International Karachi, Wednesday, July 20, 2011, Shaban-ul-Muazzam 17, Price Rs12 Pages 12
Yaseen second time acting governor of SBP See on Page 12 Economic Indicators
Foreign Debt (Mar 11) Domestic Debt (May 11) Repatriated Profit (Jul - May 11) LSM Growth (May 11)
GDP Growth FY10E Per Capita Income FY10 Population SCRA(U.S $ in million)
-5.11 -5.11 -2.98 2805
Total Portfolio Invest (9-Jul-2011)
NCCPL (U.S $ in million)
FIPI (19-Jul-2011) Local Companies (19-Jul-2011) Banks / DFI (19-Jul-2011) Mutual Funds (19-Jul-2011) NBFC (19-Jul-2011) Local Investors (19-Jul-2011) Other Organization (19-Jul-2011)
-4.73 -32.00 0.49 -1.11 0.01 35.88 1.45
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 12,443.54 9,889.72 21,902.40 18,653.87 2,697.65 2,796.98 5,789.99 12,485.48
Change 125.30 84.75 97.65 146.83 9.58 19.71 37.18 100.32
GDR update $.Price PKR/Shares Symbols 111.88 MCB (1 GDR= 2 Shares) 2.60 157.92 OGDC (1 GDR= 10 Shares) 18.35 43.03 UBL (1 GDR= 4 Shares) 2.00 36.58 LUCK (1 GDR= 4 Shares) 1.70 38.76 HUBC (1 GDR= 25 Shares) 11.26
Money Market Update T-Bills (3 Mths) 13-Jul-2011 T-Bills (6 Mths) 13-Jul-2011 T-Bills (12 Mths) 13-Jul-2011 Discount Rate 20-May-2011 Kibor (1 Mth) 19-Jul-2011 Kibor (3 Mths) 19-Jul-2011 Kibor (6 Mths) 19-Jul-2011 Kibor (9 Mths) 19-Jul-2011 19-Jul-2011 Kibor (1 Yr) 19-Jul-2011 P.I.B (3 Yrs) 19-Jul-2011 P.I.B (5 Yrs) 19-Jul-2011 P.I.B (10 Yrs) 19-Jul-2011 P.I.B (15 Yrs) 19-Jul-2011 P.I.B (20 Yrs) 19-Jul-2011 P.I.B (30 Yrs)
13.48% 13.74% 13.90% 14.00% 13.73% 13.57% 13.79% 14.15% 14.24% 13.98% 14.01% 14.05% 14.25% 14.35% 14.46%
Commodities *Crude Oil (brent)$/bbl *Crude Oil (WTI)$/bbl *Cotton $/lb *Gold $/ozs *Silver $/ozs Malaysian Palm $ GOLD (NCEL) PKR KHI Cotton 40Kg PKR
117.52 97.84 100.84 1,602.50 40.26 1,031 44,493 6,430
Open Mkt Currency Rates Symbols
Buy (Rs)
Sell (Rs)
Australian $ 91.20 92.20 Canadian $ 89.50 90.60 Danish Krone 16.10 16.40 Euro 121.20 122.80 Hong Kong $ 10.80 11.05 Japanese Yen 1.071 1.098 Saudi Riyal 22.85 23.05 Singapore $ 70.20 71.20 Swedish Korona 13.20 13.50 Swiss Franc 98.90 99.90 U.A.E Dirham 23.35 23.55 UK Pound 138.00 139.50 US $ 86.05 86.35 Inter-Bank Currency Rates Symbols
Buying
Selling
TT Clean
TT & OD
Australian $ 91.38 91.59 Canadian $ 89.75 89.96 Danish Krone 16.28 16.32 Euro 121.25 121.53 Hong Kong $ 11.03 11.06 Japanese Yen 1.084 1.087 Saudi Riyal 22.93 22.98 Singapore $ 70.71 70.87 Swedish Korona 13.16 13.19 Swiss Franc 105.18 105.42 U.A.E Dirham 23.42 23.47 UK Pound 138.10 138.42 US $ 86.06 86.25 Weather Forecast Cities
Islamabad Karachi Lahore Faisalabad Quetta Rawalpindi
Max-Temp Min-Temp
35°C 35°C 33°C 34°C 37°C 36°C
20°C 29°C 29°C 30°C 15°C 20°C
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See on Page 12
More Pak-Iran energy cooperation stressed
See on Page 12
Gilani asks UK for more EU market access
Portfolio Investment Yearly(Jul, 2011 up to 18-Jul-2011) Monthly(Jun, 2011 up to 18-Jul-2011) Daily (18-Jul-2011)
See on Page 12
PSDP being used to boost investment
PM calls on Britain deputy PM, foreign secretary
$18.11bn 13.92% $24.83bn $40.41bn $(15.59)bn $542mn $11.20bn $1.92bn Rs 1598bn $59.54bn Rs 5873bn $725mn -2.28% 4.10% $1,051 176.67mn
Forex Reserves (10-July-11) Inflation CPI% (Jul 10-Jun 11) Exports (Jul 10-Jun 11) Imports (Jul 10-Jun 11) Trade Balance (Jul 10-Jun 11) Current A/C (Jul 10-Jun 11) Remittances (Jul 10-Jun 11) Foreign Invest (Jul 10-Jun 11) Revenue (Jul 10-Jun 11)
PPP withdraws from two AJK seats of Khi
LONDON: Prime Minister Syed Yousuf Raza Gilani and British Deputy Prime Minister Nick Clegg addressing a joint press conference at Lancaster House.-APP
Zardari condoles with Karzai on brother’s murder
Urgent transit for perishables pledged President to visit Saudi Arabia today KABUL: President Asif Ali Zardari Tuesday met with the Afghan President Hamid Karzai at the Presidential Palace and condoled with him over the assassination of his brother Ahmed Wali Karzai. According to media reports,
Hina sworn in as foreign minister ISLAMABAD: Hina Rabbani Khar was sworn in as Federal Minister for Foreign Affairs on Tuesday. Acting President Chairman Senate Farooq H Naik, administered oath to Hina Rabbani Khar as Federal Minister at a ceremony held at the Aiwan-eSadr. The oath-taking ceremony was attended among others by ministers, parliamentarians, federal secretaries, diplomats and high officials. Earlier, she appreciated assistance provided by France and said that Pakistan wanted to transform its relationship into a meaningful partnership with France and the European Union. Hina Rabbani Khar received the French Ambassador Daniel Jouanneau at the Foreign Office on Tuesday. They discussed a range of bilateral issues and noted that the recent visit of Prime Minister to France had helped promote greater understanding on issues of mutual interest and to strengthen bilateral relations between the two countries. The Minister appreciated assistance provided by France and said that Pakistan wanted to transform its relationship into a meaningful partnership with France and the European Union. See # 14 Page 11
President and his delegation which include interior minister Rehman Malik, defence minister Ch Ahmed Mukhtar and spokesperson to the President Farhatullah Babar were received by the Afghan President Hamid Karzai and members of his
Cabinet at the presidential palace. The president offered Fateha for the departed soul of Ahmed Wali Karzai. The president expressed his heartfelt condolence and termed the incident as most unfortunate. See # 10 Page 11
Clinton meets Krishna
US urges India for nuclear energy trade NEW DELHI: US Secretary of State Hillary Clinton urged India on Tuesday to amend a law that has put off US companies from taking part in the $150 billion nuclear energy market and further open up Asia's third largest economy to foreign investment. Clinton opened high-level US-Indian talks with a polite but firm push for New Delhi to get moving on key economic issues as both sides seek to firm up a relationship that thus far has promised more than it has delivered. India's government has long pledged to open up the $1.6 billion economy but must also wrestle with local opposition fearing the loss of jobs to foreign companies. See # 11 Page 11
Pak-Iran gas pipeline project
EoI issued for financial advisor ISLAMABAD: Pakistan has invited expressions of interest (EoI) from national and foreign banks for the construction of a proposed $1.2 billion pipeline to pump Iranian natural gas to the energy-starved country, government officials said on Tuesday. The Inter State Gas System (ISGS), a company set up by the government to act as project manager, has set a deadline of August 20 for the submission of expression of interest (EoI) from the banks for financial advisory services, according to a document published on Tuesday. The document did not identify the project but ISGS officials confirmed the EOI had been sought for the multi-billion Pakistan-Iran gas pipeline project. See # 12 Page 11
Ogra for 14pc hike in gas prices ISLAMABAD: Ogra chairman has presented in writing the proposal for hike in price of gas for domestic and industrial consumers by 13.65 per cent in the meeting of National Assembly (NA) Standing Committee on Petroleum and Natural Resources. Committee met here Tuesday under Sardar Talib Hussain Nakai in the office of Oil and Gas Development Company. Members of committee expressed their severe reservation over OGRA chairman proposal saying increase in prices would shift additional burden to the people and affect the investment in
gas sector. Minister for petroleum Dr Asim told the committee that the distribution system of gas between the provinces was unjust which needed to be reviewed. Irregularities had been detected in gas sector and Prime Minister had taken notice of it, he pointed out. Investigations were underway, he told. Ministry had no methodology to check CNG cylinder fitted in the vehicles, he informed. He claimed that Iran -Pakistan gas pipeline would be completed in December, 2012 instead of 2014. See # 13 Page 11
LONDON: Prime Minister Syed Yousuf Raza Gilani on Tuesday urged increased trade and market access for Pakistani products into the European markets to stabilise country's economy and address issues of poverty and unemployment. The Prime Minister was talking to British Foreign Secretary William Hague who called on him here to discuss matters pertaining to Pakistan-UK bilateral relations. Gilani who arrived here on Monday to hold meetings with British leadership apart from his private engagements, said Pakistan-UK multidimensional cooperation in various areas especially in the socio-economic realms was vital to create new opportunities, development and promote peace and security in the region. He said Pakistan and the UK have longstanding relations,
based on shared interests and mutual respect. Prime Minister Gilani emphasised upon the need for deepening consultation on global and regional issues of peace and stability, enhancing investment and trade, collaboration in the education sector, and cultural and parliamentary links. Strategic dialogue, trade access for Pakistani goods to European Union markets, collaboration between the two countries in the fields of trade and investment and education came under discussion. Gilani said the government and the people of Pakistan appreciate Britain's acknowledgment of Pakistan's counterterrorism efforts and its contributions through funding and capacity building. He also highlighted that Pakistan has suffered tremendously in the global fight
against terrorism and finds its economy greatly ravaged by its war against militancy. He reiterated his government's resolve that the war would continue against militants till their complete elimination. The Prime Minister said the government looked forward to United Kingdom and international community for support and assistance in facing numerous challenges in this ongoing fight. The British foreign secretary said the UK recognises that no country had suffered more from the scourge of terrorism than Pakistan. He said his government would continue to extend all possible support in promoting educational facilities in Pakistan besides employment generation and poverty eradication in various areas of Pakistan. See # 9 Page 11
2 Wednesday, July 20, 2011
Minister info launches PBC web portal
No room for politics of confrontation: Firdous
ISLAMABAD: Acting President Farooq Naek administring oath to Hina Rabbani Khar as foreign minister of Pakistan here on Tuesday. -APP
ICCA urges more trade with Korea ISLAMABAD: Pakistan is one of several countries to have diplomatic and economic relations with Korea but bilateral trade between Pakistan and Korea is still below the potential and both countries should work closely to explore the untapped areas. Ambassador of Democratic People's Republic of Korea, HE Ro Kyong Chol made these remarks while talking to President, Islamabad Chamber of Commerce and Industry, Mehfooz Elahi during his visit to ICCI. He exchanged views on common interests and agreed to strengthen economic relations between the two countries. He informed that Korea has abundance of natural resources like coal limonite, steel, graphite and lead. He said that Korea was producing 50 percent electricity from the coal while rest of electricity demand was met by hydropower plants. The Ambassador said that Korean government was giving priority In his welcome address, Mehfooz Elahi, President ICCI said that by increasing people to people contract, bilateral trade between Pakistan and Korea could be enhanced. He suggested that cooperation could be enhanced in petroleum, energy, tourism, surgical, sports goods, textile, agro, pharmaceutical, and marble sectors. -Agencies
Etihad slashes fairs by 20pc for Khi-UAE KARACHI: Etihad Airways, the national airline of the UAE, is offering 20 per cent discounts on fares to the UAE from Karachi for travel until August 20, 2011. The fares, which coincide with the ongoing holiday season, will make travel to the UAE possible for as little as PKR 23,495 inclusive of taxes and surcharges. All passengers travelling with Etihad Airways to Dubai via Abu Dhabi can also take advantage of Etihad Airways complimentary transportation services from Abu Dhabi International Airport to Dubai and back. Country Manager
Etihad Airways Pakistan Amer Khan said: “Dubai is a very popular destination with the people Pakistan, and we want our guests to be able to enjoy it easily from Karachi. At these prices, passengers will be able to enjoy the best of Arabian hospitality and have money left over to spend in the shops.” To further enhance customer-value, Etihad has collaborated with UBL and come up with a new incentive for the banks’ customers. The UAE Visa fee for all UBL Cardholders (Credit, Debit & Prepaid) traveling on Etihad on these fares will be completely waived off. -PR
BoK handles over Rs7bn remittances PESHAWAR: The Bank of Khyber (BoK) handled over Rs7 billion as home remittances till June 30, 2011 during last six months, showing the confidence of the overseas Pakistanis in the bank. This was stated by Bilal Mustafa Managing Director BoK, while inaugurating BoK Half-Yearly Manager Conference-2011
adding 12 new branches. The growth in other operational areas would be further improved to achieve the annual business targets. In this connection; a branch expansion plan is already underway, during which 5 new Islamic & 7 new conventional branches will emerge by year end. This initiative of the
this morning, said a press release issued here. The half-yearly managers' conference was held to review the operational activities and achievements of the bank during first six months of 2011 and to finalize the targets and operational strategy for the remaining six months of the year. Bilal Mustafa mentioned that in order to achieve desired goals, the BoK would further increase its branch network in 2011 by
management will further strengthen the bank and with the increased network of branches, the BoK would play its pivotal role in socio economic development of the country. He specially mentioned about Bacha Khan Khpal Rozgar Scheme and forthcoming "Huner Mand Scheme" and their positive impact on socio-economic condition of Khyber Pukhtunkhwa which will lead the Province to prosperity. -Agencies
TV PROGRAMMES WEDNESDAY Time Programmes 7:00 8:00 9:05 11:00 11:05 12:00 13:05 14:00 14:05 15:00 16:00 17:30 18:00 18:30 19:05 19:30 20:03 21:00 22:03 23:00 23:05
News News Subah Savere Maya ke Sath News Tajziya (Rpt) News Mutasareen (Rpt) News Tonight With Jasmeen (Rpt) News News Samaa Metro News Aap Ki Baat Masail Kahani Crime Scene Tajziya News Tonight With Jasmeen News Awam Ki Awaz (Rpt)
Pak traders urged to raise stake in UAE LAHORE: The Chairman Pakistan Industrial and Traders Associations Front (PIAF) Engineer Sohail Lashari Tuesday said that Pakistani businessmen must avail investment opportunities available in UAE as it would strengthen trade linkages among Pakistani and global investors. The PIAF Chairman was speaking at a function arranged for a two-member delegation of Ras Al Khaimah Investment Authority (RAKIA). Amjad Khan of Ras Al Khaimah Investment Authority, Asma Faisal, for-
mer LCCI Senior Vice President Yaqoob Tahir Izhar, Executive Committee Members Dr Shahid Raza and Ghulam Sarwar Malik also spoke on the occasion. Engineer Sohail Lashari said that Pakistan and Gulf States share cordial business relations and urged Pakistani investors to help cement these ties further. He said Ras Al Khaimah offers many opportunities for doing business which can and has benefited both brotherly nations, saying that Ras Al Khaimah has a transparent, tax and corruption free environment for business.-Agencies
USC to announce Ramazan Package this week ISLAMABAD: The Utility Stores Corporation (USC) is all set to announce the Ramzan Relief Package this week, aiming at providing various basic edible items on subsidized rates while reducing rates on other items during the holy month. The Economic C o o r d i n a t i o n Committee of the cabinet would formally approve the package prepared by the USC management during its meeting scheduled on Wednesday, sources in the Ministry of Industries and Production sources told APP here Tuesday. "The Ramzan Package is likely to be announced on Thursday after the formal approval by the Economic Coordination Committee on Wednesday," sources in the Ministry of Industry and Production said. The ECC during its meeting in the last week of June 2011 had approved Rs 2 billion Ramadan Relief Package, envisaging subsidy on essential food items to the people during the holy month. The aim of the package is to ensure uninterrupted availability of essential food items to people during the holy month. Food items including flour, ghee, oil, dal channa would be provided at subsidized rates while white channa, basen and dates would be available at reduced prices at the outlets of Utility Stores Corporation through out the country. The relief package would be implemented on the advent of the holy month and would be effective till Eid-ulFitr. The USC management has prepared a comprehensive summary of the products that would be available on subsidized or reduced rates; sources said adding that the summary would be presented before ECC for formal approval. After the approval, the USC management would announce the details of the package, likely on Thursday, the sources added. It is pertinent to mention here that last year;, the government had announced about Rs one billion Ramazan Relief Package that included Rs two billion subsidy on various edible commodities, Rs one billion subsidy on sugar and Rs one billion relief by providing about 1000 commodities on discounted rates. -NNI
ISLAMABAD: Minister for Information and Broadcasting Dr Firdous Ashiq Awan has said that the present democratic Government is consistently following the policy of reconciliation as the country can ill-afford the politics of confrontation. She was responding to questions by newsmen after inaugurating the new web portal of Radio Pakistan at National Broadcasting House here on Tuesday. Replying to a question regarding decision of the MQM to allow Governor Ishrat-ul Ebad to rejoin his responsibilities, the Minister said this is success of the policy of President Asif Ali Zardari to take along all political
forces. She said reconciliation with the MQM is a tribute to the policy of accommodation being pursued by the President. The Minister said allies keep on changing in politics and this is part of the democratic process. She said it is for the MQM whether it wants to sit on the opposition benches or rejoin the Government. The party can play role for strengthening of the democracy and peace and stability in Karachi in whatever capacity it chooses. She said the Government wants strengthening of the institutions and supremacy of the parliament. She said the Government also wants
better relations with the judiciary and our leadership has the capability to remove misunderstanding, if any. Replying to a question about rising trend of prices ahead of Ramzan, the Information Minister said the Federal Government in collaboration with the provinces is firming up strategy to check profiteers and hoarders. Price Control Committees are being formed and the next cabinet meeting would also review the situation. She also pointed out that the Government has already announced a two billion rupee package to provide relief to the people during the holy month through the network of
utility stores. To another question, Dr. Firdous Ashiq Awan said Pakistan wants good relations with all its neighbors including Iran, Afghanistan and India. She expressed the confidence that the forthcoming talks between Foreign Ministers of Pakistan and India would help remove misunderstanding between the two countries and improve overall regional situation. Asked about regularization of the contract and daily wage employees of Radio Pakistan, the Minister said the Government wants to do this after improving financial health of the organization so that the employees get full benefits. NNI
KARACHI: Iftikhar Ali Malik, Vice President, SAARC-CCI addressing a Seminar on “Pakistan India Trade” at Karchi, Presedent FPCCI Haji Ghulam Ali, Dr Rajiv Kumar, Zafar Mehmood, Dr. Ishrat Hussin, Tariq Saeed and S M Munir are on the Stage.-Staff Photo
Navy drone crashes near Pak oil refinery KARACHI: Crashing of an un-manned aerial vehicle (UAV) of Pakistan Navy has caused no major damage to the installations of an oil refinery in Korangi area here Tuesday, company officials said. An official of the refinery said it was small aircraft that fell at an empty
place inside the refinery. "It looked like a toy and our staff controlled the fire immediately after it crashed. We have all the equipment and arrangements to handle any type of fire inside the plant", he added. A Fire Brigade official said that fire tenders were rushed to the site, but the
company staff extinguished the fire at their own. Meanwhile, a spokesman of Pakistan Navy said that UAV was on a routine training flight when it was hit by a big bird and fell inside a plant. This is about 8 feet wide aircraft which is used by the navy for photography and surveillance. -APP
Coca-Cola, JSCD ink pact for civic facilities KARACHI: The CocaCola Export Corporation, Pakistan has collaborated with the Jahandad Society of Community Development (JSCD) to initiate a project which will provide water, sanitation and hygiene facilities to government schools in the Muzaffargarh district. The project was launched with the signing of a memorandum of understanding by Dr Yasmin Rashid, President JSCD and Rizwan U Khan, General Manager, Coca Cola Pakistan. This project titled 'Water, Sanitation and Hygiene Facilities in Schools in District Muzzaffargarh', being implemented in collaboration with The CocaCola Export Corporation, Pakistan Branch and
JSCD will contribute towards "child protection and development" by provision of adequate water and sanitation facilities in target two primary schools of district Muzaffargarh namely, Government Girls Primary School, Basti Surhani and Government Primary School, Wigh. Speaking on occasion Rizwan U Khan said, "The ravaging floods of 2010 wreaked devastation on an epic scale. The catastrophe took a severe toll on the people of Pakistan and despite considerable rehabilitative efforts a lot of work is still to be done. Coca-Cola realizes the need to support children studying at schools in flood stricken areas and will provide complete
support to JSCD to help lighten their suffering." JSCD is working closely with the Government and UNICEF to establish Temporary Learning Centers (TLCs) in Muzaffargarh. Providing quality education also implies the provision of a healthy learning environment in which children can perform to the best of their ability. In such a dismal environment, children often resort to open defecation around or even at the school compound, putting their mental and physical health at risk and adversely affecting their participation. This results in lower enrollment rates, increased absenteeism, poor classroom performance and early school dropout rates. -PR
KARACHI: ‘Make A Wish Foundation Pakistan’ granted the wishes of 6 Children suffering from life threatening illnesses. Seen in the picture, Ishtiaq Baig, Founding Presiden, Iqbal Qasim of National Bank, Dr Mirza Ikhtiar Baig, Saleem Yousuf along with MAW volunteers and with children.-Staff Photo
Samsung introduces 'Virus Doctor' KARACHI: Samsung Electronics has unveiled the revolutionary Plasma Ionizer "Virus Doctor" airconditioners which improve indoor air quality and enhance consumer well-being. It features Samsung's latest SPi (Super Plasma ion) technology, which kills more than 99 percent of harmful micro-organisms including SARS and H1N1, to guarantee contamination-free indoor air. Samsung Electronics Pakistan MD, Hee Chang Yee said, "Samsung has a strong commitment towards creating a higher Quality-of-Life and Health for customers and their families. This commitment has led to the creation of the Micro Plasma Ionizer (MPi) technology. The effectiveness of MPi technology against airborne pathogens has been tested and duly acknowledged by the Chungnam National University, Seoul, South Korea and Samsung's research engineers. It is the first air conditioner to use Bacteria-eradication (Virus Doctor) technology to ensure healthy breathing and act as the first line of defence against deadly viruses like SARS and Swine Flu within your home. The "Virus Doctor" lets consumers enjoy healthy and clean air indoors. -PR
Seminar on artery bypass held KARACHI: Coronary artery bypass grafting has been one of the most frequently performed cardiacoperation during last 50 years. Several studies have confirmed its superiority over medical treatment head of the department of cardiac Surgery, National Institute of Cardiovascular Diseases Karachi Prof Arifur Rehman Khan said. He was speaking at a seminar on Role of Coronary Artery Bypass Grafting in Modern Day Management of Ischemic Heart Disease. Organised by the Dr Essa's Laboratory & Diagnostic Centre. -PR
3
Wednesday, July 20, 2011 Top Economic Events
Euro gains ahead of EU summit to be held later this week US housing starts briefly, help dollar recover vs yen NEW YORK: The euro strengthened on Tuesday as debt yields of some peripheral euro-zone countries retreated ahead of an EU summit later this week on expectations a solution to Greece's debt problem may be reached. Traders said official Asian and Russian names bought the euro as yields on Italian and Spanish government bonds eased slightly following a surge higher in the past week on concern the debt crisis is deepening. The dollar briefly recovered against the yen after a government report showed US housing starts rose more than expected in June to touch a sixmonth high and permits for future construction unexpectedly increased.. It then fell back as some investors said that one monthly number, however positive and above the consensus, does not make for an improving trend in the nation's housing market. That market
remains mired down with foreclosures and a huge inventory of unsold homes. "There is some lightening of short positions ahead of (the summit) on the risk there could be some sort of agreement reached," said Omer Esiner, chief market analyst at Commonwealth F o r e i g n Exchange in Washington. "But an agreement on Thursday could include some form of Greek default, which to me is not necessarily a positive outcome for the euro." The euro rose as high as $1.42172 on electronic trading platform EBS before retreating to $1.4196, still up 0.6 per cent on the day. It found near-term support after
breaking above technical resistance around $1.4111 and $1.4175, the 31.8 per cent and 23.6 per cent retracements of the euro's rally last week.
The euro also traded higher against other currencies, rising to a session high of 1.16556 versus the safe-haven Swiss franc. Euro-zone leaders are trying to complete an agreement on a second round of aid for Greece worth 110 billion euros ($154 billion). But it remained unclear how a consensus could be reached for private
owners of Greek government bonds -banks, insurers and other investors -- to contribute by taking cuts in the face value of their holdings. The European Central Bank has resisted the possibility of a default, but comments on Tuesday from Austria's central bank governor, Ewald Nowotny, that a solution could involve a 'selective default' was the first sign of a crack in the central bank's hard line. Nowotny later said that he was in complete agreement with ECB President Jean-Claude Trichet on Greece. Strength in the euro pushed the dollar, considered a safer bet during times of uncertainty, lower against several major currencies. Against the yen it slipped 0.1 per cent to 79, while sterling rose 0.5 per cent against the dollar to $1.6126 and the Australian dollar gained 0.7 per cent to $1.0683. -Reuters
Baht, peso lead Asian FX Yuan soars, Neer rises; debt woes still weigh edges up in June Won up on bond inflows; Goldman revises up forecasts SINGAPORE: The Thai baht and the Philippine peso on Tuesday led gains in their peers on continuous bond inflows to Asia, while investors remained reluctant to add more positions in the regional units on default threats in the euro-zone and the United States. US politicians are still far from reaching a federal borrowing deal by the Aug. 2 deadline and Europe also appeared no closer to agreeing yet on a second bailout of Greece ahead of Thursday's European summit. Worries about debt-deals are expected to prevent investors from increasing exposure to riskier assets, including emerging Asian currencies, dealers and analysts said. "AXJ's rebound is looking more like a 'dead cat bounce'... This recovery looks rather shallow, and very reflective of the market attempting to find some reprieve
in Asian units given the uncertainty this week for the US and the euro-zone," said Suresh Kumar Ramanathan, regional rates and foreign exchange strategist for CIMB Investment Bank in Kuala Lumpur. "We still see the environment pitted with risk, and accordingly see today's rebound in Asian units as purely an opportunity to cover for dollars with some cheap entry levels." Concern about debt crises elsewhere have weakened a bullish trend in emerging Asian currencies, which was backed by the region's stronger fundamentals and inflation-fighting efforts. Still, emerging Asian currencies are still attractive in the longer term, given problems of the two major developed markets, analysts said. "If they keep having emergency euro-zone meetings but with nothing out of it... Some market players may be buying
CHF and JPY (against the euro and dollar) for risk aversion hedging and getting AXJs for upside," said SaktiandiSupaat, head of FX Research at Maybank in Singapore. The positive outlook for Asian bonds and continuous inflows to the markets also brighten their long-term prospects, Year-to-date inflows into Emerging Market Bond Funds have topped $15 billion while outflows from Europe Bond Funds moved closer to the $17 billion mark, fund tracker EPFR Global showed. Some dealers and analysts expect emerging Asian currencies to get a bigger boost if the US political leaders reach a debt deal, saying worries about an American default have been factored in by markets. The baht is expected to rise more, probably to May's high of 29.84 per dollar, as realisation slowly dawns on the catch-up play in Thailand. -Reuters
Sterling up on sovereign demand, bounce in stocks LONDON: Sterling rose against the dollar on Tuesday, helped by a recovery in equities and with traders citing sovereign demand for the currency, but UK exposure to the eurozone debt crisis was seen hampering the pound's progress. Traders said sentiment was helped by a rebound in UK banking stocks after sharp falls the previous day The pound was up 0.5 per cent against the dollar at $1.6140 in afternoon trade, above Monday's low of $1.6005, with technical support seen from its 200-day moving average around $1.6054. "The market is trying to sell cable here but we keep seeing sovereign-type names on the bid," said a London-based trader. "Unless we get below $1.6100, I think there is a decent chance of a bounce."
Further gains could see sterling target last week's high of $1.6195 but UK exposure to the euro-zone crisis weighed on investor confidence. Sterling is seen vulnerable to renewed euro-zone debt worries, particularly against the dollar and currencies such as the yen and Swiss franc, due to concerns about the health of the UK
banking sector and Britain's close trade links with Europe. "Sterling's outlook is still very closely linked to sentiment towards Europe. Ultimately the UK is so closely entwined with Europe that a crisis would certainly hit the UK," said Lee Hardman, currency analyst at BTM-UFJ. Market players remained
wary as European leaders struggle to reach agreement on a solution to the crisis ahead of a key meeting on Thursday which will attempt to finalise a second round of aid for debt-stricken Greece. The euro was steady against the pound at 87.90 pence, off a seven-week low of 87.05 pence hit the previous day, when the single currency came under broad selling pressure. Support was highlighted at the 200-day moving average at 86.65 pence, while near-term resistance was seen as the 100-day average around 88.01 pence. Market participants said the advantage offered by euro interest rate differentials against sterling has been fading as the spotlight remains fixed on the debt crisis, which now risks spreading to Italy, the bloc's third largest economy. -Reuters
Aussie, NZ $ gain traction, even as RBA shifts down a gear SYDNEY/WELLINGTON: The Australian dollar held its ground on Tuesday, taking only a brief knock after the Reserve Bank of Australia (RBA) dropped an explicit warning of higher interest rates, while the New Zealand dollar advanced further. The Aussie edged to $1.0620, from $1.0592 in New York. It had initially dropped a third of a cent to around $1.0610 after minutes of the RBA's July policy meeting showed it shifting toward a neutral stance on rates. But the local dollar quickly found bids with much talk of more interest from Asian central banks diversifying their reserves. At the same time, the different RBA tone failed to move futures markets, which had already priced in at least one cut in rates by year-end. As a result, interbank futures and bank bills remained lower after the news. The central bank has kept rates on hold in July at 4.75 per cent since the last tightening in November 2010. "The market has gotten well-ahead of the RBA in terms of pricing a more dovish scenario...
There wasn't much new information," said Todd Elmer, head of G10 FX strategy Asia at Citi in Singapore. Immediate support for the Aussie is seen at $1.0594 and resistance at $1.0680, with traders citing talk of stops above $1.0675. In the shortterm, the Australian dollar will remain vulnerable to Europe and US's debt woes. "We are wary of a correction. There is the potential for a contraction to as far as the $1.03 region," Citi's Elmer said. On the medium-term, though, he's more positive, forecasting the local dollar to potentially exceed its 29-year peak of $1.1012 set in May. The Aussie has gained nearly 4 per cent this year. Against the kiwi, the Australian dollar remained mired near one-year lows at NZ$1.2562 on the market's outlook for diverging rates in the two countries. Financial markets imply a total easing of 50 basis points over the next 12 months in Australia, compared with 81 bps in hikes, up from 69 bps on Monday, in New Zealand. -Reuters
SHANGHAI: The yuan ended up against the dollar on Tuesday, even after the People's Bank of China set a marginally lower mid-point, as the dollar index dropped in early European trade. Dealers said that in the absence of market-moving news and clear direction, investors were adopting a wait-and-see attitude and the dollar's performance would likely guide the Chinese currency's movements in the near term. But the Chinese currency was still expected to appreciate because China is adjusting its economic structure to make its economy less reliant on exports, they said. "We still expect the yuan has room to strengthen further," said a dealer at a Chinese bank in Shenzhen. "And the central bank's intention is for a gradual rise in the yuan." Spot yuan finished at 6.4634 on Tuesday, up from Monday's close of 6.4687. It has now appreciated 5.56 per cent since it
Indian rupee up on euro's rise, local shares MUMBAI: The Indian rupee strengthened on Tuesday, tracking gains in domestic equities and the euro's recovery, with the market now focusing on a euro-zone leaders meeting on Thursday where they will try to agree on a second rescue package for Greece. The partially convertible rupee ended at 44.49/50 per dollar, 0.2 per cent stronger from Monday's close of 44.585/595. Intraday, the unit moved in a band of 44.4800 to 44.5950. Caution ahead of the eurozone summit prevented a sharper rise in the local currency. "The euro drove the rupee today," said Kamlakar Rao, head of forex trading at staterun Allahabad Bank. "But market's confidence in euro is not complete, since rupee should have been near 44.40 if it was accurately reflecting current euro levels." The euro-zone summit is expected to show how the region's leaders intend to tackle the deepening debt crisis and is expected to lend direction to the euro and in turn the rupee, traders said. Indian shares rose 0.8 per cent on Tuesday, climbing for the first time in three sessions. Gains in most Asian currencies against the US unit also aided the local currency, traders said. The one-month onshore forward premium was at 24.50 points from 25 points on Monday, while the three-month was 70 points from 69.75 points and the one-year was at 227.25 points versus 229.50. One-month offshore nondeliverable forward contracts were quoted at 44.72, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange were at 44.5650, 44.5675 and 44.5700, respectively. The total volume was at $8.81 billion. -Reuters
Time
Source
5:30
AUD
MI Leading Index m/m
7:00
CNY
CB Leading Index m/m
Events
Forecast
Previous
11:00
EUR
German PPI m/m
0.1%
0.0%
13:30
GBP
MPC Meeting Minutes
2-0-7
2-0-7
17:30
CAD
Wholesale Sales m/m
19:00
EUR
Consumer Confidence
-10
-10
19:00
USD
Existing Home Sales
4.92M
4.81M
19:30
CAD
BOC Monetary Policy Report
19:30
USD
Crude Oil Inventories
-1.5M
-3.1M
20:15
CAD
BOC Press Conference
Source
Events
AUD EUR EUR CAD USD USD CAD CAD
Monetary Policy Meeting Minutes German ZEW Economic Sentiment -15.1 ZEW Economic Sentiment -7.0 Leading Index m/m 0.2% Building Permits 0.62M Housing Starts 0.63M BOC Rate Statement Overnight Rate 1.00%
0.2% 0.2%
0.2%
-0.1%
Previous Day Actual
Forecast
Previous
-11.8 -7.4 1.0% 0.61M 0.58M
-9.0 -5.9 0.8% 0.61M 0.55M
1.00%
1.00%
Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY Gold
Bid 1.4177 0.8214 1.6116 0.9491 1.0686 112.00 0.8791 1.1645 127.33 96.17 1599.55
As per 22.00 PST Ask High 1.4178 1.4216 0.8217 0.8232 1.6120 1.6156 0.9494 0.9599 1.0690 1.0699 112.03 112.29 0.8795 0.8808 1.1648 1.1657 127.42 127.63 96.23 96.92 1600.13 1609.89
Low 1.4072 0.8154 1.6041 0.9484 1.0605 111.19 0.8761 1.1519 126.85 96.05 1597.79
Major Central Banks Overview Central Bank
was depegged from the dollar in June 2010 and 1.95 per cent so far this year. Late on Monday, the Bank for International Settlements released a report on the yuan's nominal effective exchange rate (NEER), or its value against a trade-weighted basket. Its NEER appreciated 0.2 per cent in June to 112.07, marginally up from the previous month's 111.89. The yuan's NEER fell 3.2 per cent in the first half of the year due to a 6 per cent decline in the dollar index, but a 2 per cent rise in the Chinese currency against the dollar itself partly offset the overall weakness. The dollar accounts for around 70 per cent of the trade-weighted basket. Offshore, benchmark one-year dollar/yuan non-deliverable forwards (NDFs) were bid at 6.4000 late on Tuesday, down slightly from 6.4090 at the previous day's close. Their implied yuan appreciation in a year's time rose to 1.07 per cent from 0.93 per cent. -Reuters
Next Meeting
Last Change
9/7/2011 8/4/2011 8/5/2011 8/4/2011 8/9/2011 9/15/2011 8/2/2011
9/8/2010 3/5/2009 12/19/2008 7/7/2011 12/16/2008 3/12/2009 11/2/2010
Bank of Canada Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia
Current Interest Rate 1% 0.50% 0.10% 1.50% 0.25% 0.25% 4.75%
Division of National Bank of Pakistan (NBP) KARACHI, July 19,2011 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
86.20 138.42 121.53 89.96 105.42 91.59 13.19 1.09 15.45 70.87 16.32 22.98 11.06 313.17 28.62 72.97 23.67 23.47 0.08 2.88
86.00 138.10 121.25 89.75 105.18 91.38 13.16 1.09 15.41 70.71 16.28 22.93 11.03 312.44 28.55 72.80 23.62 23.42 0.08 2.87
85.78 137.73 120.88 89.52 104.90 91.14 13.12 1.08 15.37 70.52 16.24 22.87 11.00 311.62 28.48 72.61 23.56 23.35 0.08 2.86
HBL Profit Rates Habib Bank Limited has declared the following Profit Rates on various categories of PLS Deposits for the period January - June 2011 based on the periodical results of the Bank. Profit Rate % Per Annum 1
PLS SAVING CHEQUING ACCOUNT On minimum balance during the month
5.00
2
HBL - VALUE ACCOUNT (VA) For minimum balance during the month up to Rs. 1 Million For minimum balance during the month above Rs. 1 Million
7.00 5.00
HBL - SUPER VALUE ACCOUNT (VA) For minimum balance during the month up to Rs. 1 Million For minimum balance during the month above Rs. 1 Million
5.00 8.00
HBL BUSINESS VALUE ACCOUNT (BVA) On daily actual deposit less than Rs. 1 Million On daily actual deposit of Rs. 1 Million but less than Rs. 2.5M On daily actual deposit of Rs. 2.5 Million and above
0.00 4.25 5.25
DAILY MUNAFA ACCOUNT (DMA) On Daily Closing Balance of less than Rs. 50 (M) On Daily Closing Balance of Rs. 50(M) but less than Rs.100 (M) On Daily Closing Balance of Rs. 100(M) but less than Rs.250 (M) On Daily Closing Balance of Rs. 250(M) but less than Rs.500 (M) On Daily Closing Balance of Rs. 500(M) but less than Rs.1 Billion On Daily Closing Balance of Rs.1 Billion and above
5.00 6.00 6.50 7.00 7.50 8.50
DAILY PROGRESSIVE ACCOUNT (DPA) On Daily Closing Balance of less than Rs. 500K On Daily Closing Balance of Rs.500K but less than Rs.1 (M) On Daily Closing Balance of Rs. 1(M) but less than Rs. 5(M) On Daily Closing Balance of Rs. 5(M) but less than Rs. 25(M) On Daily Closing Balance of Rs. 25(M) but less than Rs. 50(M) On Daily Closing Balance of Rs. 50(M) but less than Rs. 100(M) On Daily Closing Balance of Rs. 100(M) but less than Rs. 250(M) On Daily Closing Balance of Rs. 250(M) but less than Rs. 500(M) On Daily Closing Balance of Rs. 500(M) but less than Rs. 1(B) On Daily Closing Balance of Rs.1 (B) and above
6.00 6.50 7.00 7.50 8.00 8.50 9.00 9.25 9.50 10.00
HBL ADVANTAGE ACCOUNT* More than 25,000 upto 500 (M) Three Months on maturity Six Months on maturity For One Year For Three Years For Five Years For Ten Years
8.00 8.50 11.00 11.25 12.00 12.50
8
INVESTMENT PLUS DEPOSIT CERTIFICATE (IPDC)
9.00 to 14.74
9
Notice Deposit (ND)
5.00
10
HBL - Money Club (W-e-f 30th April, 2011) on minimum balance For Balance from Rs.1/= and above unconditionally For Balance from Rs.1/= and above conditionally Profit will be calculated on monthly basis and paid monthly.
3
4
5
6
7
5.00 7.50
* Ranges represent different profit payment cycles being offered on these products. Note: - The Discontinued products are not included above.
to to to to
12.00 14.00 15.00 18.00
4 Wednesday, July 20, 2011
The Financial Daily International Vol 4, Issue 257
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
No let up for Karachiwalas There seems no doubt that some of the elements are adamant at keeping Karachiwalas persistently under one or the other agony. A quick review shows that the authorities not contented with depriving the city with up to 12 hours of electricity load-shedding. Target killing and sectarian and linguistic clashes have taken lives of hundreds of people in recent months and properties worth billions of rupees have been reduced to ashes. Yesterday witnessed the worst traffic jam in the City. It was not confined to one or a few areas but the entire city was under the chaos. While demonstrations by some of the political parties and employees of KESC choked heart of the city and other roads were blocked by the protesters suffering from non-availability of electricity and water. However, traffic jams can only be attributed to gross mismanagement of police, particularly traffic police. It seems that traffic police is least interested in ensuring smooth flow of vehicles but collecting booty. The main partners are the fake 'parking contractors' and car-washers who have encroached almost all the roads of the city. Traffic jams around Karachi Press Club are the routine and often stretches up to twelve hours. All and sundry who wishes to demonstrate and express their anguish come in hundreds and park their vehicles wherever they like. They completely forget that their unruly behavior cause miseries to hundreds of people. When ambulances are stuck in traffic only those accompanying the patients can feel the suffering. Many of the passengers missed the flights. It is necessary to mention that permanent closure of part of Dr Ziauddin Ahmed and Mai Kolachi Roads have become a serious problem for the commuters. It is true that some of the sections are closed because of security reasons but some alternate arrangements have to be made to ensure smooth flow of traffic through the bottlenecks. Owners pay billions of rupees as vehicle tax and it is the responsibility of the civic authorities to keep the roads clear for the smooth flow of traffic. However, it seems that these authorities allow all sorts of encroachments. It is also to point out that citizens have also lost the sense of responsibility. They park vehicles without the realization that their carelessness could lead to death of persons when ambulances are stuck. They also blow horns indiscriminately at the schools and hospitals. It may not be a bad idea to develop a few 'Hide Parks' in Karachi. It may be made mandatory to hold meetings of political parties at these parks. Gathering of mobs on the roads itself is a security risk for the political activists as well as the citizens.
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.
China blames terrorists for attack in Xinjiang A
clash at a police station that left at least four people dead in western China's restive Xinjiang region was "a terrorist attack," a government official said on Tuesday, but an exile Uighur group accused police of firing on peaceful protesters. Police in the desert city of Hotan "gunned down" several rioters who attacked a police station, Xinhua said on Tuesday, the worst violence Xinjiang has experienced in about a year. But a Germany-based exile group, World Uyghur Congress, disputed the official account. It said 20 Uighurs were killed 14 were beaten to death and 6 shot dead and 70 arrested when police opened fire on a peaceful protest, leading to fighting between the two sides. The two accounts could not be independently resolved on Tuesday. Beijing, wary of instability and the threat to the Communist Party's grip on power, often blames what it calls violent separatist groups in Xinjiang for attacks on police or other government targets, saying they work with al Qaeda or Central Asian militants to bring about an independent state called East Turkestan. "It is certain that it was a terrorist
attack," Hou Hanmin, chief of the regional information office, told Reuters by telephone. "But as for which organization is behind this, we are still investigating. The number of people killed and casualties will be announced soon." Many Uighurs a Muslim, Turkicspeaking people native to the region chafe under rule from Beijing and restrictions on their language, culture and religion. They make up less than half of Xinjiang's population after decades of immigration by the majority Han from other parts of China. The Global Times, a popular tabloid owned by the Chinese Communist Party's mouthpiece, the People's Daily, quoted Hou as saying that the rioters "carried explosive devices and grenades." "They first broke into the offices of the local administration of industry and commerce and the taxation bureau that are close to the police station," the report cited Hou as saying. "They injured two persons there. "When they realized the targets were wrong, they started to attack the police station from the ground floor to the second floor where they showed a flag with separatist messages," Hou was quoted as saying. The attackers set the police station on
fire before killing hostages during a stand-off with armed police, she was quoted as saying. State television said the latest incident took place when a mob attacked a police station, taking hostages and setting it on fire. Two hostages, a paramilitary policeman and a guard died in the violence, as well as several of the attackers, it reported. Six hostages were freed. The Global Times said the national counter-terrorism office had dispatched a team to Xinjiang. Calls to the governments of Xinjiang and Hotan and the ministry of public security went unanswered. SYSTEMATIC REPRESSION Dilxat Raxit of the World Uyghur Congress said he believed the death toll and the number of injured were likely to escalate. "All forms of protests by Uighurs are met with violent crackdowns. The clash escalated only after the crackdown and the Chinese government later refered to it as act of 'terrorism'," he said. "The Chinese government consistently uses the term 'terrorism' to quieten down the demands of the Uighurs." Hotan, also known as Khotan, is a Uighur-majority town of some 300,000 people that stretches along the ancient Silk Route and lies on the edge of
Xinjiang's forbidding desert. In March 2008, hundreds marched through the weekly bazaar in a protest the city government blamed on ethnic separatists. Chinese censors blocked searches on Sina Weibo, China's Twitter-like microblogging services, on the attack. Search results for the Chinese renderings of "Xinjiang unrest" and "Hotan" showed a page that said, "according to relevant laws, regulations and policies, search results are not displayed". A vast swath of territory, accounting for one-sixth of China's land mass, Xinjiang holds oil, gas and coal deposits and borders Afghanistan, Pakistan, India and Central Asia. In July 2009, Xinjiang's capital Urumqi was rocked by violence between majority Han Chinese and minority Uighurs that killed nearly 200 people. Since then, China has executed nine people it blamed for instigating the riots, detained and prosecuted hundreds and ramped up spending on security, according to state media and overseas rights groups. China has earmarked billions of dollars for the relatively poorer southern part of Xinjiang, where Hotan is located, to try to soothe income disparities that have contributed to ethnic violence. -Reuters
Brega under rebels' controls ibyan rebels have taken over the eastern oil hub of Brega, France said on Tuesday, in their most significant advance in months against forces loyal to Muammar Gaddafi. Fighting for control of Brega, which would provide access to much of Libya's eastern oil network, came as US and Libyan officials met for secret faceto-face talks. Tripoli said it was seeking talks with no preconditions, but Washington said it had delivered the clear message that Gaddafi must go. "The Libyan resistance forces are in the process of controlling the totality of the city (Brega) but I am not in a position to confirm exactly what is happening on the ground," French foreign ministry spokesman Bernard Valero said. "It represents progress on the ground by the action of Libyan rebel forces. It would seem to confirm the retreat and isolation of Gaddafi and his forces," he told a media conference in Paris. The Libyan government has denied that Brega has fallen to the rebels. Saturday's meeting with the Libyans was held "to deliver a clear and firm message that the only way to move forward is for Gaddafi to step down," a US State Department official said. "This was not a negotiation. It was the delivery of a message." He said no more meetings were planned. Libya said it welcomed discussions but only without preconditions. "Any dialogue with the French, Americans, British is welcome," government spokesman Moussa Ibrahim told journalists in Tripoli. "We will discuss everything, but do not condition your peace talks. Let Libyans decide their future." He said the meeting was in Tunisia on Saturday. The US official said it followed repeated contacts
L
from the Libyan leader's emissaries. France's Valero said: "As panic takes over in the ranks around Gaddafi, we are seeing more and more emissaries of all types who are touring world capitals. When one of those comes within our range our message is always the same: Gaddafi must go." French Defense Minister Gerard Longuet said Libyans were now certain that "Gaddafi is no longer an option for the future." "The countdown has begun ... but I am cautious because Gaddafi is not rational and he could opt for a bunker strategy, taking the whole civilian population of Tripoli hostage." UN Secretary-General Ban Ki-moon declined comment on the Libyan-US meeting, but said the world body was playing a central role in moves to present terms for Gaddafi to quit. "There are many actors and the United Nations is playing a coordinating role. My special envoy is playing a central coordinating role," Ban told Reuters in Geneva on Tuesday. He was referring to his envoy Abdul Elah alKhatib who took part in the international contact group meeting in Istanbul which agreed a road map whereby Gaddafi should relinquish power and plans for Libya's transition to democracy. Khatib, a former Jordanian foreign minister, was authorized to present terms for Gaddafi to leave power. MOSCOW MEETING Libya's foreign minister is to meet his Russian opposite number in Moscow on Wednesday, ItarTass news agency said. The meeting, requested by the Libyans, would be first known visit by a Libyan government official to Moscow since the war began. Russia has called for Gaddafi to go, but has criticized Western states for recognizing the rebel lead-
ership as Libya's legitimate government, saying they were taking sides. Moscow emphasizes it is in contact with both rebels and government. After a long period of stalemate in the desert along the eastern front, the rebels said they had routed most of Gaddafi's troops in Brega to the west, which has an oil refinery and terminal, and encircled the town. More than 40 people on both sides were reported killed in the fighting since late last week for a city which for months marked the eastern limit of Gaddafi's control. The government denied the claim. "Our brave soldiers are in Brega in their thousands and control it completely," spokesman Ibrahim said. He said the government had lost 30 soldiers over five days of fighting, but rebels had lost many times more. A rebel spokesman said 12 rebels were killed and some 300 wounded on Saturday and Sunday. Most rebel forces were now past Brega and heading west. Brega has changed hands several times in the back-and-forth fighting along Libya's Mediterranean coast since the rebellion began in February. Gaddafi is refusing to step down despite the rebellion, Nato air strikes and defections of members of his inner circle. On Saturday as his envoys met US officials he called rebels traitors and said he had no plans to leave the country. A Reuters team in the western city of Misrata, a rebel stronghold, reported heavy bombardments from both rebel and government forces on Tuesday. Libyan state television issued a call for men aged between 18 and 30 to join a brigade commanded by Gaddafi's son Khamis, one of the government's most important military units. Inducements included provision of a house. -Reuters
Eurozone paper points to bank tax to fund
A
tax on euro zone banks and cheaper, longer-dated official loans are the least risky way to provide extra funding for debt-stricken Greece, a confidential paper drafted ahead of a European summit showed on Tuesday. With financial markets on edge two days before leaders of the 17-nation currency area hold a crucial meeting, other options that could trigger a selective or outright Greek default with farreaching consequences remain on the table, the paper obtained by Reuters showed. The European currency is facing the biggest crisis of its 12-year existence, with contagion threatening major economies such as Italy and Spain after three small members Greece, Ireland and Portugal needed financial rescues. Euro zone leaders will try to agree on a second rescue package for Greece and a strategy to halt contagion when they meet in Brussels on Thursday, after senior officials thrash out detailed proposals in talks on Wednesday. French European Affairs Minister Jean Leonetti confirmed late on Monday that euro zone officials were eyeing a bank tax to raise extra money to help Greece, which needs a further 115 billion euros in funding by mid2014 on top of a 110-billion-euro EU/IMF bailout agreed last year. "It's one of the solutions we are looking at. It would have the advantage of not making us intervene directly with the banks and therefore potentially not triggering a default," he told reporters in Brussels. The tax idea "deserved to be studied," he said.
A source familiar with the talks said a small levy on banks could raise 10 billion euros a year, yielding the 30 billion euros over three years targeted by Germany, which has led the drive for private sector involvement in a new Greek program. A tax would appear to have the drawback of lumping together banks that have an exposure to Greece and those that do not, but the source said it could be structured so that the main burden fell on those with Greek holdings. He did not say how. OPTIONS A banking source and a national government official said the inclusion of a tax proposal was aimed at pressuring banks and insurers into agreeing on an acceptable form of voluntary private sector involvement in supporting Greece. Talks on this led by the International Institute of Finance, a banking lobby, were continuing in Rome on Tuesday. "'If you don't come up with anything we can live with, we will impose a tax', is the threat that is hanging over the talks. This makes the negotiations even more difficult," one banking source said. The options paper dated July 16 but which officials said still reflects the wide open state of debate, showed that a tax on the financial sector was the only proposal deemed unlikely to cause a selective default. It identified three main options. It suggested the levy could be combined with a commitment by Greek banks to roll over their big holdings of government debt, and by an extension of the maturity and a further reduction
of the interest rate on euro zone loans to Athens. The document gave no figure but officials have said they are considering extending the loans to 30 years and cutting the interest rate to 3.5 percent from the original 5.5 percent, which was reduced to 4.5 percent in March. The European Central Bank has insisted that any solution must avoid causing a credit event, which would trigger a payout of default insurance, or a full or selective default. ECB President Jean-Claude Trichet warned again this week that the central bank would not accept Greek government bonds as collateral to obtain liquidity in such circumstances, forcing euro zone governments to rescue Greek banks. Another ECB policymaker, Ewald Nowotny of Austria, appeared to offer a glimmer of flexibility, saying a solution could depend on the duration of a selective default, but it was unclear whether he spoke for others on the central bank's governing council. "There are some proposals that deal with a very short-lived selective default situation that would not really have major negative consequences," Nowotny told CNBC in an interview broadcast on Tuesday. The euro zone paper said other options such as an EU-funded Greek government buy-back of its own debt on the secondary market, a Germanproposed bond swap for longer maturities and a French plan for a voluntary rollover of maturing Greek debt would all generate additional costs for official lenders. In those scenarios, euro zone governments would have to provide billions of
euros to recapitalize Greek banks and provide them with collateral to obtain ECB funding, it showed. A buy-back of Greek debt would do most to reduce Athens' debt mountain - now close to 160 percent of annual economic output -- and make it more sustainable. But it would also be the most costly option for the public purse, requiring billions of euros in additional euro zone loans on top of support for Greek banks and ECB collateral, the paper showed. Another EU source said the outcome on Thursday was likely to be a mix of several options, with a bank tax, some form of debt swap and substantial extra loans to Greece from the euro zone's EFSF rescue fund. MARKETS STEADIER Financial markets steadied on Tuesday but remained nervous. World stocks clawed back some recent losses, safe-haven German bonds fell on profittaking and the euro regained some ground against the dollar. Spain and Greece both sold shortterm treasury bills, with the Greek three-month yield falling slightly but the Spanish 12- and 18-month yields rising sharply. "Today's moves are not a sign of a sustained trend. It's just a bit of temporary respite after the sharp widening we saw in Italy and Spain yesterday," said Nick Stamenkovic, a strategist at RIA Capital Markets. "Underlying sentiment remains pretty negative... ahead of the key EU meeting on Thursday," he said, predicting further downward pressure on Italy and Spain unless euro zone leaders achieved substantive progress. -Reuters
5
Wednesday, July 20, 2011
South East Asian stocks
European shares end higher as banks rebound
Banks, foreign buying push Bangkok to 5-wk high KSE-100 Index Opening Closing Change % Change Turnover (mn)
12,318.24 12,443.54 125.30 1.02 88.11
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,117.86 3,174.33 56.47 1.81 3.71
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,725.98 2,772.02 46.04 1.69 0.16
Major Gainers
Symbol NESTLE RMPL UPFL ULEVER BATA
Close
Change
4,370.66 2,638.90 1,793.31 5,927.80 661.55
135.76 125.24 79.38 12.38 11.54
Major Losers
Symbol
Close
Change
BHAT NRL AGTL FFC PMPK
232.88 364.88 235.50 165.94 167.19
-12.12 -7.98 -6.56 -6.02 -2.86
Top 5 Volume Leaders
Symbol PTC FATIMA NBP FFC AHCL
Close Vol (mn) 13.04 17.09 54.36 165.94 27.15
11.41 9.60 5.63 5.50 3.96
Active Issues Plus Minus Unchanged
147 101 99
Sector Updates FERTILISER 000 tonnes Urea Offtake (Jan to Apr 11) 1,714 Urea Offtake (Apr 11) 487 Urea Price (Rs/50 kg) 1,234 DAP Offtake (Jan to Apr 11) 215 DAP Offtake (Apr 11) 55 DAP Price (Rs/50 kg) 4,050
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Apr 11) 71,096 Sales (July 10 to Apr 11) 69,203 Production (Apr 11) 7,220 Sales (Apr 11) 7,510
INDUS MOTOR CO Production (July 10 to Apr 11) 42,670 Sales (July 10 to Apr 11) 41,940 Production (Apr 11) 4,219 Sales (Apr 11) 4,681
HONDA ATLAS CAR Production (July 10 to Apr 11) 14,062 Sales (July 10 to Apr 11) 13,754 Production (Apr 11) 1,582 Sales (Apr 11)
1,640
DEWAN FAROOQ MOTORS Production (July 10 to Apr 11) Sales (July 10 to Apr 11) Production (Apr 11) Sales (Apr 11)
186 203 -
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (May 27,11) Advances (May 27,11) Investments (May 27,11) Spread (April 11)
5,220,669 3,087,531 2,341,433 7.52%
OIL MARKETING CO (000 tons) MS (Jul 10 to Apr 11) MS (Apr 11) Kerosene (Jul 10 to Apr 11) Kerosene (Apr 11) JP (Jul 10 to Apr 11) JP (Apr 11) HSD (Jul 10 to Apr 11) HSD (Apr 11) LDO (Jul 10 to Apr 11)) LDO (Apr 11) Fuel Oil (Jul 10 to Apr 11) Fuel Oil (Apr 11) Others (Jul 10 to Apr 11) Others (Apr 11)
1,867 196 134 14 1,148 117 5,719 567 44 2 7,252 739 143 15
PRICES (Ex-Refinery)
Rs
MS (1 May 11) MS (1 Apr 11) MS % Chg Kerosene (1 May 11) Kerosene (1 Apr 11) Kerosene % Chg JP-1 (1 May 11) JP-1 (1 Apr 11) JP-1 % Chg HSD (1 May 11) HSD (1 Apr 11) HSD % Chg LDO (1 May 11) LDO (1 Apr 11) LDO % Chg Fuel Oil (1 May 11) Fuel Oil (1 Apr 11)
62.83 59.35 5.86% 73.63 68.95 6.79% 73.86 70.88 4.20% 78.79 75.02 5.03% 71.55 65.27 9.62% 57,253 56,777
KSE gains 125 points on active buying Nawaz Ali KARACHI: Bulls returned to the Karachi Stock Exchange (KSE) on Tuesday enabling the market to go up more than one per cent and closing above 12,400 levels in a pre-result season rally and improved political situation despite selling by offshore investors. The benchmark KSE-100 index gained 125 points - 1.02 per cent to close at 12,443 points, KSE-30 index rose by 54 points to close at 11,885 points and KSE all-share index grew by 80 points to close at 8,621 points. "KSE ended upwards on the back of renewed buying in oil stocks ahead of full year corporate results announcements", said Jawad Khan, equity dealer at JS Global Capital. POL led the E&P advances
US afternoon trade
Wall Street springs back on profits NEW YORK: US stocks jumped about 1 per cent on Tuesday on strong earnings from IBM and Coca-Cola, offsetting investor disappointment in results from big financial firms. The turnaround from Monday's losses over debt concerns also received a boost from unexpectedly strong housing data. Dow component International Business Machines Corp added 3.2 per cent to $180.80 a day after it said new business at its services division was up more than expected, raising hopes for the technology sector. The S&P information technology sector gained 1.8 per cent, the top gainer among S&P sectors. Shares of Apple hit a 52-week high ahead of its report due after the closing bell. "The market is focused once again on corporate earnings, taking over for the debt talks," said Rob McIver, co-portfolio manager of the Jensen Portfolio in Portland, Oregon. See # 19 Page 11
and closed up 1.6 per cent over expectations of hefty cash and bonus shares. OGDC also remained in the limelight gaining 2 per cent, followed by PPL up one per cent. Refineries witnessed mixed fortunes with NRL slipping 2.1 per cent over fears of damage to its installations after a naval drone crashed at the refinery, he added. After a positive beginning of the day market saw some mix activities during the first hour of the session moving on both sides where at a moment index touched its lowest level of the day o 12,296 points (-ve 21). But then renewed buying particularly in the oil stocks allowed the bulls to come back and then the index remained in the positive territory till the closing bells. Gains gradually consolidated and at about 3:00
PST touched an intra-day high of 12,468 points (+ve 150). Apart from buying on hopes of better corporate results, improvement on the local political front after the return of Sindh Governor Dr.Ishrat-ulEbad too boosted the investor sentiments. Samar Iqbal, equity dealer at Topline Securities said that the local bourse performed well after Sindh Governor rejoined his office as investors believe that Karachi's situation will improve after his return. Though, market closed with decent gains but foreign investors stayed mainly on the selling side where according to NCCPL data, offshore investors did a net selling worth $4.72 million on Tuesday. Volumes were high as 88.1 million shares traded during the See # 17 Page 11
KASB Funds acquires Crosby Asset Management TFD Report KARACHI: KASB Funds Limited (KFL) announces the successful completion of acquisition of Crosby Asset Management (Pakistan) Limited (CAMPL) and its simultaneous merger with and into KASB Funds Limited. As per the approval of the Securities and Exchange Commission of Pakistan, CAMPL stands merged into KFL and the rights to manage Crosby Dragon Fund, Crosby Phoenix Fund and AMZ Plus Income Fund have been transferred to KFL effective July 20, 2011. CEO of KASB Funds Ltd expressed, "This achievement is a culmination of six months of grueling work by our people, our advisors and our regulators. I thank them and I also thank our sponsors for their conviction that this will serve the greater good of our clients and therefore the Company". He further added "The current environment, both local and global, encourages consolida-
tion of the financial sector by way of mergers and acquisitions in order to create entities having larger equity base, larger asset profile, multiple revenue streams, intensified operational competence and strong management tiers". The acquisition and simultaneous merger would result in administrative cost savings and economies of scales leading to enhanced profitability, as it will enable the entity to carry out asset management and investment advisory services more efficiently, leading to greater comfort to all stakeholders. Moreover, it would also enable KFL to offer to its customers, diversified products and services to address the varying needs of different types of customers, both institutional as well as retail. KASB Funds' customers, including those who join from Crosby Asset Management, will not witness any change in current holding and/or rights and will observe significant improvements in service from the merger.
Financials weigh on China
Hong Kong shares edge up HONG KONG: Hong Kong shares ended up on Tuesday helped by a late recovery in oil stocks, although a seasonal trading lull and global debt worries may keep prices rangebound in the near term. Low valuations, particularly for Chinese companies listed in Hong Kong, could offer investors a longer-term buying opportunity ahead of half-yearly corporate results season starting later this month, traders say. China's Shanghai Composite index fell 0.7 per cent, slipping below the 2,800 level, as financials weighed following news of China Merchants Bank's fundraising plans. The Hang Seng index rose 0.5 per cent with turnover rising from Monday's tepid levels but still 10 per cent below the 20-day average. Chart support for the benchmark is at its June low around 21,508. "There's a lot of foot-dragging on these issues in the US and Europe that's making people wonder what to do next," said Christian Kielland, head of
Asia trading at BTIG in Hong Kong. Defensive stocks such as utilities gained in Hong Kong as investors sought safety, with CLP Holdings up 1.5 per cent at a three-year high and peer HK & China Gas up 2 per cent, trading near its record high. Long-term investors, in particular pension funds, have been shifting funds to defensive sectors over the past quarter as markets remained volatile, pushing valuations of utilities above historical levels even as the broader market trades at multi-year lows. HK & China Gas trades at 24.3 times forward 12-month earnings, a 27 per cent premium to its historical median, according to Thomson Reuters Starmine. CLP Holdings trades at a 26.4 per cent premium. VALUATIONS By contrast, the China Enterprises Index of top Hong Kong-listed mainland firms trades at about 8 times forward earnings, the lowest level seen since the aftermath of the Lehman Brothers collapse in
2008. "The Chinese market is cheap because the banks are cheap," said Do, adding that his firm had moved to a "market-weight" position on China compared with "underweight" earlier. Potential stake sales by large investors, capital raising fears and uncertainties around the extent of bad loans are likely to keep valuations in the banking sector low, at least until halfyearly results next month offer evidence that banks can earn their way out of trouble. "Everyone is asking when will banks turnaround," said BTIG's Kielland. "I think we're reaching a trough when it comes to China bank valuations. It may still take 6 to 8 weeks for a sustained bounce in the shares and earnings are going to be important," he said. Chinese banks are expected to report half-yearly results in August and investors will be on the lookout for signs of capital requirements, if any, and more clarity on the exposure to local government debt. -Reuters
Faysal Bank earnings down 54pc Aamir Abidi KARACHI: Faysal Bank Limited (FABL) has announced its financial result for 1HCY11 ended June 30, 2011. Profit for the period plunged by more than 54 per cent to Rs794 million (EPS: Rs1.08) as compared to Rs1.73 billion (EPS: Rs2.37) for the same period last year. Interest income of the Bank grew by 58 per cent to Rs13.75 billion for 1HCY11 against Rs8.70 billion for the same period last year. On the other side, interest expenses were up by 54 per cent to Rs9.31 billion compared to Rs6.04 billion in 1HCY10. Net interest income grew by 66.5 per cent to Rs 4.44 billion as against Rs2.66 billion for 1HCY10. The Bank recorded Rs128 million as non-performing advances for 1HCY11 versus Rs603 million for 1HCY10, depicting a decline of 78.7 per cent. The main factor responsible for decline in earning remained higher operating expenditure, up 120 per cent to Rs5.57 billion for the period ended 1HCY11 versus Rs2.54 billion for 1HCY10. This was mainly due to acquisition of Pakistan operations of RBS which raised administration cost.
Banks, commodities lift FTSE LONDON: A rally by recently beaten-down banks and commodity issues hauled Britain's top share index higher on Tuesday, although many traders doubted whether the gains could hold. "Dead cats are proving pretty elastic ... It is most likely that any hedge funds shorting stocks over the (banks) stress tests are back in and buying to cover their shorts. But like a hug that does not last very long, this rally lacks conviction," said Louise Cooper, markets analyst at BGC Partners. At the close, the FTSE 100 index was 37.18 points or 0.7 per cent higher at 5,789.99, recovering almost half of the sharp falls recorded in the previous session. See # 18 Page 11
Indian shares snap 2-day fall MUMBAI: Indian shares rose 0.8 per cent on Tuesday, climbing for the first time in three sessions, as export-focused software services companies rebounded on the back of upbeat earnings from peer IBM. A modest recovery in world equities also underpinned the market, traders said, though the outlook remained clouded by debt woes in Europe and the United States. Foreign funds have bought beaten-down Indian shares worth about $2.6 billion over the past three weeks, but the inflow is slowing. "It is just global cues that are helping today. The gains could be short-lived due to fears of mounting debt issues in Europe and the US," said Ambareesh Baliga, chief operating officer at Way2Wealth Securities. HDFC Bank rose as much as 0.8 per cent to an all-time high of 519 rupees after the thirdlargest lender reported a forecast-beating 34 per cent rise in
its June quarter net profit. Profit-taking later erased the gains and the stock closed down 0.8 per cent. The 30-share BSE index closed up 0.79 per cent or 146.83 points at 18,653.87, with 24 components advancing. The benchmark, however, is down 9 per cent year-to-date after a spate of rate increases to fight stubbornly high inflation dented growth in Asia's thirdlargest economy. The central bank is expected to raise rates again next Tuesday, which would be the 11th increase since mid-March 2010. Leading software firms Tata Consultancy Services, Infosys, and Wipro climbed between 0.4 per cent and 1.4 per cent, on optimism over the sector's prospects after peer IBM's robust results. IBM's signings of new business at its services division surged 16 per cent in the See # 15 Page 11
Nikkei down on debt jitters TOKYO: The Nikkei stock average fell on Tuesday, moving further away from fourmonth highs, as banks were sold by European and domestic players on growing frustration with governments' inability to solve debt crises in the United States and Europe. A stronger yen, which last week hit a four-month high of 78.45 yen against the dollar on global debt woes, pressured blue-chip exporters, with Canon Inc falling 2.8 per cent to 3,680 yen and Sony loses 2.5 per cent to 2,088 yen. Asian investors were also seen as supporting the market. "Investors, worried about the global economy, are again turning to companies with high exposure to the domestic market," said Takashi Aoki, a senior fund manager at Mizuho Asset Management. Telephone company NTT
rose 1.7 per cent to 3,910 yen. Seven & I Holdings, Japan's biggest retailer, made its biggest gain in more than two weeks, adding 1.4 per cent to 2,264 yen. "There has been a tacit understanding that thanks to the previous intervention the yen isn't going to rise significantly, but as dollar/yen is close to 78 yen it emerges as a fresh negative factor weighing on sentiment," said Aoki. The benchmark Nikkei closed down 0.9 per cent at 9,889.72, having breached crucial support at its 200-day moving average of 9,903. The benchmark has been trapped between that level and its resistance at 10,000 for over a week as investors ponder their next step, torn between mounting debt woes and relatively strong US corporate See # 16 Page 11
ANNOUNCEMENT Company Faysal Bank
Period Half Yearly
Div/Bon/Right -
PAT (Rs in mn) 793.75
EPS(Rs) 1.08
Dhiyan
HOPES BUILDING UP Salman Naqvi, Head of Sales, Aba Ali Habib Securities The positive activities in the market are likely to continue moving forward and index can touch 12,700 levels during the result season. Investors are advised to adopt 'buy on dips' strategy. Stable political situation, release of tranche by the IMF, improvement is relationships with US and reduction in interest rate in the next monetary policy could trigger buying. Market would open positive today.
Mohammad Ahsan Rasheed, Director Research AMJ Growth
Market is expected to continue positive activates till the corporate results announcement season ends. The index may cross 13,000 levels soon. Investors are suggested to invest for one month at least with stop loss. They can invest in stocks like AICL, ATRL, NBP, NETSOL and EPCL. Market would be positive today.
6
Wednesday, July 20, 2011
Market
KSE 100 Index
Symbols
Volume
88,106,375
Value
5,289,624,751
Trades
53,894
Advanced Declined Unchanged Total
Current High Low Change
147 101 99 347
All Share Index
12,443.54 12,471.28 12,293.03 h125.30
Current High Low Change
8,621.88 8,642.23 8,524.98 h80.95
OIL AND GAS
Company
Paid up Cap(mn)
PE
High Low 1,583.05 1,543.49 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.45 32.54
Open
High
Low
Close Chg
Volume
384.00 132.04 9.40 105.23 375.50 154.75 210.48 391.69 81.00 265.68 223.99
378.50 124.80 9.15 104.11 356.00 150.20 207.51 383.60 77.01 258.21 222.50
381.93 1.54 132.04 6.28 9.33 0.18 104.63 -0.81 364.88 -7.98 154.00 3.01 210.10 2.16 390.34 6.27 79.95 1.02 264.80 5.00 223.91 -0.51
63285 2406068 685680 3521 1160953 1164826 552767 2242811 2775 455212 6212
Last 60 days High Low 394.90 143.50 10.10 113.75 390.00 157.51 219.70 391.69 89.25 291.50 233.00
369.56 120.40 7.93 98.50 323.50 138.10 202.50 321.10 77.01 258.21 207.50
% Change 1.50 5-Day High 1,575.70 5-Day Low 1,540.92
2010 Div BR (%) (%) 300 31 200 55 90 255 80 120
2011 Div BR (%) (%)
20B115.00 - 23.43 - 30.00 20B100.00 -100.00 - 80.00 -
-
Open 783.31 Turnover 13,903 P/E (x) 5.29 Company
Paid up Cap(mn)
PE
Open
Agritech Limited 3924 - 17.59 Bawany Air 75 3.71 8.38 BOC (Pak) 250 7.61 101.00 Clariant Pak 341 4.86 158.51 Dawood Hercules 4813 3.49 59.68 Descon Chemical 1996 2.00 Descon Oxychem Ltd. 1020 9.24 6.36 Dewan Salman 3663 2.55 Dynea Pak 94 3.25 9.91 Engro Corporation Ltd 3933 6.86 150.98 Engro Polymer 6635 9.70 Fatima Fertilizer 22000 - 16.82 Fauji Fertilizer 8482 10.21 171.96 Fauji Fert.Bin Qasim 9341 7.02 47.33 Ghani Gases Ltd 725 10.76 12.86 ICI Pakistan 1388 8.56 154.01 Lotte Pakistan 15142 3.56 12.51 Mandviwala 74 0.96 Nimir Ind Chemical 1106 12.78 3.03 Pak PVC SPOT 150 7.82 Sitara Chem Ind 214 2.52 101.44 Sitara Peroxide 551 5.10 16.41
High 17.40 7.99 102.00 160.00 62.49 2.40 6.50 2.64 9.90 154.45 10.10 17.60 172.97 47.55 12.90 155.24 12.83 1.22 3.17 8.82 98.00 16.69
High Low 1,967.88 1,890.26 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.15 35.00 Low 16.75 7.38 100.00 158.25 59.50 1.92 6.24 2.48 9.90 148.75 9.75 16.85 164.35 46.70 12.50 153.25 12.46 0.95 2.92 7.99 98.00 16.36
Close Chg 16.80 7.38 101.00 159.05 60.11 1.97 6.28 2.53 9.90 153.61 9.97 17.09 165.94 46.91 12.81 154.07 12.76 0.95 2.94 8.75 101.44 16.48
-0.79 -1.00 0.00 0.54 0.43 -0.03 -0.08 -0.02 -0.01 2.63 0.27 0.27 -6.02 -0.42 -0.05 0.06 0.25 -0.01 -0.09 0.93 0.00 0.07
Last 60 days High Low
Volume 4310 6650 760 3206 528033 83537 44291 572737 2000 2941192 448991 9600460 5499544 3010474 33913 59100 2793830 4510 1369874 5739 200 39957
Change -30.42 Market cap 391,954.85 mn Div Yield (%) 5.43
22.68 9.20 102.00 167.00 66.00 2.79 8.59 3.65 11.50 200.50 12.83 17.60 172.97 47.78 14.08 161.00 17.36 1.90 3.30 8.82 104.25 19.99
16.75 6.11 90.50 154.41 56.10 1.83 5.60 2.11 9.51 148.75 9.64 12.10 137.51 41.10 11.40 148.02 12.43 0.18 2.26 2.00 94.67 16.05
% Change -1.56 5-Day High 1,946.73 5-Day Low 1,864.94
2010 Div BR (%) (%)
2011 Div BR (%) (%)
5 10R 60 135 25B 50 300B 15 60 20B - 27.5R 130 25B 45.00 65.5 - 12.50 175 5 25 5B -
-
Performance of SR Forestry & Paper Index
Company
Paid up Cap(mn)
PE
Open
High
High Low 1,092.63 1,057.41 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.40 7.47 Low
Close Chg
Close 1,085.50 Listed cap 1,186.83 mn Payout (%) 25.28
Last 60 days High Low
Volume
Century Paper
707
-
15.23
15.50
14.66
15.30 0.07
51927
18.00
14.31
Pak Paper Product Security Paper
50 411
1.90 7.24
43.48 40.49
44.98 41.00
43.50 40.26
44.61 1.13 40.91 0.42
1026 14410
44.98 42.80
39.36 37.00
% Change 0.93 5-Day High 1,085.50 5-Day Low 1,069.57
2010 Div BR (%) (%) -
2011 Div BR (%) (%)
-
-
-
2533.33B 50 -
-
-
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
83.75 24.34
84.00 24.75
83.00 24.00
83.44 -0.31 24.07 -0.27
12903 1000
91.20 30.80
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe XD Inter.Steel Ltd. International Ind Metro Steel Siddiqsons Tin
PE
Open
High
Low
565 1.81 675 555 22.75 4350 1199 9.03 310 785 25.69
26.72 2.55 12.04 13.62 51.01 9.09 8.64
26.80 2.53 12.75 13.88 50.80 8.09 9.00
26.50 2.21 12.50 13.53 50.21 8.09 8.70
Close Chg 26.70 2.42 12.74 13.60 50.46 9.09 8.99
-0.02 -0.13 0.70 -0.02 -0.55 0.00 0.35
Open 1,101.11 Turnover 138,122 P/E (x) 3.53 Paid up Cap(mn)
Atlas Battery
101
Atlas Honda Baluchistan Wheels Ltd. Dewan Motors
Close 1,024.38 Listed cap 3,596.11 mn Payout (%) 30.91
24040 24260 520 6191 26048 386 3650
29.75 3.10 12.95 15.06 52.75 13.61 10.00
Change -1.79 Market cap 15,350.37 mn Div Yield (%) 9.49
25.70 1.62 11.05 0.00 48.52 8.09 8.31
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Cherat Cement Dadabhoy Cement Dadex Eternit Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Gharibwal Cement Javedan Cement Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Shabbir Tiles Thatta Cement
3657 866 858 182 956 982 108 3891 4381 350 6933 502 1760 77 4003 581 1288 13126 3234 5267 2271 721 997
PE 6.12 42.86 15.00 20.88 30.61 6.91 4.31 67.50 5.95 -
Open 2.40 49.25 1.91 14.00 8.80 1.97 15.70 1.63 22.72 1.61 4.10 4.80 1.21 2.95 6.18 61.37 6.00 2.66 72.62 2.07 5.32 6.66 16.00
High 2.58 48.99 2.25 14.70 9.00 2.17 16.70 1.66 23.05 1.63 4.13 5.24 1.30 2.75 6.50 61.10 6.10 2.74 73.74 2.10 5.79 7.25 16.99
Low 2.41 48.00 1.51 13.90 8.75 1.76 16.70 1.61 22.80 1.61 4.00 4.55 1.23 2.70 5.61 58.40 6.05 2.63 72.25 2.05 5.23 6.80 15.50
Close Chg 2.41 48.38 1.91 14.63 9.00 1.95 16.70 1.62 22.96 1.61 4.01 5.00 1.24 2.95 5.62 61.37 6.10 2.70 73.25 2.09 5.28 6.80 16.16
0.01 -0.87 0.00 0.63 0.20 -0.02 1.00 -0.01 0.24 0.00 -0.09 0.20 0.03 0.00 -0.56 0.00 0.10 0.04 0.63 0.02 -0.04 0.14 0.16
Close 867.27 Listed cap 54,792.74 mn Payout (%) 19.04
% Change -0.17 5-Day High 1,040.63 5-Day Low 1,024.38
2010 Div BR (%) (%) 30 40 7.5
2011 Div BR (%) (%)
- 20.00 25B 15.00 20B 15 -
Change 4.42 Market cap 64,422.75 mn Div Yield (%) 2.98
Last 60 days High Low
Volume 1401 11803 414 3888 4725 1614 1000 34600 2269470 1101 429343 26551 7805 403 7059 110 4868 249760 3365419 73071 1707 4505 1033
3.25 56.01 2.90 16.50 10.74 2.24 17.89 2.67 25.85 2.59 5.04 7.80 1.95 3.87 13.24 64.39 7.60 3.35 77.43 3.05 6.34 7.49 20.90
-
2.40 48.00 1.51 12.76 8.50 1.52 14.85 1.36 21.31 1.60 3.99 4.55 1.20 1.35 4.25 58.31 5.85 2.10 66.93 1.97 4.50 5.25 15.50
% Change 0.51 5-Day High 867.27 5-Day Low 858.95
2010 Div BR (%) (%)
2011 Div BR (%) (%)
- 100R 50 - 122R - 20R 40 - 50R
- 20R - 92R - 100R -
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 971.50 Turnover 237,145 P/E (x) 2.76 Company ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack
High Low 974.35 966.47 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.21 43.91
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
230
-
1.32
1.45
1.31
1.40 0.08
1067 5.49 389 2.19 47 11.36
53.50 11.00 24.15
54.10 11.89 25.35
54.00 10.90 24.02
54.01 0.51 10.99 -0.01 25.33 1.18
Close 975.48 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 49110
Change 3.98 Market cap 36,349.50 mn Div Yield (%) 5.62
Last 60 days High Low 1.90
1.10
% Change 0.41 5-Day High 978.21 5-Day Low 971.50
2010 Div BR (%) (%) -
-
2011 Div BR (%) (%) -
-
2100 45505 1202
58.50 15.21 30.28
51.50 9.78 24.02
25 -
10B -
-
-
Packages Ltd
844 17.17 102.63
103.50 101.75 103.01 0.38
138609
118.00
101.75
32.5
-
-
-
Tri-Pack Films
300
178.00 177.00 177.94 0.89
618
181.99
158.10
100
-
-
-
6.94 177.05
2011 Div BR (%) (%)
- 50SD -
-
Low
122.00 120.25 121.97
719
7.61 120.63
133
1.37
27.98
29.37
29.00
-
2.91
3.00
2.80
71
Close Chg
3.42 166.84 22.50
29.37
22.50
0.28
Last 60 days High Low
% Change 1.23 5-Day High 1,114.66 5-Day Low 1,100.96
2010 Div BR (%) (%)
2011 Div BR (%) (%)
11581
236.00
206.00
100
570
160.00
112.10
50
853
35.70
27.98
25
-
-
-
3.46
1.50
-
-
-
-
1956
235.00
163.10
60
- 60.00
25B
134
26.17
22.01
20
36659
20B
-
-
15B 65.00
15B
598
4.29
200
6.34
3.11
3.50
3.10
3.36
0.25
10300
3.88
2.90
-
-
-
-
-
10.04
10.50
10.00
10.50
0.46
32512
11.58
9.00
-
-
-
-
150
Indus Motors
786
2.61
2300
232.53
201.00
Pak Suzuki
823 14.40
63.00
64.00
63.00
63.93
0.93
36074
72.50
61.35
5
Sazgar Engineering
150
24.00
24.00
23.99
24.00
0.00
5183
25.50
22.01
10
1.18
211.00 208.00 209.00
0.00
Volume
Change 13.56 Market cap 41,116.28 mn Div Yield (%) 5.78
1428
7.22 206.39
22.20
1.34 1.39
2.89 -0.02
169.48 163.10 167.12 22.20
4.42
Close 1,114.66 Listed cap 6,768.53 mn Payout (%) 20.42
-
-
- 50.00
-
-
-
-
20B 10.00
-
Company
Paid up Cap(mn)
PE
Open
High
High Low 2,394.90 2,303.98 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 17.35 30.30 Low
Close Chg
Close 2,381.24 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change 27.28 Market cap 346,010.03 mn Div Yield (%) 0.53
Last 60 days High Low
% Change 1.16 5-Day High 2,389.10 5-Day Low 2,353.97
2010 Div BR (%) (%)
2011 Div BR (%) (%)
Chashma Sugar
287
0.71
9.90
10.25
10.25
10.25
0.35
800
10.90
8.00
10
-
-
-
Colony Sugar Mills
990
3.19
2.17
2.10
1.84
2.04
-0.13
1301
3.24
1.51
-
-
-
-
11.15
-0.06
Change -3.03 Market cap 35,586.28 mn Div Yield (%) 15.21
Last 60 days High Low 9.99
7.40
244.00
208.51
-
-
400
-
25
10B
-
4.93 9.64
8.07
8.10
8.09
8.10
0.03
2000
9.78
7.60
-
-
-
-
-
32.90
32.90
32.90
32.90
0.00
2903
47.80
30.50
12.5
-
-
-
Millat Tractors
366
12411
625.80
510.00
650
25B325.00
-
820
107.70
59.00
100
59.15
59.00
59.04 -2.03
-
-
-
104
61.07
3.97
Profit after Taxation
2nd Support
3.92
EPS 10 (Rs)
0.361 13.86
41.21 250.18
-
1st Resistance
4.10
Book value / share (Rs)
-
-
2nd Resistance
4.18
PE 11 E (x)
6.87
-
-
Pivot
4.05
PBV (x)
0.29
Haseeb Waqas
324
-
8.75
9.50
8.50
8.50
-0.25
999
12.65
8.50
10
-
-
-
J D W Sugar
539
1.60
81.00
81.87
80.60
80.67
-0.33
623
84.30
72.75
-
10R
56.00
-1.70
35
20B 15.00
10B
15
20B
FCCL closed down -0.09 at 4.01. Volume was 11 per cent below average and Bollinger Bands were 28 per cent narrower than normal. The company's profit after taxation stood at Rs303.381 million which translates into an Earning Per Share of Rs0.438 for the nine months of fiscal year (9MFY11). FCCL is currently 12.3 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of FCCL (mildly bearish). Trend forecasting oscillators are currently bearish on FCCL.
173
Mirpurkhas Sugar
1.70
84
Mirza Sugar
3.19
57.70 49.50
57.90 50.00
56.00 47.50
49.50
0.00
570
68.48
461
52.11
53.00
39.51
-
7010B 12.5R
-
-
-
141
0.31
2.72
2.90
2.69
2.89
0.17
6299
3.50
2.35
10
-
-
Mithchells Fruit
50
7.31
78.25
79.00
79.00
79.00
0.75
582
82.84
68.51
40
-
-
-
Noon Pakistan
48
5.51
21.28
21.44
20.22
20.23
-1.05
1010
22.79
19.60
12
-
-
-
Pangrio Sugar
109
Premier Sugar
38
Quice Food Tandlianwala
-
3.53
3.25
3.25
3.53
0.00
-
37.75
39.63
35.87
37.05
-0.70
200
4.52
3.15
10
3125
42.97
35.87
10
-
-
-
-
BankIslami Pakistan Limited
-
107
5.23
2.30
2.50
2.30
2.30
0.00
5500
3.50
2.20
-
-
-
-
57
0.33
4.35
4.60
4.60
4.60
0.25
500
6.45
3.80
-
-
-
-
1177
14.28
52.00
50.61
50.50
50.56
-1.44
1000
60.30
47.09
-
-
-
-
S S Oil
HOUSEHOLD GOODS Open 659.14 Turnover 60,396 P/E (x) 1.15 Company
Paid up Cap(mn)
High Low 680.93 625.50 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.12 10.64
PE
Open
High
Low
Gauhar Engineering Ltd 22 Pak Elektron 1219 Singer Pak 375 120.92 Tariq Glass Ind 693 1.48
1.20 6.53 15.72 11.40
1.05 6.99 16.00 11.26
1.05 6.06 14.87 10.71
Close Chg 1.05 6.42 15.72 11.25
-0.15 -0.11 0.00 -0.15
Close 652.87 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 5500 26173 222 28501
Change -6.27 Market cap 4,400.67 mn Div Yield (%) 5.44
% Change -0.95 5-Day High 659.14 5-Day Low 649.34
Last 60 days High Low
2010 Div BR (%) (%)
2.79 10.80 20.44 13.64
17.5
0.31 6.06 13.10 10.71
10B 10B -
2011 Div BR (%) (%) - 200R
PERSONAL GOODS Performance of SR Personal Goods Index Open 960.75 Turnover 4,844,862 P/E (x) 5.41 Company
Paid up Cap(mn)
(Colony) Thal
56
Amtex Limited Artistic Denim Azgard Nine Bhanero Tex Mills
PE
Open
High
Low
Close Chg
-
1.08
1.45
1.40
1.45 0.37
Close 961.34 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change 0.58 Market cap 121,674.11 mn Div Yield (%) 3.08
Last 60 days High Low
1500
2.84
1.00
% Change 0.06 5-Day High 965.45 5-Day Low 960.75
2010 Div BR (%) (%) -
30B
2011 Div BR (%) (%) -
-
2.59
2.70
2.57
2.62 0.03
102570
3.76
1.81
-
840
7.97
25.62
25.60
25.20
25.20 -0.42
11500
27.10
20.60
20
-
-
-
-
5.77
5.90
5.79
5.84 0.07
739079
7.09
4.40
-
-
-
-
300
257.25
226.20
200
-
-
-
1108
93.75
56.07
50
0.74 245.00
64
0.83
88.64
233.00 232.75 232.88-12.12 92.00
84.25
86.60 -2.04
-
-
-
-
1.76
2.15
1.76
1.80 0.04
16743
2.57
1.55
-
-
-
-
1.59
1.53
1.70
1.53
1.53 0.00
552
2.64
1.32
-
-
-
-
600 591
-
1.01
1.10
1.00
1.03 0.02
-
31.00
31.01
31.00
31.00 0.00
65871 631
1.39
0.90
-
-
38.95
30.50
5
15B
-
0.25
2.00
1.75
1.70
1.70 -0.30
10500
2.48
1.10
-
-
-
-
0.18
4.00
5.00
3.50
3.58 -0.42
2878
5.23
2.80
-
-
-
-
204
0.76
234
0.63
38.22 66.82
38.10 67.00
36.31 64.00
38.10 -0.12 64.55 -2.27
8130 2215
38.98
26.35
89.95
64.00
20
10B
70
-
-
-
Total Equity (Rs in mn)
4,740.29
3.73
Revenue (Rs in mn)
2,193.89
MA (200-day)
3.61
Interest Expense
1,222.17
1st Support
3.85
Loss after Taxation
(478.94)
2nd Support
3.66
EPS 09 (Rs)
1st Resistance
4.14
Book value / share (Rs)
2nd Resistance
4.24
PE 10 E (x)
34,286.77
Pivot
3.95
PBV (x)
(0.907) 8.98 10.75 0.45
BIPL closed up 0.10 at 4.00. Volume was 155 per cent above average (trending) and Bollinger Bands were 69 per cent wider than normal. The company's profit after taxation stood at Rs49.12 million which translates into an Earning Per Share of Rs0.093 for the 1st quarter of current calendar year (1QCY11). BIPL is currently 10.8 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 very strong flows of volume into BIPL (bullish). Trend forecasting oscillators are currently bullish on BIPL.
NetSol Technologies Limited
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis
Ghazi Fabrics
326
0.41
4.44
4.25
4.02
4.03 -0.41
1100
8.00
4.00
10
-
-
-
Gulshan Spinning
222
0.45
10.80
10.80
10.80
10.80 0.00
470
12.16
9.52
10
20B
-
-
RSI (14-day)
45.39
Total Assets (Rs in mn)
3,980.15
Hamid Textile
133
-
1.00
1.05
1.05
1.05 0.05
1.05
1.00
-
-
MA (10-day)
21.11
Total Equity (Rs in mn)
3,337.21
Ibrahim Fibres
3105
2.72
38.16
38.39
38.20
38.16 0.00
230
49.92
38.15
20
-
-
-
MA (100-day)
22.03
Revenue (Rs in mn)
1,845.02
Ideal Spinning
99
0.34
4.21
4.50
3.90
4.50 0.29
2000
8.99
3.50
-
-
-
-
MA (200-day)
21.27
Interest Expense
Idrees Textile
180
1.86
4.52
5.00
4.60
4.85 0.33
2002
5.74
3.80
10
-
-
-
1st Support
20.67
Profit after Taxation
951.86
Ishaq Textile
97
0.48
6.00
6.00
6.00
6.00 0.00
124
8.24
5.50
8
-
-
-
2nd Support
20.42
EPS 10 (Rs)
12.217
Khalid Siraj
107
0.41
1.50
1.69
1.50
1.50 0.00
1010
2.24
1.00
-
-
-
-
1st Resistance
21.10
Book value / share (Rs)
2nd Resistance
21.28
PE 11 E (x)
1.80
Pivot
20.85
PBV (x)
0.49
Kohinoor Spinning
1300
Kohinoor Textile
2455
3.62
3.06
3.19
2.83
3.15 0.09
2502
5.25
2.83
600
1.73
19.59
18.66
18.65
18.65 -0.94
1850
20.59
16.70
Mukhtar Textile
145
-
0.55
0.60
0.42
0.43 -0.12
77238
1.39
0.16
-
Nishat (Chunian)
1621
3.24
20.86
21.49
20.00
21.07 0.21
29.35
20.00
Nishat Mills
3516
Masood Textile
Prosperity
0.48
4.55
185
0.93
1.55
48.89 14.30
1.75
51.33 14.75
1.40
48.80 14.39
1.40 -0.15
10000
51.33 2.44 14.30 0.00
797
2.00
1574682 2123050 126
66.00 16.90
0.65
48.80 13.81
-
-
5
-
-
-
-
-
15 100R
-
-
-
-
-
15
-
-
-
25
45R
30
-
-
-
-
-
Ravi Textile
250
-
0.90
0.99
0.87
0.96 0.06
1783
1.30
0.53
-
-
-
-
Rupali Poly
341
2.94
39.03
39.25
38.71
39.03 0.00
110
43.00
38.05
40
-
-
-
Saif Textile Sally Textile
264
0.27
88
7.70
7.76
7.65
7.65 -0.05
12698
11.40
7.00
-
-
6.30
5.80
6.25 -0.04
8901
9.35
5.62
10
40.00
41.48
39.99
40.00 0.00
347
41.85
36.50
60
-
-
-
Company
From
To
2.90
3.00
2.90
2.90 0.00
200
4.95
2.51
5
-
-
-
Saritow Spinning
133
0.31
1.76
1.60
1.60
1.60 -0.16
2000
1.99
1.13
-
-
-
-
Service Fabrics
158
-
0.40
0.35
0.35
0.35 -0.05
500
0.89
0.23
-
-
-
-
198.90
160.00
Service Industries # Gulshan Spinning Mills # Paramount Spinning Mills # Gulistan Spinning Mills # (TFC) Bank Al Habib Singer Pak # (TFC) Engro Corporation Singer Pak # (TFC) United Bank Pak Int Cont Term Ruby Textile Mills Al-Meezan Mutual Fund (TFC) United Bank Silkbank Limited # General Tyre & Rubber #
23-Jul 24-Jul 24-Jul 24-Jul 25-Jul 25-Jul 25-Jul 25-Jul 27-Jul 27-Jul 29-Jul 29-Jul 31-Jul 03-Aug 07-Aug
30-Jul 01-Aug 01-Aug 01-Aug 06-Aug 04-Aug 31-Jul 24-Aug 09-Aug 03-Aug 04-Aug 04-Aug 13-Aug 10-Aug 18-Aug
Service Ind
120 140
3.20 187.75 0.42
0.30
190.00 187.00 187.66 -0.09 0.40
0.20
0.30 0.00
1734 167
0.90
0.15
75
-
-
-
-
-
6.29
3.03 1.20
Shahpur Textile
-
-
0.24
55 312
Sana Ind
-
-
-
Shahtaj Textile
97
1.60
28.65
28.60
28.00
28.60 -0.05
7804
29.00
23.55
45
-
-
-
Shield Corp
39
11.92
80.46
84.48
79.80
81.42 0.96
340
84.90
76.47
10
-
-
-
Suraj Cotton
180
0.68
35.92
35.30
35.10
35.10 -0.82
1000
42.00
35.10
50
-
-
-
3705
108.00
80
20B
- 100.19
101.50 100.00 100.01 -0.18
97.00
-
-
-
PHARMA AND BIO TECH
Company
Paid up Cap(mn)
High Low 1,002.03 981.83 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.46 22.31
Close 995.33 Listed cap 3,904.20 mn Payout (%) 44.54
Abbott (Lab) XD Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd
979 250 2019 182 200
PE
Open
High
Low
Close Chg
Volume
5.85 7.95 10.72 6.91 4.30
95.72 93.71 75.00 29.01 10.48
96.90 96.00 75.90 30.00 10.48
95.10 96.00 73.01 29.52 10.00
95.40 -0.32 96.00 2.29 75.01 0.01 29.85 0.84 10.48 0.00
2877 300 3979 1230 13479
96.90 98.73 79.99 33.45 11.95
87.26 88.21 71.00 24.51 9.00
D/B/R 50(S.D) 33.20(R) -
Spot AGM/Date 19-Jul 21-Jul -
30-Jul 01-Aug 01-Aug 01-Aug 04-Aug 04-Aug 03-Aug 10-Aug 18-Aug
INDICATIONS
Change 2.55 Market cap 32,606.38 mn Div Yield (%) 6.82
Last 60 days High Low
42.83
BOOK CLOSURES
Performance of SR Pharma and Bio Tech Index Open 992.78 Turnover 21,967 P/E (x) 6.53
24.80
NETSOL closed up 0.17 at 20.91. Volume was 49 per cent below average (consolidating) and Bollinger Bands were 40 per cent narrower than normal. The company's profit after taxation stood at Rs692.414 million which translates into an Earning Per Share of Rs8.69 for the nine months of fiscal year (9MFY11). NETSOL is currently 1.7 per cent below its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NETSOL at a relatively equal pace. Trend forecasting oscillators are currently bearish on NETSOL.
Sargoda Spinning
-
-
3.83
MA (100-day)
-
57 34
Din Textile
MA (10-day)
-
Dewan Khalid Textile Dewan Mushtaq Textile Gadoon Textile XD
Total Assets (Rs in mn)
-
1150 2442
D S Ind Ltd
63.99
-
Chenab Limited
Dawood Lawrencepur
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
-
2594 4493 30
Blessed Tex Mills
High Low 970.94 961.26 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.47 8.64
Colony Mills Ltd
-
213
-
1st Support
-
2011 Div BR (%) (%)
132 57
44.00
2010 Div BR (%) (%)
Ghandhara Ind
616.90 612.16 614.29 -0.04
4,902.40
Interest Expense
25B
% Change -0.17 5-Day High 1,806.64 5-Day Low 1,795.54
KSB Pumps
9.33 614.33
9,610.69
Revenue (Rs in mn)
4.57
-
-
50.45
Total Equity (Rs in mn)
4.26
MA (200-day)
25
-
1053
4.11
MA (100-day)
40
7.00
-
700
26,780.00
MA (10-day)
23.00
-
49.93 -0.07
Total Assets (Rs in mn)
12.01
11.91
50 900B
49.75
33.79
28.00
35
50.00
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
13.74
508
47.95
239.01 235.00 235.50 -6.56
Fauji Cement Company Limited
48966
55.00
50.00
5.64 0.95
SSGC closed down -0.37 at 20.01. Volume was 233 per cent above average (trending) and Bollinger Bands were 25 per cent narrower than normal. The company's profit after taxation stood at Rs2.23 billion which translates into an Earning Per Share of Rs2.66 for the nine months of fiscal year (9MFY11). SSGC is currently 14.0 per cent below its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of SSGC (mildly bearish). Trend forecasting oscillators are currently bearish on SSGC.
5350
59.20
4.07 242.06
PE 11 E (x) PBV (x)
0.02
67.00
215
20.70 20.15
0.15
42240
48615
20.97
2nd Resistance Pivot
26.02
130
Volume
6.554
Book value / share (Rs)
13.00
10.50
53.55 0.12
0.68
4,399.15
EPS 10 (Rs)
20.35
26.00
58.97 0.00
9.83
Profit after Taxation
19.60
1st Resistance
12.85
11.20
53.49
Close Chg
19.80
2nd Support
26.25
57.30
9.20
5,015.89
1st Support
14,072.35
13.00
11.21
54.20
Low
Interest Expense
26.00
59.45
9.99
23.27
12.85
-
53.43
High
MA (200-day)
4.63
58.97
9.15
110,759.62 107,736.78
5.24
214
6.69
Open
Revenue (Rs in mn)
750
6.39
PE
22.66
200
Crescent Sugar
53
3.60
MA (100-day)
Habib Sugar
307
66
Total Equity (Rs in mn)
Habib-ADM Ltd
418
Paid up Cap(mn)
Total Assets (Rs in mn)
20.59
FOOD PRODUCERS Open 2,353.97 Turnover 78,249 P/E (x) 57.24
Thal Ltd
Close 1,795.54 Listed cap 1,336.62 mn Payout (%) 131.49
31.96
MA (10-day)
Performance of SR Food Producers Index
Treet Corp
High Low 1,802.55 1,788.42 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 3.29 38.02
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
-
Zil Limited
Company
Pak Engineering
40 15
INDUSTRIAL ENGINEERING
Ados Pak AL-Ghazi Tractor
2010 Div BR (%) (%)
Performance of SR Industrial Engineering Index Open 1,798.57 Turnover 68,595 P/E (x) 8.64
Bolan Casting
High
236.00 233.00 235.37
Performance of SR Construction and Materials Index High Low 878.20 855.08 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.45 7.10
67.31 22.90
Performance of SR Household Goods Index
Last 60 days High Low
Volume
Open
1087
Exide (PAK)XDXB General Tyre Ghani Automobile Ind Honda Atlas Cars
PE
High Low 1,120.37 1,104.16 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.90 25.35
6.25 230.95
CONSTRUCTION AND MATERIALS Open 862.85 Turnover 6,501,650 P/E (x) 6.39
Sui Southern Gas Company Limited
% Change -0.46 5-Day High 783.31 5-Day Low 762.93
Performance of SR Automobile and Parts Index
Performance of SR Industrial Metals and Mining Index High Low 1,028.88 1,012.43 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.08 33.10
Change -3.61 Market cap 12,540.07 mn Div Yield (%) 2.09
7.68 7.06
INDUSTRIAL METALS AND MINING Open 1,026.17 Turnover 78,904 P/E (x) 3.26
Close 779.70 Listed cap 3,242.17 mn Payout (%) 11.08
1092 1321
Mehran Sugar
Change 10.02 Market cap 2,995.70 mn Div Yield (%) 4.69
High Low 787.03 775.89 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.35 25.53
AUTOMOBILE AND PARTS
Company
Close 1,916.32 Listed cap 52,251.88 mn Payout (%) 48.81
FORESTRY AND PAPER Open 1,075.48 Turnover 67,363 P/E (x) 5.39
21,726.70 21,806.89 21,587.45 h45.18
Paid up Cap(mn)
Pak Int Cont.Terminal PNSC
CHEMICALS Performance of SR Chemicals Index
Company
Current High Low Change
11,885.78 11,929.15 11,781.06 h54.53
Alert ! Unusual Movements
Performance of SR Industrial Transportation Index
Close Change 1,575.70 23.35 Listed cap Market cap 65,194.15 mn 1,148,030.84 mn Payout (%) Div Yield (%) 55.94 5.28
Attock Petroleum 691 6.90 380.39 Attock Refinery 853 4.33 125.76 BYCO Petroleum 3921 9.15 Mari Gas Company 735 4.28 105.44 National Refinery 800 5.04 372.86 Oil & Gas Development 43009 10.42 150.99 Pak Petroleum 11950 7.68 207.94 Pak Oilfields 2365 8.61 384.07 Pak Refinery Limited 350 44.66 78.93 P.S.O 1715 3.78 259.80 Shell Pakistan 685 7.96 224.42
Open 1,946.73 Turnover 17,369,331 P/E (x) 8.99
Current High Low Change
KMI 30 Index
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,552.35 Turnover 8,058,430 P/E (x) 10.59
KSE 30 Index
2010 Div BR (%) (%) 50 40 25 -
% Change 0.26 5-Day High 1,004.46 5-Day Low 992.78 2011 Div BR (%) (%)
20B 12.50 15B 10B -
-
# Extraordinary General Meeting
OTHER SECTORS Symbols Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Grays of Cambridge Pak Tobacco Co. Shifa Int.Hospital Pak Hotels P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies
Open 45.6 2.45 112.05 4.4 38.01 93.8 33 28 2.24 35.7 2.08 20.74
High 47.45 2.5 115 4.6 36.5 93.8 34.45 26.6 2.24 37.34 2.12 21.03
Low Close 44.5 2.45 111 4.3 36.5 93.8 34.45 26.6 2.2 36 2.04 20.6
47.22 2.46 111 4.3 36.5 93.8 34.45 26.6 2.2 35.7 2.08 20.91
Change 1.62 0.01 -1.05 -0.1 -1.51 0 1.45 -1.4 -0.04 0 0 0.17
Vol 3200 93318 1515 1500 500 1000 500 5000 683 141 175325 156723
7
Wednesday, July 20, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 825.43 Turnover 11,727,262 P/E (x) 4.08 Paid up Cap(mn)
Company Pak Datacom Pak.Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 850.41 818.24 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.52 12.84
PE
Open
High
Low
Close Chg
78 28.40 37740 10.69 3000 2.47 8606 6175 -
29.37 12.82 1.44 1.82 2.00
29.98 13.14 1.53 1.98 2.01
29.35 12.71 1.41 1.81 1.95
29.54 13.04 1.46 1.84 1.96
Close 839.07 Listed cap 50,077.79 mn Payout (%) 62.56
Volume
0.17 0.22 0.02 0.02 -0.04
783 11412372 54458 259649 207621
Change 13.64 Market cap 52,676.28 mn Div Yield (%) 15.32
% Change 1.65 5-Day High 881.56 5-Day Low 825.43
Last 60 days High Low
2010 Div BR (%) (%)
46.50 17.83 1.94 2.50 3.09
80 17.5 1 -
28.71 12.65 1.31 1.80 1.94
2011 Div BR (%) (%)
- 15.00 -
Ask Gen Insurance Atlas Insurance Central Insurance Century Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Pak Gen Insurance Premier Insurance Reliance Insurance Silver Star Insurance United Insurance Universal Insurance
280 3.17 443 3.61 391 1.34 457 4.55 1250 12.81 450 7.85 970 5.98 989 9.86 3000 5.48 275 26.89 303 3.60 284 5.00 291 0.91 496 1.82 263 -
-
8.99 28.95 64.07 8.06 34.12 11.08 71.41 56.10 15.77 5.89 8.06 7.80 5.20 5.25 1.50
Close 1,365.12 Listed cap 95,369.29 mn Payout (%) 104.13
Change 11.17 Market cap 104,691.35 mn Div Yield (%) 7.87
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
198 11572 1560 7932 1695 126 8803 Nishat Chunian Power Ltd 3673 Nishat Power Ltd 3541 Sitara Energy Ltd 191 Southern Electric 1367 Tri-star Power XD 150
7.80 5.29 2.33 5.49 2.55 2.24 5.37 -
0.45 38.50 1.13 2.07 17.00 2.74 42.69 13.80 15.67 19.48 1.26 0.95
0.50 38.90 1.25 2.10 17.90 3.10 42.96 14.19 15.80 19.45 1.33 0.95
0.48 38.40 1.13 2.03 17.40 2.98 42.50 13.80 15.60 19.38 1.22 0.80
0.45 0.00 38.82 0.32 1.18 0.05 2.10 0.03 17.50 0.50 3.00 0.26 42.75 0.06 14.16 0.36 15.70 0.03 19.38 -0.10 1.25 -0.01 0.80 -0.15
291 718569 1732 227672 6057 6101 24860 353796 105838 520 83217 50011
0.80 39.45 1.70 2.61 18.00 3.95 44.19 17.25 17.70 23.26 1.69 1.35
Company Genertech Hub Power Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power
0.16 36.70 0.97 2.03 15.41 2.11 41.75 13.47 15.39 18.25 1.13 0.36
% Change 0.82 5-Day High 1,365.12 5-Day Low 1,351.44
2010 Div BR (%) (%) 50 25 50 20 -
7.8R -
2011 Div BR (%) (%) 25.00 10.00 30.00 10.00 -
-
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,280.01 Turnover 716,823 P/E (x) 8.18 Paid up Cap(mn)
Company Sui North Gas Sui South Gas
High Low 1,286.65 1,262.04 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.93 11.41
Close 1,268.41 Listed cap 12,202.80 mn Payout (%) 66.79
Change -11.60 Market cap 27,769.86 mn Div Yield (%) 8.16
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 14.29 8390 4.52
20.00 20.38
20.09 20.50
19.86 19.95
20.00 0.00 20.01 -0.37
24933 691890
23.60 23.75
17.64 19.95
% Change -0.91 5-Day High 1,286.19 5-Day Low 1,268.41
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index Open 1,125.27 Turnover 13,483,193 P/E (x) 7.21 Paid up Cap(mn)
Company Allied Bank Limited Askari Bank XB Bank Alfalah Bank AL-Habib Bank Of Khyber Bank Of Punjab BankIslami Pak Faysal Bank Habib Bank Ltd
8603 7070 13492 8786 5004 5288 5280 7327 11021 Habib Metropolitan Bank XB 10478 JS Bank Ltd 8150 KASB Bank Ltd 9509 MCB Bank Ltd 8362 Meezan Bank XB 8030 National Bank 16818 NIB Bank 40437 Samba Bank 14335 Silkbank Ltd 26716 Soneri Bank 6023 Stand Chart Bank 38716 Summit Bank Ltd 8701 United Bank Ltd 12242
PE
Open
6.33 63.10 5.22 11.10 5.53 10.28 6.11 29.00 2.03 4.39 6.64 10.81 3.90 4.38 9.43 7.45 118.97 5.52 19.00 44.00 2.17 1.47 7.99 198.54 6.03 17.79 4.27 52.68 1.49 21.63 1.71 15.69 2.50 2.51 5.00 6.45 7.55 3.52 7.12 60.47
High
Close Chg
Volume
Change 5.96 Market cap 670,014.79 mn Div Yield (%) 5.62
Last 60 days High Low
237957 68.99 368936 12.35 2805220 11.02 72244 29.98 9005 6.25 775964 7.35 247832 4.09 101181 10.50 351071 125.00 14582 22.45 2651 3.00 76724 1.77 1001195 210.95 127201 19.49 5631273 55.15 1066187 2.01 9439 2.18 307374 3.06 142589 6.69 879 9.75 312833 4.75 133689 65.01
60.00 10.79 9.42 28.25 4.16 4.51 3.25 9.00 114.10 17.00 2.06 1.16 190.99 16.60 49.51 1.43 1.62 2.17 4.91 7.53 2.67 60.22
% Change 0.53 5-Day High 1,131.24 5-Day Low 1,125.27
2010 Div BR (%) (%)
Paid up Cap(mn)
Company
EFU Life Assurance New Jub Life Insurance
5776 2458 4100 801 2582 500 5856 250 91565 687 350 4687 361 200 180
10.95 29.60 75.37 8.98 39.65 11.90 76.12 62.37 18.30 7.45 8.99 8.23 6.40 7.09 2.39
8.11 26.00 61.25 7.89 29.01 10.95 67.00 51.16 12.43 5.10 8.00 6.00 4.21 4.23 1.32
-10B 25R 40 20B 25 50B 10 12.5 25 12.5B 30 55B 10.00 20 25B 30 - 10B 25 - 12.5B - 15B - 24B -
-
High Low 934.65 909.00 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.47 3.85
Close 918.99 Listed cap 2,290.72 mn Payout (%) 355.53
Change 12.97 Market cap 10,181.17 mn Div Yield (%) 3.95
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
850 9.73 627 14.65
68.04 54.00
69.97 56.10
69.00 52.60
69.28 1.24 54.50 0.50
725 2200
73.25 58.99
50.70 48.00
% Change 1.43 5-Day High 930.44 5-Day Low 906.02
2010 Div BR (%) (%) 50 15
2011 Div BR (%) (%)
-
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 284.98 Turnover 2,594,284 P/E (x) 11.48 Paid up Cap(mn)
Company
High Low 296.73 282.60 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.19 0.91
PE
Open
High
Low
225 0.83 450 19.73 3750 3.63 150 2.06 250 First Credit & Invest Bank Ltd 650 First National Equity 575 IGI Investment Bank 2121 7.37 Invest Bank 2849 Ist Cap Securities 3166 Ist Dawood Bank 626 0.65 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap 500 5.70 JS Investment 1000 42.08 KASB Securities 1000 Orix Leasing 821 3.64 Pervez Ahmed Sec 775 5.18 Saudi Pak Leasing 452 Sec Inv Bank 514 3.53 Stand Chart Leasing 978 3.38 Trust Brokerage 100 Trust Inv Bank 586 0.27
0.37 18.55 26.91 1.30 1.20 4.52 2.01 1.25 0.40 2.53 1.51 7.34 2.65 19.85 5.18 3.30 5.57 1.48 0.61 1.96 2.36 1.01 1.01
0.43 19.25 27.75 1.64 1.30 5.50 2.01 1.48 0.50 2.84 1.55 7.58 2.73 19.51 5.20 3.60 6.00 1.50 0.79 1.41 2.74 1.70 1.28
0.35 18.57 26.60 1.30 1.21 5.00 2.01 1.33 0.30 2.29 1.45 7.34 2.57 19.51 5.01 3.20 5.53 1.40 0.61 1.41 2.40 1.70 1.05
AMZ Ventures Arif Habib Limited Arif Habib Corp Dawood Cap Mangt. XB Dawood Equities
2011 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 -
-0.49 0.07 -2.53 0.13 0.22 0.22 0.82 0.00 0.01 -0.78 0.00 0.40 0.00 0.00 0.00
Close Chg 0.40 18.74 27.15 1.30 1.24 5.00 2.01 1.40 0.47 2.56 1.45 7.39 2.65 19.85 5.05 3.53 6.00 1.45 0.61 1.41 2.40 1.01 1.10
0.03 0.19 0.24 0.00 0.04 0.48 0.00 0.15 0.07 0.03 -0.06 0.05 0.00 0.00 -0.13 0.23 0.43 -0.03 0.00 -0.55 0.04 0.00 0.09
Close 287.80 Listed cap 30,336.44 mn Payout (%) 99.56
Volume 42002 25000 3957842 949 3685 500 1399 3504 49022 20575 5001 2140913 61153 200 139660 4001 906 65015 5100 601 501 200 24802
Change 2.82 Market cap 14,134.99 mn Div Yield (%) 4.81
Last 60 days High Low 0.64 20.20 27.75 2.04 1.80 6.10 5.16 1.99 1.20 3.27 1.96 8.34 3.40 22.94 6.43 4.79 6.45 1.99 1.30 2.99 3.20 3.95 2.29
0.26 12.01 20.53 1.15 1.01 4.26 1.56 1.15 0.22 2.22 1.30 4.82 2.31 16.42 4.53 3.04 5.25 1.32 0.60 1.25 2.10 1.01 0.83
% Change 0.99 5-Day High 289.57 5-Day Low 284.98
2010 Div BR (%) (%) 30 10 50 -
2011 Div BR (%) (%)
20B 10B -
- 140R -
Low
Close 154.40
2.73
167.04
-5.38
680000
384.60
391.28
5.94
642000
ATRL-JUL
126.44
132.76
125.10
132.76
6.32
586000
FFBL-JUL
47.45
47.50
46.86
47.10
-0.35
521000
NBP-JUL
52.90
55.10
52.80
54.74
1.84
357000
NML-JUL
49.06
51.51
49.20
51.51
2.45
333500
DGKC-JUL
22.86
23.16
22.90
23.07
0.21
206000
LUCK-JUL
72.80
73.90
72.30
73.46
0.66
182500
EQUITY INVESTMENT INSTRUMENTS
PTC-JUL
12.90
13.15
12.85
13.11
0.21
103500
MCB-JUL
199.63
200.90
198.10
198.98
-0.65
Performance of SR Equity Investment Instruments Index
PPL-JULB
209.00
211.40
208.50
210.86
1.86
32500
HUBC-JUL
38.76
39.34
38.50
38.50
-0.26
30500
61.85
61.00
60.85
61.00
-0.85
5000
High Low 1,570.13 1,542.14 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.45 2.21
Close 1,558.90 Listed cap 29,771.58 mn Payout (%) 104.74
Change 10.67 Market cap 19,804.34 mn Div Yield (%) 8.03
% Change 0.69 5-Day High 1,558.90 5-Day Low 1,548.23
Low
Close Chg
Volume
Last 60 days High Low
2010 Div BR (%) (%)
2011 Div BR (%) (%)
11.25 0.09
307311
11.32
10.15
18.5
-
5.00
-
Atlas Fund of Funds
525
1.73
6.20
6.50
6.49
6.50 0.30
810000
6.90
6.11
2.2
-
-
-
B R R Guardian Mod.
780
2.09
2.30
2.44
2.01
2.01 -0.29
1007
2.91
1.41
0
-
-
-
Crescent St Modaraba
200
3.93
0.48
0.55
0.55
0.55 0.07
500
0.89
0.30
1.2
-
-
-
Elite Cap Modaraba
113
4.24
3.20
3.79
2.85
3.05 -0.15
782
3.79
2.10
5
-
-
-
Equity Modaraba
524
6.58
1.18
1.49
1.12
1.25 0.07
7204
2.50
1.10
-
-
-
-
First Dawood Mutual F.
581
1.07
1.96
2.30
1.70
1.78 -0.18
35001
2.47
1.70
-
-
-
-
Golden Arrow
760
2.35
3.40
3.60
3.40
3.55 0.15
149742
3.72
3.11
17
-
-
H B L Modaraba
397
3.93
7.89
8.05
8.00
8.01 0.12
12037
8.44
7.10
11
-
-
-
NON LIFE INSURANCE
Habib Modaraba
1008
4.20
8.20
8.20
8.10
8.10 -0.10
573
8.44
7.26
21
-
-
-
Performance of SR Non Life Insurance Index
I B L Modaraba
202
2.94
1.06
2.05
2.00
2.00 0.94
6000
2.45
1.06
3
-
-
-
JS Growth Fund
3180
2.06
5.95
6.00
5.91
6.00 0.05
117216
7.40
5.32
12.5
-
-
-
1186
1237
6.75
62.98
63.00
62.42
Close Chg 62.90 -0.08
Volume 58041
Last 60 days High Low 71.30
62.00
2010 Div BR (%) (%) 25
2011 Div BR (%) (%)
-
-
-
FUTURE CONTRACTS
165.00
11.15
Low
100 100 100 99 94 93 91 77 72 55 52 45 44 44 31 31 27 22 21 20 20 20 20 20 19 19 11 10 10 10 10 9 8 6 5 5 5 4 3 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1
149.15
High
High
Vol
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 135.76 0.00 0.00 0.00 11.54 0.00 0.00 125.24 0.00 79.38 0.00 0.00 0.00 0.00 0.00 -0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 12.38 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.07 0.00 0.00 0.00 0.00 0.00
392.79
11.25
Open
Change
173.75
11.16
PE
Close 145.01 21.94 5.95 73.11 19.92 1.25 111.27 1.00 4370.66 0.22 10.67 1.50 661.55 38.00 1.05 2638.90 68.18 1793.31 13.10 8.94 3.00 1.55 49.01 8.45 18.60 10.50 3.74 0.75 1.20 0.90 0.49 5927.80 7.99 19.98 1.42 3.50 1.00 736.00 0.80 5.25 43.80 13.93 8.35 11.20 987.00 15.37 12.95 1.70 1.40 7.12 4.82 12.75 5.90 1089.92 4.00 1.19 2.52
155.00
Open
% Change 0.10 5-Day High 736.10 5-Day Low 723.50
Low 147.00 23.03 5.49 72.00 20.24 1.50 105.71 0.25 4125.00 0.21 10.80 1.41 659.88 38.00 0.90 2637.00 71.50 1789.00 13.45 8.95 2.55 1.50 50.95 8.45 19.60 10.12 3.61 1.25 1.09 1.24 0.98 5755.00 7.99 19.00 1.31 2.70 1.40 735.00 0.45 4.26 45.99 13.06 7.80 12.00 950.00 15.90 13.89 1.80 1.81 7.87 5.00 11.82 6.25 1075.00 3.00 1.30 2.65
385.34
PE
Change 0.70 Market cap 45,182.31 mn Div Yield (%) 7.52
High 147.00 23.03 5.49 72.00 20.40 1.51 105.80 1.36 4440.00 0.30 10.80 1.69 668.00 38.00 1.11 2639.34 71.50 1799.00 13.49 8.95 2.55 1.50 50.95 8.45 19.60 10.12 3.74 1.25 1.09 1.24 0.98 5935.00 7.99 20.48 1.95 2.70 1.40 769.90 0.50 4.26 45.99 13.06 7.82 12.20 950.00 15.90 13.89 1.80 1.81 7.87 5.00 12.75 6.25 1075.00 3.00 1.30 2.65
172.42
4.83
Close 724.20 Listed cap 11,111.34 mn Payout (%) 79.54
Open 145.01 21.94 5.95 73.11 19.92 1.25 111.27 1.00 4234.90 0.22 10.67 1.50 650.01 38.00 1.05 2513.66 68.18 1713.93 13.10 8.94 3.00 1.55 49.01 8.50 18.60 10.50 3.74 0.75 1.20 0.90 0.49 5915.42 7.99 19.98 1.42 3.50 1.00 736.00 0.80 5.25 43.80 13.93 8.35 11.20 987.00 15.37 12.95 1.70 1.40 7.12 4.82 12.82 5.90 1089.92 4.00 1.19 2.52
POL-JUL
Paid up Cap(mn)
High Low 727.95 715.69 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.55 5.20
Symbols SAPL SHCM WAZIR NATF AHI KML HINO TSMF NESTLE BROT HUSS FFLM BATA FECS MODAM RMPL MEHT UPFL PASM BAWS CPMFI FTSM GATI HAEL GUTM SCM HIRAT ICCT KOIL SGPL TRPOL ULEVER GUSM PSYL CWSM KOHS MUBT COLG MFTM AKGL FASM JDMT JKSM REWM WYETH BNWM CFL DFSM EWLA IFSL NBF PIL SGML SIEM THAS YOUW ZTL
FFC-JUL
Open 1,548.23 Turnover 2,109,573 P/E (x) 20.28 Company
UPTO 100 VOLUME
ENGRO-JUL 151.67
AL-Meezan Mutual Fund 1375
Paid up Cap(mn)
Adamjee Insurance XD
Low
64.99 62.50 64.19 1.09 11.50 11.05 11.49 0.39 10.57 10.30 10.50 0.22 29.00 28.75 28.86 -0.14 4.60 4.30 4.55 0.16 6.79 6.60 6.67 0.03 4.05 3.76 4.00 0.10 9.70 9.40 9.47 0.04 121.00 118.10 119.34 0.37 19.44 18.75 19.20 0.20 2.24 2.17 2.20 0.03 1.45 1.42 1.42 -0.05 199.99 197.51 197.83 -0.71 17.60 17.25 17.60 -0.19 54.94 52.49 54.36 1.68 1.50 1.43 1.45 -0.04 1.75 1.63 1.73 0.02 2.55 2.50 2.51 0.01 5.25 4.95 5.02 0.02 8.10 7.75 8.00 0.45 3.68 3.45 3.50 -0.02 60.95 60.22 60.62 0.15
Open 723.50 Turnover 178,395 P/E (x) 10.57 Company
High Low Close 1,143.34 1,118.46 1,131.24 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.01 13.94 40.49
8.50 29.02 61.54 8.19 34.34 11.30 72.23 56.10 15.78 5.11 8.06 8.20 5.20 5.25 1.50
LIFE INSURANCE Open 906.02 Turnover 2,926 P/E (x) 5.30
ELECTRICITY High Low 1,369.77 1,349.98 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.24 9.35
8.17 29.00 61.25 8.00 33.26 11.30 71.50 55.45 15.64 5.11 8.39 8.10 4.80 4.81 1.50
Performance of SR Life Insurance Index
Performance of SR Electricity Index Open 1,353.95 Turnover 1,578,674 P/E (x) 13.24
8.50 29.05 63.49 8.30 34.50 11.30 72.90 55.51 16.00 5.11 8.40 8.20 5.30 4.81 1.75
JS Value Fund
-
0.58
5.31
5.50
5.40
5.49 0.18
12019
6.68
4.91
10
-
5.00
-
283
1.86
2.89
2.50
2.50
2.89 0.00
200
4.48
2.00
2.8
-
-
-
1200
2.79
9.70
9.71
9.71
9.71 0.01
2000
10.19
8.46
15.5
-
-
-
125
-
1.14
1.49
0.25
1.14 0.00
252
1.50
0.25
3
-
-
-
PICIC Energy Fund
1000
2.18
7.31
7.40
7.10
7.40 0.09
54000
8.25
6.92
10
- 10.00
-
PICIC Growth Fund
2835
2.75
13.30
13.50
13.31
13.40 0.10
566802
13.84
12.00
20
- 12.50
-
PICIC Inv Fund
2841
2.41
6.00
6.10
6.01
6.10 0.10
3104
6.95
5.50
10
-
7.50
-
Prud Modaraba 1st
872
1.71
0.94
0.94
0.85
0.94 0.00
13610
1.10
0.75
3
-
-
-
UNICAP Modaraba
136
-
1.44
0.55
0.55
0.55 -0.89
10000
1.50
0.13
-
-
-
-
KASB Modaraba Meezan Balanced Fund Pak Modaraba
Symbols
UBL-JUL
Open
High
Change
Vol 684500
97500
MTS LEVERAGE POSITION Symbol AHCL AICL AKBL ANL ATRL BAFL DGKC ENGRO FFBL FFC HUBC KAPCO LOTPTA LUCK MCB NBP NCL NETSOL NML OGDC PAKRI POL PPL PSO PTC SSGC UBL TOTAL
Total Volume 711,043 17,199 469,740 332,599 135,130 894,750 735,820 168,774 157,875 82,300 17,000 49,687 2,708,451 114,000 32,831 1,317,137 345,581 10,000 276,017 5,500 276,776 159,600 5,500 28,500 30,156 3,000 103,000 9,187,966
Total Value 13,624,318 821,849 3,885,791 1,444,309 13,168,053 6,720,342 12,592,258 19,331,849 5,286,692 10,210,026 490,946 1,602,443 25,636,131 6,198,752 4,902,479 51,895,147 5,568,478 158,799 10,284,709 630,950 3,303,417 46,202,675 862,770 5,602,034 295,685 46,096 4,701,095 255,468,092
MTS Rate 20.08 19.00 21.00 19.50 17.00 17.19 18.56 17.00 15.13 19.04 17.00 16.32 19.49 18.54 18.00 17.22 16.00 17.00 18.00 17.00 17.71
BOARD MEETINGS
Pakistan Telecommunication Co Ltd
KSE 100 INDEX
Fauji Fertiliser Co
National Bank of Pakistan
Company
Date
Time
Mirza Sugar Mills Ltd
21-Jul
10:30
Pangrio Sugar Mills Ltd
21-Jul
12:00
Khairpur Sugar Mills Ltd
21-Jul
2:30
Thal Industries Corp Ltd
21-Jul
10:30
Hussein Sugar Mill Ltd
21-Jul
11:00
Sindh Abadgar Sugar Mills Ltd
22-Jul
4:00
Wyeth Pak Ltd
25-Jul
11:00
Sanghar Sugar Mill Ltd
25-Jul
11:00
TECHNICAL LEVELS Company
RSI 1st 2nd (14-day) Support 38.20 2.35 2.30 53.76 62.80 61.40 37.85 47.95 47.45 Arif Habib Corp 66.35 26.60 26.00 Arif Habib Limited 58.38 18.45 18.15 Adamjee Insurance 30.51 62.55 62.20 Askari Bank 52.94 11.20 10.90 Azgard Nine 45.11 5.80 5.75 Attock Petroleum 52.90 378.95 376.00 Attock Refinery 59.42 127.20 122.40 Bank Al-Falah 62.44 10.35 10.20 BankIslami Pak 63.93 3.85 3.65 Bank.Of.Punjab 54.28 6.60 6.50 Dewan Cement 42.16 1.60 1.55 D.G.K.Cement 46.50 22.85 22.70 Dewan Salman 39.87 2.45 2.40 Dost Steels Ltd 52.06 2.25 2.05 EFU General Insurance 41.42 33.55 32.80 EFU Life Assurance 51.27 68.85 68.45 Engro Corp 29.06 150.10 146.55 Faysal Bank 46.49 9.35 9.20 Fauji Cement 33.82 3.95 3.90 Fauji Fert Bin 74.41 46.55 46.20 Fauji Fertilizer 66.83 162.55 159.15 Habib Bank Ltd 57.39 117.95 116.60 Hub Power 58.27 38.50 38.20 ICI Pakistan 47.13 153.15 152.20 Indus Motors 32.28 207.65 206.35 J.O.V.and CO 46.47 2.60 2.55 Japan Power 47.29 1.15 1.05 JS Bank Ltd 37.50 2.15 2.10 Jah Siddiq Co 44.21 7.30 7.20 Kot Addu Power 50.11 42.50 42.30 K.E.S.C 39.05 2.05 2.00 Lotte Pakistan 32.76 12.55 12.30 Lucky Cement 60.90 72.40 71.60 MCB Bank Ltd 40.32 196.90 195.95 Maple Leaf Cement 44.19 2.05 2.00 National Bank 61.69 52.90 51.50 Nishat (Chunian) 29.06 20.20 19.35 Netsol Technologies 45.33 20.65 20.40 NIB Bank 32.28 1.40 1.35 Nimir Ind.Chemical 51.86 2.85 2.75 Nishat Mills 42.43 49.65 47.95 Oil & Gas Dev. XD 56.10 151.20 148.45 PACE (Pakistan) Ltd. 33.38 2.05 2.00 Pervez Ahmed Sec 42.38 1.40 1.35 P.I.A.C.(A) 46.43 2.15 2.10 Pioneer Cement 44.78 5.05 4.85 Pak Oilfields 79.64 385.40 380.45 Pak Petroleum 49.85 208.25 206.40 Pak Suzuki 45.37 63.30 62.65 P.S.O. XD 41.56 260.10 255.45 P.T.C.L.A 19.97 12.80 12.55 Shell Pakistan 50.73 222.95 222.00 Sui North Gas 48.72 19.85 19.75 Sitara Peroxide 37.96 16.35 16.20 Sui South Gas 32.01 19.80 19.60 Telecard 37.69 1.40 1.35 TRG Pakistan 36.54 2.40 2.35 United Bank Ltd 36.60 60.25 59.85 WorldCall Tele 32.22 1.80 1.70 Al-Abbas Cement
Allied Bank Limited
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
55.69
Support 1
12,333.95
MA (5-day)
12,327.63
Support 2
12,224.35
MA (10-day)
12,348.69
Resistance 1
12,512.20
MA (100-day)
12,048.25
Resistance 2
Arif Habib Ltd
Target Price
Recommendations
24.7
Buy
Arif Habib Ltd
AKD Securities Ltd
23.91
Buy
AKD Securities Ltd
TFD Research
20.15
Positive
Technical Outlook Technical Analysis
Leverage Position
12,580.85
RSI (14-day) 19.91 MTS Shares `000 30.156 MA (200-day) 11,769.36 Pivot 12,402.60 MA (10-day) 13.67 MTS Rs `000 295.68 16.34 MTS Rate 18.00 KSE 100 INDEX closed up 125.30 points at 12,443.54. Volume was MA (100-day) MA (200-day) 17.74 ** NOI Rs (mn) 4.25 46 per cent above average and Bollinger Bands were 26 per cent Free Float Shares (mn) 585.06 Free Float Rs (mn) 7,629.18 narrower than normal. As far as resistance level is concern, the marTarget price for Dec-11 & **Net Open Interest in future market ket will see major 1st resistance level at 12,512.20 and 2nd resistPTC closed up 0.22 at 13.04. Volume was 669 per cent above average ance level at 12,580.85, while Index will continue to find its 1st sup(trending) and Bollinger Bands were 18 per cent wider than normal. port level at 12,333.95 and 2nd support level at 12,580.85. KSE 100 INDEX is currently 5.7 per cent above its 200-day moving PTC is currently 26.5 per cent below its 200-day moving average and is average and is displaying a downward trend. Volatility is extremely displaying a downward trend. Volatility is relatively normal as compared to low when compared to the average volatility over the last 10 trading the average volatility over the last 10 trading sessions. Volume indicators sessions. Volume indicators reflect moderate flows of volume into reflect moderate flows of volume out of PTC (mildly bearish). Trend foreINDEX (mildly bullish). Trend forecasting oscillators are currently casting oscillators are currently bearish on PTC. Momentum oscillator is bearish on INDEX. currently indicating that PTC is currently in an oversold condition.
Brokerage House
Brokerage House
Target Price
Recommendations
97.7
Buy
Arif Habib Ltd
AKD Securities Ltd
87.61
Buy
AKD Securities Ltd
TFD Research
84.65
Positive
TFD Research
Technical Analysis
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
60.95 MTS Shares `000 114.00 72.14 MTS Rs `000 6,198.75 70.00 MTS Rate 17.00 71.50 ** NOI Rs (mn) 111.65 Free Float Shares (mn) 129.35 Free Float Rs (mn) 9,474.89 Target price for Dec-11 & **Net Open Interest in future market
TFD Research
Recommendations
165.3
Buy
164.95
Neutral
Technical Outlook
Leverage Position MTS Shares `000 MTS Rs `000 MTS Rate ** NOI Rs (mn) Free Float Rs (mn)
Target Price
1,317.137 51,895.15 19.49 71.66 21,641.93
Technical Analysis
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
66.84 MTS Shares `000 82.30 158.60 MTS Rs `000 10,210.03 141.30 MTS Rate 15.13 132.66 ** NOI Rs (mn) 108.45 Free Float Shares (mn) 466.49 Free Float Rs (mn) 77,408.91 Target price for Dec-11 & **Net Open Interest in future market
NBP closed up 1.68 at 54.36. Volume was 205 per cent above average FFC closed down -6.02 at 165.94. Volume was 214 per cent above aver(trending) and Bollinger Bands were 50 per cent narrower than normal.
age (trending) and Bollinger Bands were 55 per cent wider than normal.
NBP is currently 14.9 per cent below its 200-day moving average and is FFC is currently 25.1 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NBP (mildly bullish). Trend forecast- reflect moderate flows of volume into FFC (mildly bullish). Trend forecasting oscillators are currently bullish on NBP.
ing oscillators are currently bullish on FFC.
Bank Al-Falah Ltd
Engro Corporation
Sell
Arif Habib Ltd
45.52
Neutral
47.75
Neutral
74.46 MTS Shares `000 157.875 45.15 MTS Rs `000 5,286.69 42.17 MTS Rate 17.00 38.99 ** NOI Rs (mn) 77.74 Free Float Shares (mn) 326.94 Free Float Rs (mn) 15,336.69 Target price for Dec-11 & **Net Open Interest in future market
Arif Habib Ltd
Target price for Dec-11 & **Net Open Interest in future market
Recommendations
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Buy Buy
61.77 53.27 56.92 63.85 Free Float Shares (mn) 398.12
42.2
Leverage Position
Brokerage House
65
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Target Price
Technical Analysis
Recommendations
64.99
Technical Analysis
Brokerage House
Brokerage House
Target Price
Recommendations
224
Buy
Arif Habib Ltd
AKD Securities Ltd
195.41
Buy
AKD Securities Ltd
TFD Research
245.95
Positive
Technical Outlook
Technical Outlook
Target Price
Technical Outlook
Fauji Fertiliser Bin Qasim Ltd
Lucky Cement Ltd
Arif Habib Ltd
Brokerage House
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
29.03 MTS Shares `000 168.774 157.24 MTS Rs `000 19,331.85 191.56 MTS Rate 18.56 192.82 ** NOI Rs (mn) 238.02 Free Float Shares (mn) 176.98 Free Float Rs (mn) 27,185.57 Target price for Dec-11 & **Net Open Interest in future market
Recommendations
12.2
Hold
11.75
Accumulate
Technical Outlook
Technical Outlook Technical Analysis
Target Price
Technical Analysis
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
62.46 MTS Shares `000 894.75 10.20 MTS Rs `000 6,720.34 10.13 MTS Rate 17.00 10.20 ** NOI Rs (mn) N/A Free Float Shares (mn) 674.58 Free Float Rs (mn) 7,083.07 Target price for Dec-11 & **Net Open Interest in future market
LUCK closed up 0.63 at 73.25. Volume was 250 per cent above average FFBL closed down -0.42 at 46.91. Volume was 14 per cent above average ENGRO closed up 2.63 at 153.61. Volume was 45 per cent above average BAFL closed up 0.22 at 10.50. Volume was 78 per cent above average and Bollinger Bands were 88 per cent wider than normal.
and Bollinger Bands were 30 per cent narrower than normal.
and Bollinger Bands were 8 per cent narrower than normal. FFBL is currently 20.3 per cent above its 200-day moving average and is ENGRO is currently 20.3 per cent below its 200-day moving average and is BAFL is currently 3.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to displaying a downward trend. Volatility is low as compared to the average displaying an upward trend. Volatility is relatively normal as compared to displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into FFBL (mildly bullish). Trend forecast- flowing into and out of ENGRO at a relatively equal pace. Trend forecasting reflect very strong flows of volume into LUCK (bullish). Trend forecasting ing oscillators are currently bullish on FFBL. Momentum oscillator is cur- oscillators are currently bearish on ENGRO. Momentum oscillator is currently reflect moderate flows of volume into BAFL (mildly bullish). Trend forecast-
(trending) and Bollinger Bands were 47 per cent narrower than normal.
LUCK is currently 2.4 per cent above its 200-day moving average and is
oscillators are currently bearish on LUCK.
rently indicating that FFBL is currently in an overbought condition.
indicating that ENGRO is currently in an oversold condition.
ing oscillators are currently bullish on BAFL.
Attock Cement
1st 2nd Resistance 2.55 2.65 66.40 49.45 27.75 28.30 19.15 19.55 63.10 63.35 11.65 11.80 5.90 5.95 384.45 387.00 134.45 136.85 10.60 10.75 4.10 4.25 6.80 6.90 1.70 1.75 23.10 23.20 2.60 2.70 2.55 2.70 34.80 35.25 69.85 70.40 155.80 157.95 9.65 9.80 4.10 4.20 47.40 47.90 171.15 176.35 120.85 122.40 39.00 39.20 155.15 156.20 210.65 212.35 2.70 2.75 1.25 1.30 2.25 2.30 7.55 7.70 43.00 43.20 2.15 2.20 12.90 13.05 73.90 74.55 199.35 200.90 2.15 2.20 55.35 56.40 21.70 22.35 21.10 21.30 1.50 1.55 3.10 3.25 52.20 53.00 155.75 157.55 2.15 2.20 1.50 1.55 2.25 2.30 5.65 6.00 393.50 396.65 211.20 212.35 64.30 64.65 267.60 270.35 13.20 13.40 224.45 224.95 20.10 20.20 16.65 16.85 20.35 20.70 1.50 1.55 2.50 2.55 61.00 61.35 1.95 2.05
Pivot 2.45
65.30
63.90
48.90
48.45 27.15 18.85 62.75 11.35 5.85 381.50 129.65 10.45 3.95 6.70 1.65 22.95 2.55 2.40 34.05 69.40 152.25 9.50 4.05 47.05 167.75 119.50 38.70 154.20 209.35 2.65 1.20 2.20 7.45 42.75 2.10 12.70 73.10 198.45 2.10 53.95 20.85 20.85 1.45 3.00 50.50 153.00 2.10 1.45 2.20 5.45 388.55 209.35 63.65 262.90 12.95 223.45 20.00 16.50 20.15 1.45 2.45 60.60 1.90
8
Wednesday, July 20, 2011
Essay contest held at PSF
KARACHI: Sindh Chief Minister Syed Qaim Ali Shah unvelling the plaque to inaugurate the Institute of Physical Medicine & Rehabilitation at Dow University Medical & Health Science. -Staff Photo
CM Sindh Qaim inaugurates institute
Dow University begins Institute of Physical Medicine KARACHI: Chief Minister Sindh, Syed Qaim Ali Shah, on Saturday performed the inauguration of the Institute of Physical Medicine and Rehabilitation managed by the Dow University Medical and Health Sciences, Karachi. Speaking on the occasion, he expressed his satisfaction and said that he was very much inspired to see the latest facilities of treatment to patients for physical rehabilitation. He said that the medical profession is some type of service to humanity and this institute is counted as one of the important centres of Pakistan. Appreciating provision of facilities at Larkana, the Chief Minister hoped that similar centres will also be established at Sukkur,
Khairpur, Hyderabad and other cities of the province. He lauded the work being done at various faculties and section of institute where poor patients, middle class patients and retarded people were being treated and looked after properly. Shah announced that the provincial government would fully encourage such institutes and programs, which really deserve, as they are performing well. Chief Minister Sindh also announced grant of Rs 10 million for this project and assured that annual grant would be allocated for the project. With regard to loadshedding at the institute causing inconveniences to the patients, he said that the management of KESC would be asked to avoid loadshedding from hospitals, as
AIOU allots Rs10 million for software development ISLAMABAD: Allama Iqbal Open University (AIOU) has allocated an amount of Rs 10 million for Software Development in the current financial year. However, extraordinary changes in its five main departments related with students affairs including A d m i s s i o n s , Examinations, Directorate of Students Advisory and Counseling Services, Wafaqi Mohtasib Cell and Registrar's Office are being made to extend facilities to its students. Addressing the superintendents of University, Vice-Chancellor AIOU, Prof. Dr. Nazir Ahmed Sangi said a Superintendent has the status of backbone in the institution because he has to get the official work from its subordinates and answerable to the officer concerned. Dr Sangi said when he took the Charge as Vice Chancellor, he instructed strictly all the departments that tasks related to students affairs should be completed rapidly without
any delay to ensure educational facilities in the tribal and far-flung areas where the formal education system has not reached as yet. An amount of Rs 5 million has been allocated to extend facilities of AIOU' employees and training them in Computer, Internet, Video Conferencing System, Rules and Regulation, Noting Drafting, Official Discipline etc, Dr. Sangi opined. On the occasion, Dr. Sangi approved, the provision of new computers and printers to streamline the work of Certificate Section, Registration of the Tutors as Examiners to reinforce the facilities of Wafaqi Mohtasib Cell and Construction of the building for Examination Department. All the Superintendents unanimously appreciated the steps taken by ViceChancellor for staff' welfare and proposed that this sort of, at least four meetings should be arranged which was later approved by Dr. Sangi.-Agencies
they had already committed in a recent meeting that there will be no load shedding in hospitals, as the same are exempted. Syed Qaim Ali Shah further assured that alternate arrangements will also be made to meet the requirements of the hospital. Earlier, Vice Chancellor Dow Medical University of Health Sciences, Prof. Masood Hameed Khan, welcomed the Chief Minister Sindh and highlighted problems and programs of the University. Director of Institute Dr Nabeela Soomro and Dr Nida Baig gave brief account of services being rendered at Institute, which includes training and treatment of patients care and running of academic, full care for patients of disability, liver and diabetics, dental care, joints and other facilities.
AIOU announces PTC/CT, B.ed results ISLAMABAD: Controller of Exams Allama Iqbal Open University Hafeez Ullah has announced the results of final exams of PTC, CT and B.Ed programme for the semester Autumn 2010.According to Controller of exams, result intimation cards are being sent by post to the students at their given address. Students who do not receive the result intimation card up to July 25 are advised to contact the examination department in main camps of the university personally. The students can also contract at phone number 0519057323 or approach the nearest regional office to get the duplicate result card. The students can also download their result from the website www.aiou.edu.pk of the university. -APP
Sindh Health Secretary, Rizwan Ahmed, also addressed the function and assured that the Health Department will provide facilities to the institute. Vice Chancellor of the Dow University also presented shield to the Chief Minister Sindh. The function was attended by Commissioner Karachi Division, Muhammad Hussain Syed, and other notables of area. Earlier, the Chief Minister Sindh visited various sections of the Institute and inquired about the health of patients. Chief Minister Sindh also inquired about health of Qaisar Hussain Soomro of Umerkot whose both legs were affected in bomb blast and assured that his treatment expenses will be borne by the Government. -APP
Education, obligation of the State, says speaker
ISLAMABAD: Renowned educationist and International Islamic University Islamabad (IIUI) Rector, Professor Fateh Muhammad Malik has urged that government should provide free education to all segments of the society. Education is the "responsibility of the state, not parents", he stressed. In a series of interviews with media, Professor Malik expressed his dismay that education has become a lucrative business in the society, where only the rich have access to it. The university management has decided to freeze fees at this stage but could not abolish them due to some unavoidable circumstances," said the rector. He said that an Islamic university in an Islamic state should not have a policy of demanding high fees from KARACHI: The second students to meet its operasemester at the University of tional expenses. But the Karachi commenced on donors from Islamic counMonday after an inter-semes- tries have suspended funding ter break of over a month's for the last seven years, which make it difficult for IIUI to time, faulty members said. They stated that a fewer provide affordable education, classes were conducted on he said. Malik said that to ease the opening days because the attendance of the stu- the burden for the students, dents was quite less. -APP the university has decided
2nd Semester at KU begins
not to increase the fees further and would use some of its own resources to generate funds - it will establish petrol pump and gas stations on its land along the road side of its main campus. Malik stated that it is possible for the state to make education free and compulsory as it was done buy the Former Prime Minister Zulfiqar Ali Bhutto, who nationalized all educational institutions. But a "Strong political will" is needed for that, he added. "Now the teacher is forced to sell education and students have to buy it," he said. Malik suggested that the government spending on education must be increased, so that more people can have access to free of charge education. Talking about the future plans of the university, the rector said the university is opening the department of Islamic Art and Architecture from this session. The approval for the department has been given by the academic council of the university and classes in the department would start from the coming academic session. -APP
ISLAMABAD: Pakistan Science Foundation (PSF) in collaboration with National Academy of Young Scientists (NAYS) and Technology Times, Tuesday arranged essay writing competition with an objective to encourage creative capabilities of young writers and scientists. Students from different boards of intermediate and secondary education across the country participated in the competition and expressed their capabilities in an impressive way, by depicting their understanding of burning issues related to science. Panel of judges comprised Dr Saqlain Naqvi (Agriculture University) and Dr Abida Raza from Noori Hospital. Speaking on the occasion, Chairman PSF Dr. Manzoor H Soomro said such activities of students, shows their sensitivity and level of awareness to such issues. It was really a glorious essay competition, in which students expressed how much they give importance to science in their daily life, he added. The Chairman PSF said it is a very positive effort to improve youth in such creative activities, and the Pakistani youth has great potential, which is yet to be explored by organizing more such events. "I clearly foresee that the future of Pakistan is bright," he said. President NAYS, Aftab Ahmed while expressing his views said that PSF was playing important role in promoting scientific activities in the country. Essay showed the broad vision of students to the global scientific issues, he maintained. In the end, prizes were distributed among the winners. -APP
Haq vows to establish network of colleges Staff Reporter KARACHI: Senior Education Minister Pir Mazhar-ul Haq has said that the government intends to form an institution comprising of education experts and retired teachers in shape of Sindh Education Academy through modern and improved education system so that every child gets education. This he said while speaking at farewell get-together in honor of EDO Education Karachi Muhammad Ibrahim Kumbhar by the officers & officials of Directorate of Schools Education Karachi & Education department Sindh at local hotel here. Pir Mazhar said that to maintain the quality education standard in the province, a comprehensive network of community colleges starting from nursery to intermediate at every district headquarter would also be set up. Pir Mazhar praised the educational services, responsibilities and professional obligations discharged by the Ibrahim Kumbhar with commitment, enthusiasm and integrity, he thanked that officers could themselves got
KU female scientist gets regional prize
KARACHI: Third World Academy of Sciences (TWAS) has awarded its Regional Prize for Young Scientist to a female scientist of Karachi UniversityDr Sammer Yousuf. An official of Karachi University said here on Monday that the award was conferred during the Afro-Asia Workshop on Advanced Topics in Chemistry held recently at the TWAS Regional Office for Central and South Asia at Jawaharlal Nehru Centre for Advanced Scientific Research, Bangalore lndia. Dr Yousuf was selected I S L A M A B A D : for this honor from over 30 Chancellor National presentations of scientists University of Computer of 10 regional countries. and Emerging Sciences, Islamabad (FAST-NU) Senator Waseem Sajjad graced the occasion of the 24th Convocation held here on Sunday. Degrees were conferred on 338 Bachelor, Masters LAHORE: The Pakistani and PhD candidates. students studying in the However, gold, silver and United States are not at all bronze medals were award- discriminated against in ed to the top three position the American society and they feel quite at home in holders for their excellent the foreign land. academic performance. These views were Dr. Waseem Ikram, expressed by Pakistani stuDirector, in his welcome dents currently studying in address said that Islamabad the US during the preCampus of FAST-NU start- departure orientation cereed fifteen years ago, and in mony for the Fall-2011 a short span of time it has candidates at the FCC become one of the most University here Monday. vibrant, effective, and Hania Chima, in her secrewarding seats of higher ond year of Film Making learning in the country. Studies at the Harvard He said that the PhD pro- College, told APP that gram merits special men- wave of extremism in tion as it boasts of undoubt- some parts of the country edly the most significant has not affected Pakistani contribution by any single students by any means. "The fellow-students do university in terms of both quality and quantity of com- have queries about the war puter science research in against terror in Pakistan Pakistan. Meanwhile, but they come round and twelve PhD degrees were accept the soft-image of awarded in the convocation, Pakistan when they see the which raises the total num- reality", she responded to ber of PhDs produced by a question. Chima said that people Islamabad Campus to 15.
FAST-NU observes 24th annual convocation
respect & dignity through their diligent, skilled capabilities and abilities. He said that the present government is striving hard for better & quality education in the province like Sir Syed Ahmed Khan established the Aligarh University. The Senior Education Minister was of the view that they influence for their postings on OPS system through elected representatives , they should be desist from such practice and to discharge their responsibilities as Kumbhar done so, in future no OPS system would be encouraged, concrete measures would be taken on merit basis. The Secretaries of the Government Muhammad Siddiqui Memon, Aijaz Ali Khan, Waseem Ursani, Anwar Ahmed Zai, & Ibrahim Kumbhar also spoke in the Reception. Speakers congratulated the Ibrahim Kumbhar for completing his long 40 years career with satisfaction & distinction and urged the other his colleagues to follow the way of Mr Kumbhar who done every well.
She is an Assistant Professor at the HEJ Research Institute of Chemistry, International Center for Chemical and Biological Sciences, Karachi University. The spokesman said that Dr. Yousuf is among very few chemists of Pakistan working on Single-Crystal XRay Diffraction technique. The Vice Chancellor of Karachi University, Prof Dr Pirzada Qasim Raza Siddqui, former Chairman of Higher Education Commission, Prof Dr Attaur-Rehman and Director ICCBS, Prof Dr M Iqbal Chaudhry has congratulated Dr Yousuf on her achievement.-APP
No prejudice against Pak students in US in the United States were quite friendly and she always felt comfortable with her local class-mates. She said that over 5000 Pakistanis are studying in the United States, adding that students are ambassadors of the countries and her stay in the US helps her to clarify the misconceptions if any about Pakistan. Earlier, the advisors from the United States Education Foundation in Pakistan (USEF) briefed the aspiring students to the US regarding port of Entry procedures and important documents required of the students applying for visa to study in the US. The Information Officer, US Consulate General Lahore Tristam Perry talked about the 'Culture Shock' as well as provided information on medical, financial and housing issues faced by the foreign students. -APP
9
Wednesday, July 20, 2011
Indian sugar end flat as millers stay prices
AHMEDABAD - INDIA: Farm labourer plants paddy seedlings in a field near Dholka, some 30 km from Ahmedabad. -Agencies
Gold eases from record highs, eyes euro summit NEW YORK/LONDON: Gold prices retreated from fresh record highs on Tuesday, setting the stage for their first down day in the past 12 sessions, as improved risk sentiment took some of the heat out of the appetite for safe havens. Despite the mild pull-back, which briefly dragged prices below the $1,600 an ounce level, investors continued to favor the metal due to heightened concerns that the debt crisis engulfing Greece may ensnare Italy and Spain, and as time grew short for raising the US debt ceiling. "People are just stepping back ... maybe for a day or two, but I think we will end the week easily over $1,605, and quite possibly over $1,610 for the same reasons why we are here," said Zachary Oxman, managing director with TrendMax in Encinitas, California. We are going to end the week with the same concerns that we came into the week with, and people realize that. When it dipped into $1,599, you have
ICE sugar, coffee hold steady LONDON: Sugar and coffee futures on ICE stabilised on Tuesday, consolidating after risk aversion triggered by the worsening euro-zone and US debt crisis dragged on commodities during the previous session. Cocoa futures were mixed, remaining rangebound as dealers awaited clarity on the 2011/12 supply outlook. ICE raw sugar futures edged higher, buoyed by gains in crude oil and a weaker dollar. The market remained underpinned by uncertainty over the size of top producer Brazil's cane crush. October raw sugar on ICE was up 0.03 cent or 0.1 per cent at 28.97 cents a lb at 1402 GMT. The front month set a contract high of 31.33 cents last week. Some dealers questioned whether the high sugar prices were sustainable. October white sugar on Liffe rose $3.70 or 0.5 per cent to $756.80 per tonne. Arabica coffee futures on ICE also rose, tracking the gains made across the commodity complex as markets stabilised following Monday's weakness. In top producer Brazil, the threat of frost receded, as the end of frost season neared. September arabica coffee on ICE rose 2.6 cents or 1.1 per cent to $2.5080 per lb. Coffee exports from Indonesia, the world's secondlargest robusta producer, could fall more than 30 per cent to 300,000 tonne in 2011 as supply constraints lead to tight stocks at the end of the year, a senior industry official said on Tuesday. Indonesia is the only major coffee producer to see a fall in 2010/11 production. September robusta coffee on Liffe traded down $10 or 0.4 per cent to $2,240 per tonne. Reuters
seen a lot of buying come in, so people are still accumulating, whereas others are rotating and taking some short-term profit." Spot gold hit a new record at $1,609.51 an ounce, before pulling back to trade at $1,599.96 an ounce at 1432 GMT. Still, it is up 13 per cent so far this year amid concerns over the euro-zone debt crisis and the potential for further US quantitative easing.
In New York, gold futures for August delivery were down $1.60 at $1,600.80 an ounce, back pedaling from their own all-time peak of $1,610.70. "All depends on what happens in the euro-zone ... and QE3," said AndreyKryuchenkov, an analyst at VTB Capital. "(We) don't expect it, but some are pricing it in. Should risk aversion escalate, (gold) will go higher." US President Barack Obama
and top lawmakers are also facing more pressure for a debt deal amid a growing sense that a lastditch plan taking shape in Congress may be the only way to avoid a devastating US default. The gold:silver ratio -- the amount of silver needed to buy an ounce of gold -- dipped under 40 this week for the first time since early May as silver outperformed gold in a rising market, a common phenomenon given its lower liquidity. "Silver is clearly benefiting from its greater affordability, attracting investors who are keen on hard assets during these uncertain times," said UBS in a note. "(Its ratio to gold) looks poised to fall further in the near term, particularly if risk aversion continues to dominate." Silver was bid at $40.30 an ounce against $40.51.US silver futures were off 8.2 cents at $40.26. Spot platinum was bid at $1,773.99 an ounce versus $1,769.98, while spot palladium was at $795.22 an ounce against $792.57. -Reuters
Copper rises on US housing data, China demand hopes LONDON: Copper rose to its highest in more than three months on Tuesday on data that offered hope for the battered US housing market, a weaker dollar and prospects of firm China demand, which helped offset investor anxiety over debt crises in the United States and Europe. Three-month copper on the London Metal Exchange closed at $9,840 a tonne, compared with Monday's close of $9,694 a tonne. The metal used in power and construction earlier hit $9,873 a tonne, its highest since around mid-April. "We've seen quite a rebound in euro/dollar and equity markets ... It seems it is very much markets reconsidering that the debt crisis is not something that is going to weigh too much on global growth," Danske Bank analyst Christin Tuxen said. "Base metals are rebounding on this, maybe reconsidering that the situation at least in Asia is not that bad, and indeed in our view we're likely to see Chinese demand for raw materials bounce back quite significantly within the next few months." The data showed housing starts rose more than expected in June to touch a six-month high and that permits for future construction unexpectedly increased, a US government report showed on Tuesday. "There is a recovery unfolding; it's just glacially slow and requires incredible scrutiny to discern it," said Richard DeKaser, an economist at Parthenon Group in Boston. "New homes are more scarce than they have ever been." The White House is seeking a last-ditch plan with Congress to raise the US debt ceiling, and European governments are struggling to reconcile competing proposals for a second
bailout for Greece while trying to prevent the crisis from spreading through the region. "Despite all these uncertainties, we've seen copper very resilient to any downside risk, and that could also be explained beyond the supply issues by what we see as
Shanghai copper higher In Shanghai, the third month copper contract rose1.3 percent to close at 72,830 yuan per tonne.
MUMBAI: India's sugar futures ended flat on Tuesday as millers held prices steady despite a slight drop in demand, traders and analysts said. The most active sugar for August delivery on the National Commodity and Derivatives Exchange ended unchanged at 2,768 rupees per 100 kg. In Kolhapur, a key market in top producer Maharashtra, the most traded S-variety edged down by 0.3 per cent to 2,692 rupees per 100 kg ($60.49) per 100 kg. "Millers kept price unchanged in tenders. They were not cutting prices due to lower quota," said a member of Bombay Sugar Merchants Association. India has made available 1.56 million tonne of non-levy sugar for July, lower than the 1.65 million tonne it had released last month, the government said in a statement. Non-levy, or free-sale sugar, is sold by millers in the open market, but the quantity each mill can sell is fixed by the federal government on a monthly basis. India, the world's top consumer and the biggest producer after Brazil, should churn out 24.2 million tonne in the current 2010/11 season and output may jump to 26.5 million tonne in 2011/12, higher than the country's estimated consumption of around 22 million tonne, industry estimates. -Reuters
Tokyo rubber closes flat TOKYO: Key Tokyo rubber futures settled nearly flat in thin trade on Tuesday as concerns about debt crises in Europe and the United States kept investors to the sidelines, but a recovery in oil prices and gains in Shanghai rubber lent support. The key Tokyo Commodity Exchange rubber contract for December delivery settled down 0.2 yen at 378.8 yen per kg, after moving in a narrow range between 379 yen and 373 yen. The most active Shanghai rubber contract for January delivery closed up 2.1 per cent at 35,855 yuan per tonne, up from 35,115 yuan on Monday. Volume stood at 831,876 lots. "Heightened concerns over sovereign debt crisis both in the US and Europe have made investors wary of taking positions," said Naoki Asami, chief broker at trading house Kanetsu. "But investors are eagerly looking for clues for future direction and the market will likely swing upward if the benchmark contract breaks through the next resistance of 380 yen," he added. Rains in southern Thailand, which produces around 90 per cent of the country's annual production of 3.2 million tonne, have stopped, allowing farmers to tap for more latex, traders said. Brent crude rose 61 cents to $116.66 a barrel on Tuesday, reversing the previous session's losses, as the dollar weakened and on expectations oil stocks in the world's top consumer US fell for a seventh week. -Reuters
Crude oil gains $2 on dollar, equities IEA unlikely to announce emergency stock release in meeting LONDON: Oil rose on Tuesday lifted by expectations that data would show crude inventories in the world's top consumer fell for a seventh week and supported by dollar weakness. Further support came from a strong start on Wall Street due to upbeat corporate earnings and data showing that US housing starts hit a six-month high in June. By 1401 GMT, Brent crude futures were up $1.87 at $117.92. US crude added $2.30 to $98.23. An expected fall in US stocks of oil is seen as keeping upward pressure on crude prices. Inventories are likely to have fallen by 1.3 million barrels last week due to higher refinery utilization and a slide in imports, a Reuters poll showed ahead of weekly reports. "Estimates that there's been a drawdown in gasoline are giving prices a bit of a boost, but we are really range trading after the weakness we saw the previous session," said Tony Machacek, futures broker at Jefferies Bache.
In the second-largest oil consumer China, refined oil product stocks at the end of June increased nearly 1 million tonne from a year earlier. They were at a normal level, after fuel consumption slowed down since mid-April, a government report showed on Tuesday. Debt problems on both sides of the Atlantic saw
investors move into safer assets and helped gold to reach another record high. Analysts said that oil was also a beneficiary of the reluctance to hold financial assets. "There's a desire to hold something that has a physical reality as opposed to bonds and shares, that has the ability to keep its values when everything else falls," Christophe Barret, oil analyst at Credit Agricole Corporate and Investment Bank. Highlighting the fragile state of the euro-zone's economy and keeping investors wary of holding riskier assets, German
analyst and investor sentiment fell more than expected in July to its lowest level since January 2009. Figures from the Mannheimbased ZEW economic think tank showed its economic sentiment index fell to -15.1 from -9.0 in June, below the consensus forecast in a Reuters poll for a decrease to -12.4. Oil was also supported by expectations that the International Energy Agency (IEA) would not release emergency stocks for a second time. This was because there was no sign yet of the kind of shortage to mandate another dip into the West's emergency oil reserves when a 30-day deadline for assessing the impact of a first release expires at the end of this week, traders and analysts said. For another IEA release to take place, it would have to be endorsed by all 28 members of the energy consumer body. Germany and Italy are likely to resist any plans for a second release for now, a French government source told Reuters last week. -Reuters
NY cotton ends at 9-mth low as weak demand drags NEW YORK: Cotton futures finished Monday at a 9-month low due to debt woes in the US and Europe as the historic rally in the market appears to be at an end, analysts said. Cotton had posted its sixth straight weekly loss last week and the biggest single weekly decline since December 2008, as demand destruction from the market's runup to a record over $2 per lb hit fiber contracts. "The macro picture is lousy and there is no way to get around that," said Sharon Johnson, senior cotton analyst at commodities brokerage
Penson Futures in Atlanta, Georgia. The key December cotton futures on ICE Futures US plunged 2.62 cents to end at 96.46 cents per lb, dealing from 94.46 cents to $1.0073. It was the lowest close for the second-position contract since early October 2010, Thomson Reuters data showed. Business was brisk. Total market volumes hit around 24,500 lots at 1851 GMT, more than a quarter above the 30-day norm, Thomson Reuters preliminary data showed. Mike Stevens, an independent cotton analyst in Louisiana,
said the December contract was trying to fill a gap around $1.0345 to $1.0446, but just could not reach that level. "When we could not get any traction going higher, we just fell apart late and then hit (automatic sell order) stops on the way down," a trader said. Open interest stood at 134,008 lots as of July 15, down when compared to the previous session's 135,977 lots, data from ICE Futures US showed. Volume traded on Friday stood at 27,650 lots, more than double the prior day's 12,903 lots, the exchange said. -Reuters
Palm oil up on global food supply concerns KUALA LUMPUR: Malaysia palm oil futures climbed 0.9 per cent on Tuesday on concerns of hot weather affecting US grain crops and talk of higher exports. The health of US corn and soybean crops have declined more than expected last week as drier weather affected key growing areas and stunted development of late planted fields, according to a government report. This could stem falling prices of palm oil that competes with soyoil for use in food and fuel sectors. Palm oil has fallen almost 18 per cent so far this year on ample stocks as well as jittery markets on account of
debt default threats in US and Europe. "The developments in grain markets have reversed some of the losses made earlier today from news of the sovereign debt problems. Ofcourse, the market is going to be torn between these two issues and will be volatile," said a trader with a foreign commodities brokerage. The benchmark October crude palm oil contract on Bursa Malaysia Derivatives settled up 29 ringgit at 3,107 ringgit ($1,031) a tonne. Earlier in the session, it hit the lowest since July 13.Overall traded volume stood at 26,793 lots of 25 tonne each, compared to the usual 25,000 lots.
Malaysia's June palm oil stocks inched up to the highest in 18 months at 2.05 million tonne from a month ago as overall production was higher than exports. Production stood at 1.75 million tonne. Other vegetable oils were mixed in Asian hours. US soyoil for August delivery rose 0.6 per cent and reversed losses from the previous session after a government report showed more-thanexpected declines in crop ratings due to the hot weather. In China, the most traded May 2012 soyoil on Dalian Commodity Exchange fell 0.1 per cent, taking a cue from weak US soyoil in the previous session. -Reuters
healthy appetite from the Chinese despite their price sensitivity," said Xin Yi Chen, commodity analyst at Barclays Capital. Investors are optimistic that demand from top copper conNational Commodity Exchange Ltd Trading Summary sumer China will remain Commodity Contract Price Open High Low Close Traded Volume Previous Current strong in the second half of the Date Date Quotation in lots Settlement Settlement year given little sign that its Price Price Crude10 AU11 US$ Per Barrel 97.16 97.24 95.91 97.06 309 96.76 97.06 monetary tightening efforts had 19-Jul-2011 Crude10 SE11 US$ Per Barrel 96.99 97.92 96.23 97.39 249 97.13 97.39 sharply slowed the world's No. 19-Jul-2011 Crude10 OC11 US$ Per Barrel 96.99 97.79 96.82 97.79 8 97.50 97.79 2 economy, which grew a 19-Jul-2011 19-Jul-2011 Crude100 AU11 US$ Per Barrel 97.16 97.16 95.97 97.06 29 96.76 97.06 faster-than-forecast 9.5 per 19-Jul-2011 Crude100 SE11 US$ Per Barrel 97.40 97.68 96.24 97.39 39 97.13 97.39 19-Jul-2011 Crude100 OC11 US$ Per Barrel 97.38 97.79 97.38 97.79 6 97.50 97.79 cent in the second quarter. 19-Jul-2011 SL100OZ AU11 US$ Per Ounce 39.50 40.83 39.50 40.10 109 40.33 40.10 Market participants also 19-Jul-2011 SL100OZ SE11 US$ Per Ounce 39.70 40.85 39.65 40.11 471 40.33 40.11 expect a deficit in global cop- 19-Jul-2011 SL100OZ OC11 US$ Per Ounce 40.34 40.34 40.11 40.11 40.34 40.11 per supply this year, with short- 19-Jul-2011 SL500OZ AU11 US$ Per Ounce 39.90 40.33 39.90 40.10 3 40.33 40.10 SL500OZ SE11 US$ Per Ounce 39.78 40.84 39.78 40.11 108 40.33 40.11 age risks increased by weather 19-Jul-2011 19-Jul-2011 SL500OZ OC11 US$ Per Ounce 40.34 40.34 40.11 40.11 40.34 40.11 and labour unrest hitting major 19-Jul-2011 GO1OZ AU11 US$ Per Ounce 1594.50 1610.00 1593.00 1602.30 698 1602.80 1602.30 mines in Chile and Indonesia. 19-Jul-2011 GO1OZ SE11 US$ Per Ounce 1594.90 1611.00 1593.00 1602.90 2,245 1603.60 1602.90 Copper inventories at LME 19-Jul-2011 GO1OZ OC11 US$ Per Ounce 1595.00 1611.00 1593.20 1603.30 1,525 1604.00 1603.30 GO100OZ AU11 US$ Per Ounce 1602.80 1602.80 1602.30 1602.30 1602.80 1602.30 warehouses rose 4,450 tonne to 19-Jul-2011 GO100OZ SE11 US$ Per Ounce 1603.60 1603.60 1602.90 1602.90 1603.60 1602.90 467,400 tonne, latest data 19-Jul-2011 19-Jul-2011 GO100OZ OC11 US$ Per Ounce 1599.40 1610.00 1593.00 1602.90 19 1604.00 1603.30 showed. 19-Jul-2011 GO100OZ DE11 US$ Per Ounce 1607.20 44412.00 1607.20 44412.00 1607.20 1604.30 Lead and zinc also hit their 19-Jul-2011 GOLD JY11 Per 10 grms 44421.00 44432.00 44421.00 44432.00 44421.00 44432.00 19-Jul-2011 GOLD AU11 Per 10 grms 44394.00 44503.00 44394.00 44439.00 10 44429.00 44439.00 highest since mid-April. GOLD SE11 Per 10 grms 44443.00 44453.00 44443.00 44453.00 44443.00 44453.00 Zinc, used in galvanizing, 19-Jul-2011 19-Jul-2011 GOLDKILO JY11 Per 10 grms 44394.00 44404.00 44394.00 44404.00 44394.00 44404.00 closed at $2,490 from $2,431 a 19-Jul-2011 GOLDKILO AU11 Per 10 grms 44401.00 44412.00 44401.00 44412.00 44401.00 44412.00 TGOLD50 JY11 Per Tola 51780.00 51792.00 51780.00 51792.00 51780.00 51792.00 tonne, having earlier hit 19-Jul-2011 TGOLD100 JY11 Per Tola 51780.00 51792.00 51780.00 51792.00 51780.00 51792.00 $2,486. Battery material lead 19-Jul-2011 19-Jul-2011 MINIGOLD MON Per 10 grms 45602.00 45602.00 45595.00 45595.00 45602.00 45595.00 was $2,770 from $2,730 a 19-Jul-2011 MINIGOLD TUE Per 10 grms 45533.00 45647.00 45533.00 45647.00 45533.00 45647.00 tonne, having hit $2,779 a 19-Jul-2011 MINIGOLD WED Per 10 grms 45550.00 45550.00 45544.00 45544.00 45550.00 45544.00 MINIGOLD THU Per 10 grms 45567.00 45567.00 45561.00 45561.00 45567.00 45561.00 tonne. Aluminium was $2,550 19-Jul-2011 19-Jul-2011 MINIGOLD FRI Per 10 grms 45585.00 45585.00 45578.00 45578.00 45585.00 45578.00 a tonne from $2,495. 19-Jul-2011 TOLAGOLD MON Per Tola 52445.00 52618.00 52361.00 52513.00 72 52520.00 52513.00 Nickel, untraded at the close, 19-Jul-2011 TOLAGOLD TUE Per Tola 52,687 52,687 52,441 52,572 4 52,441 52,572 was bid at $24,100 a tonne 19-Jul-2011 TOLAGOLD WED Per Tola 52,500 52,500 52,453 52,453 11 52,460 52,453 19-Jul-2011 TOLAGOLD THU Per Tola 52,480 52,480 52,473 52,473 52,480 52,473 from $23,825. TOLAGOLD FRI Per Tola 52,500 52,500 52,493 52,493 52,500 52,493 Tin closed at $27,890 from 19-Jul-2011 Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day $27,350 a tonne. -Reuters
Open Interest in Lots 239 157 3 73 27 29 143 1 1 36 1,635 2,643 2,065 10 14 2 4 66 4 20 5 -
10
Wednesday, July 20, 2011
Reforms in Pakistan Cricket
Pak softens stance over ICC advices KARACHI: The Pakistan Cricket Board has softened its hard-line stance on recommendations proposed in an International Cricket Council (ICC) report on improving the organisation of the sport in the South-Asian country. The ICC ordered a Task Team to compile a report on Pakistan cricket in the wake of the 2009 attack on the Sri Lanka team bus in Lahore and last year's spot-fixing scandal but the PCB rejected a majority of the unit's observations last week. However, PCB chief operating officer Subhan Ahmad told Reuters on Tuesday that the board had only dismissed the recommendations it felt were redundant or based on inaccurate information. "The constructive recommendations and proposals by the Task Team which are good for Pakistan cricket are under
consideration," Ahmad insisted. "We are looking at ways to implement them soon." The Task Team, headed by England and Wales Cricket Board (ECB) chairman Giles Clarke, put forward a number of reforms for Pakistan cricket and Ahmad dismissed suggestions that the PCB's initial cold response had soured relations with the ICC. "We appreciate the ICC and Task Team's intentions to help and support Pakistan cricket. Our relations remain very good and there is no confrontation on this matter," he said. One of the recommendations would see a democratic system of governance in Pakistan put in place, with the powers of the chairman being reduced and transferred to a chief executive. The report also wants a reduc-
tion in the involvement of the country's president, who is chief patron of board affairs and responsible for appointing its chairman. Ahmad said the PCB's main issue was that the Task Team did not visit Pakistan while compiling the report apart from ICC official Dave Richardson, who spent a few days in Karachi last year. "We told the Task Team many times that they needed to visit Pakistan while compiling their report," Ahmad said, adding that the board would still welcome any proposed trips by members of the panel to Pakistan. Ahmad confirmed that PCB chairman Ijaz Butt would be at Lord's for the 2,000th test celebrations this week when England host India and would hold informal talks with the ICC and Task Team members over the report and a proposed visit to Pakistan. -Reuters
Japan eyeball WC Olympic Double TOKYO: Japan captain Homare Sawa vowed Tuesday to go for gold at next year's London Olympics as her squad returned home to a hero's welcome following their historic triumph at the women's World Cup. "It's human nature to want more," Sawa, with a gold medal hanging from her neck, told a packed news conference at a hotel in Tokyo after the team arrived at the capital's Narita airport, thronged by 400 fans and 250 media peo-
ple. The gutsy 32-year-old playmaker added: "With this gold medal in front of me, I really feel that my next goal is to grab the Olympic gold medal as we have yet to get any medal at the Olympics." Japan, who finished fourth at the 2008 Beijing Olympics, came from behind twice to beat world-number ones and twice champions the United States 3-1 on penalties in the final of the World Cup in Frankfurt on Sunday.
It was the first football World Cup title for any Asian country and lifted spirits in Japan, which has been recovering from the March 11 earthquake and tsunami which left 21,000 people dead or missing and sparked a crisis at a nuclear power plant. With their teamwork, crisp passing and never-say-die attitude more than offsetting their physical shortcomings, Japan upset hosts and holders Germany and Sweden on the way to glory. -APP
SHANGAI: Gold medallist China's Shi Tingmao poses with her compatriot silver medallist Wang Han (L) and bronze medallist Italy's Tania Cagnotto (R) after the women's 1m springboard diving final at the 14th FINA World Championships. -Reuters
SBP selects 15-member squad for PCB Under-19 Cricket Tournament The State Bank of Pakistan (SBP) has selected a 15-member squad for participation in Pakistan Cricket Board Under-19 Cricket Tournament, which is scheduled to begin in September, 2011. The SBP squad includes Syed Junaid Ali, Musa Khan, Jahid Shaukat Ali, Shoaib Akram, Shehzad Ali, Adeel Abbas Malik, Ahmer Bin Nasir, Suleman Shinwari, Shabbir Ali, Ali Usman, Muhammad Afzal, Junaid Ashraf, Abdul Matin, Fawad Khan and Waqas Wasif.
Shahid, Imran main challengers for Asjad in NBP Snooker KARACHI: National Champion Shahid Aftab and Imran Shehzad both from Punjab are main title contenders in third NBP National Ranking Championship which breaks-off at Amir Bakhsh Hall of Karachi Club here from Wednesday. Top seed Shahid Aftab returned here recently after string of good results in World Team Snooker held in Bangkok. Second seed Imran Shehzad is also experienced international while third seed Sultan Muhammad and fourth seed Sohail Shahzad both from Sindh with Asif Toba, Muhammad are capable of causing upsets. As Sajjad will be missing the event as he will be defending his crown in Korat Cup in Thailand, it will be good opportunity to grab the title defended by eighth seed Asjad Iqbal. With Sajjad absent, 31 cuemen from across the country drawn in eight groups will be vying for the crown and winners purse of Rs.60,000. After three-day league activity, top two cueists from each group will qualify for the last 16 round to be played on July 22.-APP
KP Inter District Badminton C’ship in Swat PESHAWAR: Khyber Pakhtunkhwa Inter-District Badminton Championship with the strong support of Sarhad Ruler Support Program (SRSP) will be commencing from July 21-25 at indoor hall of the Makan Bagh Sports Complex, Mingora Swat. Talking to APP, President Khyber Pakhtunkhwa Badminton Association Zafar Ali Khan disclosed that all arrangements in this connection have been given final touches. He said that to give a message of peace to the world we are very thankful to the SRSP who come up and support the association for organizing the event at hilly resort Swat, which is famous as little Switzerland of Pakistan. He said 150 players from all districts including Peshawar, Bannu, Kohat, Dera Ismail Khan, Nowhwera, Abbottabad, Haripur, Karak, Mardan, Upper Dir, Lower Dir, Malakand, Chitral, Buner, and Lakky Marwar vie for the top honor in three different categories Team Championship, Men Singles and Men Doubles while invitations to players of Khyber Pakhtunkhwa Police has also been given looking after the sacrifices they rendered for the restoration of peace in Swat. He said due to militancy and insurgency the people of Swat has suffered and now with holding of sports activities it would help in highlighting the peace in Swat besides giving a message of peace to the world. He also lauded UNDPPaRRSA for holding Spirit of Swat Festival wherein 15 different events organized in which teams from all the seven regions of Khyber Pakhtunkhwa and five district of Malakand Division took part. He also lauded the efforts of hockey Olympian Rahim Khan for supporting the association by ensuring provision of badminton mate to Swat. The opening ceremony he said will be organized on July 21 at 5.00 p.m while the final and prize distribution ceremony will be held on July 25 at 3.30 p.m. -APP
ISLAMABAD: Tennis player saba Aziz during inauguration ceremony of “1st Aisam-ula-Hqa Master Tennis Championship” at PTF Tennis Complex. -INP
PCB deducts Rs4.5mn fine from Afridi dues LAHORE: The Pakistan Cricket Board (PCB) has recovered a fine of Rs4.5 million from former national captain Shahid Afridi. A senior official of the board confirmed that the finance department had deducted the fine amount from the dues that were to be paid to Afridi for the World Cup and tour to West Indies. "In total the board had to pay him around Rs5.5 million out of which we deducted the fine amount in full," the official said. The disciplinary committee of the board had fined Afridi for several breaches of the code of conduct last month. The fine came after a standoff between Afridi and the PCB allowing his removal as captain of the national oneday squad in May. He announced his retirement in protest and criticised the board for its conduct and not respecting senior players. After he withdraw a case against the PCB from the Sindh High Court, Afridi appeared before the disciplinary committee which fined him but asked the board to issue him an NOC to go and play for Hampshire in England's domestic Twenty20 event. This is the second highest fine amount recovered from a Pakistani player by the board
after the record Rs7 million that were deducted from
Mohammad Illyas who had a war of words with Afridi dur-
PCB wants DRS for Lanka series in UAE LAHORE: The Pakistan Cricket Board (PCB) is keen to use the controversial Decision Review System (DRS) in their upcoming series against Sri Lanka in the United Arab Emirates. "We are working on ways to have the UDRS in the series with Sri Lanka this year," a senior official of the board told reporters. Admitting that the biggest problem facing the PCB in having the DRS was the absence of an agreement with its TV broadcaster, Ten Sports on its mandatory use and the extra costs involved in the exercise. "Since having the UDRS is not part of our retired fast bowler Shoaib Akhtar's dues. The board official said the finance department had also deducted the half a million rupees fine from wicketkeeper Zulqarnain Haider who was also penalised by the disciplinary committee. National selector,
agreement with our broadcaster it means an extra cost of USD 40,000 to 50,000 for us," he said. The official said despite these issues, the board was keen to use the DRS specially after the recent decision of the ICC that it be used in Tests and ODIs in a bilateral series with the technology of hot-spot and audio-tracking. "As far as the use of ball tracking technology is concerned (Hawkeye) this can be used if both boards agree on using this technology although it would mean extra costs for the hosts," the official said. -INP ing the standoff with the board, also called up the allrounder to inquire about his father's health. "Whatever happened is past now but at this time Afridi needs all our prayers and support so that his father can recover soon," Illyas said. INP
Wednesday, July 20, 2011
International & Continuations
US House to vote on tea party-backed debt plan TFD Report WASHINGTON: With a default deadline drawing ominously near, House Republican leaders are giving the tea party what amounts to a symbolic floor vote on a "cut, cap and balance" debt-limit plan while behind the scenes work continues on a fallback measure that could become the framework for a compromise. The chamber will vote Tuesday on the plan to let the government borrow another $2.4 trillion - but only after big and immediate spending cuts and adoption by Congress of a constitutional amendment requiring a balanced federal budget. The plan is doomed in the Democratic-controlled Senate, and the White House has promised a veto. The cut, cap and balance measure - and the veto threat issued Monday - sparked the latest in predictable tit-for-tat
exchanges between combatants of Capitol Hill and in the White House, even as it was revealed that President Barack Obama hosted House Speaker John Boehner, R-Ohio, and Majority Leader Eric Cantor, R-Va., at the White House on Sunday. "We're making progress," Obama reported. But the White House attacked the cut, cap and balance idea as an assault on cherished programs. The measure doesn't contain any actual spending cuts but promises they will be made in the future. "What we are witnessing here with this measure is classic Washington posturing, kabuki theater," said White House press secretary Jay Carney, adding that the measure would "dismantle ... our social safety net: Social Security, Medicare and Medicaid." Despite the veto threat, House Republicans said they would go ahead with plans to
11
Iran says is installing new centrifuges TFD Report
TEHRAN: Iran said Tuesday it was installing new and efficient centrifuges aimed at speeding up its nuclear enrichment amid fears Tehran is moving toward weapon-grade pass the bill Tuesday. "It's dis- enriched uranium. appointing the White House The spokesman for the would reject this commonsense Iranian Foreign Ministry, plan to rein in the debt and Ramin Mehmanparast, said deficits that are hurting job cre- International Atomic Energy ation in America," Boehner Agency is monitoring the work but he did not elaborate on the said. After the cut, cap and bal- specifications of the machines. The move comes despite four ance measure stalls, Senate leaders appear likely to try to rounds of U.N. Security sanctions over advance a bipartisan plan to get Council around the debt limit crisis by Tehran's refusal to halt enrichgiving Obama sweeping pow- ment. The West suspects Iran is ers to order an increase in the borrowing limit. The backup pursuing a nuclear weapon promeasure faces furious opposi- gram. Iran denies the charge tion among groups like the saying its nuclear activities is Club for Growth and activists only geared at peaceful activities such as power generation. like blogger Erick Erickson of Also Tuesday, Mehmanparast Redstate.com, whose opinions said Iran will consider a procarry weight with many con- posal by Russian Foreign servatives, but it's nonetheless Minister Sergey Lavrov to seen as probably the most rejoin nuclear talks, although viable option for avoiding a he said Tehran had not yet default in two weeks. received the proposal. It calls Barring action by Congress for the international communito raise the $14.3 trillion debt ty to make limited concessions NEW DELHI: US Secretary of State Hillary Clinton shakes hands with India's foreign minister ceiling, the Treasury will be to Iran for each step it takes in Somanahalli Mallaiah Krishna during a photo call before their meeting in New Delhi. - Reuters unable to pay all the govern- meeting demands to come ment's bills that come due make public its nuclear inten- her second as secretary of state, was aimed at building on progress made since US President Barrack Obama visited in November and declared the two giant democracies were natural partners. Since tions. beginning August 3. then, however, US hopes for swift implementation of the civilian nuclear deal have run into politically complicated legislative and regulatory hurdles that major US companies say block them from getting a piece of the action. "We need to resolve those issues that still remain so that we can reap the rewards of the extraordinary work that both of our governments have done," Clinton said during a news conference with Indian foreign minister S M Krishna. Continued from page 12 No #8 The United States wants India to "tighten up" legislation to protect equipment makers from liability like Bajaur, Mehmand, Orakzai and others are being looked in case of nuclear accidents, saying it is much more stringent than comparable laws in other countries. after by Pakistan Army and Administration while maximum facil- General Electric and Westinghouse, the US-based arm of Japan's Toshiba Corp , are keen to take a slice ities are being provided to cater their needs on emergent basis. of the market. A landmark 2008 deal brought India out of the nuclear cold since facing global sanctions Pakistan army spokesman Maj Gen. Athar Abbas confirmed the for its 1998 atomic tests, but also provided a central theme for its relations with the United States. contents of the video, and said the Taliban fighters who executed WARMING TIES SHADOWED BY DOUBTS the policemen came from the Swat Valley, an area that used to be Clinton's visit covers a range of bilateral issues including counter-terrorism cooperation, which controlled by the militant group. The Pakistani military launched both sides say is a major priority as relations between the two countries continue to improve since a large offensive in Swat in 2009, but many of the fighters slipped end of the Cold War, when India was seen as closer to the old Soviet Union. "From the American side the focus (of the visit) was on economic partnership. They want to use across the border into Afghanistan. The Taliban released a video Monday showing fighters execut- the strategic platform to get greater market access to India and encourage India to move towards the ing 16 Pakistani tribal policemen in a hail of gunfire who were second generation of economic reforms," said Kanwal Sibal, a former Indian foreign secretary. Clinton briefed Indian leaders on US plans to draw down troops in Afghanistan as well as on captured in a cross-border raid from Afghanistan earlier this sumPakistan, where the halting battle against militants has spurred questions about Islamabad's true intenmer. The video shows the policemen lined up on a hillside with their tions. Krishna, reflecting widespread concern in India that the US plan for Afghanistan may leave the hands tied behind their backs, standing in front of armed Taliban country as a base for Islamic militants, said Washington should take a close look at the risks involved. fighters wearing scarves to hide their faces. Both the policemen "It is necessary for the United States to factor Afghanistan's ground realities as they see it so that they and the insurgents are wearing shalwar kameez, the baggy shirt can appreciate that Afghanistan could be in a position to defend itself against the terrorists sponsored by the Taliban." US officials are generally pleased with security cooperation with India, which range and pants common in Pakistan and Afghanistan. One of the insurgents accused the men of executing six children from intelligence sharing on terror networks to joint efforts against maritime piracy. But India has long been unhappy about what it perceives as Washington's resistance to sharing critfrom Pakistan's Swat Valley by firing squad. He and several other fighters then opened fire on the policemen, who crumpled to the ical, real-time information on Islamic militants in Pakistan and Afghanistan that may be plotting to ground. Several of them were still moaning, and one fighter attack Indian targets. Clinton said she welcomed the dialogue between India and Pakistan, resumed earlier this year after they were frozen in the aftermath of the Mumbai attacks, which killed 166 peowalked down the line shooting the policemen in the head. The video was posted on the LiveLeak video sharing website ple in 2008 and blamed on Pakistani-based militants. The Indian and Pakistani foreign ministers are and included a note saying the policemen were captured when the due to meet in New Delhi later this month to push peace efforts forward. - Reuters Taliban staged a cross-border raid from Afghanistan on June 1 in Continued from page 1 No #12 Pakistan's northwest Dir district. Under the deal finalised in March last year, Iran will pump 750 million cubic feet of gas to Hundreds of Taliban fighters crossed into Upper Dir on June 1 Pakistan each day by 2014. "ISGS is inviting EOI from reputable/international banks to act as finanfrom Afghanistan's eastern Kunar province. They killed at least 30 cial adviser to assist ISGS in arranging capital (debt and equity) for the project," the company said members of the security forces over three days of fighting before in the document. "The prospective consortia, if any, may include multiple banks along with other being forced back across the border by the military, said Abbas. non-banking enterprises, but each consortium shall identify one bank as the lead adviser." The Pakistani military has complained that Afghan and Nato The lead adviser would manage the entire transaction up to the financial close, it said. forces have not done enough to target Taliban sanctuaries in Kunar, Petroleum secretary Ejaz Chaudhry told a parliamentary panel on Monday that a route survey was where the US withdrew most of its forces over the last year. already underway for laying the 750-km pipeline, which is estimated to cost $1.2 billion. Afghanistan and the US have criticized Pakistan for not doing Iran is said to have almost completed construction of its portion of the pipeline. enough to target sanctuaries on its side of the border filled with milThe Pakistani section of the planned pipeline will cross the province of Baluchistan, where sepaitants who regularly launch attacks against Nato troops in ratist militants have been targeting power and gas installations for years in a decades-long low-scale Afghanistan. The Afghan government has also accused Pakistan of insurgency. Despite security fears over the pipeline, analysts say the southern part of the province, firing hundreds of rockets into Kunar over the past few months and through which it will pass, is less vulnerable and the plans are likely to go ahead. Pakistan is desperate for new energy sources and needs gas to feed its power sector as it faces a killing at least 40 people, an allegation denied by Pakistan. - Online shortfall of up to 5,000 megawatts per day during peak hours in summer. Continued from page 1 No #9 It also plans to import 500 million cubic feet per day (cfd) of liquefied natural gas (LNG) by August Hague said Pakistan and UK have shared determination to next year. The petroleum ministry is evaluating 17 foreign and domestic firms that have shown interdefeat terrorism and violent extremist. He said it was in the inter- est in the project. Pakistan's own balance of recoverable natural gas reserves stood at 28.33 trillion est of both the countries to sustain the strategic relationship based cubic feet per day (mmcfd) by Jan 1, 2010, official figures show. The average daily gas production is on mutual respect, trust and benefit. 4.5 billion cubic feet, with consumption at 6.5 billion cubic feet by June 30, 2011. - Reuters He also assured continued support of the British government in Continued from page 1 No #13 Pakistan's efforts against militancy and terrorism and to meet the critical economic challenges facing the country. Managing Director Sui Northern Gas Pipeline Arif Hamid told the committee that no law was in Earlier Prime Minister met with British Deputy Prime Minister place to take action against gas stealers. - Online Nick Clegg here at the Lanchester House discussed issues of Continued from page 1 No #14 mutual interest with a specific stress on economic and bilateral Hina said that the reconciliation process in Afghanistan should be Afghan led and Afghan owned. cooperation. At a luncheon meeting the two sides agreed that both She also underlined the importance of the ISAF forces playing a greater role in checking cross borthe countries would continue to work together in fighting militander incursions by miscreants. - Online cy and for promoting peace in the region. - Agencies
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elections have been completed. The polling would start in these constituencies on Wednesday from 8am to 5pm. The number of candidates in LA 30 is 12. After withdrawal of PPP and Muslim Conference candidates, the election would be contested between MQM's candidate Tahir Khokhar and PML-N Abdul Rashid Mirza. The number of candidates in LA-36 is 11out of which 8 are contesting as independent candidate while PPP and Muslim Conference have also withdrawn from these seats. MQM candidate, Saleem Butt is in winning position from this seat. - Agencies
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development and execution. The report analyzes the current portfolio of investments in the Public Sector Development Program (PSDP) costing Rs4.1 trillion with a view to identify issues hindering its effective implementation. "PSDP contributes towards economic development of Pakistan, therefore, emphasis has been given on its rationalisation in light of its increasing throw-forward of over Rs3.0 trillion of approved projects in backdrop of fiscal constraints," he said. It is ripe time to review and rationalise the PSDP portfolio in light of the 18th Amendment and some other factors so that limited fiscal resources are leveraged towards viable projects of energy, water, transport and other infrastructure sector, being the primary responsibility of the federal government, he said. Projects which have positive impact on the economy and society and offer the greatest rates of returns should be financed with priority, he pointed out. He said that after analyzing several factors and issues the commission is planning for maximizing the benefits. "With our population increasing at 2 per cent annually, there is tremendous stress on our resources. The government does not have the fiscal space for spending on public services given its immense obligations to provide defense, law and order and servicing the outstanding public debt," he said, adding that in order to move the growth agenda forward, many projects must be privatised or implemented via Public-Private Partnership (PPP) mode. - Online
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units of renowned global financial institutions with detailed knowledge and oversight of the regulatory environment, capital markets, operations, payments, export finance, investment management and credit related matters. - NNI
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He said that the IRIB is one the major media organizations of Iran and has been doing a fine job for decades. The ambassador said media is part of a democratic society and helps a lot in bridging the gap between the people of different communities. He said Pakistan has its own dynamism and that should be captured in a good way. "The IRIB is doing a very delicate job and projecting Pakistan's environment to Iranian people," he said. Continued from page 1 No #10 He added that this would surely help depict better picture of He prayed to Allah Almighty for eternal peace of the deceased Pakistan and 'We also expect Pakistani media to do the same with the and to grant courage to the bereaved family to bear this irreparaIranian society.' He said that media of Muslim world should join ble loss with fortitude. Ahmed Wali Karzai was assassinated by hands so that they may not need the help of western media. - NNI his guard in Kandahar last week. President Karzai thanked President Zardari for his gesture. Later Continued from page 12 No #5 the two also held talks and covered bilateral relations focusing on The judge expressed his displeasure when Anjum Aqeel did not transit trade, regional situation and fight against militancy. appear in the court for arguments and ordered him to appear within On the issue of transit trade the Afghan side raised the issue of half an hour. Counsel for Anjum Aqeel sought time for arguments. containers held up in Pakistan the number of which contains food The court said no excuse would be accepted on next hearing. and perishable items. President Zardari assured Karzai that the Court also ordered FIA to present challan of the case on next government would look into it and transit of perishable items and hearing besides directing Anjum Aqeel Khan to appear before food would be allowed immediately. President Asif Ali Zardari will embark on a two-day official it. - Online visit to Saudi Arabia on Wednesday (today). According to media Continued from page 12 reports, President is visiting the brotherly country on the invitaNo #6 tion from King Abdullah bin Abdul Aziz Al Saud. compelled to send them back to Islamabad. - Online President will pay rich tribute to King Abdullah for his keen Continued from page 12 No #7 interest in the welfare of the people of Pakistan and generous help border and one of them hit a post of the paramilitary Frontier especially during the 2005 earthquake and 2010 flooding. Corps (FC), which is responsible for monitoring the cross-border It must be mentioned here that King Abdullah was enjoying movement of militants. tremendous respect on people's and official levels in Pakistan due 'The attack killed three soldiers and injured four others,' he said, to his pioneering role in supporting the causes of Muslim Ummah speaking on condition of anonymity. and sincere desire to enhance solidarity and unity of ranks among The tension between Pakistan and Afghanistan has increased the Muslims. During his stay, President will also perform Umrah, due to cross-border raids into Pakistan in recent weeks, and retal- besides meeting high officials and dignitaries in Saudi Arabia during iatory rocket fire by Pakistan. One cross-border raid in June in a two-day visit. Host of issues of bilateral interest will come under disUpper Dir killed at least 30 Pakistani policemen. cussion. - Online In a separate incident, one Pakistan Army major and eight miliContinued from page 1 No #11 tants were killed on Tuesday when dozens of militants attacked Clinton also pledged strong US support for India's battle against security forces in the Kurrum tribal district, where the army launched an operation against the Taliban two weeks ago, an intel- extremism -- underscored by last week's deadly triple bomb attacks on Mumbai -- and said she would press India's nuclearligence official said. Officials have said that nine solders and around 60 militants armed neighbour Pakistan to do more to crack down on militants believed to be operating from its territory. Clinton's visit to India, have been killed since the beginning of the operation. - Online
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second quarter, trouncing expectations and raising hopes that 2011 will be a good year for the technology sector. The technology sector index recouped 1.1 per cent after falling more than 6 per cent over the past six previous sessions. Wipro is expected to report on Wednesday quarterly profit dropped 4.3 per cent from the previous quarter. Top lenders State Bank of India and ICICI Bank rose 1.5 per cent and 1.4 per cent respectively. The 50-share NSE index firmed 0.8 per cent to 5,613.55. More than one share advanced for every share that declined on the NSE, where 521 million shares hanged hands, lower than the 90-day daily average volume of 576 million shares. World stocks as measured by MSCI was up 0.6 per cent by 1025 GMT, while the more volatile emerging market equities climbed 0.5 per cent.-Reuters
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earnings, which suggest Japanese firms may also report better-than-expected figures later this month. The broader Topix fell 0.7 per cent to 853.75. Euro-zone leaders will meet on Thursday to finalise a second round of aid for Greece worth 110 billion euros ($154 billion), while political leaders remain at an impasse with the clock ticking in Washington before an Aug. 2 deadline on the federal borrowing limit.-Reuters
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day which was 30.8 million shares more as compared to a turnover of 57.3 million shares on Monday. Pakistan Telecommunication was the volume leader with 11.41 million shares followed by Fatima Fertilizer with 9.6 million shares and National Bank of Pakistan with 5.63 million shares. Out of total 347 active issues; 147 advanced and 101 declined while 99 issues remained unchanged.
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The UK blue chip index had shed 5 per cent over the previous eight trading days as worries over the potential for debt default among some euro zone countries and threats to the United States' top credit rating weighed on sentiment. Johnson Matthey , a major consumer of precious metals as the world's largest supplier of catalytic converters, was a top blue chip gainer, up 4.0 per cent as it said its first-half performance would likely be significantly improved after a 19 per cent rise in first-quarter profit.-Reuters
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The market has been preoccupied with wrangling in Washington over a deal to raise the debt ceiling. There is a growing sense that a last-ditch plan taking shape in Congress may be the only way to avoid a US default.-Reuters
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Ebad vows joint action to serve masses
PPP withdraws from two AJK seats of Khi MQM likely to win both seats today KARACHI: Governor Sindh Dr Ishratul Ebad Khan has said that PPP and MQM would resolve the problems of the people jointly. Those matters would be improved on priority basis, which have been abortive to serve their purpose. He was talking to Chief Minister Sindh Syed Qaim Ali Shah , which called him on at governor house on re-joining the slot of governor after the lapse of 24 days . Provincial ministers Pir Mazhar-ul-Haq and Manzoor Wasan were also present on the occasion. Chief Minister Sindh Syed Qaim Ali Shah announced that PPP would withdraw from the two seats in Karachi I e LA 30 and LA 36 for AJK Legislative Assembly in favour of MQM. He said that the both parties would work together for
Lawmaker's interim bail extended for six days RAWALPINDI: Interim bail of PML-N legislator Anjum Aqeel Khan has been extended for 6 days in Police Foundation Case. The court adjourned the hearing of bail plea of Anjum Aqeel Khan till May 25 besides ordering the FIA to produce him in the court on next hearing. See # 5 Page 11
4 Americans stopped to enter Peshawar PESHAWAR: Peshawar Motorway Police has stopped the entry of four American nationals in Peshawar as they failed to show their NOC here on Tuesday. According to a private TV channel, these four American nationals were traveling in two cars on motorway from Islamabad to Rawalpindi. When stopped for routine checking these people failed to provide NOC on which Peshawar motorway police was See # 6 Page 11
strengthening the country as the hearts of two are united. After the meeting both Governor Ishratul Ebad and CM Qaim Ali Shah held a joint press conference in which governor Ishrat said the situation could be better if the disagreeing issues would be settled on He said that he came back for the political stability in the country. Governor said that he resigned on the orders of Altaf Hussain and again taking the charge on his instructions. He further said that President Asif Zardari and MQM leader Altaf Hussain has shown their resolve to continue the reconciliation process. Both the leaders would move forward the affairs in a democratic manner. "In politics, rise and fall is the routine matter. President Zardari has given assurance to
Altaf Hussain that all the apprehensions of MQM including matters taken place during the absence of MQM would be removed soon", he added. CM Sindh Syed Qaim Ali Shah said that MQM and PPP worked tighter for three years in a cordial atmosphere. Now they met again with the feeling of affection. He said that the alliance of both parties would benefit the country. It is very much hoped that good relationship would be developed again among two. He said the return of Ishratul Ebad as governor is convivial, which was made possible due to political vision of President Zardari. Earlier, Governor Sindh Ishratul Ebad said while talking to the media on Jinnah Airport Karachi after his arrival to
Pakistan that he became governor due to love of Altaf Hussain and now he returned back on his direction to serve the people. "I will try my level best to come up the expectation of the people as they gave me lot of love and respect", he added. On the occasion MNAs, MPAs, Member Rabita Committee of MQM were present at airport to welcome him. It may be pointed out that polling on two seats of AJK assembly LA 30 and LA 36 here would be held today (Wednesday). After withdrawal of Muslim Conference and PPP candidates, victory of MQM candidates is certain on these seats. According to Election Commission schedule, the preparations for conducting See # 1 Page 11
More Pak-Iran energy cooperation stressed ISLAMABAD: Iranian Ambassador to Pakistan Masha'Allah Shakeri has stressed the need for further enhancing cooperation between Iran and Pakistan in energy sector. Talking to IRNA he said Pakistan is in need of energy and "We can help Pakistan overcome its energy crisis." To a question regarding recent visit of Pakistan President Asif Ali Zardari to
Iran, he said that "We are entering a new chapter with Pakistan." He said 'Due to certain problems we missed the opportunity in the past but we have time to compensate." Answering a query, Shakeri said that there is enormous potential to enhance Iran-Pak economic ties. "We have to see what Pakistan requires and what Iran can offer," he said. He said that economic outcome
between Iran and Pakistan must sky's the limit. To a question regarding importance of opening of Islamic Republic of Iran Broadcasting (IRIB) studio in Islamabad Mr. Shakeri said enhanced cooperation between Pakistan and Iran in the field of media would further reinforce the strong relationship between the two brotherly countries. See # 4 Page 11
Nepal to re-measure Everest KATHMANDU: Nepal has begun a project to re-measure Mount Everest in an attempt to end confusion about the exact height of the world's tallest peak, a government spokesman in Kathmandu said Tuesday. Everest, which straddles Nepal and China, is generally thought to stand at 8,848 meters (29,029 feet) after an Indian survey in 1954, but other more recent measurements have varied by several meters. Gopal Giri, a spokesman with the Nepalese land reform and management ministry,
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told AFP that during border talks between the two countries, the Chinese delegates often use their measurement of 8,844 meters. "We have begun the measurement to clear this confusion. Now we have the technology and the resources, we can measure ourselves," Giri said. "This will be the first time the Nepal government has taken the mountain's height." He said that the project's results would only be known in two years' time after reference points are set up on Everest and
then global-positioning system satellites are used to calculate the precise measurement. Last year, officials from both nations reached a compromise under which Nepal measured the height of Everest's snowcap at 8,848 meters and China measured the rock peak at 8,844 meters. The first measurement of Everest was made in 1856. It was conquered in 1953 by Sherpa Tenzing Norgay and Edmund Hillary, and has since been climbed by more than 3,000 people. - APP
Five slain in Karachi violence KARACHI: At least five people were killed in different firing and torture incidents here in the city on Tuesday, police said. According to the details, a policeman was shot dead by some unknown people in Pirabad area of Karachi. According to police, Muzaffar was targeted near his house. Dead body of a person identified as Muhammad Iftikhar was recovered from Kachra Kundi of Alfalahpura. In another incident, some unidentified armed people killed a man near Baldia No 4 while a dead body was also recovered from Liyari Art Chowk. According to Kalakot Police the dead body was identified as Muhammad Asim who was a resident of Bihar Colony. Meanwhile, some unknown people gunned down a man near General Hospital in Kharadar area. The victim could not be identified. Police registered cases of the incidents and started investigations. - NNI
8 foreign NGO workers kidnapped QUETTA: At least eight people hailing from an NGO working for United Nations have been abducted from Quetta Tuesday morning. According to media reports, the NGO people were riding to Quetta from Surkhab, when unidentified motorcyclists kidnapped them. Officer Mateen Khan said the aid workers were seized on Tuesday in the Surkhab area of southwestern Baluchistan province, where they were distributing food to Afghan refugees Khan says all the workers were Pakistanis, but he did not say which group they were working for. He says they were traveling in two vehicles. It should be mentioned here that the kidnapped people were working on a UN health project. Those abducted include Imran Sabir, Ikram, Izzatullah, Naseeb Khan, Mujeebullah, Muhammed Saad, Nasrullah and a driver Khalil. Local administration started search for the kidnapped people in the area. - Online
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Analytical Review of PSDP Portfolio
PSDP being used to boost investment ISLAMABAD: Planning Commission has decided to take the Public Sector Development Programme (PSDP) as a mode for encouraging private investments especially in the area of key infrastructure. This was the crux of deputy chairman Planning Commission Dr Nadeem ul Haque's press talk after launching of "Analytical Review of the PSDP Portfolio," here on Tuesday. "For decades, the PSDP has delivered some key infrastructure such as dams, power stations, roads, universities and others. Yet sustainable growth has eluded Pakistan," he said while talking to senior journalists. To stimulate vigorous private investment for achieving the objectives of sustainable
economic growth, such steps were essential, he added. "With this in mind we are beginning to take a long hard look at the PSDP with view to understanding what is the return on the investment the taxpayer is making" said Dr Haque. He said that PSDP delivery suffers from difficulties like the inadequacies of fiscal policy, weak planning process. PSDP incentives project development but not public service delivery, productivity and no attempt is made to deliver real benefits to the people, he said. The deputy chairman highlighted that since outcomes are not monitored or reviewed and because of the continuous pressure to initiate projects several weaknesses remain in project See # 2 Page 11
Yaseen second time acting governor of SBP KARACHI: Yaseen Anwar on Tuesday took over as Acting Governor, State Bank of Pakistan following the acceptance of the resignation of SBP Governor, Shahid H Kardar. Federal government notified the acceptance of the resignation of Kardar and appointment of Anwar as acting governor SBP under the State Bank of Pakistan Act, 1956. Anwar was the acting governor, SBP from June 3 to September 8, 2010 after the resignation of the former governor, Syed Salim Raza. Anwar, who has been serving the State Bank as its deputy governor since 29th March 2007, has managed all the four clusters of the central bank ie Banking, Reserve Management, Monetary Policy and Operations; SBP subsidiaries - Banking Services Corporation (BSC) and the National Institute of Banking & Finance (NIBAF). He has served on the boards of SBP, Pakistan Security
Printing Corp. (PSPC), Policy Board of SECP, Board of NIBAF and Saarc Payments Council Board. He is a member of Monetary Policy Committee (MPC) of SBP Central Board and has interacted with the IMF under the Standby Arrangement with Pakistan. He has also served as an alternate to the governor on the Asian Clearing Union (ACU) Board. As a senior global banker, Anwar brought 33 years of international banking experience to SBP. During this period he worked at major international financial centers that included New York, London and Paris with JPMorgan Chase, Bank of America and Merrill Lynch. As a result of this international exposure, he developed a deep understanding of corporate business relationships in the US, Europe and the Middle East as well as a broad range of hands-on experience in managing rapidly growing business See # 3 Page 11
Blast kills 5 in SW
3 Pak soldiers die in Afghan mortar fire WANA: At least three Pakistani soldiers were killed and four injured Tuesday when a mortar fired from Afghanistan hit their outpost in the northwestern tribal area, security officials said. The incident occurred in the Angoor Adda area of South Waziristan, one of seven districts where thousands of troops have been deployed since military operation against the mili-
tants in October 2009. Also on Tuesday, a roadside bomb killed five tribesmen in the Shakai area of South Waziristan. A local official said that they were part of a peace committee and were on their way to attend peace council meeting when their vehicle was hit. A security official said that at least six mortars were fired from across the See # 7 Page 11
No plan of fresh offensive in NWA: ISPR WASHINGTON: DG ISPR Major General Athar Abbas on Tuesday refuted reports of immediate launching of operation in North Waziristan adding at the moment entire focus is on Kurrum Agency while in Mehmand Agency, operation is on its conclusion. In an exclusive interview to BBC (Urdu) and Voice of America (VOA), he opined that more than 1500 militants have laid down their arms in Mehmand Agency while numerous
terrorists killed in military operation. He said the military is conducting its operations in the country's tribal region without external support. He says the Pakistani military is using its own equipment, ammunition and other resources to fight al Qaeda and Taliban militants along the Afghan border. Replying to a question, he said that people who are returning back to their homes in war-torn areas See # 8 Page 11
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