International Karachi, Friday, April 29, 2011, Jumadi-ul-Awwal 25, Price Rs12 Pages 12
PPP believes in press freedom, says Sharjeel
Dozens of tornadoes kill 200 in US South
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CIA, ISI are best of partners: Haqqani
See Page 12
No province on ethno-lingual basis: ‘N’
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See on Page 2 Economic Indicators Forex Reserves (23-Apr-11) Inflation CPI% (Jul 10-Mar 11) Exports (Jul 10-Mar 11) Imports (Jul 10 - Mar 11) Trade Balance (Jul 10 - Mar 11) Current A/C (Jul 10- Mar 11) Remittances (Jul 10 - Mar 11) Foreign Invest (Jul 10-Mar 11) Revenue (Jul 10 Mar 11) Foreign Debt (Dec 10) Domestic Debt (Dec 10) Repatriated Profit (Jul- Mar 11) LSM Growth (Jul 10- Feb 11)
GDP Growth FY10E Per Capita Income FY10 Population
President Zardari signs Bill into Law
$17.18bn 14.20% $17.80bn $29.02bn $(11.22)bn $99mn $8.02bn $1.32bn Rs 1012bn $58.39bn Rs 5497.4bn $491mn 0.98% 4.10% $1,051 175.88mn
Legal blanket for foreign investors Bill to bring transparency in investment disputes
Portfolio Investment SCRA(U.S $ in million)
221.14 45.05 -0.07 2714
Yearly(Jul, 2010 up to 27-Apr-2011) Monthly(Apr, 2011 up to 27-Apr-2011) Daily (27-Apr-2011) Total Portfolio Invest (16-Apr-2011)
NCCPL (U.S $ in million)
FIPI (28-Apr-2011) Local Companies (28-Apr-2011) Banks / DFI (28-Apr-2011) Mutual Funds (28-Apr-2011) NBFC (28-Apr-2011) Local Investors (28-Apr-2011) Other Organization (28-Apr-2011)
0.78 -0.86 -0.37 1.27 0.27 -0.99 -0.10
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 11,966.67 9,849.74 23,805.63 19,292.02 2,695.50 2,887.67 6,069.90 12,703.64
Change 19.23 157.90 87.21 156.67 8.74 37.74 1.74 12.68
GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 109.64 14.13 119.17 2.00 42.17 1.70 35.84 11.04 37.24
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
13.25% 13.62% 13.87% 14.00% 13.21% 13.39% 13.69% 14.09% 14.20% 13.98% 14.03% 14.09% 14.43% 14.68% 14.90%
20-Apr-2011 20-Apr-2011 20-Apr-2011 26-Mar-2011 28-Apr-2011 28-Apr-2011 28-Apr-2011 28-Apr-2011 28-Apr-2011 28-Apr-2011 28-Apr-2011 28-Apr-2011 28-Apr-2011 28-Apr-2011 28-Apr-2011
Commodities *Crude Oil (brent)$/bbl 126.41 *Crude Oil (WTI)$/bbl 113.84 *Cotton $/lb 147.64 *Gold $/ozs 1,535.30 *Silver $/ozs 49.34 Malaysian Palm $ 1,105 GOLD (NCEL) PKR 41,557 KHI Cotton 40Kg PKR 10,717 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 91.70 Canadian $ 88.50 Danish Krone 16.10 Euro 124.50 Hong Kong $ 10.80 Japanese Yen 1.018 Saudi Riyal 22.38 Singapore $ 68.40 Swedish Korona 13.40 Swiss Franc 94.20 U.A.E Dirham 22.88 UK Pound 140.20 US $ 84.35
92.70 89.50 16.50 126.00 11.10 1.044 22.58 69.40 13.70 95.30 23.08 141.30 84.65
Inter-Bank Currency Rates Symbols
Buying
Selling
TT Clean
TT & OD
Australian $ 92.19 Canadian $ 89.01 Danish Krone 16.81 Euro 123.92 Hong Kong $ 10.85 Japanese Yen 1.031 Saudi Riyal 22.48 Singapore $ 68.79 Swedish Korona 14.01 Swiss Franc 96.92 U.A.E Dirham 22.95 UK Pound 140.96 US $ 84.34 Weather Forecast Cities
Islamabad Karachi Lahore Faisalabad Quetta Rawalpindi
92.41 89.22 16.85 125.60 10.88 1.033 22.53 68.95 14.04 97.15 23.01 141.30 84.52
Max-Temp Min-Temp
36°C 34°C 42°C 42°C 31°C 37°C
22°C 25°C 25°C 22°C 14°C 23°C
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ISLAMABAD: Secretary Commerce Ministry of Commerce Government of Pakistan, Zafar Mehmood, addressing a press conference on the end of 5th Round of Talks on Commercial and Economic Cooperation between Commerce Secretaries of India and Pakistan, at local hotel.-Online
Gilani chairs Council of Common Interests meet
CCI okays funding of public varsities ISLAMABAD: The Council of Common Interests (CCI) in its 5th meeting here on Thursday approved that financing of universities' expenditures as hitherto would be picked up by the Federal Government till the period of current NFC Award. Prime Minister Syed Yousuf Raza Gilani presided over the CCI meeting held here at the PM Secretariat, during which eight agenda items were presented before the Council. The Council considered the report of the committee comprising Federal Finance Secretary and four Provincial
Reserves down at $17.18bn Staff Reporter
KARACHI: Pakistan's foreign exchange reserves eased to $17.18 billion in the week ending on April 23, from $17.38 billion the previous week, a central bank official said on Thursday. Reserves held by the State Bank of Pakistan fell to $13.68 billion from $13.91 billion a week ago, while those held by commercial banks rose slightly to $3.50 billion from $3.47 billion, said SBP chief spokesman Syed Wasimuddin. Pakistan's forex reserves have grown steadily thanks to higher export proceeds as well as record inflow of remittances, hitting an alltime high of $17.95 billion during the week that ended on March 26. Reserves have since eased slightly on debt repayments. Remittances from overseas Pakistanis increased by 22.37 percent to more than $8 billion in the first nine months of the 2010/11 fiscal year (JulyJune), and in March, a record $1.05 billion was received, according to SBP data.
New tender for 3.5mn T LNG soon ISLAMABAD: Government will issue a new tender within 3-4 months for import of 3.5 million tonnes a year of Liquefied Natural gas, an energy official said on Thursday. Last year, Supreme Court of Pakistan scrapped a government deal to buy natural gas from France's GDF Suez over suspected irregularities. -Reuters
Chief Secretaries regarding financing beyond June 30, 2011 of the activities devolved or being devolved to the provinces. The CCI approved that the financing for current activities devolved to provinces would be borne by the provinces. It was decided that the Federation would provide financing for vertical programs of health and population sectors. All provincial projects would be financed by the provinces except those being executed under the Presidential/ Prime
Minister's directives. The Council decided that the matter regarding financing for National Commission on Human Development (NCHD) and National Education Foundation (NEF) would be considered in the next meeting of CCI. The Council considered National Electric Power Regulatory Authority (NEPRA)'s Annual Report 2009-10 and State of Industry Report 2010 and noted the progress. The CCI also took note of steps taken by Nepra. See # 11 Page 11
Seeks info on NAB Dy chair naming
SC wants PSM to have its CEO ISLAMABAD: Supreme Court of Pakistan on Thursday directed the Attorney General to look into the issue of appointment of Chief Executive Officer of the Pakistan Steel Mills, besides the appointment of its Board of Directors, who were alleged to have been involved in corruption. The three-member bench
headed by Justice Javed Iqbal on a suo moto case related to alleged corruption of Rs18 billion in Pakistan Steel Mills observed that corruption had increased to Rs 26 billion. Justice Javed Iqbal told the officers of Federal Investigation Agency that they should keep in mind that they have to recover Rs26 billion as See # 12 Page 11
Pak-India trade talks conclude
No MFN to India as trade barriers persist ISLAMABAD: Pakistan refuses to grant India 'most favored nation' (MFN) status in trade talks, media reported Thursday. According to the media, Pakistan has refused to grant India "most favored nation" (MFN) status in retaliation for India's non-tariff barriers to trade. During the talks held between Commerce Secretary Zafar
Mahmood and his Indian counterpart Rahul Khullar, India offered to cooperate in the energy, petroleum, cotton and IT sectors and also extended its help in registration of rice varieties. India also invited a taskforce for cooperation in telemedicine. Both, Pakistan and India expressed satisfaction over the fiber optics network. See # 13 Page 11
All discos except KESC to up tariff ISLAMABABD: The National Electric Power Regulatory Authority has allowed electricity distribution companies to increase their tariff by Rs one per unit. The fresh increase in electricity tariff would not be applicable on Karachi Electricity Supply Company (KESC). The increase has been made on account of monthly fuel adjustment charges. The fresh increase will be included in the next month bills of the consumers. The discus-
sion in this regard was held here on Thursday. Nepra was informed that 2974 megawatt electricity was generated through furnace oil in March due to which the cost of production has been enhanced. The Chairman Nepra while allowing electricity distribution companies to increase tariff by Rs one has also asked government to review availability of gas to power sector, as the prices of furnace oil is increasing. -Online
ISLAMABAD: President Asif Ali Zardari on Thursday accorded assent to a law aimed at reassuring foreign investors about security of their investments in Pakistan. The Arbitration (International Investment Disputes) Bill, 2011 was passed by National Assembly on November 5 last year while the Senate passed it on April 1. The President made the Bill into a law, with his signatures at a special ceremony, here at the Aiwan-e-Sadr. President Zardari termed the signing as 'a giant leap forward' to create confidence amongst foreign investors and bring transparency in the settlement of investment disputes. The President congratulated the Parliament for passing this important legislation and said that the government has already announced a liberal incentives package for foreign & local investors. He expressed the hope that the current legislation would prove instrumental in attracting FDI and further promote investment climate in the country. Spokesperson to the President Farhatullah Babar
Senate body opposes wealth tax ISLAMABAD: The Senate Standing Committee on Finance has opposed wealth tax and giving more autonomy to State Bank of Pakistan, however the committee showed its consent on implementation of agriculture tax. The meeting of Senate standing committee on finance was held here on Thursday, which was presided over by its chairman Senator Ahmed Ali. Finance minister Abdul Hafeez Shaikh briefed the committee regarding salient feature of the upcoming budget. The committee reviewed the proposed bill for giving autonomy to State Bank of Pakistan. See # 8 Page 11
1Q: Fertiliser sales fall 9.3pc Ahmed Siddique KARACHI: Fertiliser offtake depicted a fall of 9.3 per cent in first quarter 2011 to 1.65 million tonnes compared with 1.82 million tonnes in 1QCY10 mainly due to gas curtailment and 45-day closure of fertiliser plant on Sui network in the first month of current calendar year. According to the latest data, urea sales dropped 13.2 per cent to 1.23 million tonnes against 1.41 million tonnes during identical period last year. On the other hand, Di-ammonium phosphate (DAP) offtake remained weak during 1QCY11 period with the industry registering a decline in growth of 21.5 per cent on YOY basis. DAP sales remained at 160.31k tonnes compared with 204.31k tonnes in 1QCY10 mainly due to higher DAP prices. Average retail prices of urea were recorded at Rs1138 per bag, showing a surge of 2.1 per cent MoM against price of Rs1114 per bag recorded in February 2011. See # 9 Page 11
said that the government has already signed and ratified the international convention on settlement of investment disputes between the states and nationals of other countries. He said domestic legislation was a pre-requisite to benefit from the provisions of the convention and pointed that it envisages establishment of an international centre for settlement of investment disputes under the World Bank, besides constitution of a conciliation commission and arbitral tribunal. The International Convention on Settlement of Investment Disputes (ICSID) facilitates conciliation and arbitration on investment disputes between the contracting states and nationals of other contracting states. The seat of the centre at the principal office for International Bank for Reconstruction and Development (IBRD) having an administrative council and a secretariat maintains a panel of conciliators and arbitrators. Any contracting state may renounce the convention by written notice to the depositary
of this convention which will take effect six months after the receipt of such notice. The jurisdiction of the centre extends to any legal dispute arising directly out of an investment between a contracting state and a national of another contracting state. The spokesperson said that with this new legislation a major disincentive for foreign investors had been removed who will now feel reassured to invest in Pakistan. He said the enactment of the law was part of President's plan to offer new incentives to address country's economic and investment problem. The plan has increased foreign remittances from a little over 6 billion US dollars in 2007 to an expected almost 11 billion US dollars this year, he said. The event was attended among others by federal ministers, members of Parliament, federal Secretaries, Presidents Chambers of Commerce & Industry, President Overseas Chamber of Commerce, President Women Chambers of commerce & industry, See # 7 Page 11
Budget FY12
Shaikh in bid to get political back ISLAMABAD: On the directives of Prime Minister Syed Yousuf Raza Gilani, the economic team of government has started taking political parties into confidence over budget for next fiscal year of 2011-12. The Government's economic managers led by Federal Minister for Finance Dr Abdul Hafeez Shaikh met a delegation of Pakistan Muslim League (N) at Punjab House, sources informed Online on Thursday. Secretary Finance Waqar Masood, Governor State Bank and other high-ups were included in the Government's team while the delegation of PML-N was led by Senator Ishaq Dar. The Government team briefed the delegation about country's overall economic situation, salient features of budget as well as difficulties being faced by Government. The delegation
was also informed about State Bank Amendment Bill. Federal Finance Minister told the delegation of PML-N that budget for next financial year is being made and all stakeholders and political forces would be taken on board. The budget, he assured, would have recommendations of all political parties, added subsidies are being withdrawn and tax net is being expanded in the budget. He declared the approval of RGST from Parliament as mandatory. The PML-N delegation made it clear on Government's team that it would not back imposing of new taxes in the budget. The delegation also opposed the State Bank Amendment Bill, besides recommending Government's team to slash extra expenses. -Agencies
Police told to beef up security: Qaim
4 sailors among 5 dead in bus attack Staff Reporter/ Agencies KARACHI: Five people including 4 Pakistan Navy sailors were killed and eighteen others were wounded in another attack on a Pakistan Navy bus in Karachi on Thursday. This was the third attack on the Navy in less than a week. According to Pakistan Navy Commander Spokesman Salman and Superintendent Police Umer Khattab, a Pakistan Navy Mehran bus was targeted with a remote-controlled blast in Karsaz area at Shara-e-Faisal highway. SSP Umer Khattab told newsmen that the attack was carriedout in a similar fashion as two attacks on two naval buses were carried out on Tuesday. Spokesman Pakistan Navy Commander Salman in a state-
ment said four Pakistan Navy sailors and a passer-by was killed in the explosion and seven PN personnel were wounded. However, hospital sources said that nearly 18 wounded people have been admitted in different hospitals. Pakistan Navy personnel who were killed in the blast included Mohammad Ramzan, Muhammad Yameen, Imtiaz Ahmed and a lady doctor Saba Marwat. Two other vehicles traveling on the road were also destroyed in the blast. Windowpanes of many nearby houses were also damaged with the intensity of the blast. DIG investigation Iftikhar Tarar told media that 3-kg explosive material was used in See # 10 Page 11
2 Friday, April 29, 2011
Shakil Jafri grieved Staff Reporter
ISLAMABAD: Muhammad Athar Tahir, Secretary Education paid a farewell call on Prime Minister Syed Yousuf Raza Gilani at PM House.-APP
PPP believes in freedom of press: Sharjeel Staff Reporter KARACHI: Sindh Minister for Information Sharjeel Inam Memom hosted a dinner Wednesday night in honour of editors and senior journalists at a five-star hotel. The dinner was also attended by the Chief Minister of Sindh Syed Qaim Ali Shah besides a large number of editors, columnists and senior journalists. Talking informally to journalists, the information minister explained PPP's belief in democracy, good governance and freedom of press. He said Peoples Party adheres to the principles laid down by its founder Zulfikar Ali Bhutto and was committed to carry out the mission of shaheed Benazir Bhutto. He asked the journalists community to approach him for any professional problems and assured to look into it on prioritybasis.
Munter admires courage of Mukhtaran ISLAMABAD: United States ambassador to Pakistan Cameron Munter Thursday admired Mukhtaran Mai's courage for speaking up about the crime committed against her and her work to inspire and educate Pakistani women about their fundamental human rights. In a statement here on Thursday, he said: "Following the release of those accused of gang rape, I am disappointed for Mukhtaran Mai and concerned for the rights of women in Pakistan. He called on the government of Pakistan to ensure Mukhtaran Mai's safety. The ambassador referred to the judgment of the Supreme Court stating: "violating the sanctity and chastity of a woman is asordid, despicable, squalid act, which is considered abhorrent in any civilized society."-APP
PM lauds CCP performance ISLAMABAD: Prime Minister Syed Yusuf Raza Gilani has appreciated the performance of the Competitive Commission of Pakistan (CCP) with regard to check anti-trust and anti-cartelization via enhanced competitiveness. He said that the Government would support the CCP to play its due role in good governance. The Prime Minister was talking to a delegation of the CCP
which called on him at the PM's House here on Thursday. The three-member delegation was led by Ms Rahat Kaunain Hussain, Chairperson of the CCP. The Prime Minister also appreciated the idea of organizing an international conference in October this year by the CCP with the aid of Competitive Support Fund. The Chairperson thanked the Prime Minister
for his support in enhancing the effectiveness of the CCP by completing the full strength of the Commission. She also discussed the organizational matters during the meeting. The meeting was attended by Principal Secretary to the Prime Minister, Abdul Ghaffar, Member CCP, Dr Shahzad Ansar, Member CCP and other senior officers of the Prime Minister's Secretariat.- NNI
Pak Navy firm in fight against terrorism: ISPR KARACHI: Another cowardly incident of terrorism struck Pakistan when a Naval bus was hit by a bomb explosion leaving four sailors martyred and five injured. This was stated in an ISPR press release issued here on Thursday. It said that being one of the Armed Forces, Pakistan Navy has been attempted on by ill-minded elements whose nefarious motives aim at deterring the resolve of the nation to fight menace of terrorism.
The ISPR Navy statement further pointed out that Karachi being predominantly a naval city, has been the focus of acts of terrorism in the past few days. A large number of personnel are serving in Pakistan Navy at Karachi. Establishments and units of Pakistan Navy are located in various parts of the city which involve operational movements in line of duty. The Navy has stringent security measures in place. In yesterday's incident the
Improvised device was hidden in a manhole right next to the main artery of Shahrah-e-Faisal. Chief of the Naval Staff has strongly condemned this act of terrorism and reaffirmed the resolve of Pakistan Navy to continue its fight against this cancer. The Naval Chief said that through these acts, the determination of Pakistan Navy Officers, sailors and civilians cannot be deterred and PN stands firm with the nation in fight against extremism.-APP
Power shortfall reaches 3821MW
NBP officers felicitate Qamar, Raza
ISLAMABAD: The electricity shortfall in the country on Thursday further reduced to 3,821MW from 3,995MW as the total power generation was recorded as 12,269MW against the demand of 16,090MW during the last 24 hours. According to the brief on daily power generation and load-management position, the hydel generation stood
at 4,068MW, WAPDA thermal 1,818MW, IPPs 6,365MW and Renal 18MW. As many as 730 MW was supplied to Karachi Electric Supply Company (KESC), the report further said. The hydel generation witnessed sharp increase owing to improved water level in the mega reservoirs and stood at 4,068MW.-APP
RAWALPINDI: President National Bank Officers Association (Punjab chapter), Munir Khan and General Secretary, Naheem Ullah Afridi have warmly felicitated Qamar Hussain on assuming the charge of President of the bank and Syed Ali Raza as Chairman Board of Directors. In a statement, here on Thursday, the Association expressed the hope that under their dynamic leadership the organization would further flourish and become top financial organization in the banking sector.-APP
KARACHI: Syed Mohammad Saeed Hassan Abidi, father of Syed Hur Ali of Datanet and brotherin-law of Shakil H Jafri, Editor, The Financial Daily International, who was injured in a road accident four days back died of head injuries at a local hospital. He was laid to rest in Sakhi Hassan graveyard in North Nazimabad. His funeral was largely attended by relatives, family friends, businessmen and journalists. Soyem of Saeed Hasan Abidi will be held tomorrow (Saturday). Quran Khawani will be held at 4 pm at Masjid-e-Yasrab, Defence Phase IV and Majlis will be held at 5:30 pm which will be addressed by Allama Prof Taqi Hadi. Meanwhile, the staff of Datanet and The Financial Daily, in separate meetings, condoled the death of Syed Saeed Hasan Abidi and prayed to Almighty Allah to rest his soul in peace and grant courage to the bereaved family to bear this irreparable loss.
‘Blasts on Pakistan Navy buses interlinked’ ISLAMABAD: Sindh Information Minister, Sharjeel Ahmad Memon said that Thursday blast on Pakistan Navy bus is interlinked with previous one. Sharjeel said two days before two Pakistan Navy buses were targeted in same way in Karachi and now the third Navy bus was subjected to terrorism. He added according to the situation and all evidences these blasts looked interlinked but it would be immature to reach on conclusion instantly before actual and final report. He maintained police, rangers and all agencies are working jointly on their target to detect terrorists and before this they have done their job successfully to detect terrorist adding very soon these Karachi blasts terrorists will also be detected. He said Karachi is a very big city having population in millions Therefore, it is not possible to cordon-off all the city but after information of blast all sensitive areas were cordoned-off and security was put on high alert adding the blast occurred on roads which was unexpected.-APP
Pak Air Chief says capable to thwart any threat RISALPUR: Chief of the Air Staff, Air Chief Marshal Rao Qamar Suleman has made it clear that Pakistan Air Force (PAF) is ready to tackle external and internal threats, being faced by the
external threats but we have to tackle them through modern war strategy and limited resources", Rao said while addressing the graduation ceremony held at Pakistan Air Force Academy here
ample evidence that country's armed forces are ready to meet any challenge, he said. Pakistan, he said, does not wish to enter into arms race. Pakistan is a peaceloving country and wants to
from any side would be met with full force by the armed forces of Pakistan, he said. PAF remains a potent force, fully capable of defending the aerial frontiers of Pakistan, he said. We will continue to equip
future secure and safe, Rao Qamar added. "No doubt weapons is necessary in war but the strong institution, strong training and spirits are more necessary in war", he said. Later, Chief of the Air Staff, Air Chief Marshal Rao Qamar Suleman distributed Prizes among cadets. Chairman Joint Chiefs of Staff Committee's Trophy for Best Performance was awarded to Pilot Officer Rana Ahsan. Chief of the Air Staff's Trophy was awarded to Pilot Officer Tallah. The coveted Sword of Honor was awarded to Pilot Officer Zeshan Anjum while Pilot Officer Kamran Zia lifted Chairman Joint Chiefs of Staff Committee's Trophy. Air Staff's Trophy for best Performance in Engineering Discipline country. as chief guest. live in the region, with hon- air force with modern was awarded to Pilot "We are aware of conThe successful opera- our and dignity. weapons, he said. We Officer Mohammad Adnan fronting internal and tion against extremists is Aggression of any kind would make the country's Khan.-Online
3
Friday, April 29, 2011 Top Economic Events
Dollar descends broadly as US economic data soft Implied volatility seen favoring the euro NEW YORK: The dollar descended to a three-year low against major currencies on Thursday on the Federal Reserve's intention to keep near-zero interest rates and softer-than-expected US jobs and economic growth data underscored the bearish sentiment. Ultra-loose monetary policy has been a bane for the dollar, which fell to a three-year low against a basket of major currencies. But, low US rates have been a boon for the euro, with that currency up nearly 11 per cent this year. The Federal Reserve said on Wednesday it would complete its $600 billion bond-buying program in June but Chairman Ben Bernanke signaled no rush to tighten monetary policy with the jobs market still in a "very, very deep hole".
Indeed, data on Thursday showed the US economy grew less than expected in the first quarter and initial weekly jobless claims rose more than forecast. "The reality is that low shortterm US rates for an extended period are guaranteed, regardless of how the Fed's language evolves this year, until the Fed starts intervening in the markets differently," said Lena Komileva, global head of G10 strategy at Brown Brothers Harriman in London. There is bound to be a long gap between ending the Fed's commitment to low rates for an extended period and
the eventual normalization of US rates that can improve the dollar's yield advantage against the rest of the world, she said.
"This is a story for 2012 at the earliest." With few positives seen for the dollar, the euro is set to attack $1.50, strategists said. The dollar index, which measures the dollar's value against a basket of currencies, slid to a three-year low of
72.871, and last stood at 73.196, down 0.4 per cent on the day. The dollar index has slid nearly 4 per cent this month, bringing it closer to a record low of 70.698 hit in March 2008. The dollar was down 1 per cent at 81.42 yen, with options expiries reported at 81.50 and 82.00 yen. The euro rose to $1.4790, up 0.1 per cent. The euro hit a 17-month high of $1.4882 on trading platform EBS after breaching resistance around $1.4850, the upper part of an uptrend channel since mid-February. The higher-yielding Australian dollar scaled a fresh 29-year high of $1.0948 and was last up 0.2 per cent at $1.0890, while sterling hit a 17-month peak of $1.6747, and was last up 0.1 per cent at $1.6648. -Reuters
Yuan ends up on
Asian currencies
Sing dlr at record high; record high fixing cbanks pull back intervention SINGAPORE: Asian currencies touched milestones against the dollar on Thursday with the Singapore dollar hitting a fresh record peak and the Malaysian ringgit at a new 14-year high after the Federal Reserve signalled it would not be in a rush to tighten policy, cementing expectations for further fund flows into Asia. The Singapore dollar is seen as the most overbought against the greenback since October last year, when the central bank widened its trading band for the first time since after Sept 11 attacks on the United States. Asian central banks such as the Monetary Authority of Singapore (MAS) were spotted buying dollars to check strength in their currencies, but they moved dollar bids lower in line with overall
gains in the regional currencies, dealers said. "Asian currencies' gains are really speedy, especially after Bernanke appeared not to have any will to lift the dollar," said Jeong My-young, a currency strategist of Samsung Futures in Seoul. "The US economy will more benefit from a weaker dollar as it will help the country's exports while the US inflation is lower than other developed countries, except Japan." The Indonesian rupiah hit a seven-year high against the dollar after the country sold $2.5 billion of medium term notes, attracting an order book of $6.9 billion from over 270 accounts. That is the largest singletranche dollar bond in Asian bond market history. Investors
Sterling hovers near 17-mth high vs dlr LONDON: Sterling held near a 17-month high against the US dollar on Thursday, retaining modest gains as investors placed more bearish bets on the greenback after the Federal Reserve signalled it was in no hurry to reverse policy. Sterling's rise came even after dismal data showed British consumer morale unexpectedly deteriorated in April
to a two-year low as people braced to take a hit from public spending cuts. Analysts said this showed how entrenched dollar bearishness was in the market, with many expecting sterling to rise past its 17-month high of $1.6747 struck earlier on Thursday and test its November 2009 peak of $1.6879 in the next few days. "British consumer confidence data fell again," said Kit Juckes, currency strategist at Societe Generale. "However, sterling/dollar held support and is heading higher again. Dollar
bearishness is consensual, but remorseless." The pound was up 0.2 per cent at $1.6660 against the dollar, extending gains made on Wednesday after UK gross domestic product growth data confounded speculation about a weaker-than-forecast number. The GDP data came in line with the Reuters consensus
forecast, but the market had positioned for a weak reading which drove investors to cut short positions initiated before the data was released. Still, sterling lost some ground against the euro which saw it slip from its 17-month highs versus the dollar. Traders cited robust month-end demand from a euro-zone central bank as behind the euro's rise against the pound. The euro was flat at 88.90 pence, off a low of 88.70 pence and recovering from a trough of 88.46 pence struck on Wednesday. -Reuters
appeared to long on regional currencies against the dollar, but they saw little risks of massive short-covering for the moment. Still, more gains in Asian currencies may be slow on intervention and given market positions, some dealers said. "From here, we should play short-term because risk of a jump(in USD/AXJ) is high with too many short positions," said a senior dealer in Kuala Lumpur. The dollar/Singapore dollar's 14-day Relative Strength Index (RSI) fell to 16.7, the weakest since Oct. 14 last year when the MAS widened the trading band for the city-state's currency. The dollar/ringgit 14-day RSI is at 15, the lowest since Apr 9, 2010, indicating the pair are oversold. -Reuters
Swiss franc strengthens ZURICH: The Swiss franc on Thursday was poised to re-test the previous session's all-time peak against the dollar, which was broadly weaker as investors anticipated US interest rates will remain low for some time. "Technicals still indicate downside risks for USD/CHF, but overvaluation is becoming now very stretched," analysts at Credit Suisse said. The franc was up 0.5 per cent against the dollar compared with the New York close, trading at 0.8705 per dollar at 0623 GMT. The franc ticked up 0.1 per cent against the euro at 1.2916. "USD/CHF has only briefly bounced off its new all time low at .8669 on Wednesday but should run out of steam ahead of or around .8850, the March low," Commerzbank technical analysts said in a note. "While trading below here immediate downside pressure remains with ongoing weakness towards the December-to-April support line at .8603 likely to be seen." The Swiss franc, which investors seek out during times of heightened uncertainty, has gained strongly against both the dollar and the euro over the past year, lifted by concerns about debt in the euro-zone and the United States, and political unrest in the Middle East and North Africa. -Reuters
Aussie fired up to test $1.10, kiwi cooled by RBNZ SYDNEY/WELLINGTON: The Australian dollar powered to a fresh 29-year peak on Thursday as a dovish Fed undermined its US counterpart, while the New Zealand dollar took a knock when the RBNZ said rates would not be going up for some time. The Aussie bulldozed past option barriers at $1.0900 to hit a session high of $1.0948, gaining nearly a full cent from the New York close. It last traded at $1.0930. The local currency has the $1.1000 objective well within its sights, underpinned by strong buying from Asian central banks keen to diversify their flows, according to traders. The Aussie is also seen as a proxy for illiquid Asian currencies. Some analysts think it go even higher thanks to the strong relationship between the Australian dollar and the country's booming terms of trade. Australia's terms of trade are near record high and fuelling a massive pipeline of mining investment, a major reason the Reserve Bank of Australia (RBA) has lifted rates by 175 basis points since 2009. While many analysts have
been calling for a correction in the Aussie, which gained a whopping 12-cents since midMarch, others are not so sure. Support for the currency is seen at $1.0813, with resistance lined up at $1.0949, $1.1000 and $1.1082. A broadly weaker yen propelled the Aussie to a near three-week high of 89.63 yen, within sight of a major psychological barrier at 90 yen. The New Zealand dollar had a volatile session, falling sharply after the country's central bank left its key rate on hold at 2.50 per cent before recouping some losses. It bounced back to $0.8060, after it had initially dropped almost three quarters of a cent to around $0.8003. Near-term support for the kiwi is seen at $0.8000 with resistance at $0.8110, with a concerted move above that confirming the recent uptrend. However, it could still not keep up with the neighbouring Aussie, which catapulted to a onemonth high of NZ$1.3571, before settling at NZ$1.3530. The rise reflects the countries' different economic outlooks. -Reuters
SHANGHAI: The yuan ended firmer on Thursday after hitting a new high, approaching the psychologically important level of 6.50 per dollar, as the People's Bank of China (PBOC) set the currency's midpoint at an all-time high for a second consecutive day. The yuan has now appreciated 5.01 per cent since it was unshackled from a de facto peg to the dollar last June and 1.38 per cent so far this year, since the PBOC started guiding it upwards to help fend off imported inflation. While 6.5 per dollar is not an important technical level, Chinese media and market players are likely to seize on its crossing that level as evidence of how far the central bank has come in loosening the shackles on the yuan, and potentially as evidence of more appreciation to come. "I think the yuan will break the 6.50 barrier very soon. If not today, maybe tomorrow," said a trader at a state-owned commercial bank in Beijing. "Everyone can see that appreciation is going very quickly and the PBOC is maintaining its gradualist stance. Before, market expectations were generally that the yuan will appre-
ciate 5 per cent this year, but now it's probably going to appreciate more. How much more is hard to say," he said. The currency touched an alltime high of 6.5003 in early afternoon trade, blowing past the previous record of 6.5067 hit last Friday, and it closed at 6.5015, stronger than Wednesday's close of 6.5112. Though the yuan has reached new highs against the dollar, the dollar also reached a new three-year low against a basket of currencies on Thursday after the US central bank signalled it would keep in place its ultra loose monetary policy. Before trading began, the PBOC fixed the yuan's midpoint at a record high of 6.5051, stronger than Wednesday's historical high mid-point of 6.5096. The fixing is used by the PBOC to express the government's intentions for the currency. Offshore, one-year dollar/yuan non-deliverable forwards were bid at 6.3190 in late afternoon trade, down slightly from 6.3320 at Wednesday's close. Their implied yuan appreciation in a year's time rose to 2.87 per cent compared with 2.83 per cent. Reuters
Indian rupee ends off 1-week high MUMBAI: The Indian rupee erased early gains to end flat on Thursday, after rising to a oneweek high, as dollar demand from oil importers and negative local shares weighed. The partially convertible rupee closed steady at 44.43/44 per dollar, after hitting 44.2575 earlier in the day, its highest since April 21. "The rupee should be treading in gains tomorrow with month-end dollar demand almost through. The euro is likely to rise further against the dollar," said Vikas Chittiprolu, a senior forex dealer with Andhra Bank. He sees the Indian unit in a range of 44.25-44.55 range on Friday. Month-end dollar demand from oil importers, the top buyers of the greenback in the domestic market, weighed on the rupee. The rupee had risen earlier in the day tracking the euro's gains against the dollar. The one-month onshore forward premium was at 25.50
basis points (bps) versus its previous close of 26.25 bps. The three-month was at 82.00 bps versus 81.00 bps and the one-year was at 311.50 bps compared with 313.00 bps. The one-month offshore nondeliverable forward contracts were quoted at 44.70, weaker than the onshore spot rate. In the currency futures market , the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, the United Stock Exchange and the MCX-SX were at 44.6900, 44.6825 and 44.6875 respectively, with total volume at $6.37 billion. -Reuters
Time 3:45 7:30 11:00 14:00 14:00 17:30 17:30 17:30 17:30 18:45 18:55
Source NZD CNY EUR EUR EUR CAD USD USD USD USD USD
Events Trade Balance HSBC Final Manufacturing PMI German Retail Sales m/m CPI Flash Estimate y/y Unemployment Rate GDP m/m Core PCE Price Index m/m Employment Cost Index q/q Personal Spending m/m Chicago PMI Revised UoM Consumer Sentiment
Source
Events
NZD GBP JPY JPY EUR EUR USD USD USD
Official Cash Rate GfK Consumer Confidence Tokyo Core CPI y/y Overnight Call Rate French Consumer Spending m/m German Unemployment Change Advance GDP q/q Unemployment Claims Advance GDP Price Index q/q
Forecast 244M 0.2% 2.7% 9.9% 0.0% 0.1% 0.5% 0.6% 68.7 70.0
Previous 194M 51.8 -0.4% 2.7% 9.9% 0.5% 0.2% 0.4% 0.7% 70.6 69.6
Forecast
Previous
Previous Day Actual
2.50% -31 0.2% <0.10% -0.7% -37K 1.8% 429K 1.9%
2.50% 2.50% -28 -28 0.2% -0.3% <0.10% <0.10% 0.3% 0.9% -33K -55K 1.9% 3.1% 392K 404K 2.2% 0.4%
Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY Gold
As per 22.00 PST Ask High 1.4825 1.4884 0.8731 0.8758 1.6644 1.6745 0.9506 0.9519 1.0917 1.0947 120.8600 121.8100 0.8907 0.8915 1.2942 1.2965 135.7600 137.0100 93.4300 94.1600 1534.4100 1535.7500
Bid 1.4822 0.8727 1.6640 0.9502 1.0913 120.8200 0.8904 1.2938 135.6700 93.3800 1533.8200
Low 1.4773 0.8691 1.6624 0.9467 1.0855 120.4100 0.8871 1.2921 135.5800 93.1800 1524.1000
London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 28/04/2011 A USD GBP CAD EUR JPY O/N 0.13375 0.58088 0.96333 1.28750 SN 0.11563 1WK 0.17750 0.58900 1.00833 1.20250 0.12250 2WK 0.18975 0.59588 1.04250 1.19000 0.12875 1MO 0.21025 0.62375 1.08250 1.18000 0.14438 2MO 0.24225 0.70063 1.12917 1.21500 0.16000 3MO 0.27300 0.82188 1.20000 1.33875 0.19563 4MO 0.31625 0.89613 1.27650 1.42563 0.24313 5MO 0.37775 1.00438 1.34467 1.51625 0.30000 6MO 0.43050 1.11625 1.40450 1.63063 0.34563 7MO 0.48925 1.20250 1.49317 1.70375 0.39563 8MO 0.54300 1.28938 1.57633 1.78500 0.44250 9MO 0.59300 1.37188 1.65267 1.86688 0.48688 10MO 0.64650 1.45438 1.74567 1.94438 0.51313 11MO 0.70100 1.52563 1.83583 2.01250 0.54000 12MO 0.76100 1.59156 1.92817 2.09313 0.56313
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of Canada Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia
May 31, 2011 May 5, 2011 May 20, 2011 May 5, 2011 June 22, 2011 June 16, 2011 May 3, 2011
September 8, 2010 March 5, 2009 December 19, 2008 April 7, 2011 December 16, 2008 March 12, 2009 November 2, 2010
Current Interest Rate 1% 0.50% 0.10% 1.25% 0.25% 0.25% 4.75%
Division of National Bank of Pakistan (NBP) KARACHI, April 28,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG KUWAIT MALAYSIA NEWZEALAND QATAR U.A.E. KR WON THAILAND
84.50 141.30 125.60 89.22 97.15 92.41 14.04 1.03 16.08 68.95 16.85 22.53 10.88 307.66 28.53 68.24 23.21 23.01 0.08 2.83
84.30 140.96 125.30 89.01 96.92 92.19 14.01 1.03 16.04 68.79 16.81 22.48 10.85 306.94 28.47 68.08 23.15 22.95 0.08 2.82
84.09 140.58 124.93 88.77 96.67 91.95 13.97 1.03 16.00 68.60 16.76 22.42 10.82 306.13 28.39 67.90 23.09 22.89 0.08 2.81
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for April 28, 2011
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years 30--years
KASB 12.50 12.60 12.85 13.05 13.10 13.25 13.46 13.60 13.80 13.95 13.98 14.00 14.01 14.04 14.05 14.07 14.09 14.09 14.40 14.60 14.85
BMA 12.55 12.60 12.85 13.00 13.09 13.18 13.45 13.60 13.78 13.95 13.97 14.00 14.05 14.04 14.06 14.06 14.07 14.09 14.35 14.65 14.85
ELXIR 12.20 12.35 12.80 13.02 13.06 13.28 13.45 13.60 13.80 13.95 13.97 13.99 14.02 14.07 14.08 14.02 14.00 14.09 14.42 14.68 14.87
GSL 12.50 12.70 12.90 13.07 13.12 13.25 13.47 13.66 13.80 13.95 14.00 14.00 14.03 14.05 14.05 14.06 14.08 14.10 14.50 14.80 15.00
ICSL 12.40 12.35 12.80 13.00 13.10 13.25 13.48 13.53 13.81 13.96 13.97 14.00 14.00 14.05 14.07 14.06 14.08 14.09 14.45 14.70 14.90
JSCM AvgRate 12.25 12.40 12.35 12.49 12.80 12.83 13.00 13.02 13.10 13.10 13.20 13.24 13.48 13.47 13.60 13.60 13.80 13.80 13.95 13.95 14.00 13.98 14.01 14.00 14.04 14.03 14.05 14.05 14.08 14.07 14.08 14.06 14.07 14.07 14.10 14.09 14.45 14.43 14.65 14.68 14.90 14.90
Currencies Correlation EUR/GBP Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/JPY EUR/USD GBP/USD NZD/USD
week month months months year years
0.01 0.34 0.69 0.72 0.63 -0.05
-0.77 -0.15 0.00 0.16 -0.04 0.57
0.17 0.28 0.81 0.80 0.68 0.66
0.25 0.52 0.93 0.89 0.78 0.75
-0.21 0.22 0.41 0.58 0.45 0.26
USD/CAD USD/CHF
0.06 0.38 0.38 0.36 0.55 -0.04
-0.33 -0.30 -0.74 -0.61 -0.59 0.15
-0.49 -0.44 -0.85 -0.73 -0.53 -0.03
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)28/04/2011 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
ABLN 12.25
12.75
12.30
12.80
12.55
13.05
13.15
13.40
13.40
13.65
13.60
14.10
13.70
14.20
13.90
14.40
JSBL
12.40
12.90
12.55
13.05
12.70
13.20
13.15
13.40
13.55
13.80
13.60
14.10
13.70
14.20
13.80
14.30
ASPK 12.40
12.90
12.40
12.90
12.70
13.20
13.10
13.35
13.40
13.65
13.50
14.00
13.70
14.20
13.80
14.30
CIPK
12.50
13.00
12.50
13.00
12.70
13.20
13.00
13.25
13.40
13.65
13.60
14.10
13.70
14.20
13.80
14.30
DBPK 12.30
12.80
12.40
12.90
12.55
13.05
12.95
13.20
13.35
13.60
13.50
14.00
13.65
14.15
13.75
14.25
FBPK 12.30
12.80
12.45
12.95
12.70
13.20
13.25
13.50
13.50
13.75
13.65
14.15
13.80
14.30
13.90
14.40
FLAH 12.25
12.75
12.40
12.90
12.75
13.25
13.15
13.40
13.45
13.70
13.55
14.05
13.65
14.15
13.80
14.30
HBPK 12.35
12.85
12.45
12.95
12.80
13.30
13.15
13.40
13.45
13.70
13.60
14.10
13.70
14.20
13.80
14.30
HKBP 12.05
12.55
12.15
12.65
12.70
13.20
13.15
13.40
13.45
13.70
13.60
14.10
13.70
14.20
13.80
14.30
NIPK
12.40
12.90
12.60
13.10
12.95
13.45
13.10
13.35
13.35
13.60
13.40
13.90
13.50
14.00
13.60
14.10
HMBP 12.20
12.70
12.35
12.85
12.75
13.25
13.20
13.45
13.45
13.70
13.60
14.10
13.75
14.25
13.85
14.35
SAMB 12.25
12.75
12.30
12.80
12.75
13.25
13.20
13.45
13.45
13.70
13.60
14.10
13.75
14.25
13.85
14.35
MCBK 12.30
12.80
12.40
12.90
12.60
13.10
13.20
13.45
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
NBPK 12.25
12.75
12.40
12.90
12.70
13.20
13.10
13.35
13.40
13.65
13.60
14.10
13.70
14.20
13.80
14.30
SCPK 12.30
12.80
12.45
12.95
12.65
13.15
13.10
13.35
13.50
13.75
13.60
14.10
13.70
14.20
13.80
UBPL 12.10
12.60
12.30
12.80
12.70
13.20
13.15
13.40
13.40
13.65
13.50
14.00
13.65
14.15
13.90
14.40
AVE
12.80
12.40
12.90
12.71
13.21
13.14
13.39
13.44
13.69
13.59
14.09
13.70
14.20
13.81
14.31
12.30
14.30
4 Friday, April 29, 2011
The Financial Daily International Vol 4, Issue 172
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi
Living With The Martyrs Muhammad Amjad
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
Donâ&#x20AC;&#x2122;t take credit for others work One is completely astonished to read news often fed by Pakistan Electric Power Company (Pepco). One of its recent juggleries is a news item published in the local print media carrying a headline "Pepco adds 2,000 megawatts power to national grid". This creates an impression that Pepco has added extra electricity by taking special measures to ease load shedding in the country. Pepco also took the credit of increase in hydel power generation to 3,931MW from 3,000MW. It further added that by ensuring adequate supply of furnace oil, Independent Power Producers (IPPs) have also increased their output by about 700MW electricity to 6,236MW from 5,562MW. Similarly Pepco's own thermal houses have also increased generation to 1,800MW from 1,500MW. The update issued by Pepco on Thursday about the electricity further claims of reduction in shortfall to 3,821 MW from 3,995MW as the total power generation was recorded as 12,269MW. According to the brief on daily power generation and loadmanagement position, hydel generation stood at 4,068MW, Pepco thermal at 1,818MW, IPPs at 6,365MW and RPPs at 18 MW. As usual there was no mention of electricity received from Chashma nuclear power plants. Let one point be very clear that Pepco is 'good for nothing'. The corporatized generation companies working under Pepco are generating around 1,800MW. Very cunningly in the daily reports electricity generated by Pepco is attributed to WAPDA, which has nothing to with it whatsoever. Way back the power wing of WAPDA was converted into corporatized entities comprising of generation, distribution and transmission companies. Therefore, attributing any thermal generation to WAPDA is not only incorrect but tantamount to holding it responsible for some thing which it doesn't do at all. Any increase in hydel generation is not the good work of Pepco or WAPDA but the blessing of Mother Nature. With the rainfall in northern areas water levels in dams have increased and so does the generation. Pepco is also taking pride by saying that IPPs are operating at record levels, which should be taken the other way round. IPPs are operating at higher capacity utilization only because the state owned generation companies are operating far below optimum capacity utilization, mainly because of failure to purchase fuel. To begin with, the government should immediately stop Pepco from releasing fudged data about power generation and only Ministry of Water and Power should release the information. The numbers can be very conveniently up loaded at the website of the Ministry. There is no need to issue daily press releases or handouts. This is also to remind the government that it has already decided to wind up Pepco and any delay in execution of this decision is a burden on national exchequer. There is no justification for keeping an entity functional which is of no good. The delay only indicates presence of vested interest groups with in Pepco. Why let the looters loot more?
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.
T
he soldiers marched supporting coffins of their comrades wrapped in green and white, with solemn faces they proceeded unaware of the breeze that blew ferociously in salutation to its valiant heroes who were lying peacefully after bestowing their lives for the nation. The sweet fragrance emanating from them was spreading across, mesmerizing and engulfing everyone present to view the funeral procession and to pay tribute to those who had confirmed our security and well being by shedding their life blood, nurturing the tree of freedom and liberty under which we now seek shelter unflinchingly and in the freshness of which we copiously breathe the unsullied air of freedom. Stopping right in the mid of the ground, the group of soldiers gently laid down the coffins with such extreme affection and devotion, for those who were sleeping within, that only a mother exhibits for her infant child. In a glorious display the uniform and medals of the brave martyrs laid on the flag covered casket, the armed men stood in straight lines on one side amid the sun rays that were finally allowed by the shifting clouds to reach out and kiss the 'shuhada' farewell giving the metallic medals an ethereal spark that blinded those who witnessed this awesome display of veneration. The flaming medals gave away the tale of the ultimate sacrifice that the soldiers had rendered
with their blood and justified the responsibility that had been given to them through the uniform. Funeral prayers were said and amid salutations the bodies were sent to their respective hometowns. Faiz Ahmad Faiz has so eloquently described this unparalleled heroism in the following words:
Jo rukay tou koh-e-garan thay hum, jo chalay tou jaan say guzar gaye Rah-e-yaar ham nay qadam qadam tujhay yaadgaar bana diya Has anyone ever tried to feel the heart wrenching pain experienced by the mother of those courageous fighters, who await the lifeless bodies of their sons? Has anyone tried to experience the emotions of the sister who loses a loved brother? Has anyone been interested to see a daughter of our martyred who lies awake crying out for her father and indulges in an eternal wait that someday her father might come and engulf her in his solid and secure arms again? The Pakistan military has decided to observe the April 30th as Yaum-e-Shuhada every year. The decision has been widely welcomed as there was a need being felt to dedicate a day in the year to commemorate and eulogize the services and sacrifices rendered by the sons of soil for the security, safety and glory of this nation. The nation salutes these sons of soil. The nation salutes the mothers and sisters who appoint their sons and brothers to guard the borders with their lives. Thriving nations do not forget their martyrs. This is a day to pay homage to them. The entire nation welcomes the mothers, sis-
ters and daughters of our unforgettable Shuhada as they had welcomed the bodies of their loved ones. This day is not only to commemorate the sacrifices of the recipients of gallantry awards like Nishan-i-Haider, Tamgha-i-Jurrat, etc but also for those shuhada who can be called the unsung heroes of the four wars between Pakistan and India since 1948 but also for those who offered their lives during the war against terror since 2001. This war is going on, and in words of the army chief, General Ashfaq Pervez Kayani, this war will be won by all means till the elimination of terror, and the nation is at his back. The Pakistani nation, the Pakistan Army, the Pakistan Navy and the Pakistan Air Force, the Pakistan Police Force, Pakistan's paramilitary and second tier security force, the state, the federal and the provincial intelligence agencies - in fact everyone is no doubt, fortunate to have such flowers that blossom on its soil who feel proud to give their lives for their nation. A soldier adorning the uniform becomes a guardian of the nation, safeguarding not one home but the entire homeland. They have never let the nation down and never will. Treading on the path of their predecessors, they are standing erect against every internal and external conspiracy. The bloodshed by the shuhada will bear fruit and very soon, the motherland, our beloved homeland will be free from the vice of extremism and terrorism as all these thorns will be gradually weeded out from our garden, our Pakistan!
Petraeus exit adds to US troubles in Afghanistan Missy Ryan US plan to pull General David Petraeus from Afghanistan threatens to derail U.S. efforts to build strong ties with Islamabad and Kabul and help Americans win the decade-old war against the Taliban. While President Barack Obama's decision to move Petraeus to the CIA will give him a strong voice on security issues, it opens him to criticism that he, like George W. Bush before him, is not giving the war the attention it needs for success. "We're just starting to see some momentum, some shifts, and now we're swapping out the Afghanistan commander," said Rick "Ozzie" Nelson, an Afghanistan veteran and a fellow at the Center for Strategic and International Studies. The shake-up in Kabul -- Obama will also send veteran diplomat Ryan Crocker to replace Karl Eikenberry as U.S. ambassador -- comes as the United States struggles to show it can decisively weaken the Taliban almost 10 years after the Sept. 11 attacks that triggered the war. The Obama administration will name Lieutenant General John Allen, who commanded troops in Iraq and is now deputy commander of U.S. Central Command, to take over in September. Despite areas of improved security in southern Afghanistan, violence shows few signs of receding and foreign troops are bracing for a bloody spring fighting season only two months before Obama starts withdrawing U.S. soldiers. In that context the decision to remove Petraeus, who has sought to apply his counterinsurgency success in Iraq to Afghanistan -- is a gamble for the U.S. president, under pressure at home to end a long war and mindful of advice from military leaders who say
A
the Afghan fight is far from won. It was only 10 months ago when Obama, the war critic who struggled at first to find his footing with the U.S. military leadership, suddenly asked Petraeus to effectively take a demotion and become Afghanistan commander when his predecessor, General Stanley McChrystal, resigned in a media scandal. Since then Petraeus has embodied U.S. hopes the long-neglected Afghan campaign could be salvaged by putting more boots on the ground and winning over war-weary Afghans. Petraeus has worked to improve ties with Afghan President Hamid Karzai, strained at times due to accidental civilian deaths, and to convince Pakistani leaders like army chief General Ashfaq Kayani to crack down on militants launching attacks on U.S. troops in Afghanistan. His departure may make it even harder to reassure Kabul and Islamabad, where some leaders have staked their futures on close ties with Washington, the United States is not quickly bolting for the exit as public support for the war drops. "It's hard to get a focused campaign and develop those relationships" when top brass don't stick around, Nelson said. The departure of the U.S. military's brightest star may also fuel doubts about how many troops Obama, who sent an additional 30,000 U.S. soldiers to Afghanistan after overhauling U.S. strategy on Afghanistan in 2009, can afford to bring home starting in July. "We won't know if (Petraeus') surge strategy will work until the end of 2011, which is long after he's left," said Joshua Foust, a fellow at the American Security Project. NO BIG STRATEGY, OPS CHANGE Obama will announce a major security shake-up on Thursday, nominating CIA directorLeon Panetta to
replace Robert Gates as defense secretary and putting Petraeus forward to lead the U.S. spy agency. In Afghanistan analysts expect continuity in NATO's strategy and operations as commanders seek to expand "bubbles" of improving security, which they hope will allow Afghans to resume commerce and improve governance, and as they conduct a air strikes aimed at mid- and senior-level Taliban leaders. Likewise, the U.S. military's deep command structure could minimize the impact of Petraeus' departure, which although expected at some point comes at a delicate juncture. Allen will face challenges in Afghanistan, where violence hit its highest level in 2010 since the war began in 2001. Allen commanded troops in western Iraq as Sunni tribesmen began battling al Qaeda and helped staunch bloodshed there. In Afghanistan, he may struggle filling Petraeus' formidable shoes but he is not expected to deviate from a strategy U.S. officials believe is showing positive, if tenuous, results in weakening the Taliban. Analysts said Obama's appointment of Crocker, who as U.S. ambassador in Baghdadwon wide praise for his regional expertise and skillful diplomacy, could help counteract the departure of someone with Petraeus' stature. Andrew Exum, a former Army Ranger and fellow at the Center for a New American Security, said Crocker, who also served as U.S. ambassador to Pakistan, might be able to mend the frayed relationship with Karzai in a way that Eikenberry had not. "Ambassador Crocker has always been the best candidate for the job of ambassadorin Kabul," Exum said. -Reuters
Gulf Arab rulers tense on Egypt policy shifts t a recent conference in Abu Dhabi, a confidant of the emirate's crown prince vented his frustration over the downfall of a major ally who Gulf Arab rulers once thought was as entrenched in power as they are. "How could someone do this to him? He was the spiritual father of the Middle East. He was a wise man who always led the region," the aide told Reuters. "We didn't want to see him out this way. Yes, people want democracy but not in this manner. It's humiliating!" But yesterday's strongman is today's fallen dictator. Brought down in three weeks of protests in Egypt that took his allies by surprise, Hosni Mubarak now faces prosecution on accusations of abusing influence to enrich himself and ordering police to open fire on protesters who toppled him 75 days ago. Gulf newspapers have carried days of angst-ridden commentary on the stunning denouement. "There is a very real danger that mob rule is destroying Egypt's reputation, stability and economy," Khalaf Al Habtoor, head of a leading merchant family in Dubai, wrote in an angry article in the Gulf News last week. Mubarak was not only a friend of Gulf Arab rulers, he was a vital part of Arab political architecture during his three decades in power, setting the standard on Arab approaches to the IsraeliPalestinian conflict and offering Saudi Arabia and Gulf countries solid backing in their long cold war with Iran. Now that he has gone, the Gulf has seen those shibboleths challenged and governments are scrambling to limit the damage. "There's no doubt the Saudis are very
A
concerned about Egypt's new foreign policy orientation. Egypt has already in a short amount of time shifted its foreign policy," said Shadi Hamid, analyst at the Brookings Centre in Qatar. POLICY SHIFTS Egypt's ruling military council allowed two Iranian warships to pass through Egypt's Suez Canal in February, despite loud objections from Israel and irritation in Washington -- a sign that the new Egypt wanted to play by a different set of rules. Egyptian Foreign Minister Nabil Elaraby said this month Cairo was ready to re-establish diplomatic ties with Iran that were severed in the early days of the Islamic Republic, at a time when Egypt was forging ahead with peace with Israel. Egypt intends to try seven officials including a former energy minister over controversial low-priced gas sales to Israel. And post-Mubarak Egypt has eased the movement of Palestinians from Hamas-ruled Gaza over its Gaza border. All are signs of a shift away from a policy that was very much in harmony with the Western-aligned spirit that has for decades characterised foreign policy in most Gulf Arab capitals. "Gulf policymakers are concerned about Iran making inroads into Egypt," said Ted Karasik, a defence analyst based in Dubai. "Saudi Arabia is seeking to regain its heavyweight position in the region and doing so in a very assertive manner. It does not want to see Egypt erase any Saudi gains." Although the U.S. administration took its time before expressing support for
protester demands that Mubarak step down, Riyadh was shocked at what it saw as Washington's abandoning of a trusted ally who stuck his neck out to back U.S. policies. It is hosting exiled Tunisian leader Zine al-Abidine Ben Ali after an uprising ousted him in January, and has taken a muscular approach to perceived threats from unrest in the Gulf. Saudi Arabia and the United Arab Emirates (UAE) sent troops to Bahrain last month to help suppress a prodemocracy protest movement that could have empowered its majority Shi'ites, who are seen by Sunni elites as susceptible to Iranian influence. Riyadh also helped arrange $20 billion in aid from the large Gulf oil producers to help Bahrain and Oman quell protesters. Iran, a non-Arab Shi'ite giant with over 70 million people, seemed to confirm the fears of Gulf rulers when it complained to the United Nations of a Saudi "invasion" of Bahrain, a small island state over which it once claimed sovereignty. NEW CHAPTER During a visit to the Gulf this week, Egyptian Prime Minister Essam Sharaf made conciliatory noises about Gulf security but defended what he called a "new page". "We have turned a new page that does not involve personalising issues. Iran is a country like any other," the leader of Egypt's "post-revolution" government said after meeting 87-year-old Saudi King Abdullah, who has handed out $130 billion in largesse to Saudis to encourage them not to make pro-democracy demands. "We are extremely keen that interfer-
ence in these countries should be a red line. The security of the Gulf states is part of Egypt's own national security," Sharaf added. But he also defended democracy and prosecuting Mubarak. "We have started on a one-way path to democracy," he said. "We are trying to take the first step towards the rule of law and no one is above the law, whoever they are." Sharaf was also expected in the UAE and Qatar, a tiny Gulf state widely seen as having eclipsed Egyptian clout through its pan-Arab media outlet, Al Jazeera, and maintaining channels with Palestinian group Hamas, Lebanese Shi'ite group Hezbollah and Iran -- allies all opposed to the American tilt in the region. Egypt's need for financial aid could offer the Gulf countries a conduit to influence its policy direction. Egypt is calling for up to $10 billion in loans as it forecasts that its budget deficit could widen to 9 percent in the current fiscal year. Sharaf said last Tuesday he was hoping for more annual aid from Kuwait or other Gulf states. "We would rather get money from our friends than going to the International Monetary Fund," he told reporters. Sharaf also denied there was tension with the UAE over visas for Egyptian expatriates, millions of whom work in the Gulf. Bahrain has begun expelling Lebanese in apparent retribution for Hezbollah criticism over its crackdown on disaffected Shi'ites. "Egypt doesn't want to alienate the Gulf countries too much. They can benefit a lot from financial assistance during a difficult period," Hamid said. -Reuters
5
Friday, April 29, 2011
South East Asian stocks
Some post small gains amid inflows
European shares hit 8-week closing high
KSE-100 Index Opening Closing Change % Change Turnover (mn)
Karachi Stock Market
11,947.44 11,966.67 19.23 0.16 113.50
Results fail to boost sentiments
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,279.11 3,279.27 0.16 0.00 9.26
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,624.10 2,633.09 8.99 0.34 0.08
Major Gainers
Symbol
Nawaz Ali
Close
Change
UPFL 1,359.37 NESTLE 3,561.88 NRL 349.80 ILTM 225.18 APL 376.37
58.39 30.48 12.96 10.72 5.16
Major Losers
Symbol RMPL BATA SITC HINO SIEM
Close
Change
2,744.40 459.12 97.47 100.01 1,067.50
-85.03 -8.09 -3.97 -3.75 -2.50
Top 5 Volume Leaders
Symbol
Close Vol (mn)
SILK LOTPTA NIB FFBL NML
2.85 16.89 1.97 42.44 64.62
35.85 10.96 7.79 7.35 4.62
Active Issues Plus Minus Unchanged
146 145 82
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Feb 11) 807 Urea Offtake (Feb 11) 413 Urea Price (Rs/50 kg) 1,195 DAP Offtake (Jan to Feb 11) 128 DAP Offtake (Feb 11) 69 DAP Price (Rs/50 kg) 4,041
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Feb 11) 53,036 Sales (July 10 to Feb 11) 52,067 Production (Feb 11) 5,883 Sales (Feb 11) 6,954
INDUS MOTOR CO Production (July 10 to Feb 11) 33,832 Sales (July 10 to Feb 11) 32,991 Production (Feb 11) 4,754 Sales (Feb 11) 4,698
HONDA ATLAS CAR Production (July 10 to Feb 11) 10,834 Sales (July 10 to Feb 11) Production (Feb 11)
10,444 1,555
Sales (Feb 11)
1,665
DEWAN FAROOQ MOTORS Production (July 10 to Feb 11) Sales (July 10 to Feb 11) Production (Feb 11) Sales (Feb 11)
186 133 0 20
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (March 25,11) 5,046,487 Advances (March 25,11) 3,118,444 Investments (March 25,11) 2,202,311 Spread (Feburay 11) 7.51%
OIL MARKETING CO (000 tons) MS (Jul 10 to Jan 11) MS (Jan 11) Kerosene (Jul 10 to Jan 11) Kerosene (Jan 11) JP (Jul 10 to Jan 11) JP (Jan 11) HSD (Jul 10 to Jan 11) HSD (Jan 11) LDO (Jul 10 to Jan 11)) LDO (Jan 11) Fuel Oil (Jul 10 to Jan 11) Fuel Oil (Jan 11) Others (Jul 10 to Jan 11) Others (Jan 11)
1,300 183 96 14 795 129 4,044 614 38 5 5,007 680 98 15
PRICES (Ex-Refinery)
Rs
MS (1 Apr 11) MS (1 Mar 11) MS % Chg Kerosene (1 Apr 11) Kerosene (1 Mar 11) Kerosene % Chg JP-1 (1 Apr 11) JP-1 (1 Mar 11) JP-1 % Chg HSD (1 Apr 11) HSD (1 Mar 11) HSD % Chg LDO (1 Apr 11) LDO (1 Mar 11) LDO % Chg Fuel Oil (1 Apr 11) Fuel Oil (1 Mar 11)
59.35 53.88 10.15% 68.95 63.31 8.91% 70.88 63.54 11.55% 75.02 66.53 12.76% 65.27 60.96 7.07% 56,777 53,252
TOKYO: A businessman uses his mobile phone before a share prices board.-Reuters
Nikkei advances to post-quake high TOKYO: Tokyo stocks climbed 1.6 per cent on Thursday to their highest level since last's month earthquake, helped by better-than-expected domestic earnings and strength in US shares after the Federal Reserve pledged to hold shortterm rates near zero. Strong earnings reports this week from Japanese manufacturers, such as the world's No.2 construction machinery maker Komatsu, prompted active shortcovering, especially after the Nikkei broke through its 200day moving average of 9,814. Volume picked up to the
highest level in two weeks, with 2.18 billion shares changing hands on the Tokyo Stock Exchange's first section. Market turnover rose for the third straight session after slumping to this year's lowest level of 1.46 billion shares on Monday. "Earnings and a rise in overseas shares are key factors that boosted shares prices today. The market especially may have factored in the worst for manufacturers from their earnings reports," said Hideyuki Ishiguro, a supervisor at Okasan Securities. See # 17 Page 11
Indian shares down on fourth day MUMBAI: Indian shares dropped for the fourth day, shedding 0.8 per cent in a choppy session on Thursday as monthly derivatives contracts expired, and as high inflation strengthened expectations of a tight monetary stance by the central bank. Reliance Industries extended losses a day after an oil ministry source said the energy giant could face a penalty for falling short of targeted gas production at its D6 block off the east coast. The stock, which weighs the most on key indexes, slipped 1.4 per cent, taking losses for the year to date to 8.2 per cent. The 30-share BSE index fell 0.81 percent, or 156.67 points, to 19,292.02 points, with 25 components closing in the red. It had started higher. "I would not read too much into today's
fall. It is the typical situation on an expiry day," said Gajendra Nagpal, CEO of Unicon Financial. Foreign funds have poured in $3.3 billion into Indian equities since the start of March, driving the main index 8.2 per cent higher, but they were net sellers for the first two sessions of this week and offloaded $319 million of stocks. Dealers shrugged off the selling, saying an easy US monetary policy will continue to drive money to riskier assets. The 50-share NSE index declined 0.8 per cent to 5,785.45. Losers more than doubled the gainers in the broader market, on a volume of 823 million shares on the NSE, higher than the 90-day average daily volume of 646 million shares. See # 18 Page 11
FTSE ends slightly up LONDON: Britain's top share index closed flat on Thursday, failing again to close above key technical levels in the final trading session of the month, and ahead of the Royal Wedding bank holiday weekend. The FTSE 100 closed up just 0.03 per cent or 1.74 points, at 6,069.90 points in light volumes, and with the index having gained 2.7 per cent in April. London's blue chips, however, closed below 6,070, the level at which the index retraced from in early April. Miners reversed several days of falls after metals prices got a weaker dollar boost from dovish comments on monetary policy overnight from US Federal Reserve chairman Ben Bernanke, who said he was relaxed over inflation. See # 15 Page 11
Announces 30pc dividend
PSO posts Rs9.26bn PAT Ahmed Siddique KARACHI: Pakistan State Oil Company (PSO), the oil marketing giant announced its financial results for JulyMarch period (9MFY11) posting profit after tax of Rs9.26 billion (EPS: Rs53.98) as compared to a profit of Rs7.53 billion (EPS: Rs43.93) for the corresponding period last year. The Board of Directors of the company also announced Rs3 per share interim dividend which is in addition of Rs5 per share already paid. See # 16 Page 11
Hong Kong, China shares end lower HONG KONG/SHANGHAI: Hong Kong shares fell for a third consecutive day on Thursday and fears that Beijing may act to cool rising property prices over the upcoming long weekend will probably keep the benchmark index capped until next week. The Hang Seng index closed down 0.4 per cent, with even a strong start to Chinese banking results failing to lift the benchmark towards prior highs. In Shanghai, the main stock index fell 1.3 per cent to a twomonth low, with cement and property counters the weakest performers. "Ahead of a holiday, investors are always cautious, especially as rumours are flying around," said Wen Lijun,
analyst at Nanjing Securities. Anhui Conch Cement, China's second-largest cement producer by output capacity, shed 6 per cent and was the top drag on the Shanghai Composite. The stock had climbed some 36 per cent over the past three months. The property sub-index fell 1.4 per cent with top developer China Vanke down 1.1 per cent. Worries about a possible interest rate hike this weekend and further government tightening on local property market may continue to drag on the Ashare market, said Alan Lam, Greater China analyst at Julius Baer, in a note to clients. Weak market sentiment was
also evident in the IPO market as shares of Chinese car dealer Pangda Automobile Trade Co slumped 23 per cent on their trading debut. MAINLAND SHARES WEIGH ON HK Petrochina shares fell 3.1 per cent and were the top drag on the Hang Seng after the company's results showed high crude oil prices were eating into refining profit margins. Financials, supported by strong results from insurer Ping An and Agricultural Bank of China, helped offset weakness in oil producers but gave up gains as losses on the Shanghai market deepened. See # 19 Page 11
KARACHI: Some limited positive activities were seen at the Karachi Stock Exchange (KSE) on Thursday due to buying in stocks announcing good corporate results but investor participation remained low due to budget related uncertainties and tense security situation in the city. The benchmark KSE-100 index gained 19 points to close at 11,966 points, KSE-30 index rose by 10 points to close at 11,616 points and KSE all-share index grew by 18 points to close at 8,339 points. "Range bound activity was witnessed as investors preferred to invest in the selected stocks", said Samar Iqbal, equity dealer at Topline Securities. The day began with 3 points into the negative zone after which market saw some mix activities throughout the session moving in a limited range of 11,989 points (+ve 42) and 11,936 points (-ve 10). Investor participation remained on the lower side as they were worried about new taxes in budget. Blast in a Navy bus in the morning and
capital gains tax concerns further dampened sentiments. However index remained mainly in the positive zone due to some good corporate results in the previous session. Results season is in full swing. Nishat Mills and ICI Pakistan were among the major companies that announced their corporate results during the day. Both the scrip witnessed some selling after announcement of results while cash dividend announcement by Pakistan State Oil too failed to attract the investors owing to its circular debt issue. Silkbank was the top traded stock of the day with 35.85 million shares followed by Lotte Pakistan with 10.96 million shares and NIB Bank with 7.79 million shares. Investor participation stayed on the lower side as 113.4 million shares were traded during the day which was 30.3 million shares less as compared to a turnover of 143.7 million shares a day earlier. Active issues showed a balanced view as out of total 373 active issues; 146 advanced and 145 declined while 82 issues remained unchanged.
ANNOUNCEMENTS Company Atlas Honda Ltd. Shifa Int.Hospitals Crescent Steel (Unconsolidated) J.K.Spinning Mills (Colony) Sarhad AL-Abid Silk Mills Annoor Textile Buxly Paints Central Forest Crescent Fibres Crescent Jute Crescent Steel (Consolidated) Dawood Equities Dewan Auto Engg Dewan Cement Dewan Motors Dewan Salman Elite Cap.Mod
Period Yearly 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr
Div/Bon/Right 15%(B) 65%(D) 15%(i)(D) 10%(ii)(D) 10%(i)(D) See # 20 Page 11
PAT (Rs in mn) 1,002.56 181.92 467.27 125.97 12.87 52.61 -1.25 -3.69 -1.72 160.49 -143.60 625.38 -2.70 -115.96 -418.98 -212.71 -738.31 6.13
EPS(Rs) 16.03 3.60 8.28 6.86 -3.22 4.88 -0.72 -2.56 -0.57 12.92 -6.04 11.08 -0.01 -6.82 -1.13 -2.39 -2.02 0.54
US stocks late-morning
Wall Street gains strength NEW YORK: US stocks edged up on Thursday, erasing early losses as investors brushed off disappointing economic data and bet on a further rally in equities. The gains came after major indexes hit multi-year highs in the previous session. The enthusiasm in the market had pushed the Nasdaq to a 10-year high, and the Dow is now up 10 per cent and the S&P 500 up 8 per cent for the year. Stocks were pressured at the open after a report showed new US claims for unemployment benefits surprisingly rose last week to their highest level since January. Separate data showed US economic growth slowed more than forecast in the first three months of the year as higher food and gasoline prices dampened consumer spending and sent a broad measure of inflation rising at its fastest pace in 2-1/2 years. "Investors are willing to look through the GDP data because most of the weakness was beyond the consumer... If you really just look at the organic power of the consumer, for the most part it is remarkable to me See # 14 Page 11
ICI profit up 57pc Ghulam Raza Rajani KARACHI: ICI Pakistan Limited has registered a growth of 57.3 per cent in profit after tax reported at Rs624 million (EPS: Rs4.50) for the first quarter of calendar year 2011 against Rs 397 million (EPS: Rs2.86: for the corresponding period last year. Net sales of the Company grew by 31.9 per cent to Rs10.66 billion from R8.09 billion. Gross profit surged by 27.1 per cent to Rs1.54 billion against Rs1.21 billion. Other operating income rose to Rs159 million versus Rs144 million during period under review. On the positive side, selling and distribution cost of the company decreased by 6.6 per cent to Rs373 million against Rs399 million. However, administrative and general expenses surged by 5.7 per cent to Rs570 million as compared Rs256 million during this period .
Dhiyan
LACKLUSTER BEHAVIOR TO CONTINUE Mohammad Siddique Dalal, Chairman, Dalal Securities Market would continue to behave lackluster moving forward as investors are concerned about uncertainty regarding new taxes in the budget and capital gains tax (CGT) issues. Resolution of CGT issues and any relaxation in Margin Trading System (MTS) rules can boost activities in the market. Investors are advised to adopt 'buy on dips' and 'sell on strength' stance and invest in selective stocks which offer good dividend yield from oil and fertiliser sectors. Market would be positive today with low volumes.
Mohsin Adhi, Director Alfa Adhi Securities I expect market to remain dull till the budget is announced as investors are worried about budget uncertainties and fears of harassment by tax authorities on Capital Gains Tax. Investors are recommended to make short term investments where oil and fertiliser sectors can be looked for buying. However long-term investments should only be done in dividend yielding stocks.
6
Friday, April 29, 2011
Market
KSE 100 Index
Symbols
Volume
113,499,107
Value
3,327,015,737
Trades
54,503
Advanced Declined Unchanged Total
Current High Low Change
146 145 82 373
All Share Index
11,966.67 11,990.26 11,935.85 h19.23
Current High Low Change
8,339.05 8,354.37 8,315.40 h18.50
OIL AND GAS
Company
Paid up Cap(mn)
PE
High Low 1,466.25 1,443.33 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.24 32.54
Open
High
Low
Attock Petroleum 691 6.80 371.21 Attock Refinery 853 4.15 123.50 BYCO Petroleum 3921 8.82 Mari Gas Company 735 4.36 106.66 National Refinery 800 4.83 336.84 Oil & Gas Development 43009 9.45 138.92 Pak Petroleum 11950 7.77 211.94 Pak Oilfields 2365 7.18 325.44 Pak Refinery Limited 350 47.85 85.39 P.S.O 1715 4.63 273.60 Shell Gas LPG 226 - 25.99 Shell Pakistan 685 7.54 210.71
378.00 126.98 8.87 107.87 352.00 140.34 213.99 326.70 86.75 278.80 25.10 212.99
370.25 123.19 8.60 106.21 334.90 138.10 211.60 324.80 84.80 272.01 24.70 210.00
Close Chg 376.37 126.48 8.67 106.50 349.80 139.72 212.48 325.59 85.66 273.81 24.70 212.15
5.16 2.98 -0.15 -0.16 12.96 0.80 0.54 0.15 0.27 0.21 -1.29 1.44
Current High Low Change
KMI 30 Index Current High Low Change
11,616.45 11,641.88 11,580.25 h10.84
20,321.42 20,357.95 20,249.02 h61.20
Last 60 days High Low
Volume 139745 1289446 286788 8083 654295 1126448 379617 414451 101363 921750 5371 10306
391.50 129.10 10.43 131.90 352.00 173.50 217.25 333.00 110.50 294.49 32.97 218.99
321.00 98.25 8.20 99.46 254.00 128.21 190.10 277.09 83.00 265.00 23.04 186.83
2010 Div BR (%) (%) 300 31 200 55 90 255 80 120
% Change 0.53 5-Day High 1,457.00 5-Day Low 1,447.38 2011 Div BR (%) (%)
20B115.00 - 23.43 - 30.00 20B 50.00 -100.00 - 50.00 -
-
CHEMICALS
Company
Paid up Cap(mn)
Open 693.90 Turnover 2,996 P/E (x) 5.11 Paid up Cap(mn)
Company Pak Int Cont. Terminal PNSC
1092 1321
PE 6.44 8.80
Open 69.57 30.05
High 70.54 30.00
High Low 701.44 687.44 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.30 25.53 Low 69.05 29.50
Close Chg 70.05 0.48 30.00 -0.05
Close 697.52 Listed cap 3,242.17 mn Payout (%) 11.08
Volume 749 2247
Change 3.63 Market cap 11,825.83 mn Div Yield (%) 2.17
Last 60 days High Low 76.25 36.05
63.00 29.00
PE
Open
High
Low
21.90 51.97 96.50 165.00 63.00 2.68 8.43 2.75 10.98 196.40 12.60 12.90 141.70 42.60 14.08 161.00 22.01 24.55 17.15 2.83 16.99 0.75 2.25 98.44 19.99 15.33 37.00
20.43 51.00 94.71 160.00 62.35 2.45 8.00 2.55 10.09 194.25 12.32 12.60 139.70 41.55 13.25 152.50 22.01 22.23 16.77 2.75 16.59 0.75 2.05 96.37 18.91 14.20 36.25
Close Chg 21.40 49.50 94.93 163.38 62.45 2.48 8.10 2.58 10.98 195.01 12.37 12.70 141.27 42.44 13.64 154.91 22.01 22.24 16.89 2.79 16.99 0.75 2.19 97.47 19.12 14.54 36.35
0.00 0.00 0.60 4.37 -0.19 -0.06 -0.18 -0.11 0.78 -0.02 -0.10 -0.14 0.80 0.85 0.18 -2.39 -0.77 -1.15 -0.12 0.01 1.00 -0.15 -0.06 -3.97 0.00 0.21 -0.37
Close 1,841.77 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 140 368 1704 122615 78046 60706 695578 497529 2705 568402 222451 545256 1348421 7349363 993012 1781308 500 2022 10964660 145621 3093 1000 3400 7935 1718414 8002 1303
Change 6.67 Market cap 384,229.66 mn Div Yield (%) 5.41
24.90 51.97 98.35 213.30 294.00 3.58 9.60 3.39 11.50 238.50 13.95 13.60 154.49 43.89 14.49 172.00 29.85 26.82 17.36 3.40 25.00 1.90 2.50 118.00 19.99 15.44 38.85
20.00 42.90 82.00 140.00 61.25 2.34 6.00 2.26 9.50 189.00 11.56 10.75 108.00 37.86 10.43 138.00 22.01 9.15 14.05 1.83 15.05 0.75 1.55 90.78 11.81 12.07 34.31
2010 Div BR (%) (%)
% Change 0.36 5-Day High 1,841.77 5-Day Low 1,815.07 2011 Div BR (%) (%)
45 - 49.50 60 135 25B 50 300B 15 60 20B - 27.5R 130 25B 65.5 - 12.50 175 5 5 5 25 5B 50 -
-
FORESTRY AND PAPER
Company
High Low 1,073.55 1,031.14 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.39 7.47
Close 1,040.99 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
1.82 6.82
15.70 42.75 38.95
15.95 43.25 39.15
15.00 40.62 38.25
15.09 -0.61 42.75 0.00 38.51 -0.44
30691 150 1625
Century Paper Pak Paper Product Security Paper
Open 1,147.80 Turnover 221,602 P/E (x) 3.68 Paid up Cap(mn)
Atlas Battery Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors Pak Suzuki XD Sazgar Engineering
High Low 1,163.34 1,142.12 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.93 25.35
Close 1,153.59 Listed cap 6,768.53 mn Payout (%) 20.42
PE
Open
High
Low
Close Chg
Volume
101 5.65 626 9.35 1087 56 4.83 598 4.63 450 200 6.89 1428 786 7.62 823 15.77 150 1.20
211.18 146.60 1.80 197.12 24.50 3.75 3.60 9.82 221.14 68.36 24.50
214.00 153.93 1.94 206.97 24.65 3.75 3.88 9.94 222.00 70.00 24.65
210.30 147.00 1.80 197.00 24.01 3.61 3.62 9.50 220.00 68.00 24.05
212.88 1.70 149.83 3.23 1.85 0.05 197.14 0.02 24.31 -0.19 3.65 -0.10 3.65 0.05 9.88 0.06 220.57 -0.57 70.00 1.64 24.50 0.00
11797 62031 40530 1273 4861 7813 7003 63940 4769 17184 401
13.85 35.17 34.00
2010 Div BR (%) (%) 2533.33B 50 -
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe XD International Ind Siddiqsons Tin
PE
Open
High
Low
565 1.97 675 555 422.67 1199 18.91 785 25.71
27.75 2.00 12.41 52.31 9.00
29.13 2.14 12.79 52.50 9.40
27.55 1.90 12.50 52.00 9.00
Close Chg 29.13 2.05 12.68 52.00 9.00
1.38 0.05 0.27 -0.31 0.00
Close 1,060.57 Listed cap 3,596.11 mn Payout (%) 30.91
Change 13.09 Market cap 9,868.71 mn Div Yield (%) 8.95
Last 60 days High Low
Volume 315761 12851 701 78661 2202
29.99 2.95 14.90 54.50 9.45
-
-
Company
Paid up Cap(mn)
Adam Sugar AL-Noor Sugar Bawany Sugar Chashma Sugar Clover Pakistan Dewan Sugar Faran Sugar Habib Sugar Hussein Sugar J D W Sugar Kohinoor Sugar Mirpurkhas Sugar Noon Sugar Quice Food Shahmurad Sugar Shakarganj Mills
58 186 87 287 94 365 217 750 121 539 109 84 165 107 211 695
PE 4.14 1.10 3.83 46.19 1.56 9.44 2.86 1.32 2.62 2.25 6.77 3.25 0.43
25.67 1.80 12.26 45.81 8.51
2010 Div BR (%) (%)
Open 13.00 46.11 7.34 9.51 64.21 3.05 19.25 23.78 8.95 74.80 3.27 41.86 21.43 2.90 9.30 6.00
Company
Paid up Cap(mn)
Al-Abbas Cement XR Attock Cement Balochistan Glass Ltd Berger Paints Bestway Cement XR Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd Gammon Pak Gharibwal Cement Javedan Cement Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Safe Mix Concrete Shabbir Tiles XR Thatta Cement
PE
Open
High
Low
1828 866 6.85 858 182 3257 956 50.00 982 15.00 3891 3651 32.04 6933 7.05 502 5.95 1760 283 4003 581 1288 13126 76.75 3234 5.92 5261 2271 200 361 798 904.50
2.65 54.21 2.55 15.91 13.66 10.50 2.05 1.60 24.26 4.11 6.96 1.50 1.30 12.48 61.55 6.91 3.06 72.47 2.33 5.49 5.50 6.39 18.50
2.99 54.30 2.65 16.12 14.00 10.74 2.05 1.60 24.39 4.12 6.94 1.84 1.99 11.60 61.80 7.00 3.15 73.04 2.43 5.63 5.72 6.79 18.14
2.65 53.75 2.50 15.90 14.00 10.35 1.95 1.55 23.80 4.00 6.80 1.46 1.26 11.48 61.80 6.81 3.01 72.30 2.26 5.41 5.25 5.65 17.50
Close 903.37 Listed cap 54,792.74 mn Payout (%) 19.04
30 40 7.5
- 20.00 25B 15.00 20B 15.00 -
Change -0.96 Market cap 67,119.68 mn Div Yield (%) 2.60
Close Chg
Volume
Last 60 days High Low
2.99 54.09 2.50 16.09 13.66 10.50 1.95 1.60 24.03 4.09 6.90 1.53 1.97 11.48 61.80 6.91 3.07 72.93 2.28 5.47 5.69 6.08 18.09
10004 1571 6398 3058 171 225 132304 20385 649265 302182 710 27952 25270 27600 2000 30107 378989 410701 129631 34187 4126 1402 7886
3.50 56.70 3.00 21.35 14.66 11.90 2.08 2.24 29.59 4.83 8.90 1.95 3.65 13.50 64.52 7.87 3.45 73.45 2.89 6.96 7.50 8.89 19.19
0.34 -0.12 -0.05 0.18 0.00 0.00 -0.10 0.00 -0.23 -0.02 -0.06 0.03 0.67 -1.00 0.25 0.00 0.01 0.46 -0.05 -0.02 0.19 -0.31 -0.41
-
2.15 48.50 1.99 14.72 10.67 8.00 1.50 1.50 21.20 3.97 6.30 1.30 1.00 4.70 56.72 5.11 2.65 59.55 1.92 5.17 4.41 5.13 16.20
% Change -0.11 5-Day High 915.76 5-Day Low 900.86
2010 Div BR (%) (%)
2011 Div BR (%) (%)
- 100R 50 - 122R - 75.5R - 20R 40 - 50R
- 20R - 92R - 100R -
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 984.26 Turnover 608,329 P/E (x) 2.80 Company
Paid up Cap(mn)
Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd XD Tri-Pack Films
PE
Open
115 2.48 50.47 230 1.51 1067 5.51 53.89 389 3.52 11.94 47 12.96 29.22 844 18.83 110.04 300 6.48 166.20
High
High Low 1,010.72 973.94 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.23 43.91 Low
Close Chg
51.79 50.50 50.57 1.64 1.50 1.50 54.50 52.25 54.19 12.94 12.15 12.94 29.80 27.91 28.89 113.00 109.01 112.99 166.70 165.00 166.06
0.10 -0.01 0.30 1.00 -0.33 2.95 -0.14
Close 994.10 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 46240 17422 32544 87098 12172 407623 5150
Change 9.85 Market cap 36,775.86 mn Div Yield (%) 5.56
Last 60 days High Low 75.20 2.77 55.25 14.70 33.80 130.75 172.00
47.80 1.40 49.00 3.05 27.00 105.02 120.70
2010 Div BR (%) (%) 20 25 32.5 100
25B 10B -
Company
Paid up Cap(mn)
Company
Paid up Cap(mn)
Ados Pak AL-Ghazi Tractor Dewan Auto Engineering Ghandhara Ind Hinopak Motor KSB Pumps XD Millat Tractors
PE
Open
66 5.80 7.99 215 3.70 209.17 214 1.09 213 11.49 9.65 124 - 103.76 132 - 43.74 366 7.81 514.33
High
Low
Close Chg
Change 5.80 Market cap 42,869.72 mn Div Yield (%) 5.55
Last 60 days High Low
8.25 7.40 7.65 -0.34 217.66 208.51 214.01 4.84 1.06 1.05 1.06 -0.03 9.68 9.25 9.65 0.00 103.99 99.02 100.01 -3.75 44.50 41.56 41.56 -2.18 515.90 513.00 514.09 -0.24
1313 13361 7525 112 1211 2029 12471
180.00 120.30 1.50 170.11 21.08 2.82 3.50 9.50 205.51 60.00 20.50
2010 Div BR (%) (%) 100 50 60 20 150 5 10
2011 Div BR (%) (%)
20B 15B - 50.00 20B 10.00
-
13.65 43.81 8.29 9.80 66.00 3.14 19.00 23.65 9.94 75.00 3.02 41.00 21.00 2.90 8.80 6.00
Close Chg 13.90 43.81 8.34 9.80 64.21 3.15 19.25 23.80 9.94 74.80 3.15 41.86 21.00 2.98 9.50 6.00
0.90 -2.30 1.00 0.29 0.00 0.10 0.00 0.02 0.99 0.00 -0.12 0.00 -0.43 0.08 0.20 0.00
Close 2,076.06 Listed cap 11,335.33 mn Payout (%) 30.57
Volume 810 2000 5300 1001 332 500 461 13832 1000 108 10001 201 9469 12500 16001 3371
Change 4.04 Market cap 295,514.58 mn Div Yield (%) 0.61
Last 60 days High Low 16.25 49.50 9.25 10.47 67.42 3.99 19.94 24.50 12.41 77.99 4.69 53.00 21.80 4.00 9.99 7.49
11.50 39.50 5.00 8.00 53.59 2.52 17.40 20.25 8.00 68.00 2.45 40.12 10.11 2.55 8.00 4.01
% Change 0.20 5-Day High 2,086.84 5-Day Low 2,065.55
2010 Div BR (%) (%)
2011 Div BR (%) (%)
25 50 10 15 25 25 25B 7010B 12.5R 15 20B 10 -
-
-
% Change 1.00 5-Day High 994.10 5-Day Low 978.57 2011 Div BR (%) (%) -
50R -
High Low 889.25 844.13 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.23 10.64
Open
High
Low
25.50 1.40 10.51 20.38 12.95
26.77 1.95 10.50 19.47 13.00
26.77 1.95 9.55 19.37 12.81
Close Chg 26.77 1.95 10.03 19.40 12.96
1.27 0.55 -0.48 -0.98 0.01
Close 868.31 Listed cap 3,763.71 mn Payout (%) 6.27
7.40 199.05 0.80 8.25 97.80 41.56 466.27
2010 Div BR (%) (%) 400 12.5 650
25B325.00
-
208,118.96
MA (10-day)
1.91
Total Equity (Rs in mn)
41,643.27
MA (100-day)
2.52
Revenue (Rs in mn)
18,272.36
MA (200-day)
2.69
Interest Expense
12,872.36
1st Support
1.80
Profit after Taxation
2nd Support
1.60
EPS 09 (Rs)
0.171
1st Resistance
2.10
Book value / share (Rs)
10.30
2nd Resistance
2.20
PE 10 E (x)
Pivot
1.90
PBV (x)
691.05
0.19
NIB closed up 0.19 at 1.97. Volume was 397 per cent above average (trending) and Bollinger Bands were 12 per cent narrower than normal. The company's loss after taxation stood at Rs10.112 billion which translates into a Loss Per Share of Rs2.50 for the year ended CY10. NIB is currently 26.7 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NIB (mildly bullish). Trend forecasting oscillators are currently bearish on NIB.
Sally Textile Mills Limited
Volume 2418 500 120054 1286 35999
Last 60 days High Low
2010 Div BR (%) (%)
28.50 2.39 14.59 24.09 24.00
-20B 20R - 10B - 10B 17.5 -
23.33 0.25 9.55 17.82 12.00
Company
Paid up Cap(mn)
Ahmed Hassan Ali Asghar Textile Amtex Limited Artistic Denim Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) XD Brothers Textile Chakwal Spinning Colony Mills Ltd Crescent Fibres Ltd Crescent Jute Crescent Textile D M Textile D S Ind Ltd D. Lawrencepur XB Dewan Mushtaq Textile Din Textile Ellcot Spinning Faisal Spinning Gadoon Textile XD Gul Ahmed Textile Gulistan Spinning Gulistan Textile Gulshan Spinning H M Ismail Hajra Textile Hira Textile Mills Ltd. Ibrahim Fibres Idrees Textile Indus Dyeing XD Ishaq Textile Island Textile J K Spinning Kohinoor Ind Kohinoor Mills Kohinoor Spinning Kohinoor Textile Maqbool Textile Masood Textile Mehmood Textile Mohd Farooq Mubarak Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Leather Pak Synthetic Paramount Spinning Premium Textile Prosperity Ravi Textile Reliance Cotton Reliance Weaving Rupali Poly Saif Textile Salfi Textile Sally Textile Samin Textile Sana Ind Sargoda Spinning Service Ind XD Shadab Textile Shahtaj Textile Shams Textile Suraj Cotton Tata Textile Thal Ltd Treet Corp Zephyr Textile Ltd Zil Limited
144 222 2594 840 133 4493 37 76 76 98 400 2442 124 238 492 31 600 591 34 204 110 100 234 635 146 190 222 120 138 716 3105 180 181 97 5 184 303 509 1300 2455 168 600 150 189 54 187 1620 3516 34 560 174 62 185 250 103 308 341 264 33 88 267 55 312 120 30 97 86 180 173 307 418 594 53
High Low 980.42 963.19 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.58 8.64
PE
Open
High
Low
1.40 7.73 0.40 0.22 0.55 5.40 0.68 1.58 0.74 3.92 0.22 0.77 0.66 0.56 0.84 3.17 0.34 0.57 0.40 0.94 3.47 2.75 2.55 0.65 0.21 0.94 0.56 8.00 2.12 1.70 0.91 0.70 4.37 5.73 3.07 0.67 0.61 1.09 0.55 0.70 3.22 0.53 0.30 0.34 2.74 3.02 1.16 6.02 0.54 1.43 0.90 0.77 0.56 5.35 6.32 5.18 6.53
15.00 1.00 2.16 22.04 2.75 6.60 17.50 20.31 467.21 0.30 1.07 2.00 11.78 0.65 14.54 3.70 1.12 37.46 4.23 29.34 26.55 38.95 87.54 50.22 7.90 20.00 11.00 1.55 0.62 4.71 47.55 4.85 297.88 7.25 214.46 8.25 1.36 1.90 1.26 4.44 10.00 17.63 58.97 0.85 1.00 16.25 28.94 65.10 2.85 19.36 13.00 32.49 15.90 0.94 26.89 13.50 42.26 10.15 55.65 8.46 5.48 40.88 4.46 163.01 13.50 25.83 21.85 40.18 39.01 104.55 49.37 3.69 60.64
15.50 1.10 2.25 22.95 2.85 6.64 16.71 20.99 484.84 0.44 1.30 2.05 12.77 1.10 15.54 3.70 1.32 38.36 5.23 30.25 27.87 40.89 89.95 52.70 8.39 21.00 11.05 1.50 0.64 4.90 49.92 5.00 296.00 8.24 225.18 9.00 1.49 2.00 1.59 4.89 9.80 18.39 61.90 0.75 1.00 17.25 29.35 66.00 2.30 19.90 13.90 32.25 16.90 1.00 27.90 13.90 43.00 11.14 58.43 9.35 5.79 39.99 4.50 164.94 13.00 26.00 22.93 41.55 40.96 104.30 51.83 4.40 60.99
15.50 1.00 2.13 21.50 2.35 6.20 16.71 19.30 451.00 0.33 1.30 1.80 12.77 0.71 14.50 3.70 1.11 36.50 4.25 28.30 27.50 40.89 83.50 50.11 8.20 21.00 11.00 1.45 0.51 4.51 47.56 5.00 283.20 8.00 225.18 8.12 1.33 2.00 1.32 4.30 9.75 18.38 61.90 0.75 0.90 16.80 28.35 64.30 1.86 19.00 13.50 31.00 16.50 0.70 25.55 13.30 42.20 10.25 58.43 7.91 5.60 39.75 3.85 162.90 12.99 25.50 20.76 40.00 40.50 102.51 49.25 3.30 59.00
Close Chg 15.50 1.00 2.20 21.50 2.50 6.27 17.50 19.34 459.12 0.43 1.30 1.80 12.77 0.83 14.60 3.70 1.20 37.50 4.31 30.25 27.87 40.89 85.47 50.12 8.29 20.00 11.00 1.50 0.51 4.73 48.66 5.00 295.91 8.15 225.18 8.56 1.41 2.00 1.37 4.64 9.80 18.38 58.97 0.75 0.91 17.25 28.43 64.62 2.30 19.21 13.53 32.25 16.77 0.88 26.89 13.46 42.73 10.72 58.43 8.96 5.61 39.89 3.85 164.14 13.50 25.53 20.87 40.18 40.96 103.08 51.43 3.99 60.27
0.50 0.00 0.04 -0.54 -0.25 -0.33 0.00 -0.97 -8.09 0.13 0.23 -0.20 0.99 0.18 0.06 0.00 0.08 0.04 0.08 0.91 1.32 1.94 -2.07 -0.10 0.39 0.00 0.00 -0.05 -0.11 0.02 1.11 0.15 -1.97 0.90 10.72 0.31 0.05 0.10 0.11 0.20 -0.20 0.75 0.00 -0.10 -0.09 1.00 -0.51 -0.48 -0.55 -0.15 0.53 -0.24 0.87 -0.06 0.00 -0.04 0.47 0.57 2.78 0.50 0.13 -0.99 -0.61 1.13 0.00 -0.30 -0.98 0.00 1.95 -1.47 2.06 0.30 -0.37
Close 969.37 Listed cap 47,070.70 mn Payout (%) 16.68
Volume 890 4801 82048 2005 2224 1463819 181 93547 247 556 6000 98642 2500 24457 13810 1750 113265 813 3965 1003 13300 500 13173 535 5714 150 26000 4419 9500 517415 13257 926 151 10550 500 17474 1620 600 10001 12733 1500 950 200 500 2500 74582 3230815 4615787 5797 5887 39990 2479 9859 67227 211 551 71743 9892 500 131373 1052 840 35210 1393 200 10300 1030 351 7540 17118 181128 1543 6641
Change 3.90 Market cap 129,043.51 mn Div Yield (%) 2.48
Last 60 days High Low 16.52 1.45 4.24 23.28 2.98 11.81 18.41 23.27 686.07 0.99 2.20 2.95 16.09 1.43 18.69 4.00 1.87 49.05 6.40 33.69 28.00 40.89 102.24 53.65 9.23 21.58 11.29 1.60 1.50 5.20 54.40 6.00 327.80 8.60 225.18 9.00 1.90 3.75 1.72 5.58 10.00 19.70 64.50 1.69 1.30 17.50 29.50 67.50 3.45 21.21 15.49 34.40 16.90 1.74 43.00 13.90 44.40 11.50 76.43 9.35 7.40 45.15 5.01 228.80 14.84 26.20 23.00 42.00 44.10 122.70 59.90 4.40 87.90
Open 981.30 Turnover 40,328 P/E (x) 6.85 Company
Paid up Cap(mn)
Abbott (Lab) XD 979 Ferozsons (Lab) 250 GlaxoSmithKlineXDXB 1963 Highnoon (Lab)XDXB 182 IBL HealthCare Ltd 200 Sanofi-Aventis 96 Searle Pak 306
PE
Open
5.74 93.01 8.00 92.05 10.57 74.15 5.97 26.25 4.51 11.32 - 148.87 5.51 63.25
High
High Low 996.64 975.04 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.53 22.31
- 200R
2010 Div BR (%) (%)
% Change 0.40 5-Day High 969.37 5-Day Low 963.42 2011 Div BR (%) (%)
15.00 0.61 2.10 - 30B 18.55 20 2.00 7.5 6.20 10.01 - 15B 13.00 20 451.00 280 0.13 0.77 5 1.77 10.26 10 0.25 13.00 15 2.45 1.03 35.00 5 15B 3.02 26.58 20 10B 20.00 35 34.67 50 70.00 70 28.01 12.5 5.02 10 17.44 10 7.00 10 20B 0.42 0.01 3.50 10 43.02 20 3.05 10 223.95 50 - 50.00 5.00 8 99.33 50 5.80 20 5B 10.00 0.75 0.67 0.25 5 3.60 7.30 22.5 16.81 15 100R 53.68 60 0.60 0.25 14.50 20SD 22.30 15 57.20 25 45R 1.86 12.30 10.13 10 10B 27.36 50 13.50 30 0.40 25.55 20 9.25 25SD 37.01 40 5.00 53.00 25 3.63 10 4.32 - 100R 38.00 60 2.50 5 154.00 75 12.00 10 18.50 45 20.76 20 35.77 50 35.05 25 100.51 80 20B 44.10 50 900B 2.56 55.70 35 -
Low
Close Chg
94.00 92.60 93.62 0.61 96.65 94.00 96.65 4.60 74.45 73.26 73.98 -0.17 26.79 25.75 25.79 -0.46 11.60 11.00 11.01 -0.31 151.00 143.10 150.50 1.63 65.00 63.05 63.06 -0.19
Close 985.83 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 4372 15002 795 3483 9618 6520 511
Change 4.53 Market cap 31,821.45 mn Div Yield (%) 6.50
Last 60 days High Low 98.35 99.49 90.00 33.50 12.80 174.00 66.15
77.06
Total Assets (Rs in mn)
MA (10-day)
7.37
Total Equity (Rs in mn)
MA (100-day)
5.26
Revenue (Rs in mn)
1,206.03 (51.77) 1,745.62
MA (200-day)
4.66
Interest Expense
1st Support
8.15
Profit after Taxation
134.89
2nd Support
7.31
EPS 10 (Rs)
15.372
1st Resistance
9.59
Book value / share (Rs)
2nd Resistance
10.19
Pivot
61.74
(5.90)
PE 11 E (x)
8.75
0.34
PBV (x)
(1.52)
SLYT closed up 0.50 at 8.96. Volume was 620 per cent above average (trending) and Bollinger Bands were 65 per cent wider than normal. The company's profit after taxation stood at Rs115.441 million which translates into an Earning Per Share of Rs13.16 for the half year of current fiscal year (1HFY11). SLYT is currently 96.4 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into SLYT (bullish). Trend forecasting oscillators are currently bullish on SLYT. Momentum oscillator is currently indicating that SLYT is currently in an overbought condition.
2011 Div BR (%) (%)
Performance of SR Personal Goods Index Open 965.48 Turnover 11,111,946 P/E (x) 6.72
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
% Change -2.95 5-Day High 900.74 5-Day Low 868.31
PERSONAL GOODS
% Change -0.08 5-Day High 1,580.97 5-Day Low 1,547.41 2011 Div BR (%) (%)
Total Assets (Rs in mn)
Japan Power Generation Limited Change -26.40 Market cap 4,514.92 mn Div Yield (%) 2.94
-
Performance of SR Pharma and Bio Tech Index
Change -1.26 Market cap 31,223.30 mn Div Yield (%) 17.64
Last 60 days High Low 16.45 240.00 2.00 11.90 135.45 63.89 556.97
216.30 153.93 2.45 206.97 26.17 4.99 5.00 11.70 294.00 76.90 25.50
% Change 0.51 5-Day High 1,157.32 5-Day Low 1,147.80
PHARMA AND BIO TECH
Close 1,547.41 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
Low
PE
INDUSTRIAL ENGINEERING High Low 1,556.55 1,542.72 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 2.83 38.02
13.90 44.00 8.34 10.20 67.42 3.15 19.00 23.90 9.94 77.35 3.16 43.68 21.80 3.00 9.70 6.90
High Low 2,097.33 2,066.48 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 15.19 30.30
AL-Abid Silk 134 4.11 Gauhar Engineering Ltd 22 Pak Elektron 1219 8.09 Singer Pak XB 375 23.66 Tariq Glass Ind 231 1.71
Performance of SR Industrial Engineering Index Open 1,548.67 Turnover 38,122 P/E (x) 7.46
High
Open 894.71 Turnover 160,282 P/E (x) 2.13
2011 Div BR (%) (%)
CONSTRUCTION AND MATERIALS High Low 912.99 893.63 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.52 7.10
-
Performance of SR Household Goods Index
% Change 1.25 5-Day High 1,060.57 5-Day Low 1,042.74
Performance of SR Construction and Materials Index Open 904.33 Turnover 2,202,052 P/E (x) 7.33
-
47.00
FOOD PRODUCERS Open 2,072.01 Turnover 77,369 P/E (x) -
2011 Div BR (%) (%)
INDUSTRIAL METALS AND MINING High Low 1,069.93 1,039.85 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.14 33.10
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
Performance of SR Food Producers Index
% Change -2.10 5-Day High 1,069.16 5-Day Low 1,040.99
Performance of SR Industrial Metals and Mining Index Open 1,047.48 Turnover 410,177 P/E (x) 3.45
40 15
2011 Div BR (%) (%)
HOUSEHOLD GOODS Change -22.28 Market cap 2,872.80 mn Div Yield (%) 4.78
Last 60 days High Low 17.50 46.20 39.90
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Performance of SR Forestry & Paper Index Open 1,063.27 Turnover 32,466 P/E (x) 5.28
% Change 0.52 5-Day High 705.76 5-Day Low 693.38
AUTOMOBILE AND PARTS
Company
High Low 1,855.57 1,822.66 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.16 35.00
Agritech Limited 3924 21.40 21.40 Biafo Ind 200 5.59 49.50 BOC (Pak) XD 250 7.15 94.33 Clariant Pak 341 4.99 159.01 Dawood Hercules 4813 3.62 62.64 Descon Chemical 1996 2.54 Descon Oxychem Ltd. 1020 11.91 8.28 Dewan Salman 3663 2.69 Dynea Pak 94 3.60 10.20 Engro Corporation Ltd 3933 8.71 195.03 Engro Polymer 6635 - 12.47 Fatima Fertilizer 22000 - 12.84 Fauji Fertilizer 8482 8.69 140.47 Fauji Fert. Bin Qasim 9341 6.35 41.59 Ghani Gases Ltd 725 11.96 13.46 ICI Pakistan XD 1388 8.61 157.30 Ittehad Chemical 360 3.20 22.78 Leiner Gelatine 75 - 23.39 Lotte Pakistan 15142 4.72 17.01 Nimir Ind Chemical 1106 12.13 2.78 Pak Gum 42 4.67 15.99 Sardar Chemical 60 1.07 0.90 Shaffi Chemical 120 27.38 2.25 Sitara Chem Ind 214 2.42 101.44 Sitara Peroxide 551 5.92 19.12 United Distributors 92 - 14.33 Wah-Noble 90 5.13 36.72
NIB Bank Limited
Performance of SR Industrial Transportation Index
Close Change 1,457.00 7.75 Listed cap Market cap 65,194.15 mn 1,072,904.61 mn Payout (%) Div Yield (%) 55.94 5.61
Performance of SR Chemicals Index Open 1,835.11 Turnover 26,517,652 P/E (x) 9.03
Alert ! Unusual Movements
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,449.24 Turnover 5,050,875 P/E (x) 9.97
KSE 30 Index
78.59 85.00 68.00 24.50 8.10 134.00 58.05
2010 Div BR (%) (%) 50 40 25 100 30
% Change 0.46 5-Day High 986.40 5-Day Low 979.23 2011 Div BR (%) (%)
20B 12.50 15B 10B -
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
29.78
Total Assets (Rs in mn)
7,598.16
MA (10-day)
1.23
Total Equity (Rs in mn)
(1,042.83)
MA (100-day)
1.54
Revenue (Rs in mn)
MA (200-day)
1.59
Interest Expense
1st Support
1.12
Loss after Taxation
2nd Support
1.04
EPS 10 (Rs)
1st Resistance
1.23
Book value / share (Rs)
2nd Resistance
1.26
PE 11 E (x)
Pivot
1.15
PBV (x)
2,731.94 691.43 (452.35) (2.899) (6.68) (0.17)
JPGL closed down -0.02 at 1.13. Volume was 13 per cent below average and Bollinger Bands were 25 per cent narrower than normal. The company's loss after taxation stood at Rs772.173 million which translates into a Loss Per Share of Rs4.95 for the half year of current fiscal year (1HFY11). JPGL is currently 29.1 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume out of JPGL (bearish). Trend forecasting oscillators are currently bearish on JPGL. Momentum oscillator is currently indicating that JPGL is currently in an oversold condition.
Sitara Energy Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
75.27
Total Assets (Rs in mn)
3,547.15
MA (10-day)
19.19
Total Equity (Rs in mn)
1,183.42
MA (100-day)
17.95
Revenue (Rs in mn)
3,875.48
MA (200-day)
19.45
Interest Expense
303.74
1st Support
20.35
Profit after Taxation
107.20
2nd Support
19.50
EPS 10 (Rs)
5.615
1st Resistance
21.70
Book value / share (Rs)
61.99
2nd Resistance
22.20
PE 11 E (x)
6.45
Pivot
20.85
PBV (x)
0.34
SEL closed up 0.81 at 21.15. Volume was 758 per cent above average (trending) and Bollinger Bands were 245 per cent wider than normal. The company's profit after taxation stood at Rs31.297 million which translates into an Earning Per Share of Rs1.64 for the half year of current fiscal year (1HFY11). SEL is currently 7.8 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into SEL (bullish). Trend forecasting oscillators are currently bullish on SEL. Momentum oscillator is currently indicating that SEL is currently in an overbought condition.
BOOK CLOSURES Company
From
To
Mustehkam Cement Bestway Cement Pak Elektron Javedan Cement # Pakistan Cables # Ali Asghar Textile Mills # (TFC) Faysal Bank Ltd Fecto Sugar Mills # Habib Insurance # Atlas Engineer Ltd # Pakistan Paper Products # Crescent & Sugar Mills # Jubilee Spng & Weav Mills # Crescent Textile Mills # Metropolitan Steel Corp # United Distributors # Capital Assets Leasing (TFC) Saudi Pak Leasing Biafo Industries
29-Apr 29-Apr 30-Apr 30-Apr 30-Apr 02-May 02-May 02-May 04-May 04-May 05-May 06-May 07-May 07-May 07-May 10-May 10-May 10-May 11-May
05-May 05-May 06-May 07-May 06-May 09-May 12-May 08-May 10-May 10-May 14-May 14-May 16-May 16-May 13-May 16-May 16-May 17-May
D/B/R 210(R) 75.5(R) 5 22(iii)
Spot AGM/Date 21-Apr 21-Apr -
30-Apr 07-May 06-May 09-May 09-Aug 10-May 10-May 14-May 14-May 16-May 16-May 13-May 16-May -
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Shezan International Grays of Cambridge Pak Tobacco XD Shifa Int.Hospitals Media Times LtdXR P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies Pak Telephone
Open 2.57 100.77 2.98 170.07 44 96.98 30 14.3 2.55 41.99 3.12 22.92 2.44
High 2.68 101.5 2.6 172.98 46.1 99 31.5 15.3 2.6 43.95 3.23 23.01 2.98
Low Close 2.54 101.5 2.5 167 41.8 96.6 30 14 2.52 39.9 3.06 22.2 2.45
2.62 101.5 2.5 170.04 41.8 96.98 31.5 15.18 2.53 39.98 3.08 22.46 2.59
Change 0.05 0.73 -0.48 -0.03 -2.2 0 1.5 0.88 -0.02 -2.01 -0.04 -0.46 0.15
Vol 218705 1000 1000 1234 2507 181 20081 511 47976 2681 131122 365767 4102
7
Friday, April 29, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 992.85 Turnover 1,341,330 P/E (x) 5.45 Paid up Cap(mn)
Company
PE
Pak Datacom 78 42.48 Pakistan Telecomm Co A 37740 14.07 Telecard 3000 2.73 WorldCall Tele 8606 Wateen Telecom Ltd 6175 -
Open
High Low 1,002.31 986.80 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.70 12.84
High
46.50 17.10 1.60 2.25 3.08
Low
45.00 17.24 1.64 2.32 3.05
44.18 17.01 1.59 2.23 2.91
Close Chg 44.18 17.16 1.61 2.29 2.93
-2.32 0.06 0.01 0.04 -0.15
Close 996.58 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 1551 726174 69381 544224 5233
79.90 19.20 2.35 2.89 3.75
44.18 16.05 1.53 2.15 2.65
443
4.28
27.94
28.15
27.65
28.15 0.21
3055
42.90
26.60
40
20B
-
-
391
1.50
65.51
68.78
68.78
68.78 3.27
1212
115.90
61.30
25
50B
-
-
% Change 0.38 5-Day High 996.58 5-Day Low 981.70
457
4.57
1250 12.22
2010 Div BR (%) (%) 80 17.5 1 -
2011 Div BR (%) (%)
- 15.00 -
-
8.11
8.49
8.23
8.23 0.12
2900
10.97
8.11
10
-
-
-
Symbols
32.79
32.97
32.35
32.76 -0.03
2732
42.99
31.25
12.5
-
-
-
450
5.60
11.75
11.75
11.55
11.75 0.00
1335
16.05
11.20
25 12.5B
-
-
IGI InsuranceXDXB
970
5.90
71.05
71.59
70.90
71.30 0.25
5323
103.00
65.10
30
55B 10.00
-
BCL FML KASBM NOPK TRPOL UVIC SIEM NATF PNGRS GATI SHJS BUXL FTSM GLAT JOPP UPFL ULEVER NESTLE WYETH CHBL HUSI PCAL RMPL ALQT ISIL MFFL COLG BAFS AWTX PMPK BHAT FCONM FFLM HWQS IDSM MZSM PAKMI SCLL SGPL SHNI CSUML DREL FIMM FZTM MSCL MWMP PMRS SHCM
EFU General Ins. XD
New Jub InsuranceXDXB 989 10.17 Pak Reinsurance XD
55.95
58.50
54.03
57.84 1.89
1234
74.90
52.00
20
25B
-
-
3000
8.23
14.68
14.79
14.26
14.40 -0.28
313705
20.80
13.80
30
-
-
-
PICIC Ins Ltd
350
6.93
9.27
10.27
8.28
8.31 -0.96
769
13.00
8.10
-
-
-
-
Premier Insurance XD
303
4.21
8.55
8.50
8.11
8.42 -0.13
524
13.27
8.01
25
-
-
-
Reliance Insurance XB
284
3.66
5.76
6.00
6.00
6.00 0.24
2466
8.25
5.76
- 12.5B
-
-
Silver Star Insurance XB 291
3.50
5.02
5.95
5.00
5.15 0.13
19358
7.51
5.00
-
15B
-
-
United Insurance XB
2.00
5.77
5.97
5.26
5.77 0.00
397
8.49
4.86
-
24B
-
-
496
LIFE INSURANCE Performance of SR Life Insurance Index
ELECTRICITY
Open 782.65 Turnover 63,675 P/E (x) 5.52
Performance of SR Electricity Index Open 1,359.67 Turnover 3,646,971 P/E (x) 14.18
High Low 1,375.18 1,348.01 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.33 9.35
Paid up Cap(mn)
PE
Open
High
Low
Altern Energy 3426 Genertech 198 Hub Power 11572 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 Kohinoor Power 126 Kot Addu Power 8803 Nishat Chunian Power Ltd 3673 Nishat Power Ltd 3541 Sitara Energy Ltd 191 Southern Electric 1367 Tri-star Power XD 150
7.52 4.82 2.50 5.59 3.17 2.39 5.86 -
8.50 0.70 37.72 1.15 2.50 16.37 3.16 43.17 15.85 17.04 20.34 1.42 1.11
9.50 0.69 37.90 1.18 2.59 16.50 3.28 43.99 16.10 17.01 21.35 1.45 1.19
9.00 0.65 37.40 1.07 2.48 15.41 3.20 43.00 15.61 16.70 20.00 1.38 1.16
Company
Close 1,356.58 Listed cap 95,369.29 mn Payout (%) 104.13
Change -3.09 Market cap 105,984.61 mn Div Yield (%) 7.34
Close Chg
Volume
Last 60 days High Low
9.50 0.65 37.46 1.13 2.50 15.96 3.20 43.52 15.78 16.74 21.15 1.44 1.19
2500 1001 696750 317968 511243 3610 2000 560274 542591 616107 318540 73235 1150
11.40 0.88 40.75 1.75 2.99 19.10 4.95 44.99 17.00 18.00 21.35 2.24 1.37
1.00 -0.05 -0.26 -0.02 0.00 -0.41 0.04 0.35 -0.07 -0.30 0.81 0.02 0.08
8.05 0.50 35.90 1.07 2.31 15.41 2.45 40.26 14.05 14.85 15.35 1.38 0.31
% Change -0.23 5-Day High 1,365.22 5-Day Low 1,352.23
2010 Div BR (%) (%) 50 25 50 20 -
2011 Div BR (%) (%)
- 25.00 7.8R - 10.00 - 30.00 -
-
GAS WATER AND MULTIUTILITIES
Paid up Cap(mn)
Company
American Life EFU Life Assurance XD New Jub Life Insurance
High Low 806.43 779.21 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.28 3.85
Close 793.11 Listed cap 2,290.72 mn Payout (%) 355.53
Change 10.47 Market cap 8,896.42 mn Div Yield (%) 4.18
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
500 6.25 850 7.75 627 14.16
16.14 55.33 50.40
17.14 56.25 52.92
16.26 55.11 50.00
16.26 0.12 55.18 -0.15 52.67 2.27
4703 721 58251
18.50 66.75 52.92
14.02 51.00 39.05
Paid up Cap(mn)
Company Sui North Gas Sui South Gas
High Low 1,309.53 1,252.92 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.94 11.41
Close 1,279.74 Listed cap 12,202.80 mn Payout (%) 66.79
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 13.39 8390 4.89
18.45 22.16
18.75 22.60
18.06 21.50
18.74 0.29 21.66 -0.50
108198 29641
27.35 27.90
18.06 21.50
% Change -0.50 5-Day High 1,332.98 5-Day Low 1,279.74
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index Open 1,154.80 Turnover 51,560,831 P/E (x) 7.49 Paid up Cap(mn)
Company
Allied Bank Ltd.XDXB Askari Bank XB Bank Alfalah Bank AL-Habib Bank Of Khyber Bank Of Punjab BankIslami Pak Faysal Bank Habib Bank Ltd
8603 7070 13492 8786 5004 5288 5280 7327 11021 Habib Metropolitan Bank XB 10478 JS Bank Ltd 8150 KASB Bank Ltd 9509 MCB Bank Ltd 8362 Meezan Bank XB 8030 Mybank Ltd 5304 National BankXDXB 16818 Network Mic Bank 300 NIB Bank 40437 Samba Bank 14335 Silkbank Ltd 26716 Soneri Bank 6023 Stand Chart Bank 38716 Summit Bank Ltd 7251 United Bank Ltd 12242
PE
Open
6.16 62.11 5.34 11.83 5.43 10.50 6.26 29.29 1.90 4.25 5.81 10.51 3.87 7.51 10.00 7.62 123.09 5.31 18.74 51.00 2.60 1.32 8.27 206.24 7.84 19.01 2.40 4.16 53.34 2.89 1.78 25.63 1.95 17.81 2.23 3.12 6.30 10.07 9.56 3.05 7.53 63.78
High
High Low Close 1,165.96 1,140.93 1,152.10 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.04 13.94 40.49 Low
Close Chg
62.55 61.61 62.50 0.39 11.90 11.72 11.75 -0.08 10.65 10.20 10.32 -0.18 29.70 29.31 29.56 0.27 4.28 4.20 4.25 0.00 5.87 5.40 5.43 -0.38 3.95 3.70 3.89 0.02 10.22 9.90 9.91 -0.09 123.38 122.00 122.07 -1.02 18.75 18.34 18.47 -0.27 2.64 2.53 2.55 -0.05 1.40 1.27 1.34 0.02 206.70 204.00 204.69 -1.55 19.05 18.45 18.50 -0.51 2.60 2.42 2.49 0.09 53.50 52.75 52.88 -0.46 2.50 2.50 2.50 -0.39 2.00 1.70 1.97 0.19 2.05 1.93 2.05 0.10 2.94 2.20 2.85 0.62 6.50 6.21 6.23 -0.07 9.75 9.15 9.57 0.01 3.58 3.20 3.25 0.20 64.30 63.40 64.10 0.32
Last 60 days High Low
Volume 15409 138011 2421980 148305 40899 2323635 179966 41444 90377 20182 84778 24224 188693 1034 52713 1772473 2500 7792867 124718 35846501 63850 53757 635241 132515
Change -2.70 Market cap 690,350.11 mn Div Yield (%) 5.40
73.50 17.59 11.55 37.38 4.65 8.68 4.18 14.70 131.00 26.50 3.16 1.80 231.25 19.70 3.22 81.78 3.49 2.94 2.20 2.94 7.50 9.90 3.79 67.50
57.00 11.65 8.75 26.95 3.30 5.40 3.06 9.90 104.16 18.34 2.31 1.20 192.20 16.26 1.70 52.75 0.76 1.69 1.50 2.02 5.00 6.28 2.36 56.70
% Change -0.23 5-Day High 1,158.76 5-Day Low 1,151.85
2010 Div BR (%) (%)
Open 284.46 Turnover 1,231,130 P/E (x) 11.24 Paid up Cap(mn)
20R -
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 733.74 Turnover 509,239 P/E (x) 10.56 Paid up Cap(mn)
Company
Adamjee Insurance XD
1237
High Low 743.08 722.30 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.55 5.20
Close 731.85 Listed cap 11,111.34 mn Payout (%) 79.54
Change -1.89 Market cap 45,573.89 mn Div Yield (%) 7.53
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.45
70.09
70.50
69.00
69.41 -0.68
154142
92.50
67.00
% Change -0.26 5-Day High 738.45 5-Day Low 725.32
2010 Div BR (%) (%) 25
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Arpak Int Dawood Equities First National Equity IGI Investment Bank Invest and Fin Sec Invest Bank Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Sec Inv Bank Security Leasing
2011 Div BR (%) (%)
-
-
-
50 15
2011 Div BR (%) (%)
-
-
-
High Low 289.34 275.06 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.18 0.91
PE
Open
High
Low
225 1.04 360 5.51 450 16.79 3750 3.15 40 115.15 250 575 2121 8.95 600 19.54 2849 3166 626 0.68 7633 508 500 5.78 1000 44.58 1000 821 3.39 775 3.63 514 5.55 363 -
0.50 21.77 16.09 23.73 15.97 1.37 5.00 1.70 7.52 0.40 2.80 1.55 6.86 2.88 20.75 5.41 3.44 5.49 1.67 2.22 1.98
0.55 22.20 16.10 23.95 14.97 1.53 4.50 1.84 7.97 0.48 3.01 1.68 6.89 2.98 20.21 5.55 3.85 5.60 1.74 2.40 1.92
0.43 21.60 15.70 23.44 14.97 1.35 4.50 1.66 7.19 0.40 2.85 1.50 6.52 2.74 20.05 5.30 3.50 5.50 1.67 1.55 1.75
Close Chg
Close 277.97 Listed cap 30,336.44 mn Payout (%) 99.56
Volume
Change -6.50 Market cap 13,583.21 mn Div Yield (%) 4.91
0.50 21.60 15.95 23.56 14.97 1.36 5.00 1.70 7.23 0.40 2.86 1.52 6.56 2.75 20.10 5.35 3.69 5.60 1.74 2.22 1.90
0.00 -0.17 -0.14 -0.17 -1.00 -0.01 0.00 0.00 -0.29 0.00 0.06 -0.03 -0.30 -0.13 -0.65 -0.06 0.25 0.11 0.07 0.00 -0.08
2201 20410 7298 1117507 1558 2515 175 21521 19213 17108 3265 39283 856620 39170 1700 33666 62700 22241 79163 286 1035
Last 60 days High Low
2010 Div BR (%) (%)
0.93 24.97 25.90 26.30 15.97 2.57 7.32 2.75 8.28 0.88 3.74 2.00 11.95 4.00 28.01 6.92 4.97 6.55 2.49 4.20 2.55
30 11.5 10 50 -
0.34 18.99 15.62 18.75 10.97 1.06 2.60 1.65 5.15 0.31 2.73 1.24 6.26 2.58 20.00 5.00 3.31 5.00 1.21 1.55 1.20
% Change -2.28 5-Day High 289.22 5-Day Low 277.97 2011 Div BR (%) (%)
20B 20B 10B -
-
-
EQUITY INVESTMENT INSTRUMENTS
2011 Div BR (%) (%)
40 10B - 10B 20 20B - 20B 65 10B - 20B - 33R -105.16R 115 10B 30.00 - 15B 75 25B -154.79R -63.46R - 311R 6 50 -
2010 Div BR (%) (%)
Performance of SR Financial Services Index
Company
Change -6.38 Market cap 28,462.28 mn Div Yield (%) 8.14
% Change 1.34 5-Day High 793.11 5-Day Low 746.31
FINANCIAL SERVICES
Performance of SR Gas Water and Multiutilities Index Open 1,286.12 Turnover 137,839 P/E (x) 8.20
UPTO 100 VOLUME
Habib InsuranceXDXB
Century Insurance XD
Change 3.73 Market cap 69,371.16 mn Div Yield (%) 11.47
Last 60 days High Low
Atlas Insurance Central InsuranceXDXB
Performance of SR Equity Investment Instruments Index Open 1,540.24 Turnover 3,459,850 P/E (x) 21.90 Paid up Cap(mn)
Company
AL-Meezan Mutual F. AL-Noor Modaraba Atlas Fund of Funds B F Modaraba B R R Guardian Mod. Crescent St Modaraba Equity Modaraba First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund Meezan Balanced Fund Mod Al-Mali NAMCO Balanced Fund Nat Bank Modaraba Pak Oman Advantage PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Punjab Modaraba Stand Chart Modaraba Tri-Star Mutual
High Low 1,550.33 1,524.24 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.48 2.21
PE
Open
High
Low
1375 4.51 210 2.32 525 1.74 75 1.81 780 2.09 200 3.57 524 1.09 581 1.19 760 2.34 397 3.77 1008 4.07 3180 2.41 1186 0.67 1200 2.65 184 17.86 1000 3.51 250 6.02 1000 1000 2.22 2835 2.73 2841 2.33 872 1.78 340 454 5.35 50 0.68
10.49 3.11 6.55 4.75 2.06 0.56 1.56 2.00 3.55 7.70 7.85 7.04 6.24 9.40 1.10 4.60 5.00 8.75 7.59 13.35 5.85 0.93 1.20 9.85 1.15
10.53 3.65 6.65 4.65 2.20 0.58 1.95 2.05 3.55 7.70 7.85 7.07 6.40 9.40 1.29 4.75 5.21 7.75 7.65 13.35 5.95 1.10 1.41 9.80 1.03
10.35 3.50 6.55 4.65 1.90 0.50 1.79 1.95 3.50 7.70 7.85 7.00 6.20 9.15 1.06 4.61 5.06 7.75 7.40 13.18 5.85 0.87 1.20 9.67 1.02
Close 1,530.16 Listed cap 29,771.58 mn Payout (%) 104.74
Change -10.08 Market cap 19,637.27 mn Div Yield (%) 7.43
Close Chg
Volume
Last 60 days High Low
2010 Div BR (%) (%)
10.50 3.65 6.55 4.65 2.01 0.50 1.79 1.99 3.53 7.70 7.85 7.00 6.34 9.21 1.25 4.60 5.06 7.75 7.52 13.29 5.89 0.98 1.20 9.68 1.02
326840 12500 1004500 1000 19005 36773 10002 536149 55060 1000 400 655967 118526 327471 5014 129 502 500 80400 58793 172653 29005 5002 2002 500
11.50 3.65 6.97 5.00 2.20 0.75 2.38 2.57 3.95 8.48 8.44 7.45 6.61 10.24 1.84 5.28 6.50 9.75 8.83 16.49 7.95 1.10 1.99 10.63 1.93
18.5 5 2.2 0 1.2 17 11 21 12.5 10 15.5 15 10 1.04 10 20 10 3 1 17 -
0.01 0.54 0.00 -0.10 -0.05 -0.06 0.23 -0.01 -0.02 0.00 0.00 -0.04 0.10 -0.19 0.15 0.00 0.06 -1.00 -0.07 -0.06 0.04 0.05 0.00 -0.17 -0.13
8.70 2.85 4.52 3.31 1.12 0.39 1.52 1.79 2.92 6.81 6.95 4.65 4.20 7.70 1.00 3.00 4.50 7.75 6.70 12.00 5.10 0.80 0.50 9.50 0.60
% Change -0.65 5-Day High 1,540.24 5-Day Low 1,523.93 2011 Div BR (%) (%)
- 5.00 10B - 5.00 - 10.00 - 12.50 - 7.50 -
-
Open 49.11 13.02 2.09 22.37 0.80 2.25 1070.00 65.41 3.51 57.96 64.20 7.51 1.05 9.05 7.93 1300.98 5013.00 3531.40 925.35 2.50 5.87 50.94 2829.43 11.70 82.13 72.00 699.93 55.10 90.00 237.36 237.65 1.25 1.35 12.00 8.56 3.00 0.88 2.52 0.70 13.55 2.50 575.00 62.75 303.57 13.61 1.21 38.76 16.00
High 49.90 12.02 2.75 22.10 0.90 2.39 1119.95 65.95 4.29 55.50 61.11 8.00 1.20 9.50 8.93 1366.00 5055.55 3635.00 949.70 2.54 5.50 52.00 2829.00 10.70 78.09 73.99 699.93 53.00 94.50 235.00 249.52 1.90 1.60 11.00 8.00 3.10 1.10 2.75 0.84 14.25 2.89 600.00 65.87 318.00 12.61 1.27 40.69 15.15
Low
Close
49.90 12.02 2.75 22.10 0.90 2.00 1067.50 64.00 3.51 55.50 61.04 7.97 1.20 9.50 8.90 1300.00 5015.00 3549.00 925.00 2.54 5.50 50.21 2688.00 10.70 78.05 73.99 699.93 53.00 94.50 235.00 249.52 1.90 1.60 11.00 8.00 3.10 1.10 2.75 0.61 14.25 2.89 600.00 65.87 318.00 12.61 1.27 40.69 15.15
49.11 13.02 2.09 22.37 0.80 2.25 1067.50 65.41 3.51 57.96 64.20 7.51 1.05 9.05 7.93 1359.37 5015.24 3561.88 926.86 2.50 5.87 50.94 2744.40 11.70 82.13 72.00 699.93 55.10 90.00 237.36 237.65 1.25 1.35 12.00 8.56 3.00 0.88 2.52 0.70 13.55 2.50 575.00 62.75 303.57 13.61 1.21 38.76 16.00
Change
Vol
0.00 0.00 0.00 0.00 0.00 0.00 -2.50 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 58.39 2.24 30.48 1.51 0.00 0.00 0.00 -85.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
100 100 100 100 100 85 80 72 69 59 58 54 50 50 48 48 38 27 27 25 25 25 22 20 20 12 11 10 4 4 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1
FUTURE CONTRACTS Symbols
Open
UBL-MAY 64.65 UBL-APR 64.01 LUCK-MAY 72.58 LUCK-APR 72.55 FFBL-MAY 42.02 DGKC-MAY 24.46 FFBL-APR 41.61 DGKC-APR 24.25 NBP-MAY 53.96 NML-MAY 65.43 NBP-APR 53.44 ENGRO-MAY 196.86 ENGRO-APR 195.16 NML-APR 65.12 POL-APR 325.74 POL-MAY 327.00 FFC-APR 140.57 FFC-MAY 141.63 ATRL-APR 123.70 MCB-MAY 208.15 ATRL-MAY 124.93 PPL-MAY 211.89 MCB-APR 206.58 PPL-APR 211.70 PTC-MAY 17.24 HUBC-MAY 38.14 HUBC-APR 37.70 PTC-APR 17.25
High 64.60 64.00 73.37 73.00 42.95 24.55 42.50 24.30 54.00 66.00 53.35 197.50 195.99 65.95 326.45 328.27 141.50 142.70 126.90 207.90 128.20 213.90 205.65 213.50 17.25 37.90 37.49 17.40
Low
Close
64.05 63.50 72.50 72.50 41.85 24.22 41.56 24.00 53.31 64.60 52.80 195.80 194.25 64.50 325.26 326.41 139.25 140.50 123.35 205.51 123.70 211.50 204.01 211.51 17.20 37.85 37.48 17.25
64.52 63.97 73.37 72.73 42.81 24.29 42.34 24.02 53.44 64.99 52.91 196.89 195.12 64.70 325.77 327.30 141.35 142.33 126.57 206.00 127.55 213.07 204.22 212.60 17.25 37.90 37.49 17.33
Change
Vol
-0.13 1364000 -0.04 1349500 0.79 1326000 0.18 1317500 0.79 539500 -0.17 534500 0.73 500000 -0.23 470500 -0.52 381000 -0.44 320000 -0.53 259500 0.03 245000 -0.04 218500 -0.42 165500 0.03 145500 0.30 141000 0.78 134500 0.70 129500 2.87 111000 -2.15 88000 2.62 74000 1.18 73000 -2.36 58000 0.90 35000 0.01 10000 -0.24 7500 -0.21 7000 0.08 1500
MTS LEVERAGE POSITION Symbol AHCL AICL AKBL ANL ATRL BAFL DGKC ENGRO FFBL FFC HUBC LOTPTA LUCK MCB NBP NCL NML OGDC PAKRI POL PPL PSO PTC UBL TOTAL
Total Volume 2,517,405 5,375 43,724 30,000 4,500 95,000 261,000 935,727 81,500 2,000 53,500 3,639,250 95,000 86,400 550,900 660,000 152,000 80,000 33,000 135,500 15,500 40,000 102,004 7,000 9,626,285
Total Value 44,910,433 276,940 386,703 147,915 423,340 743,919 4,732,582 136,507,945 2,552,472 209,919 1,501,104 43,550,811 5,155,545 13,181,418 21,960,727 13,614,305 7,399,826 7,828,122 366,524 33,152,759 2,479,036 8,261,207 1,340,663 335,762 351,019,976
MTS Rate 21 18 17 21 16 16 16 16 21 16 21 16 16 16 16 16.55
BOARD MEETINGS
Fauji Fertiliser Bin Qasim Ltd
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day) MA (5-day)
Brokerage House
Leverage Position
58.09
Support 1
11,938.25
11,943.59
Support 2
11,909.85
MA (10-day)
11,834.50
Resistance 1
11,992.65
MA (100-day)
11,955.23
Resistance 2
12,018.65
MA (200-day)
11,127.09
Pivot
11,964.25
Target Price
Arif Habib Ltd
Recommendations
42.2
AKD Securities Ltd
45.52
Accumulate
TFD Research
TFD Research
44.25
Neutral
Leverage Position
Fauji Fertiliser Co
National Bank of Pakistan
Brokerage House
Brokerage House
Technical Analysis
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
24.23 MTS Shares `000 550.90 53.65 MTS Rs `000 21,960.73 69.90 MTS Rate 16.48 67.99 ** NOI Rs (mn) 118.41 Free Float Shares (mn) 398.12 Free Float Rs (mn) 21,052.71 Target price for Dec-11 & **Net Open Interest in future market
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
152.00 7,399.83 16.13 48.90 11,360.19
Technical Analysis
60.30 140.49 134.48 121.24
MTS Shares `000 2.00 MTS Rs `000 209.92 MTS Rate ** NOI Rs (mn) 82.49 Free Float Rs (mn) 65,900.67 Target price for Dec-11 & **Net Open Interest in future market
Free Float Shares (mn) 466.49
Positive
Leverage Position
48.31 MTS Shares `000 95.00 10.59 MTS Rs `000 743.92 10.54 MTS Rate 20.67 9.77 ** NOI Rs (mn) N/A Free Float Shares (mn) 674.58 Free Float Rs (mn) 6,961.65 Target price for Dec-11 & **Net Open Interest in future market
and Bollinger Bands were 21 per cent narrower than normal.
to the average volatility over the last 10 trading sessions. Volume indica- volatility over the last 10 trading sessions. Volume indicators reflect modtors reflect volume flowing into and out of NML at a relatively equal pace. erate flows of volume into BAFL (mildly bullish). Trend forecasting oscillaTrend forecasting oscillators are currently bearish on NML.
Brokerage House
Target Price
Recommendations
143.2 145
tors are currently bullish on BAFL.
Pakistan State Oil Co Ltd
145.25
Brokerage House Arif Habib Ltd
Accumulate
AKD Securities Ltd
301.82
Neutral
TFD Research
362.05
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
54.99 135.39 157.34 153.31
MTS Shares `000 80.00 MTS Rs `000 7,828.12 MTS Rate 16.00 ** NOI Rs (mn) N/A Free Float Rs (mn) 88,108.27 Target price for Dec-11 & **Net Open Interest in future market
Free Float Shares (mn) 630.61
377.6
Recommendations Buy Accumulate Positive
Technical Outlook
Technical Outlook Technical Analysis
Target Price
Hold
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
47.37 273.07 284.80 276.55
MTS Shares `000 40.00 MTS Rs `000 8,261.21 MTS Rate 16.00 ** NOI Rs (mn) N/A Free Float Rs (mn) 21,218.62 Target price for Dec-11 & **Net Open Interest in future market
Free Float Shares (mn) 77.49
NBP closed down -0.46 at 52.88. Volume was 51 per cent below average FFC closed up 0.80 at 141.27. Volume was 44 per cent below average and OGDC closed up 0.80 at 139.72. Volume was 40% above average and PSO closed up 0.21 at 273.81. Volume was 17 per cent above average (consolidating) and Bollinger Bands were 56 per cent narrower than normal. Bollinger Bands were 79 per cent narrower than normal. NBP is currently 22.2 per cent below its 200-day moving average and is FFC is currently 16.5 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NBP at a relatively equal pace. Trend forecasting oscillators are currently bearish on NBP. Momentum oscillator reflect volume flowing into and out of FFC at a relatively equal pace. Trend
upward trend. Volatility is relatively normal as compared to the average playing a downward trend. Volatility is extremely low when compared to the
is currently indicating that NBP is currently in an oversold condition.
ing oscillators are currently bullish on OGDC.
forecasting oscillators are currently bearish on FFC.
Bollinger Bands were 16% narrower than normal.
and Bollinger Bands were 69 per cent narrower than normal.
OGDC is currently 8.9% below its 200-period moving average and is in an PSO is currently 1.0 per cent below its 200-day moving average and is dis-
volatility over the last 10 trading sessions.
Date
Time
Service Ind Ltd S.S Oil Mills Ltd Aruj Garment Ltd Grays Of Cambridge Azam Textile Mills Ltd First Punjab Modaraba Salman Noman Southern Networks Ltd Tri-Star Mutual Fund Ltd Shadman Cotton Universal Insur Co Ltd Frontier Ceramics Ltd Sana Ind Ltd First Const Modaraba Pak Mobile Commus Ltd Elahi Cotton Mills Ltd Hala Enterprises Ltd Bilal Fibres Ltd Reliance Cotton Spin Mills Ltd
29-Apr 29-Apr 29-Apr 29-Apr 29-Apr 29-Apr 29-Apr 29-Apr 29-Apr 29-Apr 29-Apr 29-Apr 29-Apr 29-Apr 29-Apr 29-Apr 29-Apr 29-Apr 29-Apr
10:30 11:00 11:00 11:30 3:00 3:30 4:00 4:00 4:00 4:30 5:00 9:00 9:00 9:30 10:00 10:30 10:30 10:00 10:30
TECHNICAL LEVELS
Accumulate
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Oil & Gas Development Co Ltd
Leverage Position
Hold
11
displaying a downward trend. Volatility is extremely high when compared displaying an upward trend. Volatility is high as compared to the average
Technical Outlook Technical Analysis
MTS Shares `000 MTS Rs `000 MTS Rate ** NOI Rs (mn) Free Float Rs (mn)
Target price for Dec-11 & **Net Open Interest in future market
TFD Research
129.4
Recommendations
11.6 14.01
NML is currently 13.6 per cent above its 200-day moving average and is BAFL is currently 5.6 per cent above its 200-day moving average and is
Neutral
TFD Research
Target Price
Technical Outlook
and Bollinger Bands were 45 per cent narrower than normal.
AKD Securities Ltd
Positive
Technical Outlook
AKD Securities Ltd
NML closed down -0.48 at 64.62. Volume was 76 per cent above average BAFL closed down -0.18 at 10.32. Volume was 16 per cent above average
Arif Habib Ltd
120.7
92.3
53.40 64.08 64.24 56.88 Free Float Shares (mn) 175.80
Reduce
AKD Securities Ltd
Arif Habib Ltd
Positive
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Hold
Arif Habib Ltd
Accumulate
TFD Research
Technical Analysis
Recommendations
Buy
Brokerage House
Accumulate
Technical Outlook
144
Recommendations
65 60.4
Recommendations
71.45 78.6
Target Price
Target Price
AKD Securities Ltd
Target Price
TFD Research
Technical Outlook
RSI (14-day) 61.77 MTS Shares `000 81.50 MA (10-day) 41.47 MTS Rs `000 2,552.47 39.89 MTS Rate 15.99 KSE 100 INDEX closed up 19.23 points at 11,966.67. Volume was MA (100-day) MA (200-day) 34.76 ** NOI Rs (mn) 86.37 31 per cent below average and Bollinger Bands were 48 per cent Free Float Shares (mn) 326.94 Free Float Rs (mn) 13,875.27 narrower than normal. As far as resistance level is concern, the marTarget price for Dec-11 & **Net Open Interest in future market ket will see major 1st resistance level at 11,992.65 and 2nd resistFFBL closed up 0.85 at 42.44. Volume was 13 per cent above averance level at 12,018.65, while Index will continue to find its 1st supage and Bollinger Bands were 55 per cent narrower than normal. port level at 11,938.25 and 2nd support level at 11,909.85. KSE 100 INDEX is currently 7.6 per cent above its 200-day moving FFBL is currently 22.1 per cent above its 200-day moving averaverage and is displaying an upward trend. Volatility is low as com- age and is displaying an upward trend. Volatility is relatively norpared to the average volatility over the last 10 trading sessions. mal as compared to the average volatility over the last 10 trading Volume indicators reflect volume flowing into and out of INDEX at a sessions. Volume indicators reflect moderate flows of volume into relatively equal pace. Trend forecasting oscillators are currently bull- FFBL (mildly bullish). Trend forecasting oscillators are currently ish on INDEX. bullish on FFBL.
Arif Habib Ltd
Brokerage House
Hold
AKD Securities Ltd
Technical Analysis
Bank Al-Falah Ltd
Nishat Mills Ltd
Company
Our volume indicators reflect average volatility over the last 10 trading sessions. Volume indicators
moderate flows of volume into OGDC (mildly bullish). Our trend forecast- reflect volume flowing into and out of PSO at a relatively equal pace. Trend forecasting oscillators are currently bearish on PSO.
Company Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Corp Arif Habib Limited Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Corp Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power K.E.S.C Lotte Pakistan Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 57.25 2.75 2.55 56.97 61.90 61.30 50.09 53.80 53.50 44.88 23.35 23.15 22.47 15.75 15.50 41.28 68.80 68.15 28.52 11.70 11.60 23.55 6.10 5.95 60.56 371.75 367.10 57.17 124.10 121.75 48.31 10.15 9.95 52.38 3.75 3.60 21.73 5.25 5.10 40.24 1.55 1.50 43.12 23.75 23.50 45.34 2.50 2.45 52.26 1.90 1.80 40.77 32.40 32.05 37.67 54.75 54.35 40.01 194.05 193.05 26.03 9.80 9.70 40.51 4.00 3.95 61.76 41.80 41.15 60.33 140.10 138.90 52.69 121.60 121.10 48.81 37.30 37.10 40.45 151.30 147.65 45.27 219.70 218.85 36.50 2.65 2.60 29.80 1.10 1.00 41.91 2.50 2.45 44.21 6.45 6.30 69.59 43.00 42.50 41.62 2.45 2.40 67.42 16.75 16.55 67.78 72.50 72.00 48.35 203.55 202.45 41.57 2.20 2.15 24.25 52.60 52.30 55.40 28.05 27.70 42.97 22.10 21.75 46.99 1.80 1.60 45.82 2.75 2.70 53.38 63.95 63.25 54.97 138.45 137.15 44.01 3.00 2.95 46.62 1.65 1.60 46.92 2.50 2.45 33.62 5.35 5.30 54.28 324.70 323.80 59.07 211.40 210.30 52.58 68.65 67.35 47.32 270.95 268.10 56.66 17.05 16.90 56.83 210.45 208.70 38.26 18.30 17.85 62.61 18.70 18.25 29.81 21.25 20.80 28.81 1.55 1.50 36.49 2.55 2.45 56.38 63.55 63.05 38.34 2.25 2.20
1st
2nd
Resistance 3.10 3.20 62.85 63.15 54.35 54.60 23.85 24.15 16.15 16.30 70.30 71.15 11.85 11.95 6.55 6.80 379.50 382.60 127.90 129.35 10.60 10.85 4.00 4.10 5.75 6.05 1.65 1.70 24.35 24.65 2.70 2.85 2.15 2.25 33.05 33.30 55.90 56.65 196.20 197.35 10.10 10.35 4.10 4.15 42.85 43.25 142.10 142.90 122.95 123.85 37.80 38.10 159.80 164.65 221.70 222.85 2.90 3.05 1.20 1.25 2.60 2.70 6.80 7.05 44.00 44.50 2.55 2.65 17.10 17.30 73.20 73.50 206.25 207.85 2.40 2.50 53.35 53.80 29.05 29.70 22.90 23.35 2.10 2.20 2.85 2.90 65.65 66.65 140.70 141.65 3.20 3.30 1.75 1.80 2.60 2.65 5.60 5.70 326.60 327.60 213.80 215.10 70.65 71.35 277.75 281.65 17.25 17.35 213.40 214.70 19.00 19.20 19.75 20.40 22.35 23.00 1.65 1.70 2.70 2.75 64.45 64.85 2.35 2.40
Pivot 2.90 62.20 54.05 23.65 15.90 69.65 11.80 6.35 374.85 125.55 10.40 3.85 5.55 1.60 24.05 2.65 2.05 32.70 55.50 195.20 10.00 4.05 42.20 140.90 122.50 37.60 156.15 220.85 2.80 1.15 2.55 6.65 43.50 2.50 16.95 72.75 205.15 2.30 53.05 28.70 22.55 1.90 2.80 64.95 139.40 3.10 1.70 2.55 5.50 325.70 212.70 69.35 274.85 17.15 211.70 18.50 19.35 21.90 1.60 2.60 63.95 2.30
8
Friday, April 29, 2011
Vijaya Bank targets 22pc growth in biz this fiscal
Brazil central bank adds new inflation worry, wages Meezan Bank launches `Laptop Financing'
KARACHI: Director Pakistan Software Export Board Ali Hasanie presenting the memento to Neil Beckley of IBM during e-Banking international conference & Exhibition in Karachi. CEO TOTAL Communications Faisal Rahim, is also seen in the picture. -Staff Photo
Banks need to curb e-transaction frauds Staff Reporter KARACHI: The banking industry needs to be more focused now on preventing fraud in e-banking transactions. This was the general consensus of the industry experts who express their professional opinion at the panel discussion â&#x20AC;&#x2DC;Managing Fraud within e-banking arenaâ&#x20AC;&#x2122; at the 9th Annual International ebanking Conference organized by Total Communications and Pakistan software Export Board at a local hotel today. The panelist comprising Banking and Technology Industry specialists highlighted the ever-increasing use of
banking services through alternate channels. Common citizens are using more and more debit cards and internet banking in Pakistan. Online transactions have increased exponentially. Branchless banking has increased many folds and is being offered from many under-services areas. In this scenario, chances of fraud in the electronic banking transaction have also increased. Banks needs to be more vigilant and develop infrastructure that can support anti-fraud mechanism. Cost of such initiatives is on the high side now but with the advancement in technology it is expected that this will be manageable in coming years,
they informed the august gathering of industry and banking professionals. Earlier speakers from Pakistan and Europe apprised the audience of the latest advancement in electronic banking and related technologies. Presentation of Mr. Kumail Morawala on Cloud Computing started the conference. This new technology can revolutionize how the data is stored and handled, he told the audience. Shahjehan Larik, Ayub Butt, Bassam Mardini, Niel Beckley and Igor Bakhtin also spoke on the occasion on different aspects of electronic, core and transactional banking and cash management.
China Bank to give $1.7bn for Lhr MTS ISLAMABAD: The ExportImport Bank of China will loan Pakistan $1.7 billion to develop a city-wide train system in the eastern city of Lahore, a senior Pakistani government official said.. The 15-year loan will be disbursed in the next five years, and negotiations with Eximbank are under way to finalise other details, Khwaja Ahmed Hassan, chairman of the Lahore Transport Company (LTC), said. "The bank agreed to lend us the money with a two-year grace period, and our aim is to get it at 6 percent interest," he told Reuters. The Punjab government recently agreed to award the 27 km train line contract project to the Chinese company China North Industries Corp. In 2008, a
French company had estimated the cost of the project at $2.4 billion. The Chinese "were very kind and they brought down the cost of the project to $1.7 billion," Hassan said. He said the project was likely to begin by the end of 2011. Lahore, the capital of Punjab province, Pakistan's most populous and prosperous province, is home to more than 5 million people. Officials expect the new transport system, the first of its kind in the country, will substantially decrease road traffic. "There will be a big change. If we are able to bring here the system which we saw in China, thousands of vehicles (will) eventually go off the road," Hafiz Nauman, a provincial lawmaker and senior member of the LTC, said. He said another Chinese company will supply
111 buses to the city in June. Seen as an "all-weather friend" to Pakistan, China has invested heavily in infrastructure development, particularly in the strategic and mineral-rich southwest, bordering Iran and Afghanistan. China Three Gorges Corp, China's largest hydropower developer, is ready to invest $15 billion in Pakistan's troubled energy sector, an investment that could add 10,000 megawatts to Pakistan's main grid over the next 10 years, a senior company official told Reuters in an interview on April 7. "There will be no compromise on the standard of the new buses and it will be ensured that buses meeting standards and specifications approved by the LTC's Board of Directors operate on urban routes," he said. -Agencies
UBL, Ufone join hands ISLAMABAD: United Bank Limited (UBL) and mobile company Tuesday joined hands to bring easy access to financial services to their common customers. The mobile company is offering Mobile Financial Services under the name of UPayments. This is USSD based secure session service that is extremely customer friendly and has no handset limitation whatsoever, said a press release issued here today. This joint venture will allow common customers of both UBL and mobile company to add credit to their prepaid service and pay their postpay bills directly from their handsets. With this strategic partner-
ship, customers get the freedom to pay bills of 15 Utility Companies offered by UBL irrespective of their location and time. The customers no longer have to worry about running to different outlets to pay their bills. Most importantly, the customers of the mobile company can avail these services while roaming anywhere in the world, thanks to mobile company's vast International Roaming network and the presence of UBL in 11 different countries apart from over 1100 branches in Pakistan. The customer only needs a UBL bank account to enjoy this trouble free service. CEO of the mobile compa-
ny, Abdul Aziz said that this strategic partnership is a milestone in our journey to extend the reach of UPayments to all banked customers which will serve as a trusted platform for the whole banking industry. "We believe in developing partnerships and invite all banks to join hands to better facilitate and serve our common customers under our trusted USSD platform of UPayments". President of UBL, Atif R. Bokhari, speaking on the occasion said, "UBL has the distinction of pioneering mobile wallet offering in Pakistan. We continue to take pride in being leaders in offering innovative banking solutions to the customers. -PR
KARACHI: The Meezan Bank Limited has launched a new consumer financing product that will allow customers to purchase laptops on easy installments. A statement here said that the new product called `Laptop Ease' is being offered for repayment periods ranging from three to 24 months. The statement pointed out that the product has been launched in collaboration with New Horizon and is available for only HP laptops. New Horizon will provide two years' warranty with parts along with nationwide after sales services at the customers' doorsteps. Mohammad Raza, Head of Consumer Banking of Meezan Bank and Rahim Eqbal, COO of New Horizon, signed a Memorandum of Understanding (MoU) at Meezan Bank's Head Office. `Meezan Laptop Ease' through which customers can purchase Hewlett-Packard (HP) laptops, equipped with the latest features under a Halal financing scheme, is another step towards achieving Meezan Bank's Vision of making Islamic banking the banking of first choice, the statement said. Through this Riba-free facility, customers will be able to acquire laptops at easy installments for periods ranging from three to 24 months. Speaking at the occasion, Raza said that Meezan Bank has an active focus on developing customer-friendly, Islamic alternatives to conventional banking products, in line with its mission to offer a one-stop shop for innovative value-added products and services to the customers within the bounds of Shariah.-PR
Banks allowed loaning ancillaries Staff Reporter KARACHI: State Bank of Pakistan (SBP) has also allowed the banks/ Development Finance Institutions (DFIs) to extend loans for the cost of ancillary item(s) like CNG-Kits, vehicle-tracking-devices, while sanctioning auto loans for the ex-factory tax paid price fixed by the car manufacturers. However, the banks/ DFIs are not permitted to finance the premium charged by the dealers and/or investors over and above the ex-factory tax paid price of cars/vehicles, fixed by the manufacturers. According to a circular (BPRD Circular No. 06) issued Wednesday, the Regulation R-11 of the Prudential Regulations for Consumer Financing has been substituted stating that "while allowing auto loans, the banks/DFIs shall ensure that the minimum down payment does not fall below 10 per cent of the value of the car/vehicle. Further, the banks/DFIs may extend auto loans for the ex-factory tax paid price fixed by the manufacturers and the cost of ancillary item(s) (like CNG Kits, vehicle tracking device desired by the borrower to be fitted in the car/vehicle. However, the banks/DFIs shall not finance the premium charged by the dealers and/or investors over and above the ex-factory tax paid price of cars/vehicles, fixed by the manufacturers."
MCB, NBP and AKBL announce mix results Staff Reporter KARACHI: With the results season in full swing at Karachi Stock Exchange three major banks namely MCB bank, National Bank and Askari Banks announced their quarterly results. MCB Bank Limited (MCB) posted 21.3 per cent YoY growth in profit after tax to Rs5.02 billion in 1QCY11 (EPS: Rs6.61) as compared to net profit of Rs4.14 billion (EPS: Rs5.45) for the corresponding period last year. MCB also announced a cash dividend of Rs3.00 per share with the results. Net interest income was up by 25.2 per cent to Rs10.92 billion whereas cost of deposits remained higher compared to yield on earning assets. NPL accretion and bad loan ageing resulted in provisions against NPLs of Rs1.18 billion, up 18 per cent YoY further slowing down the growth in NII after provisions. Non interest income was up by 43.4 per cent to Rs2.008 billion on account of higher fee and brokerage income and capital gains. Similarly, Askari Bank Limited (AKBL) posted 64 per cent YoY growth in net earnings
to Rs538 million (EPS: Rs0.76) during 1QCY11 versus Rs 328 million (EPS: Rs0.45) for the corresponding period last year The growth in earnings was mainly on the back of 47.5 per cent YoY growth in NII to Rs2.96 billion on account of higher NIMs. Fresh NPL accretion kept provisions higher by 35 per cent YoY to Rs542 million. However; lower dividend receipts and capital gains reduced non interest income by 24 per cent to Rs587 million compared to Rs770 million for 1QCY10. On the other hand, National Bank of Pakistan announced profit after tax of Rs4.22 billion (EPS: Rs2.52) for 1QCY11 as compared net earnings of Rs4.21 billion (EPS: Rs2.51) for the same quarter last year, leaving earnings almost flat. Despite that net interest income boosted by 8.9 per cent to Rs10.94 billion versus Rs10.05 billion for 1QCY10 and provisions decline by 13.8 per cent to Rs 1.67 billion. Drop in earning was mainly due to fall in non interest income by 8.6 per cent and surge in administrative expenses by 13.2 per cent.
Islamic banks SLR raised 5pc Staff Reporter KARACHI: The State Bank of Pakistan decided to increase the Statutory Liquidity Requirement (SLR) for Islamic banks/ Islamic banking branches by 5 per cent with effect from June 03, 2011. At present, the SLR for Islamic banks/ Islamic banking branches is 14 per cent (excluding Cash Reserve Requirement) of total demand liabilities (including time deposits with tenors of less than 1 year). A circular (DMMD Circular No 3) issued said that in exercise of the powers conferred upon the State Bank of Pakistan under section 36 of the State Bank of
Pakistan Act, 1956, and section 29 of the Banking companies Ordinance, 1962 it has been decided to increase the Statutory Liquidity Requirement (SLR) for Islamic Banks/ Islamic Banking Branches with effect from June 03, 2011 to 19 per cent (excluding CRR) of Total Demand Liabilities (including Time deposits with tenors of less than 1 year). It may be pointed out here that the SLR can be maintained in the form of cash in hand, balance with NBP in current account, balance with SBP in current account and Un-encumbered Approved Securities as notified by SBP from time to time.
TAIPEI: Chairman of the China Banking Regulatory Commission Liu Mingkang shakes hands with his Taiwanese counterpart Chen Yu-chang before they hold talks in Taipei to discuss ways of beefing up banking cooperation.-Reuters
ABL earnings surge 41pc Aamir Abidi KARACHI: Allied Bank Limited (ABL) announced its financial result for 1QCY11. The profit posted for the period was up by 41.3 per cent to Rs2.51 billion (EPS: Rs .92) as compared to profit of Rs1.77 billion (EPS: Rs2.07) for the corresponding period last year. Interest income of the bank grew by 12.5 per cent to Rs12.29 billion for 1QCY11 against Rs10.93 billion for the same period last year. As against this interest expenses were up by 9.5 per cent to Rs6.09 billion compared to Rs5.56 billion for 1QCY10. That's why net interest income grew by 15.6 per cent to Rs6.20 billion against Rs5.36 billion for 1QCY10. The bank recorded Rs312 million as non performing loans against advances for 1QCY11 versus Rs1.26 billion during 1QCY10, depicting a decline of 75.3 per cent. Operating expenditure increased by 16.5 per cent to Rs3.48 billion for the period ended 1QCY11.
ICICI Bank Q4 net lags f'cast, 20pc loan growth MUMBAI: ICICI Bank reported its strongest quarterly profit growth in at least seven years and signalled further improvement in asset quality. The No 2 Indian lender maintained its loan growth target of 20 per cent for this fiscal year that started on April 1 on strong corporate and retail credit demand in a fast-growing economy, Chief Executive Chanda Kochhar said. ICICI, which reported a 44per cent jump in fourth quarter profit, and its rivals State Bank of India and HDFC Bank are seeing an improvement in asset quality as positive business sentiment help lower loan defaults. But a series of interest rate increases by the central bank in Asia's third-largest economy to tame stubbornly high inflation has triggered concerns about the loan growth outlook at leading Indian banks. "The rate hikes will put some pressure on the banks in the near term," said Stefan Hagman, a Stockholm-based portfolio manager with Handelsbanken Intia, which owns shares of State Bank, ICICI and HDFC Bank in its portfolio. "I still expect the banking sector's credit growth to touch 20 percent this year despite increase in interest rates because the working capital requirement of Indian companies remains very strong," he said. ICICI shares, valued at nearly $29 billion, closed up 0.5 percent, while the Mumbaimarket and the banking sector index both fell 0.8 per cent. The central bank is seen raising rates by a quarter point on May 3 and analysts now expect it to raise rates by a total of 75 basis points for the rest of 2011, or 25 bps more than they expected in mid-March, a Reuters poll showed. Headline inflation in India was at nearly 9 per cent in March, far above forecasts, on higher fuel and manufacturing prices, adding pressure on the central bank to take bolder action despite eight rate rises since mid-March 2010. "If you look at the consumption pattern and the investment pattern in the country one could target even higher credit growth," Kochhar said.-Reuters
9
Friday, April 29, 2011
Oil pares gains on slowing US economy
European vegetable oil prices
Weak US data supports dollar-denominated crude LONDON: US crude prices pared gains on Thursday as weaker-than-expected economic growth in the world's top economy partly offset a sliding dollar and signs of lower North Sea supplies. US crude for June rose 19 cents to $112.95 a barrel by 1427 GMT after touching the highest level in 2-1/2 years at $113.70 a barrel. Brent crude futures were up 58 cents at $125.71 a barrel by the same time. "We see a soft patch in economic activity in Q2, and with oil prices sustained at these levels, people will be looking more intently at signs of demand destruction," said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas. "The oil market is balancing upside and downside risk to prices, and as these factors appear to even out, oil prices have consolidated and we are
Tokyo rubber logs sharp losses TOKYO: Key Tokyo rubber futures logged their largest monthly loss since November 2008 in April as last month's massive Japan earthquake and tsunami slashed auto output, though they rose 2.8 per cent on Thursday on firm oil and commodity prices and a weaker yen. The benchmark TOCOM rubber futures for October delivery rose as high as 394 yen, up 4 per cent, before settling at 389.1 yen per kg, up 10.5 yen or 2.8 per cent from Wednesday's settlement. The market ended the week down 7 per cent and was down 10 per cent on the month, the biggest monthly decline since a 25 per cent drop in November 2008. TOCOM will be closed on Friday and again on May 35 for Japanese public holidays. The most active rubber contract on the Shanghai Commodity Exchange for September delivery rose 570 yuan ($87.535) per tonne to close at 32,730 yuan per tonne on Thursday. Volume stood at 1.03 million lots. -Reuters
more or less range-bound." Oil prices were volatile as traders grappled with data showing US economic growth slowed to 1.8 per cent in the first quarter as higher food and gasoline prices dampened consumer spending. A jump in US claims for unemployment benefits to their
highest level since January also weighed on sentiment, signalling that an anticipated recovery in the labour markets may take some time. But the economic weakness is expected to keep the US Federal Reserve's monetary policy loose, weighing on the dollar; which fell to a threeyear low, and boosting dollardenominated oil. "The weaker dollar supports crude and the jobless report
seems to indicate the Fed is going to continue its fight against unemployment at the expense of interest rates and the US dollar," said Peter Beutal, president at Cameron Hanover in New Canaan, Connecticut. Earlier on Thursday, signs of lower supplies from the North Sea had boosted the Brent benchmark, after traders said at least two Forties cargoes had been cancelled and others delayed from the May loading programme. Light, sweet oil sourced from the North Sea has served as a vital substitute for Libyan exports, which are virtually paralysed due to civil war and international sanctions. Oil prices are still carrying a hefty risk premium due to political unrest in the Middle East, with Ben Westmore of National Australia Bank estimating this as high as $20-$25. -Reuters
Palm oil ends up higher on crude JAKARTA: Malaysian palm oil futures ended higher on Thursday, snapping a three-day losing streak with support from firmer crude oil prices, but investors expect further weakness due to a rising production cycle. Benchmark July crude palm oil on Bursa Malaysia Derivatives Exchange closed 0.5 per cent higher at 3,293 Malaysian ringgit ($1,105) a tonne. Prices had hit a one-week low in the previous session. Trading volumes reached 9,393 lots of 25 tonnes each, compared to 10,969 lots on Wednesday. "Palm oil is mostly following outside markets," said one trader. "You have crude oil trading higher." The most-active January 2012 soyoil on the Dalian Commodity Exchange traded at 10,284 yuan versus Wednesday's close at 10,222 yuan. ICDX's July CPO futures contract was at 9,550 rupiah
per kg, compared to 9,525 rupiah per kg when it opened. Market volume was 1,339 lots of 10 tonnes each. "For the physical market, things are still slow," the trader added. "We don't see demand coming in ... most of our buyers are still waiting for lower levels, which they think will come." Palm oil -- used in products such as food, cosmetics, tyres and biofuels -- fell in the last three sessions and is down about 2 per cent this week. The data showed that exports of Malaysian palm oil products for April 1-25 fell 7.7 per cent to 865,593 tonnes from 937,591 tonnes shipped during March 1-25. Analysts have warned of higher palm production in Southeast Asia, which produces more than 90 per cent of the world's output, as it enters a higher cycle in the second half of the year. Reuters
Copper flat, US data offsets weak dollar LONDON: Copper closed almost flat on Thursday after data showing that US firstquarter economic growth slowed more than expected and jobless claims rose offset the benefits of a sharply weaker dollar. Benchmark copper on the LME closed at $9,320 a tonne from a close of $9,321 on Wednesday. The metal used in power and construction is down more than 8 per cent from February's record high of $10,190 a tonne. "Copper is having a hard time being pushed about the place," said Danske Bank analyst Arne Lohmann Rasmussen. "GDP numbers were slightly weaker than expected and I think people are a bit worried at signs that the global recovery indicators are pointing down. But, as Bernanke said yesterday, it takes time." US first-quarter growth slowed to 1.8 per cent as higher food and gasoline prices dampened consumer spending, and sent a broad measure of inflation rising at its fastest
pace in 2-1/2 years. The US dollar extended losses against the euro and the yen after the GDP and jobless figures. A softer dollar makes metals cheaper for holders of
Shanghai metals higher Metals on the Shanghai Futures Exchange ended the session 0.76 per cent higher, while its most traded aluminium contact July closed 0.2 per cent higher at 16,845 yuan. other currencies. Fed Chairman Ben Bernanke signalled on Wednesday the US central bank was in no rush to scale back its support for the economy and repeated plans to keep overnight interest rates, held near zero since December 2008, extraordinarily low for "an extended period". "We've also had weak numbers from China over the past month, and Japanese industrial production was much weaker than expected," Rasmussen said. "It might be that we have
underestimated the effect of the earthquake and it will take some time before we see demand for metal for reconstruction." LME copper stocks rose by a small 150 tonnes to 463,650 tonnes, their highest since midJune, the latest data showed. The inventories have climbed by a third since mid-December. LME zinc stocks have jumped by nearly 30,000 tonnes this month. Zinc closed at $2,247 from $2,240. Aluminium was $2,767 a tonne, from a bid of $2,743.50. It earlier rallied 1 per cent to $2,778.80 a tonne, its highest since August 2008 on prospects that rising power prices will push up input costs for the energy intensive metal. Nickel closed at $26,850 from $26,630, having tipped a two-week high at $27,000 earlier. Tin was $32,050 from a bid of $31,995 with a small drawdown from stockpiles in Rotterdam signalling some returning consumer demand. Battery material lead closed at $2,491 from $2,498. Reuters
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for April 27 2011
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2470 2480 2450 2460 2445 2455 2445 2455
2739 2740 2749 2749.5 2807 2812 2855 2860
9348 2579 9348.5 2580 9379 2530 9380 2530.5 9350 2508 9360 2513 9085 2468 9095 2473
26325 26350 26400 26450 25890 25990 25310 25410
TIN
ZINC NASAAC
32190 2231.5 32195 2232.5 32225 2241 32275 2242 32175 2295 32225 2300 2312 2317
2581 2585 2600 2610 2655 2665 2715 2725
LAHORE: Farmers harvest wheat in a field outside Lahore. -Agencies
Arabicas vault to 34-yr peak; sugar slips NEW YORK/LONDON: ICE arabica coffee futures shot up above $3 per lb to a 34-year high in thin dealings on Thursday, bolstered by investor buying as the dollar sank to a three-year low. The key July arabica coffee futures surged to a new high of $3.0340 per lb, buoyed by the weak dollar, tight supplies of high-quality beans and strong charts. ICE July arabica coffee futures were well off their highs and up 2.35 cents to $2.9875 per lb at 1546 GMT. Liffe July robustas gained $18 at $2,554 a tonne at 1546 GMT, having earlier hit a contract high of $2,572. Raw sugar futures on ICE tumbled, weighed by expectations of ample production of the sweetener from Brazil and Thailand and the possibility of further unrestricted exports by India. ICE May raw sugar futures fell 0.64 cent or 2.6 per cent to 23.91 cents a lb at 1547 GMT. Open interest fell to 30,314 lots on April 27, the equivalent of 1.54 million tonnes of sugar and down roughly 20,000 lots from the previous day. Key July dropped 0.54 cent to 22.42 cents per lb, hitting a 6-1/2-month low at 21.94. London August white sugar fell $11.50 or 1.8 per cent to $615 per tonne. ICE second-month July cocoa futures surged $111 or 3.5 per cent to $3,279 per tonne at 1548 GMT. Total volume jumped above 20,000 lots, the highest in two weeks with two more hours of trade still remaining. Liffe July cocoa jumped 50 pounds or 2.6 per cent to 1,977 pounds per tonne. -Reuters
Gold strikes record as dollar wilts LONDON: Gold hit record highs on Thursday as the dollar's three-year low against a basket of major currencies attracted non-US investors, after the United States signalled it would retain accommodative monetary policy. Spot gold ascended to a lifetime high of $1,535.90 an ounce, breaking records for a second straight session. It traded at $1,534.85 an ounce at 1413, up from $1,526.40 late in New York on Wednesday.
even after gold struck record highs in nine out of the past ten sessions, dealers said. Spot silver, which has rocketed more than 50 per cent so far this year, rose to $49.16 an ounce against $47.76 an ounce late in New York on Wednesday. US silver futures jumped as high as $49.35, following a climb of as much as 7 per cent on Wednesday. They were later at $49.15. As silver prices advanced, holdings in the iShares Silver Trust, the world's
"In the last few days the gold price has shown that it's fully dependent on the US dollar, and the US dollar seems to be relatively unimpressed by the US data coming out," said Commerzbank analyst Daniel Briesemann. US gold futures also hit an alltime high at $1,535.10 an ounce and then trimmed gains to $1,532. The weakening dollar has been a key driver behind gold's rally in recent weeks, alongside concerns over civil disruption in the Middle East and North Africa, sovereign debt problems in the euro-zone and rising inflation worldwide. Physical gold buying was seen active in Asia, while scrap selling was limited as market participants remained bullish
largest silver-backed exchangetraded fund, dipped 1.8 per cent to 11,053.20 by April 27 from the previous session. Gold and silver may both see more upside, but the risk of a pullback in silver is larger than in gold due to the more speculative nature of the silver market, traders said. Platinum was at $1,834.74 an ounce from $1,819.45 and earlier hit $1,838, its highest since early March. Palladium was at $772.22 an ounce from $763.45. "The market has been pushed higher by prospects of a weaker dollar, inflation concerns and all the debt problems," said Robin Bhar, an analyst at Credit Agricole, adding gold looked set to touch new record highs soon. -Reuters
US cotton settles with steep drop as supply hits NEW YORK: US cotton futures finished sharply lower, with the benchmark July contract ending at the downside limit, and despite the Federal Reserve's essentially unchanged policy, the market's supply glut pressured prices into Wednesday's close. Many players sold cotton along with other commodities in a measure to lower risk ahead of the US central bank's policy-setting meeting. July cotton futures fell by the downside limit in early morning business. Once the Fed issued its communique that pledged to maintain an exceptionally low interest rate policy for an extended period. Some reassured buyers bought cotton at the lows following release of the Fed's news, but sellers were more persistent. 'July has a heartbeat, but just barely,' said Ron Lawson, Managing Director of logicadvisors.com.
Most-active July cotton on ICE Futures US, tumbled 7.0 cents to settle at their downside limit of $1.5339 per lb, a 4.36 per cent decline, despite fleeting attempts to bounce off the low after the Fed released its policy statement. With May cotton undergoing deliveries, it slid 6.95 cents, or 3.82 per cent, to finish at $1.74 per lb. There were no delivery notices again on Wednesday, with a total of 13 being issued to date. New-crop December cotton closed 4.84 cents lower at $1.2460 cents a lb., a 3.74 per cent drop. The ICE issued a notice on Wednesday that 500 bales of cotton at an exchange licensed cotton warehouse in Memphis suffered water damage as a result of storms overnight. While not significant amid total US inventories, flooding remains an issue to keep an eye on, brokers said. -Reuter
ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill May11 877.00-8.00, Jun11/Jul11 882.00-8.00, Aug11/Oct11 887.00-8.00. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 985.00+0.00, Aug11/Oct11 950.00-5.00, Nov11/Jan12 955.00-5.00, Feb12/Apr12 962.00. SUNOIL: EU dlrs tonne extank six ports option May11/Jun11 1395.00-5.00, Jul11/Sep11 1410.00+10.00, Oct11/Dec11 1380.00+0.00, Jan12/Mar12 1400.00+0.00. LINOIL: Any origin dlrs tonne extank Rotterdam May11/Jun11 1532.50+0.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Apr11 1145.00+5.00, May11/Jun11 1145.00+2.50, Jul11/Sep11 1145.00+2.50, Oct11/Dec11 1145.00. PALMOIL: RBD dlrs tonne cif Rotterdam May11 1245.00+12.50, Jun11 1227.50+10.00, Jul11/Sep11 1207.50+12.50. PALM OLEIN: RBD dlrs tonne fob Malaysia May11 1197.50+12.50, Jun11 1180.00+10.00, Jul11/Sep11 1157.50+10.00, Oct11/Dec11 1145.00+10.00, Jan12/Mar12 1142.50+7.50. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Apr11/May11 2050.00-70.00, May11/Jun11 2030.00-70.00, Jun11/Jul11 2000.00-90.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Jul11/Aug11 2695.00+0.00. Reuters
Indian sugar gains MUMBAI: India's sugar prices climbed on Thursday on an improvement in demand and market talk the government will release lower non-levy quota for May, analysts and dealers said. "Traders were talking about lower quota for May. They were expecting 1.6-1.7 million tonnes," said Ashok Jain, president, Bombay Sugar Merchants Association (BSMA). India has released 1.7 million tonnes of non-levy sugar for April, while it had released 1.9 million tonnes for May 2010. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety edged up 0.53 per cent to 2,636 rupees ($59.4) per 100 kg. The most-active sugar for May delivery on the National Commodity and Derivatives Exchange (NCDEX) was up 0.82 per cent at 2,713 rupees per 100 kg at 4:30 pm. India has approved around 30,000 tonnes of unrestricted sugar exports, kicking off overseas sales of a total 500,000 tonnes given an official green light on April 19, government sources said on Thursday. The country, which consumes about 22-23 million tonnes of sugar annually, is likely to produce 25 million tonnes in 2010/11, up 33 per cent from the previous year. -Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
28-Apr-2011 CRUDE100 28-Apr-2011 CRUDE100 28-Apr-2011 CRUDE100 28-Apr-2011 SILVER - 500oz 28-Apr-2011 SILVER - 500oz 28-Apr-2011 GOLD 01oz 28-Apr-2011 GOLD 01oz 28-Apr-2011 GOLD 01oz 28-Apr-2011 GOLD 100oz 28-Apr-2011 GOLD 100oz 28-Apr-2011 GOLD 100oz 28-Apr-2011 GOLD 28-Apr-2011 GOLD 28-Apr-2011 GOLD 28-Apr-2011 KILOGOLD 28-Apr-2011 KILOGOLD 28-Apr-2011 TOLAGOLD50 28-Apr-2011 TOLAGOLD100 28-Apr-2011 MINIGOLD 28-Apr-2011 MINIGOLD 28-Apr-2011 MINIGOLD 28-Apr-2011 MINIGOLD 28-Apr-2011 MINIGOLD 28-Apr-2011 TOLAGOLD 28-Apr-2011 TOLAGOLD 28-Apr-2011 TOLAGOLD 28-Apr-2011 TOLAGOLD 28-Apr-2011 TOLAGOLD 28-Apr-2011 IRRI6W 28-Apr-2011 RICEIRRI - 6 28-Apr-2011 RBD PALMOLEIN 28-Apr-2011 KIBOR3M 28-Apr-2011 KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
JU11 JY11 AU11 JU11 JY11 JU11 JY11 AU11 JU11 JY11 AU11 MY11 JU11 JY11 AP11 MY11 MY11 MY11 MON TUE WED THU FRI MON TUE WED THU FRI 28AP11 AP11 AP11 11-Mar 11-Jun
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
112.48 112.74 113.21 45.50 45.45 1509.10 1509.90 1531.80 1512.10 1509.50 1533.10 41065.00 41109.00 41095.00 41038.00 41048.00 47866.00 47866.00 42151.00 42194.00 42208.00 42122.00 42136.00 50532.00 48557.00 49710.00 50389.00 49746.00 3386.00 3406.00 5107.00 86.28 85.31
113.62 113.94 113.37 48.66 48.70 1534.80 1535.00 1536.00 1533.60 1529.40 1534.80 41560.00 41760.00 41589.00 41533.00 41543.00 48443.00 48443.00 42636.00 42681.00 42696.00 42711.00 42621.00 50537.00 49127.00 50180.00 50500.00 50500.00 3400.00 3421.00 5121.00 86.29 85.31
110.73 111.91 113.21 45.43 44.89 1503.60 1504.00 1528.00 1505.80 1509.50 1528.70 41065.00 41075.00 41095.00 41038.00 41048.00 47866.00 47866.00 42151.00 42194.00 42208.00 42122.00 42136.00 48507.00 48557.00 48574.00 48474.00 48491.00 3386.00 3406.00 5107.00 86.28 85.29
112.55 113.08 113.37 48.28 48.29 1528.80 1529.40 1530.00 1528.80 1529.40 1529.40 41560.00 41570.00 41589.00 41533.00 41543.00 48443.00 48443.00 42636.00 42681.00 42696.00 42711.00 42621.00 49075.00 49127.00 49144.00 49161.00 49058.00 3400.00 3421.00 5121.00 86.29 85.29
Traded Volume in lots 296 19 52 1,039 5,050 4,478 222 56 7 24 51 39 3 5 -
Previous Settlement Price 112.43 112.92 113.21 45.43 45.44 1508.90 1509.50 1528.70 1508.90 1509.50 1528.70 41065.00 41075.00 41095.00 41038.00 41048.00 47866.00 47866.00 42151.00 42194.00 42208.00 42122.00 42136.00 48507.00 48557.00 48574.00 48474.00 48491.00 3386.00 3406.00 5107.00 86.28 85.31
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Current Open Interest Settlement in Lots Price 112.55 64 113.08 6 113.37 48.28 4 48.29 69 1528.80 2,335 1529.40 1,947 1530.00 151 1528.80 12 1529.40 1530.00 1 41560.00 2 41570.00 10 41589.00 41533.00 41543.00 48443.00 48443.00 42636.00 42681.00 42696.00 7 42711.00 42621.00 49075.00 51 49127.00 17 49144.00 25 49161.00 3 49058.00 3 3400.00 3421.00 5121.00 86.29 85.29 -
Germany's Denis Gremelmayr watches the ball during his second round match against Germany's Philipp Kohlschreiber at the ATP tennis tournament BMW Open in Munich
Bangladesh held back by indecision: Siddons DHAKA: Bangladesh must grow out of a culture of petty politics and indecision if it wishes to truly develop as a cricket nation, the former national coach Jamie Siddons has said. Siddons' contract was not renewed after the series against Australia that followed the World Cup, where the tournament co-host missed out on a berth in the quarter-finals. He was sad to leave the Dhaka suburbs that had been his home for three years, and admitted his own forceful approach to officialdom had probably played a large role in his exit. "Everyone tends to know what needs to be done but it doesn't seem to be happening, whether the money's not there or they're just not doing it, I'm not too sure," Siddons told ESPNcricinfo. "I've probably said more than I should and that probably is why my job is gone. But I want them to do well, I want them to improve and I know the reasons why they're not, and I just wish more people would listen to me. "In Australia if something's wrong we try to fix it and we make it known what we think it is, and that's probably not the way to go so much here, you've got to be more subtle about it and work with the right people." Bangladesh cricket has tended to run on an overly politicised four-year cycle, with long term planning in short supply. Siddons advocated a closer look at other cricket administrations, and also the development of greater support networks for national coaches, the majority of which still need to be hired from overseas. "I think they've got to look at other administrations and follow the guidelines, and put people in place that will fill those spots," Siddons said. "Get more coaches from overseas to start with, put the in the main positions, and get our guys to come in underneath that and learn and develop the players. Make sure there's a 15s, 17s, 19s coach, that may be it from overseas, and an academy coach from overseas, a very good coach, and put them in place. "Look at how other administrations run their cricket, just take some guidelines from it and try to copy, try to follow. See how you go then. You've also got to pay good money to get people to bring their families over here to come and get involved in Bangladesh cricket and enjoy it." -Reuters
Pak to feature in World Taekwondo KARACHI: A 6-member Pakistan squad is due to leave for Gyeongju (Korea) late Thursday night to take part in World Taekwondo Championship being staged there from May 1-6. The team included Usman Abid Mughal, Syed Adeel Shah and Alief Arshad with Liaquat Baig as its head, Pakistan Taekwondo Federation announced. Lt.Col. Waseem Ahmed and Iftikhar Hussain Tabbasum will attend the General Assembly of World Taekwndo Federation (WTF) to be held on April 30. PTF expressed their gratitude to Pakistan Sports Board for their financial support for arranging the NOC from Ministry of Sports. The participation in the global event in built-up for the World and Asian qualification rounds for 2012 London Olympics, PTF statement said. -APP
10
Friday, April 29, 2011
Cricket can bring Pak, India closer, says Sania
RAWAPPINDI: Winners of District Table Tennis Chapionship showing their medals at Mini Sports Complex, Liaquat Bagh. -Online
LCCA welcomes fifty ground announcement LAHORE: President, Lahore City Cricket Association, Khwaja Nadim Ahmad has welcomed the announcement of Punjab Chief Minister for developing fifty cricket grounds in the city for the revival of the game. " By having that large number of grounds in all parts of the city we will be able to bring a revolution in the game to reestablish Lahore's status as the main nursery of cricket", he said here on Thursday. Punjab Chief Minister, Mian Shahbaz Sharif recently announced to develop fifty cricket grounds in the city to help promote cricket. He also announced to build necessary facilities including pavilion and allied facilities besides laying of wickets. " Never before such a step was taken for the overall development of the game and we firmly believe by that large scale infrastructure available in different parts of the city, cricket will get a boom with immense talent coming up", he asserted. He said when prepared these grounds will be named after different business houses and will be handed over to different clubs. " The sponsor business houses will be responsible for their maintenance and the clubs whom these grounds will be allocated will also be sharing this responsibility ", said LCCA chief a former first class cricketer and a die hard follower of the game. He said LCCA has recently been handed over fifteen
grounds at various cricketing centres by the Punjab Government. " Eight of the grounds are the old ones and seven are newly prepared and with the addition of these modern facilities there will be no excuse of not having adequate infrastructure for meeting the ever growing needs of youth in cricket",said Nadim. " We are thankful to Punjab Chief Minister for his keen interest for taking up the matter of providing cricket grounds and facilities and his services for the cause of cricket will always be remembered ",he said. LCCA President expressed its gratitude to Punjab Horticultural Authority for developing these fifteen grounds in modern cricket arenas with the addition of latest facilities. He said LCCA is endeavouring for the betterment of the game by mobilizing all the resources and he was delighted that all the office bearers of the body and zones were supplementing his efforts by extending all out cooperation. "We have a one collective objective of promoting cricket by generating maximum activity at club level and it is a good sign that clubs affiliated with respective zones are actively taking part in our Chief Minister Summer League which will be a step forward to eliminate the existence of bogus and dead clubs", he said.-Agencies
New turf for Lala Hockey Stadium PESHAWAR: President Khyber Pakhtunkhwa Hockey Association Captain Tariq Hayat, Secretary Law and Order FATA, Thursday said that the work on lying of new turf imported from Korea at Lala Ayub Hockey Stadium would be completed by May. Briefing the journalist, Tariq Hayat, Secretary Law and Order FATA, said during his visit to inspect the phase of work on lying of international standard hockey turf besides other developmental work like construction of dressing rooms for the players, two media rooms, enhancement of the total capacity from 12000 spectators to 14000 spectators, sprinkling systems, installing chairs in the fence area with a covered fiber-class roof top. Vice President of the
Pakistan Hockey Federation Ex-Inspector General of Police Muhammad Saeed Khan, Secretary Khyber Pakhtunkhwa Hockey Association Syed Zahir Shah, Xen C&W Asghar Khan were also present. Tariq Hayat paid rich tribute to Provincial Minister for Sports, Tourism, Youth Affairs, and Archive Syed Aqil Shah for taking keen interest and his time and again visit resulted in expediting work. The Hockey Stadium was named after Syed Aqil Shah's father S.M. Lala Ayub Olympian since it was constructed in way back 1986-87. He also paid homage to the services of Lala Ayub who made for the promotion of Sports in the province. Agencies
Roach eager to shine at home BARBADOS: Kemar Roach, the West Indies fast bowler, is hoping the traditionally seamer-friendly Barbados track will help him produce a better performance in what is a crucial game for the home team. West Indies trail the fivematch ODI series against Pakistan 0-2, and Roach, who's had a poor series thus far, was eager to revive his fortunes in home conditions. "This is a big match in the series - a crucial match. We know we need a win and we will be coming out to play hard. We have fallen behind two-nil, so here is the time to get things right and get a win and stay in the series," Roach said. "It's always good to play at home in very familiar conditions. I'm looking to hit my 'areas' and look to make inroads into the batting. I always look for wickets with the new ball - that always puts pressure on the batsmen to come." "The pitch (at Beausejour) in St Lucia was a bit on the slow side and it was a bit flat. Kensington is usually somewhat faster and offers more to my type of bowling so I will be looking for better returns. You still have to work hard, there are no half measures. Cricket at this level is never easy, so we know we have to keep working hard to reap success." -Online
Khan says performance key to remain in natâ&#x20AC;&#x2122;l team ISLAMABAD: Chief Selector Pakistan Cricket Board (PCB) Mohsin Hassan Khan has said that performance is the only criteria for selection of players to ensure a strong national team. The selection of players is quite a tough responsibility but it is imperative for keeping a strong national team, he said while talking to a private television channel. He said that present team was selected in consultation with the cricket captain and its coach. Mohsin Khan who himself played well in the past stressed the need for giving opportunity to introduce new talent in the team to achieve results in future. He, however said that those who were not included in the team on the basis of criteria should not be disappointed. He said that a captain should be a model for entire team adding, Shahid Afridi was working hard to lead the team in good spirit. -APP
NEW DELHI: Sania Mirza advocated resumption of bilateral cricketing ties between India and Pakistan, saying such a move can help in improving relations between the two countries. "The fact is people love it. You saw that in the (World Cup) semifinal (in Mohali between the two teams). I think it can make the relations between the two countries better. It's obvious, you have the two Prime Ministers watching (together), so it's good stuff," Sania said
according to PTI. Sania, who got married to Pakistan cricketer Shoaib Malik in April last year, also emphasised on the positives of getting married to a sportsman. "Being married to a sportsman, it's really is a blessing in a lot of ways. Because a lot of times, you don't need to explain a lot of things and they just go with it. You don't need to explain the pressure, you don't need to explain why you need to sleep at 10. "These are things that are
Messi magic gives Barca upper hand over Real BARCELONA: Lionel Messi's sublime double lifted Barcelona to a 2-0 win over Real Madrid and lit up a Champions League semi-final first leg in which the hosts finished with 10 men and had coach Jose Mourinho sent off. The Argentine World Player of the Year's clinical finish from close range in the 76th minute and brilliant individual strike three minutes from time gave Barca the spoils at a rowdy Bernabeu on Wednesday in an attritional contest which was short on entertaining football but rich in controversy. Bad blood had flowed between the sides in the leadup to the match, their third meeting in just over a week, and it spilled on to the pitch as the players trooped off at the break. Barca reserve goalkeeper Jose Manuel Pinto was shown a red card following a fracas next to the tunnel, while Real defender Pepe was dismissed for a lunging tackle on Daniel Alves with just over half an hour left. Mourinho, who unleashed a sustained rant at his press conference in which he accused UEFA of favouring Barca, was sent to the stands for protesting the decision. Messi's goals, his 10th and 11th in 11 games in this edition of Europe's elite club competition, gave Barca a huge advantage to take back to the Nou Camp next week. He followed that up with a wonderful second when he weaved his way through the Real defence and slotted past Casillas to give the Catalan
side a two-goal cushion to take into Tuesday's return leg in the Catalan capital. Guardiola, who refused to respond to Mourinho's remarks about UEFA, warned his players that they still had a good deal of work to do in the second leg and said you could never write off the nine-times winners. "We played a very, very good match," he told a news conference. "We controlled the speed of their counterattacks and their aerial game which is very powerful," he added. "We got a good result and I congratulate the team." The Real fans turned the giant arena into a sea of white flags before kickoff, while several thousand Barca faithful waving Catalan banners high up in the stands tried to make themselves heard above the din. Real tore into Barca and stopped them playing in the first half of last week's King's Cup final, which the Madrid club won 1-0, but it was a different story on Wednesday as Barca controlled without showing too much ambition in attack. The second half was short on the kind of entertaining football Real and Barca typically produce as the visitors again dominated possession without ever really threatening the home goal until Messi took matters into his own hands. Mourinho said his team had no chance of reaching the final and suggested that even if they managed to score a goal at the Nou Camp the referee would somehow prevent them going through.-Reuters
small, but they do cause issues," the tennis ace said. Sania also thanked Shoaib for his support in times of need. "The fact is that Shoaib has been a great support to me, he has helped me a lot coming out of a difficult phase, when I didn't know what to do. As far as personalities are concerned, we are different. "We are extremely different personalities. He is extremely calm and I almost get irritated because of that," she said. -Online
No comment passed against anyone: Haider ISLAMABAD: Former Wicketkeeper Zulqarnain Haider said that he didn't remark anything against Kamran Akmal's father-inLaw so why he should ask for forgiveness. Talking to the media, former wicketkeeper Zulqarnain expressed that he has provided all proofs and details of the Book Makers to the investigating agencies and he is hopeful that Book Maker Mafia gang and the cricketers linked to them would come to the scene soon. Reposing full confidence in Pakistani Government and investigation agencies he said that due to this confidence he had returned to Pakistan.
National Karate Câ&#x20AC;&#x2122;ship LAHORE: Pakistan Karate Federation in collaboration with Pakistan Army is organising the 20th National Karate championship from May 4-6 at Rawalpindi. Bouts will be held in individual kumite in below 50kgs,below 55kgs, below 60kgs, below 67kgs,below 75kgs, below 84kgs and above 84 kgs besides in team kumite, individual kata and team kata, said President,PKF,Mohammad Jahngir on Thursday. " The event will serve as trials for picking up Pakistan team to take part in inaugural South Asian Karate championship being held from June 13-16 at Sri Lanka",he added. He said a selection committee headed by Nasim Qureshi and, Bashir Butt, Muhammad Usman, Ijaz ul Haq and ShamimHashmi as its members will watch the championship to select national team for South Asian competition. -APP
ISLAMABAD: Players of Margallah Club Islamabad and Young Rising Star Rawalpindi struggling to get hold on the ball during 4th National Inter-Club Women Football Championship played at Sports Complex. -Staff Phoro
China US economic growth banks report bumper Q1 slows, inflation surges â&#x2014;? Weak consumer, government spending restrain growth WASHINGTON: U.S. economic growth braked sharply in the first quarter as higher food and gasoline prices dampened consumer spending, and sent a broad measure of inflation rising at its fastest pace in 2-1/2 years. Another report on Thursday showed a surprise rise in the number of Americans claiming unemployment benefits last week, which could cast a shadow on expectations for a significant pick-up in output in the second quarter. Growth in gross domestic product slowed to a 1.8 percent annual rate after a 3.1 percent fourth-quarter pace, the Commerce Department said. Economists had expected a 2 percent growth pace. Output was also restrained by harsh winter weather, which depressed construction,
rising imports and the biggest drop in government spending in more than 27 years amid sharp cut backs in defense spending. Though consumer spending took a step back, it did not slow as much as economists had feared, leaving many still hopeful of a re-acceleration in the growth pace in the second quarter. "We are encouraged that the main sources of weakness -declines in structures investment and defense spending -are generally supportive of our view that temporary factors played a significant role and that growth will rebound in the second quarter," said Peter Newland, an economist at Barclays Capital in New York. But with initial claims for state jobless benefits jumping 25,000 to a seasonally adjust-
ed 429,000 last week, there is need to the cautious. Claims were the highest since late January and economists had expected them to slip to 392,000. The Federal Reserve on Wednesday acknowledged the slowdown in first-quarter growth, describing the recovery as proceeding at a "moderate pace" -- a slight step back from a statement in March when it said the economy was on a "firmer footing." It trimmed its growth estimate for 2011 to between 3.1 and 3.3 percent from a 3.4 to 3.9 percent January projection. The U.S. central bank signaled it was in no rush to start withdrawing the massive monetary stimulus it has lent the economy. It confirmed plans to complete its $600 billion bond buying program in June.-Reuters
HONG KONG/SHANGHAI: China's top banks underscored the strengths of their operations by posting market-beating first-quarter profits on Thursday on the back of interest rate hikes, leaving higher capital requirements as the only significant risk for their investors. "Overall, the sector is looking good, but the regulatory landscape is the biggest wild card," said Ivan Li, an analyst at Kim Eng Securities in Hong Kong. "There is no current pressure to raise funds for the big four banks right now, but things may change if regulators decide they should be better prepared." Many of China's banks went on a lending spree in 2009 at a time when the country was trying to jumpstart the economy during the global financial crisis, leading to fears that some of these hastily made loans may sour if the economy slows. -Reuters
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election after that one person could cast vote once through computerised ID cards. Active Speaker National Assembly Faisal Kareem Kundi said that Secretariat has dispatched the bill to the President and elections would be held in 2013 while cancellation of double ID cards is underway. Responding to Bushra Gohar, Khursheed Shah said that power load-shedding would not affect computerised voting procedure while UPS would be installed at all polling stations. Answering to question asked by Salahuddin, Chaudhry Saeed Iqbal said that Karachi-Hyderabad Super Highway is in dilapidated condition and NHA is reconstructing the highway. Responding to Muhammad Riaz, Parliament Secretary said that NHA is planning to construct 4 expressways and 2 motorways. Responding to Usman Tarkai Parliament Secretary said that Peshawar Toorkham Expressway would be dualised and construction work over the project would start this year. -Online
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UNHCR will look for third countries to relocate them," said Arora. "After their release from jail they will have to report to Deputy Commissioner of Police, special branch, once a month," said the court. Justice Gupta would hear the case next May 6. The court was hearing a plea to hand over the Pakistanis, detained in 2007, to the UNHCR. -Online
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adopted a stance that Pakistan Sports Board and Sports Federation receive funds from Federation and what would be future of these after ministry devolution. Keeping in view the international agreements made by environment ministry, the commission has decided that EPI would not look after the agreed agreement but also be authorised to ink any agreement with regard to environment in future. The Commission Chairman, after the meeting, admitted that the issue to devolve ministries could not be resolved and the next meeting would be held on May 3 in which we would try to devolve ministries to provinces by mid of May. -Online
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months, we have really worked at bridging the gap. Last week, Pakistan's Foreign Secretary was in town. We had intense meetings. Ambassador Grossman, President Obama's new special representative for Afghanistan and Pakistan, is headed to Pakistan," he said. Haqqani said the CIA and the ISI have already worked out an arrangement whereby they will be able to have measures that will enable each other to trust each other on certain specifics. "We have overcome the rough patch. The important thing is Pakistan needs the US, and the US needs Pakistan. We are allies. We are partners, and we will work together," Haqqani said. Pakistani Ambassador down played the recent statement by Admiral Mike Mullen Chairman of the Joint Chiefs of Staff that elements in ISI has links with the terrorist Haqqani network. "What he did was he actually asserted an intelligence assessment over which Pakistan and America have disagreed over a long time. Now, it is something that is a subject of an ongoing discussion between us. We intend to clear it up. We want Afghanistan to be a stable state in our neighborhood. We want the United States to succeed in Afghanistan, and we intend to work with the US," Haqqani said. "There's a long history here. The new democratic government that took over in 2008 has come a long way in building a strategic partnership. It will take us a little more time to overcome the burden of history," Haqqani said. -Online
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checking," Interior Minister added. He said the negotiation with PML (Q) is underway as PPP is following the policy of reconciliation right from the beginning. -Online
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with their suppliers, PVMA enters into negotiations with edible oil transporters and decides the transport rates for its member mills. Based on the findings of Enquiry Report, CCP issued show cause notice to PVMA for contravening Section 4(1), 4(2)(a) and also Section 3(3)(b) of the Act. The hearing has been scheduled for 17th May 2011 in Islamabad. -NNI
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representatives of business community, foreign & local investors and other officials. -Agencies
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On the occasion the members hailed from PML-N strongly opposed the bill by saying that State Bank has already enough authority and it should not be given more powers by making it independent body because the whole banking sector would be affected by this measure. Senators from PPP and other political parties also supported the stance of PML (N). Standing committee adopted the resolution of not giving more authority to State Bank. The PML (N) also proposed an amendment that State Bank may allow government for repaying the loans of Rs130 billion in eight years instead of five years, so that next government may take advantage. The committee opposed the implementation of wealth tax by saying that the investors might take their investment outside the country if wealth tax is imposed. The members of the committee agreed on the agriculture tax after consultation with all stakeholders, however Finance Minister could not present clear viewpoint on the matter.
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Economy & Continuations
Friday, April 29, 2011
Hafeez Shaikh told the committee that the process of making budget is underway. In this regard consultation with all the political parties, sitting in the parliament is going on and their proposals will be made part of finance bill. -Agencies
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Similarly, average retail price of DAP during March 2011 stood at Rs3553 per bag compared to Rs3211 per bag during February 2011, an increase of 10.6 per cent in MoM.
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the blast added blast appeared to be the work of the same group behind twin bombings on Tuesday. It merits mentioning here that Baloch Liberation Front (BLF) has claimed the responsibility for earlier twin bomb attacks on Pakistan Navy buses killing four people. President Zardari and Prime Minister Gilani have strongly condemned the bomb blast. In a separate statement, the President said the government and people of Pakistan were determined to defeat terrorism and such gruesome acts cannot deter the resolve of the nation that remains united to defeat terrorists. The President also sought a report from the law enforcement agencies about the incident and directed them to ensure that such acts do not recur. Prime Minister in his statement said such cowardly acts of terror, could not deter the resolve of the nation and armed forces to curb the menace of militancy and extremism from society. Defence Minister Chaudhry Ahmed Mukhtar also condemned attacks on Navy bus in Karachi and said terrorists wanted to destabilise the country by creating atmosphere of fear and terror but they would not succeed in their nefarious designs. Chairman Senate Farooq H Naek, Deputy Chairman Senate Jan Muhammad Jamali, Chief Minister Syed Qaim Ali Shah, Chief Minister Punjab Mian Shahbaz Sharif, Chief MQM Altaf Hussain, Chairman PTI Imran Khan, President PML-Q Chaudhry Shujat Hussain have also condemned the bomb blast. Furthermore, while talking to the to journalists after visiting Karsaz bridge bomb blast site Chief Minister Sindh Syed Qaim Ali Shah said that different banned outfits have claimed responsibility of attacks on two naval busses but the investigation is underway and views of experts are being taken in this connection. He further said that police and rangers have been directed to beef up security in sensitive areas to avert any untoward situation.
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The CCI decided to pend the consideration of Regulation of Generation, Transmission and Distribution of Electric Power Amendment Bill, 2010 till the next meeting of the Council. The Council approved the privatization programme for various power sector entities. It was proposed that a mode for privatization should be decided which ensured contribution/inputs by the Provinces particularly for the entities pertaining to the subjects in Part-II of the Federal Legislative List. This matter would also be brought in the next meeting of the Council of Common Interest. The Council accepted the legal position brought out by the Government of Punjab regarding interpretation of Article 157 of the Constitution. The Council appreciated any efforts by the Provincial governments to augment the investments in power sector to meet the energy shortages. -Agencies
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it was the biggest scam in the country's history. "A person, who is involved in even small corruption, should be brought to book. Two accused are abroad while six are in the country. We are conscious of the fact that legal provisions are exploited and efforts are being made to linger on the issue," he added. Barrister Zafarullah of Pakistan Watan Party apprised the bench that the PSM had to pay Rs297 million for getting a forensic report of its accounts and Rs2.5 million to a chartered accountant. Azam Khan, FIA Director Legal, said that the interim report was being submitted which had been prepared by Awais Haider Audit Company. He said that they had registered ten cases, which pertained to a loss of Rs8 billion. Justice Javed Iqbal told him that they had registered cases against small traders and created havoc. He observed that big losses were incurred due to Al-Abbas Group, Riaz Lalji and the PSM's former chairman. He said that recovery was not possible with mere registration of FIRs (first investigation reports) unless there was substantial evidence on record. The people, who had created mess, had fled from the country, he added. Azam apprised the bench that Al-Abbas Group had four companies registered with the Security Exchange Commission of Pakistan having Khalid Khan, Bashir Muhammad and Sabeel Sakeena as its directors. Supreme Court also directed the Attorney General to submit relevant documents about appointment of Deputy Chairman of National Accountability Bureau (NAB) Javed Qazi after admitting a plea for regular hearing. The bench on a writ petition directed that the documents containing delegating powers of chairman to the deputy, promotion of deputy chairman in BPS-21 and comprehensive details of all the NAB references filed and dropped during the last three years. Wahab ul Khairi, the petitioner, appeared and stated that Javed Qazi's appointment as NAB Deputy Chairman was against the provisions of National Accountability Ordinance (NAO) because as deputationist he could not be given the said post. He said before reaching an age of superannuation, he could not be assigned new duties. Moreover, the officer was promoted to BPS-21 after his appointment in the NAB, he added. He also claimed that there were certain questions on the integrity of the Deputy Chairman, which were evident from his service record. -Agencies
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Both countries also agreed to open their respective local bank branches in either country to facilitate trade. It was also agreed to establish the Wagah-Atari check post, which will be integrated to expedite trade between Pakistan and India while business visas will also be expedited to facilitate business. Pakistan said it will import tea via rails instead of trucks from India. The next Pakistan-India bilateral trade talks will be held in New Delhi. -Agencies
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that spending is as strong as it is in the face of $4 gasoline prices," said Jack Ablin, chief investment officer at Harris Private Bank in Chicago. The Dow Jones industrial average was up 38.79 points, or 0.31 per cent, at 12,729.75. The Standard & Poor's 500 Index was up 2.33 points, or 0.17 per cent, at 1,357.99. The Nasdaq Composite Index was down 1.44 points, or 0.05 per cent, at 2,868.44. The Nasdaq jumped to a 10-year high on Wednesday as Wall Street rallied on the prospect of continued low interest rates and liquidity until the end of June. -Reuters
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US economic growth braked sharply in the first quarter as higher food and gasoline prices dampened consumer spending, and sent a broad measure of inflation rising at its fastest pace in 2-1/2 years. Patrick Armstrong at Distinction Asset Management, which has around 152 million pounds of assets under management, urged investors to look beyond cash and government bonds for better returns on their investments. "Investors should be looking for diversified strategies which target real returns above inflation, in order to protect and grow their savings," he said. Kevin Arenson, chief investment officer at fund of hedge funds investor Stenham Advisors, which oversees $3.5 billion in assets, said he remained "neutral to slightly positive" on UK equities. -Reuters
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Despite decline in volumetric sales by 9 per cent top line for the period grew by 5.1 per cent to Rs558 billion from Rs 531 billion, mainly due to increase in product prices. Volumetric sales drop by 9 per cent mainly driven by furnace oil and high speed diesel (HSD) which showed declining trend by 13 per cent and 11 per cent respectively in 9MFY11, whereas cost of sales also went up by 5 per cent to Rs536.7 billion. Similarly, gross profit surged by 9.6 per cent to Rs21.69 billion against Rs19.80 billion posted during the corresponding period last year. Operating expenses were up marginally by 0.3 per cent to Rs6.83 billion as compared to Rs6.80 billion mainly due to negligible exchange losses during the period. As against this, financial expenses were by 19.4 per cent to Rs9.10 billion from Rs7.62 billion during period under review.
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"Better-than-expected earnings have prompted short-covering after convincing gains seen over the past two days," he said. Ishiguro said a recovery in shares such as Canon, the world's top digital camera maker, encouraged views that parts procurement woes were set to be resolved in a few months. The benchmark Nikkei average closed the day up 157.90 points at 9,849.74 the highest since March 11. The broader Topix rose 11.98 points or 1.4 per cent to 851.85. Bright signs in Japanese output data also encouraged to induce solid short-covering, fund managers said. "Sentiment is turning positive. Today's industrial output data may have helped the market as it showed bright signs in the outlook," said Ryosuke Okazaki, chief investment officer at ITC Investment Partners. "The situation doesn't look as bad as after the Lehman shock, when production fell steadily. Many auto makers and other manufacturers are giving their production schedule. We are seeing problems in supplies, but demand is there." Okazaki said the Japanese market also benefited as Wall Street shares advanced strongly on relief that Federal Reserve Chairman Ben Bernanke's comment did nothing to short-circuit investors' optimistic outlook on the economy. Industrial output fell 15.3 per cent in March, more than a median market forecast of an 11 per cent drop and exceeding the previous record decline marked during the Lehman crisis in 2009, data from the Ministry of Economy, Trade and Industry showed earlier. But manufacturers surveyed by the ministry expect output to rise 3.9 per cent in April and 2.7 per cent in May. With the Nikkei having broken through the 200-day moving average, investors may test it above another important chart level of 10,000 in the near term. "The strength in New York prices helped the Nikkei. Technical sentiment for the Nikkei is improving, but we'll face a tough psychological barrier at 10,000," said Yutaka Miura, a senior technical analyst at Mizuho Securities. Miura said the market turned nervous about taking additional positions as Japanese markets enter the Golden Week holiday period on Friday.-Reuters
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Top lender State Bank of India and private lender HDFC Bank dropped 1.9 per cent and 0.7 per cent, respectively. ICICI Bank bucked the trend and rose nearly one per cent after the top private-sector lender posted a 44 per cent jump in quarterly net profit on strong demand for loans and a rise in fee income in India's fast growing economy. Unitech and DB Realty slumped 7.9 per cent and 4.3 per cent, respectively, on investor worries about the ongoing telecoms licencing graft case. On Wednesday, India's Directorate of Enforcement filed a status report in the Supreme Court stating that properties worth 20 billion rupees of two of the three companies charged in the case "will be attached within two months". The report did not name the companies, but an official with the agency confirmed to Reuters that the companies were Swan Telecom, which is now called Etisalat DB, and Unitech Wireless, which have been charged in the case along with a unit of Reliance Communications. Reliance Communications tumbled 5.3 per cent. Etisalat DB is a joint venture between Abu Dhabi's Etisalat and the DB Group, parent of DB Realty. Unitech Wireless is a joint venture between Unitech and Norway's Telenor. Oil and Natural Gas Corp firmed 2 per cent after the state-run explorer said late on Wednesday its production in the fiscal year ended March rose 1.8 per cent from a year earlier.-Reuters
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The weak mainland market is likely to limit any upward move on the Hang Seng, said Lam, despite a strong start to first-quarter results with AgBank's bumper earnings. Chinese banks, which carry the biggest weightings on benchmark indices in Hong Kong and Shanghai, are set to report strong first-quarter results as loan-books grow and fee income from services such as bank cards grow. But a sharp two-day slide on Shanghai's speculative index of dollar denominated B-shares was exacerbating the cautious sentiment. Shanghai's B-share index, which has doubled over the past two years, has shed 8 per cent over the past two days on rumours that the government would announce new policy measures soon, potentially during the upcoming May Day holiday. One Hong Kong-based trader said the surge in volume on the otherwise illiquid B-share index probably gave a lot of domestic investors a chance to cash out, referring to the low volumes seen in B-share trading that make exiting positions difficult.-Reuters
No #20 Fateh Textile Genertech Gillette Pak Gul Ahmed Tex. (Consolidated) Gul Ahmed Tex. (Unconsolidated) Hira Textile Mills Ibrahim Fibres Ltd. Javedan Cement Jubilee Spinning Khurshid Spinning Land Mark Spinning Masood Textile Mehmood Tex. Nadeem Textile Nishat Mills Ltd (Consolidated) Nishat Mills Ltd (Unconsolidated) Noon Pakistan Pak Datacom Ltd. Quality Textile Sitara Energy Stand.Chart.Leasing Suhail Jute Taj Textile United Distributors Asia Insurance Co. Bankislami Pakistan ICI Pakistan XD JS Bank Ltd KASB Bank Ltd. Reliance Insur XB Sec. Inv. Bank Unilever Foods United Ins.XB
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0.51 -20.20 29.56 752.65 777.07 269.20 3,264.20 -540.60 -63.55 -49.42 -0.72 485.91 725.82 164.05 8,933.82 3,481.88 34.90 6.13 158.81 51.74 52.06 -139.41 -72.62 -38.98 0.22 49.12 624.12 10.25 -549.37 10.28 5.21 145.05 35.91
0.41 -1.02 1.54 11.86 12.24 3.76 10.51 -9.30 -1.96 -3.75 -0.06 8.10 48.39 13.65 25.41 9.90 2.75 0.78 9.94 2.71 0.53 -37.22 -2.17 -4.24 0.01 0.09 4.50 0.01 -0.58 0.41 0.10 23.55 0.72
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CCP issues showcause to PVMA
KARACHI: Sindh Chief Minister Syed Qaim Ali Shah visiting at the site after bomb attack on Pakistan Navy bus at Karsaz. CCPO Karachi Saud Mirza is briefing him about the incident. -APP
PPP now crowd of people, Rafiq addresses House
'No province on ethno-lingual basis' We accept BB as martyr not Zulfikar Ali Bhutto ISLAMABAD: PML-N has opposed in National Assembly the creation of new provinces on ethnic, linguistic and regional basis. "PML-N will support government if it carves out new provinces in line with constitution and on the basis of area and population all over the country. On the other hand creation of any province on the basis of ethnicity, language or regionalism will not be allowed", this was said by PML-N legislator Khwaja Saad Rafiq while participating in debate on presidential address. Khwaja Saad Rafiq said his party accepts Benazir Bhutto martyr but not Zulfikar Ali Bhutto. PPP now is crowd of the people who
have no relevance with PPP, he said, adding "We will not accept the prevailing governance as the elements, who are spokesmen of Pervez Musharraf or have stepped in power corridors through the power of suitcases are at the helm of affairs. He acknowledged his party had not played the role of strong opposition, as it feared army could come to power again. But we were not expecting yellow pockmarked democracy. Government had failed to set its direction and had rather decided to commit collective suicide, he held. ISI chief be summoned in the House and he be asked to explain how much headway has been made by army in war against terrorism, he demanded.
New wings to take PIA to profit zone ISLAMABAD: Federal Minister Makhdoom Shahabuddin said that new planes are being purchased to improve performance of PIA. During Question Hour in the National Assembly here Thursday, Federal Minister said that new planes are being purchased to improve performance of PIA while 21000 flights were delayed in 2010 due to different reasons. He further told the House that PIA is confronted with different sorts of problems like new recruitments in large number. He further said that PIA flied total of 51,133 flights during 2010 out of which 16,358 flights were delayed due to unknown reasons and 4,740 were delayed due to unpleasant weather. Parliament Secretary Communication Chaudhry Saeed Iqbal said construction
work on Thatta Highway would be completed till 30th June and NHA started 60 development projects in 2010. Responding to Nighat Parveen Mir, Minister for Environment Samina Khalid Gharki said that plantation campaign is monitored because deforestation and poor plantation campaigns are badly affecting the environment. Responding to Qudsia Arshad, Parliamentary Communication Secretary Chaudhry Saeed Iqbal said that 60 development projects were started in different areas of Pakistan from 2008 to 2010. Answering to question raised by Khalida Maqsood Khursheed Shah said that important law would be passed in recent session to ensure transparent See # 1 Page 11
Commission meeting ends inconclusive
Fate of ministries hangs in balance ISLAMABAD: The matter with regard to devolution of three more ministries hangs in balance in meeting of the Parliamentary Commission on implementation of 18th amendment and the commission has decided to take up the issue before Council of Common Interest. The commission met under the chairmanship of Senator Mian Raza Rabbani in which matter regarding the transfer of three more ministries including sports, women development and environment were discussed in length. The commission was to give formal
approval of transfer of ministries to provinces, however, the commission could not resolve legal and constitutional issues because the Parliament could not approve resolution to secure future of employees of these ministries, sources informed Online. During the meeting, the ministry of women development adopted a stance that this ministry is not included in federal legislation and concurrent list therefore it should not be devolved to provinces. The representative of sports ministry See # 3 Page 11
ISI, CIA are best of partners: Haqqani WASHINGTON: Amidst reports that Central Intelligence Agency (CIA) and Inter Services Intelligence (ISI) of late do not see an eye to eye, Pakistan's envoy to the US Husain Haqqani said both are best of partners in the war against terrorism. "Actually, contrary to public perception, CIA and ISI are the best of partners," Haqqani told the MSNBC news channel in an interview.
"Just as there are people who don't want to believe the birth certificate even if it exists, similarly, there are people who don't want to believe that the ISI is a partner of the CIA. And that causes a lot of problems," Haqqani said referring to the controversy surrounding the birth certificate of President Barack Obama. "The truth is that, in the last few See # 4 Page 11
PPP and PML-N both are responsible for the prevailing situation in the country, he underlined. Javed Hashmi tendered apology to nation when it was not needed, he said. MQM legislator Salahuddin alleged government was engaged in printing currency notes. Gul Muhammad Jakhrani said President Asif Ali Zardari has upheld democratic norms by addressing joint sessions of Parliament for 4th time. PPP legislator Farah Naz Ispahani said all the achievements of government are manifestation of dynamic leadership of President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani. Agencies
ISLAMABAD: The Competition Commission of Pakistan (CCP) has issued show-cause notice to Pakistan Vanaspati Manufacturers Association (PVMA) for being a front for fixing the price of ghee/ cooking oil and rate of transportation of edible oils in violation of Section 4 of the Competition Act, 2010 and also discriminating its customers in violation of Section 3 of the Competition Commission Act, 2010. CCP carried out a comprehensive study in the sector of ghee and cooking oil which identified vulnerabilities which may have object or effect to prevent, restrict or distort competition in the sector. Based on the observations in the said study report and also information gathered from other sources the CCP took suo moto action and initiated an enquiry. An Enquiry Committee comprising Shaista Bano Gilani, Director and Nadia Nabi, Joint Director was appointed to conduct an enquiry on suspected anti-competitive activities of ghee/cooking oil manufacturers and their association i.e. PVMA. On culmination of enquiry a comprehensive Enquiry Report was submitted which revealed that ghee and cooking oil manufacturers appear to behave in a collective manner. In terms of Enquiry Report, PVMA appears to have transgressed its mandate as an association and taken a lead role in business decision making process of its member mills. Instead of member mills having a direct business relationship See # 6 Page 11
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Dozens of tornadoes kill 200 in US South PLEASANT GROVE: Dozens of tornadoes spawned by a powerful storm system wiped out entire towns across a wide swath of the South, killing at least 200 people in the deadliest outbreak in nearly 40 years, and officials said Thursday they expected the death toll to rise. Alabama's state emergency management agency said it had confirmed 131 deaths, while there were 32 in Mississippi, 15 in Tennessee, 13 in Georgia, eight in Virginia and one in Kentucky. The National Weather Service's Storm Prediction Center in Norman, Okla., said it received 137 tornado reports around the regions into Wednesday night. "We were in the bathroom holding on to each other and holding on to dear life," said Samantha Nail, who lives in a blue-collar subdivision in the Birmingham suburb of Pleasant Grove where the storm slammed heavy pickup trucks into ditches and obliterated tidy brick houses, leaving behind a mess of mattresses, electronics and children's toys scattered across a grassy plain where dozens used to live. "If it wasn't for our concrete walls, our home would be gone like the rest of them." Dave Imy, a meteorologist with the predic-
tion service, said the number of deaths was the most in a tornado outbreak since 1974, when 315 people died. In Alabama, where as many as a million people were without power, Gov. Robert Bentley said 2,000 national guard troops had been activated and were helping to search devastated areas for people still missing. He said the National Weather Service and forecasters did a good job of alerting people, but there is only so much that can be done to deal with tornadoes a mile wide. "You cannot prepare against an F5," the most powerful category on a scale for measuring wind intensity, he said. One of the hardest-hit areas was Tuscaloosa, a city of more than 83,000 and home to the University of Alabama. The city's police and other emergency services were devastated, the mayor said, and at least 15 people were killed. A massive tornado, caught on video by a news camera on a tower, barreled through the city late Wednesday afternoon, leveling it. By nightfall, the city was dark. Roads were impassable. Signs were blown down in front of restaurants, businesses were unrecognizable and sirens wailed off and on. Debris littered the streets and sidewalks. -Reuters
Court allows 65 Pakistanis to stay in India NEW DELHI: A total of 65 Pakistani nationals, detained for staying in India without valid documents, would be released from jail and allowed to live in the country for three months after the Delhi High Court Thursday agreed to the submissions of the UNHCR, which has granted them refugee status. Petitioner and Pakistani national Saifullah Bajwa's advocate Meenakshi Arora submitted before Justice Mukta Gupta that the United Nations High Commissioner for Refugees (UNHCR) has granted refugee status to the 65 Pakistanis presently lodged in Tihar Jail, reported PTI. "The government of India has also agreed to the UNHCR having granted refugee status to the Pakistanis. Accordingly, the government has allowed them to stay in Delhi for a period of three months during which the See # 2 Page 11
Sindh, B'stan terrorists behind attack: Malik ISLAMABAD: Interior Minister Rehman Malik has said that the terrorists belonging to Sindh and Balochistan were involved in the attacks on staff buses of Pak Navy at Karachi. The government has issued instructions to IG Sindh to take appropriate measures in collaboration with Navy to prevent the fresh series of attacks. He was speaking to the journalists outside the parliament here on Thursday. He said that the terrorists want to fulfill their malicious intensions by attacking naval vehicles. "We would see the matter whether to finish the traveling of forces' officials by staff bus or to allow them after thorough See # 5 Page 11
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