International Karachi, Thursday, July 28, 2011, Shaban-ul-Muazzam 25, Price Rs12 Pages 12
Sindh govt initiates campaign for peace See on Page 2 Economic Indicators $18.23bn 13.92% $24.83bn $40.41bn $(15.59)bn $542mn $11.20bn $1.92bn Rs 1598bn $59.54bn Rs 5873bn $758mn -2.28% 4.20% $1,051 176.74mn
Forex Reserves (16-July-11) Inflation CPI% (Jul 10-Jun 11) Exports (Jul 10-Jun 11) Imports (Jul 10-Jun 11) Trade Balance (Jul 10-Jun 11) Current A/C (Jul 10-Jun 11) Remittances (Jul 10-Jun 11) Foreign Invest (Jul 10-Jun 11) Revenue (Jul 10-Jun 11) Foreign Debt (Mar 11) Domestic Debt (May 11) Repatriated Profit (Jul 10 - Jun 11) LSM Growth (May 11)
GDP Growth FY12E Per Capita Income FY10 Population
Portfolio Investment SCRA(U.S $ in million)
-24.03 -24.03 -5.74 2768
Yearly(Jul, 2011 up to 26-Jul-2011) Monthly(Jun, 2011 up to 26-Jul-2011) Daily (26-Jul-2011) Total Portfolio Invest (16-Jul-2011)
NCCPL (U.S $ in million)
FIPI (27-Jul-2011) Local Companies (27-Jul-2011) Banks / DFI (27-Jul-2011) Mutual Funds (27-Jul-2011) NBFC (27-Jul-2011) Local Investors (27-Jul-2011) Other Organization (27-Jul-2011)
-4.06 0.76 5.41 -0.60 0.20 -2.03 0.32
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 12,265.53 10,047.19 22,541.69 18,432.25 2,641.41 2,723.49 5,856.58 12,398.56
Change 98.53 50.53 30.39 85.97 32.56 20.466 73.15 102.74
GDR update $.Price PKR/Shares Symbols 111.97 MCB (1 GDR= 2 Shares) 2.60 154.70 OGDC (1 GDR= 10 Shares) 17.96 43.07 UBL (1 GDR= 4 Shares) 2.00 36.61 LUCK (1 GDR= 4 Shares) 1.70 39.45 HUBC (1 GDR= 25 Shares) 11.45
Money Market Update T-Bills (3 Mths) 27-Jul-2011 T-Bills (6 Mths) 27-Jul-2011 T-Bills (12 Mths) 27-Jul-2011 Discount Rate 20-May-2011 Kibor (1 Mth) 27-Jul-2011 Kibor (3 Mths) 27-Jul-2011 Kibor (6 Mths) 27-Jul-2011 Kibor (9 Mths) 27-Jul-2011 27-Jul-2011 Kibor (1 Yr) 27-Jul-2011 P.I.B (3 Yrs) 27-Jul-2011 P.I.B (5 Yrs) 27-Jul-2011 P.I.B (10 Yrs) 27-Jul-2011 P.I.B (15 Yrs) 27-Jul-2011 P.I.B (20 Yrs) 27-Jul-2011 P.I.B (30 Yrs)
13.53% 13.78% 13.92% 14.00% 13.71% 13.61% 13.81% 14.15% 14.24% 13.97% 14.01% 14.03% 14.24% 14.33% 14.41%
Commodities *Crude Oil (brent)$/bbl *Crude Oil (WTI)$/bbl *Cotton $/lb *Gold $/ozs *Silver $/ozs Malaysian Palm $ GOLD (NCEL) PKR KHI Cotton 40Kg PKR
118.22 98.15 100.71 1,614.40 40.44 1,042 44,800 5,154
Open Mkt Currency Rates Symbols
Buy (Rs)
Sell (Rs)
Australian $ 94.70 95.70 Canadian $ 90.90 91.90 Danish Krone 16.25 16.60 Euro 124.10 125.30 Hong Kong $ 10.85 11.00 Japanese Yen 1.092 1.102 Saudi Riyal 22.88 23.08 Singapore $ 71.20 72.20 Swedish Korona 13.40 13.60 Swiss Franc 100.00 101.00 U.A.E Dirham 23.38 23.58 UK Pound 140.60 142.20 US $ 86.15 86.45 Inter-Bank Currency Rates Symbols
Buying
Selling
TT Clean
TT & OD
Australian $ 95.19 95.41 Canadian $ 91.35 91.56 Danish Krone 16.78 16.82 Euro 125.04 125.33 Hong Kong $ 11.07 11.09 Japanese Yen 1.098 1.101 Saudi Riyal 22.99 23.04 Singapore $ 71.83 71.99 Swedish Korona 13.81 13.84 Swiss Franc 107.49 107.74 U.A.E Dirham 23.47 23.52 UK Pound 141.64 141.97 US $ 86.13 86.32 Weather Forecast Cities
Islamabad Karachi Lahore Faisalabad Quetta Rawalpindi
Max-Temp Min-Temp
35°C 35°C 33°C 34°C 37°C 36°C
20°C 29°C 29°C 30°C 15°C 20°C
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Clinton slams move curbing aid to Pak
See on Page 12
Apex court pledges to protect honest officers
See on Page 12
Pak can complete gas project next year: Iran
See on Page 12
Without any breakthrough
Pak-India talks stir just optimism Hina meets India’s top leaders NEW DELHI: Ministerial talks between India and Pakistan on Wednesday yielded hopes of nuclear rivals crawling towards normalcy but fell short of any major breakthrough. Two joint press conferences and a 21-point (four-page) joint statement remained confined to the already stated positions on the core disputes between the two countries. The only thing new surfacing out of the parleys in the Indian capital was the reiteration by foreign minister Hina Rabbani Khar and her Indian counterpart SM Krishna to continue with the dialogue process. Since they could not do it even in the much awaited ministerial moot, they pinned hopes on their next meeting in early 2012 to narrow down differences. After detailed discussions for over a couple hours Khar told joint press conference with Krishna that she was confident about the future course of relations. "We shared the desire to
make the dialogue process uninterrupted and uninterruptible," she added. "I bring you commitment from President Asif Ali Zardari and Prime Minister Yousuf Raza Gilani and other political parties - big and small - to a process of engagement and to a process of normalization," she added. She described it as a new era of bilateral ties. "Pakistan desires to open a new chapter of amity and understanding with India," she added. "Pakistan and India are not only close neighbours but also have a special responsibility to promote stability for the prosperity of the region as a whole," she maintained. She felt for both the countries to invest more to resolve outstanding issues. Indian external affairs minister S.M Krishna said, "Our ties are on right track but there are distances to travel. We have agreed that terrorism is a continuing threat to peace and security and reiterated our com-
Gilani chairs Cabinet meeting
PM for action against hoarders ISLAMABAD: Minister for Information and Broadcasting Dr Firdous Ashiq Awan said on Wednesday that Prime Minister Syed Yousuf Raza Gilani has emphasised Cabinet members for adopting effective measures to bring down prices of essential commodities during holy month of Ramazan. Addressing a press conference after Cabinet meeting held here under the chairmanship of the Prime Minister Syed Yousuf Raza Gilani, she said the Prime Minister directed that hoarders should be dealt with sternly. The minister said the Cabinet has approved Rs2 billion subsidised price package of essential food items to be distributed through the Utility Stores Corporation during the holy month of Ramazan. She said Prime Minister directed concerned authorities to ensure availability of food items throughout Ramazan and
there should be no complaint of shortage or deficiency of any item. She said essential food items included in the Ramazan Relief Package are atta, ghee, dal chana, white gram, dal mong, dal mash, baisen, dates, rice basmati, rice sella, rice broken, cold drinks, squashes, tea, spices and tetra milk packs. Dr Firdous said it was decided that USC will also reduce the prices of more than 800 items by 5-10 per cent by narrowing their own margin. There will be a difference of Rs17 per kg in the rate of sugar in the open market and the price at the USC. Moreover, there is a difference of Rs125185 in 20 kg bag of atta between the open market and the USC, he added. Firdous Ashiq Awan said the Prime Minister stressed that all concerned departments should ensure adequate supply of See # 5 Page 11
NAB to probe record of NLC ISLAMABAD: National Accountability Bureau has obtained complete record of multi-billion-rupee National Logistic Cell (NLC) scam for investigation. Between 2003 and 2008, the management of the NLC - the commercial logistic arm of the military - borrowed Rs4.2 billion from commercial banks and invested the money along with pensioners' funds to invest in the stock market.
NAB sources told Online that the bureau has received letters from National Assembly Public Account Committee and Planning Development Division in which they have asked NAB to investigate the scam. The source said that in this regard the bureau has started collecting record from Auditor General of Pakistan, Planning and Development Division and concerned departments. See # 6 Page 11
mitment to fight this scourge in all its manifestations," he added. Besides strengthening cooperation on terrorism, Krishna said that both the countries will continue discussions on Jammu and Kashmir by narrowing divergences. We discussed this issue with the Pakistani delegation and efforts are on to find a "peaceful solution." Krishna also said that both the sides have agreed to take more steps for the benefit of the people on both sides of the LoC, adding, "India and Pakistan agree on additional measures for cross-LoC travel. We are listening carefully to each other," he added. Krishna announced that he will be heading to Islamabad early next year to continue with the dialogue process. "We will continue with the dialogue process and both the foreign ministers will meet again in Islamabad in the first half of 2012," he announced. See # 3 Page 11
Raise in POL prices likely ahead of Ramazan TFD Report ISLAMABAD: Petroleum products prices expected to slightly increase, while the diesel price to be slashed with effect from August 1, 2011. According to reports, prices of petrol likely to increase by Rs0.50 per liter, HOBC and kerosene by Rs1.00 per liter, while the diesel prices might be slashed by Rs 0.50. Pakistan petroleum products prices are correlated with the international prices. See # 4 Page 11
7 more die in Khi violence KARACHI: Seven more persons have been killed in fresh wave of violence and targeted killings here on Wednesday, while the total number of killings has reached up to 16 during last 24 hours. According to police sources, during search operation from various parts of the metropolis including Shah Faisal Colony, 3 culprits have been arrested, who were allegedly involved in various violence and targeted killings activities. See # 8 Page 11
Rupee at record low on oil payments KARACHI: Pakistani rupee fell to a record low on Wednesday on strong demand for the dollar for oil import payments, and dealers said they expected the currency to weaken further in the days ahead. The rupee ended at 86.56/58 to the dollar, weaker than Tuesday's close of 86.40/42. "The rupee was traded as high as 86.58 to the dollar," said a dealer at a foreign bank. The rupee last hit a record low in May, at 86.50. See # 9 Page 11
NEW DELHI: Federal Minister for Foreign Affairs Hina Rabbani Khar meeting with Indian Prime Minister Dr Manmohan Singh.-APP
Revenue target fiasco cautions donors TFD Report KARACHI: Multilateral donors including World Bank, International Monetary Fund and Asian Development Bank have taken serious note of fudging in revenue collection of Pakistan for the last fiscal year. According to knowledgeable sources, most of the multilateral donors have stopped all such cases of foreign loans to Pakistan which were in process and have almost shelved them owing to rising incredibility of economic indicators of Pakistan on the background of recent declaration of tax collection more than targets as announced
by the apex tax collector of the country. It is widely feared that owing to no reply from multilateral foreign donors to fulfill the short-term financing needs of the country, now government would shift its borrowing load to local lending institutions which would eventually give sharp rise to budget deficit. According to economists it would become more difficult for the economic managers to contain the widening budget deficit if foreign donors flatly refuse to lend further. According to a report, WB officials have already communicated to finance ministry that any further loan
would strictly be linked with improvement in economic indicators which at present are not up to the mark as per minimum acceptable standards. Sources said ADB was also holding back programme loans in the last financial year owing to Islamabad's inability to get revived the International Monetary Fund programme and pursue reforms, especially in the power sector. Experts said after the FBR's revenue collection figure for 2010-11 is reduced from Rs1,592 billion to Rs1,550 billion, the whole fiscal framework for the current fiscal year will have to be reset accordingly.
Mutual funds grew 25pc in last fiscal Assets soared to Rs250bn Ghulam Raza Rajani KARACHI: The mutual funds industry witnessed a robust growth and appreciated by 25 per cent in fiscal year 2010-11 (FY11), as its asset size reached at Rs250 billion as compare to fall of 2 per cent in FY10. On the other hand, the local mutual funds industry remained flat and witnessed a meager appreciation of 0.2 per cent to close at Rs250 billion in June 2011. Open-end funds size witnessed an appreciation of 0.6 per cent MoM to close at Rs224 billion, while closedend funds performance
remained dull and showed a drop of 3.3 per cent MoM to reach at Rs25 billion. The reasons for upward trend during the year were robust growth witnessed in the money market funds and Islamic income funds category which increased by massive 141 per cent and 238 per cent to reach at Rs77 billion and Rs20 billion respectively. Likewise, equity funds category increased by 33 per cent mainly on the back of equity market performance which surged by 28.5 per cent in FY11, according to the research analyst of InvestCap.
The fixed income funds category constituted 31 per cent of the total industry size in June 2010 and during the last one year the category size declined significantly to reach at Rs39 billion, and now contain only 16 per cent of the total size of the industry. During FY11, open-end income funds category witnessed a decline of 16 per cent. The main reason for decline in the asset under management (AUM) of the category was the volatile nature of returns of the category. The TFCs/Sukuk price movement during the year See # 14 Page 11
More funds demanded for Thar coal ISLAMABAD: After the demonstration of power production from coal in Thar, the Pakistan Council for Scientific and Industrial Research (PCSIR) needs early release of additional funds for initiating the process at larger scale. PCSIR recently demonstrated the production of energy from coal in Thar, and afterwards submitted PC-1 to Ministry of Science and Technology to start the project at broader scale. Sources in PCSIR said that Pakistan will no more be facing power outages if the work on this project is executed without any delay. According to official data available, current gap of power demand and supply is
6,577MW, and if the current situation continues then the gap may shoot up to 95,798MW in 2030. Sources further disclosed that India is producing 65 per cent electricity from 4.5 billion tonnes of lignite (coal) reserves, while China producing 81 per cent electricity from 18.6 billion tonnes of coal. Though Pakistan has 186.2 billion tonnes of lignite reserves, but producing only 2.2 per cent of electricity, they added. They said that foreign companies were working freely at Thar, and added PCSIR needed some time to get foothold in area due to certain problems. Officials in PCSIR were of the view that project for pro-
ducing power from coal is worth Rs1 billion, and added keeping in mind the current situation of power outage, this amount is very nominal. It is pertinent to mention here that current energy crisis is causing Rs230 billion loss every year, besides loss of 400,00 jobs, and creating problems for poor people of the country. According to an estimate, power demand in year 2030 would be more than 100,000MW. Officials in PCSIR said, "PCSIR can play an important role in production of power from coal and overcome the energy crisis both in long term and short term". See # 7 Page 11
2 Thursday, July 28, 2011
ICCI asks govt to rewrite mineral policy ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) has urged the government on Wednesday to review the mineral policy in order to exploit the natural resources to their full capacity. "Mining Industry has immense potential to contribute towards the economic development of Pakistan. However, substantial reserves of various mines and natural resources have not been exploited to their full capacity", Mehfooz Elahi, President, ICCI made these remarks while chairing a meeting here. He said that the government should review the Mineral Policy with an aim to make it more investment friendly, effective and efficient with enhanced productivity and safety. "To harness adequate mineral potential with domestic and foreign investment, the government should ensure contemporary mining policies in line with internationally known
best practices with competitive fiscal incentives", he added. While referring to figures published in the Economic Survey of Pakistan 2010-11, he observed that most of minerals witnessed negative growth rate during the period. He said that mining and quarrying sector has grown by 0.4 percent in 2010-11 as against 2.2 percent last year while growth of coal declined by 4.0 percent, chromites 39.3 percent, magnesite 60.9 percent and barites 32.6 percent. However, marble and granite sector showed considerable growth of 46 per cent in exports over last year. The ICCI President was of the view that the pace of foreign direct investment could not be maintained due to non-implementation of national mining policy by the provinces resulting in all the mining companies abandoned their activities gradually. "The Government should review the mining policy which
would attract multinational companies to explore new targets", he added. He identified that mineral resources in the country were mainly confined to the Balochistan, Sindh, and KPK provinces, which consisted of large resources of lignite coal, crude oil, natural gas, porphyry copper-gold, iron ore, lead, zinc, gypsum, rock salt, limestone, uranium, and precious/semi precious stones. Thus, there was a dire need of massive investment as Pakistan's mining sector has offered substantial business opportunities for domestic and foreign investors. Tauseef Zaman, Vice President ICCI said that private sector could play a greater role in mineral development, Government should offer a number of incentives to private sector investors to explore the huge potential, thereby enhancing the contribution made by this economic activity to GDP. -APP
SSUET gave Rs218mn as fiscal assistance in 15yrs KARACHI: Sir Syed University of Engineering and Technology provided scholarships and financial assistance worth about Rs 218 million during the last 15 years. Starting with an amount of Rs 1.560 million provided as scholarship to 104 students in 1996-97, the University started providing financial assistance to needy students in 2004-05 when it disbursed Rs 0.3445 million among 33
students as financial assistance besides providing Rs 15.6 million as scholarship to 1000 students. According to figures available, the university provided scholarships amounting to Rs 2.385 million to 159 students in 1997-98, Rs 3.870 million to 258 students in 199899, Rs 5.115 million to 341 students in 19992000, Rs 6.345 million to 423 students in 20002001, Rs 7.110 million to
474 students in 20012002, Rs 5.830 million to 385 students in 2002-2003 and Rs 6.720 million to 412 students in 20032004. With the institution of financial assistance in 2004-2005, the university in subsequent years till 2010-2011 provided Rs 15.90 million as scholarship and financial assistance given to 1033 students, Rs 28.186 million to 1069 students, Rs
32.418 million to 1780 students, Rs 34.646 million to 1943 students and Rs 32.420 million to 1797 students. Thus, the SSUET provided a record Rs 217.497 million as scholarships and financial assistance to a total of 12,819 students. This amount included Rs 208.137 million given as scholarships to 12218 students and Rs 9.360 million as financial assistance to 601 students. -PR
PGBF office inaugurated KARACHI: The new office of Pakistan-German Business Forum (PGBF) has been inaugurated. German Ambassador to Pakistan, Dr Micheal Koch, performed the inauguration of the office located in the Defence
enhancing the bilateral trade. He assured cooperation in this regard by the German Embassy in Islamabad as well as its Consulate General in Karachi. Dr Micheal Koch said that he was pleased the way the PGBF was developing. He described this as
Housing Authority here. The Consul General of Germany in Karachi, Dr. Christian Brecht, was also present on the occasion. In his remarks Dr. Micheal Koch lauded the setting up of the office. He said that this step an indicator of the optimism for enhancing the trade ties between the two countries. The Ambassador also spoke of the potential for
a step in the right direction and also an important move for fostering the trade between the two countries. Saifuddin Zoomkawala of the PGBF presented the welcome address on the occasion. He said that by setting up this office the seed has been sown for the growth of business ties between Pakistan and Germany.
TFD Report
KARACHI: Shahnoor Ahmed, Chairman AAP, addressing a gathering during the Ad Asia 2011 Road Show at local hotel, Madhuhan Kamath Chairman Ad Asia 2011 also seen in picture.-Staff Photo
KARACHI: A group photograph of Haseeb Ihtisham, Head of Marketing NOKIA Pakistan and Afghanistan, Adeel Hashmi, Aamir Liaquat Hussain, Executive Director ARY, chief Sadat during the free Islamic and Ramadan Applications by Nokia on OVI store.-Staff Photo
BDS final exams
KARACHI: A Hamid, Zahid Saeed, Ali Kabir Shah, Saathi M Ishaque, Saleem A Khan, Justice (Retd) Saiduzzaman Siddiqui, Muneer Esmail, Alberto Barbieri and S Iqbal Jafri in group photo at the seminar on Reshaping Pakistan's Industry "Eliminating the Menace of Counterfeit Products". -Staff Photo
KARACHI: A group photograph of Chief Minster Sindh Syed Qaim Ali Shah with the participants of Accountants and Social Responsibility ICAP Golden Jubilee conference at local hotel. Staff Photo
AIDM secures top positions Staff Reporter KARACHI: Tahara Jamil and Sehrish Sarosh of BDS Final Year of Altamash Institute of Dental Medicine have secured the first and third positions in the BDS
Final Professional Results 2011 at Karachi University. According to results, Tahara Jamil d/o Jamil-ur Rehman Panhwar, roll number 113067 of Altamash
Institute of Dental Medicine secured 825 marks and stood first while Sehrish Sarosh d/o Sarosh Hamid, roll number 113063 was declared third having obtained 812 marks. AIDM, in its 10th year as
an institute of academic excellence, continues to train students as highlygroomed dental professionals to be at par with international standards and norms.
USAID trains Hesco officials HYDERABAD: The United States Agency for International Development (USAID) is imparting information technology training to 100 officials of Hyderabad Electric Supply Company (HESCO) to enhance their work productivity. Hesco spokesman Sadiq Kubar told APP on Wednesday that the training programme has been launched at Shaheed Zulfiqar Ali Bhutto Institute of Science and Technology (SZABIST), Hyderabad Campus. "The training is funded under Power Distribution Improvement Program (PDIP) by the USAID," he told. A Brookings Institutions scholar Dr Tehseen Chohan and Hesco's Principal of Regional Training Center (RTC) Tufail Ahmed Shaikh are jointly conducting the session, according to Kubar. Similar trainings are also being provided to the officers and staff of lESCO, Lesco and Pesco, and after Ramazan, Gepco, Fesco, Qesco and Mepco officers will be trained, he said. "As many as 1100 officers of eight distribution companies grouped in 53 batches have been selected for the training," he added. He further informed that a complete instructional manual was provided to all DISCOs to serve as available training design to conduct same training as in house activity in future. APP
Samsung unveils latest Notebook KARACHI: Samsung Electronics has recently unveiled the latest Samsung Notebook RC Series. With an HD LED display delivering up to 300 nit brightness, the Samsung Notebook RC Series is the ideal choice for anyone who wants to bring their world to life with brighter, sharper and naturally vibrant color. "We are excited to introduce Samsung's RC series, the notebook line-up that provide consumers with trusted quality, reliable performance and ease-of-use. With its incredibly clear HD screen, the RC Series is ideal for increasing productivity, browsing the Web or enjoying entertainment on-the-go." said Hee Chang Yee, Samsung's MD Pakistan. The Samsung Notebook RC Series is available in 15.6" with a gloss LED backlit display for the sharpest images and boldest, true to life colors. It also includes Samsung's Fast Start instant-on feature through which users can start the notebook over 20% faster than other PCs and wake up from sleep mode within seconds of opening the display or pressing the power button.
Senior journalist grieved KARACHI: Ms Zaitoon, daughter of Yousuf Ali Karani passed away on Tuesday morning after a protracted illness. She was 70. She was the elder sister of senior journalist Zahid H Karani. Ms Zaitoon was admitted in the ICU for the last one month where she breathed her last breath on Tuesday morning. She was buried at the Dawoodi Bohra graveyard. Her Soyem will be held on Friday (tomorrow) at 9.30 am sharp at Dawoodi Bohra Hussami Masjid (both for ladies and gents) behind Dolmen Mall North Nazimabad Hyderi.
Delegation visits KCCI, FPCCI
Thai traders urged to invest in Pakistan
KARACHI: Talat Mahmood, Senior Vice President is seen presenting Chamber's Crest to Nat Pinyowattanacheep Nat Pinyowattanacheep, Minister, Department of South Asian, Middle East and African Affairs, Ministry of Foreign Affairs of Thailand.-Staff Photo
ISLAMABAD: Senator Haji Ghulam Ali, President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) invited Thai businessmen to invest in Pakistan, for promoting trade and investment between the two countries. According to a statement issued here on Wednesday, delegation of Pakistani businessmen under the leadership of FPCCI president and Vice President Islamic Chamber of Commerce and Industry visited Thailand Federation of Industry and Thailand Federation of Commerce, Board of Trade in Bangkok and held a meeting with the investors and traders. Senator Ghulam Ali said
that Pakistan was an agricultural country and rich in natural resources. He said that gems and jewelry, fruits, poultry, livestock, food, construction, energy and agro based industries offer vast potential of joint venture investment and urged Thai business community to avail the opportunity. He assured to facilitate and provide all assistance and cooperation to Thai investors for this purpose. President FPCCI informed that government of Pakistan was organizing an investment conference in November 2011 and invited Thai investors to participate in a big way. The FPCCI president further stated that Pakistani
market is a very big market consisting of 180 million peoples and also provides the Thai investors market access to Central Asian states. On the occasion, both the Thai Federations agreed to make investment in Pakistan and said that they would prepare feasibility studies on the potential areas of investment as identified by the President FPCCI. The business community of Thailand showed greater interest for making investment in Pakistan and also agreed to exchange delegations of both the countries to business community and to further increase close coordination between FPCCI and Thai Federations. -APP
Peace drive is for every citizen: Memon
Sindh govt initiates campaign for peace Minister welcomes Altaf’s offer for support KARACHI: Sindh Minister for Information & Archives, Sharjeel Inam Memon along with Minister for Electric Power, Shazia Marri on Wednesday launched 'Peace Campaign' by hoisting white flag at the Karachi Press Club (KPC). "We are launching our campaign to spread the message of peace to every citizen not only in Karachi but also in the whole province through the central point of the media," Memon said on the occasion. He also welcomed the statements of MQM Chief Altaf Hussain for supporting the measures of the provincial government to launching the campaign and bringing peace to the city. He said that Sindh
Governor Dr Ishrat-ulEbad Khan has also assured his support to make the campaign successful by using his influence among the prominent functionaries and political leaders in the province. He said the provincial government would hold peace walks across the city which will be participated by all peace loving citizens of the city. He said PPP leaders have been asked by President Asif Ali Zardari to visit the offices of all the political parties to spread message of peace, love, and brotherhood without any discrimination. "I also urge the print, electronic media and journalist community to play their due role in bringing back the past glories of the
city," he appealed. "This drive will continue and our law enforcement agencies will also continue to play their due role to ensure peace in the metropolis," he added. "The Ulema have also agreed to participate in the campaign in the larger interest of the city which is also backbone of the economy," he added. Speaking on the occasion, Shazia Marri said that the local community could play a very important role to bring normalcy to the disturbed parts of the city. "We are all optimistic and also appreciate the goodwill gesture and statement issued by the MQM leadership in this regard to spread the message of peace, brotherhood and tolerance," she said. -APP
KARACHI: A group photograph of Rauf Siddiqui, Senator Abdul Haseeb Khan, Shujat Ali Baig, Khushbakhat Shujat, Mr & Mrs Qazi Asad Abid, Zil-e-Huma, Tabinda Lari on the occasion of wedding ceremony of Shazil with Aamna D/o Tanveer Hasan MD Habib Oil Mills.-Staff Photo
Stability must for regional growth: Saarc-CCI LAHORE: Saarc Chambers of Commerce and Industry (SCCI) (Pak chapter) on Wednesday hailed the optimistic outcome of Indo-Pak ministerial meeting at New Delhi. "Durable harmony and resolution of all core issue through peaceful parleys is pre-requisite for stability and economic growth in the region", SCCI Chief Pak chapter and veteran trade leader Iftikhar Ali Malik said in a statement here. He said that the constructive discussion in congenial atmosphere at meeting held between Foreign Minister Ms Hina Rabbani Khar and his Indian counterpart SM Krishna on all important issues confronting the two nuclear powers including core issue of Kashmir is a good omen for the region. He said that SCCI has fully supported the governmentindustry partnership and remained engaged in dialogue with governments of the SAARC region. He said that successful SAARC conference held Islamabad recently was a one good step towards normalization of relations between the two nuclear states.-Agencies
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Thursday, July 28, 2011
US dollar rallies after selloff this week l Markets wary of Japan intervention as dlr/yen falls NEW YORK: The dollar rebounded on Wednesday as investors took a respite from selling it given no fresh news on US debt negotiations, though uncertainty around the talks should keep the rally short-lived. The dollar earlier fell to record lows against the Swiss franc and three-week troughs versus the euro. It recovered as investors locked in profits on short positions in the greenback this week. Analysts said the dollar's outlook remained downbeat. Most market participants believed the deficit reduction proposals being discussed in Congress fall short of the required budget cuts necessary to avert a US debt downgrade by ratings agencies. "The dollar sell-off has come pretty far, pretty fast. I wouldn't make huge amounts of...the fact that it's taking a bit of a pause here," said Jonathan Lewis, founding principal of the New Yorkbased Samson Capital Advisers, with assets under management of $7 billion. "It is possible that the dollar is getting some sort of safe-haven bid, even though that's a bit of an oxymoron for the dollar.
Old habits die hard and equity markets are selling off and so the world is trying to connect the dots here." While everybody in the market expects Congress to strike a debt agreement, a ratings downgrade seemed more than likely. Analysts polled by Reuters expect the United States will probably lose its AAA credit rating from at least one major rating agency and believe the wrangling over the debt ceiling has already damaged the economy. As such, the dollar remained a sell on any rally, traders said. In midday New York trading, the dollar was little changed versus the Swiss franc, after earlier hitting a new record low of 0.79960 on the EBS trading platform. The dollar has fallen roughly 4.7 per cent so far in July against the Swiss franc and was down for a sixth straight month.
The Swiss franc, a traditional safehaven, has been the main beneficiary of the latest dollar sell-off and traders said the dollar could fall as low as 0.7600 franc in the near term. Analysts said the Swiss National Bank was unlikely to enter the market to weaken its currency despite its elevated levels.
Gains in the dollar were also helped by the euro's losses. The euro came off a three-week high on concerns a new Greek bailout plan agreed last week may not be sufficient to prevent contagion from the debt crisis to other larger euro-zone economies. The euro was down 1 per cent at $1.43670, having earlier climbed to $1.45370. Traders cited support in the $1.43500-600 region and offers at the
$1.44200-240. The euro's earlier fall followed comments by German Finance Minister Wolfgang Schaeuble thatBerlin was against giving the euro-zone's rescue fund carte blanche to purchase bonds in the secondary market. The drop in the euro helped push the dollar index off its lows. It was last up 0.7 per cent at 74.042, off an earlier trough at 73.421, its lowest since early May. The yen also gained as investors sought perceived safer alternatives to the dollar, raising concerns the Japanese authorities may intervene to stem the yen's strength. The dollar fell to a four-month low of 77.570 yen, just shy of a reported option barrier at 77.50. It was last up 0.1 per cent at 77.970 yen. The record low in the pair was 76.250 hit in midMarch. Finance Minister Yoshihiko Noda said on Tuesday Japan is closely watching "one-sided" moves, while sources familiar with currency policy said Japanese policymakers see solo market intervention as an increasingly viable option. -Reuters
Hedge funds resume buying Yuan finishes lower after hitting peak Asia FX; more gains seen SINGAPORE: Hedge funds resumed adding exposure to emerging Asian currencies on Wednesday, sending the Singapore dollar to another record and the Malaysian ringgit to its strongest since the region's 1997/98 financial crisis, as fears of a looming US debt default pulled down the greenback. Dealers and analysts said hedge funds, which had been inactive recently, returned to the market, while leveraged accounts and real money funds continued to increase positions in regional units as well. Many of Asia's foreign exchange authorities were spotted buying dollars to slow down the gains in their currencies, but investors took the interventions as chances to buy the units on dips, dealers said. With lawmakers deadlocked over a deal to raise the US debt ceiling and cut the deficit, emerging Asian currencies are expected to keep attracting investors, dealers and analysts said. Less than a week before an Aug. 2 deadline, Republican leaders postponed action on a plan to raise the US government's $14.3 trillion limit, denting hopes for a compromise to avoid a catastrophic debt default and a possible credit rating
downgrade. Sacha Tihanyi, senior currency strategist for Scotia Capital in Hong Kong, advised to short the dollar heading into the deadline next Tuesday, then cover shorts directly ahead of any last-minute deal and wait to see what the details are. "If it's not a longer-term fiscal plan, Asia ex-Japan fundamentals are likely to continue to favour strength against the USD," Tihanyi said. Currencies of developing Asia have appreciated as investors look to countries with stronger economic and fiscal positions than in the West. On a technical basis, some are looking overbought, but any corrections or position adjustments were not expected to be too severe. The Singapore dollar broke through psychological resistance at 1.2000 per US dollar to hit a fresh peak. It has hit successive record highs nearly every day since mid-July. Agent banks were spotted buying greenback at the historical peak of 1.1993, dealers said. Still, the Singapore dollar is expected to build on its recent gains as long as investors are worried about a US default and rating cut, dealers and analysts said.
"Singapore is one of a few countries in the world with a triple A rating. So investors are buying Singapore on views of US rating downgrade," said a European bank dealer. The Monetary Authority of Singapore will keep intervening but the central bank is expected only to slow down the currency's appreciation as long as other Asian currencies are strengthening as well, dealers and analysts said. The ringgit traded as firm as 2.9340 per dollar, according to dealers, the strongest since late September 1997 as the Malaysian central bank was not spotted intervening. Some leveraged accounts and interbank speculators covered dollar-short positions, dealers said, as the ringgit is technically seen overbought with the 14-day dollar/ringgit Relative Strength Index (RSI) down below the 30 threshold. But demand for the local currency was strong, dealers said. The Philippine peso hit an over three-high against the dollar as leveraged names and interbank speculators keep building dollar-short positions amid broad sales in the greenback. The peso strengthened to as firm as 42.08, the strongest since April 2008. -Reuters
Swiss franc up as traders eye US, EU debt ZURICH: The Swiss franc continued to benefit from its safe haven status on Wednesday, grinding higher against the euro and the dollar as ongoing concerns about euro-zone and US debt kept investors on the defensive. The dollar remains under broad pressure as US legislators wrangle over a deal to raise the nation's debt ceiling and sideline the spectre of a possible US debt downgrade and default. Benchmark three-month interbank lending costs for
euros have been trending upwards amid speculation that the euro-zone Greek rescue deal could face roadblocks. The franc rose 0.2 percent against the euro compared to the New York close, trading at 1.1598 francs per euro by 0652 GMT. It had begun the day trading around 1.1630 francs to the euro, but spiked higher through the 1.16 mark following comments German Finance Minister Wolfgang Schaeuble on the financial situation in the euro-zone, one
trader told Reuters. "But trading is overall rather quiet, most people are just watching at the moment," he said. The franc rose 0.2 percent against the dollar to trade at 0.7999 francs to the dollar. "With forex markets not taking the ongoing discussions on US fiscal issues very well, the dollar-franc continues to lose ground alongside the latest euro-dollar gains," said UBS economist Reto Huenerwadel in a note. Reuters
Aussie cracks new highs on inflation spike, NZD follows SYDNEY/WELLINGTON: The Aussie tore to a 29-year peak on Wednesday, following higher than expected core inflation data, reviving pressure for interest rate hikes, while the New Zealand dollar also gained. Aussie shoots up to $1.1063 from $1.0949 in New York, gaining more than a cent. Nextunchartered barrier seen at $1.1093, then $1.1110, the top of a channel resistance. Support at $1.0931, the day's session low. Last trades at $1.1050. The explosive Aussie reaction follows a strong rise in main trimmed-mean measure of underlying inflation, up 0.9 per cent in Q2 against the 0.7 per cent forecast. Reserve Bank of Australia (RBA) is now in a tricky position since it recently said it would be prudent to wait a while before hiking, given a patchy domestic economy and uncertainty abroad. The high reading challenged the markets' dovish expectations on rates. Australian debt futures plummeted, down as much as 0.18 points from positive territory. Financial markets pricing also reversed bets, now implying total tightening of 20 basis points in
the next 12 months from a 40 bps easing earlier this week. The short-end of the bond future curve also eased with the 3-year bond futures down 0.13 points to 95.460 while the 10-year was only 0.040 points lower at 95.020. Euro dives to two-week low against the Aussie at $1.3112, down 0.8 per cent. Last trades at $1.3140. Aussie also pushes to two week high against the yen at 86.05 yen. The kiwi also rides the Aussie wave hitting a 30year high of $0.8765 after the Aussie data from $0.8696 in New York. It trims its gains to sit around $0.8730. NZ dollar in territory last seen in mid-1981 when the exchange rate was managed by the central bank.Support seen at the previous high of $0.8678 and below that $0.8613, while resistance at $0.8778 ahead of the psychological $0.8800 level. Antipodean currencies were already flying high following an offshore rally, underpinned by broad selling of the US dollar as the US debt ceiling stalemate saga sees investors dumping the greenback and in favour of currencies backed by stronger economies. -Reuters
SHANGHAI: The yuan closed lower against the dollar on Wednesday after hitting an all-time high for a sixth straight trading day, as the People's Bank of China took advantage of a weak dollar to engineer further appreciation in the Chinese currency. Traders said banks and their clients liquidated some yuan positions late in the session in expectation of a yuan pullback as soon as Thursday, as the PBOC typically takes a two-steps forward one-step backwards strategy to deter speculators. The market has long speculated that the PBOC seeks to let the yuan rise over a specific period of time to partly help China adjust its economic structure to lessen its reliance on exports. Such a plan means that yuan gains will be capped, traders said. The yuan's limit for the end of the third quarter is now seen around 6.40 versus the dollar -- a level that allows the Chinese currency to have appreciated 3 per cent by the end of the quarter from the start of the year, they said. So if the yuan rises faster than expected early in the quarter, gains for the rest of the quarter will be more muted, in particular if the dollar rebounds after the
dust settles for US debt problems, they said. "The yuan's latest strength may cause misunderstanding about a non-stop rise," said a trader at a European bank in Shanghai. "The risk is high if speculators trade on this misconception, as the PBOC has always kept a tight grip on the pace of yuan appreciation. Speculators have been burnt many times before." On Wednesday, the PBOC set a record high mid-point of 6.4426 against the dollar, up from Tuesday's fixing of 6.4470. It was the fifth record high fixing over the past six trading days. Spot yuan closed at 6.4433, weaker than Tuesday's close of 6.4414. It has now appreciated 5.94 per cent since it was depegged from the dollar in June 2010 and 2.27 per cent so far this year. It hit an all-time high of 6.4375 in intraday trading, toppling the historical high of 6.4382 set on Tuesday. Offshore, benchmark oneyear dollar/yuan non-deliverable forwards (NDFs) were bid at 6.3690 in late trade, down marginally from 6.3700 at Tuesday's close. Their implied yuan appreciation in a year's time was up slightly at 1.15 per cent from 1.13 per cent. -Reuters
Indian rupee retreats from near 3-yr high on euro MUMBAI: The Indian rupee pulled back from a near threeyear high on Wednesday, dragged by a retreating euro on renewed concerns on Greece's debt crisis, chipping away comfort from central bank's dollar-inflow boosting hefty rate increase on Tuesday. Losses in local shares and dollar demand from local oil refiners for import payments as well as defence-related dollar purchases also weighed on the rupee, traders said. The partially convertible rupee ended at 44.08/09 per dollar, 0.2 per cent stronger from Tuesday's close, but weaker from the day's high of 43.8550 -- a level not seen since Aug. 29, 2008. "The huge swing we saw in the rupee today was a rare occasion indeed and unless the debt impasse in the US is sorted out, we could see rupee rising to 43.80 soon," said Naveen Raghuvanshi,an associate vice president at Development Credit Bank. The rupee is also expected to strengthen on hope of higher foreign investment in local shares and debt as the Reserve Bank of India's rate increase widened the interest rate differential between India and advanced economies. Foreign funds have bought
$1.7 billion worth of local shares and $867 million of debt so far in July. But, the central bank's rate increase has not augured well for domestic equities, which in-turn clipped rupee's rise, dealers said. The rate increase was the 11th since March 2010 as it battled persistently high inflation amidst slowing domestic growth and uncertain global demand. The euro was at $1.4449, after touching a high of $1.4536, compared with its $1.4480 local close on Tuesday. The one-month onshore forward premium was at 24.75 points from 25.25 on Tuesday, while the three-month was at 75.75 points from 74.25 and the one-year was at 246.25 points versus 246.50. One-month offshore nondeliverable forward contracts were quoted at 44.20, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange and the MCX-SX were both at 44.3100 and the United Stock Exchange were at 44.3250. The total volume stood at $13.5 billion. Reuters
Top Economic Events Time
Source
Events
Forecast
2:00
NZD
Official Cash Rate
2.50%
2.50%
2:00
NZD
RBNZ Rate Statement
Previous
4:50
JPY
Retail Sales y/y
-0.6%
-1.3%
12:55
EUR
German Unemployment Change
-15K
15:00
GBP
CBI Realized Sales
1
-2
17:30
USD
Unemployment Claims
413K
418K
19:00
USD
Pending Home Sales m/m
-1.5%
8.2%
19:30
USD
Natural Gas Storage
38B
60B
-8K
Previous Day Source
Events
NZD AUD AUD EUR EUR EUR EUR CHF GBP USD USD USD GBP USD
NBNZ Business Confidence CPI q/q Trimmed Mean CPI q/q German Import Prices m/m German Prelim CPI m/m M3 Money Supply y/y Private Loans y/y KOF Economic Barometer CBI Industrial Order Expectations Core Durable Goods Orders m/m Durable Goods Orders m/m Crude Oil Inventories MPC Member Miles Speaks Beige Book
Actual
Forecast
47.6 0.9% 0.9% -0.6% 0.4% 2.1% 2.5% 2.04 -10 0.1% -2.1% 2.3M
0.7% 0.7% 0.0% 0.3% 2.4% 2.8% 2.12 -2 0.5% 0.4% -1.2M
Previous
46.5 1.6% 0.9% -0.6% 0.1% 2.5% 2.7% 2.23 1 0.7% 1.9% -3.7M
Currencies Rate Name
As per 22.00 PST Ask High
Bid
Low
EUR-USD
1.4458
1.4462
1.4538
1.4444
USD-CHF
0.8009
0.8013
0.8025
0.8003
GBP-USD
1.6381
1.6385
1.6436
1.6356
USD-CAD
0.9423
0.9427
0.9443
0.9412
AUD-USD
1.1057
1.1060
1.1080
1.0942
EUR-JPY
112.44
112.49
113.20
112.30
EUR-GBP
0.8821
0.8824
0.8847
0.8815
EUR-CHF
1.1581
1.1584
1.1646
1.1573
GBP-JPY CHF-JPY Gold
127.44
127.52
128.09
127.24
97.10
97.15
97.39
96.88
1626.70
1627.38
1628.39
1617.11
Major Central Banks Overview Central Bank
Next Meeting
Last Change
9/7/2011 8/4/2011 8/5/2011 8/4/2011 8/9/2011 9/15/2011 8/2/2011
9/8/2010 3/5/2009 12/19/2008 7/7/2011 12/16/2008 3/12/2009 11/2/2010
Bank of Canada Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia
Current Interest Rate 1% 0.50% 0.10% 1.50% 0.25% 0.25% 4.75%
Division of National Bank of Pakistan (NBP) KARACHI, July 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
86.40 141.97 125.33 91.56 107.74 95.41 13.84 1.11 16.16 71.99 16.82 23.04 11.09 316.89 29.40 75.47 23.73 23.52 0.08 2.91
86.20 141.64 125.04 91.35 107.49 95.19 13.81 1.11 16.12 71.83 16.78 22.99 11.07 316.16 29.33 75.30 23.67 23.47 0.08 2.90
85.98 141.26 124.67 91.11 107.21 94.94 13.77 1.10 16.08 71.64 16.73 22.92 11.04 315.32 29.26 75.10 23.61 23.41 0.08 2.89
Pound dips on CBI data, weak dlr limits losses LONDON: Sterling dipped slightly on Wednesday after disappointing UK factory data, but remained within sight of a six-week high versus a weak dollar and looked set to retain support in the absence of a deal to raise the US debt ceiling. The pound was down 0.2 per cent on the day at $1.6380 , off a high of $1.6440 hit in earlier trade, after a Confederation of British Industry survey's total order book balance fell to -10 this month from +1 in June, well below forecasts for a reading of -2.
ure added to the argument the UK economic recovery is sluggish at best, it had supported the pound after it confounded investors who were expecting a weaker reading. Deadlocked negotiations between US politicians on raising the country's debt ceiling before the Aug. 2 deadline have unnerved investors who fear the world's largest economy risks a debt default and credit rating downgrade. The political wrangling has pushed the dollar down against major currencies, although
Traders cited selling by UK retail and corporate names, but analysts said that despite the weak data cable was likely to hold above support around the technical pivot point at $1.6370 thanks to broad dollar weakness. "Everyone is looking at the bigger picture of what is going on with the US with the debt ceiling, so sensitivity to data has been somewhat diminished," said Charles Diebel, head of market strategy at Lloyds. "This data is a little disappointing but to a degree most of the expectations for UK data have been skewed to the downside. When you get a weak number like today it's more an affirmation of people's thinking than a shock." Wednesday's data followed figures on Tuesday showing the UK economy grew 0.2 per cent in the second quarter. While the previous day's fig-
market players said technical charts indicated sterling/dollar looked "toppy" above $1.6400 and was unlikely to close above $1.6470. Traders cited offers in the $1.6450-70 region while strong support was seen at $1.6370. Further support below that level was at Monday's low of $1.6262. The euro slipped 0.3 per cent against sterling to 88.15 pence , but downside support was seen around 87.92 pence, the 61.8 per cent retracement of the late May to early July rally. The Bank of England is expected to keep interest rates on hold at a record low 0.5 per cent until late next year because of concerns over the fragility of the UK economic recovery while the European Central Bank has already embarked on a tightening cycle. -Reuters
4 Thursday, July 28, 2011
The Financial Daily International
Trading with Iran via swap arrangement
Vol 4, Issue 264
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
To whom it may concern Some time back almost all the political parties had agreed to remove party flags and wall-chalking from Karachi. While many of the areas have been cleaned one of the most glaring examples of disregard is KPT flyover where neither wallchalking nor flags have been removed. It seems those responsible for cleaning up have left them deliberately or the funds allocated for the clean up have been used elsewhere and work is left undone. It is often said that political activists have made permanent place in civic as well as law enforcing agencies. This hinders anti-encroachment activities as well as arrest of criminals very difficult. It is not an expression but unfortunate harsh reality in Pakistan. Beginning with Karachi, where scores of people are being killed on daily basis, all and sundry are holding the provincial and the federal governments responsible for the bloodshed, for not taking timely action. Some of the cynics even go to the extent by saying that whatever happening is being done under the umbrella of those who are responsible for maintaining law and order in the city. The critics also say that mayhem in Karachi is shifting from one area to another only to prove that the city suffers from complete anarchy. Since no perpetrators have been arrested, the growing and overwhelming perception is that once the law enforcing personnel are ordered to take action in any area ample time is provided to the perpetrators to move on to the safe sanctuaries located in other areas. A lot is being written and talked about the precarious Karachi situation, but conditions are not very different in other three provinces. MQM is often alleged for being involved in undesirable activities but are the members of all other parties 'angels'? PPP and ANP are also alleged for cooperating with each other for armed attacks on their opponents but lately members/ supporters of PML-N were also shown on almost all the television channels displaying arms and indiscriminate firing. Some of the supports are on record saying 'agar hamary members kay khilaf action lia gia to government ki eint se eint baja dain gay'. There is a growing consensus among the general public that many of the underworld members have been baptized by the political parties. Unfortunately, this tendency has crept into Pakistani politics from India. In fact Indians are also the victim of these types of horrendous activities and efforts should be made in Pakistan to contain such activities at the earliest.
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.
Muhammad Arif n a recent visit of President Asif Ali Zardari to Iran the question of settling trade through currency swap arrangements came under discussion. Since it can save Pakistan and Iran from using their reserves maintained in dollars and euros; hence its modalities are in discussion in media now a days. First of all one need to know that settling trade with Iran is already being done through Asian Clearing Union that is a regional group. The Asian Clearing Union (ACU), with its headquarter in Tehran was established on December 9, 1974 at the initiative of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). The primary objective of ACU, at the time of its establishment was to secure regional co-operation as regards the settlement of monetary transactions among the members of the Union and to provide a system for clearing payments among the member countries on a multilateral basis. Currently 2011, the members of ACU are the central banks of Bangladesh, Bhutan, Iran, India, Maldives, Nepal, Pakistan, Sri Lanka, and Myanmar. The central banking authority of member countries has issued detailed instructions and modalities for channeling the monetary transactions through the ACU. Membership in the ACU is also open to the rest of central banks located in the region. All eligible transactions between member countries are required to be settled through the Asian Clearing Union. The monetary transactions eligible to be settled through the Asian Clearing Union includes the following: " Payments from the resident in the territory of one participant to a resident in the territory of another participant. " Payment for current international transactions as defined by the Articles of Agreement of the International Monetary Fund. " Payment permitted by the country in
I
which the payer resides. " Payment which are in compliance with FEMA 1999, rules, regulations, orders or directions issued there under and the specific provisions of the Memorandum ACM. " Payment for exports and /or import transactions between ACU member countries on deferred payment terms. The unit of ACU currency is ACU dollar or ACU Euro; hence netting is done among countries on settlement using dollars and euro reserves. Any participant in net deficit (ACU dollar and ACU euro accounts collectively) at the end of a settlement period is also eligible to avail of the SWAP facility. Every eligible participant is entitled to the facility from every other participant up to 20 percent of the average gross payments (ACU dollar and ACU euro accounts collectively) made by it through the Asian Clearing Union mechanism to other participants during the three previous calendar years. The rate of interest chargeable on each drawal is equal to US dollar or Euro LIMEAN derived from the respective two months LIBOR declared by the British Bankers' Association (BBA). The potential benefits of this facility are: (1) Easy access by participants to international reserves of other participants when foreign exchange support is needed. (2) Availability of the facility on a multilateral basis, and (3) Opportunity for further monetary cooperation among the member central banks. Now coming to the trade among Pakistan and Iran exclusively we need to examine some of their macro-economic indicators. GDP size of Iran is $357 million whereas in case of Pakistan it is $174 million. Both countries incur maximum on defense. In case of Iran the expenditure is $7 billion whereas in case of Pakistan it is $5.1 billion, however considering Pakistan population the expenditure of Iran is on the high-
er side. The inflation in Iran is above 15% whereas in case of Pakistan it is also at 15-16%. Discount rate of Central Bank of Iran is almost at 15% however it is on Islamic mode of financing. In Pakistan it is 14%. The private sector borrowing in Iran is procured at the rate in between 1728% pa. The external debt of Iran is $11 billion whereas in case of Pakistan it is around $60 billion. Parity of Iranian riyal with US dollar is 10.603 whereas in case of Pakistan parity between PKR and dollar is 86. So Iranian Riyal is equal to PKR 8.11 Though Iranian Riyal is pegged but considering inflation rate of Iran and Pakistan the parity remains the same on the basis of purchasing power parity. Relations between Iran and Pakistan improved after the removal of the Taliban in 2002, but regional rivalry continues. Sunni-majority Pakistan sides with fellow Sunni Muslim Saudi Arabia in its competition with Shiite majority Iran for influence across the broader Islamic world, although Pakistan is far less ideological than either country, and is more concerned with influence in Central Asia rather than in the Arab world. Iran considers northern and western Afghanistan as its sphere of influence since its population is Persian Dari speaking. Pakistan considers southern and eastern Afghanistan as its sphere of influence since it is Pashto and Baloch speaking like the Khyber-Pakhtunkhwa and Pakistani Baluchistan, respectively. Pakistan expressed concern over India's plan to build a highway linking the southern Afghanistan city of Kandahar to Zahidan, since it will reduce Afghanistan's dependence on Pakistan to the benefit of Iran. Both the countries joined the Economic Cooperation Organization (ECO), a derivative of Regional Cooperation for Development (RCD), which was established in 1964. The ECO groups neighboring non-Arab Muslim states. As part of this regional organizational framework both countries continue to cooperate on trade
and investment. In 2005, Iran and Pakistan had conducted US$500 million of trade. The land border at Taftan is the conduit for trade in electricity and oil. Iran is extending its railway network towards Taftan but the gauges are of different sizes, 1435 mm and 1676 mm respectively. The Iran-Pakistan-India pipeline is currently under discussion. It could be a major development between all three nations. India has been pressured by the US not to go ahead with the deal and appears to have headed American policy after it signed the US-India nuclear deal. In addition international sanctions on Iran due to its controversial nuclear program could derail the project altogether. Trade between the two countries has increased by £1.4 billion ($2.2 billion) in 2009 -10. The Iranian says that President Ahmadinejad remains keen to strengthen ties between the two countries. Tehran has provided 50 million euros for laying of 170 kilometer transmission line for the import of 1000MW of electricity from Iran (2009 - 10). Pakistan is already importing 34MW of electricity daily from Iran. The imported electricity is much cheaper than the electricity produced by the Independent Power Producers (IPPs) because Iran subsidizes oil and gas which feed the power plants. Iran has also offered to construct a motorway between Iran and Pakistan connecting the two countries. Going forward proposal of using swap facility for settlement of trade can be enhanced from 20% as provided within the fretwork of ACU to 30-50% as a first step and than to enhance it further at later stages. For this, central banks of Iran and Pakistan need to sit together to finalize its modalities that would of course be on bilateral basis. This can save Pakistan and Iran from using their reserves in dollars and Euro abruptly. (The writer is a visiting professor at KASBIT)
Abbas demands full UN membership P resident Mahmoud Abbas urged Palestinians Wednesday to step up peaceful protests against Israel, urging "popular resistance" inspired by the Arab Spring to back a diplomatic offensive at the United Nations. Abbas, addressing a Palestine Liberation Organization (PLO) meeting, reiterated his decision to seek full UN membership for a state of Palestine alongside Israel, a diplomatic move resulting from paralysis in the U.S.-backed peace process. "In this coming period, we want mass action, organised and coordinated in every place," Abbas said. "This is a chance to raise our voices in front of the world and say that we want our rights." Though the United States is expected to block their quest for a full seat, the Palestinians expect to secure at least an upgrade in their UN status during September's General Assembly meeting in New York. Abbas's comments to the PLO central committee in Ramallah marked the first time he had openly urged popular activism in support of the initiative, echoing a call made last week by Marwan Barghouti, a leading Palestinian imprisoned in Israel. Palestinian officials are describing the diplomatic initiative as part of a new approach to their struggle
to create an independent state in the West Bank and Gaza Strip with East Jerusalem as its capital. Israel, which occupied those territories in 1967, sees the move as part of Palestinian efforts to isolate it and has warned Abbas against unilateral action. Israel is concerned that September could serve as a platform for protests inspired by Arab uprisings this year which have toppled leaders in Egypt and Tunisia and have challenged others in Syria, Yemen, Libya and Bahrain. A military commander said last week Israel would reinforce its border defenses in anticipation of such protests. Long an opponent of violence by Palestinians, Abbas has faced domestic criticism for appearing hesitant to support other forms of activism such as protests and marches, part of what Palestinians call "popular resistance." "We support popular resistance," he said. LIST OF GRIEVANCES He listed grievances including the expansion of Jewish settlements and the construction of Israel's West Bank barrier as reasons for wider activism. "Every day, we face things that drive us to carry out popular resistance on a wide scale and not in one place," he said. "I insist on popular resistance and I
insist that it be unarmed popular resistance so that nobody misunderstands us. We are now inspired by the protests of the Arab Spring, all of which cry out 'peaceful', 'peaceful'," he said. Hany al-Masri, a political analyst, said there were still question marks over whether Abbas was serious in his call. Abbas, 76, may still be nervous about the scope for protests to spiral out of control, he said. "Does he want this, or is it just for consumption? This is the question," he said. Abbas's Fatah movement still has a support base capable of mobilizing for such protests, he said. "If they want it, they can have it," he said. The Palestinians' plan, as outlined by officials, is to submit an application for full membership to UN Secretary General Ban Ki-moon, while also preparing a draft resolution for the General Assembly seeking an upgrade to "non-member state." Palestine currently has the status of an observer. While Palestinian officials expect US opposition to torpedo their attempt to gain full member status, they anticipate winning enough support in the General Assembly to secure the status upgrade. Palestinian officials say that would bring benefits including full access to UN agencies. -Reuters
Putin considering Kremlin return
R
ussian Prime Minister Vladimir Putin is close to a decision to bid for the presidency in an election next year because he has doubts about his protégé, President Dmitry Medvedev, senior political sources say. Putin ruled as president from 2000 to 2008 before handing over to Medvedev to comply with a constitutional ban on a third consecutive term. He will be free to run in the March presidential election. Putin, 58, and Medvedev, 45, have repeatedly refused to say which of them will run but as Russia's paramount leader, officials and diplomats say the decision is Putin's. "I think Putin is going to run, that he has already decided to," said a highly placed source who spoke on condition of anonymity because of the delicacy of the political situation. The source said Putin had been troubled by the perception that his protégé, whom he has known for more than two decades, did not have sufficient support among the political and business elite or the electorate to ensure stability if he pushed ahead with plans for political reform. "Putin has much more support from the people than Medvedev. Medvedev has overestimated his weight inside the system," he said. Another highly placed source who declined to be identified said: "Putin wants to return, really wants to return." The source said an attempt by Medvedev to assert his authority in recent months had unsettled Putin, but the two leaders communicated well on a regular basis. A third source also said Putin was thinking of running and that if he became president he could appoint a reformist prime minister, an apparent attempt to
dispel fears that his return would usher in a period of stagnation two decades after the fall of the Soviet Union in 1991. Investors see few differences between the two leaders' policies but many say privately that Medvedev would be more likely to carry out reforms than Putin. Medvedev's spokeswoman, Natalya Timakova, dismissed talk of any discord between them. "I do not quite understand where these rumors come from because the president and the prime minister communicate not only on formal issues, but informally too," Timakova said. A senior Kremlin source said it was up to the people, not the elite, who ruled Russia. "The discussion should be not about support within the elite but about who has more support from the people," the Kremlin source said. "Support from the elite is not always decisive for the country to move forward." Asked whether Putin was considering a return to the Kremlin, the prime minister's spokesman, Dmitry Peskov, said: "Vladimir Vladimirovich is working, working hard, rather than thinking about whether to run in the election." BATMAN AND ROBIN Most officials and foreign diplomats believe that, as the ultimate arbiter between the powerful clans that make up the Russian elite, Putin will have the final say on who will run in 2012. As Russia's most popular politician and leader of the ruling party, Putin would be almost certain to win a newly extended six-year term if he decided to return to the presidency. He could also then run again for another term from 2018 to 2024, a quarter of a cen-
tury since he rose to power in late 1999. He would turn 72 on October 7, 2024. The picture of Russia's "alpha-dog" ruler eyeing another Kremlin term corresponds to the assessment of U.S. Ambassador to Russia John Beyrle who cast Medvedev as playing "Robin to Putin's Batman," according to leaked US diplomatic cables. "Russia's bicephalous ruling format is not likely to be permanent based on Russian history and current tandem dynamics," Beyrle wrote in February 2010. Because of Medvedev's weakness in relation to Putin, the Kremlin chief's attempt to present himself as anything other than Putin's loyal protégé has puzzled investors and irked some of the officials who make up part of Putin's court. In a host of choreographed public events, Medvedev has pitched himself as the right man for Russia, calling for opening up the tightly controlled political system crafted by Putin and even reportedly lobbying Russia's powerful tycoons for support. A Kremlin insider said it appeared that both Medvedev and Putin wanted to be president, but that the tandem had not shown itself to be an effective way to rule Russia. "Neither Medvedev nor Putin have shown that this construction is stable," said the source, who added that talk of any discord was overblown and that Putin had shown his confidence in Medvedev by steering him into the Kremlin in 2008. Asked about Medvedev, the source said: "He is not stupid but he is not a brilliant manager and I am not completely convinced he has enough steel... Putin does not plan to leave power anytime soon." -Reuters
Putin, 58, and Medvedev, 45, have repeatedly refused to say which of them will run but as Russia's paramount leader, officials and diplomats say the decision is Putin's.
5
Thursday, July 28, 2011
South East Asian stocks
European shares end at one-week closing low
Indonesia sets record; Thai stocks at 15-yr high KSE-100 Index Opening Closing Change % Change Turnover (mn)
12,364.06 12,265.53 98.53 0.80 61.22
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,164.81 3,124.15 40.66 1.28 3.01
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,772.74 2,758.43 14.31 0.52 0.05
Major Gainers
Symbol
Close
Change
EXIDE BTL MIRKS ATLH ALNRS
180.82 94.16 53.38 124.06 42.97
4.53 2.92 2.53 2.47 2.04
Major Losers
Symbol FFBL NBP JSCL POL ANL
Close
Change
46.80 54.91 6.92 363.54 6.13
-0.28 0.53 -0.39 -18.64 -0.07
Top 5 Volume Leaders
Symbol FFBL NBP JSCL POL ANL
Close Vol (mn) 46.80 54.91 6.92 363.54 6.13
5.40 4.90 4.45 3.74 3.44
Active Issues Plus Minus Unchanged
77 177 124
Sector Updates FERTILISER 000 tonnes Urea Offtake (Jan to Apr 11) 1,714 Urea Offtake (Apr 11) 487 Urea Price (Rs/50 kg) 1,234 DAP Offtake (Jan to Apr 11) 215 DAP Offtake (Apr 11) 55 DAP Price (Rs/50 kg) 4,050
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Apr 11) 71,096 Sales (July 10 to Apr 11) 69,203 Production (Apr 11) 7,220 Sales (Apr 11) 7,510
INDUS MOTOR CO Production (July 10 to Apr 11) 42,670 Sales (July 10 to Apr 11) 41,940 Production (Apr 11) 4,219 Sales (Apr 11) 4,681
HONDA ATLAS CAR Production (July 10 to Apr 11) 14,062 Sales (July 10 to Apr 11) 13,754 Production (Apr 11)
1,582
Sales (Apr 11)
1,640
DEWAN FAROOQ MOTORS Production (July 10 to Apr 11) Sales (July 10 to Apr 11) Production (Apr 11) Sales (Apr 11)
186 203 -
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (May 27,11) Advances (May 27,11) Investments (May 27,11) Spread (April 11)
5,220,669 3,087,531 2,341,433 7.52%
OIL MARKETING CO (000 tons) MS (Jul 10 to Apr 11) MS (Apr 11) Kerosene (Jul 10 to Apr 11) Kerosene (Apr 11) JP (Jul 10 to Apr 11) JP (Apr 11) HSD (Jul 10 to Apr 11) HSD (Apr 11) LDO (Jul 10 to Apr 11)) LDO (Apr 11) Fuel Oil (Jul 10 to Apr 11) Fuel Oil (Apr 11) Others (Jul 10 to Apr 11) Others (Apr 11)
PRICES (Ex-Refinery) MS (1 May 11) MS (1 Apr 11) MS % Chg Kerosene (1 May 11) Kerosene (1 Apr 11) Kerosene % Chg JP-1 (1 May 11) JP-1 (1 Apr 11) JP-1 % Chg HSD (1 May 11) HSD (1 Apr 11) HSD % Chg LDO (1 May 11) LDO (1 Apr 11) LDO % Chg Fuel Oil (1 May 11) Fuel Oil (1 Apr 11)
1,867 196 134 14 1,148 117 5,719 567 44 2 7,252 739 143 15
Rs 62.83 59.35 5.86% 73.63 68.95 6.79% 73.86 70.88 4.20% 78.79 75.02 5.03% 71.55 65.27 9.62% 57,253 56,777
KSE: Profit-taking erodes 98pts Nawaz Ali KARACHI: Profit taking mainly in oil and fertilizer stocks and fall in international stock markets kept the Karachi Stock Exchange (KSE) under the control of bears on Wednesday which lost about 100 points despite handsome payout announced by Fauji Fertilizer Bin Qasim (FFBL). The benchmark KSE-100 index lost 98 points to close at 12,265 points, KSE-30 index fell by 129 points to close at 11,687 points and KSE all-share index was down by 67 points to close at
8,501 points. "Profit taking was witnessed as major correction led the investors to play safe due to bearish fluctuations in global markets", said Mujtaba Barakzai, equity dealer at JS Global Capital. POL underwent massive selling, almost hitting its lower limit of the day on rumours of dry well on Domail II, he added. Market opened the session with 13 points up, thereafter some mix activities were witnessed during the first two hours with the index moving on both sides during which it touched an intra-day
high of 12,402 points (+ve 38). Thereafter, despite a handsome payout announcement by the FFBL, decline in regional stocks markets and continued selling by the foreign investors kept the index in the red zone throughout the remaining part of the session. The index losses crept into three digits and a little before the closing bell rang touched its lowest level of the day of 12,234 points (-ve 129). Zoheb Zaheer, analyst at Aba Ali Habib Securities said that fertilizers on the whole remained less attractive despite a handsome payout by FFBL along with its
Nikkei falls on US debt woes TOKYO: The Nikkei stock average fell on Wednesday as concerns mount over a deadlock in talks to raise the US debt ceiling, but expectations of improved Japanese corporate earnings could help it stay near four-month highs. With US lawmakers sharply divided over how to reduce the country's deficit, buyers stayed on the sidelines, leaving profittakers to dominate the market. "Most people think the US can avoid default. But because the probability is not zero, investors may not feel comfortable about buying now," said Soichiro Monji, chief strategist at Daiwa SB Investments. Still, hopes that earnings will be boosted by a faster-thanexpected recovery in supply chains and consumer demand from the March 11 earthquake are lending support. Solid quarterly results and guidance that came out on Wednesday from Fanuc and Nippon Steel underscored such expectations, following robust earnings from Canon and Kao Corp earlier this week. The benchmark Nikkei closed down 0.5 per cent at 10,047.19. But it is still up 2.4 per cent so far this month and not far from its post-quake high of 10,207.91 hit earlier this month. The broader Topix index fell
0.8 per cent to 859.11. Worries are also growing that the country's exporters, many of which have just started to recover from supply chain disruptions, may be hurt by the dollar's weakness against the yen on the US debt mess. The dollar hit a fourmonth low around 77.65 yen on Wednesday, inching near a record low of 76.25 yen hit in March. Few analysts had predicted the dollar would fall below 78 yen. "If the dollar falls to 75 yen, companies will probably say their profits look uncertain in this quarter even if April-June was not so bad," said Daiwa SB's Monji. For now though, analysts said the Nikkei is expected to hold above the closely watched 10,000 mark while the market is looking at its 200-day moving average, now at 9,919, as a support level over the next week. Tokyo Electric Power Co nosedived 16 per cent to 431 yen, hit by concerns over the revised bill to help the utility compensate victims of the accident at its Fukushima Daiichi nuclear plant. "Investors are worried about the possibility that shareholders may have to share some of the burden," said Mitsushige Akino, a fund manager at Ichiyoshi Investment Management. See # 13 Page 11
ANNOUNCEMENTS Company Fauji Fert Bin Qasim Security Paper Ltd. Mehran Sugar Mills Habib Sugar Mills J.D.W.Sugar Mirpurkhas Sugar
Period Half Yearly Yearly 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr
Div/Bon/Right 22.5%(ii)(D) 50%(F)(D) 7.5%(iii)(D) -
PAT (Rs in mn) 3,513.63 315.08 288.43 562.20 1,232.67 217.74
EPS(Rs) 3.76 7.66 16.68 3.75 22.87 25.82
Ramadan timings for KSE Ahmed Siddique KARACHI: Karachi Stock Exchange (KSE) has issued new timing for the Holy month of Ramadan. During Ramadan trading at Karachi Stock Exchange (KSE) will take place from 9:15am to 2:00pm from Monday to Thursday and from 9:15am to 12:30pm on Friday. However, Pre-open timings for the trade will be 9:00am to 9:15am from Monday to Friday. See # 12 Page 11
FTSE falls as US debt divide woes LONDON: Financials led Britain's top share index lower on Wednesday, on concerns that deeply-divided US lawmakers would fail to agree to a deal to avoid a default on the country's debts. The UK benchmark index closed 73.15 points, or 1.2 per cent lower at 5,856.58, albeit in thin volumes. The continued standoff by US politicians has prompted fund managers to steer clear of equities. Republican and Democratic leaders are scrambling to find common ground before August 2, when the government is expected to hit its $14.3 trillion (8.72 trillion pounds) borrowing limit that could trigger a default and roil world markets. See # 11 Page 11
1HCY11 results. Engro continued to witness a downward trend with its prevailing gas curtailment issue amid concerns over its present debt levels. FFBL announced dividend of Rs2.25 per share for the 2QCY11 and posted earnings after tax of Rs3.51 billion translating into an earning per share of Rs3.76 for the 1HCY11. Foreign investors remained on the selling side as according to NCCPL data, offshore investors did a net selling of $4.05 million on Wednesday which totaled to a net selling of $7.64 million so far
during the week. Investors' participation saw some improvement as 61.2 million shares traded during the day which was 6.7 million shares more as compared to a turnover of 54.5 million shares a day earlier. Fauji Fertilizer Bin Qasim was the top traded scrip with 5.39 million shares followed by National Bank of Pakistan with 4.9 million shares and Jahangir Siddiqui & Co with 4.44 million shares. Out of total 378 active issues; 177 declined and 77 advanced while 124 issues remained unchanged.
Indian shares drop on cautious outlook MUMBAI: Indian shares fell for the second session on Wednesday, with financials under pressure, and investors stayed cautious on expectations of more monetary tightening after the central bank's aggressive rate increase on Tuesday. Equities were weak globally on a flight to safety from a possible US debt default The 30-share BSE index fell 0.46 per cent, or 85.97 points, to 18,432.25 points, extending the previous day's 1.9 per cent slide. More than half the index components dropped. The Reserve Bank of India raised interest rates on Tuesday by a higher-than-expected 50 basis points its 11th increase since March 2010 and showed unexpected resolve in fighting persistently high inflation despite slowing growth and uncertainty about global demand. Expectations for rate increases for the remainder of 2011 have jumped by 50 basis points after the move, a Reuters snap poll of economists found on Tuesday. "The rate hike is hurting. Also, we have derivatives expiry tomorrow, which could keep the trade choppy," said Gajendra Nagpal, CEO of Unicon Financial. Foreign funds have invested a net of $2.8 billion in Indian equities since June 23, but data since the last week suggests wavering interest. "Investors will definitely be cautious. We don't know when it (rate hike cycle) gets over,"
said Vaibhav Sanghavi, director of Ambit Capital. "Inflation isn't going to come down in a hurry. It is here to stay for now." Leading lenders State Bank of India and ICICI Bank fell 1.7 per cent and 1.4 per cent respectively, on concerns of a slowdown in credit offtake. Energy major Reliance Industries dropped 1.2 per cent as worries over its gas output clouded the outlook, dealers said. It posted its highest ever profit on Monday, but analysts have said refining margins are peaking and the slowdown in its oil and gas business could continue. Maruti Suzuki raced 2.7 per cent ahead, a day after the top carmaker beat estimates with an 18 per cent rise in its fiscal first-quarter net profit. The 50-share NSE index closed 0.5 per cent lower at 5,546.80 points. Losers outnumbered gainers in a ratio of 1.3 to 1 on NSE, where 596 million shares were traded, higher than the 90-day daily average volume of 575 million. World shares as measured by MSCI were down 0.2 per cent by 1026 GMT. Analysts polled by Reuters expect the United States will probably lose its top-notch AAA credit rating from at least one major rating agency, believing the wrangling over the debt ceiling has already damaged the economy. Reuters
US stocks mid-day
Wall Street slides on rising doubts NEW YORK: Wall Street skidded on Wednesday as troubling signs from US corporations and falling demand for long-lasting manufactured goods discouraged investors already nervous about faltering debt talks in Washington. Weighing on technology shares, Juniper Networks Inc tumbled 20.1 per cent after the company warned late Tuesday its second-quarter results would miss expectations. The Nasdaq fell 2 per cent shortly after the open. Moderating order growth at Emerson Electric Co added to investors' concern about industrial companies after weak earnings in the sector. Emerson's shares fell nearly 7 per cent. The S&P 500 has lost more than 2 per cent this week as See # 10 Page 11 Result close to TFD forecast
FFBL profit up by 104pc Aamir Abidi KARACHI: Fauji Fertilizer Bin Qasim (FFBL) has announced its financial results y for the first half of CY11. Profit after tax surged significantly by 104 per cent to Rs3.51 billion (EPS: Rs3.76) as compared to Rs1.72 billion (EPS: Rs1.84) for corresponding period of last year. This was mainly due to better DAP margins, higher urea prices and profit from treasury operations. The result is close to the forecast of "The Financial Daily" of net profit of Rs3.39 billion and EPS of Rs3.63. The Company also announced the second interim dividend of Rs2.25 per share for 2QCY11 taking the cumulative dividend to Rs3.5 per share for CY11. Topline of the Company improved by 51 per cent YoY to Rs18 billion on the back of higher DAP and urea sales. Gross profit was up 80 per cent to Rs6.93 billion against Rs3.84 billion. Income from treasury operation surged by 46 per cent to Rs677 million versus Rs464 million during the period under review.
Developers lift Shanghai
Dhiyan
Hong Kong shares dip as insurers drag
Saqib Hussain, Head of Sales, M.M. Securities
HONG KONG/SHANGHAI: China shares got a lift from property developers while the Hong Kong market slipped as insurers fell and the continuing gridlock in the US debt talks weighed on turnover. The lack of progress on nailing a way to raise the US debt ceiling and address the ballooning budget deficit has kept cashed-up funds from making big bets even with valuations for Chinese shares near multiyear lows. The Hang Seng index finished down 0.1, unchanged from midday, and held above its 50-day moving average. On the mainland, the Shanghai Composite closed up 0.8 per cent as real estate counters gained after China affirmed it will carry out ambitious plans to provide low-cost housing. "Investors have become very bearish on China. If you talk to investors, particularly in the US, the vast majority believe China is headed for a hard landing in the economy," said Garry Evans, global head of equity strategy at HSBC. But China's GDP will continue to grow around 9 per cent
while inflation pressures are likely to ease going into the second-half, said Evans, who is overweight on China, which he expects to outperform the rest of Asia over the next two or three quarters. Insurers were the biggest drags on the market on Wednesday after a large stake sale from private equity firm Carlyle Group and a report from Standard & Poor's that said growth for the sector could slow marginally kept shares under pressure. China Pacific Insurance, in which Carlyle sold a stake worth up to $1 billion, fell 4.5 per cent. Larger rivals China Life and Ping An fell around 1 per cent each. SHANGHAI'S BOOST Shares got a boost from Chinese authorities reiterating their support for the country's plans to build 35 million "social housing" units over the next five years. China's vice minister for housing, Qi Ji, expects the pace of building affordable housing to increase in the next two or three months and some 10 mil-
lion units could be built by the end of November, the China Securities News reported. And the finance ministry will allow more spending on construction of affordable housing in the second half, the Xinhua news agency said, citing the ministry. Those announcements lifted the property sub-index, which tumbled 4.1 per cent on Monday after the weekend's deadly railway accident. On Wednesday, it gained 0.6 per cent, helping the Shanghai Composite to close above the 2,700 mark. "Investor confidence was hurt by recent incidents," said Cheng Yi, an analyst at Xiangcai Securities in Shanghai, referring to the train crash and the US debt crisis. "But we think some hot news or friendly policies will support the index at recent levels, such as affordable housing and good expectations of first half year results." A rebound from small cap shares also boosted the index, with the sub-index jumping 1.7 per cent.-Reuters
CONTRARY OPINIONS Market is likely to witness range bound activities moving forward where activity would be seen in selective stocks. Investors are recommended to invest in stocks belonging to oil and fertilizer sectors while they should avoid investing in banking stocks. Market is expected to show recovery today.
Muhammad Ahsan Rasheed, Director Research, AMJ Growth We might see some more correction in the market ahead of monetary policy announcement on July 30 and the index may see strong support at 12,155 points. However, if foreign selling continues then it will have negative impact on the market. Investors are advised to take positions in; AICL, FFC, NBP, and PSO with stop loss and trade in limits with at least three months horizon. Market outlook is mixed today.
6
Thursday, July 28, 2011
Market
KSE 100 Index
Symbols
Volume
61,221,182
Value
3,705,353,406
Trades
44,196
Advanced Declined Unchanged Total
Current High Low Change
77 177 124 378
All Share Index
12,265.53 12,403.01 12,232.41 i98.53
Current High Low Change
8,501.36 8,595.26 8,478.44 i67.00
OIL AND GAS
Paid up Cap(mn)
Company Attock Petroleum Attock Refinery BYCO Petroleum
PE
Open
High
High Low 1,575.58 1,541.08 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.47 32.54 Low
Close Chg
691
6.65 377.64
378.00 365.10 367.95 -9.69
853
4.12 131.78
132.35 125.20 125.67 -6.11
3921
-
9.03
Mari Gas Company
735
4.21 104.98
National Refinery
800
9.14
8.80
8.82 -0.21
104.40 102.50 102.86 -2.12
Last 60 days High Low
Volume 55910
394.90
365.10
1069916 143.50
% Change -1.30 5-Day High 1,584.09 5-Day Low 1,547.49
2010 Div BR (%) (%) 300
2011 Div BR (%) (%)
20B115.00
-
120.40
-
-
-
-
684023
10.10
8.00
-
-
-
-
26997
113.75
98.76
31
- 23.43
-
4.94 363.21
364.50 357.00 357.45 -5.76
195856
390.00
323.50
200
-
-
154.90 153.00 153.66 -0.82
158379
157.51
142.51
55
- 30.00
-
Pak Petroleum
901697
219.70
202.50
90
20B100.00
-
3735088 391.69
321.10
255
-100.00
-
Pak Oilfields Pak Refinery Limited
7.77 212.29
214.50 211.41 212.61
2365
8.02 382.18
382.79 363.20 363.54 -18.64
350 43.06
P.S.O
1715
Burshane LPG
226
Shell Pakistan
685
77.58
3.58 251.70 -
24.29
7.83 222.50
78.54
77.00
0.32
77.08 -0.50
254.20 249.00 250.79 -0.91 23.51
23.10
24.29
0.00
223.99 220.00 220.20 -2.30
Current High Low Change
11,687.85 11,851.57 11,673.72 i129.54
21,323.52 21,648.31 21,285.83 i256.74
10489
89.25
77.00
-
309450
291.50
249.00
80
-
-
-
-
- 80.00
-
350
25.60
22.11
-
-
-
-
7573
233.00
208.00
120
-
-
-
Open 780.63 Turnover 6,620 P/E (x) 4.99 Company
High Low 775.92 761.73 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.27 25.53
Close 763.53 Listed cap 3,242.17 mn Payout (%) 11.08
Change -17.10 Market cap 11,776.58 mn Div Yield (%) 2.22
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1092 1321
7.04 7.04
78.56 24.00
78.00 24.00
76.50 23.65
76.53 -2.03 24.00 0.00
6282 338
91.20 29.50
Pak Int Cont.Terminal PNSC
67.31 22.90
Company
High Low 1,903.13 1,851.64 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.14 35.00
Close 1,860.78 Listed cap 52,251.88 mn Payout (%) 48.81
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
3924
-
18.01
18.48
18.00
18.20 0.19
518
Change -29.67 Market cap 380,943.06 mn Div Yield (%) 5.45
Last 60 days High Low 20.99
% Change -1.57 5-Day High 1,906.78 5-Day Low 1,860.78
2010 Div BR (%) (%)
16.60
-
-
2011 Div BR (%) (%) -
-
Open 1,117.55 Turnover 145,396 P/E (x) 3.71 Paid up Cap(mn)
PE
Open
High
High Low 1,116.74 1,101.60 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.94 25.35 Low
Close Chg
Close 1,117.67 Listed cap 6,768.53 mn Payout (%) 20.42
Agriautos Ind Atlas Battery Atlas Honda Dewan Motors Exide (PAK)XDXB General Tyre Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Pak Suzuki Sazgar Engineering Transmission
144 4.31 69.90 101 6.20 231.61 719 7.74 121.59 1087 2.89 71 3.70 176.29 598 4.27 22.53 450 2.86 200 6.23 3.49 1428 - 10.13 823 14.43 64.31 150 1.14 23.11 117 1.11
70.39 69.01 70.03 0.13 235.00 231.15 233.60 1.99 124.75 121.00 124.06 2.47 2.90 2.75 2.75 -0.14 183.90 178.75 180.82 4.53 22.50 22.00 22.43 -0.10 3.15 2.90 2.91 0.05 3.59 3.30 3.30 -0.19 10.32 9.51 9.56 -0.57 64.40 63.76 64.07 -0.24 24.00 24.00 23.11 0.00 1.11 1.11 1.11 0.00
Last 60 days High Low
Volume 2000 1796 24481 72107 7345 2471 4067 1139 18034 10617 300 998
73.00 241.00 160.00 3.46 235.00 24.85 4.41 3.75 11.58 72.50 24.90 1.54
68.00 207.25 112.10 1.50 163.10 22.00 2.16 2.90 9.00 61.35 22.01 1.06
BOC (Pak)
250
8.03 107.82
107.51 106.00 106.66 -1.16
1709
108.00
90.50
60
-
-
-
341
4.73 157.18
156.99 155.00 155.01 -2.17
736
167.00
155.00
135
25B
-
-
FOOD PRODUCERS
-
-
Performance of SR Food Producers Index
-
-
Dawood Hercules
4813
3.29
57.50
58.50
56.56
56.79 -0.71
93066
66.00
56.10
1996
-
2.00
2.07
1.92
1.99 -0.01
13902
2.79
1.83
1020
9.49
Descon Oxychem Ltd. Dewan Salman
3663
Engro Corporation Ltd
3933
Engro Polymer
6635
Fatima Fertilizer
22000
Fauji Fertilizer
8482
Fauji Fert.Bin Qasim
9341
Ghani Gases Ltd
-
10.04
-
16.58
9.92 163.72 6.17
725 10.25
ICI Pakistan
1388
Lotte Pakistan
15142
Nimir Ind Chemical
6.40 2.35
6.44 147.63
47.08 12.78
8.67 156.05 3.46
1106 13.26
12.76
6.40 2.25
6.45 0.05 2.28 -0.07
10.01
9.58
9.65 -0.39
16.89
16.15
16.23 -0.35
164.75 160.20 161.20 -2.52 47.80 12.75
46.60 12.06
46.80 -0.28 12.20 -0.58
156.79 156.00 156.01 -0.04 12.81
12.36
12.40 -0.36
8.40
5.60
-
-
-
3.65
2.11
-
-
1366624 200.00
143.70
60
866166
12.67
1951452
17.60
1892420 172.97 5398490
-
-
-
-
12.10
-
-
-
137.65
130
25B 45.00
-
48.05
41.26
-
65.5
- 35.00
-
73784
13.90
11.40
-
-
-
-
496726
160.00
148.02
175
-
-
-
2110112
15.94 3.30
5
2.26
-
-
-
-
-
3.05 -0.12
19.50
19.01
19.15 0.04
6371
20.10
16.99
-
-
-
-
99.50
97.00 100.01 0.00
245
104.25
94.67
25
5B
-
-
Sitara Peroxide
551
5.12
17.02
17.15
16.47
16.54 -0.48
141783
19.12
16.05
-
-
-
-
92
-
13.64
13.99
12.71
13.64 0.00
1377
16.50
12.65
-
-
-
-
United Distributors
473853
12.36
3.03
19.11
2.48 100.01
5.26
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,100.22 Turnover 255,666 P/E (x) 5.49 Company
High Low 1,146.92 1,074.80 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.41 7.47
Close 1,127.81 Listed cap 1,186.83 mn Payout (%) 25.28
Change 27.60 Market cap 3,111.93 mn Div Yield (%) 4.61
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707
-
15.53
16.25
15.10
15.91 0.38
135825
18.00
14.51
-
411
5.57
41.51
43.55
40.71
42.70 1.19
119831
43.55
37.00
50
Century Paper Security Paper
Last 60 days High Low
% Change 2.51 5-Day High 1,127.81 5-Day Low 1,076.49
2010 Div BR (%) (%) -
Open 2,316.69 Turnover 1,848,673 P/E (x) 56.93
-
20B
- 27.5R
9.58
214
42
3.23
1172125 531533
-
Sitara Chem Ind
Pak Gum
3.17
6.78 2.40
148.00 143.70 144.06 -3.57
50 300B
Company
Paid up Cap(mn)
AL-Noor Sugar Bawany Sugar Crescent Sugar Habib Sugar J D W Sugar Mehran Sugar Mirpurkhas Sugar Mirza Sugar National Foods Noon Pakistan Noon Sugar Quice Food S S Oil Sakrand Sugar Shahmurad Sugar Shahtaj Sugar Shak(RCPf)8.5 Perc Shakarganj Mills
186 87 214 750 539 173 84 141 414 48 165 107 57 223 211 120 346 695
-
- 50.00
-
PE 2.46 5.40 2.74 2.44 1.55 0.54 11.74 5.26 1.52 4.55 0.34 23.91 1.29 2.53 1.14
2011 Div BR (%) (%) -
Company
Close 1,035.21 Listed cap 3,596.11 mn Payout (%) 30.91
Change -0.61 Market cap 15,356.65 mn Div Yield (%) 11.53
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
565
1.91
27.73
28.49
27.02
28.19 0.46
13003
29.25
25.70
30
- 20.00
-
675 555 21.39 4350 1199 8.96
2.39 12.00 13.65 50.58
2.44 12.29 13.75 52.00
2.10 11.85 13.50 50.00
2.35 11.98 13.62 50.09
21952 2370 21150 35039
3.10 12.95 15.06 52.75
1.62 11.05 0.00 48.52
40
25B 15.00 20B 15
-
Crescent Steel Dost Steels Ltd Huffaz Pipe XD Inter.Steel Ltd. International Ind
-0.04 -0.02 -0.03 -0.49
Last 60 days High Low
% Change -0.06 5-Day High 1,047.33 5-Day Low 1,031.01
2010 Div BR (%) (%)
2011 Div BR (%) (%)
Company
Paid up Cap(mn)
Diamond Ind 90 Gauhar Engineering Ltd 22 Hussain Industries 106 Pak Elektron 1219 Tariq Glass Ind 693
PE 1.32
Company
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
866
6.14
48.32
48.50
48.40
48.50 0.18
858
-
Attock Cement Balochistan Glass Ltd
1500
56.01
48.00
50
-
8.80
8.80 -0.20
6050
10.60
8.50
-
-
-
-
2.00
2.01 -0.18
20437
2.24
1.50
-
-
-
-
948
-
3891
-
1.62
1.70
1.50
1.51 -0.11
142226
2.67
1.36
-
-
-
-
4381 30.40
23.39
23.50
22.76
22.80 -0.59
1741192
25.85
21.31
-
20R
-
20R
-
92R
13311
6.90
502
4.27
4.05 5.08
4.10 5.19
3.95 4.50
4.00 -0.05 4.95 -0.13
441790
5.04
4309
3.95
7.44
4.50
-
-
-
-
-
-
-
-
Dewan Cement
Fecto Cement
1.15
-
DG Khan Cement Ltd Fauji Cement
2.90
-
-
2.90
9.39 2.20
2525
-
-
3300
9.00 2.19
1.40 0.18
1.50
2011 Div BR (%) (%)
956 41.90
1.40
1.54 -0.37
2010 Div BR (%) (%)
982 15.46
1.40
1.50
Last 60 days High Low
Volume
% Change -1.19 5-Day High 882.50 5-Day Low 857.06
Cherat Cement
1.22
1.75
Change -10.36 Market cap 69,689.47 mn Div Yield (%) 3.27
Dadabhoy Cement Dandot Cement
1.91
Close 857.06 Listed cap 54,792.74 mn Payout (%) 19.04
-
-
-
Flying Cement Ltd
1760
-
1.28
1.29
1.25
1.26 -0.02
13588
1.95
1.20
-
-
-
-
Gharibwal Cement
4003
-
5.00
5.40
4.90
4.90 -0.10
10709
9.15
4.25
-
-
-
-
Kohat Cement
1288
-
6.00
6.37
5.90
5.90 -0.10
4447
7.60
5.85
-
-
-
-
13126 62.50
2.60
2.67
2.47
2.50 -0.10
218314
3.35
2.47
-
-
-
-
73.65
72.62
72.84 -0.47
1028231
77.43
66.93
40
Lafarge Pakistan Cmt.
5.92
73.31
Maple Leaf Cement
5267
-
2.04
2.10
2.03
2.10 0.06
64713
3.05
2.00
-
-
-
-
Pioneer Cement
Lucky Cement
2271
3234
-
5.11
5.16
5.00
5.00 -0.11
32882
6.34
4.50
-
-
-
-
-
-
-
Safe Mix Concrete
200
-
5.00
5.20
4.83
4.84 -0.16
1511
5.80
4.17
-
-
-
-
Thatta Cement
997
-
15.01
15.00
15.00
15.00 -0.01
999
20.90
14.51
-
50R
-
-
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 973.14 Turnover 52,180 P/E (x) 2.72
High Low 968.12 952.46 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.19 43.91
Close 970.88 Listed cap 3,043.31 mn Payout (%) 15.55
Change -2.26 Market cap 36,133.18 mn Div Yield (%) 5.72
% Change -0.23 5-Day High 973.32 5-Day Low 970.88
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
Cherat Packagin
172
2.29
48.13
48.99
46.00
46.53 -1.60
15280
54.48
46.00
20
25B
-
50R
ECOPACK Ltd
230
-
1.34
1.41
1.26
1.32 -0.02
38970
1.80
1.10
-
-
-
-
1067
5.36
53.70
53.10
52.25
52.64 -1.06
1900
58.50
51.50
25
10B
-
-
MACPAC Films
389
2.31
11.00
11.60
11.25
11.59 0.59
7805
15.21
9.78
-
-
-
-
Packages Ltd
844 17.29 103.51
104.25 103.50 103.75 0.24
3403
118.00
101.75
32.5
-
-
-
Company
Ghani Glass
2010 Div BR (%) (%)
2011 Div BR (%) (%)
INDUSTRIAL ENGINEERING Performance of SR Industrial Engineering Index Open 1,744.30 Turnover 73,231 P/E (x) 8.20 Company AL-Ghazi Tractor
Paid up Cap(mn) 215
Dewan Auto Engineering 214
PE
Open
3.88 228.50 -
1.60
High
High Low 1,762.47 1,733.87 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 3.12 38.02 Low
Close Chg
227.80 224.00 224.45 -4.05 1.40
1.11
1.12 -0.48
Close 1,744.54 Listed cap 1,336.62 mn Payout (%) 131.49
Volume 1348 2095
Change 0.23 Market cap 34,442.10 mn Div Yield (%) 16.03
Last 60 days High Low 244.00 2.15
217.00 0.81
400 -
-
-
-
Ghandhara Ind
213
9.30
7.81
8.19
7.75
7.81
0.00
104
9.78
7.60
-
-
-
-
132
-
31.94
32.20
31.51
31.94
0.00
213
41.52
30.30
12.5
-
-
-
Millat Tractors
366
625.80
513.00
650
99.20
48.26
100
Pak Engineering
57
9.09 597.42 -
50.79
605.00 595.00 598.08 48.65
48.26
50.79
0.66
69258
0.00
210
Company
Paid up Cap(mn)
Ali Asghar Textile Amtex Limited Azgard Nine Bannu Woolen XD Blessed Tex Mills Brothers Textile Chakwal Spinning Chenab Limited Colony Mills Ltd Crescent Jute D S Ind Ltd Dawood Lawrencepur Dewan Farooque Spin. Dewan Mushtaq Textile Din Textile Gadoon Textile XD Ghazi Fabrics Gul Ahmed Textile Gulistan Textile H M Ismail Hira Textile Mills Ltd. ICC Textile Ideal Spinning Idrees Textile Indus Dyeing Int Knitwear Ishaq Textile J K Spinning Janana D Mal Khalid Siraj Kohinoor Ind Kohinoor Mills Kohinoor Spinning Mohd Farooq Mubarak Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Leather Pak Synthetic Ravi Textile Reliance Weaving Ruby TextileSPOT Rupali Poly Sally Textile Samin Textile Service Ind Shadman Cot Shahtaj Textile Taj Textile Thal Ltd Treet Corp Tri-Star Poly Yousuf Weaving Zil Limited
25B325.00 -
-
-
42.95 8.48 10.50 26.50 82.40 54.25 52.00 2.40 68.00 19.30 16.50 1.81 4.75 2.45 10.19 63.55 3.50 5.42
Close Chg 42.97 8.80 10.50 26.99 83.41 54.25 53.38 2.41 68.00 19.31 16.50 2.00 4.80 2.63 11.05 63.55 3.50 5.67
2.04 0.30 0.00 -0.08 -0.39 -1.02 2.53 -0.08 -1.50 -0.92 -0.50 0.01 0.14 -0.02 0.06 0.55 1.00 -0.72
Change -12.45 Market cap 334,376.08 mn Div Yield (%) 0.54
Last 60 days High Low
Volume 600 4679 625 168151 6550 968 5733 3525 875 560 1010 20500 1500 7500 5508 2449 1605487 12100
54.20 9.20 11.91 28.00 90.49 68.48 53.39 3.50 88.00 22.15 17.88 3.50 5.78 3.40 11.40 71.50 4.42 6.99
37.05 7.50 7.25 23.00 73.40 52.11 39.51 2.30 61.70 19.26 14.16 1.81 3.80 1.75 7.91 59.72 2.45 5.00
2011 Div BR (%) (%)
20B 15B 65.00 - 60.00 20B 10.00 -
2010 Div BR (%) (%)
15B 25B -
% Change -0.54 5-Day High 2,370.75 5-Day Low 2,304.24 2011 Div BR (%) (%)
50 25 25B 7010B 12.5R 35 20B 22.50 15 20B 10 12 12 10 -
10R 10B -
8.25 1.00 3.26 6.41 10.30
High 8.25 1.00 3.25 7.30 10.90
High Low 682.69 623.95 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.11 10.64 Low 8.25 0.85 3.25 6.16 9.97
Close Chg 8.25 1.00 2.70 6.19 10.00
0.00 0.00 -0.56 -0.22 -0.30
Close 624.00 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 183 1000 590 14109 28989
Change -13.96 Market cap 4,239.76 mn Div Yield (%) 6.15
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
58.35
Total Assets (Rs in mn)
14,069.28
MA (10-day)
15.24
Total Equity (Rs in mn)
4,894.56
MA (100-day)
15.93
Revenue (Rs in mn)
9,702.31
MA (200-day)
16.35
Interest Expense
1,141.10
1st Support
15.25
Profit after Taxation
42.32
2nd Support
14.60
EPS 10 (Rs)
0.599
1st Resistance
16.40
Book value / share (Rs)
69.25
2nd Resistance
16.90
PE 11 E (x)
Pivot
15.75
PBV (x)
0.23
CEPB closed up 0.38 at 15.91. Volume was 304 per cent above average (trending) and Bollinger Bands were 53 per cent narrower than normal. The company's loss after taxation stood at Rs118.961 million which translates into a Loss Per Share of Rs2.46 for the nine months of fiscal year (9MFY11). CEPB is currently 2.7 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into CEPB (bullish). Trend forecasting oscillators are currently bearish on CEPB.
Dewan Cement Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
35.56
Total Assets (Rs in mn)
MA (10-day)
1.63
Total Equity (Rs in mn)
3,628.10
MA (100-day)
1.70
Revenue (Rs in mn)
3,494.78
MA (200-day)
1.81
Interest Expense
20,869.47
1st Support
1.40
Loss after Taxation
2nd Support
1.35
EPS 10 (Rs)
1st Resistance
1.60
Book value / share (Rs)
2nd Resistance
1.75
PE 11 E (x)
Pivot
1.55
PBV (x)
11.15 (622.76) (1.743) 10.15 0.15
DCL closed down -0.11 at 1.51. Volume was 50 per cent below average (consolidating) and Bollinger Bands were 44 per cent narrower than normal. The company's loss after taxation stood at Rs418.975 million which translates into a Loss Per Share of Rs1.13 for the nine months of fiscal year (9MFY11). DCL is currently 16.6 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of DCL (mildly bearish). Trend forecasting oscillators are currently bearish on DCL.
Engro Polymer & Chemicals Limited
Last 60 days High Low 10.18 2.55 4.95 8.70 13.33
7.25 0.31 1.82 6.06 9.97
2010 Div BR (%) (%) 17.5
10B -
% Change -2.19 5-Day High 649.78 5-Day Low 624.00 2011 Div BR (%) (%) - 200R
222 2594 4493 76 64 98 400 1150 2442 238 600 591 978 34 204 234 326 635 190 120 716 300 99 180 181 32 97 184 48 107 303 509 1300 189 54 187 1621 3516 34 560 250 308 392 341 88 267 120 176 97 334 307 418 215 400 53
PE
Open
0.95 2.65 6.20 0.68 15.82 0.90 91.24 0.22 0.63 1.55 1.80 1.47 1.55 0.73 0.94 - 29.79 1.32 1.82 0.18 3.38 0.66 33.00 0.60 64.22 0.51 4.14 3.10 49.00 0.57 18.60 1.50 0.72 3.70 0.70 0.32 4.62 1.76 4.60 3.25 356.15 4.95 0.44 6.00 0.80 7.35 0.38 13.93 0.40 1.40 1.18 1.60 0.50 1.26 0.80 1.00 0.62 14.89 3.07 20.22 4.44 50.41 1.52 2.48 20.10 0.93 0.54 11.40 6.80 3.00 38.15 0.24 6.43 2.55 4.56 3.39 205.53 19.06 20.58 1.57 28.05 0.30 - 100.91 6.48 52.71 0.54 0.50 1.11 6.22 57.45
High
High Low 975.40 953.73 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.55 8.64 Low
Close Chg
0.75 0.75 0.75 -0.20 3.07 2.58 2.63 -0.02 6.36 6.06 6.13 -0.07 16.20 15.51 16.20 0.38 95.75 88.50 94.16 2.92 0.30 0.16 0.25 0.03 1.55 1.54 1.55 0.00 1.94 1.71 1.80 0.00 1.55 1.40 1.41 -0.14 0.65 0.56 0.56 -0.17 1.15 0.90 0.98 0.04 30.98 28.76 30.35 0.56 2.34 2.00 2.00 0.18 4.00 3.00 3.55 0.17 32.25 32.25 33.00 0.00 65.49 62.00 62.27 -1.95 5.10 4.50 5.04 0.90 46.77 46.75 49.00 0.00 19.60 17.76 18.08 -0.52 0.57 0.57 0.57 -0.93 3.80 3.60 3.60 -0.10 0.80 0.66 0.66 -0.04 4.40 4.25 4.28 -0.34 4.60 4.30 4.60 0.00 343.80 338.35 340.46-15.69 5.85 4.50 5.83 0.88 5.50 5.31 5.50 -0.50 6.35 6.35 7.35 0.00 14.75 12.94 13.01 -0.92 1.59 1.20 1.45 0.05 1.09 1.00 1.08 -0.10 1.99 1.50 1.99 0.39 1.70 1.40 1.44 0.18 0.74 0.70 0.74 -0.06 1.30 0.80 1.00 0.00 15.25 15.01 15.25 0.36 20.49 19.80 19.94 -0.28 50.79 50.01 50.09 -0.32 2.40 0.52 2.40 0.88 20.90 19.10 19.89 -0.21 1.01 0.82 0.94 0.01 10.50 10.50 10.50 -0.90 6.80 6.80 6.80 0.00 40.00 38.00 39.85 1.70 6.06 6.06 6.27 -0.16 5.23 5.22 5.23 0.67 209.99 196.17 198.69 -6.84 19.57 19.56 20.58 0.00 28.00 28.00 28.05 0.00 0.80 0.50 0.50 0.20 100.90 99.00 99.05 -1.86 53.00 51.75 51.84 -0.87 0.85 0.60 0.85 0.31 1.12 1.12 1.12 0.01 57.45 57.35 57.45 0.00
Close 963.58 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change -4.93 Market cap 120,718.06 mn Div Yield (%) 2.60
Last 60 days High Low
6079 1.55 2395070 3.76 3444809 7.09 503 19.55 4800 95.75 5651 1.20 1000 3.00 3002 2.44 17102 2.64 1600 1.60 5517 1.39 928 38.95 4522 4.18 1951 5.00 300 39.70 5031 79.99 2001 8.00 115 52.10 2095 21.00 1000 2.50 35875 4.70 1510 1.49 610 8.44 2010 5.74 201 398.00 4010 8.29 2030 7.60 110 8.45 1022 16.50 2011 2.24 1510 1.64 5825 2.83 3525 2.00 2010 1.20 170 2.14 510 16.50 157298 26.45 248803 61.99 2026 2.55 2709 20.90 41825 1.30 2000 13.05 500 0.00 5400 42.50 4001 8.94 2000 6.48 2087 214.95 113 23.94 200 29.89 1500 1.01 71064 108.00 18247 59.20 4149 1.58 1000 2.16 111 67.00
2010 Div BR (%) (%)
% Change -0.51 5-Day High 968.51 5-Day Low 963.58 2011 Div BR (%) (%)
0.61 1.81 - 30B 4.46 14.70 20 56.07 50 0.11 0.76 5 1.55 1.32 0.26 0.80 28.76 5 15B 1.56 2.71 26.35 20 10B 62.00 70 4.00 10 46.75 12.5 17.76 10 0.57 3.60 10 0.60 3.50 3.80 10 276.70 50 - 50.00 3.26 6 5.31 8 5.05 20 5B 10.00 12.15 1.00 0.75 0.71 0.65 5 0.23 0.07 14.10 20SD 19.80 15 48.80 25 45R 0.52 17.16 0.53 10.50 25SD 0.00 37.85 40 5.62 10 3.66 - 100R 170.00 75 12.90 5 23.55 45 0.11 97.00 80 20B 48.00 50 900B 0.49 1.00 56.00 35 -
-
PHARMA AND BIO TECH Open 990.09 Turnover 12,103 P/E (x) 3.69 Company
Paid up Cap(mn)
GlaxoSmithKline
2019
Highnoon (Lab) Sanofi-Aventis Searle Pak
182 96 306
High Low 994.83 982.35 Total cos Defaulter cos 9 P/BV (x) ROE (%) 0.82 22.31
Close 987.21 Listed cap 3,904.20 mn Payout (%) 44.54
2010 Div BR (%) (%)
% Change -0.29 5-Day High 996.41 5-Day Low 987.21 2011 Div BR (%) (%)
PE
Open
High
Low
Close Chg
10.62
74.50
75.20
74.11
74.32 -0.18
1553
79.99
71.50
40
15B
-
-
29.00 28.90 29.00 -0.70 149.00 145.00 145.01 0.00 60.50 58.00 59.55 -0.51
6255 152 4120
33.45 155.00 62.80
25.25 143.00 54.00
25 100 30
10B -
-
-
6.71 29.70 - 145.01 5.81 60.06
Volume
31.93
Total Assets (Rs in mn)
MA (10-day)
10.00
Total Equity (Rs in mn)
24,134.08 6,906.34
MA (100-day)
11.52
Revenue (Rs in mn)
MA (200-day)
12.63
Interest Expense
14,628.06 1,411.96 (813.83)
1st Support
9.49
Loss after Taxation
2nd Support
9.32
EPS 10 (Rs)
1st Resistance
9.92
Book value / share (Rs)
2nd Resistance
10.18
Pivot
(1.227) 10.41
PE 11 E (x)
9.75
-
PBV (x)
0.93
EPCL closed down -0.39 at 9.65. Volume was 150 per cent above average (trending) and Bollinger Bands were 46 per cent narrower than normal. The company's loss after taxation stood at Rs67.709 million which translates into a Loss Per Share of Rs0.11 for the 1st quarter of current calendar year (1QCY11). EPCL is currently 23.5 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of EPCL at a relatively equal pace. Trend forecasting oscillators are currently bearish on EPCL.
Fauji Cement Company Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
36.90
Total Assets (Rs in mn)
MA (10-day)
4.07
Total Equity (Rs in mn)
9,610.69
MA (100-day)
4.25
Revenue (Rs in mn)
26,780.00 4,902.40
MA (200-day)
4.55
Interest Expense
1st Support
3.90
Profit after Taxation
2nd Support
3.85
EPS 10 (Rs)
0.361
1st Resistance
4.05
Book value / share (Rs)
13.86
2nd Resistance
4.15
PE 11 E (x)
6.85
Pivot
4.00
PBV (x)
0.29
41.21 250.18
FCCL closed down -0.05 at 4.00. Volume was 11 per cent below average and Bollinger Bands were 60 per cent narrower than normal. The company's profit after taxation stood at Rs303.381 million which translates into an Earning Per Share of Rs0.438 for the nine months of fiscal year (9MFY11). FCCL is currently 12.2 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of FCCL at a relatively equal pace. Trend forecasting oscillators are currently bearish on FCCL.
BOOK CLOSURES Company
From
To
D/B/R
Spot AGM/Date
Ruby Textile Mills
29-Jul
04-Aug
33.20(R)
21-Jul
Al-Meezan Mutual Fund
29-Jul
04-Aug
-
-
(TFC) United Bank
31-Jul
13-Aug
-
-
Silkbank Ltd #
03-Aug
10-Aug
-
-
-
KASB Bank
03-Aug
06-Aug
105.16(R) -
-
Trust Investment Bank #
05-Aug
12-Aug
-
-
12-Aug
General Tyre & Rubber #
07-Aug
18-Aug
-
-
Nishat Power #
08-Aug
22-Aug
-
-
22-Aug
Fauji Fertilizer
29-Aug
04-Sep
-
-
-
Hussein Ind
28-Oct
03-Nov
-
-
-
10-Aug
18-Aug
# Extraordinary General Meeting
Change -2.88 Market cap 32,396.63 mn Div Yield (%) 12.08
Last 60 days High Low
Fundamental Highlights As on Dec 31, 2010
Technical Analysis RSI (14-day)
INDICATIONS
Performance of SR Pharma and Bio Tech Index
-
KSB Pumps
Open
Open 968.51 Turnover 6,531,668 P/E (x) 6.41
2011 Div BR (%) (%) -
42.97 8.80 10.51 27.39 86.50 55.88 53.39 2.45 70.99 19.33 16.53 2.14 4.80 2.63 11.40 63.55 3.50 5.90
Low
Close 2,304.24 Listed cap 11,335.33 mn Payout (%) 30.57
90 100 50 60 20 5 10 -
Performance of SR Personal Goods Index
% Change 0.01 5-Day High 1,790.32 5-Day Low 1,744.30
2010 Div BR (%) (%)
40.93 8.50 10.50 27.07 83.80 55.27 50.85 2.49 69.50 20.23 17.00 1.99 4.66 2.65 10.99 63.00 2.50 6.39
High
High Low 2,343.16 2,277.06 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 17.25 30.30
2010 Div BR (%) (%)
% Change 0.01 5-Day High 1,117.67 5-Day Low 1,106.47
PERSONAL GOODS
CONSTRUCTION AND MATERIALS High Low 873.77 852.47 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.41 7.10
Open
Open 637.95 Turnover 44,871 P/E (x) 1.02
Performance of SR Construction and Materials Index Open 867.43 Turnover 3,737,259 P/E (x) 5.82
-
HOUSEHOLD GOODS
INDUSTRIAL METALS AND MINING High Low 1,061.24 1,018.63 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 0.89 33.10
2011 Div BR (%) (%)
- 50SD -
Performance of SR Household Goods Index
Performance of SR Industrial Metals and Mining Index Open 1,035.83 Turnover 72,364 P/E (x) 2.68
40 15
Change 0.12 Market cap 41,353.16 mn Div Yield (%) 5.50
Clariant Pak Descon Chemical
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
Performance of SR Chemicals Index
Agritech Limited
Century Paper & Board Mills Limited
% Change -2.19 5-Day High 780.63 5-Day Low 754.10
AUTOMOBILE AND PARTS
CHEMICALS Open 1,890.45 Turnover 14,627,872 P/E (x) 8.96
Alert ! Unusual Movements
Performance of SR Industrial Transportation Index
Close Change 1,547.49 -20.44 Listed cap Market cap 65,194.15 mn 1,138,037.13 mn Payout (%) Div Yield (%) 55.94 5.25
Oil & Gas Development 43009 10.40 154.48 11950
Current High Low Change
KMI 30 Index
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,567.93 Turnover 6,471,355 P/E (x) 10.66
KSE 30 Index
OTHER SECTORS Symbols Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Grays of Cambridge Pak Tobacco Co. P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies Pak Telephone
Open 46.5 2.36 110.01 4.25 38.38 90.22 2.23 33.75 2.07 20.61 3.15
High 47 2.35 109.85 3.76 40.1 87.5 2.3 34.89 2.13 20.98 3.15
Low Close 44.18 2.25 107.11 3.76 37.02 87.5 2.1 33 2.03 20.55 2.9
46.97 2.28 110.01 3.76 39.78 87.5 2.11 33.29 2.05 20.67 3.15
Change 0.47 -0.08 0 -0.49 1.4 -2.72 -0.12 -0.46 -0.02 0.06 0
Vol 2014 112817 110 5000 858 1000 25189 1853 392726 89858 101
7
Thursday, July 28, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 810.85 Turnover 2,179,576 P/E (x) 4.03 Paid up Cap(mn)
Company Pak Datacom Pak.Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 838.11 806.92 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.52 12.84
PE
Open
High
Low
Close Chg
78 28.74 37740 10.34 3000 2.32 8606 6175 -
29.89 12.58 1.42 1.80 1.94
30.00 12.98 1.49 1.90 2.17
28.70 12.55 1.37 1.77 1.86
29.89 12.62 1.37 1.78 1.90
Close 811.60 Listed cap 50,077.79 mn Payout (%) 62.56
Volume
0.00 0.04 -0.05 -0.02 -0.04
276 1982363 16858 180079 56875
Change 0.75 Market cap 50,978.26 mn Div Yield (%) 15.52
% Change 0.09 5-Day High 834.01 5-Day Low 810.85
Last 60 days High Low
2010 Div BR (%) (%)
36.70 17.70 1.94 2.50 2.97
80 17.5 1 -
28.70 12.50 1.31 1.75 1.83
2011 Div BR (%) (%)
- 15.00 -
Atlas Insurance Central Insurance Century Insurance EFU General Insurance IGI Insurance New Jub Insurance Pak Reinsurance Premier Insurance Reliance Insurance Silver Star Insurance United Insurance Universal Insurance
443 3.61 391 1.28 457 4.28 1250 12.06 970 5.88 989 9.67 3000 5.47 303 3.57 284 5.39 291 0.86 496 1.74 263 -
29.05 60.00 7.71 34.03 70.88 56.99 16.06 8.00 8.51 4.90 5.10 1.50
Paid up Cap(mn)
Company
Genertech Hub Power Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Sitara Energy Ltd Southern Electric Tri-star Power XD
PE
198 11572 1560 7932 1695 126 8803 3673 3541 191 1367 150
7.93 5.34 2.19 5.48 2.50 2.27 5.26 -
Open
High
0.50 39.69 1.16 2.27 17.75 3.00 42.90 14.16 15.90 19.00 1.26 0.81
0.50 39.70 1.29 2.30 18.00 3.15 43.19 14.35 16.15 18.35 1.29 0.75
Low 0.41 39.11 1.10 2.12 17.60 2.65 42.61 13.85 15.72 18.30 1.23 0.74
Close Chg 0.45 39.49 1.25 2.14 17.68 2.82 42.71 13.92 15.89 19.00 1.23 0.74
Close 1,379.94 Listed cap 95,369.29 mn Payout (%) 104.13
Volume
-0.05 -0.20 0.09 -0.13 -0.07 -0.18 -0.19 -0.24 -0.01 0.00 -0.03 -0.07
19001 2794147 36050 149668 7536 7127 41119 160580 132892 108 11001 1010
Change -10.40 Market cap 112,212.64 mn Div Yield (%) 7.72
Last 60 days High Low 0.80 40.00 1.70 2.57 18.20 3.95 44.19 17.25 17.70 23.26 1.69 1.27
0.16 36.70 1.00 2.03 15.60 2.11 41.75 13.47 15.39 18.20 1.17 0.36
% Change -0.75 5-Day High 1,390.34 5-Day Low 1,370.31
2010 Div BR (%) (%) 50 25 50 20 -
7.8R -
Open 925.96 Turnover 15,269 P/E (x) 5.27
-
GAS WATER AND MULTIUTILITIES
Paid up Cap(mn)
Company Sui North Gas Sui South Gas
High Low 1,271.23 1,252.14 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.93 11.41
Close 1,264.21 Listed cap 12,202.80 mn Payout (%) 66.79
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 14.16 8390 4.53
19.74 20.07
20.00 20.10
19.60 19.90
19.82 0.08 20.06 -0.01
75921 47029
23.60 23.75
17.64 19.90
% Change 0.18 5-Day High 1,274.34 5-Day Low 1,261.95
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Open 1,126.50 Turnover 11,439,908 P/E (x) 7.23 Paid up Cap(mn)
Company Allied Bank Limited Askari Bank XB Bank Alfalah Bank AL-Habib Bank Of Khyber Bank Of Punjab BankIslami Pak Faysal Bank Habib Bank Ltd
8603 7070 13492 8786 5004 5288 5280 7327 11021 Habib Metropolitan Bank XB 10478 JS Bank Ltd 8150 KASB Bank LtdSPOT 9509 MCB Bank Ltd 8362 Meezan Bank XB 8030 National Bank 16818 NIB Bank 40437 Samba Bank 14335 Silkbank Ltd 26716 Soneri Bank 6023 Stand Chart Bank 38716 Summit Bank Ltd 8701 United Bank Ltd 12242
PE
Open
6.29 63.83 5.06 11.29 5.47 10.66 6.13 29.01 1.88 4.25 6.65 10.32 3.78 4.58 9.87 7.52 121.50 5.46 19.01 44.00 2.19 1.44 7.68 195.32 6.18 18.00 4.32 54.38 1.40 21.38 1.75 14.69 2.43 2.50 5.06 6.25 7.57 3.16 7.15 60.90
High
Close Chg
Volume
Change -5.11 Market cap 666,584.90 mn Div Yield (%) 5.60
Last 60 days High Low
23193 68.99 323339 12.35 1246437 11.02 103622 29.98 5092 6.25 2609160 7.35 17324 4.09 130640 10.73 26966 123.90 8815 22.45 10847 3.00 85107 1.77 426611 210.95 18113 18.60 4902627 55.80 727231 1.95 25000 2.18 622402 3.06 50382 6.69 4481 9.20 74932 4.75 72509 65.01
60.01 10.79 9.42 28.25 4.17 4.51 3.25 9.00 114.10 17.00 2.06 1.16 190.99 16.60 49.51 1.39 1.62 2.33 4.91 7.53 2.67 60.22
% Change -0.45 5-Day High 1,137.03 5-Day Low 1,120.23
2010 Div BR (%) (%)
High Low 927.66 890.37 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.73 3.85
Close 902.35 Listed cap 2,290.72 mn Payout (%) 355.53
Change -23.60 Market cap 10,014.08 mn Div Yield (%) 3.67
Last 60 days High Low
% Change -2.55 5-Day High 925.96 5-Day Low 902.35
Open
High
Low
Close Chg
1.70
1.90
1.02
1.02 -0.68
11399
2.24
1.02
-
10R
-
-
EFU Life Assurance
850
9.47
69.69
69.98
67.10
67.42 -2.27
3207
73.25
50.70
50
-
-
-
New Jub Life Insurance
627 14.69
54.93
55.00
53.20
54.66 -0.27
661
58.99
48.00
15
-
-
-
Volume
2010 Div BR (%) (%)
2011 Div BR (%) (%)
FINANCIAL SERVICES Performance of SR Financial Services Index Open 287.32 Turnover 4,857,315 P/E (x) 11.44 Company
High Low 292.58 271.71 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.18 0.91
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
225
0.83
0.43
0.42
0.35
0.40 -0.03
360
4.73
450 18.75
Close 277.79 Listed cap 30,336.44 mn Payout (%) 99.56
Change -9.53 Market cap 13,692.27 mn Div Yield (%) 5.05
Last 60 days High Low
Volume 6067
0.64
0.26
% Change -3.32 5-Day High 288.88 5-Day Low 277.79
2010 Div BR (%) (%)
2011 Div BR (%) (%)
-
-
-
-
-
-
19.00
19.69
18.55
18.56 -0.44
527
23.25
18.55
-
20B
18.20
18.29
17.80
17.81 -0.39
18147
20.20
12.01
-
20B
-
-
3750
3.73
28.42
28.65
27.75
27.85 -0.57
664150
29.24
20.53
30
-
-
-
Dawood Cap Mangt XB
150
2.14
1.69
1.35
1.11
1.35 -0.34
10648
2.04
1.11
-
-
-
-
Dawood Equities
250
-
1.21
1.25
1.20
1.20 -0.01
2020
1.80
1.01
-
-
-
-
Arif Habib Corp
First Credit & Invest Bank Ltd 650
IGI Investment Bank
-
5.01
5.25
5.00
5.00 -0.01
15011
6.10
4.26
-
-
-
-
7.89
1.50
1.50
1.25
1.50 0.00
15246
1.99
1.05
-
-
-
-
600 18.92
-
2121
Invest and Fin Sec Ist Cap Securities Ist Dawood Bank
7.01
7.38
6.95
7.00 -0.01
2913
9.29
6.95
11.5
-
-
3166
-
2.79
2.89
2.40
2.80 0.01
53351
3.24
2.22
-
10B
-
-
626
0.64
1.51
1.55
1.41
1.43 -0.08
3696
1.96
1.30
-
-
-
-
Jah Siddiq Co
7633
-
7.31
7.40
6.86
6.92 -0.39
4445249
8.34
4.90
10
-
-
-
JOV and CO
508
-
2.67
2.77
2.60
2.61 -0.06
213283
3.40
2.36
-
-
-
-
500
5.60
19.51
JS Investment
1000 42.00
KASB Securities
19.84
19.40
19.50 -0.01
3511
22.94
16.42
50
-
-
-
5.11
5.25
4.85
5.04 -0.07
16566
6.43
4.10
-
-
-
-
1000
-
3.42
3.50
3.30
3.42 0.00
400
4.79
3.04
-
-
-
-
Orix Leasing
821
3.37
5.56
6.10
5.57
5.56 0.00
313
6.45
5.25
-
-
-
-
Pervez Ahmed Sec
775
5.18
1.49
1.48
1.40
1.45 -0.04
59606
1.99
1.32
-
-
-
-
Sec Inv Bank
514
3.53
1.73
1.41
1.40
1.41 -0.32
5000
2.99
1.25
-
-
-
-
Stand Chart Leasing
978
3.11
2.40
2.70
2.21
2.21 -0.19
620
3.00
2.21
-
-
-
-
Trust Inv Bank
586
0.25
1.00
1.25
1.02
1.00 0.00
111
2.29
0.83
-
-
-
-
EQUITY INVESTMENT INSTRUMENTS
2011 Div BR (%) (%)
40 10B - 10B 20 20B -64.41R - 20B 65 10B - 20B - 33R -105.16R 115 10B 60.00 - 15B 75 25B -154.79R -63.46R - 311R 6 - 20R 50 -
-
Performance of SR Equity Investment Instruments Index Open 1,533.46 Turnover 722,875 P/E (x) 20.98
High Low 1,552.55 1,504.15 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.46 2.21
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
264
-
1.50
1.75
1.75
1.50 0.00
AL-Meezan Mutual F.SPOT 1375
4.81
11.29
11.37
11.10
11.20 -0.09
Atlas Fund of Funds
525
1.76
6.89
7.39
6.61
B R R Guardian Mod.
780
2.90
2.50
2.90
2.46
Crescent St Modaraba
Company 1st Fid Leasing
Close 1,536.45 Listed cap 29,771.58 mn Payout (%) 104.74
Change 2.99 Market cap 19,497.04 mn Div Yield (%) 7.76
Last 60 days High Low
Volume 400
% Change 0.19 5-Day High 1,570.80 5-Day Low 1,533.46
2010 Div BR (%) (%)
2011 Div BR (%) (%)
2.00
1.15
-
-
-
-
385385
11.60
10.15
18.5
-
5.00
-
6.62 -0.27
36135
7.39
6.11
2.2
-
-
-
2.78 0.28
29826
2.91
1.41
0
-
-
-
200
3.86
0.50
0.54
0.54
0.54 0.04
500
0.89
0.30
1.2
-
-
-
Elite Cap Modaraba
113
4.90
2.70
3.70
3.45
3.53 0.83
735
3.89
2.10
5
-
-
-
Equity Modaraba
524
6.21
1.30
1.50
1.07
1.18 -0.12
16729
1.90
1.07
-
-
-
-
First Dawood Mutual F.
581
1.34
2.23
2.30
2.00
2.23 0.00
202
2.47
1.70
-
-
-
Golden Arrow
760
2.23
3.40
3.45
3.32
3.36 -0.04
50385
3.72
3.11
17
-
-
H B L Modaraba
397
3.82
7.80
8.20
7.80
7.80 0.00
883
8.44
7.10
11
-
-
-
NON LIFE INSURANCE
Habib Modaraba
1008
5.97
8.25
8.48
8.22
8.24 -0.01
57095
8.50
7.32
21
-
22
-
Performance of SR Non Life Insurance Index
JS Growth Fund
3180
2.01
5.85
6.19
5.85
5.86 0.01
9281
7.40
5.32
12.5
-
-
-
JS Value Fund
1186
0.56
5.30
5.32
5.06
5.32 0.02
11014
6.40
4.91
10
-
5.00
-
Meezan Balanced Fund
1200
2.87
9.92
10501
184 12.86
Paid up Cap(mn)
Adamjee Insurance XD
Low
64.00 63.15 63.80 -0.03 11.38 11.01 11.13 -0.16 10.88 10.35 10.40 -0.26 29.10 28.76 28.95 -0.06 4.35 4.18 4.20 -0.05 6.73 6.20 6.24 -0.41 3.85 3.65 3.82 0.04 10.34 9.82 9.90 0.03 121.25 119.65 120.32 -1.18 19.44 19.00 19.00 -0.01 2.25 2.16 2.20 0.01 1.48 1.37 1.38 -0.06 196.25 194.00 194.18 -1.14 18.26 18.00 18.05 0.05 55.70 54.49 54.91 0.53 1.45 1.39 1.43 0.03 1.71 1.71 1.71 -0.04 2.49 2.33 2.35 -0.08 5.10 5.00 5.00 -0.06 7.99 7.56 7.75 0.18 3.42 3.06 3.11 -0.05 61.50 60.80 60.82 -0.08
Open 716.78 Turnover 387,981 P/E (x) 9.72 Company
High Low Close 1,137.71 1,117.02 1,121.39 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.01 13.94 40.49
40 20B 25 50B 10 12.5 30 55B 10.00 20 25B 30 25 - 12.5B - 15B - 24B -
PE
JS Global Cap
Performance of SR Banks Index
26.00 58.61 7.50 29.11 67.00 51.16 12.60 7.82 6.00 4.21 4.23 1.32
6.38
Arif Habib Investments
Change 2.25 Market cap 27,712.97 mn Div Yield (%) 8.22
29.60 75.00 8.85 39.65 76.12 62.37 18.30 8.99 8.85 6.40 6.00 2.24
500
Arif Habib Limited
Open 1,261.95 Turnover 122,950 P/E (x) 8.12
1328 501 340 20574 43349 528 149287 12231 9566 170 6960 7500
Paid up Cap(mn)
Company
AMZ Ventures
Performance of SR Gas Water and Multiutilities Index
-0.05 -1.00 0.00 -1.70 0.11 -1.97 -0.31 0.00 0.33 0.00 -0.09 0.05
East West Life
2011 Div BR (%) (%) 25.00 10.00 30.00 10.00 -
29.00 59.00 7.71 32.33 70.99 55.02 15.75 8.00 8.84 4.90 5.01 1.55
Performance of SR Life Insurance Index
Performance of SR Electricity Index High Low 1,395.08 1,368.37 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.26 9.35
29.00 59.00 7.65 32.33 70.35 55.00 15.66 7.92 8.40 5.00 4.75 1.50
LIFE INSURANCE
-
ELECTRICITY Open 1,390.34 Turnover 3,360,239 P/E (x) 13.48
29.00 60.00 7.95 33.85 72.00 57.99 16.20 8.00 8.85 5.20 5.05 1.56
PE
1237
Open
6.24
61.01
High 61.55
High Low 721.84 694.57 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.51 5.20 Low 58.02
Close Chg 58.15 -2.86
Close 696.75 Listed cap 11,111.34 mn Payout (%) 79.54
Volume 135647
Change -20.02 Market cap 43,961.99 mn Div Yield (%) 8.18
Last 60 days High Low 69.90
58.02
% Change -2.79 5-Day High 720.58 5-Day Low 696.75
2010 Div BR (%) (%) 25
2011 Div BR (%) (%)
-
-
-
-
10.00
9.87
10.00 0.08
10.39
8.46
15.5
-
-
-
0.90
1.10
0.78
0.90 0.00
383
1.40
0.78
-
-
-
-
Pak Oman Advantage
1000
-
6.76
5.86
5.76
6.76 0.00
221
9.99
4.26
1.04
-
-
-
PICIC Energy Fund
1000
2.12
7.13
7.25
7.00
7.20 0.07
24100
8.25
7.00
10
- 10.00
-
PICIC Growth Fund
2835
2.67
13.07
13.10
13.01
13.01 -0.06
80820
13.84
12.00
20
- 12.50
-
PICIC Inv Fund
Mod Al-Mali
2841
2.38
5.91
6.05
5.95
6.02 0.11
790
6.95
5.50
10
-
7.50
-
Stand Chart Modaraba
454
5.70
10.76
10.53
10.10
10.32 -0.44
4415
11.00
9.50
17
-
-
-
Trust Modaraba
298
2.90
2.00
1.75
1.75
2.00 0.00
420
3.00
1.50
5
-
-
-
U D L Modaraba
264
2.40
6.66
7.00
7.00
7.00 0.34
2589
7.49
6.31
12.5
-
7.50
-
UPTO 100 VOLUME Symbols BIFO IBFL PNGRS SHFA SSML GATI BATA TRIPF RMPL MEHT SHEZ INDU DYNO HUSS ILTM GVGL NESTLE AWTX IBLHL ULEVER FTSM GLPL ICIBL KOHS LMSM PICTPS FECS SIEM AGSML MERIT SFL MWMP TSMF KTML FML FNBM GRYL JATM JOPP JUBS KCL KOHTM LATM LEUL MFFL MLCFPS MOON MQTM MSOT MTIL MUCL MUKT NATM NBF
Open 52.93 37.16 3.53 32.22 1.42 49.00 679.02 174.60 2811.89 68.18 134.87 209.86 9.90 10.67 235.00 24.07 4179.99 90.00 9.90 5730.81 1.55 57.12 0.40 3.50 1.10 9.99 38.00 1089.92 4.95 26.50 118.00 0.95 1.00 3.25 13.02 5.50 3.00 2.00 9.00 3.86 6.10 1.00 6.74 3.00 79.00 4.91 8.00 10.10 18.65 0.25 10.26 0.58 37.61 4.82
High 52.00 37.60 3.25 33.00 1.40 51.45 700.00 173.00 2945.00 68.00 133.23 206.00 10.40 10.70 223.25 23.90 4224.00 85.75 10.05 5800.00 1.35 54.28 0.40 3.00 1.10 9.00 38.00 1074.00 4.70 25.38 112.10 1.00 1.39 3.18 12.50 5.80 2.16 2.01 8.02 3.86 5.10 0.32 6.00 2.10 78.00 3.95 7.00 9.10 17.80 0.25 9.30 0.34 39.49 3.82
Low
Close
52.00 37.59 3.25 33.00 1.40 51.25 650.00 173.00 2671.30 64.78 129.19 205.55 9.85 10.70 223.25 23.90 4052.01 85.75 9.60 5665.00 1.35 54.27 0.34 2.85 1.10 9.00 38.00 1036.01 4.00 25.30 112.10 0.83 1.01 2.91 12.50 5.80 2.16 2.01 8.02 3.86 5.10 0.32 6.00 2.10 78.00 3.95 7.00 9.10 17.80 0.25 9.30 0.34 39.49 3.82
52.93 37.16 3.53 32.22 1.42 49.00 658.74 174.60 2803.70 68.18 134.87 209.86 9.90 10.67 223.25 24.07 4139.13 90.00 9.90 5691.02 1.55 57.12 0.40 3.50 1.10 9.99 38.00 1089.92 4.95 26.50 118.00 0.95 1.00 3.25 13.02 5.50 3.00 2.00 9.00 3.86 6.10 1.00 6.74 3.00 79.00 4.91 8.00 10.10 18.65 0.25 10.26 0.58 39.49 4.82
Change
Vol
0.00 0.00 0.00 0.00 0.00 0.00 -20.28 0.00 -8.19 0.00 0.00 0.00 0.00 0.00 -11.75 0.00 -40.86 0.00 0.00 -39.79 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 1.88 0.00
100 100 100 100 100 80 74 69 52 50 43 40 30 30 30 29 28 27 23 22 20 20 20 20 20 20 19 18 15 15 15 14 12 11 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10
FUTURE CONTRACTS Symbols
Open
UBL-JUL 61.11 FFBL-JUL 47.08 POL-JUL 383.03 FFBL-AUG 47.36 POL-AUG 384.77 ENGRO-AUG 149.34 DGKC-JUL 23.46 ENGRO-JUL 148.01 NBP-AUG 54.97 NBP-JUL 54.41 DGKC-AUG 23.68 ATRL-JUL 132.13 ATRL-AUG 133.42 FFC-JUL 164.04 FFC-AUG 165.35 NML-JUL 50.56 LUCK-JUL 73.47 PPL-JULB 212.53 NML-AUG 51.03 HUBC-AUG 40.33 PTC-AUG 12.68 PPL-AUG 213.75 PTC-JUL 12.50 MCB-JUL 195.61 MCB-AUG 197.38 LUCK-AUG 74.05
High 61.50 47.60 382.10 48.00 384.10 149.70 23.50 148.20 56.30 55.79 23.65 132.10 133.45 164.85 165.99 50.60 73.50 214.50 51.10 40.00 13.01 215.50 13.00 195.85 197.00 73.90
Low
Close
Change
60.70 46.50 364.00 46.80 366.00 145.50 22.85 144.01 55.30 54.41 23.06 125.55 126.90 160.65 162.00 50.03 72.85 211.50 50.66 39.90 12.81 213.50 12.69 194.26 195.56 73.26
60.82 46.73 364.20 47.20 366.43 145.98 22.90 144.48 55.50 54.97 23.10 126.10 127.12 161.43 162.83 50.26 72.96 212.88 50.79 39.95 12.83 214.25 12.69 194.47 195.94 73.50
-0.29 -0.35 -18.83 -0.16 -18.34 -3.36 -0.56 -3.53 0.53 0.56 -0.58 -6.03 -6.30 -2.61 -2.52 -0.30 -0.51 0.35 -0.24 -0.38 0.15 0.50 0.19 -1.14 -1.44 -0.55
Vol 4000 789000 611500 521000 461500 446500 420500 371000 360500 349000 339000 332500 175500 161500 139000 88500 88000 65000 61000 50000 50000 46000 42500 36000 18500 7000
MTS LEVERAGE POSITION Symbol AHCL AICL AKBL ANL ATRL BAFL DGKC ENGRO FFBL FFC HUBC KAPCO LOTPTA LUCK MCB NBP NCL NETSOL NML OGDC PAKRI POL PPL PSO PTC SSGC UBL TOTAL
Total Volume 760,718 15,761 443,533 262,850 23,400 871,000 562,820 75,959 175,450 99,600 17,500 49,375 2,391,451 367,100 28,132 786,980 347,081 10,000 352,654 500 252,050 28,100 3,675 20,700 35,156 3,000 147,500 8,132,045
Total Value 15,087,210 716,232 3,686,108 1,172,797 2,228,808 6,593,712 9,767,786 8,461,164 5,945,244 12,201,777 515,707 1,598,060 22,749,013 20,104,759 4,090,395 31,107,975 5,338,814 153,780 13,254,381 57,610 2,956,605 8,031,414 580,160 3,939,743 333,123 45,270 6,743,552 187,461,197
MTS Rate 20.66 21.70 17.00 21.50 21.70 20.18 18.01 18.00 17.00 18.65 17.00 21.48 19.00 18.00 20.00 17.25 19.09
BOARD MEETINGS
Fauji Fertiliser Bin Qasim Ltd
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
43.59
Support 1
12,197.65
MA (5-day)
12,395.12
Support 2
12,129.70
MA (10-day)
12,378.44
Resistance 1
12,368.25
MA (100-day)
12,082.50
Resistance 2
12,470.90
Arif Habib Ltd
Target Price 42.2
Recommendations
Arif Habib Ltd
45.52
Neutral
AKD Securities Ltd
TFD Research
47.75
Neutral
Technical Outlook Technical Analysis
Leverage Position
Brokerage House
Brokerage House
Recommendations
Neutral
TFD Research
388.3
Neutral
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
61.16 53.90 55.54 63.58 Free Float Rs (mn) 21,860.90
Target price for Dec-11 & **Net Open Interest in future market
(trending) and Bollinger Bands were 57 per cent narrower than normal.
reflect moderate flows of volume into NBP (mildly bullish). Trend forecast- reflect volume flowing into and out of POL at a relatively equal pace. Trend ing oscillators are currently bullish on NBP.
24.7
Buy
Arif Habib Ltd
165.3
Buy
TFD Research
164.95
20.15
Positive
MTS Shares `000 17.50 MTS Rs `000 515.71 MTS Rate 17.00 ** NOI Rs (mn) 2.18 Free Float Shares (mn) 810.01 Target price for Dec-11 & **Net Open Interest in future market
Brokerage House
Dera Ghazi Khan Cement Co Ltd
Target Price
Recommendations
Brokerage House
Buy
Arif Habib Ltd
Neutral
AKD Securities Ltd TFD Research
Technical Outlook 18.13 MTS Shares `000 35.156 12.90 MTS Rs `000 333.12 16.04 MTS Rate 20.00 17.55 ** NOI Rs (mn) 4.95 7,383.46 Free Float Shares (mn) 585.06 Target price for Dec-11 & **Net Open Interest in future market
forecasting oscillators are currently bullish on POL.
Fauji Fertiliser Co
23.91
63.50 39.02 37.83 37.31
age (trending) and Bollinger Bands were 51 per cent wider than normal.
the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators
TFD Research
Free Float Rs (mn) 31,987.22
Leverage Position
42.86 MTS Shares `000 28.10 380.48 MTS Rs `000 8,031.41 340.86 MTS Rate 19.00 315.22 ** NOI Rs (mn) 256.86 Free Float Rs (mn) 39,244.52 Free Float Shares (mn) 107.95 Target price for Dec-11 & **Net Open Interest in future market
NBP is currently 13.6 per cent below its 200-day moving average and is POL is currently 15.3 per cent above its 200-day moving average and is
AKD Securities Ltd
Leverage Position
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is extremely high when compared to
Arif Habib Ltd
Technical Analysis
Leverage Position MTS Shares `000 786.98 MTS Rs `000 31,107.98 MTS Rate 17.00 ** NOI Rs (mn) 78.95 Free Float Shares (mn) 398.12
Technical Outlook
NBP closed up 0.53 at 54.91. Volume was 188 per cent above average POL closed down -18.64 at 363.54. Volume was 201 per cent above aver-
Positive
Leverage Position
Buy
386.5
Accumulate
Technical Outlook
Recommendations
405
AKD Securities Ltd
Buy
Technical Analysis
Target Price
Arif Habib Ltd
Recommendations
42.1 49.05
Brokerage House
Buy Buy
50
AKD Securities Ltd
Recommendations
65 64.99
Target Price
Arif Habib Ltd
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Target Price
Target Price
Technical Outlook
Pakistan Telecommunication Co Ltd
Hub Power Co Ltd
TFD Research
Brokerage House
Sell
AKD Securities Ltd
RSI (14-day) 66.84 MTS Shares `000 175.45 MA (200-day) 11,838.44 Pivot 12,300.30 MA (10-day) 46.94 MTS Rs `000 5,945.24 42.48 MTS Rate 18.01 KSE 100 INDEX closed down -98.53 points at 12,265.53. Volume MA (100-day) MA (200-day) 39.56 ** NOI Rs (mn) 80.84 was 0.01 per cent below average and Bollinger Bands were 18 per Free Float Rs (mn) 15,300.72 Free Float Shares (mn) 326.94 cent narrower than normal. As far as resistance level is concern, the Target price for Dec-11 & **Net Open Interest in future market market will see major 1st resistance level at 12,368.25 and 2nd FFBL closed down -0.28 at 46.80. Volume was 109 per cent above resistance level at 12,470.90, while Index will continue to find its 1st average and Bollinger Bands were 121 per cent wider than normal. support level at 12,197.65 and 2nd support level at 12,129.70. KSE 100 INDEX is currently 3.6 per cent above its 200-day mov- FFBL is currently 18.3 per cent above its 200-day moving avering average and is displaying a downward trend. Volatility is low age and is displaying an upward trend. Volatility is relatively noras compared to the average volatility over the last 10 trading ses- mal as compared to the average volatility over the last 10 trading sions. Volume indicators reflect moderate flows of volume into sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently FFBL (mildly bullish). Trend forecasting oscillators are currently bearish on INDEX. bullish on FFBL.
Pakistan Oilfields Ltd
National Bank of Pakistan
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Free Float Rs (mn)
Free Float Rs (mn) 75,197.76
Leverage Position
56.82 164.04 143.75 134.39
MTS Shares `000 99.60 MTS Rs `000 12,201.78 MTS Rate 18.00 ** NOI Rs (mn) 139.03 Free Float Shares (mn) 466.49 Target price for Dec-11 & **Net Open Interest in future market
Recommendations
29
Buy
28.72
Buy
30.6
Positive
Technical Outlook
Technical Outlook Technical Analysis
Target Price
Technical Analysis
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
43.16 MTS Shares `000 562.82 23.15 MTS Rs `000 9,767.79 23.62 MTS Rate 21.70 25.96 ** NOI Rs (mn) 74.84 4,578.34 Free Float Shares (mn) 200.80 Target price for Dec-11 & **Net Open Interest in future market
Free Float Rs (mn)
HUBC closed down -0.20 at 39.49. Volume was 188 per cent above aver- PTC closed up 0.04 at 12.62. Volume was 42 per cent above average and FFC closed down -2.52 at 161.20. Volume was 7 per cent above average DGKC closed down -0.59 at 22.80. Volume was 18 per cent below average (trending) and Bollinger Bands were 3 per cent narrower than normal. Bollinger Bands were 37 per cent wider than normal. PTC is currently 28.1 per cent below its 200-day moving average and is HUBC is currently 5.8 per cent above its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is low as compared to the average the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume reflect volume flowing into and out of PTC at a relatively equal pace. Trend flowing into and out of HUBC at a relatively equal pace. Trend forecasting forecasting oscillators are currently bearish on PTC. Momentum oscillator oscillators are currently bullish on HUBC.
is currently indicating that PTC is currently in an oversold condition.
and Bollinger Bands were 89 per cent wider than normal.
age and Bollinger Bands were 46 per cent narrower than normal.
FFC is currently 19.9 per cent above its 200-day moving average and is DGKC is currently 12.2 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average displaying a downward trend. Volatility is relatively normal as compared to volatility over the last 10 trading sessions. Volume indicators reflect volume the average volatility over the last 10 trading sessions. Volume indicators flowing into and out of FFC at a relatively equal pace. Trend forecasting reflect moderate flows of volume into DGKC (mildly bullish). Trend foreoscillators are currently bullish on FFC.
casting oscillators are currently bearish on DGKC.
Company
Date
Time
Crescent Steel Colgate-Palmolive (Pak) Ltd First Dawood Investment Bank Ltd Atlas Honda Ltd Noon Sugar Mills Ltd Al-Abbas Sugar Mills Ltd Sakrand Sugar Mills Ltd United Bank Ltd United Bank Ltd Clariant Pak Ltd Al-Noor Sugar Mills Ltd Shahmurad Sugar Mills Ltd Siemens (Pak) Husein Sugar Mills Ltd Tariq Glass Ind Ltd Fauji Fertilizer Company Ltd Exide Pak Ltd Baba Farid Sugar Mills Ltd Colony Sugar Mills Ltd Shakarganj Mills Ltd
28-Jul 28-Jul 28-Jul 28-Jul 28-Jul 28-Jul 28-Jul 28-Jul 28-Jul 28-Jul 28-Jul 28-Jul 28-Jul 28-Jul 28-Jul 29-Jul 29-Jul 29-Jul 29-Jul 29-Jul
10:00 9:30 11:00 11:30 11:30 15:00 16:00 10:00 10:00 15:00 11:30 16:00 17:00 11:00 11:00 13:00 15:00 11:00 11:30 11:30
TECHNICAL LEVELS Company 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 51.25 63.30 62.80 41.14 48.40 48.35 64.09 27.50 27.20 46.25 17.65 17.50 14.14 56.95 55.70 43.53 10.95 10.80 53.45 6.00 5.90 30.57 362.70 357.45 44.53 123.15 120.60 53.19 10.20 10.00 52.88 3.70 3.55 40.08 6.05 5.85 35.51 1.45 1.35 43.14 22.55 22.30 30.26 2.20 2.15 49.08 2.15 1.95 29.94 31.85 31.30 43.77 66.35 65.30 20.42 142.50 140.95 54.90 9.70 9.50 36.91 3.95 3.85 66.82 46.35 45.85 56.82 159.35 157.50 56.22 119.55 118.80 63.48 39.15 38.85 53.46 155.75 155.50 41.58 207.10 207.05 46.19 2.55 2.50 55.91 1.15 1.00 41.01 2.15 2.10 44.21 6.70 6.50 47.85 42.50 42.25 46.17 2.10 2.00 30.11 12.25 12.05 53.40 72.45 72.00 38.24 193.35 192.55 48.06 2.05 2.00 61.11 54.35 53.80 21.96 19.65 19.40 43.66 20.50 20.30 34.67 1.35 1.30 54.38 2.95 2.90 38.47 49.80 49.50 52.39 152.80 151.95 35.25 2.00 1.95 45.06 1.40 1.35 42.29 2.05 1.95 37.97 4.95 4.90 42.88 356.90 350.25 53.28 211.20 209.75 46.63 63.75 63.45 27.78 248.45 246.15 18.18 12.45 12.30 39.74 218.80 217.40 45.64 19.60 19.40 43.82 16.30 16.05 34.88 19.95 19.80 31.12 1.35 1.30 26.19 2.25 2.20 40.38 60.60 60.35 30.58 1.75 1.70
1st
2nd
Resistance 64.15 64.50 48.50 48.55 28.40 29.00 18.15 18.45 60.45 62.75 11.35 11.55 6.30 6.50 375.60 383.25 130.30 134.90 10.75 11.05 3.90 3.95 6.60 6.90 1.65 1.75 23.30 23.75 2.35 2.45 2.50 2.65 33.35 34.35 69.25 71.05 146.80 149.55 10.20 10.55 4.10 4.15 47.55 48.25 163.90 166.60 121.15 122.00 39.75 40.00 156.55 157.05 207.20 207.25 2.70 2.85 1.30 1.40 2.25 2.30 7.25 7.60 43.05 43.40 2.25 2.35 12.70 12.95 73.45 74.05 195.60 197.05 2.15 2.20 55.55 56.25 20.35 20.75 20.90 21.15 1.45 1.50 3.15 3.30 50.60 51.10 154.70 155.75 2.10 2.15 1.50 1.55 2.25 2.35 5.10 5.20 376.50 389.45 214.25 215.95 64.40 64.70 253.65 256.55 12.90 13.15 222.80 225.40 20.00 20.20 16.95 17.40 20.15 20.20 1.45 1.55 2.35 2.40 61.30 61.75 1.85 1.95
Pivot 63.65 48.45 28.10 17.95 59.25 11.15 6.20 370.35 127.75 10.55 3.75 6.40 1.55 23.00 2.30 2.30 32.85 68.15 145.25 10.00 4.00 47.05 162.05 120.40 39.45 156.25 207.15 2.65 1.20 2.20 7.05 42.85 2.20 12.50 73.05 194.80 2.10 55.05 20.10 20.75 1.40 3.10 50.30 153.85 2.05 1.45 2.15 5.05 369.85 212.85 64.10 251.35 12.70 221.40 19.80 16.70 20.00 1.40 2.30 61.05 1.80
8
Thursday, July 28, 2011
Etihad to increase services for Iraq LAHORE: Etihad Airways, the national airline of the United Arab Emirates, will double its flights from Abu Dhabi to Erbil, Iraq at the beginning of September. The current twice-weekly service will increase to four services per week, complementing Etihad's daily operation to its other Iraqi destination, Baghdad, which both connect seamlessly to Etihad Airways daily flights from Karachi, Lahore and Islamabad and twice weekly from Peshawar. Etihad commenced two-class Airbus A320 operations to Erbil in June 2010, and the load factor on the route surpassed 80 per cent by May 2011. This additional capacity is aimed at meeting continuing high demand on Etihad's Erbil flights. James Hogan, Etihad Airways Chief Executive Officer, said: "We are committed to building and strengthening ties in our region. With these additional flights, Etihad will offer air travelers from around the world significantly improved connection opportunities through our Abu Dhabi hub as we continue to add breadth and depth through additional frequencies on key routes across our expanding global network. We expect to see continuing strong demand on these routes, particularly from government and business travelers, as well as people from Iraq visiting family and friends around the world." Etihad Airways increased the frequency of its flights to a number of key destinations within the GCC, Europe, Indian sub-continent, Africa and the Asia Pacific region at the beginning of the year. -NNI
Lufthansa confirms $2.8 billion Airbus order BERLIN: Germany's Lufthansa has confirmed an order for 30 A320neo-family aircraft worth USD$2.8 billion at list prices, Airbus said on Wednesday. Lufthansa announced the provisional order in March in a boost for the upgraded model of Airbus's A320 narrow-body aircraft due to enter service in mid-decade with new engines. Lufthansa is buying 25 150seat A320neo aircraft and five 185-seat A321neo aircraft, Airbus said. Airbus has won orders or commitments for more than 1,000 of the re-engined planes since it launched the project last year. Boeing announced plans last week to fit its competing 737 aircraft with new engines later this decade.-Reuters
Gulf Air announces special offer for Ramazan MANAMA: Celebrating the spirit of the holy month of Ramazan, Bahrain's national carrier Gulf Air has launched a series of innovative travel packages designed for different types of customers including families, weekend shoppers, couples and friends travelling together and frequent flyer members. Gulf Air Senior Sales Manager Abdulmalik AlSaei commented, "With the Holy month of Ramazan just around the corner, now is the time when people plan their travel either to visit their family and friends or simply spend a weekend shopping. It is also a time when the expatriate Muslim population travels home to observe fasting and celebrate Eid. As a gesture of goodwill to our customers during this time we have created a series of tailor-made offers for each type of traveler instead of a flat discount, which is usual during this period. I am sure these value-for-money packages will be a hit among our customers." For customers travelling with their spouse and children, the airline has developed a 'Family Package' whereby two adults travelling on a full fare ticket with two kids need to pay just one Bahraini dinar per child. Tickets are open for sale now until 10 August for travel from
03 to 27 August, and return journeys should be completed by 30 September. For 'Couples' (or two friends) travelling together, Gulf Air has created a 'Half Price' offer whereby passengers purchasing one full fare ticket will receive a 50% discount on their companion's ticket. Tickets are open for sale now until 27 August and customers can travel from 03 to 27 August and return by 30 September. For 'Weekend shoppers' from Bahrain, Dammam and the MENA region, Gulf Air is offering a 25% discount to travel to any of Gulf Air's GCC destinations, and Bangkok. This exclusive 'Shoppers' Special' is available for travel only on Thursdays and Fridays. Tickets are open for sale from 01 to 28 August and return journeys should be completed by 30 September. For 'Early Birds' those who plan their travel two weeks in advance, Gulf Air is offering passengers a 20% discount on the published fares. This offer is open to customers to travel from Bahrain and select destinations in the GCC, Middle East and North Africa (MENA) to any of Gulf Air's GCC, Middle East, Indian Sub-continent, Far East and Europe destinations.-Reuters
India’s Jet Airways slips to Q1 loss MUMBAI: India's largest private sector airline, Jet Airways, has swung to a quarterly net loss from a profit a year earlier, it reported, as rising fuel costs offset a rise in passenger air traffic. Jet posted a net loss of Rs1.23 billion ($27 million) for the first quarter ended June, from a profit of 35 million rupees in the same period a year earlier. Total revenues for the quarter rose 18.5 percent to 35.82 billion rupees. Analysts had forecast Jet to show a higher loss, of 2.7 billion rupees. Air passenger traffic has been rising this fiscal year, leading to healthy seat occupancies for airlines, but this has been offset by steep fuel costs, which have hurt most Indian airlines' earnings. Jet said its fuel costs rose 57 percent in the April to June quarter. Jet expects strong growth in international business in coming months, a statement said, but added that the second quar-
ter would be "tough" due to firm global crude oil prices. In the first quarter, international operations accounted for 57 percent of total revenues and Jet achieved a seat load factor of 78.5 percent, compared with 79.7 percent a year earlier. The airline carried 4.07 million passengers in the quarter, up 14 percent in the same period a year earlier. Jet operates a fleet of 97 aircraft and flies to 75 destinations in India and abroad. Jet shares rose 2.36 percent or 11.5 rupees to 499.05 ahead of the earnings figures. India's airline sector, which was hit by the global slowdown in 2009, has been recovering in line with a rebounding Indian economy. India this week lowered its growth forecast for this financial year to 8.6 percent from nine percent, its economy hit by a string of interest rate hikes to tame inflation which is nearing double digits. -APP
TOKYO: Cabin attendants for Asia's largest budget carrier AirAsia smile as they join a press conference to announce that AirAsia and Japan's All Nippon Airways (ANA) will form a joint venture to establish a low-cost airline AirAsia Japan.-Reuters
Cebu Pacific launches Asean sale MANILA: Cebu Pacific has slashed fares from Manila to Kuala Lumpur, Brunei, Jakarta, and Saigon from July 27 to July 29, (or until seats last), for travel from September 1 to October 31, 2011. Passengers can buy seats from Manila to Saigon (Ho Chi Minh) for the Lite Fare of P1288. Discounted fares from Manila to Kuala Lumpur, Brunei, and Jakarta are also available for as low as P1488. Lite Fares are CEB's trademark low fares which allow travel savings of as much as 72 per cent on international flights, and 63 per cent on domestic flights. Guests can enjoy travel savings when they avail of Prepaid Baggage Allowance upon booking. "This seat sale will be most enjoyed by our guests who want to discover the unique sights and sounds distinct to Asean. We encourage everyone to book their travels within the off-peak season so they can enjoy our trademark low fares and grab the best deals in accommodations and tours in our most popular Asean destinations," said CEB VP for marketing and distribution Candice Iyog. CEB flies 10 times weekly from Manila to Kuala Lumpur, daily from Manila to Saigon, four times weekly from Manila to Jakarta, and thrice weekly from Manila to Brunei. This seat sale also covers discounted fares from Manila to Guangzhou as low as P1488, and from Manila to Osaka as low as P2088. The following Philippine routes are also included in the seat sale as low as P488: from Manila to Naga or Legazpi, and from Cebu to Clark, Davao, Ozamiz, Pagadian and Surigao. P488 seats are also available from Davao to Iloilo. - Net Monitoring
Southwest to end direct flights for Philadelphia PHILADELPHIA: Southwest -- the largest carrier at T.F. Green Airport -- will eliminate four daily flights from the two airports to Philadelphia and drop its daily flight from T.F. Green to Phoenix as part of a company effort to target flights that aren't "performing as well as we'd like," said Southwest spokesman Chris Mainz. "These tweaks are about supply and demand," Mainz said. "It has more to do with Philadelphia than Providence or Manchester." Southwest will also reduce the number of flights from Philadelphia to Logan International Airport to six from eight daily in January, and to five a day in February. To attract passengers through the rest of the year, Southwest is offering $39 one-way sale fares from Providence to Philadelphia. Although local flyers will lose Phoenix as a stop, Southwest will add Denver as a new destination, Mainz said. And the airline will offer more flights to other popular destinations, including Washington and Fort Lauderdale, so the net loss will be small, he said. "It's disappointing. There's always an impact when you lose seats," said Kevin Dillon,
president of the Rhode Island Airport Corporation. But Rhode Islanders won't be stranded. The airport's second-largest carrier, US Airways, offers eight round-trip flights a day to Philadelphia, said Dillon, who will visit the airline company next month to talk about traffic at Green. The majority of Southwest's flights to Philadelphia are connecting flights, and travelers can make connections in cities such as Baltimore, Dillon said. In the meantime, airport officials will ask US Airways to offer more flights to Phoenix, said Dillon. The changes come as T.F. Green Airport grapples with flat or slightly declining passenger traffic in the last year. "The economy is still in a fragile state," Dillon said. "But our traffic has stabilized." Some of Southwest's decisions are tied to fuel costs, he said. The airline, he added, is trying to reach different markets from Boston, Providence and Manchester. For instance, Southwest flies nonstop from the two smaller airports to Orlando, Tampa and Fort Lauderdale, but does not fly to any of those Florida destinations out of Logan, he said. -Reuters
China launches new airline for restive Tibet BEIJIN: A new airline for China's restive Tibet region began operations on Tuesday, state media said, part of government plans to boost development and raise incomes in the remote area that chafes under Beijing's rule. Tibet Airlines will initially serve Tibet's growing number of airports as well as cities in nearby provinces, but will eventually fly all over China as well as to international destinations in South Asia, Xinhua news agency said. Its first flight was from Tibet's capital Lhasa to Ngari, a distant and sparsely populated part of Tibet close to the Indian borders that only got an airport last year, Xinhua added. It operates Airbus A319 aircraft, the report said, a suitable model to serve Tibet's high altitude airfields, including Bangda, which lies at 4,334 metres (14,219 ft) above sea level and is the highest commercial airport in the world. Tibet Airlines is controlled by an investment company run by the government of what China calls the Tibet Autonomous Region, according to the civil aviation regulator. "In five years, it is expected to have a fleet of 20 aircraft," Xinhua said. China wants to more than double the number of tourists visiting Tibet by 2015, when it hopes the Himalayan region will play host to about 15 million visitors a year, creating more than 300,000 jobs. -Reuters
Pak-China primed with tourism potential P
akistan and China - countries joined by mountains and rivers, the Himalayas, and the Karakorum together - form a knot of geographical contiguity and unity. Pakistani and Chinese civilizations are not new. From 200 BC to 700 AD courageous scholars and envoys crossed daunting mountains to reach valleys of the territory that now constitutes Pakistan. Zhang Qian, Fa Xian, Song Yun, and Xuan Zang visited Swat, Charsada, Taxila, Banu, Peshawar, and Kashmir in these old days. The confluence of major river system brings them even closer as for centuries Pakistan's civilization has been fed and enriched by the mighty Indus River, which has its source in China. Similarly, China is custodian of the largest river of Asia, 'Yangtze River.'
It is full of natural beauty and has enhanced economical and socio-cultural position of the habitants, residing in the cities, established besides this giant river. The years old civilization of Yangtze River of China, along with the Yellow River, the Yangtze is the most important river in the history, culture and economy of China. The prosperous Yangtze River Delta generates as much as 20% of China's GDP. The river is an important physical and cultural dividing line between North and South China. Chandu is one of the important cities established along the Yangtze River and a hub of economic activity of Western China which is not as much developed as the Eastern part of the country. In the views of the Consulate General of Pakistan in Chengdu Syed Hassan Habib, "the
city did enormous development in technology and industry during last few years and became a centre of economic activity in Western China". He said that there are a number of opportunities for Pakistani entrepreneurs to start their business as the market has large potential for launching a new avenue, and added that four Pakistani companies have inked agreements and negotiation with two more business companies is also under process. Famous for the beauty of local women, Chandu is also renowned for its cultural street. Full of color and life, it is not only a source of attraction for foreign and domestic tourists but the native of the area also throng it in the evening to get rid from the monotonous routine life especially on weekends. The inhabitants of Beichuan, located
in an ethnically diverse mountainous region of Sichuan, faced a major challenge in 2008 when a worst earthquake hit the area which the magnitude of 8.0 on international Richter scale, but the country completed reconstruction of the affected area before the stipulated time and ensuring quality leaving the world astonished on this bold and courageous nation. The reconstruction was started on February 2009 after preparing complete feasibility plan for the reconstruction work and the time period for the reconstruction work was three years but the work was completed with such a fast phase that the work was completed in two years only with the help of 17 cities who offered their voluntary assistance for the affected area. Beside the river civilization of
Yangtze river another remarkable and appreciable advancement of the neighboring country is construction of Three Gorges Dam, one of the biggest dam of the continent which not only a source of water conservation but the competent designers have constructed the dam without interrupting the transportation of ships passing through it besides ensuring environmental protection. According to the Director General of the Three Gorges Corporation, Wang Spoofing, the dam has 32 power generating units and so far 28 units are under operation, adding that each unit has a capacity of producing 700MW. "We want to invest more in Pakistan therefore; we signed several agreements with Pakistan. Three Gorges Corporation will like to provide expertise to Pakistanis first, then peo-
ple of any other country". The longest river in Asia and the third-longest in the world which flows 6418 km from the glaciers on the Tibetan Plateau in Qinghai eastward across southwest, central and eastern China before emptying into the East China Sea at Shanghai, culminates at Shanghai. The largest city by population the city becomes the global city due to the rapid growth over the last two decades. The sky-high building including the world's highest observatory proves the pace of advancement in the industrial and economic hub of China. The world financial center named observatory was awarded with world's tallest building in the capacity of highest occupied floors and height at the top of the roof from the council of tall buildings and urban habitat.-APP
9
Thursday, July 28, 2011
US crude oil extends losses as stocks build
Indian sugar sheds 3pc on higher supply hopes
Unexpected increase in crude stocks weighs on oil LONDON:US oil fell over $2 on Wednesday following US data showing an unexpected crude stock build and a soft economy, while partisan wrangling over the US debt limit continued to unnerve investors. The Energy Information Administration (EIA) reported a weekly build in US crude stocks of 2.3 million barrels, against a consensus forecast for a 1.7 million barrel draw. US oil was down $2.12 to $97.47 a barrel by 1451 GMT, after falling as low as $97.28 in the immediate aftermath of the EIA announcement, while Brent crude futures fell 91 cents to $117.37 a barrel. "Today's EIA data was moderately bearish across the board," said Chris Jarvis, senior energy analyst from Caprock Risk Management. "Overall, we believe crude remains range-bound between $90 and $110 a barrel for the remainder of the summer as macroeconomic data continues to be the driving force behind
the direction of energy prices both domestically and abroad." Earlier on Wednesday, new orders for long-lasting US manufactured goods fell unexpectedly for June, further clouding the outlook for US growth. "The durable goods were not too clever, which didn't help, but the main thing everyone is waiting for is a resolution to the
debt situation, which will surely come as it would be catastrophic if it doesn't," Rob Montefusco, a trader at Sucden Financial said. Deeply divided Republican and Democratic leaders in the US are still scrambling to find common ground with less than a week before the government hits its borrowing limit approved by Congress, triggering a possible default that would shake global markets. "Until the path to global eco-
nomic growth is ascertained, it will be difficult for oil markets to focus on much else, Barclays Capital said in a report. "After all, economic growth is one of the biggest drivers of oil prices." Sovereign debt will remain a key factor capping the upside in prices in the immediate future, the report said. Debt problems in E u r o p e , notably in Italy and Greece, while not the main focus of investor concern on Wednesday, were also keeping investors wary of risky assets, analysts said. The dollar sank to a threemonth low against a basket of major currencies on Wednesday, though it subsequently recovered slightly. A weak dollar can support dollar-denominated oil by making it less expensive for consumers using other currencies and by luring yield-hungry investors to commodities markets. -Reuters
Copper falls, dollar, US data weigh LONDON: Copper slipped on Wednesday after an increase of almost 2 per cent in the previous session as a stronger dollar and soft US economic data offset supply worries due to strikes at the world's largest copper mine. Aluminium hit $2,675.25 a tonne, its highest since early June and tin rose to a session peak of $29,000 a tonne, its highest since mid-May. Benchmark copper on the London Metal Exchange closed down at $9,780 a tonne. The metal, used in power and construction was about 4 per cent off a record high of $10,190 hit in February. It rose 1.7 per cent on Tuesday to close at $9,820 a tonne, ending a four-day losing streak, as the strike at Chile's giant Escondida mine continued. "The data itself, coupled with a somewhat stronger dollar, is putting pressure on prices," Commerzbank analyst Daniel Briesemann said. New orders for long-lasting US manufactured goods fell in June and a gauge of business spending plans slipped, supporting views that the economy will not emerge quickly from its current soft patch. However support was coming
from supply constraints at the world's largest copper mine. A six-day strike at Chile's huge Escondida mine showed no sign of ebbing, but talks between President Sebastian Pinera and unionists at state giant Codelco appeared to ease the threat of contagion. "It looks like the strike is
Shanghai copper ends flat The most-active October copper contract on the ShanghaiFutures Exchange closed flat at 72,810 yuan per tonne. going to continue dragging on and that has significant implications for a market that is already tight," Barclays Capital analyst Gayle Berry said. In a Reuters poll, analysts forecast the copper market will be in a 343,150 tonnes deficit in 2011. Some think supply tightness may push copper prices up to record levels again. "Although it may take a few attempts to break the $10,000 mark, we expect copper prices to move above that level later in the year," Credit Suisse said in a note. Other metals have also rebounded since a widespread commodity price fall in May. "I am impressed with the strength
of other metals, aluminium in particular, which has rebounded in the last few weeks after a period of weakness," Berry said. But aluminium prices are not likely to move up significantly further this quarter as the previous fall was overdone but current prices seem appropriate to fundamentals now, Berry added. Barclays Capital forecast aluminium prices will average $2,650 per tonne this quarter. Investors were also concerned about protracted talks in the United States on its deficit. A Republican plan to cut the US deficit faced delay and stiff opposition on Wednesday, raising the risk of default and a ratings downgrade as the clock ticks towards a deadline less than a week away. Inventories of copper in LME-registered warehouses rose by 700 tonnes to 469,800 tonnes, over a third higher than in December last year. High stocks of copper in the last few months raised concerns over reduced demand in top consumer China. Chinese metals import slowed down in the first half this year also because consumers were tapping into their stocks rather than importing more material, analysts said. -Reuters
Gold hits record as US debt fears deepen LONDON: Gold prices rose to record highs above $1,625 on Wednesday, with silver and palladium also rallying, as concerns over the prospect of a US default prompted investors to buy precious metals as a haven from risk. Bitterly divided Republicans and Democrats are scrambling to find common ground with less than a week before the government hits its borrowing limit, with chances of a quick resolution receding after a vote on a deficit plan by Republican Speaker John Boehner was pushed back to Thursday from Wednesday. Failure to lift the debt ceiling by August 2 could trigger a debt default, while a budget plan that flinches from hefty cuts in the deficit could result in a downgrade of the country's top-notch credit rating, analysts said. Spot gold hit a fresh record high of $1,628 an ounce and was up 0.3 per cent at $1,623.36 by 1411 GMT. "There is not only uncertainty about a possible downgrade (for the US) but a possible
default if the debt ceiling is not increased. That is reflected in gold prices and people are positioning themselves for a worst-case scenario," said Georgette Boele, head of forex and commodities research at ABN Amro. Bullion has gained more than 8 per cent in July and has hit six all-time highs in the past
ten sessions, as US lawmakers were locked in a standoff over dueling debt plans that offered little prospect for compromise. The dollar sank to a threemonth low against a basket of currencies, while stock markets declined in Europe and oil prices fell. "If there isn't a last minute compromise (in the US debt talks) then the situation will get more and more critical. Gold is one of the alternatives to US treasuries and therefore there is further upside potential," said Peter Fertig, a metals consult-
ant at Quantitative Commodity Research. Risk aversion was also stoked by doubts over whether measures to stem the euro-zone debt crisis were enough to stop it spreading elsewhere in the bloc, to larger economies such as Italy and Spain. The prime minister of heavilyindebted Greece told party lawmakers on Wednesday that low interest-rate rescue loans to Greece, agreed at an EU summit last week, amount effectively to a euro bond. "There is enough uncertainty in both Europe and the US, and concerns about increasing inflation to keep investment demand for gold reasonably well supported," said Daniel Major, an analyst at RBS. "There might be some modest selling in the near term as and when some conclusion (for debt talks in the US) is reached, but I don't think there is going to be a massive turnaround in sentiment." US gold futures for August delivery were up $9.00 an ounce at $1,625.80. -Reuters
AHMEDABAD: Members of an Indian farming family sort through cotton seeds for sowing in Kayla village, some 70 kms from Ahmedabad. -Reuters
Sugar reverses losses, coffee falls LONDON: Sugar reversed losses on Wednesday, hemmed in by concerns over Brazil's crop and prospects for increased output in a number of producers, while coffee futures slipped, as fears of a US debt default weighed on markets. ICE cocoa futures were also lower as ample West African supplies dragged on prices. ICE raw sugar reversed early losses, and hovered below October's contract high of 31.68 cents a lb touched on Monday, underpinned by uncertainty over top producer Brazil's crop size due to a mix of weather factors and aging cane. Crushing of cane in Brazil and production of sugar and ethanol made from it are catching up with the 2010 season, data from cane industry association Unica showed on Tuesday, but the crop may soon run out of puff. October raw sugar futures on ICE were up 0.36 cents or 1.2 per cent at 31.30 cents a lb at 1428 GMT.October white sugar on Liffe was up $5.40 or 0.7 per cent to $811.00 per tonne, after touching a contract high of $821.00 on Monday. New York October sugar is expected to rise to $32.60 cents per lb, as an upward wave (5) is progressing, according to Reuters analyst Wang Tao. September arabica coffee on ICE fell 5.0 cent or 2.04 per cent to $2.3995 per lb. The contract dipped to $2.38 on Thursday, its lowest level since January. September robusta coffee on Liffe traded down $57 or 2.6 per cent to $2,116 per tonne. Cocoa prices were near unchanged in range-bound trading, underpinned by industry off-take, with upside limited by a growing 2010/11 world surplus. Ivory Coast and Ghana 2011/12 cocoa production is expected to fall 15 per cent on the year, helping switch the global market into a deficit of over 100,000 tonnes, international trade house Armajaro said on Wednesday. September cocoa on ICE fell $12 or 0.4 per cent to $3,003 a tonne.London September cocoa was up 2 pounds or 0.11 per cent to 1,875 pounds per tonne in slim volume of 3,375 lots. -Reuters
Firm overseas mkts lift palm oil, data eyed KUALA LUMPUR: Malaysia palm oil futures rose 0.4 per cent in light trade on Wednesday on strong soy markets as China resumed buying and dry weather in the United States, although gains were limited over concerns of a looming US debt crisis. A Republican plan to try to break a congressional deadlock over raising the US debt limit stumbled amid delays and a revolt by fiscal conservatives on Tuesday, narrowing the chances for a deal to avert a default and forcing investors to flee to safehaven assets. Palm oil, which has lost 17.3 per cent so far this year, has been rather steady as traders look out for industry analyst Dorab Mistry presenting his price outlook in Sydney on Thursday. "Palm oil market is very quiet, but volatile trade is expected after the US Agriculture Department releases a report on July's plantings," said a trader in Kuala Lumpur, referring to a key monthly report due for release on Aug. 11. Tight US soybean stocks and
worries about prospects for this year harvest kept a floor under prices, especially after US Department of Agriculture projected a year-on-year drop in 2011/12 soybean production and ending stocks. The benchmark October crude palm oil contract on Bursa Malaysia Derivatives rose 11 ringgit to 3,130 ringgit ($1,059.222) per tonne. Overall traded volume fell to 18,512 lots of 25 tonnes each from the usual 25,000 lots. A Reuters technical analysis showed Malaysian palm oil is technically neutral in a range from 3,083 to 3,150 ringgit per tonne, but biased to rise further. US soyoil for August delivery barely moved in Asian trade hours despite talks of hot weather in soybean planting regions and stronger demand from China. The most active May 2012 soyoil on China's Dalian Commodity Exchange rose 0.7 per cent in Asian trade hours, boosted by firmer US soyoil in the previous session and expectations of growing demand. -Reuters
NY cotton finishes limit up on spec buying NEW YORK: Cotton futures ended limit up Tuesday as speculators bought on technical signals and analysts said momentum from the rally would continue tomorrow, analysts said. Benchmark December on ICE Futures USrose its 4-cent daily limit to conclude at $1.0076 per lb, with the session low at 93.20 cents. Volume hit around 19,200 lots at 1750 GMT, almost 15 per cent above the 30-day norm, Thomson Reuters preliminary data showed. "It's a technically inspired advance," said independent cotton analyst Mike Stevens in Louisiana. "If we close it up here, we can do more tomorrow." Traders said there was nothing fundamental to power
cotton higher as players monitored the deadlocked talks to raise the US debt ceiling and prevent a ruinous default on Washington's obligations. Stevens said "some light trade buying but mostly shortcovering took prices back up" with automatic buy orders pushing cotton higher at 98.99 cents and then at $1.0018. A close over $1.0018 and the cotton futures market may be poised for further advances going forward, a dealer said. USDA said only 28 per cent of US cotton was in good to excellent shape, compared to 68 per cent in good to excellent condition at this time last year. Volume traded Monday amounted to 8,999 lots, the lowest level since July 1, ICE Futures US data showed. -Reuters
MUMBAI: India's sugar futures fell more than 3 per cent on Wednesday afternoon on profit taking driven by hopes the government will release higher amount of non-levy quota for August after it deferred a decision over additional exports, dealers said. At 3:36 pm, the most active August sugar on the National Commodity and Derivatives Exchange was down 3.4 per cent to 2,700 rupees per 100 kg. It had hit a contract high of 2,858 rupees last week. In Kolhapur, a key market in top producer Maharashtra, the most traded S-variety fell 0.52 per cent to 2,686 rupees per ($61.05) per 100 kg. "Market was waiting for nonlevy sugar quota for August. There was talk in the market that the government will release higher quota for August as the festival season is beginning next month," said Ashok Jain, president, Bombay Sugar Merchants Association (BSMA). The government decision to defer allowing further sugar exports till after September also weighed on sentiment, traders said. India, the world's top consumer and the biggest producer after Brazil, should churn out 24.2 million tonnes in the current 2010/11 season and output may jump to 26.5 million tonnes in 2011/12, higher than the country's estimated consumption of around 22 million tonnes, industry estimates. Reuters
Tokyo rubber hits 3-mth high, may rise further BANGKOK: Tokyo rubber futures rose 2.3 per cent to a three-month high on Wednesday as concern about the US debt stalemate encouraged investors and funds to take speculative buying in commodity futures, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange (TOCOM) for January 2012 delivery rose 8.4 yen to settle at 396.0 yen ($5.1) per kg. It rose 2.3 per cent to a high of 396.0 yen, the highest since April 27. "Rubber rose in line with other commodities. There was speculative buying in both grains and metal futures. Investment funds also continued to buy rubber as well," said a Japanese dealer. Commodities rose broadly on Tuesday, with copper and corn outperforming the pack, as fear of a US credit default sank the dollar and investors sought assets that could preserve value. Oil slipped on Wednesday, staying at $99.13 a barrel by 0713 GMT as worries about US debt dominated the markets. The dollar fell to a fresh record low versus the Swiss franc, with the US currency under broad pressure on worries over the prospect of a US debt default, pushing investors towards the perceived safe haven of the franc. -Reuters
National Commodity Exchange Ltd Trading Summary Date
27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011 27-Jul-2011
Commodity
Crude10 Crude10 Crude10 Crude100 Crude100 Crude100 SL100OZ SL100OZ SL100OZ SL500OZ SL500OZ SL500OZ GO1OZ GO1OZ GO1OZ GO100OZ GO100OZ GO100OZ GO100OZ GOLD GOLD GOLD GOLDKILO GOLDKILO TGOLD50 TGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD
Contract Date
Price Quotation
Open
High
Low
Close
SE11 OC11 NO11 SE11 OC11 NO11 AU11 SE11 OC11 AU11 SE11 OC11 AU11 SE11 OC11 AU11 SE11 OC11 DE11 AU11 SE11 OC11 AU11 SE11 AU11 AU11 MON TUE WED THU FRI MON TUE WED THU FRI
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola
99.64 100.46 100.46 99.66 99.40 100.46 40.34 40.34 40.35 40.36 40.50 40.35 1611.20 1612.00 1611.90 1613.00 1611.70 1612.00 1620.50 44750.00 44665.00 44679.00 44628.00 44638.00 52053.00 52053.00 45816.00 45867.00 45765.00 50000.00 45799.00 52769.00 52,828 53,101 52,809 53,139
100.50 100.89 100.46 100.60 100.74 100.46 41.08 41.21 40.78 41.19 41.22 40.78 1624.50 1626.00 1626.50 1624.40 1618.60 1625.30 44893.00 44910.00 44920.00 44934.00 44883.00 44893.00 52350.00 52350.00 46058.00 46109.00 46126.00 50119.00 46041.00 53051.00 53,111 53,206 53,119 53,139
97.80 98.30 99.60 97.94 98.50 99.60 40.06 40.03 40.35 40.06 40.04 40.35 1608.90 1609.00 1610.00 1609.00 1611.70 1610.50 1613.40 44655.00 44665.00 44679.00 44628.00 44638.00 52053.00 52053.00 45816.00 45867.00 45765.00 45782.00 45799.00 52769.00 52,828 52,711 52,730 52,750
98.69 99.13 99.60 98.69 99.13 99.60 40.77 40.78 40.78 40.77 40.78 40.78 1618.00 1618.60 1619.10 1618.00 1618.60 1618.60 44893.00 44910.00 44920.00 44934.00 44883.00 44893.00 52350.00 52350.00 46058.00 46109.00 46126.00 46024.00 46041.00 53051.00 53,111 53,130 53,012 53,032
Traded Volume in lots 1,626 683 233 21 47 444 56 71 1,749 3,263 3,079 19 18 9 3 2 7 59 2
Previous Settlement Price 99.63 100.02 100.46 99.63 100.02 100.46 40.34 40.35 40.35 40.34 40.35 40.35 1611.00 1611.70 1612.20 1611.00 1611.70 1612.20 1613.40 44655.00 44665.00 44679.00 44628.00 44638.00 52053.00 52053.00 45816.00 45867.00 45765.00 45782.00 45799.00 52769.00 52,828 52,711 52,730 52,750
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Current Open Interest Settlement in Lots Price 98.69 386 99.13 89 99.60 98.69 89 99.13 14 99.60 40.77 6 40.78 134 40.78 1 40.77 1 40.78 37 40.78 1618.00 367 1618.60 2,967 1619.10 3,302 1618.00 1618.60 1619.10 15 1620.40 6 44910.00 4 44920.00 44934.00 44883.00 44893.00 52350.00 52350.00 46058.00 46109.00 46126.00 46024.00 2 46041.00 53051.00 4 53,111 5 53,130 4 53,012 10 53,032 6
10
Thursday, July 28, 2011
PCB forms body for stadia uplift ISLAMABAD: The Pakistan Cricket Board (PCB) has formed a committee to inspect the current state of the cricket venues in the country to improve the quality and increase the number of available stadiums. The committee formulated includes Intikhab Alam, Mir Haider Ali Talpur and Chaudary Anwar, who will be carrying out the inspections, a source said. The source further said that their assessment report will further guide the PCB's action plan and appropriate decisions will be taken. The officials plan to transform
the ODI venues into Test grounds and also upgrade them up to the best possible level. Currently there are three Test venues in the country namely Karachi, Lahore and Faisalabad. Multan also has the capacity of holding a Test match but this is not sufficient, blogs.bettor.com quoted the source as saying on Wednesday. The source said that the PCB wants to include Rawalpindi, Hyderabad and few other cricket grounds into the Test list and hence has planned major reconstruction and renovation.
Serena on song at Stanford STANFORD, California: Serena Williams, playing her first WTA Tour match on US soil since the 2009 US Open, made her return a victorious one with a 6-0, 6-0 victory over Australian Anastasia Rodionova. Williams, a 13-time Grand Slam champion and former world number one, was unfazed by her unseeded status as she battles to raise a ranking that has plummeted in the wake of a layoff of 11 months with injuries and illness. The hardcourt tournament in Stanford is her third event since she won Wimbledon in 2010 and
she's hoping it's a stepping stone to good things at the last Grand Slam of the season, the US Open in New York starting August 29. "Personally I have never taken this much time off," said Williams, who returned to action at Eastbourne and then played Wimbledon. "This is totally different from any other time." Williams, now ranked 169th, encountered little resistance from 105th-ranked Rodionova, who has lost five straight matches. "It was me being focused," Williams said. "I've always said if I play my best no one can beat me. Hopefully I can get back to that level." Williams plans to play in Cincinnati and Toronto before the US Open. Her main goal,
she said, is to play her best and let her ranking look after itself. "No. 1 is great but I really want to play well," Williams said. "Maybe this whole thing is teaching me to be patient." In other first-round matches, Russian Maria Kirilenko beat sixth-seeded Julia Goerges of Germany 6-2, 6-3. Kirilenko, who reached the quarter-finals here last year, next faces Williams. "She's coming back and she's winning again," Kirilenko said of Williams. "I need to be focused every minute." Japan's Ayumi Morita ousted seventh-seeded Ana Ivanovic of
Serbia 6-3, 7-5. Slovakia's Daniela Hantuchova beat Japanese qualifier Rina Fujiwara 6-0, 6-2. Fujiwara, 19, was playing her first WTA main draw match. Germany's Sabine Lisicki beat Romania's Simona Halep, 6-1, 6-2. Lisicki, ranked 26th, is coming off a semi-final appearance at Wimbledon, where her 11-match winning streak was halted by Maria Sharapova. Victoria Azarenka of Belarus and Sharapova are the top two seeds and will be vying to reprise their meeting in the final here last year when Azarenka triumphed. France's Marion Bartoli and Samantha Stosur of Australia are the third and fourth seeds, and all the top four enjoyed firstround byes. -APP
The official said that they are hopeful about cricket's revival in the country and are making the required preparations. The main objective is to bring the local grounds up to the international level and broaden the options for holding long-format fixtures. There are good quality cricket grounds in Sheikhupura, Gujranwala, Sialkot and Abbottabad, but they do not enjoy the status of ODI venues. The PCB has plans to do necessary maintenance in these cities and grant them the status of being the One-Day International venues, the source said. -APP
Olympic chiefs bullish as year to go LONDON: The one-year countdown to the 2012 Olympics got under way here Wednesday as top officials predicted London was firmly on course to deliver a successful games with just 12 months to go. International Olympic Committee chief Jacques Rogge was set to extend a formal invitation to the world's athletes during a 7:00pm ceremony at Trafalgar Square in the culmination of day-long events to mark the one-year milestone. British diving star Tom Daley will plunge into the waters of the gleaming new Aquatics Centre, one of an array of new venues which have been built at the 2.5 square kilometre (one square mile) Olympic Park site in east London. Synchronised swimmers will also take to the pool while the British capital is also showcasing some of the venues being incorporated into the city's most famous landmarks, including a beach volleyball arena at Horseguard's Parade. London 2012 organising committee (LOCOG) chairman Sebastian Coe said Tuesday preparations for the Games were on schedule with 90 percent of venues complete. "We are fully on track, we are on schedule, and we are within budget with one year to go and I take particular pride in that," Coe told journalists in a conference call for international media. Some of Britain's most famous athletes were in attendance early Wednesday as media were shown around the Aquatics Centre, with former distance runner Steve Cram giving the venue a glowing review. "It is stunning. It's absolutely stunning," the former Olympic silver medallist told the BBC. -APP
2nd day of Youth U15 boys badminton LAHORE: Lahore maintained its winning run in the Inter Division Youth U-15 Boys Badminton Championship beating Dera Ghazi Khan 2-0 on the second day here on Wednesday at Iqbal Park Sports Complex. A number of matches were also played in the second round in which Gujranwala bt Sargodha ,Sahiwal bt Bahawalpur,Lahore bt Sargodha, Gujranwala bt DG Khan. In the third round ties,Gujranwala bt Bahawalpur ,Multan bt Faisalabad and Lahore bt Bahawalpur 2-1. The semi finals and the final will be played on July 28. -APP
ISLAMABAD: British Deputy High Commissioner Peter Tibber, President Pakistan Olympic Association Lt. Ge. (R) Syed Arif Hassan, South Asian Games 2010 gold medalist Naseem Hameed and others pose for a group Photo. -Online
Time for clubs to run football Rummenigge LONDON: Former German international Karl-Heinz Rummenigge has launched a scathing attack on football's rulers and wants clubs to be given a bigger say in running the sport, it was reported Wednesday. Rummenigge, the chairman of the European Club Association and chief executive of Bundesliga giants Bayern Munich, told The Guardian he had lost confidence in FIFA following a string of recent corruption scandals. The 55-year-old said ECA clubs such as Bayern, Manchester United and Real Madrid should launch a "revo-
lution" to transform football if necessary. "I don't accept any longer that we should be guided by people who are not serious and clean," he told the Guardian. "Now is the moment to intervene. Because knowing something is wrong is an obligation to change." Rummenigge said clubs around the world supported reform of football's power structure. "It's not just the top clubs, it's all the clubs," he said. "Sepp Blatter is saying that he is cleaning up but the fact that no one believes him tells you everything you need to know.
"I'm not optimistic because they believe the system is working perfectly as it is. It's a money machine, World Cup after World Cup. And for them, that's more important than serious and clean governance." Rummenigge said he doubted whether national associations would be able to change FIFA from within. "The current system is tailormade for the associations and voted for by the associations. They won't go against (Fifa)," he said. "All stakeholders -- clubs, associations, players, referees, and women's football -- have a right to be involved in the decision-making process." -APP
Muslim Club lift District Peace Cricket Trophy PESHAWAR: The Muslim Cricket Club Sarozai clinched the winning trophy by defeating Star cricket club Togh Serai in the final match of the District Peace cricket tournament at sports complex Hangu. Assistant Coordination Officer (ACO) Hangu Akhtar Munir was the chief guest on the occasion while officials of the district cricket association, local elders, players and spectators were also present. As many as eight teams from the whole district appeared in the cricket tournament wearing
color-kits and using white balls during the matches. Batting first in the final match the Star cricket club Togh Serai set up a target of 55 runs after winning the toss. In reply the Muslim Sarozai cricket club achieved the target in just three over, clinching the tournament by nine wickets. Javed Khan superb knock of 32 runs off just 8 balls and took five wickets in the final, were declared man of the match. ACO Hangu Akhtar Munir awarded a trophy to the winning team and distributed the
medals and cash prizes amongst the players. Speaking on the occasion, Assistant Coordination Officer Akhtar Munir has said that Hangu has a lot of cricket talent and its needs proper grooming and polishing to show their skills. He advised the players to continue their efforts to play in national and international levels. He also assured the players that the district administration would provide all possible facilities for promotion of sports in the area. -APP
Imran routs Sohail by 8-0, seizes NBP Snooker crown KARACHI: Impeccable Imran Shahzad displaying his best game in recent years routed Sohail Shahzad 8-0 to seize the title in the 3rd NBP National Ranking Snooker Championship at Table Tennis Hall of Karachi Club on Wednesday. 36-year-old from Lahore dominated the match with superb cue control, positional play to register 92-24, 55-1, 74-10, 68-10, 62-04, 59-36, 54-37, 65-18 win after just under four hours contest. SEVP, NBP Dr. Mirza Abrar Baig, who was the chief guest presented the glittering trophy and cash purse of Rs.60,000 to Imran Shahzad while Sohail Shahzad collected Rs.35,000 and runner-up trophy. The losing semifinalist Muhammad Asif and Abdul Sattar got Rs.15,000. Omair Alam of Sindh got Rs.5000 for striking highest break of 128 in
the competition. The President of Pakistan Billiards and Snooker Association, Alamgir Shaikh, NBP Sports Chief Qasim, KC Sports Convener Shahnawaz Khan, NBP's Gulfraz Khan and Ghulam Muhammad and other officials were also present on the occasion. It was one of the most lop sided final in the history of Pakistan snooker after former world championship runner-up Saleh Muhammad thrashed Shakeel Bhatti in the final of a ranking snooker event at Muslim Gymkhana in 2000. Veteran Imran got off to sterling start when two breaks of 22 and 30 gave him opening frame 92-24. Left handed southpaw lanky cueist Sohail Shahzad looked mere a spectator in the first six frames as he could muster only 59 points which showed the ascendancy Using his vast
national and international experience, Imran kept Sohail under pressure his consistent potting and cue control. Diminutive Imran made the breaks of 46, 30, 43 and 53 in 3rd, 4th, 5th and 6th frame as these break made things easy in his victory. However, Sohail Shahzad had to blame himself for such a massive defeat as he struggled with his cue control and made a series of missing. After being totally off-color in the first six, Sohail lost the 7th frame 59-36 and Imran wrapped-up the final by winning thenext two frames 54-37 and 65-28. Speaking after the presentation ceremony, Dr. Abrar Baig feliciated the winners and promised to induct Imran Shahzad in the NBP fold after Muhammad Sajjad was provided with job in NBP Sports Division. -APP
Clapton wanted Tendulkar hit 100th century at Lord’s: Wasim ISLAMABAD: Former Pakistan captain, commentator and bowling expert Wasim Akram has said that legendary musician Eric Clapton was craving to see maestro Sachin Tendulkar hit his 100th ton at Lord's Akram said that guitar legend Eric Clapton was also excited over the possibility of witnessing Sachin Tendulkar's hundredth international century at Lord's on last Saturday. "Eric loves his cricket and was hoping for Sachin to get that hundred.'Will Sachin get it?' he kept asking me," midday.com quoted Akram as saying. "I thought you will be backing England,' I asked him, and he replied, 'no, no I want to see him score that hundred, " said Akram. The swing legend, who took 414 and 519 wickets in Test and ODI cricket respectively, said he was a good mate of Clapton's and attended his annual charity in London whenever he was in town. Tendulkar, a great music lover, is believed to have liked Clapton's popular track 'Wonderful Tonight'. -APP
PFF bids farewell to Nadia Naqvi, Sheikh Siddique ISLAMABAD: Pakistan Football Federation (PFF) on Wednesday gave a farewell to its outgoing Director Finance Nadia Naqvi and Director Youth and Grassroots Level Sheikh Muhammad Siddique, who remained associated with the federation for a long time. According to a press release, President PFF Makhdoom Syed Faisal Saleh Hayat expressed his gratitude at the time of farewell reception for their hard and honest work for the uplift of the game. Both Nadia and Siddique, in their personal capacity contributed a lot for the well being of the PFF. They had requested the management to accept their resignations because of their personal engagements. Faisal Saleh Hayat said that the outgoing Director Youth did a lot of work for bringing the young players to the forefront. He also paid rich tributes to Nadia Naqvi for formulating and enforcing financial discipline in the federation. Her stay at PFF has left a deep mark of honesty and clear thinking for financial discipline, he said.-APP
Thursday, July 28, 2011
International & Continuations NKorea demands peace treaty with US TFD Monitoring
TEHRAN: Iranian President Mahmoud Ahmadinejad (L) shakes hands with Iraqi oil minister Abdul-Kareem Luaibi while attending an official meeting in Tehran. - Reuters
UK recognises Libyan rebels, expels Gaddafi envoys TFD Monitoring LONDON: Britain has officially recognized Libya's main opposition group as the country's legitimate government, and expelled all diplomats from Moammar Gaddafi's regime Wednesday. Britain is unfreezing 91 million pounds ($150 million) of Libyan oil assets to help the National Transitional Council, which the U.K. now recognizes as "the sole governmental authority in Libya," Foreign Secretary William Hague said. The council had been invited to send an ambassador to London, Hague said, adding that "we will deal with the National Transitional Council on the same basis as other governments around the world."
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The Libyan charge d'affaires was summoned Wednesday morning and informed that he must leave the country within three days, the Foreign Office said. A government official, who spoke on condition of anonymity in line with official policies, said the seven other remaining diplomats were being given more time in case they wanted to defect. Britain's diplomatic moves implement a decision made at a July 15 meeting in Istanbul during which the US, Britain and 30 other nations recognized Libya's main opposition group as the country's legitimate government A popular uprising seeking to oust Gaddafi broke out in February, but the front lines in the civil war have remained largely stagnant since then.
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Hajj corruption case and assured the court that Hussain Asghar along with his team would be again assign the investigation into Hajj corruption scandal. Letter has been written to government of Gilgit - Baltistan and he would be given charge as soon as he would reach Islamabad. Reprimanding him for not appearing besides being summoned by the court, CJP said as to why he did not turn up when the court summoned him. "You are senior officer therefore, you should have appeared in the court. The court be informed today (Wednesday) about the assumption of charge by Hussain Asghar", CJP said. The hearing of the case has been adjourned till today (Thursday). - Online
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Iqbal Zafar Jhagra is just a formality, as its role would be limited to announcement of new office bearers. Senior leader Javed Hashmi has been elected as senior vice president, Raja Zafar-ul-Haq as chairman, Sartaj Aziz as general secretary, Mushahid-ulallah Khan as information secretary of the party. - Online
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According to the joint statement the Ministers reviewed the status of bilateral interactions on Ccunter-terrorism (including progress on Mumbai trial) and narcotics control; humanitarian issues; commercial and economic cooperation; Wullar Barrage/Tulbul Navigation Project; Sir Creek; Siachen; peace and security including confidence building measures (CBMs); Jammu & Kashmir; and promotion of friendly exchanges. The ministers noted with satisfaction the process of release of prisoners and fishermen from both sides has continued. In this regard, the ministers agreed with the recommendations of the Judicial Committee on Prisoners on early repatriation of the prisoners qualifying release, adoption of a humane approach in dealing with cases of fishermen, women, elderly, and juvenile prisoners, and need to monitor the welfare of prisoners. The ministers attached importance to CBMs, between India and Pakistan and agreed to convene separate meetings of the expert groups on nuclear and conventional CBMs, in Islamabad in September 2011. The ministers held discussions on the issue of Jammu and Kashmir and agreed to the need for continued discussions, in a purposeful and forward looking manner, with a view to finding a peaceful solution by narrowing divergences and building convergences. On cross-LoC trade and travel facilitation for Jammu & Kashmir the ministers decided that a list of 21 products of permissible items for cross-LoC trade will be respected by both sides. The working group will further specify permissible items to facilitate intra-Jammu &Kashmir cross-LoC trade. Both sides will provide adequate trade facilities as they agree to enhance number of trading days from 2 to 4 per week from Tuesday to Friday both on Srinagar-Muzaffarabad and Poonch-Rawalakot routes. Regular meetings would resolve operational issues concerning cross-LoC trade besides encouragement of frequent interaction between the chambers of commerce and trade. Existing telephone communication facilities should be strengthened. The meetings of the designated authorities will be held alternately at the terminal of the crossing points on both sides of the LoC every quarter or as and when deemed necessary. Cross-LoC travel would be expanded on both sides of the LoC to include visits for tourism and religious pilgrimage. In this regard, the modalities will be worked out by both sides. Facilities including waiting area, terminal and clearing procedures at the operational crossing points will be streamlined by both sides for smooth cross-LoC travel. The cross-LoC bus service between Srinagar-Muzaffarabad and Poonch-Rawalakot routes will henceforth run on every. Application forms and requisite documentation in respect of travel across LoC will be exchanged by email between designated authorities of both sides. Such email transfer of application forms will be backed up by hard copies. Both sides will expedite the processing time for applications, which shall not be more than 45 days. Six month multiple entry cross-LoC travel permits will be allowed by the designated authorities after completion of the required formalities at an early date. According to the joint statement, the sides agreed that the joint
Rebels, backed by Nato air bombings, control much of the country's east and pockets in the west. But Gadhafi controls the rest from his stronghold in Tripoli, the capital. Britain is one of the leading participants in the Nato-led campaign, but the government has been under pressure over its failure to remove Gadhafi from power. Libya's rebels saluted Britain's decision. Mustafa Abdul-Jalil, the head of the rebels' council, said Britain's recognition "gives us a political and economic boost." "We will try through this recognition to get our frozen assets," Abdul-Jalil told a news conference in the rebel capital of Benghazi in eastern Libya.
SEOUL, South Korea: North Korea demanded Wednesday that the United States sign a peace treaty formally ending the Korean War, as a senior North Korean diplomat visited New York to negotiate ways to restart six-nation nuclear disarmament talks. In an editorial marking the 58th anniversary of an armistice that ended the 1950-53 war, the North's official Korean Central News Agency insisted a peace treaty could go a long way toward resolving a deadlock over Pyongyang's pursuit of nuclear weapons. North Korea has long called for a peace treaty with the United States. The armistice left the Korean peninsula in a technical state of war. Its latest push comes as North Korean Vice Foreign Minister Kim Kye Gwan makes a fresh attempt to reopen six-nation talks that were last held in December 2008. US Secretary of State Hillary Rodham Clinton invited Kim to New York to meet with US officials later this week only after nuclear envoys from the rival Koreas held surprise talks last week. Seoul blames North Korea for two attacks that killed 50 South Koreans last year and has demanded that Pyongyang show remorse. The United States has insisted that its ally Seoul must be satisfied that inter-Korean ties are improving before it will pursue more nuclear negotiations with Pyongyang. Kim told reporters after landing Tuesday in New York that he was "optimistic of the prospects for the six-way talks and the North Korea-US relationship," according to South Korea's Yonhap News Agency. "I believe North Korea-US relations will improve, as now is the time for countries to reconcile."
working group will henceforth meet on a bi-annual basis to review existing arrangements and suggest additional measures for crossLoC travel and trade. The ministers also agreed that increase in trade and economic engagement between the two countries would be mutually beneficial. Thus they underlined need to establish a nondiscriminatory trade regime besides facilitating trade and redressing trade imbalance. On Siachen, Wullar Barrage/Tulbul Navigation Project and Sir Creek they agreed to continue talks. They also noted progress on finalisation of a revised visa agreement. They also emphasised promotion of cooperation in various fields including, facilitating visits to religious shrines, media exchanges, holding of sports tournaments and cessation of hostile propaganda against each other. The ministers decided to resume the work of the India-Pakistan joint commission and agreed that the technical level working groups should hold their meetings to identify avenues of further cooperation in these fields. They reaffirmed their commitment to the goals and objectives of Saarc and agreed to make joint efforts to promote cooperation for regional development in the Saarc framework. They agreed on a series of secretary-level talks on all issues between the two including that of Jammu and Kashmir. According to the statement, Shri Anand Sharma, Minister for Commerce and Industry of India, has extended an invitation to his counterpart Makhdoom Amin Fahim, Minister of Commerce of Pakistan to visit India at a mutually convenient date. Later addressing a joint press conference with her Pakistani counterpart foreign secretary Salman Bashir, external affairs secretary Nirupama Rao admitted that India was concerned about divergence from Pakistani side. Rao said, "There are divergences. We have different point of view on that matter (Khar meeting Hurriyat). We have expressed our views you have set a parallel structure. As far as we are concerned we have set bilateral structure to discuss all issues including Jammu and Kashmir." Bashir on his part tried to downplay the meeting, he said, "It is our intention to reach out. We should not read more into it. This matter of the meetings a day earlier cannot be construed in any manner to cast any sort of shadow. Reading more into it is perhaps not called for," he added. On the issue of Pakistan acting on India's terror concerns, Bashir said, "A lot has happened that is not on the surface for you to have a reasoned conclusion. To keep on coming back to the past is counterproductive. It is up to us as to how we see our future, a future that is definitely interlinked. I see no point in getting into acrimony." Rao said that the agenda of the bilateral talks between the two countries is that of hope and cautious optimism. "What is important is to lift the fog from this relationship, the kind of impulse from recent meeting is to clear the path, clear the undergrowth," she said. Deliberating on the same issue, Bashir said, "There was a very productive meeting between the two ministers. The joint statement signifies the intent of both Pakistan and India to adopt a cooperative mode to take the relationship further." "There are no simple, straight answers for some of the problems between India and Pakistan," he said. Foreign Secretary Salman Bashir said that there are no simple, straight answers for some of the problems between India and Pakistan. He added that there is an agreed plan on the modalities of cooperation between the two countries on counter-terrorism. Both nations have underscored their commitments to the Indus Water Treaty, he said while seeking support from friends in the press for the dialogue to continue. Secretary Rao said India and Pak were fully aware of difficulties in the way adding that India was fully committed to the Indus Water Treaty. Earlier, in a surprise move, visiting Pakistani foreign minister Hina Rabbani Khar visited senior BJP leader LK Advani at his residence, hours before holding talks with her Indian counterpart SM Krishna. The meeting with Advani is being termed as a courtesy call, reported PTI. Later she held a meeting with Indian Prime Minister Dr Manmohan Singh and conveyed the message of goodwill from Prime Minister Syed Yousuf Raza Gilani. During the meeting, they discussed bilateral matters of mutual interest. On behalf of Prime Minister Gilani, Hina Rabbani Khar invited the Indian Prime Minister to visit Pakistan. Dr Manmohan Singh accepted the invitation to visit Pakistan. Foreign secretary Salman Bashir, Pakistan's High Commissioner to India Shahid Malik and additional secretary Sajjad Kamran were also present at the meeting. Hina Rabbani Khar also met the leader of Opposition in Lok Sabha Sushma Swaraj. - Agencies
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Global oil prices jumped to $114 per barrel on July 26 against average price of $110 in the previous month, which will lead to an increase of up to Rs1.15 per liter in domestic oil prices. However, sources said petroleum product prices would be finalised after taking into account average global crude prices for the whole month of July and the inland freight equalisation margin (IFEM). It may be recalled that on June 30, petroleum product prices were reduced by up to Rs3 per liter following the decline in global markets. However, HOBC prices were increased by Rs2.21 per liter. The price of kerosene oil was not reduced as the government imposed a petroleum levy of Rs1.59 per liter on it. Sources said that these expectations are based on the latest international prices, which possibly could change only slightly in the next two/three days. According to another report, the Oil and Gas Regulatory Authority (Ogra) is expected to increase petroleum product prices by up to Rs1.15 per liter in line with the rise in international markets and new prices will take effect from August 1.
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necessary household items in the markets. The Minister said the Cabinet accorded approval to the decisions of ECC taken in its meeting on June 30 and July 20. The Cabinet also discussed and endorsed the decisions taken by the Cabinet Committee on Privatisation (CCOP) held on June 17. She said the Cabinet discussed and granted ex-post facto approval to the release of financial support of Rs65 billion to Pepco in order to improve the supply of electricity to the people. The Minister said the Cabinet discussed and approved the proposed amendments in the Pakistan Penal Code 1860 and Criminal Procedure Code Draft Bill, 2011 amending PPC and CrPC, for its introduction in either House of the Parliament. The proposed amendments, she said, will make the offenses like tampering oil & gas pipelines, damaging and causing destruction to oil & gas pipelines and theft of oil & gas liable to punishment of imprisonment and imposition of fine. She said imprisonment of 14 years and fine upto Rs10 million will be awarded to those who tamper main pipeline. Imprisonment of 10 years and fine upto Rs3 million will be imposed for tampering with distribution pipeline. On tempering with gas meter of domestic consume, imprisonment of six months and fine upto Rs10,000 while tempering with gas meter of industrial or commercial consume, imprisonment of 3 years and fine upto Rs1 million will be awarded, she added. The Minister said for the implementation of the Supreme Court judgment the Cabinet also discussed the proposed amendments in the National Tariff Commission (NTC) ACT 1990. The proposed amendments will allow any two of the Members of NTC to exercise powers conferred upon the Commission with regard to the cases that fall within its jurisdiction, she said. - APP
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The source further said that investigation would be made in the light of the recommendation made in the PAC report. Chaudhry Nisar Ali Khan, had held Lt General (Retd) Khalid Munir Khan, Lt General (retd) Mohammad Afzal Muzzafar, Major General (Retd) Khalid Zaheer Akhtar and a top bureaucrat responsible for causing a Rs1.8 billion-loss to the national kitty. The PAC had recommended that the GHQ to take action and recover the losses from the former top military officials concerned in the NLC scam, which dates back to 2008. Sources told Online that after all record is collected NAB would give this case a shape of reference and Director Operation NAB in this regard would regularly brief PAC and concerned departments of the course of the investigation. - Online
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They called for early release of funds to initiate work on this mega project. - APP
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As per details, unknown armed gunmen opened fire and killed the worker of political party Jeay' Sindh Qaumi Mohaaz, Kumbo son of Hashim. The dead body of the deceased shifted to Jinnah Hospital. Police has recovered two corpses, which were wrapped in a sack from Chawalla Market of Nazimabad No 1. Police told that both the deceased were killed after massive torture while the spots of bullet holes have also been found on their faces. The dead bodies were sent to Abbasi Shaheed Hospital for autopsy. However, the deceased could not be identified due to mutilated bodies and severe torture. In an area of Garden, anonymous armed persons killed a person. He was taken to Civil Hospital for autopsy. Police told that the dead body was identified as Baldeep Singh son of Seagal Daad. Two workers of Pakistan People's Party (PPP) Muhammad S/o Ahmad Baloch and Tariq Baloch son of Rahim Bux were gunned down near Makrani Masjid located in the jurisdiction of PIB Police Station by some unidentified armed persons. Police shifted the dead bodies to Jinnah Hospital for postmortem. Meanwhile police sources told that both were residents of PIB Colony. While during search operation police has recovered a 6 days old dead body from a Nullah located in the jurisdiction of Site police station and the corpse was sent to Abbasi Shaheed Hospital for autopsy. However, the dead body could not identified. Earlier, police found two sacked dead bodies from Sharifabad Railway crossing. The corpses were shifted to Abbasi Shaheed Hospital for autopsy. In another incident, police found a three days old dead body from Sector 10 of Surjani Town. However, the deceased was not identified. Meanwhile, in another incident, police found dead body of Yaqoob from Sector D-1, Orangi Town. Meanwhile two other political workers were also been killed by the firing of unknown gunmen in Orangi Town. - Online
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Dealers said dollar payments are typically higher in July and August because of stronger oil demand and debt payments. As well as oil payments, the International Monetary Fund's stalled aid programme to Pakistan is also weighing on the rupee. - Reuters
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acrimonious debate about raising the US debt ceiling has left investors fretting over a US debt default or a possible credit downgrade later in the year. The Dow Jones industrial average dropped 92.26 points, or 0.74 per cent, to 12,409.04. The Standard & Poor's 500 Index fell 14.43 points, or 1.08 per cent, to 1,317.51. The Nasdaq Composite Index lost 43.79 points, or 1.54 per cent, to 2,796.17. The S&P 500 and the Nasdaq have fallen for three straight days while the Dow was eyeing its fourth day of losses. Industrial conglomerate Emerson Electric Co said its order growth moderated in the three months to June and warned that the US and European economies have slowed in the past two months. The stock fell 6.6 per cent to $50.46. Emerson's news came after troubling signs from Caterpillar, Whirlpool, Ingersoll-Rand, and PepsiCo, all of which were punished hard in their share price by investors. In Washington, a Republican plan to cut the US deficit met stiff opposition, reducing the chances of a late compromise to avoid a default. Further pressuring the market, new orders for long-lasting US manufactured goods fell unexpectedly in June, and a gauge of business spending plans slipped.-Reuters
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"Points scoring by politicos means many in the market are reluctant to take a view until the issue is resolved either way," Darren Sinden, a trader at Silverwind Securities, said. "Default is unlikely but not impossible - as they say 'the road to hell is paved with good intentions'." A vote on a deficit plan by Republican Speaker John Boehner was pushed back to Thursday from Wednesday. Credit Suisse said in a note that it sees the United States raising its debt ceiling by Aug 2, but expects the bulk of key decisions being left until after the 2012 elections. Banks and insurers, companies seen to have the largest exposure to the debt crisis, bore the brunt of the selling. Goldman Sachs downgraded its recommendation on European banks to "neutral" from "overweight", citing stresses placed on the sector from the ongoing euro zone debt troubles. "Domestic banks in Europe are likely to face a slow growth environment, but many of the global banks have stronger balance sheets, diversified income streams and should benefit from their exposure to fast growing economies," it said in a note. UK-focused Lloyd's Banking Group, Barclays and Royal Bank of Scotland all fell up to 4.2 per cent, partly a response to disappointing results from Spain's Banco Santander. Ahead of the UK banks' own second-quarter reporting season next week, the Spanish bank reported a 21 per cent drop in first-half net profit on Wednesday as it set up a 620 million euro ($897 million) fund for claims of mis-sold payment protection insurance policies in Britain. The three UK banks have already unveiled more than 5 billion pounds ($8.1 billion) of charges to cover compensation for PPI mis-selling. Sovereign debt worries prompted punters to turn to traditional safe havens to protect their returns such as silver and gold, which soared to another record high. Poor macroeconomic data from the US added to investor unease, with Wall Street lower as the UK market closed.-Reuters
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Furthermore, Negotiated Deal Market (NDM) reporting time will be from 9:30am to 3:00pm Monday to Thursday and from 9.00am to 3:00pm on Friday. Nevertheless, Square-up market timing would be from 11:00am to 11:30am from Monday to Friday. Moreover, offices of the KSE would open from 9.00am to 3.30pm, while on Fridays it would open from 8:30am to 3:30pm in the Holy month of Ramadan.
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The lower house on Tuesday passed the bill, which stipulates the need to place importance on the responsibility borne by Tepco shareholders going forward. Decliners outnumbered advancers by 1,276 to 280. Trading volume was 1.70 billion shares, slightly above the average in the past six days. -Reuters
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remained volatile, hitting the investor confidence and investors who shifted towards the money market funds category. After witnessing tremendous growth of 876 per cent in FY10, the size of the money market funds has again shown a decent growth of 141 per cent during FY11, with the induction of total five (5) money market funds in the category. The net assets of the category stood at Rs77 billion in June 2011, as compared to the June 2010 size of Rs32 billion, now the largest category in the mutual funds industry. The reason behind this extraordinary growth was the demand from investors due to the objective of the category to provide unit holders competitive returns from a low risk portfolio of short duration assets while maintaining high liquidity which would be beneficial in the current interest rates scenario. However, during June 2011, the category witnessed a decline of 4 per cent MoM.
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The death of Mayor Ghulam Haidar Hamidi, a US citizen, is the latest in a string of assassinations of Karzai allies. While it is unclear if all were the work of insurgents, the killings have stoked instability as foreign troops begin withdrawing ahead of Afghan forces taking full security control by the end of 2014. Hamidi, 65, was killed and another person wounded when a suicide bomber detonated his explosives in a corridor near Hamidi's office, said Zalmay Ayoubi, the spokesman for the Kandahar provincial governor. - Reuters
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Central bank increased the cut-off yield on 3-month T-bill by 5 basis points (bps) to 13.5313 per cent and raised amount of Rs13.67 billion. Similarly, cut-off yield on 6-month T-bill up by 2bps to 13.7815 per cent and raised amount Rs38.48 billion. Likewise, 12-month T-bill increased by 1bps to 13.9204 per cent and raised amount Rs58.75 billion.
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Clinton slams move curbing aid to Pak
ISLAMABAD: Ch Abdul Majeed newly elected Prime Minister of Azad Jammu & Kashmir called on Prime Minister Syed Yousuf Raza Gilani at PM Secretariat.-APP
WASHINGTON: US Secretary of State Hillary Rodham Clinton blasted House bill that would impose strict new requirements on US aid to countries including Egypt, Lebanon, Pakistan and Yemen, warning that she will urge a veto if the measure reaches President Obama's desk. The bill "would be debilitating to my efforts to carry out a considered foreign policy and diplomacy, and to use foreign assistance strategically to that end," Clinton wrote Tuesday to members of the House Foreign Affairs Committee. The bill, passed by the Republicandominated committee last week, adopted a sweeping set of policy and funding directions for the State Department. While it is not expected to pass the Senate, the measure laid down a marker of Republicans' foreign-policy priorities in the upcom-
ing 2012 budget battle. In the letter, obtained from a Congressional aide by The Washington Post, Clinton criticised the legislation's "onerous restrictions" on department operations and foreign aid, and the "severe curtailing" of dues owed to international organisations - including the bill's provision to not pay US dues for the Organization of American States, the hemisphere's main inter-governmental organisation. Clinton wrote that the bill's ban on aid to countries that don't meet certain anti-corruption standards "has the potential to affect a staggering number of needy aid recipients." She also protested the "crippling restrictions on security assistance" to Egypt, Lebanon, Yemen and the Palestinian Authority. The bill had blocked aid to those
four governments unless Clinton certified that no members of terrorist organisations, or their sympathisers, were serving in their administrations. That language was aimed at Islamist groups such as the Palestinian organisation Hamas and Lebanon's Hezbollah - which have large followings but are on a US list of terrorist organizations - and the Muslim Brotherhood, which is expected to do well in Egypt's upcoming elections. It is not considered a terrorist group. Brad Goehner, a spokesman for Rep Ileana Ros-Lehtinen (R-Fla.), the committee chairwoman, said in reaction to the letter: "It's disappointing, particularly given the current debt crisis that the Obama administration is fighting to keep sending taxpayer money to foreign organisations and governments that undermine US interests." - Online
Apex court pledges to protect honest officers Pak can complete gas project next year: Iran
ISLAMABAD: Supreme Court (SC) has taken notice of making secretary establishment as OSD saying administration is degrading honest officers to cover up its corruption and financial irregularities but the court will provide every possible protection to honest officers. A 5-member bench of SC presided over by Chief Justice of Pakistan (CJP) Iftikhar Muhammad Chaudhry took up Hajj scandal case for hearing Wednesday. Taking notice of making secretary establishment as OSD court asked Attorney General (AG) to meet Prime Minister and present before it government stance in writing. CJP said "we acknowledge Prime Minister powers for transferring officers. We have repeatedly said this earlier; however, it is incumbent on every institution to comply with court's orders under article 5 and 190 of the constitution. When court's order is announced then all the institutions are duty bound to implement it. It is evident from notification about restoration of Hussain Asghar that it has been
issued under article 190 of the Constitution". CJP further remarked "attempt has been made to provoke court by making Sohail Ahmad as OSD. This step has not given any good message to honest officers and people. Doubtlessly the powers to transfer of officers rested with administration but in the prevailing situation honest officers could not be left at the mercy of administration. Court will protect honest officers". CJP further observed "administration is degrading honest officers to cover up its corruption and corrupt practices. Transfers upon transfers are being made. We will provide every possible protection to honest officers. Attempt has been made to make court's orders ineffective by making Sohail Ahmad OSD. It is feared that violation of Constitution may provoke chaos in the country. We can issue orders but we first of all want to become aware of reply from chief executive". AG again appeared in the court after interval and told that Prime Minister was in Lahore. He is com-
ing to Islamabad and Cabinet is also meeting today (Wednesday). No contact could be made with the Prime Minister However principal secretary to Prime Minister has been informed to convey the message to PM, he further told. CJP observed "we understand Prime Minister is fully aware of the Constitution and he has full perception about the importance of the court's orders. Despite it he removed Sohail Ahmad soon after he implemented court's orders. Giving more time we however, adjourn the hearing till today (Wednesday). Otherwise we could issue orders". CJP asked AG "you should meet the Prime Minister personally and inform him about the repercussions if the court's orders were not implemented. Prime Minster be asked to reappoint Sohail Ahmad as secretary establishment and make it clear upon him that what will be the after effects in case of non-appointment of Sohail Ahmad as secretary establishment. On the other hand DG FIA Tehseen Anwar appeared in the court in See # 1 Page 11
AJK PM vows to bring economic stability MUZAFFARABAD: Newly elected Prime Minister of AJK Chaudhry Abdul Majeed has said that he will change the political culture of AJK where the doors of all government offices would be open for people round the clock to bridge the gap between public and government. He was speaking to different delegations at Kashmir House Islamabad as well as Prime Minister's Secretariat Muzaffarabad , who came to congratulate him from the different parts of Kashmir. He said that bringing financial discipline, taking Azad Jammu & Kashmir towards self reliance and revival of AJK's identity would be his main focus of attention. "The success of Kashmir independence movement would be top priority of PPP government and in this connection a joint strategy would be evolved after consultation with the both sides' leadership of the line of control. Although
Pak-India talks are appreciable but Kashmiri people want that their representation should also be included in the negotiation", he added. Chaudhry Majeed was of the view that India should come on negotiation table for fruitful discussion on Kashmir issue with open mind leaving behind its traditional stubborn behaviour. "The people of Kashmir have showed confidence on PPP, which would never be shattered during his tenure in Prime Minister House. The government in AJK is the result of sacrifices made by Benazir Bhutto. We will transform AJK into welfare state under the vision of BB", the Prime Minister added. He said that the Kashmir issue would be highlighted globally so as the Kashmiri people could win their right of self determination. He thanked President Asif Zardari and Prime Minister Syed Yousaf Raza Gillani for taking interest in the development of AJK. - Online
Iran cuts oil export to India awhile TEHRAN: Iran has temporarily cut its oil export to India by 90,000 barrel per day (bpd) because of technical problems in that country's oil terminals, the semi-official Mehr news agency reported on Wednesday. "Iran has no intention to cut its oil export to India and this 90,000 bpd oil export cut is a temporary measure due to technical problems in India's terminals," Mehr said, without giving a source. The report said India compensated the cut from other oil sellers. "India has signed a contract with one of the Persian Gulf countries in order to compensate the loss of 90,000 (bpd) Iranian
crude export," the report said. The Islamic state had previously threatened India it would halt its oil supplies in August as New Delhi failed to solve a payment dispute that has cast a shadow since December over the two countries' $12 billion annual crude trade. Iran, facing increased isolation internationally, and energy-hungry India have been looking to resolve an impasse triggered when the Reserve Bank of India ended a regional clearing mechanism under US pressure. Mehr said Iran's export to India will "return to its normal trend" in September. - Reuters
TEHRAN: Pakistan could connect its transit networks to Iranian gas supplies as early as next year if it wants to, the Iranian envoy to Islamabad said. Asim Hussain, Minister for Petroleum and Natural Resources, said early this month that Islamabad was in talks with various companies to start work on a natural gas pipeline that could connect to Iran. Hussain said Iran has finished laying the pipeline on its side of the border. Pakistan is expected to start work on the project within six months. Mashallah Shakeri, the Iranian envoy to Islamabad, said Iran could start sending gas to Pakistan as early as next year, the semiofficial Fars News Agency reports. "If desired, Pakistan can connect with the pipeline next year," he was quoted as saying. Once dubbed the Peace Pipeline, the project was expected to reach into India. Washington in June said it was committed to expanding civilian nuclear cooperation with New Delhi, which recently backed away from the Iranian pipeline. The Iranian gas pipeline is up against a Western-backed project from Turkmenistan that would follow a similar route. - Online
Nawaz elected unopposed as PML-N chief ISLAMABAD: The Central Working Committee of Pakistan Muslim LeagueNawaz (PML-N) on Wednesday elected Nawaz Sharif as its president, he has been elected unopposed. No ballot papers have been printed for the election of all the top seven slots, including PML-N president, with consensus as already developed by the party's leadership. The party sources said that the constitution of a sevenmember election committee headed by ex-general secretary See # 2 Page 11
Suicide blast kills mayor of Afghan city KANDAHAR, Afghanistan: A suicide bomber killed the mayor of Afghanistan's Kandahar city on Wednesday, two weeks after the assassination of Afghan President Hamid Karzai's brother in the same city created a power vacuum in the country's turbulent south. See # 15 Page 11
SBP hikes yields on T-bills
Ahmed Siddique KARACHI: The State Bank of Pakistan on Wednesday surged the cut-off yields on all the treasury bills. SBP accepted bids worth of realized amount of Rs110.92 billion in T-bills auctions against the target of Rs120 billion, receiving bid worth of Rs145.67 billion. See # 16 Page 11
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