International Karachi, Monday, June 6, 2011, Rajab-ul-Murajjab 3, Price Rs12 Pages 12
Malik says 98pc sure Ilyas Kashmiri is dead
Corruption costs CDA over Rs9bn
See on Page 12
Yemen President in Riyad for surgery
See on Page 12
Chaudhrys against Zardari as President
See on Page 12
-Page 12 Economic Indicators $17.34bn 14.00% $20.15bn $32.26bn $(12.11)bn $748mn $9.05bn $1.53bn Rs 1147bn $59.54bn Rs 5617bn $649.9mn 6.75% 4.10% $1,051 176.24mn
Forex Reserves (28-May-11) Inflation CPI% (Jul 10-May 11) Exports (Jul 10-Apr 11) Imports (Jul 10 - Apr 11) Trade Balance (Jul 10 - Apr 11) Current A/C (Jul 10- Apr 11) Remittances (Jul 10 - Apr 11) Foreign Invest (Jul 10-Apr 11) Revenue (Jul 10 Apr 11) Foreign Debt (Mar 11) Domestic Debt (Apr 11) Repatriated Profit (Jul- Apr 11) LSM Growth (Mar 11)
GDP Growth FY10E Per Capita Income FY10 Population
Portfolio Investment SCRA(U.S $ in million)
248.57 3.55 0.89 2791
Yearly(Jul, 2010 up to 3-Jun-2011) Monthly(May, 2011 up to 3-Jun-2011) Daily (3-Jun-2011) Total Portfolio Invest (21-May-2011)
NCCPL (U.S $ in million)
FIPI (3-Jun-2011) Local Companies (3-Jun-2011) Banks / DFI (3-Jun-2011) Mutual Funds (3-Jun-2011) NBFC (3-Jun-2011) Local Investors (3-Jun-2011) Other Organization (3-Jun-2011)
6.25 0.36 -0.39 -1.24 0.09 -4.99 -0.07
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Commodities Crude Oil (brent)$/bbl 115.84 Crude Oil (WTI)$/bbl 100.22 Cotton $/lb 138.70 Gold $/ozs 1,542.40 Silver $/ozs 36.19 Malaysian Palm $ 1,130 GOLD (NCEL) PKR 42,554 KHI Cotton 40Kg PKR 9,109 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 91.50 Canadian $ 87.20 Danish Krone 16.20 Euro 125.30 Hong Kong $ 10.70 Japanese Yen 1.054 Saudi Riyal 22.85 Singapore $ 69.25 Swedish Korona 13.45 Swiss Franc 97.10 U.A.E Dirham 23.35 UK Pound 140.80 US $ 86.05
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Senior journalists, Multan Press Club office-bearers, Ulema meet Gilani
PM terms budget as best possible Says presented a pro-people budget, pledges to control price hike, load-shedding MULTAN: Prime Minister Syed Yousuf Raza Gilani Sunday said the government had announced the best possible budget based on realities under the present circumstances to improve the national economy. The Prime Minister was talking to a delegation of resident editors of newspapers, senior journalists, office-bearers of the Multan Press Club (MPC) and newspaper Hawkers, which called on him at the local Circuit House. He said the government was working hard to resolve the problems it had inherited after coming to power. He said that it was the best possible budget amid challenges, including global recession, security situation and the cost of infrastructure revival in the post-flood situation. Prime Minister Gilani said
KP Govt says 'no' to agri-tax PESHAWAR: The Khyber Pakhtunkhwa (KP) government has decided not to levy any tax on agriculture sector in the upcoming provincial budget for the fiscal year 2011-2012. According to the sources, the federal government had issued directives to all the four provinces instructing them to impose tax on their respective agriculture sectors. In this connection, the provincial finance department had made arrangements to levy agricultural tax in 25 districts of the province and list of tax defaulters was also prepared. Sources added that during the meeting of the Council of Common Interests (CII), Khyber Pakhtunkhwa government rejected the proposal to impose agricultural tax; however, it was compelled to raise and impose taxes in the agriculture sector when it was pressed further by the federal government. However, after the strong criticism and opposition from the members of the provincial cabinet, KPK government has decided not to impose tax on agriculture sector for the fiscal year 2011-2012. -Online
DG Rangers, his son laid to rest CHINIOT: Director General Pakistan Rangers Punjab, Maj Gen Muhammad Nawaz and his son captain Asif Nawaz who died in a helicopter crash were laid to rest at their native village chak no 126/GB, Neekokara here Sunday. They were buried near their residence beside the mazar of Pir Shah Muhammad with full military honors. A large number of people, family members, and elites of the area and officers of district administration attended the funeral prayer. A guard of honor was also presented to the late DG Rangers and his son. Later, floral wreaths on behalf of President Asif Ali Zardari, Prime Minister Syed Yusuf Raza Gilani, COAS General Pervez Kayani, chiefs of Navy and PAF and Interior Minister Rehman Mail were laid on the graves of late Maj Gen Muhammad Nawaz and his son Capt Asif Nawaz. Strict security arrangements were made on this occasion.-APP
that the provinces had received more resources under the 7th NFC Award. He said the Pakistan People's Party (PPP) was a symbol of national unity and Federation and it had rendered numerous sacrifices for the cause of democracy. He said the PPP would not act during the budget session of the Punjab Assembly like the opposition which had made the National Assembly session noisy. "The party will not adopt an undemocratic behavior which is contrary to parliamentary traditions," he said, and added that it would prefer to set good traditions and norms. He also said that the party would not take any step to destabilize the Punjab government. Referring to a public demand for Seraiki province, he said the PPP Manifesto
Committee was working on the soon be able to see relief, and similar sincere efforts regard- and NFC awards, while issue which would give due said that government had taken ing transferring of resources See # 7 Page 11 consideration to the sentiments of people. He directed the local administration to expedite work on the journalists colony in Multan. He also asked them to locate a proper space for establishment of a newspapers market in the city. On a demand by newspapers editors and journalists, Gilani said that PID in Multan and other areas would be upgraded and modernized. Talking separately to the office-bearers of Multan Press Club, and Ulema, he said that despite such massive challenges as floods, terrorism and extremism, this budget was a 'great achievement', which showcased National economy as 'heading for successes'. QUETTA: Prime Minister Yousuf Gilani meeting with Chief Minister Balochistan Nawab He assured that masses would Aslam Raisani and Governor Balochistan Nawab Zullfiqar Magsi at CM House.-APP
Last Week
Foreigners pour $7.12m into KSE Ghulam Raza Rajani KARACHI: Offshore investors remained active in local bourses as foreign fund mangers once again emerged as net-buyer in Pakistan equity market with $7.12 million in the last week as per the National Clearing Company of Pakistan Limited (NCCPL) data. Furthermore, foreign investment hiked 326 per cent WoW compared with $1.7 million witnessed in week ended on 27th May 2011. On the other hand, KSE 100Index ended higher in the last week with decent volumes as investors remained optimistic about removal of capital gain tax. KSE 100-Index marginally up by 0.1 per cent or 11.14 points at 12,236.66.
Weekly average volume witnessed increased by 24.2 per cent to 102.93 million shares against 82.89 million shares traded week before last. Foreign investors deciding for buying fresh position as they bought shares worth $13 million and sold $5.87 million, resulting in net buying of $7.12 million during the last week. Furthermore, other organization, local companies and NBFC remained on the buying side with shares worth $3.10 million, 1.16 million and $0.26 million respectively. On the other hand, biggest weekly selling were witnessed from Mutual funds which sold $16.02 million of shares in the local bourse against the buying of $10.10 million, thus turning the net selling worth of $5.92 million.
CGT relations
Budget bashes brokers' hopes Market to react negatively, says Ari Habib Nawaz Ali KARACHI: Following the government of Pakistan's decision of not giving relaxation on Capital Gains Tax (CGT), the stock markets according to brokers are likely to see some bearish activities in the upcoming sessions over this disappointment. "Investors are very disappointed over it and stock market is expected to see a negative reaction", said Arif Habib Chairman Arif Habib Group while talking to TFD. He said that we were asked to sent proposal which the management did and there were indications that CGT on individual investors would be replaced with presumptive tax but don't know what went wrong at the last minute, he added. It should be noted that Karachi Stock Exchange (KSE) had proposed government to exempt retail and small investors from CGT and that they would continue to pay 0.02 per cent withholding tax (WHT) as a final tax liability.
But no specific announcement regarding it was made in the budget announcement on Jun 3. Director Karachi Stock Exchange Mohammad Sohail said that after the recent round of meetings with Ministry of Finance and FBR, it was expected that CGT may be deferred at least for the individual investors who have been deserting the market causing volumes in FY11 to decline to 8-year low of Rs 4 billion a day down 50 per cent from last year. This will not only affect the market depth and volumes but will have adverse implications to the government plan to privatize its units through the stock market, he added. "We expect the market to react negatively on Monday (today) by 100-200 points", said Sohail. It is worth mentioning that stock markets witnessed some improved activities in the last few days on hopes of some good news regarding CGT in the budget but the said decision is definitely a shock to the investors.
Sindh budget on 10th Staff Reporter KARACHI: Sindh Minister for Finance, Syed Murad Ali Shah has said provincial budget for next fiscal would be presented in the Sindh Assembly on June 10. "Provincial budget will be presented next Friday," said the Minister while talking to media here after a meeting with the Chief Minister Sindh Syed Qaim Ali Shah.
Pepco told not to cut KESC supply ISLAMABAD: Ministry of Water and Power has instructed PEPCO not to cut off electrify of Karachi Electric supply Corporation (KESC) due to non-payment of due of Rs 28 billion. Earlier Pepco had issued the notice to KESC for the payment of Rs 28 billion dues otherwise their supply would be suspended. However Minister of Water and Power Syed Naveed Qamar took notice into the matter and ordered to resolve it within three days, whereas KESC management has been asked to arrange the payment. DG Pakistan Electric Power Company (PEPCO) Muhammad Khalid has said that KESC has not repaid its dues yet due to which Pepco is facing financial hardship as it purchased the electricity worth of Rs 90 billion since 2008. On the other hand the sources in KESC claimed that they had paid Rs 44.5 billion to Pepco during last four and half months. He told Online that KESC has to recover Rs 41 billion out of which Rs 31 billion are outstanding against the federal and provincial governments' departments. He said that KESC has been paying all its dues regularly since three years. -Online
Gujranwala blast toll reaches to 6
Blasts claim 25 lives across Pak 19 dead in Nowshehra bakery blast: Police NOWSHEHRA/ GUJRANWALA: Atleast 19 people have been killed and 20 injured in a blast that ripped through a bakery in Cantonment area here on Sunday, media reported. Gas cylinders present in the bakery also blew up due to the blast, triggering huge fire that engulfed the whole bakery. Fire tenders, ambulances and other emergency services rushed to the blast site to kick start rescue efforts. Meanwhile, the death toll in an explosion on Sheikhupura Road here increased to six, when a woman, a heart patient under treatment in the nearby cardiac hospital couldn't sustain the thud of the blast and breathed her last, while eight persons were wounded, two buildings and three shops were razed to the ground. Bomb disposal squad was still groping in the dark about the nature of the blast. The blast occurred at 2.45 A.M. in the night, which turned into debris a private bank's building, a house adjacent to it and three shops, while glass panes of the hospital also
shattered. Bomb disposal squad spokesman commander Muhammad Iqbal said that the nature of the explosion could only be ascertained after the debris were cleared. Gujranwala SP Saddar, Shoaib Janbaz said that it could not be ascertained as yet whether the explosion took place due to leakage of gas or explosives. On the other hand, Sui Gas department claimed that such a big blast was not possible due to gas leakage. However, the gas leakage started after the blast from the pipeline passing through near the bank and the gas pressure was controlled after one and a half to two hours. Eyewitnesses said the blast was so huge that the entire area was drowned into clouds of smokes. Three bodies have been retried from the debris of the bank's building by the rescue teams after several hours of struggle. The injured have been shifted to the District Headquarter Hospital of which two are in critical condition. -Agencies
Rs40bn refunded during FY11: FBR ISLAMABAD: Federal Board of Revenue has refunded Rs 40 billion in the last fiscal due to streamlining of its refund-system, this was stated by finance minister Dr Shaikh. Shaikh said the refund system has been streamlined during the current year, and as a result 46,000 cheques worth Rs 40 billion were issued whereas during last year only 13,000 cheques worth Rs 16 billion were issued as refund amount. Finance Minister said that government wants to facilitate the taxpayers and in this regard FBR brought reforms in the refund system which refunded record amount during this year", he said, added the tax on banks cash withdrawal has been reduced from 0.03 percent to 0.02 percent. He said we were determined
to provide maximum relief to the public by abolishing all taxes except the income tax and sales tax. "In order to increase the tax revenue, we have identified more than 700,000 rich people and as many as 70,000 people have been issued notices", he added. He said federal excise duty on 15 items has been totally abolished while duty on beverages was reduced from 12 to 6 percent and duty on cement has been reduced from Rs 700 per tonne to Rs 500 per tonne. He said special excise duty on 100 items has also been eliminated while the regulatory duty on 392 items has also been abolished. He said the minimum annual taxable income was increased from Rs 300,000 to Rs 350,000. -APP
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Monday, June 6, 2011
Mixed reaction to Budget FY12 DASKA: Leaders belonging to different political parties and people from various walks of life expressed mixed reaction to the Federal budget 2011-12. PML-N leader Ejaz Ahmad Sheikh said the government had failed to give relief to the masses in the budget. He demanded serious measures to check price hike and inflation. PPP city president Ch Zahid Bashir praised the
federal budget and termed it a balanced and public friendly one. He said the government had provided relief to common people by increasing salaries and pensions and ending regulatory duty on 392 items. He stated Pakistan had been fighting a full-scale war against terrorism and presentation of a balanced budget in the state of war was a big achievement by the government. He condemned PML-N for creating fuss during
the budget speech in the National Assembly and termed it an anti-democracy and added the PMLN had learnt no lesson from the past. JI district president Hafiz Tahir Aslam said the budget was not for the poor. He said the rulers provided no relief to the masses. He said prices of daily use items were increasing and the government had announced an increase in the salaries of the government employees
by 15 per cent, but the prices of most of the commodities would increase by 30 per cent in a few months due to inflation. He said the government failed in checking and controlling price hike. Pakistan Tehrik-eInsaf (PTI) Mir Farooq termed the budget a jugglery of words. He said PPP and PML-N leadership were looters and cheaters and the Federal Budget had exposed their real faces.-Online
Budget termed devastating for computer and IT sector Staff Correspondent ISLAMABAD: While expressing disappointment on Federal Budget 2011-12, Pakistan Computer Association (PCA) has said that the impact of budget would be fatal for already crippling computer industry in the country and hence, it would further deteriorate education sector. Munawar Iqbal, Central President of PCA said that withdrawal of GST exemptions on surgical tapes, ultrasound gel, diapers for adults (patients), bricks and building blocks of cement, computer software, ambulances, firefighting vehicles, waste disposal trucks is highly regrettable decision which would add to miseries of the common man. Munawar Iqbal said that the increase in the prices of computer
Pak-Iran coaction in health sector stressed ISLAMABAD: Pakistan and Iran have underlined the need for cooperation in health sector. Pakistan Health Minister, Mian Riaz Hussain Pirzada, in a meeting with Iranian Ambassador Masha'Allah Shakeri has discussed matters of mutual and bilateral interest with special reference to co-operation in health sector and energy. The Ambassador invited the Health Minister of Pakistan to visit Iran for enhancing co-operation between the two countries in the filed of health and energy sector, a Health Ministry statement said. The Minister thanked the Ambassador and said that Pakistan and Iran have common faith, culture and common history. -NNI
Turkish Air takes EU Cup to Barcelona KARACHI: Turkish Airlines, official sponsor of FC Barcelona, carried the last champion of Europe with the players of FCBarcelona Football Players branded aircraft on Sunday from London to Barcelona, says a press release issued here. During the flight, football players and managers of FCBarcelona celebrated the victory with a specially prepared cake, which was made by Turkish Airlines. All guests had a pleasant flight, while Josep Guardiola, football manager of FCBarcelona, was cutting this special cake. Sandra Rosell i Feliu, The President of FCBarcelona, Josep Guardiola manager of FCBarcelona, football players and guests have expressed that they are extremely satisfied and have enjoyed the catering on board. When the airplane arrived in the Barcelona Airport, a very crowded press group and a lot of fans met the players.-PR
software would actually discourage student of IT as they are already finding it hard to purchase expensive software. Moreover, the decision would be resulted as increased trend of piracy. He said that the government has failed to take right corrective measures to improve our national economy. He said that the menace of growing smuggled goods in Pakistan from neighboring countries is hurting the local business badly but government did not take any serious note of it, which is highly unfortunate. He said that this trend must be curbed as it discourages local manufacturers, hindering documentation of business activities and is causing huge loss to the government exchequer as well. He Central President of PCA said
that present budget needs to be revisited and it should be discusses in the parliament thoroughly. He added that the duty structure of the goods prone to smuggling should be rationalized so that legal imports could be encouraged. He said that Afghan Transit Trade needs to be strictly regulated as it will help curbing the duty free smuggling of many items back to Pakistan. Munawar Iqbal said that Computer and IT industry is considered as backbone of the economy in the countries who are rapidly on the path of progress and development. However, it's unfortunate that instead of revisiting the bad decision of imposing GST on the industry, the government has imposed GST on computer software as well, which will be resulted as total collapse of the sector.
Women MPs hail budget as pro-poor ISLAMABAD: Women parliamentarians have hailed the budget for fiscal year 2011-12 and termed it as an effort to give relief to the poor. Talking to APP, Chairperson of National Assembly Standing Committee on Social Welfare and Special Education Rubina Saadat Qaimkhani said that the budget would provide relief to the masses at the time when the country was faced with crises. She said this was the fourth consecutive budget presented during the democratic era with a special focus on providing relief to the poor masses while keeping in view the ground realities. It had come up
to the expectations of masses. She said the tax relief provided in the budget would help the business class and the masses. Chairperson of Benazir Income Support Programme (BISP) Farzana Raja said the negative propaganda of opposition was an attempt to destabilize democracy in the country. The idea as proposed in the budget for generating revenue through raising tax base is a good step. It will be a great success if the government manages to achieve the targets as laid down in the budget, she added. -APP
IPO announces best journalist award ISLAMABAD: Chairman Intellectual Property Organization (IPOPakistan) Hameedullah Jan Afridi has announced National IPO Best
Journalist Award for dedicated media projection of IPO related activities besides creating awareness about Intellectual Property Rights in the country.
He announced this in a meeting while reviewing the details of IPO Best Journalist programme, says a press release issued here on Sunday. -Online
ISLAMABAD: SSP Traffic Dr Moeen Masood poses for a group photo with the participants on the end of two week course “Investigation on Auto Theft Traffic Police Headquarters. -Online
Govt urged to establish nuclear research varsity KARACHI: Pakistan Repatriation Council (PRC) held a meeting to mark the 13th anniversary of Youme Takbeer, in reference to Pakistan's nuclear testing on May 28, 1998, by former Prime Minister Nawaz Sharif, says a press release received here from Jeddah. PRC President Irfan Hashmi, in his address, said though Pakistan's nuclear technology was keeping the balance of power in the subcontinent, the advantage did not reach its people. He urged the government to take a strong stand against the continued
drone attacks across the country, the Arab News reported. Chief Guest Syed Riaz Bukhari, president of Pakistan Peoples Community, referred to the efforts of the late Prime Minister ZulfiKar Ali Bhutto, nuclear scientist Abdul Qadeer Khan and Nawaz Sharif for achieving the goal of nuclear deterrence and called upon the heads of all political parties to collectively solve the issues confronting the nation today. He urged the government to take measures to solve the issue of Pakistanis who are stranded in Bangladesh. -NNI
KARACHI: A model walks on the ramp during a fashion show organised by Metro Cash and Carry. -Online
Fashion show at Metro Cash & Carry KARACHI : Metro Cash and Carry Pakistan is in its 5th year of providing quality service across Pakistan in thse field of wholesale celebrating the 5 years of successful operations in Pakistan METRO organised a number of events and activities at its 5 wholesale centers across the country from 26th May to 10th June 2011, says a press release issued here Sunday. An extravagant Fashion Show is one of such events which is organized by Bilal Mukhtar and ramp walked by main stream models like Alizeh, Zillay, Fia and Sophie to count a few. This was the third city where the fashion show was organised after Faisalabad and Islamabad which will now travel to Lahore City where it will be held on Airport Store (DHA) on 5th of June and then there will be a grand finale on 10th of June at METRO's flagship Canal Bank Store (Thokar Niaz Baig). The fashion festival showcased a wide range of Spring/Summer apparel collection for ladies and gents.- NNI
Ijaz Butt praises incentives to investors LAHORE: Former chairman of Lahore Chamber of Commerce and Industry (LCCI) and current chairman PCB, Ijaz Butt has praised the Federal Government for the incentives offered to investors in the Budget 2011-2012. It is pertinent to note that the government has announced a 5 year tax holiday for investors who want to set up an industrial unit from their own resources. Appreciating the government's measure Ijaz Butt said, "The incentive would help to tackle the increasing unemployment in the country besides reducing the recruitment burden on government institutions. He further said that despite facing the worst ever floods in the country's history as well as the fall out of terrorism in the country the Government has offered an opportunity to improve economic activities which is no easy task. He also noted that the Finance Minister faced the non-Parliamentary reaction of certain politicians during the budget speech with great dignity. He also said that the Government should be credited for offering opportunities despite facing a plethora of challenges".-Online
PEW, FPCCI VP say
Budget to serve interests of elite ISLAMABAD: Vice President Federation of Pakistan Chamber of Commerce and Industry (FPCCI) Fazal Elahi has said that budget is not as per the expectations of the business community or masses. He welcomed the announcement of adding 2.3 million people to the tax net saying that if materialised, it will resolve many problems. Talking to Dr. Murtaza Mughal, President, Pakistan Economy Watch (PEW) he said that measures for sustainable growth were avoided which disappoints many. Fazal Elahi said that issue of energy outages
has not been given due attention which will result in missed collection and export targets and add to unemployment. The Vice President of the apex chamber said that no one can deny the presence of the black money in the country which should be channeled towards industry. He said that debt servicing eats up 1972 billion rupees which is a major threat in a situation where tax-to-GDP ratio is falling and less than 1 per cent pay taxes. On the occasion, Dr. Murtaza Mughal said that exempted sectors like agriculture, property and services have not been touched
Environment protection top priority: Gilani ISLAMABAD : Prime Minister Syed Yusuf Raza Gilani said the government attaches high priority to environment protection and has promulgated several laws, worked out policies and implemented programmes to achieve this objective. In a message on World Environment Day, the Prime Minister said Pakistan was blessed with numerous natural resources and eye-catching aesthetic landscapes. He mentioned that the country's precious lands from the snow-covered lakes to the beaches, provide livelihood and shelter to nation of 180 million. We are a growing economy with high dependence on natural resources for energy, agricultural, industry, transport and domestic sectors," he said. The Prime Minister said this economic development process was affecting the environment by degrading land, water and biological resources as ample safeguards had not been adopted. He said besides global environmental problems like global warming, glacier melting, droughts and floods, forest conservation has become one of the most serious challenges
because it had become one of the most stressed sectors under the increasing demands for timber, fuel wood and other products. He said the world community had recognized immense importance of forests as a global environmental agenda four decades ago, but practical measures to protect and develop global forests were not up to the mark. The Prime Minister said the United Nations recognized this lapse and declared the year 2011 as International Year of Forests to invoke participation of all segments of the society in the noble task of forest protection and development. He said with reference to IYF 2011, all international programmes and days are attributed to forests and the World Environment Day on June 5 is a reminder of responsibility in this regard. Gilani said in all these policies and programmes, forestry remains a central focus. He termed forest development the cheapest business with the highest returns in terms of livelihood, forest products, water generation, land conservation, wildlife protection and overall smoderation of global warming and climate change. -NNI
in the budget which is unfortunate. Putting education and other critical services on the back burner will not help us in any way adding that situation is pushing millions to send their children to seminaries. Dr. Mughal said that budget hardly offer any relief for the poor or business community and has nothing to attract investment. Government has again failed to raise taxes on the elite to cut an unsustainable deficit which has left us reliant on debt. Budgets made for political survival is one of the biggest problems Pakistan is facing.-NNI
5 killed as dumper falls over pick-up Staff Reporter KARACHI: At least five persons killed and two others seriously injured when a speedy dumper truck fell over a pick-up near Sohrab Goth (Sachal police station area) Sunday morning. Sachal police said that a pickup loaded with fruits and vegetables was coming from new Subzi Mandi when the speedy damper overturned and fell on it on the Superhighway. As a result people five were crushed to death. Eyewitnesses said that accident took place due to lack of u-turn on the road near New Sabzi Mandi.
Beach cleaning programme TFD Report KARACHI: Saddar Town administration and National Forum for Environment and Health NFEH) organized a beach cleaning programme. School kids cleaned 300 square meters beach at Clifton and picked all the waste including plastic bags, tins and other trash and also disposed it. The event was organised in connection with Environment Week. More than 200 school children from six different schools, NGO representative, dignitaries and volunteers participated in the campaign.
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Monday, June 6, 2011
Asia currencies
Greenback weekly outlook
Dollar dips on dour US jobs data; more loss seen USD falls to all-time low vs franc, 1-month low vs yen Euro hits 1-month high on Greece aid optimism Weak US jobs data seen reflecting economic slowdown NEW YORK: The dollar sank on Friday and is likely to drop further this week after weak US jobs data added to evidence of a marked economic slowdown. The negative sentiment in the United States contrasted with cautious optimism in the eurozone, with the euro touching a one-month high on optimism that Greece will receive its next aid payment and avoid restructuring its debt. The single currency surged after the European Union, the European Central Bank and the International Monetary Fund said the next tranche of international aid for Greece should be available in July. Add in a European Central Bank policy meeting, where ECB President Jean-Claude
Trichet is expected to signal a July interest-rate hike by using the term "vigilance" in reference to monitoring inflation, and the dollar has little upside. "The next few weeks will see broad choppy ranges," said Gareth Sylvester, senior currency strategist at San Franciscobased Klarity FX. "So many questions remain." But with the ECB meeting, interest-rate differentials will be a key focus and investors, will "forget about debt problems," Sylvester said. The greenback tumbled to an all-time low against the safehaven Swiss franc and hit a onemonth trough against the yen. While the greenback remains vulnerable to cheapening on economic weakness, the euro
Specs increase bets against US dollar: CFTC NEW YORK: Currency speculators boosted bets against the US dollar in the latest week for the first time in four weeks, according to data from the Commodity Futures Trading Commission released on Friday. The value of the dollar's net short position rose to $15.73 billion in the week ended May 31, from net shorts of $13.02 billion a week earlier. Speculators reversed bets in favor of the Japanese yen and are now positioned for the currency's decline, with net short positions standing at 1,648 contracts. They sharply reduced bets against the sterling in the latest week, the CFTC data showed. Net long euro positions increased slightly to 21,970 contracts from 19,129 contracts a week earlier. Speculators also boosted bets in favor of further gains in the Swiss franc in the latest week. The franc has hit record highs against the dollar and euro in recent days as investors sought safe havens on fears of Europe's debt crisis and signs of a global economic slowdown. The Reuters calculation for the aggregate US dollar position is derived from the net positions of International Monetary Market speculators in the yen, euro, British pound, Swiss franc, Canadian and Australian dollars. To be short a currency is to bet it will decrease in value, while being long a currency is a bet its value will rise. -Reuters
took out a key resistance level that could result in further gains. The euro rose as high as $1.4643 on trading platform EBS. It was last trading at $1.46336, up 1 per cent for the day. The rise above $1.4569 was the 61.8 per cent Fibonacci retracement of last month's drop from $1.49404 to $1.39680. Traders said the breach of that level was a bullish signal and suggests the euro could rack up further gains to $1.49. One-month euro/dollar risk reversals last traded at -2.075 on Friday, according to Reuters data, with a bias toward euro puts and dollar calls, suggesting more investors are betting the euro will fall than those who believe it will rise. But that was up from the -2.375 it traded at just a week ago, suggesting improving sentiment on the single currency. DEBT CEILING The slowing US economy has complicated the contentious issue of the US debt ceiling and the need for fiscal tightening, said Lena Komileva, senior vice president, global head of G10 strategy at Brown Brothers Harriman in London. "While there is no question about the market's desire to fund the US fiscal gap, especially as a slowing recovery shifts investors' focus back to capital markets and increases demand for US Treasuries, a worsening outlook for US public finances will further dent the dollar's relative advantage as a safe-haven major," she said in a report. US employers hired far fewer workers than expected in May
and the jobless rate rose to 9.1 per cent. Nonfarm payrolls increased 54,000 last month, the weakest reading since September, the Labor Department said on Friday. "The headline surprise, compounded by downward revisions and an unexpected rise in the unemployment rate, contributed to a growing list of negative data reflecting a definitive soft patch in the US economic recovery," said Michael Woolfolk, managing director at BNY Mellon Global Markets in New York. "The greater surprise is not the US slowdown was unexpected, but rather that it was so pervasive -- reflected in housing, labor, manufacturing and consumer spending data," he added. The dollar tumbled to its lowest on record against the safehaven Swiss franc. It was last at 0.8350, down 0.9 per cent. Against the yen, the dollar fell to a one-month low before recovering slightly to 80.20, down 0.8 per cent. The dollar/yen dropped along with US Treasury yields. For the week, the euro gained 2.2 per cent against the dollar, its best week since Jan. 16, while the dollar lost 0.7 per cent against the yen. The US Dollar Index, which measures the dollar's performance against a basket of major currencies, was down 0.8 per cent for the week at 73.742. Until the dollar index can strengthen above 76.5, any dollar advance will be limited, Klarity's Sylvester said. -Reuters
Corn sinks on better weather; Soybeans up
Coffee gains on Brazil Copper ends higher frost jitters, sugar up
CHICAGO: US corn futures fell 1.6 per cent on Friday as improved planting weather in the eastern Midwest eased some concerns about declining production and on spillover pressure from sinking crude oil and equity markets after a dismal jobs report. Soybeans gained 0.5 per cent and touched a two-month high as drier corn planting weather was expected to reduce the number of acres switched to soybean production, with technical buying adding support. Wheat was mixed amid on spillover pressure from weaker outside markets, although wheat remained underpinned by adverse weather in key production areas of North America and Europe. Chicago Board of Trade July corn fell 12-1/2 cents, or 1.6 per cent, to $7.54, down 0.6 per cent in the week. July soybeans climbed 7-1/2 cents to $14.151/4 a bushel, up 0.5 per cent on the day and 2.5 per cent in the week, after earlier hitting a fresh two-month high at $14.19-1/2. CBOT July wheat rose 4 cents, or 0.5 per cent, to $7.733/4 a bushel. Sharp declines on Tuesday and Wednesday left Chicago wheat down about 5.6 per cent on the week, the largest weekly fall in seven weeks. -Reuters
NEW YORK/LONDON: Arabica coffee futures rallied to a two-week high on Friday as fears of increased frost risk in top grower Brazil combined with technical short-covering to stoke the advance. The risk of frost in Brazil, the world's biggest coffee producer, is at its highest since 2000, fueling the rally along with a shortage of high quality beans. New York's July arabica coffee contract went up 9.70 cents or by 3.7 per cent to close at $2.7095 per lb, as the market posted its biggest one-day gain since April 5. London's September robusta futures rose $23 to end at $2,528 per tonne. Arabica coffee futures on ICE surged around 5 per cent, rising above the level where the 20-day and 100-day moving averages crossed, triggering buy stops, dealers said. Arabica coffee had just crossed with the 20-day moving average, attracting a flurry of buy-stops and short-covering. Volume traded in both the raw sugar and arabica markets were heavy, running at over two-thirds above their respective 30-day norms, Thomson Reuters preliminary data showed. White sugar futures jumped to six-week highs and raw sugar
traded at a one-month top due to strong cash buying. New York's July raw sugar contract gained 0.43 cent to close at 23.95 cents per lb. London's August white sugar futures increased $9.50 to finish at $693.40 per tonne, having hit a session top of $706.70 which is the highest level in nearly two months. The catalyst for sugar was strong cash buying, especially from Muslim countries seeking cargoes before the holy fasting month of Ramadan in August. Sugar was also underpinned by a slow start to the Brazilian harvest and lengthy delays in loading new-crop raws at the Santos port. Dealers talked of refiners' difficulties in obtaining raw sugar supplies from Brazil due to long vessel line-ups, leading to tight refined sugar availability during a period of high demand in the Middle East and Africa. Cocoa prices were lower as dealers said the release of stocks from Ivory Coast, combined with a large 2010/11 surplus, meant there was ample supply. New York's July cocoa contract fell $26 to finish at $2,878 per tonne. London's September cocoa futures dropped 17 pounds to settle at $1,800 pounds per tonne. -Reuters
NY cotton ends lower on profit-taking NEW YORK: US cotton futures settled lower Friday on investor profit-taking after surging to a month high due to the worst drought in a century in the big growing state of Texas, analysts said. The benchmark December cotton futures on ICE Futures US fell 0.53 cent to end at $1.387 per lb, moving from $1.3725 to $1.409. On the week, the market is up 7.1 per cent. On Thursday, the contract finished at $1.3923 per lb, the high-
est settlement for the third position cotton contract since May 3. Spot July cotton dropped 2.61 cents to conclude at $1.6163 per lb. "I don't think we're going to go down very far," said Mike Stevens, an independent cotton analyst in Louisiana, adding the focus of the trade will remain firmly on the drought in Texas, the biggest cotton growing state in the United States. Open interest in the cotton market was at 160,725 lots as of June 2, its loftiest level since April 20,
the exchange data showed, and a seeming indication of renewed investor interest in the cotton market. Total volume traded Friday reached almost 23,400 lots, more than 40 per cent above the 30-day norm, Thomson Reuters preliminary data showed. The market was also pressured by weak export sales in the US Agriculture Department's weekly export sales report which showed the 10th consecutive week of canceled sales. -Reuters
NEW YORK/LONDON: Copper ended Friday up 2 per cent, after surprisingly weak US employment data slammed the dollar and raised prospects for a sustained lower interest rate environment and another round of quantitative easing. Despite the positive finish, copper prices failed to push higher for a third straight week, ending down about 1 per cent from last Friday. Copper rose in the face of surprisingly weak US data that showed only 54,000 jobs were added in May -- far less than even reduced expectations. London Metal Exchange (LME) three-month copper shed $179, or 2 per cent, to close at $9,099 a tonne. In New York, the July COMEX copper contract firmed 5.00 cents to settle at $4.1345 per lb. "It just adds to all the fears we've seen on the heels of the last few weeks of poor data out of the US, Europe and China as well," Credit Agricole analyst Robin Bhar said of the poor non-farm payrolls figure. Purchasing managers indexes (PMI), which measure the activities of thousands of factories across the world, dropped to multi-month lows in the United States, China and Europe, reports showed this week. Physical trading helped as Asian investors restocked following a sharp price drop on Thursday. Shanghai bonded warehouse copper stocks fell by more than a quarter from April as the arbitrage between Shanghai and LME prices improved and as China's spot copper demand rose in May. Copper in warehouses monitored by the Shanghai Futures Exchange rose 4.7 per cent from last week. Lead closed at $2,432 per tonne from a last bid of $2,404. Shanghai lead stocks rose by 199 tonnes in the latest week to 13,029 tonnes. -Reuters
Mostly up for 3rd week on rising rate premiums SINGAPORE: Asian currencies gained for a third week on speculation regional central banks will keep raising interest rates to stem inflation, boosting the yield advantage on local assets. The Thai baht had the best week in more than a month after the central bank lifted benchmark borrowing costs on June 1 to 3 per cent, the fourth increase this year. That compares with 1.25 per cent in the European Union and a maximum 0.25 per cent in the US. The Dollar Index dropped 0.8 per cent this week to 74.373, before a US Labor Department report showed slowing job growth. Malaysia's ringgit climbed 0.7 per cent to 3.0120 per dollar in Kuala Lumpur, Taiwan's currency advanced 0.5
per cent to NT$28.750 and the baht rose 0.2 per cent to 30.33. "The Moody's report changes the ballgame and shifts investors' focus from Europe to the US," said Suresh Kumar Ramanathan, a foreign-exchange strategist at CIMB Investment Bank Bhd. in Kuala Lumpur. "The ringgit is holding firm because of the knock-on effect from the dollar weakness." Moody's said on June 2 America's Aaa rating may be cut should there be "no progress" on lifting the $14.3 trillion debt limit along with efforts to cut the budget deficit. US Jobs. Taiwan's dollar climbed the most in the five days in more than a month as exporters repatriated earnings. Overseas investors bought $879 million
more local stocks than they sold this past week, after net sales of $996 million last week, according to exchange data. Kept Selling "Many exporters kept selling the US dollar in the past two weeks before potential further appreciation of the Taiwan dollar," said Henry Lin, a Taipeibased foreign-exchange trader at Taiwan Shin Kong Commercial Bank. Elsewhere, South Korea's won rose for a third week, climbing 0.2 per cent to 1,080.08 per dollar. China's yuan advanced 0.19 per cent to 6.4794, the Philippine peso climbed 0.4 per cent to 43.213 and Indonesia's rupiah strengthened 0.5 per cent to 8,531. India's rupee added 0.7 per cent to 44.87. -Agencies
C$ weaker on US jobs, but services data helps TORONTO: The Canadian dollar closed slightly weaker against the US currency on Friday, paring steep early losses, after investors latched on to a report showing a pickup in US services sector growth. The Canadian dollar sank early on to C$0.9852, or $1.0150 -- its weakest level since March 21 -- after a report showing US non-farm payrolls rose far less than expected in May and jobless rate rose to 9.1 per cent. But the dismal report was partly offset by later US services sector data that grew modestly in May while gauges of new orders and employment climbed. "The trends for the Canadian dollar are a little mixed," said Shaun Osborne, chief currency strategist at TD Securities. "The Canadian dollar tends to underperform on the back of
weaker-than-expected numbers and although the ISM on the margin was a little better than expected, it doesn't really offset the big miss we had on the payrolls." He noted the general run of both US and Canadian economic data recently has been quite disappointing. C.J. Gavsie, managing director of foreign exchange sales at BMO Capital Markets, said there is concern about the impact of the spillover from the US economy and supply disruptions from the Japan earthquake on Canada. Any external drag on Canadian growth would make the Bank of Canada less likely to resume its rate hike campaign soon, reducing the Canadian dollar's appeal. The Canadian dollar closed at C$0.9783, or $1.0222, down
from Thursday's North American session close at C$0.9756 to the US dollar, or $1.0250. It ended the week 0.1 per cent weaker. Osborne said the range of C$0.9765-75 was pivotal as the Canadian dollar has closed around 10 basis points on either side of that level since early last week. Near term, he sees Canadian dollar support at C$0.9850 and resistance at C$0.9670. He said the near-term trend is likely to be for a weaker Canadian dollar given the difficult seasonal time for stock markets and risk-related assets and speculation about a potential third round of quantitative easing by the US Federal Reserve. Next week, investors will focus on Canadian purchasing, housing, trade and employment figures.-Reuters
Brent edges up as weak dollar offsets jobs data Yemen, Syria violence, Mideast turmoil also supportive NEW YORK: Brent crude edged up on Friday as the weak dollar and Middle East violence sparked a rebound after disappointing US payrolls data sent prices plunging. US crude futures settled slightly lower after tumbling more than $2 in early trade reacting to the jobs data. US May nonfarm payrolls posted the weakest reading since September and the US jobless rate rose to 9.1 per cent. Brent crude for July delivery rose 30 cents to settle at $115.84 a barrel, recovering from a $113.40 intraday low. It ended with a weekly gain of 81 cents, or 0.7 per cent. US July crude fell 18 cents to settle at $100.22 a barrel, recovering from its $98.12 low and pushing back above its 100-day moving average of $99.58. Crude trading volumes fell from the previous day, but were near 30-day averages. "The dollar is weak and equities
bounced back some and the initial shock from the jobs report wore off," said Dan Flynn, analyst at PFGBest Research in Chicago, as crude pushed off early lows. "The Middle East and Yemen especially will make people cautious about being too short going into the weekend." Brokers said oil prices drew support as the S&P 500 index pared enough losses to finish above 1,300. US regulators said they will not let TransCanada Corp restart its Keystone crude oil pipeline until they are satisfied problems that caused at least two leaks in a month are resolved. This added to uncertainty about the timing of the restart for the 591,000 barrel a day pipeline that moves Canadian crude to the United States. Refinery outages lifted US gasoline and heating oil futures to higher settlements on Friday.
In addition to outages in the Midwest, Exxon Mobil Corp began unspecified planned maintenance at its 562,500 barrels per day Baytown, Texas, refinery, according to a local community recording issued by the company. Traders were watching the growing violence in Yemen, a small oil producer on the Arabian Peninsula that borders top OPEC exporter Saudi Arabia. Shells struck Yemeni President Ali Abdullah Saleh's palace in Sanaa, slightly wounding Saleh and three other senior officials. Markets are also awaiting next week's OPEC meeting. Some OPEC sources have indicated the producer group could raise output targets at their meeting, although Ali Al-Naimi, Saudi Arabia's oil minister, took a cautious tack on Thursday, repeating previous comments that OPEC would lift production if there was more demand for crude. -Reuters
Gold gains on soft US jobs data, falling dollar NEW YORK: Gold rose to near its highest in a month on Friday, boosted by a weak US labor report that illustrated the fragile state of the economic recovery, likely keeping rates low and the dollar weak for awhile. Bullion jumped, while stocks and oil fell, in the wake of data showing US employers hired 54,000 workers in May, far fewer workers than expected, and the unemployment rate rose to 9.1 per cent. Gold was also bolstered by a slump in the dollar index to its lowest in a month. Dealers said there were multiple reasons for gold to gain on the latest and strongest evidence of a softening economy: expectations of more cheap money from the Federal Reserve; fears of deflation; a haven from financial risk. While few analysts were prepared to forecast a double-dip recession, the thought of fresh Federal Reserve funds beyond the
end of quantitative easing II (QEII) this month was enough to spur some bids in an otherwise lacklustre gold market. US futures trading volumes was a below its norm by a third. Spot gold rose to a two-day peak of $1,546.39 a troy ounce after the payrolls release, but pulled back to $1,541.10 by 1916 GMT from $1,532.55 an ounce late in New York on Thursday. Gold hit a record high of $1,575.79 on May 2. Bullion posted its highest weekly close since early May. August COMEX futures posted $9.7 gains to $1,542.40 an ounce by the close. Gold priced in sterling hit a record high of 946.79 pounds ($1,548) an ounce, as a weaker dollar across a basket of currencies triggered a rush for the precious metal. It was quoted at 938.55 sterling late in the session. Investor interest in gold has also been boosted by fears of a Greek
debt default and the contagion effects on other euro-zone countries such as Ireland and Portugal. Spot silver continued its descent of the last three days, falling to $35.18 an ounce, its lowest since May 24. By late session, it was quoted about even with $36.17 late on Thursday. For the week, silver has lost about 4.75 per cent. Investors have been dumping industrial metal silver on a spate of weak manufacturing news. They also fled the white metal after exchange operators in Shanghai and New York increased margins, the money required to trade silver futures. Weak fundamentals reinforced the sell-off, which has seen silver fall from a $49.51 an ounce hit on April 27. Platinum ended higher at $1,813 than $1,809.60 previously, and palladium firmed to $780.50 from $767.05 an ounce on Thursday. -Reuters
4
Monday, June 6, 2011
The Financial Daily International Vol 4, Issue 214
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Who will bell the cat? It has lately transpired that income from agriculture had been declared taxable years ago but the collection has been on the decline. This was made public by Dr. Hafiz Shaikh, Finance Minister at the post budget briefing. Therefore, the entire debate about violation of the constitution by the federation, when it is asked to declare income from agriculture ends. However, a big question mark appears on the performance of provincial governments as they have been failing miserably in the collection of this tax. This also raises a question why the tax burden should be on the industries and the urban population and particularly the salaried class? For the prevailing dismal situation only the land revenue department can be held responsible. Many of the federal and provincial departments have benefited from the technology but the most important department still has the most disorganized record. Some people hold the system, which has been inherited from the colonial rule for most of the ills. In fact they go to the extent of saying that not even one fourth of the record could be termed 'authentic' because has been tempered so badly that if one wishes to know how the title of his/her land holding has been transferred in the name of another person, it is almost impossible. Under the colonial rule 'tehsildars' and 'patwaris' were responsible for maintaining and updating the record. After the patrician the system survived by after introduction of various land reforms, allocation of land to 'abadgars' close to dams and barrages and distribution of government land among the 'turncoats' the entire system has been tampered so badly that now the most fertile lands are in the name of these turncoats and their accomplices. While the government record shows that with the passage of time landholding has become so fragmented that most of the landowners falls in the category of small farmers, the reality is contradictory. Most of the cultivable land is in the possession of 'feudal lords' who say 'Qabza sacha, kaghaz jhota', meaning the land belongs to the person who has the physical possession and not the person who has the ownership title. Most the land, particularly the most fertile of 'katcha' is in the physical possession of a few elites. They take almost the entire of the produce from those who work on these lands after paying a minuscule amount. Since the tile of these lands is not in the names of the feudal lords, nothing reflects as their earning. Therefore, if the government is serious in imposing tax on all sorts of income irrespective of its source record of agriculture land holding, commercial and residential buildings has to be updated. Mother of all evils is 'benami' holding. Tax can only be collected from a person when the title is in his/her name and there is also appropriate disclosure. The land revenue department must come out of stone stage. Now even an ordinary person can identify the location of his/her house from Google Earth, can't the government take any advantage of the technology?
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.
YEMEN’S SALEH FACING LAST CHAPTER IN SAUDI ARABIA? E
very minute Yemen's President Ali Abdullah Saleh spends away from his country is one step closer to the end of his three-decade rule. Wounded in a rocket attack on his palace in the Yemeni capital of Sanaa on Friday, Saleh is in Saudi Arabia seeking medical treatment at a pivotal moment in the five month-long public uprising in impoverished Yemen, a near-failed state on the tip of the Arabian Peninsula. Amid conflicting reports, several things remained unclear: the degree of Saleh's injuries, whether he left behind any sons or nephews to try and keep a grip on power, and whether he would return at all. "All we know is we are at a very, very dangerous moment," said Sanaa-based political analyst Ali Seif Hassan. There are two scenarios to consider, he said. One is that Saleh, 69, left a vacuum that his relatives will rush to fill, leading to clashes against Saleh's tribal foes and civil war. Two, that Saudi Arabia may have brokered a face-saving agreement that allows Saleh to leave the country and transfer power. Much depends on how Saudi Arabia, the Arab world's most influential state, positions itself in the coming hours and days. It is Yemen's biggest financial donor, bankrolling Saleh's government, supplying the military and supporting hospitals. The world's top oil exporter shares a 1,500 km (1,000 mile) border with Yemen, and until recently with the United States had backed Saleh as an ally against a Yemen-based arm of al Qaeda. As it became clear in April and May that anti-government protesters on Yemen's streets had no intention of ending their call for Saleh's departure, the Saudi government and Gulf Arab states stepped in three times to broker a deal between Saleh and the opposition. All fell through at the last minute.
But Saudi Arabia, which also funds tribes to fight against Al Qaeda, had not yet taken the decisive step of pulling the plug on its financial support, most likely because of the uncertainty of how a power vacuum would be filled. If Saleh stays, he would become the second Arab leader to find refuge in Saudi Arabia after Tunisia's President Zine al-Abidine Ben Ali fled to the kingdom on Jan. 14 after protests forced him out. He would also be third to fall in the "Arab Spring" that has also seen the downfall of Egypt's Hosni Mubarak. Saudi political analyst Khalid alDakhil said Saleh would not have travelled to Saudi Arabia unless he had intended to seek an exit. "The Speaker of Parliament, Prime Minister and President are here so effectively the government is here," Dakhil said. "This is going to facilitate the arrangement for Ali Abdullah Saleh to step down." Rival clans and political elites took their battle to the streets of Sanaa two weeks ago. About 200 people were killed in the fighting and thousands have streamed out of the city. ATTEMPTED COUP The rocket attack on Saleh two days ago, which killed seven people and also wounded the prime minister, two deputy prime ministers and the speakers of both parliamentary chambers, was marked by its precision, skill and inside knowledge. Saleh and the others were in a mosque inside his palace and only a betrayal by an insider could have pinpointed his location, Stratfor analysts said. In other words, it was an assassination attempt. Saleh, speaking only via audio after the attack, blamed it on an "outlaw gang" but it most likely a coup attempt, although no one has stepped forward to claim responsibility. "This was not the job of tribesmen, but of military
men, supported by members of the regime thought to be close to Saleh," Stratfor said. "For that reason, Stratfor suspects that Saleh's most formidable opponent within the military, Maj. Gen. Ali Mohsen al-Ahmar, who has been conspicuously quiet over the past few days and who commands a great deal of respect among Yemen's old guard, was involved in the apparent coup plot." Ali Mohsen, along with other generals, threw their support behind protesters on March 21 after snipers shot dead 52 protesters in a Sanaa square. In another sign that Saleh may be preparing to exit, he also took 35 relatives with him to Saudi Arabia, although it was not clear how many sons and nephews went with him. Many were installed in the Yemeni government apparatus. END OF THE LINE Saleh has said all along that he was seeking an "honourable exit" and, in negotiations with Gulf Arab states over a power transfer deal, had insisted on -and received -- guarantees that he would be immune from prosecution. A signal may also come from how Yemenis, from renegade generals to the tribes and anti-government protesters, react to Saleh's departure. A calming of the violence that has pushed Yemen to the brink of civil war could persuade Saudi Arabia that Saleh's permanent departure offers the best chance for Yemen to claw back some peace and stability. "(The demonstrators) wanted the president to leave the country. This (Saleh's departure) will, may be, respond to one of the requests of the demonstrators," said Mahjoob Zweiri, history professor at Qatar University. "I think we have to look at what has happened in the last few days, it has changed the whole dynamic within the Yemeni political scene."
Austerity could derail UK defence strategies B
ritain's defence chiefs are already studying how to reshape the country's armed forces once the war in Afghanistan is over but tough economic times could derail their plans. Commanders and defence officials who spoke at a major defence conference in London last week set out plans to train and equip the army for different types of warfare after 2015 when British combat troops are due to have ended counterinsurgency operations in Afghanistan. But they stressed that fulfilling the government's vision of a smaller, but still highly capable, British military in 2020 will depend on real-terms increases in defence spending after 2015 to help make up for cuts in the short term. With the economy struggling to recover from recession and government finances still deep in the red, it is far from certain there will be more money for defence after 2015, potentially calling into question the government's vision for the armed forces, known as "Future Force 2020". "We will need further investment in order to achieve the stated goal of Future Force 2020 and it remains to be decided whether that funding is there," Bernard Gray, the official in charge of defence procurement, told the conference. Army chief General Peter Wall told the conference, organised by the Royal United Services Institute (RUSI), a defence think-tank, that the defence budget "will certainly require real-terms growth in the latter part of the decade if we are to resource Future Force 2020." "WALKING TO WAR" Britain's armed forces are among the
Britain's armed forces are among the most capable in Western Europe. The country has around 10,000 troops fighting the Taliban in Afghanistan and has planes and ships taking part in NATO-led operations against Muammar Gaddafi's forces in Libya. most capable in Western Europe. The country has around 10,000 troops fighting the Taliban in Afghanistan and has planes and ships taking part in NATOled operations against Muammar Gaddafi's forces in Libya. But they face a radical overhaul over the next decade at the same time as Britain struggles with austerity. After a review, the year-old coalition government last October announced an eight-per cent real term cut in the 34 billion pound ($55.60 billion) defence budget over four years to curb a huge budget deficit. It ordered cuts in personnel and scrapped Britain's only aircraft carrier equipped with fast jets. But it pushed ahead with expensive equipment programmes, including replacing its fleet of nuclear-armed submarines, building two new aircraft carriers and buying both Eurofighter Typhoon and Joint Strike Fighter (JSF) combat jets.
Lockheed Martin builds the JSF while the Eurofighter is made by a consortium of Italy's Finmeccanica, Britain's BAE Systems and EADS. Prime Minister David Cameron said last year it was his "strong view" that defence spending should rise after 2015 but offered no guarantees, and with the next national election due in 2015, the decision could be out of his control. Major-General Bill Moore, in charge of army equipment, told the conference there was a "clear gap" between the army's equipment requirements after 2015 and what it had funding for. The army needed to upgrade its Warrior armoured vehicles and buy more Boeing-made Chinook helicopters, he said. "If we don't get this right and if we don't get the Warrior funded and we don't maintain the other things in our programme, the army will be walking to war from 2015," he said.
VEHICLE SHORTAGE Britain's involvement in the Iraq and Afghanistan wars has led the army to spend heavily on armoured vehicles to protect troops from roadside bombs. But the National Audit Office, a financial watchdog, said last month that some of these armoured vehicles may be ill-suited to carry out a wider range of military tasks once operations in Afghanistan end. It said Britain's ability to respond to future military conflicts would be hit by a shortage of the right kind of armoured vehicles lasting till at least 2025 unless defence spending increased. Training too has been skewed in recent years towards counter-insurgency techniques at the expense of training in other types of warfare, such as war against another country. That is something military chiefs now want to put right. "We do, over this decade, in the army, have to transform ourselves from our current campaign focus, which is very much Afghan-centric ... to something that gives us more broad-based military capability," Wall said. Professor Malcolm Chalmers, a RUSI expert, said he believed the defence budget would need annual real-terms increases of 1.5 to 2 per cent from 2015 to meet the goals set for 2020. Britain would not be able to afford a new generation of nuclear-armed submarines as well as two new aircraft carriers and two types of combat aircraft if the defence budget was frozen after 2015, he told media.-Reuters
US: Between Idealism & Realism L
et's imagine a little scene here, say at a reception, where Democrats and Republicans, liberals and conservatives and everyone in between, are getting together before the next presidential election. Not surprisingly, our partygoers are trying to place each other on the political spectrum, while pretending they couldn't care a whit. "Are you an idealist?" one man asks another. "No," he answers. "I'm a realist with some idealism thrown in order to give a better mix." Just then a third man joins them and, overhearing them, offers his own political identity. "Actually, I have always thought that realistic idealism is a better mix," he says. "I've been one for years, and I'm always right." This immense self-assurance seems to miff several people now gathered around. "Sheer tomfoolery," a fourth gentleman says, with an obvious chip on his shoulder. "Idealistic realism is by far the best solution to the country's problems -- was, is and always will be. Any fool can tell you that." Historians will lose no time in telling you that this rhetorical conflict between "realist" and "idealist" in foreign policy is not something new in American history. It was there at the very birth of our country. President John Quincy Adams argued in the early 1800s that America "does not go abroad in search of monsters to destroy. She is the well-wisher to freedom and independence of all," but the "champion and vindicator only of her
own." Gen. George Washington issued similar warnings when he told his fellow countrymen that America must not get bogged down in European-style interventions in other nations' business. Modern presidents, unfortunately, have paid little attention to such good sense - and realism. The "idealist" position in foreign policy? That would mean, for instance, to fight all-out for the freedom of a people when it was clear they probably would not win. The "realist" position? That could mean staying out of Vietnam, or out of Iraq and Afghanistan, because we could not win and it was not worth the sacrifice. And President Barack Obama? He has said several times that "The truth is that my foreign policy is actually a return to the traditional bipartisan realistic policy of George Bush's father, of John F. Kennedy, of, in some ways, Ronald Reagan." Thus, the late '80s is his time of reference, and forms of realism, his inspiration. He admires the first President Bush, he has said, because Bush assured the freedom of Eastern Europe and the demise of communism by doing or saying very little. He did not brag. He just stepped back and let communism fall of its own weight, instead of "dancing on the wall" in Berlin in 1989 and bringing forth all the remnant power of the Soviets to try to stop it. Both the first President Bush and President Obama are notable in that they
are far more important in what they do, or allow to be done -- or set up a situation where what they want is bound to be done -- than in what they say. Writing in The New Yorker this winter on Obama's odd decisiveness/indecisiveness on using power or not using power in Libya, writer Ryan Lizza concludes that "Obama's ultimate position, it seemed, was to talk like an idealist while acting like a realist." And Lizza quotes one of Obama's deputy national security advisers, Benjamin Rhodes, saying: "If you were to boil it all down to a bumper sticker, it's 'Wind down these two wars, re-establish American standing and leadership in the world, and focus on a broader set of priorities, from Asia and the global economy to a nuclear-nonproliferation regime." Obama is not without his critics, even aside from the Republican ones. To many, he approaches foreign policy as though it took place in a law court. Dr. Zbigniew Brzezinski, who has admired the president, is quoted in The New Yorker piece as feeling that Obama too often sermonizes instead of strategizes. Strangely enough, even though Obama is surely the smartest president we have had in a long time, he doesn't inspire Americans to action in the way that JFK or FDR did. One of his leading advisers described Obama's style as "leading from behind," which is a kind of sneaky realism. A splendid paper was issued early in April by two of our finest secre-
taries of state, Henry Kissinger and James Baker III. In their piece, published in The Washington Post and titled "Grounds for US Military Intervention," the two men began by claiming that it was the changes sweeping the Arab world that once more brought to the forefront the realist/idealist question. "Having served four US presidents during a variety of international crises, we view the choice between 'idealism' and 'realism' as a false one," they wrote. "Just as ideals must be applied in concrete circumstances, realism requires context for our nation's values to be meaningful. To separate them risks building policy on sand." It was Kissinger and Baker who together came out with a phrase that better suits this president than all the others: "Like most Americans, we believe that the United States should always support democracy and human rights politically, economically and diplomatically, just as we championed freedom for the captive peoples of the Soviet empire during the Cold War. Our values impel us to alleviate human suffering. But as a general principle, our country should do so militarily only when a national interest is also at stake. Such an approach could properly be labeled 'pragmatic idealism.'" For now, that's likely the best bumper sticker we can get. Not bad at all, gentlemen -- and it actually makes sense. -Reuters
5
Monday, June 6, 2011
European stocks fall for 5th week as data disappoints
Asian stocks log biggest losing streak since Lehman's collapse Weekly Review
Cautious investors kept KSE range-bound
KSE-100 Index Opening Closing Change % Change Turnover (mn)
12,225.52 12,236.66 11.14 0.09 514.64
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,313.00 3,250.46 62.54 1.89 18.06
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,750.55 2,783.93 33.38 1.21 0.76
Nawaz Ali
Major Gainers
Symbol
Close
Change
IDYM BATA NATF SIEM NRL
325.90 527.83 85.29 993.19 377.77
18.85 15.68 14.94 13.19 12.59
Major Losers
Symbol
Close
Change
ULEVER 5,075.54 NESTLE 3,452.28 MCB 200.20 SHJS 63.00 EXIDE 195.00
-124.46 -93.16 -10.37 -8.35 -7.79
Top 5 Volume Leaders
Symbol
Close Vol (mn)
DSFL JSCL DCL FATIMA ANL
2.89 7.68 1.95 13.55 6.53
49.57 24.71 17.77 17.65 15.95
Active Issues Plus Minus Unchanged
196 149 71
Sector Updates FERTILISER
NEW YORK: Specialist John Urbanowicz works on the floor of the New York Stock Exchange.-Reuters
000 tonnes
Urea Offtake (Jan to Feb 11) 807 Urea Offtake (Feb 11) 413 Urea Price (Rs/50 kg) 1,195 DAP Offtake (Jan to Feb 11) 128 DAP Offtake (Feb 11) 69 DAP Price (Rs/50 kg) 4,041
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Feb 11) 53,036 Sales (July 10 to Feb 11) 52,067 Production (Feb 11) 5,883 Sales (Feb 11) 6,954
INDUS MOTOR CO Production (July 10 to Feb 11) 33,832 Sales (July 10 to Feb 11) 32,991 Production (Feb 11) 4,754 Sales (Feb 11) 4,698
HONDA ATLAS CAR Production (July 10 to Feb 11) 10,834 Sales (July 10 to Feb 11) 10,444 Production (Feb 11) Sales (Feb 11)
1,555 1,665
DEWAN FAROOQ MOTORS Production (July 10 to Feb 11) Sales (July 10 to Feb 11) Production (Feb 11) Sales (Feb 11)
186 133 0 20
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (March 25,11) 5,046,487 Advances (March 25,11) 3,118,444 Investments (March 25,11) 2,202,311 Spread (Feburay 11) 7.51%
OIL MARKETING CO (000 tons) MS (Jul 10 to Jan 11) MS (Jan 11) Kerosene (Jul 10 to Jan 11) Kerosene (Jan 11) JP (Jul 10 to Jan 11) JP (Jan 11) HSD (Jul 10 to Jan 11) HSD (Jan 11) LDO (Jul 10 to Jan 11)) LDO (Jan 11) Fuel Oil (Jul 10 to Jan 11) Fuel Oil (Jan 11) Others (Jul 10 to Jan 11) Others (Jan 11)
1,300 183 96 14 795 129 4,044 614 38 5 5,007 680 98 15
PRICES (Ex-Refinery)
Rs
MS (1 Apr 11) MS (1 Mar 11) MS % Chg Kerosene (1 Apr 11) Kerosene (1 Mar 11) Kerosene % Chg JP-1 (1 Apr 11) JP-1 (1 Mar 11) JP-1 % Chg HSD (1 Apr 11) HSD (1 Mar 11) HSD % Chg LDO (1 Apr 11) LDO (1 Mar 11) LDO % Chg Fuel Oil (1 Apr 11) Fuel Oil (1 Mar 11)
59.35 53.88 10.15% 68.95 63.31 8.91% 70.88 63.54 11.55% 75.02 66.53 12.76% 65.27 60.96 7.07% 56,777 53,252
Wall Street weekly outlook
Market stalls but no panic signs yet NEW YORK: More bad days may be in store for stocks in coming weeks, but investors aren't pressing the panic button. Not yet. With weak job growth and the end of the Federal Reserve's stimulus program staring investors in the face, the 5 per cent drop in the S&P 500 from last month's high is half way toward the market's definition of a correction -- a 10 per cent fall from a recent peak. The broad market index on Friday recorded its worst week since mid-August and its fifth straight week of declines. But fund managers displayed caution, rather than distress. Most see the recent data confirming a soft patch, or slowdown, after the government said the economy created a meager 54,000 jobs in May. Others say the economy may be headed for a double-dip recession. The sharp fall in bond yields also points to a similar concern, but a fullblown downturn in equities isn't in the cards yet, investors say. For the year stocks still are positive, with the Dow up 5 per cent, while the S&P 500 and the Nasdaq are each up about 3 per cent. "The markets will be choppy. They'll be looking for validation that this is just a soft patch we're going through, not the economy rolling over," said Mike Ryan, the New York-based head of wealth management research for the Americas at UBS Financial Services Inc, which oversees about $641
billion. Some concede the stock market could see further declines from sovereign debt problems in Europe or a spillover of violence in Yemen into Saudi Arabia, which could lift oil prices, hurting the consumer. The lack of market-moving economic data or corporate earnings this week could also make nervous investors hit the sell button more often than not. But the market mantra of "buying the dip," which has worked since the Fed started round two of its quantitative easing in August could prevail. "Is another 5 per cent (decline) possible here? I don't see why it wouldn't be, given the risk of contagion in Europe," said Natalie Trunow, chief investment officer of equities at Calvert Investment Management in Bethesda, Maryland, which manages about $14.8 billion. "The market is constantly reconciling the fact that it's a slow recovery. We had a painful crash and a crisis and we are painfully, gradually getting out it. This pullback, and potentially further pullbacks from here in the next couple of months - I view these as attractive entry points for longer-term investors." Data that showed net inflows into global equity funds could confirm investors are not ready to throw in the towel. Equity funds tracked by EPFR Global saw inflows of $1.7 billion in the week
ending last Wednesday, distributed evenly between developed and emerging markets. The data comes after three weeks of outflows totaling $18 billion. Bond funds took in some $3.5 billion in net inflows, a sixteenth straight week of inflows. From a technical standpoint the US stock market showed some resilience also, despite the dismal jobs data. The S&P 500 on Friday managed to close just above 1,300, keeping the April low just under 1,295 as strong near-term support. To be sure, not all investors see just a soft patch in the economic data. Friday's payrolls report confirmed the loss of momentum in the economy, which was already flagged by other data from consumer spending to manufacturing. And the end of the Fed's QE2, which helped lift the S&P 500 30 per cent in the eight months to the end of April, is robbing the market of a much-needed source of liquidity. "We'll see a selloff in the risk-on trades, in commodities and in global and US stocks and the money is going short-term into the bond market," said Charles Biderman, chief executive of TrimTabs Investment Research in Sausalito, California. "I just don't see where the money is coming from to take stocks higher, if the government is not going to be providing it." -Reuters
KARACHI: Karachi Stock Exchange witnessed some mix activities last week with the index ending flat but volumes increasing as investors bought shares on hopes of some good news regarding Capital Gains Tax (CGT), while foreign buying and deregulation of petroleum prices too triggered buying. The benchmark KSE-100 index ended 11 points up at 12,236 points while it touched the highest of 12,295 and the lowest level of 12,100 points levels during the week. KSE all share index rose by 17 points to close at 8,520 points while KSE 30-index fell by 35 points to close at 11,810 points. Rabia Tariq, analyst at JS Global Capital said that all eyes remained on the budget related news, having the potential to improve investors' sentiments during the week. Volumes witnessed improvement on the expectations the GoP may withdraw the CGT for the individuals. Refineries and oil marketing companies remained in the limelight on the news of partial deregulation of petroleum prices, she added. The week began with some negative activities and the index witnessed erosion of points during the first two days of the week as the investors preferred to book profits ahead of the federal budget announcement, scheduled for the announcement on Friday evening. Investors were hoping replacement of the CGT with the Withholding Tax for the individual investors but no announcement was made in the budget speech of the finance minister. The uncertainties kept the investors cautious and play safe. However, the bulls made a strong comeback on Wednesday after the government deregulated petroleum
pricing and the index gained more than 100 points at the closing bells due to buying led by oil stocks. Hopes regarding withdrawal of CGT changes in the margin requirements under the Margin Trading System (MTS also triggered buying. The government on Tuesday deregulated the pricing system for all the petroleum products except kerosene. According to news report the prices are deregulated with bringing in place a more stringent monitoring by the Oil and Gas Regulatory Authority, abolish guaranteed inland freight equalisation margins (IFEM) to refineries and marketing companies. But decline in global capital markets over disappointing US economic data and uncertainties regarding CGT didn't allowed the bulls to stay longer as market witnessed selling pressure on Thursday when index dipped below 12,200 levels. Selling was also seen in banking stocks over rumors that government intending to increase tax rate on banks income from existing 35 per cent to 40 per cent in the budget for the next financial year. Finally, the week closed on a bullish note due to heavy foreign interest and buying in cement stocks on hopes of positive measures in the budget and the index managed to close the week above12,200 levels. Investor' participation remained on the higher side as 514 million shares exchanged hands during the week which was 100 million shares more as compared to a turnover of 414 million shares a week earlier. Foreigners remained in buying mood as according to NCCPL data they did a net buying worth $7.1 million during the week. Out of total 416 active issues; 196 advanced and 149 declined while 71 issues remained unchanged.
Gulf stocks mkt
SArabia ends flat; investors eye global markets DUBAI: Saudi Arabia's index ends little changed as investors wait for fresh cues from global markets following a local selloff a day earlier. "(The) global decline was discounted in the market yesterday -‌ most eyes are on (new) global news," says Hesham Tuffaha, Bakheet Investment Group head of asset management. The benchmark ends 0.03 per cent higher at 6,627 points. It fell 1.7 per cent on Saturday to a four-week low, tracking declines in global markets. The two largest sectors are mixed, with the petrochemicals index rising 0.7 per cent, while banking stocks slip 0.6 per cent. Rabigh Refining and Petrochemical Co gains 1.1 per cent after saying it would restart crude oil distillation unit at a 400,000 barrels-per-day (bpd) refinery on June 7 following two months of scheduled maintenance. Qatar's Al Khaliji Commercial Bank slumps to a 2011 low after the lender says a proposed merger with International Bank of Qatar (IBQ) will not proceed, weighing on Doha's index. Al Khailiji's shares drop 7.1 per cent, tumbling to their lowest close since Dec. 21 after the two banks failed to agree on terms for the deal, Al Khaliji said in a statement. IBQ is not listed. Qatar's index falls 1 per cent to 8,157 points, its lowest close since March 16. Eighteen of 20 stocks on the index also end lower. Heavyweights Qatar National Bank and Industries Qatar each slip 0.9 per cent. Dubai's index recovers early session losses to end higher, but Abu Dhabi's index slips and Kuwait's benchmark hits a nine-week low, tracking losses in global shares. Abu Dhabi's index dips 0.2 per cent to 2,666 points easing from Thursday's three-week high as banks weigh.-Reuters
Dhiyan
CGT REMAINS A THORN Mohammad Azam Khan, CEO, Sunrise Capital There were expectations of replacement of Capital Gain Tax (CGT) with Withholding Tax for the individual investors, at least but no official announcement was made in the budget speech of the finance minister. Therefore, I think market would see bearish activities moving forward and index may fall to 11,200 levels. Investors should sell their holdings to make profit and wait for the new opportunities till any positive development takes place on CGT issue at the time of approval of budget by the parliament. Market would be bearish today.
Khalid Iqbal Siddiqui, Head of Research, Invest & Finance Securities
The sentiments of the market are likely to be bearish with the index coming down to the support level of 11,800 levels following government's decision of not withdrawing CGT applicable on the individual investors. We advise investors to wait for dips where they can invest in sectors like refining and exploration and production companies. Market would be negative today.
6
Monday, June 6, 2011
Market
KSE 100 Index
Symbols
Volume
514,636,014
Value
14,570,697,970
Trades
266,507
Advanced Decline Unchanged Total
196 149 71 416
Current High Low Change
All Share Index
12,236.66 12,295.07 12,100.33 h11.14
Current High Low Change
OIL AND GAS
Paid up Cap(mn)
Company
PE
Open
High
High Low 1,565.50 1,507.19 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.48 32.54 Low
Close Chg
Current High Low Change
8,520.21 8,555.01 8,426.06 h17.27
11,810.79 11,917.38 11,729.96 i35.45
Last 60 days High Low
Volume
2010 Div BR (%) (%)
2011 Div BR (%) (%)
Company
Paid up Cap(mn)
Close 844.32 Listed cap 3,242.17 mn Payout (%) 11.08
Change % Change 56.53 7.18 Market cap 200-Day High 13,708.16 mn Div Yield (%) 200-Day Low 1.93 -
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
8.24 8.18
81.99 28.77
90.00 28.80
81.94 27.11
89.53 27.88
283664 5972
90.00 31.45
388.90 376.50 385.38
3.92
635198
388.90
338.18
300
Attock Refinery
853
4.59 133.77
141.69 128.71 139.89
6.12
11661303 141.69
115.00
-
-
-
-
0.25
13394787 10.10
7.93
-
-
-
-
AUTOMOBILE AND PARTS
- 23.43
-
Performance of SR Automobile and Parts Index
-
-
-
9.58
10.10
9.15
9.83
-
High Low 851.93 784.59 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.46 25.53
6.96 381.46
-
20B115.00
Open 787.79 Turnover 289,636 P/E (x) 5.72
691
3921
Mari Gas Company
735
4.36 110.18
113.75 105.00 106.58 -3.60
239237
113.75
98.50
31
National Refinery
800
5.22 365.18
387.35 353.50 377.77 12.59
3418928 387.35
277.25
200
Oil & Gas Development 43009 10.43 150.34
155.60 149.10 154.09
3.75
3507736 156.40
128.21
55
- 30.00
-
Pak Petroleum Pak Oilfields Pak Refinery Limited
11950
7.81 213.46
217.75 211.66 213.60
0.14
4443255 217.75
199.50
2365
7.43 335.64
341.25 332.00 337.09
1.45
4589783 341.25
350 48.44
P.S.O XD Shell Pakistan
87.21
89.25
84.55
86.70 -0.51
432707
90
20B 50.00
-
307.50
255
-100.00
-
105.60
81.23
-
-
-
-
- 80.00
-
-
-
1715
4.15 285.27
291.50 282.20 290.17
4.90
2036309 291.50
269.47
80
685
8.10 224.82
229.00 223.00 227.94
3.12
67304
201.00
120
231.00
-
CHEMICALS Performance of SR Chemicals Index Open 1,861.43 Turnover 92,469,707 P/E (x) 8.88 Company
High Low 1,886.01 1,840.58 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.11 35.00
Close 1,858.92 Listed cap 52,251.88 mn Payout (%) 48.81
Change % Change -2.51 -0.13 Market cap 200-Day High 382,869.25 mn Div Yield (%) 200-Day Low 5.50 -
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
3924
-
18.88
20.50
18.12
19.12 0.24
66254
24.50
17.86
-
-
-
-
166.98 160.50 166.02 3.11
51835
201.40
140.00
135
25B
-
-
Agritech Limited Clariant Pak
341
5.07 162.91
2010 Div BR (%) (%)
Dawood Hercules
4813
3.68
64.58
64.88
63.00
63.48 -1.10
311581
294.00
56.10
-
-
1996
-
2.30
2.79
2.26
2.50 0.20
643848
3.23
2.00
-
-
-
-
Descon Oxychem Ltd.
1020 11.68
8.00
8.09
7.51
7.94 -0.06
1063819
9.60
6.95
-
-
-
-
Dewan Salman
3663
-
2.38
94
3.28
10.49
Engro Corporation Ltd Engro Polymer
3933 6635
Fatima Fertilizer
22000
8.58 195.06 -
12.16
-
12.80
3.65
2.38
2.89 0.51
10.95
9.51
10.01 -0.48
198.00 189.80 192.04 -3.02
49569136
2.11
-
-
-
-
11.50
9.50
15
-
-
-
6327604 237.35
188.55
60
20B
-
-
29048
12.30
11.46
11.68 -0.48
854447
- 27.5R
-
-
13.85
12.75
13.55 0.75
17645867 13.85
11.80
-
-
-
142.50 139.50 141.48 0.55
5104503 145.21
13.95
124.50
130
25B 45.00
-
43.75
37.86
65.5
- 12.50
-
14.49
10.65
-
-
-
-
1028937 172.00
148.02
175
-
-
-
14195162 17.36
14.64
5
-
-
-
Fauji Fertilizer XD
8482
8.71 140.93
Fauji Fert. Bin Qasim
9341
6.49
43.04
43.75
42.75
43.37 0.33
7826046
725 10.68
12.44
12.89
12.20
12.71 0.27
826355
Ghani Gases Ltd ICI Pakistan
1388
Lotte Pakistan Mandviwala
8.79 158.10
3.65
50 300B
2011 Div BR (%) (%)
Descon Chemical
Dynea Pak
160.00 156.01 158.30 0.20
15142
4.18
15.17
15.32
14.85
14.97 -0.20
74
10.70
-
-
0.93
1.29
0.61
1.00 0.07
13763
1.40
0.18
-
-
-
-
1106 12.09
2.60
2.95
2.65
2.78 0.18
3144613
3.40
2.26
-
-
-
-
Shaffi Chemical
120 27.75
2.32
2.34
2.01
2.22 -0.10
9736
2.99
2.00
-
-
-
-
Sitara Peroxide
551
18.50
17.71
17.99 -0.11
19.99
14.41
-
-
-
-
Nimir Ind Chemical
5.57
18.10
2019208
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,146.48 Turnover 565,192 P/E (x) 5.55
High Low 1,169.76 1,125.33 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.41 7.47
Close 1,130.01 Listed cap 1,186.83 mn Payout (%) 25.28
Change % Change -16.47 -1.44 Market cap 200-Day High 3,117.18 mn Div Yield (%) 200-Day Low 4.56 -
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Century Paper
707
-
16.89
18.00
16.65
17.37 0.48
530075
18.00
13.85
-
-
-
-
Security Paper
411
7.19
42.45
42.50
40.60
40.62 -1.83
32148
42.80
37.00
50
-
-
-
Company
Last 60 days High Low
2010 Div BR (%) (%)
2011 Div BR (%) (%)
Pak Int Container Terminal 1092 PNSC 1321
Open 1,143.62 Turnover 14,806,078 P/E (x) 3.93 Company
Paid up Cap(mn)
Atlas Battery Atlas Honda Dewan Motors General Tyre Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering Transmission
PE
Company
Close 1,046.52 Listed cap 3,596.11 mn Payout (%) 30.91
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
565
1.94
27.27
29.25
27.50
28.61 1.34
235280
Crescent SteelSPOT
Change % Change 19.89 1.94 Market cap 200-Day High 15,915.91 mn Div Yield (%) 200-Day Low 9.12 -
Last 60 days High Low 29.75
30
Dost Steels Ltd
675
-
2.07
2.98
2.00
2.43 0.36
2.98
1.62
-
Huffaz Pipe XD
555 21.36
12.01
12.74
11.95
11.96 -0.05
36085
14.69
11.05
-
51.35
52.75
50.00
51.75 0.40
732265
54.50
48.52
40
International Ind
1199
9.26
2776451
26.20
2010 Div BR (%) (%)
2011 Div BR (%) (%)
- 20.00 -
-
-
20B
-
15
Company
Paid up Cap(mn)
Adam Sugar Ansari Sugar Chashma Sugar Colony Sugar Mills Crescent Sugar Dewan Sugar Faran Sugar Fecto Sugar Habib Sugar Habib-ADM Ltd J D WSugar Kohinoor Sugar Mehran Sugar Mirza Sugar Mithchells Fruit National Foods Pangrio Sugar Quice Food Rafhan Maize XD S S Oil Sakrand Sugar Shahmurad Sugar Shahtaj Sugar Shakarganj Mills Tandlianwala
58 244 287 990 214 365 217 146 750 200 539 109 157 141 50 414 109 107 92 57 223 211 120 695 1177
PE
Company
Close 930.05 Listed cap 54,792.74 mn Payout (%) 19.04
Change % Change 38.69 4.34 Market cap 200-Day High 66,368.43 mn Div Yield (%) 200-Day Low 2.89 -
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
1828
-
2.80
3.09
2.63
3.01 0.21
52930
3.23
2.31
54.97
54.66 -0.31
Al-Abbas Cement Attock Cement
Last 60 days High Low
Volume
2010 Div BR (%) (%) - 100R -
2011 Div BR (%) (%) -
-
-
-
866
6.92
55.98
53.30
80793
56.70
49.22
Berger Paints
182
-
16.30
16.50
15.65
15.76 -0.54
5978
17.40
13.55
- 122R
-
-
Cherat Cement
956 47.95
10.00
10.40
9.52
10.07 0.07
125151
11.90
8.81
-
-
-
-
Dadabhoy Cement
982 16.15
1.99
2.10
1.80
2.10 0.11
77343
2.24
1.50
-
-
-
-
108 22.08
-
Dadex Eternit
50
16.31
17.69
15.66
17.66 1.35
6804
19.60
15.41
-
-
-
Dandot Cement
948
-
1.56
2.39
1.15
1.40 -0.16
56558
2.49
1.15
-
-
-
Dewan Cement
3891
-
1.62
2.67
1.64
1.95 0.33
17766655
2.67
1.36
-
-
-
-
DG Khan Cement Ltd
3651 32.89
23.71
24.97
23.00
24.67 0.96
14401546 26.44
21.31
-
20R
-
20R
Fauji Cement
6933
8.45
4.50
4.99
4.45
4.90 0.40
8989601
4.99
3.99
-
-
-
92R
Flying Cement Ltd
1760
-
1.41
1.80
1.40
1.72 0.31
736897
1.84
1.26
-
-
-
-
283
-
1.50
1.74
0.70
0.70 -0.80
10010
2.49
0.70
-
-
-
-
1288
-
6.70
7.60
6.31
6.69 -0.01
291261
7.87
5.70
-
-
-
-
13126 80.00
3.06
3.25
2.95
3.20 0.14
2912577
3.45
2.10
-
-
-
-
Gammon Pak Kohat Cement Lafarge Pakistan Cmt.
-
Lucky Cement
3234
6.07
71.59
75.56
70.70
74.75 3.16
3566980
75.56
62.50
40
-
-
-
Maple Leaf Cement
5267
-
2.20
2.63
2.16
2.53 0.33
1284141
2.89
1.97
-
-
-
-
Pioneer Cement
2271
-
5.23
6.00
5.01
5.92 0.69
601846
6.40
4.50
-
-
-
-
Shabbir Tiles
361
-
6.09
6.88
5.60
6.47 0.38
7716
8.50
5.25
-
-
- 100R
Thatta Cement XR
798
-
17.18
19.00
17.60
18.54 1.36
43963
19.19
16.50
-
50R
-
-
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 978.93 Turnover 1,126,949 P/E (x) 2.83
High Low 1,008.32 971.30 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.24 43.91
Close 983.36 Listed cap 3,043.31 mn Payout (%) 15.55
Change % Change 4.43 0.45 Market cap 200-Day High 36,942.48 mn Div Yield (%) 200-Day Low 5.50 -
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
Cherat Papersack
172
2.55
50.73
53.20
50.05
51.92 1.19
501513
56.90
46.45
20
25B
-
50R
ECOPACK Ltd
230
-
1.47
1.80
1.42
1.61 0.14
201433
2.38
1.31
-
-
-
-
1067
5.62
57.26
58.50
55.00
55.25 -2.01
113366
58.50
49.00
25
10B
-
-
389
2.50
12.54
13.50
12.26
12.50 -0.04
92162
15.21
6.06
-
-
-
-
47 12.45
27.10
28.50
27.01
27.77 0.67
6254
Company
Ghani Glass MACPAC Films Merit Pack Packages Ltd
844 18.49 110.93
113.93 109.65 110.94 0.01
148484
2010 Div BR (%) (%)
2011 Div BR (%) (%)
32.00
26.20
-
-
-
-
124.50
103.01
32.5
-
-
-
Company Ados Pak
Paid up Cap(mn)
8.38
High
8.12 -0.26
Volume
Last 60 days High Low
2010 Div BR (%) (%)
2011 Div BR (%) (%)
7998
10.70
7.40
-
-
-
-
0.80
6046
239.00
199.05
400
-
-
-
1.18
0.03
1529313
2.15
0.71
-
-
-
-
Ghandhara Ind
213 10.44
8.51
9.60
8.30
8.77
0.26
108071
10.84
8.01
-
-
-
-
Millat Tractors
366
558.00 537.00 548.85
8.42
228433
558.00
504.00
650
25B325.00
-
236.00 229.00 235.80
-
-
189.00 132.07 1.50 22.01 2.16 2.90 9.00 205.51 60.10 22.00 1.10
2010 Div BR (%) (%) 100 50 20 150 5 10 -
2011 Div BR (%) (%)
20B 15B 65.00 - 50.00 20B 10.00 -
15B -
High Low 2,135.84 2,021.35 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 14.62 30.30 Low
Close Chg
17.70 18.43 8.00 9.94 10.00 10.10 2.20 2.20 8.50 10.16 2.25 2.99 17.60 19.45 38.00 38.00 23.91 25.96 12.50 12.55 76.00 78.47 3.00 3.73 62.00 66.96 2.47 2.60 74.00 75.00 73.80 85.29 3.50 3.51 2.41 2.55 2551.00 2665.09 4.15 4.25 2.00 2.00 9.35 9.41 62.10 63.00 5.61 6.00 52.00 57.48
1.43 1.84 0.10 -0.62 1.15 0.44 0.95 0.00 1.98 0.05 -0.43 0.38 4.89 -0.80 1.00 14.94 -0.01 -0.29 -0.99 -0.10 -0.20 -0.39 -8.35 -0.06 3.94
Close 2,090.46 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change % Change -23.35 -1.10 Market cap 200-Day High 292,835.51 mn Div Yield (%) 200-Day Low 0.63 -
Last 60 days High Low
18784 19.00 16500 9.95 16753 10.90 22102 3.70 23016 10.48 556974 3.85 18423 19.90 7663 50.00 526339 26.00 5223 13.00 22129 83.95 29819 4.69 67003 68.00 779396 3.90 6215 77.69 130630 87.20 10620 5.08 21500 3.40 6029 2932.00 95000 6.45 11500 3.00 32439 10.79 14960 71.50 37713 7.49 13204 57.56
11.50 5.45 8.00 2.11 6.05 2.16 17.50 35.08 21.51 10.80 71.50 2.45 50.30 2.47 65.40 52.10 3.25 2.20 2140.00 3.80 1.75 7.91 59.72 4.35 39.61
2010 Div BR (%) (%)
2011 Div BR (%) (%)
25 10 25 25 25B 40 7010B 12.5R 35 20B 15.00 10 40 12 10 1150 - 350.00 10 -
10R 10B -
Company
Paid up Cap(mn)
Pak Elektron Singer Pak Tariq Glass Ind
High Low 760.34 718.90 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.20 10.64
Close 731.64 Listed cap 3,763.71 mn Payout (%) 6.27
PE
Open
High
Low
Close Chg
Volume
1219 375 130.77 693 1.62
8.02 18.20 12.02
8.19 17.95 12.61
7.45 16.27 11.65
7.58 -0.44 17.00 -1.20 12.30 0.28
709667 10498 425897
Change % Change -25.86 -3.41 Market cap 200-Day High 4,653.35 mn Div Yield (%) 200-Day Low 3.27 -
Last 60 days High Low
2010 Div BR (%) (%)
14.50 21.57 14.47
17.5
7.26 14.71 11.20
10B 10B -
2011 Div BR (%) (%) - 200R
PERSONAL GOODS Performance of SR Personal Goods Index Open 972.33 Turnover 46,653,909 P/E (x) 5.20 Company
Paid up Cap(mn)
Ali Asghar Textile Amtex Limited Artistic Denim Azam Textile Azgard Nine Babri Cotton Bata (Pak) Blessed Tex Mills Chenab Limited Colony Mills Ltd Crescent Jute D M Textile D S Ind Ltd Dar-es-Salaam Dawood Lawrencepur Dewan Farooque Spin. Dewan Khalid Textile Dewan Mushtaq Textile Ellcot Spinning Gadoon Textile XD Gul Ahmed Textile Gulistan Spinning Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres J A Textile Janana D Mal Khalid Siraj Kohat Textile Kohinoor Ind Kohinoor Mills Kohinoor Textile Mohd Farooq Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Olympia Spinning Olympia Textile Pak Synthetic Paramount Spinning Prosperity Ravi Textile Redco Textile Rupali Poly Saif Textile Sally Textile Salman Noman Saritow Spinning Service Ind Shadman Cot Sunrays Textile Tata Textile Thal Ltd Treet Corp Yousuf Weaving
222 2594 840 133 4493 37 76 64 1150 2442 238 31 600 80 591 978 57 34 110 234 635 146 222 716 3105 126 48 107 208 303 509 2455 189 145 187 1620 3516 120 108 560 174 185 250 213 341 264 88 42 133 120 176 69 173 307 418 400
PE
Open
0.91 2.20 7.44 23.10 0.45 2.50 6.71 0.28 17.25 6.21 512.15 0.67 63.20 1.96 2.08 1.85 0.60 3.70 1.23 2.50 - 35.42 1.53 3.22 0.27 1.74 0.21 4.31 0.59 26.01 0.68 72.60 3.26 50.01 0.41 7.25 0.49 11.00 0.79 3.99 3.27 45.09 2.10 0.42 15.20 0.44 1.40 0.45 1.50 1.16 1.51 5.06 4.40 0.85 0.50 0.61 15.25 3.97 26.25 5.27 61.56 1.26 1.70 0.65 2.47 19.78 0.68 12.96 0.96 14.80 1.00 2.63 0.40 3.07 40.07 0.29 8.75 0.31 7.79 0.72 3.75 0.33 1.76 2.98 177.39 15.72 15.98 0.81 35.00 0.47 33.00 - 104.79 6.75 54.67 0.58 1.30
High
High Low 981.22 964.83 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.45 8.64 Low
Close Chg
1.00 0.86 0.86 -0.05 3.05 2.15 2.74 0.54 24.16 23.01 23.50 0.40 2.60 2.50 2.50 0.00 7.09 6.42 6.53 -0.18 17.90 16.00 16.50 -0.75 528.99 486.00 527.83 15.68 70.25 65.85 70.06 6.86 2.44 1.68 2.30 0.34 2.50 1.76 2.00 0.15 1.10 0.42 0.69 0.09 4.00 3.50 3.88 0.18 1.39 1.15 1.26 0.03 4.50 2.01 3.50 1.00 36.91 33.50 34.71 -0.71 4.18 2.31 2.32 -0.90 2.26 1.50 1.83 0.09 4.90 4.00 4.01 -0.30 26.90 25.00 25.05 -0.96 72.50 70.00 70.10 -2.50 51.50 50.01 51.48 1.47 7.75 7.01 7.75 0.50 12.16 10.99 11.70 0.70 4.30 3.63 3.97 -0.02 45.90 43.50 45.88 0.79 2.00 2.00 2.00 -0.10 15.66 13.60 14.50 -0.70 1.79 1.20 1.59 0.19 1.50 1.50 1.50 0.00 1.54 0.77 1.20 0.04 2.10 1.10 1.85 0.34 4.49 4.05 4.40 0.00 0.85 0.70 0.73 -0.12 0.63 0.30 0.50 0.00 15.25 14.80 15.00 -0.25 26.45 24.75 25.82 -0.43 61.88 58.40 59.37 -2.19 2.44 1.75 2.00 0.30 0.93 0.65 0.70 0.05 20.50 18.16 19.75 -0.03 14.00 12.96 13.79 0.83 15.00 14.75 14.75 -0.05 1.20 0.88 1.12 0.12 0.65 0.40 0.50 0.10 40.90 40.00 40.77 0.70 9.00 7.55 8.43 -0.32 8.94 7.25 7.96 0.17 3.75 2.76 3.50 -0.25 1.80 1.70 1.70 -0.06 180.00 172.50 174.46 -2.93 16.98 15.98 16.98 1.00 35.00 34.00 34.00 -1.00 34.95 31.75 34.67 1.67 107.90 102.50 106.59 1.80 55.99 53.90 54.01 -0.66 1.70 1.25 1.32 0.02
Close 975.00 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change % Change 2.67 0.27 Market cap 200-Day High 126,960.89 mn Div Yield (%) 200-Day Low 3.21 -
Last 60 days High Low
5001 1.45 11257102 3.05 22643 24.16 9551 2.99 15950006 9.45 14123 18.41 15888 555.37 426182 70.25 137439 3.00 178538 2.85 83092 1.40 6650 4.00 469464 1.70 11743 4.50 60300 49.05 221789 5.00 99523 2.26 73827 5.40 7679 28.74 7642 102.24 12578 53.65 27162 9.00 35896 12.16 202044 5.14 43546 49.92 6000 3.00 7312 17.80 18165 1.79 13401 1.55 123897 1.78 27926 2.90 664971 5.25 10019 1.69 31011 0.77 9500 17.95 2685509 29.50 12194596 66.19 12000 2.64 30957 1.98 12015 21.21 5401 15.49 28327 16.90 326060 1.74 18000 1.00 204300 44.40 7542 11.40 9754 9.35 43900 4.75 9100 2.25 6562 204.00 12683 16.98 58109 38.30 7980 42.40 528114 112.19 103606 59.20 5007 1.88
2010 Div BR (%) (%)
0.75 1.81 - 30B 18.55 20 2.03 7.5 4.40 14.00 - 15B 411.00 280 58.00 50 1.65 1.50 0.25 3.00 0.95 1.30 33.50 5 15B 1.81 1.10 3.02 24.25 35 66.00 70 40.86 12.5 6.30 10 9.20 10 20B 3.63 10 43.25 20 1.90 12.90 0.92 0.52 0.75 0.67 3.60 0.51 0.16 14.10 20SD 23.15 15 56.80 25 45R 0.70 0.30 17.01 11.50 10 10B 13.60 30 0.40 0.31 38.05 40 7.22 5.50 10 1.90 5B 1.22 154.00 75 12.90 5 34.00 30 31.75 25 97.00 80 20B 46.00 50 900B 1.08 -
2011 Div BR (%) (%) -
-
Performance of SR Pharma and Bio Tech Index
1.16
8.34 540.43
8.05
Close Chg
2011 Div BR (%) (%)
Change % Change 5.48 0.48 Market cap 200-Day High 42,670.27 mn Div Yield (%) 200-Day Low 5.20 -
Last 60 days High Low
62758 216.99 14518 153.93 13779543 3.46 58920 26.17 654961 4.50 9929 4.60 176520 10.77 14292 233.75 12125 76.90 8052 25.50 9753 1.71
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
57.92
Total Assets (Rs in mn)
20,869.47
MA (10-day)
1.81
Total Equity (Rs in mn)
3,628.10
MA (100-day)
1.77
Revenue (Rs in mn)
3,494.78
MA (200-day)
1.77
Interest Expense
1st Support
1.75
Loss after Taxation
2nd Support
1.60
EPS 10 (Rs)
1st Resistance
2.10
Book value / share (Rs)
2nd Resistance
2.30
PE 11 E (x)
Pivot
1.95
PBV (x)
11.15 (622.76) (1.743) 10.15 0.19
DCL closed up 0.33 at 1.95. Volume was 67 per cent above average and Bollinger Bands were 232 per cent wider than normal. The company's loss after taxation stood at Rs418.975 million which translates into a Loss Per Share of Rs1.13 for the nine months of fiscal year (9MFY11). DCL is currently 10.3 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into DCL (mildly bullish). Trend forecasting oscillators are currently bullish on DCL.
Azgard Nine Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
53.47
Total Assets (Rs in mn)
38,525.22
MA (10-day)
6.49
Total Equity (Rs in mn)
18,469.71
MA (100-day)
8.42
Revenue (Rs in mn)
11,737.86
MA (200-day)
9.37
Interest Expense
1st Support
6.41
Profit after Taxation
60.53
2nd Support
6.26
EPS 09 (Rs)
0.003
1st Resistance
6.75
Book value / share (Rs)
37.85
2nd Resistance
6.94
PE 10 E (x)
Pivot
6.60
PBV (x)
2,424.42
0.17
ANL closed down -0.18 at 6.53. Volume was 50 per cent below average (consolidating) and Bollinger Bands were 29 per cent narrower than normal. The company's loss after taxation stood at Rs2.155 billion which translates into a Loss Per Share of Rs4.80 for the 1st quarter of current calendar year (1QCY11). ANL is currently 30.3 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into ANL (bullish). Trend forecasting oscillators are currently bullish on ANL.
Lotte Pakistan PTA Ltd
HOUSEHOLD GOODS
Open 969.74 Turnover 90,361 P/E (x) 6.09
Change % Change 24.69 1.53 Market cap 200-Day High 33,197.95 mn Div Yield (%) 200-Day Low 29.33 -
2.15
4.07 235.00
8.75
Low
Close 1,639.11 Listed cap 1,336.62 mn Payout (%) 131.49
1.15
215
Dewan Auto Engineering 214
2.97
Open
Volume
40 15
PHARMA AND BIO TECH
-
AL-Ghazi Tractor
66
PE
High
Open 757.51 Turnover 1,147,788 P/E (x) 1.92
Performance of SR Industrial Engineering Index High Low 1,660.72 1,603.10 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 1.70 38.02
Close Chg
Close 1,149.09 Listed cap 6,768.53 mn Payout (%) 20.42
2010 Div BR (%) (%)
Performance of SR Household Goods Index
INDUSTRIAL ENGINEERING Open 1,614.42 Turnover 1,883,375 P/E (x) 4.48
Open
1.08 17.00 19.00 8.10 9.95 0.70 10.00 10.90 3.44 2.82 2.99 9.01 10.48 2.55 3.85 1.41 18.50 19.50 38.00 38.00 4.62 23.98 26.00 5.06 12.50 13.00 1.56 78.90 81.50 0.70 3.35 4.00 2.03 62.07 68.00 0.28 3.40 3.30 8.80 74.00 77.50 14.73 70.35 87.20 3.52 3.80 5.80 2.84 2.60 11.78 2666.08 2764.00 0.30 4.35 4.44 18.18 2.20 2.30 1.10 9.80 10.79 1.80 71.35 70.23 1.21 6.06 6.74 32.11 53.54 57.56
Performance of SR Construction and Materials Index High Low 943.73 878.36 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.47 7.10
Low
66.03 25.18
FOOD PRODUCERS
CONSTRUCTION AND MATERIALS Open 891.37 Turnover 51,039,611 P/E (x) 6.59
High Low 1,165.26 1,133.15 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 1.00 25.35
216.99 211.00 214.89 3.22 150.50 147.00 148.99 0.47 3.46 1.78 2.72 1.10 24.85 23.03 23.25 -0.75 4.20 3.20 3.55 0.34 3.75 3.15 3.34 -0.18 10.70 9.85 10.21 0.13 225.00 220.01 221.86 -0.14 68.50 65.11 66.59 -0.55 23.90 22.51 23.10 0.35 1.54 1.10 1.21 -0.19
Open 2,113.82 Turnover 2,503,646 P/E (x) 48.25
-
25B 15.00
High
7.54 -0.89
Performance of SR Food Producers Index
INDUSTRIAL METALS AND MINING High Low 1,069.05 1,013.08 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.12 33.10
Open
101 5.71 211.67 626 9.29 148.52 1087 1.62 598 4.43 24.00 450 3.21 200 6.30 3.52 1428 - 10.08 786 7.66 222.00 823 15.00 67.14 150 1.13 22.75 117 1.40
Performance of SR Industrial Metals and Mining Index Open 1,026.64 Turnover 3,780,782 P/E (x) 3.39
Dewan Cement Limited
Performance of SR Industrial Transportation Index
Close Change % Change 1,546.42 22.98 1.51 Listed cap Market cap 200-Day High 65,194.15 mn 1,147,135.05 mn Payout (%) Div Yield (%) 200-Day Low 55.94 5.24 -
Attock Petroleum
BYCO Petroleum
Alert ! Unusual Movements
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,523.45 Turnover 31,040,956 P/E (x) 10.68
KSE 30 Index
Company Abbott (Lab) XD Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Searle Pak
Paid up Cap(mn) 979 250 1963 182 200 306
PE 5.68 7.55 10.59 6.11 3.93 5.76
Open 92.95 93.50 74.00 26.50 9.63 61.66
High 93.70 93.00 75.01 26.94 10.19 60.16
High Low 971.03 956.26 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.36 22.31 Low 92.50 91.05 73.50 25.96 9.00 58.79
Close Chg 92.70 91.25 74.11 26.38 9.60 59.01
-0.25 -2.25 0.11 -0.12 -0.03 -2.65
Close 962.44 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 6854 5288 16170 27552 28027 5851
Change % Change -7.30 -0.75 Market cap 200-Day High 31,312.26 mn Div Yield (%) 200-Day Low 7.31 -
Last 60 days High Low 94.00 99.49 90.00 33.50 12.80 66.15
81.00 87.10 70.60 24.51 9.00 58.05
2010 Div BR (%) (%) 50 40 25 30
2011 Div BR (%) (%)
20B 12.50 15B 10B -
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
41.57
Total Assets (Rs in mn)
MA (10-day)
15.09
Total Equity (Rs in mn)
MA (100-day)
15.62
Revenue (Rs in mn)
MA (200-day)
13.09
Interest Expense
18,976.36
1st Support
14.85
Profit after Taxation
2nd Support
14.75
EPS 09 (Rs)
1st Resistance
15.05
Book value / share (Rs)
2nd Resistance
15.15
PE 10 E (x)
2.28
Pivot
14.95
PBV (x)
3.01
7,536.40 38,552.26 307.33 3,383.27 2.234 4.98
LOTPTA closed down -0.20 at 14.97. Volume was 80 per cent below average (consolidating) and Bollinger Bands were 39 per cent narrower than normal. The company's profit after taxation stood at Rs2.488 billion which translates into an Earning Per Share of Rs1.64 for the 1st quarter of current calendar year (1QCY11). LOTPTA is currently 14.1 per cent above 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 LOTPTA at a relatively equal pace. Trend forecasting oscillators are currently bearish on LOTPTA.
Byco Petroleum Pakistan Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
66.32
Total Assets (Rs in mn)
32,148.52
MA (10-day)
9.36
Total Equity (Rs in mn)
(8,068.95)
MA (100-day)
9.38
Revenue (Rs in mn)
MA (200-day)
10.16
41,097.71
Interest Expense
2,335.66
1st Support
9.59
Loss after Taxation
2nd Support
9.38
EPS 10 (Rs)
(4.122)
1st Resistance
9.96
Book value / share (Rs)
(20.58)
2nd Resistance
10.12
Pivot
9.75
(1,616.35)
PE 11 E (x)
-
PBV (x)
(0.48)
BYCO closed up 0.25 at 9.83. Volume was 25 per cent above average and Bollinger Bands were 82 per cent wider than normal. The company's loss after taxation stood at Rs561.571 million which translates into a Loss Per Share of Rs1.43 for the nine months of fiscal year (9MFY11). BYCO is currently 3.2 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into BYCO (bullish). Trend forecasting oscillators are currently bullish on BYCO.
BOOK CLOSURES Company
From
To
JS Bank #
06-Jun
Jahangir Siddiqui & Company #
D/B/R
Spot AGM/Date
14-Jun
-
06-Jun
15-Jun
-
-
15-Jun
Crescent Steel (Un-Consolidated) 08-Jun
14-Jun
10(II)
31-May
-
Treet Corporation #
08-Jun
14-Jun
-
-
14-Jun
(TFC) Saudi Pak Leasing Co
10-Jun
-
-
-
-
Lotte Pakistan PTA #
10-Jun
16-Jun
-
PTCL
11-Jun
20-Jun
17.5(I)
03-Jun
-
OGDC
14-Jun
21-Jun
15(II)
06-Jun
-
Fauji Fertilizer Bin Qasim
14-Jun
20-Jun
12.5(I)
06-Jun
-
Hinopak Motors
14-Jun
20-Jun
-
-
Pakistan Oilfields #
14-Jun
20-Jun
-
-
National Bank of Pakistan #
14-Jun
20-Jun
-
-
20-Jun
Atlas Honda
15-Jun
23-Jun
65,15(B)
07-Jun
23-Jun
Invest Cap. Inv Bank
17-Jun
24-Jun
-
-
24-Jun
Sui Northern Gas Pipelines #
17-Jun
23-Jun
-
-
23-Jun
Mehran Sugar Mills
17-Jun
23-Jun
7.5(II),10(B)(I)
Fateh Industries #
21-Jun
27-Jun
-
-
Media Times #
21-Jun
28-Jun
-
-
28-Jun
JDW Sugar Mills
23-Jun
30-Jun
10(R)
-
-
Honda Atlas Cars
23-Jun
30-Jun
-
-
30-Jun
Emco Industries #
23-Jun
30-Jun
-
-
30-Jun
Singer Pakistan #
25-Jul
04-Aug
-
-
04-Aug
INDICATIONS # Extraordinary General Meeting
-
-
15-Jun
16-Jun
20-Jun 20-Jun
-
-
27-Jun
7
Monday, June 6, 2011 Atlas Insurance Central Insurance Century Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance PICIC Ins Ltd Premier Insurance Reliance Insurance Silver Star Insurance United Insurance Universal Insurance
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,005.88 Turnover 11,947,016 P/E (x) 5.59 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 1,031.08 1,007.88 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.72 12.84
PE
Open
High
Low
Close Chg
78 33.88 37740 14.39 3000 3.19 8606 6175 -
29.01 17.44 1.75 2.16 2.68
35.24 17.70 1.94 2.50 2.97
29.50 17.42 1.74 2.17 2.56
35.24 17.55 1.88 2.20 2.70
6.23 0.11 0.13 0.04 0.02
Close 1,016.69 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 25590 6750783 1414280 3756363 490984
Change % Change 10.81 1.07 Market cap 200-Day High 70,634.45 mn Div Yield (%) 200-Day Low 11.20 -
Last 60 days High Low
2010 Div BR (%) (%)
50.00 18.00 2.11 2.89 3.20
80 17.5 1 -
28.71 16.05 1.40 1.94 2.41
2011 Div BR (%) (%)
- 15.00 -
443 3.51 391 1.60 457 4.74 1250 13.82 450 7.85 970 5.88 989 10.24 3000 5.98 350 9.33 303 3.81 284 4.12 291 0.94 496 1.75 263 -
28.31 70.12 8.85 36.53 11.55 71.49 57.95 17.61 12.00 8.44 6.52 5.14 5.22 1.70
Paid up Cap(mn)
PE
Open
High
Low
198 11572 1560 7932 1695 8803 Nishat Chunian Power Ltd XD 3673 Nishat Power Ltd 3541 S G Power 178 Sitara Energy Ltd 191 Southern Electric 1367 Tri-star Power XD 150
7.57 5.14 5.58 2.79 2.41 5.98 -
0.55 37.53 1.22 2.31 17.25 43.73 17.00 17.14 0.70 21.75 1.36 1.00
0.70 38.00 1.45 2.55 17.97 44.01 16.20 17.40 1.73 22.10 1.69 1.19
0.55 37.40 1.16 2.29 17.00 43.25 15.30 16.55 0.62 20.00 1.38 1.00
Company Genertech Hub Power Japan Power KESC Kohinoor Energy Kot Addu Power
Close 1,360.93 Listed cap 95,369.29 mn Payout (%) 104.13
Open 850.70 Turnover 127,872 P/E (x) 5.35
Change % Change 2.23 0.16 Market cap 200-Day High 105,711.99 mn Div Yield (%) 200-Day Low 7.59 -
Close Chg
Volume
Last 60 days High Low
0.59 37.71 1.31 2.40 17.00 43.49 15.50 16.89 1.20 21.60 1.52 1.00
33408 4455766 945486 2373397 102629 596869 2405022 4000946 120512 13191 2116944 29871
0.80 40.05 1.70 2.87 18.25 44.19 17.25 17.75 1.73 23.26 1.98 1.37
0.04 0.18 0.09 0.09 -0.25 -0.24 -1.50 -0.25 0.50 -0.15 0.16 0.00
0.49 36.12 0.97 2.25 15.41 40.26 14.30 15.45 0.40 15.35 1.13 0.31
2010 Div BR (%) (%) 50 25 50 20 -
25.00 10.00 30.00 10.00 -
Paid up Cap(mn)
Company Sui North Gas Sui South Gas
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
19.00 22.21
19.75 22.95
18.81 21.81
19.01 0.01 22.51 0.30
974706 588861
21.37 25.70
17.64 20.52
2010 Div BR (%) (%) 20 15
-
-
Performance of SR Banks Index
Paid up Cap(mn)
Company
Allied Bank Limited 8603 Askari Bank XB 7070 Bank Alfalah 13492 Bank AL-Habib 8786 Bank Of Khyber 5004 Bank Of Punjab 5288 BankIslami Pak 5280 Faysal Bank 7327 Habib Bank Ltd 11021 Habib Metropolitan Bank XB 10478 JS Bank Ltd 8150 KASB Bank Ltd 9509 MCB Bank Ltd XD 8362 Meezan Bank XB 8030 Mybank Ltd 5304 National Bank 16818 Network Mic Bank 300 NIB Bank XR 40437 Samba Bank 14335 Silkbank Ltd 26716 Soneri Bank XR 6023 Stand Chart Bank 38716 Summit Bank Ltd 7251 United Bank Ltd 12242
PE
Open
6.01 62.09 5.39 11.94 5.37 10.56 6.03 28.36 2.21 5.69 6.56 10.14 3.88 7.57 9.85 7.30 120.70 5.39 18.25 54.60 2.59 1.44 8.09 210.57 6.01 18.00 2.30 4.11 54.05 2.81 1.72 25.00 1.99 17.63 2.87 3.13 6.33 7.26 8.65 3.00 7.41 64.51
High
High Low Close 1,176.23 1,133.82 1,141.75 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.02 13.94 40.49 Low
Close Chg
62.65 60.95 60.98 -1.11 12.25 11.80 11.85 -0.09 10.60 10.10 10.21 -0.35 28.50 28.30 28.44 0.08 5.50 4.55 4.94 -0.75 6.63 6.02 6.35 -0.21 3.93 3.72 3.75 -0.13 10.50 9.80 9.99 0.14 121.14 116.71 116.95 -3.75 19.00 17.60 18.77 0.52 2.95 2.60 2.73 0.14 1.77 1.39 1.60 0.16 210.69 199.75 200.20 -10.37 17.99 17.50 17.55 -0.45 2.99 2.30 2.89 0.59 54.14 51.66 52.32 -1.73 2.70 2.65 2.69 -0.12 1.80 1.65 1.69 -0.03 2.18 1.90 2.00 0.01 2.96 2.76 2.82 -0.05 6.69 6.11 6.25 -0.08 9.20 8.40 9.00 0.35 3.87 2.90 3.75 0.75 65.00 62.60 63.03 -1.48
Volume
Change % Change -26.95 -2.31 Market cap 200-Day High 673,868.85 mn Div Yield (%) 200-Day Low 5.51 -
Last 60 days High Low
366173 64.03 1196933 14.25 3497947 11.20 577945 30.65 137371 6.25 11091576 7.40 262310 4.18 925069 13.90 293138 128.50 406723 24.00 372487 3.00 4495706 1.77 2038649 228.40 249753 19.70 1793410 2.99 3645845 79.90 61508 3.49 8139361 2.18 588307 2.20 4339947 3.00 430244 6.99 45126 9.75 9300369 3.87 1227030 65.50
57.00 10.90 9.01 26.95 3.30 4.51 3.26 9.00 104.16 17.00 2.06 1.16 192.20 16.26 1.60 49.57 0.80 1.47 1.62 2.02 5.62 7.90 2.36 56.70
2010 Div BR (%) (%)
Paid up Cap(mn)
Company
Adamjee Insurance XD
1237
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1.50 62.56
2.24 68.39
1.41 64.50
1.42 -0.08 67.30 4.74
5583 35907
2.49 68.39
1.41 50.70
Close 760.18 Listed cap 11,111.34 mn Payout (%) 79.54
50
10R -
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
68.27
69.90
66.50
66.92 -1.35
1145558
82.15
62.00
2010 Div BR (%) (%) 25
-
-
New Jub Life Insurance
627 13.95
52.04
52.00
49.60
51.90 -0.14
82072
54.00
44.00
15
-
-
-
-
Paid up Cap(mn)
High Low 318.83 289.92 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.20 0.91
PE
Open
High
Low
225 1.13 360 5.59 450 18.91 3750 3.15 40 127.54 250 441 First Credit & Invest Bank Ltd 650 First National Equity 575 IGI Investment Bank 2121 9.16 Invest and Fin Sec 600 20.81 Invest Bank 2849 Ist Cap Securities 3166 Ist Dawood Bank 626 0.65 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap 500 6.31 JS Investment 1000 46.33 KASB Securities 1000 Orix Leasing 821 3.40 Pervez Ahmed Sec 775 6.39 Saudi Pak Leasing 452 Trust Brokerage 100 Trust Inv Bank 586 0.32
0.43 22.81 17.55 23.53 14.97 1.42 2.00 5.04 2.50 1.84 8.04 0.32 2.89 1.45 7.94 2.92 22.28 5.77 3.71 5.69 1.77 0.60 2.75 1.26
0.64 22.99 18.65 24.18 16.58 1.80 2.10 5.23 2.86 1.99 8.45 0.68 3.24 1.68 8.12 3.20 22.94 5.90 4.79 5.98 1.94 0.89 3.00 2.29
0.42 21.60 16.50 22.70 14.97 1.36 1.56 4.30 1.68 1.70 7.50 0.31 2.72 1.40 7.16 2.75 20.50 5.51 3.50 5.52 1.61 0.62 2.00 1.01
Open 1,539.27 Turnover 3,458,796 P/E (x) 20.39 Company
Paid up Cap(mn)
1st Fid Leasing AL-Meezan Mutual F. AL-Noor Modaraba Atlas Fund of Funds B F Modaraba B R R Guardian Mod. Crescent St Modaraba Equity Modaraba First Capital Mutual F. First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund XD KASB Modaraba Meezan Balanced Fund Mod Al-Mali Pak Oman Advantage Paramount Modaraba PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Punjab Modaraba Stand Chart Modaraba
2011 Div BR (%) (%)
-
2011 Div BR (%) (%)
Close Chg 0.54 21.93 17.96 23.52 16.58 1.65 1.56 5.10 2.66 1.74 7.70 0.48 2.90 1.45 7.68 3.11 21.96 5.56 3.81 5.61 1.79 0.82 2.00 1.29
0.11 -0.88 0.41 -0.01 1.61 0.23 -0.44 0.06 0.16 -0.10 -0.34 0.16 0.01 0.00 -0.26 0.19 -0.32 -0.21 0.10 -0.08 0.02 0.22 -0.75 0.03
Close 303.36 Listed cap 30,336.44 mn Payout (%) 99.56
Volume 103220 24133 327607 7355272 10363 103039 5251 8162 19130 45434 9611 1551933 287863 18050 24711444 1591016 48765 222752 1535606 14900 850762 24844 6500 9963
Change % Change -5.47 -1.77 Market cap 200-Day High 14,925.02 mn Div Yield (%) 200-Day Low 4.48 -
Last 60 days High Low
2010 Div BR (%) (%)
0.74 24.97 22.80 26.14 16.58 1.99 3.00 6.00 5.80 2.25 9.29 1.20 3.67 2.00 9.39 3.83 27.00 6.43 4.90 6.40 2.18 1.30 5.90 2.29
30 11.5 10 50 -
0.34 21.00 12.01 20.53 10.97 1.15 1.56 3.10 1.56 1.61 5.15 0.22 2.45 1.26 4.82 2.31 16.42 4.53 3.10 5.00 1.45 0.55 1.11 0.83
2011 Div BR (%) (%)
20B 20B 10B -
- 140R -
EQUITY INVESTMENT INSTRUMENTS
Change % Change -6.49 -0.85 Market cap 200-Day High 46,826.78 mn Div Yield (%) 200-Day Low 7.17 -
7.18
2010 Div BR (%) (%)
Performance of SR Equity Investment Instruments Index
NON LIFE INSURANCE High Low 782.13 751.64 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.58 5.20
Symbols IDRT WAHN IDYM SIBL JSVFL MTIL GWLC ALICO MDTL COTT ZIL BOC HADC SRSM SURC BILF PPP SITC AGIL FNBM BGL BAWS NONS FRCL SMTM BWCL EMCO BNWM FUDLM HUSS MUCL KHTC GFIL MSOT NOPK EXIDE FZCM BAPL STJT JKSM AGIC HINO MQTM PMRS ISTM KOHP PGCL PECO ALTN TSMF SCLL ASHT GAEL LEUL GRYL BIFO SNAI GATI JOPP ICL FECTC BCL NPSM AASM SHEZ SAPL MUBT CSIL NESTLE BUXL SMCPL ELCM KPUS ALNRS PAKMI ULEVER AGSML SANSM KSBP REWM ILTM CWSM HWQS SIEM GLPL BWHL MIRKS SHNI QUET FASM WAZIR PRET PKGI THAS TRPOL SHTM DATM GUTM POML DIIL MEHT FECM FZTM FCONM TOWL JVDC CLOV DINT FIBLM WYETH BAFS GVGL BROT UPFL COLG LPGL TRSM HAJT CRTM ZTL DCM MSCL CFL ARM DWTM SAPT ISIL HUSI BHAT MOON IDEN
Change % Change 41.82 4.92 Market cap 200-Day High 9,896.32 mn Div Yield (%) 200-Day Low 3.70 -
PE
2011 Div BR (%) (%)
40 10B - 10B 20 20B -64.41R - 20B 65 10B - 20B - 33R -105.16R 115 10B 30.00 - 15B 75 25B -154.79R -63.46R - 311R 6 - 20R 50 -
Performance of SR Non Life Insurance Index Open 766.66 Turnover 3,387,393 P/E (x) 11.10
Close 892.52 Listed cap 2,290.72 mn Payout (%) 355.53
8.88 9.45
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Arpak Int Dawood Equities Escorts Bank
BANKS Open 1,168.71 Turnover 46,182,558 P/E (x) 7.34
UPTO 5000 VOLUME
-
FINANCIAL SERVICES
2011 Div BR (%) (%)
25B
High Low 909.38 871.70 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.70 3.85
Open 308.84 Turnover 31,528,714 P/E (x) 11.57
Change % Change 9.72 0.75 Market cap 200-Day High 29,323.66 mn Div Yield (%) 200-Day Low 7.81 -
5491 13.58 8390 5.08
40 20B 25 50B 10 12.5 25 12.5B 30 55B 10.00 20 25B 30 25 - 12.5B - 15B - 24B -
500 850
Company
Close 1,315.04 Listed cap 12,202.80 mn Payout (%) 66.79
26.00 65.00 8.00 29.01 11.00 65.10 51.16 12.43 7.08 8.00 5.76 4.56 4.23 1.32
Performance of SR Financial Services Index
GAS WATER AND MULTIUTILITIES High Low 1,350.31 1,286.69 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.98 11.41
17642 40.74 19299 115.90 25582 10.85 239135 39.50 40537 16.05 167514 103.00 7285 74.90 1616606 20.80 17502 13.00 24048 13.27 41526 8.25 9606 7.49 8155 8.49 5060 3.42
Paid up Cap(mn)
-
Performance of SR Gas Water and Multiutilities Index Open 1,305.32 Turnover 1,563,567 P/E (x) 8.55
-0.10 3.31 -0.31 0.50 -0.25 -0.51 0.30 -0.40 -0.81 0.10 0.23 0.25 -0.19 0.50
East West Life EFU Life Assurance
Company
2011 Div BR (%) (%)
7.8R -
28.21 73.43 8.54 37.03 11.30 70.98 58.25 17.21 11.19 8.54 6.75 5.39 5.03 2.20
Performance of SR Life Insurance Index
Performance of SR Electricity Index High Low 1,378.54 1,353.70 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.28 9.35
27.50 69.15 8.15 36.65 11.00 70.00 57.00 16.80 9.91 8.20 6.52 4.75 4.23 1.70
LIFE INSURANCE
-
ELECTRICITY Open 1,358.69 Turnover 17,196,311 P/E (x) 13.72
28.40 75.00 8.78 39.50 11.70 72.70 59.00 17.74 12.00 8.99 7.00 5.70 5.70 2.20
-
High Low 1,576.96 1,507.02 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.45 2.21
PE
Open
High
Low
264 1375 4.64 210 2.47 525 1.73 75 1.83 780 2.39 200 3.93 524 8.16 300 1.89 581 1.26 760 2.32 397 4.09 1008 4.10 3180 2.24 283 2.23 1200 2.86 184 15.71 1000 59 6.01 1000 2.18 2835 2.72 2841 2.46 872 1.67 340 454 5.51
1.25 10.71 3.99 6.50 4.30 2.20 0.54 1.50 2.50 2.15 3.30 7.42 7.80 6.60 2.55 9.31 1.25 6.69 10.02 7.50 13.14 6.20 0.84 1.00 9.94
2.00 10.85 4.00 6.50 4.75 2.35 0.57 1.85 2.50 2.35 3.72 8.35 8.00 6.84 3.55 10.19 1.40 6.69 11.50 7.99 13.43 6.30 0.94 1.50 10.49
1.30 10.70 3.85 6.45 4.01 2.11 0.42 1.50 1.96 2.10 3.25 7.80 7.51 6.50 2.55 9.40 1.10 5.00 9.99 7.31 12.86 5.95 0.82 0.86 9.63
Close 1,544.56 Listed cap 29,771.58 mn Payout (%) 104.74
Change % Change 5.28 0.34 Market cap 200-Day High 19,495.07 mn Div Yield (%) 200-Day Low 7.98 -
Close Chg
Volume
Last 60 days High Low
2010 Div BR (%) (%)
1.44 10.82 3.88 6.50 4.70 2.29 0.55 1.55 2.50 2.11 3.50 8.35 7.91 6.52 3.46 9.95 1.10 5.29 10.99 7.39 13.27 6.22 0.92 1.05 9.98
88471 181662 8600 486550 24177 81404 187493 54038 27111 160143 972429 22658 224577 125300 25229 58000 6045 10869 5742 92271 282901 139131 112912 28196 42086
2.35 11.20 4.00 6.94 5.00 2.91 0.84 2.50 3.47 2.39 3.95 8.48 8.44 7.45 3.94 10.19 1.84 9.75 11.50 7.99 13.74 6.59 1.10 1.99 10.50
18.5 5 2.2 0 1.2 17 11 21 12.5 2.8 15.5 1.04 18 10 20 10 3 1 17
0.19 0.11 -0.11 0.00 0.40 0.09 0.01 0.05 0.00 -0.04 0.20 0.93 0.11 -0.08 0.91 0.64 -0.15 -1.40 0.97 -0.11 0.13 0.02 0.08 0.05 0.04
1.15 9.80 2.85 5.61 3.65 1.29 0.36 1.22 1.51 1.79 3.08 7.00 7.00 5.41 1.50 8.46 1.00 4.75 8.05 6.92 12.00 5.10 0.80 0.50 9.50
2011 Div BR (%) (%)
- 5.00 10B - 10.00 - 12.50 - 7.50 -
-
Open
High
4.40 35.60 307.05 2.00 5.79 0.50 6.48 16.18 16.64 1.89 62.46 95.60 0.40 4.01 38.85 1.09 42.86 100.37 71.78 5.73 2.01 8.50 16.61 3.00 5.00 14.00 1.60 18.00 6.73 10.94 9.75 28.50 7.00 17.15 21.01 202.79 51.33 7.00 25.72 6.05 10.32 87.68 9.26 40.93 6.25 2.76 17.99 91.99 8.50 1.30 2.52 5.11 0.80 2.75 3.00 48.99 39.70 55.24 7.71 30.00 6.33 47.87 27.30 24.01 152.85 145.50 1.14 2.65 3545.44 7.73 5.63 6.50 7.95 46.95 0.76 5200.00 5.03 12.00 38.80 11.50 223.14 1.49 10.00 980.00 54.40 32.49 42.54 11.68 51.50 44.36 7.63 29.76 5.95 4.00 0.70 0.49 0.60 20.00 41.66 9.73 64.94 2.92 314.00 1.50 8.08 61.37 67.00 28.50 1.60 816.00 46.03 23.10 0.30 1400.00 710.00 21.06 2.00 0.63 13.32 3.25 1.50 9.09 11.77 18.50 0.00 123.89 81.67 4.69 248.00 10.90 11.00
4.99 35.75 334.00 2.99 5.86 0.50 6.99 18.00 17.50 2.34 63.50 96.75 0.62 4.01 39.75 1.94 42.70 101.90 72.95 6.00 2.45 8.50 17.39 3.45 6.00 15.00 2.00 18.59 6.89 12.56 10.75 28.50 8.00 17.20 21.99 203.88 53.70 7.99 26.25 6.74 10.50 89.00 9.26 41.00 7.00 3.11 18.99 94.48 8.22 1.30 2.88 5.11 0.80 2.75 3.00 50.00 40.90 56.40 8.71 31.50 7.00 49.75 27.30 25.21 157.00 151.89 1.25 3.60 3556.99 8.07 5.68 7.50 7.95 49.00 1.25 5249.98 6.00 12.00 40.44 12.50 242.45 1.49 10.95 1025.00 54.40 34.00 44.45 12.68 54.07 44.36 8.62 31.23 6.75 4.00 0.93 0.49 0.79 20.00 41.66 9.79 68.18 3.00 328.00 1.99 8.08 64.29 68.60 29.75 2.45 836.10 46.03 24.25 1.20 1450.00 725.00 21.50 2.00 1.40 13.55 3.50 1.83 10.00 12.77 19.50 6.99 123.89 81.67 4.69 248.00 10.90 10.00
Low
Close
4.35 35.20 292.00 1.31 5.56 0.45 5.62 16.52 15.55 1.80 60.75 94.00 0.41 3.25 37.50 0.95 41.51 98.06 71.15 5.00 1.93 8.00 15.60 2.01 4.67 13.09 2.00 17.68 6.70 10.80 9.00 28.22 6.00 17.15 21.00 194.10 51.18 7.00 25.72 5.70 9.45 86.00 9.00 38.20 6.75 2.80 18.11 85.50 8.20 0.93 2.54 4.11 0.31 2.75 3.00 47.00 39.65 52.57 7.71 30.00 6.16 47.50 27.00 24.01 145.00 145.50 1.00 2.60 3299.00 7.12 4.71 6.50 7.95 45.10 0.85 4915.70 4.50 11.97 37.70 11.50 223.14 0.76 10.00 980.00 51.73 32.49 41.60 11.68 48.93 43.75 7.50 28.41 5.95 3.00 0.70 0.45 0.38 19.50 41.66 9.73 64.94 2.92 298.30 1.80 7.08 58.31 67.00 28.50 1.60 811.00 43.73 23.10 0.30 1400.00 700.00 20.10 1.50 0.50 13.32 2.80 1.50 8.09 11.77 17.75 5.99 120.00 81.49 4.56 247.00 9.90 10.00
4.89 35.75 325.90 1.85 5.79 0.50 5.90 17.00 15.61 1.80 63.33 95.83 0.50 3.26 39.75 0.95 42.03 101.89 72.93 5.45 2.02 8.50 16.10 2.80 4.82 13.12 2.00 17.90 6.73 11.56 9.90 28.22 6.00 17.20 21.01 195.00 53.70 7.00 26.25 6.50 9.60 88.12 9.00 40.21 7.00 3.00 18.12 94.48 8.20 1.26 2.54 5.11 0.31 2.75 3.00 50.00 39.94 55.00 8.71 31.25 6.33 49.75 27.00 25.21 151.27 150.01 1.00 3.60 3452.28 7.73 4.71 6.50 7.95 46.95 0.76 5075.54 5.03 12.00 38.80 11.50 230.91 1.49 10.00 993.19 54.40 32.49 42.54 11.68 51.50 44.36 7.63 29.76 5.95 4.00 0.70 0.49 0.60 20.00 41.66 9.73 64.94 2.92 314.00 1.50 8.08 61.37 67.00 28.50 1.60 816.00 46.03 23.10 0.30 1400.00 710.00 20.10 2.00 0.63 13.32 3.25 1.50 9.09 11.77 18.50 0.00 123.89 81.49 4.56 247.00 9.90 10.00
Change
Vol
0.49 0.15 18.85 -0.15 0.00 0.00 -0.58 0.82 -1.03 -0.09 0.87 0.23 0.10 -0.75 0.90 -0.14 -0.83 1.52 1.15 -0.28 0.01 0.00 -0.51 -0.20 -0.18 -0.88 0.40 -0.10 0.00 0.62 0.15 -0.28 -1.00 0.05 0.00 -7.79 2.37 0.00 0.53 0.45 -0.72 0.44 -0.26 -0.72 0.75 0.24 0.13 2.49 -0.30 -0.04 0.02 0.00 -0.49 0.00 0.00 1.01 0.24 -0.24 1.00 1.25 0.00 1.88 -0.30 1.20 -1.58 4.51 -0.14 0.95 -93.16 0.00 -0.92 0.00 0.00 0.00 0.00 -124.46 0.00 0.00 0.00 0.00 7.77 0.00 0.00 13.19 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 -0.96 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.18 -0.13 -1.00 -1.00 -1.00
4709 4682 4597 4515 4508 4500 4456 4310 3972 3800 3768 3534 3456 3145 3080 3012 2969 2956 2904 2671 2654 2578 2574 2508 2380 2376 2160 2104 2100 2084 2000 2000 1901 1854 1741 1563 1515 1505 1500 1383 1364 1350 1300 1210 1200 1196 1186 1088 1074 1016 1009 1001 1000 1000 1000 927 891 821 745 723 714 712 700 673 613 607 605 602 569 520 516 501 500 480 431 421 420 395 364 318 308 306 300 298 252 240 229 207 202 200 178 173 165 110 100 90 86 70 41 33 32 32 26 22 20 17 15 14 13 12 10 10 9 8 8 6 6 5 4 4 4 2 2 2 1 1 0 0 0 0 0
BOARD MEETINGS
Dera Ghazi Khan Cement Co Ltd
KSE 100 INDEX
Fauji Fertiliser Bin Qasim Ltd
Nishat Mills Ltd
Company
Date
Time
First Cap Security Ltd Amtex Ltd
06-Jun 07-Jun
11:30 11:30
TECHNICAL LEVELS Company Al-Abbas Cement
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position 12,177.15
Target Price
Arif Habib Ltd
Recommendations
30.1
Buy
AKD Securities Ltd
AKD Securities Ltd
28.72
Buy
TFD Research
TFD Research
36.45
Positive
60.92
Support 1
MA (5-day)
12,199.85
Support 2
12,117.60
MA (10-day)
12,175.23
Resistance 1
12,281.65
MA (100-day)
11,989.84
Resistance 2
12,326.60
Technical Analysis
MA (200-day)
11,361.97
Pivot
12,222.10
RSI (14-day) MA (10-day)
65.15 23.28
MTS Shares `000 MTS Rs `000
MA (100-day)
25.14
MTS Rate
KSE 100 INDEX closed up 11.14 points at 12,236.66. Volume was 29 per cent below average and Bollinger Bands were 30 per cent narrower than normal. As far as resistance level is concern, the market will see major 1st resistance level at 12,281.65 and 2nd resistance level at 12,326.60, while Index will continue to find its 1st support level at 12,177.15 and 2nd support level at 12,117.60. KSE 100 INDEX is currently 7.7 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX.
Technical Outlook
26.23 Free Float Shares (mn) 200.80
Brokerage House
AKD Securities Ltd
Brokerage House
AKD Securities Ltd TFD Research
MA (100-day)
17.66
MTS Rate
24.05 305.32 20.00
MA (200-day) 18.35 ** NOI Rs (mn) 4.80 Free Float Shares (mn) 585.06 Free Float Rs (mn) 10,267.80 Target price for Dec-11 & **Net Open Interest in future market PTC closed up 0.11 at 17.55. Volume was 39 per cent below average and Bollinger Bands were 9 per cent narrower than normal. PTC is currently 4.3 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into PTC (mildly bullish). Trend forecasting oscillators are currently bullish on PTC.
MTS Rate
Recommendations
224
Buy
Arif Habib Ltd
Neutral
AKD Securities Ltd
120.7
TFD Research
129.4
195.41 245.4
Brokerage House
Technical Analysis
Positive
RSI (14-day)
42.36
MTS Shares `000
MA (10-day) MA (100-day) MA (200-day)
194.16 205.93 193.64
MTS Rs `000 MTS Rate ** NOI Rs (mn)
Free Float Shares (mn) 176.98
Free Float Rs (mn)
68.153 9,920.31 16.03 174.70 33,986.83
RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Free Float Shares (mn)
55.55
56.40
54.50
22.90
23.75
24.00
23.45
17.55
17.15
18.45
18.95
18.05
Adamjee Insurance
46.43
66.55
66.15
67.30
67.65
66.90
Askari Bank
49.70
11.75
11.60
12.05
12.30
11.95
Azgard Nine
52.98
6.40
6.25
6.75
6.95
Attock Petroleum
61.44
382.40
379.45
387.40 389.45 384.45
Attock Refinery
73.55
138.20
136.50
141.50 143.10 139.80
Bank Al-Falah
44.93
10.10
10.00
6.60
BankIslami Pak
46.11
Neutral
Bank.Of.Punjab
61.97
Dewan Cement
57.98
1.80
1.60
2.15
2.30
1.95
D.G.K.Cement
64.28
23.75
22.85
25.30
25.90
24.35
Dewan Salman
59.52
Dost Steels Ltd
67.60
2.35
2.25
2.50
2.55
2.40
EFU General Insurance 62.70
36.50
35.95
37.75
38.45
37.20
68.10
68.95
67.55
355.798 15,881.58 16.51 60.80 10,437.24
Technical Analysis
Leverage Position
RSI (14-day)
66.21
MTS Shares `000
MA (10-day)
42.89
MTS Rs `000
MA (100-day) 41.37 MA (200-day) 36.47 Free Float Shares (mn) 326.94
94.50 3,069.85
MTS Rate ** NOI Rs (mn) Free Float Rs (mn)
17.21 25.51 14,179.32
Pakistan Oilfields Ltd
Brokerage House
Target Price
Recommendations
359
Hold
Recommendations
144
Hold
Arif Habib Ltd
Reduce
AKD Securities Ltd
322.42
TFD Research
363.65
54.25 140.74 139.13 125.32 466.49
52.65
23.20
61.31
Accumulate
Target Price
Technical Analysis
53.65
56.63
Arif Habib Limited
44.25
Technical Outlook
Neutral
Leverage Position MTS Shares `000 MTS Rs `000 MTS Rate ** NOI Rs (mn) Free Float Rs (mn)
Neutral
0.70 74.70 29.36 65,998.63
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Free Float Shares (mn)
63.24 334.57 323.20 289.08 107.95
MTS Shares `000 MTS Rs `000 MTS Rate ** NOI Rs (mn) Free Float Rs (mn)
34.411 8,736.87 15.42 203.65 36,389.21
Target price for Dec-11 & **Net Open Interest in future market
Target price for Dec-11 & **Net Open Interest in future market
Target price for Dec-11 & **Net Open Interest in future market
ENGRO closed down -3.02 at 192.04. Volume was 7 per cent below average and Bollinger Bands were 63 per cent narrower than normal. ENGRO is currently 0.8 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 ENGRO at a relatively equal pace. Trend forecasting oscillators are currently bullish on ENGRO.
FFC closed up 0.55 at 141.48. Volume was 79 per cent below average (consolidating) and Bollinger Bands were 80 per cent narrower than normal. FFC is currently 12.9 per cent above its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into FFC (mildly bullish). Trend forecasting oscillators are currently bearish on FFC.
POL closed up 1.45 at 337.09. Volume was 56 per cent below average (consolidating) and Bollinger Bands were 26 per cent narrower than normal. POL is currently 16.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into POL (bullish). Trend forecasting oscillators are currently bullish on POL.
2.85
3.60 5.80
2.80
3.85 6.60
2.95
10.45 3.95 6.85
3.00
10.20 3.80 6.35
2.90
71.98
66.75
66.15
Engro Corp
42.24
189.65
187.25
Faysal Bank
51.13
Fauji Cement
73.26
Fauji Fert Bin
65.74
43.05
42.75
Fauji Fertilizer
54.09
140.60
139.70
142.05 142.60 141.15
Habib Bank Ltd
39.62
116.65
116.35
117.35 117.70 117.00
Hub Power
54.60
37.50
37.25
ICI Pakistan
54.14
156.55
154.80
159.55 160.75 157.75
Indus Motors
51.78
220.65
219.45
223.55 225.20 222.30
J.O.V.and CO
61.73
3.05
2.95
3.20
3.25
3.10
Japan Power
56.87
1.20
1.10
1.40
1.45
1.25
JS Bank Ltd
59.01
2.70
2.65
2.80
2.85
2.75
Jah Siddiq Co
44.21
7.55
7.45
7.85
8.00
7.70
9.80 4.65
4.45
10.35
10.00
5.05
5.25
4.85
43.60
43.90
43.30
37.95
55.05 49.66
2.35
2.30
2.45
2.50
2.40
41.45
14.85
14.75
15.05
15.15
14.95
68.28
72.25
69.75
76.40
78.05
73.90
MCB Bank Ltd
37.33
199.40
198.55
Maple Leaf Cement
70.71
2.30
2.05
2.70
2.85
2.45
National Bank
43.51
51.80
51.30
52.70
53.10
52.20
Nishat (Chunian)
50.59
25.60
25.40
26.00
26.20
25.80
Netsol Technologies
47.06
21.25
21.05
21.70
21.95
21.50
NIB Bank
44.17
Nimir Ind.Chemical
58.08
2.70
2.60
2.85
2.95
2.75
Nishat Mills
45.66
58.55
57.70
60.05
60.70
59.20
Oil & Gas Dev. XD
64.99
152.40
150.75
53.77
2.65 1.60
2.45 1.45
44.20
37.70
Lucky Cement
1.60
43.85
38.15
Lotte Pakistan
1.65
42.90
10.15
K.E.S.C
47.98
43.20
9.65
194.60 197.15 192.20
Kot Addu Power
Pervez Ahmed Sec
Leverage Position
3.70 6.05
10.35
EFU Life Assurance
PACE (Pakistan) Ltd.
Neutral
Technical Outlook
Technical Outlook
Leverage Position
61.20
57.40
Arif Habib Corp
45.52
** NOI Rs (mn) Free Float Rs (mn)
Target Price
61.85
Attock Cement
TFD Research
Fauji Fertiliser Co
Technical Outlook
Technical Outlook MTS Shares `000 MTS Rs `000
63.21
MA (200-day) 58.20 Free Float Shares (mn) 175.80
Engro Corporation
Buy
64.40 17.35
MA (100-day)
61.40
AKD Securities Ltd
Target price for Dec-11 & **Net Open Interest in future market
23.91
RSI (14-day) MA (10-day)
MTS Shares `000 MTS Rs `000
60.55
Positive
Leverage Position
46.01 59.76
Hold
60.75
Arif Habib Ltd
FFBL closed up 0.33 at 43.37. Volume was 67 per cent below average (consolidating) and Bollinger Bands were 28 per cent narrower than normal. FFBL is currently 18.9 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into FFBL (bullish). Trend forecasting oscillators are currently bullish on FFBL.
Arif Habib Ltd
Positive
100.14 4,953.85
Technical Analysis RSI (14-day) MA (10-day)
42.2
1st 2nd Pivot Resistance 3.15 3.30 2.95
43.58
Buy
Target price for Dec-11 & **Net Open Interest in future market
Buy
Leverage Position
78.6
Recommendations
NML closed down -2.19 at 59.37. Volume was 25 per cent above average and Bollinger Bands were 36 per cent narrower than normal. NML is currently 2.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NML (mildly bullish). Trend forecasting oscillators are currently bullish on NML.
Recommendations
25.8
74.65
Target Price
Target price for Dec-11 & **Net Open Interest in future market
24.7
TFD Research
Brokerage House
Recommendations
DGKC closed up 0.96 at 24.67. Volume was 264 per cent above average (trending) and Bollinger Bands were 17 per cent narrower than normal. DGKC is currently 6.0 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 moderate flows of volume into DGKC (mildly bullish). Trend forecasting oscillators are currently bullish on DGKC.
Target Price
Technical Analysis
89.589 1,610.31 16.08
** NOI Rs (mn) Free Float Rs (mn)
Target Price
Technical Outlook
Leverage Position
MA (200-day)
Pakistan Telecommunication Co Ltd
Arif Habib Ltd
Brokerage House
RSI 1st 2nd (14-day) Support 61.52 2.75 2.55
Allied Bank Limited
43.55
201.35 202.55 200.55
1.75
1.80
1.70
155.30 156.55 153.65 3.00 1.95
3.15 2.10
2.80 1.75
P.I.A.C.(A)
51.79
2.40
2.35
2.50
2.55
2.45
Pioneer Cement
66.35
5.55
5.20
6.15
6.35
5.80
Pak Oilfields
63.03
335.05
333.05
338.55 340.05 336.55
Pak Petroleum
57.50
212.40
211.20
214.65 215.70 213.45
Pak Suzuki
43.05
65.45
64.30
P.S.O. XD
64.09
287.05
283.95
P.T.C.L.A
63.78
17.45
17.40
Shell Pakistan
70.78
226.30
224.65
Sui North Gas
51.58
18.75
18.45
19.40
19.75
19.10
Sitara Peroxide
50.74
17.75
17.50
18.20
18.45
17.95
Sui South Gas
53.39
22.40
22.30
22.60
22.70
22.50
1.80
1.65
67.80
69.00
66.65
292.40 294.60 289.30 17.60
17.70
17.55
229.30 230.65 227.65
Telecard
61.55
TRG Pakistan
54.39
2.75
2.70
2.85
2.90
2.80
United Bank Ltd
42.42
62.80
62.60
63.30
1.95
63.55
2.05
63.05
WorldCall Tele
48.27
2.15
2.10
2.25
2.30
2.20
1.85
Blackstone to refinance $1.35bn in office loans 8
Monday, June 6, 2011
BISP termed as a complete safety net
NEW YORK: The MetLife building is seen in New York. -Reuters
New hurricane model will up Florida reinsurance costs WASHINGTON: Florida regulators have approved a newhurricane risk model which is likely to drive reinsurance costs for insurance companies higher, in contrast to previous industry expectations that it would have little impact. The software revisions by risk assessor Risk Management Solutions have increased the majority of insured loss estimations by up to an average of 30 percent across the United States for property and casualty insurers. But brokers and reinsurers were expecting the new loss estimations for Florida -- traditionally hit more regularly by hurricanes than other states -- to remain similar to the previous model. RMS said on Thursday it expected estimated losses in Florida to increase by up to 6.5 percent. "Everyone expected Florida to remain flat, but the estimations have shot up as well," said
one Bermudian-based reinsurer. "I don't know if Floridian companies have the budget to pay for this increased risk perspective." The Florida Commission on Hurricane Loss Projection Methodology said the software revisions from RMS can now be used in residential rate filings with the Florida Office of Insurance Regulation. The model changes have increased loss estimates for the amount of damage an Atlantic hurricane can cause for inland states increase significantly by up to 90 percent. The updated model reveals new information about how hurricane risk is spread across Florida, with decreases in the view of risk to some coastal areas and increases in the view of risk to Central Florida compared to the previous model version, RMS said in a statement. While wind risk in some coastal locations, such as
Miami-Dade, is lower than had previously been understood, the risk in Central Florida has increased, due to advances in RMS' "understanding of how hurricanes decay over land." The reinsurance market has reacted with uncertainty to the new Version 11.0 model from RMS. Credit rating agency Standard & Poor's put 16 catastrophe bonds on negative credit watch in April, stating that the changes in the model were significant enough to prompt a review. Analysts say that the model changes could give insurers a strong incentive to raise prices. Reinsurers that write hurricane risk for Florida has increased since Florida's insurance watchdog cut the collateral requirements for offshore companies. Hannover R and Bermuda-based reinsurer XL Re Ltd now write property catastrophe business, along Munich Re and Swiss Re. Reuters
Insurers want off regulators' big players risk list at Davos LONDON: The new chief executive of Lloyds Banking Group suggested it could take up to five years to turn around the part-nationalised bank, the Financial Times said. Antonio Horta-Osorio said in an interview published on the newspaper's website that the bank would not be setting out a full five-year plan when it announces a strategic review due at the end of the month. "This bank will be built over time -- it is a three- to fiveyear journey," said HortaOsorio, who joined Lloyds this year after running rival Santander UK. Lloyds took a shock 3.2 billion pound charge earlier this month to cover compensation for people mis-sold payment protection insurance (PPI)
products. The insurance mis-selling and its exposure to Ireland's economic woes pushed Lloyds to a first-quarter loss of 3.5 billion pounds, highlighting the scale of the task facing HortaOsorio. He was quoted as saying: "It is fair to say some of the problems were more intense." "It will be very clear what the shape of the business will be in the future and how we expect to get there," he said. "But I have only been here three months -- I will not be setting out a full five-year plan." Britain finished with a 41 percent stake in Lloyds after it had to bail it out with billions of pounds of taxpayers' money during the credit cri-
sis. As a result of the bailout, Lloyds was ordered by regulators to sell off a host of assets. It has been told by European regulators to sell 600 branches, with the UK government's Independent Commission on Banking suggesting it might have to sell more to boost competition. A Reuters poll in April showed most analysts and investors expected HortaOsorio to try to sell its Scottish Widows and St James's Place units to bolster the balance sheet. Eventually, the UK government plans to sell its stakes in Lloyds and another part-nationalised bank Royal Bank of Scotland back to the private sector. Reuters
Insurance sector show dull activities TFD Report KARACHI: Insurance stocks saw some dull activities last week at the Karachi Stock Exchange (KSE) with reduced investor participation as just 3.5 million shares traded together in life and non-life
insurance stocks. Pak Reinsurance was the most traded stock with 1.61 million shares followed by Adamjee Insurance with 1.14 million shares. Top gainers of the week include; EFU Life Assurance which increased by Rs4.74 to
close at Rs67.30 and Central Insurance was up by Rs3.31 to close at Rs73.43 while Adamjee Insurance fell by Rs1.35 to close at Rs66.92 and PICIC Insurance was down by Rs0.81 to close at Rs11.19 to be the major losers of the week.
Certens to seek cash per deal after funding fails NEW YORK: Certens, a newly formed Dutch insurance buy-out group, has failed to raise an intended 300 million euros ($432.8 million) in funding and will now look to finance transactions individually, its head told Reuters. Albert Bakker, whose group wants to buy up closed life insurance portfolios in the Netherlands, would not say whether he was in talks about any possible acquisitions and declined to divulge possible targets. "We started with a placement of 300 million euros. What we were facing was that the market for placements has changed. We're now looking into financing on a transaction basis," Bakker said in an interview. "We've changed our funding strategy." Divesting capital-intensive life insurance businesses in run-off could be an attractive way to raise capital for Dutch insurance companies that need to repay state aid received during the financial crisis. Certens would look similar to Britain's Resolution Clive Cowdery's much larger takeover vehicle, which owns life insurer Friends Provident as well as Axa's UK life business and BHA -- which together trade as Friends Life. Dutch bank and insurer SNS Reaal which still needs to pay back 565 million euros of state aid plus a 50 percent premium, could for instance benefit from a deal as it struggles with lossmaking property finance operations. Bank and insurer ING and insurer Aegon also fit the picture. But the confidential nature of the business barred him from talking about targets, Bakker said, and there would be no newsflow for quite some time. "Looking at a typical time it takes to do a deal, you're looking at the first quarter of next year before we could announce a result," he said. Other big Dutch life insurers are privately-held Eureko partly owned by Rabobank stateowned ASR and Delta Lloyd. But all three have fared better than ING, Aegon and SNS Reaal during the credit crisis. A person familiar with the matter said Certens had approached private equity and pension fund investors, but could not raise the funds it needed. -Reuters
KARACHI: Benazir Income Support Programme (BISP) is designed to eliminate poverty from the country. Eligible family will be assisted in a completely transparent manner. This was stated by Director General BISP Sindh Dr. Ghulam Qasim Bughio. He was speaking at the closing ceremony of 10-day Waseela- e-Haq training workshop. He said that the Benazir Income Support Programme was launched after the inception of democratic government of Pakistan Peoples Party, as a means to provide financial assistance to the poorest of the poor adversely affected by high inflation and the impact of the international economic crisis. However, now BISP is being developed into a comprehensive social safety net by provision of Monthly Cash Grant, Vocational and Technical Training, Micro Finance for gainful self-employment and Health, Accident and Life Insurance. DG BISP further said that besides provision of cash grant as life-line, BISP has planned to bring about a real change in the life of the downtrodden families. One of such initiatives, Waseela-e- Haq, is aiming to break the vicious cycle of poverty through interest- free financial assistance. This step would enable select-
ed families to initiate businesses and entrepreneurship; thus, helping them to come out of poverty circle. DG BISP said that the selection of these families is being done by computerised, transparent balloting process. The step is basically designed to promote selfemployment among women beneficiaries or their nominees to improve their livelihood. It offers Rs 300,000 long term interest free financial assistance to randomly selected beneficiaries. It is based on personal trust instead of any collateral and is a completely interest- free financial assistance. He said that the premise is that marginalised families have skills, which remain unutilised and untapped. The facility is alternative to the conventional banking system, which rejects the poor after classifying them as non-creditable. These trainings are provided in collaboration with SAFWCO and ECI for the deserving and eligible families of BISP. In training workshop Director Lyari Ghulam Nabi Babar, Director Karachi M. Ilyas Soomro, Director HQ Pervaiz Iqbal, Media Officer Shafquat Ali and other officials of SAFWCO and ECI were present. The DG BISP also gave away certificates to the eligible Waseela-eHaq beneficiaries. -APP
US cuts premiums for high-risk health plan WASHINGTON: Premiums for new federal health insurance plans that cover high-risk people with pre-existing conditions will drop by as much as 40 percent, federal health regulators said. The insurance plans were created by President Barack Obama's health care overhaul last year as a way to extend coverage to people who have health conditions and were denied policies by private insurers. Lower premiums, which start July 1, should help boost participation in the plans. Only about 18,000 people have enrolled in the coverage since the program began last year. Health and Human Services Secretary Kathleen Sebelius also announced changes that will make it easier for people to sign up for the coverage. "These changes will decrease costs and help insure more Americans," Sebelius said on a conference call. Premiums will vary by state, but federal officials said the premiums would be more in line with rates charged in each state's individual insurance market. Starting in July, people can apply for coverage by providing a letter from a doctor stating that they had a medical condition or illness within the previous 12 months. Previously people had to produce a rejection letter from an insurance company in order to be eligible for the coverage. Other eligibility requirements
will still be in effect, including having no health coverage for at least six months. The government also will begin paying brokers and agents for connecting people with the pre-existing coverage plan, officials said. The new healthcare law set aside $5 billion to cover people with existing medical conditions until 2014 when new health insurance exchanges are suppose to be up and running. Insurance plans on the exchanges will not be allowed to exclude coverage or charge more for people with pre-existing health conditions. The federal government is administering the health plans for pre-existing conditions in 23 states and the District of Columbia. Sebelius said letters will go out to the 27 states running their own programs informing them of the opportunity to reduce premiums. Enough federal money is available to cover the extra costs so states will not have to pick up any of the charges. Federal officials said six states already have premiums in line with the individual market and in those states, premiums would remain the same. Enrollment in the pre-existing health conditions program has been well below original estimates. The Congressional Budget Office had estimated that about 200,000 people would participate in the program. Other estimates put the expected participation rate much higher. -Reuters
Intact to acquire AXA's Canadian arm for C$2.6bn SYDNEY: Intact Financial Corp has agreed to buy the Canadian arm of AXA Group for C$2.6 billion ($2.68 billion) in cash in a move that will boost its premiums by more than 40 percent and diversify its product mix. The deal to acquire AXA Canada, the 6th largest home, auto and business insurance company in the country, will increase its direct premiums in Canada by C$2 billion to more than C$6.5 billion. The acquisition will enable Intact, already Canada's largest provider of property and casualty insurance, to expand its commercial business, particularly in the midmarket segment, and strengthen its presence in Atlantic Canada as well as in the provinces of Quebec and British Columbia. "The acquisition creates new opportunities for IFC as it will strengthen our offerings, notably in business insurance," Intact Chief Executive Charles Brindamour said in a release on Tuesday announcing the deal with Paris-based AXA. Intact, the former Canadian insurance arm of ING, the Dutch financial group, operates under the Grey Power and Belair Direct banners. As long ago as November it said it was on the hunt for acquisitions to build on its leading position in the Canadian insurance market. AXA has ballooned in 30 years from a small mutual insurer in Normandy to become Europe's second-biggest insurer. Its current chief executive, Henri de Castries, is facing growing questions about the company's push into emerging markets and anemic share price performance, AXA recently completed the sale of its Australasian operations to Australian wealth manager AMP (AMP.AX) for A$3.5 billion ($3.53 billion). The deal will allow AXA to take full control of its other Asian assets and increase its exposure to growth in markets with the potential for rapid growth. The transaction, announced on Tuesday, is expected to close later this year after receiving required regulatory approvals. Toronto-based Intact plans to fund the deal using C$500 million of cash on hand, an C$840 million equity issue and credit facilities worth C$1.3 billion. Intact said the combined entity will generate significant cash flow, and it expects its debt-tototal-capital ratio to reach an optimal level of 20 percent within 24 months of the closing of the acquisition.
Aviva hires Friends Provident ex-CEO for UK unit LONDON: British insurer Aviva announced the surprise resignation of Mark Hodges, the head of its UK arm, and said he would be replaced by Trevor Matthews, a former chief executive of rival Friends Provident. Australian-born Matthews, a British insurance industry veteran who ran Standard Life's UK division before joining Friends Provident in 2009, will take up his new role "as soon as possible," Aviva said on Thursday. Matthews in January quit as chief executive of Friends Provident, now owned by insurance acquisition specialist Resolution saying he planned to return to Australia. Reuters
PARIS: Lindsay Davenport of USA and Martina Hingis of Switzerland celebrate a point during the women's legends final match
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Monday, June 6, 2010
Kent set to sign Wahab Riaz LONDON: Kent are poised to sign Wahab Riaz, the Pakistan left-arm paceman, after he received clearance from the Pakistan Cricket Board for a spell in county cricket. Kent, who have a small squad due to their financial situation, have been hit by a number of injuries to their pace bowlers this season and have often been forced to field an inexperienced line-up. Riaz made his Test debut at The Oval on the tour of England last year and took 5 for 63 in the first innings to help set up a four-wicket win for Pakistan. Overall he has played seven Tests and taken 17 wickets along with 38 scalps in 22 one-day internationals. The club hope the deal will be sealed next week once Riaz is granted the required visa. -Online
SAfrica want to knock India off top JOHANNESBURG: South Africa Test captain Graeme Smith said on Sunday the priority this season is to challenge India for first position in the world rankings. The Proteas, who are expected to confirm Monday that former India World Cup-winning coach Gary Kirsten will take charge of the Test, one-day and Twenty20 squads, host Australia and Sri Lanka this year. Speaking in South Africa for the first time since his team suffered a shock World Cup quarter-finals loss to New Zealand two months ago, opening batsman Smith said overtaking India must be the major goal of the Test side. "I remain extremely positive about the Proteas as we set about challenging India for their number one Test ranking," he told a media conference at a Sandton hotel north of Johannesburg. "Our top order did not bat as well as expected (at the World Cup) and it is something -myself included -- that we need to work hard to address as we prepare for tough series against Australia and Sri Lanka. "As soon as the new national coach is named I will work out a programme with him to get my game back to the level I expect of myself. The commitment and pride I feel for representing South Africa is still very close to my heart." Smith confessed that his form at the World Cup and the Indian Premier League (IPL) had not matched expectations, and hard work over the coming months was the solution. "I will work hard over the next few months to once more attain the high standards I expect of myself. A knee injury that was more serious than originally anticipated cut short my IPL season. "But time is on my side to get fully fit for the new season and to do what I like doing -giving my best for my country," said the 30-year-old, who recently became engaged to Irish beauty queen Morgan Deane. "I apologise and make no excuses, but ask South African fans to understand that I was feeling incredibly emotional and prior to the World Cup had asked permission to attend a personal matter in Ireland. "At the time I faced a full media schedule and felt that signalled the end to the campaign. What I did not take into account was the reaction of the public to this decision," he said. The appointment of Kirsten, and former Proteas fast bowler Allan Donald and Eastern Cape Warriors coach Russell Domingo as assistants, is expected to be confirmed Monday afternoon by Cricket South Africa. -APP
Afridi demands open hearing KARACHI: The stand-off between the Pakistan Cricket Board and allrounder Shahid Afridi turned worse with the lawyer representing the player demanding that his disciplinary hearing be held in the open and not behind closed doors. The PTI quoting reliable sources close to Afridi said that he was still not sure about attending the disciplinary hearing on June 8 if his lawyers and media were not allowed to attend. "Afridi has reservations over the way the hearing is being conducted," one source said. A board official said that the law firm had written to them wanting to attend the hearing and making it clear it appeared as if the board had already decided about punishing the allrounder. The former captain's legal representative Barrister Syed Zafar Ali in the letter questioned the legality of any closed session while
stressing that the 'PCB has already made up its mind that Afridi is guilty' "The PCB wants a closed session of the hearing which is unconstitutional in this country," Ali said. "The hearing, along with PCB's act against Afridi, is illegal." Afridi's lawyer had earlier said that their priority was to get the matter resolved amicably. However, they have kept all options of taking on an aggressive approach open, if things do not work out favourably for the allrounder. The board has scheduled the hearing after Afridi, in his reply to the show cause notice issued to him, admitted he had breached his central contract code of conduct clauses and
said he was prepared to face any disciplinary hearing. But in the same letter, Afridi had asked the board to give him permission to play for English county Hampshire, but his request was turned down on disciplinary grounds.
The allrounder has been forced to return home from England after the board revoked the NOC's issued to him to play for English county Hampshire. The board has also cancelled his central contract and held all his payments besides show causing him after Afridi announced his retirement from international cricket last Monday in protest over the way the board had treated him. The board responded by axing him as captain but retained him as player for the one-day series against Ireland where Misbah-ul-Haq led the one-day side, but Afridi withdraw from the series saying he had to be with his father who is undergoing medical treatment in the United States. Lawyer Ali said that the act of suspending his client's contract was illegal as was the act of revoking his NOCs to play in foreign leagues. "He should have first been given an opportunity to explain his point of view."
China’s Li Na wins French Open Tennis PARIS: As China's Li Na tossed the ball while serving at match point in the French Open final, a cry from a fan in the stands pierced the silence at Court Philippe Chatrier. Distracted, Li stopped and let the ball drop. The words of support were in Mandarin: "Jia you!" - which loosely translates to "Let's go!" After so many years of "Come on" and "Allez" and "Vamos," there's a new language on the tennis landscape. Li became the first Chinese player, man or woman, to win a Grand Slam singles title by beating defending champion Francesca Schiavone of Italy 6-4, 7-6 (0) at Roland Garros on Saturday. The sixth-seeded Li used powerful groundstrokes to compile a 31-12 edge in winners, and won the last nine points of the match, a run that began when the fifth-seeded Schiavone was flustered by a line call she was sure was wrong. "China tennis - we're getting bigger and bigger," said Li, who is projected to rise to a careerbest No. 4 in Monday's new WTA rankings. She already was the first woman from that nation of more than 1 billion people to win a WTA singles title, the first to enter the top 10 in the rankings, and the first to make it to a Grand Slam final - she lost to Kim Clijsters at the Australian Open in January. Thinking back to that defeat, Li said: "I had no experience. I was very nervous. For my second time in a final, I had the experience. I knew how to do it. And I had more self-confidence." Tennis is considered an elite sport in China, and while participation is rapidly increasing, it still trails basketball, soccer and table tennis, among others. But Li's victory was big news back home, where the match finished shortly after 11 p.m. local time on a holiday weekend. -Reuters
Sri Lanka 372-3 against England
Dilshan hundred gives Lanka hope LONDON: Sri Lanka were 372 for three in reply to England's first innings 486, a deficit of 114 runs, when rain forced an early tea on the third day of the second Test at Lord's here on Sunday. Tillakaratne Dilshan batted with the responsibility appropriate to his new role as Sri Lanka captain during an accomplished unbeaten century on the second day of the second test at Lord's. Replying to the home team's first innings 486, Dilshan (127 not out) and Tharanga Paranavitana (65) compiled 207 for the first wicket, a Sri Lanka record against England. Dilshan, 34, an equally good batsman in all forms of the game, startled the cricketing world two years ago when he introduced the 'Dilscoop' at the Twenty20 World Cup, flicking the ball from a good length over his shoulder and the wicketkeeper's head.
He has subsequently taken over a team in transition after Muttiah Muralitharan, the highest wicket-taker in test and one-day international cricket, and fast bowler Lasith Malinga retired. In addition, Sri Lanka's skilful left-arm medium-pacer Chaminda Vaas is now plying his trade on the English county circuit. Without that potent trio, the attack looked anaemic against England's batsmen on Saturday. Matt Prior completed his fifth test century after resuming on 73 not out, scoring 126 from 131 balls, and Stuart Broad plundered 54 from 51 deliveries. Chris Tremlett (24 not out) and Steven Finn (19) also combined in a last-wicket partnership of 34 to add to Sri Lanka's frustration and a total close to 500 was not what Dilshan would have envisaged when he asked England to bat on Friday. The suspicion also remained that Dilshan had not wanted to expose his batsmen to the England bowlers when the pitch was at its freshest after they had collapsed to 82 all out in their first-test defeat in Cardiff last Monday. Broad, bowling from the Pavilion End, beat Paranavitana with his first two deliveries and the left-hander received a life on 13 when Alastair Cook grassed a simple chance at third slip off Finn. The visiting captain did not allow Graeme Swann to settle into a rhythm, striking Ian Bell a painful blow in the ribs at short-leg with a full-blooded sweep and using his feet to loft the off-spinner high over long-on for another six. Skipper Andrew Strauss even turned to Kevin Pietersen's occasional offspin, possibly on the grounds that after consecutive scores of three and two he might prove more successful with the ball than the bat. Dilshan unfurled a magnificent back-foot drive through the covers off Finn LONDON: Graeme Swann of England grimaces as Andrew and reached his 12th test century, Strauss looks on during day three of the 2nd npower Test Match off 129 balls, in the same over between England and Sri Lanka at Lord's Cricket Ground with a slashing square cut.
Kissinger mulling over FIFA offer LONDON: Former US Secretary of State Henry Kissinger says he has not yet made a firm commitment to become an adviser to soccer's world governing body. Newly re-elected FIFA President Sepp Blatter said Wednesday that Kissinger, who was secretary of state from 1973 to 1977, had agreed to join a "committee of wise persons" to help investigate problems within the organization. "If it can help the sport, I would be willing to participate," Kissinger told the BBC on Sunday. "But I have to know who the other participants are and what the terms of reference are before I make a final commitment. "(Blatter) has invited me, but he has not been specific except to say he wants to create a group of wise men to deal with some of the issues that have arisen." The committee would have the power to investigate and suggest solutions to problems as FIFA recovers from a corruption scandal, which saw Asian Football Confederation President Mohamed bin Hammam and FIFA Vice President Jack Warner suspended following allegations of bribery. Kissinger, who described himself as an "avid football fan," worked on the failed U.S. bid to host the 2022 World Cup and was on a reform panel set up by the IOC following the scandal over Salt Lake City's winning bid to host the Winter Olympics in 2002. "My general view is that FIFA should be conducted as transparently and as democratically as is necessary to win public support," Kissinger said. Blatter was elected unopposed for a fourth term as president on June 1, despite attempts by England's Football Association to postpone the vote for several months to allow for the corruption scandals to be cleared up. Of the 208 FIFA delegates, 172 rejected England's call.
Sammy disappointed with slow pitch PORT OF SPAIN: Darren Sammy, the West Indies captain, was unhappy with the nature of the slow, turning Port of Spain track prepared for the one-off Twenty20 against India, and said such pitches would play into the visitors' hands. "We had the same experience against Pakistan," Sammy said after his side's 16-run defeat. "Even then the pitches supported them. It's a home series but it feels like ‌ the pitches are out of our control. We can only ask what we want but it's up to the groundsman to prepare it." During the 2010 World T20 West Indies defeated India in Barbados on a bouncy track. They used the short ball well to pin India back then, and Sammy said that they had asked for similar strips for this series as well. "We have requested for bouncy pitches, but as I said we don't prepare the pitches." Today, though, it wasn't the pitch that defeated them. They had India wobbling at 56 for 4 from 8.4 overs but loosened their grip. It's a trait that West Indies have been guilty of in the recent past as they have rarely controlled games through to the conclusion, and it came back to haunt them again today. "We stuck at it to start with but I would say we let them get 20 runs too many and in the end that made the difference in the match," Sammy said. "We did some good things today but as we reflect on the match we would all agree that we let a few situations get away from us. "We have to work harder at winning those crucial situations, which can turn a match, especially in the shortest version of the game. It was a good decision to field first after winning the toss, but we didn't restrict them to the total we wanted."
Their slow batting hurt them further and it's bound to get tougher if they continue playing on these sluggish tracks. Their innings included fifty dot balls and it was a trend Sammy said they will have to change if they are to be more competitive. He admitted that the problem stemmed from their struggles against spin, and said they were trying to improve. "Desmond Haynes has been working hard with the batsmen," Sammy said. "They are slowly getting better at it and we hope they will translate that hard work in the nets out in the middle. It's about confidence and having belief in yourself against spin. You have to use your feet against the spinners. They are working hard." Sammy praised the batting efforts efforts of Christopher Barnwell and Danza Hyatt, whose unbeaten sixth-wicket 50-run partnership, gave the hosts a glimmer of hope towards the end of their chase. "It was great to see how Barnwell played and tried his best to keep us in the hunt. He got some great help from Hyatt there at the end. It was nice to see the guys showing the confidence and self-belief required." He was optimistic about the ODI series that starts on Monday. "Our bowling attack is looking good and the 50over format gives more time to the batsmen. We won our last two ODIs and we shall carry that momentum forward. Sammy said the return of Kieron Pollard, Ramnaresh Sarwan and Dwayne Bravo to the one-day squad will aid in West Indies' revival. "It's nice to have those three experienced players back in our side. We have a bit of momentum with our one-day side after that series against Pakistan, so hopefully we can exploit that." -Online
International & Continuations
Monday, June 6, 2011
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Exit of wounded Yemeni leader sets off celebration SANAA: The departure of Yemen's battle-wounded president for treatment in Saudi Arabia set off wild street celebrations Sunday in the capital, where crowds danced, sang and slaughtered cows in hopes that this spelled a victorious end to a more than three-month campaign to push their leader from power. Behind the festive atmosphere, many feared Ali Abdullah Saleh, a masterful political survivor who has held power for nearly 33 years, will yet return - or leave the country in ruins if he can't. Hanging in the balance was a country that even before the latest tumult was beset by deep poverty, malnutrition, tribal conflict and violence by an active al-Qaida franchise with international reach. Saleh, who was taken overnight to a military hospital in the Saudi capital, Riyadh, underwent successful surgery on his chest to remove jagged pieces of wood that splintered from a mosque pulpit when his compound was hit by rockets on Friday, said medical officials and a Yemeni diplomat. They spoke on condition of anonymity because they did not have permission to release the information. The stunning rocket attack, which the government first blamed on tribal fighters who in recent weeks turned against the president and later on alQaida, killed 11 bodyguards and seriously injured five sen-
ior officials worshipping just alongside Saleh. While Saleh is away, Vice President Abed Rabbo Mansour Hadi is acting as temporary head of state, said the deputy information minister, Abdu al-Janadi. The minister said the president would return to assume his duties after his treatment, though experts on Yemeni affairs questioned whether a return is possible in the face of so much opposition. "Saleh will come back. Saleh is in good health, and he may give up the authority one day but it has to be in a constitutional way," al-Janadi said. "Calm has returned. Coups have failed. ... We are not in Libya, and Saleh is not calling for civil war." His sudden departure raised many questions, including whether his Saudi hosts would bless his return. The Saudis have backed Saleh and cooperated over the years in confronting al-Qaida and other threats, but they are now among those pressing him to give up power as part of a negotiated deal. Saudi Arabia has watched with concern the anti-government protests that have spread to other neighboring countries like Bahrain and is eager to contain the unrest on its doorstep. The president's absence raised the specter of an even more violent power struggle between the armed tribesmen
who have joined the opposition and loyalist military forces under the command of Saleh's son and other close relatives. Street battles between the sides have already pushed the political crisis to the brink of civil war. In an attempt to cool the situation, the vice president offered through mediators to pull government forces back from the neighborhood of the capital where they've battled fighters loyal to Sheik Sadeq al-Ahmar, who heads Yemen's most powerful tribal confederation, the Hashid. In the streets of the capital, Sanaa, joyful crowds celebrated what they hoped would be Saleh's permanent exit. Crowds danced, sang and slaughtered a few cows in what demonstrators have dubbed Change Square, the epicenter of the nationwide protest movement since mid-February calling for Saleh to step down immediately. Some uniformed soldiers joined those dancing and singing patriotic songs and were hoisted on the shoulders of the crowd. Many in the jubilant crowd waved Yemeni flags, joyfully whistling and flashing the "V" for victory signs. "Who would have believed that this people could have removed the tyrant?" said 30year-old teacher Moufid alMutairi. Women in black veils joined demonstrators carrying banners
that hailed Saleh's departure. One read: "The oppressor is gone, but the people stay." But there were also fears that the president would attempt a comeback or try to transfer power to his son Ahmed, who heads the Republican Guard and remains in Yemen. Some worried Saleh and his allies could even try to leave the country in ruins if they feel there is no way to stay in power. "Saleh is never true to his word," said al-Mutairi, the teacher. "If the medical reports are true that his wounds are light, then he will for sure return. Our challenge now is to remove the rest of the regime." "If he returns, it will be a disaster." Yemen's unrest began as a peaceful protest movement that the government at times used brutal force to try to suppress, killing at least 166 people, according to Human Rights Watch. It transformed in the past two weeks into armed conflict after the president's forces attacked the home of a key tribal leader and one-time ally who threw his support behind the uprising. The fighting turned the streets of the capital into a war zone. Other forces aligned against Saleh at the same time. There were high-level defections within his military, and Islamist fighters took over at least one town in the south in the past two weeks.-Reuters
CONTINUATIONS border areas. In the West Bank on Sunday, hundreds of demonstrators marched to the Qalandia checkpoint by Ramallah, and threw stones at Israeli troops who fired tear gas and rubber bullets. Ten demonstrators were taken to hospital with light wounds from rubber bullets, while another 20 were treated at the scene for tear gas inhalation. In Gaza, several hundred demonstrators gathered at the entrance of the northern town of Beit Hanun, with Hamas police preventing them from marching on the Erez border crossing with Israel. Tens of demonstrators who tried to break away and march north clashed with Hamas police, who detained at least a dozen. Sunday's protests, timed to coincide with the 44th anniversary of the Six-Day War when Israel captured the Golan from Syria as well as the West Bank and Gaza Strip, were intended to be a repeat Continued from page 12 No #2 Elahi disagreed, saying it would be better for Musharraf to of massive demonstrations last month. resign before impeachment charges are filed; however, there were Continued from page 12 No #4 conditions. Besides, it there is a long list of irregularities and corruption There should be a broad indemnity (that did not equate to pardon for crimes that Musharraf had not committed). The Army under different titles of accounts of the CDA that the audit reports should provide security for Musharraf and his family for their life- reveals with certain observations. -Online
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A Pakistani television station quoted the group Kashmiri headed, Harkat-ul Jihad Islami (HUJI) which is allied to al Qaeda, as saying he had been killed and that it will avenge his death. Kashmiri was reported to have been killed in a September 2009 strike by a US drone. He resurfaced and gave an interview to Asia Times online correspondent Saleem Shahzad. Shahzad disappeared from Islamabad a week ago. His body was found in a canal two days later with what police said were torture marks. The media and human rights groups have speculated that Pakistan's military intelligence agency may have had hand in the killing, an allegation it strongly denied. -Agencies
time so Musharraf could live out his life in Pakistan. The Chief of Army Staff should be the guarantor of the indemnity agreement because neither Asif Zardari nor Nawaz Sharif could be trusted to abide by their promises. And, the decision on who would become President should be made before Musharraf resigns so that he could hand over power in good conscience to someone trustworthy. The key for Elahi was the wording of the indemnity package and the guarantor. Shujaat agreed that if Musharraf had to resign it should be on the grounds outlined by Elahi. There was some discussion of whether it would be possible to extend any immunity guarantee to PML party leaders, but Shujaat dismissed this idea. Asked what the US wanted or feared, Ambassador Patterson said that we did not want Musharraf humiliated; he should be able to live in Pakistan as an elder statesman with the benefits that accrue to former presidents. The US would not encourage Musharraf to resign but equally we would not try to convince him to fight. We had made this position clear, she said, to both major parties in the coalition. The US ambassador said it would be far better for Pakistan's image if Musharraf were allowed to remain in Pakistan rather than flying off in the night to a third country. Shujaat agreed, but said that ISI interlocutors were working on the UAE option. Citing Zardari's Sunday Times accusations that Musharraf had siphoned off U.S. Coalition Support Funds, Elahi worried that the coalition would make unsubstantiated allegations about corruption by Musharraf or his family. Ambassador said she hoped she had ended Zardari's attempts to make that unfounded allegation. Elahi indicated that Musharraf was planning to sue for libel over the Sunday Times piece. Shujaat and Elahi would not identify a candidate they would support to replace Musharraf. "That will be up to the coalition," said Shujaat. But they agreed it should be a non-political elder statesman. They agreed that Nawaz would never accept Zardari as President and insisted that the Army would also oppose Zardari. The Chaudhrys seemed resigned to debating, not if but how and when Musharraf would leave office, and they see the value of slowing the process down as much as possible. -INP
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Syrian television showed footage of protesters trying to scale the barbed wire as Israeli soldiers atop a tank opened fire. "Four martyrs have fallen, including a child, and 13 others have been wounded," it said. "Our aim is to plant the Syrian flag on the occupied land," one of the protesters, Mohammed Shaiber, said in the television report. Israel forces were placed on high alert after activists in the West Bank and Gaza Strip, and in Arab nations bordering the Jewish state, called for protesters to march on Israeli checkpoints and
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south, some current and former officials say Obama could announce a pullout of at least 10,000. Some US lawmakers and analysts, however, have questioned the wisdom of bringing out any troops at all so soon after security gains were made and with doubts lingering about poorly equipped and minimally trained Afghan security forces. Asked about the drawdown by a soldier at the Kandahar base, Gates said discussions would likely begin when he returned from his current trip, his 12th and final visit to Afghanistan as head of the Pentagon. While he said there had been progress in "degrading the Taliban", the size and scope of the drawdown would be determined by conditions on the ground. Gates also hinted that he would prefer frontline troops to remain. "If it were up to me, I'd leave the shooters to last," said Gates, who steps down at the end of June. He arrived in Afghanistan on Saturday on what is primarily a trip to bid farewell to US troops. -Reuters
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Strauss-Kahn, who has four daughters, said in his IMF resignation letter that he denies the charges but his court appearance on Monday will be the start of what could be drawn-out legal proceedings. French Finance Minister Christine Lagarde and Mexican central bank chief Agustin Carstens both want to replace Strauss-Kahn at the Washington-based IMF. Lagarde is the strong favorite but some developing countries are upset about the long-held practice of choosing a European to head the fund.-Reuters
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federal government would also be disbursing allocations. The PM said that it was the right of Pakistani masses to able to listen to the budget speech made by finance minister, Abdul Hafeez Sheikh, but PML-N's hooliganism ruined this right. "However despite this PPPP would keep democratic intentions intact and not repeat this hooliganism during the presentation of Punjab budget", he affirmed. Meanwhile talking to Ulema delegation, the PM stressed that Ulema should also enlighten their students with world affairs alongside religious awareness, enabling them to play their due part in National progress. He also directed the interior minister to coordinate with Ulema in order to evolve a joint and unanimous syllabus for them. He also stressed on Ulema to unite to combat the menace of terrorism and extremism; as Islam preached brotherhood, peace and harmony. Speaking on the occasion, the Ulema lauded the government's stance on Sanctity of Prophet hood, which indicated government's commitment and zeal towards religious tenets.
SANAA: Yemeni anti-government protesters throw a youth in the air as they gather in Sanaa on June 5, 2011 to celebrate what they said was the fall of Yemen's regime after embattled President Ali Abdullah Saleh, wounded in a blast. -Reuters
NATO jets target Libyan military barracks TRIPOLI: Libya - British jets hit a military barracks in the Libyan capital early Sunday, intensifying NATO pressure on Libyan leader Moammar Gadhafi nearly four months into an uprising to end his erratic 42-year rule. The airstrikes on the barracks - repeated targets of NATO strikes - followed the Western alliance's first use of attack helicopters Saturday. By intensifying attacks from the air and using helicopters to target government forces who melt into the civilian population for cover, NATO is providing a major boost to Libyan rebel forces who have seized much of the country's east and toeholds in the west. Emboldened rebels in recent days have forced government troops from three western towns and broke the siege of a fourth. A government official, speaking on condition of anonymity because he was not authorized to speak to reporters, said the Sunday strikes caused no casualties because the barracks were abandoned after having come under repeated NATO attack. A NATO official, however, said Royal Air Force Tornados fired eight missiles into a surface-to-air missile depot in Tripoli. The early Sunday attacks also hit military sites in the town of
Tajoura, west of Tripoli. Saturday's strikes by French and British helicopters targeted Libyan troops hiding in populated areas, as well as military vehicles and equipment - targets often unavailable to higher-flying jet fighters. Lt. Gen. Charles Bouchard, commander of the Libya operation, said the engagement "demonstrates the unique capabilities brought to bear by attack helicopters." Until Saturday, NATO had relied aircraft that typically fly above 15,000 feet (4,500 meters) - nearly three miles (five kilometers). The jets primarily strike government targets but there have been cases when they missed and hit opposition forces by mistake. The helicopters give the alliance a key advantage in close combat, flying at much lower altitudes. At a regional security conference Sunday in Singapore, Russian Deputy Foreign Minister Sergei Ivanov said NATO is "one step" from the start of ground operations in Libya. Russia abstained from a United Nations Security Council resolution vote in March to impose a no-fly zone over Libya. Ivanov said there has been disagreement over how to interpret the scope of the resolution. In the Saturday attacks, British Apaches hit two targets near the eastern oil town
of Brega, according British Maj. Gen. Nick Pope, and separate Royal Air Force planes destroyed another military installation near Brega and two ammunition bunkers at the large Waddan depot in central Libya. French Gazelle and Tiger helicopters struck 15 military vehicles and five military command buildings, said Col. Thierry Burkhard. All the helicopters returned safely, the French and British said. Brega is of strategic importance to Libya's oil industry and lies on the Mediterranean coastal road to the capital. In the early days of the uprising against Gadhafi, Brega shifted between rebel and loyalist hands, but later the front line settled to the east of the town and under government control. Gadhafi's regime has been slowly crumbling from within. A significant number of officers and several Cabinet ministers have defected, and most have expressed support for the opposition. But Gadhafi shows no signs of leaving power. Gadhafi has been seen in public rarely and heard even less frequently since a NATO airstrike on his compound killed one of his sons on April 30. That has led to speculation about the physical and mental condition of the 69year-old dictator, who has ruled Libya since 1969.
The PM also met delegations from Multan High Court, district Bar, and photojournalists Associations. He also assured to fulfill the problems faced by lawyers. Prime Minister Gilani said that he respected the services of seminaries from the core of his heart, and wanted to take them on board in mainstream affairs of the State. He assured that all misunderstanding spread regarding seminaries would not be adhered to, and was a strong supporter of better coordination between seminaries and government. The PM laid special stress on adhering to all accords reached between seminaries and government and evolve a conducive strategy regarding the issue: besides ensuring equal participation of education ministry in all future meetings, and affairs of the seminaries. According to the spokesman of Wafaq-al-Madaris, the PM also issued strict directives to eschew any unnecessary raid sand harassment of seminaries in future. The PM also assured the delegation that all foreign students holding NOCs (no objection certificates) would be ensured easy and interrupted entry into Country, and also regulate all official institutions, specifically educational institutions, to accept Wafaq-al-Madaris degrees as equivalent to M.A. He also promised not to hinder the educational and functional process of seminaries located in areas of military operations. Furthermore, Prime Minister Gilani while addressing the workers convention here at Circuit House Multan said that PPP-led government would control price hike and energy crisis. Gilani said that government had initiated mega projects like Bhasha dam, Thar coal and CASA1000 to overcome the energy crisis. Prime Minister said the PPP would enjoy clear majority in the Senate in March 2012 which he hoped would set the tone for the next general elections in 2013. He, however, made it clear that the party would never opt for the backdoor to come to power. "The PPP will come to power only by the power of vote and accept the verdict of the people whether in favour of the party or otherwise," he added. The Prime Minister said, "Our rivals now know that the time for mid-term polls is over and the next general elections will decide who comes to power." Gilani said, "The PPP does not crave for power and it wants to serve the people in best way. The party believes in a ceaseless struggle for strengthening democracy and protection of rights of the people whether in power or in opposition." Prime Minister Gilani said the party had waged a struggle for the freedom of media and independence of judiciary, adding that it would continue to move ahead in the direction. He said the PPP-led government faced criticism from the media and other quarters with tolerance because it was the party that made numerous sacrifices for the cause of democracy and it had more responsibility to uphold democratic norms and traditions. He said that some quarters might take politics of reconciliation as weakness but they were mistaken. The politics of reconciliation was the philosophy, strategy and vision of Shaheed Mohtarma Benazir Bhutto. It was the reconciliatory politics that ensured presentation of the fourth national budget by the incumbent government, he added. The Prime Minister said that Shaheed Zulfikar Ali Bhutto gave the 1973 constitution to the country and it was the mission of Shaheed Mohtarma Benazir Bhutto to restore the constitution to its true spirit. He said that parliament had repealed draconian laws and restored the 1973 constitution and lauded the house for achieving the historic milestone. Gilani also heaped praise on President Asif Ali Zardari, who he added, voluntarily delegated powers to the parliament and Prime Minister. He said the PPP was a symbol of national unity and federation. "The party gave a constitution to the nation which kept the federation intact and guided the country in troubled situations," he added. He said that PPP was a strong party and workers were its real asset. He announced that five per cent of the development budget of parliamentarians would be spent on workers' recommendations for welfare of people and to meet their development needs at grassroots level. -Agencies
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Analysis
Monday, June 6, 2011
CAN NAMING, SHAMING CURB CYBER ATTACKS FROM CHINA? * Targets of attacks want China "named and shamed" * Hacking is pervasive and growing
T
argets of pervasive Chinese cyber attacks hope the latest breach of Google email will spark a robust U.S. response but Washington may find it hard to pin precise blame on China and cannot go too far against a key economic and diplomatic partner. An aggressive stance is the only thing that forced China to budge on problems like counterfeiting or trade barriers, proponents say. Skeptics worry about adding another contentious issue to fraught
cials, Chinese activists and journalists. Without saying the Chinese government was behind the breaches, Google said the attack appeared to originate in Jinan, a city linked to previous cyber attacks, drawing an angry denial from China's foreign ministry. State Department spokesman Mark Toner said on Friday the United States has asked Beijing to investigate Google's latest allegations. He declined to say whether Washington believes Beijing may have had a hand
State Department spokesman Mark Toner said on Friday the United States has asked Beijing to investigate Google's latest allegations. He declined to say whether Washington believes Beijing may have had a hand in the alleged hacking attack.
ties with a major U.S. creditor and say a smoking gun is hard to put in Beijing's hand. Google Inc said on Wednesday it disrupted a "phishing" campaign aimed at stealing passwords of hundreds of Google email account holders, including senior U.S. government offi-
in the alleged hacking attack. U.S. agencies and organizations who work on China said the Google attack is just one example of a pervasive challenge. The working assumption at one U.S. government economic agency was that "the Chinese can pretty much
hack anyone they want any time they want," said a government aide, speaking on condition of anonymity
because of the delicacy of the issue. A business lobby official, who said his group's email accounts were under "constant attack" by Chinese phishing schemes of growing sophistication, applauded Google's move. "China needs to be held accountable and naming and
shaming might be the most effective option to curb Chinese behavior," said the official. OBVIOUS AND RELENTLESS Chinese entities are not the only cyber warriors or spies lurking on the Internet, where Russian and Eastern European criminals prowl for bank and credit cards details and mostly Western "hactivists" spread political messages or flaunt their skills. But malicious attacks originating from China are often obvious: No other state pays much attention to Chinese dissidents, Falun Gong activists or Tibetan exiles. They are also relentless, said Nick Levay, associate director of information security and operations at the Center for American Progress, a Washington thinktank "Those who have been targeted by China have dealt with a certain level of persistence and seen these attacks take place over long periods of time, where all signs point back to China and it really feels like they're
Chinese entities are not the only cyber warriors or spies lurking on the Internet, where Russian and Eastern European criminals prowl for bank and credit cards details and mostly Western "hactivists" spread political messages or flaunt their skills. not even trying to hide that it's them any more," he said. A decade ago, most cyber attacks originating in China targeted the Pentagon and U.S. arms makers. U.S. experts generally suspect but have not formally alleged that what Lockheed Martin Corp described as a "tenacious" attack on its networks on May 21 originated in China. Evolving U.S. defense policy is moving toward treating cyber attacks as acts of war to be met with military retaliation but analysts said this is aimed at devastating blows to infrastructure -- not the hacking of email accounts. Levay said Chinese cyber
attacks noticeably escalated after the 2008 Beijing Olympics and "expanded pretty much across all sectors: the financial sector, the tech sector, the non-profits involved in government policy." WHERE AND HOW TO COMPLAIN? The recent Google email attacks appear to be the work of the People's Liberation Army's Jinan-based technical reconnaissance bureau or the Ministry of State Security, said former military intelligence officer Larry Wortzel. "The question you have to ask is: Who or what entity in China has an interest in former U.S. government offi-
cials and journalists?' That's the security apparatus," said Wortzel, a member of the U.S.-China Economic and Security Review Commission that advises lawmakers on policy. Wortzel and other experts say going public will help. "So far when breaches occur, like the ones with Google, the people who were breached condemn the attacks and say they were attributable to China and China turns around and denies that anything happened at all," said Levay. "So far there hasn't been a downside for them (China)," he said, suggesting that cyberspace be made a formal part of military dialogue between the United States and China. U.S. Defense Secretary Robert Gates met Chinese Defense Minister General Liang Guanglie at the annual Shangri-La Security Dialogue in Singapore on Friday but did not discuss the recent cyber attacks on Lockheed Martin and Google email accounts, U.S. officials aid. "What you want to weigh is, in the larger context of the relationship, is this particular incident worth raising and where do you raise it," said James Lewis, director of the Technology and Public Policy Program at the Center for Strategic and International Studies. "Given how parlous and how fragile the (military-tomilitary) talks are, is it better for (Gates) to bring it up or is it better for the State Department, which has consistently been hitting China on their restrictions on Internet freedom, to bring it up?" China is likely to wave off the complaints for now, said legal and technology experts, because it remains hard to identify and prosecute specific culprits in cyber attacks, even if their home country is clear. -Reuters
BRAZIL'S ROUSSEFF WEAKENED BY SCANDAL * SCANDAL, COALITION RIFT HURT NEW PRESIDENT * AIDES SAY ROUSSEFF RECOGNIZES MISTAKES, CAN REBOUND * PALOCCI DENIES INFLUENCE PEDDLING, REVEALS NO CLIENTS
A
s Dilma Rousseff coasted to Brazil's presidency last year, one doubt kept cropping up -- would the career bureaucrat be savvy enough to handle Brazil's dog-eat-dog political world? After a turbulent few weeks that have shaken her young administration, the evidence is mounting she is not -- a failing that could have serious policy consequences as the government manages a slowing economy and high inflation. Rousseff has emerged weaker from a scandal that has embroiled her influential chief of staff Antonio Palocci and revealed cracks in the coalition that exacerbated a defeat in Congress last week. At the heart of the crisis are doubts over the leadership style of Rousseff, a former leftist militant who lacks the easy charm of her popular predecessor Luiz Inacio Lula da Silva. Her advisors acknowledge she paid too little attention to political matters in her first five months in office, focusing more on technical and administrative issues. That left the government vulnerable when revelations emerged last month that Palocci, whose position now appears at risk, had enjoyed a surge in his personal wealth
that could result in a federal investigation. In his first public statement since the scandal broke, Palocci said on Friday he made his money as a corporate consultant between 2006 and 2010 when he was a federal legislator but that he never broke the law. Rousseff's problems have been compounded by lingering health issues after her successful cancer treatment in 2009. Aides say she has learned from her mistakes and is devoting her attention to defending Palocci -- a Wall Street favorite whose departure would likely rattle markets -- and patching up ties with her main coalition partner, the PMDB party. But the risk is Rousseff's agenda will get bogged down further as she is forced to give more concessions to lawmakers and her approval ratings likely fade along with Brazil's economic growth. "The political cost for Dilma to govern could rise sharply," said Cristiano Noronha, an analyst for political consultancy ARKO. One senior government official acknowledged Palocci had been weakened by the scandal but said Rousseff would not seek to replace him unless damaging new evidence emerges over
his earnings as a consultant while he was a lawmaker. In an interview with TV Globo on Friday, Palocci said he did not use his consulting firm to peddle influence and that he would fully cooperate with investigators. "It was perfectly clear to me what the law permits and what it doesn't," Palocci said. He did not say how much he earned or who his clients were. Palocci's chances of survival may depend on whether the federal prosecutor's office decides in coming days to open an investigation into the
20-fold rise in his wealth when he was a federal deputy from 2007 to 2010. "It's difficult to say whether the worst is over," the official said. 'POWER BEHIND THE THRONE' Nothing illustrated Rousseff's problems more starkly than the sight last week of Lula striding back on to the political stage in Brasilia five months after he bowed out with stratospheric approval ratings. He was there to scratch backs and soothe the concerns of disgruntled members
of the ruling Workers' Party and the PMDB, which turned rebellious in a vote on a new forestry code over what it perceives as a lack of favors from Rousseff. Lula helped broker a truce between the coalition allies but the return of the former union boss, who has not ruled out running for president again in 2014, was a clear blow to Rousseff's efforts to shape her own presidency. Rousseff did not request his help and was dismayed by his high-profile act, another senior government aide told Reuters.
"Dilma has been gravely affected by Lula's interference in the crisis," said Amaury de Souza, a senior partner at consultancy MCM Associados. "It essentially showed that he is the power behind the throne, that he will come and sort things out whenever necessary." Rousseff could well bounce back from the first major crisis of her administration. Lula himself was almost felled by a far bigger corruption scandal in his first term that led him to pay more attention to political coordination with Congress. But the lower house defeat on the forestry bill last week was an ominous sign for a government that has yet to advance an agenda that includes bills to reform Brazil's sclerotic tax system and tap huge new oil reserves. Rousseff's low profile -reinforced by health problems that caused her to take frequent breaks -- has made her appear aloof in a political culture that thrives on personal contact. PALOCCI AT RISK Backed by a resounding election win and improved majorities in Congress, Rousseff made a conscious effort in the first weeks of her presidency to emerge from the shadow of Lula.
She projected an image of quiet diligence and efficiency, and insisted on filling prized political posts on "merit" rather than as political favors to coalition allies. Lawmakers from the Workers' Party and the PMDB have complained of a lack of access to the president, whose minister responsible for relations with Congress is regarded as a political lightweight with little influence. While the PMDB has not joined opposition calls for Palocci to face a congressional investigation, it is widely seen as using the case as leverage to wring concessions from Rousseff. One government source said that Palocci's strong influence had slowed down decision-making in the first months of the administration and that his lower profile as a result of the scandal had helped to speed things up. But most analysts believe the loss of Palocci, who is a talented communicator and a strong proponent of tough anti-inflation policies, would be a major blow to Rousseff. "Palocci is seen as a guarantor for market-friendly economic policies. Doubts over him spell doubts over the economy," Noronha said. -Reuters
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Monday, June 6, 2011
Yemen president in surgery for wounds RIYADH: Yemen's President Ali Abdullah Saleh was undergoing surgery on Sunday to remove shrapnel from his chest at a Saudi Arabian medical facility, a medical source told Reuters. Saleh, who has ruled Yemen for nearly 33 years, went to Saudi Arabia a day earlier after being wounded in an attack on Friday at his presidential palace in Sanaa. -APP QUETTA: Federal Minister for Interior Senator A Rehman Malik talks to the media men at CM House on Sunday.-Online
WikiLeaks says
Chaudhrys against Zardari as president KARACHI: The latest leaked cables of WikiLeaks have divulged that Chaudhrys of Gujrat sought army's support to bar President Asif Ali Zardari as presidential candidature. A cable sent to Washington by the US ambassador from Islamabad on August 16, 2008 revealed that the Pakistan Muslim League-Quaid (PML-Q) leaders Chaudhry Shujaat Hussain and Chaudhry Pervaiz Elahi along with Chief of Army Staff General Ashfaq Parvez Kayani had a meeting with the US envoy. The US envoy wrote in the cable that Chaudhrys wanted to prolong the matter of President Pervez Musharraf's resignation. The Chaudhrys were thinking that delay in Musharraf's departure will create a rift between their political rivals Asif Ali Zardari and Nawaz Sharif and the PML-Q would take benefit of the sit-
uation. The politicians also discussed about giving a safe passage to Musharraf. The cable (ID: 166308) sent on 8-162008 stated that in an August 15 meeting with Patterson, PML-Q leaders outlined their realistic best case scenario for Musharraf. Shujaat said that Musharraf had not yet decided what to do. It was down to two choices: resign before charges are filed or resign after having defended himself. Shujaat argued that it was better for Musharraf, the PML and the US if Musharraf defended himself against what would be baseless charges. Even if Musharraf had to resign immediately after defending himself (i.e. before an impeachment vote he would lose), this would remove any stain against his name and the party's image. See # 2 Page 11
Corruption costs CDA over Rs9bn ISLAMABAD: Irregularities over Rs 9 billion on accounts of Capital Development Authority (CDA) have been recorded, the audit report on the government account for 2010-11 reveals. The highest loss is in unauthorized rescheduling for payment of plots' cost which is Rs 2.6056 billion. The audit report says that director project management of CDA entered into an agreement with Pak Gulf Construction (Private) limited for lease of a plot worth Rs 6.10 billion with 25 per cent of the price paid in advance and balances 75 per cent payable in 12 equal quarterly installments up to 10-8-2008. Without approval of the finance ministry the CDA re-scheduled the payment but the lessee failed to deposit the money due to which the losses occurred. Loss due to regularization of plots allotted to factious owners touches the limits 0.276 billion in rupees. The audit report reveals that CDA director for land and rehabilitation allotted 19 residential plots to fictitious owners of land property. Surprisingly, the illegal plots were regularized instead of taking action against the concerned officials.
Directorate of municipal administration of the authority didn't deposit the pay orders received from different licensees on account of license fee. Instead, the pay orders were released in favors of a private person who encashed these pay orders resulting in embezzlement of Rs 14 million, the report added. Non-encashment of bank guarantee is Rs. 1.522 billion, this loss occurred due to weak financial report. And irregular allotment of shops, sites to selected persons cost the CDA Rs. 55.66 million. Losses due to non-recovery of installments is Rs. 427.80 million, non-recovery due to non-charging of additional storey is Rs. 275 million, overpayment beyond original payment is Rs. 50.35 million, overpayment due to allowing higher rates is Rs. 66.50 million. Unauthorized provision of six categories-I plots and three category-II plots in I-8 from CDA quota to FGEHF cost losses of Rs. 210 million to the CDA, inadmissible allotment of plots to ineligible persons of Rs 172 million, unauthorized allotment of Agro farms and loss is Rs. 180 million. See # 4 Page 11
Gates talks of slow Afghan drawdown KANDAHAR: The gradual withdrawal of US combat troops from Afghanistan set to begin next month will be done responsibly and will not expose other coalition and Afghan forces to undue risks, US Defence Secretary Robert Gates said on Sunday. US General David Petraeus, commander of the 150,000 foreign troops in Afghanistan, will soon make recommendations to President Barack Obama about how many should be withdrawn, following Obama's pledge last year to start bringing US combat troops home. The commitment followed Obama's December 2009 decision to send 30,000 extra US troops in a bid to arrest a growing Taliban-led insurgency. Fighting increased dramatically, particularly in the Taliban heartland in the south, since the last of those extra troops arrived last summer. Pentagon and White House officials are tight-lipped about the size of the initial withdrawal. Obama is expected
to announce his decision sometime in mid-July. Gates said great strides had been made in training enough Afghan police and soldiers adequately to allow for the gradual withdrawal that will end with all foreign combat troops leaving by the end of 2014, according to an agreement reached at a NATO summit last December. "And so the question then becomes, what can you take out and what is the risk associated with that," Gates said at a forward operating base in southern Kandahar province, the birthplace of the Taliban. "And I think General Petraeus will come in with a range of options. And I have every confidence that the decision that's made will be a responsible one," he told troops at the base just outside Kandahar city. With US commanders now trumpeting the success of their offensives in the See # 5 Page 11
6 dead as Israel opens fire MAJDAL SHAMS, Golan Heights: Israeli troops opened fire on Sunday as protestors from Syria stormed a ceasefire line in the occupied Golan Heights, killing four demonstrators, according to Syrian television. Hundreds of protesters rushed towards the ceasefire line, attempting to cut through a line of barbed wire and head into the Golan Heights in a repeat of demonstrations last month, which saw thousands mass along Israel's north. Similar protests were held in the West Bank, where hundreds demonstrated at the Qalandia checkpoint near Ramallah, and in Gaza, where several hundred gathered in the north of the coastal enclave. In Majdal Shams, on the occupied Golan, Israeli troops opened fire as demonstrators sought to push through the mined ceasefire line, which has been reinforced with two lines of curled barbed wire blocking access to a fence. "Despite numerous warnings, both verbal and later warning shots in the air, dozens of Syrians continue to approach the border and IDF (Israel Defence Forces) forces were left with no choice but to open fire towards the feet of protesters in efforts to deter further actions," an army spokesman told AFP. Updating an earlier toll, Syrian state television reported that four people were killed and 13 wounded. An AFP photographer saw at least 20 people with injuries, some soaked in blood as they were evacuated from the scene, while the Israeli military said it was aware of 12 casualties. See # 3 Page 11
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Says very likely al Qaeda's Kashmiri is dead
Quetta Shura, western media propaganda, says Malik QUETTA: Interior Minister Rehman Malik Sunday said there is no evidence of Taliban presence in the city and the propaganda in this regard was baseless. "The propaganda of Taliban Quetta Shura is baseless, if any one has concrete evidence about their claims, it must be shared with government", he said. Talking to media persons soon after his arrival here, he dispelled the impression about the alleged presence of Taliban in Quetta. "Over 30 raids have been conducted on the suspicion of Taliban across the Balochistan province but they were not found," he said. "We would take stern action against the Quetta Shura if we were provided with real and sufficient proof and evidence." He expressed his concern over the incidents of terrorism and said those who were behind these heinous acts are enemies of humanity. He said the situation of Balochistan was improving with every passing day. "Some handful elements were involved in misguiding our youth", he deplored and added "we would always welcome
our disgruntled Baloch brethren to sit with us for a dialogue and find out durable solution to Balochistan issue". He noted that headway has been made with the annoyed nationalists to end the unrest in some parts of the province. Meanwhile, He said that he was '98 percent sure' senior al Qaeda operative Ilyas Kashmiri was killed in a US drone strike near the Afghan border. US officials in Washington were skeptical over reports that Kashmiri, seen as one of the world's most dangerous militants, was dead. A US National Security official said he could not confirm that he had been killed and another US official said it was doubtful. "All ground intelligence shows that he is dead. What I can say is there is a 98 per cent chance he is dead," Interior Minister Rehman Malik told Reuters. "Since we do not have the body, we do not have DNA we need to confirm. This is the substantive evidence we are looking for." That may not be possible since it is very difficult for Pakistani security
forces to get to areas like South Waziristan where intelligence officials said Kashmiri was killed in a drone strike on Friday night. After missile strikes by remotelyoperated drone aircraft, militants often seal off the area then bury their comrades. A senior Pakistani security official said: "It's almost confirmed that he is dead. Different sources confirmed it but we can't say it is 100 percent confirmed because we don't have the body." He went on to say that Kashmiri was holding a meeting with other militants when the drone missile struck. US doubts over claims of Kashmiri's demise may be further evidence of deep distrust between Pakistani and US intelligence services public pledges by Secretary of State Hillary Clinton and other American officials that relations had improved. Kashmiri, said to be a former Pakistani military officer, has been linked to attacks including the 2008 rampage through the Indian city of Mumbai which killed 166 people. See # 1 Page 11
Kahn to plead not guilty today NEW YORK: Former IMF chief Dominique Strauss-Kahn will plead not guilty on Monday to charges he tried to rape a New York hotel maid, an accusation that has wrecked his chance of becoming France's next president. Praised for his role tackling the 2007-09 global financial crisis and attempts to keep Europe's debt crisis under control, Strauss-Kahn, 62, is facing up to 25 years in prison if convicted on charges of a criminal sexual act, attempted rape, sex abuse, unlawful imprisonment and forcible touching. His lawyer, Benjamin Brafman, told Reuters that Strauss-Kahn will plead not guilty to the charges in New York Supreme Court before Judge Michael Obus on Monday. Strauss-Kahn quit as managing director of the International Monetary Fund a few days after his May 14 arrest in the first-class section of an Air France plane, minutes before it was to depart New York for Paris. He is accused of attacking a 32-year-old African immigrant a few hours earlier when she came to clean his suite at the luxury Sofitel hotel in Midtown Manhattan, apparently believing it had been vacated. See # 6 Page 11
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