International Karachi, Friday, May 27, 2011, Jumadi-ul-Saani 23, Price Rs12 Pages 12
Pakistani intelligence 'inept' over Bin Laden: Musharraf Economic Indicators
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Projects worth Rs95 billion approved for Sindh
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See page 12
Sharif demands free body for PNS probe
Ecnec approves Rs478bn schemes
Portfolio Investment
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See page 12
US cutting troop total in Pak
Finmin Shaikh chairs meeting
$17.07bn 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 (21-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)
Gaddafi renews truce offer
NAWABSHAH: PML-N Leader Ghaus Ali Shah condoling with President Asif Ali Zardari on sad demise of his father Hakim Ali Zardari at Zardari House. APP
Hydro projects to end power shortage in long-run
Gilani urges world 'support, not scorn' ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani on Thursday said Pakistan was diligently pursuing the war against terrorism and urged the international community for lending more support in its efforts. "Pakistan has hugely paid in terms of casualties and economy. We are fighting the war, which will benefit the whole world," the Prime Minister told a Chinese media delegation at the PM House here. The 19-member delegation headed by Wang Dongmei, Vice President of China Radio International comprised journalists from Shanghai Dragon television, China Radio International and Tencent web portal. Prime Minister Gilani said
the war on terror was not confined to one nation but was a global phenomenon, which needed to be dealt accordingly. "Instead of mere criticism, the world needs to show more cooperation towards Pakistan," he said. He appreciated the statement by Chinese leadership acknowledging Pakistan's contributions in war against terrorism and extremism besides pledging to support it in difficult times. Gilani also mentioned the role of Chinese media which he said was positively and correctly portraying the situation in Pakistan contrary to the biased international media. "The positive messages both from the Chinese leadership and the Chinese media are a
Pakistan nears EU duty waiver GENEVA: Pakistani textilemakers edged closer on Thursday to boosting exports to Europe after one of its opponents withdrew its objections, the country's ambassador said on Thursday. But India, whose exporters compete with Pakistan for a share of the world's largest market, still opposes an EU proposal to suspend duties temporarily on certain Pakistani goods to help the country recover from last summer's devastating floods. "Vietnam has approved the EU duty waiver. We are one step closer," Shahid Bashir, Pakistan's ambassador to the World Trade Organization, told Reuters as he left a meeting that had considered the plan. India has so far led opposi-
tion with support from Vietnam and Peru. Trade officials said it was likely Peru would also drop its reservations. Relations between India and Pakistan have been thawing in recent months, leading diplomats from several countries to suggest India might make a political conciliatory gesture by allowing Pakistan preferential trade with Europe. An original EU plan unveiled last October said duty suspensions -- if approved unanimously by the WTO -- would affect about 900 million euros ($1.27 billion) worth of Pakistani exports to the EU and estimated Pakistan could boost sales to the EU by 100 million euros. The plan would affect mainly textile but also ethanol exports. See # 11 Page 11
Waived loans
Apex court seeks state bank stance ISLAMABAD: The Supreme Court of Pakistan on Thursday directed the counsel for State Bank of Pakistan (SBP) to seek instruction from concerned quarters over its observations as to how bank loans were waived off recently despite lapse of Circular 29 in 2003, issued under Section 33 of the Banking Companies Ordinance 1962, and which had been instrumental in writing off loans of Rs 256 billion from 1971 to 2009. A three-judge bench comprising Chief Justice Iftikhar
Muhammad Chaudhry, Justice Muhammad Sair Ali and Justice Ghulam Rabbani questioned how banks waived off loans of billions of rupees recently while knowing well that the matter was pending with the apex Court. At the outset of proceedings, the Chief Justice told Syed Iqbal Haider, SBP counsel, that it had almost become a culture in the country that loans beneficiaries never bothered to return the public money. "People are not as clean as See # 9 Page 11
sense of hope for the people in Pakistan," he said. Vice President CRI Dongmei apprised the Prime Minister about the delegation's visit to Pakistan's main cities including Karachi, Lahore, Islamabad and Gilgit. She said it was their common observation that the situation in Pakistan as depicted by the international media reports was not true. She said the visiting delegation had prepared some 200 news and television reports which would dissipate positive message about the real situation in Pakistan. The Prime Minister stressed for enhancing Sino-Pak relations through people-to-people contacts and the cultural and parliamentary exchanges. He See # 10 Page 11
24 dead in Hangu DCO office bombing ISLAMABAD: A suicide bomber killed 24 people in Hangu on Thursday in the latest militant attack since the death of Osama bin Laden. A suicide car-bomber set off explosives outside a police station in the northwestern town of Hangu a day after a similar attack destroyed a police station in the city of Peshawar. "We're trying to remove rubble and there's fear some people could be trapped," a government official in Hangu, Adil Siddique, told Reuters by telephone. Police said the toll could rise beyond 24 as many among 45 people wounded were in serious condition. Pakistani Taliban militants, allied with al Qaeda, claimed responsibility. They have vowed revenge for bin Laden's death. "We don't need unnecessary people here. They cause See # 13 Page 11
Naming Ogra head
Court admits petition ISLAMABAD: Supreme Court of Pakistan on Thursday removed objections of its Registrar office and admitted for hearing a plea against appointment of chairman Oil and Gas Regulatory Authority (OGRA). A three-Judge bench of Chief Justice Iftikhar Muhammad See # 12 Page 11
ISLAMABAD: The Executive Committee of the National Economic Council (ECNEC) has approved Fifty Three projects costing about over Rs478 billion, including the foreign exchange component of Rs172 billion. The committee meeting was chaired by Finance Minister Dr Abdul Hafeez Shaikh on Thursday and was attended by Naveed Qamar Federal Minister for Water & Power, Dr Asim Hussain Federal Minister for Petroleum & Natural Resources, Federal Minister for Privatization, Federal Minister for Production, Hina Rabbani Khar Minister of State for Finance, Economic Affairs and Foreign Affair and Dr. Nadeem-ul-Haq, Deputy Chairman of Planning Commission. Provincial Minister for Finance Sindh, Federal Secretaries and representatives from Sindh, Balochistan, Punjab, KPK, Gilgit-Baltistan, Azad Kashmir, and representa-
tives of sponsoring agencies also attended the meeting. The meeting approved Fifteen (15) foreign funded projects worth Rs165.5 billion including the foreign exchange component of Rs117 billion. Seven Flood Rehabilitation Projects worth Rs64.5 billion including the foreign exchange component of Rs28 billion. Thirty One (31) project including transport and communications, water and power, health education, industries and commerce are among the Fifty Three (53) approved project. The approved projects include Rs2,091.4 million including Rs 34.0 million FEC for feasibility study, detailed engineering design and preparation of tender documents for Bunji (Revised). Twenty Two projects of transport and communication sector are approved comprising Construction of Northern Bypass from Qasim Bela to Shershah Road Multan Bypass including Grade Separated
Ministry seeks proposals for 500mcfd
10-yr LNG import plan set in motion ISLAMABAD: Pakistan has invited expressions of interests from foreign and domestic companies for the supply of 500 million cubic feet per day (cfd) of liquefied natural gas for up to 10 years to feed its crumbling power sector, officials said on Thursday. The government has set a deadline of June 27 for the submission of expression of interests with an aim the supply must be started in the first or second quarter of 2012. Pakistan's Supreme Court last year scrapped a government deal to buy LNG from French company GDF Suez because of suspected irregularities. "Anybody can come. He can bring LNG. We will just put their gas into our system for their buyers," Secretary Ministry of Petroleum Mohammad Ejaz Chaudhry
told Reuters. "It is an open field for anyone who has buyers." Chaudhry said a winning company would itself set up a terminal in Pakistan for re-gasification of LNG and the government would determine the price of the gas through its Oil and Gas Regulatory Authority. "The government is not providing any guarantees. It is just facilitating," he said. The government has assigned its subsidiary, Sui Southern Gas Company (SSGC), to pipe regasified LNG to domestic customers. "All the finances will be arranged by the LNG developer. There won't be our investment. We would charge a transportation tariff for this service," SSGC spokesman, Zuhair Siddiqui, said. See # 8 Page 11
Hillary due today
US vows to keep Pakistan in loop PARIS: Working with Pakistan is a strategic necessity for the United States, even as Washington presses Islamabad to act more decisively on counter-terrorism, U.S. Secretary of State Hillary Clinton said on Thursday. Pakistan had been a good partner in international efforts to fight terrorism, she said, despite anger in the United States over the discovery that al Qaeda leader Osama bin Laden had been living there for years before US commandos killed him in a May 2 raid. "We do have a set of expectations that we are looking for the Pakistani government to meet, but I want to underscore in conclusion it is not as though they have been on the sidelines," Clinton told a news conference in Paris. She gave no details. Members of the U.S. Congress have threatened to cut off billions of dollars in aid to
Pakistan out of frustration at perceived complicity with or reluctance to eradicate radical Islamist militants. But Clinton said critics should take a longer-term strategic view of the Pakistanis. "They have been actively engaged in their own bitter fight with these terrorists, extremists who target indiscriminately people from all walks of life, all ages, and we are going to look to put our partnership on as strong a foundation going forward as possible," she said. The "international community" had been able to kill more terrorists on Pakistani soil than anywhere else in the world, Clinton said. "This could not have been done without Pakistani cooperation," she said. The United States was "ready and willing" to help Pakistan in its own fight against terrorism on its home soil, Clinton added. -Reuters
Elevated bridge over railway line 7 N-70 (length 12.229 kmPhase-III). Construction of 2-Lane Bridge over River Indus at Khushal Garh, District Kohat, Rehabilitation of NGHA highways Network damaged due to un-Precedent Moonsoon rain and Foods, 2010. Gwadar Deep Water Port Project-Phase-I (2nd Revised). Installation of Ship Lift and Transfer System and associated machinery and Equipment to provide Docking and repair facilities to Surface Ships, Submarines and Commercial Vessels (Revised). Construction of Northern Bypass from Bosan road to Qasim Bela Multan Including approach road from Northern Bypass to Multan Airport via Jameelabad Chowk Multan (length 16.05 km Phase-II). Two projects of health sector worth Rs.26,983 million including Rs.14,195 million F.E.C comprising Medical See # 7 Page 11
Rs280bn for PSDP in FY12: PC ISLAMABAD: Deputy Chairman Planning Commission (PC) Dr Nadeem-ul-Haq has said that Rs.280 billion would be allocated for Public Sector Development Programme (PSDP), in the forthcoming budget 2011-12. Talking to Pakistan Television (PTV), he said a comprehensive growth strategy would be presented in the National Economic Council (NEC) meeting on Saturday to find alternate resources for economic growth. He said that many economic reforms were implemented during the last fiscal year which had helped reduce load-shedding in the country. He said that circular debt had been reduced while a new cooperative governance system was established to improve the power sector. The Deputy Chairman said that privatization of public institutions was being done all over the world. He stressed the need for attaining progress through public-private partnership in the country. He called for inviting private investment by utilizing a proper framework for maintaining stability in the economic sector. He stressed the need for observing high quality to monitor ongoing projects. -APP
NCCL cuts MTS transaction charges Staff Reporter KARACHI: National Clearing Company of Pakistan Ltd (NCCPL) has reduced Margin Trading System (MTS) transaction fee for trading financiers from Rs3 to Rs2.5 per Rs 100,000 value. According to an announcement on Thursday, NCCPL has also waived the initial contribution of Rs 250,000 to MTS protection fund for all margin trading (MT) participants.
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Friday, May 27, 2011
Pakistan eyes enhanced business ties with China Staff Reporter
LAHORE: Students taking keen interest in the items displayed during an exhibition organiaed by TEVTA at Al-Hamra Hall. -Online
ICCI demands raise in education budget Staff Correspondent I S L A M A B A D : Education is considered to have a strong correlation with social and economic development but the budgetary allocation for education in Pakistan is on the decline. Pakistan's dire state of education sector demanded immediate attention from the government, without doubling its education budget, Pakistan could not address the numerous challenges, Mahfooz Elahi, President Islamabad Chamber of Commerce & Industry (ICCI) said in a statement. He was of the view that in Pakistan the budget allocated to education was very low. He said
that Pakistan was now among twelve countries that spend less than 2 percent of GDP on education, although education enjoyed the highest priority on the social sector agenda, which as a whole was poorly funded compared to defence, general administration and debt servicing. ICCI President referred to a report, its mentioned that the education allocations of some countries as per their GDPs; Cuba 18.7 percent of GDP, Brunei 9.1 percent, Iran 4.9 percent, Sweden 7.7 percent, UK 5.3 percent, US 5.7 percent, Malaysia 8.1 percent, Yemen 9.5 percent, India about 6 percent and Pakistan allocated only 1.9 percent of GDP for education sector.
He urged the government to increase the education budget by at least 4 percent of GDP in upcoming budget. He said that labour force needs to be educated and capacity building programmes must be launched for their effective and productive role in the national economy. In order to move towards knowledge-based economy, government must allocate substantial amount of budget to education sector which would bring rapid change in the economic development of the country, he maintained. ICCI President said that by allocating more funds for education sector human capital could be improved which would ultimately accelerate the pace of economic growth.
Reshuffle in Sindh judiciary KARACHI: The Chief Justice and the Judges of the High Court of Sindh have ordered the following transfers and postings of District and Session Judges, with immediate effect in the public interest: Abdul Ghani Soomro has been transferred from Sukkur to Larkan vice Bashir Ahmed Khoso transferred. Bashir Ahmed Khoso has been transferred from Larkana to Sukkur vice Abdul Ghani Soomro transferred. Saleem Jan Khan has been transferred from Dadu to Mirpurkhas vice Rasheed Ahmed Soomro transferred. Rasheed Ahmed Soomro has been transferred from Mirpurkhas to Dadu vice Saleem Jan Khan transferred.- NNI
SKAA committee meeting KARACHI: A meeting of Regulations Committee of Sindh Katchi Abadis Authority (SKAA) under the Chairmanship of MPA Haji Ali Anwer Khan Mahar, was held here at SKAA head office. The meeting was attended by Secretary Qabool Ahmed Shaikh, Director General Muhammad Yaseen Shar, Deputy DG Irshad Ansari, Additional Secretary Board of Revenue Abdul Wahab Memon and other Committee Members.- NNI
KARACHI: An expert explaining the process of Tissue Culture Technique to Commandr 5 Corps at the newly established Tissue Culture Laboratory by Horticulture Society of Pakistan at HSP Garden Centre in DHA Phase-II. Staff Photo
PIA told to mend ways ISLAMABAD: Acting Chairman Senate Mir Jan Muhammad Khan Jamali has said that Pakistan International Airlines (PIA) being Pakistan's national flag carrier must enhance its facilities via up-gradation to attract more customers and business to turn around its current state of affairs. He was expressing his views while chairing the meeting of the SubCommittee of the standing committee on defence and defence production here in Parliament House on Thursday. The Acting Chairman said that the PIA business class can generate money easily and this money can be utilized for up-gradation of existing facilities.
He added that further facilitation of the PIA clients can only make PIA more competitive and attractive vis-Ă -vis other world class airlines. The Acting Chairman said that the PIA should be allowed to work without hindrance. He said that all stakeholders should be taken on board including members of Public Accounts Committee (PAC) and National Assembly Defence and Defence Production Committee so that without any delay the task of turning around affairs of PIA for its better service delivery can be brought about which can ultimately lead towards its recovery as a progressive and affluent organization. -NNI
Attack on PNS Mehran
Police to quiz naval personnel KARACHI: The police investigation team, looking into the attack on PNS Mehran base, has decided to include nearby civilian population, naval officers and personnel who were on duty at time of attack, in the investigation. The investigation team would also interrogate those who met Naval personnel and officers, who were at naval base on the day of incident. Police officials have also written a letter to the administration of PNS Mehran base, asking them to Provide CCTV footage for the investigation, sources informed Online. The administration of PNS Mehran base has informed the Police that terrorists had cut the wires of CCTV camera before launching the attack, hence the footage could not be reordered. The investigation team adopted a stance that it facing difficulty to carry out investigation. The team has also requested high ups to ask administration of PNS Mehran base to fully cooperate with investigators. The investigative authorities have also found a walkie-talkie set from the eastern side of the runway at PNS Mehran air base. The set was allegedly used by the terrorists during the attack. The terrorists were equipped with rocket propelled Grenades (RPGs), LMGs and hand grenades. Police have found 860 shells of Kalashnikovs, 165 shells of Triple two, 29 shells of LMG, 12 hand grenades. Source said that the identification records of the dead terrorists involved in the attack on PNS Mehran base in Karachi could not be found. The Police had earlier sent the terrorists' fingerprints to, NADRA. However, NADRA officials said that they could not find any record of the fingerprints in their databases. Navy Personnel who were on duty at time of attack have also been asked to appear before the investigation team.-Online
KARACHI: Pakistan China Forum, being jointly organized by Trade Development Authority of Pakistan (TDAP) and China Council for the Promotion of International Trade (CCPIT), in China on June 08 would open new avenues for promotion of bilateral trade and economic relations between the two countries. This was stated by Tariq Sayeed, Patron-in-Chief of Pakistan China Business Council and Vice President, Confederation Asia Pacific Chambers of Commerce & Industry (CACCI), Former President FPCCI and Founder and Former President of SAARC CCI in a meeting with Tairq Iqbal Puri Chief Executive, TDAP in his office. He appreciated the initiative of TDAP for organizing the Pakistan China Forum which is considered an immediate follow up of the decision taken in the visit of Prime Minister to China to enhance Pak China bilateral trade. Tariq Sayeed also discussed forthcoming Trade and Investment Forum
being organized by CCPIT from June 5 - 7 in Kunming, Yunnan Province and other matters of mutual interest for promotion of Pak - China economic relations. In the meeting it was also decided that FPCCI and TDAP will make a combined movement in exploring the emerging Chinese market particularly by increasing Pakistan's participation in the Chinese exhibitions which is the modern tool to penetrate the potential markets. Tariq Sayeed having a long association with China stated that due to his dialogue with CCPIT in Sichuan and Yunnan Province has resulted in vast opportunities for Pakistani exporters and manufacturers of various sectors for participation in I n t e r n a t i o n a l Commodities Fair, Kunming ( 6 - 10 June 2011) and Chengdu Western Fair 2011 consequently the share of FPCCI representation in fairs and forums has increased manifold. Complimenting the offer made by Sichuan and Yunnan provinces to Pakistan China Business Council of FPCCI Sayeed
said that the economic relationship particularly with these two provinces of China has increased significantly. Tariq Sayeed who had also the privilege of being the Founder and President of SAARC CCI said that China and South Asian Countries are emerging markets with immeasurable potential and this is the right time that Pakistan should make the maximum use of these markets to make foothold and maximum share by aggressive marketing of its products. Tariq Sayeed was assured by Puri that TDAP would continue extending support to FPCCI for measures which will promote business activities in China. Sayeed also held a detail discussion with Chairman, Board of Investment Saleem Mandviwala and discussed the investment possibilities in Pakistan and assured that at the forthcoming Forums China he would highlight investment opportunities in the potential sectors of Pakistan to Chinese companies. He said that the profile of the potential areas will be distributed in
Gilani seeks report on Quetta killings ISLAMABAD: Prime Minister has ordered Chief coordinator of PM complaint cell to present investigation report for Quetta killings immutably here on Thursday. Syed Yousaf Raza Gillani has ordered Sadiq Sanjani to present a detailed investigation report of the death of three
patients including a child on Sunday at the civil hospital Quetta. On the basis of this report actual culprits whom are responsible for these deaths would be indicated. According to sources, investigation teams would probe these deaths which would than be presented to the PM by the Chief Coordinator.-Online
Corps Commander witnesses training KARACHI: In continuation of summer collective training exercises, Corps Commander, Lt Gen Muhammad Zahir ul Islam, witnessed the third major field exercise in Thar desert near Chhor on Thursday. An ISPR press release issued here said that troops from infantry, mechanized infantry and armoured regiments along
with other battle assets were tested in this four weeks Field exercise. Addressing the troops, Corps Commander appreciated their performance, dedication and sense of patriotism as demonstrated. He also stressed that in prevailing trying times there is all the more need of training ourselves for multifarious challenges. Corps Commander
Ufone launches 'Uth Futura' KARACHI: Ufone recently launched a mobile handset by the name of 'Uth Futura'. Once again Ufone has proven to be a pioneer in presenting the latest technology to the Pakistani market. Till date there had been no gadget in the market professing to give the customers high speed 3G internet. With the introduction of 'Uth Futura', Ufone has presented a plethora of online opportunities for customers in partnership with PTCL. This unique handset has the ability to
replace cutting edge technology with its unique features and hi speed internet. Uth Futura is a dual mode GSM+EVDO handset which gives the user lightning fast 3G internet speed of up to 3.1Mbps and the ability to make calls, socialize and stream online videos. The high speed internet is in collaboration with PTCL EVO, the handset has inbuilt data services which will use the same network as any PTCL EVO user in the country. -PR
urged them to put in their best in achieving the desired battle efficiency standards against internal and external threats. General Officer Commanding Hyderabad, received the Corps Commander upon his arrival and briefed him about the conduct methodology and assessment of soldiers' battle efficiency.-APP
Rangers take charge of consulates
security KARACHI: After the murder of Saudi diplomat in Karachi, the security of consulates of different countries has been handed over to the Pakistan Rangers on Thursday. Provincial home department has handed over the security of consulates of China, Saudi Arabia, United States of America and Iran to Pakistan Rangers. Police Personnel, who were deputed outside the consulates of aforementioned countries in Karachi, have been withdrawn and personnel of Pakistan Rangers have been deployed there, sources said. On the other hand, extensive security measures have been adopted by the Karachi Police especially to secure the foreigners residing in the city.-Online
FPCCI, KATI condole USC reduces demise of Hakim Zardari prices of
133 items Staff Correspondent ISLAMABAD: The Utility Stores Corporation (USC) has further slashed the prices of as many as 133 basic items by about 5.38 per cent to benefit the people. The decision was made on the occasion of visit of Senior Federal Minister for Industries and Defence Production Chaudhry Pervez Elahi, President Pakistan Muslim League-Q Chaudhry Shujaat Hussain and Advisor to PM on Industries and Production Raja Basharat to the head office of USC.
ACCA annual network meeting TFD Report KARACHI: ACCA Pakistan organised Annual Network Meeting recently at a local hotel to appraise the members of the activities of the Members Network Panel and the sub-committees formed by the Members Network Panel for the year ending 31 December 2010. ACCA opines that networking at the Annual Network Meeting can provide an excellent opportunity to share practical learning experiences that can supplement members' knowledge, thereby contributing to members' Continual Professional Development (CPD). Mubashir Dagia, Chairman, Members Network Panel gave a presentation on members network panel explaining International Assembly objectives, programme and highlights of MNP's role.
the forums. Tariq Sayeed further said that based on the success of second South Asia - Sichuan Business promotion seminar organized by CCPIT and Sichuan Provincial People's government of which he is the Advisor turned out a new success story of economic cooperation. He further informed the Chairman that Pakistan China Business Council of FPCCI has succeeded in motivating 65 business houses to participate with 120 representatives in the Kunming Commodities Fair 2011 (6 - 10 June 2011). On the sidelines of this fair FPCCI will also actively participate in Trade and Investment Forums to be held on 5th to 7th June 2011 with a strong delegation consisting of businessmen from diversified sectors. He further added that on the invitation of Tariq Puri all the delegates will be persuaded to stay-back and attend the First Pakistan China Forum being organized by TDAP and CCPIT on 8th June which will give further impetus in strengthening cooperation, promoting trade and investment.
KARACHI: Senator Haji Ghulam Ali, President FPCCI being welcomed at Qauid-e-Azam International Airport after successful participation in 12th Board of Directors and 24th General Assembly Meetings of Islamic CCI, where he was elected unanimously as Vice President of Islamic CCI. -Staff Photo
KARACHI: Senator Haji Ghulam Ali, President FPCCI, Ch. Aamer Ata Bajwa, Dawood Usman Jakhura, Fazle Elahi, Ghulam Farooq, Khalid Tawab, Muhammad Akbar Khan, Muhammad Tariq Shafi and Muhammad Usman Shaikh, Vice Presidents of FPCCI have expressed their deep sorrow and grief over the sad demise of Hakim Ali Zardari, father of President Asif Ali Zardari, and declared it an irreparable loss. In a statement, they said the services of Hakim Ali Zardari as politician and Chairman Public Accounts Committee will always be remembered. They expressed their deepest sympathies to President of Pakistan and prayed that may Allah rest the departed soul in eternal peace. Meanwhile, S.M.Muneer, Patron-inChief, KATI, Syed Johar Ali Qandhari, Chairman, Senator Abdul Haseeb Khan, CEO-KITE-DMC, Saleem-uz-Zaman, Shahid Jawed Qureshi, Vice Chairmen-KATI and Mian Zahid Hussain, Former Chairman have offered their deep condolences on the sad demise of Hakim Ali Zardari, father of Asif Ali Zardari, President of Islamic Republic of Pakistan. -PR
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Friday, May 27, 2011 Top Economic Events
Euro falls to record low vs franc on Greece worries Eurogroup Juncker comments put markets on edge NEW YORK: The euro fell to a record low against the Swiss franc on Thursday after comments from Eurogroup president Jean-Claude Juncker raised doubts about whether the IMF would release the next aid tranche for Greece. The euro also trimmed most gains versus the US dollar, after earlier climbing above $1.42 on a news report China is interested in buying bailout bonds for Portugal. "The market was caught a bit long up near $1.42 and then Juncker's saying the IMF may not release the next tranche for Greece really got the market worried. Everyone was hitting bids and asking questions later," said Steven Butler, head of trading at Scotia Capital
in Toronto. The euro fell as low as 1.2235 Swiss francs, according to electronic trading platform EBS, before recovering slightly to 1.2243 francs, down 0.5 per cent on the day. Against the dollar, the euro was last at $1.4094, up 0.1 per cent. Support lies around the psychologically important level of $1.4000, which also marks the 200-week moving average. The 100-day moving average is just below there at around $1.3996. If the euro does make a sustained
break below $1.4000 then $1.3770, a 38.2 per cent Fibonacci retracement of the euro's rise from June 2010 to May 2011, could be a key support, traders
said. The International Monetary Fund cannot continue to lend to Greece until it has financing assurances from EU partner countries for the bailout program, an IMF spokeswoman said on
Asian currencies
Won, ringgit see best day in 11 months SINGAPORE: The South Korean won and the Malaysian ringgit posted their best gains in 11 months on Thursday, leading other emerging Asian currencies higher, as investors returned to riskier assets and the euro rebounded above a key pivot level. Short-term speculators entered fresh dollar-short positions against emerging Asian currencies, despite lingering worries about the euro-zone's debt crisis with Greece fighting to avoid a debt restructuring that could have a huge ripple effect across other European countries struggling with gaping fiscal deficits. Any fresh negative news from Greece and other debt-ridden euro-zone members may
sour sentiment again, analysts and dealers said. The won posted its biggest daily percentage gain in 11 months as local interbank and offshore funds cleared dollar-long positions to stop losses. Exporters also bought the South Korean currency for settlements. The won closed local trade up 1.24 per cent against the dollar, the largest since June 21, 2010, according to Reuters calculations. With the Thursday's gain, the support line becomes stronger and the won may strengthen more if the euro rebounds more. Still, dealers are reluctant to buy it more aggressively as the won finds some resistance lines around 1,083, such as the 20day moving average. The ringgit also poised to
Stg bumps up, Greece debt haunts euro LONDON: Sterling hit a 2 1/2-month high against the euro on Thursday as investors dumped the single currency on growing speculation that Europe may be expected to offer more debt aid to Greece. Demand from real money and Asian investors boosted the pound while Greece's problems shook confidence in the euro, but sterling gains may be capped as the UK economy
faces its own risks, while low interest rates keep returns on UK assets lower than many other currencies. The pound climbed to 86.11 per euro, its highest since midMarch, after Eurogroup President Jean-Claude Juncker said that should the International Monetary Fund not pay its next tranche of aid to Greece, there would be pressure on reluctant European Countries to do so. "It's a combination of news on the euro-zone, including Juncker's negative comments on Greece. There's a lot of
uncertainty about what a debt profile would contain and how far it may go," said Ankita Dudani, currency strategist at RBS. "Sterling, on the other hand, doesn't have the same baggage." But Dudani and many analysts believe that while euro weakness offers more support to sterling, expectations the UK economy will struggle to
recover and the view that UK rates will stay low could haunt the UK currency at any time. In late London trade, the euro traded at 86.20 pence. The euro had been on the backfoot for much of the London session, but its break below key support at 86.49 pence, its 100-day moving average, had triggered additional selling. Sterling traded 0.4 per cent higher on the day at $1.6339. Its break above resistance at $1.6289, its 55-day moving average, in earlier trade had pushed it as high as $1.6377. Reuters
post its biggest daily percentage gains in 11 months as shortterm speculators entered dollarshort positions and on stop-loss dollar sales. The Malaysian currency also found support from demand linked to fixing. The ringgit gained 0.8 per cent against the dollar, the biggest daily gain since June 28 last year, according to Reuters calculations. But a Kuala Lumur-based dealer doubted if the ringgit would rise more, adding the euro must rise above $1.42 and the Australian dollar also must gain above $1.06. The Singapore dollar gained as overnight US dollar long positions were bailed out when the city-state currency strengthened past 1.2460 per the greenback. -Reuters
Swiss franc off record vs euro ZURICH: The Swiss franc slipped against the euro on Thursday after hitting an all-time high in the previous session, as a report China might be interested in buying Portuguese "bailout bonds" boosted the single currency. The franc surged to a new record high of 1.2297 against the euro on trading platform EBS on Wednesday, as ongoing euro-zone debt woes spurred buying of the traditional safe-haven currency. Reto Huenerwadel, economist at UBS, said the franc continued to be supported by both positive news from Switzerland and negative news from Europe. Swiss Interest rate futures do not fully price in a rate hike of 25 basis points by the SNB until March 2012, with some chance of a move in December. Data on Thursday showed Swiss exports in April rose from a year earlier, but prices softened as the industry tried to offset the strong Swiss franc with lower prices abroad. Earlier this week SNB Vice Chairman Thomas Jordan said he was "very worried" about the exchange rate and that monetary policy reacted chiefly to the outlook for inflation. Against the euro the franc was down 0.5 per cent compared to the New York close, trading at 1.2356 francs per euro at 0726 GMT. The franc was up 0.2 per cent against the dollar at 0.8711 francs per dollar. -Reuters
Aussie, kiwi rally on rousing investment outlook SYDNEY/WELLINGTON: The Aussie and New Zealand dollars leapt against the greenback on Thursday, underpinned by a commodity rally and a very strong outlook for Australian business investment, keeping upward pressure on interest rates. The Australian dollar gained three quarters of a cent to $1.0602, before steadying at around $1.0590, having bounced off a one-month low of $1.0440. Support is seen at $1.0510 with resistance at $1.0610, ahead of a strong barrier at $1.0716. The boost followed upbeat estimates for business investment in Australia for the next couple of years, in a bullish sign for future growth. Planned spending for 2011/12 jumped to a massive A$139.54 billion, supporting the Reserve Bank of Australia's (RBA) upbeat outlook on the economy. The RBA has been counting on a boom in mining investment to drive economic growth for the next couple of years. However, GDP for Q1, due out next week, could show a contraction or no growth due to Queensland's damaging floods earlier in the year. Markets are pricing an 11 per cent chance of a rate increase in June and a total tightening of 24
basis points for the next 12 months. The RBA has raised rates by 175 bps to 4.75 pct since 2009. A recovery in commodity prices prompted hedge funds to take on risky trades again, fuelling appetite for the Aussie and New Zealand dollars. Indeed, the kiwi jumped more than one per cent to a four-week high of $0.8076 from $0.7970 in early trade. Support is seen at $0.8017 and resistance at $0.8083. Reports that China was on the lookout for offshore assets in which to invests its pile of foreign currency holdings, boosted the euro, according to Imre Speizer, Westpac senior markets strategist. The kiwi was also buoyed by upbeat comments from the OECD forecasting New Zealand's economy to rebound strongly on the back of earthquake reconstruction, with growth accelerating to 4.1 per cent next year. The Aussie dropped sharply to its lowest in three-month at NZ$1.3112 from NZ$1.3213 against the kiwi, after a report by financial website interest.co.nz said China has earmarked NZ$6 billion for investing in a range of New Zealand assets. -Reuters
Thursday. Should the International Monetary Fund not pay its next tranche of aid to Greece, then there would be pressure on reluctant European countries to do so, Juncker said. "If the Europeans have to acknowledge that the disbursement from the IMF on 29 June cannot be operationally implemented then the expectation of the IMF is that the Europeans would step in for the IMF and take upon themselves the IMF's portion of the financing," he said at a conference. "That won't work because in certain parliaments -- Germany, Finland and the Netherlands and others too -- there is no preparedness to do so," he said. Reuters
Yuan hits record high on cbank's guidance SHANGHAI: The yuan hit a record against the dollar on Thursday as the People's Bank of China set the mid-point at a new peak after the dollar index's pullback, which could give the central bank a chance to raise the yuan further. But dealers said further appreciation in the yuan was to be expected, not only because of a weaker dollar, but as China has domestic concerns it needs to tackle such as inflation. "The key role for yuan appreciation is to fight against high inflation for now," said a dealer at an European bank in Shanghai. Indeed, the fixing's previous record high was 6.4948 set on May 11 when the dollar index was at 74.6. But the dollar had risen around 1.8 per cent by the time the PBOC set Thursday's record high fixing of 6.4921. Spot yuan finished off the day's highs at 6.4915 versus the dollar compared with Wednesday's 6.4934. The Chinese currency has now appreciated 5.16 per cent since it was depegged from the dollar in June 2010, and 1.50 per cent since the start of this year.
Dealers said that while the market widely expects the yuan to rise further as the dollar weakens, the euro-zone debt crisis could restrain gains. Offshore, one-year nondeliverable forwards (NDFs) were little changed, even though the Chinese central bank set a record high midpoint. The market was unwilling to add fresh NDF positions due to growing risk aversion in the last few days triggered by the European debt crisis, dealers said. "One thing we are seeing is a lot of unwinding of sellUSD/CNH-buy-USD/CNY NDF-trades put on earlier which might check any sharp spike in USD/CNY NDFs," said a dealer at a Chinese bank in Hongkong." That trade unwinding seems to have some more room to run and we might see a further uptick in USD/CNH forwards." One-year NDFs were bid at 6.3760, little changed from 6.3790 at Wednesday's close. Their implied yuan appreciation in a year's time was 1.82 per cent versus 1.77 per cent previously. -Reuters
Indian rupee off highs; dlr demand weighs MUMBAI: The Indian rupee ended off highs on Thursday after trading in a narrow band as strong month-end dollar demand from importers offset positive local shares and the euro's gains against the dollar. The partially convertible rupee ended at 45.30/31 per dollar, 0.1 per cent stronger than Wednesday's close of 45.3475/3550. It had traded in a 45.20-45.335 range during the day. "We have seen good amount of demand from importers. There were some inflows, but the demand was more," said Ashtosh Raina, head of forex trading at HDFC Bank. "Tomorrow there will be the same choppy movements with slight month-end demand. It should be around these levels only," he said. The one-month onshore forward premium was steady at 21.50 points. The three-month was at 69.50 points versus
69.75 at previous close and the one-year was at 263 points against 256.75. The one-month offshore non-deliverable forward contracts were quoted at 45.50, 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 45.3050, 45.3075 and 45.3100 respectively, with the total volume at $9.6 billion. Reuters
Time 4:01 4:30 11:00 All Day 14:30 17:30 17:30 17:30 18:55 18:55 19:00
Source GBP JPY GBP EUR CHF USD USD USD USD USD USD
Events GfK Consumer Confidence Tokyo Core CPI y/y Nationwide HPI m/m German Prelim CPI m/m KOF Economic Barometer Core PCE Price Index m/m Personal Spending m/m Personal Income m/m Revised UoM Consumer Sentiment Revised UoM Inflation Expectations Pending Home Sales m/m
Forecast -31 0.2% 0.1% 0.1% 2.22 0.2% 0.5% 0.4% 72.5 -0.9%
Previous -31 0.2% -0.2% 0.2% 2.29 0.1% 0.6% 0.5% 72.4 4.4% 5.1%
Source
Events
Actual
Forecast
Previous
CHF EUR CHF USD USD USD USD
Trade Balance German Import Prices m/m Employment Level Prelim GDP q/q Unemployment Claims Prelim GDP Price Index q/q Natural Gas Storage
1.52B 0.3% 4.11M 1.8% 424K 1.9% 105B
2.01B 0.8% 4.10M 2.2% 403K 1.9% 93B
1.00B 1.1% 4.09M 1.8% 414K 1.9% 92B
Previous Day
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 1.4201 1.4207 0.8662 0.8731 1.6363 1.6374 0.9802 0.9801 1.0612 1.0624 115.38 116.36 0.8678 0.8710 1.2299 1.2359 133.03 133.77 93.85 94.19 1521.15 1530.74
Bid 1.4198 0.8658 1.6358 0.9798 1.0608 115.34 0.8674 1.2294 132.94 93.79 1520.39
Low 1.4072 0.8652 1.6269 0.9758 1.0514 115.11 0.8643 1.2277 132.69 93.65 1515.20
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 26/05/2011 A USD GBP CAD EUR JPY O/N 0.12900 0.56438 0.98750 1.05500 SN 0.10875 1WK 0.16380 0.58650 1.02667 1.13125 0.11750 2WK 0.17200 0.59750 1.05083 1.14500 0.12375 1MO 0.19125 0.62500 1.09167 1.18875 0.13938 2MO 0.22425 0.70000 1.12667 1.23563 0.16000 3MO 0.25400 0.82625 1.19750 1.38125 0.19563 4MO 0.29475 0.89750 1.26958 1.46813 0.24188 5MO 0.35025 1.00313 1.33458 1.55563 0.29750 6MO 0.40375 1.10688 1.39917 1.66825 0.34188 7MO 0.45975 1.19313 1.48500 1.73813 0.39063 8MO 0.51350 1.28000 1.56500 1.81313 0.43750 9MO 0.56525 1.36188 1.64083 1.89438 0.48188 10MO 0.62100 1.44563 1.73083 1.97188 0.51063 11MO 0.67300 1.51688 1.82167 2.03625 0.53625 12MO 0.73125 1.58563 1.91208 2.10938 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 26,2011 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
85.60 139.62 121.12 87.63 98.24 90.52 13.59 1.04 15.50 68.84 16.24 22.82 11.00 310.03 28.12 69.02 23.51 23.31 0.08 2.83
85.40 139.29 120.84 87.43 98.01 90.31 13.56 1.04 15.46 68.68 16.21 22.77 10.97 309.31 28.06 68.86 23.45 23.25 0.08 2.82
85.18 138.91 120.48 87.20 97.76 90.07 13.53 1.04 15.42 68.50 16.16 22.71 10.94 308.49 27.98 68.68 23.39 23.19 0.08 2.81
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for May 26, 2011
KASB 0-7days 13.30 8-15dys 13.30 16-30dys 13.22 31-60dys 13.25 61-90dys 13.30 91-120dys 13.32 121-180dys 13.60 181-270dys 13.72 271-365dys 13.83 2-- years 13.95 3-- years 13.98 4-- years 14.02 5-- years 14.03 6-- years 14.04 7-- years 14.07 8-- years 13.65 9-- years 14.08 10--years 14.08 15--years 14.40 20--years 14.60
BMA 13.40 13.30 13.30 13.30 13.32 13.40 13.60 13.66 13.81 13.94 13.96 14.04 14.03 14.09 14.06 13.40 14.07 14.08 14.30 14.70
ELXIR 13.40 13.30 13.25 13.28 13.33 13.41 13.59 13.77 13.84 13.97 13.98 14.00 14.00 14.05 14.06 13.54 14.10 14.10 14.47 14.72
GSL 13.35 13.25 13.20 13.25 13.30 13.40 13.60 13.70 13.83 13.90 14.02 14.03 14.03 14.07 14.08 13.60 14.07 14.09 14.30 14.50
ICSL 13.40 13.20 13.25 13.20 13.35 13.38 13.58 13.70 13.82 13.92 14.00 14.03 14.00 14.08 14.08 13.60 14.08 14.07 14.10 14.15
JSCM AvgRate 13.35 13.37 13.25 13.27 13.25 13.25 13.25 13.26 13.32 13.32 13.35 13.38 13.58 13.59 13.70 13.71 13.80 13.82 13.97 13.94 14.01 13.99 14.01 14.02 14.02 14.02 14.06 14.07 14.04 14.07 13.52 13.55 14.07 14.08 14.09 14.09 14.30 14.31 14.40 14.51
Currencies Correlation GBP/USD Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/JPY
week month months months year years
0.89 0.94 0.74 0.75 0.89 0.14
0.26 0.89 -0.01 0.16 -0.56 0.26
0.20 0.77 0.49 0.69 0.66 0.34
EUR/USD NZD/USD
0.45 0.91 0.60 0.85 0.64 0.55
0.54 0.95 0.83 0.92 0.93 0.85
USD/CAD USD/CHF
0.25 0.81 0.68 0.52 0.85 0.12
-0.50 -0.95 -0.81 -0.88 -0.81 0.14
-0.85 -0.76 -0.70 -0.79 -0.91 -0.46
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)26/05/2011 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 13.25
13.75
13.15
13.65
13.10
13.60
13.20
13.45
13.50
13.75
13.60
14.10
13.75
14.25
13.90
14.40
JSBL
13.25
13.75
13.20
13.70
13.20
13.70
13.25
13.50
13.55
13.80
13.60
14.10
13.70
14.20
13.80
14.30
ASPK 13.30
13.80
13.10
13.60
13.15
13.65
13.10
13.35
13.40
13.65
13.60
14.10
13.70
14.20
13.80
14.30
CIPK
13.15
13.65
13.15
13.65
13.15
13.65
13.20
13.45
13.45
13.70
13.60
14.10
13.70
14.20
13.80
14.30
DBPK 13.10
13.60
13.00
13.50
13.00
13.50
13.10
13.35
13.35
13.60
13.55
14.05
13.70
14.20
13.75
14.25
FBPK 13.25
13.75
13.20
13.70
13.10
13.60
13.15
13.40
13.45
13.70
13.60
14.10
13.70
14.20
13.90
14.40
FLAH 13.30
13.80
13.20
13.70
13.10
13.60
13.15
13.40
13.45
13.70
13.55
14.05
13.70
14.20
13.80
14.30
HBPK 13.20
13.70
13.15
13.65
13.10
13.60
13.15
13.40
13.45
13.70
13.60
14.10
13.70
14.20
13.80
14.30
HKBP 13.10
13.60
13.15
13.65
13.10
13.60
13.15
13.40
13.40
13.65
13.55
14.05
13.70
14.20
13.80
14.30
NIPK
12.90
13.40
12.90
13.40
13.00
13.50
13.25
13.50
13.40
13.65
13.50
14.00
13.60
14.10
13.70
14.20
HMBP 13.20
13.70
13.20
13.70
13.15
13.65
13.25
13.50
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
SAMB 13.10
13.60
13.10
13.60
13.10
13.60
13.15
13.40
13.45
13.70
13.55
14.05
13.65
14.15
13.75
14.25
MCBK 13.20
13.70
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 13.20
13.70
13.15
13.65
13.10
13.60
13.10
13.35
13.40
13.65
13.60
14.10
13.70
14.20
13.80
14.30
SCPK 13.20
13.70
13.10
13.60
13.10
13.60
13.10
13.35
13.45
13.70
13.55
14.05
13.70
14.20
13.80
14.30
UBPL 13.20
13.70
13.20
13.70
13.15
13.65
13.25
13.50
13.50
13.75
13.50
14.00
13.60
14.10
13.90
14.40
AVE
13.70
13.15
13.65
13.11
13.61
13.17
13.42
13.45
13.70
13.58
14.08
13.70
14.20
13.80
14.30
13.20
4 Friday, March 27, 2011
The Financial Daily International Vol 4, Issue 205
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board
Challenges ahead of FY12 budget Sayem Ali
A
ccording to preliminary government estimates, real GDP Haseeb Khan, FCA S. Muneer Hussain Rizvi growth has slowed to 2.4% in Asim Abbas Ashary, CPA Khurram Shehzad, CFA FY11 (ends 30 June 2011) from 4.1% Akhtar M. Zaidi, FCA Prof. Zakaria Sajid (KU) in FY10. The slowdown was caused by Dr. A. Hadi Shahid, FCA Zahid Bukhari SVP HBL (retd) the cost of the August 2010 floods, estimated at USD 9.8bn (5% of GDP), Muhammad Arif Ismat Sabir with heavy damage to cash crops and Head office infrastructure. Industrial output likely 111-C, Jami Commercial Street 11, Phase VII, DHA Karachi declined 0.1%, and private investment Telephone: 92-21-35311893-6 Fax: 92-21-35388428 spending fell 3.1%, declining for the URL: www.thefinancialdaily.com third straight year. Private consumption Email Address: editor@thefinancialdaily.com spending (7%) and government spendLahore office ing (7.5%) were the key drivers of 24- Peshawar Block, Fortress Stadium, Lahore growth. Real per-capita GDP has Telephone: 92-42-6675595 Fax: 92-42-6664349 increased 0.8% to USD 1,200 in FY11. Email Address: editor@thefinancialdaily.com Headline inflation remains the biggest headache for policy makers, with CPI inflation averaging 14.1% in FY11, up from 11.7% in FY10. The key inflation driver has been money printing by the government to finance its large deficits. In the first 10 months of FY11, the government printed PKR 213bn (1.2% of GDP), fuelling inflation. Rising food and energy prices have also pushed up inflation. According to government estimates, headline inflation is likely to remain high, at in FY12, due to cuts in power The Government of Pakistan (GoP) failed in 14%, subsidies and new tax measures in the reading the changing stance of the United FY12 budget. Record exports, remittances lead to States, when it decided to include India as a surplus strategic partner in Afghanistan in the plan The currentC/A account posted a surplus post withdrawal of NATO forces. The US is of USD 748mn (0.4% of GDP) in Q1Q3 of the current fiscal year (July 2010 never tired of putting pressure on Pakistan and to April 2011), compared to a deficit of asking 'to do more' and also undertaking drone USD 3.5bn (2% of GDP) in the same attacks in Pakistan. period a year earlier, on record-high The inclusion of India in any plan for exports and remittances. Exports poststrong growth of 27% y/y during the Afghanistan is nothing but giving it the status of ed period, rising to USD 20.5bn, and are the regional super power. India has attained this projected by the government to exceed USD 24bn for full-year FY11. The only because many of the US citizens of Indian rise in international cotton prices origin are occupying the key positions in the US sharp boosted exports of cotton (33%) and administration. value-added textiles (32%) during the Historically, the US tilt has always been nine-month period. Surplus stocks of have been exported, bringing in towards India and its recognition as the wheat additional receipts. Leather (55%) and regional super economic power. Indian con- refined petroleum products (45%) are flict with China at the instigation of the US Pakistan's other major export goods. Remittances increased to USD 9bn brought it disgrace in sixties. The resistance during the July 2010-April 2011 periput up by Pakistan with the support of the US od, rising 24% y/y. Workers in the oilmilitary when the USSR assaulted rich Gulf states have experienced a significant rise in incomes due to higher Afghanistan culminated at the disintegration oil prices and record stimulus spending of the second super power. by governments in Saudi Arabia, the However, in 2001 when the US decided to UAE and Kuwait. The government
projects full-year remittances at USD 10.5bn (5% of GDP). PKR under stress on lower external financing Despite the current account surplus, the Pakistani rupee (PKR) has continued to decline against the US dollar, closing at 86.5 on 20 May versus 84.4 in May 2010. Large external debt payments and a slowdown in external financing have led to a drawdown of the FX reserves, which had fallen to USD 16.9bn as of end-April 2011 from USD 17.9bn at end-March. FDI declined 29% y/y in the first three quarters of FY11 to USD 1.2bn; foreign portfolio inflows fell 38% y/y to USD 355mn. Multilateral loan disbursement from the IMF, the World Bank and the Asian
US promoting Indian hegemony
attack Afghanistan, Pakistan was forced to join the 'US War' in a rather humiliating manner. Since seventies Pakistan has been fighting proxy war for the US in Afghanistan but always been blamed for hibernating the militants. The duality of the US standards regarding India and Pakistan is evident from 1) providing India lethal arsenals knowing that these would be used against Pakistan only, 2) encouraging it to support rebel groups in East Pakistan for the creation of Bangladesh, 3) passing on nuclear technology for civilian use to India but denying the same to Pakistan, 4) encouraging India to virtually sabotage Iran-Pakistan-India gas pipeline project and 5) allowing India to finance construction of Chahabhar port in Iran and linking it with Afghanistan and Central Asian countries to undermine Pakistan's Gwadar deep sea port. This project is also aimed at capturing Afghan Transit Trade currently being done through Pakistan. Some of the experts allege that Somali pirates' saga is being sponsored by the US to create a justification for the deployment of its naval ships in the Indian Ocean to ultimately get control over oil movement through the historic route. The US Navy already present in the Indian Ocean has been joined by the Indian Navy. Two chock points one at Bay of Aden and other at Malacca Strait have been created to disrupt oil supplies to Europe on one hand and to China, Japan and Korea on the other hand. The US has virtually got control over oil and gas reserves of the Central Asian countries and wants Europe be the buyer, at its terms. The time has come for Pakistan to ask the US to prove that it is a friend and not a foe. Any attempt to give India the status of regional super power could create more conflicts rather bringing peace to the region.
Disclaimer:
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Development Bank has slowed due to the country's weak fiscal position. IMF loan suspended on debt concerns Disbursement of the IMF's USD 11.3bn loan to Pakistan has been suspended since May 2010 as the government has delayed key tax and expenditure reforms, leading to a widening of the fiscal deficit and a sharp increase in debt. USD 3.8bn is currently outstanding under the IMF loan, which has been extended to September 2011. The IMF wants to see significant fiscal consolidation in the FY12 budget, with a reduction of the deficit to 4% of GDP from an estimated 6% in FY11. Debt sustainability remains a concern, and unless the government increases tax revenues and reduces spending by curtailing subsidies, the IMF is unlikely to release more funds. All eyes on the FY12 budget The FY12 budget is critical to reversing the fortunes of the ailing economy. The government targets reducing the fiscal deficit to PKR 1trn (4.5% of GDP) from 6% of GDP in FY11. Consolidation will be driven by new tax measures and a reduction in energy subsidies. Public debt has increased sharply to 66% of GDP (as of March
2011) from 54.5% in June 2007. This is clearly an unsustainable trajectory, and significant consolidation will be needed to reduce the build-up of debt and bring the IMF back to the table. The government estimates FY12 tax revenues at 1.9trn (9% of GDP), up from an estimated PKR 1.55trn (8.6% of GDP) in FY11. Additional revenues will be generated by the removal of GST exemptions on sectors including fertiliser, tractors, pesticides, garments, leather, carpets, surgical and sports goods, poultry feed, cattle feed, domestic oil, and medicines. These measures are in line with IMF recommendations and do not require parliamentary approval. Earlier efforts to push through GST reforms were hampered by strong opposition from the parliament. The government plans to eliminate power-sector subsidies in the FY12 budget. Energy subsidies are estimated to have cost 1.5% of GDP in FY11. The need for subsidies arises from an inefficient energy transmission network, with line losses of close to 30% and rising energy generation costs. Power tariffs have been raised over 100% in the last three years, but growing line losses and rising oil prices have hampered government efforts to rein in subsidies. The government must benchmark the rise in tariffs to tangible gains in reducing line losses in order to eliminate subsidies. This is also critical to resolving the crippling energy crisis, which results in six to eight hours of power cuts a day. New coalition government President Zardari's PPP-led government has forged a new, broader coalition to deal with Pakistan's political and economic challenges. The coalition includes pro-Musharraf party
PMLQ, the third-largest party in parliament. Smaller regional ally MQM, which walked out of the coalition over fuel subsidy cuts in January 2011, has also rejoined. This strengthens the government's position ahead of the key FY12 budget, due in June; failure to
pass the budget would result in fresh elections. A broader coalition should help the government to push through tax and subsidy reforms, which are crucial to putting the economy back on track. Osama still haunts Pakistan-US relations The capture and death of Osama bin Laden by US forces near Pakistan's capital has shaken the government. The failure of the country's intelligence agencies to capture Osama, who had declared war on the state of Pakistan for being a key ally of NATO forces in Afghanistan, has damaged the credibility of the powerful military establishment. Al-Qaeda and affiliates including the Taliban have waged a bloody insurgency inside Pakistan that has resulted in the deaths of over 35,000 civilians and military personnel in the last 10 years. Relations with the US have hit rock bottom, with likely implications for aid flows and the fight against AlQaeda and the Taliban. Terrorists have stepped up deadly attacks inside Pakistan, and the government is bracing itself for an escalation of violence. The US forces' unilateral action against bin Laden has reignited debate in both Pakistan and the US over the trust deficit between the two allies. While the Pakistani government is relieved to see the end of Osama bin Laden, the parliament has made a tough unanimous resolution condemning the unilateral US action as a breach of its sovereignty. Parliament is also offended by the increase in US drone attacks inside Pakistan, which has fanned resentment in tribal regions due to the civilian casualties. The ranks of the Taliban have swelled as a result of the drone strikes, fuelling the insurgency inside Pakistan. The Obama administration has sent over high-ranking officials including Senator John Kerry to re-engage the Pakistani government. However, US lawmakers are frustrated at the lack of clear commitment from the Pakistani establishment. Relations are unlikely to normalise until these deeply contentious issues are resolved. This could possibly lead to a slowdown in US aid flows to Pakistan. The US had pledged USD 1.5bn of annual assistance under the Kerry-Lugar bill and USD 500mn of military assistance. More importantly, a breakdown in relations between the allies would strengthen Al-Qaeda and Taliban forces, slowing progress in the war on terror.
US War Formula? Asim Jaleel Abro
H
istory, as we know it, is not merely a chronological compilation of events and facts, but rather also reflects the perceptions and convenience of those in power. Dr. Mubarak, a renowned historian, once stated that history is always been written by the conquerors, and they always make justifications for their invasion, drawing brutal and demonized image of the enemy. The delineation of 'self' versus 'other' to justify brutalities in wars and other 'political moves' has been a successful tool in manipulating public opinion. Taking this proposition further, Anthony Pratkanis, Professor of Psychology at the University of California at Santa Cruz, states that "War is fought not just with bullets and rifles and tanks, but with influence tactics and words and a communication environment". Historically, World War-II was a pioneer in this regard. It was termed "radio war", a pioneer example of how media was used for political gains. During Iraq war presence of high profile journalists during the war, covering each and every atrocity inflicted by the 'enemy', won the support of millions across the world, depicting the United States as a 'hero'. Americans played an instrumental role in justifying their position throughout the world by depicting the 'Arabs' as the atrocious others. The television war was also fought from another frontthrough propaganda. According to the dictionary definition of the word, "Black Propaganda 'that' which does not come from the source it claims to come from".
Following the recent Osama bin Laden episode in Pakistan, the international eyes have turned to Pakistan along with rumors of an extended presence of Al Qaeda in other parts of the country. According to a survey conducted by the World Public Opinion Organization in 2008, only 6 per cent of the Pakistani people considered Pak-US cooperation beneficial for Pakistan, while 44 per cent deem it "only in the interest of the US. Another 29 per cent go to the extent of saying that "they have hurt the interests of Pakistan" and a roaring 72 per cent regard "US military presence in Asia as a major threat to Pakistan". Subsequent to the Abbotabad episode, one can safely say that the opinion about Pak-US cooperation only deteriorated. The propaganda logic was applied by Philip M. Taylor and Ray Eldon Hiebertthe two renowned defense analysts, to the Iraq war highlighting the effectiveness of media in manipulating the ideology of the general public. Both of the authors sketch chronological sequence of events employing "propaganda" formula, highlighting how the United States was successful in dramatizing the situation in Iraq, thus provide adequate justification to wage war, with of course no mention of any black gold interests that the perpetrators may have. If analysed from this perspective, it may seem that history in repeating itself in Pakistan's case. It all starts through "framing the issues"; in the case of Iraq, Saddam Hussain was depicted as a cruel leader posing a "threat to humanity", who must be expelled. The analogy in
Pakistan's case would be the group of radicals called the Taliban/al Qaeda whose epic terrorist brutalities in Pakistan and globally make it fertile ground for war. The recent chance discovery and killing of Osama bin Laden, the 'big fish' himself, now is perceived as a first step in hunting down all main leaders of the Al- Qaeda movement which are 'presumably' in Pakistan. The second stage comes with stories of metaphor. In case of the Iraq war, USA justified their infiltration by bringing to the forefront allegations of Saddam's connection to al Qaeda and presence of weapons of Mass Destruction in the country . Similarly, in Pakistan's volatile law and order situation, the Taliban presence manifest in chronic suicide bombings is suffice to motivate International community, raising apprehensions that Pakistan's nuclear weapons could go in to wrong hands. Hence Pakistan needs to put additional effort to secure their weapons and for this none other than the US will provide Pakistan with the much needed technological and financial assistance. One of the trickiest parts of Iraq battle was embedding 600 journalists for live coverage. Although they were instructed about the nature and content of the coverage, yet the impression of uncensored coverage was unequivocally signaled. Recalling the recent bin Laden operation, even till this hour, no authentic news has appeared certifying his presence in the compound, ensuring the availability of computers laptops and other data depositories. To a layman, the objectivity of US interventions, even for drone attacks, is questionable. International and local media
has been restricted to cover such incidences owning to volatile law and order situation. In contrast, this might be a tactic to hush the voices from the Taliban/al- Qaeda end so as to endorse legitimacy of the US stand. Some of the media circles repetitively deplored the recent act of blowing girls schools in northern areas. Nevertheless, media never disclosed that paramilitary forces were using these schools as foxholes and base camps- another tactic to defame the enemy. In order to win sympathies, and build positive image public relations has immense importance. Unfortunately, in Pakistan's case, USA is indeed legitimizing its public image, but at the expense of Pakistan. Although "big star" stage, when Defense Secretary Rumsfeld turned famous like a rock star, and the final stage victory celebrations are yet to be witnessed. Washington Post, elaborating Rumsfeld's popularity once wrote that "in the Iraq war his popularity with many Americans soared even higher, his war plan was called audacious". Irrespective of the objectives US intends to achieve in relation with its trusted ally in South-east Asia, apprehensions persist amongst the Pakistanis considering the unstable and fragile status of Afghanistan and Iraq following the wars. Our foreign policy makers can not rule-out the probability of America's repeating its pattern, yet keeping in consideration the strengths and strategic interests of the super power, Pakistan should look in to the possibilities and way-outs in a collaborative manner with the US to avoid daunting repercussions.
Who will lead the nation? After May 2 and May 22 incidents, World is now pointing fingers at security of our nukes. US-India-Europeans want to establish that our nukes are not safe and could go into terrorist's hands. So the job, which could not be done by India
and US, has now been accomplished by Tahik-e-Taliban Pakistan (TTP) by attacking a number of attacks on our defence and security installations. Now it is proved that the enemy is within our lines. But unfortunately
some elements especially from some religious groups still have sympathizes for those terrorists and extremists. There is need that People, who are supporting Taliban, should be treated first to save Pakistan.
Nation and armed forces must unite to counter their designs. Where are our rulers, they should also come forward to deliver, if they will not lead the nation, how this menace would be controlled. Afraz Ahmed, Karachi
5
Friday, May 27, 2011
South East Asian stocks
Mostly rise on commodity-led buying
European shares end slightly lower on debt, data KSE-100 Index Opening Closing Change % Change Turnover (mn)
12,168.12 12,198.12 30.00 0.25 101.52
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,269.62 3,300.33 30.71 0.94 6.21
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,754.25 2,746.61 -7.64 -0.28 0.08
Major Gainers
Symbol
Close
Change
NESTLE 3,549.70 BATA 510.67 NRL 350.10 SHEL 229.13 ATRL 131.80
38.51 24.31 16.67 8.35 6.27
Major Losers
Symbol
Close
Change
ULEVER 5,100.98 SAPL 145.06 EXIDE 196.13 BTL 63.20 QUET 54.21
-66.02 -5.93 -3.82 -2.95 -2.84
Top 5 Volume Leaders
Symbol
Close Vol (mn)
BOP JSCL BYCO LOTPTA NCPL
6.60 8.15 9.47 15.20 17.13
10.44 7.03 4.76 4.53 4.33
Active Issues Plus Minus Unchanged
185 91 79
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Dec 10) Urea Offtake (Dec 10) Urea Price (Rs/50 kg) DAP Offtake (Jan to Dec 09) DAP Offtake (Dec 10) DAP Price (Rs/50 kg)
6,123 626 1,020 1,317 90 3,143
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Jan 11) 47,153 Sales (July 10 to Jan 11) 45,113 Production (Jan 11) 6,698 Sales (Jan 11) 6,793
INDUS MOTOR CO Production (July 10 to Jan 11) Sales (July 10 to Jan 11) Production (Jan 11) Sales (Jan 11)
29,078 28,293 5,596 5,885
HONDA ATLAS CAR Production (July 10 to Jan 11) 9,279 Sales (July 10 to Jan 11) 8,779 Production (Jan 11) 1,511 Sales (Jan 11)
1,904
DEWAN FAROOQ MOTORS Production (July 10 to Jan 11) Sales (July 10 to Jan 11) Production (Jan 11) Sales (Jan 11)
186 113 0 23
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (Feburay 4,11) 5,046,861 Advances (Feburay 4,11) 3,140,675 Investments (Feburay 4,11) 2,100,015 Spread (Feburay 4,11) 7.61%
OIL MARKETING CO (000 tons) MS (Jul 10 to Dec 10) MS (Dec 10) Kerosene (Jul 10 to Dec 10) Kerosene (Dec 10) JP (Jul 10 to Dec 10) JP (Dec 10) HSD (Jul 10 to Dec 10) HSD (Dec 10) LDO (Jul 10 to Dec 10)) LDO (Dec 10) Fuel Oil (Jul 10 to Dec 10) Fuel Oil (Dec 10) Others (Jul 10 to Dec 10) Others (Dec 10)
PRICES (Ex-Refinery) MS (1 Feb 11) MS (1 Jan 11) MS % Chg Kerosene (1 Feb 11) Kerosene (1 Jan 11) Kerosene % Chg JP-1 (1 Feb 11) JP-1 (1 Jan 11) JP-1 % Chg HSD (1 Feb 11) HSD (1 Jan 11) HSD % Chg LDO (1 Feb 11) LDO (1 Jan 11) LDO % Chg Fuel Oil (1 Feb 11) Fuel Oil (1 Jan 11)
1,122 188 81 15 727 138 3,426 634 32 6 4,331 690 6 2
Rs 51.74 49.41 4.72% 58.28 55.01 5.94% 58.51 55.24 5.92% 61.80 58.55 5.55% 55.32 53.46 3.48% 47,931 45,947
Despite profit taking KSE remains in green Nawaz Ali KARACHI: Share prices continued upward trend at the Karachi Stock Exchange for the fourth straight day during the week on Thursday. Investors bought shares on hopes of some good news regarding replacement of Capital Gains Tax (CGT) in the upcoming federal budget. The benchmark KSE-100 index increased by 30 points to close at 12,198 points, KSE-30 index rose by 18 points to close at 11,821 points and KSE allshare index was up by 23 points to close at 8,485 points. "Investors expectations that the upcoming budget may bring good news for the market and key sectors resulted in index gains", said Samar Iqbal, equity dealer at Topline Securities. Market started the day with seven points up after which gains gradually accumulated
and index near the mid-day touched an intra day high of 12,259 points (+ve 91). According to the experts, investors are hoping that the government may replace the CGT with 0.02 per cent Withholding Tax on both sides of transactions in the forthcoming federal budget scheduled to be announced on June 3. It should be noted that over concerns related to filing of Capital Gains Tax returns investors preferred to stay on the sidelines due to which market witnessed some lackluster activities a few days back. Though, the index remained in the positive zone till the closing bells rang but some profit taking was observed during the later half, which wiped out most of the gains made earlier. However, market managed to close the session on a positive note. According to an equity dealer, Refinery sector remained in the
limelight on the expectations that Government may maintain deemed duty on HSD at 7.5 per cent against the market expectation of reduction in duty to 5 per cent. Both NRL and ATRL closed at their upper locks as buying was supported by improved 4Q GRM at US$7.5/barrel, up 34 per cent QoQ. Despite a positive ending, volumes declined to 101.5 million during the day which was 21.4 million shares less as compared to a turnover of 122.9 million shares on Wednesday. Most of the shares were traded in low cap stocks with Bank of Punjab emerging as the volume leader with 10.44 million shares followed by Jahangir Siddiqui Co., with 7.03 million shares and Byco Petroleum with 4.76 million shares. Out of total 355 active issues; 185 advanced and 91 declined while 79 issues remained unchanged.
China slips on inflation worries
Hong Kong shares edge up HONG KONG: Hong Kong shares staged a mild rebound on Thursday, as financials continue to draw in investors, while China stocks finished lower, weighed by small-caps which are seen as more vulnerable to policy tightening. Higher oil prices pushed up Hong Kong's energy counters while valuations attracted investors to financials, in particular, large cap banking shares helping to support the Hang Seng which closed up 0.7 per cent. HSBC's 1.7 per cent gain was the top boost on the index, followed by oil major CNOOC which rose 2.9 per cent. The Hang Seng stayed below its 200-day average for the fourth successive day, the longest such streak this year. Turnover, at under HK$60 billion, is headed for its worst week this year with the benchmark poised for its worst monthly returns since May last year, suggesting that further
gains may be a struggle for the Hang Seng. While weak markets in Shanghai, hobbled by liquidity concerns and now trading in negative territory on the year, have kept investors wary, analysts say large cap banking shares are trading at attractive valuations and could affect a turnover in the markets in the run up to half yearly earnings numbers. "These are the least leveraged banks in the world as a group in China," said Paul Schulte of CCB International in a Reuters Insider interview, adding that this was true especially of the large banks. "So the capacity of these banks, either to create fresh lending or to create new loans a enormous," said Schulte. ICBC, up 0.7 per cent in Hong Kong, trades at 8.4 times its forward 12-month earnings forecasts which is close to its lowest ever, according to Thomson Reuters Starmine.
At the same time, over the past month 10 analysts have raised their earnings forecasts for the year by an average of 3.8 per cent, Starmine data showed, while shares have fallen 7 percent over that period. SHANGHAI WEAKENS China shares surrendered early gains to end down for a sixth straight session on Thursday as small cap indices underperformed the broader market. The Shanghai small cap index was down 0.8 per cent, while the CSI500 index was down one per cent. Paper and paper pulp producer Henan Yinge Industrial Investment lost 9.3 per cent the second-biggest weight on the small-cap index behind Huaneng Power International which shed 1.7 per cent. ICBC shares in Shanghai were the biggest support on the Shanghai Composite, gaining 1.2 per cent. see # 14 page 11
FTSE edges up as strong miners counter weak banks
Indian shares up 1.1 pct
LONDON: Strength in heavyweight mining stocks helped Britain's top share index edge higher on Thursday, countering slippage by banks on euro zone debt concerns. At the close, the FTSE 100 was up 10.9 points, or 0.2 percent at 5,880.99, well below a morning spike above the psychologically important 5,900 level to 5,910.77. "The overall impression ... is that traders are highly anxious about the sovereign debt situation and, given that there is no quick fix for this situation, this anxiety could persist throughout the summer, thereby keeping equities in check for an extended period," said Charles Stanley technical analyst Bill Macnamara. Miners provided the main prop for the FTSE 100 as investors returned to the sector on hopes of a reverse of the flow of funds "largely out of mining and other stocks" in the recent IPO of commodities trader Glencore. "We believe that mining equities are now set to make good gains as index money replaces speculative capital in Glencore and as short posi-
tions used to help fund the IPO are unwound," Fairfax analysts said in a note. Antofagasta was a top blue chip gainer, up 3.5 percent, as the Chilean copper miner posted a 30 percent rise in quarterly core earnings, helped by higher prices. Tobacco stocks were also in demand, led by a 1.3 percent rise in British American Tobacco which agreed to buy privately owned Productora Tabacalera de Colombia, the second largest cigarette company in Colombia, for $452 million. "While small in the context of BAT's overall portfolio, and unlikely to have a material impact on EPS, this transaction shows there are still tuck-under acquisitions available for BAT to deploy its substantial cash flow," said RBS in a note. BANKS BUCKLE Banks were the worst blue chip performers, with partnationalised Royal Bank of Scotland shedding 1.1 percent and global heavyweight HSBC down 0.4 percent as worries over euro zone sovereign debt failed to dissipate. See # 15 page 11
NEW DELHI: Indian shares climbed 1.1 per cent on Thursday in their biggest oneday rise in about three weeks, but lingering concerns of high inflation, rising borrowing costs and the European debt crisis remained. Energy majors Reliance Industries and Oil &Natural Gas Corp led the gains in the main index. Tata Steel rallied 2.3 per cent to 574.15 rupees after the steelmaker reported late on Wednesday a sharp jump in its fourth quarter profit, beating estimates, helped by a one-time gain. Goldman Sachs raised its 12-month price target for the world's No. 7 steelmaker to 774 rupees after the earnings from 761 rupees and maintained its "buy" rating on the stock, citing possible benefit from price hike in Europe. ONGC shares gained 4.6 per cent after a report the discount given by upstream oil companies to state-run fuel retailers may be lowered to a third of the retailers' revenue losses on subsidised sales from 38.7 per cent last year. The main 30-share BSE index closed up 1.11 per cent at 18,044.64 points, with 24 components rising. It was the index's biggest single-day percentage gain since May 6, but trade was choppy with the expiry of monthly derivative contracts. See # 16 page 11
US stocks late-morning
Wall St falls on signs of economic slowdown NEW YORK: US stocks fell on Thursday following a rise in weekly jobless claims that added to concerns about an impending economic slowdown, while Goldman Sachs lowered its forecast for the S&P 500 index. Initial jobless claims unexpectedly rose in the latest week and remained at elevated levels. Gross domestic product rose at an annual rate of 1.8 per cent in the first quarter, unchanged from the previous estimate and down from analysts' expectations for more robust growth. In a sign of rising concern about the economic outlook, Goldman Sachs cut its yearend target for the S&P 500 index to 1,450 from 1,500, citing margin concerns. The lower target represents upside of almost 10 per cent from current levels. "We have seen a string of weak economic reports," said Scott Marseilles, chief technical market strategist at Wells Fargo Advisors in St. Louis. "You have got that with the renewed concerns about Greece." Unsettling markets further, the International Monetary Fund cannot continue to lend to Greece until it has financing assurances from EU partner countries for the bailout program, an IMF spokeswoman said. The Dow Jones industrial average dropped 70.39 points, or 0.57 per cent, to 12,324.27. The Standard & Poor's 500 Index dropped 5.52 points, or 0.42 per cent, to 1,314.95. The Nasdaq Composite Index dropped 1.65 points, or 0.06 per cent, to 2,759.73. Hedge fund manager David Einhorn called for Steve Ballmer, the chief executive of Microsoft Corp, to step down. Shares of the Dow component rose 2 per cent to $24.68. Tiffany & Co shares rose 8.9 per cent to $76.24 after the luxury retailer reported its first-quarter results and raised its outlook.-Reuters
Nikkei up on short covering TOKYO: The Nikkei share average climbed 1.5 per cent on Thursday from a twomonth closing low hit the previous day, boosted by shortcovering in battered shares such as Komatsu as well as the launch of two investment trusts this week. Copier and printer maker Ricoh jumped 4.1 per cent on news that it will slash almost 10 percent of its workforce as it looks to boost its sagging profits and fend off competition from the likes of Canon Inc and Xerox. Financial markets also saw a bit of bounce in risk appetite on Thursday, with climbs in gold and oil prices helping lift sentiment for equities. But further gains for stocks may be elusive amid worries that the planned termination of the US Federal Reserve's quantitative easing and recent tightening by many emerging economies will lead to a slowdown in the global economy. "Whether this rally lasts or not depends on external factors such the US economic recovery but excessive concerns about the possibility of more (immediate) declines have receded," said Kenichi Hirano, a strategist at Tachibana Securities. The Nikkei closed up 139.17 points at 9,562.05, after marking its lowest finish since March 18 the day before. The broader Topix added 1.1 per cent to 827.08. Some market players think the Nikkei will be supported above 9,405, an intraday low hit on April 19, but others say it could fall below that, possibly to around 9,000 in the coming months. "Investors are worried that the global equities' bull run on the back of the Fed's QE2 is clearly running out of steam and that money flows could change," said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. VOICING CONCERNS Japan's economy is also
expected to continue to struggle in the aftermath of the March 11 earthquake, with many market players voicing concerns that the government's supplementary budget for rebuilding could be delayed until late this year due to a political stalemate. Among investment trusts or "toushin" launches this week, Nomura's toushin, launched on Wednesday, attracted 31.9 billion yen ($389 million), a decent sum for a fund focused on domestic stocks and some of that money is likely flowing into the market, players said. Rival Daiwa Asset Management also launched a fund on Thursday, garnering 27.2 billion yen. Gold edged up on Thursday to near its strongest level in three weeks with the euro under pressure from concerns over Europe's sovereign debt problems, while Brent crude futures rose above $115 a barrel on Thursday, supported by a weaker dollar. Oil exploration firm Inpex gained 3.1 per cent to 565,000 yen and refiner JX Holdings ended up 3.2 per cent at 514 yen. Players such as commodity trade advisors (CTAs) and domestic speculators bought back futures, traders said. There was also short-covering in recent underperformers such as construction machinery maker Komatsu, which rose one per cent to 2,402 yen after hitting an intraday high of 2,421 yen. Canon Inc jumped 5.8 per cent to 3,850 yen after the camera and copier maker said it would buy back up to 50 billion yen ($610 million) of its own shares to prepare for possible share swaps and other strategic moves. Volume was thin, with only 1.62 billion shares changing hands on the Tokyo Stock Exchange's main board. Advancing shares outnumbered declining shares by 1,200 to 322.-Reuters
ANNOUNCEMENTS Company Mehran Sugar Mills AL-Noor Suger Mills Thal Industries
Period Half Yearly Half Yearly Half Yearly
Div/Bon/Right D(7.5%) B(10%)
PAT (Rs in mn) 258.87 162.02 136.95
EPS(Rs) 16.47 8.72 9.12
Dhiyan
HOPES HINGE ON CGT Haji Ghani Haji Usman, Chairman,, Ghani Osman Securities Market would continue to witness positive activities moving forward and index may touch 12,500 levels. The volumes could increase in the coming days if Capital Gains Tax (CGT) is removed in the upcoming federal budget. Investors are suggested to invest in fundamentally strong fertilizer and major banking stocks. Apart from removal of CGT, reduction in discount rates can also trigger the market. Market would remain positive today.
Imran Abdul Aziz, Senior Manager Equities Foundation Securities
Outlook of the market is still bullish and the index can test 12,500 levels in anticipation of removal of CGT. The bullish activities are likely to continue after the budget and the index can touch 13,000 levels. Investors are advised to invest in fertiliser and oil sector stocks. Market would be positive in the first half today while there may be profit taking in the second half creating prospects for fresh buying.
6
Friday, May 27, 2011
Market
KSE 100 Index
Symbols
Volume
101,515,256
Value
4,146,662,013
Trades
64,566
Advanced Declined Unchanged Total
Current High Low Change
185 91 79 355
All Share Index
12,198.12 12,259.82 12,168.12 h30.00
Current High Low Change
8,485.12 8,526.01 8,461.38 h23.74
OIL AND GAS
Company
Paid up Cap(mn)
PE
High Low 1,534.71 1,509.98 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.43 32.54
Open
High
Low
Attock Petroleum 691 6.90 380.04 Attock Refinery 853 4.32 125.53 BYCO Petroleum 3921 9.20 Mari Gas Company 735 4.43 104.13 National Refinery 800 4.84 333.43 Oil & Gas Development 43009 10.19 151.40 Pak Petroleum 11950 7.76 213.85 Pak Oilfields 2365 7.36 333.03 Pak Refinery Limited 350 49.09 84.96 P.S.O XD 1715 4.10 287.18 Shell Gas LPG 226 - 22.47 Shell Pakistan 685 8.15 220.78
386.00 131.80 9.77 109.33 350.10 152.25 214.45 337.50 88.90 289.90 23.00 230.50
380.45 125.60 9.10 104.96 333.86 150.15 211.75 332.36 85.25 286.00 22.20 222.70
Close Chg 382.04 131.80 9.47 108.24 350.10 150.55 212.18 333.97 87.87 286.95 22.97 229.13
2.00 6.27 0.27 4.11 16.67 -0.85 -1.67 0.94 2.91 -0.23 0.50 8.35
Current High Low Change
KMI 30 Index Current High Low Change
11,821.85 11,885.36 11,798.04 h18.27
20,690.55 20,805.85 20,653.26 h14.68
Last 60 days High Low
Volume 287180 2414668 4755892 147124 1020205 564180 930273 1889198 289687 551299 10651 39884
387.98 131.80 10.43 113.95 356.50 158.80 216.50 337.50 110.50 294.49 28.29 230.50
338.18 110.65 7.93 98.50 277.25 128.21 199.50 307.50 81.23 269.47 22.11 192.67
% Change -0.01 5-Day High 1,519.35 5-Day Low 1,485.68
2010 Div BR (%) (%) 300 31 200 55 90 255 80 120
2011 Div BR (%) (%)
20B115.00 - 23.43 - 30.00 20B 50.00 -100.00 - 80.00 -
-
Open 723.43 Turnover 57,437 P/E (x) 5.26 Company
High Low 758.94 730.71 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.34 25.53
Close 758.94 Listed cap 3,242.17 mn Payout (%) 11.08
Change 35.50 Market cap 12,636.99 mn Div Yield (%) 2.11
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1092 1321
7.19 8.55
74.46 27.77
78.18 29.15
75.25 28.00
78.18 29.15
24948 32489
78.18 33.45
Pak Int Cont. Terminal PNSC
3.72 1.38
64.75 25.18
Paid up Cap(mn)
PE
Open
High
Low
Agritech Limited 3924 - 18.24 BOC (Pak) 250 7.26 95.77 Clariant Pak 341 4.96 161.23 Dawood Hercules 4813 3.75 63.63 Descon Chemical 1996 2.30 Descon Oxychem Ltd. 1020 12.06 7.72 Dewan Salman 3663 2.40 Dynea Pak 94 3.44 10.18 Engro Corporation Ltd 3933 8.67 194.73 Engro Polymer 6635 - 11.26 Fatima Fertilizer 22000 - 12.73 Fauji Fertilizer XD 8482 8.65 141.02 Fauji Fert. Bin Qasim 9341 6.38 42.62 Ghani Gases Ltd 725 10.64 12.83 ICI Pakistan 1388 8.78 157.96 Ittehad Chemical 360 4.51 31.65 Lotte Pakistan 15142 4.25 15.28 Mandviwala 74 0.99 Nimir Ind ChemicalSPOT 1106 11.09 2.46 Shaffi Chemical 120 25.13 2.30 Sitara Chem Ind 214 2.49 102.00 Sitara Peroxide 551 5.67 18.28 United Distributors 92 - 15.58
18.90 96.80 163.10 65.74 2.38 8.40 2.54 10.84 196.00 12.26 12.90 141.44 42.80 13.00 159.90 32.24 15.47 1.09 2.59 2.40 100.00 18.60 16.50
18.00 95.51 160.50 63.50 2.24 7.71 2.36 10.30 194.01 11.35 12.62 140.11 42.51 12.51 157.91 30.07 15.15 0.87 2.47 2.01 99.00 18.25 14.60
Close Chg 18.88 96.47 162.48 64.71 2.38 8.20 2.37 10.49 194.10 12.26 12.79 140.56 42.63 12.66 158.03 31.02 15.20 0.99 2.55 2.01 100.35 18.33 15.28
0.64 0.70 1.25 1.08 0.08 0.48 -0.03 0.31 -0.63 1.00 0.06 -0.46 0.01 -0.17 0.07 -0.63 -0.08 0.00 0.09 -0.29 -1.65 0.05 -0.30
Close 1,855.57 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 11730 3221 26726 1248253 17526 2505841 941091 829 1028146 1388005 232459 1951481 1071289 466179 391115 4488 4531678 106 195510 5012 2190 611146 8500
Change -1.81 Market cap 381,464.28 mn Div Yield (%) 5.44
24.55 99.80 201.40 294.00 3.23 9.60 3.10 11.50 238.50 13.95 13.60 145.21 43.89 14.49 172.00 32.55 17.36 1.40 3.40 2.99 112.45 19.99 16.50
17.86 87.71 140.00 56.10 2.00 6.50 2.11 9.50 188.55 10.70 11.75 116.80 37.86 10.43 148.02 20.11 14.64 0.18 2.26 1.66 95.00 12.50 12.07
% Change -0.10 5-Day High 1,857.38 5-Day Low 1,828.89
2010 Div BR (%) (%)
2011 Div BR (%) (%)
60 135 25B 50 300B 15 60 20B - 27.5R 130 25B 45.00 65.5 - 12.50 175 5 5 5 25 5B -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,139.50 Turnover 51,019 P/E (x) 5.81 Company
High Low 1,161.96 1,129.14 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.43 7.47
Close 1,135.51 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
1.83 7.38
16.84 43.47 42.00
17.18 44.49 42.80
16.82 42.00 41.51
16.90 0.06 42.86 -0.61 41.70 -0.30
48302 724 1993
Century Paper Pak Paper Product Security Paper
Change -3.99 Market cap 3,132.55 mn Div Yield (%) 4.35
Last 60 days High Low 17.50 44.49 42.80
13.85 35.17 36.00
% Change -0.35 5-Day High 1,139.50 5-Day Low 1,088.72
2010 Div BR (%) (%) 2533.33B 50 -
2011 Div BR (%) (%) -
-
Open 1,147.28 Turnover 126,523 P/E (x) 3.91 Paid up Cap(mn)
PE
High Low 1,155.06 1,134.65 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.99 25.35
Close 1,146.11 Listed cap 6,768.53 mn Payout (%) 20.42
Open
High
Low
Close Chg
Volume
Agriautos Ind Atlas Battery Atlas Engineering Ltd Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering
144 4.48 72.72 101 5.63 211.06 247 16.53 36.20 626 9.23 147.83 1087 1.65 56 4.80 199.95 598 4.61 23.06 450 3.25 200 6.64 3.52 1428 9.38 786 7.71 222.89 823 15.13 68.90 150 1.12 23.00
72.75 212.00 36.20 148.88 1.76 202.00 24.21 3.35 3.50 9.55 224.89 68.47 23.00
71.30 211.00 36.20 147.80 1.70 196.00 23.48 3.22 3.17 9.45 221.12 66.55 22.70
72.73 0.01 212.00 0.94 36.20 0.00 148.02 0.19 1.70 0.05 196.13 -3.82 24.21 1.15 3.25 0.00 3.52 0.00 9.55 0.17 223.31 0.42 67.19 -1.71 22.75 -0.25
1720 3075 760 3916 25488 1117 28454 45407 104 8380 3097 1922 3083
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe XD International Ind Siddiqsons Tin
PE
565 1.88 675 555 21.52 1199 9.04 785 25.63
Open 27.45 2.00 11.67 50.99 9.00
High 27.99 2.09 12.14 51.89 9.21
Low 27.45 1.76 11.94 50.50 8.90
Close Chg 27.77 2.02 12.05 50.52 8.97
0.32 0.02 0.38 -0.47 -0.03
Close 1,022.04 Listed cap 3,596.11 mn Payout (%) 30.91
38545 47558 2905 638623 712
29.75 2.42 14.90 54.50 9.98
Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar 793 Adam Sugar 58 AL-Noor Sugar 186 Ansari Sugar 244 Clover Pakistan 94 Crescent Sugar 214 Faran Sugar 217 Habib Sugar 750 Habib-ADM Ltd 200 J D W Sugar 539 Kohinoor Sugar 109 Mehran Sugar 157 Mirpurkhas Sugar 84 Mirza Sugar 141 National Foods 414 Noon Pakistan 48 Noon Sugar 165 Premier Sugar 38 Quice Food 107 S S Oil 57 Sakrand Sugar 223 Sanghar Sugar 119 Shahmurad Sugar 211 Shakarganj Mills 695 Thal Industries 150 Wazir Ali 80
PE 0.98 0.94 2.69 48.20 0.91 1.34 4.26 5.04 1.47 0.56 1.88 2.66 0.36 11.57 6.00 1.78 6.14 0.31 18.64 2.25 3.24 0.44 2.97 -
Change -0.77 Market cap 9,464.87 mn Div Yield (%) 9.21
25.67 1.62 11.05 48.51 8.55
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Shabbir Tiles Thatta CementSPOT
1828 866 858 182 956 982 3891 3651 350 6933 502 1760 77 4003 32 1288 13126 3234 5261 2271 361 798
PE
Open
High
Low
6.77 47.19 15.77 31.27 7.57 5.95 75.50 5.77 -
2.70 53.32 2.20 16.32 9.76 2.01 1.50 22.86 1.60 4.12 6.31 1.35 3.00 6.17 0.40 6.26 2.96 70.81 2.10 5.20 6.12 17.11
2.89 53.74 2.69 16.50 10.05 2.05 1.68 23.54 2.19 4.45 6.94 1.44 3.00 6.80 0.59 6.68 3.13 71.74 2.25 5.37 6.14 17.40
2.65 52.50 2.00 16.00 9.90 1.92 1.53 23.00 2.19 4.10 6.90 1.31 3.00 6.35 0.38 6.20 2.90 70.70 2.13 5.20 6.00 16.50
Close 882.71 Listed cap 54,792.74 mn Payout (%) 19.04
% Change -0.07 5-Day High 1,022.81 5-Day Low 1,011.66
2010 Div BR (%) (%) 30 40 7.5
2011 Div BR (%) (%)
- 20.00 25B 15.00 20B 15.00 -
Change 13.42 Market cap 63,698.55 mn Div Yield (%) 3.20
Close Chg
Volume
Last 60 days High Low
2.75 53.50 2.01 16.00 9.91 2.05 1.61 23.45 1.60 4.39 6.90 1.40 3.00 6.48 0.40 6.51 3.02 71.06 2.22 5.33 6.10 16.50
12641 13056 9111 9101 16900 5016 69957 3472328 200 1314351 800 48873 554 699 104 18678 704989 465133 187328 12731 1678 1000
3.23 56.70 2.90 17.40 11.90 2.24 2.19 26.44 2.60 4.69 8.90 1.84 3.80 13.50 0.90 7.87 3.45 73.69 2.89 6.40 8.50 19.19
0.05 0.18 -0.19 -0.32 0.15 0.04 0.11 0.59 0.00 0.27 0.59 0.05 0.00 0.31 0.00 0.25 0.06 0.25 0.12 0.13 -0.02 -0.61
-
2.15 49.11 1.51 13.55 8.81 1.50 1.36 21.31 1.60 3.99 6.10 1.26 1.15 5.00 0.26 5.25 2.10 62.50 1.97 4.50 5.13 16.50
% Change 1.54 5-Day High 882.71 5-Day Low 851.90
2010 Div BR (%) (%)
2011 Div BR (%) (%)
- 100R 50 - 122R - 20R 40 - 50R
- 20R - 92R - 100R -
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 972.54 Turnover 95,985 P/E (x) 1.95 Company Cherat Papersack
High Low 987.61 967.24 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 0.86 43.91
Close 981.94 Listed cap 3,043.31 mn Payout (%) 15.55
Change 9.40 Market cap 36,478.85 mn Div Yield (%) 7.98
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
115
2.52
230 1067
% Change 0.97 5-Day High 981.94 5-Day Low 966.11
2010 Div BR (%) (%)
2011 Div BR (%) (%)
51.34
51.89
50.71
51.21 -0.13
26172
56.90
46.45
20
25B
-
50R
5.81
1.36 55.67
1.55 57.75
1.32 55.40
1.45 0.09 57.11 1.44
15846 16554
2.68 57.75
1.31 49.00
25
10B
-
-
MACPAC Films Merit Pack
389 2.53 47 12.56
12.99 27.31
13.20 28.00
12.50 28.00
12.69 -0.30 28.00 0.69
18583 500
15.21 32.00
4.25 26.20
-
-
-
-
Packages Ltd Tri-Pack Films
844 18.73 111.25 300 6.61 168.00
113.24 110.01 112.40 1.15 169.49 168.00 169.49 1.49
5830 12500
124.50 172.00
103.01 126.51
32.5 100
-
-
-
ECOPACK Ltd Ghani Glass
INDUSTRIAL ENGINEERING
Company
Paid up Cap(mn)
Change -1.17 Market cap 42,583.78 mn Div Yield (%) 5.22
Last 60 days High Low
Company AL-Ghazi Tractor
Paid up Cap(mn) 215
PE
Open
Low
Close Chg
Volume
5.90 15.00 49.37 8.40 64.21 8.10 18.25 23.84 12.35 82.75 2.47 59.05 42.54 3.44 66.00 20.99 16.14 40.93 2.50 4.25 2.10 12.25 9.04 6.24 57.00 7.50
High 5.50 16.00 51.83 8.00 67.00 9.10 18.50 24.19 12.50 82.75 3.28 62.00 43.60 3.35 67.50 22.03 17.00 42.97 2.70 4.35 2.30 12.25 9.45 6.25 56.00 7.80
High Low 2,128.34 2,060.73 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 13.82 30.30
70.00 185.00 33.73 130.00 1.50 174.05 22.01 2.16 2.90 9.00 205.51 60.00 21.40
Low 5.10 16.00 46.95 7.60 67.00 8.50 18.10 23.60 12.38 82.75 2.85 59.00 42.00 3.33 66.00 21.50 16.50 40.90 2.54 4.30 2.03 12.20 9.45 6.10 54.25 7.50
Close Chg 5.90 16.00 46.95 7.66 67.00 9.01 18.50 23.95 12.50 82.75 3.00 62.00 42.54 3.35 67.00 22.03 16.61 40.93 2.70 4.35 2.05 12.22 9.45 6.20 54.25 7.63
0.00 1.00 -2.42 -0.74 2.79 0.91 0.25 0.11 0.15 0.00 0.53 2.95 0.00 -0.09 1.00 1.04 0.47 0.00 0.20 0.10 -0.05 -0.03 0.41 -0.04 -2.75 0.13
Close 2,090.62 Listed cap 11,335.33 mn Payout (%) 30.57
Volume 126 4011 21067 3500 1200 285895 3078 26182 3100 300 13402 34803 237 4027 6850 5337 2051 112 1000 10500 62000 3780 500 2618 2513 1050
Pak Elektron Singer Pak XB Tariq Glass Ind
Last 60 days High Low
High Low 800.94 766.87 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.19 10.64
2010 Div BR (%) (%) 90 100 50 60 20 150 5 10
% Change -0.10 5-Day High 1,147.28 5-Day Low 1,135.29 2011 Div BR (%) (%)
20B 15B 65.00 - 50.00 20B 10.00
Change -4.16 Market cap 296,285.13 mn Div Yield (%) 0.67
Last 60 days High Low 6.90 16.00 54.20 8.95 67.42 9.10 19.90 24.50 13.00 83.95 4.69 62.00 49.80 4.18 68.89 23.70 21.80 42.97 3.90 6.45 3.00 13.01 9.90 7.49 62.15 7.80
4.10 11.50 37.65 5.45 53.68 6.02 17.50 21.00 10.80 71.22 2.45 50.12 39.51 2.50 52.01 19.75 10.11 34.23 2.20 3.50 1.60 11.26 7.91 4.01 54.25 5.50
Close 773.17 Listed cap 3,763.71 mn Payout (%) 6.27
Open
High
Low
Close Chg
Volume
1219 375 147.62 231 1.59
8.01 18.48 12.30
8.60 19.29 12.80
8.00 19.19 12.00
8.19 0.18 19.19 0.71 12.03 -0.27
275091 610 288220
15B -
2010 Div BR (%) (%)
% Change -0.20 5-Day High 2,118.86 5-Day Low 2,090.62 2011 Div BR (%) (%)
25 50 15 25 25 25B 40 7010B 12.5R 35 20B 15.00 15 20B 10 12 12 10 15 10 15 -
10B -
Change 11.83 Market cap 4,221.39 mn Div Yield (%) 3.43
Last 60 days High Low
2010 Div BR (%) (%)
14.50 22.22 17.40
17.5
7.26 14.71 11.20
10B 10B -
% Change 1.55 5-Day High 773.17 5-Day Low 738.61 2011 Div BR (%) (%) - 200R
PERSONAL GOODS
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
64.35
Total Assets (Rs in mn)
32,894.92
MA (10-day)
2.40
Total Equity (Rs in mn)
5,654.56
MA (100-day)
2.61
Revenue (Rs in mn)
2,527.30
MA (200-day)
2.55
Interest Expense
1,806.71
1st Support
2.40
Loss after Taxation
(594.94)
2nd Support
2.17
EPS 09 (Rs)
1st Resistance
2.93
Book value / share (Rs)
2nd Resistance
3.23
PE 10 E (x)
Pivot
2.70
PBV (x)
(0.98) 9.23 53.57 0.29
JSBL closed up 0.17 at 2.70. Volume was 108 per cent above average and Bollinger Bands were 5 per cent narrower than normal The company's profit after taxation stood at Rs10.254 million which translates into an Earning Per Share of Rs0.0126 for the 1st quarter of current calendar year (1QCY11). JSBL is currently 5.8 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into JSBL (mildly bullish). Trend forecasting oscillators are currently bullish on JSBL.
Lafarge Pakistan Cement Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
55.31
Total Assets (Rs in mn)
19,704.24
MA (10-day)
2.87
Total Equity (Rs in mn)
9,763.73
MA (100-day)
3.10
Revenue (Rs in mn)
MA (200-day)
3.06
Interest Expense
1st Support
2.87
Loss after Taxation
2nd Support
2.77
EPS 09 (Rs)
1st Resistance
3.10
8,129.96 1,230.81 (1,278.96) (0.974)
Book value / share (Rs)
2nd Resistance
3.23
PE 10 E (x)
Pivot
3.00
PBV (x)
7.44 0.41
LPCL closed up 0.06 at 3.02. Volume was 42 per cent below average and Bollinger Bands were 34 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 1.3 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 LPCL at a relatively equal pace. Trend forecasting oscillators are currently bearish on LPCL.
Japan Power Generation Limited
Open 967.78 Turnover 8,527,893 P/E (x) 6.65 Company
Paid up Cap(mn)
Ali Asghar Textile Amtex Limited Artistic Denim Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Blessed Tex Mills Chenab Limited Colgate Palm Colony Mills Ltd Crescent Jute Crescent Textile D S Ind Ltd Dawood Lawrencepur Dewan Farooque Spin. Din Textile Ellcot Spinning Gadoon Textile XD Gul Ahmed Textile Gulistan Spinning Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres Idrees Textile Indus Dyeing Janana D Mal Khalid Siraj Khurshid Spinning Kohat Textile Kohinoor Ind Kohinoor Textile Masood Textile Mohd Farooq Mubarak Textile Nagina Cotton Nishat (Chunian) Nishat Mills Olympia Textile Pak Synthetic Premium Textile Prosperity Quetta Textile Ravi Textile Reliance Cotton Reliance Weaving Rupali Poly Saif Textile Sally Textile Samin Textile Sana Ind Sargoda Spinning Service Ind XD Service Textile Thal Ltd Treet Corp Yousuf Weaving Zil Limited
222 2594 840 133 4493 37 76 76 64 1150 316 2442 238 492 600 591 978 204 110 234 635 146 222 716 3105 180 181 48 107 132 208 303 2455 600 189 54 187 1620 3516 108 560 62 185 130 250 103 308 341 264 88 267 55 312 120 44 307 418 400 53
High Low 982.11 966.75 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.57 8.64
PE
Open
High
Low
6.96 0.45 0.29 0.75 6.01 0.61 19.97 1.93 3.58 1.55 0.57 0.62 0.70 3.16 0.39 0.46 0.79 3.21 1.69 2.93 0.44 0.37 0.45 4.94 1.62 0.62 3.98 5.33 2.44 0.69 0.99 0.70 0.53 0.59 2.98 0.31 0.30 2.44 3.03 1.66 3.03 0.06 6.92 0.58 6.77
0.86 2.03 22.00 2.99 6.58 16.43 18.34 486.36 66.15 2.18 710.17 1.90 0.70 13.32 1.24 35.29 2.25 28.56 25.34 71.18 50.01 7.00 11.00 3.94 44.90 4.15 303.55 14.68 1.37 1.08 1.50 1.15 4.26 17.15 1.00 1.14 15.00 25.77 59.59 0.64 19.20 27.00 14.95 57.05 0.93 26.06 10.70 40.00 8.50 7.00 5.03 39.20 4.01 176.06 0.50 104.05 57.83 1.35 62.25
1.00 2.20 22.10 2.50 6.77 17.25 18.85 510.67 63.27 2.27 721.99 1.99 1.25 13.60 1.26 37.05 2.35 29.97 26.50 73.19 50.20 7.25 10.96 4.05 45.05 4.95 317.98 15.20 1.60 1.80 1.50 1.24 4.37 17.60 1.00 2.14 15.25 26.27 60.60 0.65 19.90 28.35 15.20 54.21 1.03 27.36 11.50 40.40 8.85 8.00 5.00 41.00 3.74 182.90 0.25 108.00 58.25 1.81 62.99
1.00 2.05 22.00 2.50 6.52 16.80 18.00 492.10 63.20 1.87 710.00 1.75 0.53 12.50 1.16 35.25 2.01 28.50 26.00 71.00 50.01 7.00 10.95 3.85 44.11 4.35 300.00 14.20 1.20 1.80 1.50 1.10 4.03 17.15 0.90 1.00 15.25 25.70 59.30 0.65 18.26 28.30 15.15 54.21 0.86 27.00 11.50 39.50 8.73 7.00 5.00 39.00 3.74 176.50 0.25 103.80 54.94 1.30 62.00
Close Chg 1.00 2.11 22.00 2.50 6.58 17.25 18.03 510.67 63.20 1.96 710.00 1.85 0.65 13.32 1.23 35.91 2.35 28.50 26.00 72.60 50.01 7.24 10.96 3.96 45.02 4.40 307.05 15.20 1.35 1.80 1.50 1.13 4.30 17.45 0.90 1.14 15.25 25.84 60.06 0.65 19.53 28.35 15.20 54.21 0.97 27.36 11.50 39.51 8.75 7.79 5.00 40.01 4.01 177.46 0.25 104.90 55.38 1.30 62.46
0.14 0.08 0.00 -0.49 0.00 0.82 -0.31 24.31 -2.95 -0.22 -0.17 -0.05 -0.05 0.00 -0.01 0.62 0.10 -0.06 0.66 1.42 0.00 0.24 -0.04 0.02 0.12 0.25 3.50 0.52 -0.02 0.72 0.00 -0.02 0.04 0.30 -0.10 0.00 0.25 0.07 0.47 0.01 0.33 1.35 0.25 -2.84 0.04 1.30 0.80 -0.49 0.25 0.79 -0.03 0.81 0.00 1.40 -0.25 0.85 -2.45 -0.05 0.21
Close 971.85 Listed cap 47,070.70 mn Payout (%) 16.68
Volume 500 282813 2668 1000 4011765 1392 4355 4586 500 519 327 2083 4894 151 48822 16191 6400 2689 2801 1817 300 3762 4000 71566 814 3003 1184 1903 35586 500 110 25719 8035 3501 2000 397 3000 556218 2901535 1500 44152 7001 3047 600 15173 5000 1000 2515 3010 59708 2510 5345 200 11493 5000 66226 263468 10010 1100
Change 4.07 Market cap 125,986.28 mn Div Yield (%) 2.51
Last 60 days High Low 1.45 3.25 23.13 2.99 9.79 18.41 23.27 603.00 68.09 3.40 899.00 2.85 1.40 17.88 1.85 49.05 5.00 33.69 28.74 102.24 53.65 9.23 11.68 5.20 50.74 6.00 327.80 17.80 1.79 1.80 1.60 1.90 5.58 18.89 1.69 2.14 17.95 29.50 66.75 1.98 21.21 33.07 16.90 73.00 1.74 42.50 14.00 44.40 11.50 9.35 7.40 41.98 5.01 215.44 0.60 117.40 59.20 1.88 69.40
2010 Div BR (%) (%)
% Change 0.42 5-Day High 971.85 5-Day Low 958.93 2011 Div BR (%) (%)
0.61 1.81 - 30B 18.55 20 2.03 7.5 4.40 14.00 - 15B 14.45 20 411.00 280 58.00 50 1.65 647.01 135 15B 1.50 0.25 12.50 15 0.95 34.50 5 15B 1.81 26.35 20 10B 24.25 35 66.00 70 35.50 12.5 6.30 10 9.20 10 20B 3.76 10 43.12 20 3.05 10 251.00 50 - 50.00 12.90 0.92 0.80 0.52 0.86 3.60 16.70 15 100R 0.51 0.45 14.10 20SD 23.15 15 56.80 25 45R 0.30 15.25 24.85 50 13.60 30 39.00 20 0.40 24.37 20 10.70 25SD 38.05 40 7.22 5.00 10 4.10 - 100R 36.50 60 3.00 5 154.00 75 0.25 97.00 80 20B 46.00 50 900B 1.08 55.00 35 -
-
Performance of SR Pharma and Bio Tech Index
2010 Div BR (%) (%)
2011 Div BR (%) (%)
5802
239.00
199.05
400
-
-
-
47.83 0.92
47.83 1.39
46.21 1.09
47.83 1.15
0.00 0.23
106 503
52.25 2.00
42.70 0.71
25 -
10B -
-
-
8.50 87.00
8.75 88.00
8.65 87.00
8.50 87.68
0.00 0.68
290 876
10.84 124.90
8.01 85.00
-
-
-
-
Millat Tractors
366
32299
547.70
504.00
650
25B325.00
-
Open 966.79 Turnover 20,422 P/E (x) 6.41 Company Abbott (Lab) XD Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) Sanofi-Aventis
Paid up Cap(mn) 979 250 1963 182 96
PE
Open
5.75 93.00 7.65 91.03 10.57 74.38 6.16 26.20 - 150.99
High
High Low 972.09 962.58 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.43 22.31 Low
Close Chg
94.00 93.00 93.83 0.83 92.50 91.51 92.46 1.43 74.27 73.50 74.00 -0.38 26.74 26.20 26.60 0.40 147.98 145.00 145.06 -5.93
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
54.63
Total Assets (Rs in mn)
7,598.16
MA (10-day)
1.21
Total Equity (Rs in mn)
(1,042.83)
MA (100-day)
1.41
Revenue (Rs in mn)
MA (200-day)
1.51
Interest Expense
1st Support
1.20
Loss after Taxation
2nd Support
1.12
EPS 10 (Rs)
1st Resistance
Performance of SR Personal Goods Index
% Change -0.12 5-Day High 1,620.29 5-Day Low 1,613.04
4.72 -
544.00 540.25 541.55 -0.72
-
PHARMA AND BIO TECH
Change -1.98 Market cap 32,979.57 mn Div Yield (%) 16.07
213 10.12 124 -
8.23 542.27
238.50 237.95 237.97 -0.92
Close 1,618.31 Listed cap 1,336.62 mn Payout (%) 131.49
Ghandhara Ind Hinopak Motor
Bolan Casting 104 Dewan Auto Engineering 214
4.11 238.89
High
High Low 1,627.21 1,613.71 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 3.11 38.02
74.85 216.30 39.91 153.93 2.45 206.99 26.17 4.50 4.60 10.88 235.00 76.90 25.50
PE
Performance of SR Industrial Engineering Index Open 1,620.29 Turnover 39,934 P/E (x) 8.18
-
HOUSEHOLD GOODS
Performance of SR Construction and Materials Index High Low 892.86 868.21 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.42 7.10
Open
Open 761.34 Turnover 563,922 P/E (x) 1.83
CONSTRUCTION AND MATERIALS Open 869.29 Turnover 6,365,228 P/E (x) 5.94
2011 Div BR (%) (%)
Performance of SR Household Goods Index
Last 60 days High Low
Volume
-
FOOD PRODUCERS Open 2,094.78 Turnover 499,694 P/E (x) 45.62
INDUSTRIAL METALS AND MINING High Low 1,044.19 1,016.42 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.11 33.10
40 15
Performance of SR Food Producers Index
Performance of SR Industrial Metals and Mining Index Open 1,022.81 Turnover 728,353 P/E (x) 3.36
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,870.88 1,848.14 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.14 35.00
% Change 4.91 5-Day High 758.94 5-Day Low 698.84
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index
Company
JS Bank Limited
Performance of SR Industrial Transportation Index
Close Change 1,519.20 -0.15 Listed cap Market cap 65,194.15 mn 1,125,873.54 mn Payout (%) Div Yield (%) 55.94 5.30
CHEMICALS Open 1,857.38 Turnover 16,392,543 P/E (x) 8.97
Alert ! Unusual Movements
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,519.35 Turnover 8,144,349 P/E (x) 10.55
KSE 30 Index
Close 967.47 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 1183 2048 12898 3760 510
Change 0.69 Market cap 31,424.13 mn Div Yield (%) 6.95
Last 60 days High Low 94.00 99.49 90.00 33.50 168.00
81.00 86.26 68.65 24.51 143.10
2010 Div BR (%) (%) 50 40 25 100
% Change 0.07 5-Day High 967.47 5-Day Low 954.15 2011 Div BR (%) (%)
20B 12.50 15B 10B -
-
1.33
2,731.94 691.43 (452.35) (2.899)
Book value / share (Rs)
2nd Resistance
1.38
PE 11 E (x)
Pivot
1.25
PBV (x)
(6.68) (0.19)
JPGL closed up 0.05 at 1.25. Volume was 74 per cent above average and Bollinger Bands were 18 per cent wider than normal. The company's loss after taxation stood at Rs1.175 billion which translates into a Loss Per Share of Rs7.53 for the nine months of fiscal year (9MFY11). JPGL is currently 17.1 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into JPGL (bullish). Trend forecasting oscillators are currently bullish on JPGL.
Maple Leaf Cement Factory Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
56.51
Total Assets (Rs in mn)
MA (10-day)
2.08
Total Equity (Rs in mn)
MA (100-day)
2.40
Revenue (Rs in mn)
26,094.94 4,134.21 13,630.51
MA (200-day)
2.69
Interest Expense
1st Support
2.15
Loss after Taxation
2nd Support
2.08
EPS 10 (Rs)
1st Resistance
2.27
Book value / share (Rs)
2,059.48
2nd Resistance
2.32
PE 11 E (x)
Pivot
2.20
PBV (x)
(2,583.96) (6.941) 11.11 0.20
MLCF closed up 0.12 at 2.22. Volume was 3 per cent above average and Bollinger Bands were 42 per cent narrower than normal. The company's loss after taxation stood at Rs1.565 billion which translates into a Loss Per Share of Rs3.26 for the nine months of fiscal year (9MFY11). MLCF is currently 17.5 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 MLCF at a relatively equal pace. Trend forecasting oscillators are currently bearish on MLCF.
BOOK CLOSURES Company
From
To
JS Value Fund JS Growth Fund Shakarganj Mills # 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
27-May 27-May 28-May 28-May 28-May 29-May 30-May 31-May 02-Jun 03-Jun 04-Jun 04-Jun 06-Jun 06-Jun 08-Jun 08-Jun 10-Jun 10-Jun 11-Jun 14-Jun 14-Jun
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 15-Jun 14-Jun 14-Jun 16-Jun 20-Jun 21-Jun 20-Jun
D/B/R 25(R) 30(I) 10(II) 17.5(I) 15(II) 12.5(I)
Spot AGM/Date 20-May 25-May 31-May 03-Jun 06-Jun 06-Jun
30-May 04-Jun 06-Jun 06-Jun 10-Jun 10-Jun 15-Jun 15-Jun 14-Jun 16-Jun -
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Grays of Cambridge Pak Tobacco Co. Shifa Int.HospitXD Media Times LtdXR P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies Pak Telephone
Open 2.79 108.29 2.5 38.79 94 32.025 14.92 2.33 38.4 2.86 22.01 3.04
High 2.94 109.78 2.55 40.72 98.7 32.05 15.8 2.4 38.99 2.96 22.19 3.34
Low Close 2.76 106.15 2.45 40.72 97 32.05 14.1 2.32 37.1 2.85 21.75 3.33
2.79 107.39 2.5 40.72 98.7 32.05 15.8 2.34 37.83 2.88 21.95 3.33
Change 0 -0.9 0 1.93 4.7 0.025 0.88 0.01 -0.57 0.02 -0.06 0.29
Vol 949304 29962 3500 1450 2537 500 503 86879 1240 345130 652381 505
7
Friday, May 27, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 992.89 Turnover 1,346,769 P/E (x) 5.46 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 1,001.48 986.57 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.70 12.84
PE
Open
High
Low
Close Chg
78 28.75 37740 14.05 3000 3.07 8606 6175 -
30.47 17.13 1.77 2.25 2.66
30.45 17.20 1.90 2.35 2.70
29.45 17.04 1.77 2.20 2.56
29.90 17.14 1.81 2.24 2.64
-0.57 0.01 0.04 -0.01 -0.02
Close 993.68 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 8642 314075 657251 366801 41421
Change 0.79 Market cap 69,021.61 mn Div Yield (%) 11.46
% Change 0.08 5-Day High 993.68 5-Day Low 972.29
Last 60 days High Low
2010 Div BR (%) (%)
54.20 18.39 2.35 2.89 3.26
80 17.5 1 -
28.71 16.05 1.40 1.94 2.41
2011 Div BR (%) (%)
- 15.00 -
-
Ask Gen Insurance Atlas Insurance Central Insurance Century Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance XD PICIC Ins Ltd Premier Insurance XD Silver Star Insurance XB United Insurance
280 3.85 443 3.51 391 1.50 457 4.92 1250 13.35 450 7.99 970 5.88 989 10.16 3000 6.19 350 9.36 303 3.71 291 0.91 496 1.92
9.67 27.21 69.12 8.49 34.52 11.59 71.40 58.32 17.86 11.30 8.30 5.12 5.22
Close 1,373.15 Listed cap 95,369.29 mn Payout (%) 104.13
Change 4.34 Market cap 107,251.36 mn Div Yield (%) 7.61
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
198 11572 1560 7932 1695 126 8803 Nishat Chunian Power LtdSPOT 3673 Nishat Power Ltd 3541 Southern Electric 1367 Tri-star Power XD 150
7.63 5.21 2.27 5.65 3.08 2.49 -
0.59 37.98 1.20 2.35 16.51 3.20 43.64 16.92 17.30 1.37 1.00
0.60 38.14 1.30 2.40 17.25 3.20 44.19 17.19 17.50 1.49 1.22
0.58 37.81 1.17 2.30 17.00 2.40 43.50 16.90 17.01 1.36 0.99
0.58 -0.01 38.00 0.02 1.25 0.05 2.32 -0.03 17.25 0.74 2.93 -0.27 44.03 0.39 17.13 0.21 17.42 0.12 1.41 0.04 1.00 0.00
13763 481352 283527 432082 6022 18040 1044237 4330622 1391663 13586 221
0.85 40.75 1.70 2.89 18.25 4.95 44.99 17.19 17.75 1.98 1.37
Company Genertech Hub Power Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power
0.49 36.12 0.97 2.25 15.41 2.11 40.26 14.30 15.45 1.13 0.31
% Change 0.32 5-Day High 1,374.52 5-Day Low 1,342.39
2010 Div BR (%) (%) 50 25 50 -
7.8R -
2011 Div BR (%) (%) 25.00 10.00 30.00 10.00 -
Paid up Cap(mn)
Company Sui North Gas Sui South Gas
PE
5491 13.64 8390 5.01
Open
High Low 1,327.16 1,303.78 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.97 11.41
High
19.02 22.35
19.30 22.60
Low 19.05 22.11
Close Chg 19.10 0.08 22.20 -0.15
Close 1,308.21 Listed cap 12,202.80 mn Payout (%) 66.79
Change -2.14 Market cap 29,113.00 mn Div Yield (%) 7.84
Last 60 days High Low
Volume 31833 117770
21.87 26.15
17.64 20.52
% Change -0.16 5-Day High 1,317.56 5-Day Low 1,276.43
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index Open 1,159.84 Turnover 26,812,004 P/E (x) 7.49 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited Askari Bank XB Bank Alfalah Bank AL-Habib Bank Of Khyber Bank Of Punjab BankIslami Pak Faysal Bank Habib Bank Ltd
8603 6.12 62.07 7070 5.49 12.01 13492 5.62 10.81 8786 6.02 28.42 5004 2.52 5.66 5288 6.15 5280 10.27 3.87 7327 7.56 10.06 11021 7.54 120.61 Habib Metropolitan Bank XB 10478 5.20 17.80 JS Bank Ltd 8150 54.00 2.53 KASB Bank Ltd 9509 1.45 MCB Bank LtdSPOT 8362 8.49 208.30 Meezan Bank XB 8030 6.00 17.53 Mybank Ltd 5304 2.10 National Bank 16818 4.24 53.00 Network Mic Bank 300 2.85 NIB Bank XR 40437 1.71 Samba Bank 14335 25.00 1.95 Silkbank Ltd 26716 18.06 2.85 Soneri Bank 6023 3.13 6.25 Stand Chart Bank 38716 6.85 8.50 Summit Bank Ltd 7251 2.84 United Bank Ltd 12242 7.64 64.57
High
High Low Close 1,179.01 1,156.62 1,168.71 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.04 13.94 40.49 Low
Close Chg
62.83 62.03 62.08 0.01 12.35 12.00 12.07 0.06 10.95 10.55 10.67 -0.14 28.61 28.27 28.40 -0.02 5.70 5.40 5.65 -0.01 6.95 6.34 6.60 0.45 3.89 3.80 3.80 -0.07 10.30 9.90 9.98 -0.08 122.00 120.03 120.68 0.07 18.15 17.90 18.09 0.29 3.00 2.47 2.70 0.17 1.49 1.43 1.45 0.00 210.85 208.16 210.04 1.74 17.70 17.50 17.51 -0.02 2.45 2.20 2.30 0.20 54.24 53.30 53.97 0.97 2.70 2.50 2.56 -0.29 1.80 1.71 1.76 0.05 2.00 1.95 2.00 0.05 2.99 2.86 2.89 0.04 6.50 5.92 6.25 0.00 8.75 8.30 8.50 0.00 3.10 2.90 3.00 0.16 65.00 64.55 64.98 0.41
25574 351464 3859709 412555 21104 10436827 142998 191635 76991 24059 1021024 146050 787418 19948 93792 3111171 4997 3403699 21629 2341690 164406 18505 278225 134759
Change 8.87 Market cap 690,651.14 mn Div Yield (%) 5.40
Last 60 days High Low
Volume
70.00 14.90 11.20 35.75 6.25 7.60 4.18 14.44 131.00 24.23 3.15 1.69 230.80 19.70 2.65 81.78 3.49 2.30 2.20 3.00 6.99 9.90 3.58 67.25
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 0.76 5-Day High 1,168.71 5-Day Low 1,144.88
2010 Div BR (%) (%)
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 -
20R -
NON LIFE INSURANCE
Paid up Cap(mn)
Company
Adamjee Insurance XD
1237
High Low 771.49 747.65 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.58 5.20
Close 762.23 Listed cap 11,111.34 mn Payout (%) 79.54
Change 8.97 Market cap 46,801.36 mn Div Yield (%) 7.17
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.28
66.25
68.30
66.00
67.82 1.57
1005271
83.40
62.00
% Change 1.19 5-Day High 762.23 5-Day Low 737.43
2010 Div BR (%) (%) 25
2011 Div BR (%) (%)
-
-
-
0.65 0.98 -0.11 0.36 1.25 -0.09 -0.40 -0.49 -0.04 -0.07 0.01 0.08 0.31
1575 12.49 64255 42.90 2304 115.90 20310 10.85 107902 38.90 2514 16.05 15543 103.00 2584 74.90 1485352 20.80 9353 13.00 4386 13.27 4004 7.51 568 8.49
9.15 26.00 65.00 8.00 29.01 11.00 65.10 51.16 12.43 7.08 8.00 4.56 4.75
-10B 25R 40 20B 25 50B 10 12.5 25 12.5B 30 55B 10.00 20 25B 30 25 - 15B - 24B -
-
High Low 870.02 843.57 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.20 3.85
Close 861.47 Listed cap 2,290.72 mn Payout (%) 355.53
Change 16.56 Market cap 9,585.35 mn Div Yield (%) 4.28
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
850 8.89 627 14.24
61.32 52.98
64.28 53.00
61.74 52.00
63.28 1.96 52.98 0.00
9480 2894
64.50 54.00
50.70 42.98
% Change 1.96 5-Day High 861.47 5-Day Low 822.71
2010 Div BR (%) (%) 50 15
2011 Div BR (%) (%)
-
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 311.06 Turnover 8,998,445 P/E (x) 11.62 Paid up Cap(mn)
High Low 324.39 308.67 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.21 0.91
PE
Open
High
Low
225 0.96 450 17.91 3750 3.13 250 441 First Credit & Invest Bank Ltd 650 First National Equity 575 IGI Investment Bank 2121 9.63 Invest and Fin Sec 600 21.62 Invest Bank 2849 Ist Cap Securities 3166 Ist Dawood Bank 626 0.67 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap 500 6.45 JS Investment 1000 50.08 KASB Securities 1000 Orix Leasing 821 3.39 Pervez Ahmed Sec 775 6.57 Saudi Pak Leasing 452 Sec Inv Bank 514 5.00 Trust Inv Bank 586 0.31
0.42 16.72 23.42 1.40 2.00 4.99 2.67 1.72 8.00 0.35 2.83 1.46 8.12 3.04 21.89 5.54 3.65 5.55 1.82 0.82 2.00 1.17
0.49 17.32 23.85 1.44 2.19 5.00 2.70 1.87 8.00 0.44 3.24 1.55 8.34 3.08 22.90 6.43 3.79 5.88 1.89 0.79 2.25 1.36
0.42 16.76 23.22 1.35 1.90 4.99 2.00 1.78 8.00 0.30 2.85 1.50 8.07 2.91 20.91 5.53 3.53 5.60 1.77 0.60 1.71 1.20
AMZ Ventures Arif Habib Limited Arif Habib Corp Dawood Equities Escorts Bank
2011 Div BR (%) (%)
Performance of SR Non Life Insurance Index Open 753.26 Turnover 2,726,047 P/E (x) 11.10
EFU Life Assurance New Jub Life Insurance
Company
GAS WATER AND MULTIUTILITIES Open 1,310.34 Turnover 149,603 P/E (x) 8.52
Paid up Cap(mn)
Company
-
Performance of SR Gas Water and Multiutilities Index
10.32 28.19 69.01 8.85 35.77 11.50 71.00 57.83 17.82 11.23 8.31 5.20 5.53
LIFE INSURANCE Open 844.91 Turnover 12,374 P/E (x) 5.42
Performance of SR Electricity Index High Low 1,380.45 1,362.43 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.28 9.35
9.61 27.00 68.02 8.45 34.40 11.35 71.00 57.50 17.70 10.31 8.30 5.05 5.22
Performance of SR Life Insurance Index
ELECTRICITY Open 1,368.82 Turnover 8,015,215 P/E (x) 13.68
10.47 28.57 69.50 8.85 36.24 11.65 71.45 59.50 18.15 11.50 8.47 5.20 5.55
0.46 17.01 23.38 1.42 2.00 5.00 2.70 1.83 8.00 0.35 2.90 1.50 8.15 2.97 22.46 6.01 3.70 5.60 1.84 0.60 2.00 1.25
0.04 0.29 -0.04 0.02 0.00 0.01 0.03 0.11 0.00 0.00 0.07 0.04 0.03 -0.07 0.57 0.47 0.05 0.05 0.02 -0.22 0.00 0.08
Volume 37670 124922 2737315 1000 327 105000 936 2405 11000 195561 36303 19101 7032756 209828 22074 1013351 16152 42500 145542 85551 403 1053
Change 3.04 Market cap 14,990.03 mn Div Yield (%) 4.36
% Change 0.98 5-Day High 314.09 5-Day Low 284.89
Last 60 days High Low
2010 Div BR (%) (%)
0.93 22.80 26.14 1.99 3.00 6.00 5.80 2.29 9.29 1.20 3.67 2.00 10.05 3.98 27.00 6.43 4.97 6.40 2.49 1.30 4.20 2.00
30 11.5 10 50 -
0.34 12.01 20.01 1.15 1.60 2.30 1.56 1.61 5.15 0.22 2.45 1.24 4.82 2.31 16.42 4.53 3.10 5.00 1.45 0.55 1.55 0.83
2011 Div BR (%) (%)
20B 10B -
- 140R -
Symbols
Open
MTIL PKGI PNGRS POML SALT SEL SSML STJT FECS BAFS KSBP MFFL ULEVER NESTLE HUSS HWQS WYETH DWSM SAPT PCAL SHNI CSIL AABS FFLM MODAM MSCL PECO SCLL UPFL GATI SFL IBLHL WAHN AACILR AHI TATM AASM ALQT CLCPS CSUML DCM FZTM HAJT MUKT ZTL
0.50 5.95 3.52 41.66 51.00 21.84 1.78 24.50 38.00 46.03 38.80 74.00 5167.00 3511.19 10.94 10.00 816.00 2.55 123.89 50.10 12.60 2.65 97.90 1.25 1.25 10.05 91.99 2.52 1400.00 55.24 118.00 9.90 35.74 0.02 22.31 33.00 24.01 11.41 1.42 2.79 1.50 300.00 0.63 0.50 3.25
High 0.49 5.26 3.50 43.71 53.55 21.90 1.95 25.70 38.00 43.73 39.99 77.69 5246.00 3578.00 11.94 11.00 840.00 2.60 124.00 50.30 13.25 3.65 98.00 1.50 1.27 11.00 94.59 2.88 1400.00 57.79 118.11 10.49 35.65 0.02 22.93 34.65 25.21 10.41 2.00 2.97 1.79 314.95 0.95 0.54 2.60
Low
Close
0.49 5.26 3.50 43.71 53.55 21.89 1.95 25.70 38.00 43.73 39.98 77.60 5005.00 3501.00 11.94 10.99 835.00 2.60 124.00 50.30 13.24 3.00 98.00 1.50 1.27 10.99 89.50 2.79 1400.00 57.79 118.11 9.94 35.60 0.01 22.89 33.81 25.21 10.41 2.00 2.97 1.79 314.95 0.95 0.54 2.60
0.50 5.95 3.52 41.66 51.00 21.84 1.78 24.50 38.00 46.03 38.80 74.00 5100.98 3549.70 10.94 10.00 816.00 2.55 123.89 50.10 12.60 2.65 97.90 1.25 1.25 10.05 91.99 2.52 1400.00 55.24 118.00 9.90 35.74 0.02 22.31 33.00 24.01 11.41 1.42 2.79 1.50 300.00 0.63 0.50 3.25
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 -66.02 38.51 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
100 100 100 100 100 100 100 100 89 56 50 44 37 34 30 30 20 18 17 15 15 11 10 10 10 10 8 7 6 4 4 3 3 2 2 2 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS Symbols
Open
High
Low
Close
DGKC-JUN
22.64
23.25
22.80
23.20
UBL-MAY
64.50
67.70
64.40
65.20
0.70 1408000
LUCK-JUN
71.69
72.28
71.60
71.68
-0.01 1047000
LUCK-MAY
70.77
DGKC-MAY
22.89
71.50
71.12
23.58
23.00
Change
Vol
0.56 1473500
71.15
0.38 1017000
23.47
0.58 1013500
HUBC-MAY
38.00
39.40
36.50
37.75
-0.25 1007000
UBL-JUN
65.00
65.50
65.20
65.20
0.20
705500
NBP-JUN
53.48
54.72
53.90
54.44
0.96
318000
NBP-MAY
53.09
54.30
53.10
53.99
0.90
POL-MAY
333.35
337.00
332.50
334.17
0.82
278500
ATRL-JUN
126.75
133.08
126.40
133.08
6.33
259000
POL-JUN
335.19
338.00
334.30
336.01
0.82
253500
FFBL-MAY
42.71
NML-JUN
60.07
FFBL-JUN
41.99
42.80
42.52
61.00
59.70
42.08
41.75
42.70
278500
-0.01
246500
60.55
0.48
216500
41.97
-0.02
211500
ENGRO-MAY 194.98
195.90
194.06
194.31
-0.67
ENGRO-JUN 196.52
197.50
195.60
195.87
-0.65
152000
60.50
59.39
60.07
0.39
144000
NML-MAY
6.15
127000
213.99
214.49
212.12
212.49
-1.50
126500
PPL-JUN
214.16
214.99
212.51
212.84
-1.32
MCB-MAY
208.55
210.80
208.15
210.11
1.56
90000
Performance of SR Equity Investment Instruments Index
MCB-JUN
206.91
209.65
206.25
209.01
2.10
87000
FFC-JUN
142.42
142.30
141.50
141.66
-0.76
FFC-MAYB
140.97
141.15
140.50
140.57
-0.40
44000
HUBC-JUN
38.56
38.90
37.00
38.90
0.34
14000
PMTFC6
93.85
94.00
94.00
93.85
0.01
1000
PTC-JUN
15.72
15.84
15.84
15.84
0.12
1000
Paid up Cap(mn)
PE
Open
High
Low
AL-Meezan Mutual Fund 1375 AL-Noor Modaraba 210 Atlas Fund of Funds 525 B R R Guardian Modaraba780 Constellation Modaraba 65 Elite Cap Modaraba 113 Equity Modaraba 524 First Capital Mutual Fund 300 First Dawood Mutual Fund581 Golden Arrow 760 H B L Modaraba 397 Habib Modaraba 1008 JS Growth Fund XD 3180 JS Value Fund XD 1186 KASB Modaraba 283 Meezan Balanced Fund 1200 Pak Modaraba 125 PICIC Energy Fund 1000 PICIC Growth Fund 2835 PICIC Inv Fund 2841 Prud Modaraba 1st 872 Punjab Modaraba 340 Stand Chart Modaraba 454 U D L Modaraba 264
4.60 2.52 1.73 2.29 3.19 4.06 7.79 1.70 1.26 2.20 3.64 4.09 2.29 0.61 1.65 2.70 2.17 2.70 2.38 1.64 5.49 2.30
10.70 3.87 6.60 2.24 1.47 2.65 1.35 2.50 2.20 3.30 7.42 7.94 6.50 5.78 2.55 9.35 0.73 7.29 13.00 5.75 0.88 1.00 10.10 6.50
10.74 3.99 6.50 2.35 1.50 3.00 1.58 2.25 2.25 3.33 7.78 7.95 6.65 5.80 2.55 9.40 0.99 7.45 13.30 6.59 0.96 1.00 10.29 6.75
10.70 3.94 6.50 2.12 1.25 2.81 1.43 2.25 2.10 3.30 7.78 7.70 6.60 5.51 2.55 9.26 0.61 7.30 13.00 5.76 0.88 0.99 9.76 6.40
Close 1,537.59 Listed cap 29,771.58 mn Payout (%) 104.74
Change 16.01 Market cap 19,389.08 mn Div Yield (%) 8.22
Close Chg
Volume
Last 60 days High Low
10.72 3.95 6.50 2.20 1.50 2.92 1.48 2.25 2.10 3.32 7.42 7.90 6.65 5.80 2.55 9.39 0.76 7.37 13.15 6.03 0.90 1.00 9.94 6.73
18303 1670 150000 6632 2950 2564 7084 2800 8011 3511 200 5000 27175 24711 1010 49748 2000 3000 712600 493726 68550 2889 1248 2180
11.20 3.99 6.94 2.91 1.99 3.40 2.50 3.95 2.39 3.95 8.48 8.44 7.45 6.68 3.94 10.00 1.25 8.50 13.80 6.59 1.10 1.99 10.50 7.25
0.02 0.08 -0.10 -0.04 0.03 0.27 0.13 -0.25 -0.10 0.02 0.00 -0.04 0.15 0.02 0.00 0.04 0.03 0.08 0.15 0.28 0.02 0.00 -0.16 0.23
9.65 2.85 5.22 1.29 0.90 2.30 1.22 1.51 1.79 3.08 6.81 7.00 5.41 4.75 1.50 8.42 0.45 6.92 12.00 5.10 0.80 0.50 9.50 5.67
% Change 1.05 5-Day High 1,537.59 5-Day Low 1,489.26
2010 Div BR (%) (%) 18.5 5 2.2 0 5 17 11 21 12.5 10 2.8 15.5 3 10 20 10 3 1 17 12.5
2011 Div BR (%) (%)
- 5.00 - 5.00 - 10.00 - 12.50 - 7.50 - 7.50
-
125.45
131.72
125.60
131.60
155000
PPL-MAY
High Low 1,564.72 1,516.50 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.44 2.21
ATRL-MAY
59.68
EQUITY INVESTMENT INSTRUMENTS Open 1,521.58 Turnover 1,597,582 P/E (x) 19.79 Company
Close Chg
Close 314.09 Listed cap 30,336.44 mn Payout (%) 99.56
UPTO 100 VOLUME
94500
58000
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 644,820 22,825 45,574 259,500 48,000 2,232,937 288,390 42,712 106,751 1,600 23,000 3,750 3,490,290 2,000 59,200 1,050,428 410,000 9,900 110,500 14,100 309,700 68,000 87,380 76,645 26,525 28,430 22,500 9,485,457
Total Value 10,272,385 1,147,073 395,490 1,150,104 4,623,709 17,620,072 4,798,891 6,173,788 3,369,488 169,464 646,194 120,921 39,246,180 106,472 9,126,444 41,166,292 7,355,885 163,514 4,848,971 1,588,060 3,858,215 16,953,398 13,644,713 16,443,831 334,881 479,197 1,082,920 206,886,552
MTS Rate 16.29 16.50 19.00 16.07 17.76 16.16 16.50 20.00 20.98 16.27 16.00 16.00 20.00 15.99 16.00 20.00 15.06 16.04 16.00 19.00 16.00 16.18
BOARD MEETINGS
Bank Al-Falah Ltd
KSE 100 INDEX
National Bank of Pakistan
Dera Ghazi Khan Cement Co Ltd
Company
Date
Time
Shahtaj Sugar Mills Ltd Sanghar Sugar Mills Ltd Chashma Sugar Mills Ltd Dewan Sugar Mills Ltd The Premier Sugar Mills Ltd JDW Sugar Mills Ltd Baba Farid Sugar Mills Ltd Colony Sugar Mills Ltd Bawany Sugar Mills Ltd Ansari Sugar Mills Ltd Crescent Sugar Mills Ltd Shakarganj Mills Ltd Noon Sugar Mills Ltd Abdullah Shah Ghazi Sugar Mari Gas Company Ltd
27-May 27-May 27-May 27-May 27-May 27-May 27-May 28-May 28-May 28-May 30-May 30-May 30-May 31-May 01-Jun
11:00 11:00 11:00 5:00 10:30 11:00 11:00 11:30 2:00 10:00 10:30 11:30 11:30 4:00 10:00
TECHNICAL LEVELS
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
64.36
Support 1
12,157.55
MA (5-day)
12,100.17
Support 2
12,117.00
MA (10-day)
12,006.40
Resistance 1
12,249.25
MA (100-day)
11,994.68
Resistance 2
12,300.40
MA (200-day)
11,294.48
Pivot
12,208.70
Arif Habib Ltd
Target Price
Recommendations
11.6
Hold
Brokerage House
Brokerage House
Target Price
Recommendations
30.1
Buy
Arif Habib Ltd
Arif Habib Ltd
AKD Securities Ltd
11.75
Accumulate
AKD Securities Ltd
28.72
Buy
AKD Securities Ltd
TFD Research
14.01
Positive
TFD Research
36.45
Positive
TFD Research
Technical Outlook Technical Analysis
Leverage Position
Technical Outlook Technical Analysis
Buy
64.99
Buy
92.3
Positive
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
55.33 MTS Shares `000 2,232.937 10.53 MTS Rs `000 17,620.07 10.47 MTS Rate 17.76 9.85 ** NOI Rs (mn) N/A Free Float Shares (mn) 674.58 Free Float Rs (mn) 7,197.75 Target price for Dec-11 & **Net Open Interest in future market
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
BAFL closed down -0.14 at 10.67. Volume was 113 per cent above average and Bollinger Bands were 31 per cent narrower than normal. BAFL is currently 8.3 per cent above its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into BAFL (mildly bullish). Trend forecasting oscillators are currently bearish on BAFL.
DGKC closed up 0.59 at 23.45. Volume was 94 per cent above average NBP closed up 0.97 at 53.97. Volume was 16 per cent above average and
Nishat Mills Ltd
Fauji Fertiliser Co
Brokerage House AKD Securities Ltd
Target Price 74.65 78.6
Recommendations
Brokerage House
reflect volume flowing into and out of DGKC at a relatively equal pace. reflect volume flowing into and out of NBP at a relatively equal pace. Trend Trend forecasting oscillators are currently bearish on DGKC.
Brokerage House
AKD Securities Ltd
45.52
Accumulate
TFD Research
44.25
Neutral
363.65
Leverage Position
Recommendations
Arif Habib Ltd
Neutral Neutral
322.42
TFD Research
51.25 MTS Shares `000 1.60 141.58 MTS Rs `000 169.46 138.64 MTS Rate 20.98 124.35 ** NOI Rs (mn) 36.81 Free Float Shares (mn) 466.49 Free Float Rs (mn) 65,569.46 Target price for Dec-11 & **Net Open Interest in future market
Target Price
Hold
AKD Securities Ltd
Neutral
Technical Analysis
Brokerage House
Recommendations
Reduce
129.4
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Fauji Fertiliser Bin Qasim Ltd
359
120.7
TFD Research
Arif Habib Ltd
Technical Outlook
forecasting oscillators are currently bullish on NBP.
Target Price
Arif Habib Ltd
Leverage Position
Bollinger Bands were 72 per cent narrower than normal.
the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators
AKD Securities Ltd
50.02 MTS Shares `000 110.50 58.35 MTS Rs `000 4,848.97 63.67 MTS Rate 15.99 57.79 ** NOI Rs (mn) 60.55 Free Float Shares (mn) 175.80 Free Float Rs (mn) 10,558.54 Target price for Dec-11 & **Net Open Interest in future market
54.69 MTS Shares `000 1,050.428 51.89 MTS Rs `000 41,166.29 65.81 MTS Rate 16.00 66.18 ** NOI Rs (mn) 90.15 Free Float Shares (mn) 398.12 Free Float Rs (mn) 21,486.66 Target price for Dec-11 & **Net Open Interest in future market
displaying a downward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is relatively normal as compared to
Positive
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Hold
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
DGKC is currently 10.8 per cent below its 200-day moving average and is NBP is currently 18.4 per cent below its 200-day moving average and is
Pakistan Oilfields Ltd
Recommendations
144
Target price for Dec-11 & **Net Open Interest in future market
and Bollinger Bands were 32 per cent narrower than normal.
Buy
Technical Outlook Technical Analysis
Target Price
288.39 4,798.89 16.16 159.65 4,708.87
Technical Analysis
KSE 100 INDEX closed up 30.00 points at 12,198.12. Volume was 16 per cent above average and Bollinger Bands were 40 per cent narrower than normal. As far as resistance level is concern, the market will see major 1st resistance level at 12,249.25 and 2nd resistance level at 12,300.40, while Index will continue to find its 1st support level at 12,157.55 and 2nd support level at 12,117.00. KSE 100 INDEX is currently 8.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX.
TFD Research
MTS Shares `000 MTS Rs `000 MTS Rate ** NOI Rs (mn) Free Float Rs (mn)
Recommendations
65
Technical Outlook
Leverage Position
56.34 22.09 25.53 26.28 Free Float Shares (mn) 200.80
Target Price
Technical Analysis
Leverage Position
65.53 MTS Shares `000 68.00 328.53 MTS Rs `000 16,953.40 322.26 MTS Rate 15.06 285.74 ** NOI Rs (mn) 230.16 Free Float Shares (mn) 107.94 Free Float Rs (mn) 36,049.71 Target price for Dec-11 & **Net Open Interest in future market
Hold
Technical Outlook
Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
42.2
Technical Analysis
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
62.28 MTS Shares `000 106.751 41.96 MTS Rs `000 3,369.49 41.06 MTS Rate 20.00 36.02 ** NOI Rs (mn) 65.01 Free Float Shares (mn) 326.94 Free Float Rs (mn) 13,937.39 Target price for Dec-11 & **Net Open Interest in future market
NML closed up 0.47 at 60.06. Volume was 40 per cent above average and FFC closed down -0.46 at 140.56. Volume was 7 per cent below average POL closed up 0.94 at 333.97. Volume was 22 per cent above average FFBL closed up 0.01 at 42.63. Volume was 75 per cent below average (conBollinger Bands were 20 per cent narrower than normal.
and Bollinger Bands were 77 per cent narrower than normal.
and Bollinger Bands were 60 per cent narrower than normal.
solidating) and Bollinger Bands were 64 per cent narrower than normal.
NML is currently 3.9 per cent above its 200-day moving average and is dis- FFC is currently 13.0 per cent above its 200-day moving average and is POL is currently 16.9 per cent above its 200-day moving average and is FFBL is currently 18.3 per cent above its 200-day moving average and is playing a downward trend. Volatility is relatively normal as compared to the displaying a downward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is extremely low when compared to 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 volume flowing into and out of NML at a relatively equal pace. Trend reflect volume flowing into and out of FFC at a relatively equal pace. Trend reflect moderate flows of volume into POL (mildly bullish). Trend forecast- reflect moderate flows of volume into FFBL (mildly bullish). Trend forecastforecasting oscillators are currently bearish on NML.
forecasting oscillators are currently bearish on FFC.
ing oscillators are currently bullish on POL.
ing oscillators are currently bullish on FFBL.
Company Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Corp Arif Habib Limited Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Corp Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power K.E.S.C Lotte Pakistan Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 54.63 2.65 2.50 53.68 61.80 61.50 55.12 52.75 52.00 57.67 23.10 22.85 59.64 16.75 16.45 50.91 66.45 65.05 56.89 11.95 11.80 55.69 6.45 6.35 61.93 379.65 377.30 70.36 127.65 123.55 55.39 10.50 10.30 48.86 3.80 3.75 71.54 6.30 6.00 57.22 1.55 1.45 55.30 23.10 22.80 48.01 2.30 2.25 58.07 1.85 1.65 64.91 34.70 33.65 69.72 61.90 60.55 45.36 193.40 192.70 50.72 9.80 9.65 63.66 4.15 3.95 61.83 42.50 42.35 51.01 139.95 139.35 51.08 119.80 118.95 60.88 37.80 37.65 54.49 157.30 156.60 57.06 221.35 219.35 56.78 2.90 2.80 55.15 1.20 1.10 63.26 2.45 2.20 44.21 8.05 7.90 64.08 43.65 43.20 41.46 2.30 2.25 44.70 15.05 14.95 55.08 70.60 70.15 61.17 208.50 207.00 55.92 2.15 2.10 53.76 53.45 52.90 50.42 25.60 25.35 51.71 21.75 21.50 49.16 1.70 1.65 49.08 2.50 2.40 49.21 59.40 58.70 61.26 149.70 148.90 49.14 2.85 2.80 59.12 1.75 1.70 45.15 2.30 2.25 53.99 5.25 5.15 65.04 331.70 329.45 59.16 211.15 210.10 42.34 66.35 65.50 65.80 285.35 283.70 57.04 17.05 16.95 82.15 224.40 219.65 54.95 19.00 18.90 55.56 18.20 18.05 48.86 22.00 21.80 63.68 1.75 1.70 59.00 2.70 2.65 60.84 64.70 64.40 52.21 2.15 2.10
1st
2nd
Resistance 2.85 3.00 62.60 63.10 54.00 54.50 23.75 24.10 17.30 17.60 68.75 69.65 12.30 12.50 6.70 6.85 385.20 388.40 133.85 135.95 10.90 11.10 3.90 3.95 6.90 7.25 1.70 1.75 23.65 23.85 2.50 2.60 2.15 2.30 36.55 37.30 64.45 65.65 195.40 196.70 10.20 10.45 4.50 4.65 42.80 42.95 141.30 142.05 121.75 122.85 38.15 38.30 159.30 160.60 225.10 226.90 3.05 3.15 1.30 1.35 2.95 3.25 8.30 8.45 44.30 44.60 2.40 2.45 15.40 15.60 71.65 72.20 211.20 212.35 2.25 2.30 54.40 54.80 26.20 26.50 22.15 22.40 1.80 1.85 2.60 2.65 60.70 61.30 151.80 153.10 2.95 3.00 1.90 1.95 2.40 2.45 5.40 5.45 336.85 339.75 213.85 215.50 68.25 69.30 289.25 291.50 17.20 17.30 232.20 235.25 19.25 19.40 18.55 18.75 22.50 22.80 1.90 1.95 2.90 3.00 65.15 65.30 2.30 2.40
Pivot 2.75 62.30 53.25 23.50 17.05 67.35 12.15 6.60 382.85 129.75 10.70 3.85 6.65 1.60 23.35 2.40 1.95 35.45 63.10 194.70 10.05 4.30 42.65 140.70 120.90 38.00 158.60 223.10 3.00 1.25 2.70 8.20 43.90 2.35 15.25 71.15 209.70 2.20 53.85 25.95 21.95 1.75 2.55 60.00 151.00 2.90 1.85 2.35 5.30 334.60 212.80 67.40 287.60 17.15 227.45 19.15 18.40 22.30 1.85 2.85 64.85 2.25
8
Friday, May 27, 2011
Banking system assets grow by 7.7pc to Rs7.1 trillion: SBP
Deutsche Bank investors, protestors seek answers SBP Islamic expands refinancing banking for nonfarm booming industries worldwide
HONG KONG: People withdraw cash at an HSBC ATM in Hong Kong.-Reuters
Bank of Japan chief sees signs of recovery TOKYO: Japan's central bank chief Wednesday likened the economic slump following the March 11 earthquake to the crisis following the collapse of Lehman Brothers -- but said there were already signs of recovery. An increasing number of plants are resuming production while there are signs of improved sales at department stores, snapping a plunge in consumer spending immediately after the quake, Bank of Japan Governor Masaaki Shirakawa said. "Therefore, in the second half of fiscal 2011, the sense of recovery will be somewhat more noticeable, although it will fall short of a V-shaped recovery," he told an economic forum in Tokyo. The 9.0-magnitude earthquake and tsunami left around 25,000 dead or missing, and with a subsequent emergency at the Fukushima Daiichi nuclear plant it plunged Japan into its worst post-war crisis. Many of the country's biggest companies saw profits tumble in the quarter while the economy plunged back into recession in January-March, with a second consecutive quarter of contraction. Industrial output saw its biggest ever fall and spending plunged as consumer and business confidence took a tumble. Shirakawa said Japan's most pressing short-term challenge was to resolve supply constraints as early as possible. "The recent sharp and substantial economic plunge is similar to that following the failure of Lehman Brothers but different in terms of its mechanism: the recent downward pressure is caused by a supplyside shock," he said. Japan's economy contracted for four straight quarters during the global economic downturn following the collapse of Wall Street titan Lehman Brothers in 2008. "The destruction of factories led to disruptions in the supply chains of parts and materials, which affected production not only in disaster-stricken areas but also a wide range of non-affected areas," he added. Shirakawa said the BoJ was considering whether there is further room to expand its special lending facility to boost loans to growth sectors, in light of the damage done to the economy by the earthquake and tsunami.-Retuers
ADB ready to chip in energy schemes ISLAMABAD: Asian Development Bank (ADB) has assured to finance major water, power sector projects and to fund energy sector efficiency programmes in Pakistan. Director General, Central West Asia Department Bank Jaun Miranda called on the Minister for Water and Power Syed Naveed Qamar and discussed the transmission line rehabilitation and improvement programme here on Tuesday. Mr. Miranda said that the bank is already financing various projects and will further extend its support to mega power sector projects. The bank will provide financial and technical support to the Diamer Basha Dam proj-
ect adding that the process for finalizing the modalities will be completed on fast track. ADB is also financing private sector hydel power projects and will encourage the private sector in this regard, he added. Syed Naveed Qamar while welcoming the delegation said that government is taking all possible measures to improve the efficiency of the energy sector and various projects have been identified. He offered the bank to finance rehabilitation plan of Gencos, tube well energy efficiency project, small and medium dams, and capacity building of some of our organization. Tube well energy efficiency programme is being intro-
Khushhali Bank tops MFBs list in Asia Pacific ISLAMABAD: According to a Micro Credit Summit Campaign (MSC) Report 2011, Pakistan's Khushhali Bank has been listed amongst the biggest microfinance organizations of Asia Pacific. "At a time when the world's richest nations are sinking into debt and middle-class consumers everywhere are defaulting on their loans, lending capital to the world's poor hardly seems sensible. Yet, the practice of providing small loans to low-income entrepreneurs known as microfinance has never been more popular, or more imperative, says a press release issued. Microfinance facilities have existed for decades, but have only recently attracted global attention as a commercially viable tool that can offer real opportunities for micro entrepreneurs. However, the development and the rules & regulation of microfinance as a stand-alone sector, as well as the business environment in which it operates, differ from region to region. To map the differences in the landscape for microfinance globally, the Microcredit Summit Campaign (MSC) has launched a status report that addresses the latest issues
faced by the industry and the micro credit facilities on offer throughout the region. The report also shares details on a new initiative by MSC which is designed to recognize institutions from the globe that are committed to the economic uplifting of the people. Under this very initiative the MSC ranks Khushhalibank, a premier Pakistani microfinance organization, as one of the biggest microfinance entities of the region currently served two and a half million relationships and over four hundred thousand active clients. Commenting on this announcement, Ghalib Nishtar, President, Khushhalibank, stated "The ranking of Khushhalibank amongst the biggest microfinance organizations in the region reflects our firm resolve and sheer commitment to empower the people of Pakistan." Further commenting on the micro credit facilities available in Pakistan, he said "Access to credit for selfemployment and other financial and business services must be given to the poor families of Pakistan. These facilities will help them overcome the harsh realities and cruelties of extreme poverty."-Online
duced throughout Pakistan and they have to complete it by end of 2012. Various parts of the tube well equipment will be replaced with new energy efficient equipments in order to save energy, he said. He also asked the delegation to complete the formalities for funding Basha Dam as early as possible and also highlighted the importance of the project in the national development. It will be a multipurpose project, play a vital role in flood mitigation and open a new era of economic development and prosperity in Pakistan. Qamar also sought bank's cooperation for wind and solar energy projects to generate cheaper electricity.-APP
MULTAN: Director Islamic banking department, State Bank of Pakistan, Karachi Saleem ullah Wednesday said the Islamic banking system was gaining popularity among non-Muslim countries with the passage of time. He was addressing a seminar on Islamic Banking and Finance here at Bahauddin Zakriya University here. He said share of Islamic banking had reached up to seven percent out of total conventional banking system in the country. He invited religious scholars and intellectuals of the concerned sector to contribute the system by giving better input and suggestions to uplift standard of islamic banking system in the country. Head product department, Meezan Bank Limited Ahmad Ali Saddiqui said on the occasion that Islamic Banking system was devised in the light of the Holy Quran and Sunnah. Comparing with prevalent banking system, he said that Islamic banking was more appropriate to fulfill need of customers and meet their demands. He advised people to open Haj account in Meezan bank and start depositing as the bank assures making complete
payment for performing Haj, which will be refundable in different instalments without holding interest on that payment. In addition to this, Meezan bank offered students and business lap tops without holding interest, he said. Chairman Board of Management, Nishtar Hospital Khwaja Jalal-uddin Roomi said Islamic Banking system was the need of time. He said during economic crunch, when other banks in United States were about to collapse, masses built confidence on Islamic banking network due to its vast credibility. "It was due to the fact that American monetary institutions were lacking its credibility in contrast to Islamic banking system based on worthy financial and monetary system used to satisfying every need of its customers", he said. Shahid Naseem Khohkar, president Chamber of Commerce and Industry revealed that Islamic Banking system was getting progress as per ratio of more than 10 percent per annum in the country. He said Islamic concept of Zakat provided wide opportunity to help deprived strata of society and thus making them a useful citizen to contribute in it.-APP
KARACHI: The State Bank of Pakistan (SBP) has expanded the scope and extended the validity of the Refinance Scheme for Revival of SMEs & Agricultural Activities in Flood Affected Areas of the country. This has been done with a view to improving access to finance for Small & Medium Enterprises (SMEs) and farmers in the flood affected areas. The Scheme will now also provide financing to the nonfarm sector, said IH &SMEFD Circular No. 04 of May 25, 2011. Earlier, the financing under the Scheme was allowed to farm sector only. Likewise, SBP has also allowed banks/DFIs to repay the principal amount of refinance within 15 days of the due date(s), instead of 7 days as allowed earlier under the Scheme, the circular said and added that the validity of the Scheme has been extended up to November 30, 2012. Earlier, the validity of the scheme was 31st October, 2011. Refinance limits already sanctioned in favour of selected banks for agriculture and SMEs under the Scheme, for FY 2010-11 will continue to be available up-to expiry date of the Scheme. They can also apply for enhancement of limits after utilization of their existing limits. Further, other interested banks/DFIs, having branches in flood affected areas, may also apply to IH&SME Finance Department for sanctioning of fresh limits under the Scheme separately for agriculture and SMEs, the circular added. It may be recalled here that this Scheme was introduced as part of Government's policy for revival of agriculture activities and SBP relief measures for improving access to financing in flood affected areas. -APP
Greece's 100 billion euro shadow over banks LONDON: European banks remain saddled with almost 100 billion euros of Greek government debt they can't sell, hedge or ignore, after a number of recent deals to offload the exposure to reduce the impact of a possible default ended in failure, according to bankers involved. The deals have been thwarted by a lack of willing buyers for the debt -- even at record low prices -- and that exposed lenders have been unable to buy protection because of the high costs, with top bankers advising their clients all they can now do is cross their fingers and hope for the best. "The vast majority of these banks have just been unable to do anything," said one European banker who has advised dozens of such banks. "Protection is too expensive, and markets for these bonds are illiquid, so many are riding out the problem. Right now, all they can do is shut their eyes and hope." Greek domestic banks are by far the biggest holders of the country's bonds with some 50 billion euros of exposure, according to a handful of estimates. But another 50 billion is held at banks outside the country, with German banks alone exposed to around 19 billion of the paper, while French banks hold another 15 billion.-Reuters
SINGAPORE: Customers stand in line to use an ATM machine outside a branch of the DBS bank in.-Reuters
9
Friday, May 27, 2011
European vegetable oil prices
SHREWSBURY - UNITED KINGDOM: Crops in a Shropshire field are watered in the fair weather in Shrewsbury, United Kingdom. -Agencies
Tokyo rubber at 1-mth high BANGKOK: Tokyo rubber futures rose to a one-month high on Thursday on the back of firmer oil prices and rising Shanghai rubber futures, but profit-taking limited the gains, dealers said. The newly launched benchmark contract on the Tokyo Commodity Exchange for November delivery rose 2.5 yen to settle at 391.4 yen ($4.773) per kg. It rose as high as 392.2 yen, the highest since April 28. "Players, as well as investment funds, resumed buying contracts again after seeing a rise in other commodities, while stronger Shanghai futures provided additional support," said a Tokyobased trader. The most-active Shanghai rubber contract for September delivery rose 395 yuan to finish at 32,690 yuan ($5,033.933) per tonne. Brent crude rose above $115 a barrel on Thursday due to a softer dollar and an unexpected drop in US distillate stocks, which overshadowed gains in gasoline and crude inventories. However, dealers said small players took profit when prices broke above 390 yen per kg, capping further rises. Dealers said TOCOM rubber could rise further on Friday after finishing above the key resistance of 390 yen, but the rise was seen as capped, with players still cautious about recent rises. -Reuters
Cocoa rallies; Sugar, coffee decline LONDON: Cocoa rallied over 3 per cent higher on Thursday, before easing slightly, as talk of recent unrest in top producer Ivory Coast having had a negative impact on 2011/12 production was bullish for the market. ICE coffee and sugar eased, with sugar dealers focussed on a report due later in the session from Brazil's cane industry association on the latest crop. Dealers said cocoa prices rose after independent analyst Hans Kilian published a report forecasting Ivory Coast's 2011/12 main crop at below the five-year trend. Kilian was unavailable for comment. ICE July cocoa was up $71 or 2.4 per cent at $3,033 per tonne at 1440 GMT, after peaking at a two-week high of $3,062 a tonne. Liffe July cocoa was up 22 pound or 1.2 per cent at 1,863 pounds a tonne. Sugar prices eased, as dealers awaited key data on the Brazil crop. Unica is due to release its fortnightly report on the Brazil crop on Thursday, which could be bullish due to the delayed start to harvest and a focus on ethanol production. ICE July raw sugar futures were down 0.38 cent or 1.7 per cent to 22.26 cents a lb at 1445 GMT. Liffe August white sugar traded down $6.10 to $642.00 per tonne. Dealers noted the whites-overraws premium had risen this week on short covering to around $150 per tonne between Liffe August white sugar futures and July ICE raw sugar futures, which boosted returns from refining. Arabica coffee futures were also lower, with dealers noting the recent slide in prices had stimulated activity on both the physical and futures markets. ICE coffee prices have fallen by around 14 per cent since hitting a 34-year high of $3.0890 a lb on May 3. While the market has been underpinned by a shortage of high quality beans, it was unable to withstand the commodity-wide sell off earlier this month. ICE July arabica coffee was down 1.35 cent at $2.6350 per lb, while Liffe July robustas rose $6 to $2,598 a tonne. -Reuters
Copper eases on demand, eurozone concerns LONDON: Copper eased on Thursday amid lingering concerns over weaker Chinese demand, disappointing US economic data and as Greek fiscal woes weakened the euro. Three-month copper on the London Metal Exchange closed at $9,020 a tonne versus $9,065 at Wednesday's close. The metal used in power and construction has risen about 3 per cent this week but was still more than 10 per cent down from its record high of $10,190 hit on Feb. 15. "I suspect that most of the rally from the lows earlier in the week was short-covering," Credit Agricole analyst Robin Bhar said. "People are maybe reassessing what's going on ... Once short-covering has been done, people are very cautious in fresh buying, in putting on new longs, simply with the uncertainty about euro-zone debt and Greece and how that all plays out." The US economy's struggle to regain speed was underscored by data that showed growth slowing in the first quarter as consumers cut back spending and as more Americans filed for jobless benefits last week. Commerzbank analyst Eugen Weinberg said there were still some concerns regarding copper. "Expectations of (a supply) deficit this year didn't show up yet in the inventory levels and weakening economic data in China raises concerns over
demand," he said, adding downside risks remained for copper and other industrial metals in the first half of the year. "But we expect prices will move up in the autumn as then we will see whether the deficit
Shanghai copper climbs Copper rose more than 1 per cent in Shanghai on Thursday, while also advancing in London as commodities gained across the board, supported by an increase in risk appetite and a firmer euro. The most-active August copper contract on the Shanghai Futures Exchange rose 1.7 per cent to close at 68,080 yuan per tonne, as it tried to catch up with overnight gains in London. expectations will realise." Inventories of copper in London Metal Exchange warehouses fell 1,150 tonnes to 468,225 tonnes, data showed. But copper stocks were still more than 30 per cent higher than in early December, fuelling worries about reduced interest from Chinese physical traders. Tin ended at $26,900 a tonne from $27,700 while zinc, used in galvanizing, closed at $2,260 a tonne from $2,245 at Wednesday's close. Battery material lead closed at $2,491 a tonne from $2,522 and aluminium ended at $2,562.5 from $2,540. Nickel closed at $22,825 from $23,350. -Reuters
Gold eases as Greek debt woes dent euro LONDON: Gold fell on Thursday, led by a fall in europriced bullion and after the single European currency came under sudden pressure, but concern about the euro-zone debt crisis was expected kept metal prices supported. The euro fell back from the day's highs after traders cited a report quoting the Euro Group's
year were still present. Gold has risen by more than 7 per cent so far this year, in dollar terms, fuelled by investor concern over the euro-zone debt burden, violence in the Middle East and the fragility of the US economic recovery. Eurodenominated gold slid by about 0.7 per cent on the day but still held near a record just above
Jean-Claude Juncker as saying the International Monetary Fund may not release its next aid tranche for Greece next month. Although the euro fell as Europe's chances of averting a Greek debt default appeared to dwindle, the subsequent pickup in the dollar delivered a dent to the gold price, which fell by about half a per cent in dollars and by 1 per cent in euros. Spot gold was down 0.4 per cent at $1,517.84 an ounce, after hitting $1,532.00 on Wednesday, its strongest since May 4, but analysts said the upward trend established since a commodities sell-off earlier this month remained intact. "Market sentiment towards gold has become more positive over the past few days, as illustrated by the resumption of net inflows into ETFs," said BNP Paribas analyst Anne-Laure Tremblay. "I believe that the gold price will trend higher from its current levels in 2011," she said, adding the other key drivers of the gold price this
1,088 euros an ounce struck on Wednesday, while dollar-priced gold was expected to maintain more stability. Spot silver fell to a low of $36.30 an ounce before recovering to trade down 2.3 per cent at $37.02. Silver touched a record at $49.51 in late April before falling sharply on a broad sell-off in commodities and after exchange operators in Shanghai and New York raised the amount of money required to trade silver futures. Reflecting some of the investor disenchantment with silver was another decline in global holdings of the metal in exchange-traded funds. Silver ETFs continue to leak metal and holdings have fallen by nearly 9 million ounces this week alone, which has brought the year-to-date outflow to 8.4 per cent, or 42.79 million ounces. Among other precious metals, platinum was down 0.5 per cent at $1,769.74 an ounce, while palladium was up 0.3 per cent at $747.47. -Reuters
ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill May11 933.00+3.00, Jun11 933.00+0.00, Jul11 933.00+0.00, Aug11/Oct11 942.00+5.00, Nov11/Jan12 947.00+5.00. RAPEOIL: Dutch/EU euro tonne fob exmill Aug11/Oct11 1025.00+15.00, Nov11/Jan12 1025.00+15.00, Feb12/Apr12 1025.00+12.00, May12/Jul12 1025.00. SUNOIL: EU dlrs tonne extank six ports option Aug11/Sep11 1450.00+30.00, Oct11/Dec11 1375.00+10.00. LINOIL: Any origin dlrs tonne extank Rotterdam Jun11/Jul11 1507.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam May11 1190.00, Jun11 1190.00, Jul11 1180.00, Aug11/Sep11 1175.00, Oct11/Dec11 1155.00+0.00. PALMOIL: RBD dlrs tonne cif Rotterdam July11 1250.00, Aug11/Sep11 1237.50. PALMOIL: RBD dlrs tonne fob Malaysia July11 1195.005.00, Aug11/Sep11 1182.50+2.50. PALM OLEIN: RBD dlrs tonne fob Malaysia July11 1205.00-5.00, Aug11/Sept11 1190.00+0.00, Oct11/Dec11 1155.00+0.00. PALM STEARIN: Dlrs tonne fob Malaysia May11/Jun11 1125.00-5.00. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Jun11 755.00+0.00, Jul11 755.00+5.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam May11/Jun11 2160.00+0.00, Jun11/Jul11 2040.00-30.00, Jul11/Aug11 1980.00-30.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Jul11/Aug11 2650.00+0.00. Reuters
Crude oil slips as economic data disappoints US GDP, corporate profits data disappoints LONDON: Oil retreated on Thursday, pressured by gloomy US economic data, but dollar weakness and supply concerns sparked by renewed violence in the Middle East helped limit losses. Unrevised first quarter US GDP data disappointed investors who had been expecting an upward revision while corporate profits unexpectedly contracted and jobless claims rose. However, crude remained in a tight range close to $100
some better news comes soon after, so we see (US) crude trading at $110 in coming months." As of 1319 GMT US crude for July was down 25 cents to $101.07. Brent crude for July was down 14 cents to $114.79 per barrel. Crude oil had gained sharply on Wednesday as traders initially focused on an unexpected drop in US distillate stocks. However the figures from the Energy Information Administration showed
barrel where it has been for three weeks, and analysts saw longer-term appetite for energy as robust. "It's very range bound, it's been pressured by European debt concerns and poor data," said David Jones, chief market strategist at IG Index. "But there's massive appetite for oil, and whenever we have bad data, usually
domestic crude stocks rising, countering expectations of a fall, which underlined the gloomy outlook for demand. "The net result was that there was a build in inventories, so I think the move was a bit overdone yesterday," Simon Wardell, oil analyst at Global Insight said. Both benchmarks rose around 2 per cent on
US late-morning trade Oil fell back as disappointing US economic data and renewed eurozone debt worries stoked fresh oil demand concerns. US crude for July delivery fell $1.40 to $99.92 by 1540 GMT. In London, ICE July Brent crude dropped 55 cents to $114.38. Wednesday to close at their highest since May 10. Fears of spreading turmoil in the Middle East were rekindled by a brewing civil war in Yemen as dozens were killed in overnight gun battles. Analysts said the tensions in the region have added a $10$20 security premium to oil prices, as investors focus on risks to supply. Analysts were divided over the longer-term direction of oil prices, as upward revisions of price forecasts by Wall Street banks Goldman Sachs and Morgan Stanley earlier this week deepened the divide between the bulls and the bears to levels unseen since oil prices peaked in 2008. -Reuters
Palm ends flat after hitting near 7-wk high
KUALA LUMPUR: Malaysian palm oil futures hit a near seven-week high before reversing gains to close flat on Thursday, as traders awaited new leads to set market trends after strong demand hopes supported in the previous session. The benchmark August crude palm oil contract on the Bursa Malaysia Derivatives exchange ended unchanged at 3,416 ringgit ($1,115.793) a tonne, after MUMBAI: India sugar was touching the highest level of steady on Thursday after shed- 3,447 ringgit, which last ding more than 1 per cent in last reached on April 11. six days as demand weakened Overall traded volume was from north India due to unseason- light at 16,378 lots of 25 al rains, while millers preferred to hold prices, analysts said. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety was steady at 2,605 Indian rupees ($57.47) per 100 kg. The most active sugar for June delivery on National Commodity and NEW YORK: Cotton finDerivatives Exchange (NCDEX) ished Wednesday with steep closed down 0.11 per cent at gains for a second day in a 2,652 rupees per 100 kg. row, as two fronts of bad crop "Prices have declined in past few sessions and now mills are weather jeopardized the new not willing to sell at lower planting season, leading parprices," said a member of ticipants to bet on a diminBombay Sugar Mills Association. ished crop in the United India is likely to produce 24.2 States. million tonnes of sugar in Cotton's new-crop, 2010/11, higher than local December, ended up 5.59 demand of about 22-23 million cents, or 4.44 per cent, at tonnes. The Indian government $1.3135 per lb on ICE has approved exports of 253,000 tonnes of sugar as part Futures US. Earlier, it of planned 500,000 tonnes of reached a high last seen on overseas sales, government and April 26, a day after the conindustry sources said on tract posted its biggest gain Tuesday. -Reuters since March 31, when it rose
Indian sugar steady as mills hold prices
tonnes each, below the usual 25,000 lots. "The market is trading in a tight range after it gained for two straight days," said a trader with foreign brokerage in Malaysia. "It has no clear direction unless we see a jump in overseas markets." A Reuters technical analysis showed palm oil is due for a correction as it faces a strong resistance zone of 3,435 to 3,461 ringgit per tonne. The benchmark crude palm oil contract gained for two consecutive days after export data issued by cargo surveyors consolidated market
views of a solid export rebound on Wednesday. Intertek Testing Services and Societe Generale de Surveillance reported exports of palm oil products for May 1-25 increased by 23.4 and 16.5 per cent respectively, compared with the same period last month. US soyoil for July delivery rose half per cent to $58.25 cents per pound, and the most active January 2012 soyoil contract on China's Dalian Commodity Exchange rose more than 1 per cent to 10,296 yuan a tonne in Asian hours. Reuters
NY cotton up sharply, weather threatens new crop nearly 6 per cent. ICE'S benchmark July cotton futures also settled with strong gains of 2.15 cents at $1.5603 per lb, a 1.40 per cent rise. Trading volume in the December contract stood at around 8,418 lots, not far behind July's 9,052 lots. Overall volume on ICE cotton for Tuesday came to 20,112 lots and was above the 30-day average, after falling 70 per cent below the norm on Monday, Thomson Reuters' data showed. Weather woes in the United States have been wrecking
havoc on crops. Farmers along the swollen Mississippi River have had to contend with severe floods lately that have drowned thousands of acres of cotton. The actual number of acres lost in both Texas and the US Delta states will not be known until the middle of June, analysts said. December and the back months in the cotton market are being supported by a severe drought savaging cotton crops in Texas, the biggest cotton growing state in the country. -Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
26-May-2011 CRUDE100 26-May-2011 CRUDE100 26-May-2011 CRUDE100 26-May-2011 SILVER - 500oz 26-May-2011 SILVER - 500oz 26-May-2011 GOLD 01oz 26-May-2011 GOLD 01oz 26-May-2011 GOLD 01oz 26-May-2011 GOLD 100oz 26-May-2011 GOLD 100oz 26-May-2011 GOLD 100oz 26-May-2011 GOLD 26-May-2011 GOLD 26-May-2011 GOLD 26-May-2011 KILOGOLD 26-May-2011 KILOGOLD 26-May-2011 TOLAGOLD50 26-May-2011 TOLAGOLD100 26-May-2011 MINIGOLD 26-May-2011 MINIGOLD 26-May-2011 MINIGOLD 26-May-2011 MINIGOLD 26-May-2011 MINIGOLD 26-May-2011 TOLAGOLD 26-May-2011 TOLAGOLD 26-May-2011 TOLAGOLD 26-May-2011 TOLAGOLD 26-May-2011 TOLAGOLD 26-May-2011 IRRI6W 26-May-2011 RICEIRRI - 6 26-May-2011 RBD PALMOLEIN 26-May-2011 KIBOR3M 26-May-2011 KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
JY11 AU11 SE11 JU11 JY11 JU11 JY11 AU11 JU11 JY11 AU11 JU11 JY11 AU11 JU11 JY11 JU11 JU11 MON TUE WED THU FRI MON TUE WED THU FRI 26MY11 JU11 JU11 11-Jun 11-Sep
US$ 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
99.36 99.40 100.36 37.35 37.34 1527.40 1527.50 1527.50 1524.50 1528.20 1528.20 42148.00 42248.00 42265.00 42179.00 42220.00 49230.00 49230.00 43346.00 43395.00 43411.00 43314.00 43330.00 49800.00 49947.00 49966.00 50100.00 49972.00 3651.00 3679.00 5372.00 86.59 85.56
101.85 102.28 101.99 38.84 38.84 1532.10 1533.00 1533.00 1528.60 1528.20 1529.80 42325.00 42248.00 42265.00 42349.00 42220.00 49230.00 49230.00 43346.00 43395.00 43411.00 43314.00 43330.00 49891.00 49947.00 49966.00 50100.00 50039.00 3651.00 3679.00 5372.00 86.59 85.6
98.48 99.03 100.36 36.69 36.28 1515.80 1516.00 1516.00 1522.10 1520.90 1519.70 41950.00 42145.00 42162.00 42179.00 42117.00 49110.00 49110.00 43228.00 43276.00 43293.00 43309.00 43211.00 49752.00 49808.00 49827.00 49770.00 49670.00 3650.00 3677.00 5360.00 86.57 85.56
101.08 101.57 101.99 37.26 37.26 1520.50 1520.90 1521.40 1520.50 1520.90 1520.90 42132.00 42145.00 42162.00 42105.00 42117.00 49110.00 49110.00 43228.00 43276.00 43293.00 43309.00 43211.00 49752.00 49808.00 49827.00 49845.00 49733.00 3650.00 3677.00 5360.00 86.57 85.6
Traded Volume in lots 648 213 147 594 703 3,462 2,701 16 14 32 3 1 23 16 -
Previous Settlement Price 99.48 99.95 100.36 37.36 37.36 1527.60 1528.20 1528.70 1527.60 1528.20 1528.70 42235.00 42248.00 42265.00 42208.00 42220.00 49230.00 49230.00 43346.00 43395.00 43411.00 43314.00 43330.00 49891.00 49947.00 49966.00 49854.00 49873.00 3651.00 3679.00 5372.00 86.59 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 101.08 101.57 86 101.99 37.26 5 37.26 81 1520.50 583 1520.90 2,486 1521.40 1,971 1520.50 3 1520.90 1521.40 4 42132.00 7 42145.00 42162.00 42105.00 1 42117.00 49110.00 49110.00 43228.00 43276.00 43293.00 1 43309.00 43211.00 49752.00 3 49808.00 1 49827.00 3 49845.00 13 49733.00 13 3650.00 3677.00 5360.00 86.57 85.6 -
10
Friday, May 27, 2011
Waqar: Pakistan missing home comforts ST KITTS: Pakistan coach Waqar Younis says the lack of home internationals is a major hurdle to his young team's hopes of climbing up the international cricket rankings. Pakistan's second-Test victory over West Indies on Tuesday secured a drawn series and ensured they stayed in sixth position, one spot ahead of the Caribbean men. In the past year, Waqar's charges have played "home" Test series against Australia in England and against South Africa in the United Arab Emirates while also facing away series against England, New Zealand and West Indies. As no Test sides have wanted to tour Pakistan since terrorists attacked the Sri Lanka team in Lahore more than two years ago, the team hasn't had a choice but to hit the road. "It's tough. It's never easy. We're always touring and playing on different surfaces and we don't know the pitches and conditions," he said on Wednesday.
PARIS: Petra Kvitova of the Czech Republic reacts after winning her match against Zheng Jie of China during the French Open tennis. -Reuters
France makes history in China QINGDAO: France made their own piece of badminton history at the Sudirman Cup on Thursday after they beat Hong Kong -- the first time they have defeated an Asian team in the prestigious competition. France's 3-2 victory that left them top of Group 2A also means they have trumped their previous best finish of 16th. They face Singapore on Friday to play off for 13th position in the Chinese coastal city of Qingdao. "This is a fantastic achievement for us. To beat an Asian team in the Sudirman Cup -- it has never been done by any other French team," team manager Fabrice Vallet told the Badminton World Federation (BWF). "I'm extremely happy and hope the players can continue their good work against Singapore. We have a new set-up back home and the players believe in themselves. "They no longer step on the court thinking they are going to lose. They have no fear of anyone and while we may not be the strongest team, we have great fighting spirit." -APP
Waseem eyes gold in China Open Boxing ISLAMABAD: Pakistan ace boxer Muhammad Waseem reckons to clinch gold in 2nd China Open Boxing Tournament to be held in Guiyang, China from May 27 till June 4. In an exclusive interview with APP on Thursday Waseem said that he had been training very hard for this particular event as after grabbing gold (52kg) at Combat games in China last year the China Open Boxing Tournament had been his supreme target. Waseem who is from Wapda, assured APP that he definitely return successful from the forthcoming championship." Waseem said that training camp that was functional here at Pakistan Sports Complex lacked a Television set on which we could have visualised the International boxing matches that according to him would have proved useful. Wassem said that the youngsters in boxing are in dire need of government's attention if government's
wants to improve boxing from the grass-roots level. Answering to a question Waseem said because we have our best in the training camp but some of the part also depends on the draws as after that it will come to know that with which players we have to encounter. He expressed that Cuban boxers are tough ones to face while Kazakhstan, Italy and Russia also have good boxers. He expressed that the Pakistan Sports Board (PSB) did not offer them with necessary diet as was done before. "Our training camp was functional since last 3 months but this time PSB didn't pay much attention to the boxers as compared to the hockey players. Waseem said for a boxer diet is very important as when he trims his weight down. Pakistan squad: Mohammad Waseem (52kg), Qadir Khan (56kg), Sardar Mohammad (60kg), Amir Khan (64kg); Officials: Ali Bakhsh (coach), Syed Ashraf Ali (referee judge). -APP
Nat’l Jr squash camp starts LAHORE: National junior girls squash training camp commenced here on Thursday at Punjab squash association complex to prepare for Asian Junior championship being held from June 22 in Jordan. "Pakistan will be making its maidan appearance at girls level in Asian Junior championship and with their participation a new era in women squash will be opened in Pakistan ",said camp's coach, former international players, Mohammad Salim. In all nine players including Pakistan number one, Zoya Khalid, Sammar Anjum, Riffat Khan, Amna Latif,Monisa
Nasir, Aroma Kamran, Habib Khan, Kianaat Laiquat and Noor Fatima are attending. Roshna Mehboob and Saima Shoukat are likely to join the month long camp in a couple of days.Mohammad Imran is the camp commandant. "It is going to be the first ever high profile female coaching activity to be organised at Lahore which is a part of PSF women squash development programme aiming at expanding the base of the game"",said Salim. He said he is imparting training in two daily session with morning session focusing on
ball feeding and fitness while emphasis is being laid of match training in afternoon. "Our girls are learning fast but expecting extra ordinary results from them in their first ever appearance is not a fair thought though we are going to compete in the event with a firm believe that our girls can deliver at highest level of the game", he said the coach. "Of course their participation will yield productive results as the female players will be exposed to competitive squash in the presence of Asian best players and by that way they can improve the level of their gam -APP
"It's very difficult to adjust every month or so. It's four (overseas) venues I've done in less than a year. You need to play home to get the confidence of the youngsters. That's not happening so what we're trying to do is taking the youngsters on the tour and trying to prepare them, which is the hardest part in cricket." Waqar admitted it was difficult to predict a swift return for international tours to his coun-
try but was hopeful. "It's not safe, we all know that. There is nothing hidden about it," he said. "We're really sad about it. "I, personally, wanted cricket to go back to the country and it was getting there, things were starting to move in that direction. "But then something or the other happens in a month or two months time so the whole thing goes back to square one. Let's hope for the best and hopefully, in six months or a year's time, things will settle and we can take cricket back to our country." Waqar said he was pleased with the way his team bounced back after losing the opening Test in Guyana and spoke highly of his inexperienced batting unit. "There has been talk in Pakistan that we are not really batting well, we're not really scoring runs. It's good to see guys getting hundreds," the former fast bowler said. "We haven't had many hundreds in the past couple of years, and it's good to see Taufeeq (Umar) in good nick and Misbah (ul-Haq) getting runs. "That's a plus. The boys have started knowing how to score runs and on difficult pitches." Taufeeq top-scored with 135 and captain Misbah struck an unbeaten 102 in the second innings to anchor Pakistan's charge to victory in St. Kitts. Pakistan's only individual century in 11 previous Tests in
the last year had been veteran Younis Khan's 131 not out in Dubai last November. Younis missed the tour of West Indies due to a death in the family but returns to the team for two one-day internationals against Ireland in Belfast on Saturday and Monday. Waqar was happy to welcome back the veteran but was more reserved on the status of Mohammad Yousuf, the 36year-old veteran of 90 Tests who boasts an average of 52.29. "Mohammad Yousuf is on the wrong side of the 30s so we have to think hard," he said. "He is a fine player, no doubt he's served the country for a long time. If he's 100 percent and fit, why not?" Yousuf was playing county cricket in England for Lancashire and has not appeared in international cricket since last November. Waqar also squashed rumors about a rift between him and Shahid Afridi, who was replaced as one-day captain for the Ireland series and has since withdrawn from the squad. "Misbah is a great character. I am not saying that Afridi is not because he's done a really wonderful job in the last six to eight months he's been captain," Waqar said. "I don't have any problem with anyone. It is sad how things are being written and all the issues being printed. We want to improve cricket and this is what we get. It is not fair, I guess. -Online
Pak-Afghan to play 2nd one-day today ISLAMABAD: Second oneday match of the series between Pak-Afghan teams arranged by PCB would be played at Rawalpindi Cricket Stadium (RCS) here on Friday. All the arrangements for the cricket match have been completed. Interior Minister Rehman Malik, Former Law Minister Dr. Babar Awan, Minister of Housing and Construction Faisal Saleh Hayat and various other important personalities have been invited for watching the match. Pakistan takes the lead by one in this series of three onday cricket matches. The president of Pakistan Cricket Association (PCB) Maj. (R) Naeem Gillani has said announced free entry for the cricket lovers. He further said that match would start at 9.30am according to Pakistan standard time.
Rain delays first Eng-Lanka Test Match CARDIFF: Rain delayed the scheduled start of the first Test between England and Sri Lanka at Sophia Gardens here on Thursday. The umpires were due to hold an inspection at 10.30am local time (0930GMT), which is when the toss should have been taking place. This is the first of a three-match series. -APP
Soderling in next French Open round PARIS: Sweden's Robin Soderling reached the third round of the French Open on Thursday with a 6-3, 6-4, 6-4 win over Spanish qualifier Albert Ramos. The fifth seed and runner-up for the last two years will play either Marcos Baghdatis of Cyprus or Leonardo Mayer of Argentina for a place in the last 16. It was a typically bludgeoning performance from the big Swede who used his firepower off both flanks to send Ramos scurrying about from side to side of the court. Soderling jumped out into a 3-0 lead and had little difficulty pocketing the first set. It was the same in the second with Soderling com-
fortable on his own serve and Ramos struggling to hold his. The fifth seed broke in the third game and he was soon two sets up. Soderling broke again to lead 4-3 in the third set only to drop his own serve for the first time in the match in the following game. But that proved to be a mere blip in Soderling's drive into the third round as he broke Ramos again to 15 and then served out for the match which he completed in four minutes short of two hours. Soderling, who lost last year's final in straights sets to Rafael Nadal is seeded to meet the Spaniard once again in this year's quarter-finals. -APP
Afridi's future as Pak captain all but over KARACHI: Shahid Afridi's chances of regaining Pakistan's ODI and T20 captaincy is all but over but the flamboyant allrounder will get a chance to prolong his career as a player in the national team, a PCB source said. According to sources quoted by PTI, PCB chairman Ijaz Butt has decided to revoke the policy of having separate captains for limited overs cricket and Test matches, which means Misbah-ul-Haq is expected to take over the charge of Pakistan team in all three formats of the game. "The decision to remove Afridi as the captain of the oneday team and hand over this responsibility to Test captain Misbah-ul-Haq is part of the new thinking in the board," one said. He said the primary reason for the change in the strategy was the fear of groupism within the team. "The board got concerned with reports filtering in during the World Cup that Afridi had started to take his captaincy for granted. Some players have also complained about adjustments they need to do with two captains instead of one," the source said. "The reason for handing over full captaincy duty to Misbah is simply. He has been in consistent form since last year and has delivered in all formats of the game. "In contrast, Afridi has retired from Test cricket and has struggled to deliver as a player on consistent basis in the one-day team," the source stated.
Clijsters crashes out of French Open PARIS: Second seed Kim Clijsters crashed out of the French Open on Thursday as Dutchwoman Arantxa Rus sent the US and Australian Open champion spinning to her worst Grand Slam defeat in nine years. US and Australian Open champion Clijsters, playing in Paris for the first time in five years, had been cruising at one stage, leading by a set and 5-2 against the world number 114 before going down 3-6, 7-5, 6-1. The 27-year-old Belgian suffered an astonishing collapse, squandering two match points in the eighth and 10th games of the second set against an opponent who had never before got beyond the second round at a Grand Slam. Clijsters, whose participation had been in doubt after suffering a freak ankle injury while dancing at a cousin's wedding, struggled to find any rhythm in the second round match, played on a blustery Philippe Chatrier court. She committed a total of 65 unforced errors and 10 double faults before Rus unleashed a giant forehand to wrap up her biggest career win after two hours of action. It was Clijsters' earliest Grand Slam exit since a second round loss in Paris in 2002. There was no sign of the drama to come in the early stages as Clijsters, the runner-up in 2001 and 2003, took a 3-0 lead in both the first two sets before she allowed the wiry Dutch girl to claw her way back. Clijsters squandered two match points in the second set as left-hander Rus recovered from 2-5 down to level at 5-5 and then nipped ahead with a break to lead 6-5. Rus levelled the tie when Clijsters unleashed a wild forehand. Clijsters won the opening game of the decider, but that was as good as it got for the Belgian as Rus swept the next six games in succession.-Reuters
Economy & Continuations
Friday, May 27, 2011
G8 highlights euro debt risk to world economy n EU debt crisis discussed, US "concerned at weak DEAUVILLE: The Group of Eight leaders, meeting in France on Thursday, piled pressure on Greece to sort out its debt crisis, saying the debts of some European governments were weighing down a labouring world economy. One European diplomatic source said the U.S. delegation, led by President Barack Obama, had voiced concerns about a weaker euro, hit by the debt crisis, hurting U.S. export efforts. U.S. officials were not immediately available to comment but the diplomat from an EU country said Washington had "asked for a serious debate about the euro's weakness against the dollar that could create problems for U.S. exports". European members of the G8 -- Germany, France, Britain and Italy -- along with the European Union officials would commit in a summit statement from the resort of Deauville to continue efforts to rein in the euro zone debt crisis, EU sources said. However, the draft communique also called on the United States and Japan to make sure their own public finances were sustainable over the long term, another European diplomat said. The concern over the global economy came at a time when the wealthy nations are trying to offer financial and other support to new democracies in North Africa created by the Arab Spring uprisings. It was a reminder of the West's finite
resources. The G8 leaders called on another Arab leader, Yemen's President Ali Abdullah Saleh, to quit, hoping to avert civil war flaring up following a day of heavy bloodshed. They were later expected to endorse aid programmes for Tunisia and Egypt, which have overthrown autocratic rulers once supported by the West. Briefing reporters at the summit in Deauville, Japan's deputy chief cabinet secretary, Tetsuro Fukuyama, said leaders of the seven big Western industrial powers plus Russia agreed that Athens must do more to sort out its finances and work with the International Monetary Fund to solve its debt crisis. The Greek government has called emergency talks with the opposition for Friday as repayment deadlines loom and European officials have warned that aid could be withheld for a country where millions face many years of austerity at best. Japan's Fukuyama said: "Many leaders pointed out that Europe's debt problem, the price hikes of oil, food and commodities, and the overheating of emerging economies are among factors that put downwards pressure on the global economy. "Especially on Greece's debt problem, many leaders expressed the view that it is important that Greece further works on its fiscal reform and
euro"
it should work with the IMF on this issue." On Yemen, summit host France said president Saleh must end his 33-year rule. "We deplore the fighting that occurred overnight which was a direct result of the current political impasse, for which President Saleh has direct responsibility due to his refusal to sign the GCC transition agreement," a foreign ministry spokesman said, referring to the Gulf Cooperation Council. For the United States, to whom Saleh was long an ally in its conflict with al Qaeda, Secretary of State Hillary Clinton said in Paris: "We continue to support the departure of President Saleh who has consistently agreed that he would be stepping down from power and then consistently reneged on those agreements." "I want a very simple and clear message to come out of this summit, and that is that the most powerful nations on earth have come together and are saying to those in the Middle East and North Africa who want greater democracy, greater freedom, greater civil rights, 'We are on your side'." "We will help you build your democracy, we will help your economies ... we will help you in all the ways we can, because the alternative to a successful democracy is more of the poisonous extremism that has done so much damage in our world."
BOJ warns against short-term capital measures SEOUL: Bank of Japan Deputy Governor Kiyohiko Nishimura on Thursday cautioned against the effects of Asian measures to curb disruptive short-term capital flows, saying that steady capital inflows benefitted the region. Alarmed by large capital inflows and rising volatility in financial markets, Asian nations, including South Korea, have sought to limit capital inflows over the past last year. "... these policies may have unintended adverse effects on the economy if they are in place for longer than necessary, such as distorting optimal credit allocation and impeding necessary structural reforms," Nishimura said in a keynote speech for the Bank of Korea's conference in Seoul. "Moreover, temporary success in these short-term measures may tempt policy makers into postponing measures necessary to cope with real and fundamental problems." The deputy governor noted that there was still an excessive regulation on cross-border transactions in the region and a lack of transparency and liquidity. "Capital flows are beneficial for the Asian region, where there is large potential demand for public and private infrastructure." The deputy governor said that delayed policy responses may cause an accumulation of "excess" in employment, business capacity and debt under an inflexible labour market. ".. regulatory and macroprudential measures are supplementary to, but not substitutive for traditional or conventional policy measures." -Reuters
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1992-95 conflict. Tadic would not say how and where Mladic was arrested other than 60th anniversary of establishment of diplomatic relations between Pakistan and China as well as to celebrate the "2011 Year the confirm he was captured on Serbian soil. But Serbian security sources told AFP that three special units of Pak China Friendship" since May 21, 2011. swooped on a house in Lazarevo around 80 kilometres (50 miles) Continued from page 12 southwest of Belgrade and close to the Romanian border early No #2 Thursday. issues in depth. The house was owned by a relative of Mladic and had been under A methodical review will also be made on the safeguard of Pakistan's nukes thick and thin and measures taken by Security surveillance for the past two weeks, one of the sources added. It is not known where Mladic is now but according to the Serbian Agencies in this regard. Sources told Online that Defence Minister Chaudhry Ahmed procedures he is due to appear before the special war crimes court to Mukhtar will not be attending the NA Body on Defense as he is on a get the extradition process started. It could take as much as a week before he is extradited. foreign visit. -APP His arrest follows heavy pressure from the European Union which Continued from page 12 No #3 has made clear that Serbia's failure to capture Mladic was a major meetings were described by the senior official briefed on the obstacle to its hopes of joining the 27-nation bloc. talks as "tough but fruitful." In his press conference, Tadic stressed that the arrest had come Specifically, the United States is looking for Pakistan to demon- about as "a result of the full cooperation with the Hague war time tristrate a willingness to go after senior al Qaeda targets, take action bunal". against factories producing improvised explosive devices for use "I am convinced that this way we have opened the door to candidaagainst U.S. troops in Afghanistan, and support Taliban reconcili- cy status and negotiations and finally to EU membership," he said. ation. Continued from page 12 No #6 During the meetings with Grossman, the senior US official said, reply to the letter written by opposition leader in National Kayani voiced concern about the continuation of US drone strikes against targets inside Pakistan, but he and other members of the Assembly had been given by the government so far, he pointed Pakistani leadership expressed a willingness to press al Qaeda, out. A resolution was passed in joint session of both the houses of conduct joint operations and support reconciliation. Last Sunday, protesters held a sit-in near the country's main port parliament on Abbottabad operation but no headway had been made so far on this count, he deplored. in Karachi, demanding an end to the drone strikes. Government should respect joint resolution, he stressed. What The United States does not officially acknowledge drone attacks in Pakistan, but it is the only country operating in the region with parliament says must be implemented, he added. "We will have to pursue the path of self accountability rather the capacity to carry out such strikes. It was once widely believed that the program had the tacit approval and cooperation of than extending begging bowl', he urged. To a question he said government should constitute commission Pakistan's intelligence agency. -Online to inquire into both the incidents. -Agencies
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had no intention of changing that fact. The Taliban, after all, aim to take over Pakistan and its weapons, the paper said. Ehsan then mocked Pakistan's willingness to work with the United States, saying: "Isn't it a shame for us to have the Islamic bomb, and even then we is bowing down to the pressures of America?" While the brutality of the Pakistan Taliban has alienated them from most Pakistanis, Ehsan's anti-American sentiments are shared by many people there. The long-questioned alliance with the US has come under increased scrutiny following the May 2 raid that killed the then al Qaeda chief Osama bin Laden. The US raid was seen by most in Pakistan as a violation of national sovereignty by an unfaithful ally, the paper said. Ehsan's remarks appeared tailored to appeal to that increasingly nationalist mainstream, where conspiracy theories flourish about American, Indian and Israeli plots to deprive Pakistan of its atomic arsenal, said the paper, adding that Pakistan's nuclear capability is cherished here as the guarantor of safety from India's far larger conventional military. Still, it was impossible to judge the sincerity of Ehsan's declaration regarding Pakistan's nuclear arsenal, as even if the Pakistan Taliban has no designs on the arms, there are myriad Islamist groups in Pakistan, including al Qaeda, that are believed to have interest in acquiring nuclear weapons, it added. -Online
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Equipment and Ambulances for DHQ Hospitals in Khyber Pakhtunkhwa (KPK) and Expended Program on Immunization (EPI) Revised. Other important approved projects are Up-Gradation and Additional Works of Expo Centre, Lahore. Establishment of Turbines & Power Plants Equipment Manufacturing Facility at heavy Mechanical Complex, Taxila. Kala Dhaka Area development Project (Revised). Umbrella PCI for Sindh Flood Emergency Reconstruction Project for bunds and Canals (2010) Secretary Planning and Development Division Mr. Sohail Ahmed briefed about the need for rationalizing the portfolio in line with resource availability. He also emphasized the need for a balance between new and ongoing projects, and the optimization of available resources. In his concluding remarks, Dr Shaikh thanked the Planning Commission and all relevant departments for their commitment and dedication. He also emphasized the need for improving the monitoring and evaluation of projects to ensure transparency and best utilization of national resources. -Online
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Energy-starved Pakistan needs gas to feed its power sector as it faces a shortfall that often peaks at 5,000 megawatts per day in summer. Continued from page 12 No #5 Pakistan relies on oil for most of its power needs and imports "The extradition process is underway," he added, referring to the about 80 percent of its oil. process to transfer Mladic to the International Criminal Tribunal for It spent about $3.99 billion on the import of 6.9 million tonnes the former Yugoslavia (ICTY), a UN tribunal based in The Hague. of petroleum products and $2.45 billion on 4.3 million tonnes of "Today we close one chapter, a chapter in our history, which brings crude oil in the first seven months of the July 2010 to June 2011 us ... one step closer to full reconciliation in the region," Tadic added. financial year. Mladic, the most wanted fugitive from the ICTY, faces charges of Early this month, Pakistan's second Chinese-made 330 MW genocide, crimes against humanity and war crimes for his role in the nuclear-reactor started generating power. China is also building Srebrenica massacre and the bloody siege of Sarajevo during the two more units with the same capacities at Chashma nuclear plant
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in Pakistan's eastern Punjab province. The projects are, however, not scheduled to be completed until 2017. Analysts say import of LNG is the best possible short-term option for the government to cope with the growing energy crisis. "Your options are evaporating very fast. You have to fill the gap urgently and I think it is a good, cheap option if we avail it," said Asif Qureshi, an analyst at Invisor Securities, a brokerage firm based in Karachi. -Reuters
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they claim," he added. He said if the SBP was not aware, they were informing it that in the last two years loans worth billion of rupees had been written off on basis of Circular 29 which had lost its effectiveness in 2003. "Tell SBP governor to withdraw the Circular 29 and let Commission decide the cases and if they are genuine, we are with you," he added. The CJ further told him by pointing out to certain cases in the lists provided by the SBP that though Circular 29 was no more in the field but the people had been given concessions. "If you have will, you should have examined cases till 2003 when the Circular 29 was filed and afterwards till this date have recovered all loans," he added. He asked the counsel to also assist them over any effective law imposing penalty against such banking officers. Citing two cases, he said the mill owners had been thriving on multiplied business after successfully waiving off their loans. On the other hand, even a common man was not allowed to enter into bank premises, he added. "Despite pendency of the case and the whole world knows that SC has been hearing the case, nobody among loan beneficiaries came forward to defend themselves because they know that the process is doubtful," he added. Syed Iqbal Haider argued that no effort on part of SBP was made to defend the wrong but the cases required to be identified and differentiated from those of political ones. He said the Commission which the SBP wanted should be allowed to function. The Commission had already scrutinized 100 cases. Defending his position he contended that Circular 29 was lapsed in October 2003 and the committee formed to extend such facilities was no more, then the people who had applied for written off loans took their matters to courts with claims to be treated on equal grounds. He said the litigation continued even till 2005 and litigants also got favorable decisions from the courts. The Chief Justice told him that the SBP knew everything but had no vigilance. Justice Muhammad Sair Ali remarked that entire game in banking sector started from bad loans. Iqbal Haider agreeing with Justice Sair's query that benefits drawn under Circular 29 were illegal since its expiry in 2003, also contended that the banks had right to write off loans through their board of governors. Further hearing was adjourned till May 30. The apex Court had taken a suo moto notice in 2007 on a news report that then Musharraf's government had written off Rs53.499 billion bank loans between 2002 and 2007. The loans were given to influential people on the basis of a decision taken by the financial team of the former ruler in December 2002. -APP
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said China was like no other country in the world which was loved by the Pakistani nation deep from the heart. He mentioned the exchange of 100-member youth delegation between Pakistan and China on annual basis which he said was playing a great role in inculcating the values of friendship to the new generation. He termed economic cooperation with China as the top most priority besides collaboration in fields of defence, culture, energy and construction of dams. Gilani held an hour-long interactive session with the delegates and answered to their several questions. In response to a query on the Atta Abad's quick lake affecting the transportation on Silk Route between Pakistan and China, he said the matter was discussed with Chinese Premier Wen Jiabao who agreed to help out Pakistan on it. The Prime Minister said also he talked with Premier Wen about helping Pakistan in constructing a road linking Karachi motorway with Faisalabad. He said like the Silk Route, this viable project could also become a symbol of Pak-China friendship. He called for more cooperation between the sister-cities of Karachi and Shanghai. When asked on the details of Pak-China cooperation in defence, Gilani said, "We speak less and do more." Furthermore, while talking to Syed Naveed Qamar, Prime Minister Gilani said that Government is taking all possible measures to enhance the capacity of national grid as well as power generation capacity. The effective policies of the Government, he added, have helped reduce the energy shortage to a greater extent. He declared that the Government is holding the second energy summit to take all the stakeholders on board and formulate energy conservation strategy for this summer. Prime Minister asked the Minister to formulate policies to motivate foreign as well as local investors to invest in energy sector. He maintained that Pakistan's potential for renewable energy resources is immense and needs to be explored at the earliest to meet the growing energy demand. He stated that the Government is soon going to launch small, medium and mega size hydro projects in the country to eliminate power shortage in the long-run. The Prime Minister observed that due to participation in war against terrorism, Pakistan has suffered a lot economically. Most of our foreign funded energy sector projects got delayed due to security situation. He pointed out that a number of friendly countries have expressed willingness to invest in this sector. The Prime Minister told the Minister about his successful meetings with executives of Three Gorgeous Company during his visit to China. The Minister for Water and Power apprised the Prime Minister about progress of various projects initiated by the Ministry of Water and Power. -Agencies
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Cotton and textile account for about two-thirds of Pakistan's exports, and the textile industry is the main driver of the economy. -Reuters
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Chaudhry, Justice Muhammad Sair Ali and Justice Ghulam Rabbani issued notices to the Federation; secretaries ministry of petroleum, Establishment Division, and Cabinet Division for June 1. Notices were issued on a constitutional petition moved by executive director Ogra Mohammad Yaseen claiming that appointment of chairman Tauqeer Sadiq was made on political grounds and in violation of rules and regulations. He contended that he did not possess required academic credentials. -Agencies
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problems for us instead of being helpful," said a Pakistani security official who declined to be identified. He said the withdrawal might start by early June. Another Pakistani security official said the decision was made because of concerns over the Americans' security and because "resentment all around was very high." -Reuters
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The benchmark Shanghai Composite Index closed down 0.2 per cent on the day to 2,736.5, a fourth consecutive 4-month low. Any near-term rebound is seen capped at its 250-day moving average at 2,779.3, with support seen at 2,650, its 61.8 per cent retracement from the benchmark's November 2010 high. A-share turnover on Thursday picked up marginally from Wednesday, but at RMB 92.2 billion, is still some 29 per cent below the 2011 average, currently at RMB 130.1 billion.-Reuters
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Concerns about Greek fiscal woes were reignited after Eurogroup President Jean-Claude Juncker said if payment of the IMF tranche to Greece in June was not possible, the Europeans were expected by the IMF to step in. Lloyds Banking Group, however, bucked the weaker sector trend, up 1.1 percent as Virgin Money stepped up its bid interest in 600 retail branches which the British bank has been ordered to sell by regulators. By London's close, U.S. blue chips were down 0.4 percent on the renewed euro-zone worries and as the U.S. economy grew at a slower-than-expected pace in the first-quarter, with GDP unrevised at up 1.8 percent. Engineer Weir Group was the top FTSE 100 gainer, up 5.3 percent as RBS raised its target price to 2,125 pence from 1,935 pence to reflect the firm's recent bullish interim management statement. Burberry was the biggest blue chip faller, down 4.6 percent, retreating after a strong recent run following full-year results.-Reuters
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The index is still down 1.5 per cent on the week and 5.7 per cent down on the month. The 50-share NSE Index rose 1.19 per cent to 5,412.35 points. In the broader market, 747 gainers led 632 losers on a total volume of about 641 million shares on the NSE. "This is definitely a good recovery. But today being the settlement day, difficult to say anything," said K.K. Mital, head of portfolio management at Globe Capital in New Delhi. He said a big trigger for the market would depend on normal monsoon in the June-September rainy season and a softening in commodity prices. Inflation remains a key worry for investors in India and investors have been bracing for another rate increase by the central bank in June, which would be the tenth rise since mid-March 2010. Foreign funds have pulled out $1.7 billion so far in May, taking losses in the BSE index to 11.7 per cent in 2011. "Unless we see some stability in inflation and crude prices the market will continue to be very choppy," said Neeraj Dewan, director at Quantum Securities. "Monsoon is also going to be the key for the near-term market outlook," he said. Normal monsoon rain is crucial to India's economy and boosts farm incomes and spending on for cars, motorcycles, consumer goods and even gold, which is used for investment. Beaten down Reliance Industries, having the heaviest weight in the BSE index rallied 3.1 per cent to 933.85 rupees to its highest close in nearly two weeks. The stock is still down 11.8 per cent this year, mainly due to concerns over ramping up its gas output. Citigroup said in a report dated Wednesday that Reliance's current stock value had priced in lower gas volumes at its key block off India's east coast, and the stock could see upside from the strong outlook for its core refining business. The bank said it maintained its "buy" rating on the stock with a 12-month target price of 1,115 rupees. Shares in Coal India rose 3.1 per cent to 388.95 rupees after it reported a 13 percent rise in quarterly profit. Separately, sources said the company was in advanced talks to buy up to 40 per cent stake in Indonesia's Golden Energy Mines in a deal valued at between $750 million and $1 billion.-Reuters
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Friday, May 27, 2011
SBP launches memorial coin of Rs20 Staff Reporter
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talking to Syed Naveed Qamar at PM House. -APP
US cutting troop total in Pakistan WASHINGTON: The United States is reducing its military presence in Pakistan at the request of that country's government, a Pentagon spokesman said Wednesday. "We were recently within the past two weeks notified in writing that the government of Pakistan wished for the US to reduce its footprint in Pakistan. Accordingly, we have begun those reductions," said Pentagon spokesman Col Dave Lapan, reported CNN. More than 200 members of the US military were in the country to train Pakistanis and aid them in using equipment. The announcement comes during a week in which Washington has sought to put relations with Islamabad back on track after its stealth May 1 raid in which US Navy SEALs flew into Abbottabad and
killed Osama bin Laden. Pakistani government officials have condemned the raid as a violation of Pakistan's sovereignty and said they did not know the al Qaeda leader had been living there. But CIA Director Leon Panetta -nominated by Obama to succeed Robert Gates as defense secretary -told House members during a closeddoor briefing early this month that Pakistan was "either involved or incompetent," according to two sources in attendance. On Tuesday, the former Pakistani president, Pervez Musharraf, joined in condemning the US action. "No country has a right to intrude into any other country," he told CNN's Piers Morgan in an interview to air at 9 pm ET Thursday. "Actually, technically, if you see it legally, it's an act of war." At the same time, Washington
has demanded specific actions from the Pakistani government to demonstrate its commitment to rooting out terrorists in the country. Last week, Marc Grossman, the State Department's special envoy for Afghanistan and Pakistan, traveled to Islamabad, where he delivered a set of demands saying the United States is looking for actions, not words from Pakistan, according to a senior official briefed on the talks. The official was not authorized to speak on the record. During meetings with President Asif Ali Zardari, Army Chief of Staff Gen. Pervaiz Kayani and Lt Gen Shuja Pasha, head of Pakistan's InterServices Intelligence Agency, Grossman said the United States is looking for more cooperation from Pakistan in fighting extremism. The See # 3 Page 11
Ministries shift to be end by July: Rabbani ISLAMABAD: The Parliamentary Commission, constituted for the implementation on 18th amendment has made it clear that the devolution of ministries to Province would be completed by June 30 at all cost. The commission met under the chairmanship of Senator Mian Raza Rabbani to review the devolution of ministries to Province. Secretaries of Petroleum ministry, health ministry and women development briefed the Parliamentary commission over transfer of their respective ministries to Provinces. Secretary Petroleum ministry also tabled a report with regard to distribution of resources of ministry among Provinces, sources informed Online. The commission has directed Petroleum ministry to table complete report regarding distribution of resources among Provinces in upcom-
ing meeting of Council of Common Interest. After the meeting, Senator Mian Raza Rabbani told media men that the devolution of ministries to Province under 18th amendment is mandatory and it would be completed by June 30. The legislators of Pakistan Muslim League (Q), he said, enjoy some ministries including labor and manpower, health and minority affairs. The commission, he said, has not received any directives from Presidency and Prime Minister House to not to devolve aforementioned ministries to Provinces. We are trying our level best to resolve issue amicably, he said. Responding to a question, he said, the future of federation Government employees would be secured at all cost. -Agencies
KARACHI: The State Bank of Pakistan will start issuing Rs20 'Commemorative Coin' through the exchange counters of all the field offices of SBP Banking Services Corporation from May 28 (tomorrow) on the occasion of 150 year celebrations of Lawrence College, Ghora Gali, Murree. On the reverse side of the coin monogram of Lawrence College, Ghora Gali, Murree is depicted in the centre. The wording "150 Year CelebrationsLawrence College Ghora Gali Murree" in English is written on the top of coin. It may be added here that all the field offices of SBP Banking Services Corporation have been issuing Rs20 Commemorative Coin to commemorate the See # 1 Page 11
NA body reviews nukes security today ISLAMABAD: An important meeting of National Assembly Standing Committee on Defense will be held at the Parliament House on Friday (today). According to sources, Dr Afzal Azra Palejo will preside over the important meeting in which main focus will be on Abbottabad Operation, PNS Mehran fiasco, safeguard of nuclear assets and other key See # 2 Page 11
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Gaddafi renews truce offer to Nato TRIPOLI: The government of Libyan leader Muammar Gaddafi has contacted foreign states offering an immediate ceasefire, but there was skepticism that the proposal could end the three-monthold conflict. The ceasefire offer was unlikely to deflect Western leaders, meeting for a Group of Eight summit in the French seaside resort of Deauville, who say they are steadily moving closer to their goal of forcing Gaddafi from power. Spain said it was one of several European governments to have received a proposal from Libyan Prime Minister AlBaghdadi Ali Al-Mahmoudi for an immediate ceasefire. "We've received the message and our position lies with the rest of Europe," a spokesman for the Spanish prime minister's office said. "Everyone is anxious for there to be an agreement ... but certain steps have to be taken first and so far they haven't been taken," he said. Foreign reporters in Tripoli were summoned to a news conference given by the Libyan prime minister, though there was no word on what he would be talking about. Gaddafi's government has offered ceasefires before. Each time, these have been rejected by rebels who say they will accept nothing short of the Libyan leader's departure. Despite the latest ceasefire offer, forces loyal to Gaddafi were on Thursday mounting their most intensive bombardment for days in the rebel-held city of Misrata. A Reuters reporter in the city, which is about 200 km (130 miles) east of Tripoli, said he could hear mortars landing every few minutes in the western outskirts of Misrata.
He said there was a steady flow of ambulances going to and from the front line. "The bombing started at about 7 a.m. (1 a.m. EDT). Today's mortar fire is quite fierce and sustained. The mortars are coming closer to the front line than they have for several days," said Abdellatif Sueihy, a 56-year-old rebel fighter. Gaddafi's security forces cracked down ferociously when thousands of Libyans rebelled against his rule. NATO missiles and warplanes have been bombing targets in Libya for two months under a U.N. mandate to protect civilians from attack. Rebels now control the east of the country, around their main stronghold of Benghazi, and pockets of land in the West. But the conflict has reached stalemate on the ground, with the rebels unable to advance toward Tripoli and NATO powers -- wary of getting sucked into new conflicts after their experience in Iraq and Afghanistan -- refusing to put troops on the ground. Nevertheless, Western officials say they are confident that they are gradually loosening Gaddafi's grip on power through a combination of sanctions and military and diplomatic pressure. "You are wearing down a regime over time," said a U.S. defense official. "You make the elites feel uncomfortable; you get dissension in the upper ranks. It doesn't happen quickly." "What you are trying to do is get the regime to read the writing on the wall," the official said. Gaddafi, who has been in power for more than four decades, denies that his troops target civilians and say his security forces were forced to act to put down a rebellion by criminals and members of al Qaeda. -Reuters
No plan against Pak nukes, says Taliban
ISLAMABAD: The Taliban have no plans to attack Pakistan's nuclear arsenal, the organisation's spokesman has declared. The 17-hour siege of Karachi's Mehran Naval Station by Pakistani Taliban militants renewed disturbing questions about the Pakistan military's ability to defend sensitive installations, including its nuclear weapons. While the Obama administration showed caution in its reaction to the Karachi siege, media outlets across the globe linked the attack to the disturbing questions over the security of Pakistan's nuclear weapons. Taliban's spokesman Ehsanullah Ehsan, however, dismissed those concerns as America's "excuse" to pressure the Pakistan government into fighting the Taliban, who he portrayed as the country's true protectors. "Pakistan is the only Muslim nuclear-power state," The Wall Street Journal quoted Ehsan, as ISLAMABAD: Prime Minister Syed with special reference to Karachi. Strategy of handling US president saying in a telephonic interYousuf Raza Gilani has summoned the important Federal Cabinet meeting on Barrack Obama recent announcement view. He added that the Taliban of unilateral attacks in Pakistan and Friday (today). See # 4 Page 11 According to official sources, PM non-stoppage of drone attacks despite Gilani has convened the meeting of passage of parliament resolution would Federal Cabinet to review and assess be discussed in length, sources said. Sources further added that Federal the national security in the aftermath of present challenges posed by the acts of Cabinet meeting will throw a light on the overall law and order situation in the terrorism. The meeting would ponder over the country, drone attacks strategies and last blatant attack on Naval base in Karachi but not the least review on next fiscal and would analyze the factors leading to years Federal Budget. Earlier the cabisuch a massive attack on the defense of net was to meet on Thursday but due to Pakistan, security lapses and the new the Defense Cabinet committee meeting B E L G R A D E : S e r b i a wave of terrorism striking the country it was cancelled. -Online announced the arrest of former Bosnian Serb military chief PNS Mehran Attack Ratko Mladic on Thursday, ending a 16-year manhunt for the general accused of masterminding Europe's worst masISLAMABAD: Mian Nawaz Sharif informed in this respect. Talking to media men here at sacre since World War II. postponing his program to express conPresident Boris Tadic condolence with President Asif Ali Zardari Islamabad airport Thursday Mian on the demise of his father Hakim Ali Nawaz Sharif had said attack on firmed reports that the 69-yearZardari at Nawab Shah due to bad Mehran base was not less than old had been detained by Serbian security forces, saying weather has demanded formation of an Abbottabad operation in intensity. An independent and neutral commis- the capture would bolster independent commission for investigation of the terrorist attack on Mehran sion should also be constituted to probe Serbia's "moral credibility in the world". "Today, early in the into Karachi incident, he demanded. naval base in Karachi. Government had not shown any sin- morning, we arrested Ratko Dr Asif secretary to Mian Nawaz Sharif has said that Mian Nawaz Sharif cerity on resolution adopted in joint Mladic," the president told a will condole with Asif Zardari within a session of parliament, he regretted. No press conference in Belgrade. See # 5 Page 11 See # 6 Page 11 few days and PPP leadership has been
Cabinet reviews nat'l security affair today
Serbia catches war-crime mily fugitive
Sharif demands free body probe
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