International Karachi, Thursday, August 4, 2011, Ramadan-ul-Mubarak 3, Pages 12 Vol No 5 Issue 3 Price Rs 12
Sania beaten by hubby in a friendly fight See on Page 10 Economic Indicators $18.30bn 13.77% $24.83bn $40.41bn $(15.59)bn $542mn $11.20bn $1.92bn Rs 1598bn $59.54bn Rs 5957bn $758mn -2.28% 4.20% $1,051 176.82mn
Forex Reserves (23-July-11) Inflation CPI% (Jul 11) Exports (Jul 10-Jun 11) Imports (Jul 10-Jun 11) Trade Balance (Jul 10-Jun 11) Current A/C (Jul 10-Jun 11) Remittances (Jul 10-Jun 11) Foreign Invest (Jul 10-Jun 11) Revenue (Jul 10-Jun 11) Foreign Debt (Mar 11) Domestic Debt (Jun 11) Repatriated Profit (Jul 10 - Jun 11) LSM Growth (May 11)
GDP Growth FY12E Per Capita Income FY10 Population
Portfolio Investment SCRA(U.S $ in million)
-46.49 -46.49 -3.90 2768
Yearly(Jul, 2011 up to 29-Jul-2011) Monthly(Jun, 2011 up to 29-Jul-2011) Daily (29-Jul-2011) Total Portfolio Invest (16-Jul-2011)
NCCPL (U.S $ in million)
FIPI (03-Aug-2011) Local Companies (03-Aug-2011) Banks / DFI (03-Aug-2011) Mutual Funds (03-Aug-2011) NBFC (03-Aug-2011) Local Investors (03-Aug-2011) Other Organization (03-Aug-2011)
0.55 -0.73 -2.96 0.35 0.60 1.95 0.24
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 11,941.72 9,637.14 21,992.72 17,940.55 2,650.45 2,678.48 5,648.89 11,873.43
Change 284.61 207.45 428.74 169.34 4.64 0.77 69.50 6.81
GDR update $.Price PKR/Shares Symbols 112.60 MCB (1 GDR= 2 Shares) 2.60 141.88 OGDC (1 GDR= 10 Shares) 16.38 43.31 UBL (1 GDR= 4 Shares) 2.00 36.81 LUCK (1 GDR= 4 Shares) 1.70 39.07 HUBC (1 GDR= 25 Shares) 11.28
Money Market Update T-Bills (3 Mths) 27-Jul-2011 T-Bills (6 Mths) 27-Jul-2011 T-Bills (12 Mths) 27-Jul-2011 Discount Rate 30-Jul-2011 Kibor (1 Mth) 03-Aug-2011 Kibor (3 Mths) 03-Aug-2011 Kibor (6 Mths) 03-Aug-2011 Kibor (9 Mths) 03-Aug-2011 03-Aug-2011 Kibor (1 Yr) 03-Aug-2011 P.I.B (3 Yrs) 03-Aug-2011 P.I.B (5 Yrs) 03-Aug-2011 P.I.B (10 Yrs) 03-Aug-2011 P.I.B (15 Yrs) 03-Aug-2011 P.I.B (20 Yrs) 03-Aug-2011 P.I.B (30 Yrs)
13.53% 13.78% 13.92% 13.50% 13.44% 13.27% 13.37% 13.67% 13.72% 13.45% 13.51% 13.59% 13.83% 13.95% 14.04%
Commodities *Crude Oil (brent)$/bbl *Crude Oil (WTI)$/bbl *Cotton $/lb *Gold $/ozs *Silver $/ozs Malaysian Palm $ GOLD (NCEL) PKR KHI Cotton 40Kg PKR
115.40 93.63 105.63 1,669.00 41.14 1,059 45,997 6,002
Open Mkt Currency Rates Symbols
Buy (Rs)
Sell (Rs)
Australian $ 92.00 93.20 Canadian $ 89.10 90.80 Danish Krone 16.15 16.50 Euro 122.00 124.00 Hong Kong $ 10.75 10.90 Japanese Yen 1.100 1.128 Saudi Riyal 22.90 23.10 Singapore $ 70.80 71.80 Swedish Korona 13.30 13.50 Swiss Franc 99.90 100.90 U.A.E Dirham 23.40 23.60 UK Pound 140.00 141.30 US $ 86.00 86.40 Inter-Bank Currency Rates Symbols
Buying
Selling
TT Clean
TT & OD
Australian $ 92.85 93.07 Canadian $ 90.03 90.24 Danish Krone 16.49 16.53 Euro 122.85 123.13 Hong Kong $ 11.09 11.12 Japanese Yen 1.122 1.124 Saudi Riyal 23.07 23.12 Singapore $ 71.56 71.72 Swedish Korona 13.49 13.52 Swiss Franc 112.76 113.02 U.A.E Dirham 23.55 23.60 UK Pound 140.76 141.08 US $ 86.62 86.80 Weather Forecast Cities
Islamabad Karachi Lahore Faisalabad Quetta Rawalpindi
Max-Temp Min-Temp
35°C 35°C 33°C 34°C 37°C 36°C
20°C 29°C 29°C 30°C 15°C 20°C
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Lawmakers call for Karachi free of weapons
See on Page 12
Survey shows optimism on growth rate
See on Page 12
Debt bill signed but US markets still wary
See on Page 12
Altaf demands military in metropolis KARACHI: Muttahida Qaumi Movement (MQM) leader Altaf Hussain on Wednesday called for deployment of army in Karachi to contain the ongoing wave of violence that left dozens of people killed in recent days. In his telephonic address from London, Altaf said that he was ready to resign as party leader if it caused betterment in the country. Altaf Hussain said military should act indiscriminately against all groups to restore peace in the city. His demand came a day after he set a two-day ultimatum for the President and the Prime Minister to restore peace in Karachi.
He said that most of the people, who were murdered in Karachi, were innocent. He asked Sindh Chief Minister Syed Qaim Ali Shah to stop patronising land and drug mafias. The MQM leader said that Punjabis and Sindhis had warmly received Mohajirs (migrants) during partition of sub-continent. He said that MQM was not against any ethnic group but, he added, that Mohajirs were always targeted. The MQM, he said, condemns ongoing acts of violence in Karachi. It is being said that three parties are responsible for Karachi situation, nobody is speaking truth. He said the government had failed to control
Retail sales normal despite ration appeal TFD Report KARACHI: The appeal of MQM leader Altaf Hussain to buy one month's grocery in advance owing to possibility of any big turmoil in the city went unheeded on the very first day on Wednesday as no any pressure of demand was witnessed in retail or wholesale grocery markets of the city. A day earlier, MQM chief Altaf Hussain expressed anger on poor law and order situation of the country and lethargic attitude of government to control unbridle target killings and incidents of arson in the city and he appealed Karachiites to buy one month's grocery in advance if complete shutter down follows eventually due to reaction of terror-stricken people. However, sources in retail traders' bodies of the city said that people did not pay heed to the appeal of the leader of the biggest political party of the city and no any buying pressure was observed in any main retail
markets of the city. Chairman of All Karachi Traders Alliance Association Ateeq Mir said that most of the followers and supporters of Altaf Hussain belong to lower middle and lower class and for them it is not possible to buy grocery of even one week in advance then how come they buy one month's essential edible items in advance. He further said that due to persistent violence and off and on shutter down in the city, retail market is already worsthit and facing one of the worst slowdowns of its history. In this scenario expecting any boost in retail sales would be a lofty desire. However, he admitted that in case any huge demand, retail market of the city is capable enough to meet it but hoarders would be badly affected due to demand pressure as they have to bring out their stock in view of escalating demand and subsequent raise in prices. See # 10 Page 11
Govt seeks six months grace for IP gas project TFD Report ISLAMABAD: Owing to redtapeism dominant in the Ministry of Petroleum and Natural Resources, government has requested to Iran for another six months to complete its $3 billion component of IranPakistan gas pipeline project which earlier was supposed to be completed till December 2014. Earlier, an agreement was made between both the countries to finish the project within stipulated time failing which the country responsible for delay would have to pay $200 million per month. Officials of the petroleum ministry told The Financial Daily that now project would be completed on 30th June 2015. However, gas authorities in Iran have not yet decided to allow six months grace period to Pakistan, sources said and added that matter may come under consideration of the meeting of Iran-Pakistan
Coordination Committee which is due to meet on August 25. Earlier, petroleum authorities of Pakistan several times made it clear that the project would be completed in due course of time on the basis that survey for laying the pipeline from PakIran border to Nawabshah was already complete. But owing to hanging uncertainty over the corridor of powers as a result of unending rift between various institutions of the state, petroleum ministry is not confident enough the complete the project within timeframe. Expert said $7.6 billion project is crucial for Pakistan to avert a growing energy crisis already causing severe electricity shortages in the country of about 170 million. The pipeline will connect Iran's South Fars gas field with Pakistan's southern Baluchistan and Sindh provinces. Under the deal, 750 million cubic feet of gas will be pumped to Pakistan daily from Iran by mid-2015.
terrorists. The MQM chief said that action should be taken against those involved in terrorist activities. He added that action should also be taken against the MQM if it is found involved. Those who claim ownership of Pakistan today had actually been slaves of Hindu Bania (during pre-partition) and the freedom they were enjoying today is because of the Mohajirs' struggle. "Pakistan came into being because of Mohajirs," he maintained. He said Mohajirs had not come to Pakistan empty handed and demanded of the international community to accept their presence. See # 9 Page 11
Krishna for cordial Pak-India ties NEW DELHI: India on Wednesday said it wishes to have constructive relations with Pakistan but wanted an environment free from terror and "credible" action to be taken against anti-India jihadi leaders like Jamaat-ud Dawa chief Hafiz Saeed who "continue to incite violence". According to PTI, week after his talks with Pakistani counterpart Hina Rabbani Khar, external affairs minister S M Krishna told the Lok Sabha that he had conveyed India's desire to work with Pakistan to reduce the trust deficit and move forward in a friendly manner. See # 11 Page 11
Steps to improve revenue in offing TFD Report KARACHI: Having encountered an embarrassing situation in the wake of reported fudging in revenue collection figures of last fiscal year, government preferred to stay on safe side this year and has decided to revise the current fiscal year's revenue target downward. According to details, finance ministry has lowered revenue collection target from Rs1,952 billion to Rs1,590 billion See # 13 Page 11
China praises Pak efforts against terror BEIJING: A spokesperson of the Chinese foreign ministry Ma Zhaoxu on Wednesday said that Pakistan was on the important forefront in the international counter-terrorism campaign and had made outstanding contributions in combating terrorism. Commenting on China's counter-terrorism cooperation with Pakistan, he said China and Pakistan were friendly neighbours and had conducted sound cooperation in the field of counter-terrorism. The Chinese side will continue to strengthen cooperation with Pakistan in jointly cracking down on the "these evil forces", so as to safeguard security and stability in both the countries as well as in the region, the spokesman added. - APP
ISLAMABAD: US Special Representative for Afghanistan and Pakistan, Marc Grossman, called on Prime Minister Syed Yousuf Raza Gilani at PM House.-APP
Zardari mandated to talk with MQM ISLAMABAD: President Asif Ali Zardari was given a mandate to hold talks with Muttahida Qaumi Movement (MQM) in the wake of Altaf Hussain's two-day ultimatum to restore peace in Karachi. The mandate was given to the President by Sindh cabinet at a meeting held in the capital city of Islamabad today (Wednesday). President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani co-chaired the
meeting. Speaking on this occasion, President Zardari said that MQM's apprehensions would be addressed through talks. "I want to take the Sindh cabinet on board for holding talks with MQM," Zardari said. "If the United States can hold talks with the Taliban after ten years, why can't we do the same with MQM?" he asked. The meeting was also attended by the Sindh Chief Minister Syed Qaim Ali Shah,
Commerce Minister Makhdoom Amin Fahim, Interior Minister Rahman Malik, Babar Awan and provincial ministers belonging to PPP, PML-Q, ANP and PML Functional. After the cabinet's meeting, President Zardari convened a meeting of PPP's ministers. On Tuesday, Altaf Hussain gave the President and Prime Minister a two-day ultimatum to restore peace in Karachi. Agencies
Afghan peace plan
US will not ditch Pak this time: envoy ISLAMABAD: The US Special Representative for Afghanistan and Pakistan Marc Grossman Wednesday told Prime Minister Yousuf Raza Gilani that the United States does not contemplate any reconciliation process in Afghanistan without Pakistan. "The US does not foresee any reconciliation in Afghanistan without Pakistan," the US envoy said in a meeting with Prime Minister Gilani, the PM office said. Ambassador Grossman said it was a mistake to abandon Pakistan after the Soviet withdrawal in early 1990s from Afghanistan and said the same would not be repeated. He agreed with the Prime Minister on the need for the repatriation of the 3.5 million Afghan refugees still on Pakistani soil. Ambassador Grossman appreciated and agreed with the Prime Minister's views about the criticality of economic
development as an essential part of an Afghan and Afghanowned reconciliation process. The Prime Minister reiterated the joint resolve of Pakistan and Afghanistan's leadership to root out militancy and terrorism as both the countries had suffered severely the impact in terms of loss of precious lives and property, instability in their countries as well as economic set back due to insecurity. The Prime Minister emphasised that the US, Afghanistan and Pakistan should be on the same page to deny any space to the militants to capitalise on, and Pakistan was looking forward to a positive outcomes of the forthcoming Istanbul and the Bonn Conferences. The Prime Minister also underlined the apprehensions that as in the past Pakistan may once again suffer the negative fallout of the Afghanistan problem. Ambassador Grossman at this said that the US would not
commit the same mistake of abandoning Pakistan. The Prime Minister said that Pakistan was working to ensure Afghanistan's connectivity in the region through the Afghanistan Pakistan Transit Trade Agreement (APTTA). The Prime Minister said that it was extremely important for Pakistan to see a sovereign, stable and prosperous Afghanistan because it was in our best interests as well as of the region. The Prime Minister said that he was happy that his idea of three Ds (dialogue, development and deterrence) was being realized as a way forward by the international community to achieve security and stability through economic development. The US delegation included US ambassador to Pakistan Cameron Munter, US ambassador to Afghanistan, Ryan Crocker and Senior Military See # 12 Page 11
Reko Diq project
JV hopeful to get contract by Sept LONDON: A joint venture (JV) between miners Antofagasta and Barrick Gold expects a decision on a key mining license in Pakistan by mid-September, potentially paving the way for a major copper and gold project in the country's backward region of Balochistan. Tim Livesey, chief executive of the Tethyan Copper Company (TCC), which has a 75 per cent interest in the Reko Diq project in the southwestern Balochistan province, said the group was still awaiting a formal response from the provin-
cial government after filing a feasibility study a year ago and a mining lease application in February. But he said Tethyan had had meetings with the federal and provincial governments in recent weeks and was confident a decision would be reached by the September 22 deadline. The response has been delayed by the Supreme Court, which had barred the Balochistan government from giving approval for the Reko Diq license until a separate investigation ended. The court in May, however, allowed the
government the right to decide on the lease. "We are hopeful we will receive formal notification on the mining license in September and that will allow us to then carry out the detailed discussion with the government of Balochistan, as a partner rather than as a regulatory body, and also with the federal government to ratify taxation agreements and so on," he said. "We are hopeful and we have indication that we will get positive feedback. We hope that they see the sense in delivering See # 14 Page 11
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Thursday, August 4, 2011 Courtesy: Viewpoint
PTCL offers speed upto 50Mbps ISLAMABAD: Pakistan Telecommunication Company limited (PTCL) will be using VDSL2 Bonding technology to provide existing digital subscriber line (DSL) customers with speeds up to 50 Mbps. The project leverages Alcatel-Lucent's (Euro next Paris and NYSE: ALU) VDSL2 Bonding expertise and will be completed by the end of the second quarter of 2011, said a press release issued here on Wednesday. VDSL2 Bonding takes two copper-based VDSL2 lines per subscriber and aggregates them - almost doubling the bandwidths available to existing customers, or expanding high-speed broadband access to areas that are underserved. Using VDSL2 Bonding, service providers can extend the life of their existing copper infrastructure - supporting the delivery of bandwidth-intensive services such as triple-play voice, data and IPTV. This fits exactly with VDSL2's capabilities, especially when combined with innovations such as Bonding and Vectoring. Commenting on this achievement President and CEO PTCL Walid Irshaid said, "PTCL is the first service provider worldwide to deploy a commercial VDSL2 Bonding solution that aims at doubling the bandwidths provided to its existing customers." We are thus setting the trend in international telecoms, and are taking the broadband experience in Pakistan to the next level."Alcatel-Lucent's VDSL2 Bonding technology and comprehensive services and network integration expertise is helping us to keep pace with the increasing bandwidth requirements of our customers, while capitalizing on the existing copper infrastructure, the CEO said. "This will enable us to quickly deliver high-quality, high-speed and high-availability business and residential services - even in areas where it was not possible before", he said. -APP
Korean cos ready to invest in Pak power LAHORE: South Korean Ambassador in Pakistan Choongjoo Choi has said that Korean companies are all set to make investment in Pakistan's power sector. The Ambassador was speaking at the Lahore Chamber of Commerce and Industry. LCCI President Shahzad Ali Malik, Senior Vice President Sheikh Mohammad Arshad, Vice President Sohail Azhar, former Presidents Shahzada Alam Monoo, Iftikhar Ali Malik, Executive committee members Mian Zahid Javaid, Khwaja Khawar Rashid, Tahir M Sheikh, Fahim-ur Rehman Sehgal, Chaudhry Wajid Ali and Chairman Skill Development Council Rehmatullah Javed also spoke on the occasion. The Ambassador said that more and more Korean companies are showing their interest for investment in energy sector to help Pakistan overcome the acute energy
shortage it has been facing for long. The Ambassador said that Korea's trade with
availability of required trade-related information was the biggest hurdle in the way of South Korean
LAHORE: Ambassador of South Korea posing for a group photo during his visit to LCCI.-Online
India stands at $16 billion which will be doubled in a few years; it is $ 1billion a day with China while bilateral trade with Pakistan is mere $1.1 billion he, however, expressed the optimism that the volume of trade between Pakistan and South Korea was bound to increase as both the governments and the private sector, in the two countries, are taking measures to get the desired results. He said that the non-
investment in Pakistan. Shahzad Ali Malik said that both the countries have decades old economic relations and experienced good results of joint ventures in various fields like telecommunication, electronics chemical industry and automobiles industry. Korean companies are also actively participating in infrastructure projects like highway construction, power generation etc.-Agencies
i-Care, Aman foundation launch initiative for mental health
KARACHI: The i-Care Foundation and The Aman Foundation recently launched "Shamil" a community mental health initiative for the underserved. "Shamil" is a comprehensive program that aims at creating awareness about mental health issues and helps affected people to realize the full potential of their abilities, cope with the normal stresses of life, work productively and fruitfully, and make a contribution to their communi-
ties. According to the World Health Organization around 15 per cent of Pakistani population or some 25 million people suffer from mild to moderate psychiatric illness and some 1.7 million people suffer from severe mental illness. Keeping in view the alarming situation, The i-Care Foundation and The Aman Foundation in collaboration with its implementation partners, Pakistan Association for Mental Health (PAMH),
No. Xen/RD/NIT/2011 OFFICE OF THE EXECTUVIE ENGINEER RURAL DEVELOPMENT DEPARTMENT OLD SRTC OFFIC PREMISES, WAHDAT COLONY NEAR AGRICULTURE COMPLEX HYDERABAD Hyderabad, dated the 20th July, 2011
CORRIGENDUM The time of opening of tenders appeared at Sr.No2 under the heading “Programme for Issue/Receipt and opening of Tender” shall read as “& Opening at 1.00 PM after the word 12.00 Noon instead of 2.00 PM shown in the Notice Inviting Tenders uploaded in the wedsite of SPPRa issued vide this office NO.Xen/RDD/Tenders/2011/63 dated 13th July, 2011.
EXECUTIVE ENGINNEER RURAL DEVELOPMENT DEPARTMENT HYDERABAD
Karwan-e-Hayat and Health and Nutrition Development Society (HANDS) are launching Shamil for low income communities in Karachi to work towards addressing this issue. Discussing the genesis of Shamil, Ahsan Jamil, CEO Aman Foundation, said, "Aman intends to bring strategic focus and support to partner organizations working in the mental health field and Shamil is such an example and an important first step. -PR
Emirates starts flights to Denmark KARACHI: The Emirates has started flights to Denmark. A statement issued here on Wednesday said that the Dubai-Copenhagen route is the airline's 114th destination and will be served by an A330-200. It said that Emirates daily route via Dubai, opens up South Asia, Australia and Oceania for Denmark and Southern Sweden.-PR
IPO to ensure mechanism for counterfeiting ISLAMABAD: Intellectual Property Organization (IPO-Pakistan) would ensure to check all kind of counterfeiting by evolving a fool proof mechanism with the assistance of stakeholders. Director General IPOPakistan Sajjad Ahmed Bhutta assured this during a meeting with representatives of American Business Council and all members of the Council and IPO Officers. Executive Director ABC Raheem Mani highlighted the issues confronting KARACHI: Mrs Shafqat Sultana President & CEO of FWBL receiving multi-national organizaBrand of the Year Award from PM Gilani. -Staff Photo tions and stated that piracy of reputed trademarks and patents had badly affected the business and credibility of products. Sajjad Bhutta said that we are determined to wipe out piracy by strict compliance of relevant laws to prevent illegal business practices. He said effective steps had been adapted to seek cooperation of all the enforceservice roads, roundment agencies regarding KARACHI: The DHA master planning. Administrator DHA about, one way regimes prompt action against viola- City Karachi (DCK) Steering Committee appreciated the novel and concept of using maxtion of law. -APP meeting was held here on approach adopted for imum public transport. Wednesday presided by Administrator DHA Brig Aamer Raza Qureshi. The meeting reviewed the advanced stage of the DCK's master planning. A DHA official said KARACHI: A fabulous that Project Director contest is announced by DCK Brig (Retd) Kalam TV to win cell Rafique informed the phone for best video up - meeting that DCK's load. Master Planning, being "The largest Urdu done by a consortium of Language Video Portal in globally distinguished the World with a vision to town planning and archienhance Citizen tectural consultants, has development of DCK's Project Director DCK Journalism in Pakistan", transformed into the end master planning model reiterated that the project this was stated by Manager product and would be incorporating modern was fast moving from Technical Operations Irfan completed on schedule design features including master planning stage Gondal at his head office by end of September this earmarking of adequate towards initiation of during a media briefing. year. open and green spaces, physical development on He also added that the He informed that com- parking lots, spacious ground. Kalam Television is not pletion of master plan- roads and separate He elaborated that the only the Leading ning exercise would be amenities, commercial entrance gate (gateway Television Channel of followed by balloting for and recreational areas etc to DCK) design, DCK's Middle East, but our plot numbering. in accordance with con- boundary wall, mobiliWebsite www.kalam.tv is It may be recalled that temporary architectural sation for construction becoming popular among around 20,000 residential concepts. of DCK's staff accomthe peoples day-by-day due and commercial plots of DCK Consultant's team modation, U-turn plan to their browsing language different sizes were allot- leader, Arif Osmani pre- on Super Highway and options in three Regional ted in DCK Phase-I to sented the DCK geo-tech investigation languages i.e. Urdu, prospective allottees in Transportation Plan com- for underground water Arabic, and Farsi.-PR November 2009 without prising a myriad of road exploration in the area giving plot numbers networks, major intersec- has been finalised. pending completion of tions, collector roads, APP
DHA City Khi project moves to next level
Kalam TV offers cell-phone
NBP makes Balochistan first online province
KARACHI: In a major move towards automation, National Bank of Pakistan has converted all its branches on-line in Balochistan Province. This is in line with Bank's strategy to convert majority of its branches online by the end of this year for which work is going on at fast pace. It is worth mentioning here that NBP is present in far off and remote areas of Balochistan which include Dera Bugti, Awaran, Kohlu, Barkhan, Turbat, Panjgur, Sorab, Qallat, Chaman, Loralai, Ormara, Harnai, Noshki, Dalbandin, Gandawah, Kharan, Saindak, Taftan, Othal, Bela and Muslim Bagh. NBP has recently initiated a number of IT projects to make the bank one of the most technologically advanced financial institutions in the country. Currently the Bank is in the implementation phase of Core Banking System which is one of the largest IT projects in Pakistan and covers all the banking functions. -PR
Rs19bn recovered from govt depts, PAC panel told I S L A M A B A D : Additional Secretary Economic Affairs Division (EAD) Hammayatullah Khan told a sub-committee of the Public Accounts Committee (PAC) that ministry has recovered outstanding loans amounting to Rs15 billion out of total Rs 18.9 billions from the government departments. Appearing before the sub-committee, he said the amount was outstanding against Azad Jammu Kashmir (AJK), the Capital Development Authority (CDA), National Logistic Cell (NLC), Pakistan Railways, WAPDA, Korangi Fish Harbor Authority (KFHA), National Highways Authority, (NHA) Industrial Development Bank of Pakistan (IDBP) and BE Limited.
The committee met under the chairpersonship of Yasmeen Rehman in the National Assembly Secretariat and discussed audit paras of the Ministry of Defence production and Economic Affairs Division (EAD) for the year of 2004-05 and 2007-08 respectively. Hammayat Ullah also informed the committee that EAD refused to NLC an equity of Rs244 million. The committee appreciated ministry for recovery of outstanding amount and for not providing equity to NLC. While discussing the audit paras of ministry of Defence Production, Audit officials informed the committee that Pakistan Ordnance Factories (POF) purchased machinery and store but neither the
material against these payments had so far been received nor the recovery/ adjustment of outstanding amount had yet been made. Lieutenant General Shujaat Zamir Dar, apprised the committee that the audit officials did not discuss this objections with him before the Committee and expressed concerns over it. However, DG Audit Tahir Hassan told the committee that head of the department should know about the audit paras. The committee directed, chairman to resolve this issue on priority basis. The chairperson Yasmeen Rehman also expressed serious concerns for paying a tariff amount of Rs 43 million to WAPDA over an issue of usage of electricity. -APP
PIA to replace Boeings in December ISLAMABAD: Managing Director Pakistan International Airline Nadeem Yousaf Zai has informed Senate Standing Committee on Defense Production that the airline would replace Boeing 737 and 747 aircrafts in December. 747 Boeing would be used in upcoming Hajj operation for last time, he said. The committee met under the chairmanship of Javed Ashraf Qazi here at Parliament house. The committee was informed that 6 ATR aircrafts are being purchased and the national flag carrier has 7 operational ATR aircrafts. The MD PIA said that talks were underway with different companies to replace 737 and 747 Boeing aircrafts. The new aircrafts would be taken on lease, he said, adding that, we have also consulted international monetary institutions with regard to Prices of new aircrafts. Talking to media men after the committee meeting, the committee Chairman Javed Ashraf Qazi said the committee has directed the administration of PIA to make better cleanliness system in aircrafts and teams should be setup to ensure timely departure and arrival of aircrafts. The new ATR aircrafts, he said, would be used for far flung areas including Balochistan. -APP
Final Year Project Posters presentation KARACHI: The Aligarh Institute of Technology (AIT) organized Final Year Project Posters Presentation at its premises on Wednesday. As many as 18 posters designed by students of various disciplines were showcased. The Associate Dean of Engineering, Prof. Dr. Najeeb Siddiqui, performed the inauguration. He lauded the creative work and the efforts put in by the students. Dr Najeeb said that the basic objective was to promote science and technology as well as enable the youngsters to come up with creative ideas.-Agencies
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Thursday, August 4, 2011
Swiss franc fizzles on SNB measures but to stay lofty * Private sector jobs data lifts dollar, ISM data weak NEW YORK: The Swiss franc retreated from record highs against the dollar and euro on Wednesday after the Swiss National Bank unexpectedly cut interest rates, a move that should offset its strength but only temporarily given concerns about global growth. The SNB said the franc was massively over-valued, keeping alive the prospect of intervention. That also sharpened the focus on Japanese authorities who warned again they were uncomfortable with the rising yen. Pressure has grown on both the Swiss franc and yen as safe havens as the US economy, the world's largest, remains fragile with many recent indicators showing that it is running out of steam. A modest glimmer of hope on the jobs front emerged early in the New York session as data from ADP showed US private sector employment rose more than expected in July. The dollar extended gains against the Swiss franc after the report and last
traded at 0.7728 francs, up 1.3 per cent, but down from the SNB-induced session high of 0.7787. "It is encouraging that the number did not disappoint, but it is still hard to be overly optimistic given the earlier report on layoffs from C h a l l e n g e r, " said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington. Challenger, Gray & Christmas said the number of planned layoffs at US firms rose to a 16-month high in July. More proof that the US economy has weakened emerged in the late morning via a weaker-than-expected report from the Institute of Supply Management.. The US Labor Department's July nonfarm payrolls report, a key market fac-
tor every month. will be released on Friday. The euro hit a record low of 1.0794 francs on trading platform EBS just before the SNB's move. It last trad-
ed at 1.1070 francs, up 2 per cent, but down from a session high of 1.1146. "The impact of the SNB will likely not last long," Esiner said. "Investors will continue to seek safety in the Swiss franc and the yen due to concerns about the US and the euro-zone," "At best, SNB's move may slow the rise of the Swiss franc, but will certainly not reverse it." The euro gained against the dollar, rising 0.9 per cent at $1.4324, but widening peripheral bond
Won, ringgit hit by risk dumping but some buy Asia FX on dips Philippine peso finds support at 42.41 to the dollar SINGAPORE: The South Korean won and the Malaysian ringgit hit their lowest in about two weeks on Wednesday as hedge funds and model funds reduced positions in emerging Asian currencies on renewed worries about the euro-zone's debt crisis and global economic slowdown. Investment banks from the United States and Europe bought some emerging Asian currencies on dips while some investors showed interest in the Philippine peso and the Singapore dollar, indicating players have not lost an appetite for the regional units. Rekindled concerns over the troubled US economy and the euro-zone's debt crisis are expected to prompt further profit-taking from Asian currencies, but that would not hurt the relatively brighter outlook for the units, analysts and dealers said. Worries about a possible US debt default eased with the last minute deal in Washington, but investors moved the focus to how a tighter fiscal policy could constrict US growth.
Still, investors maintained their bets on Asian currencies. "Asia is the new 'risk off' trade," Deutsche Bank said in a note. "While weaker growth in the US would eventually drag Asian external demand lower, it will also magnify the pull of the latter's safe haven characteristics." Offshore players such as hedge funds and interbank speculators covered dollarshort positions, sending the won to its weakest in more than two weeks, while global risk aversion hit Seoul shares. Foreign investors also made their biggest daily stock sales since May, putting more pressure on the South Korean currency. The won ended local trade down 0.9 per cent at 1,060.4 per dollar, slightly firmer than the session's low of 1,060.5, the weakest since July 19. It is seen having a room to weaken more, probably to 1,061.4, the 23.6 per cent Fibonacci retracement level of its strengthening between May and July. The ringgit weakened to as soft as 2.9820 per dollar, the
weakest since July 22, as model funds covered dollarshort positions. But the Malaysian currency recovered some falls as the euro strengthened to 1.42 versus the greenback. The Singapore dollar also suffered from US dollar-short covering, then clawed back some of the slip. The Philippine peso gapped down against the dollar on foreign banks' offers amid global growth worries. But local names bought the peso on dips, especially around the session's low of 42.41 per dollar, dealers said. The level is the 38.2 per cent Fibonacci retracement level of its gains between July-August. "It is possible that we could see a dip to fill in the gap," said a European bank dealer in Manila, adding players appear to hold long dollar positions to clear. The 14-day dollar/peso Relative Strength Index (RSI), which hit 24.4, the lowest since mid-April last year on Monday, rebounded to 37.3, indicating the pair is not in oversold territory anymore. -Reuters
yields were likely to cap the common currency's rise. The euro has lost roughly 11 per cent against the franc so far this year and the dollar 17 per cent. The SNB will be wary of intervention to weaken the franc, however, having spent nearly $21 billion trying the check the currency's gains between March 2009 and June 2010. "The SNB will be reluctant to intervene in the currency markets again after their intervention at 1.50 francs which was perceived as being unsuccessful," said Adrian Schmidt, currency strategist at Lloyds Banking Group. "However, maybe the threat of intervention will force people to look for other potential safe havens." The dollar hit a session low of 76.901 yen. it was last at 76.94, down 0.2 per cent, with investors cautious given the risks of intervention. It hit a four-month low of 76.29 yen earlier this week, close to March's record low of 76.25 yen. -Reuters
Yuan inches higher, further gains seen BEIJING/SHANGHAI: The yuan rose slightly versus the dollar on Wednesday even after the People's Bank of China set a weaker mid-point, as the Chinese currency's upward path appears intact amid volatility in the dollar while the United States struggles with its debt woes. The dollar is expected to rebound in the short term after the United States averted a debt default. Meanwhile, dealers said the only 22-pip fall in the midpoint may reflect the central bank's intention of keeping the yuan largely steady in the long term, despite some sporadic adjustments in the pace. "The trend of yuan appreciation will not be disturbed in the future, as there are no signs pointing to a slowdown in consumer inflation," said a trader at a medium-sized bank in Shenzhen. Spot yuan closed at 6.4341, slightly stronger than Tuesday's close of 6.4382. It has now appreciated 6.1 per cent since it was depegged from the dollar in June 2010 and 2.42 per cent so far this year. Before trade began the PBOC fixed the yuan's mid-
point at 6.4441 against the dollar, weaker than Tuesday's 6.4419. Traders said the dollar may continue to weaken in the long term, as the US debt problem has not been solved completely. While Congress buried the specter of a US debt default by passing a deficit-cutting package, concerns lingered of a possible downgrade of the topnotch American credit rating. A Chinese ratings agency on Wednesday downgraded the US credit rating from A-plus to A, saying the deal to lift the debt ceiling won't solve underlying US debt problems or improve its debt-paying ability over the long run. "In the long run, the dollar may continue to drop, which could push the yuan further up for the rest of the year," he added. Offshore, benchmark oneyear dollar/yuan non-deliverable forwards (NDFs) were bid at 6.3710 in late trade, weaker than 6.3680 at the previous day's close. Their implied yuan appreciation in a year's time fell to 1.15 per cent from 1.16 per cent. Reuters
a record low of 1.0794 on trading platform EBS just before the SNB's move to cut its target rate to "as close to zero as possible" was announced. The euro was on course for its biggest daily percentage gain against the franc since mid-March 2009. The dollar also rose, by around 1.8 per cent, to a session high of 0.7788 francs from around 0.7630. But analysts said the SNB move was unlikely to stave off further franc gains, and any drop in the currency was probably a good time to buy it. "These measures will at best
slow the pace of appreciation in the Swiss franc, as real money is seeking the franc and it's not just speculative flows," said Neil Mellor, currency strategist at Bank of New York Mellon. "These will resonate for a bit but in light of developments ... around the world and trend reversals taking place in some stock markets, investors have made up their minds and it's going to be a long and hardfought battle for the SNB." The euro has lost roughly 11 per cent against the franc so far this year and the dollar 17 per cent. -Reuters
Indian rupee off lows on euro rebound MUMBAI: The Indian rupee weakened on Wednesday for a second straight session, weighed by weak global equities, but a bounce back in the euro helped the local unit regain most of the lost ground. The partially convertible rupee ended at 44.31/32 per dollar, weaker than its 44.27/28 close on Tuesday, but bouncing back from the day's low of 44.4050. "The decent pullback in the rupee was primarily due to the euro's reversal of fortunes," said Ashtosh Raina, head of foreign exchange trade at HDFC Bank. "So the outlook for the rupee too largely depends upon overnight movement in the euro." The euro was propelled higher after the Swiss National Bank unexpectedly cut its interest rates to stem the Swiss franc's rapid rise. The safehaven unit has captured investor attention amid the growing debt market jitters and worries about global growth. Rupee had weakened intraday tailing weak-
ness in Asian equities and local shares that sparked fears fund outflows. Indian shares were at their weakest in nearly six weeks on worries of global economic slowdown. Dollar buying by domestic oil firms to settle dues to Iran had also kept pressure on the rupee, traders said. The one-month onshore forward premium was at 22.50 points from 22.25 points on Tuesday, while the three-month was at 67.75 points from 64.75 and the one-year was at 217.75 points from 219. One-month offshore non-deliverable forward contracts were quoted at 44.50, 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 MCX-SX and the United Stock Exchange were at 44.4925, 44.4950 and 44.5000, respectively. The total volume stood at $12.16 billion. -Reuters
fears boil over SYDNEY/WELLINGTON: The Australian and New Zealand dollars stayed under pressure on Wednesday as a wave of risk-aversion swept through global markets and led some investors to wager interest rates would have to be cut in Australia to avoid recession. In fact, so strong was demand for safe-haven government bonds that yields were driven to the lowest since mid2009. Yields on the Australian 10year paper sank below the 4.75 per cent cash rate to a low of 4.58 per cent, an inversion often associated with recession fears. With the threat of a US debt default all but passed, markets are now fretting about the health of the global economy in the wake of recent dour manufacturing data. Worries about the euro-zone debt crisis have also flared up after Italian bond yields soared to a 14-year high on Tuesday, prompting investors to cut risky trades. "Playing from a safe-haven perspective is probably most prudent in this current environment, especially with the European debt concerns not going away and if anything escalating especially for the likes of Italy," said Sue Trinh, currency strategist at RBC Capital Markets. As a result, the Aussie skidded as much as one cent to a two-week low of $1.0679, having already shed more than a
Time
Source
Events
Forecast
6:00am
EUR
German Factory Orders m/m
-0.4%
7:00am
GBP
Asset Purchase Facility
200B
200B
7:00am
GBP
Official Bank Rate
0.50%
0.50%
Previous 1.8%
Tentative
GBP
7:45am
EUR
Minimum Bid Rate
1.50%
1.50%
8:30am
EUR
ECB Press Conference
MPC Rate Statement
8:30am
USD
Unemployment Claims
404K
398K
10:30am
USD
Natural Gas Storage
39B
7:30pm
AUD
AIG Construction Index
9:30pm
AUD
RBA Monetary Policy Statement
Tentative
JPY
Tentative
JPY
Source
Events
CHF EUR GBP EUR USD USD USD USD USD NZD NZD
Libor Rate <0.25% Final Services PMI 51.6 Services PMI 55.4 Retail Sales m/m 0.9% Challenger Job Cuts y/y 59.4% ADP Non-Farm Employment Change 114K ISM Non-Manufacturing PMI 52.7 Factory Orders m/m -0.8% Crude Oil Inventories 1.0M Employment Change q/q Unemployment Rate
43B 35.8
Monetary Policy Statement Overnight Call Rate
<0.10%
<0.10%
Forecast
Previous
Previous Day Actual
51.4 53.3 0.5% 101K 53.8 -0.4% 1.3M 0.0% 6.5%
0.25% 51.4 53.9 -1.3% 5.3% 145K 53.3 0.6% 2.3M 1.4% 6.6%
Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY Gold
Bid 1.4301 0.7664 1.6380 0.9594 1.0739 110.00 0.8727 1.0961 126.00 100.36 1669.96
As per 22.00 PST Ask High 1.4303 1.4345 0.7668 0.7785 1.6384 1.6408 0.9597 0.9632 1.0743 1.0784 110.01 110.59 0.8731 0.8757 1.0965 1.1148 126.08 126.59 100.42 101.30 1670.10 1672.91
Low 1.4147 0.7610 1.6254 0.9570 1.0680 109.08 0.8697 1.0799 125.33 99.18 1651.70
Major Central Banks Overview Central Bank
Next Meeting
Last Change
9/7/2011 8/4/2011 8/5/2011 8/4/2011 8/9/2011 9/15/2011 9/6/2011
9/8/2010 3/5/2009 12/19/2008 7/7/2011 12/16/2008 8/3/2011 11/2/2010
Bank of Canada Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia
Current Interest Rate 1% 0.50% 0.10% 1.50% 0.25% 0% 4.75%
Division of National Bank of Pakistan (NBP) KARACHI, August 3,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A U.K EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONGKONG KUWAIT MALAYSIA NEWZEALAND QATAR U.A.E KR. WON THAILAND
86.70 141.08 123.13 90.24 113.02 93.07 13.52 1.12 16.00 71.72 16.53 23.12 11.12 317.15 29.13 74.83 23.81 23.60 0.08 2.91
86.50 140.76 122.85 90.03 112.76 92.85 13.49 1.12 15.96 71.56 16.49 23.07 11.09 316.42 29.06 74.65 23.75 23.55 0.08 2.91
86.28 140.37 122.48 89.79 112.47 92.61 13.45 1.12 15.92 71.37 16.45 23.01 11.07 315.59 28.98 74.46 23.69 23.49 0.08 2.90
Stg buoyant vs dlr on UK PMI surprise
LONDON; Sterling climbed against the dollar and hit a seven-week trade-weighted high on Wednesday after data unexpectedly showed activity in the UK's dominant services sector grew at its fastest pace in four months. But analysts said sterling's gains could run out of steam as concerns remain about the fragility of the UK economic recovery, particularly after data earlier this week showed a contraction in manufacturing cent overnight. But bids activity. emerged around $1.0680, helpThe Markit/CIPS services ing the Aussie climb back to purchasing mangers' index rose $1.0741 in late trade. to 55.4 in July from 53.9 in Tentative gains in US stock June, confounding forecasts of futures further aided the Aussie, but it remained down some 3 per cent from a 29-year peak of $1.1081 set just last week. Technically, the Aussie's failure to break major resistance in the $1.1032-1.1083 area, combined with a break below pivotal support at $1.0775/90 have open the potential for a retest of the $1.0390 base, traders said. a slowdown to 53.2 and raising The Aussie also took a brief hopes growth may pick up as hit from soft June retail sales services make up around 70 data, which showed a dip of 0.1 per cent of the UK economy. per cent against a forecast of a "One services PMI is not 0.3 per cent rise. enough to change the sentiThe market ignored data ment that a second round of showing Australia recorded quantitative easing may be another healthy trade surplus necessary in the UK," said of A$2 billion in June as prices Chris Turner, head of FX stratfor key commodity exports egy at ING. stayed high. Sterling was last up 0.6 per The Aussie was also sharply cent against the dollar to lower on almost every other $1.6380, holding near its sescurrency. It reached four- sion high, and in sight of the month lows versus the yen at two-month high of $1.6477 hit 82.39, while the euro touched a earlier this week. Its gains one-week high at A$1.3263. helped lift the pound's tradeAgainst the New Zealand weighted index to 79.7, its dollar, the Aussie plumbed a strongest since mid-June. one-year low at NZ$1.2394 The euro traded at 87.27 before recovering some ground pence against sterling, up 0.2 to last trade at NZ$1.2457. per cent on the day but not far The kiwi slipped a cent-and- from a two-month low of a-half to $0.8627, having been 86.955 pence hit earlier in the as low as $0.8596. The tide for session. Traders said strong the kiwi, which bounded to a demand from UK importers to 30-year high of $0.8842 this buy euros above 1.15 euros per week, may have turned for the pound -- roughly around the time being. -Reuters day's high for sterling versus
Swiss franc retreats Australia, NZ dlrs after interest rate cut swoon as global
ZURICH: The Swiss franc retreated from record highs on Wednesday after the Swiss National Bank unexpectedly cut interest rates to counter its rise, though concerns about global growth may lead to further gains for the safe-haven currency. The SNB said the franc was massively over-valued, keeping alive the prospect of intervention. That also sharpened the focus on Japanese authorities who warned again they were uncomfortable with the rising yen. The euro rose more than 2 per cent on the day to a session high of 1.1149 francs. It had hit
Top Economic Events
the euro -- capped the pound's gains and pushed it off its highs. Early in the European trading session the Swiss National Bank unexpectedly cut interest rates to stem a sharp appreciation in its currency, causing several currencies, particularly the euro to spike higher against the safe haven Swiss currency. Sterling also posted strong gains rising 2.3 per cent on the day to 1.2731 francs , well above a record low hit on Tuesday around 1.2395 francs. It last traded up 0.7 per cent on the day at 1.2539 francs. Sterling isn't expected to fare much better. Disappointing UK
data has added to the view that UK interest rates will remain at a record low for a prolonged period, while some have suggested more quantitative easing (QE) may be needed to revive sluggish growth in the UK economy. Investors have steadily priced out the chances of a rate hike and are not expecting an increase in 2012, whereas late last month they expected a rate rise in November 2012. But some market players say sterling is significantly undervalued and suggest the coalition government's strict austerity drive to slash the budget deficit by 2015 will leave the UK economy in much better shape than the United States or euro-zone. "I am cautiously optimistic on sterling," said Pierre Lequeux, head of currency management at Aviva Investors, whose parent company Aviva Plc manages $371 billion in assets. -Reuters
4 Thursday, August 4, 2011
The Financial Daily International
The Budding Nexus
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board
Wajiha Arshad
oam Chomsky in one of his writings 'Media Control' touches on Asim Abbas Ashary, CPA how the modern public relations Khurram Shehzad, CFA industry has been influenced by Walter Akhtar M. Zaidi, FCA Prof. Zakaria Sajid (KU) Lippmann's theory of "spectator democDr. A. Hadi Shahid, FCA Zahid Bukhari SVP HBL (retd) racy," in which the public is seen as a bewildered herd that needs to be directed, Muhammad Arif Ismat Sabir not empowered; and how the public relaHead office tions industry focuses on controlling the 111-C, Jami Commercial Street 11, Phase VII, DHA Karachi public mind, and not on informing it. Telephone: 92-21-35311893-6 Fax: 92-21-35388428 This is exactly what Pakistani nation is URL: www.thefinancialdaily.com going through. The masses seem to be Email Address: editor@thefinancialdaily.com living in a confused condition of an ill Lahore office informed mind without any clear direc24- Peshawar Block, Fortress Stadium, Lahore tion on the working of government and Telephone: 92-42-6675595 Fax: 92-42-6664349 the pillars of the state. Email Address: editor@thefinancialdaily.com A State in a literal meaning is a sovereign politically organised body of people occupying a definite territory having a supreme civil authority and political power. And a government is meant to be a particular group of people, the administrative bureaucracy that controls the state apparatus at a given time. There are three pillars of a government; Executive Authority, Elected Legislatures and Two of the headlines in today's newspapers have Independent Judiciary. made Karachiwalas jittery (1) Frontier Constabulary Executive authority in modern democracies is generally organised in either of (FC) will be deployed in Karachi, which clearly two ways: a parliamentary or a presidenimply that Police and Rangers have failed in restor- tial system. Elected legislatures - whether a parliamentary or presidential sysing peace in the city and (2) suggestion by Muttahida under tem - are the principal forum for deliberQaumi Movement's Chief, Altaf Hussain to hoard ating, debating, and passing laws in a democracy. And one month's ration apprehending that 'operation representative Independent judiciary is the foundation clean up' will target activist of his party alone. of a fair, impartial, and constitutionally guaranteed system of courts of law. The The other headlines also put on record Interior judicial power is the power to interpret Minister, Rehman Malik saying that government and apply the law to disputes and conHaseeb Khan, FCA
S. Muneer Hussain Rizvi
N
Enough to make people jittery
would take strict action against terrorists operating in Karachi. He said no targeted killings had taken place in the city since yesterday (Monday)". However, media reports confirmed that more than a dozen people were killed during this period. Another report said eight people were gunned down in Karachi and five bullet-riddled bodies stuffed in gunny bags were recovered by police from different parts of the city. The decision to deploy and give the powers to the FC was taken at a meeting jointly chaired by Sindh Chief Minister Qaim Ali Shah and federal interior minister. It was also decided to launch an 'indiscriminate operation' against terrorists within 72 hours. The meeting was held in response to a warning issued by Muttahida Qaumi Movement Chief to the government to curb lawlessness within 48 hours. He also cautioned the government that if terrorists were not arrested then the people being the victim would be at liberty to defend themselves and the government shall be held responsible for the ensuing consequences. On the floor of National Assembly on Tuesday, Muttahida Qaumi Movement's Deputy Parliamentary Leader, Haider Abbas Rizvi made a passionate appeal to save Karachi. He accused unspecified members of PPP-led government for their involvement in the violence. PPP's Abdul Qadir Patel towed lines of Senior Minister of Sindh, Zulfiqar Mirza by describing the existence of Mohajir Qaumi Movement-Haqiqi as a reality in Karachi. He also said that the number of its members killed was only second to those of MQM. Ironically PPP member also admitted that the city police had no capacity to deal with the situation because more than 100 of their officers were cut into pieces in the past for trying round up the perpetrators. This reference reminds Karachiwalas of hundreds of MQM activist killed in 'extra judicial murders' during various clean up operations in Karachi. Rizvi's statement that whatever is happening in Karachi is not targeted killing but indiscriminate and mass killings. He has been saying that the Police and Rangers are not authorized to act any action against the terrorists. The most blatant examples are massacre in Qasba Colony, Malir and Surjani. The statement of Rana Tanveer of PML-N that the government was constantly being apathetic towards the situation in Karachi also seconds what Karachiwalas have been saying for months. This was not the first time that such a statement has been made. Karachiwalas have been saying that massacre was being sponsored and steered by certain elements enjoying protection of the government. If state becomes a party in killing then peace can never by stored.
Disclaimer:
All reports and recommendations have been prepared for your information only. Summary and Analysis are not recommendation to buy or sell. This information should only be used by investors who are aware of the risk inherent in securities trading. The facts, information, data, indicators and charts presented have been obtained from sources believed to be reliable, but their accuracy and completeness cannot be guaranteed. The Financial Daily International and its employees are not responsible for any loss arising from use of these reports and recommendations.
flicts that arise between the state and the individual and disputes and conflicts that arise between individuals. These three pillars serve as the three strongest institutions of any government and play a vital role in its running. Every institution has its own realm of working and when one institute overlaps other, it obstructs the over all system and paralyses all the state institutions. One of the social science methods, Historical Institutionalism (HI) uses institutions in order to find sequences of social, political, economic behaviour and change with the passage of time. This shows how important their position is in the development of a country. In the current global political scenario and modernisation, another very important development has taken place; Media has emerged in the form of an institution and is trying to pillar the governments. Media can act in two ways; either it toes the official lines of the government or could highlight its flaws. Now applying this emerging situation of state pillars on Pakistan the picture gets more blurred and foggy. The fresh nexus of mediajudiciary has come up strongly and effectively that is in a way has a deep impact on the country. In liberal democracies, like the US and Britain, all the opinions on the vital issues are the same. Unlike totalitarian states, the conformity of information and opinion is insidious. What brings that uniformity is that the institutions in these states perform their respective duties and keep their circle of concern bound to their circle of influence. However the situation is opposite and entirely different in Pakistan, the lack of uniformity within
the government and the mistrust of nation about being poorly informed is on rise. Pakistan's media and its progression alongside judiciary, and the potential of these two might subvert Pakistan's fragile democracy just as it is getting its footing. The recent events in which Pakistan's Supreme Court has taken decisions about a high official emphasises not only the extent of the problem, but the media and judicial efforts in an ongoing power struggle, and the need for judicial restraint to ensure the democratic process is able to function. The court's influence on controversial issues is amplified by an adversarial media that uses legal proceedings and statements by members of the court. Pakistan's judiciary deserves no less respect than its parliament and its executive. But neither does it deserve more respect than other branches. In order to allow the democratic government to function, all branches need to operate with the full faith and respect for the others. Perceptibly, there can be disagreements between individuals and institutions; but the guiding operational principle must be cooperation, not confrontation if the people's interests are to be represented. And all of this comes with the worst humiliation being faced by the armed forces because of the mismanagement and the wrong policies of a few. It is also totally unfounded and undesirable that a few elements inside and outside Pakistan are exploiting this situation to demonize our armed forces and hamper national morale. And this is being allowed to happen without any countermoves to stop this slide in public's confidence in our
national institutions. How is it possible that unanimous decisions can be taken by one of our emerging strong branch and so called pillar of the state of removing high rank officials of another most prestigious institution of the State? In an objective opinion these kinds of acts can create a limbo in the system by empowering one pillar of the state more than the other and thereby disturbing the balance that keeps the country running its affairs. The time has come to have some countermoves against those outside elements that are seeing the nuclear programme of Pakistan with suspicious eyes. Instead of following the route to international liberal economy, the energies are being wasted on building pseudo relationships to counter the armed forces of the country. Peace at home is the key to victory at the world stage that could only be achieved if all the pillars of the state are on the same page. If one forgets about the external threat and remains preoccupied with the internal volatility, it would become difficult to fight in this contemporary technologically developed world. Pakistan's vibrant media can be strengthened to take Pakistan's voice and a positive image to the world. The future lies in creating and grooming ruling political elites alongside judiciary, strongly committed to prosperity and wellbeing of the citizens. At this critical stage recognition as a dynamic nation having a firm grip on its domestic politics and international relations is the prime requirement. The resolution is to move such empowering nexus in the country in the direction to counter and fight the foreign elements instead of involving them in internal affairs.
Asia Decoupling? Not without China help sia's best hope for insulation against a worsening economic outlook in the United States and Europe rests on China, and it may not be willing or able to do the job. With inflation running at a three-year high, Beijing has pulled every lever at its disposal to try to brake economic growth, yet price pressures persist. That argues against a repeat of 2008, when China ramped up government spending to counter the global recession, buoying Asia and the world. As for the export linkages, China has supplanted the West as the largest trading partner for many Asian economies, but that doesn't fully protect them. Some of what China imports from its Asian neighbors goes into making other goods destined for U.S. and European ports. "The question is whether the end demand really lies within Asia or not," said Vishnu Varathan, an economist with Capital Economics in Singapore. Rising U.S. unemployment and weaker-than-anticipated growth have raised the spectre of the world's biggest economy reverting back into recession. In the euro zone, investors have demanded higher returns for lending money to Spain and Italy, heightening concerns that the debt troubles won't stay confined to Greece, Ireland and Portugal. Barring a full-blown financial crisis, Asia would most likely suffer modest bruising from a deepening global slump, with the pain concentrated in exportexposed countries such as Taiwan and South Korea. A dig through the latest batch of economic data reveals a few optimistic signs, but considerably more causes for concern. First, the bright side. n China's official purchasing managers' index showed new orders grew in July, breaking a three-month streak of declines. Growth in new export orders faded for a fourth consecutive month. Taken together, those figures point to domestic demand holding up relatively well. n South Korea's exports to China grew 19.4 percent
A
year-over-year in July, accelerating from June's pace. n China's industrial output surged 15.1 percent in June, exceeding the first-half growth rate of 14.3 percent. Now for the bad news. n Growth in China's services sector, a barometer of domestic demand, eased to a three-month low and job creation was at its weakest since May 2009. n Taiwan, which counts China as its largest trading partner, recorded a 4.3 percent drop in month-overmonth export orders to China in June. n South Korea's July exports to the United States rose a paltry 1.9 percent, and shipments to the European Union fell by 8.7 percent. Even its strong exports to China may be flattered by rising commodity prices. The two fastest growing export categories were petroleum products and iron and steel. n The global manufacturing sector expanded at its weakest pace since July 2009 last month, and new orders fell for the first time in more than two years. n Part of Asia's resilience in the past two months may be tied to Japan's earthquake and tsunami, which forced some manufacturers to move production overseas. That effect may fade as Japan's factories come back online. WHAT TO WATCH Frederic Neumann, co-head of Asia economics research at HSBC in Hong Kong, took some solace from the fact that new orders held up. His firm co-produces PMI indexes around the world, providing a realtime look at how regions stack up. "Weakness in the West will weigh on exports in the coming months," he wrote in a research note entitled, "And so East and West diverge." "Still, so far, domestic demand in the region is holding up well in the face of the brewing storm elsewhere. Don't mind the smoke," Neumann added. Asia decoupling from the West has been a popular theme among economists for years, and the conventional wisdom is that the region inevitably will break away because its growth rate far outstrips that of the
United States or Europe. "This increasingly becomes a China-led regional engine," said Paul Schulte, global head of financial strategy at China Construction Bank International in Hong Kong. But that is a longer-term view. For now, investors seem focused on the immediate risk of a slump. South Korea's main stock index dropped nearly 3 percent on Wednesday, the biggest daily decline in more than two months. Taiwan's fell 1.5 percent to a 41/2 month low. The data-based economic diagnosis will become a bit clearer over the coming week with the release of China's July figures as well as U.S. employment numbers. Goldman Sachs economists argue that another tick higher in the U.S. jobless rate would send a strong recession signal. The July figures will be released on Friday. China releases its suite of July data on Aug. 9, which will shed more light on domestic demand and inflation. Economists polled by Reuters think the consumer price index will hold at a 6.3 percent increase, slightly below June's three-year peak. Anything hotter than that will revive the debate over whether Beijing has clamped down hard enough to ward off a worse bout of inflation -- and cast further doubt on China's capacity and desire to propel Asia's growth. For Asia's exporters, the most important numbers may be urban investment and retail sales. Both look likely to remain strong, although perhaps not quite as robust as in June. A disappointment on those readings would darken prospects for the region even more, particularly among countries such as Australia and Indonesia that have benefited from supplying China with raw materials. If there is a silver lining, it is that slower growth should give Asia's policymakers an assist on tackling inflation, perhaps allowing them to slow the pace of tightening. "The balance of risks for Asian policymakers is slowly shifting to growth from inflation," said Prakash Sakpal, an economist with ING in Singapore. -Reuters
India, Iran buy time to find other oil partners ndia and Iran's mechanism to end a seven-month-old stalemate over oil payments could keep U.S. pressure at bay long enough for the two countries to work out a long-term separation that would change oil routes through Asia and the Middle East. Refiners, which have been importing oil from Iran without paying since India's central bank scrapped a clearing mechanism in December 2010, have started to clear over $5 billion of debts for 400,000 barrels per day (bpd) through Turkey's Halkbank. But analysts are sceptical over the durability of the new system in the face of a slew of global sanctions on Iran and Washington's continuing drive to isolate Tehran over its nuclear programme. "The durability depends on to what extent the U.S. government can be open on its support for a mechanism," said Samuel Ciszuk, senior Middle East & North Africa Energy analyst at IHS Energy. The Reserve Bank of India's decision to halt use of the Asian Clearing Union for payments seven months ago won praise from Washington and a later
I
attempt to use a bank based in Germany fell apart after the U.S. pressed Berlin to intervene. It is unclear how Washington views the new payment arrangement, finalised while Secretary of State Hillary Clinton was in India. Officials said Washington had been working with New Delhi to find a solution. Clearing the debts should defuse Iran's threat to halt supplies and ease concern of disruption in the market. The mechanism gives a pivotal role to Turkey, which Clinton last month said was a natural ally despite its trade ties to Iran and opposition to more sanctions. "While Turkey would be open to scrutiny (if the U.S. wants), it will not allow unreasonable blocking -- so that's a good combination. Turkey and Iran have flourishing trade," said Kanwal Sibal, a former Indian foreign secretary. But any softening in Washington's stance could be short-lived, analysts said, as the U.S. would send a signal that endorses one form of trade with Iran while it seeks to sanction others. "The problem for the U.S. government is that the more openly it supports a par-
ticular mechanism, the less credibility its efforts to isolate Iran in other areas enjoy and the higher the domestic political cost," said Ciszuk. "Any particular conduit is unlikely to have a particularly long life-span in the current climate and within six to nine months it would be likely that Iran and India will have to move on to a new mechanism," he added. Indian refiners had already started making arrangements in July and August to replace lost barrels from Iran with supplies from its Middle East neighbours and further afield such as South America, and there are signs these efforts will continue. U.S. ally and Iranian rival Saudi Arabia has sold three million barrels of extra crude to India for August after 2.7 million barrels sent in July. Iran's biggest Indian client, Mangalore Refinery and Petrochemicals Ltd , has signed an annual deal with Kuwait and opened channels of discussions with the United Arab Emirates for enhanced supplies. "Depending on Iran may create a problem in future because Iran is going
ahead with its nuclear programme ... Suppose there is military intervention by a country in Iran, the entire supply from that country will be disrupted," said D.H. Pai Panandikar, head of private think tank RPG Foundation. He added that India was looking at other sources, particularly in Africa and the Commonwealth of Independent States (CIS), besides the Middle East. Latin American grades could be too costly, given the distance involved, even if Indian refineries upgrade to process them. For Tehran, backlogs of its crude could be put in floating storage and may eventually flow to its biggest customer, China, where rising needs over time might absorb what was being shipped to India especially if attractive discounts are offered. Stagnant demand and the likelihood of sanctions would make it progressively more difficult for European companies to raise intake of Iranian oil. Italy is already reducing volumes. "My feeling is that this is a short-term (arrangement) to get rid of the $5 billion (arrears)," Sibal said. -Reuters
5
Thursday, August 4, 2011
South East Asian stocks
Fall amid global worries; outflows from Indonesia KSE-100 Index Opening Closing Change % Change Turnover (mn)
12,226.33 11,941.72 284.61 2.33 46.11
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,070.32 2,963.25 107.07 3.49 1.52
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,755.84 2,665.55 90.29 3.28 0.07
Major Gainers
Symbol
Close
Change
BATA EFUL FASM NATM QUICE
650.00 68.51 55.00 48.78 6.01
10.00 3.24 2.50 2.32 0.99
Major Losers
Symbol
Close
Change
SIEM 985.01 ULEVER 5,964.07 COLG 725.71 PSO 231.91 EXIDE 189.77
-51.07 -32.76 -24.27 -9.4 -8.74
Top 5 Volume Leaders
Symbol
Close Vol (mn)
JSCL LOTPTA NBP FFBL TRG
6.71 11.76 50.89 46.10 2.24
3.20 2.78 2.39 2.32 2.26
Active Issues Plus Minus Unchanged
32 207 73
Sector Updates FERTILISER 000 tonnes Urea Offtake (Jan to Apr 11) 1,714 Urea Offtake (Apr 11) 487 Urea Price (Rs/50 kg) 1,234 DAP Offtake (Jan to Apr 11) 215 DAP Offtake (Apr 11) 55 DAP Price (Rs/50 kg) 4,050
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Apr 11) 71,096 Sales (July 10 to Apr 11) 69,203 Production (Apr 11) 7,220 Sales (Apr 11) 7,510
INDUS MOTOR CO Production (July 10 to Apr 11) 42,670 Sales (July 10 to Apr 11) 41,940 Production (Apr 11) 4,219 Sales (Apr 11) 4,681
HONDA ATLAS CAR Production (July 10 to Apr 11) 14,062 Sales (July 10 to Apr 11) 13,754 Production (Apr 11)
1,582
Sales (Apr 11)
1,640
DEWAN FAROOQ MOTORS Production (July 10 to Apr 11) Sales (July 10 to Apr 11) Production (Apr 11) Sales (Apr 11)
186 203 -
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (May 27,11) Advances (May 27,11) Investments (May 27,11) Spread (April 11)
5,220,669 3,087,531 2,341,433 7.52%
OIL MARKETING CO (000 tons) MS (Jul 10 to Apr 11) MS (Apr 11) Kerosene (Jul 10 to Apr 11) Kerosene (Apr 11) JP (Jul 10 to Apr 11) JP (Apr 11) HSD (Jul 10 to Apr 11) HSD (Apr 11) LDO (Jul 10 to Apr 11)) LDO (Apr 11) Fuel Oil (Jul 10 to Apr 11) Fuel Oil (Apr 11) Others (Jul 10 to Apr 11) Others (Apr 11)
PRICES (Ex-Refinery) MS (1 May 11) MS (1 Apr 11) MS % Chg Kerosene (1 May 11) Kerosene (1 Apr 11) Kerosene % Chg JP-1 (1 May 11) JP-1 (1 Apr 11) JP-1 % Chg HSD (1 May 11) HSD (1 Apr 11) HSD % Chg LDO (1 May 11) LDO (1 Apr 11) LDO % Chg Fuel Oil (1 May 11) Fuel Oil (1 Apr 11)
1,867 196 134 14 1,148 117 5,719 567 44 2 7,252 739 143 15
Rs 62.83 59.35 5.86% 73.63 68.95 6.79% 73.86 70.88 4.20% 78.79 75.02 5.03% 71.55 65.27 9.62% 57,253 56,777
FTSE shares hit five-month low despite debt deal US stocks slump on economic concerns
City situation dampens sentiments at KSE Nawaz Ali KARACHI: Following the decline in global capital markets and tense political and law and order situation in the city, Karachi Stock Exchange (KSE) took a major plunge on Wednesday losing more than 2.3 per cent to close below the psychological level of 12,000 after two and a half months. The benchmark KSE-100 index lost 284 points - 2.33 per cent to close at 11,941 points, KSE-30 index fell by 300 points - 2.59 per cent to close at 11,289 points and KSE all-
share index was down by 192 points - 2.28 per cent to close at 8,279 points. "Fall in global capital markets on concerns of weak US economic data, limited institutional and foreign interest in blue chip scrips played a catalyst role in recording negative close, said Ahsan Mehanti Director Arif Haib Investments. It should be noted that many of the global capital markets fell on Wednesday after soft US consumer data rekindled fears about the US and global economic outlooks.
Nikkei hits five wk low on worries over US economy TOKYO: The Nikkei average hit a five-week trough on Wednesday as more disappointing US data fuelled concerns about the health of the global economy, while players said caution about yen intervention would not necessarily offer that much support. Risk-sensitive sectors such as trading houses and resourcerelated shares led the Nikkei's biggest daily fall after the March 11 earthquake. Wednesday's movement suggested that any rebound would come up against stiff resistance. The sell-off in blue-chip exporters and cyclicals on relatively decent volume belied recent hopes that solid domestic corporate earnings would help the benchmark index back towards pre-quake levels. The Nikkei is now 7.6 per cent below levels seen on March 10. "We had a slew of very weak economic data out of the US -the most worrying is a slump in employment by manufacturers that doesn't bode well ahead of the key non-farm payroll report on Friday," said Nagayuki Yamagishi, an investment strategist at Mitsubishi UFJ
Morgan Stanley Securities. Japan's benchmark Nikkei average closed down 2.1 per cent at 9,637.14 on Wednesday, while the broader Topix shed 2.00 per cent to 826.75. Volume picked up, with 1.8 billion shares changing hands on the main board, above last week's daily average of 1.7 billion shares. Trading houses were among the biggest losers with Mitsui & Co shedding 2.4 per cent to 1,408 yen, while the country's biggest gas and oil developer -Inpex Corp -- ended down 2.5 per cent at 584,000 yen. STRONG YEN Shares of exporters were hurt as market players cautiously braced themselves for a possibility of an intervention in the currency markets after another day of verbal warnings by Japanese government officials. "Even if there is intervention, the yen-weakening effect would likely be short-lived," said Kyoya Okazawa, head of global equities and commodity derivatives at BNP Paribas. Toyota Motor Corp shed 1.3 per cent to 3,120 yen and was See # 16 Page 11
Panic selling was seen across the board after law & order situation worsened and political statements on fear of violence in Karachi dampened investor sentiment", Ahsan added. Trading activities started with 4 points into the negative zone, thereafter index losses gradually kept on accumulating, crossing triple digits due to heavy selling across the board. The index breached 12,000 levels and at about 1:59 PST touched its lowest level of the day of 11,916 points (-ve 309) and finally closed the session close to those levels.
Engro Food posts Rs216mn PAT KARACHI: Engro Food has posted profit after tax of Rs 216.5 million for the half year ended June 30, 2011. The company has reported a pre-tax profit of Rs 334.911 million against a loss before tax of Rs 277.319 million for the corresponding period last year. The earning per share improved to Rs0.30 as compared to loss per share of Rs 0.33 in 2010.-APP
Nestle Pak posts record profit KARACHI: Nestle Pakistan has posted a record profit after tax of Rs2.630 billion for the half year ended June 30, 2011. According to financial results, the Company's profit before tax also surged to Rs3.670 billion as against Rs2.732 billion for the same period last year. The earning per share rose to Rs58.01 from Rs 43.45 during the period under review.-APP
Hong Kong stocks fall on global woes
Gold stocks limit China losses HONG KONG: Hong Kong export companies and Chinese blue chips slipped on Wednesday on broad based worries about global economic growth, while mainland gold stocks gained as the overall shift to safer investments pushed the yellow metal to a fresh record. Data showing anemic manufacturing activity across the globe was followed by the weakest consumer spending numbers in the US in nearly two years. Top consumer goods exporter Li & Fung fell 5 per cent. "The weak US economy triggered further selling on exportrelated issues," said Alfred Chan, chief dealer at Cheer Pearl Investment. "Since Li & Fung targets mass market with client such as Wal-Mart, weak consumer spending may hit its earnings outlook." The Hang Seng Index lost for the second straight session, retreating 1.9 per cent to 21,992.7 points, its biggest drop in a month, while volumes jumped 25 per cent above its 20-day average, the highest in a month.
Traders are now looking at about 21,500 as the next crucial level for the Hang Seng, which corresponds with this year's low in June and the 23.6 per cent retracement of the index's entire move up from the lows of the financial crisis in 2008 to the peak in November last year. Ports-to-manufacturing conglomerate Cosco Pacific and Li & Fung, the manager of supply chains for American retailers including Wal-Mart Stores Inc and Target Corp, were the top percentage losers on the benchmark. Li & Fung's decline on Wednesday plunged it to a twoyear low and into technically oversold territory, adding to its 45.5 per cent slide in 2011 to date. Macquarie and Citi last week revised down their full year earnings estimate for Li & Fung, which is due to report its interim first half results on Aug 11. Citi reduced its estimate by 13-14 per cent to reflect higher operating expenses and amortisation charges on acquired brand licenses. SHANGHAI FLAT The Shanghai Composite
Index edged down 0.03 per cent to 2,678.5 points, bouncing off one-month lows of around 2,650 in early trade for the second straight session. Ashare turnover declined from Tuesday, finishing about 27 per cent below its 20-day moving average. Zhongjin Gold and Shandong Gold were among the top supports to the benchmark, gaining 2.8 and 2.9 per cent, while gold miner Zijin Mining was the most traded stock on the Shanghai bourse, edging up 2.2 per cent. The marginal losses on Wednesday left the Shanghai benchmark mired in oversold conditions as investors stayed cautious on possible further policy tightening ahead of a slew of July economic data to be released on Aug 9. "Investors remain on guard for any possible rate hike this month after unfavourable Chinese manufacturing data released on Monday led to speculation that July inflation could have hit a fresh high," said Cheng Yi, an analyst with Xiangcai Securities.-Reuters
Apart from sell-off at global stock markets, investors were uncomfortable with the ongoing security situation in the country's financial hub where more than 40 people have been killed during the last three days. The statement by the Chief of major political party in the city Muttahida Qaumi Movement (MQM) over the current situation too kept the investors cautious. Volumes saw some improvement as 46.1 million shares traded during the day which is 31.2 million shares more as compared to a turnover of 14.9
million shares a day earlier. Foreign investors' participation was also low as according to NCCPL data offshore investors did a net buying worth $0.54 million on Wednesday. Jahangir Siddiqui & Co. was the top traded scrip of the day with 3.2 million shares followed by Lotte Pakistan with 2.77 million shares and National Bank of Pakistan with 2.38 million shares. Out of total 312 active issues; 207 declined and 32 advanced while 73 issues remained unchanged.
Indian shares hit 6-week low on global concerns MUMBAI: Worries over a prolonged global economic slowdown sent Indian shares to their lowest close in nearly six weeks on Wednesday, as a lastminute budget deal by Washington to avoid a US default turned investor focus to its impact on growth. The United States stepped back from the brink of default on Tuesday but congressional approval of a deficit-cutting plan failed to dispel fears of a credit downgrade and future tax and spending feuds. The main 30-share BSE index ended down 0.94 per cent, or 169.34 points, at 17,940.55, its lowest close since June 23. Twenty of its components fell. "Definitely the market is down mainly on global concerns and also there are no positive triggers from the domestic front. Banks and IT companies stocks have fallen because of doubts over growth in the US," K.K. Mital, head of portfolio
management services at Globe Capital, said. India's top software services exporter Tata Consultancy Services shed 1.8 per cent, while smaller rivals Infosys and Wipro fell 0.67 per cent and 0.6 per cent respectively. India's $76 billion software services sector exports more than half of its services to the United States, whose economy stumbled badly in the first half of 2011 and came close to contraction in the first quarter. Lenders ICICI Bank and HDFC Bank fell 1.93 and 0.17 per cent, respectively, on worries over sticky inflation and rising interest rates in Asia's third-largest economy. Top Indian mobile carrier Bharti Airtel fell as much as 4.5 per cent after it reported a bigger-than-expected 28 per cent fall in quarterly profit, hit by losses at its African operations and as costs of its new thirdgeneration network in India weighed. See # 15 Page 11
ANNOUNCEMENTS Company Leather Up Nestle Pakistan
Period Yearly Half Yearly
Div/Bon/Right 2.50%(D) -
PAT (Rs in mn) 1.92 2,630.75
EPS(Rs) 0.32 58.01
NEW YORK: The Dow was down nearly 200 points near the end of trading Tuesday. All three major stock indexes fell as investors reacted to more signs of weakness in the U.S. economy and poor earnings from several big companies. The broader stock market is on pace for its longest losing streak in two years. The Dow Jones industrial average is below 12,000 and the Standard & Poor's 500 index lost nearly all of its gains for the year by the early afternoon. "The market is starting to wonder where the growth is going to come from," said Nick Kalivas, a vice president of financial research at MF Global. "It hasn't hit the panic button yet, but that's where we're drifting." Behind the sharp decline in stocks: A series of weak economic reports. The Commerce Department reported that consumers cut their spending in June for the first time in nearly two years. Analysts had predicted a slight increase. Incomes also rose by the smallest amount since September, reflecting a weak job market. The report comes a day after a weak manufacturing report and last Friday's report that the economy grew at its slowest pace in the first half of the year since the recession ended in June 2009. The S&P 500 fell 26 points, or 2 percent, to 1,261 in afternoon trading. It is now up only 0.3 percent for the year. The Dow lost 204 points, or 2 percent, to 11,933. The Nasdaq composite fell 58, or 2.1 percent, to 2,686. All 30 stocks in the Dow lost ground. General Electric Co., Pfizer Inc. and United Technologies Corp. led the index lower with losses of 3 percent or more. The S&P index has fallen for seven straight days, its longest string of losses since the middle of the financial crisis in October 2008. It is down nearly 7 percent since reaching a high for the year of 1,363 on April 29. The Dow has fallen for eight straight days, losing a total of 730 points, or nearly 6 per cent. -Reuters
Dhiyan
SPLIT OPINIONS Aqeel Karim Dhedhi, Chairman, AKD Group The performance of the market is depended upon activity in global capital markets where if selling stops then we would also see some recovery at the local markets, as the local investors are bullish. I also think that the ongoing political and law and order situation would improve soon therefore, it wouldn't hurt the market. Prices are attractive and investors can take positions across the board. Market may show some recovery today.
Zia Shaafi, Senior Equity Dealer, Pearl Securities We might see some more correction in the market over current political turmoil in the country. However, market would bounce back from 11,800 levels. Market is in the oversold region therefore investors are advised to buy blue chip stocks. The recent reduction in discount rate has raised expectations of further rate cut in future. Good corporate results and relaxation in capital gains tax (CGT) rules could trigger buying. Market would be lackluster today where investors would reshuffle their portfolios.
6
Thursday, August 4, 2011
Market
KSE 100 Index
Symbols
Volume
46,108,653
Value
2,012,988,085
Trades
30,957
Advanced Declined Unchanged Total
Current High Low Change
32 207 73 312
All Share Index
11,941.72 12,226.33 11,911.02 i284.61
Current High Low Change
8,279.30 8,472.09 8,258.88 i192.79
OIL AND GAS
Company
Paid up Cap(mn)
PE
High Low 1,544.10 1,488.89 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.35 32.54
Open
High
Low
Attock Petroleum 691 6.42 362.87 Attock Refinery 853 3.92 125.23 BYCO Petroleum 3921 8.67 Mari Gas Company 735 4.09 101.00 National Refinery 800 4.98 366.99 Oil & Gas Development 43009 10.07 154.84 Pak Petroleum 11950 7.60 212.31 Pak Oilfields 2365 7.79 361.46 Pak Refinery Limited 350 40.24 74.18 P.S.O 1715 3.31 241.31 Burshane LPG 226 - 24.29 Shell Pakistan 685 7.53 215.47
363.00 124.59 8.74 101.00 368.96 154.90 211.80 360.30 74.48 240.00 23.08 215.00
354.20 118.97 8.31 99.51 359.02 147.62 206.57 350.99 71.53 230.65 23.08 211.08
Close Chg 355.09 119.54 8.35 100.00 360.53 148.85 207.78 353.21 72.03 231.91 23.08 211.70
-7.78 -5.69 -0.32 -1.00 -6.46 -5.99 -4.53 -8.25 -2.15 -9.40 -1.21 -3.77
Last 60 days High Low
Volume 30741 818602 1783396 7547 134300 217437 601685 640019 4219 348684 513 2377
394.90 143.50 10.10 113.75 390.00 157.51 219.70 391.69 89.25 291.50 25.60 233.00
354.20 118.97 8.00 98.76 323.50 145.21 202.50 324.03 71.53 230.65 22.11 208.00
% Change -3.04 5-Day High 1,551.67 5-Day Low 1,498.93
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 -
-
Company Agritech Limited
3924
PE
Open
-
18.39
High Low 1,859.08 1,811.08 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.00 35.00
Volume
17.40 -0.99
1500
20.94
-
-
-
63358
109.99
90.50
60
-
-
-
3336
167.00
148.50
135
25B
-
-
50 300B
-
-
341
6.05 152.28
151.99 148.76 149.00 -3.28
Dewan Salman Dynea Pak
51.48
49.49
49.49 -2.60
96525
66.00
49.49
1996
-
1.95
1.95
1.85
1.85 -0.10
14569
2.79
1.83
-
-
-
-
1020
8.68
6.22
6.20
5.80
5.90 -0.32
321215
8.40
5.60
-
-
-
-
3663
-
2.24
2.20
2.06
2.10 -0.14
382881
94
3.25
9.90
9.22
9.22
9.90 0.00
200
3933 6635 22000
6.17 141.78 -
9.45 16.32
Fauji Fertilizer
8482
8.29 162.85
Fauji Fert.Bin Qasim
9341
6.07
46.81
725
9.68
11.82
ICI Pakistan
Sitara Peroxide Wah-Noble
9.65 16.30
8.91 15.75
9.02 -0.43 15.85 -0.47
162.90 159.12 159.57 -3.28
2.06
-
-
-
-
9.22
15
-
-
-
1612236 198.00
137.25
60
20B
-
-
- 27.5R
-
-
187000
12.67
1431221
8.91
17.60
12.10
1640050 172.97
138.50 41.26
46.89
45.95
46.10 -0.71
2316149
11.90
11.50
11.52 -0.30
4801 65970
48.05
-
-
-
-
130
25B 92.50
-
65.5
- 35.00
-
13.90
11.40
-
-
-
-
160.00
148.02
175
-
-
-
12.11
12.10
11.67
11.76 -0.35
2778833
15.70
11.67
5
-
-
-
1106 12.78
3.03
3.15
2.91
2.94 -0.09
270587
3.30
2.26
-
-
-
-
16.01
15.43
15.52 -0.44
62361
18.60
15.43
-
-
-
-
36.25
36.00
36.19 -0.41
1160
37.99
35.00
50
-
-
-
15142
Nimir Ind Chemical
142.30 137.25 138.02 -3.76
3.65 11.48
3.28
1388
Lotte Pakistan
-
52.09
Engro Corporation Ltd
Ghani Gases Ltd
16.60
2.87
Engro Polymer Fatima Fertilizer
2011 Div BR (%) (%)
Close Chg
Clariant Pak
Descon Oxychem Ltd
2010 Div BR (%) (%)
Low
101.25 101.00 101.00 -1.15
Descon Chemical
Last 60 days High Low
% Change -2.14 5-Day High 1,858.54 5-Day Low 1,817.80
17.39
7.61 102.15
4813
Change -39.70 Market cap 368,386.32 mn Div Yield (%) 5.70
High
250
Dawood Hercules
Close 1,817.80 Listed cap 52,251.88 mn Payout (%) 48.81
18.99
BOC (Pak)
8.39 153.08
551
4.80
15.96
90
5.11
36.60
152.85 151.00 151.01 -2.07
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,126.76 Turnover 48,237 P/E (x) 5.62 Company
Paid up Cap(mn)
High Low 1,136.58 1,095.67 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.42 7.47
Close 1,109.49 Listed cap 1,186.83 mn Payout (%) 25.28
Change -17.27 Market cap 3,061.11 mn Div Yield (%) 4.50
Last 60 days High Low
% Change -1.53 5-Day High 1,128.35 5-Day Low 1,109.49
2010 Div BR (%) (%)
PE
Open
High
Low
Close Chg
Volume
Century Paper
707 76.33
16.55
16.88
16.00
16.03 -0.52
29216
18.00
14.66
-
Security Paper
411
41.70
41.79
40.57
41.44 -0.26
18971
43.55
38.80
50
5.41
Open 789.20 Turnover 14,530 P/E (x) 4.90 Company
-
-
- 50.00
-
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe XD Inter.Steel Ltd. International Ind
PE
Open
High
Low
565 3.39 675 555 19.79 4350 1199 8.80
26.32 2.20 11.80 13.48 50.50
26.31 2.20 11.20 13.26 50.50
25.90 1.97 11.05 13.01 48.50
Close Chg 25.90 2.03 11.08 13.01 49.21
-0.42 -0.17 -0.72 -0.47 -1.29
Close 989.98 Listed cap 3,596.11 mn Payout (%) 30.91
Change -22.25 Market cap 14,749.67 mn Div Yield (%) 9.73
Last 60 days High Low
Volume 11020 116975 9626 36500 35448
29.25 3.10 12.95 15.06 52.75
25.70 1.62 11.05 0.00 48.50
% Change -2.20 5-Day High 1,020.72 5-Day Low 989.98
2010 Div BR (%) (%) 30 40
2011 Div BR (%) (%)
- 35.00 25B 15.00 20B 15
Open
High
Low
Close Chg
Volume
Last 60 days High Low
79.97 23.25
79.98 22.44
77.01 22.19
78.52 -1.45 22.19 -1.06
13889 641
91.20 29.50
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Buxly Paints Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Fecto Cement
3657 866 858
High Low 849.38 821.48 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.39 7.10
Close 825.89 Listed cap 54,792.74 mn Payout (%) 19.04
Open 1,114.75 Turnover 184,049 P/E (x) 3.69 Paid up Cap(mn)
PE
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
% Change -2.60 5-Day High 856.79 5-Day Low 825.89
2010 Div BR (%) (%)
2011 Div BR (%) (%)
5.71 -
2.42 47.00 1.50
2.30 46.51 1.45
2.02 45.00 1.45
2.10 -0.32 45.10 -1.90 1.50 0.00
36155 4147 467
3.25 56.01 2.90
2.02 45.00 1.36
- 100R 50 -
-
-
182 14 956 40.71
13.62 7.22 8.70
13.80 7.00 8.90
13.70 7.00 8.30
13.80 0.18 7.00 -0.22 8.55 -0.15
2550 2100 4131
16.50 8.45 10.60
12.76 6.63 8.30
- 122R -
-
-
982 16.23 3891 -
2.20 1.47
2.29 1.48
1.75 1.46
2.11 -0.09 1.46 -0.01
27004 101520
2.29 2.67
1.50 1.36
-
-
-
-
4381 29.15 350 13311 6.40
22.51 1.60 3.85
22.50 1.80 3.90
21.76 1.61 3.70
21.86 -0.65 1.60 0.00 3.71 -0.14
1135396 251 173766
25.85 2.59 5.04
21.31 1.60 3.70
-
20R -
-
20R 92R
502
3.97
4.95
4.90
4.60
4.60 -0.35
8800
7.44
4.00
-
-
-
-
Flying Cement Ltd Gharibwal Cement Haydery Const
1760 4003 32
-
1.23 5.02 0.55
1.24 5.34 0.53
1.23 4.90 0.51
1.23 0.00 4.90 -0.12 0.51 -0.04
600 505 15001
1.95 9.15 0.83
1.17 4.25 0.21
-
-
-
-
Kohat Cement
1288
-
5.80
5.80
5.70
5.70 -0.10
8469
7.60
5.70
-
-
-
-
13126 57.50 3234 4.69 5267 -
2.40 72.70 2.05
2.37 72.75 2.00
2.28 70.50 1.93
2.30 -0.10 70.69 -2.01 1.99 -0.06
3.35 77.43 3.05
2.28 69.40 1.93
40 -
- 40.00 -
-
Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement
222307 727585 66481
Pioneer Cement
2271
-
4.70
4.83
4.60
4.68 -0.02
5155
6.34
4.50
-
-
-
-
Thatta Cement
997
-
15.00
15.00
15.00
15.00 0.00
200
20.90
14.51
-
50R
-
-
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 977.68 Turnover 431,354 P/E (x) 2.73
High Low 967.52 957.15 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.20 43.91
Close 960.13 Listed cap 3,043.31 mn Payout (%) 15.55
Change -17.54 Market cap 35,774.13 mn Div Yield (%) 5.69
% Change -1.79 5-Day High 977.68 5-Day Low 960.07
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
Cherat Packagin
172
2.25
46.26
47.30
45.01
45.71 -0.55
3924
54.48
45.01
20
25B
-
50R
ECOPACK Ltd
230
-
1.45
1.48
1.32
1.41 -0.04
75921
1.80
1.10
-
-
-
-
1067
5.49
54.68
54.09
53.90
54.00 -0.68
2435
58.50
51.00
25
10B
-
-
Company
Ghani Glass Packages Ltd Siemens Engineering Tri-Pack Films
2010 Div BR (%) (%)
2011 Div BR (%) (%)
844 17.50 104.86
106.00 105.00 105.00 0.14
349936
118.00
101.75
32.5
-
-
-
82 18.94 1036.08
985.50 985.00 985.01-51.07
350
1138.00
965.00
900
-
-
-
188.90 182.25 184.86 -2.39
2676
188.90
161.30
100
-
-
-
300
7.21 187.25
Company
Paid up Cap(mn)
AL-Khair Gadoon
100
AL-Ghazi Tractor Millat Tractors
215 366
Pak Engineering
57
PE
Open
-
4.31
3.70 222.27 8.81 586.25 -
48.95
High
Low
5.19
4.40
Close Chg 5.15
0.84
223.00 212.51 214.25 -8.02 586.00 577.01 579.79 -6.46 49.99
49.00
48.95
0.00
Close 1,692.13 Listed cap 1,336.62 mn Payout (%) 131.49
Volume 502
Change -19.45 Market cap 33,325.57 mn Div Yield (%) 17.42
Last 60 days High Low
% Change -1.14 5-Day High 1,739.59 5-Day Low 1,692.13
2010 Div BR (%) (%)
6.25
4.25
-
1404 4142
244.00 625.80
212.51 517.70
400 650
290
99.20
48.26
100
-
2011 Div BR (%) (%) -
-
25B325.00
-
-
-
-
High
High Low 1,123.56 1,089.67 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.93 25.35 Low
Close Chg
68.01 68.00 70.03 0.00 237.99 235.00 236.25 -2.88 28.90 28.90 29.00 0.00 2.80 2.48 2.52 -0.23 203.99 189.02 189.77 -8.74 23.60 23.01 23.27 -0.33 3.10 2.75 2.80 -0.10 9.59 9.25 9.32 -0.22 208.90 200.10 204.38 -0.61 65.00 63.52 64.50 0.01
40 15
2011 Div BR (%) (%)
- 50SD -
-
Close 1,108.38 Listed cap 6,768.53 mn Payout (%) 20.42
Volume 200 2448 200 43565 12354 17201 1004 7001 2158 97859
Change -6.37 Market cap 41,051.74 mn Div Yield (%) 5.54
Last 60 days High Low 73.00 241.50 35.70 3.46 235.00 24.85 4.41 11.58 232.53 72.50
68.00 208.00 26.70 1.50 163.10 22.00 2.16 9.00 199.37 61.35
2010 Div BR (%) (%) 90 100 25 60 20 150 5
% Change -0.57 5-Day High 1,114.81 5-Day Low 1,108.38 2011 Div BR (%) (%)
20B - 60.00 - 50.00 -
25B -
Fundamental Highlights As on Dec 31, 2010
Technical Analysis RSI (14-day)
36.05
Total Assets (Rs in mn)
126,860.36
MA (10-day)
2.13
Total Equity (Rs in mn)
(62,244.18)
MA (100-day)
2.39
Revenue (Rs in mn)
107,531.59
MA (200-day)
2.41
Interest Expense
1st Support
1.85
Loss after Taxation
2nd Support
1.76
EPS 10 (Rs)
(8.064)
1st Resistance
2.09
Book value / share (Rs)
(24.15)
2nd Resistance
2.24
PE 11 E (x)
Pivot
2.00
PBV (x)
9,299.82 (20,785.12)
(0.08)
PIAA closed down -0.11 at 2.01. Volume was 201 per cent above average (trending) and Bollinger Bands were 11 per cent narrower than normal. The company's loss after taxation stood at Rs4.244 billion which translates into a Loss Per Share of Rs1.71 for the 1st quarter of current calendar year (1QCY11). PIAA is currently 16.5 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 out of PIAA (mildly bearish). Trend forecasting oscillators are currently bearish on PIAA.
Kohinoor Mills Limited
FOOD PRODUCERS Open 2,373.17 Turnover 286,160 P/E (x) 56.53 Company
Paid up Cap(mn)
AL-Abbas Sugar AL-Noor Sugar Bawany Sugar Colony Sugar Mills Dewan Sugar Habib Sugar Habib-ADM Ltd Haseeb Waqas J D W Sugar Mirpurkhas Sugar Mirza Sugar National Foods Quice Food S S Oil Sakrand Sugar Sanghar Sugar Shahmurad Sugar Shahtaj Sugar Shakarganj Mills
174 186 87 990 365 750 200 324 539 84 141 414 107 57 223 119 211 120 695
PE 4.00 1.79 1.87 5.29 4.98 2.60 1.48 0.56 11.31 13.66 0.29 2.42 1.33 2.59 2.12
Open 94.50 41.00 9.00 1.90 2.35 26.50 12.52 9.25 82.08 52.30 2.47 68.00 5.02 4.34 2.50 12.23 10.00 67.53 5.00
High 91.00 40.51 9.00 2.20 2.65 26.50 13.00 10.15 80.45 52.00 2.47 67.30 6.02 4.15 2.39 11.77 9.99 69.90 5.95
High Low 2,377.28 2,288.03 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 17.13 30.30 Low 91.00 38.95 8.00 1.81 2.05 26.05 12.36 10.15 78.00 50.26 2.47 64.95 4.36 4.15 2.31 11.75 9.30 64.19 4.05
Close Chg 91.00 41.00 8.63 1.81 2.10 26.47 12.36 10.14 79.24 51.00 2.47 65.50 6.01 4.15 2.32 11.75 9.99 64.95 5.00
-3.50 0.00 -0.37 -0.09 -0.25 -0.03 -0.16 0.89 -2.84 -1.30 0.00 -2.50 0.99 -0.19 -0.18 -0.48 -0.01 -2.58 0.00
Close 2,360.85 Listed cap 11,335.33 mn Payout (%) 30.57
Volume 400 250 1990 5001 1502 43860 21236 503 2515 5840 200 614 17504 500 26000 2510 100008 561 55003
Change -12.32 Market cap 339,113.64 mn Div Yield (%) 0.54
Last 60 days High Low 103.49 54.20 9.80 2.99 3.85 28.00 13.74 12.50 90.49 54.50 3.50 88.00 6.02 5.78 3.40 13.01 11.40 71.50 6.99
84.65 37.05 7.50 1.51 2.05 23.30 12.01 8.25 74.00 39.51 2.30 61.70 1.81 3.80 1.75 11.50 7.91 60.00 4.05
2010 Div BR (%) (%)
% Change -0.52 5-Day High 2,373.17 5-Day Low 2,289.97 2011 Div BR (%) (%)
50 50 25 25B 40 10 7010B 12.5R 15 20B 10 12 15 10 -
-
10R -
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
37.83
Total Assets (Rs in mn)
MA (10-day)
1.50
Total Equity (Rs in mn)
MA (100-day)
1.62
Revenue (Rs in mn)
MA (200-day)
2.03
Interest Expense
1st Support
0.81
Loss after Taxation
2nd Support
0.51
EPS 10 (Rs)
1st Resistance
1.60
8,691.98 (88.49) 6,211.71 724.05 (1,136.51) (22.324)
Book value / share (Rs)
2nd Resistance
2.09
PE 11 E (x)
Pivot
1.30
PBV (x)
(1.74) (0.63)
KML closed down -0.25 at 1.10. Volume was 691 per cent above average (trending) and Bollinger Bands were 34 per cent narrower than normal. The company's loss after taxation stood at Rs823.748 million which translates into a Loss Per Share of Rs16.18 for the nine months of fiscal year (9MFY11). KML is currently 54.3 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume out of KML (bearish). Trend forecasting oscillators are currently bearish on KML.
TRG Pakistan Limited
HOUSEHOLD GOODS Performance of SR Household Goods Index Open 613.01 Turnover 43,678 P/E (x) 0.86 Company
High Low 628.22 604.96 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.09 10.64
Close 607.86 Listed cap 3,763.71 mn Payout (%) 6.27
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
106 1219 693
1.28
2.50 6.02 9.65
3.49 6.23 10.00
3.49 5.80 9.50
3.49 0.99 5.83 -0.19 9.70 0.05
500 39021 4157
Hussain Industries Pak Elektron Tariq Glass Ind
Change -5.15 Market cap 4,183.50 mn Div Yield (%) 7.26
Last 60 days High Low
2010 Div BR (%) (%)
4.70 8.60 13.33
17.5
1.82 5.80 9.50
10B -
% Change -0.84 5-Day High 632.60 5-Day Low 607.86 2011 Div BR (%) (%) - 200R
PERSONAL GOODS Performance of SR Personal Goods Index Open 959.05 Turnover 2,784,540 P/E (x) 5.50 Paid up Cap(mn)
Ali Asghar Textile Amtex Limited Azgard Nine Bannu Woolen XD Bata (Pak) Blessed Tex Mills Chakwal Spinning Chenab Limited Colgate Palm Colony Mills Ltd D S Ind Ltd Dawood Lawrencepur Din Textile Faisal Spinning Ghazi Fabrics Gulistan Spinning Gulistan Textile Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres ICC Textile Ideal Spinning Idrees Textile Khalid Siraj Kohinoor Ind Kohinoor Mills Nadeem Textile Nagina Cotton Nishat (Chunian) Nishat Mills Olympia Spinning Paramount Spinning Prosperity Ravi Textile Reliance Cotton Reliance Weaving Rupali Poly Saif Textile Sally Textile Salman Noman Sana Ind Saritow Spinning Service Ind Shahpur Textile Thal Ltd Treet Corp Yousuf Weaving Zephyr Textile Ltd Zil Limited
222 2594 4493 76 76 64 400 1150 316 2442 600 591 204 100 326 146 190 222 716 3105 300 99 180 107 303 509 120 187 1621 3516 120 174 185 250 103 308 341 264 88 42 55 133 120 140 307 418 400 594 53
PE
Open
0.64 7.65 0.98 0.52 19.64 1.61 0.66 0.75 0.39 0.37 0.57 0.34 0.70 2.53 0.30 1.76 0.42 2.68 0.61 2.86 4.00 1.26 0.51 0.91 0.51 0.52 2.75 0.23 0.25 0.57 2.81 0.24 3.22 0.49 6.29 0.53 3.25 6.01
0.70 2.47 5.97 15.40 640.00 101.67 1.50 1.55 749.98 1.60 0.97 28.01 35.00 52.50 3.66 7.99 19.08 9.00 3.78 36.99 0.88 4.20 4.45 1.55 1.07 1.35 46.46 15.11 19.50 46.35 2.50 11.41 14.24 0.89 26.00 11.00 38.17 7.50 6.45 2.07 39.00 1.42 191.95 0.35 100.01 51.28 1.15 2.55 55.50
High
High Low 963.55 953.95 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.48 8.64 Low
Close Chg
0.38 0.38 0.38 -0.32 2.49 2.31 2.36 -0.11 6.00 5.71 5.75 -0.22 16.25 15.25 15.25 -0.15 672.00 649.98 650.00 10.00 105.00 99.00 102.00 0.33 1.33 1.30 1.30 -0.20 1.61 1.51 1.60 0.05 734.00 725.00 725.71-24.27 1.69 1.45 1.55 -0.05 1.03 0.92 1.00 0.03 27.60 27.60 27.60 -0.41 33.26 33.25 33.25 -1.75 55.00 55.00 55.00 2.50 4.66 3.81 3.81 0.15 7.00 6.99 7.00 -0.99 18.08 18.08 18.08 -1.00 8.25 8.00 8.08 -0.92 3.63 3.50 3.50 -0.28 35.54 35.50 35.51 -1.48 0.81 0.81 0.81 -0.07 4.00 4.00 4.00 -0.20 4.60 4.60 4.60 0.15 1.58 1.00 1.54 -0.01 1.06 1.00 1.06 -0.01 1.79 1.00 1.10 -0.25 48.78 48.78 48.78 2.32 15.00 15.00 15.00 -0.11 20.00 18.50 18.59 -0.91 46.29 44.90 45.09 -1.26 2.00 2.00 2.00 -0.50 10.45 10.41 10.41 -1.00 15.00 14.00 14.00 -0.24 0.99 0.75 0.90 0.01 24.70 24.70 26.00 0.00 10.02 10.00 10.00 -1.00 38.90 36.30 36.53 -1.64 7.50 6.50 6.55 -0.95 6.49 6.05 6.38 -0.07 2.85 1.85 2.80 0.73 38.70 37.05 37.05 -1.95 1.58 1.25 1.25 -0.17 190.00 188.41 188.41 -3.54 0.35 0.35 0.35 0.00 100.99 98.11 98.75 -1.26 51.05 49.53 50.29 -0.99 1.25 1.20 1.20 0.05 2.50 2.50 2.50 -0.05 55.00 53.25 55.50 0.00
Close 955.49 Listed cap 47,070.70 mn Payout (%) 16.68
Volume 644 126172 1112608 3200 1502 14926 1300 12296 1025 51003 502 800 1000 1000 3000 1009 500 30900 6499 900 500 500 3524 507 3000 222983 500 2500 239930 735707 500 3000 1281 59816 140 30250 2291 24788 1700 5500 2500 21200 186 30000 855 6703 12237 500 175
Last 60 days High Low 1.55 3.76 7.09 19.55 716.00 105.00 3.00 2.44 825.00 2.64 1.39 38.25 39.70 55.00 8.00 8.41 21.00 12.16 4.45 47.00 1.45 8.00 5.74 2.44 1.64 2.83 48.78 16.25 26.45 61.99 3.50 14.50 15.45 1.30 28.72 13.05 42.50 9.25 8.94 3.75 41.48 1.98 214.95 0.90 108.00 59.20 2.16 4.60 67.00
2010 Div BR (%) (%)
% Change -0.37 5-Day High 959.05 5-Day Low 954.27 2011 Div BR (%) (%)
0.38 1.85 - 30B 5.20 14.70 20 425.00 280 56.07 50 0.76 5 1.51 684.50 135 15B140.00 1.32 0.80 27.60 5 15B 26.35 20 10B 40.26 50 3.80 10 6.30 10 17.76 10 8.00 10 20B 3.50 10 35.50 20 0.60 3.50 3.80 10 1.00 0.75 0.71 18.96 20 14.10 20SD 18.50 15 44.90 25 45R 0.71 10.41 10 10B 13.00 30 0.36 24.70 20 10.00 25SD 36.30 40 6.50 5.62 10 1.85 5B 36.50 60 1.13 170.00 75 0.15 97.00 80 20B 49.53 50 900B 1.00 2.25 53.25 35 -
15B -
Performance of SR Pharma and Bio Tech Index Open 983.01 Turnover 20,633 P/E (x) 6.86 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Sanofi-Aventis Searle Pak
Paid up Cap(mn) 979 250 2019 182 200 96 306
PE
Open
5.81 95.50 7.55 92.00 10.35 72.96 6.71 29.25 3.89 9.50 - 152.26 5.83 61.00
High
High Low 982.86 966.54 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.53 22.31 Low
Close Chg
95.50 94.80 94.87 -0.63 94.00 90.00 91.17 -0.83 72.80 71.81 72.44 -0.52 29.00 29.00 29.00 -0.25 9.75 9.40 9.50 0.00 153.00 150.00 150.00 -2.26 60.55 58.50 59.75 -1.25
Close 973.94 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 302 348 1891 1200 9229 548 7115
Change -9.07 Market cap 31,903.34 mn Div Yield (%) 6.49
Last 60 days High Low 97.80 98.73 79.99 33.45 10.95 155.00 62.80
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
26.38
Total Assets (Rs in mn)
MA (10-day)
2.32
Total Equity (Rs in mn)
MA (100-day)
2.67
Revenue (Rs in mn)
MA (200-day)
3.13
Interest Expense
1st Support
2.10
Loss after Taxation
2nd Support
1.93
EPS 10 (Rs)
1st Resistance
Change -3.56 Market cap 117,078.22 mn Div Yield (%) 3.03
PHARMA AND BIO TECH
INDUSTRIAL ENGINEERING High Low 1,711.37 1,683.01 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 2.87 38.02
2010 Div BR (%) (%)
Performance of SR Food Producers Index
Performance of SR Industrial Engineering Index Open 1,711.58 Turnover 6,521 P/E (x) 7.55
Open
Agriautos Ind 144 4.31 70.03 Atlas Battery 101 6.27 239.13 Baluchistan Wheels Ltd. 133 1.35 29.00 Dewan Motors 1087 2.75 Exide (PAK)XDXB 71 2.61 198.51 General Tyre 598 4.43 23.60 Ghandhara Nissan 450 2.90 Honda Atlas Cars 1428 9.54 Indus Motors 786 7.06 204.99 Pak Suzuki 823 14.53 64.49
Company
Change -22.02 Market cap 67,303.43 mn Div Yield (%) 3.43
70.00 22.19
AUTOMOBILE AND PARTS
CONSTRUCTION AND MATERIALS Open 847.90 Turnover 2,542,593 P/E (x) 5.56
Pakistan Int Airline Corp Ltd
% Change -2.14 5-Day High 789.20 5-Day Low 750.24
Performance of SR Automobile and Parts Index
-
Performance of SR Construction and Materials Index
Change -16.90 Market cap 11,754.76 mn Div Yield (%) 2.26
PE
Performance of SR Industrial Metals and Mining Index High Low 1,009.82 980.81 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.05 33.10
Close 772.31 Listed cap 3,242.17 mn Payout (%) 11.08
7.22 6.51
2011 Div BR (%) (%) -
High Low 785.71 759.59 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.25 25.53
1092 1321
INDUSTRIAL METALS AND MINING Open 1,012.24 Turnover 173,169 P/E (x) 3.18
20,840.02 21,308.28 20,795.88 i468.26
Paid up Cap(mn)
Pak Int Cont.Terminal PNSC
Company
CHEMICALS
Paid up Cap(mn)
Current High Low Change
11,289.44 11,589.64 11,260.64 i300.20
Alert ! Unusual Movements
Performance of SR Industrial Transportation Index
Close Change 1,498.93 -47.06 Listed cap Market cap 65,194.15 mn 1,103,549.88 mn Payout (%) Div Yield (%) 55.94 5.43
Performance of SR Chemicals Index Open 1,857.50 Turnover 9,808,174 P/E (x) 8.57
Current High Low Change
KMI 30 Index
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,545.99 Turnover 2,805,611 P/E (x) 10.31
KSE 30 Index
88.75 88.21 71.53 25.50 9.00 142.50 54.00
2010 Div BR (%) (%) 50 40 25 100 30
% Change -0.92 5-Day High 983.64 5-Day Low 973.94 2011 Div BR (%) (%)
20B 12.50 15B 10B -
-
2.37
1,072.73 1,015.70 0.72 0.07 (1,616.83) (4.195)
Book value / share (Rs)
2nd Resistance
2.47
PE 11 E (x)
Pivot
2.20
PBV (x)
2.64 0.85
TRG closed down -0.01 at 2.24. Volume was 263 per cent above average (trending) and Bollinger Bands were 22 per cent wider than normal. The company's loss after taxation stood at Rs47.542 million which translates into a Loss Per Share of Rs0.12 for the nine months of fiscal year (9MFY11). TRG is currently 28.5 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 volume flowing into and out of TRG at a relatively equal pace. Trend forecasting oscillators are currently bearish on TRG. Momentum oscillator is currently indicating that TRG is currently in an oversold condition.
KASB Bank Limited
Fundamental Highlights As on Dec 31, 2010
Technical Analysis RSI (14-day)
44.01
Total Assets (Rs in mn)
MA (10-day)
1.41
Total Equity (Rs in mn)
MA (100-day)
1.41
Revenue (Rs in mn)
MA (200-day)
1.78
Interest Expense
1st Support
1.31
Loss after Taxation
2nd Support
1.26
EPS 10 (Rs)
1st Resistance
1.40
56,429.48 1,830.48 5,640.17 0.00 (2,710.67) (2.851)
Book value / share (Rs)
2nd Resistance
1.44
PE 11 E (x)
Pivot
1.35
PBV (x)
1.93 0.71
KASBB closed down -0.03 at 1.37. Volume was 48 per cent below average and Bollinger Bands were 33 per cent narrower 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 23.2 per cent below 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 KASBB at a relatively equal pace. Trend forecasting oscillators are currently bullish on KASBB.
BOOK CLOSURES Company
From
To
D/B/R
Spot AGM/Date
Trust Investment Bank #
05-Aug
12-Aug
-
-
12-Aug
General Tyre & Rubber #
07-Aug
18-Aug
-
-
18-Aug
Nishat Power #
08-Aug
22-Aug
-
-
22-Aug
(TFC) Allied Bank
13-Aug
26-Aug
-
-
-
Nishat Chunian Power #
16-Aug
22-Aug
-
-
22-Aug
First Habib Modaraba
25-Aug
31-Aug
22
-
-
Fauji Fertiliser
29-Aug
04-Sep
-
-
-
02-Sep
09-Sep
30(III)
-
-
28-Oct
03-Nov
-
-
-
MCB Bank Husein Industries
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols
Open
High
Low Close
Change
Vol
Johnson & Philips
9
8.07
8
8
-1
1510
TRG Pakistan Ltd.
2.25
2.3
2.03
2.24
-0.01
2260823
Murree Brewery Co.
110
107
107
107
-3
5.8
Shakarganj Food
300
5.31
5.3
5.3
-0.5
Shezan International
131
125
124.45
124.45
-6.55
700
P.I.A.C.(A)
2.12
2.15
1.91
2.01
-0.11
415770
Pace (Pak) Ltd. Netsol Technologies
1000
1.97
2
1.85
1.91
-0.06
418270
20.38
20.32
19.37
19.37
-1.01
393454
7
Thursday, August 4, 2011 Atlas Insurance
FIXED LINE TELECOMMUNICATION
Central Insurance
Performance of SR Fixed Line Telecommunication Index
Century Insurance
Open 787.93 Turnover 2,530,107 P/E (x) 3.78 Company
High Low 789.57 757.32 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.49 12.84
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
37740 3000 8606 6175
9.76 2.07 -
12.30 1.30 1.66 1.81
12.25 1.35 1.78 1.90
11.82 1.20 1.62 1.74
11.91 -0.39 1.22 -0.08 1.65 -0.01 1.80 -0.01
Pak. Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
Close 763.75 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 2200195 140788 189124 70450
Change -24.19 Market cap 48,069.04 mn Div Yield (%) 16.55
% Change -3.07 5-Day High 812.30 5-Day Low 763.75
Last 60 days High Low
2010 Div BR (%) (%)
17.70 1.94 2.50 2.97
17.5 1 -
11.82 1.20 1.61 1.74
2011 Div BR (%) (%)
-
-
EFU General Insurance IGI Insurance New Jub Insurance
443
3.63
29.05
29.25
28.50
29.22 0.17
5120
29.68
26.00
391
1.15
55.26
53.50
52.50
52.72 -2.54
2774
75.00
52.50
457
4.16
7.70
7.94
7.49
7.49 -0.21
4700
8.85
7.49
1250 11.51
31.53
31.15
30.00
30.84 -0.69
37884
39.65
30.00
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 S G Power Sitara Energy Ltd Southern Electric Tri-star Power XD
198 11572 1560 7932 1695 126 8803 3673 3541 178 191 1367 150
PE
Open
High
Low
7.84 5.21 2.17 5.46 2.46 2.15 5.00 -
0.49 39.63 1.15 2.16 17.74 3.15 42.89 13.80 15.59 0.90 18.99 1.28 0.72
0.48 39.50 1.15 2.20 18.00 2.94 42.75 13.70 15.70 0.90 18.05 1.28 0.73
0.45 38.75 1.10 2.05 17.25 2.80 42.40 13.50 15.00 0.75 18.00 1.21 0.73
Close 1,362.37 Listed cap 95,369.29 mn Payout (%) 104.13
Change -21.10 Market cap 110,959.51 mn Div Yield (%) 7.83
Close Chg
Volume
Last 60 days High Low
0.45 39.04 1.11 2.10 17.25 2.80 42.54 13.66 15.04 0.90 18.05 1.25 0.73
12602 2139978 10002 213890 27501 7001 81929 182750 531530 1010 1100 29501 9980
0.75 40.00 1.49 2.57 18.20 4.09 44.19 17.25 17.70 2.39 23.26 1.69 1.27
-0.04 -0.59 -0.04 -0.06 -0.49 -0.35 -0.35 -0.14 -0.55 0.00 -0.94 -0.03 0.01
0.16 36.70 1.03 2.03 15.60 2.35 41.75 13.47 15.00 0.33 18.00 1.20 0.36
2010 Div BR (%) (%) 50 25 50 20 -
2011 Div BR (%) (%)
- 25.00 7.8R - 10.00 - 30.00 - 10.00 -
Open 1,248.82 Turnover 488,681 P/E (x) 7.94 Paid up Cap(mn)
Company Sui North Gas Sui South Gas
High Low 1,256.45 1,221.50 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.91 11.41
Close 1,242.77 Listed cap 12,202.80 mn Payout (%) 66.79
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 13.72 8390 4.51
19.34 20.06
19.49 20.15
18.84 19.70
19.21 -0.13 20.00 -0.06
19646 469035
23.60 23.75
18.15 19.70
% Change -0.48 5-Day High 1,258.65 5-Day Low 1,242.77
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index Open 1,095.18 Turnover 6,896,141 P/E (x) 6.95 Paid up Cap(mn)
Company
PE
Open
High
Allied Bank Limited Askari Bank XB Bank Alfalah Bank AL-Habib Bank Of Khyber Bank Of Punjab BankIslami Pak Faysal Bank Habib Bank Ltd
8603 5.38 63.93 7070 4.88 10.93 13492 5.23 10.15 8786 6.11 28.79 5004 1.92 4.39 5288 6.24 5280 9.86 3.83 7327 4.46 9.73 11021 7.44 119.90 Habib Metropolitan Bank XB 10478 5.08 18.49 JS Bank Ltd 8150 42.00 2.20 KASB Bank Ltd XR 9509 1.40 MCB Bank Ltd 8362 7.19 187.36 Meezan Bank XB 8030 5.49 19.21 National Bank 16818 4.00 53.45 NIB Bank 40437 1.38 Samba Bank 14335 20.38 1.70 Silkbank Ltd 26716 13.56 2.30 Soneri Bank 8026 2.35 4.83 Stand Chart Bank 38716 6.08 7.70 Summit Bank Ltd 8701 3.11 United Bank Ltd 12242 5.19 59.38
Low
Close Chg
64.50 62.50 63.74 -0.19 10.91 10.70 10.74 -0.19 10.15 9.90 9.93 -0.22 29.00 28.62 28.82 0.03 4.32 4.21 4.30 -0.09 6.27 6.00 6.04 -0.20 3.80 3.65 3.65 -0.18 9.94 9.40 9.63 -0.10 121.00 119.02 119.12 -0.78 18.22 17.51 17.69 -0.80 2.25 1.50 2.10 -0.10 1.39 1.30 1.37 -0.03 187.00 180.50 181.79 -5.57 19.40 18.80 18.89 -0.32 53.30 50.78 50.89 -2.56 1.41 1.34 1.35 -0.03 1.69 1.61 1.63 -0.07 2.38 2.15 2.17 -0.13 4.80 4.70 4.70 -0.13 7.89 7.50 7.54 -0.16 3.08 3.01 3.02 -0.09 60.00 57.75 58.11 -1.27
Volume
Change -27.89 Market cap 641,565.01 mn Div Yield (%) 5.82
Last 60 days High Low
61843 68.99 60786 12.35 421297 11.00 50831 29.75 3126 5.96 1279515 7.35 11200 4.09 227932 10.73 147603 122.99 102785 22.45 77137 3.00 114556 1.77 532572 210.95 46100 19.84 2389611 55.80 595831 1.89 59500 2.18 538780 3.06 46805 6.69 3678 9.20 29191 4.75 124652 65.01
60.50 10.70 9.42 28.25 3.75 5.00 3.25 9.00 114.10 17.00 1.50 1.25 180.50 16.60 49.51 1.34 1.61 2.15 4.70 7.50 2.67 57.75
% Change -2.55 5-Day High 1,100.30 5-Day Low 1,067.30
2010 Div BR (%) (%)
NON LIFE INSURANCE
-
72.49
71.99
72.00 0.00
11029
76.12
67.00
30
55B 10.00
989
9.84
3000
56.00
55.50
56.00 0.98
1500
62.37
52.02
20
25B
-
-
15.34
15.40
14.56
14.88 -0.46
191418
18.30
14.56
30
-
-
-
12.73
11.75
11.73
12.73 0.00
250
15.25
8.01
-
-
-
-
Premier Insurance
303
8.00
7.75
7.50
7.50 -0.50
6000
8.99
7.50
25
-
-
-
3.35
LIFE INSURANCE Performance of SR Life Insurance Index Open 885.90 Turnover 4,214 P/E (x) 5.27
High Low 927.07 867.07 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.32 3.85
Close 913.28 Listed cap 2,290.72 mn Payout (%) 355.53
Change 27.38 Market cap 10,125.75 mn Div Yield (%) 4.13
% Change 3.09 5-Day High 913.28 5-Day Low 884.18
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
EFU Life Assurance
850
9.62
65.27
68.53
62.25
68.51 3.24
4013
73.25
56.10
50
-
-
-
New Jub Life Insurance
627 14.69
54.66
57.39
56.00
54.66 0.00
201
58.99
48.00
15
-
-
-
Company
2010 Div BR (%) (%)
2011 Div BR (%) (%)
FINANCIAL SERVICES Performance of SR Financial Services Index Open 272.82 Turnover 4,221,455 P/E (x) 11.45
High Low 295.81 259.27 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.14 0.91
Close 267.59 Listed cap 30,336.44 mn Payout (%) 99.56
Change -5.23 Market cap 13,268.66 mn Div Yield (%) 6.34
PE
Open
High
Low
Close Chg
225
0.77
0.43
0.40
0.25
0.37 -0.06
Arif Habib Investments
360
4.96
19.45
18.47
18.46
19.45 0.00
300
23.25
18.00
-
20B
-
-
Arif Habib Limited
450 17.18
17.30
17.60
16.30
16.32 -0.98
22975
20.20
14.00
-
20B
-
-
26.89
26.75
25.55
25.68 -1.21
1478925
29.24
20.53
30
Arif Habib Corp
Last 60 days High Low
% Change -1.92 5-Day High 275.99 5-Day Low 267.59
Paid up Cap(mn)
Volume 89239
0.64
2010 Div BR (%) (%)
0.25
-
2011 Div BR (%) (%)
-
-
-
-
-
3750
3.44
IGI Investment Bank
2121
7.63
1.50
1.45
1.40
1.45 -0.05
10001
1.99
1.05
-
-
-
-
Invest Bank
2849
-
0.32
0.39
0.31
0.39 0.07
4911
0.74
0.22
-
-
-
-
-
Ist Cap Securities
3166
-
2.76
2.94
1.76
2.21 -0.55
554581
3.24
1.76
-
10B
-
-
Jah Siddiq Co
7633
-
6.73
7.71
6.65
6.71 -0.02
3200155
8.34
6.11
10
-
-
-
JOV and CO
508
-
2.52
2.60
2.31
2.37 -0.15
206911
3.38
2.31
-
-
-
-
1000 38.00
Orix Leasing
821
3.33
Paid up Cap(mn)
Company
Adamjee Insurance XD
1237
High Low 680.55 661.47 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.49 5.20
Close 668.78 Listed cap 11,111.34 mn Payout (%) 79.54
Change -15.79 Market cap 42,835.29 mn Div Yield (%) 8.49
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5.75
56.34
55.55
53.53
53.61 -2.73
96695
69.90
53.53
% Change -2.31 5-Day High 692.40 5-Day Low 668.78
2010 Div BR (%) (%) 25
2011 Div BR (%) (%)
-
-
-
High 24.20 49.00 7.10 40.00 3.34 1.00 8.55 1.47 4209.00 31.32 124.99 3.85 12.00 143.99 43.00 4.50 0.64 26.36 20.45 5985.00 1.40 0.60 323.57 8.00 53.85 8.15 41.10 4.00 51.30 19.34 320.25 11.50 1.55 2838.99 0.01 1.95 1.39 3.60 3.50 6.80 30.11 7.79 0.55 1.50 1.46 2.19 2.14 54.94 11.15 2.31 0.96 8.61 97.01 5.00 1607.95
Low
Close
24.20 49.00 7.10 40.00 3.34 1.00 8.55 1.41 4100.00 31.05 123.00 3.45 12.00 141.97 43.00 4.50 0.49 26.25 18.76 5706.00 1.01 0.50 323.47 8.00 53.35 7.25 38.62 4.00 51.30 19.34 289.75 11.00 1.01 2666.00 0.01 1.15 1.06 3.15 2.75 5.00 30.11 7.79 0.55 1.50 1.46 2.19 2.14 54.94 11.15 2.31 0.96 8.61 97.01 5.00 1607.95
25.35 49.93 6.75 39.78 3.21 1.00 8.62 1.55 4193.12 31.75 123.98 3.48 11.99 143.99 43.01 5.23 0.48 27.57 19.73 5964.07 1.00 0.50 340.46 7.00 54.25 7.80 40.65 4.61 54.00 19.33 305.00 10.90 2.00 2800.00 0.01 1.40 1.24 3.32 3.50 5.95 31.69 8.79 0.53 1.35 1.12 2.23 2.56 57.12 12.10 3.20 0.78 8.95 98.80 4.33 1692.17
Change
Vol
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -6.02 0.00 0.00 0.00 0.00 -5.45 0.00 0.00 0.00 0.00 0.00 -32.76 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
100 100 100 100 100 100 100 81 74 70 57 55 50 50 50 50 42 30 28 27 24 21 20 18 14 12 11 10 10 10 7 6 4 4 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS Symbols
Open
NBP-AUG
53.94
53.55
51.25
51.33
-2.61
445000
ENGRO-AUG 143.07
143.33
138.60
139.15
-3.92
371000
POL-AUG
362.55
353.00
355.25
-8.71
311500
-0.65
288500
363.96
High
Low
Close
Change
Vol
DGKC-AUG
22.73
22.55
22.00
22.08
5.08
4.01
4.56 -0.14
32775
6.43
4.01
-
-
-
-
ATRL-AUG
126.54
125.50
120.22
120.79
5.50
5.50 -0.14
16318
6.45
5.25
-
-
-
-
FFC-AUG
164.06
163.50
160.06
160.66
-3.40
204000
NML-AUG
46.73
46.95
45.40
45.55
-1.18
204000
FFBL-AUG
47.06
46.60
45.98
46.48
-0.58
203000
MCB-AUG
188.77
188.00
182.50
183.49
-5.28
142500
-1.87
99000
4.96
1.42
1.44
1.37
1.39 -0.03
75773
1.99
1.32
-
-
-
-
Security Leasing
363
-
2.25
2.80
2.05
2.75 0.50
7375
2.80
1.50
-
-
-
-
LUCK-AUG
EQUITY INVESTMENT INSTRUMENTS Open 1,530.61 Turnover 739,213 P/E (x) 16.34
High Low 1,532.93 1,477.64 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.36 2.21
Close 1,498.52 Listed cap 29,771.58 mn Payout (%) 104.74
Change -32.08 Market cap 19,073.94 mn Div Yield (%) 9.96
Last 60 days High Low
% Change -2.10 5-Day High 1,537.42 5-Day Low 1,498.52
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
1st Fid Leasing
264
-
1.40
1.42
1.35
1.35 -0.05
31430
2.00
1.25
-
-
-
Atlas Fund of Funds
525
1.78
6.61
6.70
6.52
6.70 0.09
103001
7.39
6.16
2.2
-
-
-
B R R Guardian Mod.
780
2.59
2.31
2.52
2.45
2.49 0.18
3709
2.90
1.41
0
-
-
-
Volume
2010 Div BR (%) (%)
2011 Div BR (%) (%) -
Golden Arrow
760
2.12
3.30
3.31
3.20
3.20 -0.10
87183
3.72
3.11
17
-
-
-
H B L Modaraba
397
3.53
7.32
7.25
7.20
7.20 -0.12
3400
8.44
7.01
11
-
-
-
Habib Modaraba
1008
5.76
7.95
8.00
7.66
7.95 0.00
56856
8.50
7.32
21
-
22
-
JS Growth Fund
3180
2.03
6.20
6.50
5.75
5.90 -0.30
93001
7.40
5.32
12.5
-
-
-
JS Value Fund
1186
0.54
5.00
5.20
4.89
5.15 0.15
141174
6.10
4.89
10
-
5.00
Meezan Balanced Fund
1200
2.72
10.11
9.80
9.45
9.45 -0.66
5000
10.40
8.46
15.5
-
-
-
PICIC Energy Fund
1000
2.04
7.24
7.00
6.90
6.90 -0.34
53420
8.25
6.80
10
- 10.00
-
PICIC Growth Fund
2835
2.61
12.97
12.95
12.51
12.73 -0.24
149210
13.84
12.51
20
- 12.50
-
PICIC Inv Fund
2841
2.26
6.00
5.71
5.60
5.71 -0.29
11150
6.95
5.45
10
-
7.50
-
872
1.78
0.90
1.00
0.98
0.98 0.08
501
1.05
0.75
3
-
-
-
-
-5.75
205000
73.10
72.80
71.00
71.23
213.82
213.90
208.50
209.12
-4.70
94000
HUBC-AUG
40.12
39.25
39.25
39.25
-0.87
25000
PTC-AUG
11.95
12.21
12.05
12.11
0.16
8500
PPL-AUG
Performance of SR Equity Investment Instruments Index
Prud Modaraba 1st
25.35 49.93 6.75 39.78 3.21 1.00 8.62 1.55 4199.14 31.75 123.98 3.48 11.99 149.44 43.01 5.23 0.48 27.57 19.73 5996.83 1.00 0.50 340.46 7.00 54.25 7.80 40.65 4.61 54.00 19.33 305.00 10.90 2.00 2800.00 0.01 1.40 1.24 3.32 3.50 5.95 31.69 8.79 0.53 1.35 1.12 2.23 2.56 57.12 12.10 3.20 0.78 8.95 98.80 4.33 1692.17
5.55
775
Company
Open
4.70
Performance of SR Non Life Insurance Index Open 684.57 Turnover 357,371 P/E (x) 9.36
Symbols ADMM BCL FUDLM GRAYS KTML MUBT STPL FDIBL NESTLE KSBP ATLH KASBSL FPRM PMPK PPP SMTM MUKT MERIT PSYL ULEVER TSMF HAJT IDYM SASML MRNS GHNI PMRS AGSML LIBM PGCL FZTM MACFL FNEL RMPL BOKR DNCC FEM GAIL KOHS WAZIR AKDCL BAPL CSM DCM DWAE FDMF FRCL GLPL JDMT NMBL OLTM RICL SITC SMCPL UPFL
5.64
Pervez Ahmed Sec
2011 Div BR (%) (%)
40 10B 25.00 - 10B 20 20B -64.41R - 20B 65 10B - 20B - 33R -105.16R 115 10B 60.00 - 15B 75 25B -154.79R -63.46R - 311R 6 - 20R 50 - 15.00 -
-
-
55.02
JS Investment
High Low Close 1,097.22 1,059.50 1,067.30 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.97 13.94 40.49
-
-
-
5.17
AMZ Ventures
Change -6.05 Market cap 27,327.67 mn Div Yield (%) 8.41
-
-
350 10.61
Company
GAS WATER AND MULTIUTILITIES
50B
10
UPTO 100 VOLUME
-
PICIC Ins Ltd
Pak Reinsurance
-
Performance of SR Gas Water and Multiutilities Index
25
12.5
72.00
-
% Change -1.53 5-Day High 1,385.48 5-Day Low 1,362.37
-
5.96
ELECTRICITY High Low 1,381.03 1,352.53 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.24 9.35
20B
970
Performance of SR Electricity Index Open 1,383.47 Turnover 3,248,774 P/E (x) 13.30
40
MTS LEVERAGE POSITION Symbol AHCL AICL AKBL ANL ATRL BAFL DGKC ENGRO FFBL FFC HUBC KAPCO LOTPTA LUCK MCB NBP NCL NETSOL NML OGDC PAKRI POL PPL PSO PTC SSGC UBL TOTAL
Total Volume 733,127 6,110 303,832 200,850 45,600 921,000 465,320 103,228 103,750 56,300 117,000 14,375 2,226,201 398,500 69,720 531,806 208,113 13,500 229,999 500 237,160 3,750 3,437 14,959 29,430 3,000 107,000 7,147,567
Total Value 14,389,463 262,375 2,526,119 881,025 4,226,127 6,976,498 7,878,157 11,043,680 3,511,531 6,761,011 3,434,609 464,776 20,426,541 21,720,334 9,592,721 20,989,359 3,076,877 196,237 8,058,435 56,984 2,758,573 1,015,005 543,161 2,691,622 271,002 45,087 4,817,951 158,615,260
MTS Rate 18.00 19.62 18.81 17.00 18.00 18.54 17.00 18.76 16.13 18.02 21.33 18.01 18.74 21.41 18.61 17.17 20.00 18.08
BOARD MEETINGS
National Bank of Pakistan
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
33.26
Support 1
11,826.40
MA (5-day)
12,141.97
Support 2
11,711.05
MA (10-day)
12,268.55
Resistance 1
12,141.70
MA (100-day)
12,087.86
Resistance 2
12,341.65
Recommendations
65
Buy
Arif Habib Ltd
Hold
Arif Habib Ltd
64.99
Buy
AKD Securities Ltd
45.52
Neutral
AKD Securities Ltd
TFD Research
47.75
Neutral
TFD Research
20.15
Technical Analysis
Leverage Position
RSI (14-day) 36.55 MTS Shares `000 531.806 MA (200-day) 11,882.76 Pivot 12,026.35 MA (10-day) 53.87 MTS Rs `000 20,989.36 54.25 MTS Rate 18.74 KSE 100 INDEX closed down -284.61 points at 11,941.72. Volume MA (100-day) MA (200-day) 63.30 ** NOI Rs (mn) 103.06 was 20 per cent below average and Bollinger Bands were 7 per cent Free Float Shares (mn) 398.12 Free Float Rs (mn) 20,260.45 wider than normal. As far as resistance level is concern, the market Target price for Dec-11 & **Net Open Interest in future market will see major 1st resistance level at 12,141.70 and 2nd resistance NBP closed down -2.56 at 50.89. Volume was 52 per cent above averlevel at 12,341.65, while Index will continue to find its 1st support age and Bollinger Bands were 60 per cent narrower than normal. level at 11,826.40 and 2nd support level at 11,711.05. KSE 100 INDEX is currently 0.5 per cent above its 200-day moving NBP is currently 19.6 per cent below its 200-day moving average average and is displaying a downward trend. Volatility is extremely and is displaying an upward trend. Volatility is relatively normal as high when compared to the average volatility over the last 10 trading compared to the average volatility over the last 10 trading sessions. sessions. Volume indicators reflect volume flowing into and out of Volume indicators reflect volume flowing into and out of NBP at a relINDEX at a relatively equal pace. Trend forecasting oscillators are atively equal pace. Trend forecasting oscillators are currently bullish currently bearish on INDEX. on NBP.
Brokerage House
Target Price
Arif Habib Ltd TFD Research
42.1 49.05
Brokerage House
Buy
Arif Habib Ltd
Accumulate
TFD Research
194 164.95
Recommendations Buy Neutral
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
52.88 MTS Shares `000 117.00 39.32 MTS Rs `000 3,434.61 37.81 MTS Rate 16.13 37.46 ** NOI Rs (mn) 4.26 Free Float Shares (mn) 810.01 Free Float Rs (mn) 31,622.72 Target price for Dec-11 & **Net Open Interest in future market
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
52.03 MTS Shares `000 56.30 161.82 MTS Rs `000 6,761.01 145.14 MTS Rate 18.76 135.70 ** NOI Rs (mn) 160.24 Free Float Shares (mn) 466.49 Free Float Rs (mn) 74,437.39 Target price for Dec-11 & **Net Open Interest in future market
Brokerage House
Technical Outlook Technical Analysis 55.11 46.90 42.72 39.99 Free Float Shares (mn) 326.94
MTS Shares `000 MTS Rs `000 MTS Rate ** NOI Rs (mn) Free Float Rs (mn)
Target Price
Recommendations
21.1
Buy
23.91
Buy
103.75 3,511.53 17.00 82.09 15,071.86
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)
18.36 MTS Shares `000 29.43 12.56 MTS Rs `000 271.00 15.76 MTS Rate 20.00 17.38 ** NOI Rs (mn) 4.66 Free Float Shares (mn) 585.06 Free Float Rs (mn) 6,968.07 Target price for Dec-11 & **Net Open Interest in future market
FFBL closed down -0.71 at 46.10. Volume was 4 per cent below average PTC closed down -0.39 at 11.91. Volume was 56 per cent above average and Bollinger Bands were 41 per cent wider than normal.
and Bollinger Bands were 35 per cent wider than normal.
FFBL is currently 15.2 per cent above its 200-day moving average and is PTC is currently 31.5 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the displaying an upward trend. Volatility is relatively normal as compared to average volatility over the last 10 trading sessions. Volume indicators reflect the average volatility over the last 10 trading sessions. Volume indicators volume flowing into and out of PTC at a relatively equal pace. Trend forecastreflect moderate flows of volume into FFBL (mildly bullish). Trend forecast- ing oscillators are currently bearish on PTC. Momentum oscillator is currently ing oscillators are currently bullish on FFBL.
Brokerage House
indicating that PTC is currently in an oversold condition.
Dera Ghazi Khan Cement Co Ltd
Brokerage House
Target Price
Recommendations
224
Buy
Arif Habib Ltd
Buy
AKD Securities Ltd
Positive
TFD Research
Arif Habib Ltd AKD Securities Ltd
195.41
TFD Research
245.95
Technical Analysis
Leverage Position
16.96 MTS Shares `000 103.228 145.05 MTS Rs `000 11,043.68 182.61 MTS Rate 18.54 191.14 ** NOI Rs (mn) 301.30 Free Float Shares (mn) 176.98 Free Float Rs (mn) 24,426.49 Target price for Dec-11 & **Net Open Interest in future market
Recommendations
29
Buy
28.72
Buy
30.6
Positive
Technical Outlook
Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Target Price
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
33.88 22.95 23.50 25.89
MTS Shares `000 465.32 MTS Rs `000 7,878.16 MTS Rate 18.00 ** NOI Rs (mn) 79.85 Free Float Rs (mn) 4,389.59 Target price for Dec-11 & **Net Open Interest in future market
Free Float Shares (mn) 200.80
HUBC closed down -0.59 at 39.04. Volume was 108 per cent above aver- FFC closed down -3.28 at 159.57. Volume was 9 per cent below average ENGRO closed down -3.76 at 138.02. Volume was 11 per cent below aver- DGKC closed down -0.65 at 21.86. Volume was 46 per cent below average and Bollinger Bands were 20 per cent wider than normal. and Bollinger Bands were 57 per cent wider than normal. ENGRO is currently 27.8 per cent below its 200-day moving average and is HUBC is currently 4.2 per cent above its 200-day moving average and is FFC is currently 17.6 per cent above its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is high as compared to the average average volatility over the last 10 trading sessions. Volume indicators reflect the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume moderate flows of volume out of ENGRO (mildly bearish). Trend forecasting reflect moderate flows of volume out of HUBC (mildly bearish). Trend fore- flowing into and out of FFC at a relatively equal pace. Trend forecasting oscillators are currently bearish on ENGRO. Momentum oscillator is currently age and Bollinger Bands were 13 per cent narrower than normal.
casting oscillators are currently bullish on HUBC.
oscillators are currently bullish on FFC.
indicating that ENGRO is currently in an oversold condition.
Date
Time
Singer Pakistan Ltd Engro Poly & Chemicals Ltd Bank Alfalah Ltd International Steels Ltd Pakistan Petroleum Ltd Pakistan State Oil Comp Ltd Unilever Pakistan Ltd International Industries Ltd Unilever Pakistan Foods Ltd BOC Pakistan Ltd Pakgen Power Ltd Bata Pakistan Ltd Tri-Pack Films Ltd Packages Ltd Indus Motor Comp Ltd Kot Addu Power Comp Ltd Shabbir Tiles & Ceramics Ltd Dynea Pakistan Ltd
04-Aug 05-Aug 07-Aug 08-Aug 08-Aug 09-Aug 09-Aug 11-Aug 11-Aug 12-Aug 12-Aug 18-Aug 22-Aug 23-Aug 24-Aug 05-Sep 06-Sep 08-Sep
11:00 9:00 9:30 10:00 10:30 10:00 10:30 10:00 2:30 10:00 11:00 11:30 11:30 10:00 1:00 3:00 10:00
TECHNICAL LEVELS
Positive
Technical Outlook
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Technical Outlook Technical Analysis
Recommendations
Engro Corporation
Positive
Technical Outlook Technical Analysis
Target Price
Target Price 49
Fauji Fertiliser Co
Recommendations
50
AKD Securities Ltd
Brokerage House
Technical Outlook
Hub Power Co Ltd
Pakistan Telecommunication Co Ltd
Target Price
Arif Habib Ltd AKD Securities Ltd
Fauji Fertiliser Bin Qasim Ltd
Company
age and Bollinger Bands were 31 per cent narrower than normal. DGKC is currently 15.6 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 DGKC at a relatively equal pace. Trend forecasting oscillators are currently bearish on DGKC.
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 30.42 2.00 1.85 50.88 62.65 61.60 29.43 44.55 44.05 42.99 25.25 24.80 34.27 15.90 15.45 12.06 52.90 52.20 35.85 10.65 10.55 39.30 5.65 5.55 20.71 351.85 348.65 35.51 117.45 115.40 40.66 9.85 9.75 45.27 3.60 3.55 36.13 5.95 5.85 35.51 1.40 1.35 33.88 21.60 21.30 26.34 2.05 2.00 37.17 1.95 1.85 26.67 30.15 29.50 51.13 64.35 60.15 16.99 136.10 134.15 47.52 9.40 9.10 24.26 3.65 3.55 55.11 45.75 45.35 52.03 158.15 156.75 49.60 118.40 117.75 52.88 38.70 38.35 36.55 150.40 149.75 32.59 200.00 195.65 33.04 2.25 2.15 43.44 1.05 1.00 36.85 1.65 1.20 44.21 6.35 5.95 44.81 42.35 42.20 43.49 2.05 1.95 26.08 11.60 11.40 39.74 69.85 69.05 26.91 179.20 176.60 39.77 1.90 1.85 36.55 50.00 49.15 21.08 18.05 17.55 28.68 19.05 18.75 29.33 1.30 1.25 47.35 2.85 2.75 23.93 44.55 44.05 40.57 146.00 143.20 32.82 1.85 1.75 41.42 1.35 1.30 36.06 1.90 1.80 33.39 4.55 4.45 36.42 349.35 345.50 42.87 205.65 203.50 51.82 63.70 62.85 17.84 228.40 224.85 18.39 11.75 11.55 25.37 210.20 208.65 34.60 18.85 18.55 30.62 15.30 15.05 36.93 19.75 19.50 24.38 1.15 1.10 26.42 2.10 1.90 26.92 57.25 56.35 26.11 1.60 1.50
1st
2nd
Resistance 2.25 2.40 64.65 65.60 46.10 47.05 26.45 27.20 17.20 18.05 54.95 56.25 10.85 11.00 5.95 6.10 360.65 366.25 123.10 126.65 10.10 10.25 3.75 3.85 6.20 6.35 1.50 1.55 22.30 22.80 2.15 2.20 2.15 2.30 31.30 31.80 70.60 72.70 141.15 144.25 9.90 10.20 3.85 3.95 46.65 47.25 161.95 164.30 120.40 121.70 39.45 39.85 152.25 153.45 208.80 213.25 2.55 2.70 1.15 1.20 2.40 2.70 7.40 8.10 42.70 42.90 2.20 2.25 12.00 12.25 72.10 73.55 185.70 189.60 2.00 2.05 52.55 54.20 19.55 20.55 20.00 20.65 1.40 1.45 3.10 3.25 45.95 46.80 153.30 157.75 2.00 2.05 1.45 1.50 2.15 2.25 4.80 4.95 358.65 364.15 210.85 213.95 65.15 65.80 237.75 243.55 12.15 12.40 214.10 216.50 19.50 19.85 15.85 16.25 20.20 20.40 1.30 1.40 2.35 2.45 59.50 60.85 1.75 1.85
Pivot 2.15 63.60 45.55 26.00 16.75 54.25 10.80 5.80 357.45 121.05 10.00 3.70 6.10 1.45 22.05 2.10 2.05 30.65 66.45 139.20 9.65 3.75 46.30 160.55 119.70 39.10 151.60 204.45 2.45 1.10 1.95 7.00 42.55 2.10 11.85 71.30 183.10 1.95 51.65 19.05 19.70 1.35 3.00 45.45 150.45 1.90 1.40 2.00 4.70 354.85 208.70 64.35 234.20 12.00 212.60 19.20 15.65 19.95 1.25 2.20 58.60 1.70
8
Thursday, August 4, 2011
Benazir Bhutto Flight Academy inaugurated
NAWABSHAH: MNA Dr Azra Fazal Pechuho during the inauguration ceremony of Benazir Bhutto Flight Academy. APP
US Senate fails to end partial FAA shutdown WASHINGTON: The US Senate failed in a last-minute bid on Wednesday to end a partial shutdown of federal aviation programs that has halted airport construction projects and thrown tens of thousands of people out of work. Senators scrambled to find common ground with the House of Representatives on a bill to temporarily fund the Federal Aviation Administration but neither side would budge before adjourning until September. Acrimonious disagreement over proposed cuts to rural air service and underlying discord over a labour issue was reminiscent of the gridlock surrounding a just-completed 11th-hour deal to raise the U.S. government's debt ceiling. "I am deeply disappointed that bipartisanship has failed us here," said New Hampshire Senator Jean Shaheen, adding a runway project in her state will likely be delayed until the spring. While the scale of disruption from an FAA shutdown paled in comparison to the global repercussions of a potential U.S. debt default, the aviation fallout was not trivial and may carry political consequences if not resolved soon. The FAA has issued stop work orders for 241 airport construction projects worth nearly $11 billion, officials said. "We have the best aviation system in the world," Transportation Secretary Ray LaHood said in a conference call with reporters. "This is no way to run it." LaHood said FAA air traffic operations were not affected and aircraft safety programs remain in place. The Obama administration estimates the shutdown has thrown more than 70,000 people out of work since July 22 when the FAA's latest temporary funding authorization expired. Many are in construction-related jobs, a sector where unemployment tops 15 percent. Starting on Thursday, those workers may begin showing up in a federal report of people claiming unemployment benefits.Nearly 4,000 FAA employees have been furloughed and dozens of inspectors who oversee airport safety standards are working without pay, agency officials said. Some airports are turning to letters of credit, reserves and commercial paper to keep projects going. Smaller airports may have credit problems and less financial flexibility, given their heavy dependence on federal funds, Fitch Ratings said.-Reuters
Kuwait Airways sale may not be a runway success KUWAIT: - Kuwait Airways' privatisation might not be a runway success. After two decades without profit, the oil-rich nation is seeking to off-load a 35 percent stake in its national carrier to a strategic partner. The hope is that this could allow the company to turn itself from a bloated and inefficient business into a lean and mean flying machine serving the travel needs of the Kuwaiti population. But the implied asking price looks lofty, bidders face many political obstacles, and the business case doesn't look compelling. True, the government appears to have overcome one major problem in the airline's restructuring: it has managed to convince the majority of Kuwait Airways' 2,600 plus well-paid staff to retire, or take other government jobs, according to a per-
son close to the airline. That should bring down the crippling wage bill, estimated at around 30 percent of revenues by Kuwaiti ratings agency Capital Standards. Yet the government might still have to revise its expectations down. It expects the post-privatised share capital of the airline to be around 220 million Kuwaiti Dinars. This implies that a 35 percent stake could fetch $282 million. That valuation was established by Rothschild in June 2009. Since then, shares in Kuwait's Wataniya -- which ceased operations this year -- and budget operator Jazeera Airways (JAZK.KW) have fallen by 87 percent and 20 percent respectively. A lack of suitable bidders could also weigh on the price. Kuwaiti airlines aren't allowed to bid. And it is hard to imagine
government-owned carriers like Dubai's Emirates or Abu Dhabi's Eithad Airways taking control, given the regional political rivalries. Meanwhile, Qatar Airways is looking at its own initial public offering. A bid probably makes most sense for an international airline that already has routes in the Gulf like, say, Lufthansa. There are other niggles too. Kuwait's promise to provide cheaper fuel to Kuwait Airways than to other airlines operating out of the country might be seen as state aid. Assuming the airline is privatised with its existing debt and a new fleet is needed, it is likely to take a number of years before it returns to profit. By that time plans for a rail network linking Gulf countries -which will ultimately reduce the need for air travel -- will be closer to reality.
Rematch between FC Barcelona-ManUnited
Kobe Bryant, Turkish Air's brand ambassador to make appearances WASHINGTON: Turkish Airlines celebrated the World Football Challenge with Manchester United and FC Barcelona during a weekend of festivities and a special appearance by Kobe Bryant, the Airline's Global Brand Ambassador. With 82,000 fans in attendance, Kobe Bryant and renowned Turkish columnist Ertugrul Ă&#x2013;zkĂśk stepped onto the pitch at
half time to take penalty kicks to benefit the Manchester United Foundation. Kobe Bryant also presented the "Turkish Airlines" trophy to Manchester United's world-class defender Nemanja Vidic. Manchester United won the match against Barcelona 2-1. The Manchester United team returned to England at 12:45 a.m. local time aboard Turkish Airlines' Boeing 777 Anadolu.
Japan Airlines logs $165 mn net profit in Q1 TOKYO: Japan Airlines said Wednesday it posted a net profit of $165 million in the three months to June, thanks largely to aggressive downsizing and cost cutting during its bankruptcy proceedings. JAL said its quarterly net profit reached 12.7 billion yen and operating profit of 17.2 billion yen on sales of 254.9 billion yen. The former flagship carrier said it does not have comparable data from the previous year, when it was going through a court-led rehabilitation programme. JAL completed the bankruptcy proceedings in March after filing for a failure in January 2010 with debts of about 2.32 trillion yen ($28 billion) -- one of Japan's biggest-ever corporate failures. Under government supervision JAL carried out massive job and route cuts, guided by charismatic businessman Kazuo Inamori, in order to continue flying.-Reuters
Ireland fails to strike travel tax deal with Ryanair
Saturday's match was the highlight of a month long series of appearances by Manchester United around the U.S. Turkish Airlines is honored to work with Kobe Bryant, FC Barcelona and Manchester United," said Dr. Temel Kotil, CEO of Turkish Airlines. "This weekend was a great representation of the Airlines' partnerships across the international sports DUBLIN: The Irish government has failed to reach community." -PR
KARACHI: Amer Khan, Country Manager, Etihad Airways and Ali Asghar Alavi, RJ of the show at Radio1 FM91 presenting the ticket to one of the winners Farhana Rehan. -Staff Photo
agreement with Ryanair (RYA.I) and other airlines on a proposal to scrap a travel tax in exchange for a pledge to boost traffic to Irish airports. The government proposed scrapping the 3 euro travel tax in a bid to boost an economy that has been subject to a harsh austerity programme under an 85-billion euro European Union/IMF bailout. Transport Minister Leo Varadkar said he had decided to maintain the tax until next spring as the airlines involved in talks had failed to provide solid commitments on increasing capacity. The funds will be used to finance a tourism campaign.-Reuters
ISLAMABAD: PIA Shaheed Benazir Bhutto Flight Academy's (SBBFA) formal launching ceremony was held today at Shaheed Benazirabad District- Nawabshah Airport. The Academy was inaugurated by Chairperson National Assembly Standing Committee on Defence and MNA, Dr Azra Fazal Pechuho. Speaking at the occasion Ms Pechuho said that the inauguration of the Flight Academy has been made possible through the initiatives taken by the present government, President of Pakistan, Asif Ali Zardari and the personal efforts of Managing Director PIA, Nadeem Khan Yousufzai. . Pechuho praised the efforts of PIA management in the realisation of the Flight Academy. Ms. Pechuho said that there are a few female pilots but now after the opening of the Flight Academy, more should apply and that she would like to see women pilots flying commercial aircraft not only for PIA but for other airlines in Pakistan and globally as well. Managing Director PIA, Nadeem Khan Yousufzai said that he is grateful to President of Islamic Republic of Pakistan Asif Ali Zardari for having confidence in him to make the Shaheed Benazir Bhutto Flight Academy project a reality. He also appreciated the role of Director Standards and Special Projects PIA, Captain Junaid Younus, Director Flight Operations PIA, Captain Naveed Aziz and First Officer, Chakar Ali Shah, for their sincere efforts in this regard. He especially thanked Pakistan Civil Aviation Authority (CAAPakistan) for their co-operation.
MD PIA further said that the students who have completed their ground schooling and now are being trained for commercial flying. Insha'Allah their training will be completed on time and they will get the opportunity to serve airlines, he added. MD PIA wished them success in their future and said that he is hopeful that very soon students from abroad especially from brethren Islamic countries will join the Academy for the training of pilots. Director Standards and Special Projects PIA, Captain Junaid Younus, gave a brief to the gathered audience on the functionality of the Flight Academy. Captain Junaid Younus while briefing, said that the Academy will use modern training aids such as simulators, computer-based training facilities, models and actual aircraft instruments for training both at Nawabshah and PIA Training Center Karachi. Two Cessna 172N aircraft are being used for the said purpose; he said two more Cessna 172N join the fleet soon, he concluded. Later, during the ceremony, Managing Director PIA, Nadeem Khan Yousufzai, presented a Shield to the Chief Guest, Dr Azra Fazal Pechuho. The Chief Guest distributed Certificates among 15 trainee flying cadets on completion of their Ground Training. Towards the end of the ceremony Cadet Pilots flew off Cessna 172N aircraft at Nawabshah Airport. The Ceremony was attended by PIA Directors, Senior Officials of the airline, Businessmen, Bureaucrats, Ministers and Government officials. -Agencies
CDA launches train services for tourists ISLAMABAD: The Capital Development Authority (CDA) would shortly introduce a double-decker bus service to facilitate picnickers of Islamabad after launching a mini tourist train. "The tourist train is an attraction for the visitors in the federal capital. We are also planning to launch double-decker bus," said Chairman CDA Imtiaz Inayat Elahi talking to media after launching the train service named as Margalla Tourist Train. He said the project is a brain child of Tourist Division that has been established to promote tourism activities in Islamabad that would also enrich the commercial activities in the city. The Italian-made train would travel from Rose and Jasmine Garden and will move around different picnic points including Kashmir Highway, National Monument, Zero Point Interchange, Faisal Mosque, Marghazar Zoo, Japanese Park, Saidpur Village, Jinnah Super Market, 7th Avenue and Fatima Jinnah Park. The train has cost Rs 36 million and the CDA would charge Rs 200 for adult and Rs 150 for the kids, though it would charge half of the prescribed rates for a month to attract the customers. A special discount will be given to disabled persons. The wheel chair facility will also be available for persons with disability. Special routes have been approved for the train where it would ply on daily basis at speed of around 25 kilometres per
hour. The train would stop for around 30 minutes at each picnic point and after completing the round, it would reach final destination; Rose and Jasmine Garden. Special signboards would shortly be erected across the routes to inform visitors where the train would arrive. During summer season, the train would ply between 1800 hours to 1900 hours but on Sunday it would be available from 1000 hours to 1130 hours. The train timings in winter season would be 1530 hours to 1630 hours and 1100 hours to 1230 hours on Sunday. The chairman said initially only one train would ply and more such facilities would be added subject to the public response. To make the project a success, the CDA has coordinated with Islamabad Traffic Police and transport authority. During the travel, the visitors would be informed about the locations through a commentary. Besides, an instrumental music will also be arranged at various picnic points to allure the people aboard. The CDA chief told media that to retain all environment friendly and recreational projects, CDA has decided not to execute any mega project during fiscal 2011-12 as they usually incur major chunk of the budget. To a question as why the CDA has ignored lower income group by launching Park Enclave, the chairman said the civic body would shortly launch a housing project for the very group.Agencies
9
Thursday, August 4, 2011
Crude oil declines on growth, demand woes Long-term fiscal concern prevails after US avoids default LONDON: Oil prices fell on Wednesday with investors fretting about falling demand as top oil user the United States and the euro-zone face the prospect of long-term economic and fiscal challenges. Worries are growing that major economies may slip back into recession as Europe's debt crisis deepens and after global manufacturing data proved disappointing. The slowdown is having a direct impact on US oil demand as consumer spending and gasoline use crumble. Brent fell nearly $3 dropping below $114 a barrel by 1535 GMT, some $13 below this year's peak above $127 after US government data showed crude and gasoline stocks rose more than expected. US crude shed more than $2 to below $92 a barrel, the lowest intraday price since June 28. Earlier in the day, oil was quick to shrug off positive data showing US private employers added more jobs than expected in July as analysts said the focus remained on the longer term challenges for the world's largest economy and the eurozone's troubles.
"This is transitory," said Bob Andres, chief investment officer at Merion Wealth Partners in Berwyn, Pennsylvania. "The broader picture is still that unemployment looks to be heading up and we don't have an economic base here to bring unemployment down." Disappointing economic data this week, and a last-minute
agreement to avoid a US debt default have encouraged investors to reduce exposure to risk and seek the safe havens of the Swiss franc and gold. "The markets have already moved on to their next source of concern - a world without growth", PVM's David Hufton wrote in a note. "'It's the global economy stupid' is on everyone's lips, along with alarm at the failure of the euro-zone agreement to draw a line under Europe's debt crisis". Spanish and Italian 10-year government bond yield spreads over the benchmark German bund widened further on Wednesday as contagion from
the euro-zone debt crisis continued to spread. In Spain, data from the dominant services sector showed a sharp contraction in July, mirroring the weakness in factory output and signalling that the fragile economy could contract in the third quarter. Moody's Investors Service late on Tuesday confirmed its Aaa rating of the United States, citing the decision to raise the debt limit, but assigned a negative outlook that could pressure lawmakers to cut the deficit. The decision by Moody's came a few hours after rival Fitch Ratings upheld its AAA rating of the United States. Fitch also warned the world's largest economy must cut its debt burden to avoid a future downgrade. The greater need for fiscal discipline comes as the slowdown of the US economy intensifies. US consumer spending dropped in June for the first time in nearly two years and incomes barely rose, signs the economy lacked momentum as the second quarter drew to a close. -Reuters
Copper falls as US growth uncertainty lingers LONDON: Copper fell to a three-week low on Wednesday onmounting concerns that a slowdown in US growth would hurt demand formetals,but supply uncertainty helped limit further falls as a strike at Chile'sEscondida mine entered its 13th day. Benchmark copper on the London Metal Exchange was untraded at theclose but bid down at $9,530 a tonne from $9,680 on Tuesday. Earlier onWednesday, the metal used in power and construction earlier touched $9,520 atonne, its lowest level since July 12. The latest trigger for losses was weaker services sector data from theUnited States, which added to fears over the pace of recovery in the world'slargest economy and prompted concerns about demand for base metals. "The sentiment has been so negative over the past after disappointing (US)data, so the mood is bearish. The market is macro driven at the moment," saidAndreyKryuchenkov, an analyst at VTB Capital. Agreement by lawmakers on a last-gasp deal to raise the US borrowingcapacity and avoid a debt default failed to bring much relief as investorsfocused on the implications of tighter fiscal policy on US growth. Supply concerns, however, helped to limit further falls in copper asnegotiations between union officials and Escondida mine owner BHP Billitonstretched into a second
day on Wednesday. The strike at Escondida, the world's top copper mine, has stoked fears ofcontagion to other mines, fanning global supply fears, some analysts say. "Some in the copper industry fear that if BHP agrees to demands for a higherbonus at Escondida, workers at other
Shanghai copper inches up The most-active October copper contract on the ShanghaiFutures Exchange edged up 0.1 percent to 72,090 yuanper tonne, catching up with overnight gains in London, afterrising 1.9 percent in the last session. mines in Chile could follow suit withsimilar demands," ANZ said in a note. Escondida extracts 7 per cent of the world's copper. The possibility of a strike at Indonesia's giant Grasberg copper mine - theworld's secondbiggest copper deposit by output -intensified as union workers,citing higher pay in Chile, threatened to down tools again if Freeport McMoran fails to increase salaries. Markets were closely watching developments in the eurozone debt crisis,with caution prevailing as Italy's five-year bond yields reached the same levelas Spain's in a sign Rome is overtaking Madrid as a key focus of investorconcerns about debt sustainability.
Analysts at RBC said copper could break below the $9,600 a tonne mark in theshort term, with any weakness presenting a buying opportunity for investors. "Copper has seen a good support base around $9,600 for the past three weeks,but we think a test and break of that support line is inevitable in the shortterm. $9,000 is the next obvious line of support in the charts below that and wethink any test of that level should be treated as a buying opportunity." Reflecting soft demand for copper in the summer lull, cancelled warrants --the metal earmarked for delivery -- at 2.8 per cent of LME stocks of 465,850tonnes are the lowest since mid-April and have been falling since June 22. Aluminium slipped to $2,524 at the close from $2,583. The metal hasbeen helped by electricity supply concerns for smelters in China's Henanprovince. Analysts at Harbor Intelligence see some near-term weakness foraluminium but expect further upside to prices towards the end of the year. "Our models advise of the possibility of price weakness in the near term,with strong support at the $2,500-2,450 per mton (metric tonne) zone. China'smonetary tightening and ongoing sovereign debt issues in Europe and the UShave somewhat damaged market confidence at least to levels not fully consistentwith steady price increases. -Reuters
US cotton ends up but off 3-wk high NEW YORK: Cotton futures closed sharply higher, but not before setting a near threeweek high, after the US Senate passed a new debt bill, restoring confidence in soft commodity markets, analysts said. As upside targets were breached, the technical outlook became even more bullish, drawing new buyers into the market. "All agricultural commodities had experienced some pressure on the fear factor, as a cadre of investors exited the market on the unknown about what would happen with the debt ceiling," said Ron Lawson Managing Director of logicadvisors.com. "Upon passage, that fear was removed and they reentered the market. So on a macro sense, there was a bit of buying from that (factor)," he added. Key December cotton futures
on ICE Futures US ended with hefty gains, climbing 1.80 cents to $1.0685 per lb, a 1.7 per cent increase. Shortly before the finish it rallied up to $1.0862 per lb, a peak dating back to July 14. Though it failed to close a second gap at $1.0888, it did finish above Monday's high at $1.0532, which according to Mike Stevens, an independent cotton analyst in Mandeville, Louisiana, "would look extremely strong and set up a test of the key $1.0885 to $1.0888 gap, left the middle of July." Stevens cites an ultimate near-term target range between $1.1100 to $1.1200 per lb. Toward the end of cotton's session, President Barack Obama signed into law a measure to cut spending and raise the US debt ceiling, a necessary act to avert an unprece-
Indian sugar drops MUMBAI: India's sugar dropped on Wednesday on higher supplies of non-levy sugar for August and a slight drop in demand, dealers and analysts said. India has made available 1.703 million tonnes of nonlevy sugar quota for August, higher than 1.56 million tonnes it had released for the previous month, the consumer affairs ministry said in a statement on Aug 1. Non-levy, or free-sale sugar, is sold by millers in the open market, but the quantity each mill can sell is fixed by the federal government on a monthly basis. At 4:40 pm, the most active August sugar on the National Commodity and Derivatives Exchange was 0.67 per cent lower at 2,673 rupees per 100 kg. In Kolhapur, a key market in top producer Maharashtra, the most traded S-variety eased 0.84 per cent to 2,604 rupees ($58.8) per 100 kg. "Prices dropped due to higher quota. Sugar mills have also cut prices in tenders," said Ashok Jain, president, Bombay Sugar Merchants Association. "The downside is limited. We are in festival season. Demand is there. It will not allow prices to fall sharply." Demand for sugar usually rises between August and October due to festivals such as Ramadan and Ganesh. India should churn out 24.2 million tonnes in the current 2010/11 season and output may jump to 26.5 million tonnes in 2011/12, higher than the country's estimated consumption of around 22 million tonnes, estimates the industry. -Reuters
Tokyo rubber erases early losses TOKYO: Key Tokyo rubber futures erased earlier losses and ended higher on Wednesday as firmness in Shanghai rubber futures encouraged investors to buy back rubber, though weakness in oil and stocks on concerns over the US economy limited gains. The key Tokyo Commodity Exchange rubber contract for January delivery rose 3.9 yen, or 1 per cent, to settle at 391.1 yen per kg, after falling as low as 382 yen, or 1.3 per cent, earlier in the day. The most active Shanghai rubber contract for January delivery closed at 35,685 yuan ($5,542.698) per tonne on Wednesday, down slightly from Tuesday's close at 35,725 yuan per tonne. The contract rose as high as 36,045 yuan earlier on Wednesday, or up 1 per cent. Volume stood at 452,264 lots. Crude oil prices fell on Wednesday after ratings agency Moody's assigned a negative outlook to the United States, stoking concern that demand may fall as the world's top oil user faces longer-term fiscal and economic challenges. The euro rose to a session high against the dollar and the yen on Wednesday after eurozone retail sales data came in above market forecasts. Reuters
PUPUAN, BALI: Wayan Dira picks robusta coffee beans on his plantation in Pupuan village, Bali, Indonesia. -Reuters
Palm oil surges on Ramadan impact JAKARTA: Malaysian palm oil futures ended higher on Wednesday, boosted by early gains in agricultural markets and expectations of a spike in demand during the Muslim fasting month of Ramadan, but gains were capped by worries about the global economy. The benchmark October contract on the Bursa Malaysia Derivatives Exchange closed up 0.7 per cent at 3,136 ringgit ($1,059) per tonne. It earlier hit a peak of 3,144 ringgit, its highest since July 22. "We are also moving into fasting season, therefore production is going to go down and demand much higher," said one Kuala Lumpurbased trader. He added that the spread between bean oil and palm oil was widening, with 3,150 a resistance level for the latter. Chicago corn edged higher on Wednesday, climbing to an eight-week high after rising by its daily limit in the last session, as concerns over hot weather threatening to curb US crop yields continued to buoy the market.
The most active May 2012 soyoil on China's Dalian Commodity Exchange eased. "There is an expected drop in soyoil production (and) better-than-expected export figures," said a Jakarta-based trader. "Malaysia is also facing shortage of harvesters... which would be exacerbated during Ramadan, when workers return to Indonesia, thus affecting production." This week, benchmark palm oil prices have also been supported by rising export data. Exports of Malaysian palm oil products for July jumped 13.5 per cent to 1,628,688 tonnes, cargo surveyor Societe Generale de Surveillance said. Gains have been capped by persistent worries about the US and global economic outlook after a flurry of weak economic data, and despite the government passing a law to cut spending and raise its debt ceiling. Investors are also starting to switch attention to the USDA updated crop forecasts due to be released on Aug. 11. -Reuters
Gold sets record as debt fears flare, cbanks buy LONDON: Gold hit a record for a second straight day on Wednesday, powered by deepening fears over the spread of the euro-zone debt crisis, while the most recent batch of US data did not dispel concern about the world's biggest economy. The United States avoided an unprecedented debt default on Tuesday with a last-minute deal on raising the country's borrowing limit. But credit ratings agencies are unconvinced over resilience of US finances, especially as growth has been patchy enough to spark fresh market speculation about what policy measures the Federal Reserve might use to boost the economy. The nervousness over the US economy was compounded by the latest developments in Europe, where Italian bond yields rose to their highest in over a decade above 6 per cent, a level widely viewed as unsustainable, adding to the lure of gold as a safe-haven investment. Meanwhile, the International
Monetary Fund's monthly report on central bank reserves showed Thailand, Russia and Kazakhstan, among others, added to their holdings of gold two months ago, prolonging the trend in the official sector to put more of their reserves into bullion rather than hard currencies. Spot gold was last quoted at $1,668.06 an ounce, up 0.5 per cent on the day at 1410 GMT, having hit a record $1,672.65 earlier. US gold futures were
last up 1.6 per cent at $1,671.00 an ounce. "The current fundamentals in the gold market are supportive of these higher prices. The key factors that have been driving investment demand for gold - concerns about sovereign debt burdens, the longterm value of certain reserve currencies and fear of persistent inflation - are likely to continue for the foreseeable future," said Tom Holl, co-
manager of the BlackRock World Resources Fund. Data on Wednesday showed US private employers added more jobs than expected in July, though less than in June, but planned layoffs rose to a 16-month high, and the services sector grew at its slowest pace in 17 months. In Europe, Italy sought political support from the European Union as its stocks and bonds came under fire, while the Spanish prime minister held crisis talks about the worrying spike in yields. "If you look at the European bond markets, you will see yields on Italian and Spanish bonds are back above 6 per cent, so this crisis, unfortunately, seems to be spreading to Italy and Spain, which is also potentially more serious than Greece, because they're much larger," said Jesper Dannesboe, senior commodities strategist at Societe Generale. "Gold is reacting to this and that is the main driver right now," he said. -Reuters
National Commodity Exchange Ltd Trading Summary Date
3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011 3-Aug-2011
Commodity
Crude10 Crude10 Crude10 Crude100 Crude100 Crude100 SL100OZ SL100OZ SL100OZ SL100OZ SL500OZ SL500OZ SL500OZ SL500OZ GO1OZ GO1OZ GO1OZ GO100OZ GO100OZ GO100OZ GO100OZ GOLD GOLD GOLD GOLDKILO GOLDKILO TGOLD50 TGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD
Contract Date
Price Quotation
Open
High
Low
Close
SE11 OC11 NO11 SE11 OC11 NO11 SE11 OC11 NO11 DE11 SE11 OC11 NO11 DE11 SE11 OC11 NO11 SE11 OC11 NO11 DE11 AU11 SE11 OC11 AU11 SE11 AU11 AU11 MON TUE WED THU FRI MON TUE WED
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola
93.90 94.94 94.94 93.85 94.50 94.94 39.58 41.35 39.61 39.58 39.61 39.60 39.61 40.37 1625.70 1627.00 1626.20 1626.10 1625.60 1630.00 1642.00 45200.00 45200.00 45065.00 45014.00 45024.00 52504.00 52504.00 46208.00 46259.00 46157.00 46174.00 46,191 53,500 53,626 54,652
95.62 96.00 94.94 95.62 95.50 94.94 41.40 41.35 41.27 41.31 41.31 41.26 41.27 41.27 1680.00 1673.30 1674.10 1670.90 1680.00 1671.80 46291.00 46309.00 46319.00 46333.00 46281.00 46291.00 53981.00 53981.00 47474.00 47526.00 47543.00 47439.00 47,456 54,704 55,800 54,784
92.83 93.27 94.24 92.83 93.25 94.24 39.49 39.60 39.61 39.58 39.59 39.60 39.61 39.61 1624.90 1625.30 1626.00 1626.10 1625.60 1627.50 1628.20 45042.00 45052.00 45065.00 45014.00 45024.00 52504.00 52504.00 46208.00 46259.00 46157.00 46174.00 46,191 53,227 53,286 53,169
93.44 93.82 94.24 93.44 93.82 94.24 41.25 41.26 41.27 41.27 41.25 41.26 41.27 41.27 1670.90 1671.80 1672.50 1670.90 1671.80 1671.80 46291.00 46309.00 46319.00 46333.00 46281.00 46291.00 53981.00 53981.00 47474.00 47526.00 47543.00 47439.00 47,456 54,704 54,764 54,784
Traded Volume in lots 1,039 594 270 100 511 1 71 165 11 9,875 5,953 2,260 139 1 25 8 14 4 31 11
Previous Settlement Price 94.06 94.48 94.94 94.06 94.48 94.94 39.59 39.60 39.61 39.61 39.59 39.60 39.61 39.61 1626.10 1626.90 1627.50 1626.10 1626.90 1627.50 1628.20 45042.00 45052.00 45065.00 45014.00 45024.00 52504.00 52504.00 46208.00 46259.00 46157.00 46174.00 46,191 53,227 53,286 53,169
dented default on US government financial obligations. Once the measure was passed cotton traders resumed buying of cotton futures, which some players feared would only continue to gain with 30 per cent of the US crop already estimated to fail. Severe drought in the biggest growing state was expected to have damaged 40 per cent of the Texas crop, along with 30 per cent of the US crop overall, said Lawson. At some point, that will likely lead to a short squeeze as delivery date for December futures draws closer. In the meantime, the speculators/hedgers report released late on Monday and the CFTC's Commitment of Traders report on Friday continue to confirm that speculators are building long posiNote: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day tions. -Reuters
Current Open Interest Settlement in Lots Price 93.44 668 93.82 451 94.24 93.44 116 93.82 50 94.24 41.25 148 41.26 1 41.27 41.27 11 41.25 41.26 28 41.27 1 41.27 1670.90 2,723 1671.80 4,858 1672.50 863 1670.90 1671.80 33 1672.50 1673.20 5 46309.00 4 46319.00 9 46333.00 46281.00 46291.00 53981.00 53981.00 47474.00 47526.00 47543.00 47439.00 47,456 54,704 9 54,764 20 54,784 10
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Thursday, August 4, 2011
'Uproar' if run-out row in India, says Flower
BEIJING: Inter Milan soccer team players Thiago Motta (L) and Julio Cesar (R) pose for photographs with former player and staff member Luis Figo (2nd L) and Bedy Moratti, sister of Inter Milan president Massimo Moratti, at the launch ceremony of two new cloud-based smartphones called "Vision", made by Huawei Technologies Co Ltd, the world's No. 2 network equipment maker, in Beijing. -Reuters
Aussie Evans, Schlecks enter US cycling race DENVER: Tour de France winner Cadel Evans of Australia and fellow podium finishers Andy and Frank Schleck will race in this month's inaugural USA Pro Cycling Challenge, organizers said Tuesday. No American cycling race has ever boasted the top trio from the world's most prestigious cycling race, but the August 22-28 event that finishes in downtown Denver will see a world-class field compete over record climbs across the Rocky Mountains. "For us, this is a great validation for our inaugural event to have the entire podium from the Tour," Challenge co-chairman Shawn Hunter said. "Given the roster commitments we've had this week, we believe this will be one of the most competitive fields to ever race on American soil. We will end up seeing seven or eight of the top-10 finishers from the Tour." Evans rides for BMC Racing while the Schleck brothers ride for Team Leopard Trek. Andy is a three-time Tour de France runner-up while Frank won the 2010 Tour of Switzerland. Italy's Ivan Basso, a twotime Giro d'Italia winner, and American Levi Leipheimer are also in the field of 128 riders for the 518-mile race. Organizers have not heard from controversial threetime Tour de France winner Alberto Contador, who finished fifth in last month's race. "He certainly would add to the sizzle, but he may just take the month off and rest," Hunter said. The US race will feature the two highest climbs in competitive global cycling history on the same day during stage three, a taxing test that was needed and received special approval from the International Cycling Union. -APP
PCB to challenge ICC amendments ISLAMABAD: The Pakistan Cricket Board (PCB) legal team is devising a plan to challenge the International Cricket Council (ICC) on its constitutional amendment which blocks political or government intervention in the cricketing matters of its member boards. The PCB will be challenging the ICC on the amendment which, if implemented, will have a profound impact on the board as the country's President is its chief patron. The PCB had objected to the amendment but was left with
no choice but to accept it after all ICC members agreed to the change. However, the PCB, which had announced that it will meet government dignitaries to explain the amendment, now has no such plans. "We have no such plans," a PCB official told paktribune.com. "We're busy in preparing a legal case against the amendment. We'll finalise it in a month's time and then go to court." "The PCB is directly dependant on the government for a lot of issues. So to implement such a
change will be impossible for us," the official said. The PCB had also indicated the same view in its response to the Pakistan Task Team's (PTT) report on cricket in the country. "The circumstances in Pakistan are unique and cricket requires government support without which international cricket may not be able to return to Pakistan," the PCB had stated. "Having the president as patron of the PCB adds tremendous value and comfort," the source concluded. -APP
China's Peng hopes to match trailblazer Li's heroics SAN DIEGO,: China's Peng Shuai entered the U.S. hard court season with a careerhigh ranking and now holds hopes of some day matching the heroics of her trailblazing countrywoman, Li Na. Li became the first Chinese to win a grand slam singles title when she took the French Open in June, winning worldwide acclaim and marking another milestone in China's rapid rise as a force in the women's game. Twenty-five year-old Peng, long a stable-mate of Li's in their country's rigid Sovietstyle sport system, has taken heart at her compatriot's triumph at Roland Garros at the age of 29, and believes she might be in for some late blooming herself. "I think Asian players grow up later," Peng, who has soared to 17 from a world ranking of 72 at the start of the year, told a small group of reporters at the San Diego
Open. "It took me five years to break the top 20 but I'm really happy I never gave up." Like lion-hearted Li and Zheng Jie, who became China's first grand slam singles semi-finalist at Wimbledon in 2008, Peng has prospered from the Chinese Tennis Association's landmark decision in 2009 to allow its top women players to organise their own touring, coaches and training programmes. Where all but a handful of elite Chinese athletes are subject to gruelling training regimes and must surrender a large share of their earnings to the state that nurtured their careers, Peng can keep most of her winnings and has enjoyed renewing her relationship with coach Alan Ma. Ma guided a teenaged Peng into the top 50 in his first coaching stint in 2004-05 and has helped her become the
third Chinese player after Li and Zheng to crack the top 20 since taking over again last July. "The last few years weren't stable for me because I had injuries and changed coaches so many times, but now it's all coming together," said Peng, who broke now ground for herself by making the fourth rounds of the Australian Open and Wimbledon this year. "Alan and I understand and trust each other a lot. The coach is the mirror [of yourself]." Peng said Li's win at Roland Garros was huge in her country and had inspired a lot of people to take up the sport. She now hopes her hard-hitting game can help China break new ground at the U.S. Open starting Aug. 29, where no Chinese has made the last four. "A grand slam title is every player's dream but I really just want to try my best," said Peng. -Reuters
Aussies gear up for T20s against Sri Lanka COLOMBO: Australia's Twenty20 captain Cameron White said on Wednesday that he expects a tough contest against the hosts Sri Lanka during two upcoming matches. Australia will play the Twenty20 games on Saturday and Monday at the newly-built Pallekele International Stadium near Kandy, before taking on the hosts in five one-day internationals and three Tests. "The Sri Lankan team is obviously a very strong one," said White, who is slated to return home after the Twenty20 games as he is not a part of the one-day and Test squads.-Reuters
Women Volleyball Tournament tomorrow ISLAMABAD: The Punjab Volleyball Association in collaboration with Punjab Olympic Association is organising Azadi Cup One Day Women Volleyball Tournament on Thursday to celebrate Independence Day at Government Technical College for Women, Jain Mandar, Lahore. Major (R) Muhammad Afzal, Director General, Pakistan Olympic Association and Secretary Pakistan Volleyball Federation will be the chief guest on the occasion and will distribute Azadi Cup plus prizes to winner team and to all the participating teams, says a press release issued here. Ch Muhammad Tariq, (national referee) and Malik Bashir Ahmed, Muhammad Yasin will conduct the tournament as technical officials under the supervision of Muhammad Buksh Javed, secretary, Punjab Volleyball Association. -APP
NOTTINGHAM: England coach Andy Flower believes there would have been a "proper international incident' had an India batsman been run out in Ian Bell-like fashion in India. Bell was run out on the stroke of tea on the third day of the second Test at Trent Bridge after incorrectly assuming the ball had gone 'dead'. Although the England batsman, who'd then made 137, was not seeking to gain an extra run, India were well within their rights to run him out and, after several minutes of confusion, Bell was eventually dismissed. But India sportingly withdrew the appeal during the interval, following an approach by England, and the jeers of the crowd when the tourists returned turned to cheers when they saw Bell coming out to resume his innings. Bell eventually made 159 in a match England won by a crushing 319 runs with more than a day to spare as they went 2-0 up in the four-match series. Many former players said Bell had been in the wrong, with West Indies fast bowling great Michael Holding adamant the batsman should not have been reprieved having taken it upon himself to assume the functions of an umpire. India batsman Rahul Dravid said afterwards the thought of 'what if it had been one of us?' had played a key role in the withdrawal of the appeal and Flower insisted: "You should consider what their reaction would have been if the England side had run out an Indian player like that. "I'm not convinced there wouldn't have been uproar. "If an England side had done that in Mumbai (India star Sachin Tendulkar's home town), I think there would have been a proper international incident on the cards," the former Zimbabwe batsman added. "I don't think that's being
overly dramatic." Flower, who accepted Bell made a mistake, and England captain Andrew Strauss both approached India, whose coach Duncan Fletcher, like Flower a former Zimbabwe international, was previously in charge of England, to try to get the appeal rescinded. "We didn't think sitting in our changing room and fuming quietly to ourselves was going to do any good," Flower explained. "We thought communicating like that would be the way to go." India's withdrawal was hailed in some quarters as a triumph for the 'spirit of cricket' and 'common sense'. "I think this was one of those incidents where that rule (common sense) should be applied," Flower added. "I think he (Bell) used the word 'naive' and that's probably accurate. He was certainly innocent. "One of the factors that has not been discussed much is that the fielder's (Praveen Kumar's) body language, after stopping the ball, indicated that it was four because he showed no urgency in returning the ball to the wicketkeeper. "His whole body language gave the message to Bell that it was four. "So I do have sympathy for Bell, because the tacit message implied by the body language of the fielder was that it was four, but in no way was the fielder duping Bell." England will replace India at the top of the ICC's Test Championship table if they maintain or better a 2-0 lead in this four-match series, with victory in the third Test at Edgbaston, starting on August 10, assuring them of the number one position. However, Flower said: I would like to emphasise right now -- and we've done the same in our dressing-room -that we're ahead in the series but we're only halfway through the series."There is no point in triumphalism. We don't even know if we're going to win the series yet." APP
Shoaib gets better of Sania in tennis ISLAMABAD: Former captain national cricket team Shoaib Malik has taken to playing tennis and is elated at beating his star wife, Sania Mirza on a mini court. "I play tennis with Sania twice a week. I beat her at a mini court recently," Malik said during an interaction with media. Malik, who developed interest in the game after his marriage to the Indian tennis ace, said he was now aiming to beat her on a standard court. "I now want to win a game on a full-sized court," he said. Malik claimed that Sania's game had improved after their marriage. He said he was in India during the historic Pakistan-India Cricket World Cup semi-final but
regretted for not being able to watch it live. "I did not have a visa for Mohali," he said. He revealed that Sania was passionate about cricket and they (the couple) supported their respective countries during an Indo-Pak cricket match. "We watch the game together, she supports India and I support Pakistan," he said. About their marriage, the cricketer said both were happy. They are based out in Dubai but keep on visiting their native countries. "We live in Dubai but keep visiting both India and Pakistan. The High Commissions of the two countries have been very cooperative in issuing us visas," he said. -APP
11
International & Continuations
Thursday, August 4, 2011
Syrian forces occupy central Hama square
MOGADISHU:A newly displaced Somali family from the Bakool region walks through the streets of the capital Mogadishu. The Horn of Africa food crisis shows the need to provide the world's poor with better access to family planning as part of efforts to prevent future tragedies, the head of the United Nations Population Fund (UNFPA) said. - Reuters
UN declares 3 new regions in Somalia famine zones NAIROBI, Kenya: The U.N. has declared three new regions in Somalia famine zones, including the internally displaced communities in the Somali capital. The U.N. last month said that two regions in Somalia were suffering from famine. Wednesday's announcement raises the number of famine zones to five. The U.N. said Wednesday the prevalence of acute malnutrition and rates of crude mortality surpassed the famine thresholds in areas of Middle Shabelle, the Afgoye corridor refugee settlement and the Mogadishu internally displaced community. Somalia is suffering its worst drought in 60 years. Getting aid to the country has been difficult because al-Qaida-linked militants control much of the country's most desperate areas. An official with the African Union says a
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donor conference to raise money for Somalia famine victims has been postponed for at least two weeks. A conference had been scheduled for next Tuesday to bring together African leaders and international organizations to address the drought crisis. But Valerie Vencatachellum, a senior policy adviser at the Ethiopia-based African Union, said Wednesday that next week's conference was not scheduled with enough advance notice. Vencatachellum said it would be delayed at least two weeks so heads of state can attend. Vencatachellum is an adviser to A.U. deputy chair Erastus Mwencha. The Horn of Africa is suffering a devastating drought that has been compounded by conflict in Somalia, bad governance and spiraling food prices. - Net Monitoring
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The Prime Minister was responding to reservations of Parliamentary Leader of Fata in the National Assembly, Munir Khan Orakzai regarding the Presidential Ordinance about Fata and Pata (Provincially Administered Tribal Areas). Members of the National Assembly (MNAs) for various constituencies on Wednesday also asked the government to ensure smooth supply of electricity during Iftar and Sehr timings during the holy month of Ramazan. The National Assembly session on Wednesday was adjourned to meet again on Thursday at 1300 hours. - Agencies
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also warned the 11th hour deal had "failed to defuse Washington's debt bomb for good," while it mocked the drawnout negotiations between Republicans and Democrats as a "madcap farce of brinkmanship." The measure sent to Obama by deeply polarized lawmakers lifts cash-strapped Washington's $14.3 trillion debt limit by up to $2.4 trillion while cutting at least $2.1 trillion in government spending over 10 years, a step forecast to drag down already sluggish US growth. "It's an important first step to ensuring that, as a nation, we live within our means," Obama said in the White House Rose Garden. "This is, however, just the first step." - APP
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Singer, songwriter Eugene McDaniels dies in Maine TFD Monitoring KITTERY, Maine: Gene McDaniels, a singer who became a star in the 1960s after several Top 40 hits and later a hitmaking songwriter, has died in Maine. He was 76. Karen McDaniels told the Associated Press her husband died Friday at their home in Kittery after a short illness. McDaniels' song "Tower of Strength" peaked at No. 3 on the Billboard pop chart in 1961. He also recorded "A Hundred Pounds of Clay," ''Point of No Return" and other hits. He later earned success as a songwriter with tunes recorded by artists including Aretha Franklin, Gladys Knight & the Pips, Johnny Mathis and Ray Charles. His best-known song, "Feel Like Makin' Love," was originally recorded by Robert Flack. McDaniels is survived by his wife, five sons, one daughter and a sister.
Customs which shall be returned on filing the first sales tax return after import of the machinery. However, this facility is not available to the plant and machinery imported by commercial importers, he added.- APP
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months of accusing him of a power grab before a parliamentary election in March. But critics said it would boost concern about the increasing influence of the Revolutionary Guards, the military force which has expanded its economic activities in recent years. Ahmadinejad told parliament Qasemi was a "child of the revolution" with industrial as well as military experience. - Reuters
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The court had also directed the federal law secretary to issue notifications regarding the removal of these judges because they were no more entitled to hold their offices after April 20, 2010, the day the 18th Constitutional Amendment was passed. Seven judges have been facing contempt of court proceedings after they decided to challenge apex court's verdict on the issue. They were Justice Hasnat Ahmed Khan, Justice Syed Shabbar Raza Rizvi, Justice Syed Hamid Ali Shah, Justice (R) Iftikhar Hussain Chaudhary, Justice Syed Sajjad Hussain Shah and Justice Yasmin Abbasey and Justice Jahanzaib Rahim. - APP
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"Mohajirs are no longer Mohajirs here because it is their fifth country's borrowing limit. But, the focus turned to credit ratings agencies, which have warned the country could lose its top-notch generation that is now living in Pakistan," Altaf Hussain argued. Drawing attention of Sindhis, the MQM chief said 'if you are rating as its finances remain fragile. - APP 200-year old Sindhis then we are 70-year old Sindhis'. Continued from page 12 No #4 The MQM chief said the Army must come to Karachi and see the other major contributor of high inflation in Pakistan, fol- for itself who is involved in the killings. If even a single MQM lowed by gold prices, money supply and fiscal deficit. worker is found involved, action be taken against him, he added. In response to the question regarding the effectiveness of the "I want peace in Karachi at all cost. I hate violence. I want policy to curb inflation, a vast majority of the respondents (91.3 Pakistan to make progress and corruption be rooted out," he said, per cent) suggest that both monetary and fiscal policy should be adding, he was ready to renounce the party leadership if it could used to curb inflation. Monetary and fiscal policy in isolation is bring peace to the city. - NNI not an effective way to control the inflation. Continued from page 1 No #10 The best policy rate to control inflation according to 41.3 per He further said that if such appeals for consumption-spree are cent respondents is the lower policy rate. Some 39.1 per cent think that no change is required and only 19.6 per cent say it should be issued simultaneously by all parties of the city then it is possible that a huge pressure of demand may accumulate which would higher than the current policy rate (14 per cent). Pak rupee (Rs) is continuously under pressure since last several shoot up the prices of consumers' items eventually. He said that in case of any worst case scenario the possibility of months. According to the results of survey 75.6 per cent of the pilferage of essential items cannot be ruled out because in anarrespondents expect that the rupee (Rs) will depreciate in the next chy-like conditions such incidents are common phenomena. six months. About 15.6 per cent of the respondents expect that exchange Continued from page 1 No #11 rate will appreciate, while remaining are of the view that there He said Khar's visit was aimed at resolving peacefully all outwill be no change in it in the next six months Survey results indicate that experts are optimistic about growth standing issues through a "constructive and forward-looking dialogue and to establish cooperative and good neighbourly relarate in the next six months. About 41.3 per cent of the respondents are of the view that tions between the two countries, in an environment free from growth rate will remain the same in the next six months, whereas terrorism and violence." In a suo motu statement, he said India is committed to build "a 34.8 per cent expect higher growth in the coming months and 23.9 relationship of trust and mutually-beneficial cooperation in conper cent expect lower growth. - APP formity with the determination of the people of both countries to Continued from page 12 No #5 see an end to terrorism and violence and to realise their aspiratracking devices in transport vehicles. tions for peace and development." The secretary appreciated the suggestions put forth by the Giving details about his discussions with Khar, he said he had OICCI and acknowledged its contribution towards the economy underscored the importance that India attaches to the fulfillment of Pakistan. - APP of commitments made by Pakistan with regard to trial and investigation in Pakistan into 2008 Mumbai attacks. Continued from page 12 No #6 "I requested Pakistan to act on the assurance given to our sales tax on the import of plant and machinery, needed by the home minister by Pakistan interior minister in June 2010 on the industry. He said that the government has withdrawn the same vide noti- dossiers regarding seven specific individuals and the need to fication No SRO 727(I) 2011 dated August 1, 2011 and allowed provide voice samples," Krishna said. Pakistan was asked to investigate the linkages with "some eleclearance of the plant and machinery without payment of sales tax by the registered or industrial importers on submission of post- ments in the Pakistani security agencies" that had emerged from dated cheques only equal to the amount of sales tax to the the evidence presented in the Tahawwur Rana trial in the United States, he said. - Online
AMMAN: Syrian tanks occupied the main square in central Hama Wednesday after heavy shelling of the city, residents said, taking control of the site of some of the largest protests against President Bashar al-Assad. Human rights campaigners say more than 90 people have been killed in Hama since Assad launched a military assault Sunday to regain control, triggering international condemnation and calls from U.S. senators for sanctions on Syria's energy sector. Wednesday's push into the heart of the city coincided with the opening of the trial in Egypt of former president Hosni Mubarak, toppled by an uprising which shook the Arab world and inspired the protests against Assad. "All communications have been cut off. The regime is using the media focus on the Hosni Mubarak trial to finish off Hama," one resident told Reuters by satellite phone from the city. He said tanks, military units including paratroopers and special forces were seen moving to the central Orontes Square from the south, accompanied by militiamen known as 'shabbiha'. Residents said shelling concentrated on al-Hader district, large parts of which were razed in 1982 when Assad's late father President Hafez alAssad crushed an armed Islamist uprising, killing thousands. The plight of Hama has prompted many Syrians to stage solidarity marches since the start of the holy month of Ramadan earlier this week. But Assad's response suggests he will resist calls for change that have swept Syria and much of the Arab world,
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and has led to Western calls for tougher international measures. "The United States should impose crippling sanctions in response to the murder of civilians by troops under the orders of President Assad," U.S. Senator Mark Kirk said Tuesday. Kirk, a Republican, was introducing legislation in Washington to target firms that invest in Syria's energy sector, purchase its oil or sell gasoline. His bill was also sponsored by Democratic Senator Kirsten Gillibrand and independent Senator Joseph Lieberman, who said it was time to push for "a democratic transition that reflects the will of the Syrian people." Washington says Assad has lost legitimacy and has imposed sanctions on the president and his top officials, but has stopped short of directly calling on him to leave office as it did to Mubarak and Libya's Muammar Gaddafi. UN TALKS Human rights campaigners said the assaults by Assad's forces across Syria Monday and Tuesday had killed at least 27 civilians, including 13 in Hama. That brought the total to about 137 dead throughout Syria since Sunday, 93 of them in Hama, according to witnesses, residents and rights campaigners. The U.N. Security Council negotiated for a second day on Tuesday over a Westernbacked draft resolution condemning Syria, before adjourning until Wednesday. Diplomats said significant differences remained over the text and it had not been decided whether the end result should be a resolution or a
less weighty council statement. Russia and some other countries are pushing for what they say is a more balanced text that would blame both Syrian authorities and the opposition for the violence, but Western nations say the two sides cannot be equated. Syria's state news agency SANA said "hundreds of masked gunmen on motor bikes" had set fire to the main law court in Hama Monday afternoon and vandalized much of the building. It said "armed terrorist groups" had killed eight policemen in Hama. The government blames such groups for most killings in the fivemonth-old revolt, saying more than 500 soldiers and security personnel have died. Opposition and human rights groups say more than 1,600 civilians have been killed. Dozens of people were wounded Tuesday when demonstrators demanding the toppling of Assad in the western Damascus suburb of Mouadhamiya, the northeastern city of Hasaka and the port city of Latakia came under fire after the nightly prayers, residents said. "Ten buses full of security entered Mouadhamiya. I saw 10 youths falling down as I was running away from the gunfire. Hundreds of parents are in the streets looking for their sons," said one witness in Mouadhamiya, 30 km (20 miles) from the Israeli-occupied Golan Heights. In the eastern Damascus suburb of Erbin, a witness told Reuters that one mourner was killed Tuesday when Assad's forces fired at a funeral for five residents shot dead by security forces there Monday. Reuters
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Advisor to the Special Representative for Afghanistan and Pakistan Rear Admiral Philip Davidson. Minister for Defence Ch Ahmad Mukhtar, Minister for Foreign Affairs Hina Rabbani Khar, Senator Sughra Hussain Imam and other senior officials of the ministries of foreign affairs, interior and defense were also present on the occasion. - NNI
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aThe final decision would be taken in this regard on the occasion of commissioners' conference today (Thursday). The main reason of revision of revenue targets downward is said to be slowdown in economy and high inflation apart from poor law and order situation. The evidence of slowdown in economy is that in first month of the current fiscal year, apex tax collector could have collected only Rs80 billion which is far below the level collected in same month of previous fiscal. Moreover, a major reshuffle in Federal Board of Revenue is on anvil which would be made after commissioners' conference. In this regard tax authority has decided to transfer several senior officers of FBR in Sindh Revenue Board (SRB) and new appointments on vacant posts of BPS 19 to 21 will be made shortly. According to sources, FBR has finalised the posting and transfers of dozens of chief commissioners, commissioners and additional commissioners of the Large Tax Payer Units and Regional Tax Offices. The FBR chairman has decided to appoint honest and reputed officers at the lucrative jobs and those ill-reputed officers would either be removed or cornered to newly established SRB.
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an opportunity for us to answer any questions they may have, so that we can move forward." Livesey said Tethyan would negotiate but would not increase the provincial government's equity stake as part of negotiations, on the grounds the project would cease to make economic sense. "The economics dictate that a 25 per cent stake already gives the government of Baluchistan and the government of Pakistan more than 50 per cent of the returns on the project," he said, adding the venture could still negotiate on how returns are distributed between royalty and equity and work out a means of reducing the government of Baluchistan's liability. - Reuters
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DLF Ltd fell as much as 5.5 per cent to 215.20 rupees a day after the leading listed real estate developer posted a 12 per cent fall in quarterly net profit, hit by higher operational and land costs, and as it received a tax notice of 5.5 billion rupees in the quarter from the authorities. The 50-share NSE index fell 0.95 per cent to 5,404.80 points. In the broader NSE market, 903 losers led 524 gainers on total volume of about 573 million shares. Indian engineering and construction firm Larsen & Toubro dropped 4.3 per cent to 1,658.75 rupees on concerns it may have to cut its growth outlook due to rising interest rates and a slowdown in projects. Auto stocks including Tata Motors and Mahindra and Mahindra fell 2.95 and 2 per cent respectively, on worries over slowing demand as sales growth has been nearly flat in recent months, with higher fuel prices and rising interest rates denting demand. On Tuesday, the S&P 500, Wall Street's benchmark index, lost 2.6 per cent while global stocks, as measured by MSCI's world equity index, slipped into negative territory for the year to date. MSCI world equity index was down 0.41 per cent by 1051 GMT, while emerging equities slipped 1.5 per cent.-Reuters
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the third most actively traded stock by turnover. On Tuesday, it reported its first quarterly loss in two years after the March 11 disaster virtually halted production, and warned that the stronger yen was hobbling it in its battle against South Korean rivals. While the loss was smaller than investors feared and the world's largest automaker said supply chains were recovering quickly, some market players pointed to Toyota's lower profitability compared with rivals such as Nissan Motor and Honda Motor. "The yen has also appreciated against Asian currencies, causing concern in global markets about diminished competitiveness at Japanese firms compared with Asian rivals," said Fumiyuki Takahashi, managing director at Barclays Capital. "Concerns about lower corporate earnings, especially export-oriented firms, and worsening corporate sentiment are weighing on share prices," he added. Japan's top three banks were also hurt after Daiwa Securities Capital Markets cut its ratings on them to "neutral" from "outperform", citing the lack of a catalyst for short-term price rises as the lenders have yet to see any sign of a pickup in loan demand. Underscoring the bearish mood on the market, as many as 1,538 issues declined, while only 91 advanced.-Reuters
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Lawmakers call for Karachi free of weapons ISLAMABAD: Ambassador of UAE HE Ali Saif Sultan Al-Awani called on Federal Minister for Foreign Affairs, Hina Rabbani Khar on Wednesday.-APP
Pak, India gold prices at new peak
Survey shows optimism on growth rate ISLAMABAD: According to inflation expectations survey released here on Wednesday by Pakistan Institute of Development Economics (PIDE), people are optimistic about increase of growth rate in the coming months. However, public is also expecting high inflation and unemployment in the coming month, the survey revealed. According to respondents, persistent high inflation, policy credibility and prevailing law and order situation are the major sources of public expectations about future high inflation. Respondents think that inflation in Pakistan is largely driven by bad governance, food prices, utility prices and oil prices. According to survey results, only high policy rate is not suitable to meet the inflation target (i.e. 12 per cent). In the current PIDE Inflation Expectations Survey, respondents
No sales tax on plant, machinery hailed KARACHI: Federal advisor on Textiles, Dr Mirza Ikhtiar Baig has hailed the sales tax exemption on plant and machinery and said it is a big relief for the importers of textile machinery and would encourage capital investment in the country. In a statement here Wednesday, Baig said that he had also taken up the matter with Ministry of Finance and Chairman Federal Board of Revenue (FBR) to withdraw See # 6 Page 11
Iran inducts military man as oil minister TEHRAN: Iran's parliament approved President Mahmoud Ahmadinejad's candidate as oil minister on Wednesday, putting a military commander who is under US and EU sanctions in charge of oil and gas in one of the world's biggest crude producers. A majority of lawmakers 216 of the 246 present - voted for Rostam Qasemi, a Revolutionary Guards commander who headed the elite military body's construction and engineering company, sending a defiant message to Iran's foes. The vote also signalled an easing of parliament's hostility towards Ahmadinejad after See # 7 Page 11
expect 15 per cent inflation for July 2011 and August 2011. Results also indicate that expected inflation will remain about 15 per cent for the next six months and 15 per cent for the current year (2011-12). According to respondents (44.4 per cent), persistence of high inflation is fuelling public expectations about future high inflation, followed by policy credibility (20 per cent), law and order situation (17.7 per cent), political crises in some of the oil producing countries and implementation of RGST (13.3 per cent). According to the survey 36.4 per cent respondents think that bad governance is the major cause of high inflation. Other important causes are food prices (29.5 per cent), utility prices (22.2 per cent) and oil prices (15.9 per cent) are See # 4 Page 11
ISLAMABAD: Gold prices in Pakistan jumped whereas in India which is the world's largest bullion consumer, hit new highs Wednesday tracking firm overseas markets particularly US debt deal which failed to assuage concerns over the health issues. Fresh gold rates in Pakistan surged at a uniform maximum high across the country with 53,500 per tola on Wednesday, a private TV channel reported. Gold demand in India is highly sensitive to prices. Demand is already weak due to seasonal slackness and traders fear the upward spike in prices will squeeze out demand from sluggish physical markets ahead of the festive season that starts Sept. 1. The United States managed to avert an unprecedented debt default on Tuesday after lawmakers agreed to raise the See # 3 Page 11
ISLAMABAD: Political leaders of different parties in the National Assembly on Wednesday called for de-weaponisation of Karachi to maintain peace and end violence in the city. Minister for Railways Haji Ghulam Ahmed Bilour, who belongs to Awami National Party (ANP) said the House wanted to know how peace would be restored in Karachi. However, he added that use of force was not the panacea for all ills. He called for de-weaponisation of Karachi and added that the magistracy system would be helpful in restoring peace. Ahsan Iqbal of Pakistan Muslim League-Nawaz (PML-N) said that up to 1139 persons have fallen victim to violence in the mega city during the last six months. He demanded a briefing to the House by the heads of security insti-
tutions to get first-hand information about Karachi. Taking part in the debate, PML-N leader Makhdoom Javed Hashmi said that the leadership of all political parties should join hands to address the Karachi issue. He proposed a national commission to resolve the issue on permanent basis. MQM's Abdul Qadir Khanzada said that violence was a part of conspiracy to create unrest in the economic hub of the country to derail the economic stability. He criticized the provincial government for poor law and order situation in Karachi and said that the deteriorating situation was provoking people to take law in hands for their own protection and Interior minister Rehman Malik said that 3,143 terrorists were arrested during the last three years. The interior minister said this in a
written answer to the National Assembly that law enforcement agencies arrested 3,143 terrorists from various parts of the country during the last three years. He said that 231 terrorists from Punjab, 145 from Sindh, 343 from Balochistan, 2,103 from Khyber Pakhtunkhwa, 106 from GilgitBaltistan, 80 from Federally Administrative Tribal Areas, five from Azad Jammu and Kashmir and 106 terrorists were arrested from federal capital Islamabad. Prime Minister Syed Yousuf Raza Gialni on Wednesday said that the Members of Parliaments (MPs) from Federally Administered Tribal Areas (FATA) would be taken into confidence regarding the Presidential Ordinance and assured them that their suggestions for amendments into it would be accommodated. See # 1 Page 11
Debt bill signed but US markets still wary WASHINGTON: The US debt mountain undermined financial markets Wednesday despite President Barack Obama signing a major austerity bill which raises the borrowing ceiling and averts default. Credit rating agencies said they were still keeping a watchful eye on the ability of the United States to cope with its debt. Global stocks fell under the twin pressures of lingering concern about the long-term health of the US economy, and a sharp resurgence of the debt crisis in the eurozone despite a package of emergency measures two weeks ago. Obama cautioned Tuesday that the contentious US plan was "just the first step" on a long road to economic recovery. But in a sign that the economic headaches were far from over for Washington, Chinese rating agency Dagong said Wednesday it had downgraded the US credit rating after the debt ceiling for the world's biggest economy was raised. In a castigating review of US efforts, China's official Xinhua news agency on Wednesday See # 2 Page 11
APTTA declared revenue raiser KARACHI: Afghanistan-Pakistan Transit Trade Agreement (APTTA) is not against the interests of Pakistan and will result in increased revenue for the country by providing access to landlocked Central Asian markets. This was stated by the Secretary Commerce, Zafar Mahmood while speaking at the Overseas Investors Chamber of Commerce and Industry (OICCI) during his recent visit to hear the concerns and suggestions of its members to facilitate commerce and industry in the country. According to OICCI press release here Wednesday, its members highlighted key issues faced by the multinational companies in Pakistan, including circular debt, the patent issues faced by the pharmaceutical sector, cross border trade with India as well as the security situation in Karachi which members stated is disrupting the business.
OICCI complemented Secretary Commerce on achieving record level of exports, especially for textiles and agribased products, which have helped improve the balance of payments and foreign exchange reserves in the country. On the matter of APTTA, Mahmood clarified that APTTA does not cover goods that are bound for Afghanistan for the International Security Assistance Force (ISAF) since this was a military agreement and the Ministry of Commerce was not involved in it. On the issue of cross-border smuggling, Mahmood stated that the government has taken up strong measures to control smuggling under the APTTA, including the imposition of duty on imports under APTTA which will only be returned once the goods safely reach Afghanistan through verification by See # 5 Page 11
AG asked to explain on PCO judgesâ&#x20AC;&#x2122; issue ISLAMABAD: The Supreme Court on Wednesday issued a notice to the Attorney General for Pakistan to appear on Friday and explain position regarding issuance of de-notification of a number of former judges who took oath under annulled Provisional Constitutional Order of 2007. A larger bench headed by Chief Justice Iftikhar Muhammad Chaudhry on a set of appeals had directed the government on May 18 to issue a notification under its previous order declaring a set of former judges who served after Pervez Musharraf's proclamation of emergency of November 3, 2007 and
making whole of superior judiciary dysfunctional. The hearing of the case was fixed before a bench headed by the Chief Justice. On May 18, in its detailed judgment on the PCO judges' intra-court appeals, the Supreme Court held that since the November 3, 2007 actions of former president Pervez Musharraf were declared unconstitutional in its July 31, 2009 order and later not validated by the Parliament in the 18th Amendment, so all the PCO judges ceased to hold offices. See # 8 Page 11
Floods: Aid continuity urged ISLAMABAD: One year on from the worst ever floods to hit Pakistan, international aid agency World Vision has called for relief efforts to be ramped up for at least another year just to get families back to their pre-flood level of living. Last year's floods, which affected more than 20 million people and wiped out an area the size of the UK, were the fourth major emergency to hit Pakistan in almost as many years: from the Kashmir earthquake in 2005 to widespread flooding across South
Asia in 2007 and the refugee exodus, after the outbreak of conflict, in 2009. Head of World Vision Pakistan, Alexander Davey, said: 'Pakistan sits on the frontline of disasters, and communities already living in extreme poverty are simply not being given time to recover from the last blow they were dealt. Children face heightened vulnerability after any disaster, but particularly in Pakistan where serious issues such as malnutrition were already a
cause for concern. The flooding washed away crops, destroyed 5.4 million acres of land and, as food prices rise, child malnutrition has increased to almost 25 percent in worst-hit areas like Sindh. In the past year the aid agency has reached an estimated 1.5 million people with food distributions, clean drinking water, hygiene kits, blankets, shelter and by establishing women and infant-friendly spaces across three of Pakistan's four provinces. - Online
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