International Karachi, Thursday, April 28, 2011, Jumadi-ul-Awwal 24, Price Rs12 Pages 12
President offers various sectors to Korea traders See on Page 12
Foreign Debt (Dec 10) Domestic Debt (Dec 10) Repatriated Profit (Jul- Mar 11) LSM Growth (Jul 10- Feb 11)
GDP Growth FY10E Per Capita Income FY10 Population
$17.38bn 14.20% $17.80bn $29.02bn $(11.22)bn $99mn $8.02bn $1.32bn Rs 1012bn $58.39bn Rs 5497.4bn $491mn 0.98% 4.10% $1,051 175.87mn
Total Portfolio Invest (16-Apr-2011)
NCCPL (U.S $ in million)
FIPI (27-Apr-2011) Local Companies (27-Apr-2011) Banks / DFI (27-Apr-2011) Mutual Funds (27-Apr-2011) NBFC (27-Apr-2011) Local Investors (27-Apr-2011) Other Organization (27-Apr-2011)
-16.23 16.07 1.21 -0.26 0.62 -1.18 -0.22
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 11,947.44 9,691.84 23,892.84 19,448.69 2,704.24 2,925.41 6,068.16 12,611.49
Change 13.98 133.15 114.54 96.66 14.94 13.57 1.20 16.12
GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 109.88 14.50 122.56 2.00 42.26 1.70 35.92 11.17 37.75
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
13.25% 13.62% 13.87% 14.00% 13.18% 13.39% 13.69% 14.08% 14.20% 13.97% 14.00% 14.08% 14.43% 14.69% 14.90%
20-Apr-2011 20-Apr-2011 20-Apr-2011 26-Mar-2011 27-Apr-2011 27-Apr-2011 27-Apr-2011 27-Apr-2011 27-Apr-2011 27-Apr-2011 27-Apr-2011 27-Apr-2011 27-Apr-2011 27-Apr-2011 27-Apr-2011
Commodities *Crude Oil (brent)$/bbl 125.13 *Crude Oil (WTI)$/bbl 112.60 *Cotton $/lb 153.39 *Gold $/ozs 1,508.60 *Silver $/ozs 45.29 Malaysian Palm $ 1,096 GOLD (NCEL) PKR 40,934 KHI Cotton 40Kg PKR 11,253 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 90.90 Canadian $ 88.30 Danish Krone 16.10 Euro 123.30 Hong Kong $ 10.80 Japanese Yen 1.022 Saudi Riyal 22.40 Singapore $ 68.00 Swedish Korona 13.40 Swiss Franc 94.20 U.A.E Dirham 22.90 UK Pound 138.60 US $ 84.45
91.90 89.30 16.50 124.30 11.10 1.047 22.60 69.00 13.70 95.30 23.10 140.00 84.75
Inter-Bank Currency Rates Symbols
Buying
Selling
TT Clean
TT & OD
Australian $ 91.38 Canadian $ 88.84 Danish Krone 16.62 Euro 123.92 Hong Kong $ 10.86 Japanese Yen 1.035 Saudi Riyal 22.51 Singapore $ 68.57 Swedish Korona 13.88 Swiss Franc 96.76 U.A.E Dirham 22.98 UK Pound 138.28 US $ 84.53 Weather Forecast Cities
Islamabad Karachi Lahore Faisalabad Quetta Rawalpindi
91.59 89.05 16.66 124.21 10.89 1.037 22.56 68.73 13.91 96.98 23.03 139.61 84.71
Max-Temp Min-Temp
36°C 35°C 40°C 41°C 33°C 38°C
18°C 25°C 21°C 22°C 14°C 21°C
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Pak denies splitting US-Afghan links
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Non-tariff barriers, trade volume deliberated upon High Commissioners of both nations also present
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SCRA(U.S $ in million)
221.20 45.12 -3.22 2714
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Trade facility for private cos talked
Portfolio Investment Yearly(Jul, 2010 up to 26-Apr-2011) Monthly(Apr, 2011 up to 26-Apr-2011) Daily (26-Apr-2011)
See Page 2
Obama releases birth form, decries ‘silliness’
Pak-India commerce secys discuss trade
Economic Indicators Forex Reserves (16-Apr-11) Inflation CPI% (Jul 10-Mar 11) Exports (Jul 10-Mar 11) Imports (Jul 10 - Mar 11) Trade Balance (Jul 10 - Mar 11) Current A/C (Jul 10- Mar 11) Remittances (Jul 10 - Mar 11) Foreign Invest (Jul 10-Mar 11) Revenue (Jul 10 Mar 11)
Pro-business budget to boost economy: ICCI
ISLAMABAD: Indian Secretary Commerce Rahul Khullar and Secretary Commerce Pakistan Zafar Mehmood during 5th round of talks on commercial and economic cooperation here on Wednesday. -Online
Gilani inaugurates 25-bed health centre
PM puts weight behind ISI acts Says Intelligence agencies subservient to govt ISLAMABAD: Prime Minister Syed Yusuf Raza Gilani on Wednesday said that the InterServices Intelligence (ISI) enjoyed full support of the government for its operations and we are with it, media reported Wednesday. PM Gilani was addressing a public gathering in Bhara Kahu where he inaugurated a 25-bed upgraded Integrated Health Center to provide best possible medical facilities to the rural population. PM Gilani pointed out that the intelligence agencies of the country were working under the government, adding relations with US would be on equal terms and in our interest.
Prime Minister categorically stated that government would not compromise and undermine country's national interests and integrity at any cost. "Pakistan Peoples Party is fully responsible for Pakistan's sovereignty and security and would never undermine it," Gilani told the gathering. He said Pakistan's relations with the United States were based on the basis of mutual self respect. Prime Minister Gilani said the Pak-US diplomatic relations had experienced ups and downs during different government tenures, however assured that the present democratic government would always
KESC avoidance of PSO oil raises load-shedding
China OKs $1.7bn for intra-Lhr rail
KARACHI: Management of Karachi Electric Supply Company (KESC) has started avoiding the use of low rate furnace oil provided by Pakistan State Oil (PSO). Due to this decision of KESC management, the duration of load-shedding has increased in the city. Due to the low gas supply from the Sui Southern Gas (SSG), on directions of government PSO was providing furnace oil to KESC on the prices of gas. The residents of Karachi are upset due to the extra electricity bills and long-hours of loadshedding. According to sources, SSG has decreased the gas supply since 11 April to KESC. After See # 16 Page 11
Panetta to head Pentagon, Petraeus CIA WASHINGTON: CIA director Leon Panetta will become US defence secretary and be replaced at the spy agency's helm by US Army General David Petraeus, current head of military operations in Afghanistan, ABC News reported Wednesday. President Barack Obama will also nominate veteran diplomat Ryan Crocker as the next US ambassador to Afghanistan, according to news report. The positions would require Senate confirmation. See # 17 Pgae 11
ISLAMABAD: The ExportImport Bank of China will loan Pakistan $1.7 billion to develop a city-wide train system in the eastern city of Lahore, a senior Pakistani government official said on Wednesday. The 15-year loan will be disbursed in the next five years, and negotiations with Eximbank are under way to finalise other details, Khwaja Ahmed Hassan, chairman of the Lahore Transport Company (LTC), said. "The bank agreed to lend us the money with a two-year grace period, and our aim is to get it at 6 percent interest," he told Reuters. The Punjab government recently agreed to award the 27 km train line contract project to the Chinese company China North Industries Corp. In 2008, a French company had estimat-
uphold the country's interests at every cost. He said it was the success of Pakistan Peoples Party government that it united the entire nation against extremists and terrorists, in a reference to the military operation in Swat and Malakand. He said the country's nuclear program was in safe hands and stressed "nobody should have any doubt about it." Gilani rejected the impression of "enemies of Pakistan" that the Inter Services Intelligence Agency (ISI) had ventured into any project without the government's knowledge. He said intelligence See # 13 Page 11
ed the cost of the project at $2.4 billion. The Chinese "were very kind and they brought down the cost of the project to $1.7 billion," Hassan said. He said the project was likely to begin by the end of 2011. Lahore, the capital of Punjab province, Pakistan's most populous and prosperous province, is home to more than 5 million people. Officials expect the new transport system, the first of its kind in the country, will substantially decrease road traffic. "There will be a big change. If we are able to bring here the system which we saw in China, thousands of vehicles (will) eventually go off the road," Hafiz Nauman, a provincial lawmaker and senior member of the LTC, said. See # 14 Page 11
No work permit for Pakistanis: Kuwait KUWAIT CITY: The Interior Ministry has suspended issuing of work permits and new residence permit to Iraqis, Iranians, Syrians, Pakistanis and Afghans until further notice due to the current unrest in their countries. However Kuwait's labour ministry has denied media reports that it has stopped issuing work visas to nationals from five countries. Al-Rai Daily quoting reliable sources, however, added the final say in all matters related to work permits, visit visas and residence permits will lie in the hands of acting Deputy Premier and Minister of
Interior Sheikh Ahmad AlHumoud and Undersecretary Lt General Ghazi Al-Omar. Referring to the suspension orders, sources said the ministry will take further decisions depending on the developments in these countries. The General Department of Immigration has reportedly started acting on the instructions, but is continuing to renew the residence of people of these nationalities. Sources said the new directive will not affect residence law violators who want to legalise their status or leave the country during the amnesty See # 15 Page 11
ISLAMABAD: Pakistan Secretary Commerce Zafar Mehmood said Wednesday that private sectors of Pakistan and India would be facilitated for the benefit of the people of two countries and their economic prosperity. "Private sector is an engine of economic growth and to facilitate this sector we are talking to boost trade relations through private sector, and we want to provide such policy framework for trade facilitation between the two private sectors", he told journalists after participating the 5th round of trade talks between two countries. Zafar Mehmood said that talks are moving forward in a positive and friendly atmosphere without any hesitation. Both the countries realise the significance of promotion of bilateral trade, he said. The private sector of both the countries was playing pivotal role on this count, he pointed
Naqvi appointed MD KSE Staff Reporter KARACHI: A prominent financial and capital market expert Nadeem Naqvi has been appointed as Managing Director of Karachi Stock Exchange for a three years term. The Securities & Exchange
Commission of Pakistan has also approved his appointment. According to KSE here Wednesday, Naqvi is expected to assume his responsibilities in the middle of the next month. Naqvi holds the degrees of MBA in Finance and BSc (Hons) in Banking and See # 12 Page 11
Banks allowed loaning ancillaries Staff Reporter KARACHI: State Bank of Pakistan (SBP) has also allowed the banks/ Development Finance Institutions (DFIs) to extend loans for the cost of ancillary item(s) like CNG-Kits, vehicletracking-devices, while sanctioning auto loans for the exfactory tax paid price fixed by the car manufacturers. However, the banks/ DFIs are not permitted to finance the premium charged by the dealers and/or investors over and above the ex-factory tax paid See # 18 Page 11
out. Joint declaration would be announced on the conclusion of talks, he told. He said that the issue of removal of non-tariff barriers between the two countries also came under discussion. Talking about the volume of bilateral trade between both the countries, the Commerce Secretary said that the current figures of Pakistan's export and import with India stood at $300 million and $1.3 billion respectively. Trade on 1946 goods is going on between the two countries and No of goods is rising every year, he told. Pakistani side is being lead by Secretary Commerce Zafar Mehmood while the Indian Commerce Secretary Rahul Khullar is heading his team. Pakistani High Commissioner to India Shahid Malik and Indian High Commissioner to Pakistan Sharat Sabharwal are also participating in the talks.
In his opening remarks, Secretary Commerce Zafar Mehmood welcomed the Indian delegation and said that both sides are open for talks on issues of mutual interests. He expressed the hope that this 5th round of talks between the two countries would help boost trade and economic relations leading to peace in the region. "We are determined to making the 5th round of talks successful and fruitful", Zafar Mehmood remarked. In his remarks, the visiting Indian Commerce Secretary thanked Pakistan government for their hospitality extended to his delegation. "We are here for talks to further boost our mutual trade and economic relations", he remarked. "Pakistan and India, can resolve their issues through process of dialogue and we are here with this spirit", he added. -Agencies
SBP hikes Islamic banks SLR by 5pc Staff Reporter KARACHI: The State Bank of Pakistan decided on Wednesday to increase the Statutory Liquidity Requirement (SLR) for Islamic banks/ Islamic banking branches by 5 per cent with effect from June 03, 2011. At present, the SLR for Islamic banks/ Islamic banking branches is 14 per cent (excluding Cash Reserve Requirement) of total demand liabilities (including time deposits with tenors of less than 1 year). A circular (DMMD Circular No 3) issued said that in exercise of the powers conferred upon the State Bank of Pakistan under section 36 of
the State Bank of Pakistan Act, 1956, and section 29 of the Banking companies Ordinance, 1962 it has been decided to increase the Statutory Liquidity Requirement (SLR) for Islamic Banks/ Islamic Banking Branches with effect from June 03, 2011 to 19 per cent (excluding CRR) of Total Demand Liabilities (including Time deposits with tenors of less than 1 year). It may be pointed out here that the SLR can be maintained in the form of cash in hand, balance with NBP in current account, balance with SBP in current account and Unencumbered Approved Securities as notified by SBP from time to time. See # 9 Page 11
IMF considers Pak policymakers liars KARACHI: The International Monetary Fund considers Pakistan's economic policymakers ‘liars', according to Ehtisham Ahmad, the country's former representative on the Washington-based IMF board. Ahmad claims that only a last-minute intervention by the White House helped Pakistan secure in late 2008 $11.3 billion bailout arrangement with the IMF. This had been initially turned down with senior fund
officials saying the country's economic managers were lying on tax reform pledges, a perception that has now become reality in 2010-11. "The White House had to intervene to secure a program for Pakistan as even the friends on the IMF board said Pakistan's economic team lied on the promise of levying value-added tax," the local media reported Ahmad as saying. "It would not be easy for See # 10 Page 11
Saeed Sindhu joins OGDC as acting MD ISLAMABAD: Asia Saeed Sindhu, who has been appointed by Prime Minister Syed Yousuf Raza Gilani as acting MD/ CEO OGDCL, has over 25-year experience in the field of exploration and production sector of hydrocarbon resources in the country.
Asia Sindhu has been the Executive Director (Finance)/ CFO since September 2009. Prior to joining the Oil and Gas Development Company Ltd he was working as Finance Director for Shell Pakistan Limited. See # 11 Page 11
2 Thursday, April 28, 2011
Action demanded against pirates
Govt losing Rs21bn due to IPR violations Staff Reporter KARACHI: According to an estimate Pakistan government's annual revenue loss from intellectual property rights infringement have shot up to a staggering Rs21 billion in 2008 from Rs10 billion for Year 2002. This was disclosed by Mrs. Ameena Saiyid, Managing Director of Oxford University Press in Pakistan at a press conference organized to mark the "World Intellectual Property Day". Speaking to the media, she said that the country's legitimate industry, the government and consumers are suffering due to rising piracy of books, software, entertainment material and trade mark violations.
Explaining her point of view she said that the taxpaying industry is suffering losses of billions of rupees because of counterfeiting and trademark violations by the unscrupulous businesses that violate these laws. The government is losing revenue because the people who produce counterfeit and pirated products do not pay taxes. "And the consumers suffer because they are hoodwinked into buying pirated and counterfeited products", she added. Mrs. Saiyid pointed out that with the help of law enforcing authorities, they have arrested a number of people who produce low quality OUP course books in a greater quantity than the original books produced by OUP. "Such books," she maintained,
"are published on low quality paper and as they are copies the printing of the books have many flaws including double printing of images and sometimes missing pages. And the irony is that they are sold at the same price as genuine OUP or other genuine books." Ms. Saiyid said that the leading writers, singers and software developers of the country are losing millions of rupees in royalty because the pirates do not pay anything to the creators. "Imagine if an artist like Mehdi Hasan was paid his due royalty, today he would not have needed support from the government or public," she pointed out. Piracy, she observed is out-and-out theft as it is a stolen property from an
author, inventor, musician, artist, singer and filmmaker. Many 'owners' are from the developing world. In Pakistan, it is local companies and individuals who are most affected by IPR infringement. She underlined the importance for Pakistan to incorporate IPR in the body of the constitution itself, "because an economy cannot be built on any other basis." She urged the government to announce strict punishments for the people who indulge in piracy, violation of trademarks and patents, to discourage this flourishing trade. She said that the Intellectual Property organisation should be made more effective and the courts should expedite the IPR cases.
CM visits new US Consulate in Khi Staff Reporter KARACHI: Chief Minister Sindh Syed Qaim Ali Shah today visited new premises of Consulate General of United States situated at Boat Basin. Consul General of USA at Karachi William Martin welcomed the Chief Minister Sindh. According to the press release received here on Wednesday, after the visit, a meeting was held between Chief Minister Sindh and the Consul General. Chief Minister Sindh also discussed issue of American VISA for Pakistani people. He said that people are facing hardships for getting VISA. Consul General of USA assured that the matter will be considered and necessary decision will be taken. With regard to last year's damages caused due to heavy floods, US Consul General said that United States will further extend assistance for rehabilitation of flood affected areas. Chief Minister Sindh also discussed matters of mutual interest. He also presented shield of CM House to the Consul General. Those who accompanied the Chief Minister Sindh, included Chief Secretary Sindh Abdul Subhan Memon, Secretary to CM Sindh Alamuddin Bullo, Director General, Protocol Sindh Iqbal Ahmed Memon and others.
KARACHI: High Commissioner of Bangladesh Suhrab Hossain addressing during his visit at Karachi Chamber of Commerce & Industry.-APP
Pro-business budget must to boost economy: ICCI Staff Correspondent ISLAMABAD: A progressive, balanced business friendly, investmentfriendly and people-friendly budget for upcoming financial year is essential for the socio-economic development of Pakistan. A hard task but need of the times. Mahfooz Elahi, President Islamabad Chamber of Commerce & Industry (ICCI) made these remarks while meeting with member of ICCI. He condemned that the budget should rightly devised as a common man's budget and has to ensure special concessions for the salaried person, senior citizens, pensioners and industrial labor.
He said that Government should extend full support to the business community and it should take the business community as a partner in the national development as both should work together for the betterment of the common man and the greater welfare of the society. ICCI President was of the view that National Budget is the most important policy document which has to be prepared with the careful consideration of proposals from the private business entities, which normally are not taken serious. Elahi said that the business community in the country was working under the most challenging environment and confronted
the several issues like regulatory over-burden, energy shortage and high cost of doing business. He said that the Government needs to look beyond revenue generation and should ensure fairness of tax regime. A significant percentage of the economy remained undocumented and operated outside the net. Proper documentation of all segments of the economy is essential it the Government intended to broaden the tax base and reduce burden in already taxed, Mahfooz Elahi maintained. More funds should be allocated for infrastructure facilities in order to meet the needs of growing industries, ICCI President said.
E&T deptt collects EPA serves notices on all TMAs of Khi Staff Reporter Rs57bn KARACHI: Director General , Environmental Protection Agency, Government of Sindh
KARACHI: Provincial Excise & Taxation Department has collected a record Rs 57.647 billion on account of various taxes during the last three years. According to a spokesperson of the Department here on Wednesday, the recovery was made during 2007-08 till March 2011. He said the Excise Minister Mukesh Chawla held a meeting with the senior officers of the department and discussed the tax collection measures. The meeting was informed that during the year 2007-08, the department collected Rs10.5 billion, during 2008-9 the collection was 16 billion, Rs17.13 billion during 2009-10 and till March of current fiscal the collection was at the tune of Rs13.9 billion. On the occasion, the Minister issued directives that all the targets may be achieved by end of current fiscal. -APP
issued notices under Pakistan Environmental Protection Act 1997 to Administrators of all the eighteen towns of Karachi on reported open burning of solid waste. DG, EPA Sindh Naeem Mughal stated in the notice, served on each Town Municipal Administrator separately, on the basis of evidence available with EPA Sindh as it has been observed that solid waste is being dumped in unauthorized areas and it is being burnt too, in different parts of every town, which is a clear-cut violation of Section 11 of Pakistan Environmental Protection Act (PEP Act) 1997. "This is causing serious environmental pollution affecting the air quality and causing diseases in the community" said the notice. It stated that burning of mixed solid waste causes air pollution through highly hazard gases and chemical substances which cause diseases like cancer, birth defects, acute respiratory diseases, asthma, COPD (chronic obstructive pulmonary disease), asthenia, allergy rhinitis and several skin and eye problems.
ISLAMABAD: Pak-China Friendship Association (PCFA) Khyber Chapter hosted lunch in honor of Chinese Ambassador in Pakistan His Excellency Liu Jian as a part of celebration of 60th anniversary of Pakistan China Diplomatic relations. Group photo taken on the occasion shows: (L-R) Tahir Nomani, Chinese Culture Counselor Yang Linhai, DG Foreign Office Iftikhar Jamshid, Secretary General PCFA Syed Ali Nawaz Gilani, His Excellency the Ambassador, Additional Secretary of Foreign Affairs Syed Hasan Javed, Patron PCFA Yousaf Ayub Khan, Ms Li and Chairman PCFA Tasleem Husain.
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani meeting with EU Parliamentary delegation at PM House.-APP
TDAP chief visits Indonesian pavilion at Expo KARACHI: The Consulate General of the Republic of Indonesia in Karachi joined in the three days 5th Food Agri, Livestock Asia Exhibition at Karachi Expo Centre to introduce Indonesian products and foods to the people of Karachi. Various Indonesian food items were displayed its pavilion, large number of visitors including ladies showed interest in the products and some of them purchased food products of Indonesia. Upon special invitation of Indonesian Consul General Rossalis. R. Adenan, the Chief Executive, Trade Development Authority of Pakistan, Tariq Iqbal Puri also visited the Indonesian pavilion and received information about the products. The Consul General briefed him that the corporate and social responsibilities have been carried out by the Indonesian Counsel and discussed the areas of mutual interest. He said the Indonesian Consulate General has always been trying to bring more information about Indonesia by attending regularly all events and functions of Karachi, by displaying Indonesian Products, Indonesian Traditional Foods, Indonesian Cultural Performances, so that the new generation of Pakistan could be able to know about Indonesia and its much attractive products in a fascinating way.-INP
Shazia voices concern over raise in KESC tariff by Nepra Staff Reporter KARACHI: Sindh Minister for Electric Power and Advisor on Oil & Gas Ms. Shazia Marri has directed the Electric Inspectors of the Power Department to carry the periodical inspection of all public sector buildings including hospitals, to ensure the safety of public's life and property. This she directed while presiding over a meeting to review the progress and functioning of Power Department, here at her office Wednesday. The Secretary Electric Power Department Ms. Rabia Javeri Agha, Additional Secretary Azizullah Memon, Director Power development Cell Karim Bux Shaikh, Consultant EM&RC Saeed A Sethar, Director Village Electrification Program Akhtar Kazmi and Electric Inspectors of Karachi, Hyderabad and Sukkur Regions also attended the
meeting. Ms. Shazia Marri directed the department to put up a proposal to re-start the periodical electric inspection of the industrial and private sector in an organized and transparent manner to ensure the safety of precious lives of common people. It was informed during the meeting that such periodical inspection of industrial sector was suspended in past which was violation of rules although it was required to be done as per Act of 1910. Under this inspection, the wiring setup, transmission lines, electricity meters etc are to be inspected by the officials of Electric Inspectorate to maintain certain level of standards for safety of people working at these facilities and violators of set criterion/standards were to be punished with fine according to the law. The Minister also expressed concern over the increase of tariff proposed by KESC
Govt striving to make PAF world's leading airforce: PM ISLAMABAD: Prime Minister Syed Yusuf Raza Gilani on Wednesday said his government wants to make Pakistan Air Force (PAF)a modern and leading air force of the world. He assured government's complete support for successful completion of the projects initiated by the PAF. The Prime Minister said this while talking to thes Chief of Air Staff, Air Marshal Rao Qamar Suleman who called on the Prime Minister at PM House Wednesday. The Air Chief apprised the Prime Minister about operational activities and some ongoing projects undertaken by the PAF. He briefed him about his forthcoming scheduled visit to South Africa and also sought his guidance.-APP
Bomb blast martyrs laid to rest Sharmila asks
Bahria college, schools closed due Change to to security threats
come thru judicial martial law: Pagara
TFD Report KARACHI: PML-F chief Pir Pagara has said change will now come through judicial martial law. Pir Pagara said this while talking to media men here Wednesday in Kangri house after his meeting with Sheikh Rashid. What is being talked about division of Sindh is all non serious, he said adding those talking like this should listen Karachi would become capital and not province and would be restored in the very position it was holding on the time of creation of Pakistan. If national government is formed his party will not become its part as we are not opportunists, he declared. "We all leaguers are careerists, he said adding PML-Q had not made any consultation with him for joining the government. Sheikh Rashid alleged Nawaz Sharif is major impediment on the way to unification of all factions of Muslim League and he would be major sufferer if unification does not take place.
and approved by NEPRA and directed the Secretary Power to register the concerned in writing and lodge protest on such unexplained increase in the KESC's tariff. The Minister Power took serious notice of the performance of the Electric Inspectorate officials and stressed upon the need of revamping and strengthening of the Inspectorate with an aim to boost-up its performance. She urged upon the officials of Electric Inspectorate to work scrupulously and efficiently in an organized manner and said that the Electric Inspectors should be responsible for the working of their subordinating Assistant Electric and Sub Electric Inspectors for which they will maintain their performance record through an assessment process. Ms Marri reviewed in detail the issue of Electricity Duty (ED) which is being collected by KESC and HESCO.
KARACHI: The four persons martyred in Tuesday's twin bomb blasts targetting two Naval busses respectively in Baldia town and Defense Housing Authority, were laid to rest here on Wednesday. As per details, the four persons martyred in simultaneous explosions targetting two Navy busses carrying Pakistan Navy officials, respectively in Baldia town and Defense have been laid to rest while funeral prayers of Dr Shazia were offered in Alimabad society, Malir, Jinnah Square and she has been buried in Dalmia graveyard. Strict security measures were adopted to avert untoward situation.
Sub Lieutenant Iqbal Shah, driver Ummer Farooq and Muhammad Shareef's funeral prayers were offered in PNS Shifa and they were buried in Behria graveyard. The case has been lodged against unknown miscreants with Defense police station and Mauripur police station under Explosive Act and Terrorism Act. Two investigation teams led by DIG South Iqbal Mehmood and DIG Investigation have been formed to probe into the matter. Meanwhile, the Bahria College and schools have been closed for three days due to security threats.-Online
5 more killed in city in past 12 hours KARACHI: At least five more persons were killed during last 12 hours in the ongoing violence incidents here in the city, police said. According to details, on Wednesday morning a 25year old youth's dead body was recovered from a road of Bin Qasim jurisdiction of Sukhan Police Station. Some unknown assassins shot him dead after kidnapping and severe torture. Earlier, another person namely Rahat was shot dead in Gulistan-e-Johar's Kaniz Fatima Society.
Last night Saeed was killed during two rival groups' clash in Babu Hotel at Baloch Para near Kasba Mor. Tension gripped the area after clash. Two youths' dead bodies were found near Railway Crossing at Al-Amin Society within jurisdiction of Saudabad Police Station. They were residents of Model Colony and had been identified as Ali Raza and Yasir. Police registered case and started investigation.NNI
KESC to solve loadshedding issue KARACHI: Secretary Information Pakistan Peoples Party (PPP) Sindh Women Wing Ms Sharmila Faruqui has strongly condemned the unscheduled load shedding here in the city and demanded Karachi Electric Supply Corporation (KESC) to resolve the issue of load shedding in the city. In her statement issued here, she said that unscheduled load shedding had created untold problems to the students who were preparing for exams and business community was also facing hardships. She said that despite providing relief to the people of the city, the KESC was creating problems for them and having been privatized its affairs were going from bad to worse. She added that the present democratic government was striving hard to resolve energy crisis and working on Thar Coal Project and Wind. Ms Sharmila Faruqui demanded the management of the KESC not to do load shedding during exams hours and provide electricity un-interrupted to the hospitals in order to save lives. She advised the KESC to reduce scheduled load shedding hours and avoid unscheduled load shedding. Due to load shedding business community of the city is much angry because it damages business activity and creates joblessness.- NNI
3
Thursday, April 28, 2011 Top Economic Events
Dollar index hits 3-year low; focus firmly on Fed meeting Fed expected to keep easy money policy unchanged NEW YORK: The dollar fell to a threeyear low against major currencies on Wednesday and appeared headed to its weakest ever as traders expected nothing from the Federal Reserve meeting to halt its slide. The spotlight was on the Fed's 16:30 GMT policy statement and 1815 GMT news conference by Chairman Ben Bernanke, the first regularly scheduled news briefing by a Fed chief in the central bank's 97-year history. Super-loose interest rate policy is a source of severe trouble for the dollar, with has lost 10 per cent of its value against a broad measure of major currencies since its January peak. The Fed is not yet expected to signal a policy shift. Low rates have also combined with slow growth and an alarming budget
shortfall, which led Standard & Poor's to lower to "negative" its outlook the United States' prized AAA rating last week. The dollar skidded to a three-year low of 73.493 against a currency basket earlier in the day, down close to 10 per cent from its peak in January, and many traders expect the index to eventually reach its all-time low, hit in 2008, of 70.698. However, the dollar's strong gains against the Japanese yen caused a dollar index to ultimately reverse course. It last traded up 0.1 per cent at 73.874. The yen was one of the few currencies
against which the dollar managed to gain, surging 1.4 per cent at 82.60 yen. The yen came under pressure after S&P downgraded its ratings outlook on
Japan's sovereign debt. It warned the huge cost of last month's devastating earthquake would hurt already weak public finances unless the government raised taxes. The euro jumped 1.4 per cent to 121.06 yen. The euro was up 0.1 per cent at
$1.4658 after earlier reaching $1.4713, its highest since Dec. 2009. Traders said Asian and Middle East sovereign accounts were looking to buy the euro on every dip. Sterling, meanwhile, neared a 17month highs against the greenback after an in-line reading of first quarter UK growth, with investors who had sold the pound on anticipation of a softer figure being forced to buy it back. The pound neared a 17-month high of $1.6582 after data showed the UK economy expanded 0.5 per cent in JanuaryMarch from the previous quarter. It last traded at $1.6532, up 0.3 per cent. The Swiss franc scaled its strongest point on record at 0.8669, while the Australian dollar shot up to a 29-year high of $1.0853. -Reuters
Yuan ends up on
Asian currencies
Singapore dlr, won up on record high mid-point inflation-fighting views SINGAPORE: The Singapore dollar hit a fresh high and the South Korean won threatened to break through a 32-month peak on Wednesday, leading gains in their Asian peers, as Asian policymakers are expected to keep using firm currencies to fight inflation and the Federal Reserve is unlikely surprise the market later with a hawkish stance. Foreign exchange authorities of some countries such as South Korea were suspected of buying dollars, but their intervention was not to reverse their currencies' strength but to slow it, dealers said. Asian currencies trimmed gains in the afternoon, but that is largely because investors covered dollar-short positions before the results of the Fed meeting and a
news conference by Chairman Ben Bernanke. The won hovered around a 32-month high against the dollar on stop-loss dollar sales and as foreign investors continued to buy local stocks. The won strengthened to as firm as 1,078.4 per dollar, a notch below 1,078.3 hit last week, the strongest since August 2008. On April 21, the authorities were spotted forcing the won to weaken 1,080. The Singapore dollar hit a record high against the US dollar as the central bank is expected to allow more appreciation to stem inflation. The city-state's currency firmed to as strong as 1.2300 versus the greenback, but then the gains were erased on US
Stg nears 17-mth high vs $ on GDP LONDON: Sterling rose broadly on Wednesday, nearing its highest in 17 months versus the dollar, as data showed the UK economy grew 0.5 per cent in the first quarter, confounding speculation about a weaker number. The pound could extend gains to test a recent high of $1.6600 if the US Federal Reserve, in an announcement due later on Wednesday, points to US monetary policy remaining loose and
puts the US currency under pressure. The GDP data was in line with the Reuters consensus forecast, but traders said the market had positioned for a weak reading which drove investors to cut short positions initiated before the data was released. "The market had expected a reading of 0.3 or 0.4 per cent in GDP and there was a collective sigh of relief," said Glenn Uniacke, senior FX dealer at Moneycorp. Analysts said the UK GDP data was probably too weak to prompt a Bank of England rate rise as soon as next month, though the
data still left open the possibility of a rate hike in the summer. Sterling was up 0.3 per cent at $1.6535 against the dollar, around 0.8 cents above where it was trading just before the release of the GDP data. Traders said offers just ahead of $1.6600 limited sterling's gains and it pulled back a little after hitting a high for the day of $1.6582. A move above $1.6600 would mark its highest since early
December 2009. The euro was down 0.25 per cent at 88.60 pence. Speculation about a weak UK GDP number had pushed it as high as 89.23 pence just before the data, a pip shy of its recent six-month high at 89.24 pence. Support lay at the 21-day moving average at 88.23 pence. Traders said talk of sterling demand related to a dividend payment had also supported the pound earlier in the day. The market is now fully pricing in a rate hike in November, having priced in only an 85 per cent chance of this prior to the GDP release. -Reuters
dollar short-covering and it turned slightly weaker. Earlier, the Monetary Authority of Singapore said resident wage growth in Singapore could come in slightly lower than the 5.6 per cent recorded in 2010, although it will be significantly stronger than the historical average of about 3.3 per cent a year. Interbank speculators and exporters lifted the ringgit to a fresh 14-year high against the dollar as the Malaysian currency has room to strengthen more to catch up with gains by other Asian currencies. The euro is also testing a major resistance zone in the 4.39004.4100 area against the ringgit, which served as major support in 2006 and 2008 for this cross, causing sizable bounces.-Reuters
Swiss franc off peak vs dlr ZURICH: The Swiss franc traded lower against the dollar on Wednesday, pulling back from a fresh all-time high notched up earlier in the session after a downward dollar spike triggered some stop losses. The franc and the euro have been rising relentlessly against the dollar in recent weeks, with the greenback weighed down by expectations the US Federal Reserve will confirm its ultraeasy monetray policy stance later on Wednesday. But the franc, whose trend against the euro has been higher in recent sessions, may need to consolidate against the euro and the dollar before attempting to break through the next resistance levels, traders said. "There's been some dollar-franc and euro-franc buying as a few investors ease off their long Swissie positions," said one. The franc was 0.3 per cent weaker against the euro compared to the New York close, trading at 1.2842 francs per euro at 0807 GMT. The franc was 0.1 per cent softer against the dollar at 0.8752 per dollar after breaching 0.87 francs to the dollar for the first time ever earlier in the session. Many traders expect the dollar index -- a measure of the greenback against a basket of currencies - to descend to an all-time low hit in 2008 on widespread expectations the Fed will drop no hint of policy tightening. -Reuters
Aussie scales 29-yr peak vs USD, NZD hits 3-year high SYDNEY/WELLINGTON: The Australian dollar hit a 29-year high against a broadly weaker greenback on Wednesday, while debt futures slumped as the market priced in a bigger chance of a rate hike this year in the wake of strongerthan-expected inflation data. In contrast, US Federal Reserve Chairman Ben Bernanke is expected to reinforce views the central bank is in no hurry to cut short its extensive support for the US economy, after a twoday policy meeting. This weighed on the greenback and helped the Aussie make easy gains following upside surprises in Australia's headline and core inflation. The Aussie dollar climbed as much as half a cent to $1.0853 after the data showed headline inflation rose 1.6 per cent in the first quarter. It last traded at $1.0831, capped by talk of option barriers at $1.09, and ahead of huge barriers tipped at $1.10. Against the yen, which was briefly dented after Standard & Poor's cut its rating outlook on Japan, the Aussie rose 0.4 per cent on the day to
88.42. "The RBA will be unperturbed by the strong headline number, as it is flood-affected, but concern will be building about the underlying pace," said Paul Bloxham, HSBC Australia and New Zealand chief economist. "Indeed, we think this is the beginning of an inflationary upswing. Still think the next hike will be in July or August, but will now be more vigilant to RBA signals of an earlier move." Still, the market is giving very little chance of a hike in the next three months and only a 40 per cent probability of a move by October. In the next 12 months, markets now imply a total tightening of 26 basis points, up from 17 bps before the inflation data. Against the New Zealand dollar, the Aussie reached one-week highs around NZ$1.3439 on the prospect the RBA may lift rates before its New Zealand counterpart. The kiwi dollar retreated from a three-year high of $0.8110, falling prey to profit-taking ahead of the Fed outcome. It last traded at $0.8061, little changed on the day. -Reuters
SHANGHAI: The yuan resumed its gradual appreciation and closed up against the dollar on Wednesday as the US currency traded at its weakest level against other major currencies in almost three years and the People's Bank of China fixed the yuan's mid-point versus the dollar at another record high. A weaker dollar, driven by market anticipation of an imminent Federal Reserve decision to reinforce an ultra-easy policy stance, may have been behind the yuan's record fixing on Wednesday, traders said. "The last two days' large trading ranges were not something we see often. Slow movements in this market and narrow daily ranges are still what we expect to see and think is reasonable," said the trader. Though the PBOC has set a string of recent highs for the yuan against the dollar in its daily fixings, on a nominal trade-weighted basis, the yuan hit a six-month low on Monday, according to JP Morgan data available via Thomson Reuters Datastream. That points to a continuation of China's gradualist stance towards currency appreciation despite a string of recent record
highs against the dollar. Chinese officials, including Premier Wen Jiabao, have said repeatedly that the yuan's rise will be gradual and there will be no surprise of a one-off adjustment in the yuan's value any more after a 2.1 per cent landmark revaluation in July 2005. On Wednesday, a senior official with China's currency regulator warned that investor expectations for a firmer yuan and China's relatively high interest rates compared to other countries would attract more and more hot money inflows to China, and officials would take steps to limit those inflows. Spot yuan closed at 6.5112 versus the dollar on Wednesday, stronger than Tuesday's close of 6.5287. The currency has now risen 4.84 per cent since it was depegged from the dollar in June 2010, and 1.21 per cent since the start of this year. Offshore, one-year dollar/yuan non-deliverable forwards (NDFs) were bid at 6.3320, down from 6.3400 at the previous close. Their implied yuan appreciation in a year's time rose to 2.83 per cent from 2.79 per cent, echoing yuan appreciation in the onshore spot yuan, traders said. -Reuters
Indian rupee off highs on importer dlr demand MUMBAI: The Indian rupee snapped a three-day losing streak on Wednesday supported by the euro's gains against the dollar, but demand for the greenback from oil importers and weak local shares pulled it off highs. The partially convertible rupee ended at 44.43/44 per dollar, after rising as much as 44.3650 intra-day, compared with its 44.51/52 close on Tuesday. "The euro has gone up like anything, that reflected in the opening. After that, when the month-end dollar demand surfaced, the rupee came down a little bit," said N.S.S. Mani, chief dealer at State Bank of Travancore. He expects the rupee to trade in a range of 44.30-44.50 per dollar on Thursday, if the Federal Reserve holds US interest rates steady. Dollar demand from oil importers, the top buyers of the dollar in the domestic market, weighed on the rupee. Indian shares dropped for a third straight session and closed 0.5 per cent lower on Wednesday, amid steady world stocks, with dropping nearly 3 per cent as the third-largest
software firm's tepid growth forecast let down investors. The one-month onshore forward premium was at 27.00 basis points (bps) versus its previous close of 28.75 bps. The three-month was at 81.50 bps versus 82.50 bps and the one-year was at 313.00 bps compared with 318.00 bps. The one-month offshore nondeliverable forward contracts were quoted at 44.69, weaker than the onshore spot rate. In the currency futures market , the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, the United Stock Exchange and the MCX-SX were at 44.7075, 44.7100 and 44.7125 respectively, with total volume at $6.60 billion. Reuters
Time 2:00 4:01 4:30 4:50 Tentative 10:00 11:00 12:55 17:30 17:30 17:30
Source NZD GBP JPY JPY JPY JPY EUR EUR USD USD USD
Events Official Cash Rate GfK Consumer Confidence Tokyo Core CPI y/y Prelim Industrial Production m/m Overnight Call Rate Housing Starts y/y German Import Prices m/m German Unemployment Change Advance GDP q/q Unemployment Claims Advance GDP Price Index q/q
Source
Events
JPY AUD EUR EUR GBP GBP EUR USD USD
Retail Sales y/y CPI q/q GfK German Consumer Climate German Prelim CPI m/m Prelim GDP q/q BBA Mortgage Approvals Industrial New Orders m/m Core Durable Goods Orders m/m Durable Goods Orders m/m
Forecast 2.50% -28 0.2% -10.5% <0.10% -2.0% 1.0% -33K 1.9% 392K 2.2%
Previous 2.50% -28 -0.3% 1.8% <0.10% 10.1% 1.1% -55K 3.1% 403K 0.4%
Actual
Forecast
Previous
-8.5% 1.6% 5.7 0.2% 0.5% 31.7K 0.9% 1.3% 2.5%
-5.7% 1.2% 5.9 0.2% 0.5% 30.6K 1.3% 1.7% 2.1%
Previous Day 0.1% 0.4% 5.9 0.5% -0.5% 30.2K 1.2% 0.6% 0.7%
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 1.4651 1.4715 0.8824 0.8832 1.6541 1.6580 0.9566 0.9574 1.0790 1.0852 120.9700 121.0300 0.8860 0.8922 1.2926 1.2929 136.6500 136.6700 93.6800 93.9400 1506.9600 1513.4000
Bid 1.4648 0.8820 1.6536 0.9562 1.0786 120.9200 0.8857 1.2922 136.5400 93.6100 1506.2500
Low 1.4637 0.8672 1.6437 0.9489 1.0779 119.3800 0.8848 1.2753 134.1400 93.1800 1503.3600
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 27/04/2011 A USD GBP CAD EUR JPY O/N 0.13475 0.57588 0.96333 1.27625 SN 0.11563 1WK 0.17885 0.58688 1.00850 1.19625 0.12250 2WK 0.19100 0.59375 1.04267 1.18125 0.12875 1MO 0.21050 0.62375 1.08267 1.16625 0.14438 2MO 0.24225 0.70063 1.12983 1.20063 0.16000 3MO 0.27325 0.82188 1.20000 1.32813 0.19688 4MO 0.31863 0.89563 1.27617 1.41750 0.24438 5MO 0.37975 1.00438 1.34450 1.51125 0.30000 6MO 0.43175 1.11688 1.40267 1.62188 0.34563 7MO 0.49075 1.20250 1.49300 1.69875 0.39563 8MO 0.54425 1.28875 1.57367 1.77875 0.44250 9MO 0.59425 1.37188 1.65083 1.86000 0.48688 10MO 0.64825 1.45563 1.74550 1.93375 0.51438 11MO 0.70275 1.52438 1.83583 2.00563 0.54125 12MO 0.76250 1.59375 1.92800 2.08375 0.56438
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 May 5, 2011 April 28, 2011 May 5, 2011 April 27, 2011 June 16, 2011 May 3, 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, April 27,2011 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
84.60 139.61 124.21 89.05 96.98 91.59 13.91 1.04 15.99 68.73 16.66 22.56 10.89 307.32 28.40 68.28 23.23 23.03 0.08 2.83
84.40 139.28 123.92 88.84 96.76 91.38 13.88 1.03 15.95 68.57 16.62 22.51 10.86 306.60 28.33 68.12 23.18 22.98 0.08 2.82
84.19 138.90 123.56 88.61 96.50 91.14 13.85 1.03 15.91 68.39 16.58 22.45 10.83 305.79 28.26 67.94 23.12 22.92 0.08 2.81
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for April 27, 2011
KASB 0-7days 12.20 8-15dys 12.35 16-30dys 12.75 31-60dys 13.05 61-90dys 13.08 91-120dys 13.25 121-180dys 13.50 181-270dys 13.60 271-365dys 13.80 2-- years 13.95 3-- years 13.98 4-- years 14.00 5-- years 14.00 6-- years 14.04 7-- years 14.05 8-- years 14.08 9-- years 14.10 10--years 14.10 15--years 14.40 20--years 14.65
BMA 12.30 12.65 12.80 13.03 13.10 13.18 13.46 13.60 13.79 13.95 13.96 13.98 14.00 14.03 14.05 14.05 14.06 14.07 14.35 14.65
ELXIR 12.10 12.30 12.80 13.02 13.08 13.25 13.45 13.60 13.78 13.95 13.97 13.98 13.99 14.07 14.08 14.00 13.98 14.08 14.42 14.68
GSL 12.15 12.35 12.85 13.07 13.12 13.25 13.47 13.66 13.80 13.95 14.00 14.00 14.02 14.05 14.05 14.06 14.08 14.11 14.50 14.80
ICSL 12.20 12.35 12.80 13.00 13.10 13.25 13.48 13.53 13.81 13.96 13.97 14.00 14.00 14.05 14.07 14.06 14.08 14.08 14.45 14.70
JSCM AvgRate 12.20 12.19 12.35 12.39 12.80 12.80 13.05 13.04 13.10 13.10 13.20 13.23 13.48 13.47 13.60 13.60 13.80 13.80 13.95 13.95 13.96 13.97 13.97 13.99 13.98 14.00 14.05 14.05 14.08 14.06 14.05 14.05 14.04 14.06 14.06 14.08 14.45 14.43 14.65 14.69
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
0.99 0.95 0.72 0.61 0.88 0.16
0.61 -0.25 -0.04 0.32 -0.61 0.26
0.72 0.24 0.38 0.57 0.45 0.26
EUR/USD NZD/USD
0.76 0.59 0.64 0.80 0.28 0.51
0.97 0.95 0.70 0.88 0.91 0.84
USD/CAD USD/CHF
0.99 0.92 0.37 0.34 0.84 0.19
-0.76 -0.92 -0.76 -0.69 -0.77 0.05
-0.97 -0.81 -0.66 -0.61 -0.92 -0.47
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)27/04/2011 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
ABLN 12.00
12.50
12.20
12.70
12.55
13.05
13.10
13.40
13.40
13.65
13.60
14.10
13.70
14.20
13.90
14.40
JSBL
12.25
12.75
12.40
12.90
12.65
13.15
13.10
13.40
13.55
13.80
13.60
14.10
13.70
14.20
13.80
14.30
ASPK 11.90
12.40
12.20
12.70
12.70
13.20
13.10
13.35
13.40
13.65
13.50
14.00
13.70
14.20
13.80
CIPK
11.80
12.30
11.90
12.40
12.40
12.90
12.80
13.05
13.45
13.70
13.55
14.05
13.75
14.25
13.80
14.30
DBPK 12.10
12.60
12.30
12.80
12.50
13.00
13.00
13.25
13.35
13.60
13.40
13.90
13.60
14.10
13.70
14.20
FBPK
12.40
12.40
12.90
12.70
13.20
13.25
13.50
13.50
13.75
13.65
14.15
13.80
14.30
13.90
14.40
11.90
14.30
FLAH 11.90
12.40
12.20
12.70
12.70
13.20
13.15
13.40
13.45
13.70
13.55
14.05
13.65
14.15
13.80
14.30
HBPK 12.00
12.50
12.20
12.70
12.70
13.20
13.15
13.40
13.45
13.70
13.60
14.10
13.70
14.20
13.80
14.30
HKBP 11.90
12.40
12.15
12.65
12.70
13.20
13.15
13.40
13.40
13.65
13.55
14.05
13.70
14.20
13.80
NIPK
14.30
11.75
12.25
12.05
12.55
12.65
13.15
13.10
13.35
13.30
13.55
13.40
13.90
13.50
14.00
13.60
14.10
HMBP 12.00
12.50
12.20
12.70
12.75
13.25
13.20
13.45
13.45
13.70
13.60
14.10
13.75
14.25
13.85
14.35
SAMB 11.95
12.45
12.15
12.65
12.70
13.20
13.15
13.40
13.45
13.70
13.60
14.10
13.75
14.25
13.85
14.35
MCBK 11.90
12.40
12.10
12.60
12.60
13.10
13.20
13.45
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
NBPK 12.00
12.50
12.15
12.65
12.70
13.20
13.10
13.35
13.35
13.60
13.60
14.10
13.70
14.20
13.80
14.30
SCPK
11.90
12.40
12.30
12.80
12.70
13.20
13.10
13.35
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
UBPL 12.00
12.50
12.20
12.70
12.70
13.20
13.15
13.40
13.40
13.65
13.50
14.00
13.65
14.15
13.90
14.40
AVE
12.45
12.20
12.70
12.68
13.18
13.14
13.39
13.44
13.69
13.58
14.08
13.70
14.20
13.81
14.31
11.95
4 Thursday, April 28, 2011
The Financial Daily International Vol 4, Issue 171
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Mr Minister, nation wants solutions The learned Finance Minister Dr Abdul Hafeez Shaikh has identified five major challenges facing the country, and also listed them in terms of priority. These are: first, the biggest challenge sustaining economic stability to protect recovery, second ensuring country moves to higher growth trajectory, third sharing the benefits of inclusive growth with the people, fourth protecting the weaker and the poor and fifth resolving energy related issues. The minister may have his own reasons for prioritizing but we beg to differ with him completely. The first and the biggest challenge is acute shortage of energy products. Prolonged load shedding of electricity and gas has virtually crippled economy of the country. This is also to remind once again that the prevailing energy crisis is not because of demand exceeding supply but due to gross mismanagement, lack of capacity to make timely decision and blatant assassination of good governance. Just to refresh the memory, Pakistan has installed capacity to produce around 20,000MW electricity but at present generation is hovering around 10,000MW, out of which 6,000MW is being supplied by IPPs, another 2200MW by hydel plants, due to lower water levels in the dams but worst has been the performance of generation companies operating under the umbrella of Pakistan Electric Power Company (Pepco). These entities don't have funds to buy the fuel and are operating the plants partially or at lower capacities. Economists have the consensus that without electricity and gas industrial units can't continue production process to meet the indigenous demand and produce exportable surplus. Running the industrial units for three days a week just can't keep them in business what to talk about remaining competitive in the global markets. In such a scenario layoffs become unavoidable and/or workers get payment for the hours they work for not the full day wages. Therefore, more and more people are being pushed below the poverty line. The Minister also seem to have fallen prey of the obsession that enhancing the tax rates can help in generating extra revenue. There is a natural increase in revenue when economic activities are in full swing. As the quantum of import of plants and machinery and raw materials goes down, plants operate at lower capacities and corporate income declines, there is also a reduction in revenue collection. The government is forced to borrow more or print notes, which adds to inflation. Since productive facilities operate below optimum capacity utilization entrepreneurs can't think about adding new facilities. Achieving economic stability and protecting growth become 'daydreaming'. Mr Minister, the nation has become sick of listening to the problems facing the country and wants solutions. We agree that there are too many problems but the only regret is that most of these are self created and can be solved with commitment, prudent thinking and following good governance. Don't curse IMF covenants, invest in development projects and learn to live within means.
Disclaimer:
All reports and recommendations have been prepared for your information only. Summary and Analysis are not recommendation to buy or sell. This information should only be used by investors who are aware of the risk inherent in securities trading. The facts, information, data, indicators and charts presented have been obtained from sources believed to be reliable, but their accuracy and completeness cannot be guaranteed. The Financial Daily International and its employees are not responsible for any loss arising from use of these reports and recommendations.
Al Qaeda, hunger pose risks for Nigerâ&#x20AC;&#x2122;s Issoufou T
he constant threat from local al Qaeda allies, recurrent food shortages and a population explosion are just a few of the problems awaiting Niger's new civilian president. Mahamadou Issoufou, 59, named his government last week, ending over a year of military rule in the landlocked West African nation that is rich in uranium but plagued by instability, with poverty afflicting 60 percent of its people. Issoufou pledged during his election campaign to invest six trillion CFA Francs ($13 billion) in infrastructure and the economy during his five-year term and create more than 50,000 jobs, promising to tap the West African franc bond market to raise some funds. He has also promised sustained growth averaging seven percent annually during his term, double that of 2010. Issoufou is the rare beneficiary of a smooth transition to civilian rule. To the surprise of many, the soldiers who last February ousted disgraced former leader Mamadou Tandja for overstaying his term in office kept their promise to quit power. But the world will watch to see how Issoufou deals with the same problems that dogged the Tandja era before buying Nigerien bonds or investing in the country's mineral deposits, said Oswald Felli, director of security risk assessments at Damina Advisors. "In the short-term, what investors want to see is how well the new government handles its administration in terms of good governance and curbing corruption," said Felli. A key test will be what Issoufou does with former president Tandja, who is facing corruption charges. Issoufou has said he will await the outcome of the judicial process. Evidence against Tandja is building up, showing corruption on a massive scale, said Jeremy Keenan, a researcher from London's School of Oriental and African Studies. Keenan said much of the evidence is going to be tied to international mining companies and if the information is exposed in court, it could be
extremely damaging for those companies and especially for France, on which Niger is going to be dependent. AQIM, TUAREG THREAT Issoufou will also have to make quick progress in securing the minerals-rich but arid north where French nuclear firm Areva has invested in uranium production. "They (investors) would want to see how they deal with the security situation in the northern part of the country. Once they are satisfied or feel secured, Niger would be able to secure funding, especially with French backing," Felli said. In September last year, al Qaeda in the Islamic Maghreb (AQIM) claimed responsibility for kidnapping seven foreigners, including five Areva employees, in the northern mining town of Arlit. Felli said Niger, along with Mali and Mauritania, must coordinate efforts against al Qaeda, growing banditry and lawlessness in order to attract investors. "If they are not able to handle it ... to seal those borders, we will have a situation where AQIM is going to take over that northern region, especially where they have local support," Felli said. Issoufou has also said he will implement all accords signed with Tuaregs from the north to end their long-running rebellion and has named a Tuareg, Brigi Rafini, as his prime minister. Since 1991, Niger has faced a revolt in the uranium-rich Agadez region from Tuareg insurgents protesting against the alleged marginalisation of their communities. At least 4,000 Tuareg combatants are still waiting integration. "I will make every effort to strengthen the climate of hard-earned peace by continuing the implementation of various peace agreements," Issoufou said on Sunday during an event marking the signing of the peace accord. The last peace deal brokered in 2009 by the former President Tandja, with the help of Libyan mediation, was obtained with a promise by Libya to give incentives to facilitate the integration of the ex-combatants. It is unclear what will become of
the promise now, given the Libyan conflict. A spokesman for an alliance of the ex-combatants and other Tuareg and nomadic groups said the appointment of Rafini as prime minister was a step in the right direction. Issoufou's other immediate challenge is to deal with thousands of returnee Nigeriens and other African migrants fleeing the conflict in Libya. Niger on Tuesday appealed for help to deal with an influx of 57,000 people. HUNGER, POPULATION GROWTH But fighting terrorists and rebellion is not the only priority. The semi-desert nation faces perennial droughts, including one last year that left more than 7 million people -- about half the population - short of food. "There are too many problems in this country, there is not just one that is priority," said history professor Djibo Hamani at the University of Moumouni in Niamey. "Famine, al Qaeda, migrants from Libya and the Tuareg issue are all a priority," Hamani said. "It is absolutely necessary that government is able to deal with all of these at the same time." Issoufou said he planned to invest about $2 billion to boost irrigation and promote the development of livestock on which 80 percent of Niger's people depend. "It will be a very difficult programme to achieve and Niger will depend on international donors to deal with the perennial problem of food shortages in the short-term," Felli said. Some say these investments will be meaningless if the government does not manage to curb population growth, which at 3.9 percent last year, according to the World Bank, is one of the fastest rates in the world. But many in civil society say efforts to promote access to contraception and change sexual behaviour may not work. "Many Nigeriens believe that Islam prohibits spacing of births," said high school teacher Abdou Moussa. "This will require convincing Islamic scholars to help change behaviour." -Reuters
Indiaâ&#x20AC;&#x2122;s silver recycling to curb import growth oaring silver prices are driving Indians to recycle jewellery into bars as an easier, more reliable way to invest, a trend that will limit imports of the metal in the world's fourth largest consumer. Problems over storage and quality make silver bars more attractive than jewellery such as bangles. Global silver prices have risen by nearly half this year to 31-year highs, after a gain of more than 80 percent in 2010, far outpacing gains for gold where India is the world's top consumer. "People are diversifying their portfolios," said Suresh Hundia, chairman of Mumbai-based silver trader, Hundia Exports, one of the country's largest private silver refiners. "Now they have to have silver in their portfolios." But the rising demand was unlikely to mean higher imports, he added. "Imports will remain steady at last year's level. Lots of silver has been coming from recycling. Though demand for bars has risen sharply, consumers are not buying silver jewellery." Indian investor demand pushed up annual silver imports by 136 percent last year to 3,030 tonnes, but this came off a low base in 2009, when a drought hit farmers' incomes, metals consultancy GFMS says. Silver imports hit a record high of 5,048 tonnes in 2008, GFMS data shows, before slumping to just 1,285
S
tonnes in 2009. India depends on overseas supplies to meet about 70 percent of its consumption, more than half of which goes into jewellery and silverware. Although prey to the vagaries of the weather and prices, imports in 2011 could rise by 10 to 15 percent, Prithviraj Kothari, president of the Bombay Bullion Association (BBA), estimated. "Silver imports could rise by 10 to 15 percent in 2011, but a lot would also depend on the monsoon, volatility and prices," he said. Silver recycling from scrap has risen sharply in the south Asian nation. Supply of silver from recycling was 558 tonnes in 2010, a jump of nearly 2.8 times from the 2001 figure of 200 tonnes, GFMS data showed. PURITY, STORAGE CONCERNS This year, India has imported 400 to 500 tonnes of silver since January, the BBA says, down from 600 tonnes a year ago. Strong investment demand has prompted MMTC, the country's largest bullion importer, to almost double its planned silver purchases in the financial year ending in March 2011. Gold has traditionally been the most popular precious metal investment in India, where brides are often weighed down by their jewellery in a display of wealth and status. Farmers
in remote villages use bullion in the absence of banks for savings. But Indians have also been buying silver for years as jewellery and silverware, even though concerns over the precious metal content in such items has made it hard to maximize resale values and the metal's lower value created storage problems. "Buying silver is not as easy as gold. Purity concern forces investors to buy bars instead of jewellery. For large investors storage is an issue. If someone is buying 50 or 100 kg of silver, where will he keep it?" asked Harshad Ajmera, proprietor of JJ Gold House, a wholesale in the eastern Indian city of Kolkata, which sold 5 tonnes of silver last year. Silver that is not stored properly will tarnish and turn black, reducing its resale value. And at a price of 69,000 rupees per kg, some big investors use labourers to carry the bars to storage facilities, one Kolkata-based jeweller said. The sparkle of silver has also caught the eye of banks, which are India's primary dealers in bullion. The government allows about 21 banks and a few state-run trading agencies to import precious metals. "We have a silver licence in place. We would start trading based on the response from customers," said an official from a state-run bank in Mumbai, the country's financial capital. Silver is also used in electronics, so it has some of the attributes of an
industrial metalsuch as copper, keeping it mainly the preserve of large investors until recently. But its potential high returns and cheap entry price versus gold are alluring to retail investors. "Six to eight months back only big players were investing in silver," said Ghanshyam Nichani of Dhanraj Jewellers based in Mumbai. "But now the common man has started investing in silver. He is buying a kilo, two kilos, depending on his ability." Ajmera of JJ Gold House agreed. "Last year we saw a large amount of money flowing into silver from big players. They are waiting for a correction. But the common man is now entering into the market. He is buying bars instead of jewellery," Ajmera said. With storage and quality a problem, investors are also turning to silver-based funds to lock in returns minus the headaches. ETFs can be traded like shares and are backed by physical silver. Holdings of the largest silver-backed ETF, New York's iShares Silver Trust , rose to a record high of 11,390.06 tonnes by April 25. "Everyone can't buy silver from the physical market and store it at home. There is scope for silver exchange-traded funds," said Harish Galipelli, vice-president with JRG Wealth Management, although he did sound a cautionary note. "A few investors are not comfortable in entering into the market at current levels."-Reuters
Develop Tax Paying Culture Fahim Akhtar
A
delegation of leading businessmen and investors of country met finance minister and president of Pakistan recently. The meeting was arranged soon after the terms and hard conditions imposed by IMF in release of expected aid package due currently which will now be subject to review and realization of certain conditions such as hike in power tariff and broadening of tax circle. The moot is arranged at critical time of economic crisis when foreign direct investment is not significant entirely owing to poor security and acute shortage of energy which is essentially needed for any project. Shortly to announcement budget with princely borrowing and expenditures of government and absence of reforms in national white elephant entities, the collection plan needs utter professionalism in implementation of broadening tax to GDP ratio. The sheer reliance of finance ministry and focus is only directed towards salaried class who are not only honest in filing the returns primarily due to their disclosed and open salary package to all. Another collection in huge quantum on inventory is through petroleum levy which is directly affecting price hike in day to day commodity and shifts burden to com-
mon man promptly. To combat current economic crisis, government should take several steps to broaden tax net especially by grabbing and zooming in those areas stills unexplored, unaddressed and hidden for tax either by ignorance or due to political reconciliation and resolution. Agri sector despite a persistent endeavour of past few governments is still not taxed primarily with the fear of unpopularity and back fire by those involved in legislation will be directly affected. Services sector also needs focus with complete modality of tax enforcement and collection which also seems difficult to implement now due to pressure groups existing in their ranks and file. Logistic sector is also fertile for tax collection engaged in huge business without tax or merely with no proportion. Similarly, equity market tax is also to be reviewed by government but will again need a lot of skills as a significant numbers of investors suffer loss also besides earning. Additionally, reforms in tax collecting institutes are also important with a huge amount some time not taxed due to inefficiency and also much time social evil of corruption erodes real amount causing loss to national exchequer. Finance minister many a time soon after assump-
tion of his office hinted for broadening of tax net not only on business forums but also in legislative houses but it is going to be an uphill task unless precise assessment, prompt collection and honest implementation modalities are enforced . This also signifies inclusion of tax remittance culture with pride and privileges actually extended to regular tax payers. Measures such as development of classes within tax payers according to tax paid brackets and slabs with pride handling in public places will encourage tax payment culture. In the campaign of broadening tax net role and duty of enforcement staff of revenue board also assumes importance with their responsibility of development of better attitude and professional competence in staff. The media is currently engaged in unveiling tax theft cases of politicians but no case of highest tax payer is ever covered in print or electronic media. Establishment of a call centre with precise and courteous data base of tax payer instantly available to assist them round the clock merely on identification alsike online bank accounts will restore the confidence of tax payer. Tax collection is essentially needed at this crucial time is only possible with the assistance of every national including political figure by taking them on board.
5
Thursday, April 28, 2011
South East Asian stocks
Earnings lift Europe shares to 8-wk closing high
Tilt higher in moderate volume ahead of Fed KSE-100 Index Opening Closing Change % Change Turnover (mn)
11,933.46 11,947.44 13.98 0.12 143.73
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,270.85 3,279.11 8.26 0.25 5.55
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,623.69 2,624.10 0.41 0.02 0.04
Major Gainers
Symbol
Close
Change
RMPL 2,829.43 NESTLE 3,531.40 ILTM 214.46 ULEVER 5,013.00 IDYM 297.88
30.43 25.26 10.21 7.87 7.63
Major Losers
Symbol
Close
Change
WYETH BATA BHAT SAPL SHEZ
925.35 467.21 237.65 148.87 170.07
-26.42 -13.35 -12.35 -6.64 -5.07
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA PTC DOL DGKC DSFL
17.01 17.10 8.28 24.26 2.69
51.53 22.40 4.21 3.92 3.44
Active Issues Plus Minus Unchanged
175 127 85
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Feb 11) 807 Urea Offtake (Feb 11) 413 Urea Price (Rs/50 kg) 1,195 DAP Offtake (Jan to Feb 11) 128 DAP Offtake (Feb 11) 69 DAP Price (Rs/50 kg) 4,041
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Feb 11) 53,036 Sales (July 10 to Feb 11) 52,067 Production (Feb 11) 5,883 Sales (Feb 11) 6,954
INDUS MOTOR CO Production (July 10 to Feb 11) 33,832 Sales (July 10 to Feb 11) 32,991 Production (Feb 11) 4,754 Sales (Feb 11) 4,698
HONDA ATLAS CAR Production (July 10 to Feb 11) 10,834 Sales (July 10 to Feb 11) Production (Feb 11)
10,444 1,555
Sales (Feb 11)
1,665
DEWAN FAROOQ MOTORS Production (July 10 to Feb 11) Sales (July 10 to Feb 11) Production (Feb 11) Sales (Feb 11)
186 133 0 20
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (March 25,11) 5,046,487 Advances (March 25,11) 3,118,444 Investments (March 25,11) 2,202,311 Spread (Feburay 11) 7.51%
OIL MARKETING CO (000 tons) MS (Jul 10 to Jan 11) MS (Jan 11) Kerosene (Jul 10 to Jan 11) Kerosene (Jan 11) JP (Jul 10 to Jan 11) JP (Jan 11) HSD (Jul 10 to Jan 11) HSD (Jan 11) LDO (Jul 10 to Jan 11)) LDO (Jan 11) Fuel Oil (Jul 10 to Jan 11) Fuel Oil (Jan 11) Others (Jul 10 to Jan 11) Others (Jan 11)
1,300 183 96 14 795 129 4,044 614 38 5 5,007 680 98 15
PRICES (Ex-Refinery)
Rs
MS (1 Apr 11) MS (1 Mar 11) MS % Chg Kerosene (1 Apr 11) Kerosene (1 Mar 11) Kerosene % Chg JP-1 (1 Apr 11) JP-1 (1 Mar 11) JP-1 % Chg HSD (1 Apr 11) HSD (1 Mar 11) HSD % Chg LDO (1 Apr 11) LDO (1 Mar 11) LDO % Chg Fuel Oil (1 Apr 11) Fuel Oil (1 Mar 11)
59.35 53.88 10.15% 68.95 63.31 8.91% 70.88 63.54 11.55% 75.02 66.53 12.76% 65.27 60.96 7.07% 56,777 53,252
TOKYO: People walk past an electronic stock indicator.-Reuters
Nikkei climbs on earnings upbeat TOKYO: Tokyo stocks gained 1.4 per cent on Wednesday after a batch of Japanese and US corporate earnings came in better than expected, with digital camera maker Canon soaring on relief that parts procurement woes look set to be resolved in a few months. Some of the first earnings reports from manufacturers which have had to curtail production after last month's quake and ensuing nuclear crisis included industrial robot maker Fanuc Ltd forecasting a 17 per cent rise in first-half operating profit and mini vehicle maker Daihatsu Motor booking a big jump in annual income. Credit rating agency Standard & Poor's threatened to cut Japan's sovereign rating but the move had little impact on the market. But with many quake-hit firms not giving forecasts for this financial year and still many reports to come,
investors were reluctant to build large positions, particularly ahead of the outcome of the US Federal Open Market Committee's policy meeting and first ever post-meeting news conference by Fed Chairman Ben Bernanke. Bernanke will be closely watched for hints on how the Fed plans to exit from its ultraloose monetary policy. "Usually market activity picks during the middle of the earnings season, but it's not like that this time," said Toru Hashizume, chief investment officer at Stats Investment Management. "Investors still cannot be active as uncertainties remain for many companies as they are not providing forecasts. The Japanese market will seek direction from the overseas market, so today's move after the FOMC could be important." See # 24 Page 11
Indian shares fall for 3rd day MUMBAI: Indian shares dropped for the third straight session and closed 0.5 per cent lower on Wednesday, amid steady world stocks, with dropping nearly 3 per cent as the third-largest software firm's tepid growth forecast let down investors. Traders expect choppy trade in a narrow range before the expiry of monthly derivatives contracts on the National Stock Exchange on Thursday and the central bank's annual policy meeting on May 3. Reliance Industries, which has the highest weighting on both the key indexes, dropped 1.5 per cent following Goldman Sachs' downgrade of the stock to neutral from buy, and as an oil ministry source said it could be penalised for falling short of targeted gas
production at its D-6 block. Oil and Natural Gas Corp was among the big gainers, firming 2.3 per cent after the US bank upgraded the stock to buy from neutral based on stable-to-improving oil realisations, volume growth and attractive valuations. The 30-share BSE index declined 0.49 per cent, or 96.66 points to 19,448.69, with 23 of its components losing ground. "The volatile trade will continue as investors are not comfortable on making big commitments before the events lined up," said Rakesh Rawal, head of private wealth management at Anand Rathi, referring to the Federal Reserve's meeting on Wednesday, the contracts expiry and the central bank review. See # 25 Page 11
ANNOUNCEMENTS Company Oil & Gas Deve. P.T.C.L.A Ahmed Hassan Al-Abbas CementXR AL-Noor Modaraba Arpak Int.
Period 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr
Div/Bon/Right 15%(ii)(D) 17.50%(i)(D) See # 26 Page 11
PAT (Rs in mn) 49,184.83 4,971.92 119.83 -628.36 24.76 0.39
EPS(Rs) 11.44 0.97 8.32 -3.44 1.18 0.10
FTSE ends flat ahead of Bernanke comments LONDON: Britain's top share index ended flat on Wednesday ahead of Federal Reserve Chairman Ben Bernanke's news conference which could provide clues on the Fed's future plans for its monetary policy. The blue-chip FTSE 100 was down 1.2 points or 0.02 per cent at 6,068.16, having hit a 9-week closing high on Tuesday. Volume was only 87.6 per cent of the 90-day average. The index had earlier been as high as 6,089.40 buoyed by hopes cheaper money would raise demand for equities after the prospect of a UK interest rate hike in the short term decreased following GDP data. "UK GDP had kept the FTSE 100 up, because it was not worse than expected," Mark Priest, senior equities trader at ETX Capital in London, said. See # 22 Page 11
Profit up 15.4pc
OGDC earning exceeds Rs49bn Ghulam Raza Rajani KARACHI: Oil and Gas Development Company Limited (OGDCL), the largest petroleum exploration and production company of Pakistan posted 15.4 per cent surge in earnings for 9MFY11. Profit after tax was reported at Rs 49.18 billion (EPS: Rs11.44) against Rs 42.61 billion (EPS: Rs9.91) for the same period last year. Company also announced second interim dividend of 15 per cent (Rs1.5 per share). This is in addition to earlier paid interim dividend of 15 per cent (Rs1.5 per share) taking the total pay out to 30 per cent (Rs3 per share) for the year ending June 30, 2011. The net sales of the company during the period hiked by 12.6 per cent to Rs122.26 billion as compared to Rs108.59 billion during the corresponding period last year. This increase was mainly due to higher realized See # 23 Page 11
HK, China stocks decline HONG KONG: Hong Kong and China shares reversed earlier gains to close lower on Wednesday after a sharp slide on the speculative Shanghai Bshare index, as concerns about additional policy tightening by Beijing pulled the markets further away from their recent highs. China's main stock index fell for the fourth day in a row in thin volume, as property stocks dropped on reports the government could unveil new tightening measures for the sector soon. The Hang Seng Index fell 0.5 per cent to 23,892.8 in another
day of light trading. Traders have been hoping Hong Kong could rally past the index's 2011 high of 24,468.6, hit earlier this month, but the speed with which the market reversed gears following Wednesday's Shanghai B-index slippage showed there is not solid ground for gains at present. The Shanghai B-share index of dollar-denominated stocks, which is largely illiquid, fell 5.3 per cent for the day with twice its recent average volume. Investors dumped shares on talk that the rumored launch
of an "international board" of shares of foreign companies could detract from interest in the B-share market. Authorities have long planned the international board in Shanghai, and one media report this week suggested preparation for the launch could be moving forward. "There are rumors that the international board will come out over the May Day holiday, though I think the likelihood of that is not great," said Cheng Yi, analyst at Xiangcai Securities in Shanghai. See # 27 Page 11
Selling erodes gains at KSE Nawaz Ali KARACHI: After some heavy bullish intra-day activities and the index touching 12,000 levels on back of better corporate results, Karachi Stock Exchange ended with minor gains as investors preferred to book profits. The benchmark KSE-100 index increased by 13 points to close at 11,947 points, KSE-30 index rose by 5 points to close at 11,605 points and KSE allshare index grew by 12 points to close at 8,320 points. "Investor sentiments were boosted by the ongoing result season and news of Obama administration agreeing to disburse a total of US$1 billion under Kerry Lugar and CSF before June 30, 2011", said Mujtaba Barakzai, equity dealer at JS Global Capital. Market opened with 24 points and managed to stay in green zone all throughout the session. Buying due to attractive corporate results pushed the index at about 11:50 a.m. to an intra-day high of 12,049 points (+ve 115). Though, index remained
in the positive zone till the closing bells but some profit taking witnessed at the higher levels reduced the gains and it closed the day with marginal gains. Pakistan Telecommunication Company posted below expectations results but divided announcement of Rs1.75 per share surprised the investors inviting heavy buying in the scrip and price touched its upper circuit during intra-day trading. Further, Lotte Pakistan remained under limelight for the second day after its better corporate results announced a day earlier. OGDC, Engro Corporation and United Bank were the other major companies announcing their corporate results during the day. Investor participation was further improved as 143.7 million shares traded during the day which was 33.4 million shares more as compared to a turnover of 110.3 million shares a day earlier. Foreign investors indulged in heavy selling as according to NCCPL data, they did a See # 20 Page 11
Earnings down by 37pc
PTCL announces 17.5pc dividend Ahmed Siddique KARACHI: Pakistan Telecommunication Company Limited (PTCL) announced its financial results Wednesday for the nine month ended March 31, 2011 posting net profit of Rs4.97 billion as compared to Rs7.86 billion recorded for the same period last year, depicting
fall of massive 36.7 per cent. The Company also announced interim dividend of Rs1.75 per share or 17.5 per cent. Revenue during 9MFY11 declined by 4.9 per cent to Rs41.02 billion as compared to Rs43.12 billion for 9MFY10 period. Decline in revenue was See # 21 Page 11
US stocks mid-day
Markets flat ahead of Fed announcement NEW YORK: Wall Street stocks were little changed on Wednesday as investors took a wait-and-see stance before the Federal Reserve announces its interest rate decision and discusses policies affecting the economy. The US central bank's Federal Open Market Committee will release a statement at 12:30 p.m. (1630 GMT). According to a Reuters poll, dealers expect the target for the benchmark fed funds rate to remain in the zero to 0.25 per cent range. Federal Reserve Chairman Ben Bernanke will hold his firstever news conference on monetary policy at 2:15 p.m. (1815 GMT). Bernanke will likely make an argument that the economy still needs monetary policy support, and while he is not expected to signal a rush to tightening credit, he could discuss an exit to accommodative programs. "There's a good deal of uncertainty going into the meeting, and people have moved their positions to be as neutral as possible," said Tom Mangan, who helps oversee $2.4 billion as a money manager at James Investment Research Inc in Xenia, Ohio. "I'd caution against being too bullish, since if there are any surprises that could be a catalyst for selling." The Dow Jones industrial average was down 0.60 points at 12,594.77. The Standard & Poor's 500 Index was down 2.04 points, or 0.15 per cent, at 1,345.20. The Nasdaq Composite Index was down 1.97 points, or 0.07 per cent, at 2,845.57. The S&P 500 is up 7 per cent so far in 2011 and hit a three-year high in the prior session. Recent gains have come on strong corporate results, with about 75 per cent of reported S&P companies beating forecasts. That trend continued on Wednesday, with Boeing Co, Whirlpool Corp and WellPoint Inc all topping analyst consensus expectations. Boeing, a Dow component, rose 1.2 per cent to $76.43. On Tuesday the S&P 500 broke through the 1,344 level, See # 19 Page 11
Dhiyan
CORPORATE RESULTS INVITING BULLS Mohammad Azam Khan, CEO, Sunrise Capital Some range bound activities are expected in the market moving forward with the index moving between 11,400 and 12,000 range. Investors are advised to do short term trading mainly in stocks of fertiliser and oil & gas sectors. However, long term investments should be avoided till market generates an average volume of 100 million to 150 million shares. Removal of ambiguities regarding new taxes in budget and relaxation in MTS rules can ignite the activities in the market. Investors should adopt a 'sell on strength' stance today.
Muzzammil Khan, AVP, BMA Capital Overall outlook of the market is positive and it may breach 12,000 levels soon and if index manages to sustain those levels then we can see gains of another 300-400 points. Attractive results are open invitation to bulls. Investors are advised to invest in only those stocks which had announced or are expected to announce good corporate results like FFC, MCB and PPL. A 'buy on dips' strategy is advisable for the day.
6
Thursday, April 28, 2011
Market
KSE 100 Index
Symbols
Volume
143,728,233
Value
4,373,360,267
Trades
59,962
Advanced Declined Unchanged Total
Current High Low Change
175 127 85 387
All Share Index
11,947.44 12,050.38 11,933.46 h13.98
Current High Low Change
8,320.55 8,389.06 8,308.46 h12.09
OIL AND GAS
Company
Paid up Cap(mn)
PE
High Low 1,472.07 1,442.72 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.24 32.54
Open
High
Low
Attock Petroleum 691 6.71 371.19 Attock Refinery 853 4.05 122.78 BYCO Petroleum 3921 8.83 Mari Gas Company 735 4.36 106.79 National Refinery 800 4.65 329.36 Oil & Gas Development 43009 9.40 139.04 Pak Petroleum 11950 7.75 211.62 Pak Oilfields 2365 7.18 325.96 Pak Refinery Limited 350 47.70 85.40 PSO 1715 4.63 273.65 Shell Gas LPG 226 - 25.56 Shell Pakistan 685 7.49 210.28
374.60 124.70 8.98 107.90 338.00 142.10 214.99 328.50 86.88 276.00 26.22 212.25
370.00 123.25 8.79 106.51 331.00 138.10 211.49 324.25 85.21 273.02 25.15 210.55
Close Chg 371.21 123.50 8.82 106.66 336.84 138.92 211.94 325.44 85.39 273.60 25.99 210.71
0.02 0.72 -0.01 -0.13 7.48 -0.12 0.32 -0.52 -0.01 -0.05 0.43 0.43
Current High Low Change
KMI 30 Index Current High Low Change
11,605.61 11,716.44 11,589.43 h5.73
20,260.22 20,419.04 20,229.91 h30.31
Last 60 days High Low
Volume 57814 527141 252014 6593 365737 2539674 1494625 887806 34750 275390 842 8879
391.50 134.30 10.68 131.90 338.00 173.50 217.25 333.00 110.50 298.40 32.97 218.99
321.00 98.25 8.20 99.46 254.00 128.21 190.10 277.09 83.00 265.00 23.04 186.83
2010 Div BR (%) (%) 300 31 200 55 90 255 80 120
% Change 0.07 5-Day High 1,449.24 5-Day Low 1,447.38 2011 Div BR (%) (%)
20B115.00 - 23.43 - 30.00 20B 50.00 -100.00 - 50.00 -
-
CHEMICALS
Company
Paid up Cap(mn)
PE
Open 699.22 Turnover 10,969 P/E (x) 5.11 Company
High Low 708.47 683.14 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.30 25.53
Close 693.90 Listed cap 3,242.17 mn Payout (%) 11.08
Change -5.32 Market cap 11,780.04 mn Div Yield (%) 2.17
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1092 1321
6.40 8.81
70.00 30.50
71.00 30.80
68.25 30.00
69.57 -0.43 30.05 -0.45
5796 5173
76.25 37.40
Pak Int Cont. Terminal PNSC
63.00 29.00
High
Low
Agritech Limited 3924 21.40 20.80 Biafo Ind 200 5.59 49.50 BOC (Pak) XD 250 7.10 95.77 Clariant Pak 341 4.85 151.44 Dawood Hercules 4813 3.63 62.82 Descon Chemical 1996 2.63 Descon Oxychem Ltd. 1020 12.18 7.86 Dewan Salman 3663 2.50 Dynea Pak 94 3.34 9.99 Engro Corporation Ltd 3933 8.71 194.91 Engro Polymer 6635 - 12.30 Fatima Fertilizer 22000 - 12.71 Fauji Fertilizer 8482 8.64 140.05 Fauji Fert. Bin Qasim 9341 6.23 41.53 Gatron Ind 384 3.97 57.96 Ghani Gases Ltd 725 11.81 12.90 ICI Pakistan XD 1388 8.99 156.73 Leiner Gelatine 75 - 24.62 Lotte Pakistan 15142 4.75 16.66 Nimir Ind Chemical 1106 12.09 2.76 Pak Gum 42 4.39 15.05 Shaffi Chemical 120 2.19 Sitara Chem Ind 214 2.52 99.00 Sitara Peroxide 551 5.92 18.12 United Distributors 92 - 14.15 Wah-Noble 90 5.19 37.20
21.60 51.95 95.30 159.01 63.34 2.70 8.59 2.88 10.99 198.80 12.83 13.07 141.75 41.99 57.51 13.64 159.20 23.39 17.36 2.87 15.99 2.25 101.45 19.12 15.15 37.25
21.38 51.20 94.00 154.90 62.20 2.52 7.95 2.48 9.71 194.51 12.35 12.67 140.01 41.50 57.00 12.95 155.10 23.39 16.85 2.75 15.99 2.20 98.00 18.69 13.15 36.09
Close Chg 21.40 49.50 94.33 159.01 62.64 2.54 8.28 2.69 10.20 195.03 12.47 12.84 140.47 41.59 57.96 13.46 157.30 23.39 17.01 2.78 15.99 2.25 101.44 19.12 14.33 36.72
0.60 0.00 -1.44 7.57 -0.18 -0.09 0.42 0.19 0.21 0.12 0.17 0.13 0.42 0.06 0.00 0.56 0.57 -1.23 0.35 0.02 0.94 0.06 2.44 1.00 0.18 -0.48
Close 1,835.11 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 539 394 1095 280206 188191 82351 4213953 3440997 26705 2209189 595175 543465 778728 2233997 201 884857 1139871 5000 51533074 285765 500 621 2658 744105 23674 1060
Change 7.95 Market cap 383,776.72 mn Div Yield (%) 5.41
24.90 51.95 98.35 213.30 294.00 3.58 9.60 3.39 11.50 238.50 13.95 13.60 154.49 43.89 58.80 14.49 172.00 26.82 17.36 3.40 25.00 2.50 118.00 19.75 15.44 38.85
20.00 41.11 82.00 140.00 61.25 2.34 6.00 2.26 9.50 189.00 11.56 10.70 108.00 37.86 43.15 10.43 138.00 9.15 14.05 1.83 15.05 1.55 90.78 11.81 12.07 34.31
2010 Div BR (%) (%)
% Change 0.43 5-Day High 1,835.11 5-Day Low 1,815.07 2011 Div BR (%) (%)
45 - 49.50 60 135 25B 50 300B 15 60 20B - 27.5R 130 25B 65.5 - 12.50 20 175 5 25 5B 50 -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,056.82 Turnover 8,651 P/E (x) 5.36 Company
High Low 1,069.09 1,045.29 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.40 7.47
Close 1,063.27 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
1.82 6.89
15.20 43.35 39.31
15.80 42.90 39.15
15.30 41.23 38.61
15.70 0.50 42.75 -0.60 38.95 -0.36
5192 2047 1412
Century Paper Pak Paper Product Security Paper
Change 6.45 Market cap 2,934.02 mn Div Yield (%) 4.71
Last 60 days High Low 17.50 46.20 39.90
13.85 35.17 34.00
2010 Div BR (%) (%) 2533.33B 50 -
% Change 0.61 5-Day High 1,069.16 5-Day Low 1,020.30
Open 1,151.60 Turnover 414,491 P/E (x) 3.93 Paid up Cap(mn)
INDUSTRIAL METALS AND MINING Open 1,045.15 Turnover 45,952 P/E (x) 3.18 Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe XD International Ind Siddiqsons Tin
High Low 1,052.96 1,031.55 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.05 33.10
PE
Open
High
Low
565 2.90 675 555 413.67 1199 19.02 785 25.71
27.27 1.96 12.70 52.55 9.00
27.94 2.05 12.80 52.49 9.00
26.91 1.95 12.40 51.75 9.00
Close Chg 27.75 2.00 12.41 52.31 9.00
0.48 0.04 -0.29 -0.24 0.00
Close 1,047.48 Listed cap 3,596.11 mn Payout (%) 30.91
Change 2.32 Market cap 9,809.61 mn Div Yield (%) 9.71
12900 12511 9950 3071 7520
29.99 2.95 14.90 54.50 9.45
25.67 1.80 12.26 45.81 8.51
2010 Div BR (%) (%) 30 40 7.5
% Change 0.22 5-Day High 1,056.96 5-Day Low 1,042.74
PE
High Low 1,165.21 1,139.61 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 1.00 25.35
Open
High
Low
144 4.52 73.90 101 5.61 211.55 626 10.18 145.96 1087 1.77 56 4.83 194.01 598 4.67 24.93 450 3.80 200 6.79 3.59 1428 9.89 786 7.64 221.80 823 15.40 68.88 150 1.20 24.78
73.55 216.30 149.99 1.99 198.65 26.17 4.50 3.83 10.10 223.90 68.50 25.50
73.01 209.00 146.01 1.76 193.01 24.49 3.61 3.55 9.70 220.10 67.39 24.50
-
CONSTRUCTION AND MATERIALS Performance of SR Construction and Materials Index Open 901.48 Turnover 6,247,752 P/E (x) 7.41 Company
Paid up Cap(mn)
Al-Abbas Cement XR Attock Cement Balochistan Glass Ltd Berger Paints Buxly Paints Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd Gharibwal Cement Haydery Const Javedan Cement Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Safe Mix Concrete Shabbir Tiles XR Thatta Cement
High Low 918.66 900.62 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.53 7.10
PE
Open
High
Low
1828 866 6.86 858 182 14 956 50.00 982 15.77 3891 3651 32.35 6933 7.09 502 6.00 1760 4003 32 581 1288 13126 76.50 3234 5.89 5261 2271 200 361 798 925.00
2.63 54.26 2.50 15.91 7.51 10.50 1.98 1.58 24.28 4.06 7.50 1.54 13.00 0.41 58.68 7.00 3.11 72.24 2.30 5.52 5.01 6.24 17.95
2.95 54.30 2.66 16.00 7.80 10.50 2.08 1.68 24.79 4.15 7.80 1.55 13.24 0.58 61.60 7.10 3.24 73.00 2.38 5.60 5.50 6.08 18.50
2.65 54.00 2.50 15.76 7.79 10.50 1.94 1.58 24.21 4.03 6.50 1.50 12.00 0.41 61.55 6.83 3.05 72.30 2.30 5.49 5.45 6.05 17.40
Close 904.33 Listed cap 54,792.74 mn Payout (%) 19.04
Change 2.85 Market cap 67,467.19 mn Div Yield (%) 2.57
Close Chg
Volume
Last 60 days High Low
2.65 54.21 2.55 15.91 7.51 10.50 2.05 1.60 24.26 4.11 6.96 1.50 12.48 0.41 61.55 6.91 3.06 72.47 2.33 5.49 5.50 6.39 18.50
502 10320 10722 265 200 1200 28204 27028 3920345 940871 25510 20628 87741 30007 2003 87209 209138 789308 46210 8507 6381 801 1001
3.50 56.70 3.00 21.35 12.19 11.90 2.08 2.24 29.70 4.95 8.90 1.95 13.50 0.90 64.52 7.87 3.45 73.45 2.89 6.96 7.50 8.89 19.19
0.02 -0.05 0.05 0.00 0.00 0.00 0.07 0.02 -0.02 0.05 -0.54 -0.04 -0.52 0.00 2.87 -0.09 -0.05 0.23 0.03 -0.03 0.49 0.15 0.55
2.15 48.50 1.99 14.72 7.07 8.00 1.50 1.50 21.20 3.97 6.30 1.30 4.70 0.32 56.72 5.11 2.65 59.55 1.92 5.17 4.41 5.13 16.20
% Change 0.32 5-Day High 915.76 5-Day Low 900.86
2010 Div BR (%) (%)
2011 Div BR (%) (%)
- 100R 50 - 122R - 20R 40 - 50R
- 20R - 92R - 100R -
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 978.57 Turnover 276,429 P/E (x) 2.81 Company
Paid up Cap(mn)
Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd XD Tri-Pack Films
PE
Open
115 2.48 50.33 230 1.51 1067 5.60 53.23 389 3.24 10.94 47 13.10 30.62 844 18.34 110.07 300 6.48 164.58
High
High Low 1,000.02 979.67 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.23 43.91 Low
Close Chg
51.50 50.20 50.47 1.55 1.48 1.51 54.00 53.20 53.89 11.94 11.12 11.94 30.28 29.10 29.22 113.85 110.00 110.04 170.00 165.00 166.20
0.14 0.00 0.66 1.00 -1.40 -0.03 1.62
Close 984.26 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 62018 13004 12266 138854 5232 4502 40553
Change 5.68 Market cap 36,574.63 mn Div Yield (%) 5.53
Last 60 days High Low 75.20 2.82 55.25 14.70 33.80 134.75 172.00
47.80 1.40 49.00 3.00 27.00 105.02 120.70
2010 Div BR (%) (%) 20 25 32.5 100
25B 10B -
% Change 0.58 5-Day High 990.90 5-Day Low 978.57 2011 Div BR (%) (%) -
50R -
Company Adam Sugar AL-Noor Sugar Bawany Sugar Chashma Sugar Colony Sugar Mills Crescent Sugar Dewan Sugar Habib Sugar Habib-ADM Ltd Haseeb Waqas J D W Sugar Kohinoor Sugar Mirza Sugar National Foods Noon Pakistan Noon Sugar Pangrio Sugar Quice Food S S Oil Shahmurad Sugar Shakarganj Mills Tandlianwala Wazir Ali
Paid up Cap(mn) 58 186 87 287 990 214 365 750 200 324 539 109 141 414 48 165 109 107 57 211 695 1177 80
PE 3.87 1.15 3.71 6.25 0.74 9.44 4.99 1.32 11.30 6.15 2.30 6.59 0.37 3.18 0.43 29.05 -
Company
Paid up Cap(mn)
AL-Ghazi Tractor Bolan Casting Dewan Auto Engineering Ghandhara Ind Hinopak Motor KSB Pumps XD Millat Tractors
PE
Open
215 3.61 210.32 104 4.85 46.78 214 1.21 213 11.49 9.30 124 - 102.26 132 - 46.03 366 7.81 515.96
High
Low
Close Chg
214.99 209.00 209.17 -1.15 49.11 47.98 49.11 2.33 1.09 1.09 1.09 -0.12 9.65 9.65 9.65 0.35 105.00 100.00 103.76 1.50 47.80 43.73 43.74 -2.29 517.48 510.00 514.33 -1.63
Close Chg
Close 1,147.80 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change -3.80 Market cap 42,561.13 mn Div Yield (%) 5.20
13739 9589 1100 500 715 5228 53166
-0.53 -0.37 0.64 0.03 3.11 -0.43 -0.05 0.01 -0.07 -0.66 -0.52 -0.28
2515 23094 8052 53525 200 287192 4004 4002 15954 9031 4112 2810
Last 60 days High Low 74.97 216.30 149.99 2.45 205.99 26.17 4.99 5.48 11.70 294.00 76.90 25.50
66.45 180.00 120.30 1.50 170.11 21.08 2.82 3.50 9.52 205.51 60.00 20.50
2010 Div BR (%) (%) 90 100 50 60 20 150 5 10
2011 Div BR (%) (%)
20B 15B - 50.00 20B 10.00
-
Open 13.00 45.89 8.25 9.26 2.52 7.90 3.10 23.70 12.19 12.00 74.57 3.96 2.90 64.25 22.88 20.99 3.51 3.05 5.60 9.49 6.00 52.00 6.20
High 13.50 47.50 8.20 9.95 2.88 7.35 3.10 23.90 12.40 12.65 75.20 3.30 3.00 66.00 22.79 21.50 3.90 3.03 6.20 9.30 6.00 52.00 6.99
High Low 2,094.56 2,036.46 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 14.81 30.30 Low 13.50 43.60 7.25 9.50 2.50 7.35 3.04 23.61 12.20 11.25 74.50 3.00 2.91 64.00 22.02 20.50 3.50 2.90 5.70 9.30 5.90 52.00 6.99
Close Chg 13.00 46.11 7.34 9.51 2.50 7.35 3.05 23.78 12.38 12.00 74.80 3.27 3.00 65.41 22.37 21.43 3.51 2.90 6.00 9.30 6.00 52.00 6.99
0.00 0.22 -0.91 0.25 -0.02 -0.55 -0.05 0.08 0.19 0.00 0.23 -0.69 0.10 1.16 -0.51 0.44 0.00 -0.15 0.40 -0.19 0.00 0.00 0.79
Close 2,072.01 Listed cap 11,335.33 mn Payout (%) 30.57
Volume 200 5290 4432 8001 4300 9199 23507 6563 1876 1954 1455 55001 5301 7062 2000 1036 375 17000 8500 1010 25199 700 1000
Change 6.46 Market cap 294,533.56 mn Div Yield (%) 0.63
Last 60 days High Low 16.25 49.50 9.25 10.47 4.00 8.30 3.99 24.50 12.60 21.70 77.99 4.69 5.50 66.00 27.00 21.50 5.08 4.00 6.20 10.25 7.49 54.49 8.00
11.50 39.50 5.00 8.00 2.11 6.00 2.52 20.25 10.80 11.00 68.00 2.45 2.65 52.01 19.75 10.11 3.00 2.55 2.50 8.00 4.01 39.00 5.50
2010 Div BR (%) (%)
% Change 0.31 5-Day High 2,086.84 5-Day Low 2,065.55 2011 Div BR (%) (%)
25 50 10 25 25B 40 10 7010B 12.5R 10 12 12 10 10 -
-
-
Open 897.54 Turnover 202,242 P/E (x) 2.26 Paid up Cap(mn)
Pak Elektron Singer Pak XB Tariq Glass Ind
PE
Open
High
Low
Close Chg
Volume
10.57 19.77 13.61
10.80 20.44 13.49
10.50 20.38 12.61
10.51 -0.06 20.38 0.61 12.95 -0.66
11294 4007 186920
Paid up Cap(mn)
Ahmed Hassan Amtex Limited Apollo Textile XD Artistic Denim Asim Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) XD Bhanero Tex Mills Blessed Tex Mills Chenab Limited Colony Mills Ltd Crescent Fibres Ltd Crescent Jute Crescent Textile D S Ind Ltd Dar-es-Salaam Data Textile D. Lawrencepur XB Dewan Mushtaq Textile Ellcot Spinning Fazal Cloth Gadoon Textile XD Ghazi Fabrics Gul Ahmed Textile Gulistan Spinning Gulshan Spinning Hajra Textile Hira Textile Mills Ltd. Ibrahim Fibres Idrees Textile Indus Dyeing XD Ishaq Textile Island Textile J A Textile Janana D Mal Khalid Siraj Kohat Textile Kohinoor Ind Kohinoor Spinning Kohinoor Textile Masood Textile Mohd Farooq Mubarak Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Premium Textile Prosperity Quality Textile Ravi Textile Redco Textile Reliance Cotton Reliance Weaving Rupali Poly Saif Textile Salfi Textile Sally Textile Samin Textile Sargodha Spinning Service Ind XD Shahpur Textile Shahtaj Textile Shahzad Textile Shams Textile Suraj Cotton Tata Textile Thal Ltd Treet Corp Zephyr Textile Ltd Zil Limited
Close 894.71 Listed cap 3,763.71 mn Payout (%) 6.27
1219 8.48 375 24.85 231 1.71
199.05 42.70 0.80 8.25 97.80 43.73 466.27
2010 Div BR (%) (%) 400 25 12.5 650
2011 Div BR (%) (%) -
57.17
Total Assets (Rs in mn)
MA (10-day)
19.12
Total Equity (Rs in mn)
MA (100-day)
13.90
Revenue (Rs in mn)
MA (200-day)
10.20
Interest Expense
1st Support
18.29
Profit after Taxation
51.82
2nd Support
17.20
EPS 10 (Rs)
0.925
Book value / share (Rs)
15.71
1st Resistance
19.99
1,323.87 880.58 3,280.76 7.03
2nd Resistance
20.60
PE 11 E (x)
3.09
Pivot
18.90
PBV (x)
1.23
PSYL closed up 0.85 at 19.36. Volume was 903 per cent above average (trending) and Bollinger Bands were 54 per cent narrower than normal. The company's profit after taxation stood at Rs175.363 million which translates into an Earning Per Share of Rs3.13 for the half year of current fiscal year (1HFY11). PSYL is currently 89.3 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 very strong flows of volume into PSYL (bullish). Trend forecasting oscillators are currently bearish on PSYL.
Hira Textile Mills Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
57.27
Total Assets (Rs in mn)
3,356.84
MA (10-day)
4.52
Total Equity (Rs in mn)
1,312.24
MA (100-day)
4.19
Revenue (Rs in mn)
3,116.91
MA (200-day)
4.07
Interest Expense
263.53
1st Support
4.50
Profit after Taxation
248.83
2nd Support
4.25
EPS 10 (Rs)
3.478
1st Resistance
4.95
Book value / share (Rs)
18.34
2nd Resistance
5.15
PE 11 E (x)
0.95
Pivot
4.70
PBV (x)
0.26
HIRAT closed up 0.25 at 4.71. Volume was 972 per cent above average (trending) and Bollinger Bands were 20 per cent narrower than normal. The company's profit after taxation stood at Rs178.301 million which translates into an Earning Per Share of Rs2.49 for the half year of current fiscal year (1HFY11). HIRAT is currently 15.7 per cent above 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 moderate flows of volume into HIRAT (mildly bullish). Trend forecasting oscillators are currently bearish on HIRAT.
Dewan Salman Fibre Limited
144 2594 83 840 152 4493 37 76 76 30 64 1150 2442 124 238 492 600 80 99 591 34 110 188 234 326 635 146 222 138 716 3105 180 181 97 5 126 48 107 208 303 1300 2455 600 189 54 187 1620 3516 560 174 62 185 160 250 213 103 308 341 264 33 88 267 312 120 140 97 180 86 180 173 307 418 594 53
Change -2.83 Market cap 4,595.86 mn Div Yield (%) 2.78
Last 60 days High Low
2010 Div BR (%) (%)
14.59 24.09 24.00
17.5
10.45 17.82 12.00
10B 10B -
% Change -0.32 5-Day High 900.74 5-Day Low 893.70 2011 Div BR (%) (%) - 200R
Total Assets (Rs in mn)
15,343.38
PERSONAL GOODS
MA (10-day)
2.58
Total Equity (Rs in mn)
(7,218.97)
Performance of SR Personal Goods Index
MA (100-day)
2.90
Revenue (Rs in mn)
MA (200-day)
2.26
Interest Expense
1st Support
2.52
Loss after Taxation
2nd Support
2.30
EPS 10 (Rs)
(4.176)
Book value / share (Rs)
(19.71)
High Low 977.93 960.49 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.60 8.64
Close 965.48 Listed cap 47,070.70 mn Payout (%) 16.68
PE
Open
High
Low
Close Chg
Volume
1.35 7.93 0.48 0.22 0.57 5.50 0.75 0.65 1.75 0.71 3.91 0.22 0.63 0.94 0.86 0.83 3.52 0.33 0.40 0.95 3.44 2.66 2.57 0.58 0.20 0.37 0.35 0.48 0.51 7.66 1.88 0.66 4.45 5.78 3.09 0.64 0.62 1.03 2.82 2.18 0.55 0.70 3.18 0.50 0.29 0.32 2.67 1.34 5.98 0.36 1.45 0.47 0.94 0.77 0.53 5.42 6.07 4.79 6.57
15.00 2.13 5.75 22.03 2.10 6.52 17.48 20.22 480.56 250.00 64.85 2.50 2.00 10.79 0.80 13.90 1.16 2.60 0.40 37.53 3.91 25.32 57.00 88.51 5.48 51.88 7.64 10.51 0.62 4.46 47.25 4.85 290.25 6.25 204.25 2.50 16.70 1.10 1.48 1.40 1.59 4.98 17.20 0.97 0.41 15.25 28.02 64.77 18.51 13.00 31.00 14.90 17.00 0.96 0.50 28.27 13.02 41.89 9.49 53.00 7.86 5.48 4.15 163.48 0.44 26.06 6.40 23.00 40.43 37.70 106.50 49.69 2.70 63.81
15.00 2.27 4.75 22.10 2.00 6.71 17.50 20.90 482.00 237.75 68.09 2.50 2.14 11.78 1.10 14.90 1.24 3.47 0.32 37.80 4.49 26.58 55.00 89.95 6.30 53.65 7.90 11.10 0.62 4.90 47.90 5.00 298.95 7.25 214.46 2.10 17.65 1.30 1.50 1.75 1.45 4.90 17.95 0.85 1.20 16.25 29.18 65.64 19.51 13.00 32.55 15.90 17.50 1.00 0.37 26.90 13.70 42.75 10.49 55.65 8.50 5.26 4.95 164.00 0.40 25.85 7.39 21.85 42.00 39.58 107.78 50.40 3.70 62.95
15.00 2.12 4.75 22.00 2.00 6.50 16.60 20.10 462.01 237.50 64.60 2.40 1.88 11.78 0.52 13.81 1.10 3.40 0.23 36.10 4.00 26.55 55.00 87.15 6.00 49.29 7.50 10.00 0.62 4.45 47.01 4.57 280.00 7.25 214.46 2.10 17.00 1.15 1.48 1.30 1.26 4.42 17.60 0.85 0.80 15.90 27.80 64.75 17.81 13.00 32.25 14.99 17.50 0.86 0.37 26.87 13.25 42.00 9.50 55.65 7.65 5.26 4.00 160.00 0.26 25.77 7.35 21.85 40.02 37.70 104.10 49.35 2.75 60.62
15.00 0.00 2.16 0.03 5.75 0.00 22.04 0.01 2.00 -0.10 6.60 0.08 17.50 0.02 20.31 0.09 467.21-13.35 237.65-12.35 67.78 2.93 2.50 0.00 2.00 0.00 11.78 0.99 0.65 -0.15 14.54 0.64 1.12 -0.04 3.46 0.86 0.40 0.00 37.46 -0.07 4.23 0.32 26.55 1.23 57.00 0.00 87.54 -0.97 6.30 0.82 50.22 -1.66 7.90 0.26 11.00 0.49 0.62 0.00 4.71 0.25 47.55 0.30 4.85 0.00 297.88 7.63 7.25 1.00 214.46 10.21 2.10 -0.40 17.00 0.30 1.29 0.19 1.50 0.02 1.36 -0.04 1.26 -0.33 4.44 -0.54 17.63 0.43 0.85 -0.12 1.00 0.59 16.25 1.00 28.94 0.92 65.10 0.33 19.36 0.85 13.00 0.00 32.49 1.49 15.90 1.00 17.50 0.50 0.94 -0.02 0.37 -0.13 26.89 -1.38 13.50 0.48 42.26 0.37 10.15 0.66 55.65 2.65 8.46 0.60 5.48 0.00 4.46 0.31 163.01 -0.47 0.26 -0.18 25.83 -0.23 7.35 0.95 21.85 -1.15 40.18 -0.25 39.01 1.31 104.55 -1.95 49.37 -0.32 3.69 0.99 60.64 -3.17
890 147199 200 1856 500 1744313 8000 14436 375 114 2100 15223 8864 2564 2697 28005 53164 2500 252 5524 99424 2578 108 3896 1500 9300 12656 123728 1003 1237758 64125 276 451 9322 251 502 4000 7024 510 7108 536 2724 703 2000 9000 12100 1867499 1905097 1435124 9000 500 9455 635 18553 5000 625 5302 8587 23197 500 36111 169 1744 1392 1173 1251 1523 2500 12771 7789 21008 10065 2683 34020
Open 979.23 Turnover 51,527 P/E (x) 6.85 Company
Paid up Cap(mn)
Abbott (Lab) XD 979 Ferozsons (Lab) 250 GlaxoSmithKlineXDXB 1963 Highnoon (Lab)XDXB 182 IBL HealthCare Ltd 200 Sanofi-Aventis 96 Searle Pak 306 Wyeth Pak 142
Fundamental Highlights As on Jun 30, 2010
Technical Analysis 51.49
% Change -0.30 5-Day High 1,580.97 5-Day Low 1,548.67
10B 25B325.00
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
RSI (14-day)
Open 968.19 Turnover 9,075,134 P/E (x) 6.97 Company
High Low 912.00 891.16 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.24 10.64
Change -2.72 Market cap 128,932.31 mn Div Yield (%) 2.40
Last 60 days High Low 16.52 4.24 5.75 23.28 2.10 11.81 18.41 23.27 686.07 265.00 68.09 3.40 2.95 16.09 1.43 18.69 1.87 4.00 1.10 49.05 6.40 28.00 65.45 102.24 7.50 53.65 9.23 11.29 1.50 5.20 55.00 6.00 327.80 8.60 224.99 3.00 17.80 1.79 2.50 1.90 1.72 5.58 19.70 1.69 1.30 17.50 29.50 67.50 21.21 15.49 34.40 15.90 17.50 1.74 0.80 43.00 13.79 44.40 11.50 76.43 8.50 7.40 5.01 229.94 0.95 26.20 7.98 23.00 42.00 44.10 124.99 59.90 4.39 87.90
2010 Div BR (%) (%)
% Change -0.28 5-Day High 968.19 5-Day Low 961.51 2011 Div BR (%) (%)
15.00 2.10 - 30B 4.50 18.55 20 1.50 6.35 10.01 - 15B 13.00 20 458.01 280 233.80 200 56.30 50 2.05 1.77 10.26 10 0.25 13.00 15 1.03 1.20 0.08 35.00 5 15B 3.02 20.00 35 51.60 100SD 69.00 70 3.90 10 27.11 12.5 5.02 10 7.00 10 20B 0.01 3.50 10 43.02 20 3.05 10 223.95 50 - 50.00 5.00 8 99.33 50 2.00 13.15 0.25 1.00 0.75 0.25 5 3.60 16.81 15 100R 0.60 0.25 14.50 20SD 22.30 15 57.20 25 45R 12.30 9.25 10 10B 27.36 50 13.50 30 12.25 15 0.40 0.31 26.87 20 9.25 25SD 37.01 40 5.00 53.00 25 3.63 10 4.32 - 100R 2.50 5 154.00 75 0.15 18.50 45 5.50 5 21.85 20 35.77 50 35.05 25 100.51 80 20B 44.10 50 900B 2.56 53.25 35 -
-
Performance of SR Pharma and Bio Tech Index
Change -4.68 Market cap 31,102.43 mn Div Yield (%) 17.14
Last 60 days High Low 240.00 52.25 2.00 11.90 135.45 63.89 556.97
73.37 211.18 146.60 1.80 197.12 24.50 3.75 3.60 9.82 221.14 68.36 24.50
% Change -0.33 5-Day High 1,157.32 5-Day Low 1,147.60
PHARMA AND BIO TECH
Close 1,548.67 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
-
HOUSEHOLD GOODS
INDUSTRIAL ENGINEERING High Low 1,563.89 1,537.44 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 2.92 38.02
-
Performance of SR Household Goods Index
Performance of SR Industrial Engineering Index Open 1,553.35 Turnover 84,052 P/E (x) 7.67
2011 Div BR (%) (%)
-
FOOD PRODUCERS Open 2,065.55 Turnover 191,193 P/E (x) 48.87
2011 Div BR (%) (%)
- 10.00 25B 15.00 20B 15.00 -
40 15
Performance of SR Food Producers Index
Company
Last 60 days High Low
Volume
Agriautos Ind Atlas Battery Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors Pak Suzuki XD Sazgar Engineering
-
Performance of SR Industrial Metals and Mining Index
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
2011 Div BR (%) (%) -
% Change -0.76 5-Day High 707.51 5-Day Low 693.38
AUTOMOBILE AND PARTS
Company
High Low 1,859.11 1,826.29 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.16 35.00
Open
Pakistan Synthetics Limited
Performance of SR Industrial Transportation Index
Close Change 1,449.24 1.07 Listed cap Market cap 65,194.15 mn 1,067,091.59 mn Payout (%) Div Yield (%) 55.94 5.61
Performance of SR Chemicals Index Open 1,827.16 Turnover 68,590,623 P/E (x) 9.02
Alert ! Unusual Movements
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,448.18 Turnover 6,199,251 P/E (x) 9.97
KSE 30 Index
PE
Open
5.70 92.06 7.62 92.05 10.59 73.85 6.08 26.31 4.64 11.40 - 155.51 5.53 62.60 10.02 951.77
High
High Low 996.25 972.95 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.53 22.31 Low
Close Chg
93.75 92.06 93.01 95.00 91.00 92.05 74.80 73.60 74.15 26.59 26.04 26.25 11.95 11.15 11.32 162.89 147.74 148.87 63.50 62.60 63.25 960.00 925.00 925.35
0.95 0.00 0.30 -0.06 -0.08 -6.64 0.65 -26.42
Close 981.30 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 3468 253 7910 2265 28269 6579 2662 121
Change 2.07 Market cap 31,682.62 mn Div Yield (%) 6.51
Last 60 days High Low 98.35 99.49 90.00 33.50 12.80 174.00 66.15 1110.00
78.59 85.00 68.00 24.50 8.10 134.00 58.05 897.01
2010 Div BR (%) (%) 50 40 25 100 30 10
% Change 0.21 5-Day High 986.40 5-Day Low 979.23 2011 Div BR (%) (%)
20B 12.50 15B 10B -
-
1st Resistance
2.92
2nd Resistance
3.10
PE 11 E (x)
Pivot
2.70
PBV (x)
137.50 125.73 (1,529.67)
(0.14)
DSFL closed up 0.19 at 2.69. Volume was 134 per cent above average and Bollinger Bands were 53 per cent narrower than normal. The company's loss after taxation stood at Rs498.5 million which translates into a Loss Per Share of Rs1.36 for the half year of current fiscal year (1HFY11). DSFL is currently 19.0 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of DSFL at a relatively equal pace. Trend forecasting oscillators are currently bearish on DSFL.
The General Tyre & Rubber Co of Pak Ltd
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
56.91
Total Assets (Rs in mn)
4,813.37
MA (10-day)
24.42
Total Equity (Rs in mn)
1,330.67
MA (100-day)
23.34
Revenue (Rs in mn)
6,355.29
MA (200-day)
23.57
Interest Expense
259.92
1st Support
23.93
Profit after Taxation
218.33
2nd Support
23.37
EPS 10 (Rs)
3.653
1st Resistance
25.61
Book value / share (Rs)
22.26
2nd Resistance
26.73
PE 11 E (x)
4.86
Pivot
25.05
PBV (x)
1.10
GTYR closed down -0.43 at 24.50. Volume was 1,126 per cent above average (trending) and Bollinger Bands were 22 per cent narrower than normal. The company's profit after taxation stood at Rs150.74 million which translates into an Earning Per Share of Rs2.52 for the half year of current fiscal year (1HFY11). GTYR is currently 3.9 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 very strong flows of volume into GTYR (bullish). Trend forecasting oscillators are currently bullish on GTYR.
BOOK CLOSURES Company
From
To
Mustehkam Cement Bestway Cement Pak Elektron Javedan Cement # Pakistan Cables # Ali Asghar Textile Mills # (TFC) Faysal Bank Ltd Fecto Sugar Mills # Habib Insurance # Atlas Engineer Ltd # Pakistan Paper Products # Crescent & Sugar Mills # Jubilee Spng & Weav Mills # Crescent Textile Mills # Metropolitan Steel Corp # United Distributors # Capital Assets Leasing (TFC) Saudi Pak Leasing Biafo Industries (TFC) Orix Leasing Pak Arif Habib Investment #
29-Apr 29-Apr 30-Apr 30-Apr 30-Apr 02-May 02-May 02-May 04-May 04-May 05-May 06-May 07-May 07-May 07-May 10-May 10-May 10-May 11-May 12-May 14-May
05-May 05-May 06-May 07-May 06-May 09-May 12-May 08-May 10-May 10-May 14-May 14-May 16-May 16-May 13-May 16-May 16-May 17-May 25-May 21-May
D/B/R 210(R) 75.5(R) 5 22(iii) -
Spot AGM/Date 21-Apr 21-Apr -
30-Apr 07-May 06-May 09-May 09-Aug 10-May 10-May 14-May 14-May 16-May 16-May 13-May 16-May 21-May
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols TRG Pakistan Ltd. Murree Brewery Co. Shezan International Grays of Cambridge Pak Tobacco XD Shifa Int.Hospitals Media Times LtdXR P.I.A.C.(B) P.I.A.C.(A) Pace (Pak) Ltd. Netsol Technologies Pak Telephone
Open 2.61 100.03 175.14 44 102 29.83 14.01 4.4167 2.42 3.17 22.98 2.7
High 2.68 104.9 179.99 43 97 31.25 14.85 4 2.68 3.29 23.23 2.5
Low Close 2.51 97.55 170 41.92 96.9 30 13.12 4 2.55 3.1 22.85 2.1
2.57 100.77 170.07 44 96.98 30 14.3 4.42 2.55 3.12 22.92 2.44
Change -0.04 0.74 -5.07 0 -5.02 0.17 0.29 0.0033 0.13 -0.05 -0.06 -0.26
Vol 581010 2811 700 419 625 1015 1657 213 100849 575691 444271 701
7
Thursday, April 28, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 981.70 Turnover 24,214,606 P/E (x) 5.42 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 1,037.14 979.64 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.70 12.84
PE
Open
High
Low
Close Chg
78 5.05 37740 14.02 3000 2.71 8606 6175 -
46.06 16.83 1.59 2.37 3.08
46.50 17.83 1.68 2.43 3.09
46.00 16.89 1.54 2.21 2.90
46.50 17.10 1.60 2.25 3.08
Close 992.85 Listed cap 50,077.79 mn Payout (%) 62.56
Volume
0.44 0.27 0.01 -0.12 0.00
900 22395738 269860 1548108 53204
Change 11.15 Market cap 69,218.10 mn Div Yield (%) 11.55
% Change 1.14 5-Day High 994.15 5-Day Low 981.70
Last 60 days High Low
2010 Div BR (%) (%)
79.90 19.20 2.35 2.89 3.88
80 17.5 1 -
45.00 16.05 1.53 2.15 2.65
2011 Div BR (%) (%)
- 15.00 -
Ask Gen Insurance XB 280 3.86 Atlas InsuranceXDXB 443 4.25 Central InsuranceXDXB 391 1.43 Century Insurance XD 457 4.51 EFU General Ins. XD 1250 12.24 Habib InsuranceXDXB 450 5.60 IGI InsuranceXDXB 970 5.88 New Jub InsuranceXDXB 989 9.83 Pak Reinsurance XD 3000 8.39 PICIC Ins Ltd 350 7.73 Premier Insurance XD 303 4.28 Silver Star Insurance XB 291 3.41 United Insurance XB 496 1.95
-
9.69 27.80 65.34 8.11 32.19 11.50 71.60 53.31 14.97 10.26 8.38 6.01 5.22
Paid up Cap(mn)
PE
Open
High
Low
Genertech 198 Hub Power 11572 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 Kot Addu Power 8803 Nishat Chunian Power Ltd 3673 Nishat Power Ltd 3541 S G Power 178 Sitara Energy Ltd 191 Southern Electric 1367 Tri-star Power XD 150
7.57 4.95 5.54 3.18 2.43 6.20 -
0.68 38.00 1.26 2.52 17.00 42.82 15.62 16.90 0.75 19.82 1.46 1.13
0.70 38.40 1.24 2.61 17.15 43.45 16.10 17.33 0.70 20.82 1.50 1.35
0.70 37.67 1.07 2.48 16.01 42.50 15.70 16.91 0.70 19.00 1.38 1.10
Company
Close 1,359.67 Listed cap 95,369.29 mn Payout (%) 104.13
Change -5.55 Market cap 105,820.46 mn Div Yield (%) 7.54
Close Chg
Volume
Last 60 days High Low
0.70 37.72 1.15 2.50 16.37 43.17 15.85 17.04 0.70 20.34 1.42 1.11
10000 187356 192610 927942 12886 68841 1290892 2087927 3000 148013 315749 26117
0.88 40.75 1.75 2.99 19.10 44.99 17.00 18.00 2.10 20.82 2.29 1.37
0.02 -0.28 -0.11 -0.02 -0.63 0.35 0.23 0.14 -0.05 0.52 -0.04 -0.02
0.50 35.90 1.07 2.31 16.00 40.26 14.05 14.85 0.43 15.35 1.38 0.31
% Change -0.41 5-Day High 1,365.22 5-Day Low 1,344.48
2010 Div BR (%) (%) 50 25 50 20 -
2011 Div BR (%) (%)
- 25.00 7.8R - 10.00 - 30.00 -
Paid up Cap(mn)
Company Sui North Gas Sui South Gas
PE
5491 10.85 8390 5.00
Open
High
18.61 22.21
18.90 23.00
High Low 1,326.87 1,271.78 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.95 11.41 Low 18.12 22.04
Close Chg
Close 1,286.12 Listed cap 12,202.80 mn Payout (%) 66.79
Volume
18.45 -0.16 22.16 -0.05
35983 32307
Change -6.70 Market cap 28,722.52 mn Div Yield (%) 8.01
Last 60 days High Low 27.35 27.90
18.12 21.41
% Change -0.52 5-Day High 1,332.98 5-Day Low 1,286.12
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index Open 1,156.66 Turnover 8,094,384 P/E (x) 7.54 Paid up Cap(mn)
Company
Allied Bank Ltd. XDXB 8603 Askari Bank XB 7070 Bank Alfalah 13492 Bank AL-Habib 8786 Bank Of Khyber 5004 Bank Of Punjab 5288 BankIslami Pak 5280 Faysal Bank 7327 Habib Bank Ltd 11021 Habib Metropolitan Bank XB 10478 JS Bank Ltd 8150 KASB Bank Ltd 9509 MCB Bank Ltd 8362 Meezan Bank XB 8030 Mybank Ltd 5304 National BankXDXB 16818 Network Mic Bank 300 NIB Bank 40437 Samba Bank 14335 Silkbank Ltd 26716 Soneri Bank 6023 Stand Chart Bank 38716 Summit Bank Ltd 7251 United Bank Ltd 12242
PE
Open
6.13 62.45 5.38 11.70 5.53 10.33 6.21 29.23 1.90 4.26 5.92 43.00 3.95 7.58 9.96 7.69 124.07 5.39 18.65 2.51 1.30 8.33 206.88 8.06 18.52 2.40 4.19 53.47 3.00 1.79 24.38 1.92 13.94 2.15 3.15 6.50 10.06 9.24 3.06 7.49 64.20
High
High Low Close 1,170.03 1,148.81 1,154.80 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.05 13.94 40.49 Low
Close Chg
Volume
62.50 61.70 62.11 -0.34 11.90 11.65 11.83 0.13 10.80 10.37 10.50 0.17 29.60 29.25 29.29 0.06 4.25 4.16 4.25 -0.01 5.98 5.80 5.81 -0.11 4.09 3.87 3.87 -0.08 10.10 10.00 10.00 0.04 125.00 123.00 123.09 -0.98 18.98 18.55 18.74 0.09 2.65 2.50 2.60 0.09 1.44 1.26 1.32 0.02 208.05 205.65 206.24 -0.64 19.25 18.49 19.01 0.49 2.40 2.35 2.40 0.00 54.00 53.21 53.34 -0.13 2.89 2.89 2.89 -0.11 1.80 1.69 1.78 -0.01 2.00 1.91 1.95 0.03 2.29 2.17 2.23 0.08 6.65 6.25 6.30 -0.20 9.70 9.20 9.56 0.32 3.18 3.00 3.05 -0.01 64.89 63.66 63.78 -0.42
Change -1.86 Market cap 691,103.81 mn Div Yield (%) 5.37
Last 60 days High Low
16489 73.50 210488 18.24 1206967 11.59 59826 37.38 85812 4.65 945453 8.90 18217 4.18 51725 15.23 89918 131.00 3218 26.84 33567 3.16 53133 1.80 508085 231.25 391011 19.70 16620 3.22 985358 81.78 1000 3.49 1580926 2.94 383500 2.20 860312 2.64 106250 7.50 198171 9.90 90434 3.79 288338 67.95
57.00 11.65 8.75 26.95 3.30 5.80 3.06 9.90 104.16 18.50 2.30 1.20 192.20 16.26 1.70 52.76 0.76 1.69 1.50 2.02 5.00 6.28 2.36 56.70
% Change -0.16 5-Day High 1,158.76 5-Day Low 1,151.85
2010 Div BR (%) (%)
20R -
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 725.81 Turnover 740,959 P/E (x) 10.58 Paid up Cap(mn)
Company
Adamjee Insurance XD
High Low 747.79 724.04 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.55 5.20
Close 733.74 Listed cap 11,111.34 mn Payout (%) 79.54
Change 7.93 Market cap 45,423.06 mn Div Yield (%) 7.52
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 16.73
68.48
71.30
68.50
70.09 1.61
245663
93.48
67.00
% Change 1.09 5-Day High 740.24 5-Day Low 725.32
2010 Div BR (%) (%) 25
2011 Div BR (%) (%)
-
-
-
1132 4942 219 300 8243 900 21819 6488 422795 1005 1322 25450 581
High Low 790.03 770.39 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.23 3.85
12.49 42.90 115.90 10.97 42.99 16.05 103.00 74.90 20.80 13.00 13.27 7.51 8.49
9.51 26.60 61.30 8.11 31.25 11.20 65.10 52.00 13.80 8.02 8.01 5.01 4.86
Close 782.65 Listed cap 2,290.72 mn Payout (%) 355.53
-10B 25R 40 20B 25 50B 10 12.5 25 12.5B 30 55B 10.00 20 25B 30 25 - 15B - 24B -
Change 14.73 Market cap 8,760.82 mn Div Yield (%) 4.24
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
500 6.21 850 7.77 627 13.55
16.05 55.04 48.00
16.15 56.20 50.40
16.13 55.30 48.00
16.14 0.09 55.33 0.29 50.40 2.40
4980 4584 91138
18.50 68.00 50.50
-
% Change 1.92 5-Day High 782.65 5-Day Low 746.31
2010 Div BR (%) (%)
14.02 51.00 39.05
50 15
-
2011 Div BR (%) (%) -
-
FINANCIAL SERVICES Open 288.39 Turnover 2,605,933 P/E (x) 11.26 Paid up Cap(mn)
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Cap Mangt. XB Dawood Equities Escorts Bank First National Equity IGI Investment Bank Invest and Fin Sec Invest Bank Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Sec Inv Bank Security Leasing Stand Chart Leasing Trust Brokerage
High Low 293.06 278.39 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.19 0.91
PE
Open
High
Low
225 1.04 360 5.55 450 16.94 3750 3.18 150 2.13 250 456.67 441 575 2121 8.95 600 20.32 2849 3166 626 0.70 7633 508 500 5.96 1000 45.08 1000 821 3.33 775 3.48 514 11.68 363 978 3.41 100 -
0.48 21.64 16.38 24.04 1.49 1.37 1.82 4.89 1.77 7.37 0.40 2.85 1.47 7.05 2.86 20.70 5.52 3.36 5.47 1.57 2.15 1.69 2.50 1.48
0.50 22.08 16.60 24.25 1.49 1.59 2.25 5.16 1.93 7.55 0.47 2.97 1.64 7.00 2.99 21.00 5.59 3.80 5.59 1.70 2.38 1.99 3.20 1.11
0.42 21.00 16.00 23.65 1.21 1.36 2.00 5.00 1.68 7.20 0.35 2.73 1.50 6.72 2.78 20.55 5.35 3.36 5.25 1.56 2.06 1.50 2.52 1.11
Close Chg 0.50 21.77 16.09 23.73 1.34 1.37 2.00 5.00 1.70 7.52 0.40 2.80 1.55 6.86 2.88 20.75 5.41 3.44 5.49 1.67 2.22 1.98 2.52 1.48
0.02 0.13 -0.29 -0.31 -0.15 0.00 0.18 0.11 -0.07 0.15 0.00 -0.05 0.08 -0.19 0.02 0.05 -0.11 0.08 0.02 0.10 0.07 0.29 0.02 0.00
Close 284.46 Listed cap 30,336.44 mn Payout (%) 99.56
Volume 27388 2102 15855 523410 7419 10004 21001 548 55506 18285 212187 152190 79408 1632598 99657 1733 61305 3705 56238 123121 1283 2098 22102 200
Change -3.93 Market cap 13,837.72 mn Div Yield (%) 4.81
Last 60 days High Low
2010 Div BR (%) (%)
0.93 24.97 26.00 26.40 2.10 2.57 3.35 7.32 2.75 8.28 0.88 3.74 2.00 11.95 4.00 28.01 6.92 4.97 6.55 2.49 4.20 2.55 3.20 5.90
30 11.5 10 50 -
0.34 18.75 15.62 18.75 1.10 1.06 1.55 2.60 1.65 5.15 0.31 2.73 1.24 6.26 2.58 20.00 5.00 3.31 5.00 1.21 1.65 1.20 1.67 1.11
20B 20B 10B -
% Change -1.36 5-Day High 289.22 5-Day Low 283.30 2011 Div BR (%) (%) -
-
EQUITY INVESTMENT INSTRUMENTS
2011 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 -
0.66 0.14 0.17 0.00 0.60 0.25 -0.55 2.64 -0.29 -0.99 0.17 -0.99 0.55
Performance of SR Financial Services Index
Company
GAS WATER AND MULTIUTILITIES Open 1,292.81 Turnover 68,290 P/E (x) 8.33
Paid up Cap(mn)
Company
American Life EFU Life Assurance XD New Jub Life Insurance
-
Performance of SR Gas Water and Multiutilities Index
10.35 27.94 65.51 8.11 32.79 11.75 71.05 55.95 14.68 9.27 8.55 5.02 5.77
LIFE INSURANCE Open 767.92 Turnover 100,702 P/E (x) 5.49
ELECTRICITY High Low 1,384.16 1,352.22 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.29 9.35
10.00 27.80 65.51 8.36 32.21 11.50 71.00 54.87 14.60 9.26 8.50 5.01 5.75
Performance of SR Life Insurance Index
Performance of SR Electricity Index Open 1,365.22 Turnover 5,271,336 P/E (x) 13.81
10.50 28.10 68.60 8.69 32.98 11.80 72.48 55.95 15.10 11.26 8.85 5.59 5.90
Performance of SR Equity Investment Instruments Index Open 1,527.58 Turnover 2,885,720 P/E (x) 21.52 Paid up Cap(mn)
Company
1st Fid Leasing AL-Meezan Mutual F. AL-Noor Modaraba Atlas Fund of Funds B F Modaraba B R R Guardian Mod. Constellation Modaraba Crescent St Modaraba Elite Cap Modaraba First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund Mod Al-Mali Nat Bank Modaraba PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Stand Chart Modaraba Tri-Star 1st Modaraba U D L Modaraba
High Low 1,555.28 1,519.73 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.48 2.21
PE
Open
High
Low
264 1375 4.50 210 1.98 525 1.74 75 1.85 780 2.15 65 1.69 200 4.00 113 3.65 581 1.20 760 2.35 397 3.77 1008 4.07 3180 2.42 1186 0.66 283 1.35 1200 2.70 184 15.71 250 5.95 1000 2.24 2835 2.74 2841 2.31 872 1.69 454 5.44 212 26.25 264 2.36
1.44 10.25 3.40 6.26 4.75 1.70 1.25 0.52 2.50 1.95 3.41 7.80 7.95 7.09 6.13 2.10 9.29 1.10 5.00 7.60 13.10 5.77 0.86 9.65 0.95 7.00
1.55 11.20 3.40 6.55 4.75 2.10 1.90 0.56 3.08 2.00 3.60 7.70 7.90 7.10 6.33 2.85 9.45 1.34 5.94 7.80 13.39 5.88 0.93 10.15 1.30 6.88
1.55 10.20 3.10 6.55 4.75 1.75 0.90 0.48 2.95 1.91 3.36 7.70 7.85 7.03 6.03 2.00 9.30 1.10 5.94 7.40 13.00 5.70 0.80 9.85 0.90 6.80
Close 1,540.24 Listed cap 29,771.58 mn Payout (%) 104.74
Change 12.66 Market cap 19,758.02 mn Div Yield (%) 7.56
Close Chg
Volume
Last 60 days High Low
2010 Div BR (%) (%)
1.35 10.49 3.11 6.55 4.75 2.06 1.25 0.56 2.99 2.00 3.55 7.70 7.85 7.04 6.24 2.09 9.40 1.10 5.00 7.59 13.35 5.85 0.93 9.85 1.05 6.88
934 541352 5100 10000 700 1262610 3606 953 4209 17209 5572 1000 11500 184811 107757 1000 321020 1547 103 168145 137794 80195 10493 2660 2791 2600
2.35 11.50 3.50 6.97 5.00 2.10 1.99 0.75 3.40 2.57 3.95 8.48 8.44 7.45 6.61 3.94 10.24 1.84 6.50 8.83 16.49 7.95 1.10 10.63 2.25 7.25
18.5 5 2.2 0 1.2 5 17 11 21 12.5 10 2.8 15.5 10 10 20 10 3 17 12.5
-0.09 0.24 -0.29 0.29 0.00 0.36 0.00 0.04 0.49 0.05 0.14 -0.10 -0.10 -0.05 0.11 -0.01 0.11 0.00 0.00 -0.01 0.25 0.08 0.07 0.20 0.10 -0.12
1.16 8.70 2.85 4.52 3.31 1.12 0.90 0.39 2.12 1.79 2.92 6.81 6.95 4.65 4.20 1.50 7.65 1.00 4.50 6.70 12.00 5.10 0.80 9.50 0.20 5.67
% Change 0.83 5-Day High 1,540.24 5-Day Low 1,513.66 2011 Div BR (%) (%)
- 5.00 10B - 5.00 - 10.00 - 12.50 - 7.50 - 7.50
-
UPTO 100 VOLUME Symbols
Open
AZAMT REST RICL SFL MWMP ICCT TRPOL RMPL FZTM NESTLE SHJS ULEVER GAMON AKDCL COLG AASM ARM CLOV SASML TSMF BAPL FECS ADOS DREL GLPL TRSM UPFL DFSM AWTX FPJM PECO KOHP BROT CWSM FCIBL FEM MTIL MUKT PAKMI BWCL CLCPS DIIL ELCM HAEL HMIM IDSM LATM MFFL MIRKS NATM PMRS SHCM YOUW
2.75 7.50 5.76 115.76 1.21 1.12 0.80 2799.00 303.57 3506.14 64.20 5005.13 1.30 41.99 699.93 25.50 17.90 64.21 7.00 1.15 8.59 38.00 7.99 575.00 54.40 2.00 1300.98 2.60 90.00 1.20 100.99 3.16 0.30 1.07 5.02 1.56 0.45 0.36 0.88 13.66 1.42 8.02 5.50 9.50 1.55 8.56 6.11 72.00 41.86 19.96 38.76 16.00 1.10
High 2.25 8.50 6.25 117.00 1.39 1.30 0.91 2889.89 318.74 3550.00 61.08 5087.99 1.20 44.08 720.00 26.77 17.11 67.40 8.00 1.29 8.98 38.50 8.24 601.00 52.39 1.75 1301.00 2.60 94.50 1.50 105.50 3.26 0.33 1.28 5.00 1.90 0.65 0.42 1.10 14.66 2.42 7.30 6.50 10.50 1.20 8.01 7.00 73.99 43.50 18.96 40.69 15.00 1.32
Low
Close
2.25 8.50 6.25 116.90 1.20 1.30 0.91 2700.00 289.00 3360.01 61.02 5000.00 1.20 40.30 714.00 26.77 17.11 67.40 8.00 1.29 8.55 38.00 7.50 601.00 52.39 1.75 1300.01 2.60 94.50 1.30 104.40 3.26 0.33 1.28 4.50 1.79 0.46 0.41 1.10 14.66 2.42 7.30 6.50 10.50 1.20 8.01 7.00 73.99 43.50 18.96 40.69 15.00 1.32
2.75 7.50 5.76 115.76 1.21 1.12 0.80 2829.43 303.57 3531.40 64.20 5013.00 1.30 41.99 699.93 25.50 17.90 64.21 7.00 1.15 8.59 38.00 7.99 575.00 54.40 2.00 1300.98 2.60 90.00 1.20 100.99 3.16 0.30 1.07 5.02 1.56 0.45 0.36 0.88 13.66 1.42 8.02 5.50 9.50 1.55 8.56 6.11 72.00 41.86 19.96 38.76 16.00 1.10
Change
Vol
0.00 0.00 0.00 0.00 0.00 0.00 0.00 30.43 0.00 25.26 0.00 7.87 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
100 100 100 100 51 50 50 46 42 42 38 38 31 28 23 20 20 20 20 20 17 15 11 10 10 10 10 6 5 5 4 3 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS Symbols
Open
DGKC-MAY 24.45 DGKC-APR 24.24 PTC-MAY 17.00 ENGRO-APR 195.16 ENGRO-MAY 196.62 FFBL-APR 41.60 NBP-APR 53.47 FFBL-MAY 41.93 POL-APR 325.81 NBP-MAY 53.95 PPL-APR 211.18 POL-MAY 326.90 PTC-APR 16.90 FFC-MAY 140.90 FFC-APR 139.98 PPL-MAY 211.50 LUCK-MAY 72.47 NML-APR 64.86 LUCK-APR 72.48 ATRL-MAY 124.19 ATRL-APR 122.80 MCB-MAY 208.48 NML-MAY 64.97 MCB-APR 206.72 UBL-APR 64.07 HUBC-MAY 38.14 HUBC-APR 37.90 UBL-MAY 64.50
High 24.95 24.75 17.99 198.85 200.45 41.99 53.90 42.20 328.39 54.35 214.50 330.00 17.85 142.50 141.60 214.89 73.50 65.65 73.00 125.65 124.90 209.89 66.00 208.00 64.55 38.14 38.10 65.10
Low
Close
24.40 24.25 17.05 194.70 196.25 41.53 53.32 41.95 324.80 53.80 211.00 326.50 17.00 140.99 140.00 211.11 72.55 64.91 72.50 124.51 123.50 207.50 65.21 206.16 64.00 38.14 37.70 64.50
24.46 24.25 17.24 195.16 196.86 41.61 53.44 42.02 325.74 53.96 211.70 327.00 17.25 141.63 140.57 211.89 72.58 65.12 72.55 124.93 123.70 208.15 65.43 206.58 64.01 38.14 37.70 64.65
Change
Vol
0.01 3221000 0.01 2877500 0.24 459000 0.00 446000 0.24 442500 0.01 309500 -0.03 284500 0.09 255000 -0.07 205000 0.01 203000 0.52 192500 0.10 151000 0.35 136000 0.73 106500 0.59 87000 0.39 83500 0.11 82000 0.26 81500 0.07 74000 0.74 67500 0.90 58000 -0.33 55000 0.46 47500 -0.14 41000 -0.06 10500 0.00 10000 -0.20 9500 0.15 3500
MTS LEVERAGE POSITION Symbol AHCL AICL AKBL ANL ATRL BAFL DGKC ENGRO FFBL FFC HUBC LOTPTA LUCK MCB NBP NCL NML OGDC PAKRI POL PPL PSO PTC UBL TOTAL
Total Volume 2,517,405 5,375 33,724 30,000 10,500 90,000 261,000 960,727 126,000 69,485 37,000 3,542,000 95,000 86,400 37,400 650,000 167,500 79,000 33,000 126,500 23,500 16,200 102,004 7,000 9,106,720
Total Value 44,837,098 276,686 298,084 147,660 966,997 703,867 4,726,088 139,907,664 3,930,351 7,287,518 1,035,330 42,087,321 5,148,768 13,103,792 1,495,790 13,362,565 8,186,686 7,713,446 365,901 30,891,287 3,745,540 3,311,457 1,339,424 335,315 335,204,634
MTS Rate 20 16 20 16 20 16 16 16 20 16 16 16 16 17 16.49
BOARD MEETINGS
Pakistan Telecommunication Co Ltd
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day) MA (5-day)
Brokerage House
Leverage Position
57.16
Support 1
11,903.80
11,934.98
Support 2
11,860.15
MA (10-day)
11,803.08
Resistance 1
12,020.70
MA (100-day)
11,949.63
Resistance 2
12,094.00
MA (200-day)
11,116.56
Pivot
11,977.10
Arif Habib Ltd AKD Securities Ltd TFD Research
Target Price
Recommendations
Brokerage House
Buy
Arif Habib Ltd
AKD Securities Ltd
28.72
Accumulate
AKD Securities Ltd
TFD Research
36.45
Positive
TFD Research
Leverage Position
Brokerage House
Hold
Arif Habib Ltd
Accumulate
AKD Securities Ltd
Neutral
TFD Research
TFD Research
44.25
Technical Analysis
Leverage Position
54.91 MTS Shares `000 126.00 41.24 MTS Rs `000 3,930.35 39.82 MTS Rate 15.99 34.69 ** NOI Rs (mn) 76.30 Free Float Shares (mn) 326.94 Free Float Rs (mn) 13,597.37 Target price for Dec-11 & **Net Open Interest in future market
Technical Outlook Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
45.47 24.38 27.20 26.80 Free Float Shares (mn) 200.80
Recommendations
224
261.00 4,726.09 0.00 115.80 4,871.52
Target price for Dec-11 & **Net Open Interest in future market
Neutral
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
52.95 MTS Shares `000 79.00 134.41 MTS Rs `000 7,713.45 157.60 MTS Rate 16.33 153.32 ** NOI Rs (mn) N/A Free Float Shares (mn) 630.61 Free Float Rs (mn) 87,603.78 Target price for Dec-11 & **Net Open Interest in future market
age (trending) and Bollinger Bands were 20 per cent narrower than normal.
reflect volume flowing into and out of DGKC at a relatively equal pace. erate flows of volume into OGDC (mildly bullish). Trend forecasting oscil-
Brokerage House AKD Securities Ltd TFD Research
245.4
Positive
Target Price 71.45 78.6
lators are currently bullish on OGDC.
Pakistan Petroleum Ltd
Recommendations
Brokerage House Arif Habib Ltd
254.9
Positive
TFD Research
246.65
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
56.85 MTS Shares `000 167.50 63.89 MTS Rs `000 8,186.69 64.22 MTS Rate 16.34 56.78 ** NOI Rs (mn) 46.07 Free Float Shares (mn) 175.80 Free Float Rs (mn) 11,444.58 Target price for Dec-11 & **Net Open Interest in future market
Recommendations Buy Positive
Technical Outlook
Technical Outlook Technical Analysis
Target Price
Accumulate
Technical Analysis
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
57.86 MTS Shares `000 23.50 209.43 MTS Rs `000 3,745.54 210.96 MTS Rate 16.00 202.67 ** NOI Rs (mn) 45.00 Free Float Shares (mn) 247.66 Free Float Rs (mn) 52,489.97 Target price for Dec-11 & **Net Open Interest in future market
FFBL closed up 0.06 at 41.59. Volume was 66 per cent below average (con- ENGRO closed up 0.12 at 195.03. Volume was 16 per cent below average NML closed up 0.33 at 65.10. Volume was 28 per cent below average and PPL closed up 0.32 at 211.94. Volume was 44 per cent above average and solidating) and Bollinger Bands were 61 per cent narrower than normal.
and Bollinger Bands were 36 per cent narrower than normal.
Bollinger Bands were 45 per cent narrower than normal.
Bollinger Bands were 59 per cent narrower than normal.
FFBL is currently 19.9 per cent above its 200-day moving average and is ENGRO is currently 1.4 per cent above its 200-day moving average and is NML is currently 14.6 per cent above its 200-day moving average and is PPL is currently 4.6 per cent above its 200-day moving average and is disdisplaying an upward trend. Volatility is relatively normal as compared to displaying a downward trend. Volatility is relatively normal as compared to displaying a downward trend. Volatility is extremely high when compared playing an upward trend. Volatility is extremely low when compared to the the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators to the average volatility over the last 10 trading sessions. Volume indica- average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of PPL at a relatively equal pace. Trend reflect volume flowing into and out of FFBL at a relatively equal pace. reflect volume flowing into and out of ENGRO at a relatively equal pace. tors reflect volume flowing into and out of NML at a relatively equal pace. forecasting oscillators are currently bullish on PPL. Trend forecasting oscillators are currently bearish on NML. Trend forecasting oscillators are currently bearish on ENGRO.
Trend forecasting oscillators are currently bullish on FFBL.
Time
28-Apr 28-Apr 28-Apr 28-Apr 28-Apr 28-Apr 28-Apr 28-Apr 28-Apr 28-Apr 28-Apr 28-Apr 28-Apr 28-Apr 28-Apr 28-Apr 28-Apr 28-Apr 28-Apr
10:30 11:00 11:00 10:00 10:00 10:30 10:30 11:00 11:00 11:00 11:00 11:00 11:00 11:30 12:30 3:00 3:00 3:30
Hold
the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect mod-
Trend forecasting oscillators are currently bearish on DGKC.
Date
United Insur Comp Ltd Annoor Textile Mills Ltd Jubilee Spin & Weav Mills Ltd Crescent Jute Ltd Buxly Paints Ltd Crescent Fibres Ltd First National Bank Modaraba Quality Textile Mills Ltd Masood Textile Mills Ltd Kohat Textile Mills Ltd Taj Textile Mills Ltd Sally Textile Mills Ltd Gillette Pak Ltd Pak Leather Crafts Ltd Shakarganj Foods Ltd Genertech Pak Ltd Pak Services Ltd Sind Fine Textile Mills Ltd Premium Textile Mills Ltd
TECHNICAL LEVELS
Accumulate
displaying a downward trend. Volatility is extremely low when compared to displaying an upward trend. Volatility is high as compared to the average
Neutral
Leverage Position
Recommendations
DGKC closed down -0.02 at 24.26. Volume was 24 per cent above aver- OGDC closed down -0.12 at 138.92. Volume was 219 per cent above aver-
Buy
40.01 MTS Shares `000 960.727 195.34 MTS Rs `000 139,907.66 205.66 MTS Rate 16.48 192.37 ** NOI Rs (mn) 234.83 Free Float Shares (mn) 176.98 Free Float Rs (mn) 34,516.00 Target price for Dec-11 & **Net Open Interest in future market
145
DGKC is currently 9.5 per cent below its 200-day moving average and is OGDC is currently 9.4 per cent below its 200-day moving average and is
195.41
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
143.2 145.25
Technical Analysis
Nishat Mills Ltd
Target Price
Technical Analysis
Leverage Position MTS Shares `000 MTS Rs `000 MTS Rate ** NOI Rs (mn) Free Float Rs (mn)
Target Price
Technical Outlook
age and Bollinger Bands were 40 per cent narrower than normal.
Technical Outlook
Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
30.1
Engro Corporation
Recommendations
Brokerage House
Arif Habib Ltd
Positive
Technical Analysis
42.2 45.52
Recommendations
Buy Buy
Technical Outlook
Target Price
Target Price
24.7 25.8
Fauji Fertiliser Bin Qasim Ltd
AKD Securities Ltd
Brokerage House
Oil & Gas Development Co Ltd
23.91
RSI (14-day) 55.31 MTS Shares `000 102.004 MA (10-day) 16.65 MTS Rs `000 1,339.42 18.27 MTS Rate 16.93 KSE 100 INDEX closed up 13.98 points at 11,947.44. Volume was MA (100-day) MA (200-day) 18.60 ** NOI Rs (mn) 7.91 30 per cent above average and Bollinger Bands were 50 per cent Free Float Shares (mn) 585.02 Free Float Rs (mn) 10,003.90 narrower than normal. As far as resistance level is concern, the marTarget price for Dec-11 & **Net Open Interest in future market ket will see major 1st resistance level at 12,020.70 and 2nd resistPTC closed up 0.27 at 17.10. Volume was 918 per cent above averance level at 12,094.00, while Index will continue to find its 1st supage (trending) and Bollinger Bands were 28 per cent narrower than port level at 11,903.80 and 2nd support level at 11,860.15. KSE 100 INDEX is currently 7.5 per cent above its 200-day moving normal. average and is displaying a downward trend. Volatility is extremely PTC is currently 8.1 per cent below its 200-day moving average and low when compared to the average volatility over the last 10 trading is displaying an upward trend. Volatility is extremely high when comsessions. Volume indicators reflect volume flowing into and out of pared to the average volatility over the last 10 trading sessions. INDEX at a relatively equal pace. Trend forecasting oscillators are Volume indicators reflect very strong flows of volume into PTC (bullcurrently bearish on INDEX. ish). Trend forecasting oscillators are currently bullish on PTC.
Arif Habib Ltd
Dera Ghazi Khan Cement Co Ltd
Company
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 Alfalah 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 45.48 2.55 2.45 55.19 61.70 61.30 51.27 54.05 53.85 46.55 23.50 23.30 23.10 15.85 15.65 43.61 68.60 67.15 29.84 11.70 11.55 26.93 6.50 6.40 55.56 369.30 367.35 50.64 122.95 122.35 51.70 10.30 10.15 51.28 3.80 3.70 28.82 5.75 5.70 40.24 1.55 1.50 45.46 24.05 23.85 51.49 2.50 2.30 48.58 1.95 1.90 40.96 32.35 31.90 38.09 55.00 54.70 40.04 193.40 191.80 27.19 10.00 9.95 41.47 4.05 4.00 54.92 41.40 41.20 58.47 139.75 139.00 55.48 122.40 121.70 52.46 37.45 37.20 43.80 155.20 153.10 46.23 219.50 217.90 41.37 2.75 2.65 31.27 1.05 1.00 45.11 2.50 2.45 44.21 6.70 6.60 66.55 42.65 42.10 41.62 2.45 2.40 70.16 16.80 16.55 66.01 72.20 71.90 50.98 205.25 204.25 45.60 2.30 2.25 25.41 53.05 52.75 61.15 28.10 27.25 48.18 22.75 22.60 23.47 1.70 1.65 45.11 2.75 2.70 56.83 64.70 64.25 52.93 137.30 135.70 45.45 3.05 3.00 40.57 1.60 1.50 48.05 2.50 2.45 34.23 5.50 5.45 54.05 323.60 321.80 57.82 210.65 209.30 47.84 67.65 66.95 46.80 272.40 271.25 55.28 16.70 16.35 52.98 210.10 209.45 33.45 18.10 17.70 62.61 18.85 18.55 33.33 21.80 21.45 27.10 1.55 1.45 32.14 2.50 2.40 53.91 63.35 62.90 35.28 2.15 2.10
1st
2nd
Resistance 2.85 3.05 62.50 62.90 54.35 54.45 24.10 24.50 16.45 16.85 71.40 72.75 11.95 12.05 6.70 6.80 373.90 376.55 124.40 125.25 10.75 11.00 4.00 4.15 5.90 6.05 1.65 1.70 24.65 25.00 2.90 3.10 2.05 2.10 33.10 33.45 55.90 56.50 197.70 200.40 10.10 10.15 4.15 4.20 41.90 42.20 141.45 142.50 124.40 125.70 38.20 38.65 159.30 161.30 223.30 225.50 3.00 3.10 1.25 1.30 2.65 2.75 7.00 7.15 43.60 44.00 2.60 2.65 17.30 17.60 72.90 73.30 207.65 209.05 2.40 2.45 53.85 54.30 29.50 30.00 23.15 23.40 1.80 1.85 2.85 2.90 65.55 66.05 141.30 143.70 3.25 3.35 1.70 1.80 2.65 2.70 5.60 5.65 327.85 330.30 214.15 216.30 68.75 69.20 275.40 277.20 17.65 18.20 211.80 212.85 18.85 19.25 19.25 19.40 22.75 23.35 1.70 1.75 2.65 2.75 64.55 65.35 2.40 2.50
Pivot 2.75 62.10 54.15 23.90 16.25 69.95 11.80 6.60 371.95 123.80 10.55 3.95 5.85 1.60 24.40 2.70 2.00 32.65 55.60 196.10 10.05 4.10 41.70 140.75 123.70 37.95 157.20 221.70 2.90 1.15 2.60 6.85 43.05 2.55 17.05 72.60 206.65 2.35 53.50 28.65 23.00 1.75 2.80 65.15 139.70 3.15 1.65 2.60 5.55 326.05 212.80 68.10 274.20 17.25 211.15 18.50 19.00 22.40 1.60 2.60 64.10 2.30
8
Thursday, April 28, 2011
Caravan Explores Buddhist Heritage KARACHI: Etihad Airways launched its exclusive Etihad Golf Club loyalty program in Pakistan at the Karachi Golf Club member's monthly tournament this weekend. At the close of the tournament, Etihad held a lucky draw for all the newly enrolled members for the Etihad Golf Club. Seen here is Amer Khan, Country Manager, Pakistan, Etihad Airways, handing out the prize of two tickets on Etihad Airways to Cyprus, along with a stay and a game of golf at Aphrodite Hills Resort, Cyprus to the winner Arif Islam, CEO, Meezan Bank. -Staff Photo
Delta, US Airways ready to up fares to fight costs NEW YORK: The two US airlines reported smaller-thanexpected losses and their share prices rose, with Delta up 11 percent, even as some analysts questioned how much longer consumers, paying more for gasoline and food, would tolerate higher air fares. "We must fully recapture our costs on every flight every day to maintain and improve our earnings performance," Delta Chief Executive Richard Anderson told analysts on a conference call, adding that high fuel was "the new norm." "Where we cannot get the necessary revenue increases to offset the increased cost of operating the flights, we will remove capacity, particularly in our post Labour Day schedule," he said. Soaring fuel costs are plaguing the airline industry as the price of crude oil remains above $100 a barrel. US crude was off 23 cents at $112.05 a barrel on Tuesday. (For fuel cost graphic, "As you see fuel rise ... over the course of the next few months, you can expect ticket prices to increase," Delta President Edward Bastian said on a conference call. US Airways President Scott Kirby told analysts that the pricing environment was strong, pointing to improving corporate demand "consistent with underlying demand evidenced by another system-wide successful fare increase last week." US Airways said it would cut capacity in the third and fourth quarters by 1 per cent as it tries to make sure its planes fly full. Glenn Tilton, chairman of United Continental Holdings, said he thought Delta's strategy was "a good way of looking at the challenge," and added it was an effective way of communicating to the company the need to reduce a top cost. -Reuters
Boeing seen flying into profit for 1Q CHICAGO:Wall Street expects Boeing Co to report a first-quarter profit in line with year-ago results on Wednesday, while investors will be on alert for confirmation that the long-delayed 787 Dreamliner is finally on schedule. "Obviously, I think everyone is focused on where we are with certification for the 787," said Kenneth Herbert, an analyst at Wedbush Securities. He said experts will also be interested in any expected changes to the production rate of the Dreamliner. Boeing has taken about 850 orders for the lightweight carbon composite aircraft. The 787 is about three years behind its original schedule,
but is set for first delivery in the third quarter of this year. Aerospace industry experts also will be looking for clues as to whether Boeing will redesign its hot-selling 737 narrow body airliner or simply put a more fuel-efficient engine in the next version. A redesigned 737 would save more fuel but would take longer to bring to market. Boeing has said it may share its direction this summer. Analysts expect Boeing to report a first-quarter profit of 70 cents per share, unchanged from a year ago, according to Thomson Reuters. Revenue is seen at $15.13 billion. Boeing, which competes with EADS unit Airbus, splits its business almost
evenly between commercial airplanes and defense products, but the stock tends to track commercial orders and deliveries more closely. Boeing said this month it delivered 104 commercial aircraft in the first quarter, including 87 737s, four 767 widebodies and 13 777s. Aircraft manufacturers only get paid on delivery, usually at least 18 months after purchase. The commercial airplane industry is recovering from a global economic downturn that saw airlines curb orders in recent years. Shares of Boeing, a Dow Jones industrial average component, have risen about 15 percent since the beginning of 2011.-Reuters.
Rising fuel hurting revenue, says IATA Air passenger traffic is picking up in the ME; airlines to wait until Japan recoery: Giovanni MONTREAL: Giovanni Bisignani, director general of the International Air Transport Association (IATA), which represents the majority of world airlines, said the industry was also reeling from a $30 billion rise in its fuel bill this year due to the Arab unrest. "The concern today is fuel and the impact on revenues in Japan," he told Reuters in an interview. IATA had previously said the March 11 Japanese earthquake and subsequent nuclear crisis would cause a major slowdown from which airlines would not recover before the second half. "We will have to see the numbers for April because March is not a big indicator, but there will
be a big effect," Bisignani said. The high-yield Japanese market represents 6.5 per cent of global passenger traffic but 10 per cent of industry revenue. Airline executives have reported a drop in regular traffic tempered by an influx of passengers and cargo to help deal with Japan's worst crisis since World War II. Asked how long it would be before ordinary demand recovered, Bisignani said: "We will have to wait until after the summer." Analysts say US group Delta Air Lines is the biggest foreign carrier in Japan, whose market is dominated by Japan Airlines and All Nippon Airways.
"The Middle East is moving a bit faster, especially a market like Egypt which is recovering with the high season and is still seeing bookings coming in to the Red Sea," Bisignani said. "There is a problem of fuel and costs, not so much on traffic. Traffic is picking up," he added. Oil prices have risen 30 per cent this year to $124 per barrel for North Sea Brent crude on Thursday. Bisignani, who is due to retire in June after leading the airline industry through one of its most tumultuous decades, was speaking in Paris after being voted on to the board of French aero engine maker Safran "My big priority will be safety," he said.-Reuters.
US Airways loss smaller than expected WASHINGTON: US Airways Group Inc posted on Tuesday a narrower quarterly loss than analysts had expected as fuel costs rose. The airline said its loss, excluding special items, was $110 million, or 68 cents per share. This compares with a loss of $89 million, or 55 cents per share, in the year-earlier period. Analysts had forecast a loss of 72 cents a share, according to Thomson Reuters I/B/E/S. Total revenues were $3 billion, up 11.7 percent. Operating expenses were also $3 billion, up 12.8 percent, due primarily to a $272 million jump in fuel costs.-Reuters
BEIJING: A China Eastern Airlines plane sits on the tarmac as an Air China plane takes off at Beijing Airport. -Reuters
Archeaoly Dept, Tourism Corp & KP Govt arrange long-day study tour PESHAWAR: The participants of a day-long "Heritage Caravan" took keen interest in ancient Buddhists and Gandahara relics and explored different period rich civilization of Buddhism. The heritage caravan visited historical and ancient Archeological sites in Takht Bhai, Shahbaz Garhi, and Swat Hunt Museum. Under the heritage awareness programme, the Provincial Directorate of Archeology & Museums, in collaboration with Tourism Corporation, KhyberPakhtunkhwa had arranged a daylong free-guided tour to Archeological sties here on other day. Dr Abdul Samad, Consultant, directorate of Archeology & Museums, Khyber-Paktunkhwa headed the free guided tour. The 101 members' heritage caravan comprised of three categories, including senior citizens, families, and teenagers. Dr Abdul Samad, Bakht Mohammad, Curator Gor Khuttree Museum, Peshawar and Abdul Hameed, Lecturer Archaeology Dept. Hazara University, Mansehra briefed members of their respective groups. The caravan was briefed about period of Buddhist, Alexander, Asoka while visiting Takht-iBhai monuments, Archeological Museum, in district Mardan, Aziz Deheri Buddhist site and Hund Museum, in district Swabi. About the heritage caravan, the Khyber-Pakhtunkhwa, Minister for Archaeology and Tourism Syed Aqil Shah, said that the government is keen to promote archaeology both at national and international level. He expressed the hole the province will have more archeological sites after completion of decentralization process under the 18 constitutional amendments. He said that preservation work on the world heritage site Takht i Bahi, is going in full
swing. The ruling ANP party MPA, Shagufta Malik, who is also chairperson of Culture standing committee, KhyberPakhtunkhwa, said that the measure are being taken to revive archeological tourism in the province, saying that the a heritage caravan was part of the awareness program. She said that the awareness campaign like Heritage Caravan would be extended to other part of the province. Azam Khan, Secretary Archaeology and Tourism and Managing Director, Tourism Corporation Khyber Pakthunkhwa said that promotion of archeological tourism is need of the hour particularly at domestic level, "We have planned a series of programs to highlight our rich cultural heritage", he added. Talking to mediamen, on the occasion, Dr. Abdul Samad said that the 2000 years old Buddhist Archeological site in Takht Bhai has great significance and importance as the site enlisted in the Universal sites. Highlighting the importance of Buddhist monuments, he said that it's 2000 years old, which has great merit, saying that it was a main centre of Buddhist and Gandahara civilization as South Asian monks from SriLankan, Korea, and Japan passed through the sites. He explained the member of the guided tour about different Buddhist period in religious context and other aspects. About the conservation and preservation of Archeological sites, he said that the UNESCO is devising plan to rehabilitate heritage sites in the country, including KhyberPaktunkhwa, saying a Punjab based firm was engaged in finalizing the heritage management plan.-Agencies
US Air confronts Sabre with antitrust lawsuit NEW YORK: US Airways Group took a swing at a top third-party seller of airline tickets, claiming in a lawsuit that Sabre Holdings Corp shuts out competition and drives up prices. The lawsuit alleges Sabre, which operates a global distribution system GDSL, has suppressed the ability of travel agents to book tickets directly with airlines, and forced US Airways to accept its terms in an agreement the two signed in February. Sabre is a third-party distributor of air fare information to travel agents. Over 35 percent of US Airways' revenue is booked through Sabre and Sabre affiliated travel agents, the airline said. "Sabre has had a monopoly for years and has used that monopoly as leverage over us," US Airways President Scott Kirby told Reuters. "The only way Sabre is going to change their behaviour is through an antitrust lawsuit," he said. A Sabre spokesperson said the company was reviewing the lawsuit but did not have an immediate comment on the case. Sabre and its peers, Travelport and Amadeus, control the GDSs in the United States. Penny-pinching airlines, clawing their way out of an economic downturn that drained travel demand lately have been targeting distribution costs -- a relatively low-ranking line cost for major airlines, whose top two expenses are fuel and labour. Some like AMR Corp's American Airlines, favour cheaper, in-house booking options. American last week filed a lawsuit claiming Orbitz Worldwide and airfare data provider Travelport made American's fares appear higher to consumers than they were. American shunned Orbitz last year after the agency refused to use American's "direct connect" technology, which allows customers to shop for airline tickets with more information than just fares. Airlines like American now derive an increasing portion of their revenue from fees for travel perks and services like bag checks and meals. But a shift to new technology could disrupt the lucrative business model now favoured by travel agencies like Orbitz and Expedia Inc and the companies that provide the data they publish. "US Airways suit against Sabre is the latest event in the recent battles between airlines and online travel agencies," said Morningstar analyst Warren Miller. -Reuters
US nods Southwest's purchase of AirTran Southwest Airlines Co won U.S. government approval on Wednesday buy out AirTran Holdings Inc in a deal that will add East Coast muscle to Southwest's operations as it takes on bigger rivals. Antitrust enforcers at the Justice Department signed off on the $1.04 billion deal with no conditions, concluding it would not hurt competition or raise fares. "The merged firm will be able to offer new service on routes that neither serves today," the agency said in a statement. Government approval came hours after a Southwest Boeing Co 737-700 with 134 passengers ran off the runway at a rainy Midway airport in Chicago. The airline said no one was hurt. Southwest is also in the midst of a federal safety investigation of older 737s after a hole opened up in one of its aircraft on April 1, forcing an emergency landing in Arizona. No one was hurt in that incident either and investigators are focusing on fuselage cracks. Southwest hopes to close the AirTran cash and stock transaction on May 2. AirTran share-
holders have approved the purchase that would create a company with nearly 43,000 employees. The airline will fly all-Boeing aircraft. Southwest flies all 737s, while AirTran operates 737s and 717s. The shares of both companies closed higher on the New York exchange on a day when big U.S. airlines concluded their quarterly reports with stronger-thanexpected results -- although they lost money -- despite pressure from sharply higher fuel costs. Southwest reported a lower profit of $5 million for the quarter last week, with its fuel expenses rising 26 percent. Southwest, a low-fare behemoth, is four times the size of AirTran. But Southwest coveted its smaller rival's access to Atlanta and Washington and hopes to attract more premium paying business customers in those cities as well as Boston and New York. Southwest, which has a base at Baltimore, is taking aim at Delta Air Lines Inc and US Airways group Inc, both of which have substantial East Coast opera-
tions. Analyst Michael Derchin of CRT Capital said in a note to clients on Tuesday the acquisition is a "game changing event" with annual cost and revenue synergies of more than $400 million expected by 2013. Southwest hopes to integrate AirTran fully and receive a single operating certificate from the Federal Aviation Administration FAA.L by the first quarter of 2012. The merger is the first for big airlines this year following the linking of United Airlines (UAL.N) and Continental Airlines last year and Delta and Northwest in 2008. "I think there's likely to be continued consolidation," Tilton said, declining to speculate on potential deals, although American Airlines, a unit of AMR Corp (AMR.N), is the only major carrier that has not have found a partner in the latest round of deals dating back to 2005. Southwest shares closed up 1.5 percent, while AirTran shares gained nearly 1 percent in New York trading. -Reuters
9
Thursday, April 28, 2011
Brent oil pares gain on US inventory rise US, EIA reports large rise in crude inventories LONDON: Brent oil pared gains to around $124 a barrel on Wednesday and US crude fell as a big rise in US inventories countered support from a weaker dollar before a Federal Reserve statement expected to keep a loose monetary policy. US crude stockpiles rose by 6.16 million barrels, the US E n e r g y Information Administration said in a weekly report at 1430 GMT, much more than expected, while supplies of gasoline and diesel fell. "After the market's kneejerk reaction, we didn't see any new selling. Falling fuel inventories seem to provide support," said Gene McGillian of Tradition Energy in Connecticut. "The market is waiting for the Fed announcement later." Brent crude for June was up 25 cents to $124.39 a barrel by 1508 GMT. On Tuesday, it gained 48 cents to settle at $124.14 a barrel, having bounced off a $122.78 low. US crude was down 35 cents to $111.86. Dollar weakness lent oil and other dollar-denominated commodities such as gold
some support. "Dollar weakness, and continuing trouble around the world, is supporting the market," said Christopher Bellew, a broker at Bache Commodities. Violence in the Middle East has spilled over to Syria and Yemen. Italian oil and gas group Eni, reporting earnings on
Wednesday, said production fell almost 9 per cent in the first quarter because of unrest in Libya. Lending support to Brent, BP said the North Sea's Forties pipeline may have to be shut for a few days later this year due to the discovery of an unexploded German mine from World War Two. The crude inventory rise reported by the EIA was larger than the 4.9 million-barrel increase given by industry group the American Petroleum Institute on Tuesday. Gasoline stocks fell 2.51 million barrels, compared with
forecasts for a 1.1 million barrel drop, the EIA said. Distillates, expected to rise, fell 1.81 million barrels. US crude has risen more than 20 per cent so far this year and consumers in the world's largest economy are starting to show signs of being hurt by higher fuel costs. President Obama on Tuesday urged producers to lift crude output as he sought to deflect public anger over high gasoline prices. US motor fuel prices have become a heated political issue after pushing towards $4 a gallon. Obama's appeal followed comments from top oil exporter Saudi Arabia earlier in the day that it was not comfortable with high oil prices and a strike last week by truckers in China protesting over higher fuel costs. OPEC has declined to make any official change in its oil output policy, but members including Saudi Arabia have been informally adding extra supplies. -Reuters
European vegetable oil prices ROTTERDAM: The following were the Wednesday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Apr11 885.00-10.00, May11 885.0010.00, Jun11/Jul11 890.0010.00, Aug11/Oct11 895.0010.00, Nov11/Jan12 900.0010.00, Feb12/Apr12 905.0010.00. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 985.00-10.00, Aug11/Oct11 955.00-15.00, Nov11/Jan12 960.00-20.00, Feb12/Apr12 967.00-20.00. SUNOIL: EU dlrs tonne extank six ports option May11/Jun11 1400.00-25.00, Jul11/Sep11 1400.00-25.00, Oct11/Dec11 1380.00-20.00, Jan12/Mar12 1400.00. LINOIL: Any origin dlrs tonne extank Rotterdam May11/Jun11 1532.50+7.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Afloat 1140.00, Apr11 1140.00-25.00, May11/Jun11 1142.50-22.50, Jul11/Sep11 1142.50-20.00, Oct11/Dec11 1140.00-20.00. PALMOIL: RBD dlrs tonne cif Rotterdam May11 1232.50, Jun11 1217.50, Jul11/Sep11 1195.00. PALMOIL: RBD dlrs tonne fob Malaysia May11 1177.50, Jun11 1162.50-12.50, Jul11/Sep11 1140.00-10.00. PALM OLEIN: RBD dlrs tonne fob Malaysia May11 1185.00, Jun11 1170.00-15.00, Jul11/Sep11 1147.50-12.50, Oct11/Dec11 1135.00-12.50, Jan12/Mar12 1135.00-12.50. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Mar11/Apr11 2140.00, Apr11/May11 2120.00-20.00, May11/Jun11 2100.00-10.00, Jun11/Jul11 2090.00, Jul11/Aug11 2070.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Jul11/Aug11 2695.00. -Reuters
Tokyo rubber falls on demand woes YICHANG - CHINA: Farmers harvest lettuce in a field in Yichang, Hubei Province of China. -Agencies
Palm oil hits 1-wk low on technical selling JAKARTA: Malaysian palm oil futures touched a one-week low on Wednesday, tracking comparative oils and crude prices lower, with technical selling also weighing on prices. Benchmark July crude palm oil on Bursa Malaysia Derivatives Exchange closed at 3,277 Malaysian ringgit ($1,096) a tonne, its low for the day and the weakest since April 20. Trading volumes reached 10,969 lots of 25 tonnes each, compared to 10,224 lots on Tuesday. Palm oil -- used in products such as food, cosmet-
ics, tyres and biofuels -- has fallen every session and is down 2 per cent this week. On Monday, benchmark palm oil prices hit a near twoweek high at 3,384 before falling after export data dented sentiment. "The market is depressed, there is a bit of selling going on," said one trader. "The market is pressured by technical selling. There is also a bit of long liquidation." The data showed that exports of Malaysian palm oil products for April 1-25 fell 7.7 per cent to 865,593 tonnes from 937,591 tonnes shipped during
March 1-25. Analysts have warned of higher palm production in Southeast Asia, which produces more than 90 per cent of the world's output, as it enters a higher cycle in the second half of the year. ICDX's July CPO futures contract was at 9,515 rupiah per kg, compared to 9,625 rupiah per kg when it opened. Market volume was 2,497 lots of 10 tonnes each. The most-active January 2012 soyoil on the Dalian Commodity Exchange traded at 10,222 yuan versus an open at 10,304 yuan. -Reuters
US cotton limits down ahead of Fed meeting NEW YORK: US cotton futures slid to their lowest levels in 2-1/2 months on Tuesday, closing at their downside limit with ample supplies for waning demand, and caution ahead of the US Federal Reserve's policy meeting. Analysts said many commodity investors were nervous and the sidelines ahead of Wednesday's Fed policy announcement. US Federal Reserve officials will continue their two-day policy meeting on Wednesday. 'The market is weak and July futures just came off more than the others. It's mostly
economic issues as people are skittish about the growth outlook and chatter about raising interest rates,' said Bill Raffety, senior analyst for futures brokerage Penson Futures in New York. Despite deliveries being underway for May cotton on ICE Futures US, fell a steep 6.24 cents to end at $1.8184. There were no delivery notices on Tuesday, with a total of 13 being issued to date, all of which went to the world's largest cotton merchant, Allenberg on Monday. Most-active July futures slid 6.0 cents, the downside limit, to close at $1.6039 per lb., a 3.61
per cent drop. New-crop December cotton lost 4.52 cents to settle at $1.2944 cents a lb, a 3.37 per cent decline. The Fed was unlikely to raise interest rates given an uncertain US economic outlook, though talk of inflation in commodity markets heightened nervousness among some players. For the first-time ever in the central bank's 97-year history, Chairman Ben Bernanke will hold a press conference that had players in many markets on edge and on the sidelines, though no big surprises were expected. -Reuters
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for April 26 2011
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2470 2480 2450 2460 2445 2455 2445 2455
2720 2721 2720.5 2721.5 2783 2788 2835 2840
9455 2582 9455.5 2582.5 9491 2537 9493 2538 9465 2508 9475 2513 9215 2468 9225 2473
26230 26240 26250 26275 25740 25840 25180 25280
TIN
32425 32450 32475 32525 32415 32645
ZINC NASAAC
2257 2258 2267 2268 2315 2320 2333 2338
2576 2577 2600 2610 2650 2660 2710 2720
TOKYO: Key TOCOM rubber futures on Wednesday fell 2.9 per cent to a five-week low as concerns over weak demand from Japan's auto industry and a stronger yen weighed on the market. The key Tokyo Commodity Exchange rubber contract for October delivery settled down 11.3 yen at 378.6 yen per kg, falling for a third session in a row. The contract fell as much as 3.1 per cent to 378 yen per kg before the close as weakness in Shanghai rubber futures weighed on sentiment. The most active rubber contract on the Shanghai Commodity Exchange for September delivery slid 2.2 per cent, or 740 yuan, to close at 32,160 yuan per tonne. Volume stood at 948,158 lots. "Market sentiment is weak as it looks likely that Japan's carmakers will not get back to normal operations until the end of this year," said Hiroyuki Kikukawa, a general manager at trading company Nihon Unicom Inc in Tokyo. -Reuters
Copper cuts losses on US data; Fed in focus LONDON: Copper fell on Wednesday in cautious trade ahead of a US Federal Reserve decision on interest rates and on concerns about rising inventories, although US data and a weaker dollar helped limit losses. Benchmark copper on the London Metal Exchange closed at $9,321 against a close of $9,545 a tonne on Tuesday. New orders for long-lasting US manufactured goods rose more than expected in March and bookings for the prior month were much stronger than initially thought, pointing to continued strength in the manufacturing sector. "It certainly paints a picture that demand is continuing to grow," said analyst Gayle Berry of Barclays Capital. "We're seeing that being reflected in some of the demand figures for the metals," she added. She noted that latest data on aluminium producer shipments and inventories from the North American Aluminum Association showed that shipments of ingot and mill products had returned very close to pre-crisis levels. More broadly, the market is waiting for the outcome of a US Federal Reserve monetary policy meeting, and metals may prove range bound until then, she said. Copper inventories rose 3,400 tonnes to 463,500 tonnes, the highest level since mid June last year. Stocks have
climbed for 13 of the last 15 sessions, in a seasonally strong quarter for demand, creating worries over consumption for the metal used in power and construction. Aluminium, untraded at the close, was bid at $2,743.50 from a close of $2,747 on Tuesday. Key Chinese industrial
Shanghai copper weakens London Metal Exchange copper for delivery in three months fell 0.8 per cent to $9,465 by 0703 GMT. The most active Shanghai copper contract, July, fell 0.5 per cent to 69,550 yuan. provinces have been hit by power shortages which have threatened to shut some small aluminium smelters, and larger ones face lower prices. Aluminium is one of the most energy-intensive metals to produce. Japanese shipments of aluminium products fell 8.5 per cent in March from a year earlier, logging the first year-onyear decline in 16 months as last month's earthquake took a toll on demand from industries across the board. Zinc, used in galvanising, closed at $2,240 from $2,260 at the close on Tuesday. Tin, untraded at the close, was bid at $31,995 while battery material lead closed at $2,498 from $2,558. Threemonth nickel closed at $26,630 from $26,650. -Reuters
Gold rallies; silver recoups some losses LONDON: Gold rose for a second day on Wednesday, profiting from a weaker dollar, which came under pressure ahead of a US Federal Reserve interest rate decision, while silver pared some of the previous day's slide. The Fed is not expected to signal any rush to scale back its multi-billion dollar support mechanisms for the economy, so investors are waiting to hear more on the outlook for monetary policy from chairman Ben Bernanke when he gives the cen-
"We've seen yet again the dollar under pressure ahead of that statement and precious metals definitely benefitting and base metals soggy," he said, adding he expected to see no change in the Fed's stance on policy, although the key drivers for the gold price remained in place. Silver steadied somewhat, following its largest one-day fall in a month the previous day. The price is on track for a 21-per cent gain this month and a 47-per cent rise this year,
tral bank's first post-decision news conference later in the day. With the dollar under pressure and its inverse link to gold strengthening for the first time in a week, the bullion price was set for a second day of gains, although a string of public holidays in the United Kingdom restricted volumes. Spot gold was last up 0.7 per cent at $1,510.50 an ounce by 1400 GMT, about 0.8 per cent below Monday's record high at $1,518.10. US futures for June delivery were last up 0.5 per cent at $1,510.90. "It is definitely the main event that the market is looking ahead to," said Credit Suisse analyst Tom Kendall.
making it the top performing precious metal. Dealers in Asia said strong physical demand was offering some support to silver, although holdings of silver in the world's largest exchangetraded funds staged their largest one-day outflow in nearly two weeks by April 26. Spot silver was up 0.4 per cent at $45.68 an ounce, having recovered from a 3-per cent drop on Tuesday, its largest one-day slide in six weeks. US silver was last up 1.4 per cent at $45.62. Platinum was last up 0.6 per cent at $1,805.99 an ounce, while palladium was up 0.4 per cent at $752.97. -Reuters
Sugar slips improved supply outlook weighs NEW YORK/LONDON: Raw sugar futures eased on Wednesday with the market sliding back towards a six-month low set early last week, weighed by an improving supply outlook. Trade sources cited strongerthan-expected sugar production in top grower Brazil and No. 2 exporter Thailand as well as the prospect of further unrestricted exports from India. May raws on ICE fell 0.33 cent or 1.3 per cent to 24.61 cents a lb at 1540 GMT, just up from its six-month low of 24.00 cents hit early last week. July dropped 0.24 cent to 23 cents. London August white sugar futures were down $5.70 or 0.9 per cent to $627.40 per tonne in modest volume of 1,325 lots at 1542 GMT. Arabica coffee prices fell after prices surged on Tuesday, on pressure from the commodity complex while tight supplies of high quality beans remained a background supportive factor. ICE July arabica coffee fell 1.60 cents to $2.9455 per lb at 1543 GMT, still within striking distance of the 34-year high of $3.0250 a lb touched on April 20. Robusta coffee futures on Liffe were higher, hitting a contract high for the second straight day, finally gaining some ground on the arabica market following a prolonged decline in its relative value. July robusta coffee futures rose $49 or 2 per cent to $2,551 a tonne after earlier hitting $2,555, the highest level for the second month since the end of March. Cocoa futures on ICE jumped as the sterling neared a 17-month high against the US dollar with July up $62 or 2 per cent at $3,155 a tonne at 1546 GMT. Prices on Liffe reversed with July rising 25 pounds or 1.3 per cent to 1,932 pounds a tonne. Reuters
Indian sugar edges up on bargain-buying MUMBAI: India's sugar prices edged higher on Wednesday on bargain buying, though an estimated rise in output and sluggish demand capped the upside, dealers said. "Bulk-consumers like cold drink makers were not buying vigorously. They know this year production would be higher. So they were buying only to fulfil their immediate requirement," said Mukesh Kuwadia, secretary, Bombay Sugar Merchants Association. "They were waiting for mills to start selling sugar at lower price. Mills need money to pay farmers dues. They may start slashing prices." In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety edged up 0.19 per cent to 2,622 rupees ($59) per 100 kg. The mostactive sugar for May delivery on the National Commodity and Derivatives Exchange (NCDEX) closed at 2,691 rupees per 100 kg, up 0.56 per cent. The country may consider additional unrestricted sugar exports after receiving final output figures for the current season from October, Food Secretary B.C. Gupta said on Tuesday. -Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
27-Apr-2011 CRUDE100 27-Apr-2011 CRUDE100 27-Apr-2011 CRUDE100 27-Apr-2011 SILVER - 500oz 27-Apr-2011 SILVER - 500oz 27-Apr-2011 GOLD 01oz 27-Apr-2011 GOLD 01oz 27-Apr-2011 GOLD 01oz 27-Apr-2011 GOLD 100oz 27-Apr-2011 GOLD 100oz 27-Apr-2011 GOLD 100oz 27-Apr-2011 GOLD 27-Apr-2011 GOLD 27-Apr-2011 GOLD 27-Apr-2011 KILOGOLD 27-Apr-2011 KILOGOLD 27-Apr-2011 TOLAGOLD50 27-Apr-2011 TOLAGOLD100 27-Apr-2011 MINIGOLD 27-Apr-2011 MINIGOLD 27-Apr-2011 MINIGOLD 27-Apr-2011 MINIGOLD 27-Apr-2011 MINIGOLD 27-Apr-2011 TOLAGOLD 27-Apr-2011 TOLAGOLD 27-Apr-2011 TOLAGOLD 27-Apr-2011 TOLAGOLD 27-Apr-2011 TOLAGOLD 27-Apr-2011 IRRI6W 27-Apr-2011 RICEIRRI 27-Apr-2011 RBD PALMOLEIN 27-Apr-2011 KIBOR3M 27-Apr-2011 KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
JU11 JY11 AU11 MY11 JY11 MY11 JU11 JY11 MY11 JU11 JY11 MY11 JU11 JY11 AP11 MY11 MY11 MY11 MON TUE WED THU FRI MON TUE WED THU FRI 28AP11 AP11 AP11 11-Mar 11-Jun
US$ 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
112.26 113.00 112.91 45.80 45.80 1505.80 1505.40 1506.00 1505.20 1505.00 1506.30 40915.00 41018.00 40944.00 40888.00 40898.00 47691.00 47691.00 42012.00 42054.00 40000.00 41983.00 41997.00 48346.00 49633.00 48296.00 49300.00 48329.00 3362.00 3383.00 5134.00 86.29 85.29
112.76 113.20 113.21 46.10 46.10 1510.00 1510.50 1510.90 1508.60 1510.00 1508.90 41065.00 41075.00 41095.00 41038.00 41048.00 47866.00 47866.00 42151.00 42194.00 42208.00 42122.00 42136.00 48507.00 49633.00 48574.00 49675.00 48491.00 3386.00 3406.00 5134.00 86.29 85.31
111.55 112.16 112.91 44.65 44.67 1493.00 1493.00 1493.10 1498.00 1493.40 1506.30 40915.00 40925.00 40944.00 40888.00 40898.00 47691.00 47691.00 42012.00 42054.00 40000.00 41983.00 41997.00 48346.00 48395.00 48296.00 48313.00 48329.00 3362.00 3383.00 5107.00 86.28 85.29
112.43 112.92 113.21 45.41 45.44 1508.50 1508.90 1509.50 1508.50 1508.90 1508.90 41065.00 41075.00 41095.00 41038.00 41048.00 47866.00 47866.00 42151.00 42194.00 42208.00 42122.00 42136.00 48507.00 48557.00 48574.00 48474.00 48491.00 3386.00 3406.00 5107.00 86.28 85.31
Traded Volume in lots 175 11 217 491 750 3,009 2,416 15 52 1 7 5 12 -
Previous Settlement Price 112.16 112.64 112.91 45.76 45.78 1,505.30 1,505.70 1,506.30 1,505.30 1,505.70 1,506.30 40,915.00 40,925.00 40,944.00 40,888.00 40,898.00 47,691.00 47,691.00 42,012.00 42,054.00 41,969.00 41,983.00 41,997.00 48,346.00 48,395.00 48,296.00 48,313.00 48,329.00 3,362.00 3,383.00 5,134.00 86.29 85.29
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 112.43 73 112.92 5 113.21 45.41 1 45.44 57 1,508.50 344 1,508.90 2,208 1,509.50 1,565 1,508.50 1,508.90 16 1,509.50 41,065.00 2 41,075.00 6 41,095.00 41,038.00 41,048.00 47,866.00 47,866.00 42,151.00 42,194.00 42,208.00 7 42,122.00 42,136.00 48,507.00 48,557.00 17 48,574.00 48,474.00 9 48,491.00 3,386.00 3,406.00 5,107.00 86.28 85.31 -
Boonsak Ponsana of Thailand returns a shot against India's Gurusai Datt in their men's singles round match during the Yonex-Sunrise India Open Superseries
8 bookmakers involved in threatening Haider arrested SIALKOT: Police have arrested eight bookmakers for their alleged involvement in threatening wicketkeeper Zulqarnain Haider, who returned this week after spending five months in hiding in London. Police in Sialkot recovered a cache of ammunition, and telephone sets from the suspects. In an exclusive chat with a Private TV Channel, Superintendent Police Nasir Qureshi said that the suspects were operating from a building located in Sambrial area of the city. The gang's hideout had secret rooms hidden behind wooden cupboards from where they operated their bookmaking operation, he said. Police seized around 250 telephone sets, satellite transmission equipment, mobile phones and records of betting during different cricket matches, Qureshi said.-Online
Dhoni played innings of his life in World Cup final: Yuvraj MUMBAI: Cricket World Cup's "Man of the Tournament" Yuvraj Singh complimented Indian captain Mahendra Singh Dhoni for his match-winning innings of 91 not out in the final of the mega event on April 2, terming it as the latter's best-ever knock. This he sated at the event organized by Reebok to felicitate the triumphant team members. "It was a dream come true. As MS (Dhoni) said (earlier) I did not know what to do. I wanted to jump on MS and keep jumping on him. He had just played the innings of his life," the flamboyant batsman said about the Indian skipper's masterly innings, in the latter's presence", he said. The Ranchi-born wicketkeeper-batsman had promoted himself to number 5 above in-form Yuvraj and simply took away the game from Sri Lanka by slamming two sixes and eight fours in his 79-ball masterpiece at the Wankhede Stadium in Mumbai. Dhoni, only the second captain after Kapil Dev to lead India to the game's showpiece trophy, put on 109 runs for the fourth wicket with Gautam Gambhir (97) and an unfinished 5th stand of 46 with Yuvraj, who remained unbeaten on 21. "It was the highlight of my career. To win the World Cup after 28 years, was very special. Can't explain the feelings," said Yuvraj who scored 362 runs in 9 matches averaging 90-plus and also grabbed 15 wickets with his left arm slow bowling. "I was quite blank at that point of time. I didn't know how to celebrate. Then I saw Yuvraj's 6foot, 2-inch (frame) coming towards me. I thought, he's not going anywhere; let me get to the stumps (souvenirs) first," said Dhoni on the occasion. -NNI
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Thursday, April 28, 2011
Pak Tennis Fed plans matches in Waziristan KARACHI: Pakistan tennis authorities plan to stage exhibition matches in Waziristan as a means of promoting peace in the tribal belt and showing that the country can still host sporting events. The Waziristan region bordering Afghanistan has been a hotbed of militant activity, with North Waziristan a known sanctuary for al Qaeda and Taliban militants. Security forces have been battling Pakistani Taliban militants in several parts of the northwest over recent years but the county's tennis federation is undaunted. "We have chalked out some exhibition matches in
Waziristan around June-July this year," Mumtaz Yousuf, secretary of the Pakistan Tennis Federation, told Reuters. "We feel that the federation needs to take an initiative to promote some sports in these disturbed areas. It is also our way of sending a message to the international community that despite the war on terror sporting activities can be held in Pakistan." Yousuf said Pakistan's top player, Aisam-ul-Haq, would be invited to play in the exhibition matches. "Obviously the situation in that region is not very good and we have sought clearance from the military and other law
enforcement agencies. The match will not be possible without their support," Yousuf said. The venue for the matches would be decided with the consultation of the security forces, he added. Aisam, who reached the US Open doubles and mixed doubles final last year, wanted to see relations between Pakistan and India improve and he could play in a match against his men's doubles partner Rohan Bopanna. "We plan to host a peace match between Aisam and his Indian doubles partner,Rohan Bopanna, at the Wagah border at the end of the year," said Yousuf. -Reuters
Yousaf & Afzal shine in Friends Memorial Cricket Tourney
Women's junior hockey team to contest in AHF Cup
RAWALPINDI: Muhammad Yousaf and Afzal Javed shines Chaudhry Sports Cricket Club to thrashing Kiwi Boys white by for 4 wickets in the Friends Memorial Twenty, 20 Cricket Tournament here at Saint Merry's Rawalpindi. Batting first Kiwi Boys white scored 129 for the loss of nine wickets in the limited 20 overs match. Anwar Saeed 21 and Waqas Ahmed 20 was the notable scorer for Kiwi Boys. Afzal Javed took 5 for
23 and Tariq Mehmood, Muhammad Ali and Arif took one wicket each. In reply, Choudhry Sports achieved their target in 19th over with loss of 6 wickets with wonderful batting by Muhammad Yousaf scoring 73 runs while Muhammad Ali and Tallat Hussain make 17 and 14 runs respectively. President Choudhry Sports Cricket Club Choudhry Muhammad Ashraf congratulate the all players for winning team. -Online
Jayawardene, Sangakkara to exit IPL COLOMBO: After the reports of Sri Lankan skipper Tillakaratne Dilshan leaving the Indian Premier League (IPL) to join the Englandbound national team got rife, it is learned that former captains Kumar Sangakkara and Mahela Jayawardene are also packing their bags for an early exit. Sangakara and Jayawardene, who are currently in-charge of the Deccan Chargers and Kochi Tuskers Kerala respectively, will reportedly leave the Indian Premier League (IPL) early to start preparations for the first Test against England on 26th May. According to 'The Island', both the players are expected be in Colombo by the May 16 and will leave the island a day
later to join the squad for the second warm-up game scheduled for May 19 against England Lions at Derby. The newspaper also reported that both players have received the necessary consent of their franchises to make an early exit. The newly appointed skipper, meanwhile, is expected join the national squad before it takes-off to England on the May 10. Sri Lanka Cricket last week allowed seven players from the 16-member squad to arrive in England before May 19, the day their second warm-up game, against England Lions, starts. The board had earlier asked the players to return on May 5 in order to prepare for the England tour. NNI
KARACHI: Pakistan Hockey Federation will send the junior women hockey team to Bangkok to participate in the third junior AHF Women Hockey Cup this year in June. According to details 3rd edition of Women Junior AHF Hockey Cup will be held on June 4 to June12 where eight teams including Indonesia, Hong Kong, Kazakhstan, Pakistan, Sri Lanka, Thailand, Chinese Tai Pie and Uzbekistan will contest in the 9 days event. For the preparation of the event Pakistan junior team training camp will starts from May 1st at Lahore and International Hockey player Jan Muhammad will act as a coach of junior team. -Online
KP women sports end PESHAWAR: Khyber Pakhtoonkhwa Women Sports Event reached in its last round. Several players took part in the event from all over the province that was held in Peshawar. Women Sports Event was organized by KPK Sports Directorate. In the first round of the event, Volley Ball, Table Tennis and Hockey were played in which teams from Peshawar, Malakand, Hazara, D.I. Khan, Kohat and Mardan participated. In the final of Table Tennis Mardan beat Peshawar, in Hockey final Mardan beat Peshawar 1-0 whereas in Volley Ball final Peshawar beat Kohat. One of the women coaches expressed that women players can perform well at international level if would be given better facilities. Online
Azlan Shah Hockey Tournament
National Squad announced today ISLAMABAD: Pakistan Hockey Federation selection committee would announce hockey team today for the upcoming Azlan Shah Hockey Tournament to be held in the next month. Azlan Shah Hockey Tournament to be held in Malaysia from May 5 in Ipoh city. Teams of Pakistan, New Zealand, Korea, India, England, Australia including the host Malaysia to feature in the tournament. Twenty-two players of National Hockey Team are preparing for the tournament in the training camp, in two sessions on daily basis, at Naseer Bunda Hockey Stadium. These players include Imran Shah (GK), Mazhar Abbas (GK), Muhammad Imran Senior (FB), Sohail Abbas (FB), Muhammad Kashif Javed (RH), Muhammad Rizwan Junior (RH), Waseem Ahmad (CH), Muhammad Tousiq (CH), Fareed Ahmed (CH), Muhammad Rashid (LH), Shafqat Rasool (RM), Waqas Sharif (RO), Abdul Haseem Khan (CF), Muhammad Rizwan Senior (LM), Muhammad Zubair (LF), Muhammad Umar Bhutta (RM), Syed Kashif Shah (FB), Rehan Butt (RO), Shakeel Abbasi (RM), Waqas Akbar (RF), Akhtar Ali (LF) and Muhammad Imran Junior (LF). To shape team for the tournament, meeting of National Selection Committee would be held in the aegis of former Olympian Hanif Khan including Khalid Bashir and Arshad Chaudhry whereas President PHF Qasim Zia, Chief Selector Hanif Khan and Secretary General of PHF Asif Bajwa would announce the selected team today (Thursday). In order to select Rehan Butt, Shakeel Abbasi and Waseem
PHF Super Hockey Leagues commences LAHORE: Lahore and Faisalabad were off to winning start in the 3rd PHF Junior Super Hockey League beating their respective rivals Peshawar and Karachi here on Wednesday at National hockey stadium. President, Pakistan Hockey Federation was the chief guest on the occasion and inaugurated the event.Also present was tournament director former olympian Rana Mujahid. As Lahore and Faisalabad marched ahead, PHF Academy were held to a 1-1 draw by spirited Multan to the much surprise of a fancied academy side. Lahore beat Peshawar 3-1 before folding the first session 1-0 after receiving 15th field goal from Hafiz Sardar. Peshawar adopted defensive tactics in both the halves to concede goals. Lahore agile forward set a flow of persistent penetration in Peshawar defence and tore it apart with lovely coordination in the circle, slamming two more goals in the second session to keep their rivals struggling. Mohammad Fahid converted the 41st minute penalty corner as Usman Aslam translated another short corner in the 57th minute to seal the fate of their opponents. Faisalabad brushed aside Karachi 4-1,wrapping up the first session 1-0. A lot was expected from Karachi team which disappointed with their sluggish moves and lack of coordination and rarely challenged the supremacy of their mighty opponents. Faisalabad settled down late in the first session when Bilal Qadir scored the 28th minute field. As Karachi failed to coordinate, Faisalabad seemed in total control with astute planning and accurate shooting of Multan shocked PHF Academy by denying them a victory, proving wrong the predictions of the experts of the game who ratted academy team favourites. Infact Academy side seemed contended with their first half 1-0 lead and appeared out of touch in the following session ,giving enough space to a talented Multan side to shatter their dreams for a victory. Ahmed in the National squad, Abbas, are under consideration who violated rules of PHF, and decision would be taken PHF would seek clearance after the recommendation of from the officials of Hockey the Selection Committee. Federation. Pakistan will play opening The PHF is seeking a new match against New Zealand on captain for the tournament to be 5th of May whereas on 6th held in Malaysia in the absence May with Korea, on 8th May of Zeeshan Ashraf who with- with England and with drew from the event to pave Australia on 9th May. way for youngsters. Green Shirts will play to its Talking to ONLINE, the offi- traditional opponent India on cial added that other experi- 11th May whereas would be enced players like former cap- seen in action against Malaysia tains Rehan Butt, Muhammad on 14th. Final match along Imran, Shakeel Abbasi, besides with other matches would be penalty-corner specialist Sohail played on 15th of May. -Online
Fletcher chosen as India cricket coach
Bahawalpur defeat Peshawar in blind cricket match BAHAWALPUR: Bahawalpur beat Peshawar by five wickets in a match of All Pakistan T-20 Blind Cricket Tournament being played at Bahawalpur Dring Stadium on Wednesday. According to details, Bahawalpur won the toss and elected to field first. Peshawar scored 211 runs for the loss of six wickets having top scorer Maqsood Jan with 134 runs. Bahawalpur chased the target with five wickets left. Mustafa of Bahawalpur scored 91 runs and was declared Man of the Match. -APP
ATTOCK: Players of Pakistan Army and Wapda scuffle with each other during a tie of All Pakistan Hockey Tournament. -Online
KARACHI: A Group photo of football teams of Karachi Crackers and Marta Women Football Club during PFF Women Inter-club championship held at Aga Khan Gymkhana. -Staff Photo
MUMBAI: Former England cricket team coach and Zimbabwean Duncan Fletcher has reportedly been appointed as the next coach of the Indian cricket team. According to an Indian news website, he replaced South African Gary Kirsten, who served as coach for a period of three years (2008-2011). His first assignment is likely to be the Indian cricket teamâ â&#x201E;˘s tour to the West Indies. Duncan Andrew Gwynne Fletcher is a former Zimbabwean cricketer, former captain of the Zimbabwean cricket team and former coach of the English cricket team. He is largely credited with rejuvenating the fortunes of the then flagging English team, with the team rising from bottom of the Test rankings to second spot under his tenure as coach. Fletcher was born in Salisbury, Southern Rhodesia (now Harare, Zimbabwe) and was one of five brothers in a Rhodesian farming family
Fletcher was Zimbabwe''s first-ever One Day International captain, leading them to their famous victory at the 1983 cricket World Cup over Australia, winning the Man of the Match award for his individual performance. Fletcher also took Zimbabwe to victory in the 1982 ICC Trophy. As coach, Fletcher helped the England cricket team achieve famous series victories away to Sri Lanka, Pakistan and South Africa between 2000-2004. In 2004 England won an English record 8 consecutive tests, beating New Zealand 3-0 and West Indies 4-0 at home respectively, before winning the first test in South Africa. His most famous and largest achievement however came in September 2005 he became the first coach of the English team to win an Ashes series for 18 years when England secured 2-1 victory over Australia. NNI
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which cut its outlook on Japan's rating to negative from stable in February because of concerns about the government's fiscal deficit, said on Wednesday it was maintaining the outlook at watching developments. Just last week S&P slapped a negative outlook on the top-level AAA credit rating of theUnited States, where lawmakers are also squabbling over how to deal with a massive fiscal deficit. However, S&P projected reconstruction costs at between 20 trillion yen and 50 trillion yen ($245 billion to $613 billion). "Much will depend on Japan's political leadership and its ability to forge a political consensus on how to offset fiscal measures in the future," S&P said. But mounting welfare costs and shrinking savings as a result of a rapidly aging population raise questions of the longer-term sustainability of Japan's debt burden. "One day there will be a more serious reaction to a more serious warning -- but this doesn't look like that day," said Rob Ryan, foreign exchange strategist at BNP Paribasin Singapore. "I think this was something that was inevitable after the triple disasters." S&P said the downgrade of the ratings outlook meant that a cut in the actual rating could follow over the next two years if there is no fiscal consolidation. -Reuters
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The case has been filed from the President, Islamic Republic of Pakistan under Article 186 of the Constitution for revisiting the case of Zulfikar Ali Bhutto reported as PLD 1979 SC pages 3853, in the week commencing from 02-05-2011. -Online
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and Kim Jung Neon, ED Lotte Pakistan PTA. Choi Choong- Jee, South Korean ambassador in Pakistan was also present. From Pakistan side, Makhdoom Shahabuddin, Minister for Textile Industry, Salman Faruqui, Secretary General, Saleem H Mandviwalla, Chairman BOI, Dr Nadeem-ul Haq, Deputy Chairman Planning Commission, Malik Asif Hayat, Secretary to President, Dr Safdar Suhail, Director General, Commerce Ministry and other senior officials attended the meeting. -Online
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year's devastating natural calamity. Prime Minister sought European Parliament's support in institutionalizing Pakistan-EU Summit mechanism and for fast tracking the mutual cooperation interests by chalking out a Five Year Engagement Plan for the commencement of Ministerial Level's Strategic Dialogue between the two sides. He stated that Pakistan's side was looking forward to an early visit of Baroness Kathrine Ashton, EU High Representative for Common, Foreign and Security Policy. He underscored the need for enhanced Parliamentary exchanges between Pakistan and EU for creation of better understanding of each other's point of view on issues of mutual interests. Prime Minister also sought European Parliament's support for passage of EU's Trade Concession Package for Pakistan through WTO in early May; grant of GSP Plus facilities to Pakistan as committed by EU; and for commencement of negotiations on Free Trade Agreement between the two sides. -NNI
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aid and added that innocent Pakistanis were being killed in drone attacks but US has no regret. Chief Minister appreciated the farmers for achieving target of wheat crop despite floods while also announces to allocate 5 per cent quota for Cholistan students in Danish school. -Online
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The United States plans to start removing combat troops in July, with the bulk of them scheduled to be home by the end of 2014. Pakistan hopes to fill any power vacuum the Americans leave behind, considering Afghanistan to be within its traditional sphere of influence and a bulwark against its arch-rival India. Pakistan's military has had long-running ties to the Afghan Taliban and has repeatedly said that the road to a settlement of the 10-year conflict in Afghanistan runs through Islamabad. The Journal reported that Pakistan no longer has an incentive to allow the United States a leading role in what it considers its own backyard. At a rally to his party's supporters on Wednesday, Gilani said Pakistan would maintain relations with the United States based on "mutual respect and interests". However, he added: "We'll not compromise on national interests. We are not ready to compromise on our sovereignty, defence, integrity and self-respect, no matter how powerful the other is." -Reuters
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price index. Inflationary pressures are likely to intensify in the coming months, pushing more people below the poverty line. Domestic consumers are feeling the impact of the higher taxes and fuel price increases that the government has imposed as it seeks to fulfill money-raising obligations agreed with the IMF as part of the 2008 loan agreement. -NNI
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Sindhu is a fellow member of the Institute of Chartered Accountants, with around 20 years of diversified financial experience. He remained associated with A F Ferguson & Co. Chartered Accountants Karachi, from 1986 to 1991 as an Audit Supervisor. He then joined ANZ Grindlays Bank in 1992 where he held various senior positions in Pakistan, Dubai, and Australia. From 1997 to 2001 he held the position of CFO with ANZ Grindlays Bank (Now Standard Chartered Bank). He has been a Director on the Boards of Shell Pakistan Limited, Pak-Arab Pipeline Company Limited and Pakistan Refinery Limited. He has also been Chairman of the Board Audit Committee of Pakistan Refinery Limited. Sindhu said that the OGDCL being national oil company is more responsible towards completion of its development projects and exploration targets set by the Ministry of Petroleum & Natural Resources to play a positive role in the national economy. He desired that professionals of the company should perform their responsibilities with hard work and dedication in transparent manner. He assured that upright and fair employees will be acknowledged for their achievements and services rendered. -Agencies
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The security forces retaliated with full force and killed three personnel of Afghan national army. Four Personnel of Pakistani security forces were also wounded due to rocket fired by Afghan forces in Pakistan's territory. The Afghan security authorities have confirmed death of their three soldiers in the clash. -Online
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International Finance from UK and has also attended various courses and certification programs. His last assignment, before joining Karachi Stock Exchange, was as the Chief Executive Officer of AKD Investment Management Limited.
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agencies were subservient to the government and were not involved in any act that was against the national interests. "If ISI has taken some step, it has been done with our backing," he said and added that "we do not want anyone to weaken our state institutions." Gilani also rejected the notion that Pakistan Peoples Party's government was not honoring the judiciary. Even in the Raymond Davis issue, the Prime Minister said the government's silence was due to its respect for the courts as the matter was sub judice. He said the government always worked for strengthening of the state institutions. "Whether judiciary, military and the parliament, we will not let anyone weaken the state institutions," he said. He said some leaders were trying to mislead the nation that the prime minister will have to face contempt of court after declining the proposal of parliamentary committee regarding judges. "Such leaders should see now how the matter has been resolved amicably by the government," he added. -Agencies
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He said another Chinese company will supply 111 buses to the city in June. Seen as an "all-weather friend" to Pakistan, China has invested heavily in infrastructure development, particularly in the strategic and mineral-rich southwest, bordering Iran and Afghanistan. China Three Gorges Corp, China's largest hydropower developer, is ready to invest $15 billion in Pakistan's troubled energy sector, an investment that could add 10,000 megawatts to Pakistan's main grid over the next 10 years, a senior company official told Reuters in an interview on April 7. "There will be no compromise on the standard of the new buses and it will be ensured that buses meeting standards and specifications approved by the LTC's Board of Directors operate on urban routes," he said. Punjab Chief Minister Shahbaz Sharif's recent tour of China has led to a "major breakthrough" in the field of investments in the transport sector, he said. -Agencies
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period as they can re-enter the country once the situation in their respective countries stabilizes. Meanwhile, Kuwait's labour ministry has denied media reports that it has stopped issuing work visas to nationals from five countries. "We cannot make such a decision without instructions from the political leadership and the interior ministry," Mansour Al Mansour, the assistant undersecretary for the labour sector," said. "We have not received any official note or memo on such a ban. We have no problem applying the directives or instructions, but we have not received any in this case," Al Mansoor said, quoted by Al Shahed daily on Wednesday. -Online
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which KESC has increased load-shedding hours in the city. However, government took immediate measures and provided KESC with 60 thousand metric tonne of furnace oil from PSO on discount rates, the complete supply of which is being provided to KESC. KESC sources told that even after the ample amount of furnace oil the management is providing less furnace oil to the power plants. Due to which 3 units of Bin Qasim power plant and 2 units of Korangi power plant are not producing electricity according to their full capacity. Sources told that SSG is providing 100-mmcf gas from 11 April instead of 200 MMCF gas. -Online
progress regarding MDTF project implementation and the way forward beyond the current phase. The committee members stressed the need for an expedited project approval apparatus so as to not delay results on the ground. Discussion also focused on the importance of a robust results framework and a mechanism for monitoring and evaluation of MDTF-financed projects. "We appreciate the support of the MDTF and assure the Secretariat of our complete cooperation", said Abdul Wajid Rana, Continued from page 1 No #17 MDTF Co-Administrator and Secretary Economic Affairs A shuffling of top national security jobs has been an object of Division, who chaired the meeting. speculation for weeks. "The government does not look at the MDTF as an alternative Robert Gates, the current Pentagon chief and a former CIA source of development financing, but as a crucial peace-building instrument which can implement the recommendations of the Post- director, had made clear that he planned to step down as defense Conflict Needs Assessment. The needs of our crisis-affected popula- secretary this year. -Reuters tions in KP, Fata and Balochistan are complex, but we are confident Continued from page 1 No #18 of the efforts the MDTF project teams are putting in." -Agencies price of cars/vehicles, fixed by the manufacturers. Continued from page 1 According to a circular (BPRD Circular No. 06) issued No #9 Moreover, all holdings of GOP Ijara Sukuk (GIS) will be fully Wednesday, the Regulation R-11 of the Prudential Regulations for Consumer Financing has been substituted stating that "while counted for SLR purpose. Holdings of 'SBP approved' SLR eligible 'Public Sector' Sukuks allowing auto loans, the banks/DFIs shall ensure that the miniwill also be counted up to 7 per cent of total time and demand lia- mum down payment does not fall below 10 per cent of the value of the car/vehicle. bilities for SLR purpose. Further, the banks/DFIs may extend auto loans for the ex-factoContinued from page 1 No #10 ry tax paid price fixed by the manufacturers and the cost of ancilPakistan to have another bailout program with its tainted repu- lary item(s) (like CNG Kits, vehicle tracking device desired by the tation. It is now a different IMF that will seek prior implementa- borrower to be fitted in the car/vehicle. tion of conditions before agreeing to a new program", Asia Times However, the banks/DFIs shall not finance the premium charged reports. by the dealers and/or investors over and above the ex-factory tax The IMF last year suspended payouts under the 2008 agreement paid price of cars/vehicles, fixed by the manufacturers." as the government dragged its feet on introducing tax reforms and other fund-raising measures, forcing Islamabad to borrow from Continued from page 5 No #19 local banks, which is helping to drive up inflation in Pakistan. seen as a key resistance. However, volume remained light ahead Finance Minister Shaikh, who moved from the private sector into the government post as recently as March 2010, this month failed of Bernanke's comments. "I wish we saw a little higher volume, but it just shows how much to persuade the IMF in Washington to agree to a second loan program to help Pakistan pay off the debt arising from the 2008 agree- uncertainty there is going into the Fed," said Matthew Keator, partment. Nor could he convince the IMF to restore the suspended pro- ner in the Keator Group, a wealth management firm in Lenox, gram. The IMF wanted Pakistan to improve its tax to gross domes- Massachusetts. Telecom stocks rose after CenturyLink Inc said it tic product (GDP) ratio to 14 per cent by 2013 from lows of 9 per would buy Savvis Inc for about $2.5 billion in cash and stock. cent and reduce the budget deficit to 3 per cent of GDP. "And after CenturyLink fell one per cent to $39.92 while Savvis rose 9 per two-and-half-year the program is suspended due to failure in cent to $39.27. implementing tax reforms and we are standing nowhere," the The S&P telecom services index was the S&P's percentage media quoted Ahmad as saying. leader, up 0.8 per cent, while Verizon Communications Inc rose 1.4 Food inflation in the eight months through February soared to per cent to $38.16 as the Dow's biggest winner. 18.6 per cent compared with 11.4 per cent in the same period a Also in deal news, Johnson & Johnson said it would buy Swiss medyear earlier. Food items account for 40 per cent of the consumption basket ical devices maker Synthes Inc for $21.6 billion, the largest ever buy that makes up the goods tracked for the benchmark consumer Dow component. Shares of J&J fell 0.9 per cent to $64.40.-Reuters
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net selling worth $16.2 million. An off market net selling transaction of $15.9 million is also included in the figure. Lotte Pakistan stayed the volume leader with 51.53 million shares followed by Pakistan Telecommunication with 22.4 million shares and Descon Oxychem with 4.21 million shares. Out of total 387 active issues; 175 advanced and 127 declined while 85 issues remained unchanged.
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due to accelerated fall in fixed line telephony mainly due to aggressive price competition and mobile substitution. However, the decline in revenue from fixed lines was partially offset by increase in revenue from broadband and international calls. Cost of services was up by 9.6 per cent to Rs30.56 billion mainly due to government increased salary by50 per cent in last year's budget. Gross profit decreased by 31.3 per cent to Rs10.46 billion. Other operating income remained major contributor to higher profit as it was up by 6.8 per cent to Rs4.19 billion as compared to the same period of previous year at Rs3.92 billion. Financing cost also decreased by 49.7 per cent to Rs173 million.
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"Investors are cautious ahead of Bernanke. It depends exactly what he says, everyone is waiting to hear his plans on quantitative easing and how he sees the economy heading." The Fed's ultra-easy monetary policy has buoyed demand for riskier assets and comments from the Federal Reserve could shed light on the central bank's future plans for interest rates and quantitative easing. Banks featured among the worst performers as investors sold out of riskier assets. Barclays fell 4.8 per cent after first-quarter profit missed forecasts. -Reuters
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prices of crude oil, gas, LPG, and sulphur and favorable financial impact of Rs2.78 billion on account of gas price revision in respect of Bobi field effective from January 01, 2007. However, decline in production volume of crude oil, LPG and white petroleum products had a negative financial impact of Rs1.36 billion on company's sales revenue. Net realized prices of crude oil, gas and LPG averaged at $67.47 per barrel, Rs 215.22 per mcf and R 63,510 per tonne respectively compared to $60.87 per barrel, Rs181.81 per mcf and Rs53,296 per tone respectively during the corresponding period last year.
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The benchmark Nikkei average closed the day up 133.15 points at 9,691.84. It's 1.4 per cent climb was the strongest daily percentage gain since April 20. The broader Topix advanced 6.23 points, or 0.8 per cent, to 839.87. According to Aberdeen Asset Management and JP Morgan, Japanese stocks, particularly auto and parts makers, are poised for strong gains after a short-term correction. -Reuters
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The US Fed is expected to keep rates near zero and signal that it is in no hurry to scale back its massive support for the economy. The 50-share NSE index dropped 0.6 per cent to 5,833.90 points. In the broader market, declining shares outpaced advancing ones in the ratio of 1.4:1 on volume of 614 million shares on the NSE, less than its 90-day average daily volume of 647 million shares. The BSE main index is still up 9.1 per cent since the start of March, backed by foreign fund inflows of $3.4 billion into Indian equities. It is down 5.2 per cent so far in 2011. Wipro shares closed 2.9 per cent lower at 451.10 rupees, after the outsourcer, which gets most of its revenue from exports, warned wage increases would hit operating margins this year. The Bangalore-based firm met forecasts with a 14 per cent rise in fourth-quarter net profit. "The guidance makes one uneasy and it looks like the company will not meet overall analysts' expectations for FY12," said Ambareesh Baliga, chief operating officer at Way2Wealth Securities. The RBI is seen raising rates by a quarter percentage point at the policy and analysts now expect it to raise rates by a total of 75 basis points for the rest of 2011, or 25 basis points more than they expected in mid-March, the latest Reuters poll found on Tuesday. Leading lenders State Bank of India and ICICI Bank fell 0.8 per cent and 1.1 per cent respectively.-Reuters
No #26 Asim Textile 3rd Qtr Atlas Battery Ltd. 3rd Qtr Bolan Casting Ltd 3rd Qtr D.M.Textile 3rd Qtr Dawood Cap.Man XB 3rd Qtr Diamond Ind. 3rd Qtr Dost Steels Ltd. 3rd Qtr Ellcot Spinning 3rd Qtr F. Dawood Mut.Fund 3rd Qtr F.Cap.Mut.Fund 3rd Qtr Fecto Cement 3rd Qtr General Tyre 3rd Qtr Ghani Glass Ltd. 3rd Qtr Grays Leasing 3rd Qtr Hum Network Ltd 3rd Qtr IBL HealthCare Ltd 3rd Qtr Ideal Spinning 3rd Qtr Ismail Industries 3rd Qtr Ittehad Chemical 3rd Qtr Ittehad Chemical (Consolidated) 3rd Qtr J.A.Textile 3rd Qtr Jah.Sidd. Co. 3rd Qtr Japan Power 3rd Qtr K.E.S.C. 3rd Qtr Karam Ceramics 3rd Qtr KASB Modaraba 3rd Qtr Kohinoor Mills 3rd Qtr Merit Pack 3rd Qtr Mian Textile 3rd Qtr Mod.Al-Mali 3rd Qtr Mubarak Textile 3rd Qtr Nagina Cotton Ltd. 3rd Qtr Pak Hotels 3rd Qtr Pak.P.V.C. 3rd Qtr Prosperity Weaving 3rd Qtr Shaffi Chemical 3rd Qtr Shezan International 3rd Qtr Sui North Gas 3rd Qtr Thal Ltd 3rd Qtr Towellers Limited 3rd Qtr Trust Brokerage 3rd Qtr Trust Modaraba 3rd Qtr Unicap Modaraba 3rd Qtr Wazir Ali 3rd Qtr Zephyr Textile Ltd 3rd Qtr Adamjee InsXD 1st Qtr Ask.Gen.InsurXB 1st Qtr Atlas Fund of Funds 1st Qtr Central Ins.XDXB 1st Qtr Engro Corp. Ltd. 1st Qtr Engro Corp. Ltd. (Consolidated) 1st Qtr K.S.B.PumpsXD 1st Qtr New Jub. Life 1st Qtr New Jubilee InsuXDXB 1st Qtr NIB Bank 1st Qtr NIB Bank (Consolidated) 1st Qtr Pak Suzuki MotorXD 1st Qtr Sanofi-Aventis 1st Qtr SilkBank Limited 1st Qtr United Bank Ltd. 1st Qtr United Bank Ltd. (Consolidated) 1st Qtr
No #27
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47.15 275.10 79.25 -27.34 7.00 -1.85 -8.78 345.83 72.62 29.82 43.46 235.22 786.47 -39.11 136.82 36.65 99.75 254.74 72.54 58.72 -3.35 -601.85 -1,175.00 -5,416.98 3.74 32.90 -823.75 7.91 -29.30 0.86 -0.71 346.03 9.55 -16.89 213.46 0.72 63.13 415.22 887.66 -142.08 -7.59 15.44 -0.35 -42.08 34.39 288.82 16.45 116.83 320.49 148.07 2,041.64 -39.56 58.26 136.04 -787.43 -795.18 91.43 -7.20 101.99 3,272.63 3,395.59
3.11 27.32 7.60 -8.96 0.47 -0.21 -0.13 31.58 1.25 0.99 0.87 3.94 7.37 -1.82 2.74 1.83 10.05 5.04 2.02 1.58 -0.27 -0.79 -7.53 -0.25 0.26 1.16 -16.18 1.67 -1.33 0.05 -0.13 18.50 0.53 -1.13 11.55 0.06 10.52 0.76 14.46 -8.36 -0.76 0.52 -0.03 -5.27 0.58 2.33 0.67 11.48 0.38 5.22 -3.00 0.93 1.72 -0.19 -0.20 1.11 -0.75 0.04 2.67 2.78
Continued from page 5
Cheng and some traders also cited dollar weakness and concerns about the future of the US currency ahead of the end of a two-day US Federal Reserve policy meeting as another reason for investors dumping B-shares. Caution about the Fed decision as well as rumours Chinese authorities could make some sort of announcement on monetary tightening or other measures during the coming three-day weekend kept turnover in Hong Kong and China light. Turnover on the main board in Shanghai inched higher to 114 billion yuan ($17.5 billion), versus 112 billion yuan on Tuesday, hovering around a 10-week low. BANK RESULTS EYED Chinese banks, often considered a proxy for the economy, are set to report first quarter earnings in coming days and could help support the broader market. The sector is largely expected to report robust profits despite more than a year of government efforts to tighten capital and fight inflation in the world's second-largest economy. Analysts expect mostly double-digit profit growth for the quarter, as the banks increased their loan portfolios and the margins on those loans in the face of moves to take cash out of the system through increased required deposits with the central bank. May Yan, Asia ex-Japan banks analyst at Barclays Capital, said in a note that net interest margins, a key performance criteria for banks, were likely to expand quarter-on-quarter and drive strong results. Larger banks such as Agricultural Bank of China Ltd, scheduled to report its results after the market closes, which have low funding costs, were likely to see greater benefits, said Yan.-Reuters
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Thursday, April 28, 2011
Larger bench formed for ZAB case
ISLAMABAD: President Asif Ali Zardari chairing a presentation on Health Insurance by the State Life Insurance Corporation at Aiwan-e-Sadr. -APP
Korean delegation meets President
Various sectors offered to Korea ISLAMABAD: President Asif Ali Zardari on Wednesday invited Korean entrepreneurs to invest in Pakistan's various sectors including oil and gas, mining, energy, telecom, agriculture and tourism. He was talking to Huh Soo Young, President and Chief Executive Officer of KP Chemical Corporation, a petrochemicals company and a subsidiary of the South Korean conglomerate LOTTE, at the Aiwan-e-Sadr. President Zardari said the government had devised a liberal incentives package for attracting robust foreign direct investment in special economic zones in Pakistan with special concessions which in return would create employment opportunities for the people of Pakistan. The President while welcoming the Korean business delegation to Pakistan
said that the existing level of trade between Korea and Pakistan is far below its real potential and urged for further enhancing bilateral trade and investment ties between the two countries. The President said investment made by the KP Chemicals and Lotte Group gives a positive message across the world that Pakistan is a safe place for investment and expressed the hope that more such big business groups from Korea and other countries will be making investment in Pakistan in the near future. The spokesperson said that the visiting entrepreneur informed that Korean firm was interested to make investment in food, beverages, hotel, tourism, power and oil, and gas sectors in Pakistan and added that Lotte group was also exploring further opportunities and avenue for
European Union Parliamentarians meet Gilani
EU urged to back democracy in Pak ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has said that European Union would continue to lend its support to Pakistan for further consolidation of the democratic process and for building the capacity of the legislative bodies and mechanisms in the country. He said democracy was the answer of terrorism and extremism for which his government is determined to strengthen the democratic institutions in the country. Prime Minister Gilani was talking to EU Parliamentary delegation which called on him at the PM House here on Wednesday. Democracy, he added, would help to
the people vulnerable to extremists' influences and tendencies. Prime Minister thanked the EU for its assistance of 362 million euros for the flood relief efforts of his government. While apprising the European Parliamentary delegation that his government was now focusing on the early recovery phase for the rehabilitation of agriculture, health, education, water sanitation and housing sectors as well as the community infrastructure in the flood affected areas, he expressed the hope that important partners of Pakistan like EU and its member states will continue to remain engaged with Pakistan to help overcome the affects of last See # 5 Page 11
Isb denies splitting US-Afghan links ISLAMABAD: Pakistan denied media reports Wednesday that it was lobbying Afghanistan to drop its alliance with Washington and look to Islamabad and Beijing to forge a peace deal with the Taliban and rebuild its economy. The Wall Street Journal reported that Pakistani Prime Minister Yousuf Raza Gilani "bluntly" told Afghan President Hamid Karzai to "forget about allowing a long-term US military presence in his country", according to Afghans present at an April 16 meeting between the two men. "Reports claiming Gilani-Karzai discussion about Pakistan advising depart-
ing away from US are inaccurate, "Pakistan's ambassador in Washington, Hussain Haqqani, wrote on his Twitter feed. Pakistan Foreign Ministry spokeswoman Tehmina Janjua told Reuters: "It is the most ridiculous report we have come across." The Journal reported that Pakistan's apparent bid to separate Afghanistan from the United States is a clear sign that tensions between Washington and Islamabad could threaten attempts to end the war in Afghanistan on favorable terms for the West. See # 7 Page 11
WB affirms $140mn for KP, Fata, B'stan ISLAMABAD: The World Bank Wednesday reaffirmed its commitment to administer $140 million Multi-Donor Trust Fund (MDTF) for KhyberPakhtunkhwa, the Federally Administered Tribal Areas (FATA) and Balochistan on behalf of its ten donors. According to a statement issued by the Fund Secretariat here, the governments of Khyber-Pakhtunkhwa (KP), Balochistan and Fata Secretariat also
updated the committee on their development priorities and the challenges they are facing. The second biannual Steering Committee Meeting of the Multi-Donor Trust Fund (MDTF) for KhyberPakhtunkhwa, the Federally Administered Tribal Areas (FATA) and Balochistan was held here. The Committee was briefed about See # 8 Page 11
investment in various sectors in Pakistan. The President appreciated their interest in making investment in Pakistan and assured that the government will extend maximum support to the Korean firm in realising their investment objectives. Lottee Group, Korea, the largest overseas south Korean Group is currently ranked amongst the top five companies in Korea with an annual turnover of $40 billion. Lottee group has recently acquired Pure Terephthalic Acid (PTA) plant of ICI Pakistan and have invested $50 million in setting up a captive power generation plant. The CEO KP Chemicals was accompanied by Asif Saad, CEO, Lotte Pakistan PTA, Shin Un, advisor Lotte Group, Lim Byung, MD Lotte corporate headquarter See # 4 Page 11
ISLAMABAD: Supreme Court of Pakistan has constituted a 10-member larger bench to hear Zulfikar Ali Bhutto hanging case. Chief Justice of Pakistan Iftikhar Muhammad Chaudhry has constituted an eleven member larger bench to be headed by his lordship and comprising of other ten Judges namely Justice Javed Iqbal, Justice Mian Shakirullah Jan, Justice Nasir-ul-Mulk, Justice Muhammad Sair Ali, Justice Mahmood Akhtar Shahid Siddiqui, Justice Jawad S Khwaja, Justice Anwar Zaheer Jamali, Justice Khilji Arif Hussain, Justice Sarmad Jalal Osmani and Justice Ghulam Rabbani to hear Reference no 01/2011 (ZAB) case. See # 2 Page 11
3 Afghans killed in clash with Pak Forces KABUL/ WANA: At least three personnel of Afghan national army were killed and four Pakistani security personnel wounded in a clash at the border adjacent to South Waziristan. "The clash erupted when Nato-troops backed by Afghan national army attacked Pakistani security forces checkpost, situated at Angorada, North Waziristan," a private TV channel quoted sources as saying on Wednesday. See # 3 Page 11
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Japan rating down on worries TOKYO: Standard and Poor's threatened to cut Japan's sovereign credit rating again, warning the huge cost of last month's devastating earthquake will hurt already weak public finances unless bickering politicians can agree to raise taxes. It affirmed its long-term sovereign credit rating on Japan at AA minus -- the lowest among the major agencies -- but downgraded the outlook to negative from stable. The change comes three months after S&P had cut Japan's sovereign credit rating - the first reduction since 2002 - saying the government had no plan to deal with its mounting debt while adding the administration's loss of an upper house majority had compounded the problem. Public debt, already twice the size of the $5 trillion economy, is set to swell as the country faces reconstruction costs following the March 11 earthquake and tsunami that could reach 50 trillion yen ($613 billion), S&P said. "If there is no revenue enhancing measures such as tax increases, we expect the central and local governments to bear most of this cost," the agency said.
However, the country's deepest crisis since World War Two has not healed rifts between the government and the opposition, whose majority in the upper house stands in the way of fiscal reform. "This will put more pressure on the Japanese government to do something about revenue enhancement," Takuji Okubo, chief economist at Societe Generale, said. Still, Okubo said the S&P action could help the government's case for fiscal reform, which centers on raising the 5 percent consumption tax -something acknowledged byJapan's finance minister. "Fiscal reform is something we cannot avoid," the minister, Yoshihiko Noda, said. "The government at present is doing its utmost for disaster relief and reconstruction. It is important to pursue fiscal reform at the same time. We will try to gain trust in Japan's economy and public finances in and outside Japan." "The impact on the forex market is likely to be temporary," said Masafumi Yamamoto,chief currency strategist at Barclays Capital in Tokyo. Moody's Investors Service, See # 1 Page 11
Sit-ins won't stop drones, says Shahbaz BAHAWAL PUR: Chief Minister Punjab Mian Shahbaz Sharif has said that mere sit-ins cannot stop drone attacks until the whole nation unites and dependency on foreign aid is stopped. Addressing the inauguration of wheat harvesting in Hasil Pur, Tehsil Bahawal Pur Wednesday Chief Minister Punjab Mian Shahbaz Sharif said that mere condemnation statements and sit-in cannot stop drone attacks but whole nation from Karachi to Khyber would have to unite to defeat drone attacks. He said the public should come out on the streets in protest against drone attacks by the United States, adding PMLN would fully support the public on the issue. He further said that Pakistan would have to rid itself of foreign aid in order to bring an end to drone attacks. He said the government should not accept conditional See # 6 Page 11
Obama releases birth form, decries 'silliness' WASHINGTON: President Barack Obama says he's releasing his long-form birth certificate because the country doesn't have time for the "distraction" and "silliness" of questions being persistently raised about where he was born. The president spoke at the White House Wednesday after taking the unexpected step of releasing the document, which supplements Hawaii's official certification of the president's birth there. Obama had released that during the campaign. Polls show large numbers of Republicans continue to doubt Obama is a natural born citizen eligible to be president. Real estate mogul Donald Trump had seized on the issue as he weighs a GOP candidacy. Reuters
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