International Karachi, Friday, July 22, 2011, Shaban-ul-Muazzam 19, Price Rs12 Pages 12
CM orders to ensure subsidies on edibles See on Page 2 Economic Indicators $18.23bn 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% $1,051 176.69mn
Forex Reserves (16-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) 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
Portfolio Investment SCRA(U.S $ in million)
-8.71 -8.71 -4.10 2805
Yearly(Jul, 2011 up to 20-Jul-2011) Monthly(Jun, 2011 up to 20-Jul-2011) Daily (20-Jul-2011) Total Portfolio Invest (9-Jul-2011)
NCCPL (U.S $ in million)
FIPI (21-Jul-2011) Local Companies (21-Jul-2011) Banks / DFI (21-Jul-2011) Mutual Funds (21-Jul-2011) NBFC (21-Jul-2011) Local Investors (21-Jul-2011) Other Organization (21-Jul-2011)
-7.04 3.11 5.16 0.52 -0.17 -0.65 -0.93
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 12,474.77 10,010.39 21,987.29 18,436.19 2,693.27 2,765.89 5,903.50 12,688.61
Change 41.60 4.49 16.40 66.19 4.95 28.31 49.68 116.70
GDR update $.Price PKR/Shares Symbols 111.84 MCB (1 GDR= 2 Shares) 2.60 147.54 OGDC (1 GDR= 10 Shares) 17.15 43.01 UBL (1 GDR= 4 Shares) 2.00 36.56 LUCK (1 GDR= 4 Shares) 1.70 38.68 HUBC (1 GDR= 25 Shares) 11.24
Money Market Update T-Bills (3 Mths) 13-Jul-2011 T-Bills (6 Mths) 13-Jul-2011 T-Bills (12 Mths) 13-Jul-2011 Discount Rate 20-May-2011 Kibor (1 Mth) 21-Jul-2011 Kibor (3 Mths) 21-Jul-2011 Kibor (6 Mths) 21-Jul-2011 Kibor (9 Mths) 21-Jul-2011 21-Jul-2011 Kibor (1 Yr) 21-Jul-2011 P.I.B (3 Yrs) 21-Jul-2011 P.I.B (5 Yrs) 21-Jul-2011 P.I.B (10 Yrs) 21-Jul-2011 P.I.B (15 Yrs) 21-Jul-2011 P.I.B (20 Yrs) 21-Jul-2011 P.I.B (30 Yrs)
13.48% 13.74% 13.90% 14.00% 13.74% 13.58% 13.80% 14.15% 14.24% 13.97% 14.01% 14.03% 14.25% 14.35% 14.46%
Commodities *Crude Oil (brent)$/bbl *Crude Oil (WTI)$/bbl *Cotton $/lb *Gold $/ozs *Silver $/ozs Malaysian Palm $ GOLD (NCEL) PKR KHI Cotton 40Kg PKR
118.83 99.91 99.26 1,597.90 39.69 1,052 44,391 6,109
Open Mkt Currency Rates Symbols
Buy (Rs)
Sell (Rs)
Australian $ 91.50 92.80 Canadian $ 90.30 91.50 Danish Krone 16.00 16.30 Euro 121.30 123.00 Hong Kong $ 10.70 10.95 Japanese Yen 1.083 1.093 Saudi Riyal 22.88 23.07 Singapore $ 70.50 72.00 Swedish Korona 13.10 13.40 Swiss Franc 98.80 99.80 U.A.E Dirham 23.38 23.57 UK Pound 138.40 140.00 US $ 85.95 86.25 Inter-Bank Currency Rates Symbols
Buying
Selling
TT Clean
TT & OD
Australian $ 92.16 92.38 Canadian $ 90.85 91.06 Danish Krone 16.45 16.49 Euro 122.62 122.91 Hong Kong $ 11.04 11.06 Japanese Yen 1.092 1.095 Saudi Riyal 22.93 22.99 Singapore $ 70.90 71.06 Swedish Korona 13.43 13.46 Swiss Franc 104.70 104.94 U.A.E Dirham 23.42 23.47 UK Pound 138.92 139.24 US $ 86.03 86.21 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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Asean nations meet ahead of security summit
See on Page 12
President, PM offices served final notices
See on Page 12
Iran's supply halt not to limit oil in India
See on Page 12
Bid to cut US aid for Pak foiled Congress panel rejects proposal TFD Monitoring WASHINGTON: A US Congress panel on Thursday rejected a proposal to cut off all aid to Pakistan due to concerns over the country's relationship with militants after the raid that killed Osama bin Laden. The House Foreign Affairs Committee easily rejected the measure, with five lawmakers voting yes and 39 voting no. But the bill in its current form would still impose tighter controls over aid, making it contingent on measurable progress by Pakistan. Representative Dana Rohrabacher, a Republican from California, had offered the amendment to a spending bill
for the year starting in October that would have barred any US funds to provide assistance to Pakistan. Rohrabacher raised questions about how Pakistan was using assistance from the United States at a time that Washington is seeking to curb spending to tame a ballooning debt. President Barrack Obama's administration recently suspended about one-third of its $2.7 billion annual defense aid to Pakistan. But it has assured Islamabad it is committed to a five-year, $7.5 billion civilian package approved in 2009 that aims to build schools, infrastructure and democratic institutions. The rival Republican Party
Shaikh chairs meeting
Measures to support power sector discussed ISLAMABAD: The government has decided to take serious measures to resolve key issues of financial sustainability of power sector. A meeting on key issues of the power sector was held at the Ministry of Finance here, said the press release issued here on Thursday. The meeting was presided over by Dr Abdul Hafeez Shaikh, Minister for Finance, Revenue and Economic Affairs. It was attended by Dr Asim Hussain Minister for Petroleum and Natural Recourse, Naveed Qamar, Minister for Water and Power and Deputy Chairman Planning Commission Dr. Nadeem Ul Haq.
The meeting discussed measures to be taken to ensure the financial sustainability of the power sector. It added that resolution of circular debt and curtailment of future build up through cost recovery, increasing efficiency of the sector, improving cash flows of the power sector through recovery of current and outstanding dues of Pepco and other power sector companies were put forward. The actions being taken for recovery of private receivables of Pepco was presented. The progress on recovery of receivables from the federal and provincial government departments was also assessed. See # 10 Page 11
Vigil on money laundering stressed KARACHI: The federal government is pondering over further options to tighten the rules and regulations to check money laundering, a top banking official said here on Thursday. A meeting of top officials of the government including Ministry of Foreign Affairs, National Accountability Bureau (NAB), Federal Investigation Agency (FIA), Ministry of Finance held here at the SBP's head office on Wednesday under chairmanship of the Director General of Financial
Monitoring Unit of SBP. "We have already taken stringent measures to check illegal money transfer from abroad but further amendments are required by other countries," said an official of the Central Bank while talking to APP. The Financial Monitoring Unit of Pakistan (FMU), was established under the AntiMoney Laundering Ordinance 2007 to perform functions of a financial intelligence unit, to build the facility through See # 11 Page 11
Telecoms nostalgic for robust FDI ISLAMABAD: The telecom sector in the country has attracted merely $79.1 million foreign direct investment (FDI) in the fiscal year 2010-11, showing a declining trend as compared to previous years. The share of telecom sector in overall FDI has contracted to 5 per cent in the previous fiscal year against 17 per cent of the share recorded in the year 2009-10. The FDI in telecom sector was $1824 million in 2006-07, $1438 million in 2008-09, $815 million in 2008-09 and $374 million in 2009-10, falling with
the each passing year. According to a telecom news website quoting official statistics reported on Thursday that the overall telecom sector including long distance international (LDI), cellular, broadband and various class valueadded service providers have brought only $79.1 million FDI during 2010-11. The telecom industry that contributed highest in the foreign direct Investment (FDI) among all different industries has failed to continue its spending on infrastructure and See # 12 Page 11
controls the House and has drafted a measure, which remains in the spending bill, that would also cut off civilian aid unless Pakistan is certified to be fighting militants. But even if the bill passes through the committee, the measure's prospects are uncertain. Obama's Democratic Party controls the Senate, where Senate Foreign Relations Committee chairman John Kerry is a staunch advocate of civilian support to Pakistan. Democratic lawmakers argue that civilian aid is crucial in the long-run to strengthen democratic institutions and raise educational levels in Pakistan in hopes of reducing the appeal of extremists.
FX reserves rebound to $18.23bn KARACHI: Pakistan's foreign exchange reserves rose to $18.23 billion in the week ending July 16, from $18.11 billion the previous week, SBP chief spokesman Syed Wasimuddin said on Thursday. The reserves are just below an all-time high of $18.25 billion, hit the week ending July 2. Reserves held by the State Bank of Pakistan (SBP) jumped to $14.71 billion from $14.64 billion a week ago, while those held by commercial banks rose to $3.52 billion from $3.47 billion, said SBP chief spokesman. Pakistan's foreign exchange reserves were boosted in June by inflows of $411 million, including a loan of $191.9 million from the World Bank, and another loan of $196.8 million from the Asian Development Bank. Higher export proceeds and a record inflow of remittances have helped Pakistan's forex reserves grow steadily. See # 13 Page 11
CPPA seeks raise in power tariff ISLAMABAD: The Central Power Purchasing Agency (CPPA) has sought an increase of Rs1.30 in power tariff of eight power distribution companies (Discos) on Thursday. According to a private TV, the CPPA has approached National Electric Power Regulatory Authority (NEPRA) for power tariff increase reasoning that the tariff adjustment on account of increase in fuel prices and cost of power purchase. See # 14 Page 11
Opp members walk out in both Houses ISLAMABAD: Opposition members on Thursday staged token walkouts from both the Upper and Lower Houses of Parliament on presenting the government agenda instead of theirs'. On the assurance of representatives from treasury benches of both the houses, the opposition members returned to the Upper and Lower Houses of Parliament to participate in the proceedings. See # 15 Page 11
LONDON: Prime Minister Syed Yousuf Raza Gilani addressing the Annual Gala Dinner of the UK Pakistan Chamber of Commerce & Industry (UKPCCI).-APP
PC board meets
Panel formed to further selloff plans 88pc govt stake of NPCC okayed for sale ISLAMABAD: Privatisation Commission Board has constituted a six member Transaction Committee headed by a senior PC board member Iftikhar ul Haq with Mahmood Nawaz Shah, Farid Malik PC Board members, the federal secretaries of petroleum and natural resources, privatisation, finance, chairman SECP and MD PPL as its members secondary public offering (SPO) of Pakistan Petroleum Limited (PPL). According to press release issued here on Thursday, a meeting of the Board of Privatisation Commission (PCB) was held under the chairmanship of Ghous Bux Khan Mahar Federal Minister for Privatisation here today. Also attended by Rana Asif Tauseef, Minister of State for Privatisation. The Board constituted a six member Transaction Committee headed by a senior PC board member Iftikhar ul
Haq with Mahmood Nawaz Shah, Farid Malik PC Board members, the Federal Secretaries Petroleum & Natural Resources, Privatization, Finance, Chairman SECP and MD PPL as its members Secondary Public Offering (SPO) of Pakistan Petroleum Limited (PPL). Ghous Bux khan Mahar Federal Minister for Privatisation directed the PC officials to undertake the Privatisation Programme on the active agenda expeditiously while strictly observing utmost transparency, prevailing rules and providing level playing field to both local and foreign investors in an open manner. Addressing the PC Board Rana Asif Tauseef Minister of State for Privatisation directed that milestones for each transaction must be fixed before initiating any transaction and fee structure for advisory services
should be made mandatory on the basis of achieving the milestones. The PC Board was informed that Expression of Interest (EoIs) from three consortia for appointment as Lead Manager/Book Runner(s) for SPO of the Pakistan Petroleum Limited had been received, which include: 1) NIB Bank Limited, Global Securities Pakistan Limited, United Bank Limited, BMA Capital Management Limited; 2 Allied Bank Limited, KASB Bank Limited, KASB Securities Limited, AKD Securities Limited and 3 National Bank of Pakistan, Habib Bank Limited, Arif Habib Limited, Foundation Securities Limited. Privatisation Commission had invited EoIs for the appointment of Lead Manager/Book Runner(s) for the offering of approximately 2.5 per cent government of See # 7 Page 11
Govts not made or broken on behest: PM
Gilani slams US unilateral action Premier orders to boost MRP system LONDON: Prime Minister, Yousuf Raza Gilani, says he has received US assurances there will be no repeat of the unilateral raid that killed Osama Bin Laden in May. Gilani's remarks, in an interview with the Guardian, contradict assertions by the US president, Barrack Obama, and other American officials that US forces would take similar action against other al Qaeda leaders if necessary.
"Since we were sharing information with US and there was a tremendous relationship with the CIA and ISI (Inter-Services Intelligence), therefore we could have done a joint operation in Abbottabad, but it didn't happen. Therefore we had a lot of reservations," Gilani said. He added: "They have assured us in future there will be no unilateral actions in Pakistan, and there would be co-operation between both agencies."
The Prime Minister said he had received the assurance personally from the US Secretary of State, Hillary Clinton. In her public statements, however, Clinton has declared the US would strike unilaterally against other top militants if others did not. Speaking to the BBC just before his visit to Britain the same month, Obama was equally blunt on the issue. See # 8 Page 11
From key economic posts
Exit in queue termed alarming TFD Report KARACHI: Just after one week of the resignation of governor SBP Shahid Kardar, another key figure of economic scene of the country Dr Jaffer Qamar, chief economist of Planning Commission resigned a day earlier. It implies as if all high profile professionals of our economic management are in queue to leave the economic affairs in
limbo which were already badly eclipsed by political meddling and are worst-hit of bureaucratic discrepencies, experts said. They said that the resignation, third in a week by a highranking official of economic scene is enough to confirm that economic affairs of the country are getting worse on each passing of the day. State Bank governor Shahid Kardar stepped down last week
and Auditor-General of Pakistan Syed Tanvir Ali Agha left a few months before his retirement. Analysts said that after the departure of three important officials within a week Pakistan could face difficulties in renegotiating another bailout package from the IMF. The resignation of Pakistan central bank governor Shahid Kardar last week reflects badly See # 9 Page 11
2 Friday, July 22, 2011
During Ramazan
CM orders to ensure subsidies on edibles KARACHI: Chief Minister Sindh, Syed Qaim Ali Shah, on Thursday presided over a high-level meeting at CM House regarding special Ramzan package for Sindh province. He said that Ramzan is the Holy month and all the Muslims observe the month with due respect and sanctity and all measures be will be adopted to control hoarding, profiteering and price-hike in all trade centres and mar-
kets. Qaim Ali Shah stated that the district, sub-divisional and Taluka administration, law enforcing agencies, officials of food, Bureau of Supply and Prices and other departments should take prompt measures to curb the menace of hoarding, price-hike and profiteering, while prompt action be taken against those whole seller or retailers and businessman involved in the practices.
Etihad Airways begins services for Düsseldorf KARACHI: Etihad Airways, the national airline of the United Arab Emirates on Thursday announced it would commence services to Düsseldorf in Germany from December 16, 2011. Düsseldorf is the capital city of the German state of North Rhine-Westphalia and is the airline's 71st destination. It will be connected to the airline's hub and home base in Abu Dhabi initially by four non-stop return services per week, rising to a daily service in midApril 2012. The route will be served by an Airbus A330-300 series aircraft, in a threeclass configuration. James Hogan, CEO of Etihad Airways, said: "The new Düsseldorf services will connect the capital of
the UAE with the Düsseldorf catchment area - the second largest in Europe outside of London - which also includes the eastern part of the Netherlands. Düsseldorf and the region is an exciting destination too for inbound business and leisure travellers from Abu Dhabi and beyond. By growing direct point to point traffic between the two cities, we look forward to strengthening ties between the capital of the UAE and Germany." Etihad Airways currently operates daily flights to and from Abu Dhabi via Karachi, Lahore and Islamabad and twice weekly from Peshawar and they will be connecting both ways with the new German destination. -PR
Pak traders urged to explore Gambia
He added that the Federal Government had fixed the target of 1.300 million metric tons of wheat for Sindh, but he has directed the Food Department to enhance the target of procurement of wheat up to 1.500 million metric tons. Shah added that mill owners would be provided wheat on subsidized rates and they would arrange provision for 10 kg bags of flour for the needy and poor people, while all
Over 1.5mn children given polio drops HYDERABAD: A threeday long Polio Eradication Campaign which began in all districts of Hyderabad division from July 18 has concluded on Wednesday night. Atotal of 1537,527 children of under-five were vaccinated against Polio in Hyderabad, Dadu, Thatta, Dadu, Jamshoro and Badin districts. According to a spokesman of the Directorate of Sindh Health Services, 3806 mobiles vaccination teams have taken part in the campaigning while anti-polio drops were also administered at 469 stationary centres and 308 external and internal routes of the districts of the division. The campaign was supervised by 862 area incharges and their performance was monitored by 183 zonal supervisors in the division. A total of 183 vehicles were engaged to carry out vaccination.-NNI
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their endeavors. He added that he hoped to promote closer and friendly ties between The Gambia and Pakistan. The Consulate of The Gambia was established in 1995 in Pakistan and headed by Consul General Syed Tahir Husain. As Consul General, Syed Tahir Husain promotes bilateral relations including economic and trade between Gambia and Pakistan, projecting and protecting Gambia's interests and providing consular services.
benefit from this subsidy and sale of Atta on concessional price must be ensured. It was informed that the Sindh Government will decide subsidized price per one Kg flour under Ramzan package within two days. The Chief Minister directed to form committees comprising officials from all departments concerned to monitor flour sale on subsidized rate. Sindh Food Minister Mir
Al-Tuwairqi receives ‘Best Industrial Award’ KARACHI: Dr Hilal Hussain Al-Tuwairqi, Chairman Al-Tuwairqi Holding (ATH) and the elected Chairman of Arab Iron & Steel Union (AISU) received the award on behalf of Al Tuwairqi Holding Company with the title of the "Best GCC Industrial Development Company". It is for the astounding achievements of ATH in the current year. The award has been given by the World Finance Awards 2011, in a
art integrated steel manufacturing complex in Pakistan, namely Tuwairqi Steel Mills Limited (TSML) at Port Qasim, Karachi. The plant, currently under construction, employs cutting-edge Direct Reduced Iron (DRI) technology from the Kobe Steel of Japan with a designed capacity to produce 1.28 million tons of high-quality DRI. Zaigham Adil Rizvi,
TV PROGRAMMES
Staff Reporter KARACHI: The Consul General of The Gambia (Hon) Syed Tahir Husain has expressed his confidence that more trade opportunities are explored by Pakistani entrepreneurs in The Gambia. He made these remarks while giving his message on The Revolution Day of The Gambia which falls on July 22 (today). Gambia is one of the most stable countries in Africa, has great potential for tourism because of its rich culture and natural environment. The Consul General of The Gambia in Pakistan Syed Tahir Husain on the occasion of The National Day of Gambia congratulated the people and government of The Gambia led by President Yahya JJ Jammeh, and wished the country and its people all the best, and success in
Deputy Commissioners, Assistant Commissioners and Mukhtiarkars will establish Atta subsidized sale centers in all districts and Taluka Headquarters. He also directed that the administration should ensure sale of flour on subsidized price particularly in interior of the province and trend of over-charging be curbed with effective measures. The Chief Minister hoped that the poor and needy people would get
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News News Subah Savere Maya ke Sath News Tajziya (Rpt) News Meri Kahani Meri Zabani (Rpt) News Tonight With Jasmeen (Rpt) News News Samaa Metro News Aap Ki Baat Masail Kahani Crime Scene Newsbeat News Awam Ki Awaz News Crime Week
LONDON: Dr Hilal Hussain Al-Tuwairqi, Chairman of Arab Iron & Steel Union (AISU) receiving the award on behalf of Al Tuwairqi Holding Company with the title of the "Best GCC Industrial Development Company at London.
ceremony held in London. Al-Tuwairqi Holding's growth has gone beyond the boundaries of Saudi Arabia and encompasses areas of the Middle East, South Asia & Europe. AlTuwairqi Holding is at the 26th position holding company among the top hundred companies of the Kingdom of Saudi Arabia with the rating of the 2nd fastest growing company. ATH is also engaged in establishing a state-of-the-
Sindh Assembly
Opposition benches assigned to MQM Party to decide Opp Leader soon: Sardar KARACHI: Sindh lawmakers hailing from Muttahida Qaumi Movement (MQM) have been allotted opposition benches at Sindh Assembly on Thursday. Fatigued by Muttahida's insistence over acceptance of resignations despite Sindh Governor Dr Ishratul Ebad Khan's return to his office, Sindh Assembly Speaker assigned seats to MQM members. Talking to media at Sindh Assembly, MQM's Parliamentary Leader Sardar Ahmed said Coordination Committee of the party would decide
about the Leader of the Opposition, stressing his party would not play a friendly opposition; it would act as 'an actual opposition', instead. Speaking on the occasion, MQM leader Raza Haroon noted his party would not support any erroneous step taken by the government. Sardar Ahmed said four names were under consideration for the slot of Leader of the Opposition at the assembly; however, the final decision would rest with Rabita Committee and an announcement would be made in this regard within next 24 hours. -Online
Director (Projects), TSML congratulated Dr. Hilal Hussain Al Tuwairqi and the entire team of Al-Tuwairqi in Saudi Arabia on this achievement and reiterated an all out assistance and unequivocal commitment of the entire team of TSML in establishing the steel complex in Pakistan along with its backward and forward integration, within the time frame envisioned. -PR
Nadir Magsi and Sindh Secretary for Food Naseer Khan Jamali in a briefing said that the Provincial Food Department has completed 94 per cent procurement of wheat in the province, and so far 1.403 million metric tons of wheat has been procured. The meeting was attended among others by Secretary Finance Sindh Naveed Kamran Baloch and Principal Secretary to CM Sindh Alamuddin Bullo. -APP
Workers end siege of KSE head office Staff Reporter
KARACHI: Karachi Electric Supply Company (KESC) sacked-employees ended their siege of company's head office after Manzoor Wasan's assurance. The sacked employees laid siege to the head office of KESC after the announcement of suspending operation by the company management due to which hundreds of other employees were confined inside the office. The union leaders announced to end the siege after a meeting with Sindh Home Minister Manzoor Wasan. Speaking on this occasion, Manzoor Wasan said that the employees' problems would be resolved soon. He said that the issue would be resolved during a meeting at Governor's house, held on Friday. Earlier, a rescue operation was launched to evacuate the siege employees from the head office building
PM felicitates Belgium on Nat'l Day ISLAMABAD: Prime Minister Gilani on Thursday greeted the Prime Minister of the Kingdom of Belgium Yves Leterme on his country's National Day. In his message, the Prime Minister extended heartiest felicitations on behalf of the government and the people of Pakistan and on his own behalf. "It is a matter of great satisfaction that cordial and cooperative relations exist between our two countries. I am sure these ties would be further strengthened under your sagacious leadership," the prime minister said.-Agencies
ISLAMABAD: Visitors keenly viewing the photographs during photo exhibition with the theme “Reviving Communities Stronger Together” to mark the one-year anniversary of floods 2010 in Pakistan organized by the International federation of red Cross and Red Crescent Societies and the Pakistan Red Crescent Society at the PNCA. -APP
Aptma opposes 2-day gas holidays for Sindh KARACHI: M Yasin Siddik, Central Vice Chairman All Pakistan Textile Mills Association (APTMA) has strongly opposed the decision of the Economic Coordination Committee (ECC) to observe a two-day holiday for gas supply to industries located in the province of Sindh. M Yasin Siddik while commenting on the news item published today in some print media that the government has decided to observe a two-day holiday of gas supply to industries located in the province of Sindh and divert the same saved fuel to Karachi Electric Supply Company is anti industry and exports. A two-day outage of gas supply to industry would not only hurt the industrial production as well as exports which is the need of the hour, he added. Yasin Siddik further said that the government has allowed the KESC to index it's pricing with the International Fuel Price of Oil and therefore the KESC passes its cost increase to the consumers.
Whereas, due to shut down the Industry will face huge losses as their cost will go up due to less production and this will also affect the employment condition in the Province. He said textile industry is a major export earner of the economy, employing 15 million direct and indirect workforce in the country therefore, it is pertinent to ensure uninterrupted gas supply to save production and employment in the country. Industry has the potential to meet the target of exports fixed by the Government provided issues concerning to energy etc. are taken care of by the Government, he added. This year he said by the Grace of Almighty Allah. Pakistan is expecting a bumper cotton crop of about 16 Million Bales and if the Industry remains shut for 2 days a week, this crop cannot be consumed. Mr. M. Yasin Siddik appealed to Dr. Asim Hussain, Federal Minister for Petroleum & Natural Resources to intervene in the matter in the best interest of industry and the people of Sindh. NNI
KARACHI: Administrator DHA Brig Aamer Raza Qureshi addressing a DHA Vigilance Darbar held at Central Library DHA. -Staff Photo
3
Friday, July 22, 2011
Euro surges on signs of Greece bailout progress Market still wary of disappointment NEW YORK: The euro rallied to a two-week high on Thursday, reversing losses, on signs European officials have a plan to resolve fiscal problems in heavily indebted euro-zone countries, easing concerns of default. A draft summit statement obtained by Reuters showed European leaders were considering a sweeping expansion of the role of their European Financial Stability Facility rescue fund to help states sooner, recapitalise banks and intervene in the bond market in a drive to halt contagion. The euro rose as high as $1.4401, well off the session low of $1.4137. "An extension of the loans for Greece and increased flexibility for the ESFS to recapitalize institutions takes the heat off the ECB," said Mark McCormick, currency strategist at Brown Brothers Harriman in New York. "It's definitely positive for the euro. It's not a panacea
but it's a step in the right direction." The euro last traded at $1.4370, up 1.1 per cent after a series of fresh session highs as investors digested the draft outline. The eurozone bailout fund will provide loans to Greece, Ireland and Portugal at a lower interest rate and for longer maturities, under the draft. "There are indications, the EFSF can be used not only for Greece but all peripheral problems with debt problems," said Michael Woolfolk, senior currency strategist at BNY Mellon in New York, explaining the move higher in the euro. The euro dived early in the session as players unwound some of the bullish
positions built up ahead of a summit of euro-zone leaders -- prompted largely by a knee-jerk reaction to officials admitting openly a selective default
was possible. Ahead of the crisis summit, Dutch Finance Minister Jan Kees de Jager said a short-term or selective default for Greece, previously opposed by the European Central Bank, was now a possibility. European Central Bank President Jean-Claude Trichet joined German Chancellor Angela Merkel and French
Asian currencies
Sing dlr at new record, peso hits 9-mth high Philippine, Singapore, Thai cbanks intervene:Dealers SINGAPORE: The Singapore dollar hit afresh record high and the Philippine peso rose to its strongestlevel in nearly nine months on Thursday as investors addedexposure to emerging Asian currencies on hopes that Europeanleaders were close to agreeing on a second bailout package forGreece. Data showing China's factory sector contracted in July andintervention by Asian central banks prompted some interbankspeculators to cover dollar-short positions, but growing hopesof progress in staving off a Greek debt default helped emergingAsian currencies stay firm. Still, investors remained reluctant to chase emerging Asiancurrencies much higher in case a detailed agreement is notstruck, or if any new plan fails to lift pressure on other majoreuro zone economies such as Italy and Spain. Lack of progress in Washington in agreeing on adeficit-reduction deal added to the cautious tone in financialmarkets as US political leaders try to avoid a potentiallydisastrous default. A Kuala Lumpur-based deal-
er said emerging Asian currenciescould see a correction if euro-zone leaders disappoint marketsagain. The regional units have risen so far this year as Asia'seconomic and fundamental pictures are better than developedmarkets, luring investors with higher yields. The trend remainsintact in longer term, analysts and dealers said. As global demand falters, Asian foreign exchange authoritieshave been increasingly intervening to stem appreciation in theircurrencies and to protect their export competitiveness. Central banks of Philippines, Singapore and Thailand werespotted buying dollars to check speed of their currency gains,dealers said. The Singapore dollar hit a fresh record highagainst the US dollar on a firm euro and after People's Bankof China fixed the yuan's mid-point at a historical peak. The 14-day US dollar/Singapore dollar Relative StrengthIndex (RSI) fell to 33.48, the lowest since May 3, indicatingthe pair is
approaching an oversold territory. But agent banks bought the greenbacks to curb rapid gainsin the city-state currency, dealers said. Earlier, Singapore's central bank raised its inflationforecast for 2011 to 4-5 per cent from 34 per cent. Still, dealers and analysts said it is unlikely to allowquick appreciation in the Singapore dollar to fight inflationwith the Singapore dollar nominal effective exchange rate veryhigh at some 3.6 per cent above the assumed mid of the centralbank's band. The Philippine peso strengthened to asfirm as 42.57 per dollar, the strongest since November 5, 2010on continuous demand from leveraged funds and interbankspeculators. The country's central bank was spotted buying dollars at thelevel, limiting the peso's further gains, dealers said. The baht edged up but the central bank wasspotted intervening, dealers said. Investors expects the Thai currency to rise further oncontinuous catchup plays, but its gains may be slow onpositions. -Reuters
Yuan hits record high for 2nd day in a row SHANGHAI: China's yuan hit a record high against the dollar for the second straight day on Thursday, meaning it has now risen 28 per cent since the landmark currency reforms six years ago that unshackled it from a dollar peg. Western critics continue to press Beijing to let the yuan trade more freely, but the currency's gains to date have set off debate within China on whether it has already risen enough, especially considering that domestic prices have risen significantly on many goods. A slowing economy in the wake of government tightening aimed at containing inflation appears to be adding weight to the possibility of a slowdown in the yuan's rise in the second half of the year, after gaining 2.2 per cent so far this year.
If manufacturing growth slows, as HSBC's China Flash purchasing managers' index (PMI) for July issued on Thursday suggests is starting to happen, the country's powerful export lobby will likely start to press home their case that further gains in the yuan would hurt them too much. The People's Bank of China (PBOC) fixed the yuan's midpoint for Thursday's trade at a record high of 6.4536, in the wake of a 0.7 per cent drop in the US Dollar Index overnight. "The PBOC's record high fixing reflected overnight global dollar weakness, but it doesn't change the recent trend that the yuan may slow down its appreciation," said a dealer at a Chinese commercial bank in Shanghai. "A slowing economy and falling global commodity
prices over the past few months are new factors China must consider." The yuan traded as high as 6.4505 against the dollar on Thursday, although it pulled back slightly to end at 6.4516, still up from 6.4595 at the close on Wednesday. It has now appreciated 5.8 per cent since it was unleashed from a de facto dollar peg in June 2010. Beijing kept the yuan flat from mid-2008 until mid-2010 to ward off risks from the fallout of the global financial crisis. Offshore, benchmark oneyear dollar/yuan non-deliverable forwards (NDFs) were bid at 6.3915 in late trade, up slightly from 6.3885 on Wednesday's close. Their implied yuan rise in a year's time slipped to 0.97 per cent from 1.01 per cent. -Reuters
Swiss franc slips vs euro ZURICH: The Swiss franc fell against the euro on Thursday helped by news of a FranceGermany accord on Greece's debt crisis ahead of a European summit. The franc fell 0.3 percent against the euro compared to the New York close to trade at 1.1696 per euro by 0655 GMT. It also slipped 0.1 percent against the dollar to trade at 0.8196 per dollar. Germany and France have reached a common position on a second bailout of Greece in their effort to prevent the country's debt crisis from spreading through Europe, officials said on Thursday.
"Given that positive news is increasingly being priced in, and the market is becoming increasingly long, upside euro potential will be limited even in the wake of a comprehensive agreement," Credit Agricole analysts wrote in a note. The franc hit a new record of 1.13650 francs per euro on dealing platform EBS early on Monday on euro-zone debt worries. In an interview with the Blick newspaper on Thursday, Swiss Economy Minister Johann Schneider-Ammann described the euro crisis as "alarming" as the strong franc could hit jobs and said he was
in close contact with the Swiss National Bank. The franc has repeatedly soared to records versus the dollar and euro in the past six months, and the central bank has warned growth could suffer. Growth of Swiss exports slowed in June and exports to the European Union contracted as the strong franc took its toll, data showed on Thursday. "We expect impact on the franc to be minimal. The market is fully concentrating on the upcoming EU leaders' meet on Greece's second bailout," said Tony Nyman of Informa Global Markets. -Reuters
Top Economic Events Time 6:30 13:00 13:00 14:00 16:00 16:00 17:30 17:30
Source AUD EUR EUR EUR CAD CAD CAD CAD
Events Import Prices q/q German Ifo Business Climate Italian Retail Sales m/m Industrial New Orders m/m Core CPI m/m CPI m/m Core Retail Sales m/m Retail Sales m/m
Source
Events
3:50 4:01 4:50 6:30 7:30 8:00 9:30 11:00 12:00 12:00 12:30 12:30 13:00 13:00 13:00 13:30 13:30 14:00 All Day
Visitor Arrivals m/m -5.1% Nationwide Consumer Confidence 51 Trade Balance -0.19T NAB Quarterly Business Confidence 6 HSBC Flash Manufacturing PMI 48.9 Credit Card Spending y/y 4.5% All Industries Activity m/m 2.0% Trade Balance 1.75B French Flash Manufacturing PMI 50.1 French Flash Services PMI 54.2 German Flash Manufacturing PMI 52.1 German Flash Services PMI 52.9 Current Account -5.2B Flash Manufacturing PMI 50.4 Flash Services PMI 51.4 Public Sector Net Borrowing 12.0B Retail Sales m/m 0.7% ZEW Economic Expectations -58.9 EU Economic Summit
Forecast -1.0% 113.7 0.3% 0.7% 0.0% -0.2% 0.2% -0.3%
Previous 1.4% 114.5 0.4% 0.8% 0.5% 0.7% 0.0% 0.3%
Forecast
Previous
Previous Day
President Nicolas Sarkozy in Berlin at short notice late on Wednesday. Merkel and Sarkozy reached a joint position on a bailout and Trichet appears to have indicated he could accept a deal on the basis that it would be far-reaching and led by the EFSF rescue fund. The ECB had been seen as one of the key barriers to a broader solution given their opposition to default. Fears that Greece's debt crisis could spread to bigger economies in the eurozone have kept markets on edge since early July, with yields on Italian and Spanish government bonds reaching euro-zone lifetime highs above 6 per cent. The euro rose 0.8 per cent against the Swiss franc to 1.1743 francs after the draft outline reached investors. The dollar fell 0.3 per cent against the Swiss franc to 0.8173 francs. -Reuters
Aussie dips on China, kiwi poised to hit new highs SYDNEY/WELLINGTON: The Australian dollar dipped on Thursday after surprisingly soft Chinese data rekindled worries of a hard economic landing for the country's top trading partner, though losses were limited ahead of a crucial EU debt meeting. The racy New Zealand dollar looked set to head to new highs should euro-zone leaders make real progress on another bailout package for Greece. The Aussie edged lower to $1.0728, from $1.0741 in New York. It skidded 30 pips after activity in China's manufacturing sector shrank for the first time in a year, though recent GDP data showed growth remained healthy at 9.5 per cent a year. All eyes are now fixed on the European Union summit to start later on Thursday as investors wonder if this one could finally offer some resolution to the uncertainty around Greece and lessen the risk of contagion. "I presume that will be positive, but I don't think it will be a long-term solution and restore confidence significantly," said RBS's Gibbs. He still saw a big chance the Aussie could bounce back to $0.080, the top of the recent range. "At this stage, the risk is to break resistance and maybe try $1.0900," he added. Earlier in the day, the Aussie hit a one-week high of $1.0773, after Germany and France agreed on a joint position for bailing out Greece. But major option barriers at $1.0750 knocked it back. Resistance is seen at $1.0807, last week's high, and then $1.0889, the May 11 peak with immediate support at around $1.0710 from hourly
chart. A break below $1.0700 could see test of support at $1.0665-70, which includes its 20-day MA, Ichimoku cloud top and Ichimoku tenkan line. Across the Tasman Sea, the New Zealand dollar touched a 30-year peak at $0.8588 and looks set to head even higher. The kiwi has gained 1.7 per cent this week and looked unstoppable as it has brushed aside resistance levels. "It's going higher still, it has upward momentum and is not overbought by any means, so I expect it to see it over 86 cents in the next few days, if not today," said Westpac senior strategist Imre Speizer. The kiwi is up nearly 10 per cent this year and flying at heights last seen in mid-1981, when the exchange rate was regulated. In addition to the broader "risk-on" environment, the currency is being driven by the prospect of higher interest rates and improving economic fundamentals. "There's nothing suggesting a reversal is at hand, although there will be a correction some time in the next couple of months," Speizer said. Near term support for the kiwi is seen at $0.8520 with $0.8600 a psychological barrier and $0.8625/30 before a retreat. The kiwi was unmoved by soft migration data showing more people leaving the country than arriving for the fourth month in a row. The Aussie-kiwi cross was holding at NZ$1.2515, near an 11-month trough of NZ$1.2471 hit earlier this week. The kiwi has been outperforming its neighbour on the market's outlook of diverging rates for the two countries. -Reuters
Indian rupee snaps 2-day rise on wobbly euro MUMBAI: The Indian rupee snapped a two-day rally on Thursday, tracking a choppy euro on uncertainty over the outcome of a eurozone summit for the second bailout plan for Greece, while weak local shares also weighed. The partially convertible rupee was at 44.5150/5250 per dollar, 0.16 per cent weaker than Wednesday's close of 44.45/46, and sharply lower from the intraday high of 44.4275. "Market is worried as to how the EU will limit the spread of the debt crisis and is hoping a concrete plan will be announced to ensure this," said Panchadev Negi, deputy manager of forex dealing at State Bank of Travancore. Fears that Greece's debt crisis will spread to bigger economies in the euro-zone have kept markets on edge since early July. Indian shares dropped for a
second day on Thursday as quarterly earnings mostly indicated companies were facing pressure on profit margins, while the central bank was unlikely to ease its tightening policy due to stubbornly high inflation. The one-month onshore forward premium was at 23.25 points from 24 points on Wednesday, while the three-month was at 70.25 points from 71.75 points and the one-year was at 228.75 points versus 229.25. One-month offshore nondeliverable forward contracts were quoted at 44.70, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange and the MCX-SX were both at 44.5375 and on the United Stock Exchange were at 44.5350. The total volume was at $9.57 billion. -Reuters
Actual
51 -0.25T
1.9% 2.87B 52.3 55.8 54.1 56.1 -4.8B 51.6 53.2 11.8B 0.5%
-0.5% 55 -0.45T 11 50.1 5.5% 1.4% 3.25B 52.5 56.1 54.6 56.7 -5.4B 52.0 53.7 14.6B -1.3% -24.3
Currencies Rate Name
As per 22.00 PST Ask High
Bid
Low
EUR-USD
1.4321
1.4323
1.4331
1.4143
USD-CHF
0.8201
0.8205
0.8236
0.8188
GBP-USD
1.6250
1.6253
1.6260
1.6121
USD-CAD
0.9439
0.9442
0.9491
0.9427
AUD-USD
1.0775
1.0779
1.0776
1.0699
EUR-JPY
112.68
112.70
112.78
111.48
EUR-GBP
0.8807
0.8810
0.8830
0.8765
EUR-CHF
1.1739
1.1742
1.1758
1.1613
GBP-JPY CHF-JPY Gold
127.87
127.96
128.01
127.06
95.99
96.04
96.18
95.69
1597.33
1598.03
1604.84
1592.91
Major Central Banks Overview Central Bank
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 21,2011 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
86.20 139.24 122.91 91.06 104.94 92.38 13.46 1.10 15.77 71.06 16.49 22.99 11.06 314.62 28.79 73.83 23.67 23.47 0.08 2.88
86.00 138.92 122.62 90.85 104.70 92.16 13.43 1.09 15.73 70.90 16.45 22.93 11.04 313.89 28.72 73.66 23.62 23.42 0.08 2.88
85.78 138.54 122.25 90.61 104.42 91.92 13.40 1.09 15.69 70.71 16.41 22.87 11.01 313.06 28.65 73.47 23.56 23.35 0.08 2.87
Sterling tracks euro higher, debt draft cheered LONDON: Sterling hit a fiveweek high against the dollar on Thursday, tracking a rally in the euro as investors cheered a draft conclusion from a eurozone summit which raised confidence the region would solve its debt problems. The pound was boosted against the US currency but it suffered versus the euro, which recovered early losses after a draft seen by Reuters showed the euro-zone's bailout fund would offer loans to weak countries at lower rates and longer maturities.
below 88.0 pence," said John Hydeskov, currency analyst at Danske, adding that "a more stronger, flexible" bailout fund would boost the euro further. "The euro is still trading with a big risk premium, so when we get more details of the euro-zone plan, we could see a test (versus the dollar) of $1.45, which could push the euro towards 90 pence." Some in the market said a strong reading of a US business index prompted a pick-up in risk demand, which also boosted riskier currencies,
In late London trade, sterling rose nearly 1 per cent on the day to $1.6308, its strongest since mid-June. It barreled through key technical resistance at $1.6206 and $1.6242 - the 55- and 100-day moving averages, respectively -- which opened the door to more upside in the near term. But the pound slipped versus the euro, which rose 0.3 per cent to 88.37 pence, recovering from a session trough of 87.63 pence. Analysts said investor focus was firmly trained on the euro's debt problems, and that signs of progress towards a solution would push the shared currency higher versus the pound. "It will be difficult for the euro to make a lasting break
including sterling, versus the dollar. The pound rose on the euro's coattails, having brushed off a reading of UK retail sales for June. Although sales rose 0.7 per cent rise on the month, more than forecast and reversing a fall the previous month, few in the market believed it would change the outlook for UK interest rates, which are expected to stay low until well into 2012 as the economy struggles to recover. A weak economy has battered economic sentiment, with a survey on Thursday showing consumer confidence fell in June, reversing some of May's jump and dousing hopes that Britain's economic recovery will gain traction. -Reuters
4 Friday, July 22, 2011
The Financial Daily International Vol 4, Issue 259
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
Making Pakistani Market Vibrant Since 2008, with the commencement of global downturn, Pakistan's stock market has also remained subdued, despite the fact that the reasons for the sluggishness are not identical. After the change in heads at the ministry of finance, SECP and KSE it was expected that the situation would improve but precarious law and order and failure of the government in resolving some of the key issues has kept the market under pressure. Added to this have been prolonged outages of electricity and gas plunging the manufacturing sector deeper into crisis. Imposition of Capital Gains Tax (CGT) in the 2010-11 Budget has proved the biggest stumbling block in generating volume. The Karachi Stock Exchange has a record of single day trading volume of over one billion and of lately volume has shrunk around 50 million shares, thanks to offshore investors else it would have been even smaller than this. The retail investors, which provide liquidity and generate volumes, seem to have become extinct. Introduction of CGT was aimed at mobilizing additional revenue for the government but reality seems grossly disappointing. The government had set a target of Rs 5,000 million through CGT collection. However, experts estimate that only a paltry amount Rs 500 million would be collected during 2010-11; final figures have not been released as yet. Therefore, it may be said that since imposition of CGT has failed in achieving the target, withdrawing it would be most appropriate. There is nothing wrong in paying CGT but its cumbersome calculation and above all the fear that too many questions will as asked by the tax collection regime has kept the day traders out of the market. Historically, bulk of the trading volume is generated by the traders in Pakistan, which is not an exception. This is common around the world and it is on record that over 90 per cent and Pakistan just can't be an exception. Day traders generate bulk of the volume that provide much needed liquidity to the market, allow price discovery and above all encourage the investors to actively participate in the market. The ongoing entry and exit keeps the market liquid. It is on record that putting a floor in 2008, in an attempt to save the market from 'freefall' has caused more losses because investors could not take an exit. In such a scenario some of brokers first pledged shares of investors kept in subaccounts and ultimately sold them off. Most of the investors have not received their claims as yet. Those who have been paid off got only little amounts. The new chairman SECP and managing directors KSE are requested to resolve the issue. When people invest in equities market, they are fully aware of probabilities of losing money. However, whatever happened with them was 'broad-dayrobbery'. None-payment of the outstanding claims over three years is enough to keep all and sundry stay away from the equities market.
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.
Departure of Shahid Kardar Muhammad Arif uring last one and a half year, three financial mangers of the country have departed. First exit came from Finance Minister, Shaukat Tareen on the plea that his bank was in trouble and he wanted to revert towards looking its affairs exclusively, fair enough. Second exit came from the Governor SBP, Syed Salim Raza on personnel reasons most probably on his nearing to age of 65 years wherefrom he would have been constrained to leave his job due to age restriction. Now within ten months Shahid kardar has also left. This is the third blow to the overall economic situation which is already standing at the edge of knife. These changes and particularly exit of Shahid Kardar would have negative impact on the economic perception particularly on international scene where rating agencies have started giving negative signals. On arrival of Kardar ten months ago I presented some of my suspicions on his success in my article published in "The Financial Daily'. I was bit apprehensive on his selection on two reasons. First, Kardar was not an economist (he only did MA with major in economics and had not worked as a credible economist) or a banker. Secondly, he has never headed any big institution. He served as finance minister for Government of Punjab which was a political slot. Basically he is a Chartered accountant. A Chartered Accountant normally goes for balance sheet approach. This never suits central bank job where he has to deal with monetary policy that always run in conflict with fiscal side (balance sheet management). Monetary policy has some inherent relations with fiscal policy particularly on taxation and its borrowing side being integral part of GDP but operationally both sides always stand in inverse. This inverse position creates balancing act in running countries economy. As a countryman every patriot would have preferred continuation of Shahid Kardar in spite of his weak background. If he has accepted the job, than he should have realized the challenges and should have gone for settling these in spite of gravity and non-friendly atmosphere of Islamabad. Test comes when
D
some one fights against the winds. As interim arrangement Yasin Anwar sitting Deputy Governor of SBP has taken over the charge. His name is also in the list of those being considered for the permanent position of Governor. Other names floating are former Governor of SBP Dr Shamshad Akhtar, Syed Ali Raza former President of NBP, Waqar Masood Khan sitting Secretary Finance GOP .One is market practitioner, other is an economist, the third one is a banker whereas fourth one is a sitting bureaucrat cum economist. To me in the current situation one would prefer Dr Shamshad Akhtar with her immense experience as Development Economist and former Governor of SBP. But most likely working at a senior position in World Bank she is not going to come back. Second choice can be Yasin Anwar. He is a market practitioner. So his experience to revive market activities for getting surge in GDP growth can be helpful and vital in the given situation. However, sometime unforeseen events happen and a new name comes on scene as we saw in case of Shahid Kardar. But now making decision GOP should refrain from going in to adventure like this, otherwise it would also meet the same fate Going back, historically State Bank has been run well by Development Economists after adopting market based regimes in 1990 partially and 2000 in full. Dr Yaqub was the first to initiate the process. Than came, Dr Isharat who was a blend of CSP officer and economist having worked with the World Bank. During his tenure we saw consolidation of financial and banking sector. Any one can differ with his trickle down concept i.e. by enhancing consumption, poverty can be brought down but his role in bringing stability and discipline to banking sector can not be denied. He was right on trickle down theory but without having supply chain such experiments can become fatal and this we saw in 2007 crisis that became severe onwards with world recession and on increase of oil prices. Than came, Dr Shamshad Akhtar who was not very strong on administrative matters but on refining monetary policy mechanics she was excellent. Secondly during her tenure Islamic Finance, SME financing and Microfinance got their strengths.
Now we are in CY2011 and FY2012 that have different but difficult dynamics. Current political government is now at the verge of its tenure, so basically coming months would be electioneering months where one can expect increased Federal and Provincial expenditures. On the contrary revenue would remain almost static. This gap would obviously be plugged in by borrowings creating crowding out effects and inflationary pressures. As per given projections real GDP growth would remain within 3-4 per cent and CPI numbers would vacillate around 15 per cent. Current account surplus achieved this year would come under pressure on start of IMF repayments. Secondly, cotton prices would not be as high as these were in FY2011. This made export target above $ 25 billion in FY 2011. Law and order situation would remain as it is right now. Further energy supply is not likely to improve. With these pressures formulating monetary policy and fiscal policy would be a difficult proposition. Discount rate is already at 14 per cent. Apparently it looks difficult that discount rate would come down keeping inflation in view but in the current situation when growth is low and unemployment rate has crossed 15 per cent, one needs to venture for that. As reported in the press Shahid Kardar's departure came on three grounds. He was critical of establishing Sindh Bank. Further he was not comfortable with government borrowings especially to increase quantum of Benazir Income Support Programme and other development expenditures. Finally he was not comfortable with officials of Ministry of Finance. Basically these are petty matters and whosoever comes have to confront these issues. Every one needs to understand that for the coming years, Pakistan has to spend a large part of its budget on defense and debt servicing. Remaining amount would have to be spent on running public sector enterprises like PIA, Railway, Pepco etc leaving little amount for education, health and social sector. So with these constraints Government has to borrow Rs1000-1500 billion each year over the next two to three years. In this situation government and SBP will have to live with each other.
So what is required the least to bring some smile on faces of people? In this regard following steps are immediately required. 1. Economic vision for the country for the coming five years. The vision should incorporate steps for resolving energy crisis, how education and health sectors would come on preference, what steps would come in for employment generation, how real sector comprising export/import, agriculture, large scale manufacturing, SMEs, microfinance, services would be revived and how taxation and documentation process would be dealt with to improve overall revenue collection. These steps need to be prioritised. 2. If such vision is made available than it can facilitate monetary policy managers at SBP to frame the monetary policy as per its mechanics would always remain short term. 3. SBP should indulge itself in rehabilitation of some leveraging instrument and derivative products at stock exchanges (possibly Margin Financing) and in OTC. For that SBP has to direct banking sector to strengthen their risk management systems. These arrangements would obviously be done with the coordination of SECP. 4. For restricting government borrowing, new Government Securities Act needs to be legislated putting some ceiling on the government by using some benchmark, so that such borrowing does not exceed 10 per cent of government revenue. At least, in the presence of such legislation if government breaches the limit than it become liable for explanation before the parliament and general public. 5. Developing Debt Market is also a requirement. In this regard help of IFC and ADB can be sought for the introduction of supra national bonds in Pakistan. This would strengthen corporate debt market in Pakistan and help the government, public sector enterprises and corporate to raise funds from the domestic market. There can be a long list but to start with above steps can bring at least some clarity on economic horizons of Pakistan. This would obviously help new Governor of SBP to face the challenges that are confusing and creating miseries for the overall setup and the masses.
Billions of rupees investment at stake Ibrahim Yousuf erhaps the Peoples' government excel with other successive governments in terms of its failures to curb highest ever food inflation, deteriorating law and order, target killing, shortage and load shedding of gas and power, insecurity, bomb blasts, kidnapping for ransom, extortion etc. There are hardly any consumer friendly steps that have ever been taken in the last three and half years. No serious steps have ever been taken to resolve the issues hurting the industry and consumers and as a result the burning issues continue to become more alarming for the people. Consumers now brace up for another hot issue of load shedding in compressed natural gas (CNG) and it is likely to become more nerve wrecking for vehicle owners due to its upcoming high prices and also for the stakeholders who are seeing their billions of rupees investment at stake. Industry people say that the government has been trying hard to bring the CNG rates at par with the petrol and diesel aimed at either destroying this sector to make a ground for increasing import of liquefied natural gas (LNG) or pocketing more revenue from the thriving business of CNG by putting up more pressure on the existing stakeholders. The Ministry of Petroleum is determined to bridge the widening demand and supply gap on a fast track basis through LNG import. The government had exempted CNG buses from the GST in 2008 and in budget 2011-2012 the GST has again been imposed thus making heavy vehicles unaffordable. It is also amazing to see ban on new CNG licences but at the same time issuance of new gas connections by Sui Northern Gas Pipelines Limited for CNG stations are commonly seen. The government should look into this matter. Chairman CNG Dealers Association Abdul Sami Khan says that now the menace of total disaster of CNG industry is hanging over heads as very influential industrialist and importers have started campaign to bring CNG price at par with petroleum products to bring CNG industry to a halt and they may get full benefit of gas use for their own use only. In case it happens then the billions of rupee investment made by stakeholders and even general public in their vehicles will go in drain. The dire need of CNG can be gauged from the fact that many public transports (especially mini buses and coaches) have made changes in their fuel transmission system and started running their vehicles on CNG to make huge saving. Almost all the four stroke three wheeler rickshaws are also running on cheap fuel. However, the provincial authorities have yet to wake up as passengers are
P
still paying high tariff as per increase in diesel prices to reach their desired places in Mazda Wagons. The government should announce a separate fair for public traveling in CNG wagons. Instead of pondering over the issue and making a joint strategy to cope with the government's aim to destroy the CNG sector, CNG bodies and associations operating in various cities sometimes come at loggerheads in taking up mileage in the matter of gas load shedding to deal with the higher ups of petroleum ministry. This lack of unity proves highly suitable for the government who is working on the phrase (divide and rule) and ultimately consumers will suffer. As a result, All Pakistan CNG Association, operated by Ghayas Paracha and Junaid Ismail Makda, CNG Dealers Association being run by Abdul Sami Khan and CNG Station Owners Association headed by Malik Khuda Bux on many occasions try to resolve the CNG issues on their own and sometimes differ on policy matters with each other. For example, the All Pakistan CNG Association (APCNGA) has created a stir in the market by recently claiming that the proposed decision of around 70 per cent hike in CNG price has been revoked by the Ministry of Petroleum and Natural Resources. Chairman APCNGA and Vice President Karachi Chamber of Commerce and Industry (KCCI), Junaid Esmail Makda said the Association's delegation had met Petroleum and Natural Resources Minister Dr Asim Hussain where another decision was made to keep price difference between petrol and CNG at the parity of 60:40. Junaid said it was further resolved that the gas load shedding in Northern Region will be held for two days and partial shutdown will be observed on the third day while in Southern Region load shedding will be observed for one day followed by partial shutdown on the second day. At same time CNG Station Owners Association (CSOA) and CNG Dealers Association (CDA) had threatened to move to the Court against the government decision for weekly closure of CNG stations and increase CNG prices. Here Malik Khuda Baksh and Abdus Sami Khan, in a joint hurriedly called press conference, said that some CNG station owners had already obtained stay from Sindh High Court (SHC) against the closure of CNG stations. They said that the government cannot increase CNG prices as it had already ensured under a pricing formula to maintain a 50 percent difference between the prices of petrol and CNG agreed between CNG associations and Government of Pakistan. Similarly, the government cannot suspend supply of gas to CNG filling stations in Sindh as the SHC had barred Sui
Southern Gas Company from doing so. The environment friendly CNG fuel was substituting petrol import of $4.5 billion annually for the economy, by using only seven per cent of the total gas consumption in the country. The closure of CNG stations will virtually kill CNG industry as 2.5 million vehicles have been converted to CNG in the country. They pointed out that Rs 235 billion have been invested in CNG sector which is directly or indirectly providing employment to 500,000 people in the country. Lamenting vested interests including oil marketing companies (OMCs), they said that they were lobbying against CNG sector. "But we will fight against these vested interests till our success", they vowed. Gas shortage was caused by gas utilities and due to their mismanagement. They were also not going for large abandoned gas fields and also those under litigation, they noted. They alleged the government had granted licenses to 350 CNG filling stations last year despite a ban on new licenses. They said they could not understand as to why the government is trying to discourage the CNG sector when the country is already importing petrol at higher rates. "How the government would manage the petrol availability when people will shift towards it after removing the price difference," they added. While the APCNGA was threatening to go on strike, the SSGC management called upon the leading CNG associations of Pakistan on July 6, 2011. It had been agreed that due to the Annual-TurnAround (ATA) of OMV Pakistan-operated Kadanwari Gas Field, CNG stations will be closed from 9.00 am on Monday July 11, 2011 till midnight of Tuesday July 12, 2011. SSGC was represented at the meeting, held at its Head office, by SSGC's Zuhair Siddiqui, DMD (Corporate Services), Salim A. Mughal, SGM (Distribution-South) and Shoaib Warsi, SGM (Distribution-North). Head of leading CNG Associations of the country including Abdul Sami Khan, Chairman, CNG Dealers Association, Junaid Esmail Makda, Central Chairman, AllPakistan CNG Association and Malik Khuda Baksh, Chairman of CNG Station Owners Association participated in the meeting called by SSGC to take the stakeholders into confidence over the 2day closure. Kadanwari Field, which supplies 200 mmcfd of natural gas to SSGC, will be undergoing annual operational maintenance from 8th to 23rd July, 2011, directly reducing the Company's capacity to serve its customers in meeting their normal gas requirements. In view of this extraordinary situation, SSGC has taken several steps to maintain normal supplies to its customers including requesting the
CNG stations to observe closure for 2 days. In addition, SSGC has also requested the industrial sector to use the natural gas with purpose by voluntarily curtailing their gas consumption by 10 per cent during the above mentioned period. Now the APCNGA chairman Ghayas Paracha on July 8 had announced to start country wide protests from July 13 after the arrival of Petroleum Minister Dr Asim Hussain on July 10. The protest campaign will be launched from July 13 from Punjab which also included rallies. The government should stop gas load shedding and provide CNG at 40 per cent less price than petrol to the consumers, he said. He termed the gas load shedding in summer as unjustified and it aimed at creating problems for consumers besides causing huge losses to the people as well as stakeholders. There is a dire need that all the industry people should unite under a one platform to save CNG industry from government's nefarious designs otherwise both industry as well as consumers will suffer heavily. SSGC has already received tremendous interest from local and international players in response to its recent invitation for the import of Liquefied Natural Gas (LNG) under Third Party Access, having received 17 'Expressions of Interest' (EoIs) for the allocation of capacity under its transmission system from leading companies interested in developing their own LNG Floating Storage and Re-gasification Unit (FSRU), arrange their own supply of LNG and having their own buyers of regasified LNG (RLNG). The 17 Companies which submitted their EoIs are Shell Gas and Power Developments B.V, 4Gas Asia, Granada Group of Companies, NatGas, BW Fleet Management AS, MTMKN Group, Global Energy Infrastructure Limited, Pakistan Gasport Limited, Kot Addu Power Company Limited, PK Energy, Vitol, Engro Corp Limited, SAF International, LNG Energy Limited, Iran Liquefied Gas Company, Trading Enterprises (Pvt.) Limited and Xpro Energy Limited. The primary objective behind inviting the EoIs through a print advertisement published on May 24, 2011, was to ascertain the number of parties interested in setting up LNG terminals and their state of preparedness so that SSGC can accordingly plan to modify and augment its system to help provide entry and exit points to the LNG terminal operators as well as the intended volume they can transport through the Company's system. The advertisement was the first logical step in encouraging interested parties to expedite setting up of LNG Terminals so that the imported gas is made available at the earliest in order to meet the growing shortage of gas to Pakistan's industrial and commercial customers.
5
Friday, July 22, 2011
South East Asian stocks
Jakarta hits record high, Bangkok in demand
Europe shares hit 2-wk closing high on debt plan optimism
KSE-100 Index Opening Closing Change % Change Turnover (mn)
KSE fails to breach 12,500 levels
12,433.17 12,474.77 41.60 0.33 70.32
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,172.52 3,206.94 34.42 1.08 2.73
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,781.62 2,785.96 4.34 0.16 0.02
Nawaz Ali
Major Gainers
Symbol
Close
Change
NESTLE 4,400.01 SRVI 197.05 JDWS 86.19 IDYM 343.20 BOC 103.72
89.02 9.38 4.07 3.82 3.47
Major Losers
Symbol
Close
Change
ULEVER 5,835.95 SHEZ 141.99 AABS 88.38 ATBA 235.16 POL 382.10
-46.91 -7.31 -4.41 -3.68 -2.99
Top 5 Volume Leaders
Symbol ANL FATIMA FFC BAFL AHCL
Close Vol (mn) 6.22 17.13 164.54 10.83 28.21
6.95 6.21 5.79 5.56 3.67
Active Issues Plus Minus Unchanged
137 102 108
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)
PRICES (Ex-Refinery) 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)
1,867 196 134 14 1,148 117 5,719 567 44 2 7,252 739 143 15
Rs 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
NEW YORK: Traders work on the floor of the Stock Exchange.-Reuters
SECP approves amendments in companies rules ISLAMABAD: As part of its mandate to develop an efficient primary market and encouragement of new listing at the stock exchanges, Securities and Exchange Commission of Pakistan (SECP) has reviewed the Companies (Issue of Capital) Rules, 1996 (CI Rules) and approved various amendments for efficient raising of funds against issue of shares. Earlier, the draft amendments of the CI Rules were published in the official gazette on September 8, 2010 for soliciting public opinion as required under sub-section (1) of Section 506 of the Companies Ordinance, 1984. The feedback/comments received from the public and the key stakeholders have been considered by the SECP and some of them have been incorporated. The CI Rules were promul-
gated in 1996 to regulate issue of share capital by companies and require companies to follow a set criterion while raising funds through initial public offerings (IPOs), right and bonus issues. The CI Rules also prescribe the procedure for issue of shares against consideration otherwise than in cash and disinvestment of shares by certain persons to the public. The main objective of the amendments to the CI Rules is to streamline the process of capital issue. While administering the CI Rules, it was observed that certain clauses were unclear and created hurdles for the issuers, who often approached the SECP to seek clarifications and/or relaxations. Furthermore, pursuant to the introduction of the book building process for offer of See # 16 Page 11
US stocks mid-day
Banks, transports lead Wall Streets
NEW YORK: US stocks advanced on Thursday led by banks after Morgan Stanley reported better-than-expected results and as details of a new Greece rescue plan emerged. Financials led all S&P sectors, boosted by Morgan Stanley, which outperforming Goldman Sachs Group Inc and other rivals as it gained market share in tough trading conditions. The S&P Financial Index rose 1.8 per cent and Morgan Stanley was up 8.2 per cent to $23.50. The Dow Jones industrial average jumped 111.82 points, or 0.89 per cent, at 12,683.73. The Standard & Poor's 500 Index was up 13.25 points, or 1.00 per cent, at 1,339.09. The Nasdaq Composite Index put on 13.59 points, or 0.48 per cent, at 2,827.82. The European Central Bank is willing to let Greece default on its sovereign debt, a major step that may pave the way to a deal to alleviate the country's debt crisis. Slow progress on resolving the region's sovereign MUMBAI: Indian shares profitability, fell to 5 per cent in debt woes has been a headwind dropped for a second day on the June quarter from 5.4 per for US equities in recent weeks. See # 19 Page 11 Thursday as quarterly earnings cent in the same period a year mostly indicated companies ago. were facing pressure on profit "The quarterly results are not margins, while the central bank encouraging. They are clearly was unlikely to ease its tighten- showing a pressure on margins ing policy due to stubbornly and are highlighting that inflahigh inflation. tion is not going to come down The 30-share BSE index soon and interest rates are not ended down 0.36 per cent, or going to slow down soon LONDON: Financials drove 66.19 points, at 18,436.19 in either," said Nilesh Doshi, pres- gains on Britain's top share choppy trade that saw the ident, equity research, Techno index on Thursday, as hopes a benchmark gain 0.3 per cent at Shares. solution could be found to one stage. Twenty-one compoThe main index has fallen Europe's sovereign debt crisis nents declined. nearly 11 per cent so far this boosted investor sentiment. Kotak Mahindra Bank year after a spate of rate The UK's benchmark index dropped 3 per cent after its net increases to fight high inflation, closed up 46.07 points or 0.8 interest margin, a key-gauge of See # 17 Page 11 per cent at 5,899.89, having endured a choppy session, trading in a 137 point range as nervous investors jostled positions awaiting an announcement from key debt talks in Brussels. The bulls won the day as TOKYO: The Nikkei stock Nidec Corp and TDK Corp slid European Union officials average on Thursday held on to after market leader Seagate seemed close to a deal to bail most of its strong gains made Technology's forecast for its out debt-stricken Greece with the day before, bolstered by July-September quarter missed the help of the private sector hopes that a debt deal for expectations and Intel Corp Greece will be struck at an EU trimmed its forecast for 2011 and with no new tax on banks. Sources said the European leaders' summit but capped computer sales, warning of Central Bank was willing to let near 10,000 by worries about softness in mature markets. the US debt ceiling. "Most investors are sticking Greece slip into temporary Banks and insurers led to the sidelines today ahead of default as part of a crisis advancers after their US peers the EU summit and as nothing response. "Potentially it's good news, posted strong gains, boosted by has been decided yet on the US a jump in US Bancorp shares debt ceiling issue," said Mitsuo but I think there are too many and after PNC Financial Shimizu, deputy general man- economic headwinds to make a definitive call that the worst is Services Group Inc's second- ager at Cosmo Securities. quarter net income beat anaThe benchmark Nikkei aver- now behind us," Peter Dixon, an economist at Commerzbank, lysts' estimates. age was flat at 10,010.39. said. But hard-drive parts makers See # 18 Page 11 "We've got to look at today's ANNOUNCEMENTS rally as simply a correction to Company Period Div/Bon/Right PAT (Rs in mn) EPS(Rs) some of the perhaps overly pesKhairpur Sugar 3rd Qtr 62.81 3.92 simistic sentiment that's crept Mirza Sugar 3rd Qtr 47.05 3.34 in over the past week." Pangrio Sugar 3rd Qtr -14.25 -1.31 See # 20 Page 11 Thal Industries 3rd Qtr 22.10 1.47
Indian shares drop 0.4pc
Financials lead rally at FTSE
Nikkei holds gains around 10,000
KARACHI: Despite continued offloading by the foreign investors, bulls managed to retain control over the Karachi Stock Exchange (KSE) on Thursday. Investors bought fertilizer and banking stocks ahead of corporate results of major companies. The benchmark KSE-100 index gained 41 points to close at 12,474 points; KSE-30 index was up by 19 points to close at 11,884 points and KSE allshare index grew by 28 points to close at 8,642 points. "Pre-result buying kept the index in the positive territory to close at 2-week high level", said Samar Iqbal, equity dealer at Topline Securities. Though, results season has started but it would pick pace in the coming days when major companies announce their corporate results.
Fertilizer sector remained the focus of attention as investors are highly optimistic about handsome payout with healthy earnings. Banking sector also came in limelight as the half year result announcement dates are approaching near, Samar added, Trading activities began on a negative note with market down by 8 points but bears could not stay longer as buying activities primarily in fertilizer and banking stocks then invited the bulls to the trading floor. Thereafter, index then remained in the grip of bulls till the closing bells. At a moment index touched an intra-day high of 12,504 points (+ve 71). However, due to some profit taking at higher levels, gains made earlier were reduced and market failed to sustain 12,500 levels at the close of the day. Foreign investors remained on the selling side where
according to NCCPL data, offshore investors did a net selling worth $7.04 million which totalled to a net selling of $18 million so far during the week. Zohaib Zaheer, analyst at Aba Ali Habib Securities said that volumes remained subdued as investors were cautious over foreign selling. Investor participation remained low as 70.3 million shares traded during the day which were 12.9 million shares less as compared to a turnover of 83.2 million shares a day earlier. Azgard Nine was the volume leader with 6.95 million shares followed by Fatima Fertilizer with 6.21 million shares and Fauji Fertilizer Company with 5.79 million shares. Out of total 347 active issues; 137 advanced and 102 declined while 108 issues reminded unchanged.
Hong Kong, China shares down HONG KONG: Chinese shares in Shanghai as well as Hong Kong finished lower on Thursday as a survey showed that manufacturing in China contracted for the first time in a year, adding to slowdown concerns even as inflation pressures remain. Cyclical stocks, in particular energy names, were hit after the HSBC flash purchasing managers' index (PMI) showed China's factory sector shrank in July while input prices rebounded sharply. The Shanghai Composite Index fell one per cent, its fourth-straight loss. The index was further weighed down by high money market rates which limit the ability of brokerages and funds to borrow money from banks to deploy in stock markets.
The China Enterprise Index of the top 40 Hong Kong-listed Chinese shares, also known as H-shares, closed down 0.5 per cent, underperforming the 0.1 per cent dip on the Hang Seng Index. "It's kind of funny. Everybody's waiting for CPI to peak...but inflation will still remain high for a while after that," said Larry Jiang, chief investment strategist at Guotai Junan Securities in Hong Kong. "If that's the case, then there isn't any compelling reason to enter the market right now, especially since the Chinese government won't change their position anytime soon." Oil giants PetroChina Ltd and Sinopec Corp were the top drags on the Shanghai Composite, with China Shenhua Energy Co Ltd plus
China's top two insurance companies, Ping An and China Life rounding the top five. HANG SENG LOSSES In Hong Kong, the 0.1 per cent slip in the Hang Seng Index left it at 21,987.3 points. Losses in Chinese oil heavyweight CNOOC outweighed gains in majors China Mobile and conglomerate Hutchison Whampoa. These last two stocks posted gains of about 2 per cent apiece on healthy volumes on a day of below-average turnover and rose above their respective 200day moving averages, suggesting they were poised for further gains. "Theoretically Hutchison should be exposed to more debt, but interestingly, its operation in Europe is not so tied to See # 21 Page 11
Dhiyan
LIGHT AT THE END OF TUNNEL Zia Shaafi, Senior equity dealer Pearl Securities Bulls are likely to stay in the market during the corporate results season. Further, discount rate is likely to be reduced in the upcoming monetary policy, which could trigger the market. The index is expected to cross 13,000 levels shortly. Investors are recommended to invest in blue chip stocks particularly banking stocks. Market would be positive today.
Faran Rizvi, Technical Analyst Invisor Securities Technical indicators suggest that bulls still control the market and the benchmark index is expected to touch 13,100 levels in the coming days. However, market has a strong intra-day support at 12,389 points. The rally would be lead by the stocks belonging to oil and fertilizer sectors. Investors are advised to invest in these sectors for long term. Market may be bullish today.
6
Friday, July 22, 2011
Market
KSE 100 Index
Symbols
Volume
70,323,335
Value
3,237,072,540
Trades
38,951
Advanced Declined Unchanged Total
Current High Low Change
137 102 108 347
All Share Index
12,474.77 12,504.84 12,433.17 h41.60
Current High Low Change
8,642.92 8,663.14 8,614.42 h28.50
OIL AND GAS
Paid up Cap(mn)
Company
PE
Open
High
High Low 1,593.13 1,568.94 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.51 32.54 Low
Close Chg
Last 60 days High Low
Volume
% Change -0.04 5-Day High 1,578.64 5-Day Low 1,552.35
2010 Div BR (%) (%)
691
6.87 378.79
382.00 378.00 380.03
1.24
72458
394.90
369.56
300
Attock Refinery BYCO Petroleum
853 3921
4.33 130.34 9.25
133.25 129.80 132.14 9.35 9.20 9.26
1.80 0.01
1295451 143.50 126410 10.10
120.40 7.93
-
2011 Div BR (%) (%)
20B115.00 -
-
-
-
Mari Gas Company 735 4.27 104.77 National Refinery 800 5.07 366.39 Oil & Gas Development 43009 10.45 155.02
105.45 103.00 104.43 -0.34 368.31 363.75 367.13 0.74 156.40 154.05 154.49 -0.53
5375 164077 352827
113.75 390.00 157.51
98.50 323.50 139.75
31 200 55
- 23.43 - 30.00
-
Pak Petroleum
216.50 212.50 215.22
1472685 219.70
202.50
90
20B100.00
-
7.87 212.55
2.67
Pak Oilfields Pak Refinery Limited
2365 8.43 385.09 350 43.94 79.06
385.00 380.60 382.10 -2.99 79.50 78.50 78.66 -0.40
882936 5629
391.69 89.25
321.10 77.01
255 -
-100.00 -
-
P.S.O Shell Pakistan
1715 685
263.89 259.70 260.09 -2.28 225.00 222.90 223.14 -0.80
373625 7915
291.50 233.00
258.21 207.50
80 120
- 80.00 -
-
3.72 262.37 7.93 223.94
Current High Low Change
11,884.09 11,924.56 11,849.57 h19.03
21,683.27 21,760.75 21,614.56 i3.19
CHEMICALS
Open 757.06 Turnover 26,847 P/E (x) 5.13 Company
Paid up Cap(mn)
Pak Int Cont.TerminalSPOT 1092 PNSC 1321
High Low 760.92 745.93 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.31 25.53
Close 754.10 Listed cap 3,242.17 mn Payout (%) 11.08
Change -2.96 Market cap 12,227.12 mn Div Yield (%) 2.16
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.36 7.20
80.35 24.56
81.00 24.24
79.25 24.00
79.98 -0.37 24.56 0.00
26446 401
91.20 29.65
67.31 22.90
Company
Paid up Cap(mn)
Agritech Limited
3924
PE
Open
-
17.14
Close 1,906.78 Listed cap 52,251.88 mn Payout (%) 48.81
Change 2.24 Market cap 391,688.64 mn Div Yield (%) 5.41
Last 60 days High Low
% Change 0.12 5-Day High 1,946.73 5-Day Low 1,898.47
2010 Div BR (%) (%)
2011 Div BR (%) (%)
High
Low
Close Chg
Volume
18.14
17.05
18.14 1.00
78186
22.68
-
-
-
7910
104.00
90.50
60
-
-
-
5806
167.00
154.41
135
25B
-
-
50 300B
-
250
7.81 100.25
104.00 100.81 103.72 3.47
Clariant Pak
341
4.85 158.52
159.02 158.70 158.85 0.33
16.60
-
Open 1,110.20 Turnover 67,424 P/E (x) 3.81 Paid up Cap(mn)
PE
Open
High
High Low 1,120.30 1,110.18 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.97 25.35 Low
Close Chg
Close 1,115.09 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Last 60 days High Low
Agriautos Ind 144 4.21 68.25 Atlas Battery 101 6.24 238.84 Atlas Engineering Ltd 247 18.94 39.50 Atlas Honda 719 7.73 121.92 Baluchistan Wheels Ltd. 133 1.31 27.91 Dewan Motors 1087 2.83 Ghandhara Nissan 450 3.15 Ghani Automobile Ind 200 5.85 3.36 Honda Atlas Cars 1428 - 10.20 Indus Motors 786 7.25 208.02 Pak Suzuki 823 14.42 64.00 Sazgar Engineering 150 1.16 24.00
68.01 68.01 68.25 0.00 240.90 234.00 235.16 -3.68 41.47 40.00 41.47 1.97 124.40 121.00 123.97 2.05 28.00 28.00 28.00 0.09 2.90 2.81 2.90 0.07 3.05 3.00 3.00 -0.15 3.35 3.15 3.10 -0.26 10.30 10.01 10.14 -0.06 210.40 209.50 209.97 1.95 64.26 64.00 64.02 0.02 23.70 23.50 23.52 -0.48
200 9430 4700 14016 560 16706 8000 3137 1700 290 6358 2137
73.00 241.00 41.47 160.00 35.70 3.46 4.41 3.80 11.58 232.53 72.50 24.90
68.00 206.00 35.00 112.10 27.91 1.50 2.16 2.90 9.00 201.00 61.35 22.01
4813
3.47
59.71
60.17
59.49
59.89 0.18
114174
66.00
56.10
-
FOOD PRODUCERS
Descon Chemical
1996
-
1.97
1.98
1.93
1.95 -0.02
19674
2.79
1.83
-
-
-
-
Performance of SR Food Producers Index
Descon Oxychem Ltd
1020
9.26
6.36
6.44
6.21
6.30 -0.06
258679
8.40
5.60
-
-
-
-
Dewan Salman
3663
-
2.51
2.59
2.43
2.50 -0.01
89623
3.65
2.11
-
-
-
-
Engro Corporation Ltd
3933
60
Engro Polymer
6635
Fatima Fertilizer
22000
-
10.17
-
17.07
112884
12.67
9.64
17.58
17.00
17.13 0.06
6206237
17.60
12.10
5785121 172.97
20B
-
-
- 27.5R
-
-
-
-
-
137.51
130
25B 45.00
-
46.81
46.98 0.13
1367704
47.78
41.10
65.5
- 12.50
-
725 10.76
12.80
12.85
12.60
12.80 0.00
43612
13.97
11.40
-
-
-
-
203358
160.00
148.02
175
-
-
-
17.11
12.43
1388 15142
Nimir Ind Chemical
148.75
10.24 0.07
47.39
9341
Lotte Pakistan
200.50
10.20
46.85
8482 10.13 164.52
Fauji Fert.Bin Qasim ICI Pakistan
675686
10.40
7.03
Fauji Fertilizer Ghani Gases Ltd
153.20 150.80 151.93 0.22
8.69 154.18
166.08 162.00 164.54 0.02
159.01 155.20 156.36 2.18
3.58
12.99
1106 13.09
2.94
3.05
2.49 101.44
100.45
Sitara Chem Ind
214
Sitara Peroxide
551
5.12
16.82
13.03
16.99
12.78
12.82 -0.17
881233
2.85
3.01 0.07
268916
-
-
-
-
3.30
2.26
-
-
-
-
96.37 100.45 -0.99
1785
104.25
94.67
25
5B
-
-
16.41
72186
19.42
16.05
-
-
-
-
16.55 -0.27
5
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,077.34 Turnover 8,020 P/E (x) 5.49 Company
High Low 1,087.09 1,075.95 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.41 7.47
Close 1,077.45 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
1.90 7.24
15.00 44.61 40.88
15.20 44.50 41.20
15.00 44.50 40.80
15.00 0.00 44.50 -0.11 40.90 0.02
5800 600 1620
Century Paper Pak Paper Product Security Paper
Change 0.11 Market cap 2,973.54 mn Div Yield (%) 4.61
Last 60 days High Low 18.00 45.59 42.80
14.31 39.36 37.00
% Change 0.01 5-Day High 1,085.50 5-Day Low 1,069.57
2010 Div BR (%) (%) 2533.33B 50 -
2011 Div BR (%) (%) -
-
Open 2,365.40 Turnover 291,599 P/E (x) 59.16 Company AL-Abbas Sugar AL-Noor Sugar Colony Sugar Mills Crescent Sugar Dewan Sugar Habib Sugar Haseeb Waqas J D W Sugar Mirpurkhas Sugar Mirza Sugar National Foods Nestle Pakistan Noon Sugar Punjab Oil Quice Food S S Oil Sakrand Sugar Shakarganj Mills Tandlianwala
Paid up Cap(mn) 174 186 990 214 365 750 324 539 84 141 414 453 165 54 107 57 223 695 1177
PE
Company
Paid up Cap(mn)
Crescent Steel
565
Dost Steels Ltd
675
Huffaz Pipe XD
PE 1.81 -
555 22.14
International Ind
1199
9.13
Open 26.75 2.50
High 26.95 2.45
Low 26.61 2.32
Close Chg 26.76 0.01 2.43 -0.07
Close 1,031.01 Listed cap 3,596.11 mn Payout (%) 30.91
Change -0.02 Market cap 15,408.29 mn Div Yield (%) 11.43
Last 60 days High Low
Volume 553503
29.75
5020
25.70
3.10
30
1.62
12.01
12.40 -0.04
10057
12.95
11.05
-
51.01
51.50
51.00
51.06 0.05
12600
52.75
48.52
40
2011 Div BR (%) (%)
- 20.00
-
12.50
-
-
-
25B 15.00
-
20B
-
15
Company
Paid up Cap(mn)
Diamond Ind Pak Elektron Singer Pak Tariq Glass Ind
Company
Change 0.57 Market cap 64,778.52 mn Div Yield (%) 2.98
PE
Open
High
Low
Close Chg
3657
-
2.38
2.54
2.36
2.54 0.16
1511
3.25
2.35
1000
Al-Abbas Cement Attock Cement
Last 60 days High Low
% Change 0.07 5-Day High 871.23 5-Day Low 859.19
2010 Div BR (%) (%) - 100R 50
-
2011 Div BR (%) (%) -
-
-
-
866
6.26
48.97
49.49
49.45
49.48 0.51
56.01
48.00
Berger Paints
182
-
14.39
14.40
13.85
13.85 -0.54
2379
16.50
12.76
- 122R
-
-
Cherat Cement
956 42.86
9.00
9.25
9.00
9.00 0.00
2020
10.60
8.50
-
-
-
-
Dadabhoy Cement
982 15.85
1.95
2.23
1.50
2.06 0.11
29113
2.24
1.50
-
-
-
2843
-
Dewan Cement
3891
-
1.65
1.82
1.65
1.66 0.01
2.67
1.36
-
-
-
-
DG Khan Cement Ltd
4381 31.41
23.46
23.85
23.49
23.56 0.10
863940
25.85
21.31
-
20R
-
20R
Fauji Cement
6933
7.03
4.08
4.18
4.05
4.08 0.00
293753
5.04
3.99
-
-
-
92R
Fecto Cement
502
4.44
5.15
5.70
4.66
5.15 0.00
2628
7.44
4.55
-
-
-
-
1760
-
1.24
1.28
1.22
1.24 0.00
22650
1.95
1.20
-
-
-
-
77
-
2.95
3.00
2.46
3.00 0.05
5201
3.87
1.35
-
-
-
-
4003
-
5.60
6.21
5.50
5.83 0.23
1115
10.48
4.25
-
-
-
-
Flying Cement Ltd Frontier Ceramics Gharibwal Cement Kohat Cement
1288
Lafarge Pakistan Cmt.
-
6.15
6.10
5.95
6.00 -0.15
580099
7.60
5.85
-
-
-
-
13126 66.00
2.78
2.75
2.60
2.64 -0.14
466675
3.35
2.10
-
-
-
-
1196256
77.43
66.93
40
-
-
-
Lucky Cement
3234
5.92
72.60
74.08
72.15
72.88 0.28
Maple Leaf Cement
5267
-
2.05
2.09
2.05
2.06 0.01
50883
3.05
1.97
-
-
-
-
Pioneer Cement
2271
-
5.50
5.58
5.30
5.30 -0.20
504
6.34
4.50
-
-
-
-
Safe Mix Concrete
200
-
5.01
5.50
5.50
5.50 0.49
1000
6.34
4.17
-
-
-
-
Shabbir Tiles
721
-
6.75
6.99
6.50
6.96 0.21
1420
7.49
5.25
-
-
- 100R
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 974.55 Turnover 35,775 P/E (x) 2.74 Company Cherat Packagin ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd
High Low 967.52 960.27 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.20 43.91
Close 973.32 Listed cap 3,043.31 mn Payout (%) 15.55
Change -1.24 Market cap 36,167.06 mn Div Yield (%) 5.67
% Change -0.13 5-Day High 977.63 5-Day Low 971.50
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
172 230
2.31 -
46.15 1.37
47.50 1.45
46.30 1.31
47.06 0.91 1.42 0.05
25600 5163
54.48 1.90
46.00 1.10
20 -
25B -
-
50R -
1067 5.46 389 2.36 47 11.86
54.31 11.50 25.28
54.20 12.05 26.49
53.61 11.10 26.49
53.70 -0.61 11.83 0.33 26.45 1.18
8812 20397 1001
58.50 15.21 29.50
51.50 9.78 24.02
25 -
10B -
-
-
118.00
101.75
32.5
-
-
-
844 17.19 103.07
103.77 103.10 103.11 0.04
370
2010 Div BR (%) (%)
2011 Div BR (%) (%)
INDUSTRIAL ENGINEERING Performance of SR Industrial Engineering Index Open 1,778.76 Turnover 53,878 P/E (x) 8.51
High Low 1,786.27 1,765.05 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 3.23 38.02
Close 1,782.41 Listed cap 1,336.62 mn Payout (%) 131.49
Change 3.66 Market cap 35,325.82 mn Div Yield (%) 15.45
Company
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
66
3.72
9.76
10.15
9.90
10.16
0.40
9114
10.15
7.70
-
-
-
-
AL-Khair Gadoon
100
-
5.25
4.31
4.30
4.31 -0.94
2000
6.25
4.25
-
-
-
-
AL-Ghazi Tractor
215
4.04 233.57
244.00
214.00
-
-
-
Ghandhara Ind
213
9.52
8.00
-
-
-
KSB Pumps
132
-
31.41
-
-
-
Millat Tractors
366
25B325.00
-
Pak Engineering
57
-
56.20
238.99 230.50 233.71
2010 Div BR (%) (%)
0.14
1254
8.00
8.00
8.00
0.00
500
7.60
-
31.94
30.30
31.85
0.44
3137
43.62
30.30
12.5
611.50 605.10 610.35
1.30
37637
625.80
512.50
650
0.00
213
107.70
56.10
100
57.70
56.76
56.20
9.78
-4.41 0.68 0.10 -0.65 -0.22 0.37 -0.22 4.07 -1.22 -0.16 2.20 89.02 1.00 0.00 0.01 -0.05 -0.04 -0.04 0.00
Volume
90 100 50 25 150 5 10
Last 60 days High Low
2011 Div BR (%) (%)
20B 15B 65.00 - 50.00 20B 10.00
Change 5.35 Market cap 347,400.62 mn Div Yield (%) 0.52
500 103.49 88.20 2455 54.20 37.20 14501 3.24 1.51 500 11.91 7.00 17126 3.85 2.16 104094 28.00 23.00 999 12.50 8.25 26527 86.22 72.75 529 53.00 39.51 74872 3.50 2.35 1678 88.00 61.70 178 5675.00 3299.00 23339 20.99 14.16 508347 43.74 38.00 6000 3.50 2.20 3500 6.45 3.80 13500 3.40 1.75 791 6.99 5.00 200 60.30 47.09
High Low 667.18 646.16 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.18 10.64
PE
Open
High
Low
8.25 6.45 15.72 10.35
9.02 6.75 15.80 11.00
9.02 6.45 15.50 10.35
2010 Div BR (%) (%)
15B -
% Change 0.23 5-Day High 2,387.38 5-Day Low 2,353.97 2011 Div BR (%) (%)
50 50 25 25B 10 7010B 12.5R 15 20B 10 12 750 15 28R 10 -
10R 10B -
Close Chg 8.25 6.51 15.50 10.56
0.00 0.06 -0.22 0.21
Close 649.78 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 232 7527 1726 9500
Change 2.53 Market cap 4,355.22 mn Div Yield (%) 3.75
Last 60 days High Low
2010 Div BR (%) (%)
10.18 10.49 20.35 13.64
17.5
7.50 6.06 13.10 10.25
10B 10B -
% Change 0.39 5-Day High 659.14 5-Day Low 647.24 2011 Div BR (%) (%) - 200R
PERSONAL GOODS Open 960.59 Turnover 7,697,344 P/E (x) 6.07
400
Company
Paid up Cap(mn)
Accord Textile AL-Qadir Textile Amtex Limited Artistic Denim Azgard Nine Bannu Woolen XD Bata (Pak) Bilal Fibres Blessed Tex Mills Chakwal Spinning Chenab Limited Crescent Jute Crescent Textile D S Ind Ltd Dewan Farooque Spin. Dewan Mushtaq Textile Faisal Spinning Ghazi Fabrics Gul Ahmed Textile Gulistan Spinning Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres Idrees Textile Indus Dyeing Int Knitwear Kohinoor Ind Kohinoor Textile Maqbool Textile Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Ravi Textile Reliance Weaving Saif Textile Sajjad Textile Sargoda Spinning Service Ind Service Textile Shadman Cot Taj Textile Thal Ltd Treet Corp
93 76 2594 840 4493 76 76 141 64 400 1150 238 492 600 978 34 100 326 635 146 222 716 3105 180 181 32 303 2455 168 145 187 1621 3516 560 250 308 264 213 312 120 44 176 334 307 418
-
PE
-
High
Low
Close Chg
0.20 0.20 0.20 -0.05 11.50 9.50 11.50 1.00 2.75 2.63 2.70 0.05 26.34 25.10 25.50 0.30 6.40 6.04 6.22 0.21 15.70 15.70 15.70 -0.40 680.00 660.00 663.30 3.28 0.75 0.75 0.75 -0.25 88.00 80.10 87.48 3.46 1.50 1.41 1.47 0.05 2.00 1.63 1.70 -0.09 0.93 0.70 0.79 0.00 15.75 13.85 15.75 0.90 1.06 1.00 1.04 0.00 2.10 1.82 1.82 0.12 4.09 3.50 3.50 0.08 45.99 45.99 45.99 2.19 4.75 4.25 4.67 0.39 50.95 49.90 50.11 1.11 7.75 7.75 7.99 0.00 10.50 10.01 10.08 -0.07 4.18 3.70 3.72 -0.08 37.90 37.90 37.90 -0.32 5.04 4.50 4.99 0.29 356.20 339.95 343.20 3.82 5.88 3.88 5.86 0.98 1.10 1.10 1.10 0.04 3.70 3.00 3.00 -0.10 11.10 10.75 11.10 1.00 0.75 0.38 0.58 0.08 15.50 15.10 15.10 -0.16 21.10 20.65 20.75 -0.07 52.69 51.01 51.35 -0.79 20.45 18.99 19.98 0.00 0.96 0.85 0.96 0.01 11.95 11.40 11.40 0.20 8.10 8.00 8.10 0.50 1.05 0.91 1.05 0.15 3.50 3.40 3.47 0.57 197.05 189.90 197.05 9.38 0.70 0.60 0.70 -0.19 23.94 22.00 22.80 0.00 0.20 0.20 0.20 -0.10 99.50 98.00 98.10 -1.59 53.85 52.70 52.81 -0.23
Close 964.17 Listed cap 47,070.70 mn Payout (%) 16.68
Volume 500 8204 77851 10011 6947071 1000 170 500 9104 699 780 102 5700 2706 501 1706 500 1600 818 191 2188 13020 1100 7002 370 4811 600 1027 3000 620 2200 91197 312939 188 13087 2500 10600 501 6820 19698 1500 325 500 109944 21085
Change 3.58 Market cap 122,095.74 mn Div Yield (%) 2.75
Last 60 days High Low 0.30 11.70 3.76 27.10 7.09 19.59 683.00 1.97 93.75 3.00 2.57 1.60 16.87 1.39 4.18 5.00 45.99 8.00 52.50 9.00 12.16 4.80 49.00 5.74 398.00 8.29 1.75 5.25 11.10 1.39 17.95 29.09 65.00 20.62 1.30 14.00 11.40 1.70 4.69 198.90 0.89 23.94 1.01 108.00 59.20
2010 Div BR (%) (%)
% Change 0.37 5-Day High 964.17 5-Day Low 960.59 2011 Div BR (%) (%)
0.20 9.50 10 1.81 - 30B 20.60 20 4.40 14.70 20 411.00 280 0.75 56.07 50 0.76 5 1.55 0.26 12.50 15 0.90 1.56 2.80 40.25 50 4.00 10 47.50 12.5 6.30 10 9.52 10 20B 3.60 10 37.05 20 3.80 10 276.70 50 - 50.00 3.26 6 0.75 2.83 8.25 22.5 0.16 14.10 20SD 20.00 15 48.80 25 45R 17.01 0.53 10.70 25SD 7.00 0.90 2.51 5 164.00 75 0.25 12.90 5 0.11 97.00 80 20B 47.95 50 900B -
-
Performance of SR Pharma and Bio Tech Index Open 993.60 Turnover 23,764 P/E (x) 6.59
2011 Div BR (%) (%)
-
Open
0.25 1.16 10.50 2.65 8.07 25.20 6.01 0.66 16.10 7.81 660.02 0.59 1.00 0.84 84.02 0.59 1.42 1.79 0.79 4.23 14.85 1.04 1.20 1.70 0.18 3.42 0.63 43.80 0.47 4.28 3.17 49.00 0.43 7.99 0.42 10.15 0.74 3.80 2.71 38.22 1.91 4.70 3.27 339.38 4.88 1.06 3.45 3.10 2.40 10.10 0.50 0.61 15.26 3.19 20.82 4.56 52.14 2.49 19.98 0.95 0.59 11.20 0.28 7.60 0.90 1.44 2.90 3.36 187.67 0.18 0.89 21.11 22.80 0.30 - 99.69 6.60 53.04
High Low 975.96 960.57 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.52 8.64
PHARMA AND BIO TECH
% Change 0.21 5-Day High 1,803.25 5-Day Low 1,778.76
Ados Pak
9.27 609.05
Close Chg
Close 2,370.75 Listed cap 11,335.33 mn Payout (%) 30.57
2010 Div BR (%) (%)
% Change 0.44 5-Day High 1,115.09 5-Day Low 1,100.96
Performance of SR Personal Goods Index
Paid up Cap(mn)
Volume
Low
90 1219 375 119.23 693 1.39
CONSTRUCTION AND MATERIALS Close 871.23 Listed cap 54,792.74 mn Payout (%) 19.04
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
42.53
Total Assets (Rs in mn)
8,673.38
MA (10-day)
6.03
Total Equity (Rs in mn)
1,960.97
MA (100-day)
6.44
Revenue (Rs in mn)
3,692.04
MA (200-day)
6.41
Interest Expense
1st Support
5.90
Loss after Taxation
2nd Support
5.85
EPS 10 (Rs)
1st Resistance
6.05
Book value / share (Rs)
2nd Resistance
6.15
PE 11 E (x)
Pivot
6.00
PBV (x)
658.59 (327.78) (2.546) 15.23 0.39
KOHC closed down -0.15 at 6.00. Volume was 1,725 per cent above average (trending) and Bollinger Bands were 55 per cent narrower than normal. The company's loss after taxation stood at Rs61.118 million which translates into a Loss Per Share of Rs0.47 for the nine months of fiscal year (9MFY11). KOHC is currently 6.4 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume out of KOHC (bearish). Trend forecasting oscillators are currently bearish on KOHC.
Crescent Steel & Allied Products Ltd
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
46.71
Total Assets (Rs in mn)
4,436.30
MA (10-day)
27.06
Total Equity (Rs in mn)
2,622.61
MA (100-day)
27.25
Revenue (Rs in mn)
3,704.39
MA (200-day)
26.88
Interest Expense
121.91
1st Support
26.55
Profit after Taxation
416.55
2nd Support
26.41
EPS 10 (Rs)
7.378
Book value / share (Rs)
46.45
1st Resistance
26.89
2nd Resistance
27.09
PE 11 E (x)
2.42
Pivot
26.75
PBV (x)
0.58
CSAP closed up 0.01 at 26.76. Volume was 1,532 per cent above average (trending) and Bollinger Bands were 24 per cent narrower than normal. The company's profit after taxation stood at Rs467.274 million which translates into an Earning Per Share of Rs8.28 for the nine months of fiscal year (9MFY11). CSAP is currently 0.4 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 very strong flows of volume out of CSAP (bearish). Trend forecasting oscillators are currently bearish on CSAP.
JS Bank Limited
HOUSEHOLD GOODS
Performance of SR Construction and Materials Index High Low 885.74 862.74 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.45 7.10
High
Open 647.24 Turnover 19,007 P/E (x) 1.67
% Change 0.00 5-Day High 1,032.08 5-Day Low 1,024.38
2010 Div BR (%) (%)
12.44
Open 870.67 Turnover 3,524,039 P/E (x) 6.40
2011 Div BR (%) (%)
- 50SD -
Performance of SR Household Goods Index
Performance of SR Industrial Metals and Mining Index High Low 1,038.43 1,026.74 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 0.90 33.10
Open
High Low 2,394.35 2,339.56 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 17.93 30.30
5.00 92.79 88.50 88.20 88.38 2.24 38.31 39.00 37.20 38.99 3.28 2.00 2.25 2.05 2.10 - 11.15 10.50 10.50 10.50 2.51 2.50 2.25 2.29 4.73 26.20 27.51 26.00 26.57 8.50 9.00 8.25 8.28 1.71 82.12 86.22 81.50 86.19 3.11 49.50 49.00 48.00 48.28 0.55 2.60 2.80 2.35 2.44 13.01 73.11 75.45 74.00 75.31 33.40 4310.99 4425.00 4311.00 4400.01 1.56 16.00 17.00 17.00 17.00 3.07 40.00 40.00 40.00 40.00 5.11 2.24 2.25 2.25 2.25 0.30 4.32 4.30 4.27 4.27 22.36 2.50 2.48 2.46 2.46 1.07 5.35 5.99 5.00 5.31 14.97 53.00 52.50 52.49 53.00
INDUSTRIAL METALS AND MINING Open 1,031.02 Turnover 581,180 P/E (x) 2.71
40 15
Change 4.90 Market cap 41,279.82 mn Div Yield (%) 5.35
Dawood Hercules
6.79 151.71
2010 Div BR (%) (%)
AUTOMOBILE AND PARTS
Company
High Low 1,924.97 1,884.93 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.16 35.00
BOC (Pak)
Kohat Cement Company Limited
% Change -0.39 5-Day High 783.31 5-Day Low 754.10
Performance of SR Automobile and Parts Index
Performance of SR Chemicals Index Open 1,904.54 Turnover 9,967,129 P/E (x) 9.03
Alert ! Unusual Movements
Performance of SR Industrial Transportation Index
Close Change 1,578.00 -0.64 Listed cap Market cap 65,194.15 mn 1,153,416.68 mn Payout (%) Div Yield (%) 55.94 5.18
Attock Petroleum
11950
Current High Low Change
KMI 30 Index
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,578.64 Turnover 4,632,978 P/E (x) 10.80
KSE 30 Index
Company Abbott (Lab) XD Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Searle Pak
Paid up Cap(mn) 979 250 2019 182 200 306
High Low 1,003.08 987.55 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.47 22.31
PE
Open
High
Low
5.89 7.71 10.71 6.75 4.18 5.85
95.50 94.19 75.00 29.75 10.48 60.23
96.50 93.41 75.50 29.15 10.20 62.80
94.50 93.00 74.80 29.15 10.20 59.85
Close 992.63 Listed cap 3,904.20 mn Payout (%) 44.54
Change -0.96 Market cap 32,576.77 mn Div Yield (%) 6.76
Close Chg
Volume
Last 60 days High Low
96.10 93.17 75.00 29.15 10.20 60.00
3008 314 240 540 500 19062
96.90 98.73 79.99 33.45 11.89 62.80
0.60 -1.02 0.00 -0.60 -0.28 -0.23
87.26 88.21 71.00 24.51 9.00 54.00
2010 Div BR (%) (%) 50 40 25 30
% Change -0.10 5-Day High 1,004.46 5-Day Low 992.63 2011 Div BR (%) (%)
20B 12.50 15B 10B -
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
35.15
Total Assets (Rs in mn)
32,894.92
MA (10-day)
2.23
Total Equity (Rs in mn)
5,654.56
MA (100-day)
2.57
Revenue (Rs in mn)
2,527.30
MA (200-day)
2.59
Interest Expense
1,806.71
1st Support
2.11
Loss after Taxation
(594.94)
2nd Support
2.01
EPS 09 (Rs)
1st Resistance
2.30
Book value / share (Rs)
2nd Resistance
2.39
PE 10 E (x)
Pivot
2.20
PBV (x)
(0.98) 9.23 42.86 0.23
JSBL closed down -0.04 at 2.16. Volume was 1 per cent above average and Bollinger Bands were 28 per cent narrower than normal. The company's profit after taxation stood at Rs10.254 million which translates into an Earning Per Share of Rs0.0126 for the 1st quarter of current calendar year (1QCY11). JSBL is currently 16.5 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 JSBL (mildly bearish). Trend forecasting oscillators are currently bearish on JSBL.
Pakistan Reinsurance Company Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
41.37
Total Assets (Rs in mn)
12,372.62
MA (10-day)
15.80
Total Equity (Rs in mn)
6,785.66
MA (100-day)
16.80
Revenue (Rs in mn)
2,170.95
MA (200-day)
16.46
Interest Expense
1st Support
15.35
Profit after Taxation
2nd Support
15.15
EPS 09 (Rs)
1st Resistance
15.90
Book value / share (Rs)
2nd Resistance
16.25
PE 10 E (x)
5.40
Pivot
15.70
PBV (x)
0.69
0.00 269.91 0.90 22.62
PAKRI closed down -0.35 at 15.56. Volume was 63 per cent below average (consolidating) and Bollinger Bands were 87 per cent narrower than normal. The company's profit after taxation stood at Rs214.513 million which translates into an Earning Per Share of Rs0.72 for the 1st quarter of current calendar year (1QCY11). PAKRI is currently 5.5 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into PAKRI (mildly bullish). Trend forecasting oscillators are currently bearish on PAKRI.
BOOK CLOSURES Company
From
To
Service Industries #
23-Jul
30-Jul
-
-
Gulshan Spinning Mills #
24-Jul
01-Aug
-
-
Paramount Spinning Mills #
24-Jul
01-Aug
D/B/R
-
-
Spot AGM/Date
Gulistan Spinning Mills #
24-Jul
01-Aug
-
-
01-Aug
(TFC) Bank Al Habib
25-Jul
06-Aug
-
-
-
Singer Pak #
25-Jul
04-Aug
-
-
04-Aug
(TFC) Engro Corporation
25-Jul
31-Jul
-
-
-
Pak Int Cont Term
27-Jul
03-Aug
50(S.D)
19-Jul
03-Aug
Ruby Textile Mills
29-Jul
04-Aug
33.20(R)
21-Jul
-
Al-Meezan Mutual Fund
29-Jul
04-Aug
-
-
(TFC) United Bank
31-Jul
13-Aug
-
-
Silkbank Limited #
03-Aug
10-Aug
-
-
KASB Bank
03-Aug
06-Aug
105.16(R) -
-
Trust Investment Bank #
05-Aug
12-Aug
-
-
12-Aug
General Tyre & Rubber #
07-Aug
18-Aug
-
-
18-Aug
30-Jul 01-Aug 01-Aug
10-Aug
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols Johnson & Philips TRG Pakistan Ltd. Murree Brewery Co. Shezan International Grays of Cambridge Pak Hotels P.I.A.C.(A) Pace (Pak) Ltd. Netsol Technologies Pak Telephone
Open 9 2.46 111.51 149.3 34.68 27.9 2.14 2.03 20.75 3.01
High 10 2.49 112.35 144.23 35.4 29.2 2.25 2.15 20.99 3.15
Low Close 9.9 2.4 111 141.84 35 29.2 2.17 2.01 20.75 3.15
9 2.42 111 141.99 35.28 29.2 2.17 2.1 20.79 3.15
Change 0 -0.04 -0.51 -7.31 0.6 1.3 0.03 0.07 0.04 0.14
Vol 166 128359 6405 718 526 1000 54498 393034 73499 500
7
Friday, July 22, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 831.94 Turnover 946,052 P/E (x) 4.15 Paid up Cap(mn)
Company Pak Datacom Pak.Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 842.40 829.22 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.53 12.84
PE
Open
High
Low
Close Chg
78 28.85 37740 10.64 3000 2.42 8606 6175 -
29.54 12.96 1.42 1.78 1.99
30.00 13.05 1.52 1.89 2.09
30.00 12.91 1.42 1.78 1.95
30.00 12.98 1.43 1.80 1.96
0.46 0.02 0.01 0.02 -0.03
Close 834.01 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 500 701953 20603 222996 61119
Change 2.07 Market cap 52,410.02 mn Div Yield (%) 15.09
% Change 0.25 5-Day High 842.89 5-Day Low 825.43
Last 60 days High Low
2010 Div BR (%) (%)
41.98 17.70 1.94 2.50 3.09
80 17.5 1 -
28.71 12.65 1.31 1.75 1.92
2011 Div BR (%) (%)
- 15.00 -
Atlas Insurance Central Insurance Century Insurance EFU General Insurance Habib Insurance IGI Insurance Pak Reinsurance Premier Insurance Reliance Insurance Shaheen Insurance Silver Star Insurance Universal Insurance
443 3.60 391 1.29 457 4.39 1250 12.91 450 7.64 970 5.92 3000 5.40 303 3.57 284 5.03 250 9.08 291 0.86 263 -
29.01 61.54 7.90 34.34 11.02 72.06 15.91 7.98 8.25 13.44 5.20 1.50
Paid up Cap(mn)
Company
Genertech Hub Power Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Sitara Energy Ltd Southern Electric Tri-star Power XD
198 11572 1560 7932 1695 126 8803 3673 3541 191 1367 150
Close 1,370.31 Listed cap 95,369.29 mn Payout (%) 104.13
Change 4.48 Market cap 112,217.37 mn Div Yield (%) 7.79
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.80 5.36 2.33 5.49 2.58 2.31 5.26 -
0.54 38.90 1.07 2.05 17.75 3.00 42.71 14.20 15.73 19.38 1.23 0.79
0.55 39.25 1.17 2.20 18.00 3.00 42.95 14.69 16.38 19.00 1.40 0.95
0.54 38.50 1.09 2.10 17.75 2.55 42.52 14.20 15.75 19.00 1.22 0.83
0.55 0.01 38.84 -0.06 1.10 0.03 2.17 0.12 17.75 0.00 3.00 0.00 42.80 0.09 14.36 0.16 16.18 0.45 19.00 -0.38 1.25 0.02 0.79 0.00
5100 2327930 8130 180418 10001 104 18065 329085 868010 500 7353 200
0.80 39.45 1.70 2.57 18.00 3.95 44.19 17.25 17.70 23.26 1.69 1.27
0.16 36.70 0.97 2.03 15.60 2.11 41.75 13.47 15.39 18.25 1.13 0.36
% Change 0.33 5-Day High 1,370.31 5-Day Low 1,353.95
2010 Div BR (%) (%) 50 25 50 20 -
7.8R -
Open 918.99 Turnover 4,013 P/E (x) 5.27
-
GAS WATER AND MULTIUTILITIES
Paid up Cap(mn)
Company
Paid up Cap(mn)
Company Sui North Gas Sui South Gas
PE
5491 14.28 8390 4.54
Open
High Low 1,271.86 1,253.70 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.93 11.41
High
20.00 20.09
20.00 20.12
Low 19.60 19.95
Close Chg 19.99 -0.01 20.10 0.01
Close 1,270.91 Listed cap 12,202.80 mn Payout (%) 66.79
Volume 85039 352979
Last 60 days High Low 23.60 23.75
17.64 19.95
% Change 0.00 5-Day High 1,282.20 5-Day Low 1,268.41
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
Performance of SR Banks Index Open 1,124.57 Turnover 14,463,479 P/E (x) 7.25 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
6.23 63.93 5.37 11.31 5.70 10.54 6.11 28.93 1.90 4.40 6.69 10.62 4.00 4.86 9.58 7.50 120.01 5.50 19.00 43.20 2.20 1.44 7.97 196.07 6.08 17.85 4.30 53.55 1.44 21.25 1.75 15.25 2.43 2.52 4.96 6.50 7.65 3.37 7.14 60.76
High Low Close 1,141.90 1,122.07 1,133.77 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.01 13.94 40.49
High
Low
Close Chg
63.77 63.02 63.15 -0.78 12.05 11.35 11.81 0.50 10.87 10.51 10.83 0.29 29.05 28.80 28.83 -0.10 4.65 4.25 4.26 -0.14 6.95 6.67 6.75 0.06 4.05 3.93 3.93 -0.07 10.58 9.80 10.50 0.92 120.99 119.16 120.08 0.07 19.20 18.76 19.15 0.15 2.29 2.10 2.16 -0.04 1.49 1.41 1.45 0.01 198.15 196.36 197.25 1.18 17.90 17.50 17.75 -0.10 55.03 53.50 54.69 1.14 1.46 1.42 1.43 -0.01 1.72 1.69 1.70 -0.05 2.58 2.43 2.44 0.01 5.09 4.95 5.04 0.08 8.07 7.81 8.06 0.41 3.79 3.38 3.52 0.15 60.98 60.50 60.79 0.03
Volume
Change 9.20 Market cap 671,491.79 mn Div Yield (%) 5.59
Last 60 days High Low
5356 68.99 1247752 12.35 5557653 11.02 95055 29.98 4754 6.25 2192304 7.35 46560 4.09 1025329 10.58 136260 123.90 40963 22.45 112337 3.00 6984 1.77 230697 210.95 3016 19.49 2528882 55.15 522061 2.01 51120 2.18 396909 3.06 121776 6.69 5134 9.37 424331 4.75 132577 65.01
60.00 10.79 9.42 28.25 4.25 4.51 3.25 9.00 114.10 17.00 2.06 1.16 190.99 16.60 49.51 1.42 1.62 2.34 4.91 7.53 2.67 60.22
% Change 0.82 5-Day High 1,133.77 5-Day Low 1,124.57
2010 Div BR (%) (%)
NON LIFE INSURANCE Open 723.62 Turnover 571,059 P/E (x) 9.26 Paid up Cap(mn)
Company
Adamjee Insurance XD
PE
1237
Open
6.73
62.68
High Low 730.83 716.10 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.48 5.20
High 62.98
Low 62.65
Close Chg 62.69 0.01
Close 720.58 Listed cap 11,111.34 mn Payout (%) 79.54
Volume 11066
Last 60 days High Low 69.90
62.00
% Change -0.42 5-Day High 735.22 5-Day Low 720.58
2010 Div BR (%) (%) 25
2011 Div BR (%) (%)
-
-
-
Close 909.87 Listed cap 2,290.72 mn Payout (%) 355.53
Change -9.12 Market cap 10,090.78 mn Div Yield (%) 5.68
Last 60 days High Low
2010 Div BR (%) (%)
2011 Div BR (%) (%)
Close Chg
1.70
1.70 0.30
3601
2.24
1.11
-
10R
-
-
EFU Life Assurance
850
69.99
68.00
68.04 -1.24
402
73.25
50.70
50
-
-
-
9.56
69.28
Volume
% Change -0.99 5-Day High 930.44 5-Day Low 906.02
Low
FINANCIAL SERVICES Performance of SR Financial Services Index Open 288.61 Turnover 2,974,342 P/E (x) 11.48 Company
High Low 296.93 284.34 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.18 0.91
Close 288.53 Listed cap 30,336.44 mn Payout (%) 99.56
Change -0.08 Market cap 14,175.07 mn Div Yield (%) 4.94
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
225
0.83
0.40
0.42
0.36
0.40 0.00
512
0.64
0.26
360
5.06
19.92
23.49
18.94
450 19.97
AMZ Ventures
Last 60 days High Low
Volume
% Change -0.03 5-Day High 288.65 5-Day Low 284.98
2010 Div BR (%) (%) -
-
2011 Div BR (%) (%) -
19.60
19.83 -0.09
928
-
20B
19.25
18.70
18.97 0.02
53741
20.20
12.01
-
20B
-
-
3.78
28.07
28.80
28.01
28.21 0.14
3665363
28.80
20.53
30
-
-
-
Cap Assets Leasing
107
1.35
1.51
1.51
1.00
1.51 0.00
200
2.95
0.81
-
-
-
-
Dawood Equities
250
-
1.24
1.25
1.20
1.20 -0.04
4178
1.80
1.01
-
-
-
-
IGI Investment Bank
2121
6.95
1.40
1.49
1.32
1.32 -0.08
1005
1.99
1.15
-
-
-
-
Invest Bank
2849
-
0.36
0.53
0.38
0.36 0.00
345
1.20
0.22
-
-
-
-
Ist Cap Securities
3166
-
2.60
2.60
2.35
2.60 0.00
48865
3.27
2.22
-
10B
-
-
Ist Dawood Bank
-
-
20.90
18.95
3750
-
626
0.70
1.50
1.64
1.55
1.55 0.05
3225
1.96
1.30
-
-
-
-
Jah Siddiq Co
7633
-
7.44
7.60
7.40
7.45 0.01
1481363
8.34
4.82
10
-
-
-
JOV and CO
508
-
2.58
2.73
2.56
2.57 -0.01
63645
3.40
2.31
-
-
-
-
500
5.75
19.85
20.00
19.25
20.00 0.15
1600
22.94
16.42
50
-
-
-
1000 43.00
5.05
5.93
5.05
5.16 0.11
1050391
6.43
4.10
-
-
-
-
JS Global Cap
UPTO 100 VOLUME Symbols GTYR MFTM MWMP PNGRS SAPL SNAI TRPOL BIFO EXIDE AGSML ZIL DLL ILTM PMRS PASM GATI MOON UNIC JVDC COLG COTT TRIPF ULEVER AASM HINO AATM ARM DYNO PAKMI TSMF FECS IFSL HMIM PKGI AGIC AKDCL ADAMS AHTM ALICO APOT ARUJ ASHT AZTM BPL FTSM GADT GLPL KML STJT UPFL HAL FZTM FECM KOSM BCL BROT FDMF MUBT PPVC SCLL SGMLPS SIEM CML
Open 22.50 0.80 0.93 3.53 145.01 40.00 0.55 51.00 167.00 5.00 58.97 31.00 235.00 38.84 13.10 49.01 8.00 5.25 61.37 736.00 1.45 175.02 5882.86 26.37 111.27 0.95 17.50 9.90 1.14 1.00 38.00 7.16 1.50 5.11 8.99 35.70 17.97 13.00 16.09 4.75 5.30 4.78 0.25 24.29 1.55 64.50 57.12 1.60 28.60 1764.58 13.00 310.00 3.05 1.40 49.93 0.22 1.78 1.00 8.75 2.40 2.45 1089.92 1.50
High 22.80 0.80 0.85 3.60 147.00 40.00 0.70 52.00 168.90 4.75 60.75 31.80 246.75 40.77 13.49 47.00 7.00 5.30 60.00 769.90 1.30 175.99 5925.00 25.12 105.95 0.80 16.50 10.45 1.30 1.40 38.00 7.70 2.50 5.85 8.40 37.28 17.62 12.35 15.51 3.75 4.61 4.65 0.36 24.00 1.43 66.70 54.27 2.45 29.89 1750.00 12.76 309.99 3.22 1.60 48.50 0.35 2.27 1.24 9.75 2.74 3.45 1050.00 1.69
Low
Close
22.80 0.80 0.85 3.60 147.00 40.00 0.70 51.76 167.95 4.75 56.05 31.00 246.75 37.01 13.49 47.00 7.00 5.30 60.00 740.00 1.30 173.60 5775.00 25.12 105.76 0.80 16.50 10.45 1.29 1.38 38.00 7.70 1.00 5.85 8.40 35.00 17.62 12.35 15.51 3.75 4.61 4.65 0.36 24.00 1.43 66.70 54.27 2.45 29.89 1750.00 12.76 295.00 3.22 0.77 48.50 0.35 2.27 1.24 9.75 2.74 2.50 1050.00 1.69
22.50 0.80 0.93 3.53 145.01 40.00 0.55 51.00 167.00 5.00 58.97 31.00 235.00 38.84 13.10 49.01 8.00 5.25 61.37 736.00 1.45 175.02 5835.95 26.37 111.27 0.95 17.50 9.90 1.14 1.00 38.00 7.16 1.50 5.11 8.99 35.70 17.97 13.00 16.09 4.75 5.30 4.78 0.25 24.29 1.55 64.50 57.12 1.60 28.60 1764.58 13.00 310.00 3.05 1.40 49.93 0.22 1.78 1.00 8.75 2.40 2.45 1089.92 1.50
Change
Vol
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -46.91 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
100 100 100 100 100 100 100 94 90 80 72 67 63 61 53 50 50 50 49 32 30 30 24 22 21 20 20 20 20 20 15 15 13 12 11 11 10 10 10 10 10 10 10 10 10 10 10 10 10 9 8 6 5 4 2 2 2 2 2 2 2 2 1
Orix Leasing
821
3.48
6.00
6.10
5.50
5.75 -0.25
151326
6.45
5.25
-
-
-
-
Pervez Ahmed Sec
775
5.18
1.41
1.52
1.42
1.45 0.04
96954
1.99
1.32
-
-
-
-
Saudi Pak Leasing
452
-
0.61
0.57
0.56
0.56 -0.05
4999
1.30
0.51
-
-
-
-
Sec Inv Bank
514
4.33
1.41
1.95
1.50
1.73 0.32
1000
2.99
1.25
-
-
-
-
Symbols
Low
Close
Trust Inv Bank
586
0.30
1.25
1.30
1.22
1.22 -0.03
10047
2.29
0.83
-
-
-
-
FFC-JUL
165.30
166.60
162.70
165.12
-0.18
522500
ATRL-JUL
131.00
133.60
130.25
132.64
1.64
354500
FFBL-JUL
47.10
47.40
47.00
47.07
-0.03
311500
POL-JUL
386.23
385.50
381.25
383.07
-3.16
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,564.89 Turnover 1,989,069 P/E (x) 20.64
High Low 1,592.83 1,547.99 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.46 2.21
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
264
-
1.50
1.46
1.46
1.50 0.00
AL-Meezan Mutual Fund 1375
4.88
11.25
11.43
11.16
11.38 0.13
Atlas Fund of Funds
525
1.83
6.77
6.95
6.56
B R R Guardian Mod.
780
2.81
2.34
2.79
2.01
Crescent St Modaraba
200
3.00
0.54
0.53
0.41
Equity Modaraba
524
6.58
1.15
1.74
Golden Arrow
760
2.25
3.50
H B L Modaraba
397
3.92
8.01
Habib Modaraba
1008
4.24
JS Growth Fund
3180
JS Value Fund
Company 1st Fid Leasing
Close 1,570.80 Listed cap 29,771.58 mn Payout (%) 104.74
Last 60 days High Low
Volume 141
FUTURE CONTRACTS
NBP-JUL
Change 5.91 Market cap 19,889.15 mn Div Yield (%) 7.88
% Change 0.38 5-Day High 1,570.80 5-Day Low 1,548.23
2010 Div BR (%) (%)
2011 Div BR (%) (%)
2.00
1.15
-
-
-
-
141571
11.43
10.15
18.5
-
5.00
-
6.89 0.12
195180
6.95
6.11
2.2
-
-
-
2.70 0.36
1401832
2.91
1.41
0
-
-
-
0.42 -0.12
14478
0.89
0.30
1.2
-
-
-
1.20
1.25 0.10
21118
2.50
1.10
-
-
-
-
3.58
3.40
3.40 -0.10
24135
3.72
3.11
17
-
-
8.00
8.00
8.00 -0.01
2500
8.44
7.10
11
-
-
-
8.18
8.20
8.18
8.18 0.00
1500
8.44
7.26
21
-
-
-
2.07
6.00
6.39
6.02
6.02 0.02
552
7.40
5.32
12.5
-
-
-
1186
0.55
5.30
5.50
5.05
5.27 -0.03
86038
6.68
4.91
10
-
5.00
-
283
1.86
2.89
2.89
2.89
2.89 0.00
1500
4.48
2.01
2.8
-
-
-
1200
2.82
9.96
9.83
9.83
9.83 -0.13
500
10.19
8.46
15.5
-
-
-
Mod Al-Mali
184 12.86
1.05
1.04
0.90
0.90 -0.15
1007
1.40
0.85
-
-
-
-
Nat Bank Modaraba
250
4.40
5.00
5.95
5.00
5.85 0.85
4400
6.00
4.60
10
-
-
-
PICIC Energy Fund
1000
2.18
7.38
7.44
7.32
7.38 0.00
200
8.25
6.92
10
- 10.00
-
PICIC Growth Fund
2835
2.74
13.30
13.40
13.30
13.32 0.02
53728
13.84
12.00
20
- 12.50
-
PICIC Inv Fund
Meezan Balanced Fund
Change -3.04 Market cap 44,921.80 mn Div Yield (%) 8.59
High Low 924.57 907.53 Total cos Defaulter cos 4 P/BV (x) ROE (%) 2.41 3.85
1.75
KASB Modaraba
Performance of SR Non Life Insurance Index
25R -
High
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 -
40 20B 25 50B 10 12.5 25 12.5B 30 55B 10.00 30 25 - 12.5B - 15B -
1.40
JS Investment
BANKS
26.00 58.61 7.50 29.01 10.10 67.00 12.43 7.93 6.00 11.50 4.21 1.32
Open
Arif Habib Limited
Change -0.01 Market cap 27,839.87 mn Div Yield (%) 8.21
29.60 75.37 8.98 39.65 11.90 76.12 18.30 8.99 8.39 14.49 6.40 2.25
PE
Arif Habib Corp
Open 1,270.92 Turnover 438,018 P/E (x) 8.14
3331 986 54542 6780 113988 400 364666 7450 6786 215 500 275
500 10.63
Arif Habib Investments
Performance of SR Gas Water and Multiutilities Index
-0.04 -2.33 0.00 0.27 -0.02 -0.56 -0.35 0.02 0.00 0.00 -0.30 0.00
East West Life
2011 Div BR (%) (%) 25.00 10.00 30.00 10.00 -
28.97 59.21 7.90 34.61 11.00 71.50 15.56 8.00 8.25 13.44 4.90 1.50
Performance of SR Life Insurance Index
Performance of SR Electricity Index High Low 1,384.48 1,356.77 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.25 9.35
28.90 58.61 7.50 34.00 10.10 71.50 15.50 7.95 8.20 13.50 4.90 1.60
LIFE INSURANCE
-
ELECTRICITY Open 1,365.83 Turnover 3,754,896 P/E (x) 13.36
29.44 62.00 8.00 36.04 11.00 71.50 16.05 8.02 8.39 14.35 4.90 1.60
-
2841
2.45
6.12
6.21
6.13
6.19 0.07
4518
6.95
5.50
10
-
7.50
-
Prud Modaraba 1st
872
1.71
0.94
0.94
0.90
0.94 0.00
32000
1.05
0.75
3
-
-
-
Punjab Modaraba
340
-
1.11
1.13
1.00
1.00 -0.11
1093
1.50
0.26
1
-
-
-
UNICAP Modaraba
136
-
0.55
0.55
0.50
0.50 -0.05
1000
1.50
0.13
-
-
-
-
Open
High
Change
Vol
298000
53.76
55.00
53.85
54.63
0.87
212000
ENGRO-JUL 152.28
153.50
151.10
152.47
0.19
184000
73.19
0.32
173500
215.99
2.48
111000
LUCK-JUL
72.87
74.00
72.05
PPL-JULB
213.51
216.85
213.25
DGKC-JUL
23.57
23.90
23.62
23.64
MCB-JUL
196.99
198.80
196.80
197.98
0.99
73000
NML-JUL
52.32
52.26
51.35
51.72
-0.60
45000
PTC-JUL
13.00
13.00
12.96
12.96
-0.04
5500
UBL-JUL
60.70
60.50
60.50
60.50
-0.20
3000
39.13
38.90
38.90
38.90
-0.23
500
HUBC-JUL
0.07
92000
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 653,643 17,699 444,740 296,850 57,805 894,750 757,320 133,360 162,375 90,800 7,000 49,375 2,589,451 292,500 46,706 1,140,564 346,081 10,000 275,743 9,500 287,276 146,100 29,475 25,750 30,156 2,250 103,000 8,900,269
Total Value 12,575,283 843,645 3,687,848 1,298,557 5,510,333 6,733,487 13,056,360 15,250,646 5,435,594 11,225,278 202,415 1,595,246 24,577,180 15,926,331 6,921,986 45,092,496 5,468,465 156,142 10,316,679 1,099,978 3,396,506 42,248,809 4,718,791 5,072,825 295,719 34,018 4,702,299 247,442,916
MTS Rate 19.35 21.73 18.00 19.05 17.00 17.99 15.00 15.00 20.23 17.00 17.26 19.00 20.00 18.00 18.26 15.00 16.35 16.55
BOARD MEETINGS
Fauji Fertiliser Co
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
57.24
Support 1
12,437.00
MA (5-day)
12,403.25
Support 2
12,399.25
MA (10-day)
12,341.99
Resistance 1
12,508.70
MA (100-day)
12,064.25
Resistance 2
12,542.60
Target Price
Arif Habib Ltd
165.3
TFD Research
164.95
Recommendations
Arif Habib Ltd
Neutral
AKD Securities Ltd
Leverage Position
RSI (14-day) 64.26 MTS Shares `000 90.80 MA (200-day) 11,793.46 Pivot 12,470.95 MA (10-day) 160.43 MTS Rs `000 11,225.28 142.22 MTS Rate 15.00 KSE 100 INDEX closed up 41.60 points at 12,474.77. Volume was MA (100-day) MA (200-day) 133.26 ** NOI Rs (mn) 128.85 4 per cent above average and Bollinger Bands were 25 per cent narFree Float Shares (mn) 466.49 Free Float Rs (mn) 76,755.83 rower than normal. As far as resistance level is concern, the market Target price for Dec-11 & **Net Open Interest in future market will see major 1st resistance level at 12,508.70 and 2nd resistance FFC closed up 0.02 at 164.54. Volume was 227 per cent above average level at 12,542.60, while Index will continue to find its 1st support (trending) and Bollinger Bands were 76 per cent wider than normal. level at 12,437.00 and 2nd support level at 12,399.25. KSE 100 INDEX is currently 5.8 per cent above its 200-day moving FFC is currently 23.5 per cent above its 200-day moving average average and is displaying a downward trend. Volatility is extremely and is displaying an upward trend. Volatility is extremely high low when compared to the average volatility over the last 10 trading when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into sessions. Volume indicators reflect volume flowing into and out of INDEX (mildly bullish). Trend forecasting oscillators are currently FFC at a relatively equal pace. Trend forecasting oscillators are bearish on INDEX. currently bullish on FFC.
Pakistan Petroleum Ltd
Hub Power Co Ltd
Brokerage House AKD Securities Ltd TFD Research
Brokerage House
Target Price
Target Price
Recommendations
50
Buy
Arif Habib Ltd
254.9
Accumulate
TFD Research
239.15
Arif Habib Ltd
42.1 49.05
Recommendations
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
58.18 MTS Shares `000 7.00 38.68 MTS Rs `000 202.41 37.84 MTS Rate 37.18 ** NOI Rs (mn) 0.17 Free Float Shares (mn) 810.01 Free Float Rs (mn) 31,460.71 Target price for Dec-11 & **Net Open Interest in future market
Hold
Arif Habib Ltd
Accumulate
AKD Securities Ltd
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
69.28 10.32 10.15 10.22 Free Float Shares (mn) 674.58
Recommendations
65
Buy
64.99
Buy
894.75 6,733.49 N/A 7,305.68
Target price for Dec-11 & **Net Open Interest in future market
Technical Analysis
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
61.45 MTS Shares `000 1,140.564 53.32 MTS Rs `000 45,092.50 56.53 MTS Rate 17.26 63.77 ** NOI Rs (mn) 69.39 Free Float Shares (mn) 398.12 Free Float Rs (mn) 21,773.31 Target price for Dec-11 & **Net Open Interest in future market
BAFL closed up 0.29 at 10.83. Volume was 239 per cent above average NBP closed up 1.14 at 54.69. Volume was 39 per cent above average and (trending) and Bollinger Bands were 16 per cent wider than normal.
Bollinger Bands were 47 per cent narrower than normal.
BAFL is currently 6.0 per cent above its 200-day moving average and is NBP is currently 14.2 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into BAFL (mildly bullish). Trend forecast- reflect moderate flows of volume into NBP (mildly bullish). Trend forecasting oscillators are currently bullish on BAFL.
ing oscillators are currently bullish on NBP.
Lucky Cement Ltd
Fauji Fertiliser Bin Qasim Ltd
Brokerage House
Brokerage House
Target Price
Recommendations
Target Price
Recommendations
42.2
Sell
Arif Habib Ltd
97.7
Buy
Neutral
AKD Securities Ltd
87.61
Buy
Neutral
TFD Research
84.65
Arif Habib Ltd AKD Securities Ltd
45.52
TFD Research
47.75
60.76 MTS Shares `000 29.475 210.01 MTS Rs `000 4,718.79 209.62 MTS Rate 16.35 206.71 ** NOI Rs (mn) 33.19 Free Float Shares (mn) 247.73 Free Float Rs (mn) 53,316.72 Target price for Dec-11 & **Net Open Interest in future market
Target Price
Technical Outlook
Leverage Position MTS Shares `000 MTS Rs `000 MTS Rate ** NOI Rs (mn) Free Float Rs (mn)
Positive
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Recommendations
12.2 11.75
Technical Outlook
Technical Outlook Technical Analysis
Brokerage House
Target Price
Buy
Positive
Technical Outlook Technical Analysis
Brokerage House
Buy
Technical Outlook Technical Analysis
National Bank of Pakistan
Bank Al-Falah Ltd
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
74.31 MTS Shares `000 162.375 45.86 MTS Rs `000 5,435.59 42.29 MTS Rate 15.00 39.18 ** NOI Rs (mn) 75.06 Free Float Shares (mn) 326.94 Free Float Rs (mn) 15,359.57 Target price for Dec-11 & **Net Open Interest in future market
Positive
Technical Outlook
Technical Outlook Technical Analysis
Technical Analysis
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
57.34 MTS Shares `000 292.50 72.15 MTS Rs `000 15,926.33 70.19 MTS Rate 17.00 71.52 ** NOI Rs (mn) 117.10 Free Float Shares (mn) 129.35 Free Float Rs (mn) 9,427.03 Target price for Dec-11 & **Net Open Interest in future market
HUBC closed down -0.06 at 38.84. Volume was 140 per cent above aver- PPL closed up 2.67 at 215.22. Volume was 102 per cent above average FFBL closed up 0.13 at 46.98. Volume was 46 per cent below average and LUCK closed up 0.28 at 72.88. Volume was 17 per cent above average Bollinger Bands were 109 per cent wider than normal. and Bollinger Bands were 13 per cent narrower than normal. FFBL is currently 19.9 per cent above its 200-day moving average and is HUBC is currently 4.5 per cent above its 200-day moving average and is PPL is currently 4.1 per cent above its 200-day moving average and is disdisplaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is low as compared to the average playing a downward trend. Volatility is relatively normal as compared to the the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into FFBL (mildly bullish). Trend forecastflowing into and out of HUBC at a relatively equal pace. Trend forecasting reflect volume flowing into and out of PPL at a relatively equal pace. Trend ing oscillators are currently bullish on FFBL. Momentum oscillator is curage and Bollinger Bands were 5 per cent wider than normal.
oscillators are currently bullish on HUBC.
forecasting oscillators are currently bearish on PPL.
rently indicating that FFBL is currently in an overbought condition.
and Bollinger Bands were 44 per cent narrower than normal. LUCK is currently 1.9 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 LUCK (bullish). Trend forecasting oscillators are currently bullish on LUCK.
Company
Date
Time
Sindh Abadgar Sugar Mills Ltd Wyeth Pak Ltd Sanghar Sugar Mills Ltd Fecto Sugar Mills Ltd Adam Sugar Mills Ltd Dewan Sugar Mills Ltd Bawany Sugar Mills Ltd Ansari Sugar Mills Ltd MCB Bank Ltd Askari Bank Ltd Hinopak Motors Ltd Fauji Fertilizer Bin Qasim Ltd Chashma Sugar Mills Ltd Premier Sugar Mills Kohinoor Sugar Mills Ltd First Habib Modaraba Mirpurkhas Sugar Mills Ltd Faran Sugar Mills Ltd Honda Atlas Cars Habib Sugar Mills Ltd
22-Jul 25-Jul 25-Jul 25-Jul 25-Jul 25-Jul 25-Jul 25-Jul 26-Jul 26-Jul 26-Jul 26-Jul 26-Jul 26-Jul 26-Jul 26-Jul 26-Jul 26-Jul 26-Jul 27-Jul
4:00 11:00 11:00 11:00 12:00 4:00 4:00 6:00 9:00 11:00 12:00 10:30 11:00 11:30 11:30 11:30 3:30 3:30 11:00 12:00
TECHNICAL LEVELS Company Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Corp Arif Habib Limited Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Corp Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power K.E.S.C Lotte Pakistan Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 47.59 2.40 2.30 46.27 62.85 62.55 47.09 49.40 49.35 71.87 27.90 27.55 60.25 18.70 18.40 29.49 62.55 62.45 59.15 11.45 11.05 58.25 6.05 5.85 49.22 378.00 376.00 58.65 130.20 128.30 69.25 10.60 10.40 59.29 3.90 3.85 56.47 6.65 6.50 45.87 1.60 1.55 55.51 23.40 23.25 38.17 2.45 2.35 52.00 2.35 2.25 43.93 33.70 32.85 45.85 67.35 66.70 27.76 150.75 149.60 75.41 10.00 9.50 40.54 4.00 3.95 74.26 46.75 46.50 64.25 162.35 160.15 60.29 119.15 118.25 58.16 38.45 38.10 55.77 154.70 153.05 36.90 209.50 209.05 42.07 2.50 2.45 41.82 1.05 1.00 35.16 2.05 2.00 44.21 7.35 7.30 51.47 42.55 42.35 47.29 2.10 2.05 35.99 12.75 12.65 57.31 72.00 71.10 40.55 196.35 195.45 42.04 2.00 1.95 61.39 53.80 52.90 27.04 20.55 20.40 43.60 20.70 20.60 30.29 1.40 1.35 55.21 2.90 2.75 43.25 50.65 50.00 56.84 153.55 152.65 37.73 2.05 1.95 43.53 1.40 1.35 45.09 2.15 2.10 46.18 5.20 5.10 65.83 380.15 378.15 60.73 213.00 210.75 46.01 63.90 63.85 36.15 258.55 257.05 20.02 12.90 12.85 48.34 222.35 221.60 48.54 19.70 19.45 42.05 16.30 16.05 34.03 20.00 19.90 35.81 1.40 1.35 33.43 2.40 2.35 38.61 60.55 60.30 31.42 1.75 1.70
1st
2nd
Resistance 2.60 2.65 63.60 64.05 49.50 49.55 28.65 29.15 19.25 19.50 62.90 63.10 12.15 12.45 6.40 6.60 382.00 384.00 133.65 135.20 10.95 11.10 4.00 4.10 6.90 7.05 1.75 1.90 23.75 24.00 2.60 2.65 2.50 2.55 35.75 36.90 69.35 70.65 153.15 154.40 10.80 11.05 4.15 4.25 47.30 47.65 166.40 168.30 121.00 121.90 39.20 39.60 158.50 160.65 210.40 210.85 2.70 2.80 1.15 1.20 2.25 2.35 7.55 7.70 43.00 43.20 2.20 2.25 13.00 13.15 73.95 74.95 198.15 199.05 2.10 2.15 55.30 55.95 21.00 21.30 20.95 21.10 1.50 1.55 3.10 3.15 52.35 53.35 155.90 157.35 2.15 2.25 1.50 1.55 2.25 2.30 5.50 5.65 384.55 386.95 217.00 218.75 64.20 64.35 262.75 265.40 13.05 13.10 224.45 225.80 20.10 20.25 16.90 17.25 20.15 20.25 1.50 1.55 2.50 2.55 61.00 61.25 1.85 1.95
Pivot 2.50 63.30 49.45 28.35 18.95 62.75 11.75 6.20 380.00 131.75 10.75 3.95 6.80 1.70 23.65 2.50 2.40 34.90 68.70 152.00 10.30 4.10 47.05 164.20 120.10 38.85 156.85 209.95 2.60 1.10 2.20 7.50 42.75 2.15 12.90 73.05 197.25 2.05 54.40 20.85 20.85 1.45 2.95 51.70 155.00 2.10 1.45 2.20 5.40 382.55 214.75 64.10 261.25 13.00 223.70 19.85 16.65 20.05 1.45 2.45 60.75 1.80
8
Friday, July 22, 2011
China may stop raising interest rates as inflation eases: BoCom During Last Six Months
Bank of Khyber handles Rs7bn remittances
PESHAWAR: The Bank of Khyber (BoK) handled over Rs 7 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 Managing Director. Bilal Mustafa Managing Director BoK, while inaugurating BoK Half-Yearly Managers' Conference-2011. 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 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
Anwar becomes SBP Acting Governor Staff Reporter KARACHI: Yaseen Anwar Tuesday took over as Acting Governor, State Bank of Pakistan, following the acceptance of the resignation of SBP Governor, Shahid H. Kardar. It said that the Federal Government last night 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 also the Acting Governor SBP from June 3 to September 8, 2010 after the resignation of the then 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 i.e. Banking, Reserve Management, Monetary Policy and Operations; SBP subsidiaries Banking Services Corporation (SSC) and the National Institute of Banking & Finance (NIBAF).
already underway, during which 5 new Islamic & 7 new conventional branches will emerge by year end. This initiative of the 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-Pakhtunkhwa which will lead the Province to prosperity. He also emphasized that branches as well as head office staff should work more actively to serve the customers by providing efficient services. Bilal Mustafa while reviewing the operational results as on 30th June 2011 stated that the BoK's operational results shows a tremendous growth in all key areas despite depressed economic situation. Stressing on facilitation of home remit-
tances business and mentioned that during first six months of 2011, BoK procured over Rs 7 billion as home remittances which was 87% higher than the corresponding period. He informed that in addition to branches, a number of dedicated payment centres are being established to facilitate home remittances beneficiaries. He said that we were already having a plan to engage more exchange companies to cater the target cliental in various parts of the Province and Overseas. The mid-year managers" conference 2011 was also attended by Mir Javed Hashmat Executive Director BoK, Imran Samad Group Head Credit Management and M Hamid Ayub Group Head HRD, a part from heads of various divisions of Head Office. While speaking on the occasion Mir Javed Hashmat Executive Director BoK stressed upon the managers to work more efficiently and dedicatedly to achieve excellence in operational target. -APP
BAFL conducts local market orientation program for ICBC KARACHI: Bank Alfalah, one of the leading commercial banks in Pakistan, conducted a 3-day customized knowledge sharing program for The Industrial and Commercial Bank of China (ICBC) which is the most recent entrant to the Pakistani banking sector. Titled, "ICBC: Local Market Orientation Program," the curriculum was designed in line with ICBC's aims and objectives to operate in the Pakistani market. Bank Alfalah shared its banking experience and focused on transfusing the experience and knowledge of local regulations and practices of the Pakistani banking industry. The Industrial and Commercial Bank of China (ICBC) is the leading bank of China and is also one of the largest banks in the world. Its entry in the Pakistani financial sector, with its significant international banking experience, heralds rich promise for further devel-
opment of the banking sector in Pakistan. Senior management of Bank Alfalah and field experts from across its 378 local branches and 8 international branches/units, came together on this occasion to welcome the ICBC executives and contribute towards aligning its Pakistani banking operations with local regulations and guidelines. In his inaugural address on the first day of the three-day program, Sirajuddin Aziz, CEO, Bank Alfalah, expressed hope that the seminar would deliver on its slogan, 'Building Affiliations that Last', so that the enduring bond between ICBC and Bank Alfalah could be fortified for furthering the professional growth of both the organizations. He emphasized the importance of the presence of a Chinese commercial bank in Pakistan and said that it would further strengthen the
bilateral ties between Pakistan and China. "This is a platform for mutual learning hosted by Bank Alfalah, which was formulated to add value to the commencement of ICBC's Pakistani banking operations in line with local regulatory guidelines," he added. Speaking on the occasion, Chen Peichen, Deputy CEO of ICBC Operations in Pakistan, expressed his gratitude to Bank Alfalah for arranging a comprehensive curriculum for ICBC and expressed hope that more such events would be organized in future to take the alliance of Bank Alfalah and ICBC to a more advanced level. Over three days, the 'ICBC Local Market Orientation Program' comprehensively explored the Pakistani banking environment in the areas of General Banking Operations, Trade Finance, Credits and Treasury. -PR
Vietnam Mekong Housing Bank IPO misses fund raising target Indian banks see pressure on margins easing MUMBAI: Private lenders YES Bank and Kotak Mahindra Bank saw net interest margins falling in the June quarter weighed by high borrowing costs, but analysts said the pressure is likely to ease in the second half of the fiscal. Robust deposit mobilisation, higher deposit rates and a 50 basis points increase in savings rate in May have pushed up costs for banks, while softening credit demand have also hurt profitability. "All base rate changes have happened in the past 15 days so you'll see NIMs sustaining now," Dipak Gupta, executive director at Kotak, said. "We don't have a choice but to pass on interest rate hikes." Several banks including top lender State Bank of India , ICICI Bank and Kotak raised lending rates this month, which could help boost yield on advances in the coming quarters. YES Bank's NIM - a key gauge of profitability - slipped 3 basis points to 2.8 percent in June quarter while Kotak's margins eased to 5 percent from 5.4 a year ago. Kotak expects to maintain NIMs at 5 percent in the coming quarters while Yes Bank could see a 2 basis points rise in NIMs to 3 percent by Marchend. "This is because of the interest rate environment stabilising. And it's still a lot dependant on what RBI does in the second half of the year," Chief Financial Officer Rajat Monga said, adding the central bank will have to ensure adequate liquidity. Earlier in the week, India's No. 3 lender HDFC Bank said it expects to maintain NIM between 3.9-4.3 percent. It had reported margins of 4.2 percent in the June quarter. Deposits at Indian banks grew faster than credit in the three months to June. India's central bank data shows that advances grew 3.7 percent in the period while deposits grew 5.4 percent as people parked more money in banks lured by the high rates. India's central bank has raised its key lending rate 10 times to tame high inflation since March 2010, forcing banks to pass on some of the increase to customers. The Reserve Bank of India is expected to raise the repo rate by a further 25 basis points next week, and may hike once more by the end of the year, before pausing its long tightening campaign, a Reuters poll showed. "I think banks are very close to the peak levels when it comes to the broader deposit and lending rates," said Vaibhav Agarwal, an analyst with Angel Broking. "Possibly, in the second half we may see a little bit of decline in deposit rates," he said. Analysts will keep a keen eye on banks' asset quality ahead of expectations of further monetary policy tightening by the central bank. "We will be watching out for asset quality with interest rates hardening and the length of the rate cycle - if it extends beyond a certain point then credit growth will fall further," an analyst with a local brokerage said. Despite softness in margins, YES Bank, in which Rabobank holds nearly 5 percent stake, beat street estimates with a 38 percent rise in first-quarter profit. "If you see the composition of overall growth, a significant part of it has come from growth in loans. We have also seen credit substitutes, so our corporate investment book has gone up," said Managing Director.-Reuters
Best Bank in Pakistan
MCB Bank wins Euro Money Award KARACHI: MCB Bank has won yet another prestigious award, 'the Euromoney Award' for the "Best Bank in Pakistan" which is a testament to its commitment to perform better and better by each passing day and achieves the height of success. The Euromoney Award was conferred to MCB Bank at a ceremony held in Hong Kong amid the attendance of thousands of audience including representatives of leading banks and financial institutions of the world. The award was received by the MCB Bank Group Head of Treasury & FX, Mohammad Ramzan According to Euromoney, MCB Bank earned the award as they claimed that Pakistan's banking sector is in transition and some lenders are branching out into new services, while others are struggling merely to keep their heads above water as Pakistan's finances lurch unsteadily in the direction of the abyss, without ever quite toppling. MCB Bank's deposits in third quarter ended on March 31 2011 rose to 7.17% whereas other banks in Pakistan declined by an average of 0.8%. MCB Bank raised its cash dividend by 30% as well.
MCB Bank is reputed as one of the safest financial institution and one of the leading banks in Pakistan with a deposit base of Rs. 462 billion and total assets of Rs. 605 billion. MCB Bank has also been acknowledged through prestigious recognition and awards by MMT, Asia Money, SAFA (SAARC), The Asset and The Asian Banker and it has also very recently won CFAAP Award for the best bank in the country. MCB Bank President, MUA Usmani, named the victory to the hardworking and dedicated team of the bank who have enabled MCB Bank stand prominent and got its achievement acknowledged not only at national but international level as well. He proudly said that MCB Bank is again Pakistan's standout bank. Well run and with good stewards, it is a lender with regional clout and with good underlying statistics. The President said that MCB Bank, with more than 60 years of experience as one of the leading banks in Pakistan, has shown phenomenal growth even in the most difficult times when the banking sector in Pakistan is going through the most difficult phase in history. -Online
FWBL, Stile enter into pact KARACHI: First Women Bank Ltd (FWBL) and Stile
of tile application, by in house designing department
(Shabbir Tiles & Ceramics Ltd) have entered into an agreement to facilitate customers on shop at Stile Emporiums nationwide. Shafqat Sultana President FWBL & Alireza M Alladin Managing Director Shabbir Tiles & Ceramics Ltd. signed the MOU. As per this partnership the ATM card holders of FWBL will get 10 per cent discount on purchasing of Wall and Floor tiles. In addition to that free gifts and free of cost "Interior Designing Facility" in terms
of Stile will also be provided. A special "Lucky Draw Facility" would also be arranged on a quarterly basis for the scheme members. The signing ceremony was attended by Shawana Yamin Company Secretary, Shaheen Zameer Head of Marketing & PR FWBL, Aamir Saghir General Manager Sales and Marketing, Farheen Naqvi Business Development Manager, Sumaira Ali Product Manager and Faizan Malik Deputy Manager Marketing Stile. -PR
9
Friday, July 22, 2011
Oil up on IEA decision, US data, Greece optimism IEA nations decide against releasing more oil NEW YORK: Oil rose for a third straight session on Thursday, lifted by upbeat US economic data, signs of a deal to bail out Greece and confirmation the International Energy Agency would not release more emergency stocks for now. The market shook off early losses caused by weak economic data from China and turned positive as eurozone leaders were set to give their financial rescue fund new powers to help Greece overcome its debt crisis, easing concerns that have weighed on oil and other markets in recent weeks. "Expectations that the debt problems in Europe could be resolved has sent the euro rallying, weakening the dollar," said Tom Knight, trader at Truman Arnold in Texarkana, Texas. "The stock market is also up on those hopes, also a factor in support of oil's rise today." Further support came from upbeat data showing factory activity in the US MidAtlantic region bounced back in July, as well as news mem-
bers of the IEA decided against releasing more oil stockpiles despite the threat of high prices to the economic recover. Brent traded up 63 cents to $118.78 a barrel at 1605 GMT. US crude rose $1.49 to $99.89 a barrel. US futures briefly topped $100 a barrel for this first time since June
10, breaking out of this month's trading range between $93 and $99 a barrel. Traders have also been eyeing US efforts to avoid a potentially disastrous debt default, with pressure mounting on the White House and Congress to speed efforts to cut a deficit-reduction deal. The IEA shocked oil markets in June, announcing it would release 60 million barrels of oil to help replace disruptions of Libyan supply and bring down prices. Prices initially plunged, but in the month since the announce-
ment, Brent prices have climbed back more than $10 a barrel. But on Thursday, the energy watchdog for the industrialized nations confirmed what many analysts had expected, saying not a single one of its 28 members had asked for more oil to be released, including the U n i t e d States, one of the architects of the first release a month ago. "The IEA's statement that it will not release more emergency oil at this time is, in my view, bullish for the market, although there has been talk that they would do just that." said Phil Flynn, analyst for PFGBest Research in Chicago. Chinese manufacturing contracted for the first time in a year in July, as monetary tightening and sluggish global demand weighed on the economy, according to HSBC flash PMI. Commodity markets are focused on the Chinese economy as a major source of future demand growth. Reuters
Indian sugar hits high ahead of festivals MUMBAI: India's sugar futures hit contract highs on Thursday on good demand from stockists ahead of festive season next month and lower supplies for July, dealers said. The most active sugar for August delivery on the National Commodity and Derivatives Exchange ended 2 percent higher at 2,849 rupees per 100 kg, after hitting a contract high of 2,858 rupees earlier in the day. In Kolhapur, a key market in top producer Maharashtra, the most traded S-variety rose by 0.67 percent to 2,709 rupees per 100 kg ($60.88) per 100 kg. "There was good demand from stockists. They were gearing up for next month's Ramadan," said a member of Bombay Sugar Merchants Association. "Lower quota for July was also supporting the market. Millers were keeping prices higher." 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. 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 declines
BANGKOK: A shopkeeper weighs gold chains sold by a customer in Bangkok's Chinatown. -Reuters
Palm oil falls further on weak China data KUALA LUMPUR: Malaysian palm oil futures fell on Thursday after hitting a one-month high earlier in the session as weak economic Chinese data erased gains made on higher export hopes. Commodity markets come under pressure after weak economic data from the world's top commodities buyer China signalled some weaker demand in the months to come. The HSBC flash PMI, the earliest available indicator of industrial activity in China fell to 48.9 in July, its lowest since March 2009, as monetary policy tightening and slack global demand weighed on the economy. "Weaker global market sentiment has finally weighed on palm oil. Some of the fundamentals are improving in terms of export
demand but it may still not be enough given the high stocks," said a trader with a foreign commodities brokerage. The benchmark October crude palm oil contract on Bursa Malaysia Derivatives touched one-month highs of 3,164 ringgit before paring some gains to end 23 ringgit lower at 3,130 ringgit ($1,044.186). Overall traded volume stood at 22,636 lots of 25 tonne each, below the usual 25,000 lots. Higher demand comes as supply in top producers Indonesia and Malaysia are expected to rise on the back of better yields and larger oil palm growing areas coming into maturity. Indonesia's crude palm oil output this year is estimated at 22.5 million tonne to 23 million tonne, up from 21.6
million tonne in 2010, executive director of the Indonesian Palm Oil Producers Association (GAPKI) said on Thursday. Other vegetable oils were lacklustre in late Asian hours. US soyoil for August delivery was almost flat during late Asian trade hours as some profit-taking erased gains made from strong China demand for soybeans and hot weather affecting grain crops in the US Midwest. US Agriculture Department on Wednesday said private exporters reported the sale of 220,000 tonne of US soybeans to China for delivery during the 2011/12 marketing year. In China, the most active May 2012 soyoil on Dalian Commodity Exchange barely moved. -Reuters
NY cotton eases as EU, US debt crisis eyed NEW YORK: Cotton futures settled fractionally lower Wednesday on investor sales as the trade cautiously eyed attempts to resolve the debt crisis in the United States and Europe in the days ahead, analysts said. The market is looking toward an EU summit on Thursday to ease the debt woes of Greece and is hopeful a compromise would avert a US debt default in August. Brokerage Penson Futures senior cotton analyst Sharon
Johnson said there is "some nervousness about the (EU) meeting" to talk of a debt crisis which could plunge global economies into another recession. The key December cotton futures on ICE Futures US slipped 0.09 cent to conclude at $1.0075 per lb, trading from 97.82 cents to $1.0213. On Monday, the contract finished at 96.46 cents in the lowest close for the second-position contract since early October 2010, Thomson Reuters data showed.
Business was light. Total market volume hit around 14,300 lots at 1849 GMT, about a quarter below the 30day norm, Thomson Reuters preliminary data showed. The short-covering seen in the preceding two sessions fizzled out during Wednesday's session although losses were pared by late covering in the market. "(Investors) kind of let up on the pedal because there was no follow-through (buying)," Johnson said. -Reuters
TOKYO: Key Tokyo rubber futures settled down 1 per cent on Thursday as a strong yen and weaker oil prices weighed on the market, with many investors taking a wait-and-see stance amid uncertainties in the US and European financial markets. The key Tokyo Commodity Exchange rubber contract for December delivery settled down 4 yen at 384.9 yen per kg. The most active Shanghai rubber contract for January delivery closed at 35,965 yuan per tonne, up from Wednesday's closing price of 35,870 yuan. Volume stood at 736,124 lots. "The benchmark contract tested the 390 yen mark but lost steam after breaking resistance at 380 yen," said Naoki Asami, chief broker at trading house Kanetsu. "There are no buying factors -the yen is strong, supply is increasing in producing countries and uncertainties in the US and European financial markets have kept investors sidelined." The dollar was broadly softer, weighed down by uncertainty ahead of an Aug. 2 deadline for raising the US public debt ceiling and the threat of benchmark AAA-rated Treasuries having their credit rating cut in the event of even a brief default. The greenback fell against the yen to 78.72, with last week's four-month low of 78.45 yen expected to provide support. -Reuters
Shrinking China factory activity hurts copper LONDON: Copper fell on Thursday as data showed shrinking manufacturing activity in top consumer China fuelled demand fears, but losses were capped by a softer dollar against the euro, which was boosted by optimism about a euro-zone debt deal. Benchmark copper on the London Metal Exchange ended at $9,685 a tonne from $9,755 at the close on Wednesday. The metal used in power and construction is down about 5 per cent from a record high of $10,190 hit on Feb. 15. China's factory sector shrank for the first time in a year in July, a survey showed, feeding worries among the country's main trading partners that its growth is unsustainable. "The Chinese numbers were very negative; that's what is keeping metals subdued," said Edward Meir, analyst at MF Global. HSBC's China Flash PMI for July dropped by its fastest pace since March 2009 and pointed to a monthly contraction in the country's vast manufacturing sector for the first time in 12 months, the purchasing managers' survey showed on Thursday, while a price subindex signalled rebounding inflation. "We are seeing a bit of weakness today despite a weaker dollar and despite the possibility of a preliminary solution of the Euro crisis," said Eugen Weinberg, an analyst at Commerzbank. "This is stemming mainly from China. Chinese data showing month-
ly imports of refined copper rose 19.7 per cent in June from a 30-month low seen in May, helped support prices. "On the other hand it is still possible that the Chinese government will continue to tighten its monetary policy given the rising inflation ... this may cool demand for copper," Weinberg said. The euro rallied sharply on
Shanghai copper drops The most-active October copper contract on the Shanghai Futures Exchange dropped 0.7 percent to close at 72,150 yuan a tonne. signs European officials were nearing a deal to bail out Greece with the help of the private sector, though some investors remained uneasy about the prospect of a shortterm default. Europe is willing to let Greece default under a crisis response that would involve a bond buyback, a debt swap but no new tax on banks, EU sources said as euro-zone leaders began a crucial emergency summit. "The default question and the rating question is still out there, keeping the market a little bit nervous," Meir said. "We've had a very a very good run this week, it's possible an agreement of sorts has already been priced in." Some of the world's largest asset managers are cutting ties to credit rating agencies, potentially signalling the beginning
of the end of their grip on global financial markets. The European Union should consider a competition probe into the "Big Three" credit rating agencies rather than fund a rival, British lawmakers said in a report on Thursday. "The state of the market at the moment is down to uncertainty. People don't know what's going on, what will happen," a LME trader said. A Reuters survey published on Thursday showed copper will not trade as high this year as previously thought, with analysts downgrading their price forecasts as global growth for base metals slows from 2010. Nickel closed at $23,950 a tonne from $24,045 per tonne at the close on Wednesday. A fall in nickel inventories pointed to tightness. Nickel stocks in LME-approved warehouse fell 354 tonne to 101,574 tonne, the lowest since late March 2009, data showed. This, coupled with nickel mining projects delays, is quite supportive for the metal used for stainless steel production in the short medium-term but many large projects will come on stream in 2012-2013 and this will dampen nickel prices, Weinberg explained. Tin closed at $28,300 from $28,300 while zinc, used to galvanize steel ended at $2,450 from $2,454 Wednesday's close. Battery material lead closed at an unchanged $2,700 and aluminium at $2,540 from $2,536. -Reuters
Gold at $1,600/oz after EU summit draft LONDON: Gold held near $1,600 an ounce on Thursday as caution over the outlook for the European debt crisis lingered after draft proposals from an emergency EU summit in Brussels were reported, and as concerns persisted over talks to lift the US debt ceiling. The draft conclusions from the summit suggested the eurozone bailout fund, the EFSF, will provide loans to G r e e c e , Ireland and Portugal at a lower interest rate and for longer maturities. Signs that euro-zone officials were nearing a deal to bail out Greece knocked gold to a session low of $1,592.69 on speculation the precious metal would lose its appeal as a haven from risk. Prices quickly bounced back, however. "There are a lot of unsolved issues for the time being, and gold reacted really marginally after the draft EU summit conclusions. There was no real profit taking," said BayramDincer, an analyst at LGT Capital Management. "There is no shift in risk perceptions, which is really impor-
tant for gold market participants." Spot gold was flat at $1,600.09 an ounce at 1345 GMT, and is up 12.8 per cent so far this year. US gold futures for August delivery were up $3.90 an ounce at $1,600.80. The metal hit a record $1,609.51 an ounce on Tuesday on fears the euro-zone debt crisis that has battered Greece
would spread to larger economies like Spain and Italy, but later retreated as some cautious optimism emerged. The draft summit conclusions seen by Reuters said loans from the European Financial Stability Facility will be extended from 7.5 years to at least 15 years and the interest rate will be lowered from around 4.5 per cent currently, in the case of Greece and Portugal, to around 3.5 per cent. Meanwhile, President Barack Obama and top lawmakers face growing pressure on Thursday
to strike a deficit-reduction deal. They have struggled to break their impasse as an Aug. 2 deadline looms for raising the government's $14.3 trillion debt ceiling. A failure to do so could render the world's biggest economy unable to pay its bills, potentially reducing the safehaven appeal of US Treasuries and the dollar, and lifting gold. Spot silver eased 0.3 per cent to $39.95 an ounce. The gold-silver ratio, used to measure the ounces of silver needed to buy one ounce of gold, held near 40, well below the average of 55 since the beginning of 2010 but above the April lows near 30 when silver rose close to $50. Demand for products like silver-backed exchange-traded funds remained choppy, with the largest, New York's iShares Silver Trust, recording its largest one-day outflow in a month on Wednesday, with its holdings falling 60.6 tonne. Spot platinum was bid at $1,782.49 an ounce versus $1,772.26, while spot palladium was at $802.47 an ounce against $792.22. -Reuters
National Commodity Exchange Ltd Trading Summary Date
21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011 21-Jul-2011
Commodity
Crude10 Crude10 Crude10 Crude100 Crude100 Crude100 SL100OZ SL100OZ SL100OZ SL500OZ SL500OZ SL500OZ GO1OZ GO1OZ GO1OZ GO100OZ GO100OZ GO100OZ GO100OZ GOLD GOLD GOLD GOLDKILO GOLDKILO TGOLD50 TGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD
Contract Date
Price Quotation
Open
High
Low
Close
SE11 OC11 NO11 SE11 OC11 NO11 AU11 SE11 OC11 AU11 SE11 OC11 AU11 SE11 OC11 AU11 SE11 OC11 DE11 AU11 SE11 OC11 AU11 SE11 AU11 AU11 MON TUE WED THU FRI MON TUE WED THU FRI
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola
99.03 99.16 99.16 99.00 98.77 99.16 38.72 38.60 38.67 38.42 38.55 38.67 1588.00 1588.50 1589.50 1587.50 1588.90 1591.10 1600.60 43923.00 44440.00 44415.00 44010.00 44023.00 51332.00 51332.00 45172.00 45223.00 45240.00 45138.00 45155.00 52298.00 52,077 52,097 52,414 52,310
99.31 99.78 99.16 99.32 99.44 99.16 40.37 40.24 39.85 40.14 40.25 39.85 1604.00 1605.30 1606.00 1602.00 1599.80 1602.40 44287.00 44429.00 44440.00 44415.00 44277.00 44287.00 51643.00 51643.00 45425.00 45477.00 45494.00 45511.00 45408.00 52478.00 52,375 52,394 52,417 52,312
96.98 97.40 98.98 96.98 98.77 98.98 38.27 38.25 38.67 38.37 38.25 38.67 1582.00 1582.30 1582.40 1584.50 1588.90 1582.30 1590.40 43875.00 44051.00 44328.00 44010.00 44023.00 51332.00 51332.00 45172.00 45223.00 45240.00 45138.00 45155.00 52019.00 52,077 52,097 51,979 51,999
98.15 98.53 98.98 98.15 98.53 98.98 39.84 39.85 39.85 39.84 39.85 39.85 1599.20 1599.80 1600.20 1599.20 1599.80 1599.80 44287.00 44304.00 44314.00 44328.00 44277.00 44287.00 51643.00 51643.00 45425.00 45477.00 45494.00 45511.00 45408.00 52315.00 52,375 52,394 52,414 52,295
Traded Volume in lots 1,309 191 321 3 90 465 48 67 1,097 2,585 1,922 38 25 6 17 2 40 47 15
Previous Settlement Price 99.05 99.44 99.16 99.05 99.44 99.16 38.66 38.66 38.67 38.66 38.66 38.67 1588.30 1588.90 1589.40 1588.30 1588.90 1589.40 1590.40 44037.00 44051.00 44415.00 44010.00 44023.00 51332.00 51332.00 45172.00 45223.00 45240.00 45138.00 45155.00 52019.00 52,077 52,097 51,979 51,999
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Current Open Interest Settlement in Lots Price 98.15 359 98.53 56 98.98 98.15 53 98.53 3 98.98 39.84 23 39.85 133 39.85 1 39.84 2 39.85 37 39.85 1599.20 1,767 1599.80 2,591 1600.20 2,089 1599.20 9 1599.80 1600.20 8 1601.20 1 44304.00 6 44314.00 44328.00 44277.00 44287.00 51643.00 51643.00 45425.00 45477.00 45494.00 45511.00 45408.00 52315.00 66 52,375 5 52,394 52,414 47 52,295 15
10
Friday, July 22, 2011
First Aqil Shah Age Group Junior Squash C’ship begins PESHAWAR: The First Syed Aqil Shah Age Group Under-812 Junior Squash Championship got under way here at PAF Hashim Khan Squash Complex on Thursday. Chairperson of the Provincial Assembly Standing Committee on Sports Shagufta Malik was the chief guest on this occasion. Former World Champion Qamar Zaman, PAF coaches, players and spectators were also present. Speaking on this occasion, Shagufta Malik lauded the Khyber Pakhtunkhwa Squash Association for organizing talent hunt schemes in which 90 players who have been spotted out after the one and half month camp competing. She said going down to search out new talent would help establishing nursery at grassroots level. He said actually the talent lies in that age group from where the association got the start like Under-8 to Under-12. She said Pakistan ruled the world in squash as result of the hard work by the players in the past but now the players are reluctant to do hard work which is the only tool of achieving the lost glory in the world of squash. Qamar Zaman on this occasion disclosed that it is the first occasion that such initiative was taken to go down to Under8, Under-9, Under-10, Under11 and Under-12 in order to find out new faces at grassroots level. He said to pay tribute and recognize the services of the Provincial Minister Syed Aqil Shah the association decided to name after the event as First Syed Aqil Shah Age Group Squash Cup by involving all the teenagers in the event who had a one and half month summer
Tank, Bannu to clash in CM Soccer final PESHAWAR: Tank and Bannu to clash in the final of the 2nd Chief Minister Football Tournament being played at Younis Stadium Mardan under the aegis of District Football Association on Thursday. In the first semi-final DFA Tank defeated Mardan Red on a penalty shoot out by 5-4 while Bannu secured 4-3 victory against on the penalty kicks in the second semi-final. The final will today (Friday). Both DFA Tank and Mardan Red presented excellent display of short-passes and attacking moves. Mardan have also the edge of cheering spectators took the lead in the 6th minute through Saifullah on the field attempt. It was a right winger, Aurangzeb Khan move along with inner Tahir Khan and midfielder Jan Muhammad.
training camp under qualified coaches. He said recently Syed Aqil Shah urged upon the associations affiliated with Khyber Pakhtunkhwa Olympic Association to hold camp for the budding youngsters in order to develop game nurseries at grassroots level and the squash association was the second behind hockey to hold its summer camp in which 112 players turned up in different age group like from Under-8 to Under-12. "We are strictly followed on that and very much clear about specifically over the age of boys that turned up during the month long training camp held under the aegis of qualified coaches of Pakistan Air Force," Qamar Zaman added. He said in the first phase the kids were provided basic training of squash and in the second phase they are competing in the KARACHI: A 687-km tournament in their respective Karachi to Gwadar Youm-eage group categories. He said Azadi Cycle race will be padall the 112 players have been dled off from Mazar-i-Quaid divided in five age groups. Numaish Chowrangi on July He thanked Syed Aqil Shah 25 at 8.30 am, Organizers for providing uniform, shoes, rackets, balls and expenses of announced here on Thursday. the coaches that were hired for The race conducted in five this purpose. He said the final stages, will be organized by India's Zaheer Khan appeals to umpire Asad Rauf and dismisses England's Alastair Cook of all the five categories will be Pakistan Coast Guards. held on July 25 at 6.00 p.m. (not in picture) lbw for 12 during the first cricket test match at Lord's cricket ground in London -Reuters 140-Km Karachi to Uthal Earlier, in the opening match of the Under-12 category Nasir beat Mansoor Zaman by 10-12, 11-5 and 11-5. In the Under-8 cataegory Human Ijaz beat Sajid Khan by 3-0, the score was 11-3, 11-9 and 11-7, in the Under-10 category Haris Ahmad beat Shahbaz Khan by 11-7, 11-8 and 11-8, in the Under-11 category Zaman Khan beat Irfan by 11-2, 11-6 NAIROBI: Cricket Kenya on and 11-5, in the Under-12 Tahir Thursday withdrew it's onebeat Sajid Ali by 3-0, the score was 11-6, 11-7 and 11-9. -APP year contracts to five first-team players but hoped they would The tournament, sponsoring holding of sports activities still continue to play for the MINGORA: Nowshera off to flying start after defeating by Sarhad Ruler Support would help in highlighting the country. The five, who include open- Chitral in the opening match of Program, is carrying events like peace in Swat besides sending a ing batsman Alex Obanda and the Khyber Pakhtunkhwa Inter- Men’s Singles, Men’s doubles, message of peace to the World. Badminton and Team Championship while Earlier, in the opening match pacemen Nehemiah Odhiambo District and Elijah Otieno were in a list Championship, team event, special invitations was also of the team championship of 13 players set to begin new which got under way here at given to the players of Khyber Nowshera beat Chitral by 2-0. and improved contracts on July indoor hall of the Makan Bagh Pakhtunkhwa Police with the In the first singles Waqas beat Sports Complex. aim to pay tribute to the sacri- Zulfiqar by 2-0, the score was 1. KARACHI: left arm spinner runs at Pak Star Ground. MPA Rehmat Ali, Chairman fices the Khyber Pakhtunkhwa 21-19, and 21-17, Jawad and But Cricket Kenya chief Tom of the DACC Swat Mingora, Police rendered for the restora- Abdullah beat javed and Muhammad Ali captured six Summarized scores: Sears said only seven players was the chief guest on this tion of peace in Swat along Zulfiqar by 2-0, the score was wickets to bowl Zone-V Zone-VI Whites bt Zone-I had signed the contracts while occasion who formally inaugu- with the security forces. 21-15 and 21-17. Whites to an emphatic seven Blues by ten wickets. the five rejected the offers, rated the tournament in which Speaking on this occasion, Swat-A beat Malakand by 2-0, wicket victory over Zone-VII Zone-I Blues 97 all out in claiming the increased amounts 150 players from all districts MPA Rehmat Ali lauded the Niamat Ullah beat Waqas by 2-0, Blues in Woodward Trophy 32.4 overs (M.Maisam 25, were insufficient. including Peshawar, Bannu, efforts of the Khyber the score was 21-14 and 21-18, KCCA Inter zonal U17 Cricket Badi-uz Zaman 21, Ammar "We are very pleased with the Kohat, Dera Ismail Khan, Pakhtunkhwa Badminton Ikram and Yahya beat Waqas and Tournament at Landhi Hassan 21, Bilal Masoor 4-23, group of players who have Nowhwera, Abbottabad, Association. He assured all out Inam by 2-0, Police beat Haripur Gymkhana Ground here on Jaahid Ali 2-9) Zone-VI committed to Cricket Kenya Haripur, Karak, Mardan, Upper support to the organizing com- by 2-0, Masood beat Zain Khan Wednesday. Whites 98-0 in 14 overs but obviously disappointed that Dir, Lower Dir, Malakand, mittee. He said the tournament is by 2-0 in the first singles while in Ali finished with figures of (Shayan Jehangir 48 not out, some players chose not to sign Chitral, Buner, and Lakky a sources of learn for the upcom- the doubles Maqsood and Tahir six wickets for 17 runs in fine Jaahid Ali 46 not out). their new contracts," he said. Marwar are taking part. Col. ing youth of Swat. He also beat Tahir and Manzer by 2-0, spell as Zone-VII Blues Zone-V Whites bt Zone-VII "Every player received an Arif of ISPR Mingora, Swat, appreciated the support given by Charsadda beat Lower Dir by 2crashed to 85 all out in 28th Blues by 7 wickets. offer amounting to a basic President of the Khyber Sarhad Ruler Support Program 0, Baktawar Shah beat Abu over. Zone-V Whites reached Zone-VII Whites 85 all out Badminton (SRSP) to the association for Fayyaz while Israr beat Fida and increase to their monthly Pakhtunkhwa the target for the loss of three in 27.5 overs (Nasir Hussain retainer of at least 10 per cent Association Zafar Ali Khan, organizing the event at hilly Fakhar by 2-0 and in the last wickets in 28th over. 19, Muhammad Ali 6-17, and the opportunity to improve DSO Officer Niamat Ullah resort Swat, which is famous as match Swat-B beat Lakki At TMC Ground, Jaahid Ali S.Arbab Shah 3-17) Zone-V Khan, officials, players and little Switzerland of Pakistan. Marwat by 2-0, Khayum beat that figure significantly produced a fine all-round show 86-3 in 27.3 overs (Wajid-ulHe said due to militancy and Tahir by 2-0 in the first singles through consistent high per- spectators were also present to propel Zone-VI Whites to a Hasan 16, Zohaib Ahmed 14). during the colourful opening insurgency the people of Swat while Aftab and Khayum beat formance. commanding ten wicket win Zone-IV Whites bt Zone-III have suffered and now with Tahir and Majid by 2-0. -APP "They were also guaranteed ceremony. over Zone-I Greens by 183 runs. match fees for domestic cricket Blues. Jaahid scored an Zone-IV Whites 292-9 in 50 for the first time which could unbeaten 46 with five bound- overs (Kamran Khan 58, significantly increase their aries and took two wickets for Muhammad Zuhaib 51, earnings," Sears said. nine runs. Kamran Khan Saadullah Baig 42, M.Yaqoob "The fact that they have slammed five boundaries in his 29, Zakir Aftab 3/39) Zone-III declined these improved offers 58 and Muhammad Zohaib Greens 109 all out in 36 overs calls into question some of the blasted seven boundaries in his (Faraz Ghaffar 22, Muhammad advice they have been receiv51 as Zone-IV Whites ham- Yaqoob 4-32, Hamid Khan 3ing, but that is a matter for the mered Zone-III Greens by 183 29). -APP players themselves." While Cricket Kenya believes the five would consider their stand and continue to play for the national side without any contracts, their absence would mean Kenya SHANGHAI: Chen Ruolin and Hu Yadan led a Chinese one-two will be under-strength when in the women's 10m platform Thursday which gave the hosts their they play the United Arab seventh gold medal as they neared a clean-sweep of all 10 diving Emirates in the ICC events. Intercontinental Cup match and Chen totalled 405.30 points to finish ahead of team-mate one-day series in Nairobi next SHANGHAI:Members of China's team pose with their silver medals after the synchronised Yu, with Mexico's Paola Espinosa claiming bronze. -APP swimming free combination final at the 14th FINA World Championships. -Reuters week. -APP
Ali 6-17 bowls Zone-V Whites to an impressive win in U17 cricket
China win seventh gold in Shanghai
They exchanges the ball and by reaching in the danger zone Tahir Khan gave a free ball to Saif Ullah who did nothing wrong in dispatching a beautiful goal from the top of the box area. After taking lead, Mardan put in more pressure as their forwards made some beautiful moves as a result Mardan got two golden chances but first Jan Muhammad saw his attempt went wide from the goal-post and secondly the left-foot kick of Saif Ullah intercepted by the upper bar. Conceding an early goal, Tank managed their position and with position of ball, Pir Salauddin, the centre striker leveled the tally 1-all by scoring a superb goal from the 25-yard distance. After 1-1 both Tank and Mardan Red tried their hard to get any lead but they were failed at the end of the first session.-APP
'Youm-e-Azadi Khi to Gwadar Cycle Race'
Kenya withdraw contracts for five players
Nowshera beat Chitral in KP Inter-District Badminton
will be held on July 25. 138KM Uthal to Aghore on July 26, 116-km Aghore to Ormara on July 27, 166- Km Ormara to Pasni on July 28 and 127-km Pasni to Gwdar fifth stage on July 29. The details of the prize money is being worked out and will be announced before the race. -APP
Aisam to leave for US for Mason Cup ISLAMABAD: Pakistani tennis ace Aisam-ul-Haq Qureshi will leave for the US on July 26 to feature in the League Mason Cup, starting from July 30 in Washington "I will be taking part in three tournaments in the US and Canada ahead of next month`s US Open," he told APP on Thursday. The 31-year old said that after Mason Cup he would play in the Rogers Cup in Montreal before traveling to Ohio to play in the Cincinnati Open. He said he would take part in next month's doubles and mixed-doubles events at the US Open and was optimistic for a good performance like he did during last year`s event. -APP
Former coaches support dumped Wallaby Giteau SYDNEY: Former World Cup coaches and players have criticised the decision to axe Matt Giteau from the Wallabies' team for this weekend's Tri-Nations opener with South Africa, reports said on Thursday. Eddie Jones and John Connolly jumped to Giteau's defence after the one-time indispensable team member was this week left out of the 22man squad to play South Africa in Sydney on Saturday. Jones said coach Robbie Deans had "pulled the wrong rope" by dropping Giteau, while Connolly rated the 28year-old flyhalf/inside centre as one of the mentally toughest players he had seen. Commentators said Giteau's omission cast doubt over Giteau's involvement in the Wallabies' World Cup campaign later this year. Jones, who led Australia to the 2003 World Cup final, said he was baffled by Deans's decision and said opposition teams would be happy to see Giteau left out. -APP
International & Continuations
Friday, July 22, 2011
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NASA’s shuttle era ended as Atlantis returns CAPE CANAVERAL: The space shuttle Atlantis glided home through a clear moonlit sky on Thursday to complete a 13-day cargo run to the International Space Station and a 30year odyssey for NASA's shuttle program. Commander Chris Ferguson gently steered the 100-tonne spaceship high overhead, then nose-dived toward the swamp-surrounded landing strip at the Kennedy Space Center, a few miles (kilometers) from where Atlantis will go on display as a museum piece. Double sonic booms shattered the predawn silence around the space center, the last time residents will hear the distinctive sound of a shuttle coming home. Ferguson eased Atlantis onto the runway at 5:57 a.m. EDT, ending a 5.2 million-mile (8.4 million-km) journey and closing a key chapter in human space flight history. "Mission complete, Houston," Ferguson radioed to Mission Control. Astronaut Barry Wilmore from Mission Control answered back, "We'll take this opportunity to congratulate you Atlantis, as well as the thousands of passionate individuals across this great space-faring nation who truly empowered this incredible spacecraft, which for
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three decades has inspired millions around the globe." Atlantis' return from the 135th shuttle mission capped a 30-year program that made spaceflight appear routine, despite two fatal accidents that killed 14 astronauts and destroyed two of NASA's five spaceships. The last accident investigation board recommended the shuttles be retired after construction was finished on the space station, a $100 billion project of 16 nations. That milestone was reached this year, leaving the orbiting research station as the shuttle program's crowning legacy. Details of a follow-on program are still pending, but the objective is to build new spaceships that can travel beyond the station's 250-mile (400km) orbit and send astronauts to the moon, asteroids and other destinations in deep space. BACK-UP PLAN The final shuttle crew included just four astronauts -- Ferguson, pilot Doug Hurley, flight engineer Rex Walheim and mission specialist Sandy Magnus -- rather than the typical six or seven astronauts, a precaution in case Atlantis was too damaged to safely attempt the return
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continued to complain that rival claimant China had not made enough concessions on the issue. The talks are part of a week of diplomacy in Nusa Dua on the Indonesian resort island of Bali that included an Asean foreign ministers' summit on Tuesday. The so-called Asean+3 on Thursday will be followed on Saturday by an Asean Regional Forum focused on security issues that groups together top diplomats from a wide range of countries, including the United States and Russia. US Secretary of State Hillary Clinton was due to arrive in Bali on Thursday night to participate in the event. - APP
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Sources told Sindh government was major defaulter on outstanding arrears of over Rs25 billion. Certain private and public departments have also been declared defaulters on payment of Rs245 billion. - Online
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The bodies of deceased and the injured were shifted to hospital where one of the dead was identified as Amjad Ali and two wounded as Shafeeq Ahmed and Kamran Siddiqui. Law enforcement personnel rushed to the site and launched search operation to trace the suspects out. Further investigation was underway. - APP
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which has been approached by these companies for extra volumes. IOC and MRPL have so far not asked for additional Saudi oil. MRPL is still hopeful it will get a late allocation from Iran, a company source said. SAUDI VOLUMES "BPCL, HPCL and Essar have told us that they have not received allocation (from Iran for August). They did not get a response from Iran and they want to secure supplies," said an executive with Saudi Aramco, who declined to be named. Iran sent refiners a letter on June 27 threatening to halt supplies and has followed through on its threat. Iran refused to sell crude to India's second-largest refiner BPCL in August, because it could not pay, a BPCL source said. BPCL has secured oil from Saudi Arabia instead, the source added. "So there will be no supplies from Iran in August, but we have arranged volumes from Saudi Arabia," the source said. Iran is India's second-biggest supplier. Refiners had already turned to top world exporter Saudi Arabia and other Middle East producers the United Arab Emirates, Kuwait and Iraq for extra barrels to replace those at stake. Saudi Arabia said it would boost supply unilaterally to meet rising global demand after an Opec meeting in June failed to agree to raise output, with opposition led by Iran. MRPL had already flagged that Tehran supplies were vulnerable in the long term. "Considering the enhanced level of sanctions against Iran in future, (and) the non-resolution of the current payment crisis, the availability of Iranian crude may be difficult," MRPL said in its annual report, adding supply may not continue indefinitely. - Reuters
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that the water share to be given to provinces up to September 30 would be kept intact and water would be supplied to provinces for Kharif season as per their quota. - Online
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imbroglio, details several instances of unethical and illegal practices on Fleet Street in his book, 'Flat Earth News'. In a revealing chapter titled 'The Dark Arts', Davies writes: "One investigator described being hired by the Sunday Times to target Asif Zardari, the husband of the then prime minister of Pakistan, Benazir Bhutto, whose credit-card statement he supplied so that Sunday Times reporters could find out where he had been staying and what he had been spending his money on." Davies does not mention the year when Zardari was targeted, but Zardari is known to visit Britain often. He reportedly owns a neo-Tudor mansion in Surrey. - Online
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Pakistan (GoP) owned shares of Pakistan Petroleum Limited (PPL) to the general public through the domestic stock exchange(s). In order to ensure full transparency of the process an Evaluation Committee will evaluate the proposals submitted by the interested parties and will submit its report on technical pre-qualification of interested parties before Privatisation Commission Board. The transaction will strengthen the domestic capital market and mobilise savings of individuals, households and institutions of Pakistan and allow them to take ownership The PC Board approved the recommendations of financial advisory services (FAS) for transaction structure of National Power Construction Corporation (NPCC) and allowed to proceed with a strategic sale of 88 per cent GoP shares of NPCC on 'as is where is' basis after approval of the CCOP while allocation of 12 per cent remaining shares for employees for distribution of unit certificates under Benazir Employees Stock Option Scheme (BESOS). KASB Bank is providing financial advisory services for the transaction. While finalising the transaction structure for Heavy Electrical Complex (HEC), the PC Board agreed with the recommendations of the Transaction Committee for revising the transaction structure as "divestment of equity stake at minimum 96 per cent of the issued, subscribed and paid up share capital in HEC together with management control". PC has so far received three EOIs for HEC from 1. Niagra Mills (Pvt) Ltd, Pakistan, 2. AREVA T & D Pakistan (Pvt) Limited, France and 3. ALSTOM Grid Pakistan (Pvt) Ltd, France. The Board recommendations will be submitted to the CCOP for a decision. The PC Board also adopted audited accounts of the Privatisation Commission for the year ended June 30, 2010. Earlier, the PCB reviewed the implementation status and progress of various other ongoing and upcoming transactions. The PC Board members, senior officials of the respective ministries, departments, representatives of the respective entities and officials Privatisation Commission attended the meeting. - Onlines
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He said: "We are very respectful of the sovereignty of Pakistan. But we cannot allow someone who is planning to kill our people or our allies' people - we can't allow those kinds of active plans to come to fruition without us taking some action." On Thursday, however, Gilani said any repeat of the Abbottabad raid would be "totally unacceptable". "Public opinion would further aggravate against the United States and you cannot fight a war without the support of the masses. You need the masses to support military actions against militants," he said. He said another raid would
to Earth. With no more shuttles available for a rescue, NASA's backup plan was to rely on the smaller Russian Soyuz capsules. At Cape Canaveral, 2,000 workers, journalists and VIPs waited by the runway to cheer the shuttle landing and greet the "final four" astronauts as they emerged from their ship. "The things that you've done will set us up for exploration of the future," NASA Administrator Charles Bolden told them. Ferguson thanked the thousands of workers involved in the program over the years and said he hoped "this fantastic vehicle" would inspire a new generation of space explorers. "Although we got to take the ride, we sure hope that everybody who has ever worked or touched or looked at or envied or admired a space shuttle was able to take just a little part of the journey with us," Ferguson said. Thousands more employees gathered with their families to watch the landing on a giant television at the Johnson Space Center in Houston, home of Mission Control and NASA's main astronaut training facility. As the shuttle touched down, a cheer arose through the crowd that gathered outside the center's headquarters building.
But now that Atlantis is home, 3,200 of the shuttle program's 5,500 contract workers will lose their jobs on Friday. Within about a month, the contract workforce that totaled about 16,000 five years ago will tail off to about 1,000 who will oversee the transfer of Atlantis and sister ships Discovery and Endeavour to muse-
damage "not only our relationship, but also our common objective, to fight against militants. We are fighting a war and if we fail that means that it's not good for the world. We can't afford losing." After the raid against Osama, the Pakistani government said it had stopped the US launching drones from its territory in pursuit of militants in tribal areas. Nevertheless, drone strikes on the Pakistani side of the border with Afghanistan have continued. "We don't allow our bases to be used. They have other bases they use," Gilani said. Asked where those bases were, he replied: "I don't know. You ask the Americans. This is a question to put to them." The Prime Minister added: "Drone attacks are against our strategy too, because we have been isolating the militants from the local population and when there are drone attacks they get united again." While addressing a press conference in UK the Prime Minister Syed Yousuf Raza Gilani again made it clear that democracy will never be derailed adding governments are neither made or fall by any one's say. PM Gilani said that government is working on a number of projects to overcome energy crises hence talks with Iran are underway in this regard. He criticized former President Pervez Musharraf for not looking into the mater on long term basis. He highly acclaimed the services and achievements of Shaheed BB in long term projects regarding power. Prime Minister Syed Yousuf Raza Gilani has said that elected representatives are blamed for corruption so as to topple the government. Investment in Pakistan will benefit as there are huge opportunities in the sectors of energy, including renewable energy sources, infrastructure, agriculture and agro-based industry, education, health and information and communication technologies, he underlined. He was of the view that Karachi is a hub of investment thus its economic stability is the need of the hour. In response to another question, PM went on to say that undoubtedly Pakistan has paid heavy price in war against terrorism than any other country urging terrorism is a menace which weakens democracy and shatters economy. Earlier, Prime Minister announced one million pound sterling for upgrading the facilities for Machine Readable Passport System for the Pakistanis residing in Britain. The Prime Minister made the announcement during the annual gala dinner organized by UK-Pakistan Chamber of Commerce and Industries at a local hotel here late Wednesday night. Gilani said the amount had been sanctioned in view of a strong demand by the Pakistanis residing in the United Kingdom who are facing difficulties in getting the Pakistani machine readable passports. - Agencies
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on the government's management of the economy, a senior vice president at Moody's Investor Service said last week. "Whether or not Mr Kardar's resignation is accepted, the affair underscores the discord and lack of continuity that afflicts senior policy leadership, and ultimately casts a harsh light on the government's management of the economy," Tom Byrne, senior vice president at Moody's, wrote in a note released recently. Kardar was the second central bank governor to leave in just over a year and the third senior policymaker to quit in Pakistan in less than 18 months, following the previous central bank governor Salim Raza's resignation in June 2010 and former finance minister Shaukat Tarin's resignation in February last year. Ratings agency Standard & Poor's had said the resignations of the central bank chiefs send out a negative signal but were not surprising. "It reflects the difficulties of the central bank governor to do his job: to maintain price stability in the backdrop of the dominance of the fiscal side in the form of large borrowings," said Agost Benard, S&P credit analyst. "Given Pakistan's unstable domestic political situation, the resignation does not come as a surprise." S&P rates Pakistan B-, just one notch above a CCC rating that would imply an impending default, but Benard said the B-rating reflected a lack of stability of key institutions. "When external borrowings are included in government debt, the percentage rises above 60 per cent of GDP, a dangerous level for an economy with a very weak tax base and increasingly limited financing means," Byrne said in the note. The International Monetary Fund (IMF) has also criticised the government for its patchy implementation of fiscal reforms and has held back the sixth tranche of an $11 billion loan programme since August last year. IMF and Pakistan officials were due to meet this month though no official date has been announced. Last week, the U.S. confirmed it would hold back $800 million to Pakistan, or nearly a third of its total security aid, in part because Pakistan had expelled American military trainers and imposed other limits on visas for U.S. personnel.
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It was decided that the interaction would continue for smooth functioning of the power sector. - APP
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acquisition of modern technical services. The meeting discussed managing means of payments including but not limited to credit and debit cards, cheques, travellers cheques, money orders, bank drafts and electronic money, financial guarantees and commitments, trading in individual and collective portfolio management; safekeeping and administration of cash or liquid securities on behalf of other persons; investing, administering or handling of funds or money on behalf of other persons. It also discussed the insurance business transactions, money and currency changing and carrying out business as intermediary. The meeting also deliberated the role of the Anti-Narcotics Force (ANF) and its investigation and prosecution of the cases which could cause any implications with money laundering, the source added. - APP
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technology, as telecom operators are reluctant to invest in the country where their returns are constantly squeezing against their increasing operational expenses. The FDI level is the lowest since year 2003-04 in the telecom sector as FDI continued to increase till 2009-10. The sector used to be considered highly potential for landing billion dollar investment with host of economic activities. In 2005-06, the telecom sector brought $1.905 billion with 54 per cent share in the overall FDI, the figures showed. Meanwhile, an official said that the cellular sector had invested huge money on the telecom infrastructures over the past couple of years, expanding their network more than 90 per cent throughout the country. The FDI volume has witnessed significant cut in the previous fiscal year, however, FDI is still landing in the country on up-gradation of network and introduction of value-added services, he added. The revenues of the cellular operator declined substantially owing to stiff competition, which made investors reluctant to refrain from investing more capital. He said the telecom operators have curtailed to send revenues to their headquarter countries whatever they earned in Pakistan and re-investing their earnings on their operations and businesses. The official said the cellular operators' have adopted cautious approach to invest money on technology and trying to adjust their growing expenses with cost-cutting strategies. - APP
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ums. The shuttles' retirement opens the door for a new commercial space transportation industry, with NASA relying on U.S. firms to deliver cargo to the station starting next year and to fly its astronauts there by about 2015. Until space taxis are available, Russia will take on the job of flying crews to the station, at a cost of more
than $50 million per person. The primary goal of Atlantis' flight was to deliver a year's worth of supplies to the station in case NASA's newly hired cargo suppliers, Space Exploration Technologies and Orbital Sciences Corp, encounter delays preparing their new vehicles for flight.
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According to official data, remittances rose to a record $11.2 billion in 2010-11 fiscal year, an increase of 25.77 per cent compared with the same period last year. In May 2010, Pakistan received $1.13 billion in the fifth tranche of an $11 billion International Monetary Fund (IMF) bailout programme. - Reuters
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The application sought an increase from the month June. The Power distribution companies said that the with the rising oil prices, it would be difficult to go ahead with the current tariffs; therefore the rates should be increased. The power distribution companies has also informed the Nepra that they faced transmission and distribution losses by 4.24 per cent in the month of June out of totally sold electricity up to Rs55.95 billion. They said they also spent Rs46 billion on the consumption of fuel and oil in the month of June and the amount of purchase of electricity stood at Rs6.37 against Rs5.22 during the month of June. - Online
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Minister for Religious Affairs Syed Khursheed Shah and Leader of the House in the Senate Syed Nayyar Hussain Bukhari said that the treasury benches have no objection if the opposition wanted to discuss their issues in the Parliament including situation in Karachi and power crisis. MQM Senator Col (R) Syed Tahir Hussain Mashadi said that their party Senators have submitted an application of allocating seats on opposition benches in the Senate but after spending 21 days, they have not been allocated seats. - APP
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shares it was felt necessary to make certain amendments in the CI Rules because under the book building process the offer price of shares is decided by market forces through open bidding. The proposed amendments will also streamline the book building process of companies for issue of shares. The key amendments to the revised draft CI Rules include introduction of one uniform criterion for loan-based projects and equity-based projects, removal of restriction on the sponsors of companies to retain at least 25 per cent of the capital at all times as now sponsors will be required to retain at least 25 per cent of the capital for a period of just three financial years; removal of the requirement of project appraisal from a financial institution, verification of the installation and shipment of the last consignment of the plant and machinery is no more required to be verified by the stock exchange as now the issuing company shall obtain a report verifying the implementation status of the project from a valuer; and exemption from certain requirements for charging premium in case the issue/offer of shares is made through book building process. The draft amended CI Rules require underwriting of all new issues of capital and approval of the SECP for issue of shares against intangible assets. After seeking feedback from key stakeholders, during a period of two to three weeks, the same will be submitted to the federal government for approval and then the final revised CI Rules will be notified.-Online
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which dented growth in Asia's third-largest economy. In comparison, the MSCI's measure of Asian markets other than Japan has remained almost flat. The Reserve Bank of India (RBI) is expected to raise its key policy rate by 25 basis points on Tuesday after inflation quickened in June and may hike once more by the end of the year, a Reuters poll showed on Wednesday. The RBI has been the world's most aggressive central bank, having raised rates by 275 basis points in 10 moves over the past 15 months. Still, wholesale price inflation accelerated in June to an annual 9.44 per cent from 9.06 per cent in May, driven by higher prices for manufactured goods and fuel. Losses were led by financials such as private-sector lender HDFC Bank that fell 1.35 per cent, while bigger rivals State Bank of India and ICICI Bank eased 0.7 and 0.4 per cent respectively. Energy major Reliance Industries, which has the heaviest weight on the main index, shed 1.75 per cent. Hero Honda Motors, the country's largest motorcycle maker, bucked the trend and rallied 1.6 per cent after reporting a higher-than-expected 13 per cent rise in quarterly net profit. The 50-share NSE Nifty index dropped 0.46 per cent to 5,541.60 points. In the broader market, 934 declines outpaced 490 advances on volume of 528 million shares.-Reuters
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The index added 1.2 per cent on Wednesday. The broader Topix shed 0.1 per cent to 860.11. "The index may stay near the 10,000 line for the next month or two," said Masanaga Kono, a chief strategist at Amundi Japan. He said that despite expectations for a recovery in production after the March earthquake, manufacturers will likely remain cautious about their outlooks when they begin reporting April-June results next week. "Their production may be recovering, but there are persistent concerns about the strong yen," Kono said. He added that foreign investors would likely favour small-to-mid sized companies with attractive valuations over global cyclical such as bellwether exporters, saying that global small stock funds that included many of these Japanese companies in the April-June quarter seem to have outperformed. As investors awaited the outcome of the EU and US talks, cash and futures markets volumes were low, with the number of shares exchanged on the main board a lukewarm 1.8 billion. YEN STRENGTH Strong gains in the Nikkei were also prevented by technical resistance at 10,046. Immediate support was seen at the 200-day moving average at 9,907. The White House shifted gears on Wednesday and signalled that President Barack Obama could support a short-term increase in the US borrowing limit as long as it is part of a broader deficit reduction deal. Toyota Motor shed 0.5 per cent to 3,310 yen while Sony Corp dropped 0.8 per cent to 2,077 yen. But Mitsubishi UFJ Financial Group, Japan's biggest bank by assets, advanced 1.3 per cent to 394 yen, while Sumitomo Mitsui Financial Group rose 0.5 per cent to 2,442 yen. Mitsuba Corp dropped 8.0 per cent to 733 yen in heavy trade, while Calsonic Kansei fell 2.4 per cent to 496 yen after a source told Reuters on Wednesday that Japan's Fair Trade Commission is investigating seven major auto parts makers, including Mitsuba and Calsonic, on suspicion they formed a price-fixing cartel.-Reuters
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"The news from Europe is significant enough to cause a little relief," said Warren West, principal at Greentree Brokerage Services in Philadelphia. "Whether it is going to resolve all the issues, I couldn't tell you. Would it be enough to sustain the market? Doubtful." On the downside, Dow component Intel Corp fell 1.2 per cent to $22.71, a day after the chipmaker trimmed its forecast for 2011 personal computer unit sales. Network equipment maker F5 Networks Inc tumbled 10.4 per cent to $99.70 after it forecast fourth-quarter profit in line with estimates, disappointing investors, and cautioned about uncertainty in the European market. Chinese manufacturing contracted for the first time in a year in July, data showed, as tighter monetary policy and sluggish global demand weighed on the economy. In the latest economic data, new US claims for unemployment benefits rose more than expected last week, the government said. Markets barely reacted after the report came out.-Reuters
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Banks and insurers, most exposed to European sovereign debt, rallied hard with Barclays the top riser, up 7.8 per cent. UK-listed banks enjoyed their biggest one-day percentage gain since the start of 2011, but remain down over 8 per cent in 2011. Although the rally looked like an exaggerated knee-jerk reaction, valuations show shares in the FTSE are ripe for the picking, should uncertainty be removed over the European and US debt situations. "UK equity sector valuations are cheap, in fact the second-cheapest globally in P/E (price to earnings) terms, and yet they are the second-largest dividend yielder globally as well," said Mark Burgess, chief investment officer at British fund firm Threadneedle. Thomson Reuters Datastream figures showed the FTSE 100 index carrying a forward priceto-earnings ratio of 9.44 compared with a 10-year average of 14.15. Relief that Europe was making progress on dealing with its debt problems, and hopes that it would avoid widespread contagion and plunge the region into a deep recession, was not enough to reverse losses in the mining sector . The sector underperformed, suffering in tandem with easier copper prices after poor manufacturing data from top metals consumer China heightened worries over the growth outlook for the country. Factory output in the world's largest consumer of commodities shrank in July for the first time in 12 months. "We still forecast strong global GDP growth, at 3 per cent to 4 per cent in both 2011 and 2012. But we are again making more GDP forecast downgrades than upgrades," Willem Buiter, analyst at Citigroup, said. Mixed economic data from the United States failed to dampen investor spirits as a rise in jobless claims was offset by a rebound in factory activity. But concerns remain as US lawmakers fight to forge a deal before an Aug. 2 deadline to prevent the world's biggest economy defaulting on its debt.-Reuters
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economic outlook," said Cusson Leong, Credit Suisse's head of Hong Kong research, adding that there are different drivers for each of their global divisions. Leong said that the results Hutchison will announce in early August should spur buying of the stock. As Hutchison and China Mobile jointly account for 10 per cent weight in the benchmark, further gains by both could be enough to lift the index out of the sideways trend it has been stuck in for the past week. CNOOC shares fell 3.6 per cent in volumes more than triple its 30-day average, hitting a five-month low partly on worries that it might have paid too much for a Canadian oil sands acquisition. Analysts at Jefferies maintained their "underperform" rating on the stock and said the acquisition of a problematic asset is further evidence that CNOOC's domestic assets are depleted.-Reuters
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Asean nations meet ahead of security summit
MECCA: President Asif Ali Zardari and members of his delegation performing Umrah here on Friday.-APP
Iran's supply halt not to limit oil in India NEW DELHI: India has a back-up plan to cope with a halt to crude supplies from Iran, its oil minister said, as the Islamic republic upped the ante in an oil payments row and Indian refiners rushed to secure alternative supplies, including from Saudi Arabia. Since December, India and Iran have struggled to find ways for New Delhi to pay for imports of 400,000 barrels per day or 12 per cent of its oil demand after the Reserve Bank of India halted a clearing mechanism under US pressure. That move won praise from
India tests short-range missile BHUBANESWAR: India on Thursday test fired a new short range ballistic missile from a defence base in Orissa, official sources said. The 'Prahaar' missile, which can hit a target 150 km away, was tested from the Integrated Test Range in Chandipur in the district of Balasore, about 230 km from here. The "Prahar" system can tackle multiple targets and allows a mix of different kinds of missiles to be used from a single launcher. Being a road mobile system, it could be engaged in a short time notice and each launcher is so designed that it can load six missiles at a time taking out multi targets. It is also India's answer to Pakistan's short-range, tactical nuclear-capable missile Nasr. - Online
KP airline union chief shot dead PESHAWAR: The President of People's Unity Khyber Pakhtunkhwa (PU-KP) Saad Kamal Shah and his fellow have been shot dead on Bara Road on Thursday. According to initial reports, Saad Kamal Shah and his fellow were travelling in a car on Bara Road, Peshawar. Suddenly some unidentified armed attackers opened fire on them and managed to escape after killing both on the spot. Rescue teams rushed to the shooting site and moved the dead bodies to hospital while heavy contingent of police arrived on the scene and started investigation after cordoning off the area. - NNI
Washington, which is using sanctions in a bid to get Tehran to halt its nuclear programme. Indian firms Mangalore Refinery and Petrochemicals Ltd, Iran's biggest Indian client, BPCL, IOC, HPCL and Essar buy crude from the Islamic Republic, and their collective debt to Iran since the crisis broke out has risen to more than $5 billion. None of the five refiners have received a crude supply plan from Iran for August loading cargoes, officials and executives at the companies said on condition of anonymity.
But Indian oil minister S Jaipal Reddy said on Thursday no oil shortages would result from Iran's halting supplies in August. "No. There will not be any shortage or problem. We have a back-up plan," Reddy told Reuters when asked if Asia's third-largest oil consumer would face problems now that Tehran has decided against supplying oil in August. Iran has told BPCL, HPCL and Essar that they will receive no supply in August, said a source at Saudi Aramco, See # 4 Page 11
Blast kills OGDC's 4 workers QUETTA: At least four employees of Oil and Gas Development Corporation (OGDCL) have been killed and four sustained injuries in a bomb blast occurred at Dera Allahyar town of Jaffarabad district on Thursday. "Unknown men planted an explosive material into a motor rickshaw and parked it on the road and detonated it when a vehicle carrying employees of OGDCL passed there," police said. Police added that as a result of the explosion, three employees were killed and four injured. See # 3 Page 11
NUSA DUA, Indonesia: Southeast Asian foreign ministers held wide-ranging talks with their counterparts from China, Japan and South Korea here on Thursday, ahead of a security summit involving the United States. North Korea's nuclear programme, climate change and global food shortages were among the issues discussed during what host Indonesia described as upbeat discussions despite tensions among some participants over a territorial spat. "Just now was a very positive meeting," Indonesian Foreign Minister Marty Natalegawa said after emerging from the talks between the 10 Association of Southeast Asian Nation (ASEAN) members and their three big neigh-
bours. "During the course of our meeting we took stock of the present state of ASEAN plus three's collaboration on financial and economic issues, which has been extremely positive." He said one of the top issues discussed was North Korea's nuclear programme, and that there was support for restarting stalled six-nation diplomatic efforts aimed at getting the isolated country to give up its atomic ambitions in return for diplomatic and economic benefits. "Of course the North Korean issue was discussed in good length and it is one of the common concerns not only for countries in the Northeast Asia but also Southeast Asia," Natalegawa said.
"We wish very much to see the six-party talks revived." Philippine Foreign Secretary Albert del Rosario said other issues on the agenda included food and energy security, environmental issues and co-operation on disasters. However he said one of the most contentious issues - competing claims between China and some Asean nations to the South China Sea - was not mentioned. This came after Asean and China agreed on Wednesday to guidelines on a potential code of conduct governing activities in the resource-rich and strategically important waters. The agreement appeared to have eased tensions that had flared in recent months, although the Philippines See # 1 Page 11
On non-payment of electricity dues
President, PM offices served final notices ISLAMABAD: Islamabad Electric Supply Company (IESCO) while issuing final notice to Aiwan-e-Sadr, Prime Minister House and Prime Minister Secretariat for payment of outstanding bills has said if the outstanding dues are not paid till Friday then power supply will be disconnected to them. Ministry of Water and Power sources told Online power supply had been disconnected to 62 parliamentarians due to non-payment of out-
standing bills. These parliamentarians include Maulana Fazlur Rehman, State Minister Sheikh Waqas Akram, Lall Muhammad Khan, Sahibzada Fazal Karim, Sumera Malik, Noor Alam, Noman Islam, Malik Pervez, Khurram Wattoo, Senator Waqar Ahmad, Gulzar Ahmad Khan, Ammar Khan, Attia Inayat Ullah, Fouzia Fakhar un Nisar and others. See # 2 Page 11
India can export 3mn tonne sugar MUMBAI: India, the world's second biggest sugar producer, can export 3 million tonnes of the sweetener in the 2011-12 season beginning October as it is likely to produce a surplus for the second year in a row, a senior official from trade house ED & F Man said. Any extra exports from India can help cool sugar prices after lower supplies from top producer Brazil pushed up white sugar futures to a record high earlier this month. "We expect the government should continue with the exports programme,
especially when we will have surplus in the country, export of 3 million tonne is possible next year," Rahil Shaikh, managing director of ED & F Man Commodities India, told Reuters in an interview on Thursday. The country will have enough supplies to cater to domestic demand due to carry forward stocks of 5 million tonne from the current season and prospects of good crop next year, even if it ships out 3 million tonne, he said. "We expect it (output) to increase to 25-25.2 million tonne next year," he said. - Reuters
SSGC refuses to pay Rs23.8bn to OGDC KARACHI: Sui Southern Gas Company (SSGC) owes Rs23.8 billion to Oil and Gas Development Company Limited (OGDC) but the company refused to make payment until KESC clears all the dues to it, which has reached Rs29 billion. On the other hand the high official of OGDC said that if SSGC would not make timely payment, it would result in the impediment in the exploration of oil and gas, due to which the prevailing energy crises could be swelled further. The sources said that the said amount is
the part and parcel of circular debt in energy sector. The companies, among which the arrear is revolving has failed to fix the schedule for making these payments. The source said that during the fiscal year, OGDC has set a target of excavation of 47 wells and for this purpose it would require huge investment. In the present scenario, when the demand of energy is enhancing day by day. It has also become a necessity to speed up the exploration activities but this is only possible when circular debt would be reduced to minimum level. - Online
Water to provinces as per quota: Irsa ISLAMABAD: Irsa Advisory Committee (IAC) on the demand of provinces have decided to supply water to them for Kharif season as per set formula. Chairman Irsa Rao Irshad said water supply to provinces could be curtailed from 25 to 48 per cent in next Rabbi season. IAC met here under its chairman Rao Irshad Thursday. Irrigation secretaries of all the provinces and senior officers of Met office, Wapda and other departments
attended the meeting. The meeting reviewed the prevailing situation of water and demand of provinces. IRSA requested the provinces to cut short their demand for water in the present situation. Provinces took the plea that they needed water during the process of growth of crops therefore; they could not slash their share of water. Therefore, it was decided See # 5 Page 11
Defunct UK tabloid monitored Zardari's data LONDON: Pakistan President Asif Ali Zardari was among individuals whose personal data was clandestinely obtained by private investigators at the behest of a newspaper owned by media baron Rupert Murdoch. Nick Davies, a journalist writing for The Guardian who has doggedly exposed the dubious news-gathering practices in the British press, mentions that Zardari's credit-card statement was obtained by a private investigator for The Sunday Times. Davies, an award-winning journalist whose revelations led to the current phone-hacking See # 6 Page 11
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