International Karachi, Friday, July 29, 2011, Shaban-ul-Muazzam 26, Price Rs12 Pages 12
Pak-US ties to normalise shortly: Haqqani See on Page 12 Economic Indicators Forex Reserves (23-July-11) Inflation CPI% (Jul 10-Jun 11) Exports (Jul 10-Jun 11) Imports (Jul 10-Jun 11) Trade Balance (Jul 10-Jun 11) Current A/C (Jul 10-Jun 11) Remittances (Jul 10-Jun 11) Foreign Invest (Jul 10-Jun 11) Revenue (Jul 10-Jun 11) Foreign Debt (Mar 11) Domestic Debt (May 11) Repatriated Profit (Jul 10 - Jun 11) LSM Growth (May 11)
GDP Growth FY12E Per Capita Income FY10 Population
$18.30bn 13.92% $24.83bn $40.41bn $(15.59)bn $542mn $11.20bn $1.92bn Rs 1598bn $59.54bn Rs 5873bn $758mn -2.28% 4.20% $1,051 176.76mn
Portfolio Investment SCRA(U.S $ in million)
Yearly(Jul, 2011 up to 27-Jul-2011) Monthly(Jun, 2011 up to 27-Jul-2011) Daily (27-Jul-2011) Total Portfolio Invest (16-Jul-2011)
-34.99 -34.99 -5.22 2768
NCCPL (U.S $ in million)
FIPI (28-Jul-2011) Local Companies (28-Jul-2011) Banks / DFI (28-Jul-2011) Mutual Funds (28-Jul-2011) NBFC (28-Jul-2011) Local Investors (28-Jul-2011) Other Organization (28-Jul-2011)
-4.47 9.75 -5.10 -0.04 0.50 -0.61 -0.02
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 12,098.05 9,901.35 22,570.74 18,209.52 2,627.99 2,708.78 5,873.86 12,373.32
Change 167.48 145.84 29.05 222.73 13.42 14.72 17.28 70.77
Subscribe now Tel: 92-21-35311893-6 Fax: 92-21-35388428 Email: editor@ thefinancialdaily.com
www.thefinancialdaily.com
Tabulated result preview of listed companies
See on Page 5
Pak-India talks good for region: America
See on Page 12
CM asks to expedite Sindh coal project
See on Page 12
Groundbreaking of bridge over Indus
PM decries showdown $90mn okayed for KKH KOHAT: Prime Minister Syed Yousuf Raza Gilani on Thursday again made it clear that he has not come through back door and he is the first unanimously elected Prime Minister of Pakistan urging we will bring revolutionary changes in the country. Addressing a large public gathering here after laying the ground breaking ceremony of over Rs1.5 billion Khushhal Garh Bridge to connect Punjab with Khyber-Pakhtunkhwa over River Indus, Gilani appreciated the announcement of a hydal power project by the provincial government.
The Prime Minister acknowledged the shortage of power in the country and said effective measures were being taken to address the issue. He said the federation has asked the provinces to set up power generating units on their own and expressed the hope that it would help to overcome the growing power demand, besides creating employment. He said the government has increased power generation by 1000 MWs annually, since it came into power and hoped increased capacity would benefit the national industry.
Gilani pointed that eight per cent of country's gas and petroleum needs were being met from this area and hoped the bridge would help increase transportation of petroleum products, and goods and services. Gilani said construction of the bridge at Kund was a long standing demand of the people and it would lessen distance by 80 kms to the southern districts of KPK and Fata from Punjab, and provide alternative routes. Earlier, talking to the Parliamentary Secretaries at See # 6 Page 11
Shaikh orders safe transit of perishables ISLAMABAD: The Federal Minister for Finance, Dr Abdul Hafeez Shaikh Thursday directed officials of Federal Board of Revenue (FBR) and Ministry of Communications to ensure smooth transportation of perishable items meant for Afghanistan.
He was presiding over a meeting to further ease the process of transportation of vegetables, foods, spices and other items to and from Afghanistan. The meeting was called for speedy transportation of goods to and from Afghanistan through Wagah
Border and Karachi Port. It was also decided that the report of the daily movement of the containers carrying perishable items crossing PakAfghan border would be submitted to the Minister for Finance. The customs authorities, See # 7 Page 11
KOHAT: Prime Minister Syed Yousuf Raza Gilani addressing a public gathering on the occasion of foundation laying ceremony of Khushal Garh Bridge. -APP
FX reserves rise to record $18.3 billion KARACHI: Pakistan's foreign exchange reserves rose to a record $18.3 billion in the week ending July 23, from $18.23 billion the previous week, a senior central bank official said on Thursday. The previous record was in week ending July 2 and at $18.25 billion. Reserves held by the State See # 8 Page 11
Monetary policy tomorrow
Discount rate widely seen flat KARACHI: All ten analysts polled by Reuters expect the central bank of Pakistan to leave its key policy rate unchanged at 14 per cent for the next two months when it meets on Saturday to announce its first monetary policy decision for the 201112 fiscal year. This will also be the first
monetary policy announcement following the resignation of central bank governor Shahid Kardar on July 19. His reasons for quitting have not been publicised, but a government official said he opposed "excessive" borrowing by the federal government. The monetary policy decision See # 9 Page 11
2 Friday, July 29, 2011
Flour to be sold at Rs21 per kg in Ramazan
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talking with Special Envoy of the President of Maldives at PM House. -INP
Envoy of Maldives President calls on Gilani
Pak traders urged to explore Maldivan mkt ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani said on Thursday that Pakistan attaches great importance to regional integration to enhance trade and promote economic prosperity of the people of South Asia. Cooperation between Pakistan and India, he added, can move forward the Saarc process in a meaningful and substantive manner and the recent visit of the Foreign Minister of Pakistan Hina Rabbani Khar to India augers well for the Saarc process. Prime Minister said this while talking to Ibrahim Hussain Zaki, Special Envoy of the President of
Maldives at the PM House. The Special Envoy Ibrahim Hussain Zaki handed over a letter from President Mohammed Nasheed of Maldives inviting the Prime Minister and Begum Gilani to participate in the Saarc Summit in Maldives on 10-11 November this year. Prime Minister while accepting the invitation from the President of Maldives, expressed his confidence that the Saarc Summit would help build stronger bridges among the Saarc member countries. The 17th Saarc Summit to be hosted by Maldives in November this year would be another important mile-
stone in South Asian march towards regional cooperation in various fields including food security, energy cooperation and the campaign against terrorism. The government of Maldives, he added, was, therefore, working to achieve positive objectives during the Summit particularly in ensuring connectivity in South Asia as well as trade and economic cooperation in the region. The Special Envoy appreciated the Government of Pakistan's assistance to Maldives in the preparations for a successful Saarc Summit. On bilateral relations with Maldives, the Prime
Minister emphasized upon the need for high-level visits to promote and strengthen understanding and cooperation between the two countries. Pakistan, he said, would welcome visits by the Speaker of the Maldivian Assembly and Defence Minister of Maldives in response to outstanding invitations from the Chairman Senate and the Defence Minister of Pakistan respectively. The Special Envoy invited Pakistan's private sector to explore opportunities to invest in Maldives. He also extended an invitation for a high level trade delegation from Pakistan to visit Maldives. -APP
Bodies threaten to shut down trade areas Warns KESC against load shedding Staff Reporter KARACHI: Vice Admiral Syed A Baqar (Infaq Foundation) inaugurating the TPN at Child Aid Association. On the occasion (from left to right) Ateeq-ur Rehman (CSR/ KCCI) Prof Jamal Raza (NICH), Prof Nizam ul Hassan (Child Aid Association).-Staff Photo
KARACHI: Etihad Airways in conjunction with Radio 1 FM-91 has recently concluded the Etihad Travel Week Season Two ‘on Lunch on Munch’ and announced three lucky winners to travel to any Etihad destination across the globe. Picture shows: Amer Khan, Country Manager, Etihad Airways and Ali Asghar Alavi, RJ of the show at Radio1 FM-91 presenting the ticket to one of the winners Ms. Farhana Rehan. -Staff Photo
KARACHI: Karachi's all industrial associations have threatened to completely shut down their industrial areas if the KESC would not stop load-shedding in industrial areas immediately. In an meeting of chairmen of industrial town associations including Korangi Association of Trade and Industry (KATI), SITE Association of Industry (SAI), Landhi Association of Trade and Industry (LATI) North Karachi Association of Trade and Industry (NKATI), FB Area Association of Trade and Industry (FBATI), Super Highway SITE Association of Trade and Industry (SHSAI) and Port Qasim
Association of Industry (PQATI) it was decided that as per government's decision to declare industrial areas exempted from load-shedding, if the loadshedding presently continuing in industrial areas of about 8 hours scheduled and up to 12 hours unannounced load shedding which has almost broken the backbone of Pakistan's largest industrial sector and so far hundreds of millions of rupees and thousands of production hours have been lost, while industries are unable to meet the export orders and losing their markets abroad. They further warned that KESC would be responsible if the hundreds of thousands of workers would be rendered jobless due to industrial shut-down.
Business leaders greet new turn in Indo-Pak ties
ISLAMABAD: A relative of the victim, who died in an air blue plane crash a year ago, weeps while reading the names of the victims at the monument of plan victims at Margala Hills. -INP
ISLAMABAD: Students on a stall during Job Fair & Open House 2011 held at Mohammad Ali Jinnah University (MAJU) on Thursday. -INP
LAHORE: Saarc Chamber of Commerce and Industry, an apex body of chambers of member countries, on Thursday widely hailed epoch making decision of the Pak-Indo foreign ministers to increase the volume of trade between the two countries besides addressing logically all core issues. Welcoming the optimistic outcome of Pak-Indo ministerial meetings held at New Delhi, Saarc Chambers of Commerce and Industry (SCCI) observed that durable peace and resolution of all outstanding cores issue through peaceful parleys is pre-requisite for stability and economic growth in the region. The SCCI further observed with satisfaction that both countries reaffirmed their commitment to the goals and objectives of Saarc and agreed to make all-out efforts to pro-
mote and co-operate for regional development in the Saarc framework in addition to convening regular meetings of chambers of commerce and industries of either sides. SCCI Chief Pak chapter and veteran trade leader Iftikhar Ali Malik said that constructive discussion in congenial atmosphere at meeting between Pak Foreign Minister Hina Rabbani Khar and his Indian counterpart S.M Krishna on all important issues confronting the two nuclear powers including core issue of Jammu and Kashmir was good omen for the region. Iftikhar Ali Malik said that if all Saarc member countries pool and harness their indigenous resources, it will definitely help improve socio economic conditions and welfare of their respective people.-Agencies
KARACHI: The Government of Sindh has decided to provide flour to people at subsidised rate of Rs21 per kg during the holy month of Ramazan. Food department's spokesman Munir Ahmad Jalbani while talking to a private TV channel on Thursday said that under Sindh Government's Ramazan Package 245,000 metric tonnes of wheat will be supplied to the flour mills. He said as a result of the decision, the Sindh government has decided to release wheat to mills at Rs1760 per 100kg.
Munter visits Edhi Center Staff Reporter KARACHI: US Ambassador in Pakistan Cameron Munter visited Edhi Foundation's Clifton Center in Karachi and there met Mr and Mrs Abdul Sattar Edhi. According to a private television channel, Munter appreciated Abdul Sattar Edhi's efforts to serve deprived people during his
visit to Edhi Center in Clifton, Karachi. After meeting with Munter, Abdul Sattar Edhi said while talking to the media that the US Ambassador expressed wish to meet him (Edhi) and honored his wish by welcoming him here. Edhi added that, he does not need any aid from the US or its Ambassador as he takes aid from Pakistan only.
SSGC cuts supplies to KESC Staff Reporter KARACHI: Sui Southern Gas Company (SSGC) has curtailed gas supply to KESC by 60mmcfd, from 180mmcfd to 120mmcfd. The gas utility was compelled to take this step because its total outstanding dues against KESC swelled to more than Rs28 billion. While last month, KESC paid 50 per cent of its current bill, this month it has not made any payments to SSGC although the due date was July 20, 2011. KESC paid its full current bill till November 2010. As a result of this sordid state of affairs, SSGC is facing severe financial crunch as its management is unable to pay salaries to the employees as well as settle its obligations towards E&P companies. SSGC management has categorically dispelled the impression created in the media that it has totally cut off gas supply to KESC. It has only reduced it by 60mmcfd due to KESC failure in settling the dues. According to SSGC management, the Company is committed to ensure that Karahiwalas get uninterrupted power supply but KESC's failure to settle outstanding bills has left no choice but to curtail gas supply.
PaCCS Purchase
FBR is running short of time KARACHI: The time lock has started for Federal Board of Revenue (FBR) to choose PaCCS for revenue growth of country's trade otherwise it has to shift it to Stone Age when the goods declarations were clearing manually. Earlier this week, Agility shutdown the system from three of the international trade terminals, and on the same day, company resumed services after 19 hours of suspension on the plea of Chairman FBR and PaCCS User Club. While resuming services, Agility has given a notice of permanent shutdown on Friday if revenue body remains failed to meet the commitment. It could be a permanent shutdown, so, FBR has to take the decision on immediate basis otherwise customs revenue will decline drastically. The trade bodies have urged FBR to honor its commitment and sign agreement with Agility within specified date. The most recent shutdown of PaCCS caused blockage of over ten thousands consignments of goods on terminals for hours that have cost a loss of over 1 billion rupees to the national exchequer due to the lethargic behavior of FBR. Furthermore, the trade bodies and PaCCS Users Club have emphasized FBR to resolve the issue and purchase the system so that it could be expanded to other terminals across the country. -PR
KARACHI: US Ambassador Cameron Munter visiting different section during his visit at Edhi Home Clifton. -APP
Politicians, diplomats acclaimed event: KCCI
My-Karachi Expo ended with praise KARACHI: Muhammad Saeed Shafiq, President, Karachi Chamber of Commerce & Industry (KCCI), in a press note, stated that "My-Karachi, Oasis of Harmony Exhibition 2011" successfully concluded while achieving the desired objectives. He said that various prominent personalities including Shehla Raza, Acting Speaker Provincial Assembly of Sindh, Haleem Adil Sheikh, Advisor to Chief Minister Sindh on Sports, Abdul Rasheed Godil, MNA, Rear Admiral Syed Khawar Ali, Corps Commander Karachi, Syed Mustafa Kamal, ExNazim Karachi visited KCCI's "My-Karachi, Oasis of Harmony Exhibition 2011. He further added that to witness the exhibition.
From Diplomatic Corps, Rossalis Rusman Adenan, Consul General of Indonesia, D.W. Jinadasa, Consul General of Sri Lanka, Ruhul Alam Siddique, Deputy High Commissioner of Bangladesh, Nguyen Hong Tien, Commercial Counsellor of Vietnam and Russinan Commercial Counsellor also visited. Eminent personalities from the Government and the Diplomats appreciated the efforts of KCCI's "MyKarachi Exhibition" to promote commerce. They congratulated the leadership of ruling Businessmen Group, Office Bearers and the KCCI team for featuring the exhibition regularly since 2004. Saeed Shafiq, PresidentKCCI, expressed cordial gratitude to prominent personalities from the
Government and the Diplomats for visiting KCCI's My-Karachi Exhibition. President-KCCI voiced that "My-Karachi" was not just an exhibition and a showcase for promoting brands, it was also acted as family forum for shopin-style with entertainment. He conveyed heartfelt gratitude to the exhibitors and the visitors of MyKarachi Exhibition to make the event successful. He also expressed thanks to the leadership of Businessmen Group, Talat Mahmood, Senior Vice President-KCCI, Junaid Esmail Makda, Vice President-KCCI, Ismail Surya, Chairman, MyKarachi and the Managing Committee Members of KCCI for their best support and cooperation to organize the event.
KARACHI: KCCI organised Education Pavilion during My-Karachi Expo held recently. Rear Admiral Syed Khawar Ali, Commander Karachi was the chief guest at the prize distribution ceremony. On the occasion Rear Admiral Syed Khawar, M Saeed Shafiq President, Khalid Ahmed Nanitalwala Chairman Medicam Group, Talat Mehmood Senior VP, Shamim Ahmed Firpo Chairman Firpo Group, Chaudhry Ansar Jawed Chief Exectuive Asia Impex, Ateequr Rehman Coordinator Education Pavilion and A Q Khalil, former President KCCI are addrssing.-Staff Photo
$1bn revenue likely
Auction of cellular services in October ISLAMABAD: Pakistan plans to issue its first licences for third-generation (3G) mobile telecom services in October, hoping to generate nearly $1 billion through an open auction, government officials said on Thursday. The fifth-largest cellular market in Asia - behind China, India, Indonesia and Japan - had more than 107 million mobile users in April, almost 65 per cent of all Pakistanis. "A committee of the cabinet has agreed in principle to launch 3G services as soon as possible without any conditions," a senior official of the Ministry of Information Technology, which is handling the project, told Reuters.
The Economic Coordination Committee is expected to green-light the auction in the first week of August. The auctions are expected to be held in mid to late October, another official said. The officials, who spoke on condition of anonymity, as they are not authorised to speak to the media, said the number of licences to be issued would depend on the availability of 3G spectrum. "For instance, if we have 30 megahertz (Mhz), it could be three licences of 10 Mhz each. If we have 20 Mhz, then it will be two licences," one official said. The official telecommunication authority, Pakistan Te l e c o m m u n i c a t i o n Authority (PTA), will
advise the ministry of the available spectrum in August. Pakistan's existing operators include Mobilink, a unit of Egypt-based Orascom Telecom, Norway's Telenor and Warid Telecom, a joint venture between Abu Dhabi Group and SingTel Group, according to the PTA website. Mobilink leads the market by 32.96 million subscribers, followed by Telenor at 26.06 million, according to PTA data. Other operators include Zong of China Mobile Communication Corporation and Ufone, owned by the Emirates Te l e c o m m u n i c a t i o n Corporation Group, Etisalat .-Reuters
3
Friday, July 29, 2011
Euro slides as sovereign debt crisis back in focus Yen near 4-mth high vs dlr on US debt ceiling wrangles NEW YORK: The euro drifted lower on Thursday as weak European data and a lackluster Italian bond auction heightened worries about the euro-zone sovereign crisis. Deadlocked US debt ceiling talks, however, looked set to limit euro losses against the dollar. Italy sold 10-year bonds but only at the cost of yields soaring to their highest in 11 years. Yields in the secondary market also jumped, increasing concerns a second Greek bailout package agreed last week may not prevent contagion to larger euro-zone economies. Data showing euro-zone economic sentiment worsened more than expected in June, with business optimism falling in all sectors, contributed to negative sentiment toward the shared currency. "It has not been a good couple of days for the euro because while the focus has been on the US debt talks, peripheral
strains in the euro-zone remain apparent," said Shaun Osborne, chief currency strategist, at TD Securities in Toronto. In midday New York trading, the euro was down 0.4 per cent at $1.43020, with traders saying losses accelerated after stop-loss orders were triggered from $1.43200 down to $1.42800. There's not much support for the euro until around $1.41850-$1.41870, the roughly 50 per cent Fibonacci retracement of the $1.38376/$1.45370 rally this month. Traders further cited offers to sell the euro toward $1.43200-$1.43300. The Swiss franc also rose to a record high against the dollar of 0.79900 franc on trading platform EBS as investors
unnerved by debt crises on both sides of the Atlantic scrambled for safe haven assets. The dollar, however, rallied to trade at 0.80410, up 0.4 per cent. The euro fell 0.1 per cent to 1.15020 Swiss francs, bringing it closer to a
record low of 1.13650 francs hit around in mid-July. For a second straight day, the dollar was up against a major currency basket, trading 0.2 per cent higher at 74.255 during a continuing impasse on talks to raise the US debt limit. Investors believe a last-minute deal will be worked out to increase the US
Asian currencies
Ringgit, peso down as specs cover dlr short positions SINGAPORE: The Malaysian ringgit and the Philippine peso slid on Thursday as interbank speculators trimmed exposure to emerging Asian currencies on renewed concerns over debt contagion in Europe and political gridlock in Washington on how to cut the deficit. But with fears of a looming US debt default or credit rating downgrade continuing to weigh on the dollar, market watchers said the longer-term bullish trend for emerging Asian currencies appeared to be still intact. Indeed, most regional currencies such as the South Korean won recouped early losses by late afternoon as they remain more attractive than the dollar or the euro, dealers and analysts said. "Risk aversion has spiked too high for Asia ex-Japan (currencies) to maintain their appreciation against the USD broadly speaking," said Sacha Tihanyi, senior currency strategist for Scotia Capital in Hong Kong. "A resolution in the debt ceiling issue is the key. Playing defensively would be recommended. Avoid MYR and KRW longs, and play a constructive Asian view via SGD," he added.
Emerging Asian currencies have enjoyed inflows amid the region's solid economic growth and policymakers' anti-inflation stance. India's central bank on Tuesday raised interest rates more than expected and kept up its hawkish tone, providing support to the rupee. Developing Asian countries do not face fiscal problems, either, unlike Europe or the United States, where politicians have not shown any signs of a deal yet to raise the country's debt ceiling, less than a week before an Aug. 2 deadline. The ringgit shed 0.4 per cent against the dollar on dollarshort covering amid a weaker euro. On Wednesday, the Malaysian currency hit its strongest since late September 1997 as the central bank was not spotted buying dollars. The gain caused the 14-day dollar/ringgit Relative Strength Index (RSI) to fall below the 30 threshold, indicating the pair was in oversold territory. With the Thursday's dollarshort cover, the RSI rebounded to 33.47. The Philippine peso fell as interbank speculators covered dollar-short positions.
On Wednesday, the peso also hit an over three-year high against the dollar as leveraged names and interbank speculators keep building dollar-short positions. The Philippine currency may correct further as the 14-day dollar/peso RSI was still below the 30 level, dealers said. But that would not impair its longer-term upward, they added. Investors were keeping an eye on the central bank's rate decision later in the day, but it would not have big impact on the peso unless the Bangko Sentral ng Pilipinas (BSP) surprises the market. The central bank kept its policy rate steady while raising banks' reserve requirement, as analysts polled by Reuters had expected. The won pared early losses as exporters bought the South Korean currency for endmonth settlements. "Dollar/won should have risen further, but exporters' end-month deals prevented it from rising more," said a local bank dealer in Seoul. Another dealer reported scant dollar demand from importers, adding to expectations for further won gains. Reuters
Sterling rises vs weaker euro but lags dollar LONDON: Sterling rose against a broadly weaker euro on Thursday as the single currency slipped on lingering concerns about contagion from euro-zone debt, although weak UK data and declining risk sentiment cast a shadow over the pound against the dollar. British retail sales fell at their fastest pace in a year in July and stores expect a further deterioration in August, as hard-hit consumers clamp down on spending, a survey by the Confederation of British Industry showed. However, movements in sterling were largely driven by a broad selloff in the euro after an Italian bond auction, which triggered stop-losses against the dollar en route to a one-week low. "Among the G-3 currencies, sterling is perhaps helped by the fact that the euro has its own bond problems and the US (dollar) is struggling with the debt ceiling issue," said Steve Barrow, head of G10 currency research at Standard Bank. "But it is difficult to get too bullish about sterling given UK data has been on the soft side and there is very little light at the end of the tunnel. Who wants to buy a recessionary currency?"
The euro fell to a session low of 87.365 pence and was last down 0.4 per cent on the day at 87.60. Key support was seen at this month's low of 87.05. The pound was flat against the dollar at $1.6328, with near term resistance around $1.6375 -- the 61.8 per cent retracement of its fall from a high of $1.6747 on April 28 to its recent low of $1.5781, struck on July 12. On the downside, traders said the $1.6260 area was pivotal support as it also roughly marked the high from June 22.
Sterling had risen to a sixweek high on Wednesday of $1.6440 as the dollar weakened on concerns that a deal to raise the US debt ceiling may not be reached before an August 2 deadline, raising the prospect of a credit downgrade or even a debt default. Analysts said sterling was likely to benefit from any downgrade to US debt by rating agencies as the UK, with a sound fiscal plan in place, is likely to retain its AAA rating. But austerity measures to curb Britain's budget deficit are also
crimping growth and consumer spending, meaning sterling is unlikely to fly above the $1.70 level in coming months. UK data has been lacklustre of late, with the CBI figures reminding investors that consumers are struggling and that growth in the current quarter is unlikely to be encouraging. "Given the importance of consumer spending, this (CBI data) immediately fuels concerns over growth prospects in the third quarter following the news that the economy only expanded by 0.2 per cent quarter-on-quarter in the second quarter," said Howard Archer, Chief UK Economist at IHS Global Insight. Markets continue to expect the Bank of England to hold interest rates at record lows well into 2012, with some speculation that more asset purchases may be needed to revive flagging growth in the economy. After figures showed the economy barely grew in the second quarter, BOE policymaker David Miles said on Wednesday the recovery appeared to have slowed and there is a risk the economy could tip back into recession. UK PMI surveys are the next key data on the economic agenda. -Reuters
borrowing ceiling, but most are starting to price in the prospect of a downgrade. Fund managers though are unfazed about this prospect. Newton has assets under management of $76 billion. The dollar, meanwhile, slipped 0.2 per cent to 77.830 yen on EBS, near a four-month low of 77.570 yen hit on Wednesday. That was not far from a record low of 76.250 yen struck in March, which triggered a coordinated intervention in the market to stem the yen's strength. The yen has climbed in recent sessions as the US debt negotiations dragged on. It rallied further overnight after news reports quoted Japanese Economics Minister Kaoru Yosano as saying currency intervention to stem further yen strength would be quite difficult, and the focus for Japanese policymakers would be the US deadline next week. -Reuters
Yuan edges up, snaps streak of record highs SHANGHAI: The yuan ended a shade firmer against the dollar on Thursday, even after the Chinese central bank set a weaker mid-point as investors expect more dollar weakness ahead. Traders said the only 12pip fall in the mid-point fixing may reflect the central bank's intention that it will let the yuan rise further on a weak dollar as Washington has shown no progress on reaching a debt agreement. "The central bank may not believe the dollar will rebound much for now," said a dealer at a Chinese bank in Shenzhen. "The impasse in the US debt situation may push up the yuanagain." Spot yuan ended at 6.4428, higher than Wednesday's close of 6.4433, snapping six straight days of new highs. It has now appreciated 5.95 percent since it was depegged from the dollar in
June 2010 and 2.28 percent so far this year. Before trade began, the PBOC set the mid-point at 6.4438 against the dollar, down 12 pips from Wednesday's fixing of 6.4426. The yuan's top limit for the end of the third quarter is now seen around 6.40 versus the dollar -- a level that means the Chinese currency would have appreciated 3 percent by the end of the quarter from the start of the year, dealers said. Offshore, benchmark oneyear dollar/yuan non-deliverable forwards (NDFs) were bid at 6.3750 late on Thursday, little changed from 6.3710 at Wednesday's close. Their implied yuan appreciation in a year's time was down slightly to 1.11 percent from 1.14 percent on Wednesday. -Reuters
NZD, Aussie gain on hawkish RBNZ, ignore global uncertainty WELLINGTON/SYDNEY: The New Zealand dollar rose on Thursday after the central bank warned interest rates will likely rise soon, while fears of euro-zone contagion and uncertainty about US debt talks kept the Australian near a 29-year high. The kiwi dollar rose as high as $0.8735, after the Reserve Bank of New Zealand held rates at 2.5 per cent but flagged a rate hike in the near future as the economy gathers pace and inflation pressures rise. A Reuters poll taken after the decision showed a majority of analysts forecasting a 50 basis points rate hike in September, but predicted that subsequent rate rises would be more muted. Financial market pricing now implies a 96 per cent chance of a 25 basis point rise in September and sees a total tightening of 101 basis points over the next 12 months. The kiwi rise, however, was constrained by comments from Reserve Bank Governor Alan Bollard about the strength of the local currency acting as a drag on the economy. The New Zealand dollar has risen more than 12 per cent this year, trading near a 30year peak, while the trade weighted NZ dollar , the RBNZ's preferred currency measure, is near a four-year high. "The RBNZ gave a pretty clear indication in that statement that they'll go 50 basis points in September, which counterbalanced comments around the strength of the kiwi," said BNZ currency strategist Mike Burrowes. Whether the kiwi can push on to test new heights will
depend largely on how the impasse over the debt ceiling is resolved, Burrowes said. Support for the kiwi, which was last traded at $0.8721, is seen at the hourly overnight low of $0.8680, with the new high of $0.8766 the first line of resistance ahead of $0.8800. Across the Tasman sea, the Aussie also shined, with a gain of 0.3 per cent to $1.1059 as investors dumped the euro and regional stocks on renewed contagion fears in the euro zone. The Aussie hit a fresh 29year peak of $1.1081 during the offshore session as investors flocked to currencies backed by stronger economies. The Australian dollar also marched higher against almost everything from the yen, euro, Swiss franc to kiwi, and broke a 26-year peak against the British pound at A$1.4796. It has been thwarted by the wave equality resistance at $1.1083, yet it could still push to the top of an uptrend channel in the monthly charts at $1.1150, according to a trader. Minor support is seen at $1.1000-10, then $1.0950 ahead of major support at $1.0890. Market pricing implies now only a one-in-5 chance of an Australian hike next week and still has 18 basis points of easing for the next 12 months , though that is down from 40 basis points earlier in the week. The Reserve Bank of Australia (RBA) is seen in a tricky position since it recently said it would be prudent to wait a while before hiking, given a patchy domestic economy and uncertainty abroad. Reuters
Top Economic Events Time
Source
3:45
NZD
Building Consents m/m
4:01
GBP
GfK Consumer Confidence
Events
Forecast
Previous
4:15
JPY
Manufacturing PMI
4:30
JPY
Household Spending y/y
4:30
JPY
Tokyo Core CPI y/y
0.2%
0.1%
4:30
JPY
National Core CPI y/y
0.5%
0.6%
4:30
JPY
Unemployment Rate
4.6%
4.5%
4:50
JPY
Prelim Industrial Production m/m
4.6%
6.2%
6:30
AUD
Private Sector Credit m/m
0.4%
0.3%
10:00
JPY
Housing Starts y/y
4.9%
6.4%
11:00
EUR
German Retail Sales m/m
1.6%
-2.8%
11:00
GBP
Nationwide HPI m/m
-0.1%
0.0%
11:45
EUR
French Consumer Spending m/m
0.4%
-1.5%
13:30
GBP
Net Lending to Individuals m/m
1.3B
1.3B
13:30
GBP
M4 Money Supply m/m
0.3%
0.1%
13:30
GBP
Mortgage Approvals
46K
46K
14:00
EUR
CPI Flash Estimate y/y
2.7%
2.7%
14:00
EUR
Italian Prelim CPI m/m
0.2%
0.1%
17:30
CAD
GDP m/m
0.1%
0.0%
17:30
CAD
RMPI m/m
0.6%
-5.2%
17:30
CAD
IPPI m/m
0.1%
-0.2%
17:30
USD
Advance GDP q/q
1.7%
17:30
USD
Advance GDP Price Index q/q
2.0%
2.0%
17:30
USD
Employment Cost Index q/q
0.5%
0.6%
18:45
USD
Chicago PMI
60.1
18:55
USD
Revised UoM Consumer Sentiment
64.1
18:55
USD
Revised UoM Inflation Expectations
Source
Events
Actual
Forecast
Previous
NZD NZD JPY EUR GBP USD USD USD
Official Cash Rate RBNZ Rate Statement Retail Sales y/y German Unemployment Change CBI Realized Sales Unemployment Claims Pending Home Sales m/m Natural Gas Storage
2.50%
2.50%
2.50%
1.1% -11K -5 398K 2.4% 43B
-0.6% -15K 1 413K -1.5% 38B
-1.3% -8K -2 422K 8.2% 60B
2.2% -26
-25
-2.2%
-1.9%
50.7
1.9%
61.1 63.8 3.4%
Previous Day
Currencies Rate Name
As per 22.00 PST Ask High
Bid
Low
EUR-USD
1.4264
1.4267
1.4401
1.4257
USD-CHF
0.8023
0.8027
0.8027
0.8002
GBP-USD
1.6315
1.6319
1.6362
1.6295
USD-CAD
0.9486
0.9489
0.9500
0.9459
AUD-USD
1.1024
1.1029
1.1075
1.1016
EUR-JPY
111.03
111.07
112.08
110.85
EUR-GBP
0.8741
0.8745
0.8803
0.8739
EUR-CHF
1.1452
1.1456
1.1536
1.1427
GBP-JPY CHF-JPY Gold
127.02
127.10
127.38
126.76
97.02
97.08
97.31
96.86
1616.35
1617.13
1619.89
1612.40
Major Central Banks Overview Central Bank
Next Meeting
Last Change
9/7/2011 8/4/2011 8/5/2011 8/4/2011 8/9/2011 9/15/2011 8/2/2011
9/8/2010 3/5/2009 12/19/2008 7/7/2011 12/16/2008 3/12/2009 11/2/2010
Bank of Canada Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia
Current Interest Rate 1% 0.50% 0.10% 1.50% 0.25% 0.25% 4.75%
Division of National Bank of Pakistan (NBP) KARACHI, July 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
86.45 141.21 124.15 91.07 107.76 95.42 13.6 1.11 15.99 71.86 16.66 23.05 11.09 316.33 29.27 75.32 23.74 23.54 0.0821 2.908
86.25 140.89 123.86 90.86 107.51 95.2 13.57 1.1075 15.95 71.7 16.62 23 11.07 315.6 29.2 75.14 23.69 23.48 0.0819 2.902
85.03 140.5 123.49 90.62 107.23 94.95 13.53 1.1046 15.91 71.51 16.58 22.94 11.04 314.77 29.12 74.94 23.62 23.42 0.0817 2.894
Indian rupee ends steady after choppy trade MUMBAI: The Indian rupee held its ground on Thursday after a choppy trading session, tracking a volatile euro, as dollar sales by exporters offset weak local shares. Hopes of robust dollar inflows following the hefty rate increase by the central bank on Tuesday helped sentiment for the rupee. It, however, came under some pressure due to dollar demand for import payments by domestic oil companies. The partially convertible rupee ended at 44.07/08 per dollar, little changed from Wednesday's close of 44.08/09, but moved in wide band of 44.0150 to 44.1725 intraday. "Where the rupee goes in the coming week depends on events in the United Sates regarding the raising of debt ceiling," said Kenneth Kan, head of emerging markets forex trading at Credit Agricole Corporate and Investment Bank in Singapore.
But, overall, the rupee could appreciate and outperform most emerging market currencies when dollar inflows from a deal between Reliance Industries and BP materialise, Kan said. Most traders expect these inflows to take place in the next few weeks and expect it to push the rupee towards 43.80 levels. The one-month onshore forward premium was at 24.50 points from 24.75 on Wednesday, while the threemonth was at 73.25 points from 75.75 and the one-year was at 243.50 points versus 246.25. One-month offshore non-deliverable forward contracts were quoted at 44.25, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, the MCXSX and the United Stock Exchange were all at 44.2975. The total volume stood at $12.45 billion. Reuters
4 Friday, July 29, 2011
The Financial Daily International Vol 4, Issue 265
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Talking about none issues There is a growing perception among the masses that both the print and electronic media allocate space and time for the elites rather than covering the issues making lives of individuals miserable. The cynicism is now touching a level that the headlines like Mian Nawaz Sharif elected chief of Pakistan Muslim League (Nawaz Group) and Bilawal Zardari Bhutto will contest election from Lyari have no meaning for them at all. Masses want to know what government is doing to overcome load-shedding of electricity and gas. They are annoyed with rising tariff of electricity and gas and prices of POL products. They want arrest of those who have robbed Pakistan Railways, Pakistan Steel and Pakistan International Airlines and giving them exemplary punishment. They want Pepco to stop giving completely misleading information and taking credit of those acts which it has never taken or contributed the least. A lot of hopes were attached to the 'independent judiciary' but the overwhelming impression is 'justice delayed is justice denied'. Now people openly ask, is there any government in the country? All the ceremonial heads are there and elaborate paraphernalia may be in place, but only to serve the elite of the elites. Police seems busy in providing escort to from VVIPs to 'Chut Bhaias'. Mudslinging by the political parties on each other is common but they are two sides of the same coin. They are most critical of each other on the floor of assemblies and television talk shows but are 'hand and gloves' when it comes to taking benefit from their positions. PML-N Chief, Mian Nawaz Sharif is the most stringent critic of PPP and its Co-Chairman Asif Ali Zardari, who is also the President of Pakistan. Lately, he and his party have started demanding formation of the National Government and/or holding mid-term election. People ask a simple question if the present regime is the worst what is stopping you from moving a non-confidence move against the prime minister and impeaching the president. Since Mian Sahib believes in 'friendly opposition' he doesn't wish to be part of any plan to remove the duo, despite terming them the most corrupt. Now masses want an end to this 'Nura Kushti'. Though, both the PPP and PML-N claim to enjoy the support of huge vote bank, their level of discomfort is evident from the fact that both the parties oppose City District Government system simply terming it the legacy of dictatorship. Ironically, members of both the political parties have been the biggest beneficiaries of the system but are opposing it now because they are fully cognizant of the fact that their members can't win any election. Irony of the fact is that most of the political leaders are the product of circumstances. They have remained in power following the principal 'jera jittay odhay nal' (we are with the winning party). Most of them can be termed 'turn coats'. In fact they have a few steps ahead as the members of the elite families are present in various political parties, defence forces, judiciary and bureaucracy. It is a perfect example 'all within the family.'
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.
US policies spreading terrorism Habiba Younis
I
deologies, mindsets and perspectives do not drop instantaneously like meteoroids from heaven. Their roots always lie in a series of consequences impinged together with many internal and external affairs. Such was the fate of militancy in Pakistan. The chronicle dates back to 1979; when in an endeavor to overthrow the growing USSR shadow in Afghanistan, the US implanted the seeds of militancy to serve its purpose. Pakistan became subservient to the super power and allowed its ground for militancy enrichment. Saudi Arabia played its cards by providing financial backing to this madness for upholding its motives. Books containing sadistic interpretations of Jihad were fed to young vulnerable minds and they underwent carefully designed training schemes. The outcome, a savage army, was then handed weapons and all possible equipment to play on behalf of the big powers in Afghanistan. All this was done with the label of Jihad. The chase ended a decade bowing victory to US; after which the royalties checked out, leaving Pakistan impregnated with an illegitimate monster. And following the universal trend, the mother had to bear the ignominy and penalties whereas the happy father strutted around indifferently. When the monster grew up and dipped its fangs to spit out its venom, the daggers were pointed to Pakistan, alone. Ironically, the jury is US itself. The outcome of what initially was a wild fire play by more than one participant is now piled on Pakistan's shoulders exclusively. The different facets of terrorism bred rapidly, and in every episode the verdict proclaimed Pakistan as the sole culprit. Trend wise, both Pakistan government and military are subject to extensive bashing in this respect these days. It is not to say that their part is impeccable in the counter terrorism efforts. But to say that all bungles were committed by one party is exaggeration. While it is very convenient to arraign Pakistan for not containing the terror activities, what is casually forgotten is the fact that US did an even poorer job in doing the same in Afghanistan. The war that started on October 7, 2001 can hardly be termed as a decisive defeat to terrorists even after a decade. Even with the deployment of over 103,700 military personals in what is now in
scripted in history as the longest war on US part, the terror networks could not be snubbed down. Their activities not only augmented but also penetrated its tentacles in Pakistan. The country has been getting daily dose of "Do More", the same wasn't upheld much as a point in Afghanistan. True, militants are not some kind of back street boys who could be rounded up and stashed slickly. But if ten years of substantial crackdown couldn't bring peace in Afghanistan, then putting Pakistan in the shame box for also doing enough is not justified. Militancy on both sides of the border plays twin roles. For Pakistan, the prime nightmares are the Afghan provinces of Kunar and Nuristan. Not only they are reported to serve as the hub of key terrorists like Maulana Fazlullah, Faqeer Muhammad, Adbul Wali and Hakeemullah but are the launching pad for cross border attacks on Pakistan. In view of their momentous potential threat, Pakistan has deployed 147,000 troops at 900 posts along the common border. But what now baffles Pakistan military is the new war strategy to pull back Nato and Afghan National Army (ANA) troops from these crucial regions. A detailed article in New York Times confirming this news discusses the quizzical clauses of this withdrawal of US military from the grounds 'it once insisted was central to the campaign against Taliban and Al-Qaeda'. The army pull back from Pech (a remote area in Kunar) raised serious debates and questions since Pech valley was initially referred as central to American campaign against Taliban. The article states, "The previous strategy emphasised denying sanctuaries to insurgents, blocking infiltration routes from Pakistan and trying to fight away from populated areas, where Nato's superior firepower could be massed, in theory, with less risk to civilians. The Pech Valley effort was once a cornerstone of this thinking. The new plan stands as a clear, if unstated, repudiation of earlier decisions. When General Stanley A. McChrystal, the former Nto commander, overhauled the Afghan strategy two years ago, his staff designated 80 "key terrain districts" to concentrate on. The Pech Valley was not one of them." The senior military personals from Pakistan voiced their trepidation on this move when the troops started backing off from 15th February,
2011 stating this would enable the terrorist infiltration from Afghan border to Pakistan's tribal areas. The apprehensions remained unanswered. This sudden shift of war strategy poses a vital question mark for US policies. Whether it is an insight to incompetency or strategic faults, in any case something just doesn't add up. These loopholes in US strategic policies don't get much media coverage. Somehow all media forums are interested in scrutinizing Pakistan government and army only. Another important raw junction here is the contribution from Arab countries in this respect which always meets a muted silence from US. It remains an established fact that innumerable madrasaas in Pakistan are providing fodder to the terror factories in the form of brainwashed militants and provide safe heavens to terrorists. According to rough estimate, there are over 28, 000 madrasaas in Pakistan with only 8000 registered, with 260 in the capital Islamabad alone. A major portion of the extremist cult from these comes under the banner of Wifaqul-Madaris Arabia. Who finances Wifaq-ulMadaris is an open secret. According to a report published in 'The News', 74 per cent funding in Punjab to these seminaries was supplied by the foreign sources. Terror groups like Lashkar-eTaiyaba, Jamat-Dawa are the major recipient of funds from Arab countries. Somehow, this grave reality is always brushed under the carpet when it comes to US foreign policy. Where at one end Pakistan is screwed in a nut bolt for not checking terrorism, this deliberate policy of letting the other extremism contributors swing on loose strings makes quite an incomprehensible puzzle. In fact, not to forget that US itself is one of the key backers of this very dictatorship in Middle East. The US war against terror from the beginning was not on target. Instead of addressing the palpable core factors, the focus was mostly on short term ventures that failed to give much desired results. Endeavors like drones attacks are still scratching our head whether Ilyas Kahmiri is dead or alive. The counter terrorism efforts by US have unequivocally met a let-down owing to flawed policies and perplexing strategies. Pakistan's role has now become more of a scapegoat for buffering America's failures in the war against terrorism. An effort that was supposed to save humanity is now more of a cat and mouse chase of saving reputations and such inconsiderate aspirations.
Rising Defence expenditures Anum Yayyaz he initial drop in military spending after the end of the Cold War has not been sustained. Although, the number of armed conflicts is diminishing, military expenditure is rising in almost all the regions. But there are a number of reasons for the rise in militarisation and in military spending in many parts of the world. The attack on New York and Washington were seized on by the Bush Administration to justify the US-led invasions of Afghanistan and Iraq, and the subsequent sustained increase in US defense expenditure for the "war on terror". Many other countries followed the suit. Despite the decline in the traditional perception in some countries e.g. Western Europe of risk from an external conventional attack by an aggressor state, military establishments have used the "counter terrorism" argument to lull the public into acquiescence in high levels of military expenditure. This has been accompanied by a lack of transparency and the absence of effective oversight by parliaments and public opinion. In several developing countries with sharp regional tensions, the fear of conventional military attack remains real (Pakistan/India, Israel/Iran, etc). This helps to justify high military spending. Internal instability, mainly in poorer countries, is however a growing factor behind the perception of security threats within states, e.g. Iraq, Afghanistan, Pakistan. The strategy in response to this is often a development of "counter insurgency" warfare, both urban and rural. New types of conventional warfare techniques and weaponry are being
T
developed to meet this threat. Disarmament and arms control has generally floundered, despite some successes such as the conclusion of the Cluster Munitions Convention. The Bush administration withdrew from, or remained inactive in, most disarmament frameworks, helping to keep them stalled. This picture may now be changing, but not all for the better. The Obama administration brought the withdrawal of US forces from Iraq, but this was largely offset by the rise in military spending on Afghanistan and Pakistan. Obama administration has increased the US defense budget by 1.6% and pursues the reinforcement of Nato, partly for the growing Nto-led war in Afghanistan and partly due to pressures from ex-Soviet bloc states eager to retain a strong Nato in the face of a resurgent Russia.s The traditional nationalistic regard for the prestige and power status of military power is as powerful a motive as ever. As newly industrialized countries such as India, China and Brazil increase their economic power, so they tend to seek the prestige of military power. Other countries also seek prestige in a similar way. This motive is both a reaction to US dominance, and reflects the perception that military power projection is needed to safeguard access to declining quantities of nonrenewable energy resources or other raw materials. The sharpened international competition for scarce fuels is increasing international tensions over control of these resources, with a danger of more "resource wars". This provides an important long-term stimulus for increased defense spending. A related, but as yet undeclared, motive for greater military spending
may be to contain the growing threat of internal disturbances arising in poor countries ravaged by climate change, and associated cross-frontier migration. This reinforces the general perception of growing instability. The military have exploited public support for humanitarian interventions in disaster relief, peace-keeping and conflict situations, in order to secure the "militarization" of humanitarian relief, usually through protection of relief convoys and of endangered civilians. This has boosted the image of the military, but it has blurred the distinction between such activity and the development and humanitarian work being done in the field by aid agencies. Much of the work done by the military could be done by civilian agencies which could also be a reason for higher defense spending. Developing countries with rapidly growing economies, such as India and Brazil, now playing larger roles in international economic decision making are maintaining significant real increases in their military spending, partly for reasons of power projection and prestige. But the sharpened perceived threats from internal or regional instability, minority grievances, and in some cases insurgency play a role in many countries' defense strategies - not least the poorer ones - to the detriment of other kinds of spending, such as infrastructure, health and education, which are more socially desirable. India's military spending increased by 24% in 2009 and is still on the rise. It has recently joined the club of countries that have constructed nuclear submarines. The main motives or threats behind India's
defense decisions, apart from prestige and the desire to rival China's regional dominance is doing, include long running tensions with Pakistan over Kashmir and terrorism, as well as restless minorities within the nation's borders. Pakistan's high military spending is in the face of internal and Afghan Islamic extremism, tension with India over Kashmir and nuclear rivalry with India. According to chief military spokesman Maj. Gen. Athar Abbas, the increase in Indian defence spending was Pakistan-specific. "Pakistan usually makes its defence allocations with the objective of maintaining certain conventional parity with India," The growing tensions between both these countries and India's ambitions have lead to such huge defense spending despite their widespread poverty and socio-political problems. India gets away with such a high military budget owing to its democratic government and a fast growing trillion dollar economy which gives it greater purchasing power. Pakistan does not have it as easy as India in its military development particularly because of its mounting international debts and a series of military dictators creating political instability. The main security threat to Pakistan is not only seen as the military power of its rival India. Rather, it also comes from Afghan Islamic extremism, internal instability and the growing socio-economic problems for example unemployment in the country. Higher military spending generates few jobs which are unsuited to current Pakistan circumstances of rapidly rising unemployment and competition for government financial support.
Letter to Editor
Worry India The ongoing Indian propaganda against Pakistan in print and electronic media reflects its negative mindset. India is going through a shocking phase due to changing situation in the region which is against its expectations. The US decision to leave Afghanistan and Pakistan's efforts to fill in the vacuum are creating sleepless nights for Indian policy makers. India from the very start used all its tactics and resources to present itself friend of Afghanistan. It started tnted educational projects including exchange programmes at the university level to influence the minds of the younger generation in favor of India. Indian books and other propaganda material were made available in Afghanistan. India
also trained the security personnel. In entertainment field, it flooded the Afghan market with video's and CD's. To show the concerns it took interest in construction of roads and dams. The Indian items of daily use were also made available in order to flourish trade. India also established its numerous consulates in Afghanistan and near border areas which continuously unleashed propaganda against Pakistan. These consulates also encouraged the insurgents and miscreants to create trouble inside Pakistan. With all these efforts and nefarious designs India has failed to achieve its main objective of setting its foothold in Afghanistan and getting the status of the key player.
In this way India wanted to establish itself as an important regional player. The changing scenario's proved that India is not welcomed as its sinister designs are no secret. This has upset India and it is now propagating on all issues related to Pakistan. If India needs an honourable status it should understand its responsibility and role as a good neighbour and adopt a saner approach so that there is peace and stability in the region. Instead of being always a trouble maker it should think of resolving the key issues. Anwar Parveen Islamabad
5
Friday, July 29, 2011
South East Asian stocks
European shares turn positive on US hopes
Indonesia pulls back after record run, US worries dominate KSE-100 Index Opening Closing Change % Change Turnover (mn)
12,265.53 12,098.05 167.48 1.37 64.32
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,130.36 3,085.14 45.22 1.44 3.19
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,758.43 2,715.76 42.67 1.55 0.16
Major Gainers
Symbol
Close
Change
NRL ATLH TRIPF DINT MERIT
360.99 127.14 177.55 34.50 27.78
3.54 3.08 2.95 1.50 1.28
Major Losers
Symbol UPFL SIEM NESTLE COLG ULEVER
Close
Change
1,692.17 1,036.08 4,107.52 702.36 5,661.47
-72.41 -53.84 -31.61 -31.32 -29.55
Top 5 Volume Leaders
Symbol HUBC JSCL FFC POL FATIMA
Close Vol (mn) 39.00 6.92 157.22 359.33 16.20
6.80 4.33 3.60 3.21 3.11
Active Issues Plus Minus Unchanged
64 190 123
Sector Updates FERTILISER 000 tonnes Urea Offtake (Jan to Apr 11) 1,714 Urea Offtake (Apr 11) 487 Urea Price (Rs/50 kg) 1,234 DAP Offtake (Jan to Apr 11) 215 DAP Offtake (Apr 11) 55 DAP Price (Rs/50 kg) 4,050
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Apr 11) 71,096 Sales (July 10 to Apr 11) 69,203 Production (Apr 11) 7,220 Sales (Apr 11) 7,510
INDUS MOTOR CO Production (July 10 to Apr 11) 42,670 Sales (July 10 to Apr 11) 41,940 Production (Apr 11) 4,219 Sales (Apr 11) 4,681
HONDA ATLAS CAR Production (July 10 to Apr 11) 14,062 Sales (July 10 to Apr 11) 13,754 Production (Apr 11)
1,582
Sales (Apr 11)
1,640
DEWAN FAROOQ MOTORS Production (July 10 to Apr 11) Sales (July 10 to Apr 11) Production (Apr 11) Sales (Apr 11)
186 203 -
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (May 27,11) Advances (May 27,11) Investments (May 27,11) Spread (April 11)
5,220,669 3,087,531 2,341,433 7.52%
OIL MARKETING CO (000 tons) MS (Jul 10 to Apr 11) MS (Apr 11) Kerosene (Jul 10 to Apr 11) Kerosene (Apr 11) JP (Jul 10 to Apr 11) JP (Apr 11) HSD (Jul 10 to Apr 11) HSD (Apr 11) LDO (Jul 10 to Apr 11)) LDO (Apr 11) Fuel Oil (Jul 10 to Apr 11) Fuel Oil (Apr 11) Others (Jul 10 to Apr 11) Others (Apr 11)
PRICES (Ex-Refinery) MS (1 May 11) MS (1 Apr 11) MS % Chg Kerosene (1 May 11) Kerosene (1 Apr 11) Kerosene % Chg JP-1 (1 May 11) JP-1 (1 Apr 11) JP-1 % Chg HSD (1 May 11) HSD (1 Apr 11) HSD % Chg LDO (1 May 11) LDO (1 Apr 11) LDO % Chg Fuel Oil (1 May 11) Fuel Oil (1 Apr 11)
1,867 196 134 14 1,148 117 5,719 567 44 2 7,252 739 143 15
Rs 62.83 59.35 5.86% 73.63 68.95 6.79% 73.86 70.88 4.20% 78.79 75.02 5.03% 71.55 65.27 9.62% 57,253 56,777
Panic selling keeps KSE under pressure "Panic selling witnessed in scrips across the board on investors' fearing probable US debt default and concerns over a US panel approved bill restricting US foreign aid and assistance for Pakistan", said Ahsan Mehanti, Director Arif Habib Investments. Global stock markets fell on Thursday on ears of looming US debt default as well as ratings downgrade. Investors were nervousness about the deadlock in talks on the US debt ceiling that could help in avoiding default before deadline expires.
Trading activities at KSE began on a negative note but some buying in the beginning allowed the index to bounce back into the green zone. However, gains could not go beyond 45 points as renewed selling once again pushed the market into the red zone. Index then stayed in the red zone during the remaining part of the session adding to the losses due to heavy selling including offloading by the offshore investors. As a result, index losses crossed 200 points and at about 1:36 PST touched its lowest level of
Interest rates weigh on India shares
Nikkei below 200-day average
Nawaz Ali KARACHI: Bears continued to dominate the Karachi Stock Exchange (KSE) on Thursday which ended more than one per cent lower due to the fall in global capital markets and continued selling by foreign investors. The benchmark KSE-100 index lost 167 points - 1.37 per cent to close at 12,098 points, KSE-30 index fell by 185 points - 1.59 per cent to close at 11,502 points and KSE all-share index eroded 111 points - 1.31 per cent to close at 8,389 points.
MUMBAI: Indian shares ended lower on Thursday, extending their losses to 3.5 per cent over three days, with investors shunning risky assets on worries about the impact of high interest rates on company earnings and tracking a sell-off in overseas markets. Shares in index heavyweight Reliance Industries and financials, including biggest lender State Bank of India and third-largest lender HDFC Bank, led the losses. The benchmark 30-share BSE index closed down 1.21 per cent, or 222.73 points, at 18,209.52, its lowest closing level in more than a month. Twenty-four of its components closed in the negative zone. The index, which dropped as much as 1.3 per cent during trade, is down more than 11 per cent so far this year, making it one of the worst global performers. "Global concerns are definitely keeping people away from taking a big call on the market and we are also seeing a moderation of corporate earnings growth rates," said Kaushik Dani, a fund manager with Peerless Mutual Fund. "The hardening of the interest rates will clearly manifest in the financial performance of companies." Finance Minister Pranab Mukherjee warned on Wednesday of more interest rate increases, a day after the country's central bank shocked markets by lifting rates by a
hefty 50 basis points. The Reserve Bank of India has raised rates 11 times since March 2010 to fight nearly double-digit inflation. Rising borrowing costs have a bearing on corporate profit margins and could slow the pace of economic expansion. Expectations for interest rate increases in India for the remainder of this year have jumped by 50 basis points after the central bank raised policy rates, a Reuters snap poll found on Tuesday. State Bank of India fell 2 per cent to 2,356.60 rupees, HDFC Bank closed 2.9 per cent lower at 487.30 rupees and top mortgage lender HDFC shed 2.1 per cent to 688.35 rupees amid growing concerns about a slowdown in loan demand. Reliance Industries lost 2.7 per cent to 837.35 rupees, taking its losses to 5.2 per cent since it posted quarterly earning on Monday. The company reported record quarterly profit but slowing gas production has clouded its outlook. The 50-share NSE index fell 1.06 per cent to 5,487.75 points. There were nearly three losers for every gainer on the National Stock Exchange, with total volume of about 843 million shares. World shares as measured by MSCI were down 0.6 per cent, while the MSCI index of Asia Pacific stocks outside Japan was down 0.9 per cent, with technology, commodity-related and consumer shares the biggest drags. REUTERS
TOKYO: The Nikkei stock average fell sharply on Thursday to close below its 200-day moving average, as the market grew increasingly nervous about whether a deadlock in talks on the US debt ceiling could be solved to avoid default before next week's deadline. Also hurting sentiment were euro zone debt problems, with Italian and Spanish bonds under pressure, while US data underscored the fragile state of economy. Top US lawmakers worked behind the scenes looking to salvage a last-minute deal from rival debt plans but a clear compromise has yet to emerge. "There seems to be a chance that deal won't be reached by Aug. 2. I'm sure they are already considering a plan B for such a case (to avoid default) but markets would be thrown into a chaos at least for a while," said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. Expectations are growing that any deal will lack a comprehensive plan to cut the US budget deficit, making credit downgrades more likely. "Increasingly concerned about the possibility of a US credit downgrade, foreigners are cutting back on risk positions," said Fumiyuki Takahashi, managing director at Barclays Capital. "The standard view that 'America is strong' could be See # 10 Page 11
HK shares inch up, Chinese market down HONG KONG: Hong Kong shares edged higher on Thursday, shrugging off weakness in global markets as earnings-driven strength in utilities helped the benchmark recover early losses. The Hang Seng Index edged up 0.1 per cent to 22,570.7 points, with Aluminum Corp of China gaining 2.9 per cent in more than four times its 30day average volume on surging mainland aluminum prices. Shanghai shares fell 0.5 per cent, however, as fresh worries about Chinese local government debt weighed on financials and added to fears of a looming US debt default or ratings downgrade. Still, market watchers were optimistic about both markets' medium-term prospects, noting that an expected peak in China's inflation soon could pave the way for a pause in monetary policy tightening, while strong corporate earnings underscored attractive valuations compared to the rest of region. "I think Hong Kong will be more resilient than the US," said Hong Hao, CICC's executive director research. "China has an advantage here, we are
cheaper, growing faster and likely at the end of the tightening phase." Year-on-year earnings per share growth on the China Enterprise Index, which lost 0.6 per cent on Thursday, is expected to be around 17.8 per cent, while the index is trading at 8.1 times forward 12-month earnings, the lowest since November 2008, according to Thomson Reuters I/B/E/S data. In comparison, the MSCI Asia Pacific ex-Japan is trading at 11.6 times earnings on forecast EPS growth of 15.5 per cent. Ports-to-telecoms conglomerate Hutchison Whampoa also boosted the Hang Seng, rising almost 3 per cent in healthy volumes as market players continued to chase its strong momentum. It has gained 11 per cent over the past 10 sessions, supported by consistently high volumes in an otherwise lackluster trading environment. The latest catalyst for Hutch shares came as Hutch-linked companies Husky Energy, Power Assets Holdings and Cheung Kung Infrastructure all reported stronger-than-
expected earnings. Power Assets rose 4 per cent to a record-high on 2.4 times their average 30-day traded volumes. The company said first-half net profit rose 47.3 per cent, well ahead of analysts' forecasts. SHANGHAI LOWER Banks fell in Shanghai after China's top banking regulator ordered banks not to roll over or renew their loans to local governments' financing vehicles and to increase oversight of loans to the real estate sector. The Shanghai Composite Index ended at 2,708.8 points as Shanghai A-share turnover hit the third-lowest this month, 18 per cent below its 20-day average. "The situation in the United States is getting quite worrying, especially now with its unfavorable economic data," said Cao Xuefeng, head of research at Huaxi Securities in Chengdu. "Its slowing economy could hit China exports." The Shanghai financial sector index slid 1.5 per cent, with Industrial and Commercial Bank of China down 1.9 per cent. The country's four heavyweight banks were Shanghai's top drags on the day. Reuters
$12.1 million so far during the week. Volumes were marginally up as 64.3 million shares traded during the day which was 3.1 million shares more as compared to a turnover of 61.2 million shares a day earlier. Hub Power Company was the volume leader with 6.8 million shares followed by Jahangir Siddiqui Company with 4.33 million shares and Fauji Fertilizer Company with 3.6 million shares. Out of total 377 active issues; 190 declined and 64 advanced while 123 issues remained unchanged.
the day of 12,041 (-ve 224). However some buying at lower levels allowed the market to close with reduced losses. Along with the fall in international stock markets, the ongoing rift between the Judiciary and the Government and monetary policy statement scheduled for July 30 (Saturday) kept the investors cautious. Foreign investors remained on the selling side as according to NCCPL data, foreign investors did a net selling worth $4.47 million on Thursday which totaled to a net selling worth
Fauji Fertilizer Company PAT Rs (mn)
EPS
DIV/ BONUS
1HCY11
2QCY11
TFD Research
8,246
9.72
4.50
Arif Habib Limited
8,366
9.87
4.75
BMA Capital
8,156
9.62
4.50
InvestCap
8,315
9.80
4.50
Market Consencus
8,271
9.75
4.50
Previous year Result 5,101
6.01
2.00
PAT Rs (mn)
EPS
DIV/ BONUS
FY11
4QFY11
TFD Research
3,743
11.57
5.00
Arif Habib Limited
3,799
11.75
5.00
Topline Securities
3,570
11.07
4.00
InvestCap
3,659
11.3
5.00
Market Consencus
3,693
11.42
5.00
9.7
4.00
Previous year Result 3,137
ANNOUNCEMENTS Company
Period
Div/Bon/Right
PAT (Rs in mn)
Colgate Palmol.
Yearly140%(F)(D) 15%(B)
Crescent Steel
Yearly
15%(F)(D)
431.79
Crescent Steel (Consolidated)
1,167.38
FFC profit may grow 62pc for 1HCY11 Aamir Abidi
Lucky Cement Limited Research House
Ahmed Siddique KARACHI: According to the industry source, gas supply has been restored to Engro's new plant (ENVEN) last night and the curtailment reduced to 20 per cent. The plant is currently receiving gas supply of 80mmcfd against an allotted supply of 100mmcfd.The gas curtailment by SNGPL has turned out to be a major issue. Engro's new plant has been set up at a cost of $1.1 billion and is capable of producing 1.3 million tonnes urea per annum.
Result Preview
Companies Forecasts
Research House
Gas supply to Engro restored
EPS(Rs) 36.95 7.65
Yearly
-
639.82
11.33
AL-Abbas Sugur
3rd Qtr
-
296.40
17.06
AL-Noor Suger Mills
3rd Qtr
-
318.97
17.18
Hussein Sugar
3rd Qtr
-
110.93
Noon Sugar Mills
3rd Qtr
-
64.40
3.90
Atlas Honda Ltd.
1st Qtr
-
300.68
4.18
9.17
Fauji Fertilizer Company Limited (FFC) is scheduled to announce its result today. The Company is expected to post profit after tax of Rs8.24 billion (EPS: rs9.72) for 1HCY11 as compare to Rs5.10 billion (EPS: Rs6.01) posted during corresponding period last year. This will be mainly driven due to higher urea prices and 82 per cent surge in other income courtesy of FFBL dividends. The Company is expected to pay interim Rs4.50/ per share interim dividend, taking total payout to Rs9 per share for 1HCY11. Net sales of the company is expected to surge by 23.6 per cent YoY to Rs24.66 billion on back of higher urea prices, up by 32 per cent YoY. However, urea offtake dipped by 4.2 per cent to 1.18 million tonnes in 1HCY11 against 1.23 million tons for 1HCY10. The Company faced gas curtailment of 8 per cent during the 1HCY10; consequently urea prices were increased by all players to offset the production shortfall. . Gross margin is expected to grow to 55 per cent for 1HCY11 against 44.3 per cent for 1HCY10. Gross profit is expected to jump by See # 11 Page 11
Dhiyan
RESULT-LED RALLY AWAITED Sajid Bhanji, VP Capital Markets, Arif Habib Limited Earnings season is in full swing and if market undergoes correction then it would be a good opportunity for the investors to take entry. Investors are advised to invest in the selective stocks belonging to oil & gas and fertilizer sectors. We might see some recovery in the market from next week. However, activity would further reduce during the Holy month of Ramadan. Better corporate results, any surprise in the monetary policy announcement, political stability, news regarding access to the European market and slowdown in foreign selling could trigger buying. Market would be lackluster today ahead of the monetary policy announcement due on July 30.
Zia Shaafi, Senior Equity Dealer, Pearl Securities We might see some more pressure in the market where the index may get strong support at 11,900 levels. Therefore, investors are recommended to adopt 'buy on dips' strategy and invest only in the blue chip stocks. Along with corporate results announcement, reduction in interest rates and recovery in global capital markets could also trigger buying. Market would be negative today.
6
Friday, July 29, 2011
Market
KSE 100 Index
Symbols
Volume
64,316,159
Value
3,937,633,995
Trades
47,488
Advanced Declined Unchanged Total
Current High Low Change
64 190 123 377
All Share Index
12098.05 12310.91 12041.01 i167.48
Current High Low Change
8389.58 8533.79 8351.09 i111.78
OIL AND GAS
Company
Paid up Cap(mn)
PE
High Low 1,555.88 1,506.05 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.39 32.54
Open
High
Low
Attock Petroleum 691 6.59 367.95 Attock Refinery 853 4.08 125.67 BYCO Petroleum 3921 8.82 Mari Gas Company 735 4.16 102.86 National Refinery 800 4.99 357.45 Oil & Gas Development 43009 10.19 153.66 Pak Petroleum 11950 7.70 212.61 Pak Oilfields 2365 7.92 363.54 Pak Refinery Limited 350 42.30 77.08 P.S.O 1715 3.56 250.79 Shell Pakistan 685 7.78 220.20
371.00 126.90 9.08 105.00 363.99 154.20 213.30 366.00 76.99 253.50 220.00
362.00 122.25 8.65 100.70 354.10 149.06 209.00 350.00 74.00 243.25 218.15
Close Chg 364.50 124.53 8.83 101.81 360.99 150.63 210.58 359.33 75.72 249.32 218.98
-3.45 -1.14 0.01 -1.05 3.54 -3.03 -2.03 -4.21 -1.36 -1.47 -1.22
Current High Low Change
KMI 30 Index Current High Low Change
11502.53 11721.47 11420.62 i185.32
21060.24 21372.62 20916.47 i263.28
Last 60 days High Low
Volume 85746 1011945 701037 18467 225011 165962 1017035 3208917 8523 228940 3478
394.90 143.50 10.10 113.75 390.00 157.51 219.70 391.69 89.25 291.50 233.00
362.00 120.40 8.00 98.76 323.50 144.60 202.50 321.10 74.00 243.25 208.00
% Change -1.31 5-Day High 1,584.09 5-Day Low 1,527.26
2010 Div BR (%) (%) 300 31 200 55 90 255 80 120
2011 Div BR (%) (%)
20B115.00 - 23.43 - 30.00 20B100.00 -100.00 - 80.00 -
-
CHEMICALS
Company
Paid up Cap(mn)
Agritech Limited
3924
Bawany Air
75
PE
Open
Open 763.53 Turnover 6,335 P/E (x) 4.90 Company
High Low 766.05 747.64 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.25 25.53
Close 751.65 Listed cap 3,242.17 mn Payout (%) 11.08
Change -11.88 Market cap 11,575.50 mn Div Yield (%) 2.26
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1092 1321
6.94 6.85
76.53 24.00
76.96 23.75
75.00 23.32
75.45 23.37
1914 4421
91.20 29.50
Pak Int Cont.Terminal PNSC
-1.08 -0.63
68.00 22.90
-
18.20
3.93
7.38
Low
Close Chg
18.95
18.50
18.80 0.60
7.85
7.80
7.83 0.45
Close 1,826.59 Listed cap 52,251.88 mn Payout (%) 48.81
Change -34.20 Market cap 374,421.53 mn Div Yield (%) 5.69
Last 60 days High Low
Volume 6800
20.99
1000
2010 Div BR (%) (%)
16.60
8.50
% Change -1.84 5-Day High 1,904.66 5-Day Low 1,826.59
-
6.11
5
10R
2011 Div BR (%) (%) -
-
250
7.92 106.66
109.99 105.00 105.16 -1.50
3044
109.99
90.50
60
-
-
-
341
4.71 155.01
155.99 154.00 154.42 -0.59
1751
167.00
154.00
135
25B
-
-
66.00
54.20
50 300B
-
-
Dawood Hercules
4813
Descon Chemical
3.16
56.79
1996
-
1020
9.26
6.45
6.55
6.28
6.30 -0.15
170605
8.40
5.60
-
-
-
-
-
2.28
2.30
2.07
2.23 -0.05
1343750
3.65
2.07
-
-
-
-
3.25
9.90
10.10
10.00
9.90 0.00
94
Engro Polymer
6635
Fatima Fertilizer
22000
6.36 144.06 -
9.65
-
16.23
1.91 -0.08
185774
3663 3933
1.88
54.51 -2.28
Descon Oxychem Ltd. Dynea Pak
1.94
54.20
Dewan Salman Engro Corporation Ltd
1.99
57.85
146.64 139.20 142.38 -1.68 9.87
9.48
9.54 -0.11
16.69
15.91
16.20 -0.03
2.79
319
Open 1,117.67 Turnover 120,034 P/E (x) 3.70 Paid up Cap(mn)
15
-
-
-
20B
-
-
310076
12.67
- 27.5R
-
3110513
17.60
12.10
-
-
-
3595320 172.97
138.25
130
25B 45.00
-
48.05
41.26
65.5
- 35.00
-
41884
13.90
11.40
-
-
-
27446
160.00
148.02
175
15.94
11.85
5
6.14
46.80
47.34
45.92
46.57 -0.23
2990045
725
9.99
12.20
12.49
11.60
11.89 -0.31
1388
8.53 156.01 3.38
74
12.40
156.30 152.00 153.61 -2.40 12.51
11.85
12.10 -0.30
2914732
9.48
-
-
-
-
-
-
0.95
0.93
0.81
0.81 -0.14
1095
1.90
0.15
-
-
-
-
1106 13.43
3.05
3.17
2.95
3.09 0.04
1190862
3.30
2.26
-
-
-
-
Shaffi Chemical
120 30.88
2.47
2.29
1.65
2.47 0.00
111
3.25
1.57
-
-
-
-
Sitara Peroxide
551
Nimir Ind Chemical
5.06
16.54
16.65
16.25
16.34 -0.20
75431
19.12
16.05
-
-
-
-
United Distributors
92
-
13.64
13.05
12.65
13.44 -0.20
1100
16.50
12.65
-
-
-
-
Wah-Noble
90
5.10
36.13
36.50
36.50
36.13 0.00
274
37.99
34.76
50
-
-
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,127.81 Turnover 145,150 P/E (x) 5.63 Company
Paid up Cap(mn)
Century Paper Pak Paper Product Security Paper
707 50 411
PE 1.83 5.57
Open 15.91 44.50 42.70
High 16.40 44.00 43.00
High Low 1,144.06 1,101.28 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.42 7.47 Low 15.56 43.00 41.70
Close Chg 16.04 0.13 43.01 -1.49 42.66 -0.04
Close 1,128.02 Listed cap 1,186.83 mn Payout (%) 25.28
Last 60 days High Low
Volume 74439 1505 69206
Change 0.20 Market cap 3,112.02 mn Div Yield (%) 4.49
18.00 45.59 43.55
14.60 39.36 37.00
% Change 0.02 5-Day High 1,128.02 5-Day Low 1,076.49
2010 Div BR (%) (%)
Atlas Battery Atlas Honda Dewan Motors Exide (PAK)XDXB Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering Transmission
High Low 1,149.47 1,089.27 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.94 25.35
PE
Open
High
Low
101 6.17 719 7.60 1087 71 3.69 450 200 6.87 1428 786 7.20 823 14.30 150 1.13 117 -
233.60 124.06 2.75 180.82 2.91 3.30 9.56 209.86 64.07 23.11 1.11
235.00 128.98 2.85 181.75 2.90 3.65 9.75 220.34 64.30 24.00 1.01
230.15 124.50 2.55 178.01 2.80 3.63 9.50 199.37 63.50 22.55 1.01
Company
Paid up Cap(mn)
AL-Noor Sugar Ansari Sugar Bawany Sugar Colony Sugar Mills Crescent Sugar Dewan Sugar Fecto Sugar Habib Sugar Habib-ADM Ltd J D W Sugar Mirpurkhas Sugar Mirza Sugar Noon Sugar Pangrio Sugar Quice Food S S Oil Sakrand Sugar Shahmurad Sugar Shakarganj Mills UniLever Pakistan
186 244 87 990 214 365 146 750 200 539 84 141 165 109 107 57 223 211 695 665
PE
Close Chg
Company
Paid up Cap(mn)
High Low 1,042.83 999.38 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.01 33.10
Close 1,015.01 Listed cap 3,596.11 mn Payout (%) 30.91
Last 60 days High Low
% Change -1.95 5-Day High 1,047.33 5-Day Low 1,015.01
2010 Div BR (%) (%)
Close 1,114.81 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change -2.86 Market cap 41,416.24 mn Div Yield (%) 5.52
Open
High
Low
Close Chg
Volume
Crescent Steel Dost Steels Ltd Huffaz Pipe XD
565 3.52 675 555 20.32
28.19 2.35 11.98
28.20 2.47 11.75
26.79 2.20 11.11
26.94 -1.25 2.32 -0.03 11.38 -0.60
78832 34323 12030
29.25 3.10 12.95
25.70 1.62 11.05
30 -
- 35.00 25B 15.00
-
Inter.Steel Ltd. International Ind Siddiqsons Tin
4350 1199 8.97 785 24.63
13.62 50.09 9.05
13.55 50.30 9.49
13.50 49.10 8.53
13.50 -0.12 50.12 0.03 8.62 -0.43
47967 30439 663
15.06 52.75 10.00
0.00 48.52 8.31
40 7.5
20B -
-
15 -
CONSTRUCTION AND MATERIALS Performance of SR Construction and Materials Index Open 857.06 Turnover 3,617,592 P/E (x) 6.17 Company
High Low 868.94 841.66 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.44 7.10
Close 853.84 Listed cap 54,792.74 mn Payout (%) 19.04
Change -3.22 Market cap 69,437.42 mn Div Yield (%) 3.08
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
866
6.08
48.50
48.50
48.00
48.05 -0.45
3551
56.01
48.00
858 182 5782
-
1.54 14.15 11.28
1.79 14.25 10.81
1.36 13.95 10.81
1.50 -0.04 14.10 -0.05 11.28 0.00
40236 8338 200
2.90 16.50 15.00
1.36 12.76 10.20
Attock Cement Balochistan Glass Ltd Berger Paints Bestway Cement Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd
% Change -0.38 5-Day High 882.50 5-Day Low 853.84
2010 Div BR (%) (%) 50
2011 Div BR (%) (%)
-
-
-
- 122R - 75.5R
-
-
956 41.90
8.80
9.00
8.60
8.80 0.00
510
10.60
8.50
-
-
-
-
982 16.00 3891 4381 30.23
2.01 1.51 22.80
2.23 1.80 23.00
2.07 1.45 22.55
2.08 0.07 1.49 -0.02 22.67 -0.13
8634 91596 984091
2.24 2.67 25.85
1.50 1.36 21.31
-
20R
-
20R
Fauji Cement Flying Cement Ltd
13311 1760
6.90 -
4.00 1.26
4.08 1.25
3.83 1.20
4.00 0.00 1.23 -0.03
401039 92761
5.04 1.95
3.83 1.20
-
-
-
92R -
Gharibwal Cement Kohat Cement
4003 1288
-
4.90 5.90
5.69 6.30
4.90 5.80
4.91 0.01 5.80 -0.10
2519 5019
9.15 7.60
4.25 5.80
-
-
-
-
13126 60.00 3234 5.93
2.50 72.84
2.69 73.55
2.36 72.20
2.40 -0.10 72.94 0.10
3.35 77.43
2.36 68.21
40
-
-
-
Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Shabbir Tiles Thatta Cement
695472 1175658
5267 2271
-
2.10 5.00
2.11 5.10
2.00 4.70
2.01 -0.09 4.82 -0.18
56501 48391
3.05 6.34
2.00 4.50
-
-
721 997
-
6.54 15.00
6.89 15.25
6.50 15.00
6.89 0.35 15.00 0.00
2690 210
7.49 20.90
5.25 14.51
-
50R
-
-
- 100R -
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 970.88 Turnover 534,547 P/E (x) 2.69 Company Cherat Packagin ECOPACK Ltd Ghani Glass MACPAC Films
High Low 965.42 943.04 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.18 43.91
Close 960.07 Listed cap 3,043.31 mn Payout (%) 15.55
Change -10.81 Market cap 35,792.45 mn Div Yield (%) 5.78
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
172 230
2.28 -
46.53 1.32
47.90 1.48
46.00 1.28
46.49 -0.04 1.42 0.10
12775 182454
54.48 1.80
1067 389
5.35 2.29
52.64 11.59
53.55 11.75
52.26 10.60
52.59 -0.05 11.48 -0.11
1881 257445
46.00 1.10
58.50 15.21
% Change -1.11 5-Day High 973.14 5-Day Low 960.07
2010 Div BR (%) (%) 20 -
51.50 9.78
25 -
25B 10B -
2011 Div BR (%) (%) -
50R -
Merit Pack Packages Ltd
47 12.46 26.50 844 17.33 103.75
27.80 25.25 27.78 1.28 104.00 102.02 103.97 0.22
1003 7618
29.50 118.00
24.02 101.75
32.5
-
-
-
Tri-Pack Films
300
179.40 168.10 177.55 2.95
84117
181.99
160.30
100
-
-
-
6.92 174.60
Last 60 days High Low
Company
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
AL-Ghazi Tractor KSB Pumps
215 132
3.89 224.45 - 31.94
227.00 217.55 224.91 32.50 31.54 31.94
0.46 0.00
Millat Tractors Pak Engineering
366 57
9.05 598.08 - 50.79
600.50 595.00 596.01 -2.07 49.00 48.26 50.79 0.00
208.00 112.10 1.50 163.10 2.16 2.90 9.00 199.37 61.35 22.01 1.01
2010 Div BR (%) (%) 100 50 60 150 5 10 -
20B 15B 20B -
2011 Div BR (%) (%) 65.00 60.00 50.00 10.00 -
15B 25B -
High
High Low 2,345.45 2,248.95 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 17.05 30.30 Low
Close Chg
Close 2,289.97 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change -14.27 Market cap 331,776.44 mn Div Yield (%) 0.54
Last 60 days High Low
500 54.20 37.05 1000 10.85 5.24 8201 9.80 7.50 5001 2.99 1.51 2500 11.91 7.25 20999 3.85 2.16 1454 48.10 38.00 24051 28.00 23.30 1323 13.74 12.01 4443 90.49 73.40 2775 54.50 39.51 3010 3.50 2.30 1500 17.88 14.16 1020 4.52 3.15 49000 3.50 1.81 1000 5.78 3.80 3500 3.40 1.75 17201 11.40 7.91 208014 6.99 5.00 4757 6135.00 4915.70
2010 Div BR (%) (%)
% Change -0.62 5-Day High 2,340.74 5-Day Low 2,289.97 2011 Div BR (%) (%)
50 25 25B 40 7010B 12.5R 15 20B 10 10 10 492 -
-
10R -
High Low 650.88 617.77 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.15 10.64
Close 625.87 Listed cap 3,763.71 mn Payout (%) 6.27
PE
Open
High
Low
Close Chg
Volume
1.27
6.19 10.00
6.78 10.44
6.19 9.60
6.29 0.10 9.66 -0.34
14144 35414
Change 1.87 Market cap 4,228.39 mn Div Yield (%) 4.38
Change -5.31 Market cap 34,386.08 mn Div Yield (%) 17.36
Last 60 days High Low
% Change -0.30 5-Day High 1,790.32 5-Day Low 1,739.23
2010 Div BR (%) (%)
492 101
244.00 41.52
217.00 30.30
400 12.5
8512 269
625.80 99.20
513.00 48.26
650 100
-
2011 Div BR (%) (%) -
-
25B325.00 -
-
48.78
Total Assets (Rs in mn)
11,457.73
MA (10-day)
1.25
Total Equity (Rs in mn)
2,081.08
MA (100-day)
1.45
Revenue (Rs in mn)
5,541.96
MA (200-day)
1.79
Interest Expense
1st Support
1.23
Profit after Taxation
52.68
2nd Support
1.13
EPS 10 (Rs)
0.385
1st Resistance
1.40
Book value / share (Rs)
15.23
2nd Resistance
1.47
PE 11 E (x)
Pivot
1.30
PBV (x)
987.88
0.08
SEPCO closed up 0.06 at 1.29. Volume was 25 per cent above average and Bollinger Bands were 35 per cent narrower than normal. The company's loss after taxation stood at Rs310.261 million which translates into a Loss Per Share of Rs2.27 for the nine months of fiscal year (9MFY11). SEPCO is currently 27.9 per cent below its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into SEPCO (mildly bullish). Trend forecasting oscillators are currently bearish on SEPCO.
Dewan Salman Fibre Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
28.37
Total Assets (Rs in mn)
15,343.38
MA (10-day)
2.43
Total Equity (Rs in mn)
(7,218.97)
MA (100-day)
2.63
Revenue (Rs in mn)
MA (200-day)
2.59
Interest Expense
1st Support
2.10
Loss after Taxation
2nd Support
1.97
EPS 10 (Rs)
(4.176)
1st Resistance
2.33
Book value / share (Rs)
(19.71)
2nd Resistance
2.43
PE 11 E (x)
Pivot
2.20
PBV (x)
137.50 125.73 (1,529.67)
(0.11)
DSFL closed down -0.05 at 2.23. Volume was 6 per cent above average and Bollinger Bands were 0 per cent narrower than normal. The company's loss after taxation stood at Rs738.311 million which translates into a Loss Per Share of Rs2.02 for the nine months of fiscal year (9MFY11). DSFL is currently 13.8 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of DSFL at a relatively equal pace. Trend forecasting oscillators are currently bearish on DSFL. Momentum oscillator is currently indicating that DSFL is currently in an oversold condition.
Lafarge Pakistan Cement Limited
Last 60 days High Low
2010 Div BR (%) (%)
8.70 13.33
17.5
6.06 9.60
10B -
% Change 0.30 5-Day High 649.30 5-Day Low 624.00 2011 Div BR (%) (%) - 200R
PERSONAL GOODS Performance of SR Personal Goods Index Open 963.58 Turnover 3,191,469 P/E (x) 6.33 Company
Paid up Cap(mn)
(Colony) Thal Accord Textile Ali Asghar Textile Amtex Limited Artistic Denim Azam Textile Azgard Nine Bata (Pak) Blessed Tex Mills Chakwal Spinning Chenab Limited Colony Mills Ltd D S Ind Ltd Dawood Lawrencepur Dewan Farooque Spin. Dewan Mushtaq Textile Din Textile Ellcot Spinning Ghazi Fabrics Gulshan Spinning H M Ismail Hira Textile Mills Ltd. Ibrahim Fibres ICC Textile Ideal Spinning Idrees Textile Janana D Mal Khalid Siraj Kohinoor Ind Kohinoor Mills Kohinoor Textile Latif Jute Liberty Mills Masood Textile Mian Textile Mohd Farooq Mukhtar Textile Nadeem Textile Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Ravi Textile Reliance Cotton Reliance Weaving Rupali Poly Saif Textile Sally Textile Salman Noman Sana Ind Service Ind Service Textile Shadman Cot Shahpur Textile Shahtaj Textile Shams Textile Tata Textile Thal Ltd Treet Corp Tri-Star Poly ZahidJee Textile Zil Limited
56 93 222 2594 840 133 4493 76 64 400 1150 2442 600 591 978 34 204 110 326 222 120 716 3105 300 99 180 48 107 303 509 2455 36 231 600 221 189 145 120 1621 3516 560 174 250 103 308 341 264 88 42 55 120 44 176 140 97 86 173 307 418 215 341 53
PE
Open
1.01 0.33 0.75 2.63 7.91 24.80 0.45 1.96 6.13 7.43 658.74 0.91 94.16 0.60 1.55 1.80 1.59 1.41 0.98 - 30.35 1.32 2.00 0.18 3.55 0.69 33.00 0.56 23.91 0.46 5.04 0.39 10.00 0.57 0.71 3.60 2.61 37.16 0.66 0.32 4.28 1.86 4.60 0.35 13.01 0.40 1.45 1.08 1.99 3.74 3.25 35.59 6.74 3.86 54.39 1.67 18.65 0.25 0.74 0.58 2.21 39.49 2.99 19.94 4.36 50.09 2.46 19.89 0.56 12.30 0.94 0.51 27.36 0.59 10.50 3.00 39.85 0.27 8.10 0.25 6.27 0.45 2.20 2.92 40.50 3.31 198.69 0.17 0.52 19.06 20.58 0.40 0.25 1.57 28.05 0.77 18.00 0.39 30.00 - 99.05 6.39 51.84 0.85 0.58 7.22 6.22 57.45
High
High Low 961.77 944.41 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.55 8.64 Low
Close Chg
1.15 1.01 1.01 0.00 0.22 0.22 0.22 -0.11 0.80 0.70 0.75 0.00 2.69 2.51 2.61 -0.02 25.00 24.99 25.00 0.20 2.50 2.26 2.50 0.54 6.30 6.04 6.08 -0.05 690.00 631.00 631.35-27.39 97.75 89.60 95.35 1.19 1.59 1.45 1.50 -0.05 1.85 1.65 1.66 -0.14 1.79 1.40 1.53 0.12 1.00 0.90 0.98 0.00 29.16 28.85 28.85 -1.50 1.80 1.76 2.00 0.00 3.60 3.42 3.42 -0.13 34.50 32.90 34.50 1.50 23.75 23.50 23.71 -0.20 5.25 4.57 4.56 -0.48 9.39 9.20 9.26 -0.74 0.90 0.90 0.90 0.33 3.74 3.55 3.55 -0.05 37.60 36.50 36.51 -0.65 0.93 0.81 0.84 0.18 4.26 3.70 4.26 -0.02 4.60 4.23 4.85 0.25 13.50 12.10 12.10 -0.91 2.44 1.40 1.45 0.00 1.09 0.82 1.02 -0.06 1.80 1.36 1.36 -0.63 3.15 2.80 3.25 0.00 6.05 6.05 6.05 -0.69 54.00 51.67 54.00 -0.39 18.00 18.00 18.00 -0.65 0.40 0.14 0.40 0.15 0.75 0.41 0.65 -0.09 0.58 0.35 0.58 0.00 41.46 40.15 40.15 0.66 20.13 19.20 19.41 -0.53 50.45 48.56 49.14 -0.95 20.50 18.89 19.73 -0.16 11.46 11.35 11.41 -0.89 0.97 0.36 0.89 -0.05 26.00 26.00 26.00 -1.36 11.50 10.60 11.50 1.00 38.50 38.17 39.85 0.00 7.62 7.50 7.60 -0.50 6.89 5.90 6.37 0.10 2.30 2.25 2.20 0.00 40.00 38.50 38.52 -1.98 200.00 191.00 193.78 -4.91 0.66 0.66 0.66 0.14 21.60 19.56 20.58 0.00 0.29 0.16 0.29 0.04 28.90 27.16 28.00 -0.05 17.00 17.00 18.00 0.00 29.00 28.50 28.50 -1.50 100.15 99.00 99.02 -0.03 52.78 50.60 51.14 -0.70 0.83 0.73 0.76 -0.09 6.68 6.22 6.68 -0.54 57.50 56.00 57.45 0.00
Close 954.27 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change -9.31 Market cap 118,585.43 mn Div Yield (%) 2.64
Last 60 days High Low
2500 2.84 500 0.33 300 1.55 216692 3.76 4501 27.10 5578 2.99 1871281 7.09 312 716.00 24506 97.75 502 3.00 3250 2.44 7798 2.64 99853 1.39 13226 38.95 478 4.18 3001 5.00 2469 39.70 568 27.30 680 8.00 11628 12.16 1000 2.50 14055 4.45 3620 48.50 700 1.49 601 8.44 2002 5.74 1503 15.66 3115 2.44 1913 1.64 50502 2.83 199 5.25 1000 7.50 1366 67.00 2000 20.59 11503 0.63 1434 1.20 161 1.39 200 41.46 72419 26.45 586276 61.99 17127 20.90 4500 14.50 28402 1.30 500 28.72 12070 13.05 210 42.50 10600 9.25 11046 8.94 125 3.75 7816 41.48 2056 214.95 500 0.89 459 23.94 510 0.90 8155 29.89 110 20.90 25053 40.96 25355 108.00 9696 59.20 697 1.58 440 7.98 335 67.00
2010 Div BR (%) (%)
1.00 0.20 0.61 1.85 - 30B 20.65 20 1.78 7.5 4.50 411.00 280 56.07 50 0.76 5 1.55 1.32 0.80 28.76 5 15B 1.56 2.71 26.35 20 10B 22.65 35 4.00 10 9.20 10 20B 0.57 3.55 10 36.50 20 0.60 3.50 3.80 10 12.10 1.00 0.75 0.71 2.80 5.12 51.67 30 16.91 15 100R 0.14 0.23 0.16 18.96 20 19.20 15 48.56 25 45R 17.26 11.35 10 10B 0.36 24.55 20 10.50 25SD 37.85 40 7.00 5.62 10 2.10 5B 36.50 60 170.00 75 0.25 12.90 5 0.15 23.55 45 17.00 20 28.50 25 97.00 80 20B 48.75 50 900B 0.49 6.00 56.00 35 -
% Change -0.97 5-Day High 968.51 5-Day Low 954.27 2011 Div BR (%) (%) -
-
PHARMA AND BIO TECH Performance of SR Pharma and Bio Tech Index
Close 1,739.23 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
241.00 160.00 3.46 235.00 4.41 3.75 11.58 232.53 72.50 24.90 1.54
1219 693
INDUSTRIAL ENGINEERING High Low 1,751.43 1,732.78 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 2.88 38.02
3256 18092 47704 4689 5300 1047 9500 8143 19157 3012 110
Paid up Cap(mn)
Pak Elektron Tariq Glass Ind
Performance of SR Industrial Engineering Index Open 1,744.54 Turnover 9,379 P/E (x) 7.57
-1.08 3.08 -0.15 -0.48 -0.11 0.34 0.18 -1.36 -0.57 -0.11 0.00
% Change -0.26 5-Day High 1,117.67 5-Day Low 1,106.47
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
HOUSEHOLD GOODS
2011 Div BR (%) (%)
PE
Open
Open 624.00 Turnover 49,581 P/E (x) 1.43 Company
Change -20.21 Market cap 15,168.40 mn Div Yield (%) 10.14
-
Performance of SR Household Goods Index
INDUSTRIAL METALS AND MINING Open 1,035.21 Turnover 156,287 P/E (x) 3.05
232.52 127.14 2.60 180.34 2.80 3.64 9.74 208.50 63.50 23.00 1.11
1.78 42.97 40.86 40.85 40.85 -2.12 5.42 6.41 6.41 6.41 0.99 8.80 9.80 8.00 8.00 -0.80 3.20 2.01 2.20 2.05 2.05 0.04 - 10.50 10.50 10.50 10.50 0.00 2.57 2.40 2.30 2.35 -0.22 - 38.00 38.00 38.00 38.00 0.00 5.24 26.99 26.60 26.16 26.21 -0.78 5.05 13.19 12.94 12.40 12.52 -0.67 2.70 83.41 83.90 80.25 82.27 -1.14 1.54 53.38 54.50 52.50 52.95 -0.43 0.56 2.41 2.59 2.41 2.47 0.06 2.98 16.50 15.55 15.50 15.50 -1.00 3.53 3.60 3.21 3.22 -0.31 6.82 2.00 3.00 2.79 3.00 1.00 0.31 4.80 4.61 4.30 4.30 -0.50 21.36 2.63 2.60 2.31 2.35 -0.28 1.23 11.05 11.20 10.25 10.50 -0.55 1.06 5.67 5.95 5.21 5.25 -0.42 20.94 5691.02 5850.00 5562.19 5661.47 -29.55
-
Performance of SR Industrial Metals and Mining Index
2011 Div BR (%) (%)
- 50SD -
FOOD PRODUCERS Open 2,304.24 Turnover 361,667 P/E (x) 56.26
2011 Div BR (%) (%)
2533.33B 50 - 50.00
40 15
Performance of SR Food Producers Index
-
60
9341
15142
-
9.51
Fauji Fert.Bin Qasim ICI Pakistan
-
139.20
9.68 161.20
Mandviwala
-
11.48
8482
Lotte Pakistan
1.83
2695434 200.00
Fauji Fertilizer Ghani Gases Ltd
161.50 156.30 157.22 -3.98
17610
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
-
BOC (Pak) Clariant Pak
% Change -1.56 5-Day High 780.63 5-Day Low 751.65
AUTOMOBILE AND PARTS
Company
High Low 1,874.42 1,806.24 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.00 35.00
High
Southern Electric Power Co Ltd
Performance of SR Industrial Transportation Index
Close Change 1,527.26 -20.23 Listed cap Market cap 65,194.15 mn 1,121,074.49 mn Payout (%) Div Yield (%) 55.94 5.37
Performance of SR Chemicals Index Open 1,860.78 Turnover 15,556,938 P/E (x) 8.58
Alert ! Unusual Movements
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,547.49 Turnover 5,974,024 P/E (x) 10.42
KSE 30 Index
Open 987.21 Turnover 92,736 P/E (x) 6.47 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Searle Pak
Paid up Cap(mn) 979 250 2019 182 200 306
High Low 985.37 969.02 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.44 22.31
PE
Open
High
Low
5.77 7.76 10.43 6.53 3.89 5.76
95.91 93.10 74.32 29.00 9.90 59.55
95.00 94.00 74.00 29.45 9.50 60.25
93.71 92.80 73.00 27.91 9.50 58.00
Close 974.10 Listed cap 3,904.20 mn Payout (%) 44.54
Change -13.11 Market cap 31,929.58 mn Div Yield (%) 6.88
Close Chg
Volume
Last 60 days High Low
94.09 93.78 73.00 28.20 9.50 59.00
2529 7501 9342 49821 18000 5530
97.00 98.73 79.99 33.45 10.99 62.80
-1.82 0.68 -1.32 -0.80 -0.40 -0.55
88.75 88.21 71.50 25.25 9.00 54.00
2010 Div BR (%) (%) 50 40 25 30
% Change -1.33 5-Day High 996.41 5-Day Low 974.10 2011 Div BR (%) (%)
20B 12.50 15B 10B -
-
Fundamental Highlights As on Dec 31, 2010
Technical Analysis RSI (14-day)
28.95
Total Assets (Rs in mn)
MA (10-day)
2.62
Total Equity (Rs in mn)
8,815.43
MA (100-day)
2.95
Revenue (Rs in mn)
19,504.35 6,880.77
MA (200-day)
3.05
Interest Expense
1st Support
2.31
Loss after Taxation
2nd Support
2.17
EPS 10 (Rs)
1st Resistance
2.64
Book value / share (Rs)
2nd Resistance
2.83
PE 11 E (x)
Pivot
2.50
PBV (x)
980.68 (948.50) (0.723) 6.72 0.36
LPCL closed down -0.10 at 2.40. Volume was 82 per cent above average and Bollinger Bands were 15 per cent wider than normal. The company's profit after taxation stood at Rs13.847 million which translates into an Earning Per Share of Rs0.01 for the 1st quarter of current calendar year (1QCY11). LPCL is currently 21.4 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of LPCL at a relatively equal pace. Trend forecasting oscillators are currently bearish on LPCL. Momentum oscillator is currently indicating that LPCL is currently in an oversold condition.
NIB Bank Limited
Fundamental Highlights As on Dec 31, 2010
Technical Analysis RSI (14-day)
30.29
Total Assets (Rs in mn)
MA (10-day)
1.44
Total Equity (Rs in mn)
MA (100-day)
1.76
Revenue (Rs in mn)
MA (200-day)
2.28
Interest Expense
1st Support
1.36
Loss after Taxation
2nd Support
1.34
EPS 10 (Rs)
1st Resistance
1.42
Book value / share (Rs)
2nd Resistance
1.46
PE 11 E (x)
Pivot
1.40
PBV (x)
164,350.04 13,662.05 18,197.43 0.00 (10,112.11) (2.501) 3.38 0.41
NIB closed down -0.04 at 1.39. Volume was 20 per cent above average and Bollinger Bands were 37 per cent narrower than normal. The company's loss after taxation stood at Rs795.184 million which translates into a Loss Per Share of Rs0.20 for the 1st quarter of current calendar year (1QCY11). NIB is currently 39.1 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NIB at a relatively equal pace. Trend forecasting oscillators are currently bearish on NIB.
BOOK CLOSURES Company
From
Ruby Textile Mills
29-Jul
Al-Meezan Mutual Fund
29-Jul
To
D/B/R
Spot AGM/Date
04-Aug
33.20(R)
21-Jul
04-Aug
-
-
-
(TFC) United Bank
31-Jul
13-Aug
-
-
Silkbank Limited #
03-Aug
10-Aug
-
-
KASB Bank
03-Aug
06-Aug
105.16(R) 26-Jul
-
Glamour Textile Mills #
03-Aug
10-Aug
-
-
10-Aug
Trust Investment Bank #
05-Aug
12-Aug
-
-
-
12-Aug
General Tyre & Rubber #
07-Aug
18-Aug
-
-
10-Aug
18-Aug
Nishat Power #
08-Aug
22-Aug
-
-
22-Aug
(TFC) Allied Bank
13-Aug
26-Aug
-
-
-
Nishat Chunian Power #
16-Aug
22-Aug
-
-
22-Aug
First Habib Modaraba
25-Aug
31-Aug
22
-
-
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Shezan International Grays of Cambridge Pak Tobacco Co. P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies Pak Telephone
Open 2.28 110.01 3.76 134.87 39.78 87.5 2.11 33.29 2.05 20.67 3.15
High 2.35 110 4.76 129 38 91.87 2.28 34.4 2.13 20.8 3
Low Close 2.2 107 4.49 128.13 38 85 2.1 31.7 1.91 20.31 2.91
2.27 110 4.72 134.87 39.78 85.57 2.11 33.29 1.94 20.41 3.15
Change -0.01 -0.01 0.96 0 0 -1.93 0 0 -0.11 -0.26 0
Vol 153438 2481 20500 153 410 667 20019 171 830939 184407 110
7
Friday, July 29, 2011 Ask Gen Insurance
FIXED LINE TELECOMMUNICATION
Atlas Insurance Central Insurance
Performance of SR Fixed Line Telecommunication Index Open 811.60 Turnover 1,572,362 P/E (x) 3.96 Paid up Cap(mn)
Company Pak Datacom Pak.Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 818.16 790.19 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.51 12.84
PE
Open
High
Low
Close Chg
78 27.38 37740 10.21 3000 2.24 8606 6175 -
29.89 12.62 1.37 1.78 1.90
28.80 12.72 1.40 1.80 2.05
28.40 12.35 1.30 1.64 1.80
28.48 12.46 1.32 1.66 1.85
-1.41 -0.16 -0.05 -0.12 -0.05
Close 797.49 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 1000 591519 132262 847581 101436
Change -14.11 Market cap 50,214.22 mn Div Yield (%) 15.79
% Change -1.74 5-Day High 824.94 5-Day Low 797.49
Last 60 days High Low
2010 Div BR (%) (%)
36.70 17.70 1.94 2.50 2.97
80 17.5 1 -
28.40 12.35 1.30 1.64 1.80
280
2011 Div BR (%) (%)
- 15.00 -
-
Century Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance
3.03
8.99
8.13
8.11
8.11 -0.88
443 391
3.59 1.28
29.00 59.00
29.20 59.00
28.70 59.00
28.86 -0.14 59.00 0.00
457
4.51
7.71
8.15
7.57
8.11 0.40
3200
8.85
7.50
1250 12.03 450 7.69
32.33 10.95
32.97 11.89
31.80 11.00
32.23 -0.10 11.07 0.12
7489 2815
39.65 11.90
29.11 10.10
Paid up Cap(mn)
Genertech Hub Power Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Southern Electric
198 11572 1560 7932 1695 126 8803 3673 3541 1367
Open
High
Low
7.83 5.31 2.33 5.46 2.51 2.23 -
0.45 39.49 1.25 2.14 17.68 2.82 42.71 13.92 15.89 1.23
0.51 39.65 1.17 2.25 18.05 3.10 42.70 14.38 15.85 1.37
0.48 38.91 1.10 2.10 17.50 2.80 42.41 13.65 15.50 1.20
Close 1,366.36 Listed cap 95,369.29 mn Payout (%) 104.13
Change -13.58 Market cap 111,237.66 mn Div Yield (%) 7.77
Close Chg
Volume
Last 60 days High Low
0.50 39.00 1.16 2.14 17.56 3.00 42.50 13.93 15.64 1.29
35000 6803031 21324 197966 803 8032 408717 441663 521420 125725
0.80 40.00 1.70 2.57 18.20 3.95 44.19 17.25 17.70 1.69
0.05 -0.49 -0.09 0.00 -0.12 0.18 -0.21 0.01 -0.25 0.06
934 145000
29.60 75.00
26.00 58.61
0.16 36.70 1.00 2.03 15.60 2.11 41.75 13.47 15.39 1.17
% Change -0.98 5-Day High 1,390.34 5-Day Low 1,366.36
2010 Div BR (%) (%) 50 25 50 -
2011 Div BR (%) (%)
- 25.00 7.8R - 10.00 - 30.00 - 10.00 -
Paid up Cap(mn)
Sui North Gas Sui South Gas
PE
5491 14.03 8390 4.50
Open
High
19.82 20.06
19.90 20.10
High Low 1,268.02 1,225.25 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.91 11.41 Low 18.82 19.84
Close Chg 19.64 -0.18 19.95 -0.11
Close 1,254.99 Listed cap 12,202.80 mn Payout (%) 66.79
Volume 80444 38307
Change -9.22 Market cap 27,521.84 mn Div Yield (%) 8.38
Last 60 days High Low 23.60 23.75
17.64 19.84
% Change -0.73 5-Day High 1,274.34 5-Day Low 1,254.99
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS
Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited Askari Bank XB Bank Al-Falah Bank AL-Habib Bank of Khyber Bank of Punjab BankIslami Pak Faysal Bank Habib Bank Ltd
8603 6.21 63.80 7070 5.02 11.13 13492 5.39 10.40 8786 6.08 28.95 5004 1.88 4.20 5288 6.24 5280 9.76 3.82 7327 4.52 9.90 11021 7.48 120.32 Habib Metropolitan Bank XB 10478 5.45 19.00 JS Bank Ltd 8150 44.00 2.20 KASB Bank LtdSPOT 9509 1.38 MCB Bank Ltd 8362 7.45 194.18 Meezan Bank XB 8030 6.16 18.05 National Bank 16818 4.24 54.91 NIB Bank 40437 1.43 Samba Bank 14335 21.13 1.71 Silkbank Ltd 26716 14.63 2.35 Soneri Bank 6023 2.47 5.00 Stand Chart Bank 38716 6.21 7.75 Summit Bank Ltd 8701 3.11 United Bank Ltd 12242 7.07 60.82
High
High Low Close 1,128.88 1,086.69 1,100.30 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.99 13.94 40.49 Low
Close Chg
63.80 63.00 63.00 -0.80 11.26 10.91 11.04 -0.09 10.50 10.15 10.25 -0.15 28.90 28.50 28.70 -0.25 4.75 4.20 4.20 0.00 6.48 6.15 6.24 0.00 3.98 3.60 3.61 -0.21 10.20 9.74 9.76 -0.14 120.01 119.05 119.68 -0.64 19.19 18.51 18.96 -0.04 2.34 2.05 2.20 0.00 1.46 1.35 1.40 0.02 195.45 185.50 188.30 -5.88 18.25 18.00 18.00 -0.05 55.00 53.05 53.89 -1.02 1.44 1.38 1.39 -0.04 1.73 1.68 1.69 -0.02 2.39 2.31 2.34 -0.01 5.00 4.80 4.94 -0.06 7.97 7.52 7.70 -0.05 3.18 3.05 3.06 -0.05 61.10 59.65 60.13 -0.69
Volume
Change -21.10 Market cap 656,461.59 mn Div Yield (%) 5.71
Last 60 days High Low
8864 68.99 194933 12.35 953359 11.02 223529 29.89 6001 6.25 2775810 7.35 25891 4.09 86495 10.73 16641 123.90 21708 22.45 56075 3.00 18002 1.77 1184361 210.95 51143 18.50 1527572 55.80 1681212 1.95 24810 2.18 396425 3.06 92249 6.69 11271 9.20 98594 4.75 310899 65.01
60.50 10.79 9.42 28.25 4.17 4.51 3.25 9.00 114.10 17.00 2.05 1.27 185.50 16.60 49.51 1.38 1.62 2.31 4.80 7.52 2.67 59.65
% Change -1.88 5-Day High 1,137.03 5-Day Low 1,100.30
2010 Div BR (%) (%)
NON LIFE INSURANCE
Paid up Cap(mn)
Company
Adamjee Insurance XD
1237
-
-
-
-
-
55B 10.00 25B -
-
76.12 62.37
67.00 51.16
30 20
3000
15.55 -0.20
141663
18.30
12.80
30
1011 23051 2362 1551
7.45 8.99 9.01 6.40
5.00 7.80 6.40 4.21
7012
6.00
4.15
5.40
15.75
15.88
15.40
5.11 8.00 8.84 4.90
5.50 8.05 9.01 5.00
5.00 7.80 8.75 4.90
5.00 7.95 8.75 4.90
United Insurance
496
5.01
5.05
4.15
4.66 -0.35
1.62
-0.11 -0.05 -0.09 0.00
-
-
-
- 10B 25 - 12.5B - 15B
-
-
-
-
-
24B
LIFE INSURANCE Open 902.35 Turnover 322 P/E (x) 5.27 Paid up Cap(mn)
Company EFU Life Assurance
850
PE
Open
9.47
67.42
High Low 936.11 903.58 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.47 3.85
Close 902.35 Listed cap 2,290.72 mn Payout (%) 355.53
Change 0.00 Market cap 10,014.08 mn Div Yield (%) 3.94
High
Low
Close Chg
Volume
Last 60 days High Low
70.10
66.25
67.42 0.00
320
73.25
51.00
High Low 710.48 683.70 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.52 5.20
Close 691.29 Listed cap 11,111.34 mn Payout (%) 79.54
Change -5.47 Market cap 43,770.47 mn Div Yield (%) 7.88
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
6.12
58.15
59.74
56.02
57.02 -1.13
41529
69.90
56.02
% Change -0.78 5-Day High 719.20 5-Day Low 691.29
2010 Div BR (%) (%) 25
2011 Div BR (%) (%)
-
-
-
% Change 0.00 5-Day High 925.96 5-Day Low 902.35
2010 Div BR (%) (%) 50
-
2011 Div BR (%) (%) -
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 277.79 Turnover 4,685,858 P/E (x) 11.47 Paid up Cap(mn)
High Low 287.51 268.20 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.18 0.91
Close 275.99 Listed cap 30,336.44 mn Payout (%) 99.56
Change -1.80 Market cap 13,586.15 mn Div Yield (%) 5.09
Last 60 days High Low
Volume
% Change -0.65 5-Day High 288.88 5-Day Low 275.99
2010 Div BR (%) (%)
2011 Div BR (%) (%)
PE
Open
High
Low
Close Chg
0.83 4.72
0.40 18.56
0.40 19.40
0.40 18.50
0.40 0.00 18.50 -0.06
323 905
0.64 23.25
0.26 18.50
-
20B
-
-
Arif Habib Limited Arif Habib Corp Escorts Bank
450 18.15 3750 3.60 441 -
17.81 27.85 2.00
17.99 28.05 2.25
16.90 26.60 2.25
17.24 -0.57 26.90 -0.95 2.25 0.25
30850 1557065 500
20.20 29.24 2.43
12.01 20.53 1.55
30 -
20B -
-
-
IGI Investment Bank Invest and Fin Sec
2121 7.63 600 19.95
1.50 7.00
1.50 7.38
1.11 7.38
1.45 -0.05 7.38 0.38
9003 2097
1.99 9.29
1.05 6.95
11.5
-
-
-
Invest Bank Ist Cap Securities
2849 3166
-
0.40 2.80
0.40 2.74
0.33 2.42
0.40 0.00 2.51 -0.29
13241 22636
1.20 3.24
0.22 2.22
-
10B
-
-
Ist Dawood Bank Jah Siddiq Co JOV and CO
626 7633 508
0.67 -
1.43 6.92 2.61
1.50 7.19 2.68
1.42 6.75 2.52
1.49 0.06 6.92 0.00 2.57 -0.04
600 4329694 84004
1.96 8.34 3.40
1.30 4.90 2.36
10 -
-
-
-
JS Global Cap JS Investment KASB Securities Orix Leasing
500 5.53 1000 40.83 1000 821 3.63
19.50 5.04 3.42 5.56
19.26 5.29 3.80 6.10
19.25 4.81 2.65 5.58
19.25 4.90 3.25 5.99
-0.25 -0.14 -0.17 0.43
1599 49346 19801 1040
22.94 6.43 4.79 6.45
17.00 4.10 2.65 5.25
50 -
-
-
-
1.45 0.70 1.41 2.00
1.48 0.79 1.30 2.10
1.33 0.68 1.28 1.99
1.41 0.79 1.30 2.04
-0.04 0.09 -0.11 0.04
95805 510 22010 1869
1.99 1.48 2.99 2.25
1.32 0.51 1.25 1.50
-
-
-
-
AMZ Ventures Arif Habib Investments
Pervez Ahmed Sec Saudi Pak Leasing Sec Inv Bank Security Leasing
225 360
775 452 514 363
2011 Div BR (%) (%)
40 10B - 10B 20 20B -64.41R - 20B 65 10B - 20B - 33R -105.16R 115 10B 60.00 - 15B 75 25B -154.79R -63.46R - 311R 6 - 20R 50 -
Performance of SR Non Life Insurance Index Open 696.75 Turnover 437,334 P/E (x) 10.10
-
-
57510 401
275 26.32 303 3.55 284 5.34 291 0.86
Company
Performance of SR Banks Index Open 1,121.39 Turnover 9,667,250 P/E (x) 7.09
20B 50B
71.49 0.50 55.02 0.00
-
GAS WATER AND MULTIUTILITIES
Company
40 25
71.00 55.01
5.04 3.25 -
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,536.45 Turnover 2,546,859 P/E (x) 19.23
High Low 1,563.60 1,480.36 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.42 2.21
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
264
-
1.50
1.70
1.46
1.50 0.00
AL-Meezan Mutual F. Atlas Fund of Funds B R R Guardian Mod. Elite Cap Modaraba Equity Modaraba
1375 525 780 113 524
4.83 1.76 2.86 4.90 6.32
11.20 6.62 2.78 3.53 1.18
11.32 6.61 2.75 3.89 1.60
11.00 6.61 2.65 3.89 1.10
11.25 6.61 2.75 3.53 1.20
0.05 -0.01 -0.03 0.00 0.02
Golden Arrow H B L Modaraba Habib Modaraba I B L Modaraba
760 397 1008 202
2.21 3.84 5.96 1.99
3.36 7.80 8.24 2.00
3.55 8.00 8.43 1.35
3.30 7.60 8.20 1.35
3.33 7.83 8.22 1.35
JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund Mod Al-Mali
3180 1186 283 1200 184
2.06 0.56 2.90 2.91 7.14
5.86 5.32 3.50 10.00 0.90
6.00 5.50 4.50 10.40 1.00
5.32 5.02 3.49 9.58 0.50
Pak Modaraba PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund
125 1000 2835 2841
2.11 2.69 2.33
1.00 7.20 13.01 6.02
1.36 7.15 13.15 6.10
872 454 298
1.78 5.55 2.90
0.97 10.32 2.00
0.98 10.50 2.00
Company 1st Fid Leasing
Prud Modaraba 1st Stand Chart Modaraba Trust Modaraba
Close 1,537.42 Listed cap 29,771.58 mn Payout (%) 104.74
Change 0.97 Market cap 19,531.68 mn Div Yield (%) 8.46
Last 60 days High Low
Volume 3050
% Change 0.06 5-Day High 1,559.59 5-Day Low 1,533.46
2010 Div BR (%) (%)
2011 Div BR (%) (%)
2.00
1.15
-
-
-
-
263899 130820 499134 302 1615
11.60 7.39 2.91 3.89 1.90
10.15 6.11 1.41 2.10 1.07
18.5 2.2 0 5 -
-
5.00 -
-
-0.03 0.03 -0.02 -0.65
5359 31900 196822 99568
3.72 8.44 8.50 2.45
3.11 7.10 7.32 1.06
17 11 21 3
-
22 -
-
6.00 5.29 4.50 10.11 0.50
0.14 -0.03 1.00 0.11 -0.40
1021001 60665 2501 85001 2996
7.40 6.10 4.50 10.40 1.40
5.32 4.91 2.25 8.46 0.50
12.5 10 2.8 15.5 -
-
5.00 -
-
1.00 6.80 12.95 5.45
1.00 7.15 13.10 5.90
0.00 -0.05 0.09 -0.12
940 1400 54514 62841
1.50 8.25 13.84 6.95
0.25 6.80 12.00 5.45
3 10 20 10
- 10.00 - 12.50 - 7.50
-
0.85 10.05 2.00
0.98 0.01 10.05 -0.27 2.00 0.00
10587 10410 1494
1.05 11.00 3.00
0.75 9.50 1.50
3 17 5
-
-
-
UPTO 100 VOLUME
-
10
71.50 57.70
Pak Gen Insurance Premier Insurance Reliance Insurance Silver Star Insurance
-
12.5 25 12.5B
70.99 55.02
Performance of SR Gas Water and Multiutilities Index Open 1,264.21 Turnover 118,751 P/E (x) 7.97
-10B 25R
Performance of SR Life Insurance Index
High Low 1,389.09 1,360.39 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.25 9.35
PE
8.11
5.92 9.67
Performance of SR Electricity Index
Company
10.95
970 989
ELECTRICITY Open 1,379.94 Turnover 8,563,711 P/E (x) 13.40
1766
Symbols ADAMS MRNS AACIL PGCL SHDT NAGC SHJS COLG BUXL NESTLE IDYM SMTM SSML SIEM SMCPL GTYR MLCFPS BAFS CSIL FTSM PRWM SANSM SFL SJTM SRSM TSML YOUW FECTC AGSML RMPL UPFL TSMF MUBT SAPL SCLL SING BROT DCM GLPL HAJT KOHS PMPK POML QUAT REST SAPT SEL SFAT SGMLPS SGPL SHFA SHNI SITC SURC SZTM TOWL TSPL UVIC ZTL GUTM
Open 17.08 54.25 2.56 19.15 13.00 15.25 63.55 733.68 7.22 4139.13 340.46 5.23 1.42 1089.92 4.84 22.43 4.91 41.55 3.45 1.55 13.56 11.90 118.00 1.05 3.66 55.00 1.12 4.95 4.95 2803.70 1764.58 1.00 1.00 145.01 2.21 14.78 0.25 1.35 57.12 0.50 3.50 158.00 40.00 19.00 8.50 119.00 19.00 3.80 3.50 0.90 32.22 13.44 100.01 35.10 7.00 8.08 0.74 1.55 2.57 18.08
High 18.00 54.30 2.50 19.33 12.00 15.10 64.50 735.00 7.20 4228.00 323.57 5.14 1.50 1036.20 5.19 22.50 3.91 39.50 3.00 1.40 13.75 11.66 112.10 0.90 3.33 53.10 1.08 5.33 4.50 2800.00 1700.00 1.39 1.40 142.50 2.74 14.00 0.35 1.84 54.55 0.26 3.33 155.00 38.00 18.00 7.50 113.10 18.13 2.80 2.52 0.33 32.00 13.00 98.00 34.00 6.00 7.25 0.90 1.50 2.51 19.08
Low
Close
18.00 54.27 2.50 19.18 12.00 15.10 63.50 697.00 7.20 4004.19 323.44 4.25 1.41 1035.60 4.71 22.50 3.91 39.50 2.45 1.39 13.75 11.66 112.10 0.90 3.03 53.10 1.06 4.00 4.50 2799.00 1676.50 1.30 0.90 142.50 2.11 14.00 0.35 1.84 54.55 0.26 3.33 155.00 38.00 18.00 7.50 113.10 18.13 2.80 2.52 0.33 32.00 12.75 98.00 34.00 6.00 7.25 0.90 1.50 2.51 19.08
17.08 54.25 2.56 19.18 13.00 15.25 63.55 702.36 7.22 4107.52 340.46 5.23 1.42 1036.08 4.84 22.43 4.91 41.55 3.45 1.55 13.56 11.90 118.00 1.05 3.66 55.00 1.12 4.95 4.95 2800.00 1692.17 1.00 1.00 145.01 2.21 14.78 0.25 1.35 57.12 0.50 3.50 158.00 40.00 19.00 8.50 119.00 19.00 3.80 3.50 0.90 32.22 13.44 100.01 35.10 7.00 8.08 0.74 1.55 2.57 18.08
Change
Vol
0.00 0.00 0.00 0.03 0.00 0.00 0.00 -31.32 0.00 -31.61 0.00 0.00 0.00 -53.84 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 -3.70 -72.41 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
100 88 84 75 70 62 60 56 49 39 30 30 30 29 22 21 21 20 20 20 20 20 20 20 20 20 20 19 15 15 15 14 13 13 12 11 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 6
FUTURE CONTRACTS Symbols
Open
DGKC-AUG 23.10 DGKC-JUL 22.90 LUCK-JUL 72.96 LUCK-AUG 73.50 UBL-AUG 61.76 UBL-JUL 60.82 POL-AUG 366.43 ENGRO-AUG 145.98 POL-JUL 364.20 FFC-AUG 162.83 NBP-AUG 55.50 FFBL-JUL 46.73 FFC-JUL 161.43 ENGRO-JUL 144.48 FFBL-AUG 47.20 ATRL-JUL 126.10 MCB-AUG 195.94 NBP-JUL 54.97 ATRL-AUG 127.12 NML-AUG 50.79 NML-JUL 50.26 MCB-JUL 194.47 PPL-JULB 212.88 PPL-AUG 214.25 HUBC-AUG 39.95 PTC-AUG 12.83 PTC-JUL 12.69
High 23.20 22.97 73.55 74.22 63.45 60.80 368.45 147.75 366.00 162.35 56.04 46.75 161.00 146.69 47.12 126.90 197.25 54.80 128.70 51.00 51.25 195.50 213.00 213.55 39.75 12.80 12.55
Low
Close
22.70 22.50 72.21 72.50 61.01 60.80 353.26 141.00 350.00 157.55 53.61 45.90 156.50 139.25 46.25 122.55 187.00 53.00 123.50 49.00 48.60 185.52 209.25 210.11 39.75 12.50 12.30
22.82 22.64 72.83 73.57 61.03 60.80 362.55 143.69 359.93 159.19 54.36 46.43 157.68 142.46 46.93 124.52 190.58 53.88 125.76 49.72 49.12 187.62 210.73 212.52 39.75 12.52 12.35
Change
Vol
-0.28 2220000 -0.26 2121000 -0.13 1414500 0.07 1355000 -0.73 721000 -0.02 700000 -3.88 640000 -2.29 514500 -4.27 493500 -3.64 444500 -1.14 425000 -0.30 416000 -3.75 354000 -2.02 342000 -0.27 330500 -1.58 258000 -5.36 254000 -1.09 229500 -1.36 214500 -1.07 170000 -1.14 115500 -6.85 113500 -2.15 63500 -1.73 42000 -0.20 27500 -0.31 21000 -0.34 13000
MTS LEVERAGE POSITION Symbol AHCL AICL AKBL ANL ATRL BAFL DGKC ENGRO FFBL FFC HUBC KAPCO LOTPTA LUCK MCB NBP NCL NETSOL NML OGDC PAKRI POL PPL PSO PTC SSGC UBL TOTAL
Total Volume 776,554 14,750 349,854 261,850 21,500 921,000 527,620 75,029 136,450 84,000 77,500 49,375 2,492,451 219,000 25,132 671,047 340,747 10,000 344,654 500 252,160 22,000 3,675 21,459 29,930 3,000 132,500 7,863,737
Total Value 15,374,640 656,848 2,910,386 1,168,443 2,027,313 6,980,076 9,067,681 8,216,444 4,571,573 10,169,509 2,274,534 1,600,171 23,413,652 12,020,366 3,640,192 26,508,780 5,176,642 154,032 12,950,942 57,559 2,962,459 6,069,014 580,915 4,071,336 284,082 45,246 6,065,474 169,018,308
MTS Rate 21.71 21.71 21.71 21.25 18.92 18.00 19.72 18.00 19.86 21.71 20.00 18.23 21.71 19.00 18.00 20.06
BOARD MEETINGS
Hub Power Co Ltd
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
35.77
Support 1
11,989.05
MA (5-day)
12,319.78
Support 2
11,880.00
MA (10-day)
12,361.51
Resistance 1
12,258.75
MA (100-day)
12,082.19
Resistance 2
12,419.50
Target Price
Recommendations
50
Buy
Arif Habib Ltd
165.3
Accumulate
TFD Research
164.95
Arif Habib Ltd AKD Securities Ltd TFD Research
42.1 49.05
Brokerage House
Target Price
Leverage Position
Recommendations
Brokerage House
Leverage Position
63.81 MTS Shares `000 136.45 47.03 MTS Rs `000 4,571.57 42.51 MTS Rate 18.00 39.65 ** NOI Rs (mn) 84.97 Free Float Shares (mn) 326.94 Free Float Rs (mn) 15,225.53 Target price for Dec-11 & **Net Open Interest in future market
Neutral
MTS Shares `000 MTS Rs `000 MTS Rate ** NOI Rs (mn) Free Float Rs (mn)
84.00 10,169.51 19.72 137.63 73,341.14
Technical Analysis
39.60 MTS Shares `000 22.00 379.09 MTS Rs `000 6,069.01 341.25 MTS Rate 19.00 315.79 ** NOI Rs (mn) 251.96 Free Float Shares (mn) 107.95 Free Float Rs (mn) 38,790.05 Target price for Dec-11 & **Net Open Interest in future market
age (trending) and Bollinger Bands were 52 per cent wider than normal.
displaying an upward trend. Volatility is high as compared to the average displaying a downward trend. Volatility is extremely high when compared
flowing into and out of FFC at a relatively equal pace. Trend forecasting tors reflect volume flowing into and out of POL at a relatively equal pace. oscillators are currently bullish on FFC.
AKD Securities Ltd
Brokerage House
Technical Outlook Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
19.13 MTS Shares `000 75.029 149.38 MTS Rs `000 8,216.44 186.33 MTS Rate 18.92 191.87 ** NOI Rs (mn) 261.55 Free Float Shares (mn) 176.98 Free Float Rs (mn) 25,198.11 Target price for Dec-11 & **Net Open Interest in future market
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
FFC is currently 16.8 per cent above its 200-day moving average and is POL is currently 13.8 per cent above its 200-day moving average and is
Arif Habib Ltd
Technical Analysis
388.3
Technical Outlook
volatility over the last 10 trading sessions. Volume indicators reflect volume to the average volatility over the last 10 trading sessions. Volume indica-
Buy Positive
Technical Analysis
Neutral
TFD Research
Target price for Dec-11 & **Net Open Interest in future market
Buy
245.95
Buy
386.5
FFC closed down -3.98 at 157.22. Volume was 100 per cent above aver- POL closed down -4.21 at 359.33. Volume was 158 per cent above aver-
Recommendations
TFD Research
Recommendations
405
AKD Securities Ltd
age and Bollinger Bands were 80 per cent wider than normal.
224
AKD Securities Ltd
Neutral
Target Price
Arif Habib Ltd
Neutral
Leverage Position
49.63 163.99 144.00 134.64 Free Float Shares (mn) 466.49
195.41
Arif Habib Ltd
Neutral
47.75
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Target Price
Sell
45.52
TFD Research
Technical Outlook
Brokerage House
Buy
Trend forecasting oscillators are currently bearish on POL.
MCB Bank Ltd
National Bank of Pakistan
AKD Securities Ltd
42.2
Recommendations
Technical Outlook
Engro Corporation
Fauji Fertiliser Bin Qasim Ltd
Target Price
Positive
RSI (14-day) 55.18 MTS Shares `000 77.50 MA (200-day) 11,847.31 Pivot 12,149.75 MA (10-day) 39.08 MTS Rs `000 2,274.53 37.82 MTS Rate 18.00 KSE 100 INDEX closed down -167.48 points at 12,098.05. Volume MA (100-day) MA (200-day) 37.34 ** NOI Rs (mn) 3.28 was 4 per cent above average and Bollinger Bands were 4 per cent Free Float Shares (mn) 810.01 Free Float Rs (mn) 31,590.31 narrower than normal. As far as resistance level is concern, the marTarget price for Dec-11 & **Net Open Interest in future market ket will see major 1st resistance level at 12,258.75 and 2nd resistHUBC closed down -0.49 at 39.00. Volume was 564 per cent above ance level at 12,419.50, while Index will continue to find its 1st supaverage (trending) and Bollinger Bands were 18 per cent narrower than port level at 11,989.05 and 2nd support level at 11,880.00. KSE 100 INDEX is currently 2.1 per cent above its 200-day moving normal. average and is displaying a downward trend. Volatility is relatively HUBC is currently 4.4 per cent above its 200-day moving average and is normal as compared to the average volatility over the last 10 trading displaying an upward trend. Volatility is relatively normal as compared to sessions. Volume indicators reflect volume flowing into and out of the average volatility over the last 10 trading sessions. Volume indicators INDEX at a relatively equal pace. Trend forecasting oscillators are reflect volume flowing into and out of HUBC at a relatively equal pace. currently bearish on INDEX. Trend forecasting oscillators are currently bullish on HUBC.
Arif Habib Ltd
Brokerage House
Technical Outlook Technical Analysis
Pakistan Oilfields Ltd
Fauji Fertiliser Co
Target Price
Recommendations
Brokerage House
65
Buy
Arif Habib Ltd
64.99
Buy
AKD Securities Ltd
Technical Analysis
Leverage Position
53.76 MTS Shares `000 671.047 54.05 MTS Rs `000 26,508.78 55.29 MTS Rate 63.53 ** NOI Rs (mn) 79.98 Free Float Shares (mn) 398.12 Free Float Rs (mn) 21,454.81 Target price for Dec-11 & **Net Open Interest in future market
Recommendations
217
Hold
209.89
Accumulate
Technical Outlook
Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Target Price
Technical Analysis
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
30.04 MTS Shares `000 25.132 195.70 MTS Rs `000 3,640.19 204.06 MTS Rate 20.00 210.13 ** NOI Rs (mn) 55.74 Free Float Shares (mn) 334.49 Free Float Rs (mn) 62,985.33 Target price for Dec-11 & **Net Open Interest in future market
FFBL closed down -0.23 at 46.57. Volume was 15 per cent above average ENGRO closed down -1.68 at 142.38. Volume was 46 per cent above NBP closed down -1.02 at 53.89. Volume was 7 per cent below average MCB closed down -5.88 at 188.30. Volume was 199 per cent above averand Bollinger Bands were 108 per cent wider than normal. FFBL is currently 17.4 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to
average and Bollinger Bands were 4 per cent narrower than normal.
age (trending) and Bollinger Bands were 1 per cent wider than normal. and Bollinger Bands were 64 per cent narrower than normal. ENGRO is currently 25.8 per cent below its 200-day moving average and is NBP is currently 15.2 per cent below its 200-day moving average and is MCB is currently 10.4 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the displaying an upward trend. Volatility is relatively normal as compared to displaying a downward trend. Volatility is extremely high when compared
average volatility over the last 10 trading sessions. Volume indicators reflect
the average volatility over the last 10 trading sessions. Volume indicators to the average volatility over the last 10 trading sessions. Volume indicamoderate flows of volume out of ENGRO (mildly bearish). Trend forecasting reflect moderate flows of volume into FFBL (mildly bullish). Trend forecast- oscillators are currently bearish on ENGRO. Momentum oscillator is currently reflect moderate flows of volume into NBP (mildly bullish). Trend forecast- tors reflect volume flowing into and out of MCB at a relatively equal pace. Trend forecasting oscillators are currently bearish on MCB. ing oscillators are currently bullish on NBP. ing oscillators are currently bullish on FFBL. indicating that ENGRO is currently in an oversold condition. the average volatility over the last 10 trading sessions. Volume indicators
Company
Date
Time
Baba Farid Sugar Mills Ltd Colony Sugar Mills Ltd Shakarganj Mills Ltd Century Paper Fauji Fertiliser Company Ltd Exide Pakistan Ltd Karachi Electric Supply Company Ltd Lucky Cement Ltd Haseeb Waqas Meezan Bank Ltd Abdullah Shah Ghazi Sugar Mills Ltd Tandlianwala Sugar Mills Ltd Crescent Sugar Mills Bawany Sugar Mills Ltd Ansari Sugar Mills Ltd Agritech Ltd Allied Bank Ltd Rafhan Maize Products Ltd Nestle Pakistan Ltd Leather up Ltd
29-Jul 29-Jul 29-Jul 29-Jul 29-Jul 29-Jul 29-Jul 30-Jul 30-Jul 30-Jul 30-Jul 30-Jul 30-Jul 30-Jul 30-Jul 30-Jul 01-Aug 03-Aug 03-Aug 03-Aug
11:00 11:30 11:30 15:30 13:00 15:00 16:00 11:30 16:00 10:00 16:00 17:00 10:30 16:00 18:00 10:00 12:00 14:00 10:00 12:30
TECHNICAL LEVELS Company Allied Bank Limited Attock Cement Arif Habib Corp Arif Habib Limited Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank 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 45.03 62.75 62.45 38.28 47.85 47.70 54.15 26.30 25.75 40.83 16.75 16.30 12.34 55.45 53.85 41.84 10.90 10.70 51.52 6.00 5.90 27.32 360.65 356.85 42.57 122.20 119.90 49.17 10.10 9.95 42.06 3.50 3.35 40.08 6.10 5.95 34.35 1.35 1.25 41.47 22.50 22.30 28.30 2.10 1.95 47.90 2.20 2.05 29.48 31.70 31.15 43.77 65.75 64.05 19.17 138.85 135.30 51.03 9.60 9.45 36.91 3.85 3.70 63.79 45.90 45.20 49.63 155.20 153.15 53.26 119.15 118.60 55.18 38.75 38.45 43.87 151.65 149.65 39.12 198.45 188.45 43.85 2.50 2.45 47.94 1.10 1.05 41.01 2.05 1.90 44.21 6.70 6.50 42.70 42.40 42.25 46.17 2.05 2.00 26.60 11.80 11.50 54.00 72.25 71.55 30.08 184.05 179.80 39.84 2.00 1.95 53.73 52.95 52.05 19.20 19.05 18.65 39.36 20.20 20.00 30.18 1.35 1.30 56.23 2.95 2.85 34.95 48.30 47.50 43.01 148.40 146.15 29.40 1.85 1.75 42.13 1.35 1.25 42.29 2.05 2.00 33.89 4.65 4.45 39.62 350.90 342.45 48.01 208.60 206.65 42.26 63.25 62.95 26.58 243.90 238.45 16.74 12.30 12.15 36.82 218.10 217.20 42.24 19.00 18.35 40.96 16.15 16.00 33.22 19.80 19.70 27.27 1.30 1.25 25.66 2.20 2.10 34.71 59.50 58.85 23.69 1.60 1.55
1st
2nd
Resistance 63.55 64.05 48.35 48.70 27.75 28.65 17.85 18.45 59.15 61.30 11.25 11.40 6.25 6.40 369.65 374.85 126.85 129.20 10.45 10.65 3.85 4.10 6.45 6.60 1.70 1.95 22.95 23.20 2.35 2.45 2.45 2.60 32.85 33.50 69.60 71.75 146.30 150.20 10.05 10.35 4.10 4.20 47.30 48.05 160.40 163.55 120.10 120.55 39.45 39.95 155.95 158.25 219.45 230.35 2.65 2.75 1.20 1.25 2.35 2.50 7.15 7.40 42.65 42.85 2.20 2.30 12.45 12.80 73.60 74.25 194.00 199.70 2.10 2.15 54.90 55.95 19.95 20.50 20.70 21.00 1.45 1.50 3.20 3.30 50.20 51.25 153.55 156.45 2.05 2.20 1.50 1.55 2.20 2.35 5.05 5.25 366.90 374.45 212.90 215.25 64.05 64.55 254.15 258.95 12.65 12.90 219.95 220.90 20.10 20.55 16.55 16.80 20.10 20.20 1.40 1.45 2.35 2.40 60.95 61.75 1.75 1.85
Pivot 63.25 48.20 27.20 17.40 57.60 11.05 6.15 365.85 124.55 10.30 3.75 6.30 1.60 22.75 2.20 2.35 32.35 67.90 142.75 9.90 3.95 46.60 158.35 119.60 39.20 153.95 209.40 2.60 1.15 2.20 6.95 42.55 2.15 12.15 72.90 189.75 2.05 54.00 19.60 20.50 1.40 3.05 49.40 151.30 2.00 1.40 2.15 4.85 358.45 210.95 63.75 248.70 12.50 219.05 19.45 16.40 19.95 1.35 2.25 60.30 1.70
8
Friday, July 29, 2011
US States negotiating immunity for banks over foreclosures
Indonesian banks BCA, Mandiri post strong Q2 profit Overdue export proceeds
SBP allows relaxations in Finance Scheme Staff Reporter KARACHI: The State Bank of Pakistan (SBP) has allowed some relaxations in the Export Finance Scheme (EFS) for the benefit of exporters whose export proceeds are overdue. An exporter shall be eligible to avail financing under EFS Part-I and/or Part-II, if the total amount of overdue export bills at the time of availing the facility is not more than 5% of the previous year's export performance, says IH & SMEFD Circular No 08 of July 23, 2011. In case the overdue export position of an exporter is greater than 5% of the previous year's exports, the exporter will not be entitled to avail the EFS facility till such time that the overdue position is reduced to the 5% benchmark level, the Circular said, adding that these instructions, which will come into effect from
October 01, 2011, have been issued by SBP to streamline the procedure for availing finance under EFS by exporters who have overdue export proceeds. Each exporter will be required to give a Certificate on a prescribed Form showing consolidated position of overdue export bills outstanding against all bank(s) {as per the record of Foreign Exchange Operations Department (FEOD)}, as a percentage of the total exports of the preceding year finalized in EE1 statements. The Certificate will be submitted through the bank to the concerned SBP BSC office on a six monthly basis by 31st March & September 30, each year, the Circular said, adding that the certificate will remain valid up to the next six months. Process of submission of the certificate would commence from September 2011.
The State Bank has communicated the necessary guidelines to the banks for processing the requests of exporters with overdue export proceeds for availing the finance under Export Finance Scheme. Any misreporting/misstatement shall attract imposition of fine on bank/exporter at the rate prescribed under the Scheme, the Circular added. Moreover, the concerned SBP BSC office(s) shall verify the export overdue position of the exporter from relevant data and check the 5% benchmark, the Circular said and added that in normal cases this practice shall be adopted twice a year before granting refinance. The existing waiver for exporters with overdue export bills is being extended up to September 30, 2011 to cover the period until the certificate is submitted by the exporters for the first time, the Circular added.
Banks see tough loan rules, slower demand ECB survey shows slowdown in lending FRANKFURT: Euro zone banks expect to continue tightening the terms at which they lend to businesses in the coming months while their confidence about future demand for loans has slumped, the European Central Bank said on Thursday. In its latest quarterly Bank Lending Survey, the ECB said a net 2 percent of banks had tightened lending rules in the second quarter, while a net 6 percent expect to toughen their rules further in Q3. The survey also pointed to a substantial drop in confidence about future demand for loans, with a net 8 percent of those who took part expecting a pick-up in the third quarter, compared with a net 26 percent three
months ago. The downturn in the numbers is likely to add to the ECB's fears that the euro zone's economic recovery is under greater threat than previously thought. The central bank raised interest rates in the 17 countries that use the euro by a quarter of a percentage point to 1.5 per cent earlier this month, a move which in itself is putting pressure on borrowers. The majority of economists expect another rate hike this year, although financial markets have priced one out following weaker economic data and the intensification of the euro zone debt crisis in recent weeks. Investec analyst Phillip Shaw said the drop in expec-
tations for loan demand was partly explained by companies' improving balance sheets. However, he raised concerns that tougher lending rules could choke the euro zone's recovery. "Clearly if the euro zone is to remain on the recovery path, an adequate supply of bank credit is absolutely essential for that to happen and a tightening of credit standards is extremely unhelpful, even if it's modest," he said. Other gloomy news from the ECB data come in the mortgage category, an area often seen as a leading indicator of lending trends. Mortgage lending is expected to continue falling, according to a net 12 percent of banks, having dropped in both Q2 and Q1. -Reuters
ISLAMABAD: Najeeb Agrawala Group Head Marketing United Bank Limited & Mian M A Shahid Chairman of United Insurance Company of Pakistan Limited exchanging documents after signing agreement of ATM Card Secure Plan. -Online
NBP selects IBM for services KARACHI: National Bank of Pakistan (NBP) has selected IBM for Business Continuity and Resiliency Services (BCRS) to ensure uninterrupted services and protection of crucial data in the event of a disruption. The new agreement enables the bank to meet the stringent resiliency requirements of the State Bank of Pakistan and reduce the need for split-second decision making during an emergency. The National Bank of Pakistan is the largest commercial bank operating in the country. It recently redefined its role and has moved from a public sector organization into a modern commercial bank. "We selected the vendor that has the relevant expertise and capability to provide business continuity services required by EBS" said Mr. Mahmood Siddiqui, CIO of NBP. The IBM solution will equip NBP with an improved processing capability, enable the bank to run its core banking and payment solutions applications with a round the clock availability and allow the Bank to the meet challenges of any site issues through a disaster recovery setup. -PR
BancaTakaful product launched KARACHI: The Standard Chartered Bank in collaboration with Pak Qatar Family Takaful and FWU AG has launched the first lumpsum "BancaTakaful" product in Pakistan. A statement here said that the product is another in a line of Shariah- compliant savings and risk mitigation options which the Bank is providing under the strategic cooperation agreement it signed with Pak-Qatar Family Takaful, Pakistan's first and largest family Takaful operator, and FWU AG, a global facilitator of BancaTakaful. It said that this product will allow Standard Chartered to cater to the needs of all those investors who not only are looking for market competitive returns on their cumulated savings but also wish to have a Shariah- Compliant protection with their onetime investment placement to cover them in case of any unforeseen situation. The product, Mustehqam, offers four switches, between the chosen investment strategies free of cost, within a year. -APP
KARACHI: Tameer Microfinance Bank in partnership with AsiaCare has launched 'Tameer Sehat O Sukoon'. Picture shows: Nadeem Hussain, President & CEO Tameer Microfinance Bank and Dr Mehdi Kazmi, CEO Asiacare Life & Health Insurance Company along with other officials during the agreement signing ceremony. -Staff Photo
Tameer Bank launches Tameer Sehat O Sukoon Product to help poor access insurance services KARACHI: Tameer Microfinance Bank in partnership with AsiaCare has launched 'Tameer Sehat O Sukoon', a health micro-insurance product that will be offered to low-income individuals to provide them quality healthcare when they need it most. The aim is to help poor households have access to formal insurance that protects against health risks such as severe or chronic illness, accidents, and obstructed births. These shocks are particularly damaging for poor households who are more vulnerable and less able to absorb the financial consequences of such events. To mark the launch of Tameer Sehat O Sukoon a signing ceremony was held at a local hotel. Nadeem Hussain, President & CEO Tameer Microfinance Bank and Dr Mehdi Kazmi, CEO Asiacare Life & Health Insurance Company signed the agreement in the presence of other officials from both organizations. Speaking on the occasion, Nadeem Hussain said: "Offering a service like Tameer Sehat O Sukoon is part of Tameer Bank's strategy and vision to emerge as a global benchmark for inno-
Bank Alfalah recognizes institutional excellence
KARACHI: Bank Alfalah's Management Conference on Organizational Excellence 2011, held on July 28, 2011 witnessed the amalgamation of the Management's commitment to organizational values and recognition of employee excellence. In this eminent event, the performance of more than 250 star performers belonging to different cadres, organisational functions and age groups, was highlighted and appreciated by the senior management of the Bank. The addresses by the senior executives and the speeches by the star performers and young executives vicariously shared their combined rich experience with the human resource of the Bank and served to inspire the employees. The Bank's Management utilized the platform provided by the Management Conference on Organizational Excellence 2011 to identify the constraints under which the different units of the Bank operate in and acknowledged the distinguished performances of the top-performers who deployed their expertise to overcome these challenges. The senior executives endeavoured to inspire their colleagues through their diaKARACHI: National Bank logues on the prevalent issues with regard to
NBP top Pak bank in 1000 world banks of 2011
of Pakistan has outperformed all the banks in Pakistan according to the recently announced "top 1000 world banks 2011" by The Banker magazine of UK. Every year The Banker publishes a list of top 1000 banks based on strength, size, soundness, profit and performance. NBP, based on Tier 1 capital strength, has been awarded as the top bank in Pakistan. Among the global leading banks from Pakistan, NBP is ranked the top bank again in 2011 that has made to the list of top 1000 banks of the world. The Banker since 85 years has been a flagship Global Financial Intelligence magazine of Financial Times Group of UK. Its ratings and lists are referred by professionals and governments worldwide. -Agencies
vative and commercially viable microfinance solutions for the unbanked and, in the process, offer them a means to socio-economic empowerment. Our health insurance product is an effort to bridge the gap between the haves and the have-nots and to promote greater inclusion within society." Tameer Sehat O Sukoon is an in-patient product which offers cashless access to health services with coverage worth Rs 35,000 against an annual premium of Rs650. It is being rolled out across the Tameer network which comprises more than 100 customer touchpoints across Pakistan. It will be available for Tameer Bank customers as well as non Tameer Bank walk-in customers. Tameer Bank's partner, AsiaCare Health & Life Insurance Company, was established in 2009. It provides a wide range of insurance plans and offers customized products and services. The products offered are a result of in-depth industry knowledge, market research and an understanding of customers' health insurance needs. -PR
corporate banking, branch banking and correspondent banking, along with the way forward in these arenas. Also achieved through these presentations and addresses, was a review of the nascent history of Bank Alfalah and its remarkable organic growth over the years, as well as the organizational roadmap for the future. The Management Conference propagated the corporate virtues of actualization of potential, alignment of individual competence with organizational goals/strategies and synergized concerted efforts. According to Mr. Sirajuddin Aziz, CEO of Bank Alfalah, "Excellence may be superlative for others, but at Bank Alfalah it is minimum standard of performance. We believe that our customers deserve no less than the professional commitment, impeccable service and sound integrity of our banking expertise. To deliver upon these corporate goals, we expect the best from our employees. The Caring promised by Bank Alfalah, begins within the organization, where the Management has a long standing tradition and culture of connecting emotionally with our employees and cherishing their professional efforts." -PR
KARACHIK: Mohammad Yousuf (Chief Risk Officer) (L), Sirajuddin Aziz (Chief Executive Officer) (C)and Shakil Sadiq (Chief Operating Officer) (R) addressing the delegates of the Bank Alfalah Management Conference on Organizational Excellence 2011..-Staff Photo
9
Friday, July 29, 2011
Brent oil rises towards $118, US debt looms
l
Tropical Storm Don heads towards Texas
LONDON: Brent oil rose towards $118 on Thursday as a storm heading toward the Gulf of Mexico raised the threat of supply disruption and wary traders waited to see whether the United States could break a political deadlock over its debt limit. Brent gained 31 cents to $117.74 a barrel by 1350 GMT.US crude was up 17 cents to $97.57. The frontmonth contract hit a seven-session low of $96.51 earlier after data on We d n e s d a y showed a rise in US inventories. "The first storms of the Atlantic hurricane season have hit the headlines, reminding the market of potential supply disruptions from an expected active hurricane season," said Natalie Robertson, an analyst at ANZ. Traders said the market was range-bound and volumes were subdued by protracted uncertainty over the health of the world's biggest economy and top oil user. A vote on a bill to cut the US deficit -- a necessary step before the debt ceiling can be raised to avoid a potentially
catastrophic US default -- was expected to be nail-bitingly close on Thursday. "We are now starting to see markets beginning to seize up in light of the dangerous game of chicken being played by the politicians in Washington," Edward Meir of MF Global wrote in a daily note. Unease about the US
impasse has weighed on a range of financial markets and helped to drive relatively safehaven gold to a series of alltime highs. US data on Thursday showed jobless claims had dropped below the 400,000 level for the first time since early April, providing some support for the US dollar and leaving gold steady. Brent continued to trade in a narrow range and has traded in a roughly $10 band since the International Energy Agency in late June added additional supplies to the market following the failure of the Organization
of the Petroleum Exporting Countries to agree to increase output. "Producer governments continue to send the message that they are perfectly happy with prices being precisely where they are, and consumer governments continue to send the message that while they do not like the level, they very much like the lack of moment u m , " Barclays Capital said in a note. Analysts and traders said the possibility of a further release from emergency stocks could cap gains over the medium term, although on Thursday, the fourth named storm of the Atlantic hurricane season provided modest price support. The US government's weather agency has forecast an "above normal" 2011 Atlantic hurricane season, spawning six to 10 hurricanes of which around half could become major. Tropical Storm Don was heading towards the Texas coast and could threaten oil infrastructure in the US Gulf of Mexico. -Reuters
Arabica coffee sets 6-mth low, sugar eases LONDON: Arabica coffee futures fell to a six-month low before steadying on Thursday, as the threat of frost in Brazil receded and the harvest of a record off-year crop from the top producer weighed. Sugar futures eased, underpinned by diminishing Brazilian production prospects, while cocoa dipped as ample West African supplies were bearish. Front-month arabica coffee futures on ICE hit a six-month low, before trimming losses, as top producer Brazil's harvest was in full-swing. ICE prices were underpinned by a lack of selling as Brazilian farmers hoped for higher prices. "Brazil is now at the peak of its harvest and you should be seeing a lot of Brazil selling and it's not happening," a European analyst said. September arabica coffee on ICE fell 0.45 cent or 0.2 per cent to $2.4075 per lb at 1457 GMT. The front-month dipped to $2.3720 earlier in the session, its lowest level since January. Large Liffe exchange stocks of robusta coffee weighed on the London futures market. September robusta coffee on Liffe traded down $29 or 1.4 per cent to $2,098 per tonne. ICE raw sugar futures were lower, edging further below October's contract high of 31.68 cents a lb touched on Monday, underpinned by consecutive revisions lower to Brazilian output. Last week Lausanne-based consultancy Kingsman SA pegged Brazil's key centre-south 2011/12 cane crop at 525 million tonnes, below Brazil's sugar industry group Unica's forecast of 533.5 million tonnes. "If things deteriorate further the market could take another step higher," a London-based trader said. October raw sugar on ICE was down 0.31 cent or 1 per cent at 30.82 cents a lb. -Reuters
Tokyo rubber lower on US debt fears RAYONG, THAILAND: Thongshin Klaharn, 49 hangs sheets of rubber in the rubber drying shack at the rubber workshop. -Reuters
NY cotton rises near 3pc as funds keep buying NEW YORK: Cotton futures finished higher Wednesday on follow-through investment fund and speculative buying, with traders saying the momentum from the advance may shove fiber contracts up the rest of the week. The key December cotton futures on ICE Futures US rose 2.85 cents or by nearly 3.0 per cent to finish at $1.0361 per lb, on the heels of a 4.1 per cent gain on Tuesday. It traded from 99.85 cents to a high of $1.0444, its highest prices since gapping lower between July 14 and 15. Total market volume hit almost 15,000 lots at 1816 GMT, around 7 per cent
below the 30-day norm, Thomson Reuters preliminary data showed. "We're just building on yesterday's gains," said Sharon Johnson, senior cotton analyst for commodities brokerage Penson Futures in Atlanta, Georgia. Trade buying at the Tuesday low of 93.20 cents and speculative fund buying on the way up was extended into Wednesday's session, dealers said. Independent cotton analyst Mike Stevens said in a report that cotton futures, basis the key December contract, "still needs to close above $1.0446 (per lb) to generate a test of $1.0888" which is the area
from which the market had broken down recently. Traders said they were also carefully monitoring the formation of a storm in the Gulf of Mexico as computer models point to it heading toward southern Texas later in the week. Volume traded Tuesday reached 20,136 lots, the highest since July 18, and against the Monday volume of 8,999 lots, which was the lowest level since July 1, ICE Futures US data showed. Open interest in the cotton market stood at 138,911 lots as of Tuesday, which is also the highest level since July 8, the exchange data added. Reuters
Palm oil drops on US debt jitters, improved soy weather KUALA LUMPUR: Malaysian palm oil futures fell half a per cent on Thursday as concerns over a looming global debt crisis and improved weather for parched US soy crops prompted investors to cut back positions. A possible US credit rating downgrade has weighed on financial markets, adding to weak sentiment in palm oil futures that have lost 18 per cent so far this year. A turn to better crop weather in the US as well as bearish estimates for ample palm oil supply from top industry analyst DorabMistry further pressured the vegetable oil markets. "Sentiment is really weak. We could be seeing more profit taking in the days to come but the hot weather has started
to hurt soy yields in the US," said a trader with a foreign commodities brokerage in Kuala Lumpur. "Also, stocks are growing in palm oil producers like Malaysia and Indonesia, so we are in for volatile trade," he added. The benchmark October contract on the Bursa Malaysia Derivatives Exchange ended 14 ringgit lower at 3,116 ringgit ($1,058.963) per tonne after going as low as 3,085 ringgit. Traded volumes were light at 17,833 lots of 25 tonnes each, compared to the usual 25,000 lots as investors remained cautious. Technicals were negative Reuters analyst Wang Tao said Malaysian palm oil will fall further to 3,064 ringgit per tonne, as it has dropped below a rising channel.
Leading palm oil analyst DorabMistry said the market could drop as low as 2,800 ringgit in September as stocks in Malaysia remain stubbornly high. USsoyoil for August delivery rose 0.3 per cent on Thursday, reversing losses from the previous session, with little help from improved China demand for soybeans although favourable weather in the United States capped gains. China is likely to start importing more soybeans and vegetable oils from July after weak purchases in past months, said a Hamburg-based oilseeds analysts Oil World on Tuesday. The most active May 2012 soyoil on China's Dalian Commodity Exchange fell 0.7 per cent. -Reuters
BANGKOK: Tokyo rubber futures fell 2.5 per cent on Thursday as concerns about the US debt stalemate encouraged players to liquidate contracts to avoid risk, with profit-taking after a recent rise adding to the downward pressure, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for January 2012 delivery fell 4.5 yen to settle at 391.5 yen ($5.02) per kg. It fell as much as 2.5 per cent to an intraday low of 386.0 yen per kg. The most active rubber contract on the Shanghai futures exchange for January delivery fell 740 yuan to finish at 35,540 yuan ($5,515) per tonne. "Players want to avoid risk, and uncertainty about the US debt crisis could mean falls in rubber demand," one dealer said. A bill to cut the US deficit faced a close vote in Congress on Thursday as the top Republican lawmaker sought to quell an internal revolt and push his plan to avoid default. Reuters
Chile mine supports copper but US debt eyed LONDON: Copper prices rose on Thursday, supported byencouraging economic data from the United States and by supply worries after aforce majeure was declared at the world's biggest copper mine, although furthergains were capped by uncertainty about the US debt situation. Benchmark copper on the London Metal Exchange ended at $9,815, upfrom a close of $9,780 on Wednesday. The metal used in power and construction hit a session high of $9,850 atonne after data showed pending sales of existing US homes unexpectedly rosein June. Earlier a weaker dollar after better-than-expected weekly US joblessclaims helped support copper prices. Chile's Escondida copper mine, which extracts 7 per cent of the world'scopper, on Wednesday declared force majeure on copper concentrate sales amid asix-day strike that has hit output. "On one hand copper is under pressure due to the debt limit discussions inthe US and a stronger dollar, but on the other hand prices are supported bythe strike at Escondida," said Daniel Briesemann, an analyst at Commerzbanksaid.
A prolonged strike at Escondida could push a global shortfall of copperconcentrate deeper into deficit this year, driving smelting and refining chargeslower. Failure to reach accord soon at Escondida could have implications for copperprices, which hit a record high of $10,190 a tonne in February on the
Shanghai copper edges down The most-active October copper contract on the Shanghai Futures Exchange slipped 0.1 percent to close at 72,750yuan per tonne, after closing flat the previous day. prospectof a shortfall this year. Global copper consumption is estimated at around 21million tonnes this year. A bill to cut the US deficit faced a nail-bitingly close vote in Congresson Thursday as the top Republican lawmaker sought to quell an internal revoltand push his plan to avoid a ruinous default. In Europe, contrasting statements by euro-zone politicians to domesticaudiences have underlined the fragility of last week's deal to rescue Greece
Gold firms a touch, eyes on US debt talks LONDON: Gold firmed a touch on Thursday, lifted by concerns over a potential US debt default as lawmakers in Washington argued over deficit-cutting measures, and lingering fears that the eurozone debt crisis could spread. Prices briefly rose above $1,620 an ounce, but quickly steadied after a US government report showing jobless claims fell more than expected last week, which took some of the heat out of risk aversion. Spot gold was up 0.1 per cent at $1,614.90 an ounce at 1312 GMT. It hit a record $1,628 an
end, Monday could see very hefty gains." "I believe they will reach an agreement, and then some profits will be shaved off the gold and the silver markets," he added. "However, I don't think that will be the end of the gold rally. These will be the temporary measures, they will just push the problem further forward. Gold has a long way to go." The dollar recovered early losses to rise 0.4 per cent against a basket of six major currencies , while US long-dated Treasuries hit session highs. The euro fell,
ounce on Wednesday, its second session at all-time highs this week, before correcting sharply later in the day. A bill to cut the US deficit faces a nail-bitingly close vote in Congress on Thursday as the top Republican lawmaker, House of Representatives Speaker John Boehner, sought to quell an internal revolt and push his plan forward. An agreement to cut the deficit is needed before lawmakers will agree to raise the US debt ceiling. If it does not do so, the world's largest economy will run out of money to pay its bills in less than a week. "The closer we get to the possibility that no agreement will be reached, that will drive the gold price higher," said VM Group analyst Carl Firman. "If this continues over the week-
Italian government bond yields rose and Bund futures hit a session high as edgy markets turned to safe-haven assets after an Italian debt auction and as little progress emerged from Washington. US gold futures for August delivery were up 40 cents an ounce at $1,615.60. "As we draw closer to the Treasury's Aug. 2 deadline for raising the debt ceiling, there's a rising likelihood of a rushed, short-term fix that essentially kicks the problem further into the future," said UBS in a note. "This is likely to prompt the market to price in a higher risk of a credit ratings downgrade. The spread between 10-year German bunds and US 10-year (Treasuries) widened the most in over five months yesterday." -Reuters
andunsettled financial markets already on edge because of the US debtimpasse. Earlier on Thursday the dollar rose against the euro, which came underpressure from concerns about the euro-zone debt crisis, but it retreatedslightly after the US economic data. A lower dollar makes commodities pricedin the US currency cheaper for holders of other currencies. Japan's refined copper exports fell 39 per cent in June from a year earlierto 27,486 tonnes, for a ninth straight month of year-on-year declines, althoughthe pace slowed from May's 52 per cent drop, data showed. Copper stocks in LME approved warehouses fell 1,450 tonnes to 468,350 tonnes,the latest data showed. Inventories were still more than a third higher than inDecember. Aluminium stocks, which have been steadily falling since hitting a recordhigh of 4.71 million tonnes in May, rose 92,425 tonnes to 4,461,425 tonnes. Stocks jumped by 100,000 tonnes in the Dutch port of Vlissingen as tradersspeculated that Glencore had registered material in warehouses thereand that more might follow. -Reuters
Indian sugar edge up on bargain-buying MUMBAI: India's sugar futures edged higher on Thursday due to lower-level buying after losing nearly 3 percent in the previous session on hopes the government will release higher amount of nonlevy quota for August to calm prices, analysts said. The most active August sugar on the National Commodity and Derivatives Exchange finished 0.6 percent higher at 2,721 rupees per 100 kg. In Kolhapur, a key market in top producer Maharashtra, the most traded S-variety fell 0.3 percent to 2,673 rupees per ($60.61) per 100 kg. "Spot demand was weak today. Traders were waiting for August non-levy quota before making any big deal," said a member of the Bombay Sugar Merchants Association. Non-levy, or free-sale sugar, is sold by millers in the open market, but the quantity each mill can sell is fixed by the federal government on a monthly basis. India, the world's top consumer and the biggest producer after Brazil, should churn out 24.2 million tonnes in the current 2010/11 season and output may jump to 26.5 million tonnes in 2011/12, higher than the country's estimated consumption of around 22 million tonnes, industry estimates. India can export 3 million tonnes of the sweetener in the 2011/12 season beginning October as it is likely to produce a surplus for the second year in a row, a senior official from trade house ED & F Man said on July 21. -Reuters
National Commodity Exchange Ltd Trading Summary Date
28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011 28-Jul-2011
Commodity
Crude10 Crude10 Crude10 Crude100 Crude100 Crude100 SL100OZ SL100OZ SL100OZ SL100OZ SL500OZ SL500OZ SL500OZ SL500OZ GO1OZ GO1OZ GO1OZ GO100OZ GO100OZ GO100OZ GO100OZ GOLD GOLD GOLD GOLDKILO GOLDKILO TGOLD50 TGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD
Contract Date
Price Quotation
Open
High
Low
Close
SE11 OC11 NO11 SE11 OC11 NO11 SE11 OC11 NO11 DE11 SE11 OC11 NO11 DE11 SE11 OC11 NO11 SE11 OC11 NO11 DE11 AU11 SE11 OC11 AU11 SE11 AU11 AU11 MON TUE WED THU FRI MON TUE WED
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola
98.65 99.60 99.60 98.50 98.98 99.60 40.89 40.78 40.31 40.44 40.85 40.78 40.31 40.46 1619.70 1619.50 1617.00 1618.60 1621.00 1616.00 1623.60 45000.00 44920.00 44934.00 44883.00 44893.00 52350.00 52350.00 46058.00 46109.00 46126.00 46024.00 45,500 52,905 53,220 53,185
98.87 99.34 99.60 98.69 99.13 99.60 41.44 40.78 40.31 40.49 41.37 40.78 40.31 40.57 1629.00 1630.00 1619.50 1618.60 1625.70 1617.20 44807.00 45100.00 44920.00 44934.00 44883.00 44893.00 52350.00 52350.00 46058.00 46109.00 46126.00 46041.00 46,041 53,051 53,220 53,185
96.76 97.25 98.33 96.79 97.72 98.33 39.95 40.19 40.20 40.02 39.92 40.19 40.20 39.99 1610.00 1610.30 1615.00 1616.70 1613.40 1616.00 1613.00 44700.00 44835.00 44848.00 44797.00 44807.00 52251.00 52251.00 45954.00 46006.00 46024.00 46024.00 45,500 52,905 52,991 53,011
97.41 97.84 98.33 97.41 97.84 98.33 40.18 40.19 40.20 40.20 40.18 40.19 40.20 40.20 1616.70 1617.20 1617.80 1616.70 1617.20 1617.20 44807.00 44825.00 44835.00 44848.00 44797.00 44807.00 52251.00 52251.00 45954.00 46006.00 46024.00 46041.00 45,937 52,931 52,991 53,011
Traded Volume in lots 1,192 380 254 25 542 9 194 146 3,543 3,105 28 26 14 6 3 3 2 1
Previous Settlement Price 98.69 99.13 99.60 98.69 99.13 99.60 40.78 40.78 40.31 40.31 40.78 40.78 40.31 40.31 1618.60 1619.10 1616.00 1618.60 1619.10 1616.00 1620.40 44910.00 44920.00 44934.00 44883.00 44893.00 52350.00 52350.00 46058.00 46109.00 46126.00 46024.00 46,041 53,051 53,111 53,130
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 97.41 423 97.84 159 98.33 97.41 90 97.84 12 98.33 40.18 116 40.19 1 40.20 40.20 1 40.18 40.19 40 40.20 40.20 1616.70 2,807 1617.20 3,443 1617.80 13 1616.70 1617.20 1617.80 1618.40 6 44825.00 4 44835.00 44848.00 44797.00 44807.00 52251.00 52251.00 45954.00 46006.00 46024.00 46041.00 45,937 3 52,931 7 52,991 5 53,011 4
10
Friday, July 29, 2011
PCB names young team for Zimbabwe LAHORE: Pakistan cricket Board on Thursday named a new look young side for the tour of Zimbabwe banking upon the talent of domestic cricketer performers by including three uncapped players while recalling opener Imran Farhat from wilderness. "We are deeply impressed with the consistent performance of some players who made their way to the team which is our tour team for the T-20,one day games and the test match," said chief selector addressing a news conference after selection committee meeting here. Pak team will tour Zimbabwe from August 28 to play two, T20 matches, three one day internationals and one test. Those who got the nod of the selectors through their hard work and display of talent at domestic level included toporder batsman Ramose Raja, leg spinner Yasir Shah and seamer Aizaz Cheema. Pakistan Squad: Misbah-ulHaq (captain), Mohammad Hafeez, Taufeeq Umar, Imran Farhat, Azhar Ali, Younis Khan, Asad Shafiq, Umar Akmal, Rameez Raja, Adnan Akmal (WK), Saeed Ajmal, Yasir Shah, Sohail Tanvir, Sohail Khan, Junaid Khan, Aizaz Cheema. The 16-member squad described balanced and equally talented by the chief selector has also pace bowler Sohail Khan who has played one test in the past,to infuse fire in its pace battery to counter a weaker opposition which has been described the underdogs. " The present combination is a mixture of experience and youth where much reliance has
been made on young players and hopefully they will live upto the expectations ",said Mohsin. When asked to justify the recall of Imran Farhat the chief selector said the batsman put up fine show in the domestic tournaments and deserved a place. When his attention was drawn to the fact that despite these brilliant performance Imran was not earlier considered for the tour of West Indies,the chief selector said at that time it was hard for him to earn a place because the selectors wanted to include Ahmed Shahzad who failed in the role of an opener during the tour.Imran last played for Pakistan during one-day series against South Africa in the UAE in October 2010. The selectors also named six stand byes which also included veteran captain Shoaib Malik (subject to clearance from integrity committee of PCB). The other stand byes are Sarfraz Ahmad,WK,Khurram Manzoor,Sharjeel Khan,Muhammad Talha and Hammad Azam. Chief selector said young players will be given ample chance during the talent, unlike the previous practice when young players were part of the squad but were not included in the main playing side. Pacers trio of Umar Gul, Tanvir Ahmed and Wahab Riaz have been rested. Pacer Sohail Tanvir who was last included for the tour of New Zealand early in the year is also part of the squad to strengthen pace bowling.Sohail and Cheema join Junaid Khan and Sohail Tanvir. -APP
Kaleem’s ton steers Zone-IV Whites in U17 final KARACHI: Kaleemullah smashed an aggressive century to steer Zone-IV Whites in the semifinals in Woodward Trophy under-17 Cricket Tournament when they thrashed Zone-VI Whites by 114 runs at Pak Star Ground here on Wednesday. Kaleem's 119 was clobbered with 15 boundaries and one sixer as Zone-IV Whites mustered 216 all out in 44th over. Muhammad Waqas and Bilal Manzoor took three wickets apiece. Zone-VI Whites in reply were bowled out for 102 in
33rd over. Kaleemullah followed his century by taking wickets for 20 runs. At TMC Ground, Zone-I Whites defeated Zone-VII Whites by 81 runs. Fakhar Tahir slammed 74 with nine 4s and brace of sixes and Mirza Sajjad Baig banged ten 4s and one six in his 70. In another match at Landhi Gymkhana Ground, Arbaz Shah took four wickets for 46 runs and Muhammad Ali claimed three wickets for 39 runs to bowl Zone-V Whites to 28 runs win over Zone-III Blues.
KARACHI: Winner Imran Shahzad (left) and runners-up Sohail Shahzad posing for photograph with their trophies during prize distribution ceremony of NBP National Ranking Snooker Championship. -APP
Gujranwala Sahiwal in final of U15 badminton LAHORE: Gujranwala will meet Sahiwal in the final of Inter Division Youth U-15 Boys Badminton Championship after their winning respective semi finals here on Thursday at Iqbal Park Sports Complex. Gujranwala beat Multan 3-0 and Sahiwal scored identical margin win over Lahore.The final will be played tomorrow, Friday. -APP
2014 World Cup gets Jun 12-Jul-13 schedule SAO PAULO: The 2014 World Cup in Brazil will take place between June 12 and July 13, FIFA general secretary Jerome Valcke announced in Rio on Wednesday. "The World Cup in 2014 will start on June 12 and finish on July 13. I know everyone wants to know the city that will host the opening game of the tournament, but that will be decided in October," he said. -APP
Russia's Maria Sharapova returns the ball against Slovakia's Daniela Hantuchova during her Stanford Classic tennis match in Stanford, California. -Reuters
UK HC marks one year to London Olympics Games ISLAMABAD: A colourful event was organized by British High Commission to mark one year count-down to London 2012 Olympics and Paralympic Games which was attended a number of Pakistani players who had represented the country at different international games. The event was organized both at Islamabad and Karachi on Wednesday to celebrate the start of the countdown of the Games. Deputy High Commissioner Dr Peter Tibber, speaking on this occasion said, "Today marks one year to go until the eyes of the world focus on the London 2012 Olympics. It is an exciting time and here in Pakistan we are getting into the spirit of the Games by hosting two sporting events with some of Pakistan's biggest sporting names to mark the beginning of this countdown." An exhibition mixed double tennis match was also played on this occasion between Pakistan's great tennis players Muhammad Aasaf and Sarah Mehboob with two members of staff from the British High Commission. In Karachi Jehangir Khan, arguably the world's best squash player, was joined by
many other sporting celebrities and hundreds of boys and girls from different schools in Karachi to participate in the British Council's International Inspirations programme for an evening of sporting events. Deputy High Commissioner Dr. Peter Tibber said, "But today is not just about the world's athletes, it is about sending a message to every one here in Pakistan and across the world that we in Britain look forward to welcoming you to our great nation." He said from today and for the next 12 months until the Games, "we want to show you what makes the UK such a great place to live, work, visit, invest and do business". He said with 365 days to go, Britain stands ready to welcome the world to London." The British Foreign Secretary in a statement issued on this occasion said, "The Foreign Office is playing a crucial part in telling the rest of the world what a great place the UK is to visit, do business and learn in the lead up to the Olympics and Paralympics." The Secretary further said, "We are encouraging hundreds of thousands of visitors to find out about the Olympic Games
next year, it is going to be an incredible time in the UK and we are ready to welcome everybody." Director Programmes, British Council Martin Fryer speaking on the occasion said, "Hosting the Olympics in 2012 is a dream come true for a whole new generation of Londoners." He said, "It places sport at the centre of a major city's life, reminding all of us of the immense value of friendly sporting competition." He said the British Council is proud to be working with teachers and students across Pakistan in the 2012 International Inspiration programme which promotes physical education, sport and play, one of the legacy programmes of the London Olympics. In Islamabad, the Deputy High Commissioner of UK High Commission also presented prizes to the winners of online quiz in connection with Olympics 2012. Five winners were selected from over 200 entries each winning official London 2012 merchandise. The UK will be the first country to host the Olympics three times. First in 1908, then in 1948 and now in 2012. -APP
Fisher shares early lead, mixed fortune for McIlroy KILLARNEY, Ireland: England's Ross Fisher made a bright start to his bid to defend his Irish Open title, carding am opening round four under par 67 to put him among the early clubhouse leaders in Killarney. Fisher was paired with US Open champion Rory McIlroy, out of sorts at the British Open, who enjoyed mixed fortunes as he signed for a one under 70. The Northern Irishman had bounced straight back from his disappointing performance at Sandwich to set the early pace with four birdies in the first ten holes before marring his day with a bogey at the 11th and a closing double bogey. Playing in his first tournament on home soil since the US Open the 22-year-old pulled off what he described as "one of the best shots I've ever hit" to save par at the 14th after a spectacular hook round the trees from deep rough onto the green. But he met trouble again on the 18th, when lying at three under par and one off the lead he went from a fairway bunker into water for his double bogey. "At four under through 10 things were going along quite nicely, but I didn't drive it great all day and I played some scrappy golf coming in," he reflected.
Premier League says tour matches benefit Asian game HONG KONG: English football clubs on pre-season Asian tours benefit the sport in the region rather than taking the shine off the local scene, the Premier League's chief spokesman said on Thursday. "We're here and we're adding interest to the game, adding interest to football generally," Dan Johnson told Reuters in Hong Kong where a trio of top flight English clubs are competing with a local side for the Asia Trophy. "This morning we were down at a big community festival with a load of coaches coaching young kids, coaching local coaches," he added. "I think if you can leave a legacy there as well as generat-
ing interest in the game, that'll help develop the game here and we take that very seriously and all our clubs across the region take very seriously when they come to Asia." Chelsea, Aston Villa and Blackburn are competing in the Asia Trophy with Hong Kong club Kitchee at the Hong Kong Stadium. Villa beat Blackburn 1-0 in their opening match while Chelsea on Wednesday thumped the locals 4-0. The four team event held every two years is in its fifth edition, and is hugely popular in the region. More than two thirds of the 80,000 tickets were snapped up within five days. Johnson said that despite the
premier league growing globally, Asia remained a key market for the clubs. "Traditionally Asia has always been one of the biggest markets for English football, there's a kind of expat thing going on with Hong Kong and Singapore, it's grown from there," said Johnson. "Yes, the Premier League has grown across the globe, and teams are going to America and we're big in Africa but I think the passion and the knowledge and the understanding of fans in Hong Kong and the Asia region is still at that level up." Johnson's thoughts were echoed by former Aston Villa player Ian Taylor.
"This is where the most growth is and obviously you can see with the likes of Chelsea, Blackburn, Liverpool and Manchester United all coming over, obviously they see it as a big, big part of their brand management," he said. "So we're really enjoying it and branching out and letting people know that we're here. And all this really, really helps." Taylor said he had been surprised by the enthusiastic reaction in Hong Kong. "There's a lot of expatriates, but also Chinese, they're so fanatical about the game as well. That surprised me. "To see them turn out in numbers was a great, great thing." -Reuters
11
International & Continuations
Friday, July 29, 2011
FTSE bolstered by banks and encouraging US data LONDON: Stronger banks helped the FTSE 100 share index edge higher on Thursday as investors welcomed upbeat data releases from across the Atlantic, though the overriding mood was one of caution, with only a few days left for the U.S. government and its opponents to reach a deal on its debt and avoid a default. The FTSE 100 index ended up 16.63 points, or 0.3 percent, at 5,873.21, in choppy trading, having dropped 1.2 percent in the previous session on concerns over U.S. debt. Banking stocks bounced after the sharp falls seen on Wednesday, contributing more than 12 points to the index's advance, as bargain hunters moved in, encouraged by better-than-expected U.S. data on home sales and employment. But investors remained jittery over the impasse in U.S. debt ceiling talks that has sparked fears of a U.S. debt default and a credit rating downgrade. "Gains could be fairly short-lived in this market," Martin Dobson, head of trading at Westhouse Securities, said. "There is nervousness out there and I don't think any-
No #1
one's prepared to take any positions until they've got a bit more clarity." A vote of approval on Thursday in the House of Representatives for a deficitcutting plan presented by the top Republican in Congress, John Boehner, could help ease the tense debt deadlock. Among the risers pharmaceutical firm Shire gained 4.2 percent after the company reported a better than expected rise in secondquarter revenue and earnings, prompting Matrix to repeat its "buy" rating on the stock. AstraZeneca edged up 0.2 percent after the drugmaker raised its 2011 earnings outlook and promised to hand more cash back to shareholders. BT Group , meanwhile, advanced 3.8 percent after the telecoms provider said cost-cutting helped lift its core profit by 3 percent in its fiscal first quarter, and on relief the firm retained its outlook. BAE Systems was the top blue-chip riser, up 4.9 percent, as the defence contractor raised its dividend and announced a 500 millionpound share buyback, as it moved to reassure investors it can navigate through mili-
Continued from page 12
condition of power plant had gone worse. Nepra said boiler machinery and fuel handles of plant had been completely damaged while approval has been accorded for repair of plants, enhancement in the salaries of employees and provision of facility of electricity units free of cost to employees. Following approval of these steps tariff of LPGC has gone up to Rs10.55 per unit. Recommendations for supply of electricity free of cost to the employees valuing Rs21.3 million and raise in salaries and other perks to the tune of Rs195 million have been approved. Nepra has also issued directives for reduction in surplus staff working in LPGC. - Online
No #2
Continued from page 12
work on Thar airport while the groundbreaking ceremony will be held soon. The meeting also discussed the issues regarding prevailing prices of cotton, and assured the growers of Sindh that their interest will be protected. Chief Minister Sindh assured the participants of the meeting that efforts will be made to procure cotton from growers on reasonable rates and cotton on same rates will be exported to other countries through Trading Corporation of Pakistan. It was also informed that the work on Thar lodge is near completion and the issue of transmission line is being hashed out with Ministry of Water & Power. It was informed that at present 29 Reverse Osmosis (RO) plants are fully functioning in Thar, and water is being provided free of cost. It was further informed that 25 RO plants are under commissioning process in Badin and Thatta district, while the work on additional 29 RO plants is also in progress which was announced by Chief Minister Sindh. Chief Minister Sindh also emphasised that in case, there is delay in work of railway track, the construction work on provision of road be accelerated. The meeting also directed that work on mining is to be initiated by Government of Sindh, then keeping in view the financial resources; the provincial government should start on the scheme. The meeting was attended among others by Sindh Minister for Information Sharjeel Enam Memon, Minister for Population Welfare Department Syed Ali Mardan Shah, Muhammad Taimoor Talpur MPA, Muhammad Hayat Talpur MPA, Additional Chief Secretary (P&D) Muhammad Ishaque Lashari, Secretary Finance Sindh Naveed Kamran Baloch, Secretary Coal Department Aijaz Ali Khan, Director General Sindh Coal Authority Abdul Majeed Pathan and Arbab Ahmed Wazir Memon. - NNI
No #3
Continued from page 12
was taking steps and supporting police for maintaining law and order in the city. The interior minister said that police had arrested many culprits allegedly involved in various heinous activities in the province. He said that friends of Pakistan are providing information and due to this help, "we have apprehended the terrorists." - APP
No #4
Continued from page 12
These new unclassified document say after the French government cancelled the project at Chashma, they learned that the Pakistanis had begun a secret effort to acquire technology to complete the plant. "The US role in cancelling the reprocessing plant caused resentment at high levels of the Pakistani government with military dictator General Muhammad Zia-ul-Haq asserting that US-Pakistani relations were at their 'lowest ebb'," said the National Security Archive. "State Department officials wanted to move forward to restore more normal relations because they worried about the danger of a disintegrating or radicalised Pakistan and Islamabad's loss of confidence in Washington. Nevertheless, the restoration of economic and military aid could be jeopardized by evidence of a Pakistani
tary spending cuts in the UK and United States. "We believe the sector as a whole has pockets of strong growth (electronic warfare) and good medium term prospects," said Jamie Seaton, manager of the 66.7 million-pound SVG UK Focus Fund, run by SVG Investment Managers. Elsewhere in the sector, Rolls-Royce firmed 0.6 percent after well-received firsthalf numbers which included an 8 percent hike in the dividend. Evolution Securities raised its target price for the company, to 720 pence from 660 pence. TRAPPED IN A RANGE Concerns over euro zone sovereign debt dampened the mood, as Italy's borrowing costs soared at a closely watched bond auction on Thursday. Michael Hewson, market analyst at CMC Markets, sees little in the way of catalysts to jolt the FTSE 100 out of a range it has traded within since the start of the year - a high of around 6,105 and a low of 5,600. Hewson said that if, as the Democrats want, the U.S. debt ceiling gets raised until beyond the next presidential election, so removing a "whole host of uncertainty
for the next 14 months" -then "really the focus will go back onto Europe." "If you take (U.S. and European sovereign debt concerns) out of the equation, you're still faced with the same problem of slowing growth across the globe, so what does that say to you about equity markets?" Into the mix, UK corporate results, broadly speaking, have done little to inspire markets, with UBS pointing out that earnings momentum has turned negative, dropping to a two-year low. "Following both June and July seeing net negative results, three-month momentum is now negative, ending a two-year period of positive outcomes," the broker said in a note. Compass Group topped the FTSE 100 fallers' list, off 3 percent, after the world's biggest contract caterer's unsurprising trading update prompted a trimming of estimates following a conference call, broker Arbuthnot said. Inmarsat was a top bluechip riser, up 3.9 percent, with traders saying the satellites operator was benefiting from confirmation of a big deal signed by its U.S. partner LightSquared. -Reuters
nuclear program," it said. "In response to Pakistani efforts to acquire inverters (or frequency converters), a 'gray area' technology used to regulate the speed of centrifuges for producing highly-enriched uranium, the British sent a demarche to members of the Nuclear Suppliers Group to seek agreement on preventing sales," the National Security Archive said. - Online
No #5
Continued from page 12
$1.9 billion for rescue and relief operation in the affected areas and it was the highest ever appeal made by UN. Rauf Engin Soysal said, "We should acknowledge the resilience, strength and courage of the people of Pakistan." He said that he visited different affected areas throughout Pakistan to personally review the recovery and relief operation in the affected areas. Rauf said, "I was pleased to learn that both beneficiaries and authorities recognise how important the role of UN and NGOs were in complementing Pakistani efforts. This would not have happened without the generous contributions of the donor community." Regarding one year report prepared by UN, Rauf said, "The document which will provide information about what we did during the course of the year." "We certainly need to do more. We certainly need to draw lessons. Yet we certainly need to keep up the momentum to continue to deliver the promises we made on year ago to our brothers and sisters in Pakistan," he said. Replying to a question he said out of $1.9 billion more than 70 per cent have been realised and expressed the hope that the remaining 30 per cent would also be received. He said there has been a comprehensive "check and balance" mechanism within United Nations system and the funds were utilised under a strict check and balance system to ensure full utilization of the funds. He said a comprehensive survey was conducted in the affected areas and data is available according to the affected male, female and children along with damage to housing and property. Chairman National Disaster Management Authority (NDMA) Zafar Iqbal Qadir addressing the press conference said the Authority with the cooperation of the provincial governments and district authorities has prepared contingent plan to cope with any crisis during the current monsoon season. The Chairman NDMA said 99 per cent people affected due to last year floods have returned to their homes and living either in their damaged houses of make shift arrangements. He said 97 per cent affected people have been issued Watan Cards to provide cash through a transparent system while efforts are being made to provide these cards to the remaining three per cent population affected in these floods. Zafar Iqbal Qadir said 57 per cent schools have been repaired and open for education while repairing process for remaining schools is underway. He however, said there is no chance of last-year-like flood situation during the current season of rains, adding that last year's flood was one of the worst in century. Acting Resident Coordinator and Humanitarian Coordinator Mengesha Kebede, Chairman National Disaster Management Authority (NDMA) Zafar Iqbal Qadir and the Pakistan Humanitarian Forum (PHF) Chairperson Jack Byrne also presented their feelings following the one year of flood in Pakistan. The report of United Nations launched on this occasion on the floods one year provides an overview of the floods response including the achievements, challenges and lessons learned, emphasising the crucial recovery work that continues today. According to the report, 75 per cent funds were provided for food security, while more than 50 per cent funds provided for shelter and non-food items, water sanitation and hygiene, agriculture, health, coordination and support services, education and crop management. - APP
A Somali refugee carries her malnourished child at the Medecins Sans Frontieres (MSF) hospital at the Dagahale refugee camp in Dadaab, near the Kenya-Somalia border. -Reuters
US stocks mid-day
Wall St rises on data, house debt vote on tap NEW YORK: Wall Street advanced on Thursday, boosted by an unexpected rise in pending U.S. home sales and a dip in jobless claims, but trading was volatile as investors awaited a key vote in Congress on a plan to prevent a U.S.
No #6
default. The rebound comes a day after U.S. stocks recorded their biggest fall in eight weeks. Uncertainty over Washington's ability to agree on a plan to reduce the U.S. budget deficit before an August 2 deadline
has kept investors nervous about the possibility of a debt default or a U.S. credit ratings downgrade. A bill to cut the U.S. deficit and raise the debt limit is expected after the close of trading on Thursday. -Reuters
Continued from page 1
Prime Minister's House Gilani has said that those who wish the clash between the institutions would be disappointed. He further said that the elected Government knows how to resolve the complex national issues. The Prime Minister said that judiciary, executive and parliament are part of the constitutional system. All institutions will collectively strengthen the system, he added. The Prime Minister said that Pakistan has democratically elected government and constitutional institutions. He observed that the elements who are desirous of clash among institutions continue to make such statements periodically and people are fed-up with them. The Prime Minister has approved $90 million for the restoration of Karakoram Highway (KKH) out of the financial help provided by the Chinese government. The credit facility had been extended by the Chinese government as part of a larger confessional facility for flood reconstruction activities in Communication, Energy and Transport Sectors. - Reuters
No #7
Continued from page 1
being the facilitator of the Afghan transit trade, should start working on the issuance of guarantee that is for sixty days for perishable items and file a report in this regards so that a regime be incorporated for mutual satisfaction of Pakistan and Afghanistan. The other topics discussed in the meeting included making more utilisation of dry port at Peshawar, strengthening of the customs control and monitoring of the Afghan transit trade so that no leakage takes place from Karachi to Torkhum and backward, and so on from Afghan border to Wagah border. The transportation capacity between Karachi Port to Torkhum border was also discussed with an aim to make the transit regime more and more efficient. Among others, the meeting was attended by Senator Ilyas Bilour, Secretaries of Finance, Communications and Revenue and representatives of NLC, and other high officials. - APP
No #8
Continued from page 1
Bank of Pakistan (SBP) jumped to $14.74 billion from $14.71 billion a week ago, while those held by commercial banks rose to $3.56 billion from $3.52 billion, said SBP chief spokesman Syed Wasimuddin. Pakistan's foreign exchange reserves were boosted in June by inflows of $411 million, including a loan of $191.9 million from the World Bank, and another loan of $196.8 million from the Asian Development Bank.
No #9
Continued from page 1
will be announced by the acting governor, Yaseen Anwar. Consumer inflation is still a major concern. The average inflation rate for 2010-11 was 13.92 per cent, with the consumer price index rising 13.13 per cent in June from a year ago. Although there were improvements in some key macroeconomic indicators, such as a current account surplus of $542 million for the 2010-11 fiscal year, analysts think the central bank will adopt a wait-and-see policy. "However, there are some variables that continue to frustrate policymakers into making a riskaverse or cautious policy decision," said Muzzamil Aslam, economist at JS Global Capital Ltd. These include a provisional widening fiscal deficit of 5.3 per cent of GDP for 2010-11, which analysts said could surge to 6 per cent "once the reconciliation of the fiscal account is completed. This is likely to keep the central bank worried." The prospect of cutbacks in foreign assistance is also worrying because the government would then have to rely on domestic sources for borrowing. The International Monetary Fund has stalled its loan programme to Pakistan since August last year because of the government's patchy implementation of fiscal reforms. It has held back the sixth tranche of an $11 billion loan programme. IMF and Pakistan officials were due to meet this month but the meeting was delayed and no new date announced. This month, the US said it would defer $800 million in military assistance to Pakistan, or nearly a third of its total security aid, in part because Pakistan had expelled American military trainers and imposed other limits on visas for US personnel. FACTORS TO WATCH According to analysts, the provisional fiscal deficit for the 2010-11 fiscal year of 5.3 per cent of GDP but could exceed 6 per cent when official data is released at the end of August. Pakistan will need to get its IMF programme back on track or enter into a new programme, as well as improve its relations with the United States. - Reuters
No #10
Continued from page 5
in jeopardy and if confidence in the US is damaged, the stock market may not be able to avoid a serious sell-off." The benchmark Nikkei extended losses in the afternoon on selling from hedge funds to drop 1.5 per cent, its largest percentage fall in more than a month. It ended at 9,901.35, below its 200-day moving average of 9,921 in the first decisive break of the average in nearly a month. The broader Topix index finished down 1.3 per cent at 848.37. For the Nikkei, possible support expected around 9,720, its June 1 high and its 65-day moving average. Takahashi said the Nikkei could fall by 200-300 points if United States' AAA credit rating status was lowered, but the benchmark is expected to be supported above 9,500. The three main ratings agencies have all warned the United States' coveted AAA credit rating status would be in serious jeopardy if the White House and Congressional Republicans cannot reach a deficit reduction agreement. Adding to US-related woes, concerns remain about a recovery in the US economy with new orders for long-lasting US manufactured goods falling unexpectedly in June, weighed down by weak receipts for transportation equipment. Hopes for more strong quarterly results from the Japanese corporate sector lent some support to the Tokyo market, with companies like Hitachi Construction Machinery outperforming after robust earnings. The Japanese yen is nearing a record high against the dollar, raising worries about profits at Japanese exporters. In the Tokyo Stock Exchanges' first section, decliners outnumbered advancers by 1,288 to 278 while trading volume was 1.79 billion shares, slightly above the average for the past six days. Reuters
No #11
Continued from page 5
whopping 53.3 per cent amounting to Rs13.54 billion as compared to Rs 8.8 billion for the corresponding period last year. Other income of the company is likely to grow by 82 per cent YoY to Rs 2.77 billion for 1HCY11 versus Rs1.52 billion for 1HCY10 mainly driven by FFBL dividend of Rs4.75 per share.
www.asharys.net
For Subscription
Manager Circulation Ahmad Omer
1.Classic News Agency Abdul Mutalib Ph: 0333 -230 07 66 2. E-mail at subscribe@thefinancialdaily.com, 3.SMS us at 0322-260 2 838 4. Contact Phone: 35 31 18 93 - 6
Italian Kitchens Karachi
Lahore
tel: 92(21)5860794-5
tel: 92(42)5694061-2
12
RIAZ NEWS AGENCY Cell # 0333-5373137
Friday, July 29, 2011
SHAKIL NEWS AGENCY Cell # 0333-4400472
US denies move against Pak institutions
Pak-India talks good for region: America
NEW DELHI: Foreign minister Hina Rabbani Khar gestures upon her arrival to offer prayers at the shrine of Sufi Saint Nizamuddin Auliya in New Delhi. - Reuters
72-year old social activist succeeds
India coins law against corruption NEW DELHI: The Indian cabinet Thursday approved the landmark anti-graft Lokpal Bill, a senior Minister said. "The Cabinet has approved the draft of the anti-corruption Lokpal bill, to be presented in the monsoon session of Parliament beginning Aug. 1," indian Information and broadcasting Minister Ambika Soni told the media. According to Indian Constitution, the Bill has to be passed by the Parliament. The Bill approved by Cabinet has, however, kept the prime minister and
Peace to step in Karachi soon: Malik ISLAMABAD: Minister for Interior Rehman Malik said that the people of Karachi would soon have a peaceful environment in their city and the government was taking all out measures to achieve the objective. Talking to Pakistan Television, Rehman Malik said that those who were trying to disturb peace and destabilise the country, would be exposed before the public. He hoped that the workers and activists of all the parties, including Muttahida Quami Movement (MQM), would maintain peace in Karachi. Appreciating MQM leader Altaf Hussain for requesting people to remain calm after the Karachi incidents, he said "we welcome his statement." Rehman Malik said that there was a third party who wanted to derail the peaceful atmosphere of the Karachi. He said that the government See # 3 Page 11
higher judiciary out of the purview of the anti- corruption ombudsman. But, the prime minister shall be included after he leaves office. The Lokpal is designed to be an independent body that investigates corruption cases within a year. According to the draft passed by the Cabinet, the body will have a chairperson and eight members, including four judicial members. And, the chairperson would be a serving or retired Supreme Court judge, the Minister said. Civil society members have expressed their unhappiness over the
Bill passed by Cabinet. Kiran Bedi, an activist and former police official, said that the current government draft was fractured and unhealthy, and "not in favour of the common man." Arvind Kejriwal, another activist opposed to the current Lokpal Bill, said there was "nothing for a common man and added that the issue of corruption has been completely left out of it". The Lokpal Bill was drafted following a movement by 72-yearold anti-corruption crusader Anna Hazare who began a fast-unto-death some months back, demanding the setting up of a Lokpal. - NNI
US, UK tried in 70s to foil Pak nuke plan WASHINGTON: The US and Britain undertook a secret campaign in the late 1970s to prevent Pakistan from going nuclear and unsuccessfully tried to block its attempted covert purchasing of "gray area" technology for its atomic weapons programme, according to declassified documents. According to the newly declassified state department cables, released by the National Security Archive, the US issued 300 demarches to nuclear exporters during 1978-1981 in attempt to halt Pakistani nuclear purchases. At the same time, both Britain and the US kept India in the dark, even as Indian officials had better intelligence information about Pakistan's nuclear weapons programme. The documents, however, do not mention the name AQ Khan, the National Security Archive said. But already in late 1978 London and Washington were discovering the footprints of secret Pakistani purchasing organisations that were seeking the technology needed to produce fissile material -- plutonium and highly enriched uranium -- for nuclear weapons, it said.
WASHINGTON: The United States believes Pakistan-India dialogue is always a positive and constructive step for both nations as well as the South Asian region, the State Department Thursday said after foreign ministers of the two nuclear neighbors met in New Delhi to push forward peace process. Deputy spokesman Mark Toner, commenting on Wednesday's meetings, said it is "always a productive or constructive in our view to see the two countries talking." "And it's constructive for the region, it's constructive for both those countries," he said, after Pakistan's new foreign minister Hina Rabbani Khar and Indian External Affairs Minister S M Krishna pledged to begin a new era in ties, often marked by acrimony in the past. Toner was not "aware of what came out of them (meeting) specifically,"
Tariff of LPGC raised by Rs6.58/unit ISLAMABAD: National Electric Power Regulatory Authority (NEPRA) has approved increase in power tariff of Lakhra Power Generation Company (LPGC) by Rs6.58 per unit. As per a private TV channel Nepra had fixed power tariff for LPGC in 2005 with setting the cost of per unit at Rs3.99. LPGC could not raise power tariff during the last 6 years due to different reasons and the See # 1 Page 11
but "we always view that kind of dialogue as constructive." The spokesman, when asked about Washington's influence in the resumption of talks between the two regional powers, said he was "not aware of any direct or indirect role." A comprehensive peace process between Pakistan and India broke down in the wake of November 2008 Mumbai attacks, which New Delhi blamed on Pakistan-based militants. Now Islamabad and New Delhi are trying to get the process back on track through cooperative initiatives as well as pledges to tackle outstanding disputes including Kashmir. The United States has had a highstake engagement in the region for over a decade now, developing bilateral relations with both Pakistan and India in the South Asia. Washington is currently working to
wind up a costly and decades-old anti-militant war in Afghanistan, which was a sanctuary for al-Qaeda militants responsible for 9/11 attacks. The US State Department has said that no movement was being launched in US against Pakistani institutions. Mark Toner said that visas were issued to 87 American officials after ISI Chief, Lieutenant General Ahmad Shuja Pasha's US visit. He said that Al-Qaida is a big threat to Pakistan and the allied forces should continue their efforts to eradicate it. Toner said that some serious questions were rose after the Abbottabad operation and the US also expressed its concerns with Pakistan over some issues. He said that issuance of visas to the American official is still slow but 87 visas have been issued. - Agencies
Qaim chairs meeting
CM asks to expedite Sindh coal project KARACHI: Chief Minister Sindh Syed Qaim Ali Shah Thursday presided the 28th board meeting of Sindh Coal Authority (SCA) at CM House. The meeting discussed various issues in detail and took decisions to accelerate the pace of development in the Thar area. Chief Minister Sindh stressed the need to take effective measures for supply of water through irrigation system up to Nabisar branch, provide early
effluent disposals there and work be extended on construction of road network from Mirpurkhas to Islamkot via Digri, Naokot and Mithi (at the cost of Rs4.3 billion). He directed the (P&D), Secretary Finance Sindh and Secretary Coal Sindh to initiate accordingly and do the needful in this regard. The Board was informed that the Civil Aviation Authority has started See # 2 Page 11
In November 1978, Britain and the US sent complementary demarches to other members of the Nuclear Suppliers Group (NSG) in efforts to "delay" the Pakistani nuclear programme by denying its access to sensitive technology and equipment. The US demarche was the first of about 300 sent over the next three years, it said, adding that the in its first such demarche, Washington was trying to halt a secret Pakistani effort to continue a plutonium reprocessing facility at Chashma, which the French had begun but had backed out of, partly in response to US encouragement. The recently released state department records were once closely-held telegrams in the "NODIS" category. "NODIS" documents are of such high sensitivity that they can only be read by a limited number of individuals with a specific "need to know." Distribution and copying are strictly controlled by the state department's executive secretary, unlike the SIPRNet system exploited by Wikileaks, which allowed officials at far lower levels to decide on their accessibility. See # 4 Page 11
Haqqani says Pak-US ties to normalise shortly WASHINGTON: Pakistan's Ambassador to the United States Hussain Haqqani has said that efforts were underway at diplomatic level to normalise relations between Pakistan and United States of America. "The youngsters can play an important role to mend ties between two countries", he said this while talking to media men after youth
conference at Pakistan's embassy in Washington. We are hopeful that Pakistani students, getting education in different universities of America, would play their due role to make better relations between both countries, he said. He also advised youngsters to come forward and work to promote country's soft image in America. Replying to a question, he said, the
US congress should not slap ban on a country that has suffered the most in war against terrorism and extremism. The relations between both countries can be normalised if both understand each other services, he said. The ties between Pakistan and America would not get better if US authorities continues to threaten Pakistan to halt aid, he observed. - Online
UN for continued aid to flood affectees ISLAMABAD: Despite completion of recovery and relief operation in the affected areas in last year's flood in Pakistan, the people still need more help and assistance for revival of normal life with all basic needs in the early recovery operation going on in these areas.
This was stated by Special Envoy of United Nations Secretary General for Assistance to Pakistan Rauf Engin Soysal while addressing a press conference on the completion of one year following the last year's devastated flood. One-fifth of the country was sub-
merged by the flood waters, over 18 million people were affected and 14 million people are in need of humanitarian aid and 1980 people lost their lives. Ambassador Rauf Engin Soysal said UN issued a special appeal to for See # 5 Page 11
Printed & Published by Amir Abbas Ashary at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.