International Karachi, Thursday, June 30, 2011, Rajab-ul-Murajjab 27, Price Rs12 Pages 12
Asim hints at 15pc hike in gas tariff for local users Economic Indicators $17.52bn 14.00% $22.45bn $36.55bn $(14.11)bn $205mn $10.10bn $1.74bn Rs 1147bn $59.54bn Rs 5873bn $725mn 0.88% 4.10% $1,051 176.48mn
Forex Reserves (18-June-11) Inflation CPI% (Jul 10-May 11) Exports (Jul 10-May 11) Imports (Jul 10 - May 11) Trade Balance (Jul 10 - May 11) Current A/C (Jul 10- May 11) Remittances (Jul 10 - May 11) Foreign Invest (Jul 10-May 11) Revenue (Jul 10 Apr 11) Foreign Debt (Mar 11) Domestic Debt (May 11) Repatriated Profit (Jul- Apr 11) LSM Growth (Apr 11)
GDP Growth FY10E Per Capita Income FY10 Population
Portfolio Investment SCRA(U.S $ in million)
Yearly(Jul, 2010 up to 27-Jun-2011) Monthly(Jun, 2011 up to 27-Jun-2011) Daily (27-Jun-2011) Total Portfolio Invest (18-Jun-2011)
242.71 -2.31 -1.50 2825
NCCPL (U.S $ in million)
FIPI (29-Jun-2011) Local Companies (29-Jun-2011) Banks / DFI (29-Jun-2011) Mutual Funds (29-Jun-2011) NBFC (29-Jun-2011) Local Investors (29-Jun-2011) Other Organization (29-Jun-2011)
-1.23 5.73 -11.88 4.20 -0.30 3.36 0.12
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 12423.30 9797.26 22061.18 18693.86 2704.19 2728.48 5857.91 12248.74
Change 60.86 148.28 0.60 201.41 7.11 30.72 91.03 60.05
GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 111.70 2.60 146.25 17.02 42.96 2.00 36.52 1.70 10.98 37.72
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor (9 Mths) Kibor (1 Yr) P.I.B (3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
29-Jun-2011 29-Jun-2011 29-Jun-2011 20-May-2011 29-Jun-2011 29-Jun-2011 29-Jun-2011 29-Jun-2011 29-Jun-2011 29-Jun-2011 29-Jun-2011 29-Jun-2011 29-Jun-2011 29-Jun-2011 29-Jun-2011
13.49% 13.74% 13.91% 14.00% 13.59% 13.54% 13.78% 14.14% 14.24% 14.01% 14.05% 14.09% 14.23% 14.32% 14.45%
Commodities *Crude Oil (brent)$/bbl *Crude Oil (WTI)$/bbl *Cotton $/lb *Gold $/ozs *Silver $/ozs Malaysian Palm $ GOLD (NCEL) PKR KHI Cotton 40Kg PKR
112.05 95.41 121.49 1,508.40 34.54 1,020 41,662 9,270
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Pak-IMF negotiations likely in July
Change of IMF chief not to affect talks ISLAMABAD: Change of International Monetary Fund (IMF) chief would not affect the ongoing Pak-Fund negotiations, said a top official of the Ministry of Finance. "The role of IMF chief is always neutral and change of its leadership would not affect the ongoing Pak-IMF negotiations for assistance under "standby arrangement program to Pakistan" Rana Asad Amin additional secretary budget and spokesman finance ministry told media in his daily briefing here this afternoon. He said that the Pak-IMF mission negotiations for next tranche are expected to be held in second week of July. French finance minister Christine Lagarde has become the first woman to head the International Monetary Fund
No letup in govt borrowing Staff Reporter KARACHI: Government has borrowed 87 per cent more than targets during July-June 18 of current fiscal year, as a result money circulation remained 43 per cent more than the previous fiscal year. Government had made commitments more than once to depend on domestic resources to meet its never-ending expenditures especially those of nondevelopment in nature. Consequently government has to cross the limits of borrowings from domestic sources as set by its multilateral donor and till June 18 in current fiscal year it has borrowed from banks Rs323.034 billion or 87 per cent more than the targets. According to data of State Bank of Pakistan during current fiscal year government so far borrowed from banking See # 12 Page 11
IMF conditions
Govt confronts two economic challenges Staff Reporter ISLAMABAD: Government is facing twin challenges of overhauling the collapsing power sector and retiring Rs156 billion of central bank loan before the start of talks with International Monetary Fund to convince it to release the suspended tranche of standby arrangement According to sources of finance ministry, the See # 10 Page 11
See Page 12
Court charges six rangerswith murder
See Page 12
EDF Okays projects to promote exports
See Page 12
FBR expands tax amnesty Suspends KESC accounts
ISLAMABAD: The Federal Board of Revenue, vide an amendment in its Amnesty SRO No.646(I)/2011 dated June 25, 2011, has also waived off the fine, in addition to the waiver of penalty and surcharge, on payment of principal amount of customs duty before June 30, 2011. "The amnesty will now be available to fine, penalty and surcharge" a statement of the FBR issued here said. Meanwhile, FBR froze the (IMF) as its former chief bank accounts of the KESC due Strauss-Kahn was forced to to non-payment of taxes. resign last month after he was See # 4 Page 11 arrested in New York. Rana Asad Amin said it is the demand of the IMF that government should reduce the borrowing from the State Bank of Pakistan to zero by the quarter end and government is following the same. Staff Reporter The spokesman of finance ministry said that Rs396 billion KARACHI: A key multilateral have gone to rural economy donor International Finance benefitting the farmers due to Corporation (IFC) is worry on the timely support price repayment of a loan of at least announced by the government $125 million which was given for the encouragement of grow- to Karachi Electric Supply ers to produce more and benefit Company (KESC) for its more. under-construction 560Replying to a question, he megawatt power plant and its said that total expenditures dur- officials reported to have coning the outgoing financial year tacted government in view of stood at Rs2274 billion against never-ending crisis in KESC. See # 9 Page 11 See # 5 Page 11
Crisis in KESC worries donors
Pak to facilitate Afghan peace process:PM
Gilani for mega plan on energy ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani on Wednesday directed the Ministry of Petroleum and Natural Resources to prepare a comprehensive strategy to meet energy needs of the country. Prime Minister Gilani also called for formulating a comprehensive policy for short and long-term measures besides preparation and announcement of a gas load management plan for the country. Talking to Minister for Petroleum & Natural Resources Dr Asim Hussain here at PM House, the Prime Minister reiterated government's commitment to explore all possible options to ensure availability of electricity and gas in the country.
Mukthar says noone is indispensable
He expressed confidence that besides tapping indigenous sources, agreements with other regional countries to meet our energy needs would bear positive results. Earlier, the Minister for Petroleum & Natural Resources briefed the Prime Minister on his recent visit to Iran and his meeting with the Iranian minister for energy. He apprised the Prime Minister that 1100 km of gas pipeline on the Iranian side has been completed while the progress on the IPI Gas Pipeline Project on the Pakistani side which began on May 9 was satisfactory. Regarding import of electricity from Iran, he mentioned that See # 11 Page 11
KSE
Foreign inflows on the decline Ghulam Raza Rajani KARACHI: With volumes in local bourse shrinking to 9-year low levels, foreign flows -- an important indicator to gauge market depth and strength -have also declined. The slowdown in foreign activity was seen across the developing economies due to soaring inflationary pressure and high interest regimes. The same trend was replicated in local bourses where foreign activity was seen declining in last 6 months also due to limited trading activity at Pakistan market. Total foreign activity during last six months stood at $750 million (gross buy of See # 8 Page 11
ISLAMABAD: Ric Smith, Australian Special Envoy for Afghanistan called on Prime Minister Syed Yousuf Raza Gilani at PM House.-Online
Domestic debt up at record Rs6.07tn Ahmed Siddique KARACHI: Pakistan outstanding stock of domestic debt and liabilities has soared by 24.1 per cent or Rs1179 billion during the eleven month of current fiscal year (11MFY11), according to the State Bank of Pakistan (SBP). Domestic debt and liabilities recorded at a historical record level of Rs 6.07 trillion during the period, from Rs 4.89 trillion on June 30, 2010, due to a significant rise in budget deficit. Similarly, domestic debt
alone rose by Rs 1,219 billion to Rs5.87 trillion in 11MFY11 against Rs4.65 trillion in June 2010. The floating debt during the period under-review rose by Rs747 billion to Rs3.14 trillion during the 11MFY11 comparing with Rs2.39 trillion in June 2010, while the unfunded debt increased by Rs177 billion to Rs1.63 trillion as compared to Rs1.45 trillion. Furthermore, permanent debt up by Rs298 billion in 11MFY11 to Rs 1092 billion during the period under review. See # 6 Page 11
0.18mn T Palm oil eyed for Jul ISLAMABAD: Pakistan may import as much as 180,000 tonnes of palm oil for July and has covered a lot of its requirement of the vegetable oil ahead of the Muslim holy month of Ramadan, a top industry official said on Wednesday. Ramadan, when fasts during the day are followed by feasts and dinner gatherings at night, will start in the first week of August, boosting edible oil consumption in the Muslimdominated country of nearly 180 million people. "Pakistan has already covered a lot for the Ramadan requirement by buying huge volumes for June and July shipment," Rasheed Janmohammad, vice chairman of the Pakistan Edible Oil Refiners' Association, told
Reuters. "It is expected that Pakistan's June volume would be around 150,000 tonnes and for July, it could be between 175,000 and 180,000 tonnes." Janmohammad, however, pointed out that Pakistani importers, who stocked up for Ramadan at high rates, had taken a hit as global palm oil prices dipped in the past 10 days. Malaysia -- the world's No.2 palm oil producer -- shipped 109,885 tonnes of palm oil products between June 1-25 to Pakistan, according to the Malaysian cargo surveyor Societe Generale de Surveillance. Janmohammad said about 15,000 tonnes was See # 7 Page 11
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Thursday, June 30, 2011
Book launching on 1st July KARACHI: "Chand Tasvir-e-Raftagan", a book containing the brief biographical accounts of score of prominent poets, scholars, critics, story and fiction writers and researchers will be launched at a ceremony to be held at Sir Syed University of Engineering and Technology here on July 1. Sindh Minister for Education Pir Mazhar-ul Haq will be the chief guest on the occasion while Chancellor SSUET, ZA Nizami will preside over the ceremony. The book has been compiled after several years of research by Ahmed Hussain Siddiqui, a former Director General of defunct KDA and ex-Chief Controller of Buildings. The chronological lists of 445 noted personalities contained the names like Amir Khusro Dehalvi, Kabir Das, Quli Qutub Shah, Souda Dehlavi, Mirza Mohammed Rafi, Mir Mohammed Taqi Mir, Inshaallah Khan, Atish Khawaja Haider Ali, Zafar Bahadur Shah, Momin Dehlavi, Akbar Allahbadi, Sajjad Hussain Munshi, and Amir Minai as few of them. -APP
PMA's Arthritis moot on Sat KARACHI: Pakistan Medical Association (PMAKarachi) plans to hold Continuing Medical Education (CME) session on Arthritis at PMA House on Saturday. Key speakers on the occasion will be Dr Mehfooz Alam, Consultant Rheumatologist at Aga Khan University Hospital and Ziauddin University Medical Hospital and Dr Saleha Ishaq, Consultant Rheumatologist at Aga Khan University Hospital. The two experts will make their presentations on "Arthritis to be or not to be" and "Connective Tissue Disorders" respectively. There will be no registration fees for the session, said the organisers and invited all doctors, post graduates, house officers and final year students to attend the program. -APP
Samsung "everyone's olympic games" campaign
KARACHI: Sindh Chief Minister Syed Qaim Ali Shah presiding over a meeting of Sindh Cabinet at Chief Minister House. -APP
City Govt unveils budget for FY12 Staff Reporter KARACHI: Administrator Karachi Fazlur Rehman in exercise of the powers vested in him of City Council Karachi has approved City District Government Karachi's budget for fiscal year 2011-12. He approved the budget during a ceremony held in the Seminar Hall of Civic Center on Wednesday. The tax free budget worth Rs 70,794.42 million showed expenditures estimates at Rs 70,691.60 million and a surplus of Rs102.82 with Rs 32, 711.56 million earmarked for development and Rs 37,887.36 million for nondevelopment expenditure. Administrator Karachi on this occasion said that city government has curtailed the non developmental expenditures up to 30 percent. During the next fiscal year attainment of recovery targets will be focused more while revenue and expenditures will be reviewed on quarterly basis. He said despite of present financial crisis in country, city government will make sure continuation of ongoing development process in city.
Private cos urged to help overcome energy crisis ISLAMABAD: The Pakistan Economy Watch (PEW) on Wednesday said that the government alone cannot handle issue on energy shortages therefore it should encourage private sector as well as foreign investors to resolve the issue. Investors should be given more relaxations to step in the sector which is a matter of life and death for Pakistan, it said. Murtaza Mughal, President PEW, has said that the FFC Energy Limited (FFCEL) and Alternative Energy Development Board (AEDB) had made history by achieving financial close. Now, other private sector companies should also try to invest in the promising sector of energy for the sake of future of Pakistan, he said. Investment of 136 million
dollar proves that Pakistan isn't a failed state and investors are not totally disappointed, he added. Dr. Murtaza Mughal said that the energy network designed for 60 million people is unable to bear the burden of 180 million therefore the policymakers that are immune from load shedding should do something seriously about it. He said that all provinces are gifted with wind corridors that need to be exploited. Dr Mughal said that the emphasis of authorities on fossil fuel powered plants has not only invited criticism but also barred development of other forms of energy in the country. He said that move of MD of FFC Gen. (Retd) Arif Hayat has sent very positive signals. -NNI
Sassui urges quality work on dykes KARACHI: Sindh Minister for Culture Ms Sassui Palijo has said that a Massive operation would be launched from July 1st 2011 with the help of the local police and revenue officials to remove all hand made bunds to evacuate the anticipated flood water into the sea keeping in view to the previous flood situation in Thatta District to save the area people and avert the damages . This she said while hold-
ing a meeting with local administration of Thatta to review the likely flood situation and development works carried out on bunds. Ms Sassui Palijo said that due to dictotarial rule ,no development work was carried out in past due to which Sindh province faced big disaster, but keeping in view the past situation, present elected PPP Government is taking a emergent steps to rehabilitate the dykes. -APP
Afterwards DCO Karachi Mohammad Hussain Syed in a press conference briefed the media on the salient features of budget for next financial year. He said even while having limited resources, all efforts were made to ensure appropriate allocation for every department. During the next year, revenue targets will be achieved by bringing improvement in the current receipts. Giving details of the budget, DCO said Current Receipts are estimated at Rs 23,537.46 million and the Capital Receipts are Rs 1,290.97 million. The Revenue Department has been given the topmost slot in the revenue generation list with expectations to collect Rs 8,157.72 million. OZT share from Government of Sindh is Rs 8,050 million. The other major revenue sources included Rs 1,512.00 million from the Municipal Services, Rs 1,295.00 million from Master Plan, Rs 1,019.81 million from Works and Services Rs 1,000.00 million from SBCA as transfer of income, Rs 804.23 million from Finance and Planning, Rs 538.00 million from
HEC publishes book on "Labour ISLAMABAD: Civil servants, advocates, law students and general public can get detailed analysis of labour laws in Pakistan in the context of the Holy Quran and Hadith from a book "Labour Management Relations in Islam" published by Higher Education Commission (HEC) recently. The book written by Shahzado Langah who is an official of Social Security Unit of Ministry of Labour and Manpower discusses main issues relating to labour such as working conditions, work environment, workplace terms of employment, health and safety and welfare of the working class as covered under various labour welfare laws of the country. The book carrying detailed discussion and cataloguing of labour laws applicable in Pakistan will be handy for legal practitioners and those interested in carrying out research in the field of labour laws. It will be useful guide also for investors and entrepreneurs. According to the writer Shahzado Langah, labour management relations in Islam plays vital role for the benefit of the employer and employee, establishing and regulating their relations. -Agencies
Enterprise and Investment Promotion, Rs 138.39 million from Coordination, Rs 98.90 million from Transport and Communication, Rs 103.83 million from Community Development, Rs 81.39 million from Health, Rs 45.32 million from Karachi Mass Transit Cell, Rs0.80 million from Information Technology and Rs 26,225.15 million from Water and Sanitation Department. The CDGK set aside Rs 122.70 million for Karachi Circular Railway, which is more than its share for this project, while other allocations were made for Landhi Korangi Cottage Industry, Karachi Institute of Heart Diseases, Cardiac Care Emergency Units, stormwater drainage system, procurement of emergency fire-extinguishing equipments and vehicles, and construction of oil tankers terminal in Zulfiqarabad. Rs 14,708.04 were allocated for development projects. Major allocations have been made in the budget for Education, Works & Services and Health Sector. Rs13,034.03 million were allocated in the budget for Education while
other allocations included Rs11,898.12 million for Works & Services, Rs5,075.56 million for Health, Rs3000.00 million for Annual Development Program(District), Rs1,946.75 million for towns /union councils, Rs1,872.06million for Health, Rs1500.60million for Coordination, Rs1333.16 million for Revenue, Rs1319.05 million for Municipal Services, Rs1210.50 million for Debt Servicing, Pension Fund & Other Misc. Expenditures, Rs563.65 million for Community Development, Rs384.30million for Transport & Communication, Rs347.59 million for Information Technology, Rs305.85 million for Agriculture, Rs228.87million for Karachi Mass Transit Cell, Rs221.47 million for Master Plan, Rs5,075.56 million for Health, Rs36.84 million for E&IP, Rs13.90 million for Literacy. Major Development Programs/Works included Ta m e e r- e - K a r a c h i Program for which a major sum of Rs 2,600 million was allocated in the budget.
KARACHI: Samsung Electronics Co. Ltd, a market leader in consumer electronics and Worldwide Olympic Partner has launched its London 2012 Olympic Games campaign, featuring Samsung's Olympic Games Ambassador David Beckham. As the torch relay partner, Samsung will also select many of the 8000 torch bearers. 18 year old sportswoman Gabriella Roseje from Bermondsey, London, was announced as Samsung's first nomination for a bearer of the Olympic Flame. Roseje was commended by Samsung and Mr. Beckham for her outstanding work with young disadvantaged people, using her sporting talent. The football star and Samsung Brand Ambassador David Beckham said; "It's Everyone's Olympic Games. Gabriella is a perfect example of the kind of qualities we are looking for in a person to run with the Olympic Flame." Gabriella Roseje said; "I am so excited to be chosen by Samsung. My goal is to make a real difference by helping others. -PR
CM Qaim chairs Cabinet meeting
PPP open for dialogue, Sharjeel says KARACHI: Sindh Minister for Information, Sharjeel Memon, said that the PPP government will adhere to its policy of reconciliation and its doors will remain open for dialogue. "Our leadership as envisaged in the policy of Shaheed leader Benazir Bhutto will not deviate from its principles and policy of reconciliation," Memon said at a briefing after a cabinet meeting chaired by Chief Minister, Syed Qaim Ali Shah, here on Wednesday. Referring to the special session of Sindh Cabinet, Memon accompanied by Secretary Information Syed Safdar Shah, said that the present government fully implemented all its decision regarding 18th Amendment and constitutional obligations. The Minister said that the ministers of the Sindh cabinet have already been briefed about devolution of power from the Federal to the provincial government. However, they will further be briefed again in a meeting to be held on Thursday.
"So far the Federal government has transferred 19 ministries to the province and in case of any lacunas; the Chief Minister will raise the issue at the next meeting of the CCI (Council of Common Interest)." The Information Minister said that transition to provincial autonomy was a leap towards democracy and added that all the liabilities and assets of the departments devolved would now be the responsibility of the provincial government. Responding to a question about allegations of rigging of polls in AJK, Memon said that PML (N) leadership should desist from policy of allegations and accept the realities as the PPP's popularity would not be affected by a person rejected by the people. Regarding the upcoming monsoon season and preparations for floods, Memon said that the Chief Minister has already ordered strict vigilance all over the protective embankments of River Indus in the province. -APP
KARACHI: Chairperson of Monitoring and Implementation Committee of Public Accounts Committee of National Assembly Yasmin Rehman presiding over the meeting at TDAP office. -APP
Women's T20 Tourney
JS Bank, FN Sports launches JS Bank Cup KARACHI: JS Bank Limited, one of the fastest growing banks in Pakistan announced the launch of its JS Bank Cup - Women T20 Cricket Tournament at a ceremony held in a local hotel in Karachi. Khalil-ur Rehman, SEVPGroup Head Operations, Kamran Jafar, SEVP- Group Head Retail Banking & Imran Shaikh, VP- Head of Marketing & Media Management were present along with other senior bank officials to share their views on the occasion. Speaking on the occasion, Khalil-ur Rehman said, "JS Bank is the pioneer and has the privilege
in many firsts, and as a part of our retail & marketing strategy we believe that encouraging and promoting our youth in healthy sporting activities is an essential need of the hour considering the current socio-political scenario and the onus of this responsibility lies on the corporate sector. Partnering with JS Bank in organising this tournament, Ayesha Qureshi from FN Sports shared the details of the tournament and said "The tournament will be played between 4 Karachi based teams being; JS Orange, JS Red, JS Blue & JS Green at the Moin Khan Cricket Academy starting 29 June 2011 till 03
PESHAWAR: Feisal Khan Divisional Head IT Bank of Khyber (BOK) and Arshad Hussain Director Sidat Hyder Morshed Associates (SHMA) signing Arreement for the implementation of New Core Banking System for BOK branches at BOK Head Office, Peshawar-Pakistan. Bilal Mustafa MD BOK (3nd from Left) and Omer Morshed, CEO SHMA (4th from Left) along with senior Management of BOK & SHMA are present of the occaion.
Vice President FPCCI Khalid Tawwab along with Tariq Saeed, Dr Mirza Ikhtiar Baig, Sardar Yaseen Mali, Faisal Zahid Malik and others during a ceremony. -Staff Photo
Tawwab urges govt to open Embassy
Mozambique seen as potential market for Pakistani products of hosting the first ever women T-20 tournament in Pakistan. The tournament is sponsored by JS Bank to promote women's cricket & also pave way for talent hunt of new emerging players. Kamran Jafar shared his thoughts on this exclusive sponsorship and commented, "We at JS Bank believe
July 2011. Each team comprises of 15 squad members i.e. 13 players, a manager & Coach (PCB certified). All 60 participants will be awarded medals at the closing ceremony. These teams have a blend of raw talent, experience & youth representing all 7 zones of Karachi. -PR
K A R A C H I : Mozambique's Honorary Council and Vice President, FPCCI, Khalid Tawwab demanded of the government to open an embassy in Mozambique so that difficulties of Pakistanis in Mozambique could be addressed. Khalid Tawwab was addressing the dinner reception on the eve of Mozambique's 36th National Day. He said that Mozambique is a member of OIC and it
always favored Pakistan. He announced that in order to promote bilateral trade between the two countries a trade delegation from Pakistan would soon visit Mozambique. He said that Pakistan manufacturers could find a potential market for their products in Mozambique. He said that Mozambique is already importing Pakistani rice while textiles and marble sectors are lucrative for Pakistanis.
Minister Local Bodies Sindh, Agha Siraj Durrani has Speaking n the occasion that all is set hold local bodies elections and the provincial government did not want any delay in these elections. He said that he was striving for the local bodies' elections for the last three years. He said that there is no hurdle in holding these elections as democratic set up at every level should be prospered.
3
Thursday, June 30, 2011
OFFOCE OF THE TALUKA MUNICIPAL ADMINISTRATION SANGHAR Ph:(0235) 541702
No:TMAJSGR/ /2011 Sanghar dated:/ /2011
NOTICE INVITING; TENDERS; Sealed covered Tenders are invited from all firms ,' Persons / contractors as per PEPRA RULES 2010 for execution of the following development schemes. S.No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232
Name of Work Const: of Drains & CC Blocks at various areas of UC-I Sanghar Const: of Drains & CC Blocks at various areas of UC- II Sanghar Brick Pavement i/c earth work near Al-Furcjan Masjid & Mehrdin house Shah Mir Goth Sanghar Brick pavement ilc Earth work at various areas of UC Chotiarvoon Brick pavement i. c Earth works various areas UC Shah Sikandarabad. Brick pavement i c Earth work various areas UC Mian 13/ P i, c Earth work carious areas UC Setharpir B P i c Earth work various areas UC Kanhar B P at i.'c Earth work various areas UC Guiri B/ P i/c Earth work various areas UC 1<_hadwar, B/P i/c Earth work various areas UC Kehore B/P i/c Earth work various areas of Taluka Sanghar Renovation / repair of disposal at Al-Mansoora Colony Sanghar Renovation / repair of main disposal Dhak Para Sanghar Repair of Compound Wall & renovation of storage tank old W/S scheme Sanghar. Const: of Staff Quarters (2 No) of TMA Staff & New & old water supply scheme Sanghar Repair of staff quarter at TMA office Sanghar Repair of office building TMA Sanghar Renovation of TO(R) office & Library (balance work)T1vIA office Sanghar Const: of office building i/c shops along with TMA office Sanghar Renovation of Fire Station i/c shade TMA Sanghar Const: of shopping center at old water supply schemes"Pori Road Sanghar. Recondition of Metalled road front of Civil Hospital, Hosing Society Sanghar Const: of CC block near Rashid Chena House, Hosing Society Sanghar Recondition of Metalled road M.A Jinnah road to QaziSadruddin house Sanghar. B/P Baldioro road to Allah Bux Khaskheli House Sanghar. Brick Pavement at village Faqir Bachal Const: of CC block road at village Haji Pir Bux UC Setharpir Const: of water Course culverts at village Varyam Rajar UC Chotiaryoon Taluka Sanghar Recondition of Metalled road at village Haji Hussain Bux Rajar Taluka Sanghar Const: of CC block at village Haji Hussain Bux Rajar Taluka Sanghar Const: of water tank at village Varyam Rajar UC Chotiaryoon Taluka Sanghar. Const: of water tank near Rafique Panjabi house Brick pavement at village Haji Pir Bux Junejo UC Setharpir Kori Para Const: of culverts at Bachal House Brick pavement at village Muhammad Faqir Junejo Thallo Sharif UC Chotiaryoon Brick pavement at village Dhani Bux Behan UC Shahsikandar Bad Brick pavement at village Wader° Lal Khan Wassan UC Kehore Brick pavement at village Taj Muhammad Jalbani UC Khadwari Brick pavement at ‘ illage Ghularn Faqir Laghari Lotko UC Shahsikandar .bad B,' P at Javeed Khaskheli House Gulshan-e-Kamal Khan Brick Pavement at Shari Colony Sanghar Const: of Surface drains & RCC crosses Ghafoor House to School, Siddique house to Muneer Karachi house & Shabir house to Jameel house, at Basi Union Council Kandiari Brick Pavement at Ghafoor House to School, Siddique house to Muneer Karachi house & Shabir house to Jameel house, at Basi Union Council Kandiari Const Of Main Nala Hassan Lander House To Disposal Const: of Metalled road Jinnah road to Bajwa Manzil via Ice Factory and Haji Bashir House ward NO:10 Block NO: 11 Sanghar Const: of Metalled road Kiani road Bhej Pagahra Chowk Sanghar B/ P at village Ibrahim Rajar UC Chotiaryoon Deli Roro Const: of Road at Gulshane Wali Muhammad B/P near Saeed Laghari Farm at village Loharro Const: of RCC Culvert at feeder minor Sher Nizamani UC Kehore. Const: of Culverts on Main Sim Nala at Village Khuda Bux Chandio UC Kehore Const: of 2 Culverts at village Wall Muhammad Nizamani Const: of water tank at village Kavero Khaskheli UC Kehore Brick Pavement at village Malik Muhammad Farooque Chak No: 16 UC Gujri Const: of Metalled road at village Chak No: 16 UC G uj ri Const: of Metalled road Eid Gah to Madrasa ward No: 02 Sanghar Brick Pavement at Haji Chuhtto Khan Nizamani Const: of 2 Culverts at village Haji Chuhtto Khan Nizamani Brick Pavement at Ahmed Khan Nizamani Const: of 5 Culvert at village Muhammad Hashim Rajar UC Kehore Const: water tank at village Muhammad Hashim Rajar UC Kehore Brick Pavement at village Muhammad Hashim Rajar UC Kehore Brick Pavement at Dargah Juman Shah Const: 2 Culverts at village Abdullah Chang Chak No:50 Const: of Culvert at village Faqir° Behan Chak No:96 B/ P at Faqir Ghulam Mustafa Nizamani Chak No:19 Brick Pavement at Gulshare Rind Const: of road at village Gul Muhammad Rajar Const: road at village Mir Muhammad Rajar Const: road at village Sawan Rajar Const: culvert at village Suleman Behan on minor Const: of Nala from Church to Wasif Town Const; of Culverts various areas of Taluka Sanghar Const: drain at water tank at village Faqir Ramzan Mari Sudhirani Const: of Metalled road Bakhoro road to Pir SahibTalah Const: Of CC block road Naeem House to Ramzan House via Shabir Dhobi ward No: 10 Black NO:11 Sanghar Const: of water tank at village Mir Khan Gaho LC Const: of well at village Faqir Muhammad Ramzan Kara ro Const: of CC Block road Masjid to Graveyard at Gujri Brick Pavement Nasir House Chak NO: 10 Const: of Metalled road water supply corner to Yameen Shop at Shah Mir Goth Sanghar Const: of Metalled road at Narejo Banglo to Chandni 1 Chowk via Rais Abdul Wahid Nizamani house. Brick Pavement Mohib Khan Junejo Kori Mohalla, Junejo Mohalla, Mehgwar Mohalalh Brick Pavement at Mir Muhammad Junejo to ArabRajar UC Chotiaryoon Const: of water tank at village Avais Agriculture farm Deh Lotko Brick Pavement at village Tasadiq Bashir Bajwa Const : of Metalled Road Near Aijaz Chakarani House at Al- Mansoora Colony Sanghar Brick pavement Doctor Jawaid House To Malik Mehmood House Chak No 9 B/P at Azeem Nizamani House To Ali khan Otaque Const: of drain Mehar Mangsi to Masjid at village HajiKhamiso Man_gsi UC Kandiari Brick Pavement at village Haji Abdul Karim Laghari Const: Of Water Tank at Village Ghulamudin Rajar Brick Pavement Tori Road Corner Of Fire Station To water Supply Compound wall Brick Pavement Masjid School to Anwer Chandio at Village Shah Muhammad Chandio Const : Of CC Road Near Riazudin Mansoori House at Muslim Town Sanghar Const: Bridge at Loharo Const: of water tank at Solangi Village Const: of water tank at village Taluka Sanghar Const:- of Surface Drain I/C RCC Cross Near Malik Shafgat House Chak No 10 Const:- of Surface Drain I/C RCC Cross Near Master Ghulam Ali House Chak No 10 Const:- of Water Tank at Sain Bashir Hussain Shah Chak No 01 Paniabi Brick Pavement at Chak No 05 Brick Pavement Near Haji Sarwar Jat Chak No 06 Firick Pavement at Chak No 2-7 Brick Pavement at village Qasim Brohi to Chak No 11 B/ P at Near Ghulam Rasool Malha House at Jafar Ji Ivlian Brick Pavement Tori Mori road to village Alam Jamali and Chanesar Jamali Const: Of CC road And 2 Culverts at Village Tagho Chandio Const: Of 4 Culverts at Village at Haji Rohel Khaskheli 1 Brick Pavement at Village Sattar Chandio Brick Pavement Niithro Canal to Village Pir Bux :a Tali Const: Of Culverts at village Laige Jamali Brick Pavement Khipro Shakh to Village Shahid N izamani Cost: Of Water Tank at Village Jafar Je Main UC Mian Brick Pavement at Village Sayed Gul Hassan shah Deh Jawaro UC Chotiaryoon Brick Pavement at Village Mir Hassan Shah Deh Jawaro Brick Pavement at Village kirar Rajar Tando Mitha Khan B/P at Village Habib Ullah Roonjo Tando Mitha Khan Pros iding Brick Pavement at Village Ali Ahmed Shah Tando Mitha Khan B/P at Village Janib shah Village Chotiaryoon Brick Pavement at Village Varyam Khaskheli Deh Tando Mitha Khan Brick Pavement at Village Rasheed barber Dela Tando Mitha Khan B/P at Village Gul Photo Kerio Deh Tando Mitha Khan B/P at Village Humair Khaskheli Deh Tando Mitha Khan . B/ P at Village Kumbhar Para Deh Tando Mitha Khan B/ P at Village Shah Muhammad Shah Deh Jawario Brick Pavement at Village Habib Ullah Malha Deh Tando Mitha khan B/ P at Village Gul Kerio Deh Tando Mitha khan B/P Village Manzoor Kerio Deh Tando Mitha Khan Const of 4 Culverts at Village Sayed Gul Hassan Shah Const Of Drain at Village Ali Ahmed Shah B/ I' at Village Maroof Bugti Deh Behram Bari Brick Pavement at Village Essa Bugti Deh Behram Bari Brick Pavement at Village Amin Chandio Brick Pavement at Village Qasim Shah Behram Bari B/ P at Village Balam Menghwar Deh Baram Bari Brick Pavement at laiq , Zulfiqar Ali Sain Bux Chandio Village Amin Chandio Brick Pavement at Village Muhammad Ismail Chandio Brick Pavement at Village Abdul Sattar Chandio Brick Pavement at Village Sultan Chandio Brick Paveinent at Village Qasim Shah / Bachal Shah Brick Pavement at Village Ghulam Hussain Bugti B/P at Village Fattah Bugti / Ghulam Hussain Bugti Earth Filling at Village Haji Feral Shah Const of RCC Culverts at Village Jhando Faqir Junejo Const Of RCC Culverts At Village Pario Khan Bugti , DR Ali Ahmed Bugti Khaliquc Chandio Wazeer Ali Shah Behram Rahmoo Const Of RCC Culverts at Village Noor Muhammad Chandio Const of RCC Cuk ens at village Aziz AhmedChandio" Const Of RCC Culverts at village Palio Bugti Const of RCC Culverts at village Haji lqbal Shar Deh Beram Bari Const of RCC Culverts at village Haji Kamal Din Shar Deh Beram Bari Providing Brick Pavement at Village Haji Iqbal Shar Deh Beram Bari Const Of RCC Culverts at village Naimat Qureshi Earth Filling at Village Naimat ureshi Brick Pavement at Village Qaim Bhambhro Brick Pavement at Village Khair Muhammad Chandio Brick Pavement at village Qazi Noor Muhammad Mari
Estimat I e Cost 5000000 2500000 500000 5000000 5000000 1000000 5000000 1000000 1000000 1000000 5000000 1000000 1000000 500000 500000 500000 500000 500000 3000000 3500000 300000 2000000 1000000 300000 1000000 300000 100000 300000 100000 500000 400000 350000 350000 500000 500000 400000 300000 300000 400000 400000 300000 500000 300000 300000 500000 500000 500000 650000 300000 400000 200000 400000 100000 350000 1000000 1000000 500000 300000 100000 150000 200000 350000 200000 200000 100000 100000 100000 200000 400000 400000 400000 200000 600000 1000000 350000 500000 500000 350000 200000 300000 300000 500000 500000 300000 200000 350000 200000 500000 300000 400000 350000 300000 350000 400000 300000 150000 500000 350000 350000 200000 200000 350000 350000 350000 350000 350000 150000 150000 400000 200000 150000 300000 100000 200000 320000 250000 250000 100000 250000 100000 100000 250000 150000 150000 150000 150000 100000 150000 150000 100000 200000 150000 100000 100000 500000 500000 150000 400000 150000 150000 150000 150000 250000 250000 500000 50000 450000 150000 100000 50000 50000 50000 150000 50000 300000 150000 400000 400000
Brick Pavement at Village Meco Khaskheli Const of 4 RCC Culverts at Village Qurban Ali Shah Const of RCC Culverts at Village Ghulam Hyder Shah Earth Filling At Village Jano Khaskheli Brick Pavement at Village Allah Wario Mangwano Brick Pavement at Village Gulab Mangwano Brick Pavement at Village Nabi Bux Unar Brick Pavement at Village Bajer Unar Brick Pavement at Village i\linhal , Guhram Unar Brick Pavement at Village Bishrat Brick Pavement at Village Kirar Khan Unar Const of RCC Culverts at Village Sabar Mangwano and Yagoob Mangwano Brick Pavement at Sarwari Mouhla UC main Brick Pavement at Near Sattar Lander UC Mian Brick Pavement at Near Ghulam Mustafa Lander Brick Pavement at Near Bhulo Jamali Brick Pavement at Near Dilbar Jamali Brick Pavement at Talib Ul Moula Colony Sanghar Brick Pavement at Muhammad Bux Deh awed Earth Filling at Ghazi Khan Mangwano Brick Pavement at Village Chowdhri Hafeez Chak No 07 Brick Pavement at Village Rizwan Ahmed Brick Pavement at Village Hamid Ali Shah Brick Pavement at Village Laiq Jamali Earth Filling at village Chowdhri Allah ditto Providing Earth filling at Village Chowdhri Hafeez Const Of RCC Culverts at Hameed Akthar Village Ghulam Hussain Const: Of RCC Culverts at Mehar Rouhnjo Chak No 10 Const: Of RCC Culverts at Village Chowdhri Hafeez Providing Brick Pavement at Village Essa Lander Brick Pavement at Village Ghulam Hussain Bhabhro Const Of RCC Culverts at Essa Lander Providing Brick Pavement at Gul Muhammad Chandio Providing Brick Pavement at Village Muhammad Mushtaq Wassan Brick Pavement at Village Mir Hassan Mangsi Providing Brick Pavement Sami Khan House to Rajpoot Colony B/ P at Village Talib Ullah Moula Colony Street No 05 Const: Of CC Block Near Ghulam Rasool Shah House Shah Latif Colony Const: Of CC block Near Dhanio Jandrio House at Dapir Colony Cost: RCC Culverts at Village Rasool Bux Umrani Const: Of Metalled Road from main Road Chak No 84 to Village Saleem Khan Pathan UC Gujri Const: Of Metalled Road from main Road Chak No 67 to Village Lal Khan Warraich Const: Of Metalled Road from raja Khalid House to Khushi Muhammad Arain Chak No 10 Const: Of Metalled Road from Foji Manzoor shop to Abdul Ghani Arain Chak no 6 Const: Of Metalled Road Main Road Chak No 11 to Village Nazim Solaria Const: Of Metalled Road from Zafar house to Chowdhri sultan house Chak No 07 Const: of Metalled Road from Hanif Mehar to Rauf house Chak No 07 Const: of 4 water course culverts at Chak No 56 at village Niaz warriach Brick Pavement at village Wadero Ali Bux Mangwano B/ P village Wadaro Mir Muhammad Mangwano Brick Pavement at village Majno khan Unar Deh Awed Earth Work at Village Ali Nawaz Mangwano , Allah Rakho Unar , Juman Mangwano, Mir Khan Mangwano . Muhammad Juman Shair and Baz Gul Pathan Const : Of Water Tank and Brick Pavement at village Faqir Muhammad Thahim UC Kandiari Brick Pavement at Village Qazi Ghulam Muhammad Brick Pavement at Village Bazaar Khan Shar UC Kandiari Const: Of CC Road at Village Muhammad Ishaque Sangrasi Uc Setharpir Const: Of Water Tank at Village Yar Muhammad rind Brick Pavement at Village Yar Muhammad Rind Const: of water tank at village Doro Faqir Deh Tharar. Const: of waiting shade at village Ghulam Qadir Mangrio Deh Thrar Brick pavement i/c earth work at village Ahssan Ali Deh Dareri UC Kanhar B/P i `c earth work at village Rasool Bux Deh Dareri Brick pa\ ement at village Asif Ali Mangrio Deh Atpar Const: of waiting shade at village Hyder Shar Brick pavement i c earth work near Rahim Bux house Deh Bakar UC Chotiarvoon Brick pavement at village Anwar Chandio Const: of Metalled road at village Yar Muhammad Rind Brick Pavement Jama Masjid to Kandiari town B/P Kalam Khan Pathan to Saleh Khaskheli house Brick Pavement from Joni Mehgwar to Kumbar Aotaq B/P from harchand Mengh\var to Tehsini Lnghi house Repair of Taxi Stand town Committee Kandiari Const: of Water tank at village Pir Bux Junejo
100000 200000 50000 300000 300000 250000 250000 250000 250000 250000 250000 100000 150000 100000 100000 250000 100000 500000 250000 150000 500000 100000 250000 250000 150000 150000 100000 50000 50000 250000 150000 100000 400000 400000 250000 100000 100000 100000 200000 50000 1000000 1000000 1000000 1000000 1000060 1000000 1000000 200000 350000 200000 400000 300000 1350000 1000000 1000000 500000 500000 500000 300000 300000 200000 250000 300000 300000 250000 250000 1500000 300000 350000 200000 300000 200000 1000000
Earnest Money 100000 50000 10000 100000 100000 20000 100000 20000 20000 20000 100000 20000 20000 10000 10000 10000 10000 10000 60000 70000 6000 40000 20000 6000 20000 6000 2000 6000 2000 10000 8000 7000 7000 10000 10000 8000 6000 6000 8000 8000 6000 10000 6000 6000 10000 10000 10000 13000 6000 8000 4000 8000 2000 7000 20000 20000 10000 6000 2000 3000 4000 7000 4000 4000 2000 2000 2000 4000 8000 8000 8000 4000 12000 20000 7000 10000 10000 7000 4000 6000 6000 10000 10000 6000 4000 7000 4000 10000 6000 8000 7000 6000 7000 8000 6000 3000 10000 7000 7000 4000 4000 7000 7000 7000 7000 7000 3000 3000 8000 4000 3000 6000 2000 4000 6400 5000 5000 2000 5000 2000 2000 5000 3000 3000 3000 3000 2000 3000 3000 2000 4000 3000 2000 2000 10000 10000 3000 8000 3000 3000 3000 3000 5000 5000 10000 1000 9000 3000 2000 1000 1000 1000 3000 1000 6000 3000 8000 8000 8000 2000 4000 1000 6000 6000 5000 5000 5000 5000 5000 5000 2000 3000 2000 2000 5000 2000 10000 5000 3000 10000 2000 5000 5000 3000 3000 2000 1000 1000 5000 3000 2000 8000 8000 5000 2000 2000 2000 4000 1000 20000 20000 20000 20000 20000 20000 20000 4000 7000 4000 8000 6000 27000 20000 20000 10000 10000 10000 6000 6000 4000 5000 6000 6000 5000 5000 30000 6000 7000 4000 6000 4000 20000
"TendersFee" 10000 5000 1000 10000 10000 2000 10000 2000 2000 2000 10000 2000 2000 1000 1000 1000 1000 1000 6000 7000 600 4000 2000 600 2000 600 200 600 200 1000 800 700 700 1000 1000 800 • 600 600 800 800 600 1000 600 600 1000 1000 1000 1300 600 800 400 800 200 700 2000 2000 1000 600 200 300 400 700 400 400 200 200 200 400 800 800 800 400 1200 2000 700 1000 1000 700 400 600 600 1000 1000 600 400 700 400 1000 600 800 700 600 700 800 600 300 1000 700 700 400 400 700 700 700 700 700 300 300 800 400 300 600 200 400 700 500 500 200 500 200 200 500 300 300 300 300 200 300 300 200 400 300 200 200 1000 1000 300 800 300 300 300 300 500 500 1000 100 900 300 200 100 100 100 300 100 600 300 800 800 800 200 400 100 600 600 500 500 500 500 500 500 200 300 200 200 500 200 1000 500 300 1000 200 500 500 300 300 200 100 100 500 300 200 800 800 500 200 200 200 400 100 2000 2000 2000 2000 2000 2000 2000 400 700 400 800 600 2700 2000 2000 1000 1000 1000 600 600 400 500 600 600 500 500 3000 600 700 400 600 400 2000
Period. 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 Month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month 6 month
The tender forms can be obtained from the office of Taluka Officer (I&S) Taluka Municipal Administration Sanghar on any working day from the date of publication of advertisement in the News Paper upto 25th July 2011 at 02:00 PM and same shall be opened before persons parties and contractors who may be presents on 26th July 2011 @ 02:00 PM. In case the tender will not be held on above date than 2nd & 3rd dates are as under:-. 2nd date issue of tenders 15th August 2011 and same will be open on 16th August 2011 @ 02:00 PM. 3R1 date of issue of tenders 25th August 2011 and same will be open on 26th August 2011 @ 02:00 PM. The Earnest money will be accepted in the shape of call deposit in favour of Administrator Taluka Municipal Administration Sanghar, who reserves the rights to accept or reject anv or all tenders in light PEPRA RULES 2010.
INF-KRY 2387/11
ADMINISTRATOR TALUKA MUNICIPAL ADMINISTRATION SANGHAR.
4
Thursday, June 30, 2011
The Financial Daily International
West Queries China Over Pak-Atom Ties
Vol 4, Issue 238
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
Edible oil a huge burden Import of nearly three million tons edible oil every year is a big question mark on the performance of all the stakeholders. According to the prevailing international prices this import costs the country over $3 billion this year. After 2008 floods the central bank announced a special financial package for the growers of edible oil seeds but the results seem grossly disappointing. This is evident by two factors (1) banks failing in meeting agri-credit disbursement and (2) rising edible oil import. The most disappointing factor has been that farmers needed assistance after the deluge but banks remained more concerned about the credit they feared was lost. This was partly because many financial institutions failed in taking advantage of the credit insurance scheme offered by the local insurance companies. It seems very evident that some of the groups have vested interest and don't wish that the country achieves self sufficiency in edible oil production. Pakistan is capable of achieving this conveniently if the focus is on enhancing production of cotton, corn, canola and sunflower. The presence of these pressure groups seem certain because over the years there hasn't been any substantial increase in the production of these crops. Interestingly except cotton all the crops can be cultivated on average land and also have low irrigation requirement. Only corn needs high dosage of nutrients, whereas canola and sunflower don't require extra dosage of nutrients. Pakistan has failed miserably in benefitting from the experience of Canada in the production of canola, a name given to Canadian oil. Canada is the largest exporter of canola oil seeds in the world. Pakistan imports a substantial quantity of canola oil/seed from Canada and it should have sought technical assistance from Canada in enhancing local production of the oil seed rather than keeping on importing it. Still it is not too late; the government should start an awareness campaign for the benefit of farmers at the earliest. Some of the opponents of increasing cultivation of corn, canola and sunflower seeds say that this will dent government's efforts to achieve self sufficiency in the production of wheat. This is simply a disinformation, because the soil requirement for wheat is very different from that of canola and sunflower. Experts even go to the extent that canola is very close to mustard oil family. However, bulk of it is consumed before the seeds are produced. It may not be wrong to say that agriculture research institutes operating throughout the country have also failed in discharging their duties. This is evident from the poor yield achieved in Pakistan. In the simplest words it can be said that yields in Pakistan are almost half comparing with India. Therefore, the country can achieve higher production without bringing additional area under cultivation.
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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.
W
estern nations pressed China at closed-door nuclear talks to provide more information and help address concerns about its plans to expand an atomic energy plant in Pakistan, diplomatic sources said on Wednesday. But China showed no sign of reconsidering its position on building two more reactors at the Chashma nuclear power complex in Pakistan's Punjab region, said the sources who attended a June 23-24 meeting of the Nuclear Suppliers Group (NSG). Beijing's nuclear ties with Islamabad have caused unease in Washington, Delhi and other capitals. They are worried about Pakistan's history of spreading nuclear arms technology and the integrity of international non-proliferation rules. Washington and other governments have said China should seek approval for the planned reactors from the NSG, a 46-nation, consensus-based cartel that seeks to ensure nuclear exports do not get used for military purposes. Beijing is likely to shun such calls, arguing that the construction of two additional units at Chashma would be
part of a bilateral deal sealed before it joined the NSG in 2004. China also supplied the facility's first two reactors. The United States and European countries made statements at the meeting in the Dutch town of Noordwijk that "both expressed concern and asked the Chinese to provide more information," one diplomat who attended the talks said. "The Chinese came back and said that as far as they were concerned Chashma 3 and 4 came under the agreement that was grandfathered when they joined in 2004 and that is as far as they feel they need to go," the diplomat added. The NSG's annual plenary session addressed a range of nuclear-related issues, and agreed to tighten guidelines for the transfer of sensitive enrichment and reprocessing technology that can be used to develop nuclear weapons. But a statement about the talks did not mention Chashma. "It is a very sensitive topic," said one European official. POSSIBLE COMPROMISE? Another diplomat who declined to be named said: "A number of countries expressed concern and requested more
information. There was a brief response from China." Close relations between China and Pakistan reflect a long-standing shared wariness of their common neighbor, India, and a desire to hedge against U.S. influence across the region. Chinese nuclear companies have not issued detailed information about when they will start building the new units, but contracts have been signed and financing is being secured. To receive nuclear exports, nations that are not one of the five officially recognized atomic weapons states must usually place all their nuclear activities under the safeguards of the U.N. International Atomic Energy Agency, NSG rules say. When the United States sealed a nuclear supply deal with India in 2008 that China and other countries found questionable because Delhi -- like Islamabad -- is outside the nuclear Non-Proliferation Treaty (NPT), Washington won a waiver from that rule after contentious negotiations. Pakistan wants a similar civilian nuclear agreement with the United States to help meet its growing energy
needs. But Washington is reluctant, largely because a Pakistani nuclear scientist, Abdul Qadeer Khan, admitted in 2004 to transferring nuclear secrets to North Korea, Iran and Iraq. Pakistan tested nuclear devices in 1998, soon after India, and both nations refuse to join the NPT, which would oblige them to scrap nuclear weapons. The first diplomat suggested that a possible way forward on Chashma was if China said that the two new reactors would be the last it claims do not need approval from the NSG. "What in reality is needed is something that says: this is it, this is the end. And if Chashma 3 and 4 are the end, that is possibly a price worth paying," the diplomat said. Nuclear analyst Mark Hibbs said he believed China would press ahead with its Pakistan reactor plans and that there were divisions among other NSG states on how to respond to this. "A kind of 'don't ask, don't tell policy' ... would be very damaging for the credibility of the NSG," said Hibbs, of the Carnegie Endowment for International Peace.
Game Over for Gaddafi? M
ilitary and diplomatic gains by Libyan rebels have cheered NATO allies desperate for signs of movement in a war creating uncomfortable strains on budgets and in popular opinion. The successes, which include a battlefield advance, are also set to raise pressure on Muammar Gaddafi as his government organises for an annual Muslim fasting month that will test its diminished resources to the limit. But Western hopes for a knockout blow against the veteran ruler remain frustrated, and few officials will say how long they think Gaddafi can hang on given his resourcefulness in a conflict now entering its fourth month. A notable exception is International Criminal Court (ICC) prosecutor Luis Moreno-Ocampo, who on Monday announced an arrest warrant for Gaddafi, his son Saif al-Islam and Libyan intelligence chief Abdullah alSenussi. Speaking a day later, he said the Libyan leader would soon capitulate to a NATO-backed revolt. He added: "I don't think we will have to wait for long ... In two or three months it is game over." Many analysts said Ocampo's forecast appeared speculative at best. Some say that even if Gaddafi were to go by autumn, unrest would worsen in a power vacuum and a counter-revolt could erupt. "Game over for him? Possibly in three months time," Graham Cundy, a
British military specialist at Diligence, a security and intelligence consultancy, told Reuters. "Game over for Libya? I think we have got ourselves into a real world of hurt here ... Even if Gaddafi does go and the rebels somehow storm in to Tripoli and establish themselves in government, a whole series of problems then follow." "When planning for military interventions it is always better to expect the worst and be pleasantly surprised when it doesn't happen. The raising of expectations by either the military planners to their political masters or the politicians to the electorate seldom ends well." The revolt against Gaddafi's 41-year rule has made only sluggish progress since NATO-led nations started bombing three months ago, but rebels now say they are moving closer to Tripoli. Rebels based in the Western Mountains region southwest of the capital made their biggest breakthrough in weeks on Sunday to reach the town of Bir al-Ghanam, where they are now fighting pro-Gaddafi forces for control. On the diplomatic front, the ICC warrants have boosted rebel morale, and in recent weeks Gaddafi has begun to lose friends in Africa, where he spent decades building up influence. Moves by states including Senegal, Mauritania, Liberia, Chad and Gambia to distance themselves from Gaddafi are partly a bet that NATO-backed rebels will finally succeed in ending his rule. Western officials have seized on evi-
dence that the fighting is moving closer to the capital Tripoli as a sign that the conflict -- at some indeterminate future date -- is in sight. "The position for Colonel Gaddafi is getting more and more difficult every day," International Development Secretary Andrew Mitchell said in London on Tuesday. WESTERN POLITICAL FORTUNES IN PLAY In New York, the top U.N. political affairs official, U.N. under secretarygeneral for political affairs Lynn Pascoe, said the NATO-backed rebels had a tentative upper hand in the fight. Independent U.S. analyst Geoff Porter said it was not clear how long Gaddafi could hold on for "but he is hanging on a lot longer than observers had anticipated." The war had reached an indeterminate stage, he told Reuters, and Western leaders were now under pressure to end the war quickly to bolster their own domestic political fortunes. Shashank Joshi of the Royal United Services Institution, a London think tank, said Ocampo's timetable appeared in keeping with the best information publicly available about the conflict. He said unconfirmed reports suggested that Gaddafi only had enough refined oil products essential for transportation to last for the next two months and after that ran out "no one is going to be able to move and or do anything." David Hartwell, north Africa and Middle East analyst at IHS Jane's, a
defence and security consultancy, agreed Gaddafi's hold on power was weaker than it was three or four months ago. But Gaddafi "is probably going to stick around." POSSIBLE HOSTILE REACTION "To remove Gaddafi you would need some sort of prefect storm (of defections, NATO attacks, rebel advance, an uprising). As Gaddafi has entrenched, that has becomes more difficult." Analysts say that while Gaddafi still likely has billions of dollars in cash and gold at his disposal, these resources will be stretched in coming weeks by the twin demands of the war and obtaining sufficient food and fuel to enable Libyans in government-held areas to mark Ramadan. The fast, when Muslims refrain from eating, drinking or smoking during daylight hours, this year falls during August. Saad Djebbar, a UK-based former legal adviser to the Libyan government, said Libyans night-time partying, family visits and gift-giving in Ramadan would react with hostility against Gaddafi if the government was unable to provide food and fuel to enable them to participate in festivities. "By Ramadan, the areas still under the control of Gaddafi will see the worst time ever in Libya's modern history. It will put immense pressure and fuel further exasperate the people's anger against him," he said. -Reuters
Retail mergers tougher to complete A
good buy in retail mergers has become harder to come by. Despite a wide range of retail auctions over the past year, getting to a completed deal has become more difficult as buyers and sellers disagree on price, companies fail to offer attractive enough growth opportunities and company boards become more cautious amid the volatile stock market. "We've seen more broken transactions in the last six months than frankly I think I've seen in my career, interestingly," Marc Cooper, managing director of boutique merger advisory firm Peter J. Solomon, said at the Reuters Consumer & Retail Summit in New York. "What it speaks to is despite the fact there's an enormous amount of money sitting on the sidelines by the private equity folks, they're cautious. Whenever they see something that has issues, hair that's not clean, they step back," Cooper said. So far this year, the number of retail and consumer mergers and acquisitions in the U.S. has dropped to 483 deals, down 8.9 percent from the sale period last year, according to data from Thomson Reuters. "A lot of auctions are being done but not a lot of successes are being had," said Kenneth Berliner, president of Peter J. Solomon Company and head of its mergers and acquisition group. Big Lots Inc , for example, took itself off the market after failing to attract high enough takeover bids, sources familiar with the situation previously told Reuters. Jarden Corp , which owns brands
ranging from Sunbeam coffee pots to Bicycle playing cards and Holmes humidifiers, said it constantly looks at potential acquisitions but rarely finds a good fit. 'KISS A LOT OF FROGS' "We're always looking at things. My job is to kiss a lot of frogs to see if there's a prince or princess among the ideas. A lot of it depends on timing and opportunity. We're always ready to react," said Martin Franklin, Jarden's executive chairman. "Of the 15 or so acquisitions we've made, there are 250 we could have made that we didn't make for one reason or another. We do spend a lot of time on things we decide not to do," Franklin said. Franklin said asset prices have risen due to the availability of inexpensive high-yield debt and expectation that private equity firms will have to deploy their vast resources soon. As price expectations have risen among sellers, it has been more difficult to reach to deal agreements with buyers who are parting with the money. "There's any number of attractive candidates our there. The question is whether buyers and sellers can bridge that valuation gap," Berliner said. Jarden's Franklin said it paid roughly 5-to-8 times EBITDA (earnings before interest, taxes, depreciation and amortization) for most of its acquisitions. The average premium paid in the first half of this year in the retail and consumer sectors was in the range of 10- to 12-times EBITDA, according to Thomson Reuters.
"What we live in fear of is doing a bad acquisition," Franklin said. IN PLAY Retailers currently on the block include A.C. Moore Arts and Crafts Inc and bookseller Barnes & Noble Inc . BJ's Wholesale Club Inc on Wednesday agreed to be sold to private equity firms Leonard Green & Partners and CVC Capital Partners for $2.8 billion. Office Depot Inc Chief Executive Neil Austrian said the office supply retail sector is ripe for consolidation, but antitrust regulators are sticking to an antiquated view of the market and not letting key players merge. "While I believe there should be consolidation, the real question is how the FTC views it. And my understanding today is that their mentality hasn't changed at all," Austrian said. The Federal Trade Commission rejected a $4 billion merger of Office Depot and Staples in 1997, saying it would lead to less competition and higher prices for customers. Analysts now play down those concerns as mass merchants such as Target Corp and online chain Amazon.com become bigger players in the sector. Lululemon Athletica Inc dismissed rumors of a potential takeover by Nike Inc , saying the yoga-focused sportswear company would be a bad fit with the shoe and sportswear manufacturer. "Our founder owns 30 percent of the company -- that's our poison pill," said Lululemon Chief Financial Officer John Currie. Currie said it has not spoken to
"What it speaks to is despite the fact there's an enormous amount of money sitting on the sidelines by the private equity folks, they're cautious. Whenever they see something that has issues, hair that's not clean, they step back," Cooper said.
5
Thursday, June 30, 2011
South East Asian stocks
Mostly higher; banks in demand towards quarter-end
European shares hit two-week closing high
KSE-100 Index Opening Closing Change % Change Turnover (mn)
Profit taking erodes gains at KSE
12,362.44 12,423.30 60.86 0.49 61.59
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,048.05 3,061.08 13.03 0.43 2.84
Nawaz Ali
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,689.58 2,683.01 6.57 0.24 0.03
Major Gainers
Symbol
Close
Change
NESTLE 5,406.20 WYETH 940.00 SIEM 1,051.22 RMPL 2,719.25 MTL 605.01
206.19 43.43 26.92 25.37 17.09
Major Losers
Symbol PSO SALT FFC PICT PPL
Close
Change
267.91 62.13 152.33 81.52 206.46
-5.89 -3.17 -2.63 -2.49 -2.08
Top 5 Volume Leaders
Symbol FATIMA NICL BYCO DAWH FFC
Close Vol (mn) 16.08 2.87 9.09 63.98 152.33
5.27 4.04 3.93 2.67 2.34
Active Issues Plus Minus Unchanged
148 99 88
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
KARACHI: Stock brokers are busy in trading at Stock Exchange.-Online
Indian shares up 5th day MUMBAI: Indian shares rose for a fifth straight session on Wednesday, to its highest close in nearly two months, riding on world markets which gained on expectations that Greece will ward off bankruptcy and avert the euro zone's first sovereign default. But dealers believe that the rally has no legs and see the gains as temporary, as worries over India's inflation and rising interest rates continue to plague the outlook. Financials led the gains, in an attempt to catch up after a poor performance this year. The sector index firmed 0.9 per cent, but is still down 5.4 per cent year to date. The 30-share BSE index gained 1.09 per cent, or 201.41 points at 18,693.86, its highest close since May 2, with 22 of its components gaining ground. The benchmark had gained more than 5 per cent in the previous four sessions on shortcovering and buying to boost portfolio values before the quarter draws to a close. "Market is rising on hopes Greece will have a solution to its woes soon," said Nilesh Doshi, president of equities at brokerage Techno Shares. Foreign funds bought around $732 million of shares in three sessions to Monday, latest data from the market regulator
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
showed, after dumping $688 million over the previous nine days. "It is not a new bull trend. It can remain rangebound for a while. Big gains are ruled out due to our domestic issues," said Doshi. Persistently high inflation and slowing economic growth have deterred investors from pumping money this year into India -- one of the most preferred investment destinations until recently. "The economy is slowing down, and there is nothing that can turn around the economy overnight," said Doshi. The index is down nearly 9 per cent so far in 2011, making it one of the world's worst performers. Greece's parliament looked increasingly likely to approve an unpopular austerity measures on Wednesday, despite violent protests, to secure international funds to prevent a sovereign default of the country. Top lender State Bank of India firmed 1.6 per cent, while rivals ICICI Bank and HDFC Bank rose 0.4 per cent and 2.7 per cent respectively. Mortgage lender Housing Development Finance Corp gained 0.9 per cent. Cigarette-to-hotels firm ITC firmed 2.9 per cent on See # 17 Page 11
FTSE rallies as Greece approves austerity plan LONDON: Britain's top share index gained sharply on Wednesday as Greece lawmakers backed an austerity plan to pave the way for bailout aid, with financials and commodity stocks leading the gainers. The plan for Greece, demanded by the European Union and the International Monetary Fund, includes 28.35 billion euros ($40.2 billion) of fiscal measures. "General sentiment has improved for the meantime, which has led to a rally in financials and commodities," Atif Latif, director of trading at Guardian Stockbrokers, said. On the threat of debt contagion in other euro zone peripheral countries, Latif said: "There may be some comfort that help will be available should it be required. This is not a situation that we would want to face, but it is unfortunately an issue on the horizon." Investors, for now, pushed concerns over other hurdles facing Europe to one side, and took the opportunity to celebrate the news from Greece by tucking into riskier assets. Miners and integrated oils gained along with copper prices and Brent crude. See # 18 Page 11
China shares fall
Bank stocks weigh on Hong Kong HONG KONG: Chinese shares fell on Wednesday, snapping a six-day winning streak and erasing gains in Hong Kong, with investors selling Chinese bank stocks after rumours about an interest rate hike in early July compounded simmering fears about soured loans. But some market players remained optimistic on Chinese equities, believing any potential losses the banks suffer on bad loans will be manageable, especially since their loan books have a relatively low proportion of non-performing loans. Chinese banks can earn their way out of any potential trouble in a way that US banks are only starting to do, said Norman Villamin, RBS Coutts' head of Asia investment strategy. Bank of China and China Construction Bank were the top drags on the benchmark Hang Seng Index, which finished flat at 12,404.52 points. The China Enterprise Index dipped 0.7 per cent, and the Shanghai Composite Index closed down 1.1 per cent at 2,728.48 points. Seven banks were among the
top eight biggest drags on the Shanghai Composite, with midsized banks, which are generally viewed as more likely to suffer the brunt of bad debt losses, hit harder. China Minsheng Banking Corp lost 4.2 per cent, while two of China's largest banks, Industrial and Commercial Bank of China and Bank of China lost 0.9 and 1.3 per cent respectively. Results of a government audit on Monday showed local Chinese governments had racked up about 10.7 trillion yuan of debt. But while nonperforming loans at Chinese banks is seen possibly rising up to 5 per cent of total lending from around 1 per cent currently, it will not affect their credit ratings, Moody's Investors Service said on Tuesday. CAUTIOUS INVESTORS Sagging volumes in both China's and Hong Kong's markets for a third straight session suggested investors remained cautious. "The market is moving in fits and starts because people seem to be having second thoughts on buying," said Christian Kielland, head of Asia trading
at BTIG in Hong Kong. "Greece is not the biggest problem right now. Rather, investor impressions of growth are probably more important," he said, referring to the European's country's sovereign debt crisis. Manufacturing data from the United States and China will likely set the stage for investors to become more optimistic, with good corporate results next month setting the stage for a more sustainable leg up for the markets, said analysts. A Reuters survey of 16 economists, ahead of the official release of China's purchasing managers' index figures for June on Friday, suggests growth in Chinese factories cooled to 10-month low. But a median forecast of 51.3 still pointed China's vast manufacturing industry expanding for the 28th straight month. "From a tactical point of view, we are very constructive on China in the short-term," said RBS Coutts' Villamin. "We think the situation is similar to 2004-2006 when inflation was rolling over and valuations were below historical averages."-Reuters
KARACHI: After a heavy decline on Tuesday, equities bounced back at the Karachi Stock Exchange on Wednesday as investors took positions on attractive levels. However, profit taking at higher levels eclipsed the intra-day gains. The benchmark KSE-100 index gained 60 points to close at 12,423 points, KSE-30 index fell by 11 points to close at 11,561 points while KSE allshare index increased by 42 points to close at 8,616 points. "Bullish activity witnessed in an oversold market", said Ahsan Mehanti, Director Arif Habib Investments. Investor concerns over rising political uncertainty affected the trading activity, he added. The day started on positive note with market up 15 points after that the index consolidated the gains rapidly. After a heavy decline a day earlier investors took benefit of attractive levels. Due to buying mainly in oil, banking and fertilizer stocks index at about 10:27 a.m. touched an intra-day high of 12,530 points (+ve 168). Though, the index remained in the positive zone till the closing bells but some profit taking was witnessed at higher levels
primarily in oil stocks which eroded most of the gains and failed to close above 12,500 points. Samar Iqbal, equity dealer at Topline Securities said that year-end profit taking from local institutions especially in oil and fertilizer sector was seen. Due to uncertainty on gas prices, fertilizer stocks remained under pressure. However, the increase in KSE100 was mainly supported by illiquid stocks as Nestle alone contributed around 38 points in total gain of 60 points. Foreign investors were mainly on the selling side as according to NCCPL data, offshore investors indulged in net selling worth $1.22 million on Wednesday. Volumes stayed on lower as 61.5 million shares exchanged hands during the day which was 5.5 million shares less as compared to a turnover of 67 million shares on Tuesday. Zohaib Zaheer, analyst at Aba Ali Habib Securities said equities recovered to some extent after incurring a significant loss yesterday with relatively low volumes. Investors raise serious concerns over the current political scenario and are reluctant to take any fresh position See # 15 Page 11
Nikkei at 7-week high TOKYO: The Nikkei average closed at a seven-week high on Wednesday, close to the top of its trading range since the March earthquake, helped by easing worries over Greece's debt problems, although uncertainty about a long-term solution kept trade thin. Shares in power firms led gains after the Nikkei business daily said the opposition will ask the government not to make other utilities contribute to its scheme to help compensate victims of the radiation crisis at Tokyo Electric Power Co's
Fukushima nuclear plant. The benchmark Nikkei rose 1.5 per cent to 9,797.26, just shy of the 9,800 mark many market players have regarded as the top end of its core range since the quake. The broader Topix gained 1.7 per cent to 844.11. "I don't think the Nikkei can move well above 9,800 in the coming days after the Greek vote. Problems in the EU will persist, with other peripheral countries likely to be in a situation similar to Greece before long," said Nagayuki See # 16 Page 11
US stocks late-morning
Wall Street extends gains for 3rd day NEW YORK: US stocks rose on Wednesday after the Greek parliament approved austerity measures, clearing a major hurdle in the country's bid to win access to international funding to avoid default. US stocks slipped shortly after the vote but the gains returned solidly and the CBOE Volatility Index, Wall Street's "fear gauge," fell 8.4 per cent to 17.56. "Sometimes that's how the market works. They anticipate things and discount them, and when they actually occur, they sell on the news," said Eric Marshall, director of Research, Hodges Capital Management in Dallas, Texas. "But risk seems to be back in the market (after the Greek vote) after weeks of risk-off. That's helping the equities move higher." The Dow Jones industrial average was up 67.70 points, or 0.56 per cent, at 12,256.39. The Standard & Poor's 500 Index was up 10.07 points, or 0.78 per cent, at 1,306.74. The Nasdaq Composite Index was See # 13 Page 11
PACRA maintains Soneri Bank rating Staff Reporter KARACHI: According to a communiquĂŠ Pakistan Credit Rating Agency (PACRA) has maintained the long-term and short-term entity ratings of Soneri Bank Limited (SBL) at "AA-" (Double A minus) and "A1+" (A one plus), respectively. These ratings denote a very low expectation of credit risk emanating from a very strong capacity for timely payment of financial commitments. The rating of unsecured, subordinated TFC issue of Rs1,200 million has also been maintained at "A+" (Single A plus). The rating denotes a low expectation of credit risk emanating from a strong capacity for timely payment of financial commitments. See # 14 Page 11
Dhiyan
INDEX TO REMAIN RANGE BOUND Iqbal Ismail, CEO, ACE Securities In the short-term, the market outlook seems bullish and the index is likely to face resistance at 12,950 points. The stability on the political front and better than expected corporate results would trigger the market. Investors are advised to stay on sidelines until the political issues stabilises and then they can invest in oil & gas and fertilizer stocks. Today market looks negative with low volumes.
Muhammad Ahsan Rasheed, Director Research & Marketing AMJ Growth Due to selling pressure by foreign investors and uncertainty in international capital markets, market may see some mix activities in the coming days. The index is likely to move between 12,533 and 12,300 points while there would be a strong support at 12,220. Investors should invest with stop loss. They are recommended to invest in AICL, ATRL, and HUBC with a view of one quarter. Market may close on positive note today as it is the last trading session of the financial year.
6
Thursday, June 30, 2011
Market
KSE 100 Index
Symbols
Volume
61,588,325
Value
3,101,355,022
Trades
45,589
Advanced Decline Unchanged Total
Current High Low Change
148 99 88 335
All Share Index
12,423.30 12,531.30 12,362.44 h60.86
Current High Low Change
8,616.54 8,687.88 8,574.51 h42.03
OIL AND GAS
Company
Paid up Cap(mn)
PE
High Low 1,553.48 1,515.52 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.39 32.54
Open
High
Low
Attock Petroleum 691 6.76 374.97 Attock Refinery 853 4.07 122.12 BYCO Petroleum 3921 9.06 Mari Gas Company XD 735 4.25 104.08 National Refinery 800 4.89 350.12 Oil & Gas Development XD 43009 10.07 149.13 Pak Petroleum XD 11950 7.55 208.54 Pak Oilfields 2365 7.93 359.96 Pak Refinery Limited 350 44.92 80.27 P.S.O 1715 3.83 273.80 Burshane LPG 226 - 24.44 Shell Pakistan 685 8.10 226.44
380.00 125.99 9.63 104.85 361.50 151.49 210.70 366.20 82.55 276.50 25.60 233.00
373.10 122.60 9.01 101.00 353.00 147.85 206.01 358.05 80.10 267.00 23.51 223.65
Close Chg 374.29 124.23 9.09 103.95 354.00 148.84 206.46 359.66 80.41 267.91 24.78 227.93
-0.68 2.11 0.03 -0.13 3.88 -0.29 -2.08 -0.30 0.14 -5.89 0.34 1.49
Current High Low Change
KMI 30 Index Current High Low Change
11,561.47 11,716.80 11,552.48 i11.34
20,986.94 21,262.18 20,978.15 i32.69
Last 60 days High Low
Volume 19156 1309700 3928051 78351 214036 580138 419665 1108559 19578 778405 5957 13420
394.90 143.50 10.10 113.75 387.35 157.51 219.70 370.75 93.10 291.50 28.29 233.00
362.20 119.35 7.93 98.50 315.03 128.21 202.50 318.16 80.10 267.00 22.11 207.00
% Change -0.44 5-Day High 1,574.83 5-Day Low 1,523.37
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 -
-
Open 788.15 Turnover 21,771 P/E (x) 5.19 Company
High Low 802.15 752.50 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.33 25.53
Close 766.29 Listed cap 3,242.17 mn Payout (%) 11.08
Change -21.87 Market cap 12,391.25 mn Div Yield (%) 2.13
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1092 1321
7.50 7.19
84.01 25.00
85.50 25.50
79.81 24.50
81.52 -2.49 24.53 -0.47
11281 10490
91.20 30.99
Pak Int Cont.Terminal PNSC
67.31 24.50
Paid up Cap(mn)
PE
Open
High
Low
Agritech Limited 3924 - 18.69 BOC (Pak) 250 7.08 95.65 Clariant Pak 341 4.87 159.42 Dawood Hercules 4813 3.71 61.04 Descon Chemical 1996 2.20 Descon Oxychem Ltd. 1020 9.06 6.08 Dewan Salman 3663 2.63 Dynea Pak 94 3.50 10.62 Engro Corporation Ltd 3933 7.19 161.21 Engro Polymer 6635 - 10.38 Fatima Fertilizer 22000 - 15.68 Fauji Fertilizer 8482 9.37 154.96 Fauji Fert.Bin Qasim 9341 6.43 42.74 Ghani Gases Ltd 725 10.84 12.83 ICI Pakistan 1388 8.46 151.91 Lotte Pakistan 15142 3.91 14.01 Mandviwala 74 0.88 Nimir Ind Chemical 1106 12.48 2.61 Sardar Chemical 60 2.73 1.50 Sitara Chem Ind 214 2.47 99.37 Sitara Peroxide 551 5.20 16.77 United Distributors 92 - 14.25 Wah-Noble 90 5.13 36.50
19.01 95.99 160.99 64.09 2.37 6.29 2.80 11.11 165.50 10.74 16.50 157.30 43.23 13.34 154.80 14.25 1.00 3.07 1.50 99.98 17.18 14.75 36.50
18.00 94.00 158.50 61.48 2.10 6.12 2.55 10.10 160.50 10.11 15.80 152.00 42.85 12.90 151.78 13.95 0.70 2.70 1.50 95.00 16.79 13.50 36.00
Close Chg 18.82 94.00 159.50 63.98 2.14 6.16 2.59 10.67 160.88 10.23 16.08 152.33 42.94 12.90 152.36 13.99 1.00 2.87 1.50 99.64 16.80 13.83 36.35
0.13 -1.65 0.08 2.94 -0.06 0.08 -0.04 0.05 -0.33 -0.15 0.40 -2.63 0.20 0.07 0.45 -0.02 0.12 0.26 0.00 0.27 0.03 -0.42 -0.15
Close 1,839.41 Listed cap 52,251.88 mn Payout (%) 48.81
Change -13.87 Market cap 381,647.53 mn Div Yield (%) 5.62
Last 60 days High Low
Volume 12103 6152 1572 2667858 553671 320836 323255 18701 2114436 308575 5265030 2342906 1342495 47911 28350 1884742 5002 4044814 500 3077 162211 1202 1695
23.18 99.80 167.00 72.49 3.09 9.20 3.65 11.50 206.19 13.40 16.50 157.74 44.21 14.49 172.00 17.36 1.90 3.40 1.89 109.40 19.99 16.50 37.90
17.01 87.71 141.00 56.10 2.00 5.60 2.11 9.50 159.63 10.11 12.10 137.00 40.02 11.40 148.02 13.95 0.18 2.26 0.75 95.00 16.72 13.15 34.19
% Change -0.75 5-Day High 1,877.79 5-Day Low 1,839.41
2010 Div BR (%) (%)
2011 Div BR (%) (%)
60 135 25B 50 300B 15 60 20B - 27.5R 130 25B 45.00 65.5 - 12.50 175 5 25 5B 50 -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,087.56 Turnover 43,948 P/E (x) 5.19 Company
High Low 1,088.21 1,067.21 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.39 7.47
Close 1,073.64 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 411
7.17
15.50 41.00
15.70 40.70
15.00 40.50
15.25 -0.25 40.50 -0.50
41748 2200
Century Paper Security Paper
Change -13.92 Market cap 2,962.30 mn Div Yield (%) 4.87
Last 60 days High Low 18.00 42.80
13.85 37.00
% Change -1.28 5-Day High 1,117.12 5-Day Low 1,073.64
2010 Div BR (%) (%) 50
-
Open 1,130.44 Turnover 197,817 P/E (x) 3.91 Paid up Cap(mn)
Agriautos Ind Atlas Battery
PE
Open
High
High Low 1,145.56 1,126.44 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.99 25.35 Low
Close Chg
Close 1,133.88 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Last 60 days High Low
Company
Paid up Cap(mn)
Crescent Steel XD
565
Dost Steels Ltd Huffaz Pipe XD Inter.Steel Ltd. International Ind Siddiqsons Tin
PE 1.78
675 555 22.11 4350 1199 8.82 785 25.63
Open 26.40 2.03 12.01 13.63 49.34 8.80
High 26.80 2.14 12.78 13.78 50.50 9.00
Low 26.10 2.01 12.38 13.61 49.00 8.81
Close Chg 26.26 -0.14 2.07 12.38 13.62 49.29 8.97
0.04 0.37 -0.01 -0.05 0.17
Close 1,002.45 Listed cap 3,596.11 mn Payout (%) 30.91
Change 0.99 Market cap 15,148.79 mn Div Yield (%) 10.12
Atlas HondaXDXB Dewan Motors Exide (PAK)
800 5445
74.85 235.89
68.00 203.25
90 100
719 1087 56
7.23 114.08 2.89 4.51 221.28
117.50 115.00 115.90 1.82 3.05 2.80 2.88 -0.01 223.45 220.25 220.48 -0.80
818 160.00 158972 3.46 11583 231.99
112.10 1.50 190.00
50 60
Last 60 days High Low
Volume 101000
29.75
47334 819 5000 444908 600
26.10
2.98 13.29 15.06 54.50 9.98
1.62 11.05 0.00 48.52 8.31
2010 Div BR (%) (%) 30 40 7.5
2011 Div BR (%) (%)
- 20.00 25B 15.00 20B 15 -
Company
High Low 881.32 857.15 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.45 7.10
Close 868.33 Listed cap 54,792.74 mn Payout (%) 19.04
Paid up Cap(mn)
PE
1828
-
2.71
2.65
2.63
2.64 -0.07
22020
3.25
2.40
- 100R
-
-
866 6.20 182 956 42.86
48.85 14.80 9.00
49.90 14.64 9.05
48.11 14.30 9.00
49.00 0.15 14.31 -0.49 9.00 0.00
61660 1422 9000
56.70 17.39 11.90
48.11 13.55 9.00
50 - 122R -
-
-
Al-Abbas Cement Attock Cement Berger Paints Cherat Cement
Open
High
Low
Close Chg
Last 60 days High Low
Volume
2011 Div BR (%) (%)
Dadabhoy Cement Dewan Cement
982 16.00 3891 -
2.07 1.65
2.10 1.75
1.85 1.65
2.08 0.01 1.75 0.10
DG Khan Cement Ltd Fauji Cement Fecto Cement
4381 30.63 6933 7.14 502 4.70
22.62 4.14 5.74
23.31 4.25 5.80
22.70 4.11 5.45
22.97 0.35 4.14 0.00 5.45 -0.29
Flying Cement Ltd
1760
-
1.28
1.32
1.25
1.32 0.04
20702
1.95
1.20
-
-
-
-
Frontier Ceramics Gharibwal Cement Haydery Const
77 4003 32
-
2.95 8.17 0.42
2.02 9.15 0.56
2.02 7.70 0.38
2.02 -0.93 8.78 0.61 0.42 0.00
500 44651 102
3.80 13.50 0.83
1.35 4.25 0.21
-
-
-
-
Lafarge Pakistan Cmt
13126 68.50
1842 79097
2010 Div BR (%) (%)
1623922 69000 4281
2.24 2.67
1.50 1.36
-
-
-
-
26.38 5.04 8.90
21.31 3.99 5.10
-
20R -
-
20R 92R -
2.71
2.77
2.65
2.74 0.03
350344
3.38
2.10
-
-
-
-
Lucky Cement Maple Leaf Cement Maple Leaf(Pref)
3234 5267 536
5.76 3.49
70.03 2.15 4.91
71.63 2.20 5.18
70.16 2.06 3.91
70.94 0.91 2.18 0.03 4.74 -0.17
1227658 21433 1523
77.43 3.05 5.18
66.93 1.97 1.52
40 -
-
-
-
Pioneer Cement Safe Mix Concrete
2271 200
-
5.98 5.50
6.10 5.50
5.70 5.49
5.72 -0.26 5.50 0.00
5657 4000
6.40 6.34
4.50 4.17
-
-
-
-
798
-
18.05
19.05
18.80
19.05 1.00
4755
19.19
16.01
-
50R
-
-
Thatta Cement
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 972.89 Turnover 120,319 P/E (x) 2.76 Company
Paid up Cap(mn)
Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd Siemens Engineering Tri-Pack Films
PE
Open
High
High Low 1,007.12 960.75 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.21 43.91 Low
Close Chg
172 2.36 47.55 48.48 47.90 48.00 230 1.40 1.46 1.30 1.30 1067 5.35 52.06 53.90 52.06 52.55 389 2.14 11.06 12.06 10.50 10.71 47 11.59 25.96 26.30 25.50 25.84 844 18.67 112.89 115.00 111.90 111.99 82 20.21 1024.30 1075.51 995.20 1051.22 300 6.79 168.55 175.99 167.50 174.00
0.45 -0.10 0.49 -0.35 -0.12 -0.90 26.92 5.45
Close 983.59 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 45998 46501 4768 1236 900 6843 588 13485
Change 10.71 Market cap 36,681.60 mn Div Yield (%) 5.64
Last 60 days High Low 56.90 1.96 58.50 15.21 32.00 118.99 1120.00 181.99
46.45 1.30 51.11 10.50 24.10 103.01 960.00 148.05
2010 Div BR (%) (%) 20 25 32.5 900 100
25B 10B -
% Change 1.10 5-Day High 990.42 5-Day Low 972.89 2011 Div BR (%) (%) -
50R -
INDUSTRIAL ENGINEERING
4.40 -
23.10 3.00
23.75 3.40
23.50 2.95
23.10 3.10
0.00 0.10
116 7653
26.17 4.50
22.01 2.16
20 -
-
-
-
3.29
3.30
3.16
3.29
0.00
120
4.60
2.90
-
-
-
-
1428 823 14.42
10.07 62.87
10.50 65.00
10.00 63.06
10.00 -0.07 64.01 1.14
1664 2983
11.58 76.90
9.00 62.50
5
-
-
-
22.90
23.54
22.01
22.71 -0.19
7593
25.50
22.01
10
20B 10.00
-
Honda Atlas Cars Pak Suzuki Sazgar Engineering
150
1.12
Company
Paid up Cap(mn)
AL-Ghazi Tractor Dewan Auto Engineering Ghandhara Ind Hinopak Motor KSB Pumps Millat Tractors Pak Engineering
215 214 213 124 132 366 57
PE
Open
3.98 227.88 1.59 9.88 8.00 - 106.11 - 32.98 9.19 587.92 - 91.00
High
High Low 1,797.14 1,742.67 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 3.17 38.02 Low
Close 1,781.69 Listed cap 1,336.62 mn Payout (%) 131.49
Close Chg
Volume
232.00 227.00 230.40 2.52 1.49 1.25 1.25 -0.34 8.54 8.30 8.30 0.30 111.39 105.00 110.29 4.18 31.57 31.51 31.51 -1.47 610.50 591.00 605.01 17.09 90.00 90.00 90.00 -1.00
12980 2104 4229 1402 500 235433 300
Last 60 days High Low 239.00 2.15 10.40 112.00 49.99 610.50 108.13
201.00 0.71 8.00 84.01 31.50 510.00 85.50
2010 Div BR (%) (%) 400 12.5 650 100
Open 2,417.52 Turnover 100,072 P/E (x) 66.20 Company
Paid up Cap(mn)
AL-Abbas Sugar Bawany Sugar Chashma Sugar Dewan Sugar
174 87 287 365
Habib Sugar Habib-ADM Ltd J D W Sugar XR Kohinoor Sugar Mirza Sugar Noon Sugar Pangrio Sugar Quice Food Rafhan Maize S S Oil Sanghar Sugar UniLever Pakistan
PE 5.85 0.69 -
Open 98.56 8.50 10.00 2.21
High 103.49 7.51 10.00 2.93
High Low 2,463.91 2,419.23 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 20.06 30.30 Low
Close Chg
Close 2,453.03 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change 35.51 Market cap 385,731.57 mn Div Yield (%) 0.46
Last 60 days High Low
103.49 103.49 7.51 7.51 10.00 10.00 2.50 2.98
4.93 -0.99 0.00 0.77
531 6224 4627 3103
750 200 539 109 141 165 109 107 92
4.80 26.80 27.18 26.80 27.00 4.94 12.50 12.45 12.25 12.26 1.62 79.75 81.75 79.48 81.31 0.65 3.99 4.15 3.00 3.50 0.28 2.50 2.60 2.45 2.60 1.56 17.10 17.00 17.00 17.00 3.45 3.70 3.50 3.45 6.02 2.51 2.65 2.55 2.65 12.02 2693.88 2725.00 2580.00 2719.25
0.20 -0.24 1.56 -0.49 0.10 -0.10 0.00 0.14 25.37
53644 28.00 23.00 2000 13.74 11.13 5440 84.30 71.75 3979 5.84 2.45 6850 3.50 2.40 877 21.80 13.50 290 4.68 3.15 5500 3.50 2.20 773 2889.89 2300.00
57 119 665
0.36 5.78 5.06 5.05 5.05 1.66 12.22 11.70 11.70 11.70 19.97 5388.26 5400.00 5344.44 5398.64
-0.73 -0.52 10.38
3500 6.45 3.80 2000 13.01 11.50 141 5988.18 4860.08
2011 Div BR (%) (%) -
Total Assets (Rs in mn)
2.64
Total Equity (Rs in mn)
MA (100-day)
2.69
Revenue (Rs in mn)
MA (200-day)
2.15
Interest Expense
1st Support
2.73
Profit after Taxation
2nd Support
2.53
EPS 10 (Rs)
1st Resistance
3.10
Book value / share (Rs)
2nd Resistance
3.27
PE 11 E (x)
Pivot
2.90
PBV (x)
1,694.64 118.91 1,742.80 51.71 4.57 0.021 0.54 12.66 5.34
NICL closed up 0.26 at 2.87. Volume was 306 per cent above average (trending) and Bollinger Bands were 51 per cent narrower than normal. The company's profit after taxation stood at Rs37.293 million which translates into an Earning Per Share of Rs0.17 for the nine months of fiscal year (9MFY11). NICL is currently 31.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NICL (mildly bullish). Trend forecasting oscillators are currently bullish on NICL.
Pakistan Reinsurance Co Ltd
103.49 9.25 10.90 3.85
88.35 7.00 8.00 2.16
% Change 1.47 5-Day High 2,453.03 5-Day Low 2,290.11
2010 Div BR (%) (%) 50 10 -
-
2011 Div BR (%) (%) -
-
25 25B 40 7010B 12.5R 10 10 1150 - 350.00
10R -
15 492
-
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
46.59
Total Assets (Rs in mn)
12,372.62
MA (10-day)
16.13
Total Equity (Rs in mn)
6,785.66
MA (100-day)
16.85
Revenue (Rs in mn)
2,170.95
MA (200-day)
16.29
Interest Expense
1st Support
15.76
Profit after Taxation
2nd Support
15.36
EPS 09 (Rs)
1st Resistance
16.70
Book value / share (Rs)
2nd Resistance
17.24
PE 10 E (x)
5.62
Pivot
16.30
PBV (x)
0.72
0.00 269.91 0.90 22.62
PAKRI closed up 0.34 at 16.19. Volume was 36 per cent above average and Bollinger Bands were 47 per cent narrower than normal. The company's profit after taxation stood at Rs214.513 million which translates into an Earning Per Share of Rs0.72 for the nine months of fiscal year (9MFY11). PAKRI is currently 0.6 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of PAKRI at a relatively equal pace. Trend forecasting oscillators are currently bearish on PAKRI.
-
KASB Bank Limited
HOUSEHOLD GOODS Performance of SR Household Goods Index Open 688.77 Turnover 67,794 P/E (x) 1.31 Company
High Low 703.50 686.73 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.14 10.64
Close 685.31 Listed cap 3,763.71 mn Payout (%) 6.27
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
106 1219 693
1.58
2.82 6.87 12.28
1.82 7.00 12.90
1.82 6.80 11.90
2.82 0.00 6.85 -0.02 11.95 -0.33
102 15859 51832
Hussain Industries Pak Elektron Tariq Glass Ind
Change -3.46 Market cap 4,533.27 mn Div Yield (%) 4.78
Last 60 days High Low
2010 Div BR (%) (%)
5.88 14.01 14.47
17.5
1.82 6.65 11.20
10B -
% Change -0.50 5-Day High 699.99 5-Day Low 685.31 2011 Div BR (%) (%) - 200R
PERSONAL GOODS Performance of SR Personal Goods Index Open 965.71 Turnover 3,671,242 P/E (x) 5.18 Paid up Cap(mn)
Ahmed Hassan Amtex Limited Artistic Denim Azam Textile Azgard Nine Bannu Woolen XD Bata (Pak) Bilal Fibres Blessed Tex Mills Chakwal Spinning Chenab Limited Chenab Ltd Pref Colony Mills Ltd Crescent Textile D S Ind Ltd Dar-es-Salaam Dawood Lawrencepur Gadoon Textile XD Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Int Knitwear Khalid Siraj Kohinoor Ind Kohinoor Textile Mohd Farooq N P Spinning Nagina Cotton Nishat (Chunian) Nishat Mills Paramount Spinning Ravi Textile Saif Textile Salfi Textile Sally Textile Samin Textile Sargoda Spinning Saritow Spinning Service Ind Service Textile Shahpur Textile Shahtaj Textile Sunrays Textile Thal Ltd Treet Corp Tri-Star Poly Yousuf Weaving
144 2594 840 133 4493 76 76 141 64 400 1150 800 2442 492 600 80 591 234 222 716 3105 99 180 32 107 303 2455 189 147 187 1621 3516 174 250 264 33 88 267 312 133 120 44 140 97 69 307 418 215 400
PE
Open
1.17 13.50 2.54 7.54 22.70 0.38 2.48 5.57 0.65 15.99 7.06 600.00 0.66 1.00 0.62 62.74 0.65 1.60 1.96 1.21 1.85 1.70 4.11 15.30 1.04 3.50 - 31.25 0.66 68.84 0.46 11.10 0.72 3.75 3.17 43.08 0.31 5.05 1.61 4.47 4.00 0.39 1.31 1.14 4.48 4.29 0.65 3.67 27.00 0.61 14.65 3.54 22.59 4.49 51.94 0.69 13.50 0.95 0.25 7.06 0.32 65.30 0.29 7.45 2.78 4.70 1.14 3.00 0.23 1.13 3.33 191.17 0.06 0.25 0.42 0.15 1.57 28.25 0.81 34.00 - 101.22 6.66 52.62 0.65 0.50 1.04
High
High Low 974.89 962.06 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.45 8.64 Low
Close Chg
13.00 13.00 13.00 -0.50 2.72 2.58 2.65 0.11 23.83 21.57 23.83 1.13 2.25 2.10 2.12 -0.36 5.80 5.55 5.59 0.02 15.80 15.35 15.46 -0.53 605.47 600.00 600.00 0.00 0.85 0.85 0.85 -0.15 65.00 65.00 65.00 2.26 1.60 1.20 1.60 0.00 2.05 2.00 2.05 0.09 1.50 1.50 1.50 0.29 1.78 1.52 1.78 0.08 14.36 14.35 15.30 0.00 1.10 1.02 1.10 0.06 3.50 3.00 3.50 0.00 32.50 31.55 32.44 1.19 68.10 68.00 68.00 -0.84 11.10 11.01 11.01 -0.09 4.00 3.60 3.60 -0.15 44.90 42.06 44.38 1.30 5.00 4.10 4.10 -0.95 4.75 4.00 4.20 -0.27 5.00 4.25 4.25 0.25 1.41 1.31 1.41 0.10 1.39 1.02 1.10 -0.04 4.33 3.90 3.90 -0.39 0.85 0.75 0.81 0.16 27.00 27.00 27.00 0.00 15.00 15.00 15.00 0.35 23.29 22.80 23.03 0.44 52.65 50.20 50.60 -1.34 14.00 14.00 14.00 0.50 0.95 0.60 0.92 -0.03 7.50 7.15 7.06 0.00 68.25 62.04 62.13 -3.17 7.79 7.30 7.45 0.00 5.70 4.61 5.69 0.99 3.50 2.75 2.75 -0.25 1.55 1.17 1.17 0.04 198.90 186.05 194.95 3.78 0.85 0.85 0.25 0.00 0.30 0.30 0.30 0.15 28.00 28.00 28.00 -0.25 32.49 32.30 34.00 0.00 104.20 101.20 102.51 1.29 53.75 52.50 53.25 0.63 0.65 0.65 0.65 0.00 1.19 1.10 1.13 0.09
Close 968.66 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change 2.95 Market cap 124,478.67 mn Div Yield (%) 3.22
Last 60 days High Low
500 15.50 277373 3.76 12938 25.40 550 2.99 921816 8.50 14139 22.66 505 615.00 1000 1.97 1400 74.49 6413 1.60 5010 2.89 500 3.00 15013 2.64 160 16.10 7513 1.47 1699 4.50 1300 45.44 8390 94.90 2346 12.16 90807 5.00 37001 49.92 2950 9.39 8007 5.98 110 9.88 3980 2.24 9514 1.75 23855 5.25 9916 1.20 700 28.35 500 17.95 331540 29.35 1715133 66.00 500 14.53 43516 1.74 240 11.40 526 68.25 214 9.35 1007 6.80 1501 4.95 200 1.99 46497 198.90 500 0.85 500 0.90 2000 28.88 200 38.30 26352 109.00 29987 59.20 500 1.49 4197 1.99
2010 Div BR (%) (%)
13.00 1.81 - 30B 19.90 20 2.10 7.5 4.40 15.35 20 411.00 280 0.71 56.07 50 0.76 5 1.65 0.46 1.40 12.50 15 0.95 1.56 30.50 5 15B 65.01 70 9.52 10 20B 3.60 10 42.06 20 4.10 3.80 10 4.00 6 1.00 0.75 3.90 0.23 26.00 20 14.10 20SD 22.51 15 50.20 25 45R 11.50 10 10B 0.53 7.00 49.00 25 5.50 10 4.10 - 100R 2.75 5 1.13 154.00 75 0.25 0.15 22.50 45 32.30 30 97.00 80 20B 47.95 50 900B 0.23 1.00 -
% Change 0.31 5-Day High 968.66 5-Day Low 963.96 2011 Div BR (%) (%) -
-
Performance of SR Pharma and Bio Tech Index
% Change 2.60 5-Day High 1,781.69 5-Day Low 1,686.52
25B325.00 -
61.39
MA (10-day)
FOOD PRODUCERS
PHARMA AND BIO TECH
Change 45.14 Market cap 35,163.79 mn Div Yield (%) 15.79
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
Performance of SR Food Producers Index
Performance of SR Industrial Engineering Index Open 1,736.55 Turnover 256,958 P/E (x) 8.33
15B 25B
6.21
-
% Change 0.97 5-Day High 877.70 5-Day Low 859.96
-
15B 65.00 - 60.00
598 450
Company
Change 8.37 Market cap 64,692.13 mn Div Yield (%) 3.01
20B
2011 Div BR (%) (%)
200
CONSTRUCTION AND MATERIALS Open 859.96 Turnover 3,549,630 P/E (x) 6.32
-
General Tyre Ghandhara Nissan
-
Performance of SR Construction and Materials Index
-
Ghani Automobile Ind
-
% Change 0.10 5-Day High 1,021.51 5-Day Low 1,001.46
2011 Div BR (%) (%)
% Change 0.30 5-Day High 1,157.62 5-Day Low 1,130.44
2010 Div BR (%) (%)
68.99 68.01 69.08 -0.42 224.00 219.00 221.24 0.93
INDUSTRIAL METALS AND MINING High Low 1,023.84 995.21 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.01 33.10
-
Change 3.45 Market cap 41,533.06 mn Div Yield (%) 5.23
4.26 69.50 5.87 220.31
Performance of SR Industrial Metals and Mining Index Open 1,001.46 Turnover 594,661 P/E (x) 3.05
40 15
144 101
2011 Div BR (%) (%) -
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,887.58 1,832.48 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.04 35.00
% Change -2.77 5-Day High 820.78 5-Day Low 766.29
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index
Company
Nimir Industrial Chemicals Limited
Performance of SR Industrial Transportation Index
Close Change 1,523.37 -6.68 Listed cap Market cap 65,194.15 mn 1,112,858.71 mn Payout (%) Div Yield (%) 55.94 5.37
CHEMICALS Open 1,853.28 Turnover 15,638,396 P/E (x) 8.69
Alert ! Unusual Movements
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,530.05 Turnover 4,541,008 P/E (x) 10.42
KSE 30 Index
Open 957.61 Turnover 15,227 P/E (x) 6.73 Company Abbott (Lab) XD Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) Searle Pak
Paid up Cap(mn) 979 250 2019 182 306
High Low 975.19 952.45 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.50 22.31
Close 967.28 Listed cap 3,904.20 mn Payout (%) 44.54
Change 9.67 Market cap 31,797.33 mn Div Yield (%) 6.62
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5.71 7.78 10.46 7.62 5.37
91.21 91.27 73.88 31.39 54.58
93.75 94.00 74.19 32.95 55.45
89.75 94.00 73.20 31.90 54.75
93.12 1.91 94.00 2.73 73.23 -0.65 32.93 1.54 55.02 0.44
2837 652 2189 7755 1756
94.70 99.49 90.00 33.50 65.97
84.00 88.21 70.60 24.51 54.55
2010 Div BR (%) (%) 50 40 25 30
% Change 1.01 5-Day High 967.28 5-Day Low 957.61 2011 Div BR (%) (%)
20B 12.50 15B 10B -
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
41.15
Total Assets (Rs in mn)
MA (10-day)
1.41
Total Equity (Rs in mn)
MA (100-day)
1.45
Revenue (Rs in mn)
MA (200-day)
1.91
Interest Expense
1st Support
1.35
Loss after Taxation
2nd Support
1.30
EPS 09 (Rs)
1st Resistance
1.45
Book value / share (Rs)
2nd Resistance
1.50
PE 10 E (x)
Pivot
1.40
PBV (x)
59,223.06 4,958.87 5,061.63 5,490.40 (4,227.75) (4.446) 5.22 0.26
KASBB closed up 0.01 at 1.35. Volume was 65 per cent above average and Bollinger Bands were 34 per cent wider than normal. The company's loss after taxation stood at Rs549.366 million which translates into a Loss Per Share of Rs0.58 for the 1st quarter of current calendar year (1QCY11). KASBB is currently 29.3 per cent below its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into KASBB (mildly bullish). Trend forecasting oscillators are currently bearish on KASBB.
JS Bank Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
41.56
Total Assets (Rs in mn)
32,894.92
MA (10-day)
2.47
Total Equity (Rs in mn)
5,654.56
MA (100-day)
2.64
Revenue (Rs in mn)
2,527.30
MA (200-day)
2.59
Interest Expense
1,806.71
1st Support
2.40
Loss after Taxation
(594.94)
2nd Support
2.35
EPS 09 (Rs)
1st Resistance
2.45
Book value / share (Rs)
2nd Resistance
2.45
PE 10 E (x)
Pivot
2.40
PBV (x)
(0.98) 9.23 47.62 0.26
JSBL closed up 0.10 at 2.40. Volume was 4 per cent below average and Bollinger Bands were 7 per cent wider than normal. The company's profit after taxation stood at Rs10.254 million which translates into an Earning Per Share of Rs0.0126 for the 1st quarter of current calendar year (1QCY11). JSBL is currently 7.4 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of JSBL (mildly bearish). Trend forecasting oscillators are currently bearish on JSBL.
BOOK CLOSURES Company
From
To
Dadex Eternit # Bank of Khyber Atlas Income Fund Pak Oman Advantage Stock Fund Meezan Islamic Fund Meezan Islamic Income Fund Pakistan Income Fund Pakistan Stock Market Fund Pakistan Capital Market Fund KASB Balanced Fund KASB Cash Fund KASB Islamic Fund KASB Liquid Fund KASB Stock Market Fund Alfalah GHP Cash Fund Alfalah GHP Value Fund Alfalah GHP Islamaic Fund Alfalah GHP Alfa Fund Faysal Balanced Growth Fund Faysal Savings Growth Fund Faysal Money Market Fund AKD Income Fund AKD Opportunity Fund
30-Jun 30-Jun 01-Jul 01-Jul 01-Jul 01-Jul 01-Jul 01-Jul 01-Jul 01-Jul 01-Jul 01-Jul 01-Jul 01-Jul 01-Jul 01-Jul 01-Jul 01-Jul 01-Jul 01-Jul 01-Jul 01-Jul 01-Jul
07-Jul 06-Jul 07-Jul 05-Jul 06-Jul 06-Jul 04-Jul 04-Jul 04-Jul 04-Jul 04-Jul 04-Jul 04-Jul 04-Jul 03-Jul 07-Jul 07-Jul 07-Jul 08-Jul 08-Jul 08-Jul 08-Jul 08-Jul
D/B/R 64.41(R) -
Spot AGM/Date 22-Jun -
07-Jul -
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols
Open
High
Climax Eng. Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Shifa Int.Hospital P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies Pak Telephone
1.01 45.6 2.58 111 2.9 32.55 2.22 36.5 2.16 20.09 3
2.01 47 2.67 113 3 34.1 2.28 38.1 2.34 20.84 3.3
Low Close 2.01 45.6 2.51 111 3 32.6 2.11 35.01 2.17 20.25 3.3
2.01 45.6 2.54 111.1 3 33.87 2.16 36.5 2.22 20.45 3.3
Change 1 0 -0.04 0.1 0.1 1.32 -0.06 0 0.06 0.36 0.3
Vol 500 301 244868 509 5000 1160 24777 202 581560 243945 4286
7
Thursday, June 30, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 918.13 Turnover 1,109,377 P/E (x) 4.59 Paid up Cap(mn)
Company
High Low 931.28 917.87 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.59 12.84
PE
Open
High
Low
Close Chg
Pak.Telecomm Co A XD 37740 11.74 Telecard 3000 2.61 WorldCall Tele 8606 Wateen Telecom Ltd 6175 -
14.29 1.53 2.04 2.16
14.40 1.65 2.18 2.28
14.29 1.51 2.03 2.16
14.32 0.03 1.54 0.01 2.05 0.01 2.16 0.00
Close 920.34 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 788939 34293 286144 17489
Change 2.21 Market cap 57,838.82 mn Div Yield (%) 13.63
% Change 0.24 5-Day High 952.04 5-Day Low 918.13
Last 60 days High Low
2010 Div BR (%) (%)
17.83 1.98 2.89 3.20
17.5 1 -
14.20 1.40 1.94 2.11
2011 Div BR (%) (%)
-
-
Atlas Insurance Central Insurance Century Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Premier Insurance Reliance Insurance Shaheen Insurance Silver Star Insurance
443 3.45 391 1.41 457 4.50 1250 13.20 450 7.72 970 5.72 989 10.49 3000 5.62 303 3.72 284 4.16 250 8.45 291 0.81
27.64 64.99 8.10 35.00 11.15 68.51 59.36 15.85 8.10 6.98 12.50 4.65
Paid up Cap(mn)
Company
Genertech Hub Power Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Sitara Energy Ltd Southern Electric Tri-star Power XD
PE
198 11572 1560 7932 1695 126 8803 3673 3541 191 1367 150
7.58 4.98 2.13 5.46 2.44 2.21 5.30 -
Open
High
0.50 37.19 1.13 2.15 16.50 2.51 42.38 13.61 15.70 19.75 1.24 0.97
0.59 37.88 1.46 2.23 16.50 2.84 42.90 14.10 16.00 20.20 1.40 0.95
Low 0.45 37.20 1.13 2.13 16.50 2.75 42.01 13.55 15.41 18.80 1.26 0.86
Close Chg 0.55 37.77 1.30 2.20 16.50 2.75 42.50 13.57 15.51 19.14 1.30 0.90
0.05 0.58 0.17 0.05 0.00 0.24 0.12 -0.04 -0.19 -0.61 0.06 -0.07
Close 1,338.54 Listed cap 95,369.29 mn Payout (%) 104.13
Volume 3139 654343 82820 420997 500 1396 187472 494978 353522 8121 11020 5502
Change 15.42 Market cap 103,153.49 mn Div Yield (%) 7.91
Last 60 days High Low 0.80 38.50 1.70 2.75 18.25 4.00 44.19 17.25 17.75 23.26 1.80 1.37
0.45 36.70 0.97 2.13 15.41 2.11 41.00 13.47 15.41 15.35 1.13 0.53
% Change 1.17 5-Day High 1,339.36 5-Day Low 1,323.12
2010 Div BR (%) (%) 50 25 50 20 -
7.8R -
Open 923.91 Turnover 13,185 P/E (x) 5.26
-
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,267.13 Turnover 158,446 P/E (x) 8.25 Paid up Cap(mn)
Company Sui North Gas Sui South Gas
High Low 1,311.71 1,269.34 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.94 11.41
Close 1,277.25 Listed cap 12,202.80 mn Payout (%) 66.79
Change 10.12 Market cap 28,114.61 mn Div Yield (%) 8.10
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 14.04 8390 4.66
19.53 20.45
20.50 20.88
19.55 20.50
19.65 0.12 20.65 0.20
139333 19113
23.60 24.94
17.64 20.40
% Change 0.80 5-Day High 1,335.48 5-Day Low 1,267.13
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
Performance of SR Banks Index Open 1,119.79 Turnover 10,240,056 P/E (x) 7.21 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited Askari Bank XB Bank Alfalah Bank AL-Habib Bank Of Khyber XR Bank Of Punjab BankIslami Pak Faysal Bank Habib Bank Ltd
8603 6.40 64.10 7070 4.97 11.00 13492 5.05 9.69 8786 6.19 29.06 5004 2.08 4.66 5288 6.04 5280 9.19 3.42 7327 7.00 9.25 11021 7.25 114.25 Habib Metropolitan Bank XB 10478 6.18 21.07 JS Bank Ltd 8150 48.00 2.30 KASB Bank Ltd 9509 1.34 MCB Bank Ltd 8362 8.05 197.90 Meezan Bank XB 8030 5.83 17.03 Mybank LtdSPOT 5304 2.71 National Bank 16818 3.93 49.68 NIB Bank XR 40437 1.53 Samba Bank 14335 21.75 1.75 Silkbank Ltd 26716 16.31 2.57 Soneri Bank 6023 2.73 5.15 Stand Chart Bank 38716 6.49 7.85 Summit Bank Ltd 8701 3.77 United Bank Ltd 12242 7.31 62.11
High
High Low Close 1,142.79 1,117.95 1,128.13 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.01 13.94 40.49 Low
Close Chg
65.00 64.10 64.93 0.83 11.30 10.85 10.94 -0.06 9.85 9.57 9.59 -0.10 29.50 28.70 29.22 0.16 5.00 4.52 4.65 -0.01 6.28 6.05 6.11 0.07 3.50 3.26 3.40 -0.02 9.34 9.22 9.24 -0.01 117.00 115.00 116.06 1.81 22.12 20.55 21.49 0.42 2.40 2.35 2.40 0.10 1.45 1.35 1.35 0.01 201.00 198.40 199.30 1.40 17.25 17.10 17.03 0.00 2.79 2.70 2.70 -0.01 50.99 49.70 50.03 0.35 1.58 1.50 1.52 -0.01 1.84 1.69 1.74 -0.01 2.68 2.57 2.61 0.04 5.50 5.30 5.45 0.30 8.11 7.82 8.05 0.20 4.00 3.61 3.77 0.00 62.70 62.00 62.22 0.11
Volume
Change 8.34 Market cap 665,515.43 mn Div Yield (%) 5.61
Last 60 days High Low
9049 68.99 1581043 12.99 512981 11.20 406601 30.65 11246 6.25 940465 7.35 24503 4.18 39823 11.30 283492 126.80 1495981 22.12 432500 3.00 393248 1.77 480613 210.95 104 19.49 146733 3.60 2197425 57.29 886594 2.10 8747 2.20 100831 3.06 167774 6.94 8946 9.75 198184 4.75 111357 65.01
58.51 10.85 9.45 28.25 4.05 4.51 3.25 9.00 114.10 17.00 2.06 1.16 196.51 16.60 1.60 49.51 1.47 1.62 2.02 5.10 7.70 2.67 61.00
% Change 0.74 5-Day High 1,152.60 5-Day Low 1,119.79
2010 Div BR (%) (%)
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 731.80 Turnover 1,602,063 P/E (x) 10.60 Paid up Cap(mn)
Company
Adamjee Insurance XD
1237
High Low 751.53 727.19 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.55 5.20
Close 738.39 Listed cap 11,111.34 mn Payout (%) 79.54
Change 6.59 Market cap 45,651.85 mn Div Yield (%) 7.50
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
6.97
64.43
65.75
64.85
64.99 0.56
89303
71.99
62.00
% Change 0.90 5-Day High 745.31 5-Day Low 731.80
2010 Div BR (%) (%) 25
2011 Div BR (%) (%)
-
-
-
26.00 63.06 8.00 29.01 10.95 65.10 51.16 12.43 8.00 5.76 11.50 4.21
40 20B 25 50B 10 12.5 25 12.5B 30 55B 10.00 20 25B 30 25 - 12.5B - 15B -
UPTO 100 VOLUME
25R -
Symbols
High Low 948.40 912.30 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.81 3.85
Close 933.46 Listed cap 2,290.72 mn Payout (%) 355.53
Change 9.55 Market cap 10,373.45 mn Div Yield (%) 3.59
Low
Close 18.50
0.00
100
48.01
50.00
0.00
100
78.00
78.00
78.02
0.00
100
PHDL
29.22
28.01
28.01
29.22
0.00
100
INDU
221.00
222.00
220.50
221.00
0.00
69
CSMD
11.20
10.30
10.30
11.20
0.00
67
TSML
53.11
50.61
50.61
53.11
0.00
60
FNEL
2.91
2.96
2.06
2.91
0.00
55
GLPL
51
57.12
55.27
54.29
57.12
0.00
CLOV
67.41
69.87
69.50
67.41
0.00
% Change 1.03 5-Day High 937.52 5-Day Low 923.91
HUSS
10.43
10.50
10.50
10.43
0.00
50
1.76
1.70
1.54
1.76
0.00
47
NESTLE 5200.01
5460.00
5300.01
5406.20
206.19
43
2011 Div BR (%) (%)
FFLM
CSUML MUKT WYETH
0.53
0.41
0.39
0.53
0.00
40
940.00
860.00
940.00
43.43
37
1.46
1.69
1.69
1.46
0.00
36
61.37
0.00
36
39.61
0.00
142.50
0.00
26
0.00
20
PMRS
39.61
39.61
37.63
68.10
70.00
68.00
69.00 0.90
700
73.25
50.70
50
-
-
-
PSEL
142.50
140.00
140.00
57.50
58.50
54.65
57.89 0.39
12481
58.75
44.00
15
-
-
-
EMCO
1.61
1.99
1.70
1.61
Volume
JVDC
FINANCIAL SERVICES Open 271.32 Turnover 3,307,700 P/E (x) 11.47
High Low 284.27 266.83 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.18 0.91
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
AMZ Ventures
225
0.92
0.42
0.47
0.28
0.44 0.02
Arif Habib Investments Arif Habib Limited
360 5.36 450 19.65
21.49 17.67
22.56 18.67
20.99 17.30
21.00 -0.49 18.67 1.00
Company
61.37
AGSML
Performance of SR Financial Services Index Close 271.52 Listed cap 30,336.44 mn Payout (%) 99.56
Change 0.20 Market cap 13,618.77 mn Div Yield (%) 5.08
Last 60 days High Low
Volume
2010 Div BR (%) (%)
5.00
5.99
4.50
5.00
0.00
18
147.35
147.34
143.00
147.34
-0.01
17
PSYL
19.58
19.89
18.66
19.58
0.00
14
8.89
8.90
8.30
8.89
0.00
10
FECS
38.00
38.00
38.00
38.00
0.00
NSRM
16.00
16.00
16.00
16.00
0.00
10
SHJS
62.95
65.11
64.00
62.95
0.00
10
TSMF
1.20
1.40
1.40
1.20
0.00
10
2011 Div BR (%) (%)
ALICO
16.45
17.45
17.45
16.45
0.00
4
0.27
-
-
-
-
24211 258643
24.97 20.20
20.70 12.01
-
20B 20B
-
-
3750 250 441
3.56 -
26.01 1.34 2.00
27.29 1.50 2.20
26.00 1.10 2.00
26.62 0.61 1.30 -0.04 1.97 -0.03
1942565 9726 1002699
27.29 1.99 2.25
20.53 1.10 1.56
30 -
-
-
-
IGI Investment Bank Invest and Fin Sec
2121 8.68 600 21.62
1.57 7.69
1.69 8.00
1.65 7.05
1.65 0.08 8.00 0.31
3002 235473
2.15 9.29
1.50 6.40
11.5
-
-
Invest Bank
2849
-
0.41
0.40
0.23
0.40 -0.01
6189
1.20
0.22
-
-
Ist Cap Securities Ist Dawood Bank
3166 626
0.65
2.31 1.40
2.50 1.55
2.30 1.30
2.30 -0.01 1.45 0.05
14495 3606
3.30 1.96
2.22 1.26
-
10B -
Jah Siddiq Co
7633
-
6.60
6.89
6.52
6.56 -0.04
1368622
8.34
4.82
10
-
JOV and CO JS Global Cap
508 500
5.53
2.62 19.18
2.85 20.18
2.65 19.01
2.68 0.06 19.24 0.06
161483 1889
3.40 23.10
2.31 16.42
50
-
1000 42.50 1000 -
5.20 3.25
5.50 3.70
5.08 3.45
5.10 -0.10 3.40 0.15
60168 26187
6.43 4.79
4.53 3.10
-
-
BGL
2.00
1.99
1.66
2.00
0.00
4
1480.00
1554.00
1553.09
1480.00
0.00
4
FCIBL
5.24
5.23
5.23
5.24
0.00
3
BAPL
6.75
7.65
7.25
6.75
0.00
2
DKTM
1.93
2.20
2.20
1.93
0.00
JDMT
2
14.08
13.16
13.16
14.08
0.00
1.00
1.15
1.15
1.00
0.00
2
-
PAKMI
0.85
1.10
1.10
0.85
0.00
2
SCLL
2.50
2.78
2.78
2.50
0.00
2
-
-
ZTL
3.25
3.99
2.36
3.25
0.00
2
-
-
BRR
2.10
2.23
2.23
2.10
0.00
755.74
750.01
750.01
755.74
0.00
-
-
COTT
1.70
1.70
1.70
1.70
0.00
1
-
-
JATM
2.00
2.80
2.00
2.00
0.00
1
MFFL
78.25
80.00
80.00
78.25
0.00
1
-
-
OLTM
0.80
0.89
0.89
0.80
0.00
1
PAKD
30.00
31.35
31.35
30.00
0.00
1
PIL
13.26
13.95
13.95
13.26
0.00
1
147.01
149.00
149.00
147.01
0.00
1
6.34
6.34
6.34
6.34
0.00
1
821 775 452
3.38 5.50 -
5.55 1.51 0.75
5.95 1.62 0.93
5.56 1.50 0.65
5.57 0.02 1.54 0.03 0.65 -0.10
1412 87785 34100
6.19 1.99 1.30
5.00 1.45 0.60
-
-
-
-
Trust Inv Bank
586
0.27
1.04
1.07
1.03
1.07 0.03
5248
2.29
0.83
-
-
-
-
COLG
SAPL SGML
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Change 9.59 Market cap 19,518.40 mn Div Yield (%) 8.04
10
MODAM
Orix Leasing Pervez Ahmed Sec Saudi Pak Leasing
Close 1,539.46 Listed cap 29,771.58 mn Payout (%) 104.74
32
ADOS
0.69
High Low 1,568.12 1,517.05 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.45 2.21
64.39
% Change 0.07 5-Day High 289.19 5-Day Low 271.32
Arif Habib Corp Dawood Equities Escorts Bank
Open 1,529.88 Turnover 1,068,860 P/E (x) 20.25
64.39
SHEZ
UPFL 2705
50
896.57
PE
Close Chg
Vol
18.70
48.02
78.02
9.69
Low
Change
19.49
50.00
NATF
850
High
2010 Div BR (%) (%)
High
18.50
GATM
627 15.56
Open
Last 60 days High Low
Open
FRSM
EFU Life Assurance
Company
2011 Div BR (%) (%)
40 10B - 10B 20 20B -64.41R - 20B 65 10B - 20B - 33R -105.16R 115 10B 30.00 - 15B 75 25B -154.79R -63.46R - 311R 6 - 20R 50 -
1010 29.25 5858 113.90 2500 10.45 3982 39.65 964 16.05 3388 103.00 2303 74.90 1483704 20.80 2102 11.10 5371 7.70 375 14.49 1202 7.00
New Jub Life Insurance
JS Investment KASB Securities
BANKS
0.06 -0.39 0.00 0.37 -0.04 0.54 0.32 0.34 0.24 -0.16 0.00 -0.04
Paid up Cap(mn)
2011 Div BR (%) (%) 25.00 10.00 30.00 10.00 -
27.70 64.60 8.10 35.37 11.11 69.05 59.68 16.19 8.34 6.82 12.50 4.61
Performance of SR Life Insurance Index
-
Performance of SR Electricity Index High Low 1,348.43 1,319.57 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.23 9.35
27.70 64.50 8.10 34.11 11.05 68.05 56.43 15.90 8.13 6.80 11.50 4.56
LIFE INSURANCE
ELECTRICITY Open 1,323.12 Turnover 2,223,810 P/E (x) 13.16
27.75 66.99 8.10 35.61 11.30 69.93 61.98 16.84 8.34 6.85 11.50 4.61
% Change 0.63 5-Day High 1,539.46 5-Day Low 1,515.00
2
1 1
SHCI
2.28
2.30
2.30
2.28
0.00
1
SING
15.60
16.47
16.47
15.60
0.00
1
SJTM
0.90
0.90
0.90
0.90
0.00
1
SNAI
39.00
40.00
40.00
39.00
0.00
1
STCL
6.70
6.26
6.26
6.70
0.00
1
TREI
1.39
1.49
1.49
1.39
0.00
1
FUTURE CONTRACTS Symbols
Open
High
Low
Close
162.16
162.74
Change
Vol
Paid up Cap(mn)
Low
Close Chg
Volume
2011 Div BR (%) (%)
730000
High
2010 Div BR (%) (%)
-0.54
Open
Last 60 days High Low
ENGRO-JUL 163.28
PE
70.99
72.10
71.10
71.51
0.52
640000
FFC-JUL
156.97
158.50
153.50
153.90
-3.07
308500
AL-Meezan Mutual F. 1375 Atlas Fund of Funds 525 Constellation Modaraba 65 Crescent St Modaraba 200
4.83 1.73 3.45 3.50
11.25 6.50 1.50 0.49
11.25 6.50 1.98 0.50
11.20 6.49 1.51 0.41
11.25 6.50 1.62 0.49
0.00 0.00 0.12 0.00
88412 205250 784 1400
11.32 6.90 1.99 0.89
10.05 6.11 0.90 0.30
18.5 2.2 1.2
-
5.00 -
-
ATRL-JUL
123.71
127.05
124.30
125.56
1.85
303000
POL-JUL
363.46
368.10
362.00
362.75
-0.71
299500
NBP-JUL
50.31
51.50
50.42
50.58
0.27
247500
NML-JUL
52.43
53.49
50.80
51.21
-1.22
236000
Elite Cap Modaraba 113 Equity Modaraba 524 First Capital Mutual F. 300 First Dawood Mutual F. 581 Golden Arrow 760 H B L Modaraba 397 Habib Modaraba 1008 JS Growth Fund 3180 JS Value Fund 1186
4.17 6.37 1.17 1.11 2.13 3.80 4.18 2.03 0.59
2.71 1.21 2.50 2.25 3.20 8.41 8.00 5.90 5.60
3.50 1.49 3.00 1.85 3.21 8.40 8.09 5.91 5.70
3.00 1.22 1.55 1.85 3.18 7.76 8.00 5.90 5.11
3.00 1.21 1.55 1.85 3.21 7.76 8.06 5.90 5.64
0.29 0.00 -0.95 -0.40 0.01 -0.65 0.06 0.00 0.04
13600 110 490001 5100 14168 34910 39150 53000 506
3.50 2.50 4.60 2.47 3.95 8.48 8.44 7.40 6.68
2.30 1.18 1.51 1.82 3.11 7.10 7.25 5.85 5.01
5 17 11 21 12.5 10
-
5.00
-
DGKC-JUL
22.89
23.53
22.92
23.23
0.34
164000
Meezan Balanced Fund 1200 NAMCO Balanced Fund 1000 Nat Bank Modaraba 250 Paramount Modaraba 59 PICIC Energy Fund 1000
2.70 3.68 4.44 5.46 2.17
9.41 4.82 5.04 10.80 7.35
9.41 5.82 6.00 10.03 7.37
9.40 3.82 5.84 10.00 7.35
9.40 4.82 5.91 10.00 7.35
-0.01 0.00 0.87 -0.80 0.00
32700 130 7000 6500 7025
10.19 5.82 6.14 11.99 8.25
8.46 3.80 4.50 8.05 6.92
15.5 15 10 18 10
- 10.00
-
PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Punjab Modaraba
2.73 2.36 1.73 -
13.18 5.69 0.89 1.02
13.40 6.19 0.95 1.06
13.00 5.95 0.76 0.96
13.30 5.96 0.95 0.96
0.12 0.27 0.06 -0.06
25500 37060 610 1004
13.74 6.95 1.10 1.99
12.00 5.50 0.75 0.26
20 10 3 1
- 12.50 - 7.50 -
454 5.56 212 65.00 264 2.48
10.07 1.25 7.00
10.19 1.70 7.25
9.60 1.25 7.01
453 1126 3310
10.90 2.05 7.29
9.50 0.20 5.90
17 12.5
-
Company
Stand Chart Modaraba Tri-Star 1st Modaraba U D L Modaraba
2835 2841 872 340
10.07 0.00 1.30 0.05 7.25 0.25
7.50
LUCK-JUL
167.40
FFBL-JUL
43.06
43.36
43.14
43.19
0.13
123000
MCB-JUL
200.37
202.80
200.98
201.45
1.08
67000
PPL-JULB
210.72
212.05
208.40
208.55
-2.17
38500
PTC-JUL
14.49
14.55
14.50
14.52
0.03
11500
ABL-CAUG
65.95
0.00
0.00
66.68
0.73
0.00
ABL-CJUL
65.08
0.00
0.00
65.80
0.72
0.00
ABL-CJUNW4 64.22
0.00
0.00
64.93
0.71
0.00
ABL-CSEP
67.02
0.00
0.00
67.77
0.75
0.00
AICL-CAUG
66.28
0.00
0.00
66.74
0.46
0.00
AICL-CJUL
65.42
0.00
0.00
65.86
0.44
0.00
AICL-CJUNW464.55
0.00
0.00
64.99
0.44
0.00
AICL-CSEP
67.37
0.00
0.00
67.83
0.46
0.00
AKBL-CAUG 11.32
0.00
0.00
11.23
-0.09
0.00
-
AKBL-CJUL
11.17
0.00
0.00
11.09
-0.08
0.00
AKBL-CJUNW411.02
0.00
0.00
10.94
-0.08
0.00
AKBL-CSEP
11.50
0.00
0.00
11.42
-0.08
0.00
ANL-CAUG
5.73
0.00
0.00
5.74
0.01
0.00
-
ANL-CJUL
5.66
0.00
0.00
5.67
0.01
0.00
0.00
0.00
5.59
0.01
0.00
0.00
0.00
5.83
0.01
ANL-CJUNW4 5.58 ANL-CSEP
5.82
0.00
BOARD MEETINGS
Fauji Fertiliser Co
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
57.83
Support 1
12,346.70
MA (5-day)
12,444.58
Support 2
12,270.15
MA (10-day)
12,381.49
Resistance 1
12,515.60
MA (100-day)
11,973.29
Resistance 2
12,607.85
Target Price
Recommendations
144
Hold
Arif Habib Ltd
Reduce
AKD Securities Ltd
Negative
TFD Research
Arif Habib Ltd AKD Securities Ltd
120.7
TFD Research
129.4
Leverage Position
RSI (14-day) 61.36 MTS Shares `000 24.600 MA (200-day) 11,600.65 Pivot 12,439.00 MA (10-day) 149.71 MTS Rs `000 2,869.96 138.62 MTS Rate 15.00 KSE 100 INDEX closed up 60.86 points at 12,423.30. Volume was MA (100-day) MA (200-day) 129.06 ** NOI Rs (mn) 76.66 17 per cent below average and Bollinger Bands were 49 per cent Free Float Shares (mn) 466.49 Free Float Rs (mn) 71,060.02 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 12,515.60 and 2nd resistFFC closed down -2.63 at 152.33. Volume was 28 per cent above ance level at 12,607.85, while Index will continue to find its 1st support level at 12,346.70 and 2nd support level at 12,270.15. KSE 100 INDEX is currently 7.1 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are currently bullish on INDEX.
Brokerage House AKD Securities Ltd TFD Research
Target Price 74.65 78.6
Recommendations
Recommendations
Brokerage House
65
Buy
Arif Habib Ltd
64.99
Buy
AKD Securities Ltd
Positive
TFD Research
92.3
Technical Outlook Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
35.94 50.74 59.69 64.67 Free Float Shares (mn) 398.12
Recommendations
224
Buy
195.41
667.316 25,530.27 17.36 29.90 19,918.06
Target price for Dec-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
25.81 MTS Shares `000 464.053 168.28 MTS Rs `000 57,002.46 199.22 MTS Rate 18.00 194.05 ** NOI Rs (mn) 169.58 Free Float Shares (mn) 176.98 Free Float Rs (mn) 28,472.20 Target price for Dec-11 & **Net Open Interest in future market
average volatility over the last 10 trading sessions. Volume indicators reflect
Brokerage House
Target Price
Recommendations
currently indicating that ENGRO is currently in an oversold condition.
Lucky Cement Ltd
Fauji Fertiliser Bin Qasim Ltd
Brokerage House
Target Price
Recommendations
Brokerage House
Target Price
Recommendations
Buy
Arif Habib Ltd
30.1
Buy
Hold
Arif Habib Ltd
97.7
Buy
Positive
AKD Securities Ltd
28.72
Buy
AKD Securities Ltd
45.52
Accumulate
AKD Securities Ltd
87.61
Buy
TFD Research
36.45
Positive
TFD Research
44.25
Neutral
TFD Research
86.15
Positive
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
26.16 MTS Shares `000 443.425 53.85 MTS Rs `000 17,816.41 60.98 MTS Rate 17.52 59.23 ** NOI Rs (mn) 31.40 Free Float Shares (mn) 175.80 Free Float Rs (mn) 8,895.48 Target price for Dec-11 & **Net Open Interest in future market
Arif Habib Ltd
Technical Outlook Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
47.13 MTS Shares `000 623.408 22.97 MTS Rs `000 10,644.85 23.97 MTS Rate 16.35 26.10 ** NOI Rs (mn) 66.05 Free Float Shares (mn) 200.80 Free Float Rs (mn) 4,612.48 Target price for Dec-11 & **Net Open Interest in future market
42.2
Technical Outlook
Technical Outlook Technical Analysis
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
52.80 MTS Shares `000 552.000 42.59 MTS Rs `000 17,666.88 41.66 MTS Rate 15.00 37.81 ** NOI Rs (mn) 31.44 Free Float Shares (mn) 326.94 Free Float Rs (mn) 14,038.74 Target price for Dec-11 & **Net Open Interest in future market
Technical Analysis
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
48.39 MTS Shares `000 29.750 70.79 MTS Rs `000 1,565.20 69.26 MTS Rate 15.00 71.39 ** NOI Rs (mn) 105.42 Free Float Shares (mn) 129.35 Free Float Rs (mn) 9,176.09 Target price for Dec-11 & **Net Open Interest in future market
NML closed down -1.34 at 50.60. Volume was 2 per cent above average DGKC closed up 0.35 at 22.97. Volume was 23 per cent below average FFBL closed up 0.20 at 42.94. Volume was 56 per cent below average (con- LUCK closed up 0.91 at 70.94. Volume was 20 per cent above average and Bollinger Bands were 33 per cent wider than normal.
and Bollinger Bands were 25 per cent narrower than normal. solidating) and Bollinger Bands were 21 per cent narrower than normal. and Bollinger Bands were 40 per cent narrower than normal. NML is currently 14.6 per cent below its 200-day moving average and is DGKC is currently 12.0 per cent below its 200-day moving average and is FFBL is currently 13.6 per cent above its 200-day moving average and is LUCK is currently 0.6 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to
displaying an upward trend. Volatility is low as compared to the average displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of NML (mildly bearish). Trend forecasting oscillators are currently bearish on NML. Momentum oscillator is flowing into and out of DGKC at a relatively equal pace. Trend forecasting reflect volume flowing into and out of FFBL at a relatively equal pace. Trend forecasting oscillators are currently bearish on FFBL. oscillators are currently bullish on DGKC. currently indicating that NML is currently in an oversold condition.
Time
Johnson & Phillips (Pakistan) Ltd Pakistan Income Fund Pakistan Stock Market Fund Pakistan Capital Market Fund KASB Liquid Fund KASB Stock Market Fund KASB Balanced Fund KASB Islamic Income Fund KASB Cash Fund Pak Oman Advantage Stock Fund NI(U)T Fund NIT Government Bond Fund NIT Income Fund ABL Islamic Cash Fund United Growth & Income Fund United Stock Advantage Fund Alfalah GHP Value Fund Alfalah GHP Islamic Fund Alfalah GHP Alpha Fund Alfalah GHP Cash Fund
30-Jun 04-Jul 04-Jul 04-Jul 04-Jul 04-Jul 04-Jul 04-Jul 04-Jul 05-Jul 05-Jul 05-Jul 05-Jul 06-Jul 07-Jul 07-Jul 07-Jul 07-Jul 07-Jul 07-Jul
11:00 5:00 5:00 5:00 5:00 3:30 3:30 3:30 3:30 3:30 3:30 11:30 11:30 12:00 12:00 12:00 6:00 4:00 7:12 7:12
TECHNICAL LEVELS
Positive
Leverage Position
NBP closed up 0.35 at 50.03. Volume was 10 per cent below average and ENGRO closed down -0.33 at 160.88. Volume was 0.01 per cent above
forecasting oscillators are currently bearish on NBP.
Date
Neutral
245.4
Technical Outlook
Leverage Position MTS Shares `000 MTS Rs `000 MTS Rate ** NOI Rs (mn) Free Float Rs (mn)
Target Price
compared to the average volatility over the last 10 trading sessions. the average volatility over the last 10 trading sessions. Volume indicators volume flowing into and out of ENGRO at a relatively equal pace. Trend foreVolume indicators reflect very strong flows of volume into FFC (bull- reflect volume flowing into and out of NBP at a relatively equal pace. Trend casting oscillators are currently bearish on ENGRO. Momentum oscillator is ish). Trend forecasting oscillators are currently bullish on FFC.
Technical Outlook Technical Analysis
Target Price
average and Bollinger Bands were 9 per cent narrower than normal. Bollinger Bands were 68 per cent narrower than normal. average and Bollinger Bands were 80 per cent wider than normal. FFC is currently 18.0 per cent above its 200-day moving average NBP is currently 22.6 per cent below its 200-day moving average and is ENGRO is currently 17.1 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the and is displaying an upward trend. Volatility is extremely high when displaying a downward trend. Volatility is relatively normal as compared to
Dera Ghazi Khan Cement Co Ltd
Nishat Mills Ltd
Brokerage House
Technical Outlook Technical Analysis
Engro Corporation
National Bank of Pakistan
Company
displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into LUCK (mildly bullish). Trend forecasting oscillators are currently bearish on LUCK.
Company Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Corp Arif Habib Limited Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Corp Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power K.E.S.C Lotte Pakistan Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 45.64 2.55 2.45 56.31 64.35 63.80 30.53 48.10 47.20 65.06 26.00 25.35 61.62 17.75 16.85 42.85 64.65 64.30 28.83 10.75 10.60 37.54 5.50 5.40 40.01 371.60 368.90 44.83 122.55 120.90 37.68 9.50 9.40 36.31 3.30 3.15 42.59 6.00 5.90 48.29 1.65 1.60 47.02 22.65 22.40 42.33 2.50 2.40 46.53 2.00 1.95 44.20 34.45 33.55 58.09 68.00 67.00 25.89 159.10 157.30 36.00 9.20 9.15 34.79 4.10 4.05 52.82 42.80 42.65 61.33 150.45 148.60 42.06 115.05 114.00 53.20 37.35 36.95 40.97 151.15 149.95 42.94 220.35 219.65 38.97 2.60 2.55 53.25 1.15 0.95 41.54 2.35 2.30 44.21 6.45 6.30 43.81 42.05 41.60 40.31 2.15 2.10 33.91 13.85 13.75 48.39 70.20 69.45 41.58 198.15 196.95 43.38 2.10 2.00 35.95 49.50 48.95 36.33 22.80 22.55 36.86 20.20 19.90 32.83 1.50 1.45 61.20 2.70 2.50 26.23 49.65 48.70 41.42 147.30 145.75 32.24 2.15 2.05 41.85 1.50 1.45 38.67 2.10 2.00 54.31 5.60 5.45 61.13 356.40 353.15 39.45 204.75 203.05 37.41 63.05 62.10 35.68 264.45 260.95 20.10 14.30 14.25 59.68 223.40 218.85 43.36 19.30 18.95 37.72 16.65 16.55 33.65 20.50 20.30 38.41 1.50 1.45 40.42 2.45 2.40 41.14 61.90 61.60 42.04 2.00 1.95
1st
2nd
Resistance 2.70 2.75 65.25 65.60 49.90 50.80 27.30 27.95 19.10 19.60 65.55 66.10 11.20 11.50 5.75 5.90 378.50 382.70 125.95 127.65 9.75 9.95 3.50 3.65 6.25 6.40 1.75 1.80 23.30 23.60 2.75 2.90 2.10 2.15 35.95 36.55 70.00 71.00 164.10 167.30 9.30 9.40 4.20 4.25 43.15 43.40 155.75 159.20 117.05 118.00 38.05 38.30 154.20 156.00 221.85 222.65 2.80 2.95 1.45 1.65 2.45 2.50 6.80 7.05 42.95 43.35 2.25 2.30 14.15 14.35 71.65 72.40 200.75 202.15 2.25 2.30 50.80 51.55 23.30 23.55 20.75 21.10 1.60 1.65 3.05 3.25 52.10 53.60 150.95 153.05 2.30 2.40 1.60 1.65 2.25 2.35 6.00 6.25 364.55 369.45 209.45 212.40 65.00 65.95 273.95 279.95 14.40 14.45 232.75 237.55 20.25 20.85 17.05 17.30 20.85 21.05 1.60 1.65 2.65 2.75 62.60 63.00 2.15 2.25
Pivot 2.60 64.70 49.00 26.65 18.20 65.20 11.05 5.65 375.80 124.25 9.65 3.40 6.15 1.70 23.00 2.65 2.05 35.05 69.00 162.30 9.25 4.15 43.00 153.90 116.00 37.60 153.00 221.15 2.75 1.30 2.40 6.65 42.45 2.20 14.05 70.90 199.55 2.15 50.25 23.05 20.50 1.55 2.90 51.15 149.40 2.25 1.55 2.20 5.85 361.30 207.70 64.00 270.45 14.35 228.20 19.90 16.90 20.70 1.55 2.55 62.30 2.10
8
Thursday, June 30, 2011
China Signs Accord For 88 Airbuss
NEW DELHI: An IndiGo aircraft stands on tarmac at the airport in New Delhi. -Reuters
India's air travelling growth spurs jet orders NEW DELHI: Indian airlines walked away from the Paris Air Show with a third of the airplane orders last week -- a $23 billion gamble that air will finally conquer rail despite a formidable list of obstacles. Malaysia's AirAsia (AIRA.KL) created most buzz with an historic 200-plane order. But its record for the world's largest deal by number of aircraft only just pipped that of Indian budget carrier IndiGo which finalized an order for 180 jets. GoAir also placed what by any normal standards would have been an eye-catching order for 72 Airbus jets at $6.6 billion. "It's been a frenzy in Paris with orders from India proving that the industry is in pretty good shape...It's all part of the continuing shift in economic power from west to east," said BGC Partners senior strategist Howard Wheeldon. India's airlines have orders worth $40 billion in the pipeline, but analysts say their ability to pull through to taking delivery could be tested by high fuel taxes, poor infrastructure, debt and frequently rising interest rates. "As of today it seems far fetched that they need so many aircraft because India does not
have infrastructure to handle this," said Kishor Ostwal, chairman of Mumbai's CNI Research. "We have to see if we can have the infrastructure to support another 300 to 400 aircraft in coming years. Even today airlines in key metro routes do not get slots to land in time and this pushes up operating costs further," Ostwal added. There have been improvements, such as the country's longest elevated expressway linking the congested city of Hyderabad to its airport. But analysts say there is much work ahead. Connectivity remains inadequate through much of India, and airport infrastructure is non-existent in many smaller cities. Still, airlines are growing their fleets as demand booms in India, where an economy growing at nearly 9 percent is spurring business travel and a burgeoning middle class long accustomed to travelling by rail is now increasingly opting for air. And with a population of over a billion, India does need more planes. "At the beginning of 2000, there were 100 large passenger aircraft in India for 1 billion people; now there are 300 aircraft for 1.2 billion. The ratio is
extremely small," said Kiran Rao, executive vice president for sales at Airbus. Over the same period the backlog of airplanes on order has exploded from just 12 in 2000 to well over 500 after the show. By contrast, China, which is itself poised for dramatic growth, starts off with 1,400 large jets for 1.3 billion people. India's largest private carrier Jet Airways (JET.NS), state-run Air India and low-cost carrier SpiceJet (SPJT.BO) have over $12 billion worth of orders, with more in the pipeline. Indian carriers, whose fares are usually comparable to U.S. prices, are cutting fares to compete with railways, which enjoy a far more comprehensive infrastructure network, covering much of India, and have offered a cheaper way of travel for decades. Indians have the lowest propensity to travel by air of the BRIC countries, making less than 0.1 trips per capita in 2009, on a par with Belarus and Senegal, according to Airbus data. With statistics like these, it is no surprise that India's domestic network is expected to generate the world's fastest air traffic growth over 20 years. Airbus expects domestic travel to grow on average 9.2 percent over the next two decades. -Reuters
PIA seminar on 'Safety Awareness' R AWA L P I N D I : P a k i s t a n International Airlines (PIA) Corporate Safety and Quality Assurance (North) organized a seminar on Safety Awareness" at Pearl Continental Hotel, here on Wednesday. The seminar revolved around the theme "Possible is Everything". The event was organized and conducted by Captain Azizuddin, Deputy Chief Pilot Corporate Safety & Quality Assurance (North) PIA. Captain Azizuddin gave a presentation on Economics of Aviation Safety and Safety Awareness. In addition, Mrs. Seema Zaman, acting Deputy General Manager (DGM) Quality Assurance & Safety Management System PIA, and Syed Hamid Ali from PIA Engineering Islamabad, spoke at length about the Safety Management System. The focus of all these speakers was on increasing safety awareness and to center all decisions with the sole aim of ensuring safety. Talking about the Safety Management System, there was a general consensus that it assures a disciplined and standardized approach to managing risk. Deputy Managing Director (DMD) PIA, Saleem Siyani was the Chief Guest on this occasion. -Agencies
BERLIN: China placed an order for 88 Airbus A320 planes on Tuesday, putting a bubbling trade row with Europe over a proposed emissions scheme aside as it tries to to fuel economic growth. Airbus said on Tuesday it had signed the deal with China Aviation Supplies and Industrial Commerce Bank of China . The deal, worth $7.5 billion at list prices and with deliveries slated for 2012-15, was signed by Airbus president Tom Enders and CAS President Li Hai during a visit to Germany by Chinese Premier Wen Jiabao. The visit came days after industry sources said China had delayed the high-profile announcement of a $3.8 billion order for 10 Airbus A380 superjumbo jets at the Paris Air Show to protest over European Union emissions trading rules. Under plans to include international aviation in its carbon market from next year, the EU would require all airlines flying to Europe to buy permits for each tonne
of carbon dioxide they emit above a certain cap. While China continues to put the brakes on lucrative orders of European widebody aircraft, industry analysts said it seemed as though China was pulling back from a full-blown trade spat to protect economic growth. Although it plans to start competing with Airbus and Boeing by building its own narrowbody passenger jets from the second half of this decade, China is still ordering large volumes of Airbus A320s and Boeing 737s to feed huge traffic growth. Ordering A320s is also in the country's interest as Airbus began assembling planes for the Chinese market at a factory in Tianjin, outside Beijing, in 2009. While China typically schedules aircraft orders to coincide with political visits, the deals can be difficult to analyse. In November 2010, China and France announced 102 Airbus orders during a visit to Paris by President Hu Jintao, but the manufacturer
said only 66 involved new contracts. In January, China announced final approval for 200 Boeing aircraft worth $19 billion in a boost for President Barack Obama as Hu visited the United States. Again, analysts said the deals had been in the works and accounted for by investors for some time. Tuesday's orders were all new and firm, Airbus said. The Chinese premier told a joint news conference with German Chancellor Angela Merkel that firms from the two countries had signed contracts worth $15 billion in all. China is Germany's fifthbiggest export market and the biggest importer of goods into Germany, with bilateral trade volume last year reaching 130 billion euros ($184 billion), up more than 34 percent. Other business deals announced during the visit included investment by carmakers Volkswagen and Daimler and chemicals group BASF in China. -Reuters
SWISS named Western Europe's Best Airline KARACHI: Swiss International Air Lines has been voted "Best Airline Western Europe" in this year's Skytrax World Airline Awards. The distinction is based on the latest annual survey of several million air travelers conducted by the UK-based Skytrax consultancy. The 2011 Skytrax poll to determine the world's best air carriers extended to travelers from over a hundred countries. Once again, SWISS scored top marks for the quality of its servic-
es in the air and on the ground. "We are delighted to receive this award, because it demonstrates to us that our product and service strategy is well appreciated by our customers," said Frank Maier, Head of Product & Services at SWISS, accepting the distinction during today's awards ceremony at Le Bourget, where the Paris Air Show is currently being held. "We aim to provide our customers with a travel experience that is as pleasant,
smooth and seamless as possible, with consistently high-quality service on the ground and in the air. And we will carry on doing everything we can to offer our travelers continually high quality standards." SWISS previously earned the title of "Best Airline: Europe" for both shortand long-haul services in the 2009 Skytrax awards. The carrier was also named number one in Europe for "Staff Service Excellence" in the 2010 Skytrax poll. -PR
SYRIAN PROTESTS ROUT TOURISTS, EMPTY HOTELS
T
he reception area is quiet at the Beit Zaman boutique hotel in the Christian Quarter of Old Damascus and the staff is visibly bored. Bellhops loiter in the lavishly decorated corridors of the $200-a-night hotel and a receptionist stares idly at his computer screen. Four months ago, Beit Zaman was full of European tourists, but after anti-government protests swept across Syria and security forces responded with a brutal crackdown, which human rights activists say has killed more than 1,400 people, tourists fled. Rami Martini, head of the Federation of Chambers of Tourism, told a news conference recently that occupancy rates for hotels were "15 percent across Syria...and close to zero percent in Aleppo". Hotels grudgingly have sliced prices but few foreign visitors are willing to brave the unrest and venture to Syria, despite its magnificent ruins, bazaars and exotic atmosphere. It is the eve of the summer high season but many souvenir shops are closed. Dozens of
boutique hotels in the old town that were converted from traditional Damascene houses and were an instant hit with visitors stand empty. "The tourists are too scared to come, but it's not unsafe in the capital," Abu Salah, who sells carpets, shawls and jewellery from a shop near one of the old walls encircling the city, said. Sheltered from the sun by the massive walls, he passes the time playing backgammon and drinking tea with other salesmen. "Tourists just believe everything they hear on the news, but most of the problems occur in poor areas," he added. DAMASCUS IS HUB FOR WEALTHY, LOYALISTS In the restive provinces of Homs and Idlib, massive protests are a near-daily occurrence and the government has sent in tanks to re-establish control of some urban areas. Damascus, though, is a hub for the wealthy merchant classes and loyalists to President Bashar al-Assad and there are few signs of the crisis facing the government elsewhere. With a strong security presence in the capital, people say
they are too scared to protest and those who do are promptly arrested. Protests have been small, mainly in the suburbs, and police quickly disperse them. The rising death toll elsewhere in the country has prompted embassies from Australia, the United States, Canada, the United Kingdom and throughout Europe to issue travel advisories against all but essential travel to Syria. The United Kingdom Foreign Office has advised "against all travel to the Syrian Arab Republic" and warned British nationals to leave Syria immediately "by commercial means whilst these are still available". Such travel warnings invalidate the insurance of many tour operators, including the British-based companies Exodus and Imagine Traveller. "We have canceled trips up until September 2011," Exodus PR manager Rob Dixon said. "We evacuated people from Libya by boat and took people out of Egypt. We don't take any risks." The loss of tourism is the most discernible sign that the unrest has damaged the Syrian economy, creating fears
in Damascus that more people, including the merchant class, could join the protest movement as unemployment and prices rise. The drop in tourism has a knock-on effect. Restaurants and cafeterias are struggling and many buses go unfilled, especially those to tourist destinations suck as Krak des Chevaliers, possibly the best preserved crusader castle in the world. "Although the anti-Assad protesters might not be able to take down the president through civil disobedience, the irreparable damage to the economy will," a senior European diplomat in Damascus said. A FOCUS ON TOURISM Along with attracting foreign direct investment, the Syrian government has focused on the tourism sector in an attempt to diversify the economy away from oil, supplies of which are running down, and bring in much-needed foreign currency. Capitalising on the scenic cities of Damascus and Aleppo, with their twisting souks and decorative mosques, and the ruins of Apamea, where a 1,850-m (yard) colonnade of
Roman pillars stretches along the Orontes River, tourism in Syria has boomed in recent years. The number of tourists leaped 40 percent in 2010, to 8.5 million visitors, according to the Ministry of Tourism, and visitors accounted for roughly 12 percent of the economy last year. Syria has attracted visitors from other parts of the Middle East, including Iranian pilgrims to religious sites in Damascus. But after a series of state-sponsored promotional campaigns in Europe, the increase in 2010 was mainly from Germany, Spain, Italy, Britain and France -- high-spending visitors. Hotel managers had been gearing up for a busy 2011 season, with many hotels fully booked, some up to eight months in advance. There were plans to develop the capacity of the ancient walled city Damascus to accommodate 12,000 more visitors a week, according to an architect in the city. But now the tourism sector is in tatters. Visitor numbers are yet to be released but there is little doubt that figures are
depressingly low. "Tourism is by far the most affected sector by the unrest," a Damascus-based economist, who asked not to be named, said. "When the numbers for visitors to Syria come out, they will be extremely low and many hotels are either closing down or laying off staff." LOSING PARTNERS In recent years, Turkey became an important partner with Syria in the sector and the two countries signed deals to encourage bilateral tourism. Many Turkish and Syrian operators sell packages that include both countries. Fleeing violence, 12,000 Syrian refugees have crossed the northern border into Turkey and Ankara has sharpened its rhetoric against President Assad, calling his crackdown "savagery". One tour operator in Damascus, who asked to remain anonymous, said the number of Turkish visitors to Syria is expected to plummet. Facing a drop in regional and international visitors, the Syrian Tourism Ministry is focusing on domestic tourism in an effort to revive the sector next year by reducing fees to
archaeological sites and providing "encouraging prices" for Syrian Arab Airlines domestic flights. But with many major highways blocked and curfews imposed in towns around the country, many Syrians are staying home. Tourist sector workers are despondent. A hotelier from Palmyra, an ancient caravan city where the gigantic Temple of Bal rises out of the desert, said the site is as vacant as it must have been when it was rediscovered in the 1750s. "Both my hotels are empty and I was losing money fast. I decided to close them and head to Europe for a few months to wait for the situation to improve," he said over a cup of cardamom coffee in Damascus, a few hours before his flight left for Bratislava. "This country is in ruins, and I'm not sure when I'll be back," he added. Others, like souvenir-seller Abu Salah, hope to weather the storm. "Look at Lebanon. It's right next door to Syria and they had a war in 2006," he said excitedly. "The next year tourists were lying on the beach and dancing in nightclubs." Reuters
9
Thursday, June 30, 2011
Euro rises as Greece passes first austerity vote Sentiment towards euro fragile given long-term concern NEW YORK: The euro rose against the dollar on Wednesday after Greece's parliament approved austerity measures needed to avoid a default, though concern over whether the government can implement them could limit gains. Greek Prime Minister George Papandreou won a parliamentary majority in favor of a five-year austerity plan on Wednesday, clearing a major hurdle in debt-strapped Greece's bid to win access to international funding. The euro last traded at $1.4385, still up 0.1 per cent on the day but off a two-week high of $1.4449 set earlier on trading platform EBS. "The immediate reaction to the news seems to be a little bit of 'buy the rumor, sell the fact' type of reaction," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.
Tokyo rubber rises on Greek debt hopes BANGKOK: Tokyo rubber futures rose on Wednesday as optimism about a solution to Greece's debt problems helped soothe worries about the global economy and the outlook for demand, and firmer oil prices provided additional support, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for December delivery rose 10.5 yen, or 3 per cent, to settle at 357.8 yen ($4.412) per kg. It rose to an intra-day high of 358.2 yen, the highest since June 24. The most active Shanghai rubber contract for September delivery rose 360 yuan to finish at 31,060 yuan ($4,800)per tonne. "Players and funds started buying again as concern over Greece's debt eased," one dealer said. Growing optimism about a Greek bailout helped support Brent crude, which was near $109 a barrel on Wednesday, dealers said. However, traders were not convinced TOCOM prices could rise sharply because of rising supply in producing countries. The Association of Natural Rubber Producing Countries (ANRPC) revised up its forecast for global natural rubber production this year to 9.96 million tonnes, slightly higher than a previous estimate of 9.94 million tonnes due to an upward revision for second-largest producer Indonesia. Reuters
"To some extent, investors have realized that this doesn't necessarily change the bigger picture for Greece or the eurozone. There are still a lot of questions about the effective implementation of austerity measures given the backdrop of increasing public anger in Greece." Greece's government must now win approval on Thursday for legislation detailing specific implementation measures for the 28-billion-euro austerity package. The European Union and International Monetary Fund have insisted Greece pass both Wednesday's 28-billion-euro austerity law and Thursday's specific legislation to implement it before disbursing the next 12-billion-euro tranche of Greece's bailout program the country needs to avoid bankruptcy next month. The dollar fell to a session low against the yen after the
news, last trading at 80.65 yen, down 0.6 per cent on the day. It had fallen as low as 80.54 yen. Wariness about the outlook for the euro remained evident in the options market, with risk reversals continuing to show strong demand for bets on euro weakness against the dollar. The 25-delta euro/dollar risk reversal traded around 2.55 in favor of euro puts, well above a level of around 1.3 in early June. Maurice Pomery, managing director at Strategic Alpha, which advises banks and hedge funds on currencies, said global macro investors are likely to continue to be "extraordinarily wary of investing in the eurozone for a long time." "Greece is still facing massive headwinds and this deal is really only buying time. The medium-term outlook for the euro will depend on whether the government can implement the measures." -Reuters
January-March period. On Monday, the ringgit briefly weakened past a 200-day moving average, a long-term technical indicator. The won outperformed other emerging Asian currencies as real money accounts and hedge funds bought it, prompting shortsqueezes among local interbank speculators. Earlier, the South Korean currency found resistance as local importers bought dollars and speculators built up dollar-long positions. The baht rose 0.6 per cent against the dollar on strong demand from real money investors and funds. US and Swiss names were touted as heavy buyers of the Thai currency. Interbank speculators also cleared dollar-long positions to stop losses. Still, the baht is the worst performing emerging Asian currency this year, with a 2.1 per cent fall against the greenback so far. The Thai currency, under further pressure from domestic political uncertainty, has lost 1.7 per cent in the second quarter, according to Reuters' calculation. -Reuters
LONDON: Sterling clawed back from an eight-week low against the euro on Wednesday, as the single currency pared broad gains after the Greek parliament passed a set of strict austerity measures as widely expected. The pound retreated from a session high versus the dollar after a poll showing higher UK inflation risks ultimately did little to change the markets' view that interest rates will stay on hold until well into 2012. Overall, movements in sterling were largely driven by the euro, as investors trimmed some long euro positions taken in the run-up to the Greek vote, which many in the market had already expected would result in passage of the cost-cutting measures. "Too many people bought the euro on the anticipation that there would a big upward move on a positive vote," said Adam Myers, senior currency strategist at Credit Agricole CIB. "But that was the incorrect way to view it. There's still a lot of problems in Greece, and that's what's dragging the euro down. That's why it is underperforming against sterling." In late London trade, the euro had slipped 0.1 per cent to 89.70 pence, near a session low of 89.67 pence. Earlier in the day, demand from a euro-zone sovereign name had boosted the single currency to as high as 90.15 pence, its strongest since early May and piercing through the psychologically key 90 pence level. The climb in euro/sterling helped to knock the pound to a 13-month trough versus a currency basket of 77.9. A rise above 90.43 pence, hit in May, would take the euro to its highest since March 2010, but many in the market expected a sustained rise above 90 pence was unlikely, given its inability to sustain gains above that level in the past. Sterling was little changed at $1.6010, having retreated from a session high of $1.6059 as the pound trimmed gains in sympathy with euro losses against the dollar. An initial rise after a survey showed a 3.9 per cent yearon-year rise in inflation expectations for the next 12 months from June -- up from 3.4 per cent in May -- was short-lived as the poll did little to change the market's view about the UK rate outlook. -Reuters
NY cotton up in step with wider commods rally
Indian sugar rises to over 1-month high
Worries slow gains by Asian currencies, dim Q3 outlook SINGAPORE: Most emerging Asian currencies strengthened in the second quarter, but at a slower pace than earlier on worries about the euro-zone's debt crisis and the global economy that could make investors take a defensive stance on the regional units in the next three months. The South Korean won and the Thai baht rose on Wednesday as real money accounts chased them, leading gains in their Asian peers on optimism over the coming Greek vote on austerity steps needed to avoid a default. Still, the short-term outlook for emerging Asian currencies remains dim amid ongoing concerns over the long-term outlook for the euro-zone's debt problems, analysts and dealers said. The won, the best performing emerging Asian currency so far this year, has gained 1.9 per cent against the dollar during the April-June, after rising 3.5 per cent in the first quarter, according to Reuters' calculations. The Malaysian ringgit has lost 0.2 per cent in the second quarter after rising 1.8 per cent in the
NEW YORK: US cotton futures ended higher on Tuesday, as a weak dollar and accelerated cross-commodity rally helped fiber values overcome initial selling pressures tied to weaker overseas markets. The key December cotton contract on ICE Futures US eked out a 0.02-cent gain to settle at $1.2201 per lb, after dealing from $1.1977 to $1.2328. Cotton bounced back from earlier downside pressure linked to China's cotton futures market, where the Zhengzhou Commodity Exchange January cotton futures fell sharply for the second straight day. Positive momentum built from
there, with a generally upbeat tone in most other commodity markets feeding the gains. Despite the positive reversal, total market volume in cotton futures stood at a paltry 6,000 lots, more than 70 per cent below the 30-day norm, Thomson Reuters preliminary data showed. The spot July cotton contract fell 1.09 cents to finish at $1.6091 per lb. Market participants will now look forward to the US Agriculture Department's annual planted acreage report on Thursday, which will show how much was planted to major row crops in the United States. -Reuters
Shanghai copper gains 1.4pc; LME steady SHANGHAI: LME Copper steadied on Wednesday as investors continued to bet that the Greek parliament will pass an unpopular austerity plan later in the day and bring respite from worries that a sovereign default by the country would affect other debt-laden euro-zone nations and roil global markets. Three-month copper on the London Metal Exchange ticked up 0.4 per cent to $9,109.25 a tonne by 0701 GMT after it rose 1.1 per cent in the previous session. The most-active September copper contract on the Shanghai Futures Exchange closed nearly 1.4 per cent higher at 68,080 yuan per tonne. "Shanghai copper is less sensitive to international developments and continues its technical rebound within a range of 66,800 to 68,300 yuan," said
Sterling bounces off lows after Greek vote
Minmetals Futures Co analyst Yu Ye. "There is no sign of a turning point that can propel it to a higher range even though fundamentally, demand in China remains steady. In the shortterm, I see Shanghai copper moving to the upper portion of the range," she added. Prospects that Greece would pass an austerity package needed to avoid sovereign default improved on Tuesday when a key deputy of embattled Prime Minister George Papandreou added his support. A deputy from Papandreou's ruling Socialist party backtracked and said he would support the five-year plan of budget cuts, tax rises and privatization, vital for Greece to win EU/IMF funds in July needed to pay its debts on time. US data on Tuesday were mixed: home
prices showed signs of leveling off in April but worries about unemployment pushed consumer confidence to a sevenmonth low in June. Japan's industrial output jumped 5.7 per cent in May, rising at a much faster pace than in the previous month, government data showed on Wednesday, as companies make steady progress in restoring supply chains hit by the devastating earthquake in March. Data on Wednesday showed that Japanese refined copper exports to China inched up 0.8 per cent in May from April, with China's share improving to 36 per cent from 29 per cent in April. But the May total export figure plunged 52 per cent to 23,764 tonnes from a year ago, an eighth straight month of year-onyear declines. -Reuters
MUMBAI: India's sugar futures rose on Wednesday to their highest level in more than a month on lower supplies for July and the government's decision to allow exports of 500,000 tonnes in the current season, traders said. At 3:27 pm, the most active sugar for July delivery on the National Commodity and Derivatives Exchange was 1.28 per cent higher at 2,764 rupees per 100 kg, after rising to 2,770 rupees earlier in the day, the highest level since May 18. In Kolhapur, a key market in top producer Maharashtra, the most traded S-variety jumped by 2.6 per cent to 2,629 rupees ($58.55) per 100 kg. India has issued a formal order for exports of an additional 500,000 tonnes of sugar approved by a panel of ministers last week, government sources said on Tuesday. "Millers have raised prices due to lower non-levy quota for July. The government's decision to allow additional exports has also been supporting the prices," said Ashok Jain, president, Bombay Sugar Merchants Association (BSMA). India has made available 1.56 million tonnes of non-levy sugar for July, lower than the 1.65 million tonnes it had released last month, the government said in a statement on Tuesday. India, the world's top consumer and the biggest producer behind Brazil, is expected to churn out 24.2 million tonnes in the current 2010/11 season, according to trade body Indian Sugar Manufacturers' Association, while the government's estimates are slightly higher. -Reuters
Oil jumps on Greek vote, US inventory draw Greek parliament approves austerity programme LONDON: Oil rose more than $2 per barrel on Wednesday as the Greek parliament voted in favour of an austerity plan, easing fears of a first euro-zone sovereign debt default, and after industry data showed big draws in US crude and gasoline stocks. Greek Prime Minister George Papandreou won a parliamentary majority in favour of a five-year austerity programme, clearing a major hurdle in Greece's bid to win access to international funding to avoid default. News the plan had passed, allowing a roll over of Greek government bonds, lifted stock markets and the euro and bolstered commodity markets. Oil was also buoyed by US government data showing a larger-than-expected drop in crude stocks and a surprise fall in gasoline inventories, con-
firming that oil supply was tightening in the United States. ICE Brent futures for August were up $2.64 at an intra-day high of $111.42 per barrel by 1458 GMT. US light crude for August was up $2.02 at $94.91. Both contracts rose more than 2 per cent on Tuesday. The Greek vote had been widely anticipated and analysts and traders said the market could ease back gradually. The US Energy Information Administration (EIA) said on Wednesday crude oil inventories fell 4.38 million barrels to 359.47 million in the week to June 24, far greater than a forecast draw of 1.4 million barrels. US gasoline stocks were down 1.43 million barrels to 213.17 million versus a forecast of a build of 0.6 million. The EIA figures confirmed
Indian rupee at 1-wk high on local shares MUMBAI: The Indian rupee rose to a one-week high on Wednesday as local shares and the euro surged, reflecting a strong global risk appetite, as Greece's austerity measures to avert euro-zone's first sovereign default looked set to win a parliament vote. But, the month-end clamour for dollars from domestic oil companies and likely defencerelated buying capped the rupee's rise during the day, traders said. The partially convertible rupee ended at 44.86/87 per dollar, 0.4 per cent stronger from Tuesday's close of 45.03/04. Intraday, it had risen to 44.86 -- a level not seen since June 22. "Global risk appetite has been strong over the last couple of days and equities are reflecting it. Also, the dollar has been
sold across the board," said Rohan Naik, head of foreign exchange trading at Standard Chartered Bank in Mumbai. "But obviously, happenings in Europe will play major role in deciding the rupee's direction." The one-month onshore forward premium was at 24.25 points versus 20 on Tuesday. The three-month was at 73.50 points from 70 and the one-year was at 249.50 points from 243. One-month offshore nondeliverable forward contracts were quoted at 45.01, 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 United Stock Exchange and on the MCX-SX were at 45.0525, 45.0550 and 45.0500 respectively. The total volume was at $7.65 billion. -Reuters
Palm oil up, strong export data eyed KUALA LUMPUR: Malaysian palm oil futures rose 1.5 per cent on Wednesday as traders continued to adjust their positions and eye strong export data after the market fell to an eight-month low earlier this week. "It's a good opportunity for short covering and the market will rally back to start afresh in July," said a trader in Kuala Lumpur. The benchmark September crude palm oil contract on Bursa Malaysia Derivatives rose 46 ringgit to 3,109 ringgit ($1,020) per tonne. Overall traded volume was light at 14,821 lots of 25 tonnes each, below the usual 25,000 lots. One trader said Malaysian exports in June could hit 1.4 million tonnes. Cargo surveyors Intertek Testing Services and Societe Generale de
Surveillance will issue their estimates on Thursday. The figure is lower than the market expectations of 1.5 million tonnes but represents a growth from May exports that ranged from 1.32 million to 1.35 million tonnes. Prices could come under further pressure by higher production thanks to favourable weather in major oil palm growing region of Sabah in Borneo island. Other vegetable oils were firm on Friday on the back of strengthening grains markets as investors waited for a key US government report on acreage and quarterly stocks due later in the day. US soyoil for July delivery rose 0.9 per cent and the most active January 2012 soyoil on China's Dalian Commodity Exchange rose 0.3 per cent during Asian hours. -Reuters
industry data published late on Tuesday and showed US energy demand was recovering. Brent continued to find support from details of the distribution of oil by the International Energy Agency, which will largely release refined oil products, rather than crude, in Europe. Brent's premium above US light sweet crude narrowed to around $16.50 a barrel after rising above $17 on Tuesday. The spread was squeezed to below $13 at one point on Monday but recovered after news of the IEA stock disbursement. The euro rose 0.2 per cent while the dollar fell against a basket of currencies. Commodities often move inversely to the dollar as they are priced in the US currency on international markets. Reuters
Aussie, NZ$ firmer on Greek vote optimism WELLINGTON/SYDNEY: The Australian and New Zealand dollars drifted higher against the greenback on Wednesday, but struggled to gain much momentum as investors retreated to the sidelines ahead of the outcome of a Greek parliament vote on austerity measures. The Aussie was last at $1.0566, versus $1.0539 late in New York, having been hemmed in $1.0520-68. It was well off an 11-week low around $1.0390 set on Monday. "Overall, we prefer to buy dips in the Aussie dollar. Our base case is not that global growth is going to fall into an abyss and we believe the Greek votes actually do squeeze through and get across the line," said Sue Trinh, strategist at RBC Capital Markets in Hong Kong. "If realised, that should really pave the path for Aussie to push higher over the next month or two," she said, adding the market was also underpricing the risk of interest rate hikes by the Reserve Bank of Australia (RBA). For another go at the 29-year peak of $1.1012 set on May 2, the Aussie needs to break above the downtrend line drawn from the May peak, which stands at around $1.0620 and the 55-day moving average at $1.0653, traders said. The Aussie/kiwi pair was a touch softer at NZ$1.2970, but still well above a two-week low of NZ$1.2851 struck last Friday. The improved sentiment to risk also saw the Antipodeans edge up against the yen, with the Aussie at 85.45, having squeezed higher overnight after clearing resistance at 85.34, while kiwi was at 65.84 yen. Against the greenback, the New Zealand dollar settled around $0.8134, having traded between $0.8104 and $0.8139 during the local session. -Reuters
Gold holds gains after Greeks approve cuts LONDON: Gold edged higher on Wednesday after the Greek parliament approved a fiveyear austerity plan, which supported the euro and boosted other risk-linked assets. Gold usually gains in periods of greater investor aversion, but the Greek debt crisis, and its impact on the euro, have caused bullion to act less as a safe-haven asset and more as a commodity. After the Greek vote, the euro fell before paring losses, as investors considered the fiscal outlook for the country ahead of Thursday's parliamentary vote on an implementation law enabling individual budget measures. Spot gold was last up 0.3 per cent at $ 1,505.30 an ounce by 1450 GMT, having risen by as much as 0.63 per cent to an intraday peak of $1,509.96, countering losses seen earlier in the week that took the price
below $1,500, while COMEX gold rose 0.4 per cent to $1, 505.50. "A stronger euro is supportive but more importantly, I think we are consolidating here. We have had substantial profit-taking and I think the downside is limited," said VTB Capital analyst Andrey Kryuchenkov. "For gold to rally beyond the late-April, early-May highs you will need to see risk aversion spiking out of proportion. We all know what is happening in Greece and unless they default, gold will not decouple from the euro and the broader equity markets and will trade like any other risk asset." Market activity has been thin as a result of a combination of sluggish seasonal demand and a lack of market-moving economic factors. Judging by the inflows into exchange-traded funds backed
by physical metal, investors have been buying gold, pushing up global ETF holdings of bullion by nearly half a million ounces in the last two weeks, according to Reuters data. So far this year, ETF holdings of gold are down by about 0.2 per cent or 185,000 ounces, in contrast to last year, when the burgeoning eurozone debt crisis fed strong demand for gold ETFs. Analysts said that in spite of the current uncertainty, the longer-term outlook for gold prices remained positive, as low interest rates in the United States, uncertainties in eurozone's fiscal situation, and high inflation in major emerging economies are likely to retain its appeal. Spot platinum was last up 1.5 per cent at $1,7 14.50 an ounce, while palladium rose 0. 5 per cent to $7 39.72. Reuters
Tiger Woods smiles during a news conference to promote the AT&T National golf tournament
10
Thursday, June 30, 2011
PCB asked to lift selector Ilyas' suspension
LONDON: Jo-Wilfried Tsonga of France poses for a photograph with Roger Federer of Switzerland on Centre Court before their quarter-final match at the Wimbledon tennis championships. -Reuters
England confirm Pakistan series LONDON: England have confirmed they will play Pakistan in an away series in the United Arab Emirates this winter. England will meet Pakistan, who are unable to host home series due to security concerns, in three Tests, four one-day internationals and three Twenty20s in Abu Dhabi and Dubai. The tour adds to a winter programme that will also see England travel to the sub-continent to meet India in five ODIs and a Twenty20 in October, before a short two-Test series away to Sri Lanka in March-April. The ECB confirmed the
itinerary for the series in India and Sri Lanka in a press release, while the details of the Pakistan tour have not been finalised beyond planning the trip for early in the new year. The winter schedule, which begins on October 4 when England are due to arrive in India, will provide new limited overs captains Alastair Cook and Stuart Broad a tough initiation on foreign soil. Cook, who began his 50over tenure with victory over Sri Lanka at The Oval on Tuesday, will begin his first away tour since with two warm-up games before the series opener in
Hyderabad on October 14. The series will finish at the iconic Eden Gardens the venue England were denied playing India at during the World Cup after the stadium was deemed not ready to host the game following its refurbishment. The one-off Twenty20 will also be held at the Kolkata venue. ECB chief executive David Collier said: "We are very pleased to have agreed an itinerary with BCCI for the forthcoming one-day Series which includes matches in India's major cities and will suit the needs of both the England team and our travelling supporters. -Reuters
Task Team presents report to ICC Board KARACHI: The Pakistan Task Team (PTT) presented a report comprising 63 recommendations to International Cricket Council (ICC) Executive Board meeting in Hong Kong on Wednesday. "The PTT made its recommendations covering key areas of governance, cricket administration, playing structure, financial viability and communications," the ICC said in a statement. The PTT comprises Giles Clarke (chairman), Mike Brearley, Peter Chingoka, Haroon Lorgat (ICC Chief Executive), Ranjan Madugalle, Ramiz Raja, and David Richardson (ICC General Manager- Cricket). ICC Chief Executive Haroon Lorgat thanked the PTT members and the PCB (Pakistan Cricket Board) for their constructive engagement during the past two years. "The report was adopted unanimously by the ICC Board and I am pleased that the PCB will consider this report at its next Board meeting,"
he said. The ICC Executive Board noted a request from the PCB to consider hosting an ICC event in Pakistan in 2018. No discussion was held and no assurances were given as the ICC has no confirmed event currently scheduled for 2018. "We fully understand the PCB request and we will consider if it is possible to host an event in Pakistan subject to the standard safety and security clearances,". In the meantime, both the Bangladesh Cricket Board and the Pakistan Cricket Board (PCB) have given undertakings not to nominate a candidate for ICC Vice-President before the external review is completed and the matter is again considered by the ICC Executive Board. The ICC Executive Board, following the strategic plan that was adopted in April and a firm recommendation from the Governance Review Committee, unanimously agreed to undertake urgently an independent review of the ICC governance structures and processes. -Online
DUBAI: The International Cricket Council ICC HQ is seen in Dubai. Reuters
LAHORE: A PCB disciplinary committee has recommended the board lift the suspension on selector Mohammad Ilyas. Ilyas, a former Pakistan batsman, had earlier been suspended and served two showcause notices for his role in the dispute involving Shahid Afridi's conditional retirement and appearing on a TV show with banned cricketer Salman Butt. Ilyas was asked to appear before a disciplinary committee, and he was asked to explain his appearance on the TV show - on which Butt was a panellist - in which he responded to criticism levelled at him by Afridi. He was found to have violated clauses 8 and 9 of his PCB contract. Under ICC rules, no board member is allowed to interact with a banned player, in this case Butt, who Federal was punished by the ICC for
Federal Minister Sports regularizes more than 100 PSB employees
ISLAMABAD: Minister Sports Shaukat Ullah regularized 100 daily wages employees of Pakistan Sports Board after the devolution of Sports Ministry to provinces. On the request of All Pakistan Sports Employees Union (CBA), Director General Pakistan Sports Board(PSB) Ameer Hamza Gilani formed five member committee for the regularization of employees. Committee dispatched their recommendations to the Federal Minister Sports. Viewing the recommendations, Federal Minister Sports Engineer Shaukat Ullah issued formal orders regularizing more than hundred PSB employees.
Badminton Championship final to be played tomorrow ISLAMABAD: Final of Badminton Championship would be played tomorrow(Friday) in Islamabad whereas Chief Coordinator Prime Minister Complaint Cell Sadiq Sanjrani would be the Chief Guest. Badminton Championship is being organized by Capital Development Authority(CDA) Sports & Cultural and Islamabad Badminton Association in Islamabad. Chief Coordinator Prime Minister Complaint Cell Sadiq Sanjrani would be the chief guest and Director General CDA Sana Ullah Aman would accompany him in the final match on Friday. He would distribute prizes among players of the winning teams. -Online
his alleged role in the spotfixing controversy. "Mr Ilyas was asked to explain the reasons for his recent conduct. He mentioned that he should have sought permission from PCB before appearing in a talk show," a release issued by the PCB stated. "Mr Ilyas said that he felt he had to defend his honour after being subjected to accusations of a personal nature. The committee noted that Mr Ilyas had responded to personal comments made against him but had not criticised the PCB, its management, or its policies. "The committee issued a short order in which it recommended that PCB issue a warning to Mr Ilyas to exercise caution while dealing with the media in the Future. The committee also recommended that PCB lift Mr Ilyas's suspension. A detailed
order will be issued at a later date." Afridi had specifically and personally criticised Ilyas after announcing his conditional retirement from the game as part of his blitz against the board. An incensed Ilyas felt compelled to respond with his own attacks against Afridi and was duly issued with a showcause notice, in which the board said he had violated the code of conduct applicable to officials. Afridi and Ilyas have a history: Ilyas has often opposed the selection of Afridi in the side but that opinion has ballooned in recent months. Afridi accused Ilyas of promoting his son-in-law Imran Farhat, while Ilyas responded by saying Afridi had pushed unfairly and persistently for Ahmed Shahzad, Fawad Alam and Shahzaib Hasan.
ICC defers president rotation policy decision HONG KONG: The International Cricket Council (ICC) has deferred until October a proposal to abolish the rotational policy on appointing the governing body's president. "The board ... decided to defer the proposed constitutional amendment to the nominations process for election of president," the ICC said in a statement at the end of a two-day meeting of its executive board. Scrapping the rotational policy would impact on Pakistan and Bangladesh the
most as the South Asian countries are due to nominate the successor to New Zealander Alan Isaac as ICC president in 2014. Isaac is to take over from incumbent Sharad Pawar of India next year. The executive board also revised its stadium policy based on this year's World Cup experiences and venues for ICC events will now have to be match-ready six months before a game. "Even though the (2011) event was hugely successful it is important for us to learn
lessons so we can continually improve our events," ICC chief executive Haroon Lorgat said. The 2011 World Cup organisers were left red-faced when an ICC inspection team dropped an under-prepared Eden Gardens as the venue of the India v England match barely a month before the game. Lorgat also said the ICC was planning a special celebration for next month's England v India match at Lord's - cricket's 2,000th test. -Reuters
Manchester United agree deal for Spanish keeper De Gea MANCHESTER: Manchester United have agreed to sign Spain under-21 goalkeeper David De Gea from Atletico Madrid on a five-year contract, the Premier League champions said on Wednesday. United, seeking to replace retired keeper Edwin Van der Sar, did not provide details of the transfer fee but local media has estimated it to be around 18 million pounds ($29 million).
The club said the 20-year-old had passed a medical this week. De Gea, who came through the youth ranks at Atletico before making his La Liga debut in 2009, arrives at Old Trafford fresh from helping Spain to win the Euro Under-21 championship in Denmark last week. He will be United's third signing since the end of the season as the champions have led
the way in spending, having brought in defender Phil Jones and forward Ashley Young in a close season spree reported to be close to 50 million pounds. United manager Alex Ferguson, who has spoken previously of the desire to sign an adequate replacement for Van der Sar in good time, targeted one of the continent's best young goalkeeping talents in De Gea. -Reuters
Woods unsure about playing in next month's British Open NEWTOWN SQUARE: Tiger Woods, who skipped this month's U.S. Open with leg injuries, said on Tuesday he was not sure whether he would be ready to play in the July 1417 British Open. The 14-times major winner, who hurt his left knee and Achilles tendon during the Masters in April, has not played since pulling out of the Players' Championship on May 12 after playing nine holes. Woods made the comments during a news conference at the PGA Tour event he is hosting this week at Aronimink. -Reuters
HONG KONG: Australian cricket player Shane Watson and former Indian cricket captain Sourav Ganguly take part in a cricket clinic for youngsters in Hong Kong. Reuters
Economy & Continuations
Thursday, June 30, 2011
US pending home sales rise, demand for loans subdued n
Oversupply of homes hampering recovery
WASHINGTON: Pending sales of existing U.S. homes bounced back from a sevenmonth in May, but demand for home loans sank last week and the market continues to struggle under the weight of a glut of unsold properties. The National Association of Realtors said on Wednesday its Pending Home Sales Index increased 8.2 percent to 88.8, bouncing back from April's seven-month low. Pending homes sales lead existing homes sales by a month or two. The rise in contracts is merely a correction after an 11.3 percent decline in April, leaving a picture intact of a housing market that continues to bounce along the bottom. That fact was underscored by a Mortgage Bankers Association report, which showed applications for loans to buy homes
dropped 3 percent last week to the lowest level since Feb. 25. "Although today's number could bring some cheer to investors who are on the prowl for good news, the fact of the matter is that the housing sector is still a long way from a meaningful recovery," said Peter Buchanan, a senior economist at CIBC World Markets in Toronto. Economists had expected home resale contracts to rise only 3.8 percent after a previously reported 11.6 percent drop. U.S. stock indexes were slightly higher, while bond prices were mostly lower. The dollar was down against a basket of currencies. The weak housing market is constraining economic growth and economists do not see a recovery any time soon in a sec-
tor that is grappling with an oversupply of homes, which is keeping prices subdued. According to the Realtors, there were 3.72 million used homes on the market in May, excluding the so-called shadow inventory. Data on Tuesday showed a moderation in the pace of decline in single-family home prices in April. The S&P/Case-Shiller composite index of single-family homes in 20 metropolitan areas slipped 0.1 percent on a seasonally adjusted basis after falling 0.3 percent in March. Last month, pending home sales increased in all four regions, with the Midwest and West notching double-digit gains. In the 12 months to May, pending home sales rose 13.4 percent. -Reuters
Japan May factory output jumps by most in nearly 60 years TOKYO: Japanese factory output jumped by the most in almost 60 years in May as manufacturers restore supply chains damaged by the massive earthquake and tsunami in March, the latest evidence the economy is headed for a "V-shaped" recovery from the disaster. Manufacturers, however, forecast smaller gains in output in coming months as they adjust production schedules to cope with possible electricity shortages in the summer. Industrial output rose 5.7 percent in May, above the median market forecast for a 5.5 percent increase and a 1.6 percent gain in April, the Ministry of Economy, Trade and Industry said. It was the second-biggest increase on record after a 7.9 percent rise in March 1953. The rebound in output, coming after encouraging signs of improvement in exports and retail sales, lends further support to the Bank of Japan's view that the economy will recover by the end of this year, reducing the need for additional monetary easing. -Reuters
CONTINUATIONS No #1
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the United States will never tolerate a safe haven for those who aim to kill us," Obama said. However, some Pakistan experts caution against the US pressing for something that might end up backfiring, the report said. A Pakistani military push into North Waziristan could end up further destabilising a precariously fragile Pakistani state, warned Michael Kugelman, a South Asia expert at the Woodrow Wilson International Center for Scholars in Washington. "The US either doesn't understand or chooses to disregard that having Pakistani forces enter that particular tribal area would have huge blowback. It would very likely destabilise Pakistan more than it is now," Kugelman said. Militants in the region primarily focused on routing the US from Afghanistan might be flushed out of North Waziristan, and they might end up in neighbouring territories where the militants are more focused on undermining the Pakistani state, Kugelman argued. - Online
No #8
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$406 million and gross sell of $345 million) which is almost 29 per cent lower than $1.1 billion in the same period last year. While net foreign buying by foreign funds in this period stood at $63 million compared to $271 million in same period last year. As per the Research Analyst of Topline Securities, after huge foreign inflows seen in developing markets including Pakistan last year, the foreign fund managers seem to have started to reduce their exposure to these markets. This is linked to cautious stance by global investors after concerns over rising inflation in these economies resulting into high interest rate scenario, he added. Subsequently, reduced inflows were witness across Asia which includes countries like China, India, Vietnam, Korea, Taiwan and Thailand. During this period under review, India, the fastest growing economy in South Asia, attracted foreign net inflows of a mere $293 million as against $6.9 billion in the same period last year. He further said that in addition to the aforementioned, slow Continued from page 12 No #2 down in the foreign inflows can also be attributed to reduce activuproar. Shahzad, who reported on Islamist militants, was kid- ity at the local bourses where volumes have dipped to record 9napped in Islamabad and beaten to death. year low. He had earlier spoken of being threatened by the Inter-Services The investors have opted to remain on the sidelines on account Intelligence agency, raising suspicions the ISI was behind his of heightened uncertainty on the political and economic canvas. death. The ISI denied the allegations. -Reuters The investor confidence has been further shattered by re-imposition of the CGT (Capital Gain Tax) and its cumbersome calculaContinued from page 12 No #3 tions. As a result foreign flows were affected as offshore investors Association, Sialkot (Rs30 million), continuation of Child found difficult to execute their desired orders at KSE. Labor Elimination Programme in the Soccer Ball Industry till 2013-14, establishment of Display Centre by Islamabad Continued from page 1 No #9 Chamber of Commerce & Industry (Rs58.183 million), and Rs1238 billion federal receipts He added that Rs120 billion was establishment of Women Business Incubation/Developments provincial surplus. Centre at Rawalpindi Chamber of Commerce & Industry Replying to a question, he said that Rs140 billion would be (Rs35.050 million) was also approved. released to the provinces tomorrow (June 30). Salaries of cluster development agents (CDAs) under the SME The spokesman of finance ministry said that if Pakistan did not Cluster Developments Programme were not paid since long. The get funds from the Coalition Support Fund (CSF) by June 30 it Board also approved funds for payment of salaries to these would affect 0.2 per cent of the Gross Domestic Product (GDP). CDAs. - NNI Highlighting the non-tax revenues, he said that the budget target for the current financial year was Rs524 billion, adding that Rs60 Continued from page 1 No #4 billion would come from the State Bank of Pakistan (SBP) tomorAccording to the spokesperson for the Karachi Electric Supply row (June 30). Corporation, the FBR froze the KESC bank accounts for not payHe added that SBP had paid Rs375 billion in three installments. ing taxes worth Rs150 million. From the Gas Development Surcharge (GDS), the government The spokesman said that the FBR owed Rs1.60 billion of sales has received Rs28 billion from the budgeted target of Rs31 billion tax to the KESC. while from petroleum levy Rs85 billion have been received from The KESC authorities say that the account freezing was an ex the budget target of Rs110 billion. parte action. The KESC will have to face trouble in buying furRana Asad Amin said that government has an amount of Rs32 nace oil and running other administrative affairs due to the FBR's billion to distribute among the flood victims however, he said that action. - Online provinces have been asked for the assessment of the damage caused by the floods. Continued from page 1 No #5 He added that the people affected by the flood would be paid According to sources, the IFC director for Middle East, according to the damage caused by the floods Rs10,000 to North Africa and Southern Europe has expressed grave con- Rs.40,000 keeping in view of the damage assessment. - APP cern on the worrisome situation going on in KESC and expressed this in a letter sent to Pakistan's ministry of finance Continued from page 1 No #10 recently. major challenge before the government is to pay off Rs156 bilIFC expressed concern on violent actions against KESC lion loans to central bank which would be a signal for the multistaff and properties and also said that co-financier in KESC lateral donor that this year government would manage to contain shares Asian Development Bank also expressed the same conthe fiscal deficit within targets. cerns. Likewise, the restructuring of crippled power sector is not posAccording to sources, finance ministry shared the contents sible without retiring burgeoning circular debt which simultaneof the letter with top management of KESC and asked its comously calls for huge amount of money. ments to develop a future course of action to allay the conAll this must be done before meeting the IMF in July. Date and cerns of multilateral donors. venue of talks will be decided after compilation of data of the outSubsequently KESC informed the IFC that violent actions going fiscal year, ending June 30. (including sabotage) by union members, which started in early It may be pointed out that since June last year, relations between May 2011, have left many staff of the company injured, one Pakistan and IMF have been rocky due to the government's inabilchief security officer killed, company assets damaged and ity to overhaul the General Sales Tax system and restructure the operations disrupted. power sector, leading to the suspension of $11.3 billion bailout It may be pointed out that in 2007, IFC and ADB committed programme and release of only negligible external budgetary loans to KESC of up to $125 million and $150 million respec- assistance. This has led to massive domestic borrowings, leaving tively to fund the construction and the commissioning of new less for the private sector. power generation, and the rehabilitation of the transmission Continued from page 1 and distribution system for Karachi. No #11 an Iranian team of experts would be arriving in Pakistan soon to Continued from page 1 No #6 assess the details of the project particularly establishing connecWithin the floating debt category, the highest enhance was seen tion with the national grid. in borrowing through market treasury bills. The Minister also briefed the Prime Minister on the progress on The government borrowed Rs 479 billion through this instru- LNG Terminal. He mentioned that work on KPD (Kunner Pasaki ment. Similarly, it further borrows Rs 268 billion through MTBs Deep) has started and 100 mmcf of gas will be available from October this year. for replenishment. He said 17 international bidders have shown interest in supply Continued from page 1 No #7 of energy and gas to Pakistan. The prominent companies in this likely to come from Indonesia. regard, he said, include Shell, Vital, GDF, Norwegian Fund and Pakistan charges 15 percent less duty than the standard rate on Daewoo Group. Malaysian crude palm oil import under a 2007 tariff agreement. The Minister also discussed the gas price rationalisation Indonesia had been pushing Pakistan for the same terms, but talks prospects and also assured the Prime Minister that gas load manbetween the two countries on a preferential trade agreement have agement plan for the country would be announced soon. hit a deadlock. Earlier, Prime Minister Syed Yousuf Raza Gilani has said that Pakistan imported 1.79 million tonnes of palm oil products and Pakistan is committed to playing a facilitator's role in the Afghan crude palm oil in the first eleven months of the 2010/11 (July- reconciliation process for the restoration of peace, stability and June) fiscal year, up more than 16 percent from the same period a prosperity in Afghanistan and the region. year ago, according to official estimates. -Reuters The Prime Minister was talking to Ric Smith, Australian Special
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Envoy for Afghanistan and Pakistan who called on him at the PM House. He emphasised upon the international community to assist Afghanistan and Pakistan to achieve this objective by undertaking mega projects in infrastructure, energy and communication sectors to facilitate connectivity between the two countries and the region beyond. He stated that Pakistan would like to extend Afghan-Pakistan Transit Trade Agreement (APTTA) to Central Asia. The Prime Minister while terming Pakistan's cordial relations with Australia as important called for enhanced people to people contacts, high level visits and parliamentary exchanges between the two countries. He said it was imperative that both countries look beyond the war on terrorism (and restoration of peace in Afghanistan) to bring in permanency and consistency in the bilateral relations. He said Pakistan was keen to develop strong cooperation with Australia in multi-faceted fields including social sector, defense and agriculture. He expressed his government's gratitude for the generous Australian support extended to Pakistan in the aftermath of the 2005 Earthquake and the floods last year. While responding to the formal invitation from the Prime Minister of Australia to attend the forthcoming Commonwealth Heads of Government's Meeting (CHOGM) in Perth in October, the Prime Minister asked the Special Envoy to convey his thanks and best wishes to Prime Minister Ms Julia Gillard. He added that he was looking forward to his visit to Perth and interaction with his counterpart and other Australian leadership. Ric Smith who had come to Islamabad after his visit to Kabul, congratulated the Prime Minister for his personal role in substantive improvement of Pakistan-Afghanistan bilateral relations during his government's tenure. He shared with the Prime Minister his assessment of the present situation in Afghanistan; the reconciliation process and the planned withdrawal of ISAF forces from Afghanistan. The Prime Minister reiterated Pakistan's principled stand that a military solution was not an option. All sides will have to seek a political solution with emphasis on socio-economic development in Afghanistan. He also stated that during his visit to Afghanistan, he had noted a new appreciation among Afghan officials as well as ordinary Afghan people about Pakistan's constructive approach to facilitate an Afghan-owned and Afghan-led peace process in that country. Ric also felicitated the Prime Minister for his vision to promote cordial friendly ties with India and for the efforts of his government for resumption of dialogue with Pakistan's eastern neighbour. Australian High Commissioner to Pakistan Timothy George, Australian Ambassador to Afghanistan Paul Foley, Minister for Interior Senator Rehman Malik, Secretary Defense Syed Athar Ali and other senior officers were also present in the meeting. - Agencies
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system total Rs693.504 billion as compare to Rs370.470 billion in same period of last year. Consequently the money in circulation is Rs268.722 billion which is 43 per cent Rs81 billion more than Rs197.722 billion of the corresponding period of previous financial year. Similarly broad money expanded to 13.99 per cent or Rs808.287 billion during the said period. The same period in FY10 had seen M2 to grow to 9.51 per cent or Rs488.638 billion in monetary terms. Government borrowings from the central and scheduled banks have increased inflationary pressures while also crowding-out the private sector. Federal Finance Minister Abdul Hafeez Sheikh has been forced to focus more on self-sufficiency after US Secretary of State Hillary Clinton's recent statement before the Congress that her government would give no more financial support to Pakistan. Experts say whether the government will indulge in more bank borrowing is yet to be seen. The socio-economic repercussions of such rigorous borrowings are already being seen and will become even more apparent during FY12.
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up 10.95 points, or 0.40 per cent, at 2,740.26. Financials led the market higher. Bank of America Corp rose 3.3 per cent to $11.18 after it reached a settlement with mortgage bond investors. The $8.5 billion settlement removed a question mark hanging over the bank since October about potential financial damage. The S&P financial sector index was up 1.6 per cent, one of the top gainers. In other company news, BJ's Wholesale Club Inc added 4.6 per cent to $50.29 after it agreed to a buyout by private equity firm Leonard Green & Partners and another group. US pending home sales rose a stronger-than-expected 8.2 per cent in May, but a glut of unsold properties remained a drag on the housing market. "The improvement in home sales is encouraging, but this doesn't even begin to solve the structural issues in the sector," said Liam Dalton, president of Axiom Capital Management Inc in New York. "Still, any sign of stability is a victory." -Reuters
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The ratings reflect SBL's gradual, yet modest increase in system share, while improving the risk management infrastructure of the bank. The ratings also recognize recent reorganization of the bank to emerge as a modern and technology oriented bank, in turn, supporting its plans to enhance participation in transactional trade financing and low cost deposit mobilization. However, despite its cautious credit expansion policy, SBL witnessed significant deterioration in asset quality, mainly on account of weak socio-economic environment. Cognizant of this, the management is making recovery efforts against existing infected portfolio. Nevertheless, the bank maintains good liquidity profile and adequate risk absorption capacity.
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while waiting for some resolution on the political front. Result season is likely to add some value to the index with some good payouts expected from the leading base shares. Fatima Fertilizer was the top traded scrip of the day with 5.27 million shares followed by Nimir Industries Chemical with 4.04 million shares and Byco Petroleum with 3.93 million shares. Out of total 335 active issues; 148 advanced and 99 issues declined while 88 issues reminded unchanged.
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Yamagishi, a strategist at Mitsubishi UFJ Morgan Stanley Securities. But trading volume was only 1.67 billion shares, just below the average for the past six days around 1.73 billion, showing a limited risk appetite among investors due in part to worries about Greece. Still, the Nikkei could post a small gain for this quarter after having suffered massively in the previous quarter in the wake of earthquake and tsunami that devastated northeast Japan and the ensuing nuclear crisis. Japanese shares have been resilient in the past month as their steep fall after the March 11 quake made their valuation attractive. Japanese shares are traded at their book value and Topix's dividend yield is about one percentage point above that of 10-year Japanese government bonds, near the spread's peak after the 2008 financial crisis. "We could say that dividend yields are one factor that support Japanese shares," said Mamoru Suzuki, head of research at Mizuho Securities Research and Consulting. RETAILERS ON UPTREND Kansai Electric Power and Chubu Electric Power both hovered near their highest levels in more than six weeks, rising 3.9 per cent and 4.0 per cent respectively. Confidence was further boosted by data showing Japan's industrial output jumped 5.7 per cent in May, rising at a much faster pace than in the previous month, as companies make steady progress in restoring supply chains hit by the earthquake. Shares in J. Front Retailing, Japan's second-biggest department store operator, closed up 0.9 per cent at 353 yen having briefly touched 359 yen, its highest in almost three months, after it revised up its forecast on Tuesday for its operating profit in the year to February to 17.5 billion yen ($216 million) from 14.0 billion yen. A survey by the Nikkei business daily showing retailers predict stronger results for the June-August period will likely keep the sector in focus for the rest of the week, traders said. Advancers outnumbered decliners by 1,357 to 198.-Reuters
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optimism over the outlook of its non-cigarette businesses, dealers said. Export-driven software companies rose, lifting the sector index 0.7 per cent and trimming the yearto-date loss to 12.3 per cent. Tata Consultancy Services, Infosys and Wipro firmed between 0.4 per cent and 1.4 per cent. The 50-share NSE index gained nearly one per cent to 5,600.45 points. Advancing shares outnumbered declining ones in the ratio of 1.9 to 1 on the NSE. Around 631 million shares changed hands on the exchange, higher than its 5-day daily average volume of 603 million shares. The MSCI all-country world stock index gained 0.7 per cent by 1017 GMT, while the FTSEurofirst 300 index of top European shares rose 1.4 per cent.-Reuters
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Banks rose, while interdealer broker ICAP added 9.7 per cent. Keith Baird, analyst at Oriel, cited improving sentiment for recently beaten-down financial stocks as optimism gathered pace surrounding the Greek vote. The FTSE 100 index closed up 89.07 points, or 1.5 per cent, at 5,855.95, building on Tuesday's 0.8 per cent gain, having hit a fresh three-month low last Thursday. Economic data from the US also helped the rally as pending sales of existing US homes bounced back from a seven-month low in May. BID TALK As the UK blue-chip index flourished on renewed optimism, rehashed bid talk swirled around ITV, up 6.6 per cent. Two traders said there was talk of a bid of 110-120 pence per share, though they gave no further details. Sticking with M&A, embattled FTSE 250 tool and equipment maker Charter International, up 28 per cent, dismissed a $2 billion preliminary approach by manufacturing buyout firm Melrose as "opportunistic". Engineers were boosted from an upbeat trading statement from Senior, the top mid-cap gainer, up 8.3 per cent after saying it expects full-year results ahead of earlier estimates. Blue-chip engineers IMI, Smiths Group, and GKN each gained 2.8 per cent. Smiths also benefited from newspaper reports that the technology and engineering conglomerate admitted for the first time that it plans to break itself up, as its chief executive told investors in New York the company would start to make disposals to create value for shareholders. Elsewhere, mid-cap online gambling firm Bwin.party digital jumped 11.4 per cent after the Alderney Gambling Control Commission suspended rival Full Tilt's European poker licences. "We estimate Full Tilt has a 10-15 per cent share of the non-US poker market. With a similar share themselves, we believe Bwin.party should be a prime beneficiary of any market vacuum created," UBS analyst Simon Whittington said. Ex-dividend factors accounted for most of a short list of FTSE 100 fallers, with Compass Group, Man Group, and Tate & Lyle losing their payout attractions and knocking 1.32 points off the index.-Reuters
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US Cost of war at least $3.7trillion and counting
Pak suffers $68bn losses in ten years ISLAMABAD: Pakistan continues to pay a heavy price in terms of both the economic and security terms in the war on terror and has suffered huge losses of more than $67.93 billion during last ten years. A large portion of resources, both men and material are being consumed by this war for the last several years and the economy was subjected to enormous direct and indirect costs which continued to rise from $2.669 billion in 2001-02 to $13.6 billion by 2009-10. As per data available with APP, this cost is projected to rise to $17.82 billion during this year and is most likely to rise further. The cost of war estimate during this year included exports 2.90 billion Dollar, compensation to affected 0.80 billion dollar, physical infrastructure 1.72 billion dollar, foreign investment 2.10 billion dollar, privatization 1.10 billion dollar, industrial output 1.70 billion dollar, tax collection 2.10 billion dollar, cost of uncertainty 2.90 billion dollar, expenditure overrun 1.60 billion dollar and others 0.90 billion dollar. Since 2006, the war has spread like a contagion into settled areas of Pakistan that has so far cost the country more than 35,000 citizens, 3500 security personnel, destruction of infrastructure, internal migration of millions of people from parts of north-
western Pakistan, erosions of investment climate, nose-diving of production and growing unemployment and above all brought economic activity to a virtual standstill in many part of the country. When contacted official sources on Wednesday said Pakistan had never witnessed such a devastating social and economic upheaval in its industry. The sources said as a result of war in Afghanistan the western countries including the United States continued to impose travel ban for their citizen (investor, importers etc.) to visit Pakistan. This affected Pakistan's exports, prevented the inflows of foreign investment, affected the pace of privatization programme, reduced import demand, reduced tax collection and expenditure over-run on additional security spending. Domestic tourism industry also suffered badly, hundreds and thousands of jobs could have been created had economic activity not slowed as well as thousands of jobs were lost because of the destruction of tourism industry. Investment-to-GDP ratio has also nosedived from 22.5 percent in 2006-07 to 13.4 percent in 2010-11 with serious consequences for job creating ability of the economy. On the other hand, when President Barack Obama cited cost as a reason to bring troops home from Afghanistan, he referred to a
$1 trillion price tag for America's wars. Staggering as it is, that figure grossly underestimates the total cost of wars in Iraq, Afghanistan and Pakistan to the U.S. Treasury and ignores more imposing costs yet to come, according to a study released on Wednesday. The final bill will run at least $3.7 trillion and could reach as high as $4.4 trillion, according to the research project "Costs of War" by Brown University's Watson Institute for International Studies. In the 10 years since U.S. troops went into Afghanistan to root out the al Qaeda leaders behind the September 11, 2001, attacks, spending on the conflicts totaled $2.3 trillion to $2.7 trillion. Those numbers will continue to soar when considering often overlooked costs such as long-term obligations to wounded veterans and projected war spending from 2012 through 2020. The estimates do not include at least $1 trillion more in interest payments coming due and many billions more in expenses that cannot be counted, according to the study. "Costs of War" brought together more than 20 academics to uncover the expense of war in lives and dollars, a daunting task given the inconsistent recording of lives lost and what the report called opaque and sloppy accounting by Congress and the Pentagon. -Agencies
Pak proposes dates for FM level talks
Pak queries Indian PPs on Chenab SRINAGAR: Pakistan has raised some queries on the construction of the three power projects (PPs) on the tributary of river Chenab in Kishtwar district of Jammu. Talking to media on the sidelines of a press conference at Lalit Grand Palace, Managing Director Chenab Valley Power Projects Ltd, S C Gupta said some queries have been raised by the Pakistan Water Commission. "Since we have prepared the detailed project report (DPR) of Pakal Dul power project only, we have replied to their queries about the project. We will do the same once we will be through with the DPRs of other two projects, Kiru and Kawar," Gupta said.
Sources said since the three projects, having the total power generation capacity of 2150 MW, were being constructed on river Chenab, Pakistan had apprehensions that the construction process may violate the Indus Water Treaty (IWT). It may be recalled that Pakistan had been objecting to the construction of Kishanganga power project in Bandipora citing that the project was violating IWT. Pakistan has proposed to India two sets of dates July 1112 and July 25-26 for foreign ministerial talks to be held here. The dates will be finalised after India responds to the proposal, sources quoted by an Indian news agency said.
The foreign ministers will review the discussions held at secretary-level meetings on various issues, including terrorism, Jammu and Kashmir, Siachen and Sir Creek, over the last four months. The talks between the foreign ministers would be preceded by a meeting of foreign secretaries. Foreign secretary Nirupama Rao and her Pakistani counterpart Salman Bashir held talks on Jammu and Kashmir, peace and security and confidence-building measures in Islamabad last week. During the talks, the two sides agreed to initiate a number of confidence building measures in nuclear and conventional fields. - Online
Devolved ministries' funds demanded QUETTA: Chief Minister Baluchistan Nawab Mohammad Aslam Raisani has said that we have made it clear on the center that the funds of devolved ministries should be given to the provinces. Addressing on the floor of the Baluchistan Assembly on Wednesday, the CM said that all provinces have the same stance that we cannot afford the expenses of employees therefore, until the next NFC award the funds of the devolved ministries should
be given to provinces. Earlier Engineer Zamrik Khan congratulating CM Raisani, ANP Chief Asfandyar Wali and head of the constitutional committee Raza Rabbani on the devolution process said that this has been made possible with a prolonged struggle however the devolution process would place an extra burden on the provinces. The center should provide the provinces with extra budget. Later talking to media CM Baluchistan said that provin-
cial government not only wants to take Gwadar Port into its custody but also has the capability to run Reko Diq and Gwadar Port by itself. We not only have the expertise but also resources, he said. He said we are always of the stance that the agreement with regard to Gwadar Port must be cancelled and the port should be handed over to Baluchistan. He said we have even earmarked a small amount in the budget for this. - Online
ATHENS: Cobblestones, thrown by demonstrators, litter the street in front of riot police during a protest in Athens. -Reuters
5 killed as Nato tanker overturns KHYBER AGENCY: Five passengers were killed and seven sustained injuries when Nato oil tanker turned turtle over a passenger bus here in tehsil Jamrood, Khyber Agency on Wednesday. According to media reports, a Nato oil tanker turned turtle over a passenger bus near Ali mosque, Tehsil Jamrood due to negligence of the driver killing five persons and injuring more than seven persons. Soon after the incident the rescue teams rushed at the site and took out the injured passengers and dispatched them to local hospital. - Online
Drone attacks termed US arbitrary act WASHINGTON: The latest US drone attack in Pakistan's Waziristan region has sent a "we told you" message to the Pakistan leadership, that if it does not take on the Taliban and other extremists cross the Afghan border to attack US and allied troops, America will do so. A total of 27 suspected militants were killed in two US drone attacks in Pakistan's South Waziristan region on Monday, according to a media report. The attacks occur as USPakistan relations pass through a particularly tense period in the aftermath of the May 2 US raid that killed Osama bin Laden in his hideout in Abbottabad. The Obama administration has stepped up drone strikes inside Pakistan over the past year - in particular in the North Waziristan region, stronghold of groups like the Afghan Taliban and the Haqqani network, The Christian Science Monitor reports. Pakistani officials have called publicly for the strikes to cease, insisting they alienate the general population. At the same time, the Pakistani military has also promised- as recently as late May- that an offensive against North Waziristan's havens was imminent, but no such offensive has been launched in the region. The drone attacks this week suggest that the United States has no intention of waiting, the report noted. The drone strikes also convey a message that the US has certain expectations of the relationship with Pakistan, and that America will not sit by if it determines its national security is threatened, as President Barrack Obama stated in his June 22 speech on Afghanistan policy. "So long as I am president, See # 1 Page 11
Minister clarifies his BBC statement
Mukthar says no one is indispensable ISLAMABAD: Federal defense minister Chaudhry Ahmed Mukthar on Wednesday in univocal terms said that no one including Chief of the Army Staff General Ashfaq Parvez Kayani and Director General Inter Services Intelligence (ISI) Lt Gen Ahmed Shuja Pasha is indispensible for Pakistan, adding that, the country's civilian and military leadership are mulling to change its defense policy keeping in view of the current situation. Now time has come to hold talks with serious people alongside of Pak-Afghan border for peace in the region, he said this while talking to media men at defense ministry. He claimed that he was misquoted in an interview by
British Broadcasting Corporation. "The country is passing through a very crucial time. War is being waged in tribal areas. Our economy is suffering due to war against terrorism and extremism", he said. Replying to a question, the defense minister said, PakistanUS relations have strained since the May 2 incident and relations between both counties can not be improved by enhancing bilateral relations. He urged the international community not to neglect country's sacrifices in war against terrorism. DG ISI had offered to tender resignation in the joint sitting of the Parliament but the incumbent leadership rejected his resignation, he said.
Court charges six rangers with murder KARACHI: A Pakistani court on Wednesday charged six members of a paramilitary force with murder for the killing of an unarmed man, a rare action against the country's powerful security establishment. The incident, which took place this month in city of Karachi, was caught on videotape and broadcast on television, deepening anger against the security forces already tarnished by the killing of Osama bin Laden in a U.S. raid in May. Pakistan's security establishment has suffered a series of setbacks since the United States kept the military in the dark about the special forces operation that killed the al Qaeda leader. A handful of Pakistani Taliban militants assaulted a naval base in Karachi, causing further embarrassment. The shooting of the unarmed man triggered fresh criticism of Pakistan's human rights record and an unpopular government, which many say has failed to rein in the police and army -- often seen as untouchable. The accused Rangers will be tried in a civilian court. Such cases are usually taken up by the military. In an unusual move by civilian authorities, the highest court also ordered the transfer of the director general of the Rangers in Sindh, a serving two-star army general. Pakistanis have traditionally been wary of criticising the army and its powerful intelli-
gence service. PILING PRESSURE It is still unclear if the charges would mark a shift towards tougher measures against the military and security forces. But analysts say they will likely come under greater scrutiny. "Certainly in the long term it is going to pile pressure against the security forces who are often blamed for using indiscriminate force against civilians and also criminals," said political commentator Zahid Hussain. The footage shows the soldiers from the Rangers force opening fire at close range at the man identified as Sarfaraz Shah in a public park in Karachi. A civilian -- who has also been charged with murder -- is seen grabbing the victim by the hair and dragging him over to a group of Rangers. The unarmed man pleads for mercy, then one of the soldiers shoots him twice. The footage also shows the victim falls to the ground and screams in pain, with the soldiers standing beside him. He collapses in a pool of blood beside the park named after late Pakistani Prime Minister Benazir Bhutto, who was seen around the world as a symbol of democracy. The accused all denied the charges. They could face the death sentence if convicted. In May, the killing of prominent Pakistani journalist Saleem Shahzad also caused an See # 2 Page 11
Replying to a query, he said, the fate of those who were detained under anti terrorism act has not been decided. I don't know so far whether they would be tried in military courts or civil courts, he said. Shamsi Airbase and Ghazi Airbase were in Pakistan's control, he said, adding US Senator John Kerry had assured Pakistani leadership that US policy has no designs against Pakistan's nuclear and strategic assets. Taliban Commander Mullah Omar is not in Pakistan if he was in Pakistan then must have fled away after Osama Bin Laden debacle, he said. When asked about family of Osama Bin Laden, he said, they would be repatriated in accordance with their wish. - Online
EDF Okays projects to promote exports ISLAMABAD: The 58th meeting of the Board of Administrators of Export Development Fund (EDF) held Wednesday in the Committee Room of the Ministry of Commerce under the chairmanship of Makhdoom Amin Fahim, Federal Minister for Commerce. The participants of the meeting included Senator Ilyas Ahmad Bilour, Secretary Commerce Zafar Mehmood, Secretary Ministry of Textile Industry Shahid Rashid, Secretary TDAP Javed Anwar Khan, President FPCCI Senator Haji Ghulam Ali, presidents of Karachi, Lahore, Khyber Pakhtunkhwa and Sialkot chambers of commerce & industry, and chairmen of prominent trade associations. The Board of Administrations of Exports Development Fund approved various projects amounting to Rs400 million relating to promotion of exports in various sectors. These projects include establishment of Entrepreneurship Development Institute for Women at Lahore (Rs10 million), establishment of Pak-Korea Garment Technology Training Institute at Karachi (Rs10 million), up-gradation of Synthetic Fibre Development & Application Center, Karachi (Rs30 million), Budget of Pakistan Institute of Fashion & Design, Lahore (Rs45.513 million), establishment of overseas office and display centre of Pakistan Bedwear Exporters Association in EU (Rs68.880 million). Likewise installation of HiTech Machinery at Surgical Instrument Manufacture See # 3 Page 11
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