International Karachi, Wednesday, May 25, 2011, Jumadi-ul-Saani 21, Price Rs12 Pages 12
Mehran attack was no security lapse: Musharraf See on Page 12 Economic Indicators
Foreign Debt (Mar 11) Domestic Debt (Mar 10) Repatriated Profit (Jul- Apr 11) LSM Growth (Mar)
GDP Growth FY10E Per Capita Income FY10 Population
Staff Reporter/ Agencies
NCCPL (U.S $ in million)
FIPI (24-May-2011) Local Companies (24-May-2011) Banks / DFI (24-May-2011) Mutual Funds (24-May-2011) NBFC (24-May-2011) Local Investors (24-May-2011) Other Organization (24-May-2011)
0.46 -0.29 -1.97 2.59 0.08 -1.21 0.35
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GDR update $.Price PKR/Shares 2.60 111.30 17.03 145.80 2.00 42.81 1.70 36.39 11.17 38.24
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
18-May-2011 18-May-2011 18-May-2011 20-May-2011 24-May-2011 24-May-2011 24-May-2011 24-May-2011 24-May-2011 24-May-2011 24-May-2011 24-May-2011 24-May-2011 24-May-2011 24-May-2011
13.21% 13.60% 13.84% 14.00% 13.53% 13.39% 13.68% 14.08% 14.20% 13.94% 13.99% 14.07% 14.46% 14.7% 14.89%
Commodities *Crude Oil (brent)$/bbl 112.47 *Crude Oil (WTI)$/bbl 99.70 *Cotton $/lb 156.95 *Gold $/ozs 1,526.20 *Silver $/ozs 36.20 Malaysian Palm $ 1,104 GOLD (NCEL) PKR 42,269 KHI Cotton 40Kg PKR 9,109 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 90.10 Canadian $ 87.30 Danish Krone 16.20 Euro 120.80 Hong Kong $ 10.80 Japanese Yen 1.032 Saudi Riyal 22.85 Singapore $ 68.30 Swedish Korona 13.30 Swiss Franc 95.90 U.A.E Dirham 23.33 UK Pound 138.50 US $ 85.75
91.10 88.30 16.50 122.20 11.15 1.058 23.15 69.30 13.60 96.90 23.60 140.80 86.35
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TT Clean
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90.14 87.58 16.11 120.17 10.99 1.045 22.80 68.54 13.43 96.59 23.28 137.74 85.62
90.35 87.78 16.15 120.45 11.02 1.048 22.85 68.70 13.46 96.81 23.33 138.07 85.80
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See page 12
‘PNS incident was a point to ponder for nation’
SCRA(U.S $ in million)
254.83 Yearly(Jul, 2010 up to 23-May-2011) Monthly(May, 2011 up to 23-May-2011) 29.25 5.12 Daily (23-May-2011) 2776 Total Portfolio Invest (14-May-2011)
Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
See page 12
Coactions with Pak in WoT still on: US
Terror acts can't weaken Pak: PM
Portfolio Investment
Index
Pak has two fronts to tackle: Sharif
Gilani chairs Cabinet Defence meeting today Overhauling of security agencies on meeting agenda
$16.97bn 14.08% $20.15bn $32.26bn $(12.11)bn $748mn $9.05bn $1.53bn Rs 1012bn $59.54bn Rs 5463bn $649.9mn 6.75% 4.10% $1,051 176.13mn
Forex Reserves (14-May-11) Inflation CPI% (Jul 10-Apr 11) Exports (Jul 10-Apr 11) Imports (Jul 10 - Apr 11) Trade Balance (Jul 10 - Apr 11) Current A/C (Jul 10- Mar 11) Remittances (Jul 10 - Apr 11) Foreign Invest (Jul 10-Apr 11) Revenue (Jul 10 Mar 11)
Pakistan draw series with huge win
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KARACHI: Prime Minister Syed Yousuf Raza Gilani talking to media persons at PNS Mehran after attending a high0level briefing about the terrorist’s attack in the Naval Base. -Online
B'stan has 'say' in mines project: SC ISLAMABAD: Supreme Court of Pakistan on Tuesday observed that Balochistan government was the competent authority to decide the issue of renewal of agreement signed for exploring gold and copper deposits worth billion of rupees of Rekodiq in Chaghi district. The three-member bench of Chief Justice Iftikhar Muhammad Chaudhry, Justice Muhammad Sair Ali and Justice Ghulam Rabbani took up constitutional petitions moved against the leasing contract. The bench during the course of proceedings observed that the leasing licence granted to Tethyan Copper Company (TCC) had already expired on February 19 and the provincial government was the competent authority to decide its future. The Chief Justice said that objections to this agreement
were premature. He told Tariq Asad advocate, a petitioner, that he had not challenged the Mining Rules like another appellant Maulana Abdul Haq Baloch. The bench rejected the petitioner's request to amend his petition. Tariq Asad advocate claimed that the provincial cabinet on December 24, 2009 had decided that TCC would not get the extension licence. Justice Muhammad Sair Ali told him that the apex Court was hearing the constitutional issues arising out of the agreement but it was the provincial government that could decide the mining question and the Court would not interfere into it. The TCC would be free to approach any forum after the provincial government's decision, he added. See # 9 Page 11
Gwadar Port
China says unaware of Pakistan proposal BEIJING: China said on Tuesday it had not heard of Pakistan's proposal for Beijing to help it build a naval port, pouring cold water on a plan that would likely stoke regional jitters about the two countries' relationship. Pakistani Defence Minister Ahmad Mukhtar said on Saturday that his government wanted China to build it a naval base at the deep water port of Gwadar, in the latest sign of moves to bolster ties with Beijing after strains with Washington over the US operation that killed Osama bin Laden. Pakistani Prime Minister Yusuf Raza Gilani visited China last week, and both sides vowed to maintain their "allweather friendship", which many analysts see as a shared hedge against US and Indian
influence. But on Tuesday, Chinese Foreign Ministry spokeswoman Jiang Yu said she had no knowledge beforehand of the naval port proposal and it had not been discussed during Gilani's visit. "China and Pakistan are friendly neighbors. Regarding the specific China-Pakistan cooperative project that you raised, I have not heard of it," Jiang told a regular news conference in Beijing. "It's my understanding that during the visit last week this issue was not touched upon," she added later. "For a long time China has done its utmost to provide help to Pakistan and we hope this can help improve the livelihood of the Pakistani people and promote economic and social See # 11 Page 11
Textile exporters send SOS to Fed KARACHI: The value-added textile exporters have demanded of the government to save them from the harassment of State Bank of Pakistan. In a statement Chairman Towel Manufacturers Association of Pakistan (TMA), Syed Usman Ali in a SOS to the National Assembly and Senate said that SBP is compelling the exporters to bring export proceeds of failed shipments by 'hook or crook'. "It seems that the only assignment left with SBP to pres-
surise genuine exporters to bring back their export proceeds "by hook or by crook " who are already facing immense issues i.e. blockade huge amount of their working capital in R&D, DLTL, sales tax, duty drawback, nonissuance of circular by SBP on 2.5 per cent rebate on interest on export finance, stoppage of export refinance on non repatriation of exports proceeds and other issues like electricity and gas load-shedding, worsened See # 13 Page 11
Hakim Zardari passes away Staff Correspondent ISLAMABAD: Cardiac arrest was the immediate cause of Hakim Ali Zardari's death on Tuesday, doctors said. He was being kept alive on artificial breathing through ventilator for the last five days and end of his life become imminent few days ago, hospital sources said. Hakim Ali Zardari was rushed to Pakistan Institute Medical Sciences (PIMS) at about 2:00PM on March 13 when he was suffering from chest infection and brain hemorrhage, Spokesman for PIMS Dr Zulfiqar Ghauri told Online. After remaining 10 days in the hospital chronic kidney failure and lungs failure further deteriorated his health condition after which he was placed on ventilator, he added. "Once his health improvement was encouraging and creating hope amongst doctors and his family members. But all of a sudden his condition became critical in May. For the last five days, doctors and nurses who were monitoring his diseases were calling upon the visitors and enquirer for Dua to Hakim Ali Zardari," said a jiala, who was present outside See # 10 Page 11
KARACHI: Prime Minister Syed Yousuf Raza Gilani on Tuesday again made it clear that terrorists by creating uncertainty and chaos in the country want to harm the national security and destabilise the country. During a quick chat with host of journalists at the PNS Mehran, Prime Minister Gilani expressed deep grief and sorrow over the loss of precious lives in the attack on PNS Mehran Navy Base, Karachi. He underlined that the terrorists by creating uncertainty and chaos, want to harm the national security and destabilize the country. But, they (terrorists) will not succeed in their nefarious designs, he added. He termed the attack a cowardly act and vowed to bring the culprits to the justice as early as possible, added that
agencies who embraced martyrdom in defending the national assets. PM Gilani particularly praised the valor and gallantry of Lt Yasir and other personnel of the law enforcement agencies in countering the terrorists' attack. "We are proud of these brave men", he further pointed out. Interior Minister, Rehman Malik, Sindh Governor, Dr Ishrat ul Ebad Khan, Chief Minister, Syed Qaim Ali Shah, and Chief of the Naval Staff, Admiral Noman Bashir, were also present on the occasion. Meanwhile, Defense Committee of the Cabinet and Federal Cabinet today will review and assess the national security in the aftermath of present challenges posed by the acts of terrorism. According to sources, the meeting of Defense Committee of the Cabinet would be See # 4 Page 11
SBP reports
PNS Mehran
Pak banks assets up at Rs7tn in Q4
Over R6bn loss calculated
KARACHI: The assets of the banking system grew by 7.7 percent to Rs7.1 trillion during the October-December quarter of 2010, according to the State Bank quarterly report issued here Tuesday. "This growth in total assets, while in line with the established seasonal pattern of the fourth quarter, was particularly strong given the comparatively weak performance in the earlier three quarters of 2010," the report pointed out. The growth in total assets was primarily on account of investments in government papers and seasonal credit requirements of the private sector due to soaring input prices. It said that net investments, with an increase of 14.3 per cent during the quarter, outpaced the subdued growth of 5.7 per cent in net advances. KABUL: The head of Nato said Within private sector credit, Tuesday he was confident lending to textile and sugar Pakistan's nuclear weapons were industries accounted for twosafe, but admitted it was a matter of concern, the day after the worst assault on a Pakistani military base in two years. Anders Fogh Rasmussen was in Afghanistan on a one-day visit and met President Hamid Karzai to discuss the transition of securiISLAMABAD: National ty from Nato-led troops to Assembly Standing Committee Afghan security forces, which is on Privatization has strongly due to begin in July. opposed Privatization of Rasmussen was asked if Nato Profitable Power distribution was concerned about Pakistan's companies as well as sale of 10 nuclear weapons after it took Percent shares of Oil and Gas Pakistani forces 17 hours to Development Company reclaim control of a naval air Limited (OGDCL) at internabase from Taliban attackers and tional market. following the death of Osama bin The committee has recomLaden. mended Government to get rid "I feel confident that Pakistan's off those corporations and comnuclear arsenal is safe and well panies who are a burden on protected," said Rasmussen. "But national exchequer. of course it is a matter of concern The committee met under the and we follow the situation chairmanship of Committee closely." Chairman Malik Bilal Rehman Rasmussen was scheduled to in which Privatization of differwind up his Afghan visit on ent corporations under Tuesday after spending a night Government's Privatization and a full day in Afghanistan. Policy were reviewed in length. Rasmussen said Nato will proPrivatization Secretary Imtiaz tect its troops and Afghans from Qazi told the committee that so militants based across the border far 167 corporations have been in Pakistan, reiterating pledges privatized since 1991. See # 12 Page 11 Government, he said, has
Nato says Pak nukes are safe
our Jawans are making Pakistan proud. He inquired the health of the injured persons at the PNS Shifa and later proceeded to Nawabshah. Furthermore, Prime Minister Gilani said that the Defence Committee of the Cabinet, which will be meeting today, will deliberate upon the terrorist attacks at the Pakistan Navy Base Mehran. Talking to media persons on his arrival here, the Prime Minister said that he would offer his comments in detail on the incident after the Cabinet's Defence Committee meeting. Earlier, he was briefed on the terrorist attack at the PN Base Mehran. Prime Minister Gilani said that the incident was a point to ponder for the entire nation. He said that he vehemently condemned the very incident and paid rich tribute to the personnel of law enforcement
third of the credit off- take of Rs 196 billion. On the funding side, deposits increased by 8.5 per cent, registering the highest quarterly growth during the last three years, the Report added. During October-December quarter, banks remained fairly liquid on the back of growing share of investments in government papers. Further, banks capital adequacy ratio observed improvement from 13.8 to 14 per cent during the quarter, the Report said. Credit risk remained a challenge as banks accumulated Rs. 53.7 billion of fresh NonPerforming Loans, pushing infection ratio from 14 to 14.7 per cent, though bulk of incremental NPLs were confined to a few banks, the Report said and added that the results of the stress tests showed that the banking system is resilient to See # 5 Page 11
NA body opposes Discos selling-off earned Rs. 476 billion through Privatization. Government, he said, intends to Privatize 58 more corporations and businesses, however, this year no corporation could be privatized due to global economic meltdown and non- interest of investors. Secretary Privatization informed the committee that Army welfare trust has deposited first installment worth Rs213.3 million to buy Wah Cement Factory and second installment worth Rs213.3 million would be deposited at end of current month. Secretary Privatization Imtiaz Qazi told the committee that we are planning to move to international market to sale 10 per cent shares of OGDCL and we can get Rs500 million. The committee adopted a stance that OGDCL is a See # 8 Page 11
ISLAMABAD: Under the leadership of Rear Admiral Pakistan Navy, joint investigation team set up for PNS Mehran fiasco has started its investigations. While a loss of over Rs6.47 billion has been estimated in the gruesome terrorist attack. According to high officials of Interior Ministry, the investigation team has the services of PAF, Pakistan Navy Intelligence, FIA, Rangers and others who are carrying out a methodical investigation into the terrorist attack. In this regard a senior officer of the National Crises Management Cell while giving details said that initial reports reveals a loss of over Rs6.47 billion has been estimated in the gruesome terrorist attack. He also told that the total terrorists were 12-15 however actual number will be unveiled after the report of the investigation team which will present it on the basis of actual specifics. He said that the committee will See # 6 Page 11
Naval planes shifted to Khi airport Qutubuddin KARACHI: In late night development, private TV channels have reported that the PNS Mehran airbase which came under terrorists attack Sunday night was being evacuated and all aeroplanes were being shifted to Karachi's civil airport, the Jinnah Terminal. Till the time of our going to the press, four planes had already been shifted to Karachi airport while a third P-3C Orion sea surveillance aircraft was also shifted there and parked in the Night Parking Area of airport. At the time of attack at Mehran, this plane had been out on a surveillance flight and thus remained safe while a helicopter See # 7 Page 11
2
Wednesday, May 25, 2011
Sindh ADP projects reviewed KARACHI: Chief Minister Sindh Syed Qaim Ali Shah presided over a high level meeting at the CM House here on Tuesday and discussed the proposed schemes for next financial year. The meeting also reviewed the progress of current financial year with perspective of percentage of achievements and also
discussed assessment from the federal government for the divisible pool, Sindh's share and expectations as well as present status of ADP projects. The meeting discussed various on-going and new schemes in different sectors. Syed Qaim Ali Shah emphasized the need to complete the schemes
nearing completion so that the people could get benefits of those schemes. He directed that schemes for the next financial year with minimum completion time be prepared to ensure their completion within one year. The meeting was attended among others by Sindh Finance Minister Syed
Politicians condole Hakim Zardari death ISLAMABAD: Hakim Ali Zardari, senior politician and father of President Asif Ali Zardari died here Tuesday at the PIMS after a prolonged illness. He was on ventilator sine 15th March. His different parts of body stopped working and he was admitted in PIMS Islamabad for many weeks. Dr declared him "Dead Brain". He was very senior politician and had been involved in Pakistani politics since the 1970s. He was considered as one of the close associates of Shaheed Zulfikar Ali Bhutto. He also remained Vice President of Awami National Party. Born in Nawabshah in 1930, he contested National Assembly elections on PPP ticket in 1970 and won with landslide majority. He also remained MNA in 1988 and 1993. He also remained Chairman of the Public Accounts Committee in 1988 when Shaheed Mohtarma Benazir Bhutto was Prime Minister.
He was jailed during the tenure of former President Gen (R)Pervez Musharraf and because of his illness he was treated at Ziauddin Hospital Karachi which was declared a sub jail. On receiving the news of death of Hakim Ali Zardari, large number of PPP leaders and workers reached Zardari House in Nawabshah. He leaves behind his son President Asif Ali Zardari and two daughters Faryal Talpur and Dr Azra. Prime Minister Syed Yusuf Raza Gilani has expressed his profound grief over the sad demise of Hakim Ali Zardari. In his condolence message the Prime Minister has prayed to Almighty Allah to rest the departed soul in eternal peace and grant courage to the grieved family to bear this irreparable loss with equanimity. Paying tribute to late politician, the Prime Minister said that services of Hakim Ali Zardari for the welfare of the people will long be remembered
.He further said that Hakim Ali Zardari was a close companion of Shaheed Zulfiqar Ali Bhutto and struggled throughout life for the restoration of democracy in the country. PML-N Chief Mian Nawaz Sharif, Chief Minister Punjab Mian Shahbaz Sharif, JUI(F) Chief Maulana fazlur Rehman, MQM Quaid Altaf Hussain, ANP President Asfandyar Wali Khan, Governors and Chief Ministers of Sindh, Khyber Pakhtoonkhwa, Balochistan, GilgitBaltistan, President and Prime Minister of Azad Jammu and Kashmir, Speaker and Deputy Speaker of the National Assembly, Dr Fehmida Mirza and Faisal Karim Kundi, Chairman and Deputy Chairman of Senate Farooq H.Naek and Jan Jamali, Federal and Provinial Ministers, PPP leaders and other political leaders have condoled the death of Hakim Ali Zardari and expressed their deep grief with President Asif Ali Zardari.-INP
ISLAMABAD: Relatives returning home after the death of Hakim Ali Zardari at PIMS Hospital.-Online
Tameer Microfinance Bank ratings TFD Report KARACHI: Tameer Microfinance Bank has been assigned the long term and short term entity ratings "A" (Single A) and "A1" (A One) by the Pakistan Credit Rating Agency (PACRA). JCR - VIS Credit Rating Company, an affiliate of Japan Credit Rating Agency has also upgraded the entity ratings of Tameer Microfinance Bank from A-/A-2 (Single A-/ A2) to A/A- (Single A/A one). The outlook on the assigned ratings is 'Stable'. CEO and President Tameer Microfinance Bank Nadeem Hussain said, "I am extremely pleased with our revised rating. This is a reflection of our hard work, ownership and targeted focus on the target market. Despite the current economic conditions, Tameer Bank will continue to address the needs of the unbanked." These ratings reflect a low expectation of credit risk. The rating upgrade also shows healthy growth in the asset base of the bank in 2010. The advance portfolio doubled in the year which highlights Tameer's strategic focus on core banking operations.
Al Meezan announces interim dividend payout Staff Reporter KARACHI: Al Meezan Investment Management Limited (Al Meezan) has announced Fourth Interim dividend payout for its three funds; Meezan Islamic Income Fund (MIIF) - Rs1.00 per unit, Meezan Sovereign Fund (MSF) - Rs0.88 per unit and Meezan Cash Fund (MCF) - Rs0.85 per unit. The payouts are in the form of Bonus Units to the Growth Unit holders and Cash Dividend to the Income Unit holders. A Growth Unit holder having 100 units of MIIF as at May 23, 2011 will get 1.9861 additional units at the exdiv. NAV of Rs50.35 while an Income Unit holder will get Cash Dividend of Rs1.00 per unit. A Growth Unit holder having 100 units of MSF as at May 23, 2011 will get 1.7593 additional units at the ex-div. NAV of Rs50.02 while an
Income Unit holder will get Cash Dividend of Rs0.88 per unit. A Growth Unit holder having 100 units of MCF as at May 23, 2011 will get 1.6990 additional units at the ex-div. NAV of Rs50.03 while an Income Unit holder will get Cash Dividend of Rs0.85 per unit. Meezan Islamic Income Fund (MIIF) is the first and the largest Shariah compliant open end income fund in Pakistan. The annualized return for the period from April 01 to May 21, 2011 was 15.95%. The current net assets of MIIF are Rs2,540 million. Meezan Sovereign Fund (MSF) is the first Shariah compliant open end government securities fund in Pakistan. The annualized return for the period from April 01 to May 21, 2011 was 12.19%. The current net assets of MSF are Rs10,716 million.
KARACHI: Town Administrator Liaquatabad, Khalid Riaz Siddiqui presiding a meeting of officials in connection with environmental issues.-Staff Photo
Murad Ali Shah, Advisor to CM for Planning and Development, Kaisar Bengali, Chief Secretary Sindh, Abdul Subhan Memon, Additional Chief Secretary (P&D), Muhammad Ishaque Lashari, Secretary to C.M. Alamddin Bullo, Secretary Finance and Naveed Karman Baloch.-APP
Firdous vows to fight terrorism ISLAMABAD: Federal Minister for Information and Broadcasting Dr. Firdous Ashiq Awan has said that Pakistan will continue fighting against terrorism and extremism and for this purpose, all out efforts would be made to eliminate it. Pakistan is fully committed to fighting against terrorism and therefore, all measures would be taken to eradicate it. Talking to Pakistan Television she said, "we will take all necessary steps to defeat terrorism and extremism." Dr.Firdous said this menace has to be exterminated and "we will use all means to do it". She said the sacrifices rendered by the armed forces and people of Pakistan against terrorism and extremism are indeed remarkable. She expressed her deep grief over terrorist attack on a naval are base in Karachi where several persons were killed. The minister said the armed forces had shown tremendous valor in their action against terrorists. She said successful operation conducted by the armed forces reflects the unity, strength and the courage of all people in Pakistan. Dr.Firdous said the sacrifices rendered by armed forces personnel against terrorist attack in Karachi will not go in vain. She said that those persons who were helping anti-social elements would not be able to escape punishment. The minister said the people of Pakistan know well how to defend their country and they will use all means to defend its honour, integrity and dignity.-APP
ACCA discussion on board diversity Staff Reporter KARACHI: ACCA Pakistan organised discussion forum 'Board diversity: is gender the missing link?' on Tuesday in Karachi as gender diversity on boards has become an international discussion theme. The panelists of the forum were Arif Masud Mirza, Head of ACCA Pakistan, Khawar Saeed Ansari, Pakistan Corporate Governance Project Manager, IFC Pakistan, Asif Malik, Vice President Corporate HR & Life Sciences, ICI Pakistan, Ms Jehan Ara, President, Pakistan Software Houses Associations (PASHA), Ms Shafqat Sultana, President, First Women Bank Limited .The discussion was moderated by Dr Afra Sajjad, Head of Education and Policy Development, ACCA Pakistan. 'As policy makers and business leaders are internationally considering a trend for more board diversity (including gender diversity), the examination of the business case for board gender diversity in the context of Pakistan merits consideration' explained Dr Afra Sajjad, Head of Education and Policy Development of ACCA Pakistan.
KARACHI: Chief Minister Sindh Syed Qaim Ali Shah chairing meeting to review current ADP and discuss next ADP at CM House.-Online
BOI plans to set up Japan-specific SEZ ISLAMABAD: Board of Investment (BOI) is planning to establish a new Japan Specific Special Economic Zone (SEZ) with broad features and in Sindh one million acres of Government land is available for the proposed SEZ. This was stated by Saleem H. Mandviwalla, Chairman Board of Investment while talking to Hiroshi Oe, Ambassador of Japan to Pakistan who called on him here and discussed the issues related to investors. The Chairman BOI said that the location advantage for industries in the proposed area and vicinity is the direct access of Port Qasim enabling raw material import and finished goods export without incurring major inland transportation costs and saving time and vicinity to the water reservoir is also included in the SEZ plan. Chairman, BOI informed the ambassador that Yamaha is investing in the automobile sector in Pakistan and President
Asif Ali Zardari has promised lucrative incentives to the Japanese investors during his visit to Japan. In progress to the project, he told that the land has already been allocated to Yamaha in Karachi (Port Qasim). Chairman BOI also informed the ambassador that Board of Investment proposes to establish a new Japan Specific Special Economic Zone with broad features like: in Sindh one million acres of Government land is available for the proposed SEZ. The location advantage for industries in the proposed area and vicinity is the direct access of Port Qasim enabling raw material import and finished goods export without incurring major inland transportation costs and saving time and vicinity to the water reservoir is also included in the SEZ plan. Chairman BOI proposed the ambassador that Government wants to construct a separate road (worth Rs. 1.2B) for the
investors with the support of JICA to link Karachi directly with the industrial areas to avoid the security concerns to the foreign investors. In response to the security issues in Pakistan, Chairman said that a high priority meeting is scheduled with CM Sindh, Secretary Sindh, security departments and Japanese investors to counter the security lapses with mutual understandings. He further added that in this scenario a better care of the existing Japanese investors can contribute to improve the attractiveness of the country once the issues impeding FDI inflows from Japan are removed with economically viable proposal mutually beneficial for the people of the two countries. Apart from the current investment, the ambassador showed keen interest for further investments in its dominant areas of business including financial business, automobile, electronics, manufacturing plant and trade.-APP
FFC petition dismissed
Isb High Court upholds CCP order Staff Correspondent ISLAMABAD: The Islamabad High Court has dismissed the writ petition filed by Fauji Fertilizer Company Limited against the conditional approval granted by the Competition Commission of Pakistan (CCP) to FFCL for the acquisition of Agritech. Justice Riaz Ahmad, in his detailed order upheld that the CCP has the authority to "allow merger with conditions or without conditions." Fauji Fertilizer Company Limited submitted its premerger application on 2nd August 2010 for the acquisition of 75 % to 79.87 % shares of M/s Agritech Limited. The Commission intimated FFC that it has decided to move the case to Phase 2 Review, with the view to determine whether the merger situation is likely to substantially prevent or lessen competition in the market and to ascertain the probability that the merged
entity in the post-merger market will behave competitively or cooperatively. The CCP bench comprising of Chairperson Rahat Kaunain Hassan and Member Vadiyya Khalil observed that the fertilizer industry in Pakistan (admittedly) a duopolistic market dominated by FFC and Engro, together having more than 80% of market share. The FFC has premerger market share of more than 50% in the relevant product market of Urea and DAP before the proposed merger. The bench further observed that notwithstanding the analytical problems apparent in the application of FFC the proposed acquisition/merger, if allowed, will not substantially lessen competition. Although, the premerger HHI for urea alone reflected a highly concentrated market (much greater than 2000 - a yardstick for measuring the high concentration level in
the market) and any further consolidation would have further raised the concentration in the market, which could give rise to serious competition concerns. The bench also observed that although there is no evidence of collusion in the fertilizer industry so far, but no empirical evidence was provided by FFC as to how mere expansion on part of Engro or Fatima is likely to result in rivalry. The Commission issued its no objection to the bidding by FFC for the proposed merger of Agritech subject to certain conditions which was challenged in the Islamabad High Court. In its order, the Islamabad High Court while referring to the Competition (Merger Control) Regulations, 2007, stated: "the powers of CCP cannot be curtailed by avoiding the regulations or by interpreting the law that would suit the petitioner only."
Mobilink Infinity rewards
KARACHI: Aamer Manzoor, Director Sales Mobilink Infinity, giving away Samsung Galaxy Tab to the lucky winner of "Infinity Double Click" promotion in a prize distribution ceremony held in Karachi.-Staff Photo
KARACHI: Mobilink Infinity, a premier provider of WiMAX broadband services in Karachi recently hosted a prize distribution ceremony for the lucky draw winners of their 'Infinity WIMAX Double Click' promotion launched earlier this year. More than sixty winners from the city received various prizes including Samsung Galaxy Tab, LCDs, Mobile Phones, IPODs, Digital Cameras, Tshirts, Free Internet connections and cricket bats.-PR
KCCI condolences death of Hakim Ali TFD Report KARACHI: Siraj Kassam Teli, Chairman Businessmen Group (BMG) and former President of Karachi Chamber of Commerce & Industry (KCCI), Tahir Khaliq, M. Zubair Motiwala, Haroon Farooki, Anjum Nisar, Vice Chairmen BMG & former Presidents of KCCI, Muhammad Saeed Shafiq, President-KCCI, Talat Mahmood, Senior Vice President-KCCI, Junaid Esmail Makda, Vice President-KCCI and Members Managing Committee-KCCI have expressed heartfelt sorrow and condolences to the President of Pakistan Asif Ali Zardari on the sad demise of his father Hakim Ali Zardari. They said Hakim Ali Zardari was a seasoned politician, prominent industrialist and landlord who played active role in the national politics. They prayed Almighty Allah to bless the departed soul, give patience and courage to President Zardari and the bereaved family to face this great loss.
SSGC launches recovery drive KARACHI: On the special directives of Dr Asim Hussain, Minister Petroleum and Natural Resources, SSGC successfully launched a comprehensive campaign to recover the dues from its customers. The campaign was launched with great success and SSGC recovered Rs194 million. The company devised aggressive recovery campaigns targeting defaulting customer to ensure timely payments of their gas bills. The campaign focused on the defaulting customers who had a track record of non-payments for long periods. All such defaulting customers were duly notified prior to disconnections. The current efforts will continue through the coming weeks and it is expected that the SSGC will recover another Rs300 million. -PR
PPL clinches KSE's Top 25 Companies Award KARACHI: Pakistan Petroleum Limited (PPL) achieved another milestone by featuring among Karachi Stock Exchange's (KSE) 'Top 25 Companies' for the fourth consecutive year for 2009. Managing Director and Chief Executive Officer Asim Murtaza Khan received the award from President Asif Ali Zardari at an event held at the Awan-e-Sadr in Islamabad on May 23 that drew corporate heads of top-ranking local and international companies.-PR
3
Wednesday, May 25, 2011 Top Economic Events
Euro rises versus dollar; gains seen short-lived Euro-zone debt crisis casts cloud over currency NEW YORK: The euro edged up from a two-month low against the dollar on Tuesday lifted by better-than-expected German data but gains could be shortlived given nagging fears about Europe's spreading debt crisis. German business sentiment held steady in May, the Ifo think tank said, confounding expectations for a third consecutive monthly fall. The data pushed the euro back above $1.4100, away from Monday's two-month low of $1.3968. Although the euro was holding above $1.4000, analysts said it was vulnerable to a break lower. Worries that Greece may have to restructure its debt and fears of contagion to bigger economies like Spain and Italy have hit the euro hard lately, pushing the currency down
more than 5 per cent since early May. "The problem still remains in the peripheral markets," said Samarjit Shankar, managing director of global FX strategy at BNY Mellon in Boston. "Global portfolio managers remain net sellers of peripheral eurozone debt instruments such as Greece, Portugal, Italy and Spain." The euro last traded at $1.4108, up 0.4 per cent on the day, after rising to $1.41338 on trading platform EBS. It earlier pared gains after the leader of Greece's conservative political oppo-
sition rejected the government's new package of fiscal measures to slash deficits. Any Greek debt restructuring plan
would open the door to euro selling towards $1.30, analysts said, by hitting European banks and private investors and raising questions about the eurozone's overall credit-worthiness. Traders reported stop-loss orders from $1.4125, with more around
Asian currencies
Won, ringgit recover on technical support SINGAPORE: The South Korean won and emerging Asian currencies recovered on Tuesday, hovering above technical support lines, while investors bought them on dips encouraged by stabilising stocks in the region and the euro's slight rebound. But the recovery may be short-lived as more investors were looking to cover dollarshort positions cheaply than to buy emerging Asian currencies aggressively amid persistent worries about the euro-zone's debt crisis. Earlier, Barclays Capital said the won has room to strengthen to as firm as 1,475 against the euro technically, adding euro/won is forming a large bearish pennant. The won turned higher
against the dollar as exporters bought it on dips for settlements with the South Korean currency succeeding to stay stronger than a support line. Interbank speculators reduced dollar-long positions to stop losses as the euro recovered and Seoul shares rebounded. The won started local trade at 1,100 per dollar, around the 60-day moving average of 1,099, but quickly erased the losses. Still, currency players are reluctant to buy more, given persistent worries about the euro-zone's debt crisis and foreign investors' continuous stock sales. The Singapore dollar slightly rose, investors sold the city-state currency for the US dollar around 1.2460, the 38.2 per cent
Fibonacci retracement level of Singapore dollar's March-April strengthening trend. The Singapore dollar also gave up some rises with the euro cutting gains. The ringgit edged up as investors took profit from the dollar's strength and it found a support line. Earlier, the Malaysian currency weakened to 3.0615, slightly stronger than the 200day moving average of 3.0720. But market players appeared to still hold dollar-short positions, limiting the ringgit's gains, dealers said. "Trading is pretty thin. Market is very scared as all are short and looking to cover the positions," said a Kuala Lumpur-based dealer. -Reuters
Sterling up on short Swiss franc covering after Moody's holds steady LONDON: Sterling bounced off a seven-week low, edging up against the dollar on Tuesday as traders covered short positions after Moody's threatened to cut its ratings on some UK banks, but analysts said the pound may continue to struggle. Small euro gains against the dollar also propped up the pound against the greenback. Analysts said sterling's weak-
ness versus the euro suggested the UK currency may remain vulnerable on concerns about the banking sector and as the economic recovery stutters. Ratings agency Moody's said it may downgrade 14 UK banks -- among them some of the world's leading institutions -- because regulators appear less willing to bail them out in the future. Analysts said sterling was vulnerable to more losses given the possible ratings cuts and that a fall below the psychologically important $1.60 level was possible this month. For now, sterling brushed off
such concerns and rose as high as $1.6210 in late London trade, up 0.5 per cent on the day. Market participants said Asian sovereign names sold the pound at the day's peak, knocking it back to $1.6195 by 1417 GMT. It clawed up from $1.6055 hit earlier in the day, its weakest since early April, when investors had sold on speculation that Moody's would make
an announcement on UK banks. Market participants said model funds later picked up the pound, triggering stop-loss orders above $1.6160 and pushing the UK currency above resistance at $1.6162, its 100-day moving average. Still, traders said sterling sentiment has soured after it has retreated from $1.6747 hit in April, its strongest since late 2010, and that selling may accelerate on a break below $1.60. The euro was up 0.2 per cent on the day at 87.30 pence, tracking the single currency's gains against the dollar. -Reuters
vs euro
ZURICH: The Swiss franc was steady against the euro on Tuesday after pulling off an all time high it hit on Monday as investors covered some short positions in the single currency. On Monday the franc hit its highest ever level against the euro, prompting Swiss National Bank Vice Chairman Thomas Jordan to say the central bank was "very worried" about the strength of the franc in an interview with Swiss television. "We are observing this," Jordan said. "We will take action if as a result of this appreciation deflationary risks emerge." Analysts said the euro will remain under pressure, however, as worries persist that the eurozone debt crisis could spread to larger southern European nations. "The huge storm of risk reduction will rip through markets if the focus turns to Spain and Italy. It's clear they don't have money to bail out these countries," said Ayako Sera, a market economist at Sumitomo Trust and Banking. The franc was barely changed against the euro compared to the New York close, trading at 1.2416 francs per euro at 0644 GMT. "Negative newsflow on the peripherals or signs of further growth moderation in Europe could renew downside risks. The next support level is 1.2270," said Credit Suisse analysts in a note. The franc was 0.2 per cent higher against the dollar at 0.8813 francs per dollar. -Reuters
Yuan rebounds, shrugs off weaker mid-point SHANGHAI: The yuan ended up against the dollar on Tuesday, even though the People's Bank of China set a weaker mid-point as the market had priced in a rally in the dollar. "The yuan has fallen a lot yesterday afternoon as the dollar hit a new high, so today's rebound is quite reasonable," said a dealer at a Chinese commercial bank in Shanghai. Traders also said recent trade showed expectations for the yuan to appreciate had not changed. China will use the exchange rate to fight imported inflation and to help make adjustments to the country's economic structure. Spot yuan closed at 6.4975 versus the dollar compared with Monday's 6.5050. The Chinese currency has now appreciated 5.06 per cent since it was depegged from the dollar in June 2010, and 1.40 per cent since the start of this year. Before trade began, the PBOC set the yuan's daily mid-point at 6.5038 against the dollar,
down from Monday's 6.4998. The central bank uses the mid-point to express the government's intention for the yuan's movements. "From several day's of trade we can clearly feel that the market is leaning towards further appreciation," the Chinese bank dealer said. "So the yuan can gradually rise in the near term if there are any signals of a dollar pullback." China's currency regulator said on Tuesday that China's current account surplus stood at $29.8 billion in the first quarter, down 18 per cent from a year ago. But dealers expected the decline in the account surplus to not reduce pressure on yuan appreciation, and that the decline was in line with China's aim to encourage higher domestic consumption. Offshore, one-year non-deliverable forwards (NDFs) were bid at 6.3810, down slightly from 6.3890 at Monday's close. Their implied yuan appreciation in a year's time was at 1.92 per cent versus 1.80 per cent previously. -Reuter
Monday's high of $1.4146. Support is seen around the 100-day moving average at around $1.3975. The euro has traded above its 100-day average since February. Against the yen, the dollar rose 0.2 per cent to 82.13 yen. The US dollar index, which measures the greenback versus a basket of currencies, slipped 0.2 per cent to 75.913, near a sevenweek high set on Monday. The New Zealand dollar gained more than 1 per cent to $0.8017 after a quarterly survey on behalf of the Reserve Bank of New Zealand showed inflation expectations in the country rose in the second quarter. The Australian dollar was up 0.5 per cent to $1.0557, off a one-month low of $1.0478 hit on Monday. -Reuters
NZ, Aussie dlrs rise on NZ inflation views WELLINGTON/SYDNEY: The New Zealand dollar rose against the greenback on Tuesday after higher-thanexpected inflation expectations prompted markets to toy with the idea that the central bank may tighten sooner than expected. The kiwi climbed to a high of $0.7968, reversing Monday's losses that had pushed the currency nearly a full cent lower. It last stood at $0.7966. The rally came after a survey conducted for the Reserve Bank of New Zealand showed business managers expect annual inflation to average 3.12 per cent over the coming year, above the RBNZ's medium term target of 1-3 per cent on average. "The reasonably strong increase in 2-year ahead inflation expectations should start to cause the RBNZ some discomfort," said ASB Bank economist Christine Leung. She said pricing intentions and cost expectations in business surveys over the coming months will be key in assessing whether businesses are starting to factor the likely boost to inflation into their business decisions. "We continue to expect the RBNZ will remain on hold until March 2012," Leung
added. The bank last month held rates at a record low 2.5 per cent and said they would stay there for some time. A Reuters poll shows analysts expect the cash rate to stay on hold until early 2012. The kiwi outperformed its neighbour with the Aussie tumbling to a 5-week low of NZ$1.3240, shedding more than two cents in just three days. But against the greenback, the Aussie reached a session high of $1.0563, versus $1.0506 in New York, to be well-off a one month-low of $1.0480 offshore. It last traded at $1.0558. Demand from Asian central banks and profit taking also helped the currency. But traders said offers around $1.0600 should cap the Aussie, and a test of the Ichimoku cloud top at $1.0315 looks viable in coming sessions. Earlier, the Antipodeans plumbed multi-day lows against the US dollar, hit by a wave of risk aversion sparked by worries that Greece will require some form of restructuring and on contagion fears after Italy suffered a credit outlook downgrade triggered a flight to safety on Monday. Reuters
Indian fwd dlr premiums slip on mild rupee gains MUMBAI: Indian forward dollar premiums ended up on Tuesday on mild gains in the spot rupee after falling sharply to nearly six-month lows on concerns over a dollar shortage in the spot market triggered by foreign funds pulling out of Indian equities. With dollar outflows picking up, exporters became active in swaps, selling dollars in the spot and hedging by buying forwards. The deals led to the sharp fall in the forward premium before the late-session recovery, traders said. At the end of local trade, the one-year onshore forward premium was at 248.25 points, higher than Monday's close of 236.25 points, after falling to 217.75 points earlier in the day, its lowest since Dec. 2. Foreign funds have sold Indian shares worth $1.7 billion so far in May after being net buyers of $1.6 billion in April. The partially convertible Indian rupee ended at
45.21/22, little changed from Monday's close of 45.23/24 on mild gains in the euro. It had traded in a range of 45.127545.2650 range during the day. The one-month offshore nondeliverable forward contracts were quoted at 45.41, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange were at 45.2450, 45.2425 and 45.2400 respectively with the total volume at $8.96 billion. Reuters
Time 4:50 11:00 13:30 13:30 13:30 13:30 17:30 17:30 19:00 19:30
Source JPY EUR GBP GBP GBP GBP USD USD USD USD
Events Trade Balance GfK German Consumer Climate Revised GDP q/q BBA Mortgage Approvals Prelim Business Investment q/q Index of Services 3m/3m Core Durable Goods Orders m/m Durable Goods Orders m/m OFHEO HPI m/m Crude Oil Inventories
Source
Events
NZD EUR EUR GBP EUR GBP EUR USD USD
Inflation Expectations q/q German Final GDP q/q German Ifo Business Climate Public Sector Net Borrowing Industrial New Orders m/m CBI Realized Sales Belgium NBB Business Climate New Home Sales Richmond Manufacturing Index
Forecast -0.59T 5.7 0.5% 32.2K 2.4% 0.2% 0.7% -2.0% -0.7% -1.6M
Previous 0.10T 5.7 0.5% 31.7K 0.0% -0.3% 2.3% 4.1% -1.6% 0.0M
Actual
Forecast
Previous
3.0% 1.5% 114.2 7.7B -1.8% 18 -0.5 323K -6
1.5% 113.9 5.0B -1.2% 11 2.8 305K 10
Previous Day 2.6% 1.5% 114.2 15.6B 0.5% 21 2.8 301K 10
Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY Gold
As per 22.00 PST Ask High 1.4099 1.4117 0.8798 0.8891 1.6167 1.6177 0.9785 0.9791 1.0565 1.0583 115.73 115.95 0.8724 0.8751 1.2406 1.2468 132.74 132.88 93.37 93.41 1524.30 1524.35
Bid 1.4097 0.8795 1.6162 0.9781 1.0561 115.71 0.8720 1.2403 132.65 93.31 1523.55
Low 1.4004 0.8791 1.6060 0.9756 1.0483 114.74 0.8712 1.2397 131.48 92.15 1513.10
London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 24/05/2011 A USD GBP CAD EUR JPY O/N 0.12900 0.56500 0.99167 1.14750 SN 0.10750 1WK 0.16365 0.58650 1.02917 1.15913 0.11625 2WK 0.17225 0.59750 1.05167 1.16125 0.12375 1MO 0.19270 0.62500 1.09167 1.19625 0.13938 2MO 0.22600 0.70000 1.12833 1.24000 0.16000 3MO 0.25500 0.82625 1.19917 1.38313 0.19563 4MO 0.29575 0.89750 1.27125 1.46938 0.24188 5MO 0.35200 1.00313 1.33625 1.55750 0.29750 6MO 0.40450 1.10750 1.40000 1.67200 0.34188 7MO 0.46000 1.19375 1.48667 1.74238 0.39063 8MO 0.51325 1.28063 1.56667 1.81688 0.43750 9MO 0.56550 1.36250 1.64167 1.89938 0.48188 10MO 0.62225 1.44625 1.73375 1.97625 0.51063 11MO 0.67475 1.51813 1.82333 2.04063 0.53625 12MO 0.73175 1.58656 1.91417 2.11625 0.56063
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of Canada Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia
May 31, 2011 June 9, 2011 June 14, 2011 June 9, 2011 June 22, 2011 June 16, 2011 June 7, 2011
September 8, 2010 March 5, 2009 December 19, 2008 April 7, 2011 December 16, 2008 March 12, 2009 November 2, 2010
Current Interest Rate 1% 0.50% 0.10% 1.25% 0.25% 0.25% 4.75%
Division of National Bank of Pakistan (NBP) KARACHI, May 24,2011 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
85.70 138.07 120.45 87.78 96.81 90.35 13.46 1.05 15.31 68.70 16.15 22.85 11.02 310.56 28.06 68.18 23.53 23.33 0.08 2.82
85.50 137.74 120.17 87.58 96.59 90.14 13.43 1.05 15.28 68.54 16.11 22.80 10.99 309.84 28.00 68.02 23.48 23.28 0.08 2.81
85.28 137.37 119.82 87.35 96.33 89.90 13.40 1.04 15.24 68.36 16.07 22.74 10.96 309.02 27.92 67.84 23.42 23.22 0.08 2.81
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for May 24, 2011
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years
KASB 13.25 13.20 13.20 13.21 13.22 13.32 13.60 13.70 13.83 13.95 13.98 14.00 14.02 14.05 14.07 13.65 14.07 14.08 14.50 14.70
BMA 13.30 13.20 13.17 13.20 13.21 13.30 13.58 13.66 13.79 13.90 13.92 14.04 13.97 14.09 14.07 13.40 14.07 14.05 14.40 14.70
ELXIR 13.35 13.25 13.20 13.20 13.22 13.35 13.59 13.75 13.83 13.90 13.95 14.00 14.00 14.05 14.06 13.45 14.06 14.07 14.47 14.72
GSL 13.25 13.20 13.15 13.20 13.21 13.40 13.59 13.70 13.83 13.90 13.93 14.00 14.01 14.07 14.08 13.50 14.07 14.08 14.50 14.70
ICSL 13.30 13.15 13.25 13.20 13.20 13.35 13.58 13.70 13.82 13.92 13.95 14.03 14.00 14.08 14.08 13.60 14.08 14.07 14.46 14.70
JSCM AvgRate 13.20 13.28 13.15 13.19 13.15 13.19 13.20 13.20 13.20 13.21 13.35 13.35 13.55 13.58 13.70 13.70 13.78 13.81 13.88 13.91 13.90 13.94 13.94 14.00 13.96 13.99 13.99 14.06 14.02 14.06 13.52 13.52 14.06 14.07 14.06 14.07 14.45 14.46 14.65 14.70
Currencies Correlation EUR/JPY Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/USD GBP/USD NZD/USD
week month months months year years
0.80 0.83 0.66 0.78 0.59 -0.51
0.11 0.89 0.50 0.27 -0.06 0.89
0.74 0.86 0.77 0.85 0.77 0.64
0.83 0.95 0.80 0.92 0.76 0.72
0.01 0.91 0.60 0.85 0.62 0.55
USD/CAD USD/CHF
0.58 0.84 0.69 0.56 0.56 -0.48
-0.52 -0.88 -0.84 -0.86 -0.69 0.60
-0.67 -0.68 -0.42 -0.75 -0.54 0.32
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)24/05/2011 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
ABLN 12.90
13.40
12.90
13.40
12.90
13.40
13.10
13.35
13.50
13.75
13.60
14.10
13.75
14.25
13.90
14.40
JSBL
13.20
13.70
13.15
13.65
13.10
13.60
13.20
13.45
13.55
13.80
13.60
14.10
13.70
14.20
13.80
14.30
ASPK 13.10
13.60
13.05
13.55
13.10
13.60
13.10
13.35
13.40
13.65
13.60
14.10
13.70
14.20
13.80
14.30
CIPK
13.00
13.50
13.00
13.50
13.00
13.50
13.05
13.30
13.40
13.65
13.60
14.10
13.70
14.20
13.80
14.30
DBPK 12.90
13.40
12.95
13.45
12.95
13.45
13.05
13.30
13.40
13.65
13.55
14.05
13.70
14.20
13.75
14.25
FBPK 13.10
13.60
13.10
13.60
13.10
13.60
13.15
13.40
13.40
13.65
13.60
14.10
13.70
14.20
13.90
14.40
FLAH 13.00
13.50
12.90
13.40
13.05
13.55
13.15
13.40
13.45
13.70
13.55
14.05
13.70
14.20
13.80
14.30
HBPK 13.05
13.55
13.05
13.55
13.05
13.55
13.15
13.40
13.45
13.70
13.60
14.10
13.70
14.20
13.80
14.30
HKBP 12.90
13.40
13.00
13.50
13.05
13.55
13.15
13.40
13.40
13.65
13.55
14.05
13.70
14.20
13.80
14.30
NIPK
12.80
13.30
12.90
13.40
13.00
13.50
13.30
13.55
13.40
13.65
13.50
14.00
13.60
14.10
13.70
14.20
HMBP 13.10
13.60
13.05
13.55
13.00
13.50
13.25
13.50
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
SAMB 13.00
13.50
13.00
13.50
13.05
13.55
13.15
13.40
13.45
13.70
13.55
14.05
13.65
14.15
13.75
14.25
MCBK 12.90
13.40
13.00
13.50
13.00
13.50
13.15
13.40
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
NBPK 13.00
13.50
13.00
13.50
13.00
13.50
13.10
13.35
13.40
13.65
13.60
14.10
13.70
14.20
13.80
14.30
SCPK 13.10
13.60
13.05
13.55
13.00
13.50
13.05
13.30
13.40
13.65
13.55
14.05
13.70
14.20
13.80
UBPL 13.05
13.55
13.05
13.55
13.05
13.55
13.15
13.40
13.45
13.70
13.50
14.00
13.60
14.10
13.90
14.40
AVE
13.51
13.02
13.52
13.03
13.53
13.14
13.39
13.43
13.68
13.58
14.08
13.70
14.20
13.80
14.30
13.01
14.30
4
Wednesday, May 25, 2011
The Financial Daily International
PAKISTAN
Vol 4, Issue 198
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
UNDER ATTACK Abid Latif Sindhu
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
Belling fat cats Dr Abdul Hafeez Sheikh, Federal Finance Minister has been ringing the bells that enough funds will not be available for the forthcoming federal budget and there is dire need to increase tax to GDP ratio. He is also cognizant that feudal lords will not allow taxing their income and prospects of getting aid and grants are bleak. He has been asking the civil and military regimes to demonstrate fiscal discipline to avert a complete breakdown of the system His statement that the country's overall debt has broken all the past records supports what the critics have been saying. Ever since this government has come in power the perception is that elected members are on the honeymoon. They seem least bothered about grim economic outlook facing the country and also seem incapable of making prudent and timely decisions. Most of the time of the rulers is spent on foreign visits or the begging spree. Though, enough money has been provided by the International Monetary Fund (IMF) the policy planners went on begging tour after the floods. Interestingly the delegations carrying the begging bowl stayed at most expensive hotels. We have repeatedly pointed out that the budget deficit is not because of meager revenue collection but extravaganzas. The government has been squeezing more and more taxes to finance the lavish spending. Even now, when the economy has gone from bad to worse there are proposals to impose new taxes but there is no sign of any austerity measure. Some of the cynics go to the extent of saying that this government has no economic agenda but keeps on borrowing to complete its term rather comfortably and leave the payment to the next government. Dr Sheikh is part of the ruling junta and has been ringing the bell, but all in vain. The time has come to catch the fat cats. As a first step remuneration and petrol quota of Senators, MNAs and MPAs should be slashed to half. Delegates going abroad should travel in economy class and also stay at embassies rather than luxury hotels. The time has come for the elected representatives to bid farewell to lavish life style because common men had already made enough sacrifices. The rich have gone richer and poor become poorer. More and more people are being pushed below the poverty line. Since foreign assistance may not be there to meet the budget deficit, the only way out is to tax all those groups and individuals who have enjoyed tax exemptions. Let one rule be in force in this budget that all sorts of incomes should be liable to pay tax irrespective of the source. Identifying the fat cats should not be a problem. Now NADRA has elaborate profile of all the citizens. If the top 100,000 richest feudal lords, industrialists and traders are identified and their real income determined, simply by taking into account their expenditures, the government can mobilize half a trillion rupees tax. Why not make an attempt?
Disclaimer:
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D
uring 9/11 when the first aero plane hit the twin towers the news flashed all across USA was "a plane accidentally crashed into twin towers", after one minute when the second plane hit the towers the headlines read "USA is under attack". How much will it take for us to make same assertions, Pakistan is in for a roller coaster ride, the rodeo cow boys on the side lines. The one minute which changed Uncle Sam forever is the literally defining moment which defined the 21st century. Pakistan is still waiting for its minute of changing the perception the way Pakistanis think. Psychological makeup is one thing which is very much attached to the human genome; nations are catalogued in history as per this index. Are Pakistani people from a lower breed, which is non-reactive even to the utmost of prodding events. Euro-Asian stock is otherwise famous for the traits well kept. The attack on naval base at Karachi and its aftermath is going to dictate the demeanor which this nation will doubt in this comity of nations. Pakistan is under attack from all the four directions, rather five. The Mehran naval base was the symbol of strength and maritime avarice of a professional and proud force. Admiralty at all stages demand prudence, cause the behavior otherwise, will land you nowhere. Mahan, the thinker on maritime strategy and workable philosophy proposed that it is eventually going to be the navy of any nation which will decide the place of a nation in the world pecking order. Another thinker, the Mackinder even further
upped the ante by adding the importance of land mass in the vicinity of the coast. On the fateful day of 22nd May Pakistan lost its Mahan and Mackinder. Loss of men and material is colossal, loss of dignity and pride is unfathomable. Rags can be repaired but tags when attached are there to stay. Pakistan is what, a country between rags and tags, or a nation in search of direction. A president of a Swiss bank gave simple yet poignant remarks that "Pakistanis are poor people but Pakistan is not a poor country." A country with all the endowments of nature, supportive weather system, hardworking people and the ideal geography is a combination which only few enjoy in this world. The menace of terrorism is spreading. It is about to devour the state itself, by mere firefighting these Davey Johns will not go away, there has to be a comprehensive policy on counterinsurgency and counterterrorism. A difference has to be between these two. Naval base as an icon of Pakistan's sovereignty came under attack. Two P-3C Orion aircraft were destroyed, the weapon known as the force multiplier. It is a long range surveillance and anti submarine aircraft (Westland lynx and sea king are equally capable Pakistan navy helicopters but with limited endurance). Who has tried to denude 1,046 km of coastal line and the outreach of Pakistan into Arabian Sea? Who is the beneficiary of this Shakespearian Murder? Big brother, India. The probable aim of these attacks was to achieve the duel objective of mitigating the capability of navy and discrediting the armed forces as the savior of
nation. The armed forces of Pakistan are always taken in high esteem due to its perennial sense of loyalty to the nation few sporadic incidents of some adventurous (ambitious) generals cannot lower the same even to a single notch. Scenario builders are deliberately creating an atmosphere of ambiguity, woven around their search to ascertain that whether this was a breach of security or a security lapse, buddy how can you breach without lapse, so forget about the academic non essentials and concentrate on the substance. Pakistan is under attack, wants to play ostrich or desirous to give a monolithic response. Countries when formulate foreign policies apply three principles; one, policy should have high aims, the idealistic approach; second the policy should cater the ground realities, the realist approach, thirdly the policy should be humane, without hubris, the altruistic approach. Pakistan is left with Hobson's choice, formulate a counterinsurgency and counter terror policy in the light of three principles of foreign policy. What Pakistan needs the most today is slogan given by father of the nation i.e Unity, Faith and Discipline. These words never resonated with such an appeal before all the state institutions both formulated under statute and outside it have to unite in response, what can be a better response than the display of loyalty, which the poor country is demanding from every denizen. Rise or fall for ever. Mend the rag or wear the tag. Whatever, it has to be done immediately, time is not only running out it is also running away.
Silence of the States: Questions on bin Laden W
hen President Barack Obama telephoned Pakistan's president to tell him US forces had found and killed Osama bin Laden, he offered him a choice. Pakistan could say it had helped find bin Laden or that it knew nothing. President Asif Ali Zardari chose the former. The exchange, recounted by a senior Western official briefed on the May 2 raid in the town of Abbottabad, illustrates the sometimes deliberate confusion over how far Pakistan is co-operating with the United States in fighting Islamist militants. Unwilling to be seen as working too closely with a country which is deeply unpopular at home, Pakistan veers uncomfortably between trying to claim credit overseas while reassuring domestic critics it has not sold out to the United States. Those two irreconcilable public positions, combined with a real and deep underlying distrust between Pakistan and the United States, mean that three weeks after bin Laden was killed, almost nobody knows for sure exactly what happened and why. They may also be creating such strains within Pakistan that it is becoming harder to contain militants who on Sunday were able to overrun its naval aviation base in the city of Karachi.
After telephoning Zardari, Obama announced bin Laden's death in a televised address and added that "it's important to note that our counterterrorism cooperation with Pakistan helped lead us to bin Laden and the compound where he was hiding." A Pakistani official, asked about the exchange between Obama and Zardari, said Pakistan's military leadership had also been on board initially in saying they had helped find bin Laden -- a position reflected in early public and private statements. But with emotions running high in both the United States and Pakistan, that early emphasis on cooperation disintegrated. In Washington, CIA director Leon Panetta insisted the United States had acted alone because it did not trust Pakistan. And in Pakistan, the second official said, the military leadership backed off its initial position after feedback from garrisons highlighted deep anger in the ranks about the breach of sovereignty involved in the US helicopter raid. Worried about a backlash from Islamist militants if it were seen to have helped the United States find and kill bin Laden, and insulted by Panetta's comments, Pakistan hit back. Its political and military leadership, which official sources say initially wel-
comed bin Laden's death, began instead to criticise the United States. Pakistan's parliament condemned the violation of sovereignty and called for an end to strikes by US Predator drones in the tribal areas bordering Afghanistan. Yet those drone strikes -- which have continued despite the parliament resolution -- illustrate the same problem Pakistan faced in its response to the US raid which killed bin Laden. Publicly condemned as a breach of sovereignty, they are privately condoned -- provided, officials say, the targets are chosen in coordination with Pakistan. Washington says it has no evidence Pakistan's leadership knew he was in Abbottabad, though his presence in a garrison town not far from the Pakistan Military Academy (PMA) has raised suspicions he had help from inside the security establishment. And events of the past decade have provided plenty of cause for strains within the military and intelligence services, despite regular purges since the Sept. 11, 2001 attacks. Former president, Pervez Musharraf, who left office in 2008, worked closely with the United States in tackling al Qaeda. Himself the target of al Qaeda linked assassination attempts in 2003, he brought in General Ashfaq Pervez
Kayani, now army chief, to dismantle the network and arrest the ringleaders. That effort culminated in the arrest of Abu Faraj al Libbi in 2005. It was a high point in the US-Pakistan relationship. But things changed after that, though the impact of those changes -- which preceded the time bin Laden was reported to have moved to Abbottabad five years ago -- remains unclear. Shortly after Libbi was arrested Musharraf began to declare that Pakistan had broken the back of al Qaeda. According to Pakistan's version of events, it continued to pass on leads on al Qaeda to the Americans, including details of Arabic-language phone calls which were then used by the CIA to help track down bin Laden's hideout in Abbottabad. But after 2005 it no longer gave it the same priority. It has since defended its failure to find bin Laden in part on the grounds that he no longer constituted a major threat. "We had already killed all his allies and so we had killed him even before he was dead. He was living like a dead man," Pakistan's spy chief, Lieutenant General Shuja Pasha, told parliament, according to comments relayed by Information Minister Firdous Ashiq Awan.-Reuters
Libya escalation may not tip balance quickly David Brunnstrom
P
lans to send attack helicopters to Libya and intensified bombing of Tripoli reflect growing Western worries that the war is dragging on indecisively but may not be enough to tip the balance quickly. On Tuesday, NATO warplanes hammered Libyan leader Muammar Gaddafi's compound with their heaviest air strikes yet on Tripoli after the United States said he would "inevitably" be forced from power. But despite early optimism that Western intervention would quickly help topple Gaddafi, after three months of fighting and two months of Western airstrikes, there is little evidence to suggest his government is on the verge of collapse. Reflecting growing Western frustration, France announced on Monday that it and Britain would deploy attack helicopters to achieve more accurate strikes on Gaddafi's forces -- though Britain on Tuesday said it has yet to decide on such a move. Analysts say deploying helicopters would mark a significant escalation as well as an increase in risk, as while they would make it easier to hit urban or embedded targets with precision, they would also be more vulnerable to ground fire. "Starting with the introduction of military advisers, the introduction of drones onto the bombing of Tripoli, it reflects a movement up the ladder of escalation," said Shashank Joshi of London's Royal United Services Institute think tank. "It shows France and Britain are increasingly concerned about this hardening from the stalemate that exists presently into something intractable. "What's guiding them is a real fear of it degenerating into the Iraqi no-fly zone of the 1990s in which they
committed to indefinite open-ended expensive operations because of their own moral and political commitment to the rebels." Military analysts French Tigre and Gazelle helicopters, and the US-built Apache flown by the British, would be a big help in protecting rebel areas such as Misrata. "The downside is helicopters flying at comparatively low level are at greater risk, especially to shoulderfired missiles which fixed-wing aircraft have been lying well out of the range," said Douglas Barrie of the International Institute for Strategic Studies. RISK OF CASUALTIES, CAPTURE Until now, the NATO-led effort in Libya has suffered no combat casualties, and the main concern of Western governments has been to justify the mounting costs of the mission at a time of economic austerity, which has already ensured that the United States has taken a backseat. Deploying helicopters not only increases the risk of casualties, but also the possibility of crews being taken prisoner if they are shot down, helping to explain why they were not used earlier in the campaign. "You may imagine there were people in various governments hoping that attacking the regime's command-and-control infrastructure, heavy artillery and air force was going be enough to make Gaddafi leave power," Barrie said. "That was always optimistic. He hasn't hung around for 42 years without being bombed on a couple of occasions and he shows no inclination to leave the country as of yet." While the two-dozen helicopters envisaged may not end up being game-changers in themselves, they would ratchet up the pressure on Gaddafi and give psychological boost to the rebels.
"A helicopter in your operations area is a more-or-less continuous presence. It has a coercive effect on opposing forces and conversely should bolster morale of the rebels," Barrie said. Joshi said it would also be an important demonstration of Western resolve. "The psychological side of this is significant and in line with the bombing of Tripoli," he said. "Bombing Tripoli says the war will be taken to Tripoli -- you are not exempt, and the helicopters say we are willing to take great risks and our resolve is not to be taken lightly." At the same time, as time ticks on Western leaders will see themselves under mounting pressure. French Foreign Minister Alain Juppe said in parliament on Tuesday: "I can assure you that our will is to ensure that the mission in Libya does not last longer than a few months." Analysts point to the run-up to elections in France and in Libya's neighbour Egypt and time limits set by some NATO states on their participation in the mission, and well as concerns in Britain about mounting costs at a time of defence cuts. Some Egyptian election candidate will inevitably seek to win support by criticising NATO's intervention in an Arab country and the more the campaign goes on the greater the risk of it becoming detached from its original Arab support base. "This is not something that's going to be finished in weeks. Diplomatically, politically, economically and militarily the regime is not strong, but it's strong enough to endure," Joshi said. "NATO is very strong, but not strong enough to land the decisive blow, so this can go on well into the summer. There isn't a concrete deadline by which it needs to be wrapped up, but there is a sort of looming anxiety that this could drag on."-Reuters
5
Wednesday, May 25, 2011
South East Asian stocks
Major bourses regain ground; resource shares lead KSE-100 Index Opening Closing Change % Change Turnover (mn)
12,030.64 12,130.58 99.94 0.83 70.11
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,205.06 3,229.62 24.56 0.77 2.71
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,713.64 2,742.82 29.18 1.08 0.03
Major Gainers
Symbol
Close
Change
RMPL 2,666.08 ULEVER 5,253.68 THALL 105.36 PAKT 96.05 NRL 332.78
88.44 41.27 4.99 4.49 4.31
Major Losers
Symbol
Close
Change
BATA PECO GADT MERIT AHTM
471.41 89.57 69.50 27.31 14.50
-5.02 -3.26 -1.5 -1.31 -1
Top 5 Volume Leaders
Symbol
Close Vol (mn)
NIB BYCO JSCL ANL AHCL
1.50 9.14 7.51 6.02 22.39
9.28 6.48 6.41 4.80 3.87
Active Issues Plus Minus Unchanged
173 67 111
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Feb 11) 807 Urea Offtake (Feb 11) 413 Urea Price (Rs/50 kg) 1,195 DAP Offtake (Jan to Feb 11) 128 DAP Offtake (Feb 11) 69 DAP Price (Rs/50 kg) 4,041
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Feb 11) 53,036 Sales (July 10 to Feb 11) 52,067 Production (Feb 11) 5,883 Sales (Feb 11) 6,954
INDUS MOTOR CO Production (July 10 to Feb 11) 33,832 Sales (July 10 to Feb 11) 32,991 Production (Feb 11) 4,754 Sales (Feb 11) 4,698
HONDA ATLAS CAR Production (July 10 to Feb 11) Sales (July 10 to Feb 11) Production (Feb 11) Sales (Feb 11)
10,834 10,444 1,555 1,665
DEWAN FAROOQ MOTORS Production (July 10 to Feb 11) Sales (July 10 to Feb 11) Production (Feb 11) Sales (Feb 11)
186 133 0 20
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (March 25,11) 5,046,487 Advances (March 25,11) 3,118,444 Investments (March 25,11) 2,202,311 Spread (Feburay 11) 7.51%
OIL MARKETING CO (000 tons) MS (Jul 10 to Jan 11) MS (Jan 11) Kerosene (Jul 10 to Jan 11) Kerosene (Jan 11) JP (Jul 10 to Jan 11) JP (Jan 11) HSD (Jul 10 to Jan 11) HSD (Jan 11) LDO (Jul 10 to Jan 11)) LDO (Jan 11) Fuel Oil (Jul 10 to Jan 11) Fuel Oil (Jan 11) Others (Jul 10 to Jan 11) Others (Jan 11)
1,300 183 96 14 795 129 4,044 614 38 5 5,007 680 98 15
PRICES (Ex-Refinery)
Rs
MS (1 Apr 11) MS (1 Mar 11) MS % Chg Kerosene (1 Apr 11) Kerosene (1 Mar 11) Kerosene % Chg JP-1 (1 Apr 11) JP-1 (1 Mar 11) JP-1 % Chg HSD (1 Apr 11) HSD (1 Mar 11) HSD % Chg LDO (1 Apr 11) LDO (1 Mar 11) LDO % Chg Fuel Oil (1 Apr 11) Fuel Oil (1 Mar 11)
59.35 53.88 10.15% 68.95 63.31 8.91% 70.88 63.54 11.55% 75.02 66.53 12.76% 65.27 60.96 7.07% 56,777 53,252
European shares in small bounce; miners gain
Return of investors makes KSE vibrant rose by 96 points to close at 11,754 points and KSE allshare index grew by 67 points to close at 8,431 points. "Investors hoped for favorable federal budget announcements for stock investors and the corporate sector", said Ahsan Mehanti, Director Arif Habib Investment. Bulls entered the arena with the opening bells as the day began with 14 points up.
Positive activities continued throughout the day as investors took fresh positions mainly in the stocks belonging to oil and fertiliser sectors. According to experts, after the meeting of senior members along with chairman KSE with President Asif Ali Zardari on Monday there were expectations that the current VGT structures could be revised. There were also talks that CGT
Nikkei edges higher after 5-week low
Commodities rebound FTSE
Nawaz Ali
KARACHI: Expectations of some positive news regarding Capital Gains Tax (CGT) allowed investors to indulge in fresh buying enabling the Karachi Stock Exchange to close above 12,100 levels on Tuesday. The benchmark KSE-100 index gained 99 points to close at 12,130 points, KSE-30 index
TOKYO: Japan's Nikkei average edged higher on Tuesday after hitting a fresh five-week low, helped by climbs in Sony Corp and construction machinery shares but the benchmark remained vulnerable amid growing worries about the euro-zone debt crisis. Analysts said the market may tread water for the next few days due to a lack of domestic trading cues, with investors waiting to see if euro zone debt fears will spread to countries like Spain that had previously been considered safe from contagion. Standard & Poor's cut its outlook for Italy to "negative" from "stable" on Saturday, while a crushing defeat for Spain's ruling socialists in local elections raised worries about the government's ability to curtail debt. Ongoing concerns about whether Greece will need to restructure its debt and the upcoming end of the US Federal Reserve's quantitative easing policy in June also point to more potential downside for equities and other risk assets. "Investors remain cautious about external factors such as worries about euro-zone debt issues and the US economy, so if such overseas markets fall
sharply the Nikkei may breach a key support line," said Hikaru Sato, a senior technical analyst at Daiwa Securities Capital Markets. "Right now, the market is strongly focused on 9,405, the intraday low on April 19. If the index breaches this level there will likely be more downside." But he said the Bank of Japan's buying of exchange traded funds (ETF) may kick in if the Nikkei looks like it could stay below 9,500. The central bank said it bought ETFs worth about 19.4 billion yen ($236 million) on Monday. The benchmark Nikkei closed the day up 0.2 per cent at 9,477.17, after earlier touching a five-week intraday low of 9,406.04, a notch above its April 19 intraday low. The broader Topix index gained 0.2 per cent to 819.16, having pulled up from a twomonth intraday low of 812.52 earlier in the day. Shares of construction machinery maker Komatsu Ltd climbed 1.5 per cent to 2,417 yen, after sliding nearly 6 per cent the previous day when Nomura Securities cut its target price and the ratings of rivals on falling demand in China. See # 16 Page 11
LONDON: Britain's top shares rose on Tuesday as rallying commodity stocks helped the index recover some of its poise, but the advance may be shortlived as investors find themselves hemmed in by euro zone debt concerns. The FTSE 100 closed up 22.52 points or 0.4 per cent at 5,858.41, having hit a twomonth closing low on Monday after a downgrade of Greek debt, a ratings outlook warning on Italy and doubts about austerity measures in Spain. "We've got quite a lot of negative sentiment out there ... if traders are going to take on a bit of risk; it's mainly with a view to just a very short-term bounce and nothing more longterm than that," Joshua Raymond, market strategist at City Index, said. Bargain hunters moved in on miners, which recovered along with metals prices after Monday's falls, with Antofagasta among the best off, up 3.1 per cent. Glencore added 2.1 per cent but remained below its issue price as unconditional trading began in the commodity trader's stock. See # 15 Page 11
Hong Kong index creeps higher
China shares drop to 4-month low HONG KONG: China shares ended at a four-month low on Tuesday as investors continued to cut positions in large caps driving the benchmark index below its 250-day moving average, a level that is likely to cap any near-term rebound. Hong Kong shares steadied after their sharp plunge a day earlier, ending marginally up, but volumes were at their lowest in nine months as market players struggled to trade with conviction. Fears of a slowing economy, tighter liquidity in the money market and persistent inflation fears have kept investors on the sidelines and stocks under pressure over the past month. Petrochina , down 1.9 per cent, and ICBC , down 0.5 per cent, were the top drags on the benchmark. The seven-day repo rate, the main barometer of short-term liquidity in the money market, rose to its highest level in three months, potentially limiting bank lending activity. Tight liquidity is likely to continue at least until the end of the month, traders said. China's benchmark Shanghai Composite Index finished down 0.3 per cent to 2,767.1 on Tuesday, following a near 3 per cent loss on Monday during which it slipped into negative territory on the year. It is down nearly 5 per cent this month. "There's nothing really shocking about it," said Hao Hong, Executive Director of Global Strategy at China International
Capital Corporation (CICC). "It's a verification of the reality at the moment: a tightening situation, growing inflation, slowing growth, external risk." Goldman Sachs trimmed its economic growth forecasts for China to 9.4 per cent this year, from 10 per cent previously, citing a run of surprisingly weak data and also warned that inflation was not coming down as rapidly as it had hoped. The benchmark rebounded in afternoon trade, with the Shanghai Composite seen supported at its 76.4 per cent retrace of the climb this year from January to April, at 2,756, with the 250-day moving average seen as near-term resistance. "Things might get uglier if (the Shanghai Composite) cannot recover the 250 MA in three days," said a Shanghai-based trader. The index might find support from a turnaround in large caps such Petrochina, which is now trading at a seven-month low. Tuesday's decline pushed the shares further into oversold territory with its 14-day relative strength index at 15.5. The benchmark Hang Seng index remained below its 200day moving average, currently at 23,013.7, a level that is now seen as stiff resistance for the index. For the month, the index is down over 6 per cent, poised for its worst monthly return since May last year. "I think there are some question marks now," said Sean
Darby, Asia equity strategist at Nomura Securities, in a Reuters Insider interview, pointing to weak economic data over the past month. "The problem at the moment is all the investors are in the same trades," said Darby, who recommends investors look at diversifying portfolios and buying into some stocks that investors have shunned in recent weeks. Chinese port operators Cosco Pacific, down 2.5 per cent, and China Merchants Holdings, down 1.8 per cent, were the most actively traded counters among benchmark constituents with volumes exceeding respective 30-day averages. For Cosco Pacific, five of 20 analysts tracking the company have raised earnings forecasts by an average 20 per cent over the past 30 days, according to Thomson Reuters Starmine. Over that time shares have shed over 7 per cent and if the counter is able to stay above its May low of HK$14.9, it could see a bounce from its current oversold levels and play catchup to analyst optimism over earnings. China Mobile shares rose 1.7 per cent providing the biggest boost to the Hang Seng index as traders continued to unwind a popular trade this year that had them go long China Unicom and short China Mobile. Unicom shares are up 43 per cent this year compared with an 11 per cent decline for Mobile.-Reuters
would be replaced with a fixed withholding tax on trading. The expectations of another meeting of the KSE Board members with the FBR officials further provided the ground for relaxation in tax collection procedure. The index crossed 12,100 levels and at a moment touched its highest level of the day of 12,150 points (+ve 119) but finally call it a day near those
US stocks late-morning
levels. It should be noted that stock market has been witnessing some dull activities for the last few weeks due to investors' concerns regarding CGT and now a positive breakthrough seems most likely according to experts, which would be a major sentiments booster. Investor participation too remained significantly higher See # 17 Page 11
Indian shares eke out rise MUMBAI: Indian shares notched a modest gain on Tuesday, led by energy major Reliance Industries and engineering conglomerate Larsen & Toubro, but the market lacked conviction of sustaining the rise. A surge in foreign funds outflows over the past three weeks following a higher-than-expected 50 basis points rate increase has clouded the outlook for stocks, and fresh worries about euro zone debt could further dent investor confidence, traders said. "We have a lot of headwinds - monsoons, inflation, interest rates, fund flows. There may be some pullbacks due to short covering, but there is no certainty ahead," said Deepak Jasani, head of retail research at HDFC Securities. "The market is likely to remain in a narrow range." The 30-share BSE index closed up 0.1 per cent or 18.64 points at 18,011.97 points, trimming early gains of 0.6 per cent in choppy trading that saw it slip into negative territory at one stage. Sixteen of its components ended higher. The benchmark has lost 5.9 per cent this month on foreign fund outflows of $1.72 billion. In the broader market, 1,439 declines outpaced 1,348 gainers on relatively lower volume
of 214.9 million shares on the BSE. Larsen & Toubro rose 1.9 per cent to 1,642.50 rupees, with investors betting on prospects for the country's leading engineering and construction firm. The stock has gained about 9 percent since the company forecast strong revenue and new order growth for the current fiscal year, after its quarterly results on Thursday. Reliance Industries, which last week fell to its lowest level in more than six weeks, gained 0.7 per cent to 915.75 rupees. Outlook on the stock has been clouded on uncertainty over gas output from its blocks off India's east coast and slowing growth prospects, but the lower valuations attracted buyers. "Few stocks that had fallen recently are seeing a bounce back. But the sentiment has not really improved and I would still be cautious on the durability of these gains," said Gajendra Nagpal, chief executive at Unicon Financial Intermediaries. Tata Steel, which said last week it would cut 1,500 jobs in Britain and reduce capacity at a plant there as part of a restructuring of its loss-making long products unit, rose 1.3 per cent to 566.50 rupees. See # 14 Page 11
ANNOUNCEMENTS Company Sakrand Sugar Adam Sugar
Period Half Yearly Half Yearly
Div/Bon/Right -
PAT (Rs in mn) 2.418 98.351
EPS(Rs) 0.11 17.06
Wall Street flat on growth concerns NEW YORK: US stocks were little changed on Tuesday as stronger commodity-related shares were offset by concerns about a slowdown in industrial growth. Both the US crude and Brent futures rose more than 2 per cent after Goldman Sachs raised its forecast for oil, citing strong fuel demand growth. The energy sector, which was one of the weakest on Monday due to concerns about Europe's debt crisis, led the day's gains, while industrial stocks pushed the market down for a second day. Occidental Petroleum, the fourth-largest US oil company, rose 2.7 per cent while the Energy Select Sector was 2.3 per cent higher. The Dow Jones industrial average was up 5.23 points, or 0.04 per cent, at 12,386.49. The Standard & Poor's 500 Index was up 2.55 points, or 0.19 per cent, at 1,319.92. The Nasdaq Composite Index was down 0.80 point, or 0.03 per cent, at 2,758.10. The market closed at its lowest in a month on Monday. Copper prices rallied, gaining 1.5 per cent after Goldman forecast an increase in Chinese purchases in the coming months. Gold prices rose 0.6 per cent while the US dollar index fell 0.2 per cent. Data showed new US singlefamily home sales rose unexpectedly in April to notch their second straight month of gains, but analysts said home builders still have a bumpy ride ahead. "There's still a tremendous overhang in the housing market, and while new home sales are starting to percolate, that doesn't change the fact that we still have such huge inventory," said Michael Yoshikami, president and chief investment strategist at Ycmnet Advisors in Walnut Creek in California. On the Nasdaq, Russian Internet company Yandex NV surged in its debut, opening at $61 per share, well above its offering price of $25 per share. The shares were currently trading up 27 per cent at $31.70. The US Treasury is expected to sell 15 per cent of its stake in American International Group Inc when the insurer prices its stock offering after the market closes. AIG was down 1.2 per cent at $29.61.-Reuters
Dhiyan
GETTING READY FOR PRE-BUDGET RALLY Salman Naqvi, Head of Sales, Aba Ali Habib Securities We expect the bullish activities to continue moving forward on hopes of some positive news regarding Capital Gains Tax (CGT). The benchmark index is likely touch 12,500 levels soon and the rally would be led by oil & gas, fertiliser and selective banking and cement stocks. Market would be positive today.
Syed Faran Rizvi, Technical Analyst, Invisor Securities Overall trend of the market would remain bullish and if the index manages to break 12150 levels then we may see a broader bullish rally. Traders are recommended to stay in the market as we are targeting the index inching towards 12,585. Investors can invest in stocks belonging to fertiliser, banking, and oil marketing sectors. Exemption from CGT can increase volume and provide further strength to the bulls. Market would be positive today.
6
Wednesday, May 25, 2011
Market
KSE 100 Index
Symbols
Volume
70,111,382
Value
2,417,932,897
Trades
41,590
Advanced Declined Unchanged Total
Current High Low Change
173 67 111 351
All Share Index
12,130.58 12,150.69 12,030.64 h99.94
Current High Low Change
8,431.20 8,446.03 8,363.74 h67.46
OIL AND GAS
Paid up Cap(mn)
Company Attock Petroleum Attock Refinery BYCO Petroleum
PE
Open
High
High Low 1,518.49 1,499.35 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.41 32.54 Low
Close Chg
Last 60 days High Low
Volume
379.00 377.00 378.29
2.24
18025
387.98
338.18
300
853
4.08 122.50
125.00 122.60 124.41
8.15
9.15
8.10
% Change 1.09 5-Day High 1,513.42 5-Day Low 1,470.64
2010 Div BR (%) (%)
6.84 376.05 -
2011 Div BR (%) (%)
20B115.00
-
1.91
383652
129.40
105.01
-
-
-
-
9.14
0.99
6480001
10.43
7.93
-
-
-
-
- 23.43
-
-
-
-
Mari Gas Company
735
4.21 102.00
103.40 101.52 103.04
1.04
11814
113.95
98.50
31
National Refinery
800
4.60 328.47
333.50 329.00 332.78
4.31
309566
356.50
271.05
200
Oil & Gas Development 43009 10.22 149.45
151.50 149.75 151.05
1.60
846976
158.80
128.21
55
- 30.00
-
Pak Petroleum Pak Oilfields Pak Refinery Limited
11950
7.79 209.88
213.75 210.60 212.94
3.06
1484617 216.50
199.50
90
20B 50.00
-
2365
7.31 329.12
332.70 329.01 331.35
2.23
1106242 332.70
294.25
255
-100.00
-
84.81
0.75
11962
110.50
81.23
-
-
-
-
286.51 282.40 285.58
2.85
423256
294.49
269.47
80
- 80.00
-
350 47.38
P.S.O XD
1715
Shell Gas LPG
226
Shell Pakistan
685
84.06
4.08 282.73 -
22.75
7.70 214.87
84.99 23.50
84.10 22.76
22.76
0.01
1600
28.29
22.11
-
-
-
-
217.00 214.02 216.52
1.65
9447
217.90
192.67
120
-
-
-
CHEMICALS Performance of SR Chemicals Index Open 1,835.82 Turnover 10,156,052 P/E (x) 8.75
High Low 1,857.16 1,835.26 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.06 35.00
Close 1,852.96 Listed cap 52,251.88 mn Payout (%) 48.81
Change 17.13 Market cap 378,838.46 mn Div Yield (%) 5.58
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
3924
-
19.01
20.01
18.10
18.24 -0.77
18013
24.55
18.02
-
Biafo Ind XD
200
5.54
48.99
48.99
48.99
48.99 0.00
500
51.97
44.40
45
Clariant Pak
341
4.92 160.00
9337
201.40
140.00
135
248745
294.00
56.10
3.23
2.00
9.60
6.40
Company Agritech Limited
Dawood Hercules
4813
Descon Chemical
1996
Descon Oxychem Ltd.
1020 11.12
Dewan Salman
3663
-
2.17
2.39
2.16
2.35 0.18
94
3.34
10.94
11.48
10.10
10.18 -0.76
Dynea Pak Engro Corporation Ltd
3933
Engro Polymer
6635
Fatima Fertilizer
22000
3.71 -
63.12
162.95 160.99 161.28 1.28
2.11 7.49
8.65 192.03 -
11.00
-
12.35
64.10 2.31 7.65
62.50 2.25 7.50
63.92 0.80 2.27 0.16
501
7.56 0.07
219768
193.90 191.50 193.57 1.54
524656
-
-
-
-
-
-
-
-
3.10
2.11
-
-
-
-
9.50
15
-
-
-
238.50
188.55
60
20B
-
-
- 27.5R
-
-
11.53
-
-
-
130
25B 45.00
-
43.89
37.86
65.5
- 12.50
-
257668
14.49
10.43
-
-
-
-
196559
172.00
147.00
175
-
725 10.27
12.00
12.32
12.00
12.22 0.22
159.00 157.40 158.38 0.36
Nimir Ind ChemicalSPOT
-
115.01
2774381
Mandviwala
-
13.95
42.48 0.53
8.80 158.02
50 300B
13.60
42.00
1388
-
1252205 145.21
42.50
-
-
-
360
4.51
30.31
31.20
30.80
31.00 0.69
500
31.20
20.11
5
-
5
-
15142
4.26
15.06
15.34
15.10
15.25 0.19
3394820
17.36
14.61
5
-
-
-
74
-
0.98
1.24
0.55
0.99 0.01
799
1.40
0.18
-
-
-
-
1106 10.52
2.36
2.43
2.38
2.42 0.06
78142
3.40
2.26
-
-
-
-
25
Sitara Chem Ind
214
2.53 102.00
Sitara Peroxide
551
99.25
97.10 102.00 0.00
225
112.45
90.78
5B
-
-
5.61
17.85
18.25
17.90
18.13 0.28
484686
19.99
12.50
-
-
-
-
United Distributors
92
-
14.61
15.61
15.50
15.58 0.97
2000
16.40
12.07
-
-
-
-
Wah-Noble
90
5.01
36.01
36.00
35.50
35.50 -0.51
2854
37.99
34.19
50
-
-
-
FORESTRY AND PAPER
Company
High Low 1,119.11 1,103.55 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.41 7.47
Close 1,106.03 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 411
7.09
16.75 39.00
17.00 40.60
16.75 39.99
16.80 0.05 40.07 1.07
12537 8992
Century Paper Security Paper
Open
High
Low
Close Chg
Volume
Last 60 days High Low
6.62 8.21
71.95 27.30
72.00 28.00
71.85 27.40
72.00 27.98
3530 1586
76.25 33.45
Open 1,138.10 Turnover 179,303 P/E (x) 3.95
17.50 40.60
Change 17.31 Market cap 3,051.11 mn Div Yield (%) 4.65
13.85 35.00
% Change 1.59 5-Day High 1,106.03 5-Day Low 1,088.72
2010 Div BR (%) (%) 50
Paid up Cap(mn)
PE
Open
High
Low
144
4.48
72.72
71.50
71.20
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe XD International Ind Siddiqsons Tin
PE
Open
High
Low
565 1.85 675 555 19.93 1199 9.07 785 24.49
27.25 1.77 11.50 50.50 9.02
27.68 1.88 11.85 52.00 9.40
27.31 1.75 11.15 50.60 8.55
Close Chg 27.34 1.87 11.16 50.72 8.57
0.09 0.10 -0.34 0.22 -0.45
Close 1,011.66 Listed cap 3,596.11 mn Payout (%) 30.91
-
Change -1.46 Market cap 9,373.66 mn Div Yield (%) 9.39
Last 60 days High Low
Volume 633 29158 13102 367832 13453
29.75 2.42 14.90 54.50 9.98
25.67 1.62 11.05 46.85 8.55
Atlas Battery
101
Atlas Honda
626
Baluchistan Wheels Ltd.
133
1.52
32.49
32.48
32.48
32.49
1087
-
1.60
1.68
1.51
General Tyre
598
4.42
23.06
23.50
Ghandhara Nissan
450
-
2.90
3.10
200
6.47
Dewan Motors
Ghani Automobile Ind Honda Atlas Cars
-
Close 861.57 Listed cap 54,792.74 mn Payout (%) 19.04
1428
% Change 1.10 5-Day High 861.57 5-Day Low 848.81
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
866 858 182
6.76 -
52.65 2.20 15.24
53.44 2.40 15.90
52.22 1.51 15.25
53.42 0.77 2.20 0.00 15.45 0.21
1105 217 5342
56.70 2.90 17.40
48.50 1.51 13.55
Cherat Cement
956 45.71
9.16
9.65
9.50
9.60 0.44
1669
11.90
8.65
-
-
-
-
Dadabhoy Cement Dewan Cement DG Khan Cement Ltd
982 15.23 3891 3651 29.85
2.00 1.42 21.87
2.05 1.51 22.45
1.95 1.40 21.95
1.98 -0.02 1.46 0.04 22.39 0.52
40006 25917 1942630
2.24 2.19 26.44
1.50 1.36 21.31
-
20R
-
20R
Fauji Cement XR Flying Cement Ltd
6933 1760
6.95 -
4.04 1.32
4.09 1.38
4.01 1.28
4.03 -0.01 1.29 -0.03
627069 3026
4.69 1.84
3.99 1.26
-
-
-
92R -
77 32
-
3.50 0.40
3.00 0.49
3.00 0.49
3.00 -0.50 0.49 0.09
505 1000
3.80 0.90
1.15 0.26
-
-
-
-
1288 13126 71.50
6.25 2.85
6.34 2.89
6.20 2.81
6.19 -0.06 2.86 0.01
1726 425398
7.87 3.45
5.25 2.10
-
-
-
-
Frontier Ceramics Haydery Const Kohat Cement Lafarge Pakistan Cmt.
2010 Div BR (%) (%) 50 - 122R
2011 Div BR (%) (%) -
-
Lucky Cement Maple Leaf Cement
3234 5261
5.74 -
70.01 2.07
70.98 2.10
70.12 2.05
70.64 0.63 2.06 -0.01
207298 28071
73.69 2.89
61.10 1.97
40 -
-
-
-
Pioneer Cement Safe Mix Concrete
2271 200
-
4.91 5.63
5.15 5.74
4.90 5.73
5.12 0.21 5.63 0.00
15718 109
6.40 7.25
4.50 4.41
-
-
-
-
361
-
6.12
6.25
5.75
6.12 0.00
172
8.50
5.13
-
-
- 100R
Shabbir Tiles
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 966.22 Turnover 55,172 P/E (x) 2.77 Company Cherat Papersack Ghani Glass
High Low 995.10 967.15 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.22 43.91
Close 976.95 Listed cap 3,043.31 mn Payout (%) 15.55
Change 10.74 Market cap 36,360.35 mn Div Yield (%) 5.60
% Change 1.11 5-Day High 976.95 5-Day Low 956.61
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
115
2.46
49.87
50.80
50.00
50.11 0.24
18645
56.90
46.45
20
25B
2010 Div BR (%) (%)
1067
5.53
54.15
54.50
54.25
54.40 0.25
2011 Div BR (%) (%) -
50R
15211
56.07
49.00
25
10B
-
-
MACPAC Films Merit Pack Packages Ltd
389 2.59 12.48 47 12.25 28.62 844 18.50 108.00
13.20 12.71 13.00 0.52 29.00 29.00 27.31 -1.31 112.00 108.05 111.00 3.00
2202 2006 4496
15.21 32.00 124.50
3.55 26.50 103.01
32.5
-
-
-
Tri-Pack Films
300
166.20 165.00 166.00 0.86
12600
172.00
126.51
100
-
-
-
6.47 165.14
INDUSTRIAL ENGINEERING
Company AL-Ghazi Tractor
Paid up Cap(mn) 215
Dewan Auto Engineering 214 Hinopak Motor 124 KSB Pumps XD Millat Tractors
132 366
Pak Engineering
57
PE
Open
4.09 235.03 -
1.03 85.64
- 38.80 8.21 540.58 -
92.83
High
High Low 1,625.11 1,605.02 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 3.10 38.02 Low
Close Chg
237.00 236.80 236.99 0.97 87.00
0.91 87.00
89.29
Volume
Last 60 days High Low
Company
Paid up Cap(mn)
Adam Sugar
58
2010 Div BR (%) (%)
2011 Div BR (%) (%)
209.50 209.00 209.38
0.28
4355
216.30
183.05
100
149.07 146.15 148.05
1.59
10108
153.93
127.00
50
0.00
303
37.99
31.07
25
-
-
-
1.63
0.03
115750
2.45
1.50
-
-
-
-
23.20
23.20
0.14
7502
26.17
22.01
20
-
-
-
2.98
3.05
0.15
36295
4.50
2.16
-
-
-
-
3.43
0.00
154
-
-
-
-
9.51
0.20
2606
10.88
9.00
-
-
222.99 220.61 221.46
0.56
1507
240.00
205.51
150
0.62
502
76.90
60.00
5
-
3.43 9.31
7.65 220.90 68.28
3.49 9.56 68.90
Open 2,103.67 Turnover 64,074 P/E (x) -
3.16 9.30 68.89
68.90
4.60
2.90
PE 0.82
Open 13.00
High 14.00
High Low 2,126.78 2,085.66 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 14.73 30.30 Low 12.80
Close Chg 14.00
1.00
Close 2,116.04 Listed cap 11,335.33 mn Payout (%) 30.57
Volume 3570
-
-
20B
-
-
15B 65.00
15B
-
-
- 50.00
-
-
-
Change 12.37 Market cap 298,470.55 mn Div Yield (%) 0.63
Last 60 days High Low 15.00
11.50
-
% Change 0.59 5-Day High 2,118.86 5-Day Low 2,090.45
2010 Div BR (%) (%) 25
-
2011 Div BR (%) (%)
-
-
239.00
400
0.92 -0.11 87.00 1.36
702 294
2.00 128.00
0.71 85.00
-
103 31210
62.00 547.70
37.01 495.00
12.5 650
447
144.99
89.29
100
-
-
-
-
-
25B325.00
-
-
-
-
25.59
Total Assets (Rs in mn)
208,118.96
MA (10-day)
1.66
Total Equity (Rs in mn)
41,643.27
MA (100-day)
2.31
Revenue (Rs in mn)
18,272.36
MA (200-day)
2.56
Interest Expense
12,872.36
1st Support
1.47
Profit after Taxation
2nd Support
1.39
EPS 09 (Rs)
0.171
1st Resistance
1.63
Book value / share (Rs)
10.30
2nd Resistance
1.71
PE 10 E (x)
Pivot
1.55
PBV (x)
691.05
0.15
NIB closed down -0.04 at 1.50. Volume was 503 per cent above average (trending) and Bollinger Bands were 27 per cent wider than normal. The company's loss after taxation stood at Rs795.184 million which translates into a Loss Per Share of Rs0.20 for the 1st quarter of current calendar year (1QCY11). NIB is currently 41.3 per cent below its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NIB at a relatively equal pace. Trend forecasting oscillators are currently bearish on NIB. Momentum oscillator is currently indicating that NIB is currently in an oversold condition.
Lafarge Pakistan Cement Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
43.61
Total Assets (Rs in mn)
MA (10-day)
2.87
Total Equity (Rs in mn)
MA (100-day)
3.11
Revenue (Rs in mn)
MA (200-day)
3.06
Interest Expense
-
1st Support
2.81
Loss after Taxation
2.77
EPS 09 (Rs)
19,704.24 9,763.73 8,129.96 1,230.81 (1,278.96)
AL-Noor Sugar
186
1.29
49.24
51.70
51.70
51.70
2.46
500
51.70
37.65
50
-
-
-
Ansari Sugar
244
-
7.75
8.65
6.76
7.95
0.20
6000
8.65
5.45
-
-
-
-
1st Resistance
2.89
Book value / share (Rs)
Chashma Sugar
287
3.52
9.00
9.50
9.49
9.00
0.00
126
10.20
8.00
10
-
-
-
2nd Resistance
2.93
PE 10 E (x)
Fecto Sugar
146
-
38.00
38.00
38.00
38.00
0.00
2500
50.00
35.07
-
-
-
-
Pivot
2.85
PBV (x)
Habib Sugar
750
4.27
23.60
24.00
23.70
23.98
0.38
18743
24.50
20.50
25
25B
-
-
Habib-ADM Ltd
200
4.98
12.35
12.40
12.17
12.35
0.00
261
13.00
10.80
40
-
-
-
Haseeb Waqas
324
-
11.00
10.45
10.00
10.14
-0.86
1871
16.50
9.25
10
-
-
J D W Sugar
539
1.47
80.50
83.00
80.65
83.00
2.50
2292
83.00
69.01
7010B 12.5R
-
-
Mehran Sugar
157
1.92
58.99
59.05
59.05
59.05
0.06
2000
60.49
50.12
35
20B
7.50
-
84
2.66
42.54
42.80
42.02
42.54
0.00
112
49.80
39.51
15
20B
-
-
141
0.34
3.01
3.30
3.19
3.22
0.21
5613
4.18
2.50
10
-
-
-
48
5.70
21.00
21.00
20.50
20.92
-0.08
1000
23.70
19.75
12
-
-
-
LPCL closed up 0.01 at 2.86. Volume was 74 per cent below average (consolidating) and Bollinger Bands were 27 per cent narrower than normal. The company's profit after taxation stood at Rs13.847 million which translates into an Earning Per Share of Rs0.01 for the 1st quarter of current calendar year (1QCY11). LPCL is currently 6.6 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of LPCL at a relatively equal pace. Trend forecasting oscillators are currently bearish on LPCL.
1.63
14.16
15.16
14.75
21.80
Mirpurkhas Sugar
-
Noon Sugar
165
15.16
1.00
1695
10.11
-
-
-
-
Pangrio Sugar
109
-
3.50
3.51
3.48
3.48
-0.02
14000
5.08
3.25
10
-
-
-
Sanghar Sugar
119
2.31
12.19
13.01
12.00
12.58
0.39
2000
13.01
11.26
15
-
-
-
Shahmurad Sugar
211
3.10
8.41
9.25
7.91
9.04
0.63
603
9.90
7.91
10
-
-
-
Shakarganj Mills
695
0.43
6.03
6.38
6.01
6.03
0.00
113
7.49
4.01
-
-
-
-
UniLever Pakistan
665
19.43 5212.41 5279.00 5157.00 5253.68
41.27
636
5988.18 4500.00
492
-
-
-
(0.974) 7.44 0.38
TRG Pakistan Limited
HOUSEHOLD GOODS Performance of SR Household Goods Index Open 740.39 Turnover 28,529 P/E (x) 1.41 Company
Paid up Cap(mn)
Pak Elektron Tariq Glass Ind
1219 231
PE 1.58
Open 7.77 12.00
High 8.00 12.50
High Low 754.83 740.54 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.15 10.64 Low 7.80 11.82
Close Chg 7.84 0.07 11.99 -0.01
Close 743.66 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 13492 15037
Change 3.27 Market cap 4,116.27 mn Div Yield (%) 4.45
Last 60 days High Low 14.50 17.88
7.26 11.20
2010 Div BR (%) (%) 17.5
10B -
% Change 0.44 5-Day High 743.66 5-Day Low 723.17 2011 Div BR (%) (%) - 200R
PERSONAL GOODS Performance of SR Personal Goods Index Open 960.40 Turnover 6,261,204 P/E (x) 6.30 Paid up Cap(mn)
(Colony) Thal Ahmed Hassan Al-Qaim Textile Amtex Limited Ashfaq Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Blessed Tex Mills Chenab Limited Colony Mills Ltd D S Ind Ltd Dawood Lawrencepur Dewan Farooque Spin. Ellcot Spinning Gadoon Textile XD Gul Ahmed Textile Gulistan Spinning Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Ishaq Textile Kohinoor Ind Kohinoor Textile Mehmood Textile Mubarak Textile Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Olympia Textile Pak Synthetic Prosperity Ravi Textile Reliance Cotton Rupali Poly Saif Textile Sajjad Textile Sally Textile Saritow Spinning Service Ind XD Shahtaj Textile Thal Ltd Treet Corp Tri-Star Poly Yousuf Weaving Zil Limited
56 144 75 2594 70 4493 37 76 76 64 1150 2442 600 591 978 110 234 635 146 716 3105 99 180 97 303 2455 150 54 145 187 1620 3516 108 560 185 250 103 341 264 213 88 133 120 97 307 418 215 400 53
PE
Open
1.90 1.31 15.50 0.61 1.91 1.96 5.08 5.79 0.26 15.25 0.78 18.61 5.55 476.43 0.60 60.00 2.15 1.98 1.83 1.20 - 35.75 1.45 2.70 0.60 25.34 0.67 71.00 3.17 50.01 0.37 7.00 0.78 3.91 3.22 45.15 0.45 6.98 1.67 4.35 0.50 7.00 1.20 4.61 4.07 1.01 64.94 0.55 0.45 0.59 14.99 3.80 24.45 5.22 58.55 0.50 2.37 19.60 0.97 14.64 0.97 0.50 25.55 2.99 39.00 0.28 8.01 1.00 0.26 6.82 0.35 1.74 3.00 175.99 1.37 24.00 - 100.37 7.08 53.93 0.75 0.60 1.31 6.79 59.74
High
High Low 970.44 955.95 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.54 8.64 Low
Close Chg
1.95 1.80 1.89 -0.01 14.50 14.50 14.50 -1.00 0.61 0.61 0.61 0.00 2.00 1.92 1.97 0.06 5.14 5.10 5.14 0.06 6.10 5.75 6.02 0.23 15.50 15.49 15.49 0.24 19.55 18.26 18.65 0.04 481.50 470.00 471.41 -5.02 63.00 60.00 63.00 3.00 2.15 1.85 1.92 -0.23 1.95 1.89 1.90 0.07 1.24 1.14 1.19 -0.01 37.50 35.00 35.12 -0.63 2.50 2.20 2.21 -0.49 25.90 25.50 25.34 0.00 71.99 69.50 69.50 -1.50 50.10 50.01 50.08 0.07 7.00 7.00 7.00 0.00 4.00 3.90 3.90 -0.01 45.89 43.87 45.16 0.01 6.01 6.00 6.00 -0.98 4.35 4.35 4.35 0.00 6.26 6.25 6.25 -0.75 1.15 1.06 1.14 -0.06 4.11 4.00 4.01 -0.06 68.00 67.80 64.94 0.00 0.90 0.65 0.55 0.00 0.70 0.40 0.50 0.05 14.80 14.60 14.66 -0.33 24.89 24.49 24.67 0.22 58.95 58.36 58.81 0.26 0.65 0.55 0.64 0.14 19.00 18.61 19.00 -0.60 14.95 14.90 14.95 0.31 1.03 0.76 0.93 -0.04 26.50 26.50 25.55 0.00 40.00 39.00 39.74 0.74 8.12 8.00 8.12 0.11 1.65 1.00 1.43 0.43 7.25 6.95 6.82 0.00 1.90 1.70 1.78 0.04 178.50 176.00 176.04 0.05 24.50 24.00 24.50 0.50 105.38 100.50 105.36 4.99 56.62 53.14 56.62 2.69 0.75 0.70 0.70 -0.05 1.35 1.15 1.35 0.04 62.72 60.60 62.71 2.97
Close 962.09 Listed cap 47,070.70 mn Payout (%) 16.68
Volume 5300 2199 2000 56710 1500 4804823 2252 67908 978 11240 1136 1906 5195 989 3023 103 1002 500 500 8152 7352 1000 2000 2500 9011 8891 200 106 70116 3998 259189 464427 9254 17990 7093 16131 201 4035 4399 11718 302 1600 666 3000 263614 108808 1100 501 4082
Change 1.69 Market cap 124,233.34 mn Div Yield (%) 2.65
Last 60 days High Low 2.84 16.00 2.49 3.25 5.98 9.79 18.41 23.27 603.00 68.09 3.40 2.85 1.85 49.05 5.00 28.74 102.24 53.65 9.23 5.20 50.74 10.80 6.00 8.25 1.90 5.58 68.00 1.90 0.77 17.95 29.50 66.75 1.98 21.21 16.90 1.74 42.50 44.40 11.50 1.88 9.35 2.33 215.44 26.29 117.40 56.62 1.49 1.88 71.47
2010 Div BR (%) (%)
0.50 14.50 0.54 1.81 - 30B 4.41 4.40 12.50 - 15B 14.40 20 411.00 280 58.00 50 1.65 1.50 0.95 34.50 5 15B 1.81 24.25 35 66.00 70 34.05 12.5 6.30 10 3.70 10 43.12 20 6.00 3.05 10 5.00 8 0.86 3.60 55.05 60 0.25 0.16 14.10 20SD 23.15 15 56.80 25 45R 0.30 13.25 13.60 30 0.40 24.37 20 38.05 40 6.00 0.28 4.52 10 1.22 154.00 75 19.15 45 97.00 80 20B 46.00 50 900B 0.23 1.08 55.00 35 -
% Change 0.18 5-Day High 962.09 5-Day Low 955.31 2011 Div BR (%) (%) -
-
Performance of SR Pharma and Bio Tech Index Open 954.15 Turnover 12,301 P/E (x) 6.39
2011 Div BR (%) (%)
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
2nd Support
% Change -0.08 5-Day High 1,618.74 5-Day Low 1,590.57
2010 Div BR (%) (%)
685
89.57 -3.26
199.05
Last 60 days High Low
% Change 0.47 5-Day High 1,143.41 5-Day Low 1,133.04
PHARMA AND BIO TECH
Change -1.27 Market cap 32,852.32 mn Div Yield (%) 16.12
1.96
39.87 38.00 38.80 0.00 543.48 537.75 540.34 -0.24 97.39
Close 1,613.04 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
Change 5.31 Market cap 42,484.07 mn Div Yield (%) 5.18
9.24 146.46
Performance of SR Industrial Engineering Index Open 1,614.31 Turnover 33,453 P/E (x) 8.16
Close Chg
Close 1,143.41 Listed cap 6,768.53 mn Payout (%) 20.42
5.56 209.10
823 15.52
Company
Change 9.41 Market cap 62,537.90 mn Div Yield (%) 2.95
-
90
-
Attock Cement Balochistan Glass Ltd Berger Paints
Company
Paid up Cap(mn)
High Low 869.56 853.44 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.46 7.10
-
70.00
786
CONSTRUCTION AND MATERIALS Open 852.15 Turnover 3,327,003 P/E (x) 6.46
2011 Div BR (%) (%)
-
74.85
-
Performance of SR Construction and Materials Index
40 15
129
Pak Suzuki
2011 Div BR (%) (%)
- 20.00 25B 15.00 20B 15.00 -
2010 Div BR (%) (%)
0.00
Indus Motors
2011 Div BR (%) (%)
% Change -0.14 5-Day High 1,015.93 5-Day Low 1,004.02
2010 Div BR (%) (%) 30 40 7.5
64.75 25.18
72.72
Performance of SR Industrial Metals and Mining Index High Low 1,038.76 1,007.37 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.09 33.10
High Low 1,145.56 1,134.24 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 1.00 25.35
Agriautos Ind
Company
Noon Pakistan
Last 60 days High Low
0.05 0.68
Performance of SR Automobile and Parts Index
INDUSTRIAL METALS AND MINING Open 1,013.12 Turnover 424,179 P/E (x) 3.29
NIB Bank Limited
% Change 0.46 5-Day High 704.65 5-Day Low 695.77
AUTOMOBILE AND PARTS
Mirza Sugar
Performance of SR Forestry & Paper Index Open 1,088.72 Turnover 21,529 P/E (x) 5.43
PE
1092 1321
Performance of SR Food Producers Index
-
164173
41.95
Paid up Cap(mn)
Pak Int Cont. Terminal PNSC
FOOD PRODUCERS
128026
6.36
Ittehad Chemical
20,637.92 20,669.05 20,431.03 h206.89
Change 3.25 Market cap 11,807.91 mn Div Yield (%) 2.19
-
11.06 0.06
9341
Close 704.65 Listed cap 3,242.17 mn Payout (%) 11.08
- 49.50
12.40 0.05
Fauji Fert.Bin Qasim
Company
High Low 704.73 701.02 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.29 25.53
-
25B
10.70
Open 701.41 Turnover 5,116 P/E (x) 5.07
-
11.00
8.68 139.63
Lotte Pakistan
2011 Div BR (%) (%)
12.32
8482
ICI Pakistan
-
11.18
Fauji Fertilizer XD Ghani Gases Ltd
2010 Div BR (%) (%)
11.50
1108 560996
% Change 0.93 5-Day High 1,852.96 5-Day Low 1,817.09
12.43
141.19 139.90 140.98 1.35
Current High Low Change
11,754.80 11,771.51 11,658.70 h96.10
Alert ! Unusual Movements
Performance of SR Industrial Transportation Index
Close Change 1,513.42 16.35 Listed cap Market cap 65,194.15 mn 1,124,315.84 mn Payout (%) Div Yield (%) 55.94 5.33
691 3921
Current High Low Change
KMI 30 Index
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,497.07 Turnover 4,607,157 P/E (x) 10.49
KSE 30 Index
Company
Paid up Cap(mn)
Abbott (Lab) XD 979 Ferozsons (Lab) 250 GlaxoSmithKline 1963 Highnoon (Lab)XDXB 182 IBL HealthCare Ltd 200
High Low 966.34 958.02 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.43 22.31
PE
Open
High
Low
5.70 7.53 10.56 6.12 3.90
91.95 88.11 73.77 25.80 9.50
93.00 91.00 74.30 26.50 9.98
92.00 90.00 73.55 26.00 9.50
Close 961.19 Listed cap 3,904.20 mn Payout (%) 44.54
Change 7.03 Market cap 31,292.22 mn Div Yield (%) 6.97
Close Chg
Volume
Last 60 days High Low
92.99 91.00 73.92 26.42 9.52
2014 2433 3590 3456 778
94.00 99.49 90.00 33.50 12.80
1.04 2.89 0.15 0.62 0.02
80.00 86.26 68.65 24.51 9.35
2010 Div BR (%) (%) 50 40 25 -
% Change 0.74 5-Day High 963.52 5-Day Low 954.15 2011 Div BR (%) (%)
20B 12.50 15B 10B -
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
48.41
Total Assets (Rs in mn)
1,072.73
MA (10-day)
2.55
Total Equity (Rs in mn)
1,015.70
MA (100-day)
2.99
Revenue (Rs in mn)
MA (200-day)
3.42
Interest Expense
1st Support
2.50
Loss after Taxation
2nd Support
2.44
EPS 10 (Rs)
1st Resistance
2.61
Book value / share (Rs)
2nd Resistance
2.66
PE 11 E (x)
Pivot
2.55
PBV (x)
0.72 0.07 (1,616.83) (4.195) 2.64 0.99
TRG closed up 0.10 at 2.60. Volume was 55 per cent below average (consolidating) and Bollinger Bands were 68 per cent narrower than normal. The company's loss after taxation stood at Rs47.542 million which translates into a Loss Per Share of Rs0.12 for the nine months of fiscal year (9MFY11). TRG is currently 23.9 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of TRG at a relatively equal pace. Trend forecasting oscillators are currently bearish on TRG.
Southern Electric Power Co Ltd
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
51.99
Total Assets (Rs in mn)
11,457.73
MA (10-day)
1.33
Total Equity (Rs in mn)
2,081.08
MA (100-day)
1.77
Revenue (Rs in mn)
5,541.96
MA (200-day)
2.06
Interest Expense
1st Support
1.31
Profit after Taxation
52.68
2nd Support
1.18
EPS 10 (Rs)
0.385
1st Resistance
1.53
Book value / share (Rs)
15.23
2nd Resistance
1.62
PE 11 E (x)
Pivot
1.40
PBV (x)
987.88
0.09
SEPCO closed up 0.08 at 1.43. Volume was 4 per cent below average and Bollinger Bands were 28 per cent narrower than normal. The company's loss after taxation stood at Rs310.261 million which translates into a Loss Per Share of Rs2.27 for the nine months of fiscal year (9MFY11). SEPCO is currently 30.4 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of SEPCO at a relatively equal pace. Trend forecasting oscillators are currently bearish on SEPCO.
BOOK CLOSURES Company
From
To
Pakistan Telephone Cables Haydari Construction # Fazal Cloth Mills # Nimir Ind Chemicals Thatta Cement Sapphire Fibres Sapphire Textile Mills Habib ADM # Cherat Papersacek # Husein Sugar Mills # MCB Bank Shaheen Insurance # Ittehad Chemicals # (TFC) Engro Fertiliser Crescent Steel (Un-Consolidated) Lotte Pakistan Pta # PTCL OGDC Fauji Fertiliser Bin Qasim Hinopak Motors Atlas Honda
25-May 26-May 27-May 27-May 28-May 28-May 28-May 29-May 30-May 31-May 02-Jun 03-Jun 04-Jun 04-Jun 08-Jun 10-Jun 11-Jun 14-Jun 14-Jun 14-Jun 15-Jun
30-May 02-Jun 02-Jun 02-Jun 03-Jun 03-Jun 03-Jun 04-Jun 06-Jun 06-Jun 09-Jun 10-Jun 10-Jun 17-Jun 14-Jun 16-Jun 20-Jun 21-Jun 20-Jun 20-Jun 23-Jun
D/B/R 25(R) 30(I) 10(Ii) 15(Ii) 12.5(I) 65,15(B)
Spot AGM/Date 25-May 31-May -
30-May 02-Jun 30-May 04-Jun 06-Jun 06-Jun 10-Jun 10-Jun 16-Jun 20-Jun 23-Jun
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Grays of Cambridge Pak Tobacco Co. Shifa Int.HospitXD P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies Pak Telephone
Open 49.95 2.5 107.78 35.22 91.56 32 2.33 38 2.79 20.58 3.04
High 50.8 2.6 110.45 36.98 96.12 33.6 2.36 38.99 2.86 21.6 3.41
Low Close 49.65 2.49 107.5 36.9 93.01 32.025 2.26 38.01 2.76 20.52 3.15
49.95 2.6 108.05 36.95 96.05 32.025 2.26 38.08 2.81 21.52 3.04
Change 0 0.1 0.27 1.73 4.49 0.025 -0.07 0.08 0.02 0.94 0
Vol 261 499594 5777 858 820 245 66217 1356 132280 1902967 138
7
Wednesday, May 25, 2011 Ask Gen Insurance XB
FIXED LINE TELECOMMUNICATION
Atlas Insurance
Performance of SR Fixed Line Telecommunication Index Open 977.51 Turnover 834,235 P/E (x) 5.41 Paid up Cap(mn)
Company
High Low 988.82 971.59 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.69 12.84
PE
Open
High
Low
Close Chg
Pak Datacom 78 29.06 Pakistan Telecomm Co A 37740 13.99 Telecard 3000 2.80 WorldCall Tele 8606 Wateen Telecom Ltd 6175 -
30.49 16.94 1.64 2.13 2.47
31.50 17.08 1.70 2.23 2.65
29.90 16.91 1.60 2.00 2.41
30.22 17.07 1.65 2.14 2.46
-0.27 0.13 0.01 0.01 -0.01
Close 984.65 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 2040 322875 205590 303730 161306
Change 7.15 Market cap 68,514.74 mn Div Yield (%) 11.58
% Change 0.73 5-Day High 984.65 5-Day Low 962.39
Last 60 days High Low
2010 Div BR (%) (%)
60.02 18.39 2.35 2.89 3.50
80 17.5 1 -
29.00 16.05 1.40 1.94 2.41
2011 Div BR (%) (%)
- 15.00 -
280
3.54
10.41
10.20
9.50
9.50 -0.91
2202
443
Close 1,374.52 Listed cap 95,369.29 mn Payout (%) 104.13
Change 15.79 Market cap 107,028.19 mn Div Yield (%) 7.67
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
198 11572 1560 7932 8803 Nishat Chunian Power LtdSPOT 3673 Nishat Power Ltd 3541 Sitara Energy Ltd 191 Southern Electric 1367 Tri-star Power XD 150
7.67 5.61 3.01 2.45 6.04 -
0.55 37.84 1.23 2.29 42.95 16.45 16.89 22.00 1.35 0.95
0.60 38.25 1.25 2.37 43.90 16.85 17.25 22.49 1.49 1.00
0.59 37.71 1.18 2.30 42.80 16.33 16.80 20.90 1.27 1.00
0.59 0.04 38.18 0.34 1.22 -0.01 2.35 0.06 43.72 0.77 16.75 0.30 17.19 0.30 21.80 -0.20 1.43 0.08 0.95 0.00
12002 1109022 62599 216821 1403047 1133174 676880 3742 173344 200
0.85 40.75 1.70 2.89 44.99 17.00 17.75 23.26 1.98 1.37
Company Genertech Hub Power Japan Power KESC Kot Addu Power
0.49 36.12 0.97 2.25 40.26 14.30 15.25 15.35 1.13 0.31
2010 Div BR (%) (%) 50 50 20 -
-
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,307.57 Turnover 1,430,955 P/E (x) 8.54 Paid up Cap(mn)
Company Sui North Gas Sui South Gas
High Low 1,332.00 1,304.86 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.97 11.41
PE
Open
High
Low
Close Chg
Volume
5491 13.59 8390 5.09
18.64 22.65
19.06 23.00
18.80 22.40
19.03 0.39 22.57 -0.08
108371 1322584
21.87 26.15
Paid up Cap(mn)
PE
% Change 0.76 5-Day High 1,317.56 5-Day Low 1,268.15
2010 Div BR (%) (%)
2011 Div BR (%) (%)
-
-
-
42.90
26.00
5008 6809 1563 4385
115.90 38.90 16.05 74.90
65.00 29.01 11.00 51.16
Pak Reinsurance XD
3000
6.07
17.68
17.90
17.30
17.49 -0.19
1226449
20.80
12.43
30
PICIC Ins Ltd Premier Insurance XD
350 303
9.32 3.62
10.51 8.10
11.51 8.38
10.00 8.38
11.18 0.67 8.10 0.00
5952 262
13.00 13.27
7.08 8.00
25
-
-
-
United Insurance
496
1.89
5.22
5.45
5.20
5.45 0.23
631
8.49
4.75
-
24B
-
-
-0.73 -0.10 0.01 0.64
40
LIFE INSURANCE Performance of SR Life Insurance Index Open 822.71 Turnover 2,221 P/E (x) 5.33 Company
High Low 831.20 822.83 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.46 3.85
Close 829.34 Listed cap 2,290.72 mn Payout (%) 355.53
Change 6.63 Market cap 9,255.36 mn Div Yield (%) 3.96
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
850
8.40
59.00
60.00
59.01
59.78 0.78
2201
64.50
EFU Life Assurance
50.70
% Change 0.81 5-Day High 829.34 5-Day Low 811.87
2010 Div BR (%) (%) 50
2011 Div BR (%) (%)
-
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 287.23 Turnover 7,844,687 P/E (x) 11.57
High Low 301.66 283.85 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.19 0.91
Close 295.62 Listed cap 30,336.44 mn Payout (%) 99.56
Change 8.40 Market cap 14,213.27 mn Div Yield (%) 4.74
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
225
0.85
0.43
0.45
0.40
0.41 -0.02
Arif Habib Investments
360
5.76
22.50
22.95
21.40
22.56 0.06
31601
24.97
21.00
-
20B
-
-
Arif Habib Limited
450 16.73
15.01
16.01
15.20
15.89 0.88
130237
22.80
12.01
-
20B
-
-
21.39
22.45
21.40
22.39 1.00
3866446
26.14
Company AMZ Ventures
3750
Volume 51415
0.93
2010 Div BR (%) (%)
0.34
-
2011 Div BR (%) (%)
-
-
-
19.65
30
-
-
First National Equity
575
-
2.50
2.60
1.75
2.49 -0.01
1402
5.80
1.56
-
-
- 140R
Grays Leasing
215
-
2.90
2.55
2.55
2.90 0.00
300
4.00
1.34
-
-
-
5.15
11.5
Invest and Fin Sec
3.00
Last 60 days High Low
% Change 2.92 5-Day High 295.62 5-Day Low 280.47
600 20.76
8.00
7.70
7.64
7.68 -0.32
1500
9.29
-
-
-
-
Invest Bank
2849
-
0.34
0.40
0.27
0.40 0.06
460900
1.20
0.22
-
-
-
-
Ist Cap Securities
3166
-
2.80
2.89
2.66
2.79 -0.01
14559
3.67
2.45
-
10B
-
-
626
0.65
1.24
-
-
7.17
7.60
7.13
7.51 0.34
6406077
10.05
4.82
10
-
-
-
508
-
2.73
2.92
2.65
2.85 0.12
154021
3.98
2.31
-
-
-
-
BANKS
JS Global Cap
500
6.11
21.31
21.88
20.61
21.25 -0.06
27.00
16.42
50
-
-
-
Performance of SR Banks Index
JS Investment
1000 45.42
5.31
5.50
5.25
5.45 0.14
6.43
4.53
-
-
-
-
KASB Securities
1000
Open
High
High Low Close 1,159.29 1,141.98 1,150.20 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.03 13.94 40.49 Low
Close Chg
62.01 61.45 61.95 0.00 12.05 11.60 11.98 0.23 10.80 10.48 10.63 0.12 28.50 28.35 28.48 0.05 5.67 5.48 5.59 0.02 5.23 5.07 5.15 0.07 3.98 3.75 3.76 0.01 9.99 9.30 9.75 0.55 120.75 119.90 120.30 0.32 18.20 17.50 17.50 0.09 2.45 2.30 2.41 0.06 1.45 1.28 1.44 0.09 208.99 207.05 208.01 0.28 17.75 17.40 17.50 0.00 2.10 2.10 2.10 0.04 52.12 51.70 51.92 0.17 2.99 2.70 2.85 0.05 1.63 1.47 1.50 -0.04 1.94 1.90 1.92 0.04 2.88 2.80 2.82 -0.02 6.19 6.07 6.07 0.02 8.49 8.26 8.41 0.17 2.85 2.75 2.84 -0.06 64.89 64.01 64.58 -0.36
Volume
25B
Change 3.15 Market cap 680,555.74 mn Div Yield (%) 5.47
Last 60 days High Low
4569 70.00 300881 14.90 2278704 11.20 24842 36.95 16803 6.25 606867 7.60 7393 4.18 360507 14.44 37229 131.00 6667 25.00 105861 3.16 78403 1.69 221974 230.80 2502 19.70 4000 2.65 628324 81.78 33523 3.49 9282231 2.70 26501 2.20 727754 3.00 3357 6.99 10100 9.90 19534 3.58 64935 67.25
20 15
57.00 10.90 9.01 26.95 3.30 4.51 3.26 9.00 104.16 17.00 2.06 1.16 192.20 16.26 1.60 49.57 0.80 1.47 1.62 2.02 5.31 6.50 2.36 56.70
-
-
% Change 0.27 5-Day High 1,150.20 5-Day Low 1,134.98
2010 Div BR (%) (%)
High Low 753.81 735.02 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.56 5.20
Close 742.40 Listed cap 11,111.34 mn Payout (%) 79.54
40 10B - 10B 20 20B - 20B 65 10B - 20B - 33R -105.16R 115 10B 30.00 - 15B 75 25B -154.79R -63.46R - 311R 6 50 -
Change 0.64 Market cap 46,071.05 mn Div Yield (%) 7.40
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
20R -
7.02
65.01
65.70
64.84
65.43 0.42
214837
83.40
62.00
% Change 0.09 5-Day High 742.40 5-Day Low 720.40
2010 Div BR (%) (%) 25
Ist Dawood Bank
2011 Div BR (%) (%)
-
-
-
1.45
-
3.55
1.60
1.35
3.73
1.46 0.01
3.50
3.50 -0.05
51518
2.00
8725 147518 9805
4.97
3.10
-
-
-
-
-
-
-
Orix Leasing
821
3.27
5.27
5.50
5.27
5.40 0.13
18000
6.40
5.00
-
-
-
-
Pervez Ahmed Sec
775
6.04
1.63
1.74
1.61
1.69 0.06
103383
2.49
1.45
-
-
-
-
Saudi Pak Leasing
452
Trust Inv Bank
586
2011 Div BR (%) (%)
NON LIFE INSURANCE
1237
-
2104
68.91 32.88 11.27 58.91
7633
Open 741.76 Turnover 1,470,341 P/E (x) 10.74
Adamjee Insurance XD
-
-
26.89 -0.31
68.20 32.28 11.21 58.50
Jah Siddiq Co
17.64 20.52
Performance of SR Non Life Insurance Index
Paid up Cap(mn)
-
26.61
70.25 34.48 11.60 59.00
JOV and CO
Allied Bank Limited 8603 6.11 61.95 Askari Bank XB 7070 5.45 11.75 Bank Alfalah 13492 5.59 10.51 Bank AL-Habib 8786 6.03 28.43 Bank Of Khyber 5004 2.50 5.57 Bank Of Punjab 5288 5.08 BankIslami Pak 5280 10.16 3.75 Faysal Bank 7327 7.39 9.20 Habib Bank Ltd 11021 7.51 119.98 Habib Metropolitan Bank XB 10478 5.03 17.41 JS Bank Ltd 8150 48.20 2.35 KASB Bank Ltd 9509 1.35 MCB Bank Ltd 8362 8.40 207.73 Meezan Bank XB 8030 5.99 17.50 Mybank Ltd 5304 2.06 National Bank 16818 4.08 51.75 Network Mic Bank 300 2.80 NIB Bank XR 40437 1.54 Samba Bank 14335 24.00 1.88 Silkbank Ltd 26716 17.63 2.84 Soneri Bank 6023 3.04 6.05 Stand Chart Bank 38716 6.78 8.24 Summit Bank Ltd 7251 2.90 United Bank Ltd 12242 7.59 64.94
Company
20B
25 50B 12.5 25 12.5B 20 25B
27.00
69.64 32.98 11.26 58.27
Arif Habib Corp
Change 9.99 Market cap 29,384.98 mn Div Yield (%) 7.82
Last 60 days High Low
Open 1,147.06 Turnover 14,833,927 P/E (x) 7.41 Company
Close 1,317.56 Listed cap 12,202.80 mn Payout (%) 66.79
-
27.20
2011 Div BR (%) (%)
- 25.00 7.8R - 30.00 - 10.00 -
-
3.34
-
% Change 1.16 5-Day High 1,374.52 5-Day Low 1,333.25
-10B 25R
391 1.50 1250 12.27 450 7.83 989 10.35
ELECTRICITY High Low 1,378.60 1,352.24 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.27 9.35
9.15
Central Insurance EFU General Insurance Habib Insurance New Jub Insurance
Performance of SR Electricity Index Open 1,358.73 Turnover 4,790,858 P/E (x) 13.58
12.49
-
0.71
1.30
0.60
0.82 0.11
50182
1.30
0.55
-
-
-
-
0.30
1.45
1.35
1.07
1.19 -0.26
203536
2.00
1.07
-
-
-
-
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,489.26 Turnover 425,424 P/E (x) 18.06 Paid up Cap(mn)
Company
AL-Meezan Mutual F. AL-Noor Modaraba B F Modaraba B R R Guardian Mod.
High Low 1,527.34 1,497.75 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.40 2.21
Close 1,501.86 Listed cap 29,771.58 mn Payout (%) 104.74
Change 12.60 Market cap 18,936.46 mn Div Yield (%) 9.01
% Change 0.85 5-Day High 1,501.86 5-Day Low 1,486.40
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
2010 Div BR (%) (%)
2011 Div BR (%) (%)
1375
4.52
10.50
10.55
10.45
10.54 0.04
124353
11.20
9.60
18.5
-
5.00
-
210
2.46
3.90
3.90
3.85
3.87 -0.03
2500
3.95
2.85
5
-
-
-
75
1.67
4.65
4.30
3.65
4.30 -0.35
2103
5.00
3.65
-
10B
-
-
780
2.13
2.05
2.45
1.96
2.04 -0.01
34900
2.91
1.29
0
-
-
-
Equity Modaraba
524
7.89
1.40
1.59
1.34
1.50 0.10
20312
2.50
1.22
-
-
-
-
Golden Arrow
760
2.17
3.17
3.32
3.21
3.28 0.11
4435
3.95
3.02
17
-
-
-
H B L Modaraba
397
3.64
7.42
7.50
7.50
7.42 0.00
119
8.48
6.81
11
-
-
-
JS Growth Fund XD
3180
2.23
6.30
6.50
6.30
6.50 0.20
18900
7.45
5.31
12.5
-
-
-
JS Value Fund XD
1186
0.58
5.65
5.70
5.50
5.50 -0.15
40501
6.68
4.31
10
-
5.00
-
KASB Modaraba
283
1.65
2.50
2.55
2.55
2.55 0.05
1000
3.94
1.50
2.8
-
-
-
2.69
9.40
9.35
9.21
9.35 -0.05
110400
10.00
8.40
15.5
-
-
-
125
-
0.73
1.05
0.60
0.73 0.00
144
1.25
0.45
3
-
-
-
PICIC Energy Fund
Meezan Balanced Fund
1000
2.16
7.25
7.35
7.25
7.32 0.07
860
8.50
6.92
10
- 10.00
-
PICIC Growth Fund
2835
2.63
12.75
12.96
12.80
12.83 0.08
48500
13.80
12.00
20
- 12.50
-
PICIC Inv Fund
2841
2.27
5.60
5.78
5.74
5.74 0.14
5154
6.56
5.10
10
-
7.50
454
5.58
9.99
10.44
9.80
10.10 0.11
9072
10.50
9.50
17
-
-
-
50
0.87
0.72
1.30
1.05
1.30 0.58
2124
1.88
0.71
-
-
-
-
Pak Modaraba
Stand Chart Modaraba Tri-Star Mutual
1200
-
UPTO 100 VOLUME Symbols UVIC AATM MFTM DWSM FECTC CLOV EXIDE NATF SNAI STCLR SHCI SALT HUSS TATM NESTLE SRSM MFFL COLG FPJM IGIIL KOHE NJLIC LIBM SEARL WAZIR SSIC SMTM SFL DNCC RMPL FECM PMRS SIEM IDYM AACIL GHNI WYETH SHEZ BROT JDMT AGSML MUCL KOHP OLSM DEL CSUML PIAB ATFF FDMF FCONM FFLM MODAM SCLL IGIBL SHNI CWSM DSML HAJT KML
Open
High
1.70 0.86 1.00 2.30 6.30 64.21 197.99 65.00 37.43 0.16 2.30 50.97 9.94 34.43 3551.96 4.01 74.00 710.17 0.68 71.67 17.25 52.50 67.00 58.57 7.00 5.12 5.03 118.00 1.56 2577.64 2.65 40.93 1025.00 294.76 2.62 8.17 816.00 145.69 0.30 13.68 5.90 8.75 2.75 1.70 1.28 2.79 4.42 6.50 2.01 1.47 1.25 1.25 2.52 1.72 12.60 1.49 2.50 0.62 1.51
1.90 1.00 1.00 2.50 6.88 64.00 192.99 66.00 39.30 0.20 2.35 50.21 10.30 33.00 3565.64 4.19 75.00 722.75 1.21 71.75 17.20 52.50 63.76 59.12 7.50 5.59 5.60 120.25 2.23 2699.00 3.00 40.90 1076.25 309.49 2.73 8.44 840.90 149.97 0.91 13.12 5.00 8.50 3.00 2.64 1.47 2.97 5.42 6.90 2.14 1.85 1.69 1.39 2.76 1.90 13.30 1.01 2.89 0.55 1.55
Low
Close
1.90 1.00 1.00 2.50 6.88 64.00 190.00 65.10 39.00 0.20 2.02 50.21 10.22 33.00 3535.00 3.36 75.00 710.00 1.00 71.00 16.41 52.50 63.67 59.12 7.50 5.59 4.62 120.25 2.23 2460.01 3.00 39.50 1025.00 309.49 2.56 8.44 840.90 142.10 0.25 13.05 5.00 8.50 2.65 1.00 1.40 2.55 3.42 6.60 2.14 1.85 1.69 1.39 2.76 1.90 13.30 1.01 1.91 0.05 1.07
1.70 0.86 1.00 2.30 6.30 64.21 197.99 65.00 37.43 0.16 2.30 50.97 9.94 34.43 3555.64 4.01 74.00 710.17 0.68 71.67 17.25 52.50 67.00 58.57 7.00 5.12 5.03 118.00 1.56 2666.08 2.65 40.93 1025.00 294.76 2.62 8.17 816.00 145.69 0.30 13.68 5.90 8.75 2.75 1.70 1.28 2.79 4.42 6.50 2.01 1.47 1.25 1.25 2.52 1.72 12.60 1.49 2.50 0.62 1.51
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 3.68 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 88.44 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 92 86 74 65 64 50 38 32 32 30 27 26 22 21 21 20 20 20 20 16 16 15 15 13 12 11 11 10 10 10 10 8 7 6 6 5 5 4 3 3 3 2 2 2 2 2 2 2 2 2 2 2 2
FUTURE CONTRACTS Symbols
Open
High
HUBC-MAY 37.95 DGKC-MAY 21.88 DGKC-JUN 21.83 PPL-MAY 210.19 POL-MAY 328.95 NBP-MAY 51.76 ENGRO-MAY 192.39 FFBL-JUN 41.25 FFBL-MAY 42.04 POL-JUN 330.03 PPL-JUN 210.15 ENGRO-JUN 193.82 LUCK-JUN 70.16 MCB-MAY 207.55 LUCK-MAY 70.16 FFC-JUN 140.80 NBP-JUN 52.31 HUBC-JUN 38.46 ATRL-MAY 122.70 FFC-MAYB 139.52 NML-JUN 59.03 NML-MAY 58.58 MCB-JUN 205.50 ATRL-JUN 123.72 PTC-MAY 16.99 UBL-MAY 64.98 PTC-JUN 15.50
38.79 22.40 22.30 213.75 332.00 52.09 194.00 41.60 42.55 333.00 214.50 195.85 73.50 208.50 70.90 142.10 52.40 40.00 125.00 141.00 59.40 58.95 206.25 126.50 17.07 65.00 15.68
Low
Close
37.61 21.99 21.90 210.60 328.50 51.75 193.00 41.40 42.15 329.75 211.00 194.40 70.01 207.13 70.25 140.00 52.25 36.80 123.00 139.50 58.80 58.45 205.00 124.10 17.00 65.00 15.51
38.18 22.37 22.25 213.09 330.98 51.98 193.73 41.60 42.52 331.98 213.20 195.29 72.28 208.02 70.82 141.98 52.37 38.70 124.34 140.88 59.29 58.84 206.20 125.26 17.06 65.00 15.68
Change
Vol
0.23 2,000,000 0.49 923,000 0.42 863,500 2.90 220,000 2.03 207,500 0.22 204,000 1.34 170,000 0.35 134,000 0.48 119,500 1.95 117,500 3.05 114,000 1.47 98,000 2.12 63,500 0.47 63,000 0.66 55,500 1.18 52,500 0.06 50,000 0.24 46,000 1.64 40,500 1.36 38,500 0.26 38,000 0.26 36,500 0.70 36,000 1.54 24,000 0.07 20,000 0.02 5,000 0.18 1,000
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 577,920 2,575 50,824 201,800 21,700 1,054,537 387,160 61,712 104,251 4,500 23,000 3,750 3,522,040 25,154 63,200 598,606 410,000 5,000 90,500 13,500 301,700 24,100 104,380 81,150 26,525 28,430 12,155 7,800,169
Total Value 9,062,453 125,688 435,908 839,612 2,000,767 8,263,628 6,323,651 8,888,735 3,284,541 468,349 645,205 120,711 39,375,169 1,319,359 9,726,261 22,809,652 7,335,668 81,036 3,918,679 1,494,664 3,742,554 5,970,258 16,300,343 17,057,378 334,271 480,007 576,239 170,980,785
MTS Rate 18.00 16.50 18.00 17.00 16.00 20.00 15.53 16.50 15.68 16.00 16.24 16.00 16.00 16.00 16.00 16.50 17.20 15.50 15.50 15.53 16.00 19.09 15.81
BOARD MEETINGS
Fauji Fertiliser Bin Qasim Ltd
KSE 100 INDEX
Dera Ghazi Khan Cement Co Ltd
Bank Al-Falah Ltd
Company
Date
Time
Emco Ind Ltd Shell Gas LPG (Pak) Al- Abbas Sugar Mills Ltd Fecto Sugar Mills Ltd Mirpurkhas Sugar Mills Mari Gas Company Ltd
25-May 25-May 25-May 25-May 26-May 01-Jun
11:00 11:00 2:00 11:00 3:30 10:00
TECHNICAL LEVELS Company Al-Abbas Cement
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
61.53
Support 1
12,057.25
MA (5-day)
11,979.60
Support 2
11,983.90
MA (10-day)
11,969.63
Resistance 1
12,177.30
MA (100-day)
11,990.62
Resistance 2
12,224.00
MA (200-day)
11,276.35
Pivot
12,103.95
Target Price
Recommendations
42.2
Hold
Arif Habib Ltd
Arif Habib Ltd
Brokerage House
Target Price 254.9 246.65
Recommendations
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Buy
AKD Securities Ltd
28.72
Buy
TFD Research
44.25
Neutral
TFD Research
14.01
Positive
TFD Research
36.45
Positive
Technical Outlook Technical Analysis
Leverage Position
Technical Outlook Technical Analysis 55.47 10.46 10.48 9.84 Free Float Shares (mn) 674.58
Target Price
Recommendations
54.25
53.05
16.20
16.50
15.70
21.05
22.75
23.15
22.10
Adamjee Insurance
39.91
64.95
64.45
65.80
66.20
65.30
Askari Bank
54.86
11.70
11.45
12.15
12.35
11.90
Azgard Nine
47.86
5.80
5.60
6.15
6.30
Attock Petroleum
57.29
377.20
376.10
379.20 380.10 378.10
Attock Refinery
52.46
123.00
121.60
125.40 126.40 124.00
Bank Al-Falah
55.53
10.50
10.30
BankIslami Pak
46.53
Bank.Of.Punjab
40.53
Dewan Cement
40.49
1.40
1.35
1.50
1.55
1.45
D.G.K.Cement
43.42
22.05
21.75
22.55
22.75
22.25
Dewan Salman
46.70
2.20
2.05
2.45
2.55
Dost Steels Ltd
49.47
1.80
1.70
1.90
1.95
3.70 5.05
3.60 5.00
10.80 3.90 5.25
10.95 4.05 5.30
5.95
10.65 3.85 5.15
2.30 1.85
35.40
33.20
60.60
59.60
BAFL closed up 0.12 at 10.63. Volume was 18 per cent above average DGKC closed up 0.52 at 22.39. Volume was 1 per cent below average and
Engro Corp
43.94
192.10
190.60
and Bollinger Bands were 39 per cent narrower than normal.
Bollinger Bands were 19 per cent narrower than normal.
Faysal Bank
45.70
BAFL is currently 8.0 per cent above its 200-day moving average and is DGKC is currently 14.9 per cent below its 200-day moving average and is
Fauji Cement
41.73
Fauji Fert Bin
60.40
42.15
41.85
volatility over the last 10 trading sessions. Volume indicators reflect mod- the average volatility over the last 10 trading sessions. Volume indicators
Fauji Fertilizer
52.68
140.20
139.40
141.50 142.00 140.70
Habib Bank Ltd
49.85
119.45
120.75 121.15 120.30
Hub Power
64.74
37.85
37.50
ICI Pakistan
55.24
157.50
156.65
159.10 159.85 158.25
Indus Motors
51.99
220.40
219.30
222.75 224.05 221.70
J.O.V.and CO
53.21
2.70
2.55
Japan Power
52.39
JS Bank Ltd
45.93
2.35
2.25
2.50
2.55
2.40
Kot Addu Power
61.55
43.05
42.35
44.15
44.55
43.45
K.E.S.C
43.98
Lucky Cement
52.81
70.20
69.70
MCB Bank Ltd
56.91
207.05
206.10
Maple Leaf Cement
39.89
2.05
2.00
2.10
2.15
2.05
National Bank
39.94
51.70
51.50
52.10
52.35
51.90
Nishat (Chunian)
40.05
24.45
24.30
24.85
25.10
24.70
Netsol Technologies
46.80
20.80
20.15
21.90
22.30
21.20
NIB Bank
23.45
erate flows of volume into BAFL (mildly bullish). Trend forecasting oscilla- reflect volume flowing into and out of DGKC at a relatively equal pace. tors are currently bearish on BAFL.
Trend forecasting oscillators are currently bearish on DGKC.
Hub Power Co Ltd
Fauji Fertiliser Co
Brokerage House
Recommendations
119.90
1.20
2.30
1.45
9.00 3.95
1.15
2.25
1.35
Recommendations
Nimir Ind.Chemical
40.05
144
Hold
Arif Habib Ltd
Buy
Nishat Mills
41.24
58.45
58.10
120.7
Reduce
AKD Securities Ltd
42.1
Accumulate
Oil & Gas Dev. XD
63.14
150.05
149.00
129.4
Neutral
TFD Research
50.3
Positive
PACE (Pakistan) Ltd.
45.30
2.75
2.70
Technical Analysis
Leverage Position
52.92 141.56 138.21 123.92
MTS Shares `000 4.50 MTS Rs `000 468.35 MTS Rate ** NOI Rs (mn) 33.75 Free Float Rs (mn) 65,765.39 Target price for Dec-11 & **Net Open Interest in future market
Free Float Shares (mn) 466.49
50
Technical Outlook
Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Target Price
4.00
Target Price
Arif Habib Ltd
Technical Outlook
Brokerage House
9.35
194.50 195.40 193.00
displaying a downward trend. Volatility is low as compared to the average displaying a downward trend. Volatility is relatively normal as compared to
AKD Securities Ltd
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
65.54 37.05 37.99 36.56
MTS Shares `000 23.00 MTS Rs `000 645.20 MTS Rate 16.00 ** NOI Rs (mn) 1.72 Free Float Rs (mn) 30,926.11 Target price for Dec-11 & **Net Open Interest in future market
Free Float Shares (mn) 810.01
Bollinger Bands were 77 per cent narrower than normal.
and Bollinger Bands were 45 per cent narrower than normal.
PPL is currently 4.6 per cent above its 200-day moving average and is dis- KAPCO is currently 5.1 per cent above its 200-day moving average and is FFC is currently 13.6 per cent above its 200-day moving average and is HUBC is currently 4.4 per cent above its 200-day moving average and is playing a downward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is relatively normal as compared to displaying a downward 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 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 PPL (mildly bullish). Trend forecast- reflect moderate flows of volume into KAPCO (mildly bullish). Trend fore- reflect volume flowing into and out of FFC at a relatively equal pace. Trend reflect volume flowing into and out of HUBC at a relatively equal pace. casting oscillators are currently bullish on KAPCO.
53.85
14.90
21.70
34.15
PPL closed up 3.06 at 212.94. Volume was 82 per cent above average and KAPCO closed up 0.77 at 43.72. Volume was 283 per cent above average FFC closed up 1.35 at 140.98. Volume was 43 per cent below average and HUBC closed up 0.34 at 38.18. Volume was 13 per cent below average
ing oscillators are currently bearish on PPL.
51.80
15.40
50.44
60.20
TFD Research
(trending) and Bollinger Bands were 61 per cent narrower than normal.
52.60
51.63
Arif Habib Corp
31.00
Positive
Bollinger Bands were 21 per cent narrower than normal.
61.80
54.56
Arif Habib Limited
58.60
49.7
MTS Shares `000 3.75 MTS Rs `000 120.71 MTS Rate ** NOI Rs (mn) N/A Free Float Rs (mn) 7,696.93 Target price for Dec-11 & **Net Open Interest in future market
62.35
Attock Cement
31.95
TFD Research
62.17 43.09 42.58 41.61
62.15
59.20
Buy
Free Float Shares (mn) 176.05
Leverage Position
43.96 MTS Shares `000 387.16 22.05 MTS Rs `000 6,323.65 25.74 MTS Rate 15.53 26.35 ** NOI Rs (mn) 157.57 Free Float Shares (mn) 200.80 Free Float Rs (mn) 4,496.01 Target price for Dec-11 & **Net Open Interest in future market
61.25
60.57
Accumulate
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
61.60
EFU Life Assurance
51.4
Leverage Position
1,054.537 8,263.63 20.00 N/A 7,170.77
1st 2nd Pivot Resistance 2.70 2.80 2.65
52.83
EFU General Insurance 49.59
47.6
Technical Analysis
MTS Shares `000 MTS Rs `000 MTS Rate ** NOI Rs (mn) Free Float Rs (mn)
Target price for Dec-11 & **Net Open Interest in future market
Kot Addu Power Co Ltd
Brokerage House
Technical Outlook
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Arif Habib Ltd
MTS Shares `000 104.38 MTS Rs `000 16,300.34 MTS Rate 15.50 ** NOI Rs (mn) 90.97 Free Float Rs (mn) 52,737.64 Target price for Dec-11 & **Net Open Interest in future market
30.1
Accumulate
AKD Securities Ltd
63.11 205.27 210.16 203.52
Arif Habib Ltd
11.75
Positive
Free Float Shares (mn) 247.66
Hold
Recommendations
AKD Securities Ltd
Buy
Leverage Position
11.6
Target Price
Accumulate
Technical Outlook Technical Analysis
Recommendations
45.52
Pakistan Petroleum Ltd
Arif Habib Ltd
Brokerage House
Target Price
AKD Securities Ltd
RSI (14-day) 60.77 MTS Shares `000 104.251 MA (10-day) 41.77 MTS Rs `000 3,284.54 40.86 MTS Rate 15.68 KSE 100 INDEX closed up 99.94 points at 12,130.58. Volume was MA (100-day) MA (200-day) 35.83 ** NOI Rs (mn) 62.93 14 per cent below average and Bollinger Bands were 53 per cent Free Float Shares (mn) 326.94 Free Float Rs (mn) 13,888.35 narrower than normal. As far as resistance level is concern, the marTarget price for Dec-11 & **Net Open Interest in future market ket will see major 1st resistance level at 12,177.30and 2nd resistFFBL closed up 0.53 at 42.48. Volume was 44 per cent below averance level at 12,224.00, while Index will continue to find its 1st supage and Bollinger Bands were 70 per cent narrower than normal. port level at 12,057.25 and 2nd support level at 11,983.90. KSE 100 INDEX is currently 7.6 per cent above its 200-day moving FFBL is currently 18.3 per cent above its 200-day moving averaverage and is displaying an upward trend. Volatility is relatively nor- age and is displaying an upward trend. Volatility is extremely low mal as 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 volume flowing into and out of sessions. Volume indicators reflect moderate flows of volume into INDEX at a relatively equal pace. Trend forecasting oscillators are FFBL (mildly bullish). Trend forecasting oscillators are currently currently bullish on INDEX. bullish on FFBL.
TFD Research
Brokerage House
RSI 1st 2nd (14-day) Support 48.23 2.55 2.45
Allied Bank Limited
forecasting oscillators are currently bearish on FFC.
Trend forecasting oscillators are currently bullish on HUBC.
2.40
2.35
10.05
10.35
9.70
4.10
4.15
4.05
42.65
42.85
42.35
38.40
2.95 1.25
38.60
3.10 1.30
38.05
2.80 1.20
2.40
2.45
2.35
71.05
71.45
70.60
209.00 209.95 208.00
1.60
1.70
1.55
2.45
2.50
2.40
59.05
59.30
58.70
151.80 152.50 150.75 2.85
2.90
2.80
Pervez Ahmed Sec
52.21
1.60
1.55
1.75
1.80
1.70
P.I.A.C.(A)
36.56
2.20
2.15
2.40
2.45
2.30
Pioneer Cement
49.13
4.95
4.80
5.20
5.30
5.05
Pak Oilfields
61.18
329.35
327.35
333.05 334.70 331.00
Pak Petroleum
62.28
211.10
209.30
214.25 215.60 212.45
P.S.O. XD
64.29
283.15
280.70
P.T.C.L.A
55.06
16.95
16.85
Shell Pakistan
67.34
214.70
212.85
Sui North Gas
53.96
18.85
18.70
19.10
19.20
18.95
Sitara Peroxide
53.55
17.95
17.75
18.30
18.45
18.10
Sui South Gas
53.72
22.30
22.05
22.90
23.25
22.65
1.60
1.55
287.25 288.95 284.85 17.15
17.20
17.00
217.70 218.85 215.85
Telecard
50.22
TRG Pakistan
48.02
2.50
2.45
2.65
2.70
2.55
United Bank Ltd
57.85
64.10
63.60
64.95
1.70
65.35
1.75
64.50
WorldCall Tele
44.55
2.00
1.90
2.25
2.35
2.10
1.65
Jah Siddiq Co
44.21
7.20
6.95
7.70
7.90
7.40
Lotte Pakistan
45.51
15.10
15.00
15.35
15.45
15.25
8
Wednesday, May 25, 2011
AIOU to educate every citizen ISLAMABAD: Nurses viewing the pictures during photo exhibition in connection with International Nursing Day organized by School of Nursing. -APP
Qaim approves setting up of Benazir Bhutto College of Edu Staff Reporter KARACHI: Sindh Chief Minister, Syed Qaim Ali Shah,has approved the setting up of Shaheed Mohtarma Benazir Bhutto College of Education at Larkana. This was stated by Sindh Minister for Law, Muhammad Ayaz Soomro, on Monday. He said that the Sindh Secretary Education has issued a notification to this effect. The Minister said that this college will benefit the people of Larkana and adjoining areas. He stated that it is government's desire to impart education as well as skill to the younger generation so as to enable them to ably shoulder their future responsibilities. Ayaz Soomro said that the present government is implementing the mission of Shaheed Mohtarma Benazir Bhutto. It may be recalled that a branch of Government College of Education, Sukkur was established in Larkana in July 2009. However, this has now been upgraded and extended the status of a regular college.
Firdous visits Princess Nora bint Abdul Rehman University ISLAMABAD: Pakistani Minister for Information & Broadcasting, Dr Firdous Ashiq Awan visited the Princes Nora bint Abdul Rahman University in Riyadh. She was received by the Vice Minister for Education, Girls Education, Dr. Nourah Al Faiz, President of the University, Dr. Huda bint Muhammad Al Ameel and other high ranking officials of the Ministry, says a press release received from Jeddah here on Sunday. Dr. Firdous was given an extensive briefing about the University which is considered the world’s largest Women only university and reflects the Saudi leadership’s determination to uplift and promote Women education in the Kingdom. Dr. Firdous later toured the various University faculties and shown through the 19 km. long tram network that links the university’s various buildings. Pakistani Minister for Information & Broadcasting, Dr. Firdous Ashiq Awan appreciated the pioneering role of Nora University in promoting
education. She said that Pakistan and Saudi Arabia can benefit from each other in the field of education, particularly, women’s education, and emphasised on the need for greater cooperation amongst the women of Muslim countries for preserving their Islamic entity and counter the onslaught against Islam. Latter on talking to Saudi TV, the Minister said that keeping in view the criticism and propaganda of some western media against Islam and the Muslims, there is a dire need for strong media cooperation between the Muslim media to counter the nefarious propaganda against Islam and the Muslims. She said that the objective of my visit is to promote cooperation in the fields of Media & Information, Women development and Women education. She underlined the need for greater exchange of delegations of Media personnel, education experts, teachers and students. She also underlined the need for benefitting from each other’s experiences. Later on, talking to the
Pakistani community at the residence of Asghar Qureshi, member, Board of Governors for Overseas Pakistanis, the Minister said that the Pakistani community in KSA was doing a great job by contributing in the development of Saudi Arabia and boosting the economy of Pakistan. She advised the community to abide by the rules & regulations of the KSA and be responsible citizens. She thanked the Saudi leadership for providing a congenial atmosphere for the Pakistani workers and lauded the deep ties and the noble stand of the Saudi leadership and nation towards Pakistan. Later, the Minister visited the central Museum in Riyadh and was shown through the artefacts, historical documents, relics, antiques and classical portraits put on display. She appreciated the Saudi authorities’ keen concern and the manner of preserving and maintaining the historical edifices at the Museum. NNI
HEC moot on setting goals for 21st century Pakistan tomorrow ISLAMABAD: The first-ever National Conference on Setting Standards for 21st Century Pakistan is being organized by the Higher Education Commission (HEC) here on Thursday. The Conference aims to assemble key stakeholders including parliamentarians, diplomats, entrepreneurs, policymakers, and members of the civil society who will provide an impetus leading to a national pledge to be taken to promote university-community and university-industry linkage. The event, which will showcase the contribution of higher education sector towards nation building, will highlight the significance of sustainability of a progressive research culture, which ensure flow of knowledge to and from the business and the industrial sector. In this regard a project for the establishment of business/technology incubators in the universities has been initiated. These incubators would ensure an atmosphere where viable start-up companies/entrepreneurships can grow and prosper. These incubator graduates have the potential to create
employment, revitalize neighborhoods, commercialize new technologies, and strengthen local and national economies. Incubators have a greater impact on the economy when they maintain ties with the university because of the synergy between three important stakeholders – entrepreneurs, universities, and research scholars. There is a conscious strive for innovation and commercialization of the research, which would bring economic prosperity of Pakistan. In order to develop and strengthen the nexus of the universities and the industry, it is important to ensure quality research in areas of importance to industry. Universities must respond to the needs of the economy. Furthermore, “Science and Technology Parks” are being developed around the world as a means of stimulating start-up and growth of technologically intensive, knowledge-based businesses, and to facilitate the linkages between the researchers and the industrial communities. The Research & Development Division of the HEC promotes establishment of technology parks throughout
the country, and the business incubation centres would augment these parks. This conference will showcase projects initiated in various universities of the country that have already demonstrated significant commercial potential addressing the needs of the industry. University projects being demonstrated include: Electronic Voting Machine, LED Street Lights by COMSATS Institute of Information Technology; Remote Guarding (Suicide Bomber Detector) by Dawood College of Engineering and Technology; A Rugged Wireless MicroSensor Technology Development for Aircraft Health Management by Institute of Space Technology; Lungs Tumor Detection from CT-Scan Lungs Images and Sign Language Tutor by International Islamic University; Academic Institution Alert Management System by Kohat University of Science and Technology; Design and Fabrication of Indigenous Thar Coal Gasifier and Indigenous Design and Fabrication of MSW
Incinerator by Mehran University of Engineering and Technology; A knowledgebased Expert System to Diagnose Spinning Faults for Producing High Quality Yarn by National Textile University; Development of Light Weight 3 Wheeler 4 Stroke Slim Car/ Rickshaw, Prosthetic Uppen Limb and Solar Hybrid Water Heating System by National University of Science and Technology; Building Capacity in Pakistan to Seismically retrofit Essential Structures by NED University of Engineering and Technology; Animal Feed Bags, Rose Perfume, Textile Dying and Vaccines and Herbal Products by University of Agriculture; Adsorption of alcohols/ water and carboxylic acids/ water mixtures by synthetic-zeolites by University of Balochistan; Design and Development of Low Cost Synthesis Gas Generation, Development of a Virtual Machine Monitor for MIPS64 Processors and Invoice Processing Automation Software by University of Engineering and Technology, Lahore. NNI
ISLAMABAD: Allama Iqbal Open University is trying to educate every Pakistani citizen at his doorstep through the use of Computer, Internet, FM Radio and Video Conferencing, said AIOU Vice-Chancellor Professor Dr. Nzair Ahmed Sangi." According to press release issued here, he stated this while addressing a lunch party organized by the recently promoted Professors of AIOU including Professor Dr. Syed Adbul Siraj, Professor Dr. Shahid Iqbal Kamran and Professor Dr. Rashid A. Naeem. More than hundred faculty members and administrative officers of AIOU participated in the party. The Vice chancellor, Professor Dr. Nazir A. Sangi and the newly selected faculty members have announced donation of one-lack rupees each from their own pocket for the help of AIOU poor students. The Vice chancellor while addressing on the occasion congratulated all the newly selected faculty in different position and thanked for donating for the poor AIOU students. This will go a long way benefiting the poor to get educated and ultimately for a literate Pakistan, the vice chancellor assured. The Vice chancellor also shed light on the progress made by the University during the last one year. He said that the University is spreading education to the rural poor by establishing new regional campus in all the four provinces and the AJK. The university is making every use of the latest communication technology to make teaching learning effective. In this regard the university is trying to remove latest communication technology, the vice chancellor explained. Dr. Sangi was of the view that institution can be developed only when their employees are satisfied with their job. In this regard, the university
is determined to make all the efforts to promote, educate and facilitate its employees. There are frequently selection boards meeting in the last one year, which selected teaching faculty, officer cadres and officials in all the specialized area. Dr. Sangi, said that his top priority is to spread basic education and professional training compatible to far-flung and backward areas of the country, where even schools are not available. He said the AIOU has many programs of basic training including livestock, art and design, marketing and computer and with these programs, the university can bring a revolution in the lives of poor, unemployed and backward people of the country but for this purpose, the university is lacking appropriate funds and buildings. For this purpose, the university has established a Fund for Poor people, in which many people are contributing for the education of poor Pakistani. On the occasion, Dr. Sangi also announced to contribute one hundred thousand rupees for this fund out of his pocket. Similarly, an amount of one hundred thousand rupees was also announced to be contributed by the recently inducted faculty members of the university. Dr. Sangi said that Allama Iqbal Open University is amongst the four mega universities of the world and it is also the larges Public Sector University of the Country. He said the AIOU has a mandate to spread higher education system throughout the country and it has a nation-wide network of regional campuses in the country. Currently the university is offering a greater number of programs through its regional network to provide education at the doorstep of the nation. AIOU is giving special emphasis on personality building, he added. -APP
ACCA says audit changes must be meaningful Staff Reporter KARACHI: ACCA, in a policy paper Audit under fire: a review of the post-financial crisis inquiries, addresses the issues which have been raised during investigations by the UK House of Lords, the European Commission and the US senate. In Singapore and elsewhere, regulators are also actively engaged in stakeholder consultations to assess how audit can be enhanced. The EC has promised legislative changes by the end of 2011. Arif Masud Mirza, Head of ACCA Pakistan said: "Audit is under unprecedented scrutiny in the UK, Brussels and the US, following the global financial crisis. We have already had the European Commission
promising that 'the status quo is not an option'. In this paper we examine the various proposals put forward in the course of these inquiries and set out some recommendations for positive reform. Audit plays a vital role in the global economy by instilling trust in company reporting and we believe it needs to be enhanced for the greater benefit of investors and business. "But it is essential that the changes made add value and are not motivated by the need to be seen as 'doing something'. Any changes need to meet an appropriate public interest test. Some of the suggestions that have been mooted during the various inquiries, would be, we believe, ineffective and costly."
Suprintendent,
Deputy held from examination hall MULTAN: Chairman Board of Intermediate and Secondary Education Mohammad Rasheed conducted surprise raid and held suprintendent and deputy suprintendents red handed as the both were offering helping material to students in examination hall. According to police sources, Chairman Board of Intermediate and Secondary Education Mohammad Rasheed raided at Workers School to monitor conduct of Intermediate exams. He caught suprintendent Mohammad Safdar and Deputy Suprintendent Safdar red handed as they were found providing helping material and allowing candidates to start paper before recommended time. The both the accused were handed over to Gulgasht police where a case was registered against them under 647/11 educational act. -APP
DMC seminar on Insulin Therapy Staff Reporter KARACHI: To make aware of people regarding Insulin Therapy, National Institute of Diabetes and Endocrinology (NIDE) Ojha Campus, Dow University of Health Sciences, Karachi organized a Seminar on "Insulin Therapy" Thursday at Ojha Campus of Dow University Hospital. Prof Ghulam Asghar Channa, Registrar, College of Physicians was the Chief Guest on the occasion. The scientific session was addressed by renowned Diabetologists and Endocrinologists, including Prof. M. Zaman Shaikh and Prof. Muhammad Masroor. control of diabetes could prevent or delay the long-term complications. Health-care providers could play a significant role in preventing the disease from turning a patient's life miserable. He stressed the need for concerted and coordinated efforts towards preventing of diabetes and minimizing the consequences of the disease at patient, community and government levels.
Students, working women face accommodation problems ISLAMABAD: Students and working women are facing accommodation problems as owners mostly prefer families to rent out their houses. There is shortage of hostel facilities for bachelors, students and working women in the twin cities of Islamabad and Rawalpindi. "It is quite difficult for a student to find a reasonable living place at affordable rates," said Israr Khan, a student, while talking to APP. He said that private hostels charge Rs 6,000 to Rs 8,000 for a single bed accommodation without providing basic facilities and maintaining hygienic conditions. "I have to change accommodation many times due to misbehaviour of landlords or lack of basic facilities," he added. Avais Khan, another studen, said that setting up of more hostels could solve the accommodation problems of bachelors, who are here either for jobs or for education. He said that the hostel owners are making buck as the room rents have been increased many fold during last few years due to the influx of students and job seekers in the twin cities. -APP
9
Wednesday, May 25, 2011
Oil bounces up 2pc as Goldman raises forecast Euro edges up, dollar dips after German data, boosts oil NEW YORK: Oil rose nearly 2 per cent on Tuesday after Goldman Sachs raised its price forecasts for Brent crude, saying demand from economic growth will eat into stockpiles and OPEC spare capacity. Goldman raised its Brent price forecast to $115, $120 and $130 a barrel on a three-, six-, and 12-month horizon and boosted its year-end target for Brent to $120 per barrel from $105 and its 2012 forecast to $140 from $120. A weaker dollar also lifted oil prices, which had declined 2 per cent the previous session. The euro edged up from a two-year low against the dollar on German data that was better than expected, though nagging fears about Europe's debt crisis were expected to keep euro gains in check. Brent crude for July delivery rose $2.15 to $112.25 a barrel
Tokyo rubber gains 2pc, tracking oil BANGKOK: Tokyo rubber futures ended 2 per cent higher on Tuesday, supported by a recovery in oil prices and firmness in other commodities, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for October delivery rose 8.0 yen, or 2.1 per cent, to settle at 375.9 yen ($4.587) per kg.Some dealers said they expected TOCOM to rise further on Wednesday after the price finished above resistance at 370 yen. The most active contract on the Shanghai rubber market for September delivery rose 785 yuan to settle at 31,615 yuan ($4,860.174) per tonne. Despite that small rise, rubber traders said the market was still concerned that global demand could be falling. "Rubber sentiment improved, tracking a recovery in oil and rising gold, but the rises were still limited," said a Tokyobased trader. -Reuters
BD tea rises on higher demand DHAKA: The average price of Bangladeshi teas leapt 3 per cent to 169.15 taka ($2.24) per kg on rebounding foreign demand at the weekly auction on Tuesday, brokers said. Some 10.60 per cent of the 937,307 kg on offer remained unsold and were taken back to storage. Export demand has started to pick up after several weeks' slide at the beginning of new season, said an executive of the National Brokers Limited, the largest tea broking firm in the country. Different grades were sold between 142 taka and 250 taka per kg at the auction. The next auction will be held on Tuesday, May 31 with offer of 738,423 kg. -Reuters
by 1558 GMT, rallying from its early low of $109.5023. The US July crude rose $1.77 to $99.47 a barrel, having pushed as high as $100.09 and moved back above its 100day moving average. US front-month June gasoline and heating oil futures continued to lead the complex in percentage gains early on
Tuesday. The previous session, gasoline had settled higher, bucking oil's downward trend. Fuel futures pared gains after trade sources said Irving Oil restarted the larger of the two gasoline-making units at its Canadian refinery. News on Monday that the unit shut supported gasoline futures. "Data showing US home
sales rose in April was supportive to the market, in addition to the buying encouragement prompted by the Goldman Sachs forecast for higher Brent crude prices," said Joe Posillico, broker at MF Global in New York. New US single-family home sales rose for a second straight month in April and supply was the lowest in a year, but an overhang of previously owned homes was expected to stifle any housing market recovery. Oil prices showed little immediate reaction to news the United States announced new sanctions on OPEC-member Venezuela's state oil company PDVSA and six other smaller oil and shipping companies for engaging in trade with Iran in violation of a US ban. -Reuters
Copper up on softer dlr, demand worries mute gains LONDON: Copper rose on Tuesday, recovering alongside a softer dollar, but worries over the spread of European sovereign debt problems and Chinese demand suggest nearterm rallies may fail to gain strength or speed. Three-month copper on the London Metal Exchange closed at $8,860 a tonne versus $8,795 on Monday when the metal fell by some 3 per cent to a one-week low. "These are markets that are still incredibly sensitive to any kind of macro data flow...Although we've seen prices improve, I wouldn't be entirely surprised to see them be back down again tomorrow," Barclays Capital analyst Gayle Berry said. "That kind of jittery price action is something that is going to remain very much evident in the markets until they become more comfortable with the macroeconomic backdrop." Financial markets steadied after being battered a day earlier by euro-zone debt concerns. Upbeat data from Germany however helped the euro recover from a two-month low against the dollar, but it remained fragile. US data showed new US single-family home sales rose unexpectedly in April to notch their second straight month of gains and prices increased. Economic data from the United States and Europe this week has highlighted slowing growth, while a declining pace in China factories expansion this month is feeding worries over demand for base metals. Goldman Sachs trimmed its economic growth forecasts for
top base metals consumer China to 9.4 per cent this year, from 10 per cent, citing a run of surprisingly weak data, high oil prices and supply constraints. China plans to expand output of secondary nonferrous metals by 60 per cent from 2010 to 1.2 million tonnes by 2015 by tapping into scrap, a senior industry official said on Tuesday.
Shanghai copper recovers The August contract on the Shanghai Futures Exchange gained 0.7 per cent to 66,810 yuan, following a nearly 2 per cent slide on Monday. Curbing gains, LME copper stocks rose by 1,075 tonnes net to nearly 470,000 tonnes, the latest data showed, almost its highest in a year. Despite a rising trend in LME stockpiles overall, stocks in Asian locations are slipping, which analysts say suggests the return of Chinese consumers. Zinc, used in galvanising, ended at $2,191 from $2,119 while battery material lead closed at $2,487 from $2,419. Aluminium was at $2,505 from $2,478. Following a recent downtrend, nickel plumbed a sixmonth low of $22,203 on expectations a market surplus will grow in the second half, a seasonally weaker period for stainless steel demand. But it ended higher at $22,895 from $22,400. Tin, which hit fourmonth lows on Monday closed at $27,250 from $26,725 a tonne. -Reuters
Gold hits 2-wk high on euro debt worries LONDON: Gold rose to its highest in nearly three weeks on Tuesday as concerns about a spreading EU debt crisis fuelled safe haven buying, while a softer dollar provided support. Spot gold hit $1,527.45 a troy ounce, its highest since May 4. It was bid at $1,526.50 an ounce at 1408 GMT from $1,516.05 late in New York on Monday. Portugal and Ireland would be at risk of multi-notch credit downgrades, pushing their ratings into junk territory in the event of a default by Greece, Moody's EMEA chief credit officer told Reuters. "There is so much uncertainty that the downside risk for gold is low in the short term," said VTB Capital analyst Andrey Kryuchenkov. "People are still frightened
about Portugal and about a possible restructuring of the Greek debt so safe haven flows will continue," he said. But in the long term there may be headwinds for the precious metal such as a possible
decision of the US Federal Reserve to increase interest rates, Kryuchenkov said. "We expect gold prices to continue to climb in 2011 as the resumption of quantitative easing should keep US real interest rates low," Goldman Sachs said in a note. "However ... we expect US real interest rates to begin to rise into 2012, likely causing gold prices to peak in 2012." Gold prices in British pounds
hit a record high of at 944.18 pounds an ounce. Gold denominated in euros hit a record high of 1,081.76 euros. Renewed investor interest in gold was reflected in holdings of the largest gold-backed exchange-tradedfund (ETF), New York's SPDR Gold Trust, which rose 0.63 per cent to above 38.88 million ounces on Monday from Friday. Holdings in the largest silver-backed ETF, New York's iShares Silver Trust, fell 0.15 per cent to around 325.9 million ounces on Monday.. Spot silver touched $36.365 an ounce, its highest since May 13. It was bid at $36.30 an ounce from $35.04 late on Monday and platinum at $1,763.24 from $1,748.35. Spot palladium was bid at $740.47 an ounce from $727.99 late on Monday. -Reuters
European vegetable oil prices ROTTERDAM: The following were the Tuesday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill May11 930.00+7.00, Jun11 930.00+7.00, Jul11 930.00+7.00, Aug11/Oct11 937.00+7.00, Nov11/Jan12 942.00, Feb12/Apr12 947.00. RAPEOIL: Dutch/EU euro tonne fob exmill Aug11/Oct11 1003.00+3.00, Nov11/Jan12 1003.00+3.00, Feb12/Apr12 1003.00+3.00. SUNOIL: EU dlrs tonne extank six ports option Jul11/Sep11 1435.00+5.00, Oct11/Dec11 1365.00+5.00, Jan12/Mar12 1385.00+0.00. LINOIL: Any origin dlrs tonne extank Rotterdam May11/Jun11 1050.00+0.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam May11 1162.50+2.50, Jun11 1162.50+2.50, Jul11/Sep11 1155.00+5.00, Oct11/Dec11 1145.00+5.00. PALMOIL: RBD dlrs tonne cif Rotterdam July11 1240.00+15.00, Aug11/Sep11 1225.00. PALMOIL: RBD dlrs tonne fob Malaysia July11 1185.00, Aug11/Sep11 1170.00+0.00. PALM OLEIN: RBD dlrs tonne fob Malaysia July11 1195.00, Aug11/Sept11 1180.00+2.50, Oct11/Dec11 1147.50+12.50, Jan12/Mar12 1145.00+12.50. PALM STEARIN: Dlrs tonne fob Malaysia Jun11 1110.0010.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Apr11/May11 2200.00-40.00, May11/Jun11 2150.00+0.00, Jun11/Jul11 2080.00-50.00, Jul11/Aug11 2060.00-10.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Jul11/Aug11 2650.00+0.00. Reuters
Indian sugar declines MUMBAI: India's sugar fell on Tuesday after rainfall in northern India trimmed summer demand and continued crushing in western Maharashtra state that promised to add to the current season's surplus, analysts and traders said. In Kolhapur, a key market in top producer Maharashtra, the most traded S-variety edged down by 0.41 per cent to 2,615 rupees ($57.85) per 100 kg. The most active sugar for June delivery on National Commodity and Derivatives Exchange (NCDEX) was down 0.71 per cent to 2,660 rupees per 100 kg at 4:44 pm, after hitting a contract low of 2,655 rupees earlier in the day. "Many mills in Maharashtra are still functional. The state government is giving mills incentives to crush cane for a few more days. It will boost overall output," said Ashwini Bansod, a senior analyst at MF Global Commodities India. "Northern India received rains in the past fortnight. It brought down temperature and demand for sugar as well," Bansod said. -Reuters
DHAKA: Bangladeshi farmers work at a paddy field in Munshigonj, outskirts of Dhaka, Bangladesh. -Agencies
Palm up as exports eyed; EU woes remain JAKARTA: Malaysian palm oil futures edged up on Tuesday, as investors positioned themselves ahead of export data later this week, though lingering worries about euro-zone debt capped gains. The benchmark August crude palm oil contract on the Bursa Malaysia Derivatives exchange closed 0.8 per cent higher at 3,380 ringgit ($1,104) a tonne. Traded volumes were thin at 8,104 lots at 25 tonnes each, compared with a total, and more than two-week high, at 17,205 lots from Monday. "Everything else is positive - even crude oil came up a little bit," said one trader. "Volumes are very small and we are waiting for the export rumours." "Exports would have to be very good in order to stir this market further," he added. "Those (euro-zone) worries are also still at the back of
everyone's mind." The most-active January 2012 soyoil on the Dalian Commodity Exchange traded at 10,220 yuan versus an open at 10,156 yuan. ICDX's August CPO futures contract ended at 9,800 rupiah per kg versus 9,790 rupiah per kg when it opened. Market volume was 1,536 lots of 10 tonnes each. Cargo surveyors Intertek Testing Service and Societe Generale de Surveillance are due to issue May 1-25 palm oil export data on Wednesday, at 0130 GMT and 0630 GMT, respectively. "I'm not so bullish," said a Kuala Lumpur-based analyst. "Second half production should improve and stocks should increase." "There will be less speculation out there, and greater adversity to risky assets," he said referring to the second half of 2011. "Palm oil will probably go down to 3,0003,200 ringgit." -Reuters
NY cotton sheds 1pc after broad commods selloff NEW YORK: US cotton futures closed down 1 per cent, pressured by the broad selloff in commodities on Monday and an extension of the weak demand for cotton seen since last week. The market was likely to fall further in coming sessions, although it could also turn positive by mid-June, when a better assessment could be made of damage caused to the US cotton crop by this month's flooding and drought, traders said. The key July cotton contract on ICE Futures US settled down 1.72 cents, or 1.1 per cent, at $1.5389 per lb, dealing from $1.5747 to $1.5321. New-crop December fin-
ished unchanged at $1.1976, moving between $1.1850 and $1.2178. 'Cotton's held remarkably well today, considering the circumstances,' said Mike Stevens, an independent cotton analyst in Mandeville, Louisiana. 'I expect the July contract to be trading $1.70 upwards and December around $1.40 over the next few weeks, if demand returns and we have a better idea of how the crop fared with all these weather problems.' Monday's cotton volume on ICE Futures US was 70 per cent below the 30-day average, Thomson Reuters' preliminary data showed. Reuters
ICE sugar, cocoa rise as oil rebounds LONDON: ICE sugar, cocoa and coffee futures rose on Tuesday, boosted by a rebound in oil and other commodity markets after Monday's setback. Dealers said sugar also derived support from news that a European Union committee may decide later this week to open up a duty-free import quota. Financial markets steadied on Tuesday after being battered a day earlier by euro-zone debt concerns, as corporate reports and rising commodity prices suggested global growth was on track. ICE July raw sugar futures were up 0.37 cent at 21.88 cents a lb at 1439 GMT. The contact ended down 0.90 cent on Monday. Liffe August white sugar traded up $7.50 to $620.40 per tonne. Cocoa futures on ICE also registered gains in line with many other commodity markets although an improved flow of supplies out of West Africa helped to keep a lid on the market. ICE July cocoa was up $41 at $2,906 per tonne while September cocoa on Liffe rose 12 pounds to 1,834 pounds a tonne. "Over the medium term, as demand continues to grow, the production outlook for the Ivory Coast will remain key as aging orchards, poor infrastructure and political instability have curbed production and investment over the past few years," Goldman Sachs said. Arabica coffee futures also rose with the market supported by more constructive sentiment on technicals as well as a pickup in roaster demand following recent price weakness. ICE July arabica coffee was up 0.7 cents at $2.6325 per lb. Liffe July robustas rose $11 to $2,550 a tonne. A bearish target at $2.5325 per lb has been aborted for New York coffee unless it drops below the May 20 low of $2.6150, according to Reuters market analyst Wang Tao. Global demand for coffee is set to keep climbing and even a doubling in the cost of the commodity over the last 12 months has failed to quench consumers' thirst for the beverage. -Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
24-May-2011 CRUDE100 24-May-2011 CRUDE100 24-May-2011 CRUDE100 24-May-2011 SILVER - 500oz 24-May-2011 SILVER - 500oz 24-May-2011 GOLD 01oz 24-May-2011 GOLD 01oz 24-May-2011 GOLD 01oz 24-May-2011 GOLD 100oz 24-May-2011 GOLD 100oz 24-May-2011 GOLD 100oz 24-May-2011 GOLD 24-May-2011 GOLD 24-May-2011 GOLD 24-May-2011 KILOGOLD 24-May-2011 KILOGOLD 24-May-2011 TOLAGOLD50 24-May-2011 TOLAGOLD100 24-May-2011 MINIGOLD 24-May-2011 MINIGOLD 24-May-2011 MINIGOLD 24-May-2011 MINIGOLD 24-May-2011 MINIGOLD 24-May-2011 TOLAGOLD 24-May-2011 TOLAGOLD 24-May-2011 TOLAGOLD 24-May-2011 TOLAGOLD 24-May-2011 TOLAGOLD 24-May-2011 IRRI6W 24-May-2011 RICEIRRI - 6 24-May-2011 RBD PALMOLEIN 24-May-2011 KIBOR3M 24-May-2011 KIBOR3M
Contract Date
Price Quotation
Open
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JY11 AU11 SE11 JU11 JY11 JU11 JY11 AU11 JU11 JY11 AU11 JU11 JY11 AU11 JU11 JY11 JU11 JU11 MON TUE WED THU FRI MON TUE WED THU FRI 26MY11 JU11 JU11 11-Jun 11-Sep
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
97.20 97.40 98.30 34.63 34.70 1510.80 1510.90 1511.00 1510.10 1511.10 1507.20 42250.00 42112.00 42130.00 42072.00 42084.00 49072.00 49072.00 43246.00 43181.00 43197.00 43213.00 43229.00 49324.00 49804.00 49530.00 49718.00 49475.00 3604.00 3631.00 5361.00 86.57 85.56
99.11 99.49 99.75 35.89 35.93 1523.30 1523.90 1524.70 1521.30 1521.80 1523.80 42250.00 42112.00 42130.00 42072.00 42084.00 49072.00 49072.00 43246.00 43232.00 43197.00 43213.00 43229.00 49768.00 49804.00 49804.00 49786.00 49750.00 3604.00 3631.00 5364.00 86.57 85.57
96.42 96.88 98.30 34.36 34.50 1504.40 1504.80 1505.10 1508.00 1511.10 1505.10 41883.00 42071.00 42089.00 42031.00 42044.00 49024.00 49024.00 43184.00 43181.00 43136.00 43152.00 43168.00 49324.00 49694.00 49500.00 49664.00 49475.00 3603.00 3629.00 5361.00 86.57 85.56
98.93 99.37 99.75 35.70 35.71 1521.30 1521.80 1522.20 1521.30 1521.80 1521.80 42059.00 42071.00 42089.00 42031.00 42044.00 49024.00 49024.00 43184.00 43232.00 43136.00 43152.00 43168.00 49701.00 49756.00 49646.00 49664.00 49683.00 3603.00 3629.00 5364.00 86.57 85.57
Traded Volume in lots 301 29 69 283 1,212 2,468 2,782 33 61 42 5 1 14 5 7 -
Previous Settlement Price 97.56 97.96 98.30 34.68 34.69 1510.60 1511.10 1511.60 1510.60 1511.10 1511.60 42100.00 42112.00 42130.00 42072.00 42084.00 49072.00 49072.00 43246.00 43181.00 43197.00 43213.00 43229.00 49768.00 49694.00 49712.00 49731.00 49750.00 3604.00 3631.00 5361.00 86.57 85.56
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 98.93 99.37 51 99.75 35.70 6 35.71 65 1521.30 856 1521.80 1,617 1522.20 1,360 1521.30 5 1521.80 1522.20 3 42059.00 31 42071.00 42089.00 42031.00 42044.00 49024.00 49024.00 43184.00 43232.00 43136.00 43152.00 43168.00 49701.00 6 49756.00 1 49646.00 10 49664.00 5 49683.00 6 3603.00 3629.00 5364.00 86.57 85.57 -
PARIS: Sam Querrey of the US returns in his match against Philipp Kohlschreiber of Germany during the first round match of the French Open tennis tournament at Roland Garros
10 Shahid phones Akram MUMBAI: Shahid Afridi had approached Wasim Akram for advice before being sacked as skipper in the wake of his outburst against coach Waqar Younis, the Pakistani fast bowling great has revealed. However, the damage, by his comments, had been done as the PCB chose Misbah-ul-haq to lead the side in the ODI series against Ireland. "Afridi called me to tell that he had spoken against Waqar and asked me what should I do? I told him do this... do that, (but) the next day he was sacked," the former left-arm pacer said during the launch of a book. The book - The Winning Way - has been written by noted sports commentator Harsha Bhogle and advertising and communication consultant Anita Bhogle. Afridi last week had spelt out his problems with Waqar over team selection issues after returning home from the West Indies. Akram blamed both the PCB and the lack of consistency in the national team for Pakistan's failure to dominate world cricket despite having good players. "Passion is not the reason (why Pakistan can't dominate). There is a lot of passion, but it is the lack of consistency from the team as well as the PCB. It affects the whole system." "As a captain you have to know your players, but in Pakistan you also have to know the PCB Chairman," he said sarcastically. On whether he had spoken to Lakshmipathy Balaji, who was hit for 23 runs in the last over by Mumbai Indians batsmen who needed 21 to win an IPL match, Akram, bowling coach of Kolkata Knight Riders, replied in the negative. "I haven't spoken yet. I thought it was the field setting. There is no point in telling the youngster that there was something wrong," he asserted. -INP
Wednesday, May 25, 2011
Afridi out of ODI series against Ireland KARACHI: Pakistan's flamboyant allrounder Shahid Afridi has pulled out of the two-match ODI series against Ireland due to the illness of his father. According to a private TV channel report, Afridi had informed the Pakistan Cricket Board (PCB) that he would not be available for the two matches in Ireland on May 28 and 30. "Afridi wants to spend time with his ailing father who is under treatment in the United States. It has nothing to do with him being removed from the One-day team captaincy," said the report. The Chairman of the PCB, Ijaz Butt removed Afridi as captain earlier this month and replaced him with Misbahul-Haq who is presently leading the team in the Test series against the West Indies. Unofficially, the reason for removing Afridi as captain but retaining him in the One-day squad as a player was because Butt is unhappy with the allrounder's habit of frequently addressing the media and discussing team issues. The board had even issued a notice to Afridi for making statements on team matters after he returned home from the West Indies after leading the team to a 3-2 win over the West Indies in the five-match ODI series. A source said Afridi, who is obviously disappointed with his sacking as captain, will now reach England late and
Misbah to lead Pak ODI series Afridi called me to tell that he had spoken against Waqar and asked me what should I do? I told him do this... do that, (but) the next day he was sacked," the former left-arm pacer said during the launch of a book. The book - The Winning Way - has been written by noted sports commentator Harsha Bhogle and advertising and communication consultant Anita Bhogle. Afridi last week had spelt out his problems with Waqar over team selection issues after returning home from the West Indies. Akram blamed both the PCB and the lack of consistency in the national team for Pakistan's failure to dominate world cricket despite having good players. "Passion is not the reason (why Pakistan can't dominate). There is a lot of passion, but it is the lack of consistency from the team as well as the PCB. It affects the whole system." "As a captain you have to know your players, but in Pakistan you also have to know the PCB Chairman," he said sarcastically. On whether he had spoken to Lakshmipathy Balaji, who was hit for 23 runs in the last over by Mumbai Indians batsmen who needed 21 to win an IPL match, Akram, bowling coach of Kolkata Knight Riders, replied in the negative. "I haven't spoken yet. I thought it was the field setting. There is no point in telling the youngster that there was something wrong," he asserted. -INP might even miss a few matches a decisive talk with Waqar," the for his county Hampshire in sources said. the T20 tournament in Afridi has complained that England. The source also said Waqar has interfered in his that Butt was not very pleased work and relations between the with increasing complaints two had reached such a stage in about the interference of head the West Indies that Afridi coach Waqar Younis in selec- wanted to skip the last two tion issues. One-day matches. "Butt has expressed his disAfridi was said to be unhappleasure over Waqar's growing py with the team given to him interference in meetings with but was convinced by manager senior board officials and indi- Intikhab Alam to lead the team cations are that when the team in the two games, which returns home he will be having Pakistan lost. -INP
Qatar refuses to play football series with Pakistan ISLAMABAD, May 24(Online): Qatar has refused to play practice matches with Pakistan Football Team for the preparation of World Cup Qualifying Round. Earlier Pakistan Football Federation(PFF) had cancelled their visit to Palestine after not receiving clearance certificate. Later on PFF authorities contacted Qatar but they declined to play series because of having holidays in their clubs. Later PFF made contact with Dubai Football authorities if they accepted the request then our team would play practice as well as training matches in Dubai. -Online
PTF cancels tennis training camp LAHORE: The tennis training camp has been cancelled due to security concerns. The training camp was to start from 26th May and last till 6th June under the aegis of Indian Tennis Coach in Bagh-e-Jinnah Lahore. Afterwards Pakistan Tennis Federation decided to start the camp in Islamabad instead of Lahore whereas Indian Tennis Coach would train the players. -Online
Maharoof called up as cover for Fernando LONDON: Farveez Maharoof has been called up to the Sri Lanka squad for the first Test against England, following concerns over Dilhara Fernando's fitness. Maharoof, who is playing county cricket for Lancashire, was not part of the original 16-man Test squad but played the Sri Lankans' first tour game, against Middlesex, since several of the Sri Lanka players were still in India playing the IPL. He has now been called up as cover for Fernando for the first Test that starts on May 26 in Cardiff, and given his form for Lancashire and his all-round abilities, he could end up playing his first Test since 2007, if Fernando is unfit. Maharoof started the season with a century on Lancashire debut and followed the tour game against Middlesex, in which he took two wickets, with a four-wicket first-innings haul for Lancashire against Yorkshire. Fernando is reportedly carrying a nagging pain in his knee but played through it during the Sri Lankans' victory against England Lions in Derby. He took six wickets in the game. Sri Lanka's other seam-bowling options are Nuwan PARIS: Sharapova of Russia celebrates after winning against Pradeep, Suranga Lakmal, Mirjana Lucic of Croatia during the French Open tennis Thisara Perera and Chanaka tournament at the Roland Garros stadium. -Reuters Welegedara. The uncapped Pradeep impressed in the match against England Lions, taking four wickets in the second innings; Perera took four in the same game, while Lakmal and Welegedara took three and five wickets respectively in the game against Middlesex. Maharoof played 20 Tests between 2004 and 2007, and was a regular in Sri Lanka's one-day side till early 2009 after which a combination of injuries and the emergence of Angelo Mathews as Sri Lanka's premier allrounder kept him out of the national team. He made a comeback during the 2010 Asia Cup but has not PARIS: Maria Sharapova Paris was a run to the semiplayed any international cricket eased into the Roland Garros finals in 2007, next tackles since.-Reuters second round on Tuesday, French wild card Caroline but the Russian took second Garcia. Even Lucic arrived at billing to grieving Virginie Razzano, who honoured her Roland Garros with a history fiance's dying wish to play of family strife. As a 15-year-old, she was the French Open. Sharapova had little trou- Australian Open doubles ble disposing of Croatian champion with Martina veteran Mirjana Lucic 6-3, 6- Hingis in 1998 before mak0, as the former world num- ing the Wimbledon singles ISLAMABAD: Afghans will ber one began her campaign semi-finals a year later. After an ugly separation play their first one-dayer of to clinch a first French Open from her father, Lucic did three match series against title. It took the seventh-seeded not play on the tour from Pakistan-A, today (Wednesday) at Diamond Ground in Russian just 56 minutes to 2004 to 2006, but her run to Islamabad, whereas strict secu- seal victory as her 29-year- the Strasbourg quarter-finals rity measures are carried out to old opponent, playing the last week was her best pertournament for the first time formance in 12 years. avoid any untoward incident. Later on Tuesday, second Afghanistan and Pakistan in eight years, was overcricket teams practiced whole whelmed, winning just four seed Kim Clijsters, playing at Roland Garros for the first day after reaching Islamabad points in the second set. However, Sharapova, the time since 2006, begins her the first one-dayer that is to start on Wednesday (today). sport's biggest draw card, campaign to win a first French Open with a match Sohail Tanveer would lead was not headline news. She had been preceded on against Anastasia Yakimova, Pakistan-A side. All the homework has been Court Philippe Chatrier by the world number 100 from completed by the authorities French 28-year-old Razzano, Belarus. Clijsters, the reigning US including strict security meas- playing in honour of her ures have been carried out in fiance and coach Stephane and Australian Open champiand around the Diamond Vidal, who died from a brain on, has been runner-up twice, in 2001 and 2003. Cricket Ground Islamabad for tumour eight days ago. Fourth seed Victoria "I am very emotional, I was the first one-dayer. Both teams would be brought in the ground here for Stephane," said Azarenka, a quarter-finalist Razzano, who was defeated in 2009, faces Andrea under strict security. All the spectators are free to 6-3, 6-1 by Australian 24th Hlavackova, the Czech world enter in the ground but they are seed Jarmila Gajdosova, number 97. Azarenka is at a careernot allowed to bring anything whose own life has been in turmoil following the col- high four in the world after a with them in the ground. 2011 that has seen her capThe second match would be lapse of her marriage. "It was really hard to come ture titles in Miami and played in Rawalpindi Cricket Stadium on 27th May and the on the court, there was a lot Marbella and finish runnerthird would be played in of emotion and a lot of pain. up in Madrid. Chinese sixth seed Li Na, That pain will always be Faisalabad on 29th May. Thirteen member Pakistani there. I tried to make a trib- who reached the Australian squad has been announced ute to Stephane. It was mis- Open final this year, strugwhereas the final eleven names sion impossible but I gave gled past Czech Barbora Zahlavova Strycova 6-3, 6would be declared before the my all." Gajdosova next meets 7 (6/8), 6-3 and she will match. Afghan team in on one week Spain's Anabel Medina next face Spain's Silvia Espinosa, who visit to Pakistan and it is the Garrigues for a place in the Soler first team that is visiting last 32, while Sharapova, defeated Russia's Elena Pakistan in two years. -Online whose best performace in Vesnina. -APP
Sharapova through at tear-stained French Open
1st One-dayer b/w Afghan, Pak-A teams starts today
KARACHI: Dubai Islamic Bank Pakistan Limited (DIBPL) organised a mega sports festival for its employees at DHA Sports Club. Seen in the picture, CEO of DIBPL Janaid Ahmed giving trophy to the captain of winning team. -Staff Photo
Boon to become referee SYDNEY: David Boon sees his new role as an ICC match referee as a way to help uphold the spirit of cricket and grow the game. Boon has stepped down from Australia's selection panel to take up his new position at the ICC, where he will replace his fellow Australian Alan Hurst, who is retiring after nearly seven years as a match referee. Boon has also resigned from his full-time job as general manager of cricket operations with Cricket Tasmania, and from July he will travel the world as a match official. After learning the ropes with the chief referee Ranjan Madugalle during the EnglandIndia series, Boon's first series in charge will be Zimbabwe's home matches against Pakistan in September. "It is a big change. It's a new challenge," Boon told ESPNcricinfo. "I've been involved in the administration of Tasmanian cricket for 12 years and with Cricket
Australia as a player and then a selector for 21 or 22 years. To be involved in world cricket is very exciting. The role to me is one that typifies a lot of the things I believe in and the traditions of the game. The game should be upheld with the meaning that surrounds it. "It has to be portrayed to the cricketing public in the right light for it to advance and grow, and this position has a role in achieving that. It is a game that crosses over cultures and joins countries. It's played in vastly different religions and cultures, but the bottom line is that everybody plays cricket. It's really important for world cricket that there's strength among nations and among players in continuing to grow the game." The move to the ICC will be a major change for Boon, 50, although he will be used to the touring lifestyle, having travelled extensively with the Australian squad as both a selector and as a batsman who played 107 Tests and 181 one-
day internationals. Boon has been on Australia's selection panel since 2000, and his departure will leave Cricket Australia searching for a replacement to join Andrew Hilditch, Greg Chappell and Jamie Cox. His job as a selector hasn't always been easy, and the panel has copped its share of criticism over the past few years, especially for its handling of Australia's spinners. However, Boon said he was proud of his achievements with Cricket Australia, as well as with his home state; he will leave Tasmania in possession of the Sheffield Shield after they won the title in 2010-11. "I've enjoyed the last couple of years of those challenges [as a selector]," he said. "I think Australian cricket is still very strong. We've got some really good young players coming through. I honestly think that the future is bright. -Agencies
Economy & Continuations
Wednesday, May 25, 2011
US new home sales at 4-month high, supply drops n Median
home price up 4.6 percent from year earlier
WASHINGTON: New U.S. single-family home sales rose for a second straight month in April and supply was the lowest in a year, but an overhang of previously owned homes on the market will stifle any housing market recovery. The Commerce Department said sales increased 7.3 percent to a seasonally adjusted 323,000 unit annual rate, the highest level since December, while prices also rose. Economists had expected a 300,000-unit pace. All four regions recorded gains in sales, with the West reporting a 15.1 percent rise. However, compared to April last year sales were down 23.1 percent. "Although the headline figure has moved sharply on a month-to-month basis, reflecting in part the impact of harsh weather in earlier months, the bottom line is that the new home market continues to bounce along the bottom," said Omair Sharif, an economist at RBS in Stamford, Connecticut. An oversupply of used houses and a relentless wave of foreclosed properties are curbing the market for new homes, even as builders are keeping lean inventories. There were a record low 175,000 new homes available
for sale last month, down 2.8 percent from the prior month. Data last week showed a steep drop in new home construction in April and a dip in sales of previously owned homes. "There's still a tremendous overhang in the housing market, and while new home sales are starting to percolate, that doesn't change the fact that we still have such huge inventory," said Michael Yoshikami, chief investment strategist at Ycmnet Advisors in Walnut Creek, California. Stocks on Wall Street were little changed, while prices for U.S. government bonds fell ahead of new debt sales later in the week. The dollar fell against a basket of currencies. SLUGGISH GROWTH While the report cast a positive light on the housing market, it did little to change perceptions the economy remained mired in a soft patch. That view was reinforced by a Richmond Federal Reserve survey showing manufacturing activity in the central Atlantic region stalled in May, after expanding during the previous seven months. The Richmond Fed's manufacturing index came in at -6,
a sharp contraction from the reading of +10 in April, dragged down by declining shipments and new orders. It added to a raft of other data ranging ranging from retail sales to industrial production that have painted a picture of an economy struggling to regain momentum as the second quarter started, with employment only the bright spot. The government is expected to report on Thursday that the economy grew at a still tepid 2.1 percent annual rate in the first quarter, according to a Reuters survey, rather than the 1.8 percent pace it estimated last month. The upward revision will most likely reflect a slightly faster pace of inventory accumulation than initially thought. The Commerce Department report also showed the median sales price for a new home rose 1.6 percent last month to $217,900. Compared with April last year, the median price increased 4.6 percent. At April's sales pace, the supply of new homes on the market dropped to 6.5 months' worth, the lowest since April last year, from 7.2 months' worth in March. -Reuters
Germany business morale, prospects still strong BERLIN: German business morale held steady to beat forecasts in May, signalling Europe's top economy may retain strong growth momentum longer than thought and leaving it well placed to weather likely euro zone interest rate hikes. The Munich-based Ifo think tank said on Tuesday its business climate index, based on a monthly survey of some 7,000 firms, was unchanged at 114.2 from a reweighted April reading. Economists polled by Reuters had forecast a decline, and the data sent Bund futures lower and boosted a euro pressured by concerns the debt crisis on the single currency zone's periphery could be entering a more dangerous phase. Germany's economic prospects, meanwhile, appear to remain buoyant, with first quarter earnings data suggesting good times ahead for many of its leading companies, given high expectations for exports and growing evidence of bouyant domestic demand. "(Germany) still finds (itself) in a boom phase. We will only very, very slowly see an easing," said Christian Schulz of Berenberg Bank. "The debt crisis in Europe so far remains contained to the financial markets and has had no impact on the real economy." Ifo economist Klaus Abberger said he expected the European Central Bank would raise interest rates again. Reuters
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revival. He also showed serious concern on hiring of Deputy Managing Director on $24,000 per month package. The Chairman also directed FIA to investigate the issue of handbags and watches purchased by PIA for intending Hujjaj. The committee noted the bags and watches have been purchased on higher rates and has not been handed over to Hujjaj and laying in the store rooms of Pakistan International Airline. The Committee Chairman also questioned that why PIA is establishing academy in Nawab Shah. The MD PIA responded that the academy was being set up to overcome the shortage of pilots. The Chairman directed the FIA to initiate cases against the persons involved in SNGPL corruption. The committee asked the SNGPL to submit reports regarding the embezzlement being done by CNG stations. The Deputy Managing Director SNGPL informed the committee that the gas situation will be worst in next summer season as not a single additional supply has been added in the system. The Director General Gilgit-Baltistan also gave comprehensive briefing to the committee members regarding the purchase of all items made during the last three years along with standard procedure adopted for purchases. -APP
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Kamra, according to Prof Shaun Gregory, a security specialist at Bradford University. But each time, the Pakistan military establishment, which has itself suffered attacks at its General Headquarters and training and recruitment centers, insists that there was no danger to its nuclear assets. But Gregory says the attacks illustrate "a clear set of weaknesses and vulnerabilities" in Pakistan's nuclear security regime, a danger brought home by the ease with which militants are now penetrating military installations. Concern is growing in the West about the internal dynamics in a military that was once thought to be "westernized and professional." The US has forked out over $100 million to improve Pakistan's nuclear security but Washington now admits it has no idea how the money was spent. There is consternation in Washington about the speed with which Pakistan is ramping up its nuclear arsenal with some analysts predicting that it could soon have the world's fourth largest nuclear arsenal, behind US, Russia, and China, and ahead of France and UK. Washington is thick with speculation about US contingency plans in the event of a nuclear heist in Pakistan, notwithstanding assurances that US has no designs on Pakistani nukes. But every US statement is dissected in Pakistan for hidden meanings amid fears that Washington is planning to neutralize its nuclear arsenal. -Online
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shocks emanating from a challenging macroeconomic and business environment. According to the Report, profits of banks before tax were up by 23.1 per cent during 2010 to reach Rs 111.2 billion, with Return on Assets (ROA) of 1.7% (1.3 % in CY09) and Return On Equity (ROE) of 16.7 % (13.2 % in CY09). However, profits continued to remain heavily concentrated among the big five banks, the Report observed. The Report stressed that there has been growing evidence of banks flight towards quality as investments, mainly in government securities, now constitute around 30.4 percent of banks assets compared with 19.3 percent in December, 2008. Share of advances has witnessed a concomitant drop, from 60.8 to 52.0 percent during the past two years; it said and added that unsurprisingly, return on government paper now accounts for 34.5 percent of banks gross mark-up/interest income, compared to 28.8 per cent in December, 2008. This suggests that growth in government borrowings, in a rising interest rate scenario, has shored up banks earnings, the report said. Banks disturbingly diminishing role as financial intermediaries is becoming evident from their Advances-to-Deposits ratio, which has dropped from 76.0 per cent in September, 2008 to 61.4 per cent by December, 2010, the report added. The shift in asset mix, from advances to investments in government papers, has important implications. In the short run, lure of risk-free investments in government paper, coupled with high NPLs, has reduced eagerness of banks for extending private sector credit, it added. -APP
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review the entire PNS Mehran fiasco amid evidences, recorded statements of in field and on duty officers besides other officials. The Committee will also review the aspects of security lapse to avoid such incidents again. The officer further added that due to security reasons, the name of the Head of the Committee is being kept confidential. However he is said the committee head is a senior officer and has been given the task on the directives of the Naval Chief.
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was also reported to have been damaged in the attack. On the other hand, in a dramatic development, the DirectorGeneral of Airport Security Force Brig Sahir Butt is reported to have written to the government that he can't take responsibility of aircrafts parked at Karachi airport since three major airports of country, Karachi, Lahore and Islamabad, do not have enough security arrangements. Brig Sahir is also reported to have written to Government to remove him from the post. The Government, it is learnt, has decided to remove Brig Sahir and replace him with Brig Nawaz Tiwana.
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profitable corporation and it would not be good to sale 10 Percent shares of OGDCL. The committee has also decided to take legal kept secret and they are not paying their taxes as well. suggestion from secretary finance and secretary law over the issue. Some famous actors and singers are also maintaining foreign Secretary Privatization informed the committee that Government currency accounts and have invested in gold and property busi- would get Rs225.7 million from already Privatized corporations. ness. -Online Heavy Electrical Complex and National Power Construction Company would be Privatized till September 2011, he said. The Continued from page 1 No #4 committee has directed to expedite recovery from defaulters. The attended by heads of the three armed forces and national secu- committee was informed that Government has finalized strategy to rity institutions, defense minister, interior minister, Minister for hand over 9 power distribution companies including Islamabad Information and broadcasting, Finance Minister and other impor- Electric Supply Company but committee has rejected their tant personalities. Privatization. The committee has also summoned Secretary Water Sources told Online that matters related to probe of Abbottabad and Power and Secretary Finance in the next committee meeting. operation, establishment of independent commission in light of The committee has also taken strong notice over utilization of joint resolutions of the parliament, fool proof security arrange- Rs261 million in media campaign and Rs276 million to help flood ments of defense and military installations and security situation affected. The committee has sought details from Privatization Board of the entire country would be discussed in length. in this respect. -Online Sources further told that during the meeting overhauling of Continued from page 1 No #9 security and intelligence agencies would also be held so that inciResponding to a query of the bench, Advocate General dents of intelligence failure do not occur in the future. Modus operandi of handling US president Barack Obama recent Amanullah Kinrani and Ahmer Bilal Sufi, counsel for the provinannouncement of unilateral attacks in Pakistan and non-stoppage cial government, said that they were waiting for the apex Court's of drone attacks despite passage of parliament resolution would verdict. be discussed in length, sources said. However, they would contact the concerned quarters and
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11
Japan sees weak economy, cuts view TOKYO: Japan's government maintained its overall view that the economy remained weak in the aftermath of the March earthquake, but downgraded its assessment of capital spending in a monthly report published on Tuesday. The government cited supply constraints as the reason behind the first cut in its view on capital expenditure since December 2009, saying it was no longer picking up but has weakened recently. The report also highlighted risks to economic recovery stemming from possible power supply shortages, slow rebuilding of supplier networks
and high oil prices. Japan's economic growth is expected to slow to 0.6-0.7 percent this fiscal year, Economics Minister Kaoru Yosano said, clarifying a more upbeat sounding forecast he made last week although he is still more optimistic than most analysts. Yosano signalled that the government's official forecasts may further err on the side of caution, noting that many economists had cut their forecasts by 0.5 percentage points after last week's data showed a surprisingly deep economic contraction in the January-March quarter.
apprise the bench on Wednesday over their stance on the issue, they added. The Chief Justice told Kinrani to also inform them about the renewal of licensing applications and the competent authority who could decide them. The bench put off hearing till Wednesday due to non-availability of certain counsel. The bench is hearing of a number of identical pleas filed by Tariq Asad Advocate, Barrister Zafarullah of Pakistan Watan Party, 26 senators, Sangrani tribe and others against award of mining and exploration contract to the Tethyan Copper Company (TCC), a Canadian consortium of Gold and Antofagasta Minerals, for exploring gold and copper in Rekodiq, in Chaghi District of Balochistan. -Agencies
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the intensive care unit when death of Zardari was declared at 11: 45 AM in PIMS. His condition was very critical for the last five days and on Tuesday the doctors after inspection found that heart arrest was coupled with his other diseases that seems immediate cause of his death, said Dr Ghauri. Sources said that such heart arrest happens after doctors decide to remove ventilator after they see no sign of recovery and death of brain becomes evident. Meanwhile, after declaration of his death PPP workers, politicians, ministers and media persons rushed to the hospital. Mustafa Khokar, Zamarrud Khan, Advisor to PM on Petroleum Dr Muhammad Asim, Khalid Nawaz Gobi, Ayatullah Durrani, Senator Saeeda Iqbal, Dr Babar Ghauri, Sherin Rehman, President Zardari's sister Azra Pechuho and several other PPP leaders visited PIMS hospital. Health Secretary Nargis Sethi was also present on the occasion. -Agencies
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development, and we will continue doing this," she said. "The target audience of this statement was the United States," said Kamran Bokhari, Middle East and South Asia director for global intelligence firm STRATFOR. "The statement served the purpose to tell the United States that it has other options as well. (But) Americans know the Pakistanis are unhappy right now and they are posturing." But Beijing has not publicly criticised Islamabad over bin Laden and has instead praised its contribution to regional security. China invested $200 million in the first phase of the construction of the Gwadar port, which was inaugurated in 2007. The port is on the doorstep of Gulf shipping lanes. In the end, though, Pakistan's government and military rely too deeply on U.S. security and economic aid to imperil that alliance, analysts in both Beijing and Islamabad have said. -Agencies
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by the United States to target insurgents there who have escalated attacks since Osama bin Laden's death. President Barack Obama's aides are divided between a "hug them" or "hit them" approach to dealing with Pakistan, where anger at the May 2 U.S. on Pakistani soil to kill bin Laden is matched in Washington by angry questions about Islamabad's ties to militants. "We will take all necessary measures to protect the Afghan people and our own troops," he said of the NATO-led International Security Assistance Force (ISAF), whose war against the Taliban in Afghanistan has dragged on for 10 years. "The United States and Pakistan... support the efforts for peace and reconciliation. We will make an effort to provide our assistance," Bashir said in a statement. -Agencies
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law and order situation, reluctance of foreign buyer to visit Pakistan for business deals. SBP is not realizing at all the existing economic scenario in the importing countries and remittances continued to be delayed beyond exporters' control and SBP is not ready to accommodate exporters but in one way or other SBP is compelling exporters through notices to bring back their overdue exports proceeds and bankrupt importers as well. SBP adjudication court is causing a nuisance for the exporters which should immediately be wind up as exporters are respectable citizens of the country who not only earn foreign exchange for the country but also give taxes to the national kitty. All such acts are occurring due to the absence of bankruptcy law in the country where such types of cases are dealt amicably. We would request government of Pakistan National Assembly and Senate to intervene in this critical issue and save the exporters of the country from the harassment of SBP. -Agencies
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The world's No. 7 steelmaker will report quarterly results on Wednesday, with profit likely to slip a third from a year ago as rising input costs squeeze margins. Shares in state-run oil firms fell as global crude prices bounced triggering worries of higher subsidy burden. US crude oil futures CLc1 were trading 1.2 per cent higher at $98.89 a barrel. Explorer Oil and Natural Gas Corp fell 0.7 per cent, while Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum were down 1 to 1.5 per cent. Non-ferrous metals firm Hindalco Industries; dropped one per cent after copper futures on the London Metal Exchange dived 3 per cent on Monday over worries of slowing manufacturing growth in China and the debt crisis in Europe. Top lender State bank of India shed 1.2 per cent to 2,222.10 rupees. The stock has lost about 15 per cent since May 17, when it announced quarterly profits had tumbled 99 per cent on higher provisions. Largest listed developer DLF was down 1.8 per cent ahead of its quarterly earnings. The company is expected to report weak results, with worries that rising interest rates and soaring property prices will cut demand for homes and offices. The 50-share NSE Index ended up 0.15 per cent at 5,394.85 points.-Reuters
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Integrated oil stocks found favour as crude rose after Goldman Sachs hiked its oil price forecasts, led by a 2.5 per cent advance in BG Group as the same broker hiked its target price for the company. Cairn Energy added 4 per cent in heavy trading as the oil explorer announced a drilling campaign offshore Greenland. M&S UNLOVED Marks & Spencer was the biggest blue-chip faller, off 2.9 per cent after the food and clothing retailer said it had made a good start to the new financial year but expected trading conditions in the year ahead to be challenging. Primark owner Associated British Foods slipped one per cent and supermarket chain Tesco drifted 0.4 per cent lower. "We remain very wary of direct exposure to the UK consumer, in particular the retail sector," said Jamie Seaton, manager of the 64.6 million pound ($104.1 million) SVG UK Focus Fund, run by SVG Investment Managers. "With upward pressure on consumers' non-discretionary spending, borrowing costs, energy bills, petrol etc, this is putting a significant squeeze on disposable income." Banks were out of favour after credit rating agency Moody's said it might cut its rating on 14 British financial groups, including Lloyds and Royal Bank of Scotland, off 2.2 per cent and 1.1 per cent respectively. "While there is certainly a fair amount of credibility to Moody's actions, we also note the capital position of the UK banks is among the best in Europe," Espirito Santo Investment Bank said in a note. British Airways owner International Airlines Group fell 1.8 per cent as flights in northern Britain and elsewhere in north Europe were cancelled over worries about a volcanic ash cloud from Iceland, though officials reckoned the disruption would not be as bad as last year.-Reuters
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Sony rose 2.7 per cent to 2,270 yen after saying the previous day that it would post a third straight annual net loss for the year that ended in March after writing off tax credits in the wake of Japan's earthquake and tsunami. Market players saying its warning helped remove an element of uncertainty, prompting Macquarie Securities to lift its rating to "outperform" from "neutral". "Shares are down 23 per cent since the quake; but more tellingly, the market cap decline of 264 billion yen since then looks overdone against the 164 billion yen quake plus network breach operating profit impact," Macquarie analyst Jeff Loff wrote in a note. Softbank Corp rose 3.1 per cent to 3,005 yen, erasing most of the previous day's falls, as fears about the impact of an explosion at a Foxconn factory in China that makes Apple Inc's iPad eased. The iPad uses Softbank's network in Japan. Foxconn Technology Group, which is Apple's biggest manufacturing partner, will be able to shift output elsewhere, analysts said.-Reuters
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as 70.1 million shares exchanged hands which were 29.9 million shares more as compared to a turnover of 40.2 million shares a day earlier. NIB Bank was the top traded stock of the day with 9.28 million shares followed by Byco Petroleum with 6.48 million shares and Jahangir Siddiqui & Co., with 6.41 million shares. Out of total 351 active issues; 173 advanced and 67 declined while 11 issues remained unchanged.
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Wednesday, May 25, 2011
NATO bombs Tripoli, U.S. says time against Gaddafi
LAHORE: People carrying the coffin of Lt Yasir Abbas prior to his funeral prayers in Lahore. -Online
Interior Ministry directed to give briefing
Plan urged to boot out illegal migrants ISLAMABAD: Chairman Senate Standing Committee on Interior Senator Talha Mahmood here on Tuesday directed the Interior Ministry to arrange a comprehensive briefing on a plan of action against the illegal immigrants living in the country. The committee expressing grief over the terrorist attack at PNS Mehran base directed the Interior Ministry to take action against the people living illegally in the country. The member of the committee senator Gulshan Saeed directed the ministry to submit a report about the number of people who are residing without legal documents. "The Interior Ministry should take action against the people living illegally as they are threat to the coun-
try's security". Senator Sardar Mohammad Jamal Khan Leghari urged the interior ministry to take action against the people living in Pakistan illegally as soon as possible. The separate meeting of the standing Committee on Interior would be held soon on the issue. The Senate Committee meeting was also attended by Senator Sughra Imam, Senator Begum Najma Hameed, Senator Gulshan Saeed and Senator Sardar Muhammad Jamal Khan Leghari. The committee directed Federal Investigation Authority to initiate inquiry against Pakistan International Airlines corruption cases. The Chairman also directed the
PIA to fully cooperate with FIA in conducting inquiry and provide all documents required by FIA in taking inquiry process forward. Senator Talha Mahmood expressed serious concern that PIA had losses of Rs.88 billion and also they have taken Rs150 billion as loan. The members of the committee showed serious concern on the quality of service being provided by PIA to its passengers. The chairman noted that PIA is a prestigious corporation of the country and recalled that Emirates airline has emulated the PIA in past but now Emirates is for ahead from PIA. He claimed that PIA is near financial collapse and urged Managing Director PIA to take measures for its See # 1 Page 11
Isb under tremendous pressure from terrorists
Coactions with Pak in WoT still on: US WASHINGTON: Pakistan is under tremendous pressure and threat from extremist elements in the country which is reflected in the series of terrorist attacks including the latest one on the nation's naval facilities, a state department official said. "It just illustrates that Pakistan is under enormous pressure and threat from these kinds of groups and they suffer considerably from this kind of violent extremism," state department spokesman Mark Toner told reporters on Tuesday. Toner said that the recent terror attacks speak of the need for close counterterrorism cooperation in spite of some of the questions raised by the binLaden raid. "We condemn the attack (on Pak
naval facilities). We can confirm that no US citizens were injured or killed in the attack on the Pakistan naval station in Karachi. We're committed to working with Pakistan in a joint effort to combat this kind of violent extremism," the spokesman said. Noting that the US and Pakistan are continuing with their cooperation in the counterterrorism field, he said US has got a small military contingent of trainers that have been in Pakistan for some time working with the country's military. "That cooperation continues. We continue our close counterterrorism cooperation," Toner said, adding that Pakistan has not asked for any special help or assistance from the United States so far. -Online
Growing terror raises fears over Pak nukes WASHINGTON: It's a subject Americans can't stop discussing and Pakistan hates talking about. The Mehran attack has once again focused world attention on the security of the country's fast-growing nuclear arsenal. The Obama administration on Monday did not publicly go beyond "strongly" condemning the attack and appreciating the "service and sacrifices of their brave armed forces," but the incident has reignited the simmering debate about vulnerability of Pakistan's nuclear weapons. US analysts noted that Mehran is only 15 miles away from the Masroor air base, where Pakistan is believed to have a large depot of nuclear weapons that
can be delivered from the air. While Pakistan insists that its "crown jewels" are under foolproof security, but at the heart of the debate is a worry that they are vulnerable to internal attack by a "jihadized" military, judging by multiple attacks on military facilities by terrorists who seemingly have the inside track on security, including in the Mehran strike. Add to this, a recent WikiLeaks cable citing Pakistani military officials admitting sabotage of F-16 s by "Islamists amongst the enlisted ranks" has added to the concern. Pakistani militant attacks over the last five years include strikes against three nuclear facilities, in Wah, Sargodha, and See # 2 Page 11
FBR turns eyes to showbiz PESHAWAR: Federal Board of Revenue has decided to bring the television and stage actors and singers under tax net as Income Tax Department have sent notices to them seeking the full details of assets, property, taxes and national tax number. According to sources in FBR, the actors perform at stage shows inland as well as in foreign countries form which
they get the huge income. In addition to this they also get considerable amount form TV serials, films and release of CDs. So it is decided that actors, singers and producer should be brought under tax net. The sources said that some actors and singers have million rupees assets at different parts of the country, which they See # 3 Page 11
TRIPOLI: NATO warplanes hammered Libyan leader Muammar Gaddafi's compound with their heaviest air strikes yet on Tuesday after the United States said Libyan leader Muammar Gaddafi would "inevitably" be forced from power. The shockwave from the strikes was so powerful that plaster fell from the ceilings in a hotel where foreign reporters were staying, about 2 km (1.2 miles) from Gaddafi's compound. A NATO official said the strikes hit a military facility that had been used to attack civilians. A Libyan government spokesman said three people had been killed and 150 wounded, and that the casualties were local residents. "It is definitely, in terms of one target, the largest and most concentrated attack we have done to date," said the NATO official in Brussels." "This complex is where members of the Gaddafi regime, not only military, but hit squads, were based out of in the early days of the violent suppression of the popular uprising, and it has been active ever since," the official said. Libyan government spokesman Mussa Ibrahim said the strikes had targeted a compound of the Popular Guards, a tribally based military detachment. But he said the compound had been emptied of people and "useful material" in anticipation of an attack. "This is another night of bombing and killing by NATO," Ibrahim told reporters. -Reuters
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Vows to defend honor with life
Pakistan has two fronts to tackle: Sharif MANSEHRA: The PML-N Chief Nawaz Sharif has said that Pakistan's sovereignty was being attacked from two fronts i.e. terrorists and the United States, to destabilize it but vowed that his party would defend the dignity and sovereignty of the country and if needed, they would sacrifice their lives. Addressing party workers convention here on Tuesday, the PML-N Chief said that there are forces other than terrorists who want to destroy Pakistan but we (Nawaz Sharif) are not sleeping to these dangers. He said the attack at the Mehran Naval base in Karachi was an attack on the roots of Pakistan and there were inimical forces behind it. He questioned as to why the terrorists destroyed two P3C Orion aircraft which had the capability to track under sea submarines of the enemies. Without naming India, Mian Nawaz Sharif asked who can hit these aircraft to deny Pakistan from modern day naval warfare capability. He said the attackers at the Mehran base were not ordinary terrorists but they had deliberate designs to weaken and destabilize Pakistan. He vowed to defeat the menace of terrorism from the country. He said today Pakistan has been isolated across the world and there is no respect for our Green passport. He said the incidents of terrorism and suicides were never heard of in Pakistan ten years
ago. The PML-N Quaid said the terrorists attack in Karachi must open the eyes of every one and those responsible for leading to this situation must be made accountable. He questioned as to why people are afraid of setting the tradition of accountability. He regretted that the government has not implemented the Parliament Resolution for establishment of a Commission to investigate into the Abbottabad raid by the US forces. He said had he been the Prime Minister of the country, he would have ensured accountability of the concerned persons. He again demanded a full inquiry into Abbottabad incident. He said while the wounds of Abbottabad were still fresh, the country suffered another humiliation with attack in Karachi at the naval base. He said the honor of the country has been hit hard with these two incidents. He said Pakistan was offered $ 5 billion aid by the US in return for not carrying out the nuclear tests but he refused to budge. He said even sanctions were imposed on Pakistan but they faced them with courage and never compromised on the honor, dignity and sovereignty of the country. He said they would live with honor and respect and confront those who want to play with the sovereignty of the country. He said if need arose, they will sacrifice their lives. -Agencies
Mehran attack was no security lapse, says Musharraf LONDON: Former military ruler Pervez Musharraf on Tuesday ruled out the notion that attack on PNS Mehran was a security lapse. Talking to a private TV channel, Musharraf said that terrorists could have taken the benefit of security gapes at the facility. "The terrorists knew they were going to be killed; therefore, they wanted to inflict heavy damage on the security personnel," he said. "This can happen in any country, anywhere all over the world," he said. However, he said that he did not know whether the security officials were equipped with night vision gadgets or not. Musharraf also did not rule out the possibility that the terrorists could have inside help as PNS Mehran was a high security zone. He said that the issue of drone attacks should be taken diplomatically and judiciously. "It is easy to suggest ways and means to the government, but the government had to take practical action," he said. He said that there was extremism within society and it was increasing. To a question, he said that there was no need to be afraid of extremists, and that there was a need to take tough action against them if the nation wanted to save Pakistan from becoming Afghanistan or Somalia. Musharraf said that he would return to Pakistan on March 23 next year. To another question, he said that PML-N was supporting extremists in the country because he has not come out with a clear stance against terrorism. -Agencies
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