
50
-
-
-
CRTM
0.00
4
FINANCIAL SERVICES
FCIBL
5.00
5.00
4.30
5.00
0.00
4
FZTM
314.00
319.00
299.00
314.00
0.00
4
Performance of SR Financial Services Index
STCL
6.09
6.20
6.02
6.09
0.00
4
0.00
3
0.00
3
PE
225 360
Open
High
High Low 314.78 289.92 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.19 0.91 Low
Close Chg
Close 307.49 Listed cap 30,336.44 mn Payout (%) 99.56
Change 12.28 Market cap 15,090.77 mn Div Yield (%) 4.65
Last 60 days High Low
Volume
% Change 4.16 5-Day High 314.09 5-Day Low 295.21
2010 Div BR (%) (%)
2011 Div BR (%) (%)
0.52 22.41
0.58 22.99
0.50 21.60
0.50 -0.02 22.90 0.49
36578 12519
0.82 24.97
0.34 21.00
-
20B
-
-
Arif Habib Limited Arif Habib Corp Dawood Equities
450 18.64 3750 3.17 250 -
16.71 22.74 1.43
17.71 23.79 1.60
16.50 22.76 1.45
17.71 1.00 23.68 0.94 1.50 0.07
85804 1889059 6654
22.80 26.14 1.99
12.01 20.53 1.15
30 -
20B -
-
-
IGI Investment Bank Invest and Fin Sec
2121 9.21 600 21.35
1.79 8.00
1.90 8.00
1.75 7.50
1.75 -0.04 7.90 -0.10
2.25 9.29
1.61 5.15
11.5
-
-
-
3340 1091
FNEL
7.50
13.55
7.99
2.66
7.00
2.83
1.71
13.32
7.50 2.66
0.69
0.57
0.56
0.69
0.00
3
90.00
89.00
88.99
90.00
0.00
3
DNCC
1.75
2.39
1.50
1.75
0.00
2
FCONM
1.50
1.80
1.80
1.50
0.00
2
21.06
21.30
21.30
21.06
0.00
2
MODAM
1.25
1.27
1.27
1.25
0.00
2
SCLL
2.52
2.88
2.88
2.52
0.00
2
BGL
2.10
2.33
2.33
2.10
0.00
1
CPMFI
2.50
1.96
1.96
2.50
0.00
1
DCM
1.50
1.79
1.79
1.50
0.00
1
ELCM
6.50
7.50
7.50
6.50
0.00
1
IDRT
4.89
4.98
4.98
4.89
0.00
1
MSCL
9.09
8.09
8.09
9.09
0.00
1
MUKT
0.50
0.63
0.63
0.50
0.00
1
TSMF
1.30
1.29
1.29
1.30
0.00
1
LPGL
YOUW
2849 3166
-
0.39 2.99
0.68 3.19
0.34 2.94
0.54 0.15 2.99 0.00
172806 13532
1.20 3.67
0.22 2.45
-
10B
-
-
7633
-
7.31
7.88
7.16
7.79 0.48
7278939
9.70
4.82
10
-
-
-
Symbols
508 500
6.19
2.97 21.80
3.20 22.38
2.95 20.85
3.05 0.08 21.53 -0.27
560389 13312
3.83 27.00
2.31 16.42
50
1.32
1.68
1.68
1.32
0.00
1
FUTURE CONTRACTS Open
High
Low
Close
Change
Vol
-
DGKC-JUN
23.21
24.10
23.35
23.94
ATRL-JUN
131.56
138.13
131.00
138.13
6.57
537000
JS Investment
1000 47.58
5.54
5.80
5.60
5.71 0.17
70731
6.43
4.53
-
-
-
-
POL-JUN
335.19
343.00
335.99
342.02
6.83
489000
KASB Securities Orix Leasing
1000 821
3.45
3.60 5.59
3.84 5.94
3.70 5.70
3.82 0.22 5.70 0.11
9407 7573
4.90 6.40
3.10 5.00
-
-
-
-
PPL-JUN
213.91
218.99
214.99
218.66
4.75
352000
ENGRO-JUN 195.81
199.44
196.12
198.94
3.13
298000
775 452 514 586
6.57 4.63 0.32
1.75 0.70 2.20 1.22
1.94 0.75 1.90 1.29
1.80 0.75 1.81 1.20
1.84 0.70 1.85 1.29
130076 204 1275 3890
2.49 1.30 4.20 2.00
1.45 0.55 1.55 0.83
-
-
-
-
NML-JUN
60.01
60.95
60.00
60.53
0.52
195000
NBP-JUN
53.23
53.60
53.20
53.37
0.14
122500
MCB-JUN
206.72
208.00
204.05
205.02
-1.70
117500
FFBL-JUN
41.98
42.85
42.15
42.68
0.70
106000
PTC-JUN
16.08
16.24
15.95
16.01
-0.07
80000
FFC-JUN
140.75
143.00
141.35
142.87
2.12
LUCK-JUN
71.22
73.00
71.50
72.86
1.64
38500
UBL-JUN
65.00
64.50
63.50
63.52
-1.48
28500
37.75
38.00
38.00
38.00
0.25
10000
Pervez Ahmed Sec Saudi Pak Leasing Sec Inv Bank Trust Inv Bank
0.09 0.00 -0.35 0.07
-
13.55
GENP
Invest Bank Ist Cap Securities
-
13.32
PECO
Jah Siddiq Co JOV and CO JS Global Cap
Open
FDIBL
17.40
1.04 5.84
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,521.02 Turnover 1,314,762 P/E (x) 20.48 Paid up Cap(mn)
Company 1st Fid Leasing
PE
264
Open
High
High Low 1,551.01 1,522.27 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.45 2.21 Low
Close Chg
1.30
1.44 -0.01
10.70
10.83 0.13
1.15
-
9.80
18.5
1.73
6.45
6.50
6.50
6.50 0.05
50000
6.94
5.51
2.2
-
-
-
2.25
2.25
2.20
2.22 -0.03
38200
2.91
1.29
0
-
-
-
0.36
1.2
4.00
0.56
7.95
1.60
1.79
1.50
1.51 -0.09
27502
2.50
1.22
-
-
-
-
1.34
2.11
2.24
2.24
2.24 0.13
502
2.39
1.79
-
-
-
-
2.30
3.30
3.85
8.08
3.72
3.27
7.86
3.47 0.17
7.86
7.86 -0.22
0.84
786811
3.95
500
8.48
3.08 7.00
-
17
-
-
524 760
230
5.00
581 397
0.56 0.00
-
Equity Modaraba Golden Arrow
0.55
2.35 11.20
First Dawood Mutual F. H B L Modaraba
0.55
15362 74580
2011 Div BR (%) (%)
2.31
200
1.60 10.85
2010 Div BR (%) (%)
525
Crescent St Modaraba
1.45 10.70
Last 60 days High Low
Volume
% Change 1.26 5-Day High 1,540.12 5-Day Low 1,521.02
780
1375
-
Change 19.10 Market cap 19,431.03 mn Div Yield (%) 7.95
Atlas Fund of Funds
AL-Meezan Mutual F.
4.65
Close 1,540.12 Listed cap 29,771.58 mn Payout (%) 104.74
B R R Guardian Mod.
-
11
-
-
-
-
-
Habib Modaraba
1008
3.94
7.66
7.63
7.55
7.60 -0.06
1560
8.44
7.00
21
-
-
-
JS Growth Fund XD
3180
2.32
6.68
6.80
6.70
6.75 0.07
11257
7.45
5.41
12.5
-
-
-
-
5.00
1186
KASB Modaraba
% Change 0.60 5-Day High 768.55 5-Day Low 762.23
PE
Paid up Cap(mn)
Meezan Balanced Fund
Change 4.59 Market cap 47,066.49 mn Div Yield (%) 7.12
2824 5254 4635 47398 2302 38122 1453 515843 1051 10907 41525 3816 1628 150
BAPL
JS Value Fund XD
Close 766.94 Listed cap 11,111.34 mn Payout (%) 79.54
0.27 2.51 0.14 0.21 -0.02 -1.00 0.72 0.11 -0.13 0.09 0.23 0.41 -0.17 0.00
High Low 902.17 876.88 Total cos Defaulter cos 4 P/BV (x) ROE (%) 2.33 3.85
Open 295.21 Turnover 8,408,226 P/E (x) 11.62
2011 Div BR (%) (%)
Performance of SR Non Life Insurance Index Open 762.35 Turnover 968,755 P/E (x) 11.18
American Life
Company
Performance of SR Gas Water and Multiutilities Index Open 1,304.80 Turnover 190,876 P/E (x) 8.51
Paid up Cap(mn)
Company
-
GAS WATER AND MULTIUTILITIES
27.77 73.51 8.42 38.21 11.43 71.00 58.50 17.07 10.88 8.51 6.75 5.25 5.03 2.01
Performance of SR Life Insurance Index
Performance of SR Electricity Index High Low 1,378.54 1,357.23 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.29 9.35
27.75 72.00 8.15 38.00 11.15 70.98 58.45 16.95 10.02 8.20 6.66 4.75 5.01 1.82
LIFE INSURANCE
ELECTRICITY Open 1,362.75 Turnover 3,145,130 P/E (x) 13.80
28.20 73.90 8.44 39.48 11.45 71.99 58.50 17.40 10.98 8.59 6.95 5.50 5.40 2.05
Pak Modaraba Pak Oman Advantage Paramount Modaraba
0.61
5.66
5.85
4.91
10 2.8
9.50 0.10
56312
10.00
8.46
15.5
-
-
-
0.90
0.76 0.00
116
1.25
0.45
3
-
-
-
4.75
1.04
5.05 10.00
5.48 10.16
5.00
5.48 0.43
10.15
10.16 0.16
1800
9.75
542
10.50
8.05
-
18
-
-
1.50
9.40
1.10
-
2.55 0.00
6.68 3.94
9.50
0.76
5.55
2.55
501 15000
9.40
-
59
2.55
5.85 0.19
1.65 2.73
125 1000
2.55
5.85
283 1200
-
-
-
-
-
-
PICIC Energy Fund
1000
2.23
7.45
7.66
7.35
7.55 0.10
51680
7.80
6.92
10
- 10.00
-
PICIC Growth Fund
2835
2.73
12.97
13.34
13.05
13.30 0.33
124630
13.74
12.00
20
- 12.50
-
PICIC Inv Fund
2841
2.44
6.18 0.12
16503
6.59
5.10
Prud Modaraba 1st
872
1.60
0.90
0.93
0.82
0.88 -0.02
3458
1.10
0.80
Punjab Modaraba
340
-
0.87
0.99
0.90
0.99 0.12
7685
1.99
0.50
Stand Chart Modaraba
454
5.47
9.77
6.06
9.90
6.18
9.90
6.05
9.90 0.13
30000
10.50
9.50
10
-
7.50
-
3
-
-
-
1
-
-
-
17
-
-
-
HUBC-JUN
0.73 1027500
64000
MTS LEVERAGE POSITION Symbol AHCL AICL AKBL ANL ATRL BAFL DGKC ENGRO FFBL FFC HUBC KAPCO LOTPTA MCB NBP NCL NETSOL NML OGDC PAKRI POL PPL PSO PTC UBL TOTAL
Total Volume 624,755 21,725 85,897 223,500 248,909 1,284,937 563,425 62,112 115,000 15,700 28,000 103,750 3,884,529 35,200 724,954 376,181 17,000 286,298 9,464 316,700 60,700 129,080 55,000 26,550 28,200 9,327,566
Total Value 10,090,327 1,094,931 758,443 983,550 24,944,943 9,995,249 9,751,950 9,083,250 3,721,096 1,672,805 792,257 3,407,571 43,578,896 5,382,052 28,309,531 6,863,778 272,669 12,752,003 1,092,299 3,946,761 15,501,838 20,757,604 11,780,979 336,049 1,360,062 228,230,895
MTS Rate 19.65 16.50 20.00 16.58 16.27 16.24 15.98 16.47 15.99 16.00 16.09 16.12 16.08 16.38 15.85 20.00 15.63 16.02 16.00 15.50 15.55 16.01
BOARD MEETINGS
Fauji Fertiliser Bin Qasim Ltd
KSE 100 INDEX
Fauji Fertiliser Co
Dera Ghazi Khan Cement Co Ltd
Company
Date
Time
First Cap Security Ltd Amtex Ltd
06-Jun 07-Jun
11:30 11:30
TECHNICAL LEVELS Company Al-Abbas Cement
Technical Outlook Technical Analysis RSI (14-day)
64.16
Brokerage House
Leverage Position Support 1
12,157.20
MA (5-day)
12,201.29
Support 2
12,050.30
MA (10-day)
12,118.80
Resistance 1
12,330.25
MA (100-day)
11,991.16
Resistance 2
12,396.45
MA (200-day)
11,337.97
Pivot
12,223.40
KSE 100 INDEX closed up 140.91 points at 12,264.06. Volume was 12 per cent above average and Bollinger Bands were 32 per cent narrower than normal. As far as resistance level is concern, the market will see major 1st resistance level at 12,330.25 and 2nd resistance level at 12,396.45, while Index will continue to find its 1st support level at 12,396.45 and 2nd support level at 12,050.30. KSE 100 INDEX is currently 8.2 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX.
Arif Habib Ltd
Brokerage House AKD Securities Ltd
Target Price 74.65 78.6
Hold
Arif Habib Ltd
Brokerage House
Target Price
Recommendations
144
Hold
AKD Securities Ltd
28.72
Buy
AKD Securities Ltd
120.7
Reduce
Neutral
TFD Research
36.45
Positive
TFD Research
129.4
Neutral
Technical Analysis
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
68.45 MTS Shares `000 115.00 42.57 MTS Rs `000 3,721.10 41.27 MTS Rate 15.98 36.31 ** NOI Rs (mn) 24.58 Free Float Shares (mn) 326.94 Free Float Rs (mn) 14,218.56 Target price for Dec-11 & **Net Open Interest in future market
Technical Outlook Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
58.80 22.78 25.26 26.24 Free Float Shares (mn) 200.80
Technical Outlook
Leverage Position MTS Shares `000 MTS Rs `000 MTS Rate ** NOI Rs (mn) Free Float Rs (mn)
563.425 9,751.95 16.27 100.50 4,789.19
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)
55.29 MTS Shares `000 15.70 140.68 MTS Rs `000 1,672.81 139.02 MTS Rate 16.47 124.98 ** NOI Rs (mn) 28.29 Free Float Shares (mn) 466.49 Free Float Rs (mn) 66,087.26 Target price for Dec-11 & **Net Open Interest in future market
60.90
60.35
62.10
62.75
61.55
Attock Cement
58.38
54.20
53.85
54.65
54.85
54.35
Arif Habib Corp
58.23
23.05
22.40
24.05
24.45
Arif Habib Limited
61.38
16.90
16.10
18.10
18.50
Adamjee Insurance
52.02
67.10
66.10
68.95
69.70
67.90
Askari Bank
57.45
11.90
11.70
12.30
12.45
12.05
Azgard Nine
55.98
6.45
6.25
6.90
7.05
Attock Petroleum
64.54
381.45
376.75
389.45 392.70 384.75
Attock Refinery
71.19
132.85
128.15
139.95 142.35 135.25
Bank Al-Falah
48.12
10.25
10.15
46.11 60.84
Dewan Cement
57.22
1.85
1.75
2.05
2.20
2.00
D.G.K.Cement
57.97
23.35
22.90
24.15
24.50
23.70
Dost Steels Ltd
63.38 72.78
2.85 2.05
6.05
2.70 1.60
3.85 6.30
3.15 2.95
3.90
6.65
10.40
Bank.Of.Punjab
6.15
3.70
10.70
17.30
BankIslami Pak
Dewan Salman
3.75
10.55
23.40
6.40
3.30 3.40
3.80 6.25
3.00 2.50
EFU General Insurance 71.51
37.65
37.10
39.10
40.05
38.55
EFU Life Assurance
75.44
66.00
64.15
68.85
69.85
67.00
Engro Corp
53.90
195.20
192.90
9.85
50.33
Fauji Cement
72.39
Fauji Fert Bin
67.87
43.00
42.45
Fauji Fertilizer
55.11
140.45
139.20
142.45 143.20 141.20
and is displaying an upward trend. Volatility is extremely low when displaying an upward trend. Volatility is low as compared to the average displaying a downward trend. Volatility is relatively normal as compared to compared to the average volatility over the last 10 trading sessions. volatility over the last 10 trading sessions. Volume indicators reflect mod- the average volatility over the last 10 trading sessions. Volume indicators
Habib Bank Ltd
43.07
117.45
116.75
118.85 119.60 118.15
Hub Power
4.65
9.70
198.90 200.30 196.60
Faysal Bank
4.60
10.20
10.40
10.05
4.85
4.95
4.80
43.85
44.20
43.30
54.88
37.55
37.40
ICI Pakistan
56.66
157.60
156.05
160.10 161.05 158.55
Volume indicators reflect very strong flows of volume into FFBL (bull- erate flows of volume into DGKC (mildly bullish). Trend forecasting oscilla- reflect moderate flows of volume into FFC (mildly bullish). Trend forecast-
Indus Motors
54.51
221.40
220.20
224.40 226.20 223.20
ish). Trend forecasting oscillators are currently bullish on FFBL.
J.O.V.and CO
59.41
2.95
2.80
3.20
3.30
3.05
Japan Power
50.78
1.20
1.10
1.35
1.40
1.25
JS Bank Ltd
66.51
2.75
2.70
2.85
2.90
2.80
Jah Siddiq Co
44.21
7.35
6.90
8.05
8.35
7.60
Brokerage House
tors are currently bullish on DGKC.
Recommendations
359
Hold
Arif Habib Ltd
254.9
Neutral
TFD Research
246.65
322.42
TFD Research
363.65
Neutral
Brokerage House
Leverage Position
70.99 MTS Shares `000 60.70 332.58 MTS Rs `000 15,501.84 322.99 MTS Rate 15.63 287.93 ** NOI Rs (mn) 213.94 Free Float Shares (mn) 107.95 Free Float Rs (mn) 36,724.94 Target price for Dec-11 & **Net Open Interest in future market
Engro Corporation
Target Price
Recommendations
Brokerage House
Buy
Arif Habib Ltd
Positive
AKD Securities Ltd TFD Research
Technical Outlook Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
ing oscillators are currently bearish on FFC.
Pakistan Petroleum Ltd
Target Price
Arif Habib Ltd
Leverage Position
67.48 MTS Shares `000 129.08 211.53 MTS Rs `000 20,757.60 209.63 MTS Rate 16.02 203.83 ** NOI Rs (mn) 82.32 Free Float Shares (mn) 247.73 Free Float Rs (mn) 53,760.16 Target price for Dec-11 & **Net Open Interest in future market
Recommendations
224
Buy
195.41
Neutral
245.4
Positive
Technical Outlook
Technical Outlook Technical Analysis 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)
54.64 MTS Shares `000 62.112 193.84 MTS Rs `000 9,083.25 206.24 MTS Rate 16.24 193.51 ** NOI Rs (mn) 150.59 Free Float Shares (mn) 176.98 Free Float Rs (mn) 34,951.36 Target price for Dec-11 & **Net Open Interest in future market
NML closed up 0.59 at 60.08. Volume was 16 per cent above average and POL closed up 6.76 at 340.20. Volume was 25 per cent above average PPL closed up 3.92 at 217.01. Volume was 136 per cent above average ENGRO closed up 3.19 at 197.49. Volume was 15 per cent below average Bollinger Bands were 38 per cent narrower than normal.
1st 2nd Pivot Resistance 3.05 3.15 3.00
47.41
FFBL closed up 0.66 at 43.49. Volume was 13 per cent below aver- DGKC closed up 0.75 at 23.85. Volume was 79 per cent above average FFC closed up 1.91 at 141.67. Volume was 14 per cent above average and age and Bollinger Bands were 38 per cent narrower than normal. and Bollinger Bands were 33 per cent narrower than normal. Bollinger Bands were 78 per cent narrower than normal. FFBL is currently 19.7 per cent above its 200-day moving average DGKC is currently 9.1 per cent below its 200-day moving average and is FFC is currently 13.3 per cent above its 200-day moving average and is
AKD Securities Ltd
Leverage Position
Arif Habib Ltd
Accumulate
Positive
49.77 MTS Shares `000 286.298 59.40 MTS Rs `000 12,752.00 63.38 MTS Rate 16.38 58.06 ** NOI Rs (mn) 47.23 Free Float Shares (mn) 175.80 Free Float Rs (mn) 10,562.06 Target price for Dec-11 & **Net Open Interest in future market
Buy
44.25
Buy
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Recommendations
30.1
45.52
Technical Outlook
Pakistan Oilfields Ltd
Recommendations
Brokerage House
Target Price
TFD Research
Technical Outlook Technical Analysis
Recommendations
42.2
AKD Securities Ltd
Nishat Mills Ltd
TFD Research
Target Price
RSI 1st 2nd (14-day) Support 63.30 2.90 2.85
Allied Bank Limited
and Bollinger Bands were 32 per cent narrower than normal.
and Bollinger Bands were 4 per cent wider than normal.
POL is currently 18.2 per cent above its 200-day moving average and is PPL is currently 6.5 per cent above its 200-day moving average and is disdisplaying an upward trend. Volatility is relatively normal as compared to playing an upward trend. Volatility is low as compared to the average the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect modreflect very strong flows of volume into POL (bullish). Trend forecasting erate flows of volume into NML (mildly bullish). Trend forecasting oscilla- oscillators are currently bullish on POL. Momentum oscillator is currently erate flows of volume into PPL (mildly bullish). Trend forecasting oscillators
and Bollinger Bands were 65 per cent narrower than normal.
43.40
58.41 54.70
2.40
2.30
2.55
2.60
2.45
Lotte Pakistan
42.32
14.85
14.70
15.25
15.50
15.10
Lucky Cement
62.33
71.75
70.85
73.30
73.90
72.40
MCB Bank Ltd
43.45
201.55
199.55
Maple Leaf Cement
56.32
2.25
2.20
2.35
2.40
2.30
National Bank
47.36
52.60
52.20
53.25
53.60
52.90
Nishat (Chunian)
47.54
24.95
24.45
25.75
26.05
25.25
Netsol Technologies
49.65
21.20
20.65
22.15
22.55
21.60
NIB Bank
49.68 49.26
59.60
59.10
Oil & Gas Dev. XD
67.39
150.90
147.75
PACE (Pakistan) Ltd.
48.32
2.80
2.70
Pervez Ahmed Sec
57.54
2.70
1.65
61.11
Nishat Mills
1.80 2.50
2.65
1.70 2.45
44.30
37.75
K.E.S.C
Nimir Ind.Chemical
44.00
38.15
Kot Addu Power
1.70
43.10
37.95
43.70
206.15 208.75 204.15
1.80
1.85
1.75
2.85
2.90
2.80
60.65
61.25
60.20
156.05 158.05 152.90 2.90 1.90
2.95 2.00
2.85 1.85
P.I.A.C.(A)
62.42
Pioneer Cement
57.84
5.40
5.30
Pak Oilfields
70.46
335.90
331.60
342.85 345.45 338.55
2.60
2.65
2.55
5.70
5.90
5.60
Pak Petroleum
66.78
214.30
211.55
218.60 220.25 215.90
Pak Suzuki
48.71
67.10
66.45
P.S.O. XD
66.31
286.50
282.75
P.T.C.L.A
69.55
17.60
17.50
Shell Pakistan
72.58
226.45
224.60
Sui North Gas
59.03
19.15
18.95
19.55
19.70
19.35
Sitara Peroxide
54.54
18.00
17.70
18.45
18.65
18.20
Sui South Gas
51.03
22.05
21.80
22.55
22.75
22.25
68.20
68.65
67.55
292.40 294.65 288.70 17.75
17.80
17.65
229.55 230.80 227.70
NML is currently 3.5 per cent above its 200-day moving average and is dis-
ENGRO is currently 2.1 per cent above its 200-day moving average and is
playing an upward trend. Volatility is low as compared to the average
displaying an upward trend. Volatility is extremely low when compared to
Telecard
60.48
1.80
1.75
1.90
1.95
volatility over the last 10 trading sessions. Volume indicators reflect mod-
the average volatility over the last 10 trading sessions. Volume indicators
TRG Pakistan
58.58
2.80
2.75
2.90
2.95
2.85
reflect volume flowing into and out of ENGRO at a relatively equal pace.
United Bank Ltd
43.43
62.60
62.00
64.15
65.10
63.55
Trend forecasting oscillators are currently bullish on ENGRO.
WorldCall Tele
52.57
2.20
2.15
2.35
2.45
2.30
tors are currently bullish on NML.
indicating that POL is currently in an overbought condition.
are currently bullish on PPL.
1.85
8
Thursday, June 2, 2011
PIA told to prepare pleasing policies ISLAMABAD: Acting Chairman Senate Mir Jan Muhammad Khan Jamali has said that Pakistan International Airline (PIA) being Pakistan's only national flag carrier must enhance its facilities via up-gradation to attract more customers and business to turn around its current state of affairs. He was expressing his views while chairing the meeting of the Sub-Committee of the standing committee on defence and defence production here in Parliament House here on Thursday. The Acting Chairman said that the PIA business class can generate money easily and this money can be utilized for up-gradation of existing facilities. He added that further facilitation of the PIA clients can only make PIA more competitive and attractive vis-àvis other world class airlines. The Acting Chairman said that the PIA should be allowed to work without hindrance.
Pilots sue US Airways over stalled union deal NEW YORK: US Airways Inc. pilots are accusing the airline's management of intentionally interfering with good-faith efforts to reach a new collective bargaining agreement, which would replace a temporary deal struck following the 2005 merger of US Airways with American West Airlines. The lawsuit, filed Friday in Brooklyn federal court by the US Airlines Pilots Association, or USAPA, seeks a court order prohibiting US Airways from violating its current agreement with the pilots while talks over a new deal continue. The USAPA, which negotiates on behalf of more than 4,000 US Airways pilots across the country, accused the airline of numerous violations of the Railway Labor Act, including failing to resolve a backlog of more than 500 pilot grievances and attempting to sabotage the nearly six-year-old negotiating process. According to the lawsuit, pilots from both US Airways and American West Airlines initially reached a transition agreement to cover employees from both companies after the merger, until a longer-term integrated agreement could be reached. But talks over the new agreement moved slowly, as the airline attempted to impose "draconian" terms on the pilots in order to keep labor costs low, according to the lawsuit. Little progress was made, and in January 2010, the National Mediation Board assigned a mediator to oversee the monthly negotiating sessions. US Airways soon became hostile, according to the suit, refusing to make serious efforts to address major issues such as pay and vacation, and blocking attempts to schedule additional mediation sessions. "The honesty, moral character and integrity that we have applied to our obligations during negotiations have been met with exactly the opposite from management," said USAPA president Mike Cleary. -APP
He said that all stakeholders should be taken on board including members of Public Accounts Committee (PAC) and National Assembly Defence and Defence Production Committee so that without any delay the task of turning around affairs of PIA for its better service delivery can be brought about which can ultimately lead towards its recovery as a progressive and affluent organization. The Committee recommended the need for improvements in PIA business class facilities by offering incentives to customers of PIA as well as crew members. Likewise, cabin crew working in economy class on good performance should be promoted to business class. The Acting Chairman endorsed the recommendations put forth. The meeting was attended by Acting Chairman Senate Jan Muhammad Khan Jamali, Senator Syed Tahir Hussain Mashhadi. -NNI
Boeing-787 ready for Aug-Sept delivery
BERLIN: People line up at the ticket counter of the Air Berlin airline at Tegel airport inBerlin after all flights were cancelled due to volcanic ash in the skies over northern Germany.-Reuters
US airlines say demand up, see more capacity cuts WASHINGTON: US airlines said that bookings were strong heading into summer, but higher fuel prices were pressuring profits and Delta Air Lines (DAL.N) said it would cut capacity further in response. Delta, the second-biggest U.S. carrier behind United Continental Holdings (UAL.N), also said it would reduce maintenance and other non-fuel-related costs. Demand for air travel is picking up after years of weakness, but the picture is clouded by an uncertain U.S. economic recovery. Weak data on U.S. home sales and factory activity on Thursday showed an economy stuck in slow-growth mode. Oil prices that have risen 40 per cent from a year ago are raising airlines' costs and cutting into profits. In response, the carriers are steadily raising fares, dumping less fuel-efficient planes and looking for ways to save money. Delta said 55,000 of its employees were eligible for a voluntary exit program it announced this month in a bid to cut costs. Shares of major U.S. airlines rose as oil prices retreated after U.S. jobless claims raised concern about the labour market. The Arca Airline index .XAL was up 1.4 percent. "We must anticipate these rapidly rising fuel prices are going to stay with us," Delta President Edward Bastian told a Bank of America Merrill Lynch conference on Thursday. While a recent sell-off in oil had brought some relief, airlines cautioned that oil prices were still very high. "We need to make sure that we continue to work diligently to get paid for the higher cost of fuel and the product," Bastian said. Delta's spring and summer bookings looked "quite strong"
as demand improves from earlier this year, Bastian said. Japan, which accounts for 8 percent of Delta's overall revenue, was continuing to recover after the March earthquake and tsunami. US Airways Group (LCC.N) President Scott Kirby told the Bank of America conference that consumers, concerned about conditions in Japan after the earthquake and turmoil in the Middle East, had delayed some travel in March and April, but demand was now picking up. "As the shock effect of those events has receded from the headlines, the consumer is coming back and the leisure demand is starting to come back," Kirby said. "That's why you'll see strong results in May, and I hope you'll see strong results across the summer." Southwest Airlines (LUV.N) also cited strong bookings for May and June. Ray Neidl, a senior aerospace sector specialist with Maxim Group, said the upbeat comments on bookings boded well for second-quarter results. "Despite steep increases in ticket prices and new economic uncertainty, demand has remained strong, enabling airlines to pass through the higher fuel costs," Neidl said. Delta said it would cut capacity by 4 percent year over year after Labor Day, focusing on markets where revenue has not kept pace with higher fuel costs. United Continental said its capacity would be trimmed in the fourth quarter of this year. Atlanta-based Delta said its trans-Atlantic joint venture with Air France-KLM (AIRF.PA) and Italy's Alitalia would cut passenger capacity by 7 to 9 percent this fall between Europe and the United States and Canada. TransAtlantic business was weak in the first quarter.-Reuters
Gulf Air lays off hundreds MANAMA: Gulf Air, Bahrain's loss-making national carrier, said it had laid off 200 employees and bookings were down a quarter following political and social unrest in Bahrain and the region. "Due to the situation in the region as a whole as well as the Kingdom of Bahrain, Gulf Air witnessed a 25 percent drop in bookings in the first five months of 2011," it said on Monday. The company said 200 employees were laid off, adding 100 of the laid-off employees have appealed the decision at an internal appeals committee and 11 were reinstated. Bahrain saw the worst sectarian clashes between its Shi'ite majority population and the Sunni-ruled security forces since the 1990s after Shi'ite protesters, inspired by uprisings in Tunisia and Egypt, took to the streets in February. In a subsequent crackdown by the government hundreds of mostly Shi'ite Muslim workers were fired. Gulf Air has struggled to find a niche after previous owners Abu Dhabi, Oman and Qatar gave up their stakes partly to establish their own carriers. It now focuses on regional routes in the Middle East to compete with airlines like Qatar Airways and Emirates Airline that serve global traffic linking Asia and Europe.-Reuters
Paris: Boeing narrowed its target date for delivery of the first 787 Dreamliner on as it announced plans to run mock commercial flights with the first customer, Japanese carrier All Nippon Airways (9202.T). Boeing, which most recently targeted first delivery in the third quarter, said in a statement it planned to deliver the first plane between August and September. The 787 is a light-weight, carbon-composite aircraft whose sales pitch offers fuel savings for airlines and more comfort and less jet lag for passengers, with its purer and more humid air pressurised to a lower altitude than ordinary jets. After nearly three years of production delays, the plane is being prepared for the first commercial operations. Using the second flight test aircraft code-named ZA002, Boeing said it planned to carry out test
PIA relaunches ‘Air Safari’ after 6-yr LAHORE: PIA has finally successfully re-launched its AIR SAFARI FLIGHT after a period of more than 06 years. The Air Safari flight to the Himalayas provides an awesome opportunity to visit the Roof of the World, where majestic peaks of K2, Nanga Parbat, and the world famous Concordia and Baltoro glacier can be viewed from the comfort of B737 Aircraft. The flight originates from Islamabad and returns back to Islamabad after 01-40 minutes. Air Safari to the roof of the world offers great opportunities to the tourists to have a bird eye view of Pakistan's northern paradise and is an ideal platform for the promotion of tourism in
Pakistan. On this occasion, Managing Director PIA, Nadeem Khan Yousafzai said and hoped that this safari service will attract tourists from abroad, which will promote tourism in the Country. It will be pertinent to mention here that PIA is the first airline in the world to start Air Safari with jet aircraft. The Air Safari flight was fully booked by the members of the diplomatic community based in Islamabad, who were extremely excited on the re-launch on Charter basis of the Air safari flight. The PIA Spokesperson said that the joy of the Passengers was beyond words on completion of the flight. -Online
flights in Japan together with ANA to help prepare for real operations. The in-service test flights will take place in the week of July 4. Boeing expects to fly the Dreamliner between Haneda Airport in Tokyo and airports in Osaka, Okayama and Hiroshima. The Dreamliner is the highest-profile project for Boeing Commercial Airplanes. The aircraft has captured the imagination of the aviation world, but problems with the extensive supply chain, as well as labour disputes, have caused a string of delays. ANA has said it is disappointed about the delays which are expected to have resulted in costly penalties for Boeing. Boeing is the world's second-largest commercial planemaker, behind Europe's Airbus (EAD.PA) which is developing its own midsized airliner to compete with the Dreamliner, the A350.-Reuters
Boeing cites increased interest in Super Hornet ATLANTA: Boeing Co (BA.N) has seen increased interest in its Super Hornet fighter jet from potential international customers as Lockheed Martin's (LMT.N) F35 Joint Strike Fighter has faced development and cost challenges, a Boeing executive said on Wednesday. "We have definitely gotten a lot more interest," Chris Chadwick, president of Boeing Military Aircraft, told reporters. Chadwick said customers in Asia-Pacific have expressed interest in the F/A-18E/F Super Hornet, a jet that can carry airto-air missiles and air-to-surface weapons. He also said potential customers in the Middle East were looking at different versions of that fighter aircraft. Aerospace analysts have said Boeing's Super Hornet could benefit from problems and delays with the F-35. The multinational F-35 family of fighters is the Pentagon's costliest arms purchase, most recently projected to total more than $380 billion over the coming two decades. U.S. lawmakers earlier in May urged the Pentagon to think of alternatives to the F-35 program if costs cannot be brought down. -Reuters
SEOUL: Airbus employees gather to form with umbrellas the logo of the Korean Air company.-Reuters
9
Thursday, June 2, 2011
Demand worry pressures oil, dollar supports
European vegetable oil prices
Investors see no change at OPEC meeting
ROTTERDAM: The following were the Wednesday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Jun11 932.00+0.00, Jul11 932.00+0.00, Aug11/Oct11 940.00+0.00, Nov11/Jan12 945.00+0.00, Feb12/Apr12 952.00+0.00. RAPEOIL: Dutch/EU euro tonne fob exmill Aug11/Oct11 1012.00-13.00, Nov11/Jan12 1007.00-13.00, Feb12/Apr12 1010.00-10.00. SUNOIL: EU dlrs tonne extank six ports option Jul11 1470.00+0.00, Aug11/Sep11 1470.00+0.00, Oct11/Dec11 1400.00+0.00, Jan12/Mar12 1415.00+0.00. LINOIL: Any origin dlrs tonne extank Rotterdam Jun11/Jul11 1527.50+0.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Jun11 1187.50-7.50, Jul11 1172.507.50, Jul11/Sep11 1162.5010.00, Oct11/Dec11 1142.5015.00. PALMOIL: RBD dlrs tonne cif Rotterdam July11 1260.00, Aug11/Sep11 1232.50. PALMOIL: RBD dlrs tonne fob Malaysia July11 1205.002.50, Aug11/Sep11 1177.5012.50. PALM OLEIN: RBD dlrs tonne fob Malaysia July11 1215.00+0.00, Aug11/Sept11 1185.00-12.50, Oct11/Dec11 1147.50-10.00, Jan12/Mar12 1145.00-7.50. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam May11/Jun11 2150.00+0.00, Jun11/Jul11 2020.00+0.00, Jul11/Aug11 1940.00+0.00, Aug11/Sep11 1920.00-10.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Jul11/Aug11 2550.00-100.00. Reuters
LONDON/NEW YORK: Oil fell by as much as $1 on Wednesday, as negative economic data clouded the demand outlook, although losses were contained by dollar weakness, US supply disruption and violence in the Middle East. Oil had already been hit after the ADP national employment report showed that US payrolls added just 38,000 jobs in May and were the lowest since September 2010. It extended losses to slip by around $1 on the day after data showed the pace of growth in the US manufacturing sector tumbled to its slowest since September 2009, shining a spotlight on the lacklustre US economy and prospects for demand there. This followed data that showed European manufacturing growth slipped sharply and Chinese factories expanded in May at their slowest pace in at
Indian sugar declines MUMBAI: India's sugar futures fell on Wednesday due to slack retail demand and higher stocks, with analysts expecting prices to rebound soon. The most active sugar for June delivery on the National Commodity and Derivatives Exchange (NCDEX) was down 1.79 per cent at 2,526 rupees per 100 kg at 1.59 p.m. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety fell 0.54 per cent to 2,539 rupees ($56.36) per 100 kg. "Mills have huge stocks as the crushing season is on. Also, many traders were expecting the sales quota at 1.2-1.3 million tonnes but it was substantially higher," said Shikha Mittal, analyst at Karvy Comtrade. India has made available 1.65 million tonnes of non-levy sugar for June, lower than the 1.75 million tonnes it had released for May, the government said in a statement on Friday. "In my view, prices have bottomed out. In a way, sugar prices are lower than the cost of production, giving us some hope of a rebound soon," Mittal said. India is likely to produce 24.2 million tonnes of sugar in 2010/11, higher than local demand of about 22-23 million tonnes. India's annual monsoon rains have hit the southern state of Kerala two days earlier than expected, weather officials said on Sunday, boosting prospects for a harvest that could spur Asia's third-largest economy. Reuters
least nine months. By 1443 GMT US crude was 90 cents lower to $101.80 a barrel, having touched a session low of $101.61 shortly after the ISM data. Brent crude traded down 79 cents at $115.94 a barrel. The sell-off in commodities earlier in May led to Brent posting a 7.3 per cent loss for the month,
its biggest monthly percentage loss in a year. "The market pulled back after the ADP report, showing that if you don't have good numbers the market loses confidence, but the dollar remains weak and oil looks like it is trying to consolidate," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut Also supporting crude prices, pipeline disruptions to
US supply have hit the world's largest oil consumer just as it enters the summer driving season. TransCanada Corp said it will take several days to reopen its 591,000 barrel per day (bpd) Keystone oil pipeline to the Cushing, Oklahoma, oil hub after the second spill in less than a month forced it to shut at the weekend. Enbridge Inc restored power on Wednesday to three pumping stations on a 290,000 bpd pipeline that had lost electricity supply after severe storms. Tension in the Middle East also supported oil as investors worried about possible supply disruption. Next week investors' attention will turn to an OPEC meeting to see whether any changes to production are on the cards from major oil producers, though a Reuters survey found that no change was likely. -Reuters
Copper slips on growth concerns LONDON: Copper fell on Wednesday, on signs of slowing factory activity in China and Europe, and extended losses after below-consensus jobs and manufacturing data from the United States reinforced worries about demand. Benchmark copper on the London Metal Exchange finished at $9,102 from a close of $9,220 a tonne on Tuesday, when the metal used in power and construction hit $9,278.50 a tonne, its highest in four weeks. "Lower European, Chinese and US data doesn't help sentiment," said VTB Capital analyst Andrey Kryuchenkov. "There is some more downside because the data has been persistently softer and there is no support from other factors such as premiums or Chinese buying," Kryuchenkov said, forecasting that in the medium term copper would trade between $9,000 and $9,300 a tonne. "The fact that we're a little bit weaker is a reflection of the weaker (manufacturing figures) which have ignited people's concerns about a slowdown in activity in China," said analyst Gayle Berry of Barclays Capital. "We're moving from what was a period of very fast expansion in 2010 as economies went into recovery, into a more mature phase where you'd expect to see rates of expansion slow. You need... perspective when looking at these numbers," added Berry. Fresh signs of decline among factories in the euro-zone's debtladen periphery tugged sharply
on manufacturing growth in the region in May and weighed on investor confidence. Data showed US private employers added only 38,000 jobs in May, below expectations and the lowest level since September 2010.
Shanghai copper lower Copper futures fell on Wednesday as investors turned cautious on fears of further monetary tightening in China and the health of the US economy ahead of key economic data. The most-active August copper contract on the Shanghai Futures Exchange slipped 0.4 per cent to 68,310 yuan per tonne. The pace of growth in the US manufacturing sector also tumbled in May, slackening more than expected to its slowest since September 2009. Stocks of copper in LME warehouses rose 3,075 tonnes to above 470,000 tonnes for the first time in a year, highlighting lack of demand in what is usually a peak season. Three-month aluminium, untraded in rings, was bid at $2,667 from $2,677 on Tuesday. Earlier on Wednesday it saw $2,684.75 a tonne, its highest since May 5. Tin closed at $27,595 from $27,940 while zinc, used in galvanising steel, ended at $2,257 from $2,266 on Tuesday's close. Battery material lead finished at $2,500 from $2,521 and nickel closed at $23,250 from $23,590. -Reuters
Gold pares losses after US jobs data LONDON: Gold pared losses on Wednesday after US private-sector jobs data cast doubt on the health of the world's largest economy and undermined the dollar. Earlier, gold retreated after European officials met to work on a second bailout package for Greece, which boosted the euro, but also whet investor risk appetite, offsetting any potential lift to gold prices from the resulting weakness in the dollar. A separate report showed growth in US private-sector payrolls slowed sharply in May, falling to its lowest level in eight months, just two days before a key monthly government report on employment. Gold in euros fell earlier to its lowest since May 20 before recovering to show a 0.1 per cent gain on the day, while gold in dollars was at $1,532.20 an ounce at 1401 GMT from $1,534.65 late in
New York on Tuesday. Gold fell by about 2 per cent in May, although the price remained on track for a near-8 per cent gain this year, fuelled in large part by investor nerves over the euro-zone's finances. The price of gold in euros hit a life-time high of 1,088.11 euros
an ounce last week and a record high in dollars of $1,575.79 an ounce in early May, just before a major sell-off across the commodities complex. Investor demand for gold retreated in May, as reflected in the net outflow of metal from global exchange-traded funds, which fell nearly 1 per cent last month in their first monthly decline since February. Mexico's central bank moderately expanded its gold holdings in April, buying 190,000
ounces of gold, worth nearly $282 million based on average spot price of the month, after buying more than $4 billion in bullion in March. Spot silver was down 1.98 per cent at $37.69 an ounce. US July silver futures fell 1.5 per cent to $37.72, having fallen by more than 20 per cent in May. ETF holdings of the metal fell for a second consecutive month in May, dropping by more than 40 million ounces to their lowest this year. The London Bullion Market Association said it would launch a silver forward price curve with immediate effect. This follows the launch of its gold forward price curve in January this year. Palladium was last up 0.5 per cent at $778.22 an ounce from $774.10 an ounce on Tuesday and platinum was at $1,822.00 an ounce compared with $1,828.10 the day before. -Reuters
IVORY COAST: A pro-Outtara soldier belonging to the Republican Forces of Ivory Coast (FRCI) stands near farmers breaking open cocoa pods in Duekoue. -Reuters
Coffee extends losses; Sugar up LONDON: ICE coffee futures extended losses on Wednesday, with downside limited by roaster buying, while sugar rose on tight nearby supplies from key producer Brazil. Cocoa prices edged lower as the release of Ivory Coast stocks weighed on the market. Arabica coffee prices fell, but were underpinned by strong demand and a shortage of high quality beans, after falling around 15 per cent in the recent commodity-wide sell-off. Coffee prices are set to remain high, as farmers increase maintenance and fertiliser use will not boost production enough to match growing demand. ICE July arabica coffee was down 6.9 cents or 2.6 per cent at $2.5770 per lb at 1402 GMT, while Liffe July robustas fell $35 or 1.4 per cent to $2,567 a tonne. Sugar futures rose, bolstered by a combination of a slow start to Brazilian harvesting and a long line up of vessels waiting to load new-crop sugar at Santos port, dealers said. White sugar futures outpaced gains in raws due to firm North African and Middle Eastern physical demand for refined sugar before Ramadan, dealers said. Liffe August white sugar was up $4.50 or 0.7 per cent to $676.50 per tonne at 1404 GMT, while ICE July raw sugar was up 0.04 cent or 0.2 per cent to 23.22 cents a lb. "With another year of (global) surplus I would not be a buyer of sugar right now. I am not sure it is going to go past 25 (cents a lb) and I think 25 would be a good level to be short," said fund manager Romain Lathiere of Diapason Commodities Management. Cocoa prices eased with the release of Ivory Coast stocks weighing on the market after months of stalled trade in the world's top producer. ICE July cocoa was down $18 or 0.6 per cent at $2,981 per tonne at 1405 GMT, while Liffe July cocoa was down 14 pounds or 0.8 per cent at 1,826 pounds a tonne in modest volume of 2,892 lots. -Reuters
NY cotton ends up daily limit on Texas drought NEW YORK: US cotton futures finished at a four-week high Tuesday on investor buying as a historic drought did not let up in the key growing state of Texas during the long holiday weekend, brokers said. The cotton market was closed Monday for US Memorial Day. Forecast Telvent DTN said Texas was dry the past four days and conditions will remain just as hot and dry through the week. 'I think the weather in Texas is what really kicked (cotton's rally) off,' said Mike Stevens, an independent cotton analyst in Louisiana. The benchmark December cotton futures on ICE Futures US went up the 6-cent limit to
finish at $1.355 per lb, with the day's low at $1.30. It was the highest settlement for the thirdposition cotton contract since May 4. Based on that third-position contract, cotton posted a gain of 3.49 per cent in the month of May. Spot July cotton also went up the 6-cent limit to close at $1.5867. The worst drought in a century in Texas may force farmers there to abandon up to a third of the crop unless rains drenched the state for days soon. Another key factor for cotton's surge is the weaker dollar, which would generally lure investor funds into commodities, traders said. -Reuters
Palm oil drops on weak technicals, markets KUALA LUMPUR: Malaysian palm oil futures fell nearly 1 per cent on Wednesday in choppy trading as weak technicals and sluggish external markets discouraged position-taking. Palm oil, used in products ranging from shampoo to biofuels, gained almost 4 per cent in May, after three straight monthly losses, but has fallen 11.3 per cent so far in 2011. "Strong exports have been largely priced in but with weak technicals and lack of direction in other competing markets, palm oil is taking a breather," said a trader with a foreign commodities brokerage in Kuala Lumpur. The benchmark August crude palm oil contract on the Bursa Malaysia Derivatives Exchange settled 33 ringgit lower to 3,360 ringgit ($1,116) a tonne. On Monday, the contract hit a more than twomonth high. Overall traded volume slumped to 17,802 lots of 25 tonnes each from the usual
25,000 lots. Technicals were negative. Palm oil would retrace more to 3,341 ringgit per tonne as indicated by a triangle and a Fibonacci retracement analysis, Reuters technical analyst Wang Tao said. May exports rose above 1.35 million tonnes, driven by strong demand from China, India and the European Union, according to cargo surveyors. Demand from refiners could temper the rise in crude palm oil stocks, which are set to rise to around 1.7 to 1.8 million tonnes this month as production strongly rebounds after two years of erratic weather. US soyoil for July delivery rose 0.1 per cent during Asian trade, although the mostactive January 2012 soyoil contract on Dalian slipped. "The market is directionless as players are trading cautiously on possible policy controls to be announced," said an oil analyst with a Shanghaibased local brokerage. Reuters
Tokyo rubber down on weaker oil BANGKOK: Tokyo rubber futures slipped lower on Wednesday, weighed down by weaker oil prices, but tight supply in major producing countries still provided support, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for November delivery fell 2.4 yen to settle at 388.3 yen ($4.762) per kg. The most active Shanghai rubber contract for September delivery fell 265 yuan to finish at 32,585 yuan ($5,028.843) per tonne. "TOCOM sentiment became weaker as players sold contract after seeing oil prices fall," one dealer said. Brent was below $117 a barrel on Wednesday but supported by disruptions to oil supplies to top consumer the United States and political upheaval in Yemen. At 0850 GMT, it was at $116.57 per barrel. Farmers in Thailand, the biggest producer and exporter, have resumed tapping but supply has not risen to normal levels because unseasonable rain has disrupted work. Tokyo rubber futures were expected to hold steady just below the 400 yen level during the months of June and July, supported by limited supply at a time when demand is likely to remain strong, according to a Reuters poll. -Reuters
National Commodity Exchange Ltd Trading Summary Date
1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011 1-Jun-2011
Commodity
CRUDE100 CRUDE100 CRUDE100 SILVER - 500oz SILVER - 500oz GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD KILOGOLD KILOGOLD TOLAGOLD50 TOLAGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD IRRI6W RICEIRRI - 6 RBD PALMOLEIN KIBOR3M KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
JY11 AU11 SE11 JY11 AU11 JY11 AU11 SE11 JY11 AU11 SE11 JU11 JY11 AU11 JU11 JY11 JU11 JU11 MON TUE WED THU FRI MON TUE WED THU FRI 03JU11 JU11 JU11 11-Jun 11-Sep
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
102.00 102.81 103.14 38.50 38.53 1536.60 1536.70 1537.70 1536.50 1536.80 1538.00 42599.00 42585.00 42661.00 42604.00 42616.00 49692.00 49692.00 43768.00 43818.00 43719.00 43735.00 43752.00 50300.00 50288.00 50324.00 50149.00 50362.00 3628.00 3645.00 5390.00 86.51 85.68
103.39 103.75 103.68 38.65 38.53 1541.00 1541.80 1542.30 1541.50 1540.00 1538.00 42685.00 42644.00 42661.00 42604.00 42616.00 49692.00 49692.00 43768.00 43818.00 43723.00 43735.00 43752.00 50381.00 50438.00 50327.00 50343.00 50362.00 3628.00 3645.00 5390.00 86.51 85.69
101.90 102.59 103.14 37.84 38.06 1530.10 1530.50 1531.50 1532.20 1531.50 1534.50 42477.00 42495.00 42567.00 42510.00 42522.00 49583.00 49583.00 43657.00 43706.00 43719.00 43624.00 43640.00 50246.00 50288.00 50324.00 50118.00 50232.00 3626.00 3644.00 5388.00 86.50 85.68
102.72 103.26 103.68 38.04 38.06 1534.00 1534.50 1535.10 1534.00 1534.50 1534.50 42537.00 42550.00 42567.00 42510.00 42522.00 49583.00 49583.00 43657.00 43706.00 43723.00 43624.00 43640.00 50251.00 50308.00 50327.00 50214.00 50232.00 3626.00 3644.00 5388.00 86.50 85.69
Traded Volume in lots 266 49 201 3,121 1,640 640 9 31 42 3 3 1 5 -
Previous Settlement Price 102.16 102.70 103.14 38.51 38.53 1536.50 1536.90 1538.00 1536.50 1536.90 1538.00 42631.00 42644.00 42661.00 42604.00 42616.00 49692.00 49692.00 43768.00 43818.00 43719.00 43735.00 43752.00 50381.00 50438.00 50324.00 50343.00 50362.00 3628.00 3645.00 5390.00 86.51 85.68
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Current Open Interest Settlement in Lots Price 102.72 103.26 68 103.68 38.04 39 38.06 2 1534.00 2,175 1534.50 1,745 1535.10 443 1534.00 2 1534.50 8 1535.10 42537.00 16 42550.00 1 42567.00 2 42510.00 42522.00 49583.00 49583.00 43657.00 43706.00 43723.00 43624.00 43640.00 50251.00 1 50308.00 2 50327.00 50214.00 16 50232.00 4 3626.00 3644.00 5388.00 86.50 85.69 -
Victoria Azarenka of Belarus returns against Li Na of China in the quarter final match of the French Open tennis tournament in Roland Garros stadium in Paris
10
Thursday, June 2, 2011
Afridi urges President to get a grip on Board
IPL monster destroying int’l cricket: Ranatunga COLOMBO: In a scathing attack on the BCCI, former Sri Lanka captain Arjuna Ranatunga said the Indian Board's financial might has turned the ICC into a "toothless tiger" and called the IPL a "monster" that will destroy international cricket. Ranatunga, who led Sri Lanka to the 1996 World Cup triumph, said the ICC has become a body which is constantly under the BCCI's pressure. "The ICC's job is to protect the game. They don't have to favour anyone. The game has been nurtured by honourable men of the ICC for decades, but at present, ICC looks to be under the thumb of India," Ranatunga told 'The Island.' "Not too long ago we had individuals like Malcolm Speed, Eshan Mani and Malcolm Grey who stood against India. But the current ICC is weak and they simply give in. The ICC is becoming a toothless tiger," he said. Ranatunga praised former England captain Tony Greig for stating that the ICC needs to shake off India's influence on it to make right decisions. "Hats off to Tony. Everyone these days fear India and no one wants to antagonise the BCCI. Tony is spot on, except for the fact that he has stated Bangladesh and Zimbabwe Boards do whatever the Indians want. He should have added Sri Lanka Cricket too. "SLC is like a puppet on a string. The job of the ICC is to protect the game rather than any individual country," Ranatunga said. Ranatunga said he fears for the future of Test cricket due to the IPL as players seem to be gravitating towards the league instead of the traditional format. "I have seen this IPL and I must say from the first day I didn't like it. We have created a monster that will go on to destroy international cricket," Ranatunga said. Ranatunga said calls for creating a window for IPL in the international calendar are "ridiculous". "It's absolutely ridiculous. If we are going into that, what about if other countries also ask for windows. If you take football, international matches aren't the priority except for the World Cup, which comes once in four years. In football the glamour is in club tournaments. "Are these people going to make cricket a club based sport too? I feel very sorry and sad at the state of affairs and I hope and pray sanity will prevail," Ranatunga said. He blamed the absence of cricketers from the ICC's top decision-making body for the current scenario. "One fault that I see with the ICC at the moment is that most of the Directors haven't played the game and the main decisions are taken at the Directors' meeting. "If you take most of the CEOs of cricket boards, they are past cricketers, but when they come up with suggestions for the well-being of the game, the Directors need to support those decisions rather than rejecting them," he remarked.-REuters
KARACHI: Former captain Shahid Afridi has appealed to President Asif Ali Zardari to take control of cricket board, as issues can turn worse otherwise. While talking a news channel in Hampshire, Afridi said that he has already played under the supervision of his seniors and can continue doing that in future as well, but compromising on selfrespect is not possible. Therefore, he has appealed to the president to urgently intervene in the matters
related to the game to save the sport from getting into more crises. While criticizing the Pakistan Cricket Board (PCB), Afridi said that he was tolerating ill schemes against him for a long time but there is always a limit to everything. He said that he has never violated the code of conduct in any of his international tours in fact there were rumours to replace him. He said that he paid the price of spilling the truth and
Pak defeats won’t harm ‘WC hopes’
PARIS: Maria Sharapova of Russia returns the ball to Andrea Petkovic of Germany during their quarter-final match at the French Open tennis tournament at the Roland Garrosstadium .-Reuters
50th Nat’l Basketball C’ship
Wapda, PAF in title showdown ISLAMABAD: Wapda set a final showdown with Pakistan Air Force in the 50th Men's National Basketball Championship here at the Hamidi Hall of the Pakistan Sports Complex. In the semi-finals, Wapda had to fend off a stiff challenge from Railways to register a narrow 57-54 victory while Pakistan Air Force deflated the high-flying Higher Education Commission in a commanding 71-35 triumph. Wadpa had defeated Railways 98-69 in their Group C match and everyone was expecting a similar result in the semi-final. However, Railways seemed to have learnt from their mistakes and provided Wapda with a real challenge. With 50 seconds left before the final whistle, Railways had a one-point (5453) lead and ball in hand. However, they failed to capitalise on the possession while Jahangir Ahmed found the basket twice in that period to put Wapda ahead 57-54. Railways also missed a couple of attempts from outside the arc to lose by a small margin. They took a 17-8 lead by the end of the first quarter. Railways fought right back into the match in the second quarter with Azhar Qayyum 'Lala' providing the impetus with a couple of three-pointers. They managed to trim Wapda's lead to just two points at the break. The see-saw battle continued in the second half with both
teams playing exciting basketball to take the initiative. Wapda stayed ahead in the third quarter, stretching their slim lead to five points. Railways actually outscored their opponents 16-14 in the fourth quarter. If it was not for a couple of mistakes in the final minute of the match, they would have been in the title match against Pakistan Air Force. Veteran player Jahangir Khan was the highest scorer for Wapda with 12 points while Falak Sher and Haris Kamal added 11 and eight points respectively. Rawalpindi-based Azhar Qayyum contributed 17 points for Railways while Mohammad Shan (13) and Allah Baksh (10) also had a good game. Pakistan Air Force had to survive a scare against Higher Education Commission in their Group A match earlier in the tournament but things were totally the opposite in the semi-final. PAF, on the other hand, were on top of their game and outplayed HEC in all departments. Mohammad Akhtar was PAF's top performer with 19 points. Tanvir Ali and Ahmed Jan also had an equally good game for their 15 and 11 points respectively. Zahid Arif (10) and Mohammad Naveed (8) were the leading players for HEC. While Wapda will take on PAF in the final, Railways will play HEC to decide which team finishes third. -NNI
Qatar spending not reliant on World Cup as GDP soars DOHA/DUBAI: Losing rights to host the 2022 soccer World Cup would do little to dent Qatar's economy -- although it would be a major blow to prestige -- as energy revenue continues to fuel the Gulf Arab nation's growth. The head of Germany's soccer federation on Wednesday called for FIFA to re-examine the award of the tournament to Qatar amid allegations it had bought the event. The Gulf state has strenuously denied any wrong-doing. But even if the gas exporter ultimately loses the tournament, the impact on infrastructure expansion and on the economy would be limited, analysts said. "The World Cup was never going to make or break Qatar's economy," said John Sfakianakis, chief economist at Banque Saudi Fransi in Riyadh. "If it is proven they violated the rules, it's not going to prevent Qatar from growing or investors from investing." The money required to host the event could be invested elsewhere, having a much greater return, Sfakianakis said. The country is set to pour about $65 billion into preparing for the tournament, according to Bank of America Merrill Lynch. Qatar's copious natural gas reserves have turned it into an economic powerhouse and the world's richest country percapita, and driven its bold ambitions. Economic growth is expected be a heady 15.8 percent this year, on top of already robust estimated gross domestic product growth of 16.2 percent in 2010.-Reuters
BELFAST: Trent Johnston believes the summer schedule will help in Ireland's fight to regain access to the World Cup when the International Cricket Council meet next month. Despite losing both one-day internationals to Pakistan over the past week, the veteran allrounder reckons Ireland will only improve by playing topclass opposition. Next up are Sri Lanka, Scotland and England. "It certainly does help. We only get better by playing the big teams -- and performances like we put in on Sunday are very good," he said. "I don't think losing 2-0 against Pakistan will do our World Cup chances any harm. Winning one of those games
would have got us out in front of the media again, but it is not just Ireland who are fighting for that qualification pathway, it is 94 other countries. "I think we have a pretty strong argument, but we want to be playing those guys a lot more and gaining more experience." All eyes now turn to the ICC and the critical decision - will they change their minds and allow qualification for the 2015 World Cup? "Hopefully, common sense will prevail," Johnston said. "We're not worried about money, we're not worried about anything else, we don't care if it is a 12-team, 10team, 50-team World Cup. We just want the opportunity to go there and play again. -Online
Saqlain stresses Aussie to stick with spinners MELBOURNE: Former Pakistan off-spinner Saqlain has urged Australian selectors to be patient with their spin bowlers. Saqlain is currently in Australia on Cricket Australia (CA)'s invitation for a spin camp with 15 players at Brisbane's Centre of Excellence. "The legend Shane Warne is a big loss, but because of that these guys have a problem. He set the standard so high these spinners need more time to settle," Fox Sports quoted Saqlain, as saying. "Australian cricket has all the varieties (of spinners) but they have to have patience.
Give them a proper chance and back the bowlers." "If you are backing the spinners they will perform very well. You can't make a spinner in a day or a month," he added. Saqlain further said that he has been working with off-spinner Jason Krejza to help him make a comeback in the Test team. "I have been trying to give him an idea on how to grab your place again in the national team - how to believe in yourself, how to train and come back," Saqlain said. Krejza is one of 10 spinners used since Warne's retirement. -Online
PARIS: Li Na of China returns the ball to Victoria Azarenka of Belarus during their quarter-final match at the French Open tennis tournament at the Roland Garros stadium.
the board members did not approve of it, as there are members in the committee who want to bring their relatives in the field. The all-rounder said that the entire nation prays for him whenever he is in the field. He said that he can return to the team if everyone remains concerned with one's own work. Afridi said that national heroes deserve respect and it is imperative to subside biasness in order to bring about a positive change.-INP
Trott wins England player of the year award LONDON: Jonathan Trott`s run-scoring feats during the past 12 months were recognised when he was named England`s cricketer of the year by the England and Wales Cricket Board (ECB) at a ceremony at Lord`s here on Wednesday The award, voted for by the British cricket media, is given to the player who has had the greatest impact upon England`s performances from the start of the 2010 international season until the end of the World Cup. In that time the South Africa-born Trott played 32 times for England, scoring 2,246 runs at an average of 68.06. This included seven hundreds and a highest score of 226, against Bangladesh in a Test at Lord`s last year. His Ashes average of 89 was second only to Alastair Cook, whilst his first over run out of Simon Katich during the second Test Match in Adelaide, helped set England on the road to Ashes victory. "I am both extremely humbled and proud to have been named England Cricketer of the Year after what has clearly been the most enjoyable year of my cricketing career so far," Trott said. "It is an honour to represent England and it has been a privilege to be involved in such a successful, hard working team," the 30-year-old Warwickshire batsman added. "I wouldn`t have won this award without the commitment and support of my team mates. This award really belongs to the entire England squad and management team that have provided such a supportive and professional environment that has allowed me to prosper as a cricketer and a person." "There is still much hard work to be done and improvement to be made and I look forward to making further contributions to a successful England team for a long as possible." Trott`s good form continued with 203 during England`s recent innings win in the first Test against Sri Lanka in Cardiff. That left him with a Test average of 66.67 -- second only to that of Australia great Sir Donald Bradman`s mark of 99.94 among batsmen who`ve played at least 20 Test innings. -Online
Thursday, June 2, 2011
Economy & Continuations
11
The report, titled "Beyond Bullets and Bombs: Fixing the US Approach to Development in Pakistan," also calls for focusing more on trade by giving Pakistani exports easier entry to US markets, a report in the Washington Post said on Wednesday. According to the report, the US Agency for International Development spent $275 million in 2009 and $676 million in 2010, the first year covered by the $7.5 billion package, which was approved in 2009. Although the report largely supports long-term financial assistance to Pakistan, it notes that in certain sectors, spending the money now will do nothing more than provide superficial fixes that keep Pakistani leaders from having to make politically difficult decisions. The country also suffers from severe electricity shortages, but it has been unable to reform its energy sector. Its tariffs and subsidies are still in place despite decades of pleas from international donors and lenders. "We believe that the pure act of delaying disbursement in certain sectors will benefit both the Pakistani reform process and the ultimate effectiveness of US aid," it says. TOKYO: Supply bottlenecks Some of the report's top recommendations are not about aid, but trade. dogging Japanese firms are easThe authors urge Congress and the White House to "extend duty-free, quota-free access to US maring faster than initially expect- kets for all Pakistani exports from all of Pakistan for at least the next five years." -Agencies ed, Bank of Japan Governor Continued from page 1 No #9 Masaaki Shirakawa said on for containing ways and means to scrutinise the cases of borrowers from 1971 to onwards. reinforcing the n Euro, China PMIs signal slower factory growth globally Wednesday, With the consent of all counsels, the bench in its order granted them a day's time to jointly bring view that the economy was recovering from a steep down- about a draft which could be agreeable to the Governor SBP paving way for issuance of a new cirLONDON/SINGAPORE: there's a sharp slowdown in the tions to combat inflation. Factory growth eased in pipeline, but some momentum That was most evident than in turn after the devastating earth- cular so that all cases of the alleged amount of written off loans could be referred to the Commission in the light of these recommendations. Europe and Asia in May, sur- seems to be lost," said Mark China, where the official PMI quake in March. At the outset of proceedings, the Chief Justice told SBP counsel that they wanted the SBP to Factory output has tumbled veys showed on Wednesday, Miller, global macroeconomist touched a 9-month low, below feeding concerns that the at Lloyds Bank Corporate economists' forecasts as new due to supply chain disruptions enhance its regulatory jurisdiction. He told that if the SBP agreed for a new circular, the bench could world's main economic engines Markets. orders fell sharply. A private and power blackouts, while direct all the counsels to prepare a draft which might be sent for deliberations. Furthermore, Chief Justice of Pakistan Justice Iftikhar Muhammad Chaudhry said that the State are cooling fast as richer counThe Markit Eurozone survey hit its lowest mark in 10 exports and household spendtries curtail orders. Manufacturing PMI for May months, held back by power ing fell as sentiment deteriorat- Bank of Pakistan (SBP) has ostensibly misused Circular No 29. It appears as if the bank doesn't want to use its authority against loan defaulters, he said. Adding to the gloom, U.S. slipped to 54.6 from 58.0 in shortages and a clampdown on ed after the quake, Shirakawa The CJP said that he was hearing the case on the call of Altaf Hussain. There was a need to give said. private payroll growth slowed April, its 20th month above the credit. "Those constraints, however, equal rights to everyone to improve the economy, he said, adding that billions of rupees could not sharply in May, coming in far 50 mark that signifies growth SILVER LINING below expectations and falling but showing a sharp pull-back If there was a silver lining, it are being relaxed more quickly be given for personal benefits. He said that according to Section 25 of the Banking Ordinance, a loan write off case should be sent than expected initially as a to the lowest level in eight on fresh signs of decline in the was that factory cost inflation months. The report raised con- currency bloc's debt-laden declined in most of the surveys result of strenuous efforts by to parliament but this section has been ignored. The chief justice said that there was a need to enact cerns about a broader reading periphery. -- both in Asia and Europe -- firms," he told a seminar hosted new laws to give big loans against small assets. -Agencies Continued from page 1 of U.S. payrolls figures due on Spanish manufacturers which will ease pressure on by the central bank. No #10 Shirakawa repeated the cenFriday and pushed down the returned to contraction, while central bankers to ratchet up likely to be about Rs 3.8 trillion whereas revenue target is estimated at about Rs 1.9 trillion. tral bank's view that the econoU.S. dollar and stock futures Italian and Irish factories saw a inflation-fighting measures. The budget will also address the issues of energy generation, social sector development and revFor a story: marked slowdown in growth. In the euro zone, there were my is expected to resume a enue enhancement besides major reforms will be introduced for improving governance and boost Purchasing managers indexes Supply-chain pressures dent- clear signs that inflation pres- moderate recovery from the private sector investment. October-March second half of (PMI), measuring the activities ed the French and German sures had started to ease. Amid domestic and international challenges, the realistic GDP growth target will be 4.2 per cent of thousands of factories across PMIs, which had been hovering "The brighter news was that the current fiscal year as strong while in the outgoing fiscal year 2.4 per cent GDP growth is likely to be achieved against the target the world, sank to multi-month near all-time highs. recent falls in commodity global growth supports exports. of 4.5 per cent. The growth in FY 2011-12 will base primarily on revitalizing the industrial sector His comments follow signs by curtailing energy shortages and high interest rates that are presently discouraging the private seclows in China and Europe, Survey compiler Markit prices helped drive the greatest where even regional paceset- described the declines in easing in input cost inflation that the world's third-largest tor from investing. This year, the budget will also focus on infrastructure, human capital, promotion ters France and Germany peripheral countries as worry- since November 2008," said economy could be poised for a of investments and exports and agriculture sector development. showed fresh signs of sagging. ing, suggesting they could face Chris Williamson, Markit's V-shaped recovery after the disEmphasis will also be made to normalise agriculture activity and maintaining good performance aster knocked Japan back into its in services sector. The government is keen to provide relief to the people in the budget and has taken The surveys for South Korea, growing difficulty in cutting chief economist. India and Taiwan also showed their enormous public deficits. "The combination of weaker second recession in three years comprehensive measures to achieve this objective. The National Economic Council (NEC) has already approved a development budget of Rs 730 bilthe pace of factory activity eas"In the case of the euro zone, inflationary pressures and the and a third downturn in a decade. Carmakers such as Nissan lion for the Public Sector Development Programme (PSDP) 2011-12 as the peoples government ing, while U.S. figures due some of the volatility you're steep easing in the pace of later on Wednesday are expect- seeing in government bond growth may encourage policy- Motor Co and Honda are mak- wants to uplift its masses and improve their living conditions across the country. -NNI ing progress in restoring supply ed to complete the picture of markets doesn't help, which is makers to hold off on interest Continued from page 1 No #11 global manufacturing surge that clearly a threat to growth via rate hikes until a clearer picture networks torn apart by the disslashed. may be running out of stream. potentially higher longer-term of the health of the recovery aster, an encouraging sign for Non-development expenses will be decreased considerably. However increase in security and the BOJ which see supply conSome slackening was expect- interest rates," said Lloyds appears." ed as quake- and tsunami-dam- Bank's Miller. Higher interest India was a key exception as straints as the biggest risk for defence related expenses is must for the sake of national defence and restoration of peace and security in the country, team added. President was also apprised of tax targets set by the government. aged Japan struggled to churn rates have already had a price pressures showed no the economy near-term. President stressed that budget should be poor-friendly and it should focus on growth in GDP. out parts for the automotive and marked effect on growth in sign of easing, leading econoFactory output rose 1 percent high-tech industries. Lacklustre emerging Asia, where investors mists to predict the central last month after a record plunge Projects be worked out for boosting trade ties with Central Asian States, President said, adding subgrowth and consumption in the are nervously watching for any bank will continue on its tight- in March and companies expect sidy be not withdrawn fully but such a method be devised by virtue of which only the poor segments of society are benefited from subsidy. United States and Europe have evidence that the slowdown ening course. India's PMI to crank up output further in He urged that Benazir Income Support Program be consolidated and its funding be raised. also restrained demand. there is worsening as central dipped to 57.5 in May from May-June, bringing it close to President said that he was fully alive to financial hardships of people particularly government "I would be loathe to say bankers tighten credit condi- 58.0 in April. -Reuters pre-disaster levels. -Reuters employees due to escalating inflation therefore, increase in their salaries be ensured in the upcoming budget. Government economic team told President that tax net would be broadened in the light of talks held with IMF and 700,000 new tax-payers will be enrolled to recover tax from them. These tax payers have been identified, team stated. Federal cabinet would decide about increasing The Prime Minister observed that it was also a major paradigm salaries of government employees. President was also given briefing about the projects worked out Continued from page 12 No #1 by planning commission. -Online of Military Force, "as informed by the laws of war -- an issue shift to see that the Federal PSDP has been lowered to Rs 300 billion compared to the size of Provincial PSDP. Continued from page 1 No #12 that each Guantanamo detainee may challenge in a habeas petition Likewise Balochistan was allocated 10 per cent additional Not only this, the board had also made it binding on the cigarette manufacturers to compile comin federal court", it said. financial resources over and above the provincial share under the prehensive production and sales data of filter rods to eliminate federal excise duty evasion. The men were first charged in February 2008, but the charges 7th NFC Award, he added. The move had been widely hailed by the business community and cigarette manufacturers regiswere withdrawn the following year when the Obama administraMeanwhile talking to the Governor Khyber-Pakhtunkhwa, tered in the tax net given the fact that it had placed a permanent check on whether the filter rod mantion said the suspects would be tried in New York City. That deciChief Ministers of Punjab, Sindh and Khyber-Pakhtunkhwa Prime ufacturers were accurately maintaining the data of their sales. sion was reversed in April. -Agencies Minister Gilani said that devolution of power after the 18th The tax leakages in the cigarette manufacturing industry had been particularly plugged considerAmendment has posed greater responsibility on the provincial Continued from page 12 No #2 ably after the cigarette manufacturers were also called upon to provide data, including raw material governments to minimize the difficulties of the people. injustice. imported/ purchased, number of filter rods manufactured, total number of filter rods available for Prime Minister added that federal and all the provincial governThe delegation informed Nawaz Sharif that the overseas consumption in cigarette manufacturing, filter rods sold in market, FED on filter rods sold and other ments including AJ&K as well as Gilgit-Baltistan are on the same Pakistanis have complete trust on PML-N leadership. information specified in the concerned Registers. The delegation comprised Sheikh Qaiser (Japan), Chaudhry page for according priority to the social sector particularly However, according to sources, the latest proposal by the FBR to slash the FED on filter rods is Altaf (UAE), Chaudhry Tanveer (UAE), Rashid Butt (Qatar), Education and Health. causing a great concern among the legitimate cigarette industry as it feels that the move may have He expressed confidence that appropriate allocations will be Mirza Altaf (Saudi Arab), Arshad Khan (Hong Kong), Rana been considered in the wake of pressure tactics being applied by the informal cigarette industry Abdul Sattar (Kuwait), Zubair Gull (London), Ajaz Gull made in the respective budget on this account. -Agencies which was losing a chunk of its revenues earlier protected from the tax net. (London), Noor Muhammad (Japan), Aalamzeb (Switzerland), The sources feel that if the informal cigarette industry is given this needless cushion and leverage, it Continued from page 1 No #7 Shehzad Zia Chilli, Ahsan Bajwa, Muhammad Hayat (Japan), Relations Committee Senator Saleem Saifullah Khan said could lead to major revenue losses to the FBR besides contributing to an unnecessary heartburn among Javed Sadique (America), Chaudhry Ijaz (Greece), Rana Ashfaq Foreign Secretary Salman Bashir and spokesperson of the the legitimate cigarette industry which regularly pays taxes but suffers losses in the market that is often (America) and Tahir Khokhar. -Online Foreign Office Tehmina Janjua told the committee that there was flooded by cheap, substandard and smuggled brands produced by the informal sector. -Online no written agreement between CIA and ISI and armed forces of Continued from page 12 No #3 Continued from page 1 No #13 the two countries for cooperation in the fight against terrorism. leader should have no objection over that. Dir and fighting was still continuing, police said. He stressed for a formal agreement between the intelligence The law minister said formation of an Independent "They militants were in military uniform. They attacked the outpost and then went into forest there," Commission on Abbottabad incident was the prerogative of agencies and the armed forces for any action against the mili- Mahmood Ahmed, a police officer in the region, told Reuters by telephone. the prime minister. He assured that the report of the tants. Militants linked to al Qaeda, who have vowed to avenge the killing of leader Osama bin Laden by He said the committee expressed its strong reservations over Commission would be property of the parliament and would delayed reaction by the Foreign Office on Abbottabad raid but US Special Forces in Pakistan on May 2, have intensified their attacks, mostly suicide bombings. be made public. -Agencies Pakistan's Express 24/7 television said seven police were killed in Wednesday's assault. Ahmed said the Foreign Office officials said that they gave Pakistan's view Continued from page 12 point after reviewing the incident and situation in its entirety that all communication with the village had been cut off. After the bin Laden raid, the United States told No #4 Pakistan it needs to step up the fight militants who launch attacks on US-led coalition forces in the United States violated the sovereignty of Pakistan. stated. The members of the committee also protested that no meeting Afghanistan from their sanctuaries in Pakistan's North Waziristan, far to the southwest of Dir. -Reuters At the same time, said the ISI official, the media should act with is arranged with the Foreign Affairs Committee members when responsibility to avoid any possible legal course. Continued from page 5 No #14 It should refrain from baseless allegations against the ISI that their counterparts from the United States visit Pakistan. At this However, Tata Motors lost 1.4 per cent even after the top truck and bus maker reported a 10 per seek to deliberately malign the organisation in the eyes of the peo- the foreign secretary assured that in future such meetings would cent rise in vehicles sales for May. be scheduled. ple of Pakistan, he said. -APP The benchmark index should rise to 22,100 by the end of this year, an increase of about 19 per It was also decided that a joint meeting of the Foreign Affairs cent from the current levels, it said. In the near term, Morgan Stanley expects the benchmark to Continued from page 12 No #5 Committee of the two houses of Parliament would be convened move in a range of 17,500-21,000. Data on Tuesday showed India's economy grew at its slowest connected to any of the armed forces. to review the foreign policy of the country and give recommen- annual pace in five quarters in January to March as rising interest rates crimped consumption and The crash helicopter had taken off from Dera Ghazi Khan and dations to make necessary changes in it. investment, suggesting the central bank may temper the pace of tightening. was headed towards the Multan. The helicopter lost its contact In reply to a question, the committee was told that the United The 50-share NSE index closed 0.6 per cent higher at5,592 points. In the broader market on the with control tower at 10:30 AM. -Agencies States has provided only $30 million of assistance so far this NSE, 924 gainers led475 losers and about 560 million shares changed hands.-Reuters year. Continued from page 1 No #6 Senator Saleem Saifullah stressed that the United States must Continued from page 5 No #15 Chairperson of NCHD Dr Nafisa Shah was tasked to contact the give access to its markets to Pakistani goods to improve country's Weak domestic data also weighed in London, with British PMI manufacturing activity at a 20provinces for further continuation of these entities. economic situation. -Agencies month low in May, while mortgage approvals were also lower than expected in April. Regarding the provision of 200 cusecs of water for Islamabad UK blue chips dropped back in tandem with sharp falls by their US peers, down 1.2 per cent by Continued from page 1 for drinking purposes, it was decided that the Ministry of Water No #8 London's close. Baring Asset Management expressed concern that valuations for global equity markets and Power would negotiate with the Government of Sindh on proimmense suspicion in Congress. offer little leeway for the potential earnings disappointments that could accompany the slowing of the portionate sharing of water, according to the Water Accord. Legislative language withholds three-quarters of the funds until Earlier in his opening remarks, Prime Minister Gilani said the the Defense and State Department come up with a report to global economic recovery. "After two years of strong growth, recent data suggests that most economCouncil of Common Interests (CCI) meeting had been called on a Congress on how the money is being used and what metrics are ic indicators are now peaking out in the West from the troughs of early 2009 ... Against this backdrop, short notice to deliberate and decide upon proposals pertaining to being used to measure progress by Pakistan in rooting out terror- the short-term outlook appears choppy," said Percival Stanion, head of asset allocation at Barings. VODAFONE the distribution of water resources and some non-tax revenue proist and Taliban elements inside its borders, the report said. Vodafone was a top FTSE 100 faller, down 4.4 per cent, as the market heavyweight traded ex-divposals before announcement of the Budget for the next financial The requested report would include a discussion of the United idend, alone knocking over 12 points off the blue chip index. year. States' "strategic objectives in Pakistan" and a "listing of the terOverall 16.83 points were removed from the index by ex-dividend considerations, with Capital He welcomed the Chief Ministers and Members of the Council rorist or extremist organizations in Pakistan opposing United Shopping Centres, Intertek, National Grid and WPP also losing their payout attractions. in the CCI meeting and said the CCI would deliberate upon a brief States goals in the region and against which the United States Among the minority blue chip gainers, broker comment played an important role. G4S was the top riser, but very important agenda. encourages Pakistan to take action," it added. up 1.8 per cent as Espirito Santo initiated coverage on the security services firm with a "buy" rating. The Prime Minister expressed his confidence and said that by The administration would be asked to spell out "the gaps in Anglo-French property investor Hammerson added 1.4 per cent as Morgan Stanley upgraded its stance the Grace of Allah and with the help of collective wisdom of the Chief Ministers, the representatives of the Federal Government capabilities of Pakistani security units that hamper the ability of to "overweight". And Aggreko rose 0.8 per cent after Canaccord Genuity upgraded the temporary power the Pakistan Government to take action against the organizations" provider's rating to "buy", saying momentum in the business outweighs valuation concerns.-Reuters and the experts, unanimous decisions would be taken in the meetand what standards would be used to measure progress by ing. Continued from page 5 No #16 He expressed his gratitude to note the spirit of cordiality and Pakistan in "combating the organisations listed in clause." Meanwhile, a 42-page report by Washington based Center for But analysts have also said political deadlock is hardly new in Japan and that the market's course collaboration between constituent units of the federation, which Global Development urged White House that US should hold will largely hinge on upcoming US data, including manufacturing numbers due later on Wednesday. was rare in the past. back much of its $7.5 billion aid package to Pakistan until it Trading volume was 1.98 billion shares, while advancers outnumbered decliners by 882 to 630. He stated that the recent session of the National Economic Solar shares have been extending gains since Kan pledged last week to double the amount of Council is a manifestation of this spirit where development proj- reforms dysfunctional policies related to energy, taxes and other ects of Rs 730 billion were approved ensuring regional equity and areas, according to a new report that criticizes the American aid electricity supplied by renewable energy in the 2020s and after German Chancellor Angela Merkel program's focus in a country beset by corruption, poverty and milannounced on Monday the country would shut its nuclear reactors and expand the use of wind and special consideration for under developed regions of Fata, Gilgititancy. solar power.-Reuters Baltistan and Azad Jammu and Kashmir.
World factory growth slips, US hiring weak
Supply constraints easing faster than expected:BOJ
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Japan lowballed tsunami threat
ISLAMABAD: Federal Minister for Interior Senator Rehman Malik having a meeting with JUI (F) leader Maulana Fazl-ur Rehman. -Online
Abbottabad Operation
'N' thumbs nose at inquiry body Says Opp neither consulted nor time frame given ISLAMABAD: Leader of the Opposition in the National Assembly Chaudhry Nisar Ali Khan has rejected the five member Commission formed by the Prime Minister Gilani under the Supreme Court senior judge Justice Javed Iqbal to inquire into the Abbottabad incident. Giving his reaction to media Wednesday over the formation of the Commission, Chaudhry Nisar Ali Khan said that the prime minister did not consult any political party on the formation of the Commission while the parliamentary resolution was adopted by all the parties with consensus. Chaudhry Nisar Ali Khan said in his letter to the prime minister on 18th May, 2011 he had suggested that the composition/modality of the commission were to be settled after consultations between leader of the House and the leader of the opposition. He said in the given situation he had proposed that it was necessary that every one set aside individual or separate party/political compulsions and work for national unity and the government must instantly avail of this opportunity arising
9/11 accused charged again WASHINGTON: For the second time, US prosecutors have filed charges with a military commission against Khalid Sheikh Mohammed, the Pakistani mastermind of September 11, 2001, terror attacks and four other suspects held in Guantanamo Bay. The step was the first paving the way for an arraignment, Fox News reported noting the body that oversees the commissions will make a decision on whether to accept the charges. If accepted, the arraignment must take place within 30 days. That will essentially begin the trial process, though pre-trial motions could take as long as a year. Besides Mohammed, others charged were Walid Bin Attash, Ramzi Binalshibh, Ali Abdul Aziz Ali, and Mustafa al Hawsawi. Fox News said all five defendants face eight charges in common: conspiracy, murder in violation of the law of war, attacking civilians, attacking civilian objects, intentionally causing serious bodily injury, destruction of property in violation of the law of war, hijacking aircraft and terrorism. The conspiracy charges includes 167 overt acts that allegedly furthered the 9/11 attacks. Fox News cited the defence department as saying the charges be referred as "capital charges" meaning the men will be eligible for the death penalty. The filings also go beyond satisfying detention rules under the 2001 Authorisation for Use See # 1 Page 11
as it does out of a national tragedy of immense proportions. He said he had proposed a broad based commission including retired members of the superior judiciary and bureaucracy as well as members of the civil society. He suggested that the basic criterion for eligibility must be an unblemished and incontrovertible reputation for integrity and competence. He said he had proposed names of Justice (Retd) Shafiur Rehman, Justice (Retd) Nasir Aslam Zahid, Justice (Retd) Fakharuddin G Ibrahim, Majeed Nizami, Mehmood Khan Achakzai, Asma Jehangir and Justice (Retd) Bhagwandas. The leader of the opposition said he suggested that the Commission should be constituted under the Constitution of Inquiry Act 1956. He proposed that its terms of reference must include ascertainment of full facts regarding the presence of Osama bin Laden in Pakistan and the US operation on 2nd May, determine the nature and causes of failures of the civil and military authorities in dealing with matter. Whether there
are any agreements, tacit or explicit for allowing such US operations in Pakistani territory and whether such agreements are legally and constitutionally valid. He said the Independent Commission was also proposed to fix responsibility for and propose actins against persons responsible for and the said failures compromising dignity, self respect and sovereignty of Pakistan and recommend remedial measures. Ch Nisar Ali Khan said he had recommended that the Commission should complete is inquiry and submit its report to the parliament within a period of 30 days of its notification but no time frame has been given to it. Meanwhile, Federal Law Minister Maula Bakhsh Chandio replying to the observations of the leader of the opposition said that the opposition was consulted in the formation of the commission but there was no suggestion to consult the Chief Justice of Pakistan. He said non controversial personalities have been included in the commission and therefore the opposition See # 3 Page 11
Terrorists are threat to both nations: Clinton
Moot ways with Pak to defeat Qaeda: US WASHINGTON: Hailing Pakistan for taking measures against terrorists inside the country, Secretary of State Hillary Clinton has said US was in discussions with Islamabad on what more could be done to dismantle the al Qaeda and its associates. Hillary, who went on a surprise trip to Pakistan last week, said the country was a key ally in the joint fight against terrorists that threaten both the countries as well as the region and beyond. "When I was there, we discussed our cooperative efforts to disrupt, dismantle, and defeat al Qaeda and to also drive the associated terrorists who are targeting both Pakistanis and, across the bor-
der in Afghanistan, Americans, coalition troops, and Afghans. "So we are discussing a number of approaches that we think could assist us in this very important fight," she told reporters in response to a question. Hillary said there was "no doubt" that the progress US has made against al Qaeda and associated terrorists could not have happened "without Pakistani cooperation between our governments, our militaries, our intelligence agencies." "There's still a lot of work to be done, so we are in the process of discussing what more the Pakistanis could do. We will continue to do our part working together," she said. Online
Sharif urges expats to raise stake in Pak LAHORE: PML-N Quaid has said on Wednesday that Pakistani expatriates should play vital role to increase investment in the country to uplift the living standard of the people. Mian Nawaz Sharif expressed these views while talking to high officials of PML-N overseas and highlevel delegation of PML-N Lahore and Punjab chapters, led by Secretary General Overseas PML-N Sheikh Qaiser Mehmood here on Wednesday. While appreciating the struggles made by overseas Pakistanis for the country,
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Mian Nawaz Sharif urged the expatriates to further increase investment in the homeland. He further said that increase in investment in Pakistan could pave way towards economic development. Mian Nawaz Sharif further said that overseas Pakistanis should adopt policy of hard struggle and honesty to improve the image of the country while PML-N would not disappoint the masses. He said that with help of Almighty Allah, PML-N would steer the country out from all sorts of social and economic crisis including menace of poverty, unemployment and See # 2 Page 11
TOKYO: Japan underestimated the hazard posed by tsunamis to nuclear plants, the UN atomic watchdog said on Wednesday, while praising Tokyo's response to the March 11 disaster as "exemplary". The International Atomic Energy Agency (IAEA) also stressed the importance of "regulatory independence and clarity of roles", touching on the fact that Japan's nuclear watchdog is part of the ministry of trade and industry, which promotes atomic power. Japan's magnitude 9.0 seabed quake and tsunami caused the world's worst nuclear disaster since Chernobyl 25 years ago at the Fukushima Daiichi plant, which has since leaked radiation into the air, ground and sea. The IAEA sent an 18-member team of its own experts and specialists from 12 countries, including the United States, China, Russia and South Korea, on a fact-finding mission to Japan. "The tsunami hazard for several sites was underestimated," said the IAEA team in the preliminary report it handed to Japan's centre-left government, ahead of a full report to be presented in Vienna later this month. "Nuclear designers and operators should appropriately evaluate and protect against the risks of all natural hazards, and should periodically update those assessments and assessment methodologies," it said. The 14-metre (45-foot) wave that slammed into the plant knocked out reactor cooling systems and backup power generators, causing partial reactor meltdowns and forcing emergency crews to douse reactors with water since then. The embattled operator Tokyo Electric Power Company (TEPCO) has said it hopes to bring the plant to a stable state of "cold shutdown", with low pressure and temperatures, some time between October and January. The IAEA report on lessons learnt from the disaster said that nuclear plants should be designed to withstand "extreme external events, particularly those with common mode implications such as extreme floods". "Severe long-term combinations of external events should be adequately covered in design, operations, resourcing and emergency arrangements," it said. -Agencies
Chinese Ambassador meets Wyne RAWALPINDI: General Khalid Shameem Wyne, Chairman Joint Chiefs of Staff Committee (CJCSC) on Wednesday underlined that we are proud to have a close friend like China, adding relations between the two countries would be further strengthened in defense sectors. He expressed these views during his meeting with Liu Jain, Ambassador of China in Pakistan at the Joint Staff Headquarters in Rawalpindi in which matters of bilateral interest were discussed in depth. According to sources the Chinese ambassador said, China had conducted fruitful cooperation with Pakistan in a wide range of areas in recent years, and would continue to support Pakistan in important projects concerning the national economy and people's livelihood, and promote the common prosperity of both countries. The Chinese Ambassador highly acclaimed the sacrifices of Pakistan Army terming them invaluable in war against terrorism. Wyne said Pakistan was proud to have a great friend such as China and was willing to support China in issues concerning China's core interests, sources concluded. -Online
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Street battles in Yemen, 41 dead SANAA, Yemen: Government forces and tribal fighters exchanged gun and artillery fire in Yemen's capital early Wednesday, sending the crackle of gunfire and resounding booms over the city in fresh fighting that killed at least 41 people. The fighting spread to new areas, with tribesmen from the powerful Hasid confederation seizing buildings in neighborhoods in the city's south and northwest. The urban battles over the last week have posed a new threat to President Ali Abdullah Saleh's 33-year rule. For nearly four months, thousands of Yemenis have filled the streets daily, calling for democratic reforms and Saleh's ouster. The mostly peaceful protests gave way last week to violence between Saleh's security forces and fighters loyal to Sheik Sadeq al-Ahmar, head of the country's largest tribal coalition. Fighting in Sanaa raged until 5 a.m., and witnesses said units
of the elite Presidential Guard, commanded by one of Saleh's sons, shelled the headquarters of an army brigade responsible for guarding sensitive government institutions. Army officers who have defected to the opposition said the government suspected the brigade commander was about to join forces with the movement to oust Saleh. Opposition army officers, speaking on condition of anonymity in line with army rules, said the armored brigade commander, Brigadier-General Mohammed Khalil, was neutral and without political affiliation but had apparently angered Saleh. A resident who lives close to the fighting and would only give his first name, Zaher, said columns of smoke and fire billowed from Khalil's brigade headquarters and explosions could be heard. The 41 dead included combatants from both sides of the conflict, said the medical offi-
cials, who spoke on condition of anonymity for fear of reprisals. The fighting has engulfed the northern Hassaba neighborhood, where tribal fighters have seized a number of government ministries and buildings. Government artillery fire has heavily damaged the house of al-Ahmar, the tribal leader, and the government has cut the area's electricity and water supplies. The units, led by one of Saleh's sons, and special forces wearing uniforms of government security troops attacked but failed to recapture the Hassaba administrative building from tribal gunmen. Fighting spread to other areas of the city Wednesday, with alAhmar fighters seizing the office of the General Prosecutor in the city's northwest. They were accompanied by two armored vehicles from the 1st Armored Division, whose powerful commander abandoned the president two months ago.-Agencies
WikiLeaks Says...........
Pak denied missile system over India NEW DELHI: While the US cleared billions of dollars' worth arms sales to Pakistan for the fight against terror, including advanced F-16 fighters, it refused the sale of a crucial advanced missile technology due to concerns that it could be used to target India. A request by Islamabad to procure an advanced Harpoon missile system was turned down in 2009 after Washington determined that it would threaten India, latest diplomatic cables released by WikiLeaks reveal. According to Indian media, in a cable dated March 18, 2009, US Ambassador Anne W Patterson justified the sale of F 16 fighters to Pakistan, holding that it was not a threat as India has an overwhelming aerial superiority, and went on to say that Washington has occasionally denied "Pakistani requests for arms sales that could upset the regional balance of power". As an example, the cable quotes a decision taken in February 2009 turning down the request for the advanced Harpoon missile system. The reason given is that the
new system would enable Pakistan to target the Indian coastline and would not have any use in the war against terror. "We have and will deny arms sales that we believe would upset the regional balance of power, as we have with the recent GOP (Government of Pakistan) request to buy the Coastal Targeting Suppression System, which enables Harpoon missiles to be fired at land or near-land targets using GPS technology," reads the cable titled "Saving the F 16 Program". The cable goes on to say that the "acquisition would have given Pakistan an overt offensive capability to threaten India and served no COIN (Counter Insurgency) purpose". India has on several occasions raised the issue of increasing arms sales to Pakistan with the US, with Defence Minister AK Antony bringing it to the attention of visiting high-level American officials. India has conveyed its concerns on the arms sales, holding that a range of equipment
Saleem Shahzad Murder
ISI terms blames as totally baseless ISLAMABAD: The unfortunate and tragic death of Syed Saleem Shahzad is a source of concern for the entire nation but the incident should not be used to target and malign the country's security agency, said an ISI official Wednesday on condition of anonymity because of the sensitive nature of the job. "The reported meeting between the journalist and ISI officials of the Information Management Wing was held on 17th October 2010 to discuss a story he had done for Asia Online on 15th October, and the meeting had nothing sinister about it," said the official. "It is part of the Wing's mandate to remain in touch with the journalist community. Main objective behind all such interactions is provision of accurate information on matters of national security. ISI also makes it a point to notify institutions and individuals alike of any threat warning received about them", he said. The ISI official further said that "the reported e-mail of Saleem Shahzad to Ali Hasan Dayan of HRW which is being
made the basis of baseless allegations leveled against ISI has no veiled or unveiled threats in it." The official pointed out that in the words of Syed Saleem Shahzad himself, "the conversation was held in an extremely polite and friendly atmosphere and there was no mince word in the room at any stage". It is regrettable that some sections of the media have taken upon themselves to use the incident for targeting and maligning the ISI, said the official. "Baseless accusations against the country's sensitive agencies for their alleged involvement in Shahzad's murder are totally unfounded. In absence of any evidence, and when an investigation is still pending, such allegations tantamount to unprofessional conduct on the part of the media." The "ISI offers it's deepest and heartfelt condolence to the bereaved family and assures them that it will leave no stone unturned in helping to bring the perpetrators of this heinous crime to justice," the official See # 4 Page 11
being sold or gifted is more useful in conventional warfare rather than the war against terror. Other cables that have also been released recently bring out the dire state of Pakistan's financial health and express concerns that Islamabad has been spending billions on arms despite facing bankruptcy. A cable dated January 2009 reveals that not only did Pakistan default in paying for the F 16 fighters that it ordered in 2006 but was also behind on payments to a crucial ally like China. The payments, the cable says, were related to the JF 17 fighter project with China that has been touted as Pakistan's flagship joint fighter development program. Pakistan also defaulted on payments for advanced airborne early warning systems from Sweden. "The GOP is also reportedly behind in payments to China, Sweden and other countries for JF-17s, Erieye Airborne Early Warning And Control (AEW&C) radar and other aircraft/ programs," reads the cable. -Online
Rangers chopper crashes LAYYAH: Casualties are feared as a helicopter crashed Wednesday morning into the Indus River near the city of Layyah. According to the report, the crashed helicopter belongs to the Punjab Rangers and it might have come down due to poor visibility as the weather there was very bad. A rescue team has been dispatched to the crash site. A private TV channel quoted eyewitnesses as saying that the wings of the helicopter are seen floating on the surface of the Indus River. It is not known at this point how many people were on board when the chopper fell down but according to some media reports there were five people on board including Major-General Mohammad Nawaz, Director General of the Punjab Rangers. A Col ranked officer, 2 Captain level officers and a crew member were also on board. The Inter Services Public Relations (ISPR) confirmed that the helicopter was not See # 5 Page 11
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