International Karachi, Friday, July 8, 2011, Shaban-ul-Muazzam 5, Price Rs12 Pages 12
Sharjeel warns terrorists of stern action
UK minister hails Pak anti-terror performance
See on Page 12
SC body investigates corruption in govt sector
See on Page 12
Inflation seen easing despite high food prices
See on Page 12
See on Page 2 Economic Indicators $18.25bn 13.92% $22.45bn $36.55bn $(14.11)bn $205mn $10.10bn $1.74bn Rs 1598bn $59.54bn Rs 5873bn $725mn 0.88% 4.10% $1,051 176.55mn
Forex Reserves (02-July-11) Inflation CPI% (Jul 10-Jun 11) Exports (Jul 10-May 11) Imports (Jul 10 - May 11) Trade Balance (Jul 10 - May 11) Current A/C (Jul 10- May 11) Remittances (Jul 10 - May 11) Foreign Invest (Jul 10-May 11) Revenue (Jul 10-Jun 11) Foreign Debt (Mar 11) Domestic Debt (May 11) Repatriated Profit (Jul- Apr 11) LSM Growth (Apr 11)
GDP Growth FY10E Per Capita Income FY10 Population
Portfolio Investment SCRA(U.S $ in million)
0.37 0.37 1.43 2822
Yearly(Jul, 2010 up to 6-Jul-2011) Monthly(Jun, 2011 up to 6-Jul-2011) Daily (6-Jul-2011) Total Portfolio Invest (25-Jun-2011)
NCCPL (U.S $ in million)
FIPI (7-Jul-2011) Local Companies (7-Jul-2011) Banks / DFI (7-Jul-2011) Mutual Funds (7-Jul-2011) NBFC (7-Jul-2011) Local Investors (7-Jul-2011) Other Organization (7-Jul-2011)
-2.08 0.37 -2.04 1.22 0.21 2.14 0.18
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 12441.40 10071.14 22530.18 19078.30 2714.77 2794.27 6054.55 12709.20
Change 92.15 11.34 12.63 351.33 2.30 16.21 51.63 83.18
GDR update $.Price PKR/Shares Symbols 111.48 MCB (1 GDR= 2 Shares) 2.60 139.35 OGDC (1 GDR= 10 Shares) 16.25 42.88 UBL (1 GDR= 4 Shares) 2.00 36.45 LUCK (1 GDR= 4 Shares) 1.70 38.73 HUBC (1 GDR= 25 Shares) 11.29
Money Market Update T-Bills (3 Mths) 29-Jun-2011 T-Bills (6 Mths) 29-Jun-2011 T-Bills (12 Mths) 29-Jun-2011 Discount Rate 20-May-2011 Kibor (1 Mth) 07-Jul-2011 Kibor (3 Mths) 07-Jul-2011 Kibor (6 Mths) 07-Jul-2011 Kibor (9 Mths) 07-Jul-2011 07-Jul-2011 Kibor (1 Yr) 07-Jul-2011 P.I.B (3 Yrs) 07-Jul-2011 P.I.B (5 Yrs) 07-Jul-2011 P.I.B (10 Yrs) 07-Jul-2011 P.I.B (15 Yrs) 07-Jul-2011 P.I.B (20 Yrs) 07-Jul-2011 P.I.B (30 Yrs)
13.49% 13.74% 13.91% 14.00% 13.64% 13.56% 13.81% 14.15% 14.25% 13.97% 14.02% 14.05% 14.25% 14.34% 14.46%
Commodities *Crude Oil (brent)$/bbl *Crude Oil (WTI)$/bbl *Cotton $/lb *Gold $/ozs *Silver $/ozs Malaysian Palm $ GOLD (NCEL) PKR KHI Cotton 40Kg PKR
117.06 98.21 114.00 1,527.50 36.35 1,014 42,333 7,288
Open Mkt Currency Rates Symbols
Buy (Rs)
Sell (Rs)
Australian $ 91.80 92.80 Canadian $ 88.50 89.50 Danish Krone 16.25 16.65 Euro 122.80 124.00 Hong Kong $ 10.65 11.15 Japanese Yen 1.045 1.072 Saudi Riyal 22.80 23.00 Singapore $ 69.60 70.60 Swedish Korona 13.30 13.60 Swiss Franc 97.90 98.90 U.A.E Dirham 23.30 23.50 UK Pound 137.00 138.30 US $ 85.90 86.20 Inter-Bank Currency Rates Symbols
Buying
Selling
TT Clean
TT & OD
Australian $ 91.99 92.21 Canadian $ 88.73 88.94 Danish Krone 16.45 16.49 Euro 122.69 122.96 Hong Kong $ 11.00 11.03 Japanese Yen 1.058 1.061 Saudi Riyal 22.84 22.89 Singapore $ 69.82 69.98 Swedish Korona 13.50 13.53 Swiss Franc 102.05 102.29 U.A.E Dirham 23.32 23.37 UK Pound 137.06 137.38 US $ 85.75 85.94 Weather Forecast Cities
Islamabad Karachi Lahore Faisalabad Quetta Rawalpindi
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32 killed in 24 hours, 65 in three days
KARACHI CARNAGE CONTINUES MQM announces day of mourning today KARACHI: At least 32 more people were killed on Thursday as the wave of violence continued for the third consecutive day in Karachi. Firing on various buses, has resulted in 13 killed, and more than 10 wounded, creating panic and fear in the entire city. More than 65 people have reportedly been killed and over 90 injured over the last 72 hours. All the tall claims of police were nullified by these violent acts on Thursday while heavy contingents of police and rangers were summoned, and those wounded and killed were transferred to various hospitals. Police said first incident of firing on busses took place near Metro Well cinema in SITE area of the city where unknown gunmen opened fire on a passenger bus, killing five and injuring at least 8 others.
Reports said five persons were killed and many others injured when the second passenger bus, W-55, came under fire near Board Office in North Nazimabad area. A similar incident occurred at Banaras Chowk in Orangi Town where according to police and eyewitnesses unidentified armed men opened fire on a bus, 1-D, killing five people on the spot and wounding many others. In Gulistan-e-Johar, unknown armed men opened fire on a car and killed a man and left 2 injured. 2 dead bodies were found from Garden. While an unknown man was shot dead in Afridi colony. Rescue teams are shifting the bodies and the injured to nearby hospitals by private vehicles and ambulances of Edhi and Chhipa. The firing is getting See # 4 Page 11
NICL scam case
SC stops probe official’s suspension ISLAMABAD: Supreme Court (SC) has suspended the decision of initiation of departmental action against Zafar Qureshi, investigation officer in NICL case saying no departmental action can be taken against him unless NICL case is decided,. The court also issued orders that transfer orders of 4 investigation officers of FIA also be suspended immediately. A 3-member bench of SC presided over by the Chief Justice of Pakistan (CJP) Iftikhar Muhammad Chaudhry took up NICL land scandal case for hearing Thursday. During the course of hearing
report about suspension of Zafar Qureshi from service was presented in the court. Expressing grave concern over suspension of Zafar Qureshi CJP said what was the fault of Zafar Qureshi that he was suspended. Political interference had been started in the courts, he said. Why the government does not implement court orders, he questioned. Whosoever is punished by the court or against whom decision comes the government elevates him to senior post. Kamran Lashari has been appointed secretary housing, he observed. It is beyond See # 5 Page 11
FO says Pak-US ties on track ISLAMABAD: Pakistan on Thursday said Pakistan-US relationship is on track. Briefing newsmen, Foreign Office Spokesperson Tehmina Janjua acknowledged that there were difficulties in the relationship in the past but the two sides are trying to remove them through dialogue and discussions. She said, "The two countries are making efforts to recommence work on the strategic dialogue process and only two days back a meeting of the working group on law enforce-
ment and counter terrorism, was held in Islamabad." The spokesperson said there is recognition in the US administration about importance of relationship with Pakistan. She said, "There are more positives in the relationship than negatives." To a question, she said Pakistan has categorically stated that it would support and facilitate the Afghan-led and Afghan-owned peace and reconciliation process in that country. See # 10 Page 11
KARACHI: Relatives mourn the death of their family member who was shot dead in fresh political violence. -INP
Lawlessness in city not unusual: IGP Sindh KARACHI: IGP Sindh Wajid Ali Durrani has said that lawlessness in Karachi was not an unusual issue, and said that a reasonable time was essential to ascertain implementation of law and order in the City. Addressing a meeting of Karachi Chamber of Commerce and Industries (KCCI), and talking to media afterwards, the IG said that situation could not be alleviated with a touch of magic wand, as it took some time to sort out the things. He assured that police would never let anybody carry out mass murder in the City, and announced action in affected areas. He also informed that during Jan-Jun 2011, 84 target killers had been arrested, and announced that Eagle Squad would be unleashed to control street crimes, starting Tuesday. He also informed that 90 per cent cases of kidnappings for ransom had been resolved, and reserve police contingents deployed at SITE Industrial zone were being withdrawn; while five additional mobile police teams were being deployed to strengthen SITE police. The IG Sindh also held KESC (Karachi Electric Supply Company) as responsible for all the lawlessness in City, and urged federal government to resolve KESC issues immediately. The IG also assured allowing traders to carry weapons with them, regardless of any imposition of section 144. Speaking on the occasion, Qasim Ali Teli of the Businessmen Group also urged traders to carry their weapons with them, regardless of any section 144; while KCCI president Saeed Shafiq strongly berated rising cases of kidnappings for ransom and extortion mafia, urging government to take immediate steps in order to assure traders' community of safety. - Online
FX reserves at new high of $18bn KARACHI: Foreign exchange reserves of Pakistan reached an all-time high of $18.25 billion in the week ending July 2, following inflows of more than $400 million that included loans from multilateral donors, a central bank official said on Thursday. Reserves held by the State Bank of Pakistan (SBP) rose to
$14.79 billion from $14.02 billion a week ago, and those held by commercial banks edged to $3.46 billion up from $3.45 billion, said SBP chief spokesman Syed Wasimuddin. "During the week we received inflows of $411 million, which pushed the reserves to an alltime high level," he said. "These inflows included a
loan of $191.9 million from the World Bank, and another loan of $196.8 million from the Asian Development Bank." Pakistan's foreign exchange reserves totalled $17.47 billion in the previous week, reaching a previous high of $17.95 billion during the week ending March 26. See # 11 Page 11
FX reserves at record peak despite odds: Gilani
PM calls for viable anti-terror policy ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani emphasized on formulating a comprehensive and enduring national policy and strategy on war against terrorism in accordance with our geo-strategic environment. Pakistan, he reiterated, is committed to working in unison with all neighbours and international partners for the establishment of peace and elimination of terrorism. The Prime Minister was talk-
ing to Mrs. Hina Rabbani Khar, Minister of State for Foreign Affairs who called on him at the PM's House on Thursday. The Prime Minister said that Pakistan's efforts in the political and military domain for combating terrorism need recognition at international level. The trust deficit needs to be bridged, he added, so as to allow Pakistan appropriate space to maneuver and contribute significantly towards this end.
The Prime Minister stressed that the sovereignty and selfrespect of all the partners in war against terrorism has to be respected. The global resolve, he maintained, should manifest commitment in addressing the root causes which the terrorists and militants exploit. The socio-economic development of the under-developed regions and the economic empowerment of the poor and vulnerable people have to be See # 6 Page 11
ADB lauds BISP’s efforts against poverty ISLAMABAD: Benazir Income Support Programme IBISP) is ready to share its experiences with the world especially with the poverty stricken Asian nations so that the menace of poverty can be eradicated from the region and the goal of mutual growth and prosperity can be achieved. This was said by Chairperson Benazir Income Support Programme (BISP), Ms. Farzana Raja while talking to Siraj Shams-ud-Din, Executive
Director (ED), Asian Development Bank (ADB) who called on her at BISP Secretariat in Islamabad. Chairperson BISP also apprised ADB's Executive Director about various components of BISP and the progress that the programme has achieved in last three years with a thumping impact to bring positive economic changes in the lives of the millions of its beneficiaries. She told the visiting ADB
Rabbani registered as SC lawyer
‘NKorea bribed Pak for n-technology’
ISLAMABAD: PPP central leader Raza Rabbani has been registered as lawyer of apex court. Sources close to Senator Raza Rabbani told he had filed application for enrolment as lawyer in Supreme Court one year before which had been accepted. Sources told a few days earlier senior judge of SC Justice Javed Iqbal had taken interview of Raza Rabbani and asked several questions. Raza Rabbani remained successful in the interview; therefore, he had been registered as lawyer of SC. Formal ceremony in respect of his enrolment will take place within a few days. Sources told Raza Rabbani had appeared before Sindh High Court in different cases as lawyer and now he would contest civil and criminal cases in SC. Sources told he had no intention to take part in senate polls taking place in March 2012 as his tenure of senator will expire in March. - Online
WASHINGTON: North Korea bribed top Pakistani military officials to have access to sensitive nuclear technology and equipment in the late 1990s, claims nuclear scientist A.Q. Khan. Washington Post reported that Khan has made available documents that show he personally transferred over $3 million in payments by North Korea to senior officers in the Pakistani military.
official that BISP has launched various graduation strategies providing interest free micro financing, demand driven vocational& technical training along with Life insurance scheme to help beneficiary families stand on their feet and become self reliant. Executive Director ADB appreciated the efforts of BISP regarding poverty alleviation and was of the view that ADB's current assistance to BISP of See # 7 Page 11
The newspaper said that Khan has also released a copy of a North Korean official's 1998 letter that gives details of the clandestine deal. While Western intelligence officials think the letter is authentic, Pakistani officials have called the letter a fake. The media report said that if the letter is genuine, it would show corruption related to nuclear weapons. See # 8 Page 11
CCP’s actual role defined ISLAMABAD: Chairperson Competition Commission of Pakistan (CCP) Rahat Kaunain Hassan has said that the Commission's role is not to scare businesses but to discipline them She said this while addressing 11th quarterly meeting of Competition Consultative Group (CCG) hosted by CCP. The meeting was presided over by the Chairperson CCP,
Rahat Kaunain Hassan. The CCP Chairperson in her opening remarks quoted Lord Goff, a former British Judge, as saying: "We are there to oil the wheels of commerce, not to put a spanner in the works." She added that the Commission's role is not to scare businesses but to discipline them and create a fair play for all market players. See # 9 Page 11
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Friday, July 8, 2011
NA body seeks action against defaulter telcos ISLAMABAD: Federal Minister for Information & Broadcasting, Dr Firdous Ashiq Awan visiting the National Heritage at Lok Virsa.-APP
Sharjeel warns terrorists of stern action I S L A M A B A D : Provincial Minister for Information Sindh Sharjeel Memon said on Thursday lists of terrorists have been prepared and more than hundred target killers have been taken into custody till now. Talking to a local TV, Provincial Minister for Information Sharjeel Memon said twenty-two people were apprehended during last two days. He added twenty-nine people were killed in firing incidents in the past three days. Action would be taken against the criminals. He said some elements want to show their Supremacy but we won't let it happen. Interrogations are underway from the arrested target killers. - Online
Hajj quota LCCI asks SC its members to overrides follow import rules LHC verdict TFD Report LAHORE: Lahore Chamber of Commerce and Industry Thursday advised all its members to follow pre-inspection rules while importing raw material or any other goods from world marketplace as there are some black sheep that are continuously befooling Pakistani importers by shipping wrong/fake items hence depriving them of their hard earned money. The Lahore Chamber of Commerce and Industry during the last week received a number of complaints from its members that they placed orders for the import of some chemical to some companies in a neighbouring country but on receiving the shipment they found simple water in the drums supposed to be
filled with ordered raw material. The Lahore Chamber of Commerce and Industry understands well that businessmen are very honest and good people and there are some black sheep who are out to tarnish their image in the eyes of Pakistani businessmen. According the LCCI Senior Vice President Sheikh Mohammad Arshad said that the Lahore Chamber of Commerce and Industry has approached the foreign Ambassadors working in Pakistan to get the complaints redressed and hopefully the things will improve in coming days. However, it is absolutely necessary for all the businessmen to follow pre inspection rules while doing business with foreign companies to avoid any losses.
KARACHI: A group photo of former minister for health Dr Sagheer Ahmed, Waseem Aftab, Dr Hakeem Masood Ahmed Siddiqui, Dr Hakim Abdul Hannan, Vice President FPCCI Khalid Tawab, Siddique Ahmed Mehar Elahi, Noman Badar and Hakim Mukhtar Barkati also seen in the Citizen Social Forum Function.-Staff Photo
Only 21pc took trains last year: Gallup poll ISLAMABAD: The results from a recent poll, conducted by Gallup Pakistan, indicated that more than three-fourth (79 per cent) people did not travel by train in the past year, whereas 21 per cent claimed to have used the train service at least once. A follow-up question to those who had replied in the positive showed that 28 per cent had travelled even less than once a month. In a survey received here on Thursday, a nationally
representative sample of men and women from across the four provinces were asked the following question: 'Have you travelled by train in the past 12 months?' According to the results of the survey, 79 per cent claimed they had not used the train service in the past 12 months whereas 21 per cent said they had. Have you travelled by train in the past 12 months? For those who had experienced travelling by railways in the last 12
months, a question further asked them about the frequency of their travels. The following question was posed to the respondents: 'How often do you travel by train?' The largest proportion (28 per cent) stated that they travelled less than once a month. 21 per cent people replied that they travelled 1-3 times a week. There were only 9 per cent people who said they used the railway often.Agencies
127 high officials promoted in Sindh govt KARACHI: The meeting of Provincial Selection Board No I was held Thursday under the Chairmanship of Chief Minister Sindh Syed Qaim Ali Shah at C.M House. The meeting was attended among others by Chief Secretary Sindh Raja Muhammad Abbas, Additional Chief Secretary (P&D) Mr. Muhammad Ishaque Lashari, Secretary (Services) S,GA&CD Mr. Rizwan Ahmed Memon, Secretary (Finance) Sindh Naveed Kamran Baloch, and Acting Secretary to C.M Sindh Hafeezullah Abbasi. The Provincial Section Board-I reviewed the promotion cases of SGA&CD Education, Agriculture,
Irrigation, Work & Services, Health, Irrigation and Public Health Engineering departments. In all 103 officers were promoted from BPS-19 to BPS 20 and 4 officers of BPS-20 were promoted in BPS-21. According to details, three officers viz Maalik Ghori, Asadullah Dharejo and Raees Paracha of SGA&CD, were promoted from BPS20 to BPS-21, while Allah Dito Shar was also promoted in BPS-20 before his retirement. The officers promoted from BPS-19 to BPS-20 included 84-doctors of Health department, 14 officers of Education department, three engineers of Irrigation Department vz
Muhammad Aslam Ansari, Syed Zaheer Shah and Baber Effendi were promoted as Chief Engineers; One Engineer of Public Health Engineering department- Ghazanffar Jatoi was promoted as Chief Engineer PHED, and one officer of Agriculture d e p a r t m e n t Shohabuddin Siddiqui was promoted as Cotton Commissioner in Agriculture Extension department. Senior Minister Education Pir Mazhar ul Haq, Minister Agriculture Syed Ali Nawaz Shah, Minister Irrigation Jam Saifullah Dharejo, and Provincial Secretaries represented respective departments. - NNI
ISLAMABAD: Supreme Court (SC) Thursday granted appeals of the Ministry of Religious Affairs and private tour operators in Hajj quota case and declared the Lahore High Court (LHC) verdict as null and void. According to a private TV, the petitioners had requested the apex court to set aside the LHC judgment of June 6 on the grounds that it would cause tremendous loss to tour operators and inconvenience some 90,000 pilgrims. A four-member special bench comprising Justice Javed Iqbal, Justice Mian Shakirullah Jan, Justice Tassaduq Hussain Jillani and Justice Khilji Arif Hussain heard the case. The bench in its brief verdict declared that the Hajj quota of the current year will not be changed and the new tour operators will not be offered Hajj quotas this year. The court however ordered for adopting a coordinated process to allot Hajj quotas to the tour operators next year. The Lahore High Court on June 6, 2011 had declared the Hajj quota distribution under Hajj Policy 2011 illegal and directed transparent distribution of quota. The court had barred the Ministry of Religious Affairs from carrying out the process of allocating Hajj quota to private tour operators. - NNI
Six firms to attend trade fair in Malaysia ISLAMABAD: Six leading Pakistani companies are set to showcase their products at the 12th Malaysian International Food and Beverage Trade Fair 2011 which opens in the Malaysian capital next week. The three-day event starting on July 13, 2011 at the Putra World Trade Centre in Kuala Lumpur will bring together the movers and shakers of a multi-billion dollar industry to facilitate global networking and create opportunities in the food and beverage industry. The fair will boast of 500 booths featuring the latest and innovative products and services in the industry from over 25 countries. According to a press release, the Pakistani companies attending the trade fair this year are Fauji Cereals, Mehran Spice and Food Industries, Imtiaz Enterprises, Maizona (Pvt) Limited, AlHamza Trading and Shipbreaking Company and Imran Qasim Trading Est. The event which drew a record 20,228 professional, trade, and business visitors from 48 countries last year, is likely to serve as an ideal occasion to enhance PakMalaysia bilateral trade relations and to present and promote high-quality Pakistani agro-food products to the target audience in highly potential Malaysian market.- NNI
ISLAMABAD: The National Assembly Standing Committee on Information Technology has recommended to the government to place names of head of 10 telecom companies into exit control list, besides freezing their accounts in the country because they were defaulters worth Rs15.90 billion. The committee also criticized the current IT policy and noted that not a single goal could be achieved in this regard. The committee met under
the chairmanship of Ch Birjees Tahir. The committee was told that ten telecom companies involved in long distance calls business had failed to give their shares in universal support funds. The companies used to get stay orders from court whenever they were asked to include their share in universal support funds, aimed at development of telecommunication services in un-served and underserved areas. The committee was
informed that the cases of 4 telecom companies were in Sindh Courts. The list of defaulters telecom companies were also tabled in the meeting. According to the list, WorldCall owes Rs1.20 billion, Red Tone Rs1.79 billion, ADGLDI Rs272.8 million, Telecards Rs2.3 billion, Dencom Rs3.16 billion, Wirescom Rs690.2 million, Circle Net Rs2.38 billion, Wateen Rs650 million, 4b Gentle Rs976 million, and Multi-net owes Rs2.72 billion to govern-
ECP asks parties to submit bank A/Cs details till August 29 ISLAMABAD: The Election Commission of Pakistan (ECP) reminded the political parties on Thursday to file their statement of accounts for financial year 2011-2012 on or before August 29 of the year. According to a press release issued here, the ECP reminded that in terms of Article 13 of the Political Parties Order 2002. It may be recalled that Article 13 of the Political Parties Order, 2002 pro-
vides that every Political Party shall submit to the Election Commission within 60 days from the close of each financial year, a consolidated statement of accounts of the party, duly audited by a Chartered Accountant, containing, annual income and expenses; sources of its funds and assets and liabilities. The statement of accounts of the party is required to be accompanied by a certificate signed by the party leader stating that no funds from any
source prohibited under Political Parties Order, 2002, were received by the party and the statement contains an accurate financial position of the party. The statement of accounts is to be submitted in Form-I as prescribed under the Political Parties Rules, 2002. The party leaders of the concerned political parties were advised to submit the statement of accounts of their parties, duly audited by a Chartered Accountant, by the 29th August. - Agencies
KARACHI: President KCCI Muhammad Saeed Shafiq presenting Chamber Crest to IG Police Sindh Wajid Ali Durrani, Chairman Businessmen Group & former President KCCI Siraj Kassam Teli, Vice Chairman Businessmen Group and former President KCCI Haroom Farooki, CCPO Karachi Saud Ahmed, Senior Vice President Talat Mahmood, Vice President Junaid Esmail Makda, former President KCCI Majyd Aziz and Chief CPLC M Bashir are also seen in the picture.-Staff Photo
Pak-China relations termed exemplary ISLAMABAD: Speakers at roundtable on Thursday said that Pakistan and China are enjoying exemplary friendly ties which have been expanding and becoming even deeper. Speaking at the roundtable here on "China today and tomorrow: role of Communist Party of China", organised by the Institute of Policy Studies, the speakers said that Pak-China relations have not only sustained even through the changing governments but also during the ups and downs in the region and globe. They said it is in the interest of both the countries to keep an eye on the new and emerging regional and global scenario and come up with appropriate strategy to meet the challenges. They said in recent years, China has made progress in
economic and financial areas and, therefore, enjoys great importance in world economy. The speakers said that the Communist Party of China is founded mainly on ideology and politics. They added CPC derives its ideas and policies from the people's concentrated will and then turns that will into State laws and decisions which are passed by the National People's Congress of China through the State's legal procedures. They said the party conducts its activities within the framework of the Constitution of the People's Republic of China and the law and never transcends the both. Vice Minister from Communist Party of China Chen Jin who is visiting Pakistan said that the China
has achieved a great progress economically. He said the country has always raised its voice for sustainable peace and stability in the world. He said China has adopted a political party system as besides Communist party, eight non-communist parties are working in the country. He said there are only few secular parties in the world that have adopted democratic system. He added it is the party's policy that new elected members should be qualified and dedicated. He said due to committed workers, the party is successfully following its philosophy for decades. He said "We find out solutions of the problems according to country's condition following the policy of selfreliance".- APP
ment for last many years. Secretary IT Saeed Ahmed advised the committee not to take such action against aforementioned telecom companies because investors would exit Pakistan this way. It is difficult to cancel license of telecom companies, he said. We would be able to recover outstanding amounts from companies in upcoming two or three months, he said. The committee rejected the assurance of secretary IT and retained its decision. - Online
Foreign debt at alarming $58bn, says Tariq Sayeed Staff Reporter KARACHI: The present government has increased the burden of foreign debts to an alarming level of $58 billion, this was stated by leader of the business community and Vice President, Asia Pacific Chamber of Commerce and Industry, Tariq Sayeed. Addressing a luncheon meeting at Korangi Association of Trade and Industry (KATI), Tariq said that government has printed currency notes worth Rs1 trillion which is extremely disturbing. "The government has borrowed Rs17.8 billion during last fiscal year, Tariq said adding that State Minister for Finance, Hina Rabbani Khar has disclosed that on the other hand banks have written-off loans worth $74.38 billion to the influential. While expressing views over gruesome situation of the country's economy he called upon the business community of Pakistan to sit together and devise a joint action plan to cope with the situation. "This is the high time for the all business factions and they must unite and plan a line of action to rescue dying economy of Pakistan", Tariq further advised the business community to start looking towards Asia instead of USA for enhancing trade. He said that Indian entrepreneurs should also be allowed to invest in Pakistan and set up their manufacturing plants in Pakistan. He stressed the need of curbing unnecessary imports worth $8 billion annually. Moreover, President, Federation of Pakistan Chamber of Commerce and Industry (FPCCI), Senator Haji Ghulam Ali also expressed his dismay over the way business community is being treated by the government. "The business community has helped the government to meet the revenue targets but in return government is strangulating businessmen", said he. He added that it was extremely disturbing that stakeholders are leaving the country and capital is flying away from Pakistan. He called upon the business community to sit together under the FPCCI and devise the plan to rescue the economy.
3
Friday, July 8, 2011
Euro gains, buoyed by ECB Trichet’s Portugal comments Trichet’s collateral comments on Portugal curb losses NEW YORK: The euro rose for the first time in three sessions against the dollar on Thursday after European Central Bank President Jean-Claude Trichet made comments about Portugal's debt that allayed concerns that the crisis could spread. Trichet, at a news conference held after the central bank raised its benchmark interest rate by 25 basis points to 1.50 percent as expected, said the ECB had decided to suspend the application of the minimum credit rating threshold in Portuguese collateral. Trichet did not use the term "strong vigilance" when speaking about monetary policy, wording historically used by the central bank to communicate another rate hike can be expected. The euro last traded at $1.4326, up
0.1 percent on the day and far above the session low of $1.4219 hit immediately after Trichet started his press conference. Analysts said that while the decision on Portugal is not entirely surprising, it indicates some degree of flexibility on the part of the ECB as euro-zone policymakers struggle to reach agreement on solving the region's spreading debt crisis. Portugal's debt has come under scrutiny after Moody's this week downgraded the country's credit rating to junk.
U.S. private employers stepped up hiring in June and the number of Americans filing for jobless benefits fell last week, strengthening views the
economy is positioned for a pick-up in the second half. "What is good news for risk and the US economy is bad news for the yen as this currency pair (dollar versus yen) is largely driven by interest rate differentials," said Andrew Cox, G10 strategist
Asian currencies
Baht at 3-wk high; underperformers may gain on peers SINGAPORE: The Thai baht hit a three-week high on Thursday after the prime minister-elect pledged to fight inflation while capital inflows fuelled expectations that underperformers among emerging Asian currencies might catch up with gains made by their peers. Sustained inflows to emerging Asian stock markets helped most currencies in the continent offset the impact of a weaker euro before the European Central Bank's rate decision later in the day. Earlier, Prime Minister-elect Yingluck Shinawatra said Thailand's policy of allowing the baht to float freely will be maintained under its new government. Yingluck's comments "are an important clarification of Thai government policy," said Callum Henderson, global head of FX research with
Standard Chartered Bank in Singapore. "Even though BoT (Bank of Thailand) manages FX policy, this should encourage the market to push the THB higher. A stable and strong baht is an important tool in helping to temper imported inflation." So far this year, the baht has been the worst performing Asian currency with a 0.5 percent fall against the dollar amid global risk aversion and Thailand's political uncertainty. Real interest rates in Thailand, based on headline inflation and the ten-year government's bond yield, stood at 2.34 percent, according to Reuters calculations. Offshore speculators' demand lifted the baht to 30.25 per dollar, the strongest since June 15, although it gave up some gains on a weaker euro. A dealer in Bangkok said the
baht may find a resistance at around 30.30 as investors were keeping an eye on the single currency. The 30.34-30.26 range is a cluster of support for dollar/baht formed by the convergence of the 55, 100 and 200-day moving averages. The Thai currency is also set to gain other peers such as the Singapore dollar and the Indonesian rupiah with targets of 24.40-50 and 290, respectively. But it may be premature to expect such a gain, some analysts said. The Singapore dollar gained as macro funds and proprietary accounts appeared to enter fresh short US dollar positions amid expectations that the country may allow more currency appreciation to stem import inflation. The city-state's currency also found support from strongerthan-expected Australia's job data. -Reuters
Sterling under pressure against $, slips vs euro LONDON: Sterling slipped against the dollar on Thursday, giving up modest early gains, as investors speculating that the Bank of England might consider more monetary stimulus to support a fragile UK economy sold into a brief move higher. Sterling had got a slight boost from data showing British manufacturing output rose at its fastest pace in over a year in May, after a sharp drop in April. Industrial output, however, failed to fully recoup April's losses. The numbers did little to change overall market expectations that the Bank of England will leave interest rates at a record low 0.5 percent for some months to come. The BoE kept rates unchanged on Thursday, as was widely forecast. In contrast, the European Central Bank raised rates by a
quarter of a percentage point to 1.5 percent as expected, further widening the interest rate differential between the UK and the euro-zone, a factor that will keep the pound subdued. "The general tendency has
been to cut exposure in sterling by both investors and traders in the past few days as the UK economic outlook remains fragile," said Michael Derks, chief strategist at FXPro. Sentiment towards the pound was further dented by leading think-tank the National Institute of Economic and Social Research, which said British economic growth slowed to just 0.1 percent in the second quarter of this year. Sterling was down 0.1 percent on the day at $1.5980,
having triggered stop-loss orders on the break of $1.5960 earlier in Asia to hit a session low of $1.5944. More sell-stops are cited below $1.5900, but traders said there is reasonable support from longerterm investors such as Asian central banks around $1.5912 -- a five-month low hit on June 28. The technical picture for cable has soured after it fell below its 200-day moving average and posted a daily close below on Wednesday. The 200day is now seen as resistance at $1.6046. The euro reversed losses in volatile trade to stand up 0.3 percent on the day at 89.80 pence. It had fallen to a session low of 89.04 after ECB President Jean-Claude Trichet made reference to a deceleration in euro-zone growth in his monthly press conference following the bank's interest rate decision. -Reuters
Aussie cheered by jobs data; NZD lags WELLINGTON/SYDNEY: The Australian dollar jumped nearly half a cent on Thursday in the wake of stronger-than-expected employment data, while the New Zealand currency held its ground as markets took China's latest rate hike in their stride. The Aussie dollar rose as high as $1.0762, from $1.0685 late in New York, after data showed the economy created 23,400 jobs in June, handily beating forecasts for 15,000. The unemployment rate was steady at 4.9 percent, a level many economists consider as near full-employment for a labour market of 12 million workers. It last stood at $1.0738, with resistance seen at $1.0790, a 7-week high tested twice recently. Support is pegged at the 55-day moving average around $1.0670.
The Aussie also rose on the yen and euro. Against the kiwi, it climbed 0.5 percent on the day to NZ$1.2982, well off this week's low of $1.2861. Its performance this week has been remarkable given a rate hike in China, Australia's largest trading partner, and a less upbeat outlook from the Reserve Bank of Australia, which reinforced expectations it'll stay on the sidelines for longer. The New Zealand dollar last traded at $0.8270. It briefly dipped to $0.8239 after a 7.8 earthquake struck the Pacific Ocean north east of the country, causing a tsunami warning, which was later cancelled. Support for the kiwi starts from $0.8233 with resistance at $0.8306 ahead of Tuesday's 30-year high of $0.8332. -Reuters
at CitiFX, a division of Citigroup in New York. "The data certainly backs the risk-on trade and revisions higher in Friday's payrolls report can be expected." The dollar was up 0.4 percent at 80.28 yen. Against a basket of currencies the dollar was up 0.1 percent at 75.156 as concerns about the United States' own budget deficit continued to weigh on investors' minds. The safe-haven currency Swiss franc, which benefited smartly from the flare up in sovereign debt concerns, fell as investors embraced risk. The euro rose 0.7 percent to 1.2098 francs, holding above a record low of 1.1800 francs on June 24. The dollar last traded up 0.6 percent to 0.8442 francs. -Reuters
Yuan flat; mkt expects stability in near term SHANGHAI: The yuan ended little changed versus the dollar on Thursday with the market expecting the Chinese currency to remain stable in the near term after China raised interest rates by 25 basis points on Wednesday. China lifted interest rates by 25 basis points, the third time this year, making clear that taming inflation remained a top priority even as its vast economy gently eases. Spot yuan closed at 6.4658 on Thursday, almost flat from Wednesday's close 6.4670. It has now appreciated 5.57 percent since it was depegged from the dollar in June 2010 and 1.92 percent so far this year. Before trade began, the PBOC fixed the yuan's midpoint at 6.4732 against the dollar, weaker than Wednesday's 6.4715. The central bank uses the fixing to guide the currency's trading on behalf of the
government. Dealers said a slowdown of China's economy may pose a drag on the pace of yuan appreciation, especially since the Chinese currency was not affected after interest rates were raised. Most China-based dealers in the first quarter of this year forecast it would rise 5 to 6 percent for all 2011. The yuan rose 1.94 percent against the dollar in the first half, and if appreciation slows in the second half, the currency's anticipated gains for the year will fall short of expectations. Offshore, benchmark oneyear dollar/yuan non-deliverable forwards (NDFs) were bid at 6.3915 in late trade, little changed from 6.3900 at the previous day's close. Their implied yuan appreciation in a year's time edged down to 1.27 percent from 1.30 percent. Reuters
Swiss franc dips vs euro ZURICH: The Swiss franc was slightly weaker on Thursday ahead of Swiss inflation data for June and an expected interest rate hike by the European Central Bank. The franc was down 0.27 percent against the euro compared to the New York close, trading at 1.2016 per euro at 0631 GMT.The franc was off 0.11 percent against the dollar at 0.8401 per dollar. While an ECB hike should support the euro, traders will be focusing on any softening in ECB President Jean-Claude Trichet's hawkish stance which could weigh on the single currency, already under
pressure due to renewed concerns about the debt crisis. "The franc should continue to regain last week's losses today as European sovereign contagion fears return," said Credit Agricole analysts, adding the franc could again test its 1.18 record high hit against the euro late last month. The Swiss government rejected on Wednesday measures like capital controls or exporter tax breaks to counter the impact of the strong franc on the economy and said it trusted the central bank to manage the currency. Reuters
Indian rupee nudges up on share gains MUMBAI: The Indian rupee edged higher in narrow band trade on Thursday, buoyed by local share gains and dollar inflows, but most traders preferred to wait for the series of data due this week and the next for more cues. The partially convertible rupee ended at 44.425/435 per dollar, 0.11 percent stronger than Wednesday's close. The unit moved in a narrow band of 44.3675-44.4525. Indian shares closed up nearly 2 percent in firm trade on Thursday, snapping a twostraight session fall, on a broad rally triggered across sectors by stable foreign fund inflows. Foreign funds have pumped in $2.2 billion over nine sessions to Tuesday, latest data from the Securities and Exchange Board of India showed, as global appetite for risky assets perked up. Indian state-run explorer ONGC is expected to soon file a draft prospectus for a follow-on share sale with the market regulator. The one-month onshore forward premium ended at 23.75 points from 24.25 at close on Wednesday, the three-month ended at 72.75 points versus 75.75 points, and the one-year was at 246 points versus 249. One-month offshore non-deliverable forward contracts were quoted at 44.58, weaker than the onshore spot rate. In the currency futures market , the most traded near-month dollar-rupee contracts on the National Stock Exchange and the United Stock Exchange both ended at 44.5750, and on the MCX-SX at 44.5775. The total volume was at $826.2 million. -Reuters
Top Economic Events Time 4:50 4:50 8:15 10:00 10:45 11:00 11:45 13:00 13:30 13:30 16:00 16:00 17:30 17:30 17:30 19:00
Source JPY JPY AUD JPY CHF EUR EUR EUR GBP GBP CAD CAD USD USD USD USD
Events Bank Lending y/y Current Account RBA Assist Gov Debelle Speaks Economy Watchers Sentiment Unemployment Rate German Trade Balance French Gov Budget Balance Italian Industrial Production m/m PPI Input m/m PPI Output m/m Employment Change Unemployment Rate Non-Farm Employment Change Unemployment Rate Average Hourly Earnings m/m Wholesale Inventories m/m
Source
Events
AUD JPY AUD AUD EUR CHF GBP GBP EUR GBP GBP EUR USD CAD EUR USD CAD GBP USD
AIG Construction Index 35.8 Core Machinery Orders m/m 3.0% Employment Change 23.4K Unemployment Rate 4.9% French Trade Balance -7.4B CPI m/m -0.2% Manufacturing Production m/m 1.8% Industrial Production m/m 0.9% German Industrial Production m/m 1.2% Asset Purchase Facility 200B Official Bank Rate 0.50% Minimum Bid Rate 1.50% ADP Non-Farm Employment Change 157K NHPI m/m 0.4% ECB Press Conference Unemployment Claims 418K Ivey PMI 68.2 NIESR GDP Estimate 0.1% Natural Gas Storage 95B
Forecast 0.19T 40.1 3.0% 12.8B -0.2% 0.1% 0.1% 12.7K 7.4% 87K 9.1% 0.2% 0.6%
Previous -0.7% 0.55T 36.0 3.0% 12.0B -61.4B 1.0% -2.0% 0.2% 22.3K 7.4% 54K 9.1% 0.3% 0.8%
Previous Day Actual
Forecast
Previous
3.1% 15.2K 4.9% -6.6B -0.1% 1.1% 1.1% 0.7% 200B 0.50% 1.50% 67K 0.2%
39.6 -3.3% -0.5K 4.9% -7.2B 0.0% -1.6% -1.7% -0.8% 200B 0.50% 1.25% 36K 0.3%
421K 65.7 80B
432K 69.1 0.5% 78B
Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY Gold
Bid 1.4326 0.8451 1.5970 0.9585 1.0762 116.44 0.8969 1.2111 129.80 96.15 1526.98
As per 22.00 PST Ask High 1.4328 1.4348 0.8455 0.8494 1.5974 1.6014 0.9588 0.9664 1.0766 1.0770 116.48 116.48 0.8972 0.8978 1.2115 1.2114 129.89 130.08 96.21 96.58 1527.69 1534.29
Low 1.4224 0.8382 1.5945 0.9571 1.0690 115.55 0.8906 1.1980 129.12 95.83 1524.31
London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 07/07/2011 A USD GBP CAD EUR JPY O/N 0.12450 0.56563 0.98000 0.57625 SN 0.10594 1WK 0.16075 0.58938 1.01250 1.21163 0.11469 2WK 0.16950 0.59963 1.03583 1.27063 0.12219 1MO 0.18575 0.62813 1.07500 1.32000 0.14000 2MO 0.21695 0.70375 1.11667 1.39063 0.15844 3MO 0.24605 0.82625 1.17417 1.52625 0.19531 4MO 0.28825 0.89925 1.24250 1.59625 0.24156 5MO 0.34460 1.00313 1.29917 1.68688 0.29719 6MO 0.39875 1.10438 1.35167 1.78563 0.34156 7MO 0.45600 1.18813 1.43250 1.84813 0.39031 8MO 0.50975 1.27250 1.50250 1.91063 0.43719 9MO 0.56450 1.35750 1.57750 1.97288 0.48031 10MO 0.62425 1.43906 1.67000 2.04050 0.51031 11MO 0.67725 1.51094 1.76000 2.09825 0.53594 12MO 0.73525 1.57938 1.85750 2.16963 0.56000
Major Central Banks Overview Central Bank
Next Meeting
Last Change
7/19/2011 8/4/2011 7/12/2011 8/4/2011 8/9/2011 9/15/2011 8/2/2011
9/8/2010 3/5/2009 12/19/2008 7/7/2011 12/16/2008 3/12/2009 11/2/2010
Bank of Canada Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia
Current Interest Rate 1% 0.50% 0.10% 1.50% 0.25% 0.25% 4.75%
Division of National Bank of Pakistan (NBP) KARACHI, July 07,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG KUWAIT MALAYSIA NEWZEALAND QATAR U.A.E. KR WON THAILAND
85.85 137.38 122.96 88.94 102.29 92.21 13.53 1.06 15.86 69.98 16.49 22.89 11.03 312.70 28.52 71.02 23.58 23.37 0.08 2.83
85.65 137.06 122.68 88.73 102.05 91.99 13.50 1.06 15.83 69.82 16.45 22.84 11.00 311.97 28.45 70.85 23.52 23.32 0.08 2.82
85.43 136.69 122.31 88.50 101.78 91.75 13.46 1.06 15.79 69.63 16.40 22.78 10.98 311.15 28.38 70.66 23.46 23.26 0.08 2.82
4 Friday, July 8, 2011
The Financial Daily International Vol 4, Issue 245
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
Karachi mayhem During last 72 hours more than 64 people have been killed in various parts of Karachi. Out of these nearly 34 have been killed in 24 hours. The armed encounter between two ethnic groups that started in Orangi seems to have spread to the entire city. Worst has been the killing of passengers travelling in mini buses. Opposition terms it the failure of the provincial government, a coalition that consisted of three leading political parties namely PPP, ANP and MQM till recently. Opponents also term this apathy of the ruling party because co-chairman of the party as well as President of Pakistan Asif Ali Zardari is in town. The recent clashes remind the massive killing in some of the sensitive areas in eighties. As usual MQM and ANP are involved in blame game. While one can't establish the authenticity of their claims the footage run by a television channel provided some credible evidence that people belonging to an ethnic group were seen firing indiscriminately. In another footage in which a reporter was injured also proved that some groups enjoying strategic positions or occupying police check posts are killing people. Strangely a new debate has started that one specific linguistic group is being targeted. However, people from the opponent group are also being killed. This supports one of the conspiracy theories that there is a third hand involved in Karachi mayhem. Over the last four decades at times these killings are termed outcome of ethnic enmity and on other occasions these are termed sectarian encounters. However, one point is clear that these are neither ethnic nor sectarian killings but the deliberate attempts to initiate anarchy in the mega city. A point of concern is that the killers are proving invincible because they have money to buy out the loyalties and weapons to eliminate all those who refuse to become subservient to them. This gives credibility to what Haider Abbas has been saying over the years that land encroacher, drug traffickers and armament sellers have virtually taken the entire city the hostage. Listen to the people belonging to affected areas talking to media representatives forces one to arrive at the conclusion that these mafias have become far stronger as compared to law enforcing agencies. It may not be wrong to say that some of groups occupying positions on top of 'katty pahari' are involved in illicit business and minting tonnes of money. The roads and streets have been constructed in such a way that even law enforcing personnel just can't dare to enter. PML-N leadership in all critical terms it failure of the government but residents of Karachi fail to understand that all the successive governments, including the present one have failed to weeding out the culprits despite undertaking various 'operation clean-ups'. They fear that certain elements are adamant at destroying the peace of Karachi and their desires must be dealt with iron hand.
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.
Arab silence at Syria crackdown speaks volumes A
rab governments were swift to condemn Libya's Muammar Gaddafi in February when he tried to crush a popular uprising with machineguns and heavy artillery. Now, as Syria's Bashar al-Assad uses tanks and live bullets to smash a wave of street protests, the relative silence from Arab capitals speaks volumes. Such contrasting reactions may seem inconsistent. Syria and Libya are both police states built by former army officers who set themselves up as rivals to oil-producing Gulf states such as Saudi Arabia. Gaddafi derided the Gulf's conservative monarchies. Assad struck up an alliance with Saudi foe Iran and helps it fund Shi'ite militant group Hezbollah in Lebanon. But collapse of the Assad government would suggest the domino effect that toppled leaders in Tunisia, Egypt and Yemen has spread from North Africa into the heart of the Middle East, raising the risks for Syria's neighbors. "The fall of the Syrian regime, along with a fall of the Yemeni regime, would mean a shift of the revolution to a region very close to the Gulf area," said Nabil Abdel Fattah of Al Ahram Center for Political and Strategic Studies in Cairo. It seemed easier to abandon Gaddafi after Libya burned its bridges with many Arab governments and he turned his attentions south, having himself named King of Kings of Africa. Syria has used a mixture of direct intervention and quiet diplomacy toward its neighbors to counter multiple threats in a volatile region. The result is that a future balance of power in the Middle East is hard
to imagine without a Syria ruled by Assad. "Assad may not be the most wellliked of Arab leaders but he's someone who many Arab governments have a working relation with, and in some cases a close relationship," said Shadi Hamid, Director of Research at Brookings Doha Center. MELTING POT The Assad clan has spent
decades, has stayed quiet because if Assad was overthrown that would be another victory for Arab publics that could spill over into the peninsula," said Laleh Khalili, Senior Lecturer at London's School of Oriental and African Studies. Like many of his neighbors, Assad sits atop an autocratic state that contains a melting pot of religious and tribal groups, many of which traverse boundaries set in
Syria's 20 million population is mostly Sunni Muslim but Assad and many senior army figures belong to the Alawite sect, an offshoot of Shi'ite Islam. The country also contains Christians and ethnically is made up of Arabs and Kurds decades cajoling events in the region in its favor through a combination of funding for sympathetic groups abroad and sanctions on others. That game of influence is starkest in Lebanon, where opponents say it closely manipulates the country's politics in to fit its agenda. Saudi Arabia accuses Damascus of ordering the assassination of Lebanon's Sunni former Prime Minister Rafik al-Hariri. The head of the Arab League, Amr Moussa, voiced "worry" in June about the months-long clashes in Syria, but signaled divisions in the 22-member body over how to proceed. He said Arab states were trying to agree a common position. "Even Saudi, which has been at loggerheads with Syria for
colonial times. Syria's 20 million population is mostly Sunni Muslim but Assad and many senior army figures belong to the Alawite sect, an offshoot of Shi'ite Islam. The country also contains Christians and ethnically is made up of Arabs and Kurds. Opponents say Assad increasingly relies on loyalist Alawite troops and irregulars known as 'shabbiha' to put down the protests. For countries like Saudi Arabia, Kuwait and Jordan, an overthrow of Assad could be one Arab revolution too many. "The fall of the Syrian regime would mean the sectarian and religious balances in the southern region would completely collapse," said Abdel Fattah. SUBHEAD Fear of ending up on the losing
side may also be encouraging Syria's neighbors to stay neutral. Gaddafi had already lost control of eastern Libya when the Arab League came out in support of a United Nations resolution authorizing western-led military action to protect civilians. Assad's opponents have predicted a national uprising unless the government ends the bloodshed, but some of the demonstrators seem to want reforms, not a revolution, and there is little sign of a reformist government in waiting being formed. An organised rebel leadership emerged in Libya in just days. Syria's opposition groups are divided over the way forward. Western governments led by France have condemned the bloodshed in Syria but have shown no appetite for military intervention that could tip the scales away from the government. "Western powers see Syria as far too central for their stability, which ends up mattering more than their rhetoric on liberalization and democratization," said Khalili. "That is why Israel is also quite silent." Libya's uprising came weeks after revolutions in Tunisia and Egypt and suggested a democratic tidal wave had began to sweep the region. That sense of the inevitable took a hit when Bahrain's monarchy smothered a popular uprising with the help of Saudi Arabia's army. "Arab leaders are still not sure which way the wind is blowing," said Hamid at the Brookings Doha Center. "Assad might still find a way to survive and they don't want to undermine their relationship with him and the people around him." - Reuters
Berlusconi exposes Nato rifts over Libya I
talian Prime Minister Silvio Berlusconi said on Thursday he was against Nato intervention in Libya but had to go along with it, an admission that exposed the fragility of the alliance trying to unseat Muammar Gaddafi. Nato warplanes have been bombing Libya under a UN mandate, but the alliance is under mounting strain because of the cost of the operation and the failure, after more than three months, to produce a decisive outcome. "I was against this measure," Berlusconi said. "I had my hands tied by the vote of the parliament of my country. But I was against and I am against this intervention which will end in a way that noone knows." Some of the alliance bombing missions over Libya takes off from military airbases in Italy. There was no suggestion following Berlusconi's comments that Rome would withdraw the use of the bases. But Defense Minister Ignazio La Russa said the cost to Italy of the Libya operation would fall from 142 million euros in the first half of the year to less than 60 million euros in the second half as part of g e n e r a l d e f e n s e spending cuts. He said after a cabinet meeting on Thursday the aircraft carrier Garibaldi with three aircraft on board had been withdrawn, and their tasks would be taken on by land-based aircraft. Speaking at a book presentation in Rome, Berlusconi said: "I went to Paris and I said I can repeat this I would have stood with Ms Merkel as far as this decision to intervene in the no fly zone is concerned." He appeared to be referring to a March 19 meeting at which several Western powers decided to
launch the military intervention. German Chancellor Angela Merkel chose not to involve her country in the operation. "We posed very precise questions to the protagonists of this initiative that's to say President Sarkozy and Prime Minister David Cameron in the most recent meeting of the heads of government in Brussels," he said. "The answer was that the war will end when there is, as we expect, a revolt by the population of Tripoli against the current regime." Gaddafi has rejected any suggestion that he will give up power and he has described the Nato campaign as an act of colonial aggression aimed at stealing Libya's oil. Potentially adding to the pressure on Italy to review its stance on Libya, a senior Libyan government spokesman said negotiations had begun with Russian and Chinese firms to take over the role of Italian energy firm ENI in oil and gas projects. LIBYA'S FUTURE
toward the capital, Tripoli, launched offensives on two fronts on Wednesday and made significant gains. But analysts said the advances were not yet enough to shift the military balance against Gaddafi. In the Western Mountains southwest of Tripoli, fighters pushed pro-Gaddafi forces out of the village of Al-Qawalish, clearing the way for them to try to seize control of the main highway heading north to the capital. Colonel Juma Ibrahim, a rebel commander in the nearby town of Zintan, said seven rebel fighters were killed in the operation and 30 wounded. He said the capture of alQawalish meant other villages and towns in the region were no longer in the range of government rockets and artillery. "It will let the people return to their houses," he said. A rebel spokesman in the same region said he expected another outbreak of fighting before long. "The revolutionaries are still in their positions (in Al-Qawalish)," said the spokesman, called Abdulrahman. "The situation is quiet today but I do not think it will remain so for the next few days." Further north, on L i b y a ' s Mediterranean coast, rebel fighters on Wednesday pushed west from Misrata to within about 13 km of Zlitan one of a chain of government-controlled towns blocking their advance to Tripoli. A Reuters reporter near the front line on Thursday said there was now a lull in the fighting, though he could hear a few explosions. CHINESE ENDORSEMENT Anti-Gaddafi rebels received a fresh diplomatic boost when China sent a senior diplomat to meet the rebel leadership in the eastern Libyan city of Benghazi.
Nato warplanes have been bombing Libya under a UN mandate, but the alliance is under mounting strain because of the cost of the operation and the failure, after more than three months, to produce a decisive outcome UN Secretary General Ban Kimoon urged Gaddafi who has dismissed rebels trying to end his four-decade rule as criminals and vermin to listen to the will of the people. "We are far from reaching an agreement to reach an end to the conflict but the negotiating process is ongoing," Ban told reporters in Geneva. "He (Gaddafi) has to listen much more attentively and seriously to what would be the best for the future of the Libyan people." Rebel fighters trying to advance
Potentially adding to the pressure on Italy to review its stance on Libya, a senior Libyan government spokesman said negotiations had begun with Russian and Chinese firms to take over the role of Italian energy firm ENI in oil and gas projects The visit by Chen Xiaodong, China's foreign ministry chief for North African affairs, was the second official meeting between China and Libyan opposition leaders in less than a month. "China believes that the present situation cannot go on and a political resolution to find a way out of the Libyan crisis must be found as soon as possible," Foreign Ministry spokesman Hong Lei said at a regular news briefing in Beijing. There were reports this week that Gaddafi under pressure from the five-month-old uprising against his rule, sanctions and the Nato bombing campaign was seeking a deal under which he would step down. His government has denied any such negotiations are underway, and Nato's chief said he had no confirmation Gaddafi was looking for a deal to relinquish power.-Reuters
5
Friday, July 8, 2011
South East Asian stocks
Mostly bounce back; Malaysia ends off record high KSE-100 Index Opening Closing Change % Change Turnover (mn)
12,533.55 12,441.40 92.15 0.74 65.10
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,137.23 3,124.10 13.13 0.42 2.40
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,775.21 2,765.32 9.89 0.36 0.02
Major Gainers
Symbol RMPL MTL IDYM SALT ATLH
Close
Change
2,691.63 615.98 340.25 72.98 122.10
27.09 14.60 4.54 3.47 2.92
Close
Change
NESTLE 4,601.72 BATA 648.16 COLG 739.04 PECO 78.10 NRL 366.14
-242.19 -9.26 -7.89 -4.08 -3.55
Top 5 Volume Leaders
Symbol JSCL FFBL ANL LOTPTA ENGRO
Close Vol (mn) 7.35 43.63 6.01 13.28 160.46
14.41 6.40 5.15 4.71 2.60
Active Issues Plus Minus Unchanged
96 136 103
Sector Updates FERTILISER 000 tonnes Urea Offtake (Jan to Apr 11) 1,714 Urea Offtake (Apr 11) 487 Urea Price (Rs/50 kg) 1,234 DAP Offtake (Jan to Apr 11) 215 DAP Offtake (Apr 11) 55 DAP Price (Rs/50 kg) 4,050
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Apr 11) 71,096 Sales (July 10 to Apr 11) 69,203 Production (Apr 11) 7,220 Sales (Apr 11) 7,510
INDUS MOTOR CO Production (July 10 to Apr 11) 42,670 Sales (July 10 to Apr 11) 41,940 Production (Apr 11) 4,219 Sales (Apr 11) 4,681
HONDA ATLAS CAR Production (July 10 to Apr 11) 14,062 Sales (July 10 to Apr 11) 13,754 Production (Apr 11)
1,582
Sales (Apr 11)
1,640
DEWAN FAROOQ MOTORS Production (July 10 to Apr 11) Sales (July 10 to Apr 11) Production (Apr 11) Sales (Apr 11)
186 203 -
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (May 27,11) Advances (May 27,11) Investments (May 27,11) Spread (April 11)
5,220,669 3,087,531 2,341,433 7.52%
OIL MARKETING CO (000 tons) MS (Jul 10 to Apr 11) MS (Apr 11) Kerosene (Jul 10 to Apr 11) Kerosene (Apr 11) JP (Jul 10 to Apr 11) JP (Apr 11) HSD (Jul 10 to Apr 11) HSD (Apr 11) LDO (Jul 10 to Apr 11)) LDO (Apr 11) Fuel Oil (Jul 10 to Apr 11) Fuel Oil (Apr 11) Others (Jul 10 to Apr 11) Others (Apr 11)
PRICES (Ex-Refinery) MS (1 May 11) MS (1 Apr 11) MS % Chg Kerosene (1 May 11) Kerosene (1 Apr 11) Kerosene % Chg JP-1 (1 May 11) JP-1 (1 Apr 11) JP-1 % Chg HSD (1 May 11) HSD (1 Apr 11) HSD % Chg LDO (1 May 11) LDO (1 Apr 11) LDO % Chg Fuel Oil (1 May 11) Fuel Oil (1 Apr 11)
Mayhem in city; KSE remains under pressures Nawaz Ali KARACHI: Tense law and order situation in the mega city kept the investors at the Karachi Stock Exchange (KSE) on selling side with its main index kept on declining on Thursday as it ended below 12,500 levels with low volumes. The benchmark KSE-100 lost 92 points to close at 12,441 points, KSE-30 index fell by 42 points to close at 11,807 points and KSE all-share index lost 61 points to close at 8,627
points. "Karachi killing coupled with rumors that MQM may take major decisions being in opposition affected market sentiments which initiated selling sentiment in major gainers of last week", said Samar Iqbal, equity dealer at Topline Securities. Once again off today's decline 45 points were contributed by illiquid Nestle, he added. After opening the session with a loss of 4 points, market witnessed some range bound
China shares down
Major Losers
Symbol
1,867 196 134 14 1,148 117 5,719 567 44 2 7,252 739 143 15
Rs 62.83 59.35 5.86% 73.63 68.95 6.79% 73.86 70.88 4.20% 78.79 75.02 5.03% 71.55 65.27 9.62% 57,253 56,777
European shares hit five-week high on US data
Hong Kong edges up HONG KONG: Shares in Shanghai fell on Thursday from a six-week high, in the wake of China's third interest-rate hike this year, as some investors appeared to take profit in largecap stocks while waiting to learn on Saturday see how high inflation was in June. Analysts said the wait-andsee approach might make Chinese stocks slip on Friday, too. After the market's close on Wednesday, China raised lending and deposit rates by 25 basis points. On Thursday, China said it will release June inflation data on Saturday rather than July 15 as earlier planned. It is possible that the inflation data will, together with the rate hike, bolster confidence that the economy is not threatened by the hard landing some investors fear. But on Thursday, investors pared exposure to some sizable stocks, including developers seen as the most affected by higher interest rates. China Vanke Co, the country's largest developer, lost 0.6 per cent. Qian Qimin, a senior analyst at Shenyin Wanguo Securities in Shanghai, said the rate hike is 'neutral' in the short term for Chinese stocks and that nearterm violatility can be expected as the markets chews over key data and speculates on the path ahead. A Reuters poll conducted on Thursday showed a slim majority of economists expect another 25 basis point hike in bank lending rates and deposit rates
this year. The Shanghai Composite Index closed down 0.6 per cent to 2,794.3 points on Thursday, with oil giants PetroChina Co and China Petroleum & Chemical Corp (Sinopec) amongst its biggest drags. CAUTIOUS ON BANK BETS Turnover was at its third highest in more than two months, as the benchmark dipped below its 250-day moving average that has supported the index for the last three sessions. Investors remained largely cautious on bank bets, with Chinese banks finishing mixed on the day in Hong Kong and Shanghai. Since hitting 2011 highs in mid-April on the back of favourable earnings, Chinese banks have been battered by fears that slower growth in the world's second-largest economy could set off a wave of loan defaults and hobble its banking system. Agricultural Bank of China (AgBank), seen most exposed to potential bad loans, was the most actively traded stock in Shanghai with its volume breaching more than two times its 30-day average. It finished down 1.1 per cent in Shanghai and flat in Hong Kong. Barclays Capital analysts said in a note the latest rate hike was structured could benefit Chinese banks' net interest margins. 'It seems like the government is trying to protect banks after recent negative news hitting the banking sector,' the analysts said.-Reuters
Al Meezan declares dividends Staff Reporter KARACHI: The Board of Directors of Al Meezan Investment Management (Al Meezan) in its meeting held on July 7, 2011 declared dividend for its three open end funds for the period ended June 30, 2011.The total amount of final dividends declared amounts to over one billion rupees. Interim payouts were made during the year for open- end funds and the total dividends being distributed for all funds amount to over Rs2.8 billion. Meezan Islamic Fund (MIF), Pakistan's largest open-end equity fund in the private sector, has declared a stock dividend of Rs10.00 per unit for FY 2011 (26.90 per cent on the opening NAV of Rs37.17). The Net Asset Value (NAV) of units of MIF increased from Rs37.17 as on June 30, 2010 to Rs51.57 as on June 30, 2011, thus providing a full year return of 38.74 per cent to its unit hold-
ers. MIF has been awarded 5Star rating by JCR-VIS being the largest private sector equity fund in Pakistan with net assets of about Rs4.5 Meezan Islamic Income Fund (MIIF) is Pakistan's first and the largest Shariah compliant openend income fund. The fund declared a final stock dividend of Rs1.00 per unit. This is in addition to interim dividends of Rs5.25 per unit, making a total payout of Rs.6.25 per unit for FY 2011. This translates into a total payout of 12.35 per cent on the opening ex-div NAV of Rs50.62 for the year ended June 30, 2011. The total return earned by the investors was 11.77 per cent for the year. At the close of the financial year 2011, the net assets of MIIF were Rs2.54 billion. Meezan Sovereign Fund (MSF) is Pakistan's first and the largest Shariah compliant open-end government securities fund. The fund has declared See # 14 Page 11
activities till around the midday with the index moving on both sides and at a moment touched an intra-day high of 12,558 points (+ve 24). However, the later part of the session was much depressive as investors offload heir holdings over deteriorating law and order situation in the city. The index remained in the red zone till the closing bells during which it touched an intra-day low of 12,426 points (-ve 107) and finally closed the day near those levels. Investors stayed cautious
Atlas Funds announces payouts TFD Report KARACHI: The Board of Directors of Atlas Asset Management rated AM2 - by PACRA, an Atlas Group Company, approved the final distribution of bonus for the financial year ended June 30, 2011 for various funds under its management. Atlas Stock Market Fund (ASMF) was the top most performing fund in its category. Beating its bench mark KSE100 Index, the fund posted a return of over 40 per cent during the Year. A final distribution of bonus of Rs110 per unit (22 per cent on the face value of Rs500 per unit) was approved. Atlas Islamic Stock Fund (AISF) was also the top most performing fund in its category. Beating its bench mark KMI-30 Index, the fund posted an exceptional return of about 44 per cent during the Year. A final distribution of bonus of Rs105 per unit (21 per cent on the face value of Rs500 per unit) was approved. Atlas Money Market Fund (AMF), announced bonus of Rs15.00 per unit (3 per cent on the face value of Rs500 per unit). The total payout comes to about 11 per cent. See # 15 Page 11
US jobs data lifts FTSE to 2-month closing high LONDON: Commodity stocks led Britain's FTSE 100 sharply higher on Thursday, as US jobs data boosted confidence that the world's biggest economy was showing signs of picking up heading into second-half. Integrated oils rose along with crude oil as reports showed US private employers stepped up hiring in June and the number of Americans filing for jobless benefits fell last week. The data raised expectations for a strong reading in Friday's US non-farm payroll figures. The sluggish rebound in the jobs market has been seen as a major factor in stifling the economic recovery in the United States, and the data bolstered views the economy is positioned for a pick-up in the second half. "Our judgment is that there will be some indications of strengthening over the second half of the year as consumers adapt to higher taxes, and possibly, from a global perspective, as and when the US moves out of its soft patch," said Philip Shaw, chief economist at Investec. See # 16 Page 11
ahead of the emergent meeting of leading political party of the city Muttahida Qaumi Movement (MQM) over the ongoing security situation in the city. It is worth mentioning that more than 60 people lost their lives in country's financial hub, Karachi during last three days in ethnic and political violence. Foreign investors were mainly on the selling side as according to NCCPL data, offshore investors did a net selling worth $2.07 million on Thursday.
Volumes further squeezed as 65 million shares traded during the day which is 3.5 million shares less as compared to a turnover of 68.5 million shares a day earlier. Jahangir Siddiqui & Co was the most traded scrip of the day with 14.41 million shares followed by Fauji Fertilizer Bin Qasim with 6.4 million shares and Azgard Nine with 5.15 million shares. Out of total 335 active issues; 136 declined and 96 advanced while 103 issues remained unchanged.
Nikkei edges back towards 10,000 TOKYO: Tokyo stocks snapped a seven-day winning streak on Thursday as utilities tumbled after the government proposed stress tests on nuclear reactors, sparking fears their restarts may be delayed, but the 10,000 line on the Nikkei held, boosting hopes for further gains. The index fell prey to some profit-taking after becoming oversold with its Relative Strength Index hovering near 70, and after piercing above the upper Bollinger Band another short-term indicator of overheating as it pushed through chart resistance the previous day on buying by model funds. Basket orders from domestic pension funds and Asian investors, on Thursday adding up to 24 billion yen, supported the view held by many analysts that the Nikkei may keep rising heading into April-June earnings season as Japanese companies recover faster than expected from the March 11 earthquake. "Except for Tokyo Electric, utilities have attractive valuations, so investors have kept them in their portfolios on hopes that their reactors will eventually operate normally," said Naoki Fujiwara, a fund manager at Shinkin Asset Management. "But now there is much uncertainty over operations
delays and investors are unloading them." All regional utilities tumbled between 5 and 8 per cent as local authorities stepped back from granting approval to a nuclear reactor restart, saying government policy remains unclear. The approvals were seen as necessary to restart the reactors after they were shut for routine maintenance and the step back delivers a further blow to efforts to ease tight power supplies this summer and means that utilities fossil fuel costs will likely climb. The Nikkei shed 0.1 per cent to 10,071.14, while the broader Topix index fell 0.4 per cent to 870.48. The gas and utilities sector has lost some 40 per cent since the quake as power companies were aggressively offloaded on fears about changes to Japan's nuclear and energy policy that would threaten their regional monopolies and as they are set to be required to help Tokyo Electric compensate victims of the ongoing nuclear crisis. Kyushu Electric, which owns the Genkai reactor that had been expected to get the green light for a restart soon, tumbled 7.5 per cent to 1,349 yen. Kansai Electric Power, the second-biggest loser on the Nikkei, dropped 8.4 per cent to See # 13 Page 11
Indian shares snap 2-day losing streak MUMBAI: Indian shares closed up nearly 2 per cent in firm trade on Thursday, snapping a two-straight session fall, on a broad rally triggered across sectors by stable foreign fund inflows. Financials were among the top gainers, with State Bank of India (SBI) and ICICI Bank rising closing up 1.6 per cent and 1.34 per cent respectively. Over the past six months, shares in SBI have fallen 12.6 per cent while those of ICICI Bank have fallen 2.3 per cent on worries over rising interest rates impacting loan growth. Energy major Reliance Industries closed up 2.09 per cent, after an oil ministry source said India's cabinet may consider approval for a $7.2 billion deal between the company and BP next week. Concerns over Reliance's gas production have for months dampened its growth outlook and kept its shares under pressure, which have fallen 19.4 per cent year-to-date. "There is no specific reason for the market to rise. The market is rising after seeing twothree days of consolidation," said Neeraj Dewan, director at Quantum Securities. "FII (foreign institutional investor) buying must also be happening with the kind of momentum you are seeing." Foreign funds have bought Indian shares worth $2.2 billion over nine sessions to Tuesday, data from the market regulator showed, pushing the main index higher. The 30-share BSE Sensex closed up 1.88 per cent at 19,078.30 points, with 29 of its components gaining ground. The index has fallen 0.5 per cent over the past two sessions and has shed 7.3 per cent of its value year-to-date. "The market will consolidate, correct a little bit and then keep on going up," Dewan added. The software services sector also gained with bellwether Infosys, which flags off firstquarter earnings on Tuesday, closing up 1.42 per cent. Bigger rival Tata Consultancy Services ended up 1.11 per cent, while No. 3 software services firm Wipro closed up 1.46 per cent. See # 12 Page 11
Dhiyan
DAMPENED SENTIMENTS Mohammad Siddique Dalal, Chairman Dalal Securities Market would witness some dull activities with low investors' participation till the law and order situation in the city remains tense. However, activity would be seen only in those stocks which are expected to announce good corporate earnings like POL, FFC and certain banking stocks. Investors are advised to stay on the sidelines and invest at the dips and in dividend yielding stocks belonging to oil and fertilizer sectors. Market would open on negative note today but expected to recover during the second half.
Faisal Shaji, Head of Research Standard Capital Securities
In the short term investors should focus on the current political situation in the county. However in the long term the earnings growth could ignite some buying interest in the market. We recommend investors to invest in stocks like FFC, ENGRO, POL and MCB. We might see some buying at lower levels today.
6
Friday, July 8, 2011
Market
KSE 100 Index
Symbols
Volume
65,095,458
Value
3,006,097,324
Trades
45,363
Advanced Decline Unchanged Total
Current High Low Change
96 136 103 335
All Share Index
12,441.40 12,558.91 12,425.97 i92.15
Current High Low Change
8,627.67 8,706.83 8,618.48 i61.13
OIL AND GAS
Company
Paid up Cap(mn)
PE
High Low 1,585.23 1,558.93 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.49 32.54
Open
High
Low
Attock Petroleum 691 6.93 384.43 Attock Refinery 853 4.17 127.61 BYCO Petroleum 3921 9.15 Mari Gas Company 735 4.29 105.12 National Refinery 800 5.06 369.69 Oil & Gas Development 43009 10.41 154.50 Pak Petroleum 11950 7.70 210.73 Pak Oilfields 2365 8.24 371.78 Pak Refinery Limited 350 44.73 80.84 P.S.O 1715 3.84 270.06 Shell Pakistan 685 8.02 226.44
388.70 129.42 9.36 105.93 373.24 155.60 213.00 378.75 81.00 273.45 227.41
382.50 127.00 9.00 104.60 364.50 153.01 210.12 372.01 79.80 268.00 225.05
Close Chg 383.35 127.29 9.03 104.78 366.14 153.79 210.55 373.73 80.06 268.67 225.53
-1.08 -0.32 -0.12 -0.34 -3.55 -0.71 -0.18 1.95 -0.78 -1.39 -0.91
Last 60 days High Low
Volume 75747 774493 793473 5012 254907 144727 676105 1839080 21856 626379 1310
394.90 143.50 10.10 113.75 387.35 157.51 219.70 378.75 93.00 291.50 233.00
362.20 119.35 7.93 98.50 315.03 128.21 202.50 318.16 79.80 262.31 207.00
% Change -0.22 5-Day High 1,570.69 5-Day Low 1,536.07
2010 Div BR (%) (%) 300 31 200 55 90 255 80 120
2011 Div BR (%) (%)
20B115.00 - 23.43 - 30.00 20B100.00 -100.00 - 80.00 -
-
Open 792.88 Turnover 46,147 P/E (x) 5.31 Company
Company
Paid up Cap(mn)
PE
High Low 1,884.52 1,849.36 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.09 35.00
Open
High
Low
18.96 96.00 160.99 62.80 2.19 6.80 2.87 163.73 10.70 16.10 157.00 44.03 49.85 13.39 158.50 13.78 1.55 3.10 19.88 101.90 17.53 36.65
18.05 96.00 159.00 61.45 2.07 6.42 2.71 160.03 10.44 15.81 154.55 43.30 49.01 12.66 156.50 13.25 0.87 2.95 19.85 99.01 16.95 36.60
Close Chg 18.05 96.00 159.00 61.67 2.15 6.50 2.74 160.46 10.49 15.91 154.82 43.63 49.01 13.01 156.50 13.28 0.96 2.95 19.11 99.50 17.01 36.62
-0.65 0.97 -1.00 -0.42 0.00 -0.11 -0.02 -1.56 -0.02 -0.09 -1.12 0.45 -1.99 -0.16 -0.95 -0.30 0.00 -0.12 0.00 -0.13 -0.01 -0.77
Last 60 days High Low
Volume 2040 1000 7651 53977 32168 369074 375853 2597152 68109 599060 1324627 6404896 800 13690 30585 4708496 122 709748 300 783 317526 500
Change -11.44 Market cap 381,719.55 mn Div Yield (%) 5.53
22.68 99.80 167.00 66.80 2.79 8.59 3.65 200.50 12.83 17.05 157.74 44.21 58.80 14.49 169.90 17.36 1.90 3.28 20.00 106.00 19.99 37.90
17.01 87.71 142.50 56.10 1.83 5.60 2.11 155.00 10.11 12.10 137.51 40.04 49.01 11.40 148.02 12.56 0.18 2.26 15.05 94.67 16.05 34.19
% Change -0.61 5-Day High 1,865.86 5-Day Low 1,828.59
2010 Div BR (%) (%)
2011 Div BR (%) (%)
60 135 25B 50 300B 60 20B - 27.5R 130 25B 45.00 65.5 - 12.50 20 175 5 25 5B 50 -
-
Performance of SR Forestry & Paper Index
Company
Paid up Cap(mn)
Century Paper Pak Paper Product Security Paper
707 50 411
PE 1.80 7.12
Open 15.54 42.20 40.51
High 15.75 41.75 40.95
High Low 1,092.80 1,071.81 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.41 7.47 Low 15.40 41.75 40.15
Close Chg 15.48 -0.06 42.20 0.00 40.22 -0.29
Close 1,075.69 Listed cap 1,186.83 mn Payout (%) 25.28
Last 60 days High Low
Volume 9051 200 2122
Change -5.89 Market cap 2,967.98 mn Div Yield (%) 4.61
18.00 44.49 42.80
13.85 37.87 37.00
% Change -0.54 5-Day High 1,083.35 5-Day Low 1,075.69
2010 Div BR (%) (%) 2533.33B 50 -
Company
Paid up Cap(mn)
High Low 1,037.93 1,018.16 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.03 33.10
Close 1,025.10 Listed cap 3,596.11 mn Payout (%) 30.91
Last 60 days High Low
% Change 0.60 5-Day High 1,025.10 5-Day Low 1,018.97
2010 Div BR (%) (%)
PE
Open
High
Low
Close Chg
Volume
26.52 2.74 12.45
27.19 2.74 12.90
26.50 2.50 12.40
27.01 0.49 2.60 -0.14 12.50 0.05
42442 78208 22643
29.75 3.10 13.00
25.70 1.62 11.05
30 -
- 20.00 25B 15.00
-
Inter.Steel Ltd. International Ind Siddiqsons Tin
4350 1199 8.97 785 25.71
13.75 50.07 8.90
13.90 50.90 9.00
13.66 50.11 9.00
13.75 0.00 50.12 0.05 9.00 0.10
14700 8947 3199
15.06 53.20 9.98
0.00 48.52 8.31
40 7.5
20B -
-
15 -
CONSTRUCTION AND MATERIALS Performance of SR Construction and Materials Index Close 879.07 Listed cap 54,792.74 mn Payout (%) 19.04
Change -5.68 Market cap 65,013.21 mn Div Yield (%) 2.73
PE
Open
High
Low
Close Chg
1828
-
2.60
2.67
2.59
2.60 0.00
46600
3.25
2.40
- 100R
-
-
866 182
6.21 -
49.60 14.38
49.75 14.30
49.00 13.41
49.02 -0.58 14.25 -0.13
3743 5552
56.49 16.62
48.03 13.41
50 - 122R
-
-
Bestway Cement
3257
-
12.12
11.25
11.20
11.20 -0.92
1000
15.00
11.20
Cherat Cement Dadabhoy Cement Dewan Cement
956 42.19 982 16.77 3891 -
9.01 2.00 1.77
9.44 2.20 1.84
8.51 2.00 1.75
8.86 -0.15 2.18 0.18 1.80 0.03
15667 67611 47786
11.90 2.24 2.67
8.51 1.55 1.36
DG Khan Cement Ltd Fauji Cement
4381 31.67 6933 7.24
Flying Cement Ltd Gharibwal Cement
1760 4003
Attock Cement Berger Paints
Lafarge Pakistan Cmt. Lucky Cement
Last 60 days High Low
% Change -0.64 5-Day High 884.75 5-Day Low 865.78
Paid up Cap(mn)
Company Al-Abbas Cement
Volume
2010 Div BR (%) (%)
2011 Div BR (%) (%)
- 75.5R
-
-
-
-
-
20R 92R
24.01 4.20
24.20 4.32
23.65 4.20
23.75 -0.26 4.20 0.00
1867581 167757
25.85 5.04
21.31 3.99
-
20R -
-
-
1.30 7.00
1.36 7.25
1.27 6.30
1.30 0.00 7.00 0.00
12506 328
1.95 13.50
1.20 4.25
-
-
-
-
13126 70.50 3234 5.89
2.84 72.83
2.95 73.59
2.80 72.50
2.82 -0.02 72.54 -0.29
364031 181131
3.35 77.43
2.10 66.93
40
-
-
-
Maple Leaf Cement Pioneer Cement
5267 2271
-
2.10 5.29
2.10 5.50
2.06 5.30
2.10 0.00 5.30 0.01
126977 6107
3.05 6.34
1.97 4.50
-
-
-
Safe Mix Concrete Shabbir Tiles
200 721
-
4.90 6.99
5.00 7.00
5.00 6.50
5.00 0.10 6.95 -0.04
1882 3752
6.34 7.60
4.17 5.25
-
-
- 100R
Thatta Cement
798
-
18.51
18.20
18.20
18.51 0.00
275
20.90
16.01
-
50R
-
-
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 994.12 Turnover 77,548 P/E (x) 2.37
High Low 998.78 983.70 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.04 43.91
Close 997.72 Listed cap 3,043.31 mn Payout (%) 15.55
Change 3.59 Market cap 37,128.23 mn Div Yield (%) 6.57
% Change 0.36 5-Day High 997.72 5-Day Low 987.93
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
Cherat Papersack ECOPACK Ltd
172 230
2.36 -
47.98 1.18
48.49 1.35
47.90 1.10
48.00 0.02 1.21 0.03
10458 63712
56.60 1.90
46.45 1.10
20 -
25B -
-
50R -
MACPAC Films Merit Pack Packages Ltd
389 2.34 11.50 47 11.76 26.23 844 18.50 109.95
12.40 11.74 11.74 0.24 27.54 24.92 26.23 0.00 111.00 110.20 111.00 1.05
1005 101 2071
15.21 32.00 118.00
9.78 24.10 103.01
32.5
-
-
-
Tri-Pack Films
300
172.00 171.50 171.75 0.25
188
181.99
149.10
100
-
-
-
Company
6.70 171.50
2010 Div BR (%) (%)
2011 Div BR (%) (%)
INDUSTRIAL ENGINEERING Performance of SR Industrial Engineering Index Open 1,768.31 Turnover 359,309 P/E (x) 8.53 Company
Paid up Cap(mn)
Ados Pak
66
AL-Ghazi Tractor 215 Bolan Casting 104 Dewan Auto Engineering 214
PE
Open
3.24
8.69
3.96 227.02 4.73 48.20 1.49
High Low 1,834.39 1,766.39 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 3.24 38.02
High
Low
9.23
8.60
Close Chg 8.85
0.16
230.50 228.00 229.31 2.29 49.00 46.13 47.96 -0.24 1.64 1.35 1.40 -0.09
Ghandhara Ind Hinopak Motor
213 10.12 8.25 124 - 111.27
8.50 8.50 8.50 116.83 111.00 111.27
KSB Pumps Millat Tractors
132 366
34.00 31.66 33.92 0.99 625.70 602.01 615.98 14.60
Pak Engineering
57
- 32.93 9.36 601.38 -
82.18
78.50
78.08
0.25 0.00
78.10 -4.08
Close 1,806.40 Listed cap 1,336.62 mn Payout (%) 131.49
Volume 5580
Change 38.09 Market cap 35,491.16 mn Div Yield (%) 15.42
Last 60 days High Low
% Change 2.15 5-Day High 1,806.40 5-Day Low 1,757.32
2010 Div BR (%) (%)
9.65
7.40
-
-
-
-
239.00 50.33 2.15
203.15 44.00 0.71
400 25 -
10B -
-
-
-
-
-
25B325.00
-
500 215
10.00 116.83
8.00 84.01
-
47.95 625.70
30.50 510.00
12.5 650
459
108.13
78.08
100
-
High
Low
Close Chg
Volume
Last 60 days High Low
84.78 24.66
87.00 25.50
83.00 24.21
85.53 25.42
43756 2391
91.20 30.99
Paid up Cap(mn)
Atlas Battery
101
PE
-
-
Open
6.00 223.14
0.75 0.76
67.31 22.90
2010 Div BR (%) (%) 40 15
-
2011 Div BR (%) (%) -
-
High
High Low 1,159.31 1,135.01 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.94 25.35 Low
Close Chg
228.00 223.25 226.05
2.91 2.92 0.08
Close 1,142.53 Listed cap 6,768.53 mn Payout (%) 20.42
Volume 8374
Change 3.73 Market cap 42,065.32 mn Div Yield (%) 5.50
Last 60 days High Low 235.89
204.50
% Change 0.33 5-Day High 1,142.53 5-Day Low 1,133.09
2010 Div BR (%) (%) 100
20B
2011 Div BR (%) (%) -
-
Atlas Honda Dewan Motors
719 1087
7.62 119.18 2.97
122.00 119.00 122.10 3.24 2.99 3.05
5184 160.00 892288 3.46
112.10 1.50
50 -
15B 65.00 -
15B -
Exide (PAK) General Tyre Honda Atlas Cars
56 598 1428
4.72 232.39 4.36 22.91 - 10.33
234.00 229.50 231.01 -1.38 23.70 23.65 22.91 0.00 10.75 10.30 10.32 -0.01
12351 101 4025
235.00 26.17 11.58
190.00 22.01 9.00
60 20 -
- 60.00 -
25B -
Indus Motors Pak Suzuki
786 7.60 220.31 823 14.33 63.19
224.00 220.00 220.01 -0.30 65.00 62.01 63.61 0.42
1599 33885
232.53 72.50
215.00 61.35
150 5
- 50.00 -
-
Transmission
117
1.69
1.06
-
-
-
-
1.06
1.11
1.11
1.11
0.05
500
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
62.92
Total Assets (Rs in mn)
MA (10-day)
2.91
Total Equity (Rs in mn)
(747.01)
MA (100-day)
2.15
Revenue (Rs in mn)
1,025.34
MA (200-day)
1.99
Interest Expense
1st Support
2.96
Loss after Taxation
2nd Support
2.85
EPS 10 (Rs)
1st Resistance
3.21
Book value / share (Rs)
2nd Resistance
3.35
PE 11 E (x)
Pivot
3.10
PBV (x)
4,204.55
8.92 (437.50) (4.917) (8.40) (0.36)
DFML closed up 0.08 at 3.05. Volume was 167 per cent above average (trending) and Bollinger Bands were 36 per cent narrower than normal. The company's loss after taxation stood at Rs212.713 million which translates into a Loss Per Share of Rs2.39 for the nine months of fiscal year (9MFY11). DFML is currently 53.5 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 DFML (bullish). Trend forecasting oscillators are currently bullish on DFML.
Sitara Peroxide Limited
FOOD PRODUCERS Performance of SR Food Producers Index Open 2,340.16 Turnover 59,938 P/E (x) 60.29
High Low 2,333.20 2,297.43 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 18.27 30.30
Close 2,302.64 Listed cap 11,335.33 mn Payout (%) 30.57
Change -37.52 Market cap 347,316.10 mn Div Yield (%) 0.51
PE
Open
High
Low
AL-Abbas Sugar Bawany Sugar Chashma Sugar Colony Sugar Mills Habib Sugar Habib-ADM Ltd
174 87 287 990 750 200
5.29 0.69 3.19 4.73 5.18
92.00 8.51 9.98 2.00 26.79 12.85
94.80 8.50 10.00 2.20 26.78 12.85
93.50 8.50 10.00 2.00 26.50 12.84
93.58 8.50 10.00 2.04 26.56 12.85
1.58 -0.01 0.02 0.04 -0.23 0.00
1599 103.49 2000 9.25 1000 10.90 21895 3.34 6520 28.00 1000 13.74
88.35 7.16 8.00 1.51 23.00 11.50
50 10 25 40
-
-
J D W Sugar Mehran SugarXDXB Mirpurkhas Sugar Mirza Sugar National Foods
539 173 84 141 414
1.61 1.71 3.19 0.27 12.96
80.95 57.17 49.50 2.56 74.29
81.00 56.56 48.50 2.65 76.90
80.50 55.60 48.50 2.61 75.00
81.00 56.30 49.50 2.56 75.06
0.05 -0.87 0.00 0.00 0.77
900 2362 200 103 947
84.30 68.48 53.00 3.50 88.00
72.75 52.11 39.51 2.40 58.10
7010B 12.5R 35 20B 15.00 15 20B 10 12 -
10R 10B -
48 165 57 1177
5.80 1.52 0.33 14.83
21.28 16.50 4.75 53.50
22.07 16.02 4.71 52.50
20.30 16.02 4.40 52.50
21.28 16.50 4.63 52.50
0.00 0.00 -0.12 -1.00
431 148 18500 2000
23.70 21.80 6.45 60.30
19.60 14.16 3.80 45.00
12 -
Noon Pakistan Noon Sugar S S Oil Tandlianwala
Close Chg
Volume
Last 60 days High Low
% Change -1.60 5-Day High 2,434.81 5-Day Low 2,302.64
Paid up Cap(mn)
Company
2010 Div BR (%) (%) 25B -
-
2011 Div BR (%) (%)
-
-
HOUSEHOLD GOODS Open 662.23 Turnover 69,382 P/E (x) 1.29
High Low 696.36 660.75 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.14 10.64
Close 661.96 Listed cap 3,763.71 mn Payout (%) 6.27
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
1219 693
1.55
6.85 11.95
7.38 12.00
6.65 11.65
6.88 0.03 11.74 -0.21
41158 28221
Pak Elektron Tariq Glass Ind
45.59
Total Assets (Rs in mn)
MA (10-day)
16.88
Total Equity (Rs in mn)
MA (100-day)
16.97
Revenue (Rs in mn)
MA (200-day)
14.43
Interest Expense
1st Support
16.77
Loss after Taxation
2nd Support
16.57
EPS 10 (Rs)
1st Resistance
17.35
Book value / share (Rs)
3.99
2nd Resistance
17.73
PE 11 E (x)
5.27
Pivot
17.15
PBV (x)
4.27
Last 60 days High Low
2010 Div BR (%) (%)
11.50 14.20
17.5
6.50 11.20
Company
Paid up Cap(mn)
Amtex Limited Artistic Denim Azgard Nine Bata (Pak) Bilal Fibres Blessed Tex Mills Chakwal Spinning Chenab Limited Colgate Palm Colony Mills Ltd Crescent Jute D S Ind Ltd Dar-es-Salaam Dawood Lawrencepur Dewan Farooque Spin. Gadoon Textile XD Ghazi Fabrics Gul Ahmed Textile Gulistan Spinning Gulshan Spinning Hajra Textile Hira Textile Mills Ltd. Ibrahim Fibres ICC Textile Indus Dyeing Int Knitwear J K Spinning Khalid Siraj Kohinoor Ind Kohinoor Mills Kohinoor Textile Nadeem Textile Nagina Cotton Nishat (Chunian) Nishat Mills Olympia Textile Paramount Spinning Quality Textile Ravi Textile Rupali Poly Saif Textile Salfi Textile Sally Textile Sana Ind Saritow Spinning Service Fabrics Service Ind Shadab Textile Shadman Cot Shahtaj Textile Shahzad Textile Sunrays Textile Suraj Cotton Tata Textile Thal Ltd Treet Corp Yousuf Weaving
2594 840 4493 76 141 64 400 1150 316 2442 238 600 80 591 978 234 326 635 146 222 138 716 3105 300 181 32 184 107 303 509 2455 120 187 1621 3516 108 174 160 250 341 264 33 88 55 133 158 120 30 176 97 180 69 180 173 307 418 400
PE 7.17 7.63 0.78 0.78 0.56 20.79 1.61 1.32 0.67 0.45 3.16 0.43 0.46 0.73 2.86 3.24 0.78 0.41 3.82 1.33 0.62 3.46 4.67 0.69 1.43 3.03 0.28 0.38 0.28 3.03 0.32 3.25 0.45 13.80 1.55 0.45 0.77 0.69 0.45 6.72 0.52
Open 2.53 22.50 5.92 657.42 1.10 80.60 1.60 2.09 746.93 1.66 0.94 1.05 3.50 31.92 2.01 69.16 4.47 50.01 8.08 11.25 0.23 3.71 40.50 0.70 335.71 4.26 7.10 1.50 1.09 1.25 3.40 23.03 15.40 22.65 52.85 0.66 14.00 18.15 0.98 40.80 7.85 69.51 7.34 39.00 1.64 0.39 190.80 12.51 13.90 28.00 7.00 34.00 35.92 32.00 101.16 54.08 1.20
High 2.70 23.00 6.24 659.98 1.00 81.00 1.98 2.15 746.92 1.72 0.79 1.14 4.50 33.50 2.20 70.00 4.50 50.01 8.20 11.00 0.50 3.75 40.50 0.88 352.49 5.25 6.50 1.50 1.08 1.49 3.50 24.18 15.39 22.97 53.38 1.00 14.25 19.00 0.99 41.75 8.00 72.98 7.40 40.00 1.75 0.40 193.89 12.00 14.90 27.77 7.00 32.30 35.60 33.33 104.00 54.90 1.20
Low 2.50 22.40 5.95 648.00 1.00 79.01 1.40 2.15 731.10 1.50 0.56 1.06 4.00 32.00 1.56 70.00 4.50 50.01 8.20 10.60 0.50 3.65 39.50 0.70 318.95 3.26 6.11 1.41 1.02 1.25 3.26 24.18 15.00 22.36 52.50 0.55 14.24 18.50 0.84 40.25 7.75 72.90 6.35 39.75 1.25 0.40 190.02 12.00 14.75 27.76 7.00 32.30 35.56 32.32 102.27 53.00 1.10
Close Chg 2.62 22.67 6.01 648.16 1.00 81.00 1.40 2.15 739.04 1.55 0.56 1.09 4.50 32.00 2.00 69.16 4.47 50.01 8.08 10.98 0.50 3.68 40.01 0.81 340.25 5.23 7.10 1.50 1.08 1.25 3.32 24.18 15.40 22.46 52.67 0.99 14.00 19.00 0.95 40.27 7.99 72.98 7.22 40.00 1.64 0.40 190.23 12.00 14.90 27.76 7.00 32.30 35.92 33.33 102.42 53.76 1.18
0.09 0.17 0.09 -9.26 -0.10 0.40 -0.20 0.06 -7.89 -0.11 -0.38 0.04 1.00 0.08 -0.01 0.00 0.00 0.00 0.00 -0.27 0.27 -0.03 -0.49 0.11 4.54 0.97 0.00 0.00 -0.01 0.00 -0.08 1.15 0.00 -0.19 -0.18 0.33 0.00 0.85 -0.03 -0.53 0.14 3.47 -0.12 1.00 0.00 0.01 -0.57 -0.51 1.00 -0.24 0.00 -1.70 0.00 1.33 1.26 -0.32 -0.02
Volume 295212 900 5148922 310 500 2009 2503 1003 127 11202 502 49346 2500 1502 7703 289 200 500 200 23500 1000 87500 3076 3800 478 5940 410 425 4664 138101 82205 500 184 253172 647685 10905 200 600 29564 3302 5000 2741 4134 5105 349 1000 385 2000 202 1500 200 1000 200 2288 19226 6016 1020
10B -
Change -0.75 Market cap 123,121.73 mn Div Yield (%) 2.67
Last 60 days High Low 3.76 26.00 7.29 670.00 1.97 81.00 1.98 2.88 825.00 2.64 1.35 1.39 4.50 44.50 4.18 93.00 8.00 53.65 9.00 12.16 1.40 4.95 49.92 2.00 398.00 8.99 9.35 2.24 1.75 2.90 5.25 24.18 17.95 29.35 66.00 1.98 14.53 19.00 1.74 43.73 11.40 72.98 9.35 41.85 1.99 0.89 198.90 14.50 17.90 28.88 7.50 38.30 42.00 42.40 108.90 59.20 1.99
- 200R
Company Abbott (Lab) XD Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd
Paid up Cap(mn) 979 250 2019 182 200
PE
Open
High
Low
5.80 7.66 10.79 6.91 3.89
95.00 93.67 76.00 30.47 9.20
95.00 93.95 76.49 30.25 10.10
93.61 92.10 75.36 29.85 9.00
2010 Div BR (%) (%)
37.21
Total Assets (Rs in mn)
% Change -0.08 5-Day High 970.64 5-Day Low 967.87
MA (10-day)
5.16
Total Equity (Rs in mn)
7,803.20
MA (100-day)
6.00
Revenue (Rs in mn)
9,337.28
MA (200-day)
6.52
Interest Expense
6,602.78
1st Support
5.00
Profit after Taxation
2nd Support
4.95
EPS 09 (Rs)
0.290
2011 Div BR (%) (%)
1st Resistance
5.15
Book value / share (Rs)
15.55
2nd Resistance
5.25
PE 10 E (x)
2.55
Pivot
5.10
PBV (x)
0.33
1.81 - 30B 20.40 20 4.40 411.00 280 0.71 56.07 50 0.76 5 1.65 655.00 135 15B 1.40 0.26 0.95 1.56 30.50 5 15B 1.56 65.01 70 4.00 10 47.50 12.5 6.30 10 9.52 10 20B 0.05 3.60 10 39.50 20 0.63 273.94 50 - 50.00 3.26 6 5.05 20 5B 10.00 1.00 0.75 0.71 3.26 18.96 20 14.10 20SD 22.22 15 49.80 25 45R 0.30 11.50 10 10B 14.90 15 0.53 38.05 40 7.00 49.00 25 6.00 10 36.50 60 1.13 0.23 154.00 75 12.00 10 12.90 5 23.00 45 6.40 5 32.30 30 35.11 50 31.55 25 97.00 80 20B 47.95 50 900B 1.00 -
Close 981.90 Listed cap 3,904.20 mn Payout (%) 44.54
Change -5.19 Market cap 32,412.01 mn Div Yield (%) 7.22
Close Chg
Volume
Last 60 days High Low
94.58 92.58 75.50 29.85 9.50
10700 745 4714 1930 3071
95.49 99.49 79.99 33.50 12.00
-0.42 -1.09 -0.50 -0.62 0.30
Fundamental Highlights As on Dec 31, 2009
RSI (14-day)
-
PHARMA AND BIO TECH High Low 991.44 977.45 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.38 22.31
(3.251)
2011 Div BR (%) (%)
Performance of SR Pharma and Bio Tech Index Open 987.10 Turnover 21,177 P/E (x) 6.17
243.27
SPL closed down -0.01 at 17.01. Volume was 45 per cent below average and Bollinger Bands were 57 per cent narrower than normal. The company's profit after taxation stood at Rs134.241 million which translates into an Earning Per Share of Rs2.42 for the nine months of fiscal year (9MFY11). SPL is currently 15.9 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 volume flowing into and out of SPL at a relatively equal pace. Trend forecasting oscillators are currently bearish on SPL.
Technical Analysis Close 967.87 Listed cap 47,070.70 mn Payout (%) 16.68
219.69 727.02 (179.15)
% Change -0.04 5-Day High 674.19 5-Day Low 661.19
Performance of SR Personal Goods Index High Low 976.82 964.70 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.54 8.64
2,747.78
Soneri Bank Limited Change -0.28 Market cap 4,427.42 mn Div Yield (%) 4.88
PERSONAL GOODS Open 968.62 Turnover 6,875,324 P/E (x) 6.26
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
Performance of SR Household Goods Index
2011 Div BR (%) (%)
3515 13845 14503
1752 318936
Open
2011 Div BR (%) (%)
565 1.83 675 555 22.32
High Low 893.97 873.58 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.50 7.10
PE
Open 1,138.81 Turnover 958,380 P/E (x) 3.72
Company
Change 6.13 Market cap 15,391.97 mn Div Yield (%) 9.93
Crescent Steel Dost Steels Ltd Huffaz Pipe XD
Open 884.75 Turnover 2,918,584 P/E (x) 6.97
Dewan Farooque Motors Limited
% Change 1.16 5-Day High 811.55 5-Day Low 760.15
Performance of SR Automobile and Parts Index
INDUSTRIAL METALS AND MINING Open 1,018.97 Turnover 155,439 P/E (x) 3.11
Change 9.17 Market cap 12,946.49 mn Div Yield (%) 2.09
7.87 7.45
-
Performance of SR Industrial Metals and Mining Index
Close 802.06 Listed cap 3,242.17 mn Payout (%) 11.08
1092 1321
2011 Div BR (%) (%) -
High Low 814.14 776.77 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.35 25.53
AUTOMOBILE AND PARTS
Company
Close 1,854.42 Listed cap 52,251.88 mn Payout (%) 48.81
FORESTRY AND PAPER Open 1,081.58 Turnover 11,373 P/E (x) 5.49
21,355.60 21,566.97 21,338.54 i46.71
Paid up Cap(mn)
Pak Int Cont.Terminal PNSC
CHEMICALS
Agritech Limited 3924 - 18.70 BOC (Pak) 250 7.23 95.03 Clariant Pak 341 4.85 160.00 Dawood Hercules 4813 3.58 62.09 Descon Chemical 1996 2.15 Descon Oxychem Ltd. 1020 9.56 6.61 Dewan Salman 3663 2.76 Engro Corporation Ltd 3933 7.17 162.02 Engro Polymer 6635 - 10.51 Fatima Fertilizer 22000 - 16.00 Fauji Fertilizer 8482 9.53 155.94 Fauji Fert.Bin Qasim 9341 6.53 43.18 Gatron Ind 384 3.36 51.00 Ghani Gases Ltd 725 10.93 13.17 ICI Pakistan 1388 8.69 157.45 Lotte Pakistan 15142 3.71 13.58 Mandviwala 74 0.96 Nimir Ind Chemical 1106 12.83 3.07 Pak Gum 42 5.25 19.11 Sitara Chem Ind 214 2.47 99.63 Sitara Peroxide 551 5.27 17.02 Wah-Noble 90 5.17 37.39
Current High Low Change
11,807.48 11,939.17 11,795.34 i42.54
Alert ! Unusual Movements
Performance of SR Industrial Transportation Index
Close Change 1,565.01 -3.52 Listed cap Market cap 65,194.15 mn 1,144,206.86 mn Payout (%) Div Yield (%) 55.94 5.21
Performance of SR Chemicals Index Open 1,865.86 Turnover 16,986,940 P/E (x) 8.82
Current High Low Change
KMI 30 Index
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,568.53 Turnover 4,419,616 P/E (x) 10.74
KSE 30 Index
84.11 88.21 71.00 24.51 9.00
2010 Div BR (%) (%) 50 40 25 -
% Change -0.53 5-Day High 987.10 5-Day Low 977.08 2011 Div BR (%) (%)
20B 12.50 15B 10B -
-
95,310.27
145.35
SNBL closed up 0.09 at 5.10. Volume was 237 per cent above average (trending) and Bollinger Bands were 10 per cent narrower than normal. The company's profit after taxation stood at Rs303.387 million which translates into an Earning Per Share of Rs0.50 for the 1st quarter of current calendar year (1QCY11). SNBL is currently 21.7 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of SNBL (mildly bearish). Trend forecasting oscillators are currently bearish on SNBL.
Lotte Pakistan PTA Ltd
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
34.51
Total Assets (Rs in mn)
MA (10-day)
13.70
Total Equity (Rs in mn)
MA (100-day)
15.29
Revenue (Rs in mn)
18,976.36
MA (200-day)
13.84
Interest Expense
1st Support
13.12
Profit after Taxation
2nd Support
12.92
EPS 09 (Rs)
1st Resistance
13.65
Book value / share (Rs)
4.98
2nd Resistance
13.98
PE 10 E (x)
2.02
Pivot
13.45
PBV (x)
2.67
7,536.40 38,552.26 307.33 3,383.27 2.234
LOTPTA closed down -0.30 at 13.28. Volume was 43 per cent below average and Bollinger Bands were 51 per cent wider 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 4.2 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of LOTPTA at a relatively equal pace. Trend forecasting oscillators are currently bearish on LOTPTA.
BOOK CLOSURES Company
From
To
Hajra Tex Mills # Murree Brewery # Sapphire Fibres # Exide Pakistan # Nina Industries Service Industries # Singer Pakistan # (TFC) United Bank Ruby Textile Mills (TFC) United Bank Fauji Fertilizer
08-Jul 09-Jul 14-Jul 18-Jul 18-Jul 23-Jul 25-Jul 27-Jul 29-Jul 31-Jul 29-Aug
14-Jul 15-Jul 20-Jul 25-Jul 23-Jul 30-Jul 04-Aug 09-Aug 04-Aug 13-Aug 04-Sep
D/B/R 33.20 (R) -
Spot AGM/Date -
14-Jul 15-Jul 20-Jul 25-Jul 30-Jul 04-Aug -
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies
Open
High
Low Close
Change
Vol
2.6
2.77
2.57
2.62
0.02
110.6
110.5
110.5
110.5
-0.1
900
4.39
4.25
4.25
-0.14
22000
2.22
2.2
2.12
2.14
-0.08
20504
37.62
38
37.75
37.77
0.15
802
2.27
2.34
2.15
2.16
-0.11
1972405
21.73
21.97
21.3
21.37
-0.36
134778
4.15
532162
7
Friday, July 8, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 916.83 Turnover 899,986 P/E (x) 4.50 Paid up Cap(mn)
Company
High Low 924.15 899.07 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.58 12.84
PE
Open
High
Low
Close Chg
Pak Datacom 78 28.97 Pak.Telecomm Co A XD 37740 11.53 Telecard 3000 2.58 WorldCall Tele 8606 Wateen Telecom Ltd 6175 -
30.13 14.26 1.55 2.04 2.15
30.25 14.36 1.60 2.06 2.19
30.00 14.01 1.45 1.99 1.94
30.13 14.07 1.52 2.00 2.00
0.00 -0.19 -0.03 -0.04 -0.15
Close 904.18 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 303 710992 97728 90963 1350292
Change -12.65 Market cap 56,748.52 mn Div Yield (%) 13.91
% Change -1.38 5-Day High 916.83 5-Day Low 904.18
Last 60 days High Low
2010 Div BR (%) (%)
47.81 17.83 1.94 2.60 3.09
80 17.5 1 -
28.71 14.01 1.40 1.94 1.94
2011 Div BR (%) (%)
- 15.00 -
Atlas Insurance Century Insurance EFU General Insurance Habib Insurance IGI Insurance Pak Reinsurance Premier Insurance Reliance Insurance Silver Star Insurance Universal Insurance
443 3.49 457 4.67 1250 13.26 450 7.78 970 5.99 3000 5.50 303 3.67 284 4.57 291 0.91 263 -
28.05 8.40 35.11 11.35 72.91 15.87 8.50 7.25 4.83 1.50
Paid up Cap(mn)
Company
Altern Energy Hub Power Japan Power KESC Kohinoor Energy Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Sitara Energy Ltd Southern Electric Tri-star Power XD
3426 11572 1560 7932 1695 8803 3673 3541 191 1367 150
PE
Open
High
Low
7.78 4.83 5.52 2.60 2.27 5.39 -
8.51 38.96 1.16 2.27 16.00 42.91 14.51 16.02 19.95 1.40 0.99
8.10 39.20 1.24 2.26 16.90 43.45 14.60 16.19 19.85 1.46 1.19
8.10 38.65 1.15 2.18 16.75 42.85 14.35 15.84 19.29 1.25 0.97
Close 1,366.09 Listed cap 95,369.29 mn Payout (%) 104.13
Change -9.06 Market cap 104,966.42 mn Div Yield (%) 7.52
Close Chg
Volume
Last 60 days High Low
8.10 38.72 1.18 2.21 16.00 42.98 14.43 15.92 19.47 1.35 0.99
10000 314583 39519 102201 201 356385 215852 140698 6450 68108 16924
9.93 39.45 1.70 2.68 18.15 44.19 17.25 17.70 23.26 1.80 1.37
-0.41 -0.24 0.02 -0.06 0.00 0.07 -0.08 -0.10 -0.48 -0.05 0.00
7.51 36.70 0.97 2.10 15.41 41.30 13.47 15.40 17.00 1.13 0.70
% Change -0.66 5-Day High 1,375.15 5-Day Low 1,342.33
2010 Div BR (%) (%) 50 25 50 20 -
7.8R -
Open 941.44 Turnover 2,850 P/E (x) 5.27
-
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,288.02 Turnover 66,750 P/E (x) 8.33 Paid up Cap(mn)
Company Sui North Gas Sui South Gas
PE
5491 14.36 8390 4.70
Open
High
19.81 20.83
20.24 20.99
High Low 1,306.82 1,280.70 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.95 11.41 Low 19.65 20.76
Close Chg 20.11 0.30 20.80 -0.03
Close 1,296.70 Listed cap 12,202.80 mn Payout (%) 66.79
Volume 58815 7935
23.60 23.75
17.64 20.40
% Change 0.67 5-Day High 1,305.20 5-Day Low 1,288.02
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index Open 1,149.51 Turnover 7,098,735 P/E (x) 7.32 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited Askari Bank XB Bank Alfalah Bank AL-Habib Bank Of Khyber XR Bank Of Punjab BankIslami Pak Faysal Bank Habib Bank Ltd
8603 6.35 64.52 7070 5.19 11.12 13492 5.34 10.00 8786 6.18 29.12 5004 2.08 4.63 5288 6.76 5280 10.14 3.80 7327 7.27 9.55 11021 7.32 118.53 Habib Metropolitan Bank XB 10478 5.47 19.98 JS Bank Ltd 8150 46.20 2.37 KASB Bank Ltd 9509 1.39 MCB Bank Ltd 8362 8.20 204.19 Meezan Bank XB 8030 5.98 17.49 National Bank 16818 4.22 54.18 NIB Bank XR 40437 1.51 Silkbank Ltd 26716 15.81 2.59 Soneri Bank 6023 2.55 5.01 Stand Chart Bank 38716 6.59 8.25 Summit Bank Ltd 8701 3.88 United Bank Ltd 12242 7.29 62.25
High
High Low Close 1,161.76 1,136.86 1,142.84 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
65.00 64.21 64.39 -0.13 11.49 11.18 11.42 0.30 10.24 10.01 10.15 0.15 29.40 29.00 29.19 0.07 4.99 4.67 4.67 0.04 6.92 6.62 6.66 -0.10 3.78 3.55 3.75 -0.05 9.77 9.30 9.59 0.04 119.00 116.89 117.15 -1.38 19.88 19.00 19.02 -0.96 2.45 2.26 2.31 -0.06 1.45 1.40 1.43 0.04 206.25 202.00 202.90 -1.29 17.57 17.40 17.45 -0.04 54.64 53.50 53.62 -0.56 1.55 1.51 1.52 0.01 2.60 2.52 2.53 -0.06 5.20 5.05 5.10 0.09 8.21 8.10 8.17 -0.08 3.92 3.75 3.85 -0.03 62.75 61.81 62.00 -0.25
Volume
Change -6.67 Market cap 673,205.85 mn Div Yield (%) 5.53
Last 60 days High Low
16587 68.99 518139 12.50 1703350 11.02 350392 30.10 1001 6.25 1079882 7.35 37205 4.09 19011 10.50 19070 126.80 140674 22.45 47156 3.00 71437 1.77 202381 210.95 5360 19.49 1510999 55.15 378133 2.05 404594 3.06 455319 6.94 10150 9.75 98220 4.75 127893 65.01
58.51 10.79 9.42 28.25 4.05 4.51 3.25 9.00 114.10 17.00 2.06 1.16 190.99 16.60 49.51 1.47 2.10 5.00 7.70 2.67 61.00
% Change -0.58 5-Day High 1,155.00 5-Day Low 1,125.99
2010 Div BR (%) (%)
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 742.08 Turnover 426,781 P/E (x) 8.98 Paid up Cap(mn)
Company
Adamjee Insurance XD
1237
PE 7.03
Open 65.47
High 66.25
High Low 751.57 740.09 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.47 5.20 Low 65.41
Close Chg 65.52 0.05
Close 742.28 Listed cap 11,111.34 mn Payout (%) 79.54
Volume 41480
Change 0.20 Market cap 46,051.02 mn Div Yield (%) 8.86
Last 60 days High Low 71.99
62.00
% Change 0.03 5-Day High 743.79 5-Day Low 741.92
2010 Div BR (%) (%) 25
2011 Div BR (%) (%)
-
-
-
600 104 48707 1183 1500 305289 3000 20683 3908 234
29.25 9.98 39.65 12.00 76.12 20.23 10.67 7.70 6.80 2.50
26.00 8.00 29.01 10.95 65.10 12.43 8.00 5.76 4.21 1.32
High Low 951.59 944.58 Total cos Defaulter cos 4 P/BV (x) ROE (%) 2.18 3.85
Close 941.95 Listed cap 2,290.72 mn Payout (%) 355.53
40 20B 10 12.5 25 12.5B 30 55B 10.00 30 25 - 12.5B - 15B -
Change 0.51 Market cap 10,442.74 mn Div Yield (%) 6.27
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
850
9.93
70.61
71.49
70.66
70.67 0.06
2849
73.25
-
50.70
% Change 0.05 5-Day High 952.12 5-Day Low 926.93
2010 Div BR (%) (%) 50
2011 Div BR (%) (%)
-
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 282.06 Turnover 15,092,509 P/E (x) 11.50
High Low 302.04 280.91 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.18 0.91
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
225
0.94
0.47
0.49
0.40
0.45 -0.02
Arif Habib Investments
360
5.10
21.00
21.15
20.00
Arif Habib Limited
450 19.20
18.76
19.17
18.15
Company AMZ Ventures
Close 288.11 Listed cap 30,336.44 mn Payout (%) 99.56
Change 6.05 Market cap 14,174.83 mn Div Yield (%) 5.02
Last 60 days High Low
Volume
% Change 2.15 5-Day High 288.11 5-Day Low 276.49
2010 Div BR (%) (%)
2011 Div BR (%) (%)
7522
0.64
0.26
-
-
-
-
20.00 -1.00
4800
24.97
20.00
-
20B
-
-
18.24 -0.52
13055
20.20
12.01
-
20B
-
-
3750
3.39
25.38
25.79
25.15
25.29 -0.09
609829
27.29
20.53
30
-
-
-
Dawood Cap Mangt. XB 150
2.22
1.54
1.75
1.40
1.40 -0.14
10016
2.04
1.15
-
-
-
-
441
-
1.55
2.25
2.20
2.20 0.65
50001
2.33
1.55
-
-
-
-
2121
7.37
1.50
1.60
1.40
1.40 -0.10
7397
2.04
1.15
-
-
-
-
600 20.73
7.75
7.67
7.52
7.67 -0.08
2500
9.29
7.00
11.5
-
-
-
Escorts Bank IGI Investment Bank Invest and Fin Sec Invest Bank
2849
-
0.37
0.45
0.34
0.43 0.06
16458
1.20
0.22
-
-
-
-
Ist Cap Securities
3166
-
2.45
2.50
2.35
2.41 -0.04
5600
3.27
2.22
-
10B
-
-
Ist Dawood Bank
626
0.64
1.49
1.64
1.43
1.43 -0.06
509
1.96
1.26
-
-
-
-
Jah Siddiq Co
7633
-
7.03
7.75
7.10
7.35 0.32
14407308
8.34
4.82
10
-
-
-
JOV and CO
508
-
2.71
2.80
2.45
2.50 -0.21
248511
3.40
2.31
-
-
-
-
JS Global Cap
500
5.66
20.52
21.49
19.52
19.68 -0.84
13238
22.94
16.42
50
-
-
-
JS Investment
1000 43.33
5.13
5.40
5.18
5.20 0.07
250303
6.43
4.53
-
-
-
-
KASB Securities
1000
-
3.40
3.55
3.37
3.37 -0.03
7436
4.79
3.10
-
-
-
-
Orix Leasing
821
3.73
5.83
6.19
5.96
6.16 0.33
9400
6.19
5.00
-
-
-
-
Pervez Ahmed Sec
775
5.46
1.57
1.63
1.50
1.53 -0.04
38446
1.99
1.32
-
-
-
-
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index
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 - 311R 6 - 20R 50 -
0.04 0.00 0.42 -0.15 -0.51 -0.04 -0.29 0.25 0.36 0.00
Paid up Cap(mn)
Arif Habib Corp
Change 8.68 Market cap 28,493.04 mn Div Yield (%) 8.02
Last 60 days High Low
Company EFU Life Assurance
2011 Div BR (%) (%) 25.00 10.00 30.00 10.00 -
28.09 8.40 35.53 11.20 72.40 15.83 8.21 7.50 5.19 1.50
Performance of SR Life Insurance Index
Performance of SR Electricity Index High Low 1,385.12 1,363.53 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.30 9.35
27.70 8.50 35.48 11.20 72.40 15.75 8.20 7.00 5.00 1.75
LIFE INSURANCE
-
ELECTRICITY Open 1,375.15 Turnover 1,270,926 P/E (x) 13.85
27.70 8.60 36.86 11.20 72.50 16.25 8.30 7.50 5.70 2.00
Open 1,541.19 Turnover 1,085,424 P/E (x) 19.27 Paid up Cap(mn)
Company 1st Fid Leasing
PE
Open
High
High Low 1,574.48 1,539.00 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.43 2.21 Low
Close Chg
Close 1,550.53 Listed cap 29,771.58 mn Payout (%) 104.74
Change 9.34 Market cap 19,651.91 mn Div Yield (%) 8.44
Last 60 days High Low
Volume
2010 Div BR (%) (%)
2011 Div BR (%) (%)
264
-
1.56
1.60
1.51
1.51 -0.05
2.00
1.15
-
-
-
-
AL-Meezan Mutual F.
1375
4.69
10.95
11.15
10.81
10.92 -0.03
11.32
10.05
18.5
-
5.00
-
B R R Guardian Mod.
780
2.26
2.14
2.17
2.14
2.17 0.03
6300
2.91
1.29
0
-
-
-
Constellation Modaraba
7500
% Change 0.61 5-Day High 1,550.53 5-Day Low 1,531.67
511341
65
3.19
1.50
1.50
1.50
1.50 0.00
420
1.99
0.90
-
-
-
-
Elite Cap Modaraba
113
4.38
2.56
3.15
2.10
3.15 0.59
7345
3.50
2.10
5
-
-
-
First Capital Mutual F.
300
1.89
2.50
3.39
1.96
2.50 0.00
355
4.60
1.51
-
-
-
-
First Dawood Mutual F.
581
1.20
1.85
2.34
2.00
2.00 0.15
26001
2.47
1.82
-
-
-
-
Golden Arrow
760
2.26
3.34
3.45
3.41
3.41 0.07
19805
3.72
3.11
17
-
-
-
Habib Modaraba
1008
4.25
8.23
8.30
8.20
8.20 -0.03
74100
8.44
7.26
21
-
-
-
JS Growth Fund
3180
2.07
5.99
6.24
5.92
6.01 0.02
25106
7.40
5.32
12.5
-
-
-
JS Value Fund
1186
0.58
5.30
5.51
5.12
5.50 0.20
225770
6.68
4.91
10
-
5.00
-
Meezan Balanced Fund
1200
2.73
9.50
9.51
9.50
9.50 0.00
150
10.19
8.46
15.5
-
-
-
59
5.60
11.00
10.25
10.25
10.25 -0.75
1000
11.99
8.05
18
-
-
-
PICIC Energy Fund
1000
2.21
7.35
7.51
7.41
7.50 0.15
5050
8.25
6.92
10
- 10.00
-
PICIC Growth Fund
2835
2.73
13.38
13.60
13.25
13.30 -0.08
100261
13.84
12.00
20
- 12.50
-
PICIC Inv Fund
2841
2.37
5.89
6.15
6.00
6.00 0.11
73073
6.95
5.50
10
-
7.50
-
Stand Chart Modaraba
454
5.90
10.68
10.78
10.62
10.68 0.00
444
10.90
9.50
17
-
-
-
Tri-Star 1st Modaraba
212 77.61
1.72
1.55
1.05
1.55 -0.17
198
2.05
0.20
-
-
-
-
Trust Modaraba
298
3.33
1.60
2.50
1.50
2.30 0.70
600
2.50
1.50
5
-
-
-
U D L Modaraba
264
2.34
7.07
6.82
6.81
6.82 -0.25
540
7.47
6.31
12.5
-
7.50
-
Paramount Modaraba
UP TO 100 VOLUME Symbols DADX MDTL MSOT PHDL SGML PIL ULEVER ELSM BWHL KOHC NESTLE TSMF DMTM RMPL JDMT HADC ISIL LIBM PAKT SEARL GAIL SIEM FNBM HWQS SHCI UPFL BCML DEL KOHS SHTM AKGL MUBT KOHP FZTM GENP HUSI KOSM PSYL SBL SIBL SRSM WAZIR ZIL ZTL AGIC AZAMT BAPL BHAT CSMD DNCC EMCO EWLA FCIBL FECS FECTC FIMM FRCL GHNL HUSSR JVDC MODAM PAKMI PRET
Open 15.70 17.30 18.50 29.22 6.00 12.91 5301.01 24.00 31.90 6.03 4843.91 1.38 4.20 2664.54 14.08 0.42 74.68 63.65 94.07 55.45 3.25 1101.42 5.02 11.58 2.40 1490.00 15.00 1.28 3.50 0.30 5.25 1.00 2.74 322.00 0.51 2.82 1.55 19.70 1.70 1.72 3.01 5.95 57.06 2.52 8.50 2.12 6.75 245.00 10.83 1.32 1.77 1.40 5.01 38.00 5.48 62.65 2.95 3.15 0.50 61.37 1.00 1.00 29.76
High 16.54 17.03 19.40 30.64 5.90 11.92 5433.33 24.00 30.32 6.22 4606.00 1.38 3.90 2699.09 14.90 0.59 71.00 60.50 92.71 55.95 3.40 1099.00 5.70 11.45 2.35 1560.00 15.99 1.49 4.00 0.45 5.95 1.99 2.99 306.00 0.60 3.50 1.74 19.50 1.73 1.79 3.69 6.85 58.49 2.99 9.40 2.59 7.50 232.75 11.00 2.30 1.60 2.00 5.23 38.00 5.80 65.00 2.15 3.25 0.50 58.31 1.08 1.10 31.18
Low
Close
16.54 16.30 19.40 30.64 5.90 11.92 5280.00 24.00 30.32 6.05 4601.72 1.07 3.90 2631.09 13.25 0.50 70.95 60.47 92.71 55.26 3.40 1060.00 5.70 11.45 2.35 1490.00 15.99 1.44 2.70 0.45 4.25 1.29 2.99 305.90 0.52 3.50 1.74 18.85 1.73 1.32 3.69 5.11 57.21 2.50 9.40 2.59 7.50 232.75 11.00 2.30 1.60 2.00 5.23 38.00 5.80 65.00 2.15 3.25 0.50 58.31 1.08 1.10 31.18
15.70 17.03 18.50 29.22 6.00 12.91 5300.00 24.00 31.90 6.03 4601.72 1.38 4.20 2691.63 14.08 0.42 74.68 63.65 94.07 55.45 3.25 1101.42 5.02 11.58 2.40 1490.00 15.00 1.28 3.50 0.30 5.25 1.00 2.74 322.00 0.51 2.82 1.55 19.70 1.70 1.72 3.01 5.95 57.06 2.52 8.50 2.12 6.75 245.00 10.83 1.32 1.77 1.40 5.01 38.00 5.48 62.65 2.95 3.15 0.50 61.37 1.00 1.00 29.76
Change
Vol
0.00 -0.27 0.00 0.00 0.00 0.00 -1.01 0.00 0.00 0.00 -242.19 0.00 0.00 27.09 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
100 100 100 100 100 92 87 86 57 55 55 52 46 39 31 20 20 20 20 17 15 13 10 10 10 10 9 7 7 5 4 4 3 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS Symbols
Open
FFBL-JUL
43.28
POL-JUL
High
Low
Close
Change
Vol
44.05
43.45
43.67
374.53
379.40
374.00
375.14
0.61
571500
ENGRO-JUL 163.39
164.85
161.39
161.73
-1.66
569500
ATRL-JUL
130.25
128.03
128.33
NBP-JUL DGKC-JUL FFC-JUL
128.72
0.39 1076000
-0.39
243000
54.02
-0.56
208500
24.19
24.40
23.85
23.99
-0.20
183500
157.20
157.85
155.60
155.87
-1.33
158500
54.58
54.95
53.95
NML-JUL
53.27
53.60
53.02
-0.25
117000
PPL-JULB
212.05
213.01
211.20
211.23
-0.82
23000
MCB-JUL
205.99
207.39
204.81
205.09
-0.90
18500
LUCK-JUL
73.16
73.75
72.99
73.00
-0.16
15500
PTC-JUL
14.44
14.44
14.44
14.44
0.00
10000
63.03
62.90
62.90
62.90
-0.13
1000
UBL-JUL
52.90
MTS LEVERAGE POSITION Symbol AHCL AICL AKBL ANL ATRL BAFL DGKC ENGRO FFBL FFC HUBC KAPCO LOTPTA LUCK MCB NBP NCL NML OGDC PAKRI POL PPL PSO PTC SSGC UBL TOTAL
Total Volume 685,720 18,700 570,677 333,150 39,475 948,100 436,633 431,081 335,200 23,700 14,300 84,687 3,071,721 23,126 22,350 1,296,944 347,581 362,320 4,000 211,550 10,500 31,500 37,366 4,156 3,000 102,500 9,450,037
Total Value 12,383,228 914,139 4,695,095 1,450,160 3,687,641 6,865,445 7,603,473 52,278,146 10,761,764 2,755,597 416,859 2,721,283 30,296,375 1,247,053 3,376,844 50,945,851 5,889,876 13,830,878 460,496 2,525,371 2,873,093 4,928,729 7,531,485 44,665 46,648 4,801,449 235,331,643
MTS Rate 19.03 19.93 21.62 17.13 18.07 15.00 15.00 18.13 16.00 16.00 18.03 20.00 20.00 20.02 17.00 16.00 19.00 17.76
BOARD MEETINGS
Fauji Fertiliser Bin Qasim Ltd
KSE 100 INDEX
Dera Ghazi Khan Cement Co Ltd
Engro Corporation
Company
Date
Time
AKD Income Fund
08-Jul
4:00
AKD Opportunity Fund
08-Jul
KASB Liquid Fund
08-Jul
4:30
KASB Stock Market Fund
08-Jul
4:30
KASB Balanced Fund
08-Jul
KASB Islamic Income Fund
08-Jul
AKD Index Tracker Fund
08-Jul
4:00
Pak Int Cont Term Ltd
09-Jul
11:30
Faysal Balanced Growth Fund
09-Jul
12:00
Faysal Income & Growth Fund
09-Jul
12:00
Faysal Savings Growth Fund
09-Jul
12:00
4:00
4:30 4:30
TECHNICAL LEVELS
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
54.51
Support 1
12,391.95
MA (5-day)
12,519.18
Support 2
12,342.50
MA (10-day)
12,480.64
Resistance 1
12,524.90
MA (100-day)
11,996.05
Resistance 2
12,608.35
MA (200-day)
11,675.35
Pivot
12,475.45
Target Price
Recommendations Sell
Arif Habib Ltd
Buy
Arif Habib Ltd
Accumulate
AKD Securities Ltd
195.41
Neutral
AKD Securities Ltd
47.75
Neutral
TFD Research
245.95
Positive
TFD Research
42.2
Technical Outlook Technical Analysis
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
59.41 MTS Shares `000 335.20 42.81 MTS Rs `000 10,761.76 41.74 MTS Rate 15.00 38.25 ** NOI Rs (mn) 65.30 Free Float Shares (mn) 326.94 Free Float Rs (mn) 14,264.33 Target price for Dec-11 & **Net Open Interest in future market
Bank Al-Falah Ltd
Brokerage House
Brokerage House
Target Price
Recommendations
405
Buy
Arif Habib Ltd
Accumulate
AKD Securities Ltd
386.5 388.3
Neutral
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
71.52 364.69 330.76 305.28
MTS Shares `000 10.500 MTS Rs `000 2,873.09 MTS Rate ** NOI Rs (mn) 244.35 Free Float Rs (mn) 40,344.54 Target price for Dec-11 & **Net Open Interest in future market
Free Float Shares (mn) 107.95
Technical Outlook Technical Analysis
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
30.23 162.34 196.03 193.59 Free Float Shares (mn) 176.98
MTS Shares `000 MTS Rs `000 MTS Rate ** NOI Rs (mn) Free Float Rs (mn)
431.081 52,278.15 18.07 215.96 28,397.87
Target price for Dec-11 & **Net Open Interest in future market
Technical Analysis
55.88 MTS Shares `000 436.633 23.27 MTS Rs `000 7,603.47 23.72 MTS Rate 17.13 26.03 ** NOI Rs (mn) 66.54 Free Float Shares (mn) 200.80 Free Float Rs (mn) 4,769.11 Target price for Dec-11 & **Net Open Interest in future market
age and Bollinger Bands were 56 per cent narrower than normal.
tors reflect volume flowing into and out of ENGRO at a relatively equal flowing into and out of DGKC at a relatively equal pace. Trend forecasting pace. Trend forecasting oscillators are currently bearish on ENGRO.
Recommendations Hold
Arif Habib Ltd
Buy
AKD Securities Ltd
MTS Shares `000 948.100 MTS Rs `000 6,865.44 MTS Rate ** NOI Rs (mn) N/A Free Float Rs (mn) 6,846.97 Target price for Dec-11 & **Net Open Interest in future market
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
ENGRO is currently 17.1 per cent below its 200-day moving average and DGKC is currently 8.8 per cent below its 200-day moving average and is
12.2
55.02 9.78 10.10 10.11
Buy Positive
to the average volatility over the last 10 trading sessions. Volume indica- volatility over the last 10 trading sessions. Volume indicators reflect volume
11.75
Free Float Shares (mn) 674.58
Buy
is displaying a downward trend. Volatility is relatively normal as compared displaying an upward trend. Volatility is low as compared to the average
Brokerage House
Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
29 28.72 30.6
oscillators are currently bullish on DGKC.
Fauji Fertiliser Co
National Bank of Pakistan
Leverage Position
Recommendations
ENGRO closed down -1.56 at 160.46. Volume was 22 per cent above DGKC closed down -0.26 at 23.75. Volume was 12 per cent below averaverage and Bollinger Bands were 38 per cent wider than normal.
Target Price
Technical Analysis
Target Price
Technical Outlook
Target Price
Recommendations
Brokerage House
65
Buy
Arif Habib Ltd
64.99
Buy
AKD Securities Ltd TFD Research
Technical Outlook Technical Analysis
224
Brokerage House
45.52
Arif Habib Ltd
Pakistan Oilfields Ltd
TFD Research
Recommendations
TFD Research
FFBL closed up 0.45 at 43.63. Volume was 123 per cent above average and Bollinger Bands were 33 per cent narrower than normal. FFBL is currently 14.1 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 volume flowing into and out of FFBL at a relatively equal pace. Trend forecasting oscillators are currently bearish on FFBL.
AKD Securities Ltd
Target Price
AKD Securities Ltd
KSE 100 INDEX closed down -92.15 at 12,441.40. Volume was 0.01 per cent above average and Bollinger Bands were 39 per cent narrower than normal. As far as resistance level is concern, the market will see major 1st resistance level at 12,524.90 and 2nd resistance level at 12,608.35, while Index will continue to find its 1st support level at 12,391.95 and 2nd support level at 12,342.50. KSE 100 INDEX is currently 6.6 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 volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are currently bullish on INDEX.
Arif Habib Ltd
Brokerage House
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
59.97 51.74 58.32 64.27
MTS Shares `000 1,296.944 MTS Rs `000 50,945.85 MTS Rate 18.03 ** NOI Rs (mn) 55.93 Free Float Rs (mn) 21,347.32 Target price for Dec-11 & **Net Open Interest in future market
Free Float Shares (mn) 398.12
Recommendations
165.3
Buy
120.7
Sell
164.95
Neutral
Technical Outlook
Technical Outlook Technical Analysis
Target Price
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
62.37 153.57 138.77 130.49
MTS Shares `000 23.70 MTS Rs `000 2,755.60 MTS Rate 15.00 ** NOI Rs (mn) 84.06 Free Float Rs (mn) 72,221.57 Target price for Dec-11 & **Net Open Interest in future market
Free Float Shares (mn) 466.49
POL closed up 1.95 at 373.73. Volume was 28 per cent above average BAFL closed up 0.15 at 10.15. Volume was 0.01 per cent below average NBP closed down -0.56 at 53.62. Volume was 32 per cent below average FFC closed down -1.12 at 154.82. Volume was 23 per cent below average and Bollinger Bands were 13 per cent wider than normal.
and Bollinger Bands were 33 per cent narrower than normal. POL is currently 22.4 per cent above its 200-day moving average and is BAFL is currently 0.4 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into POL (mildly bullish). Trend forecasting oscillators are currently bullish on POL. Momentum oscillator is current- reflect volume flowing into and out of BAFL at a relatively equal pace. ly indicating that POL is currently in an overbought condition.
Trend forecasting oscillators are currently bearish on BAFL.
and Bollinger Bands were 58 per cent narrower than normal.
and Bollinger Bands were 2 per cent narrower than normal.
NBP is currently 16.6 per cent below its 200-day moving average and is FFC is currently 18.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NBP (mildly bullish). Trend forecast- reflect moderate flows of volume into FFC (mildly bullish). Trend forecasting oscillators are currently bullish on NBP.
ing oscillators are currently bullish on FFC.
Company
RSI 1st 2nd (14-day) Support Al-Abbas Cement 44.80 2.55 2.50 Allied Bank Limited 52.80 64.05 63.75 Attock Cement 36.19 48.75 48.50 Arif Habib Corp 53.41 25.05 24.75 Arif Habib Limited 54.41 17.85 17.50 Adamjee Insurance 46.86 65.20 64.90 Askari Bank 49.85 11.25 11.05 Azgard Nine 49.58 5.90 5.80 Attock Petroleum 54.95 381.00 378.65 Attock Refinery 50.74 126.40 125.50 Bank Al-Falah 55.03 10.00 9.90 BankIslami Pak 56.48 3.60 3.45 Bank.Of.Punjab 55.18 6.55 6.45 Dewan Cement 52.20 1.75 1.70 D.G.K.Cement 55.75 23.55 23.30 Dewan Salman 51.19 2.65 2.60 Dost Steels Ltd 62.47 2.50 2.35 EFU General Insurance 47.71 35.05 34.60 EFU Life Assurance 61.44 70.40 70.10 Engro Corp 30.27 159.10 157.70 Faysal Bank 51.16 9.35 9.10 Fauji Cement 42.60 4.15 4.10 Fauji Fert Bin 59.39 43.25 42.90 Fauji Fertilizer 62.35 153.90 153.00 Habib Bank Ltd 46.60 116.35 115.55 Hub Power 62.06 38.50 38.30 ICI Pakistan 53.41 155.85 155.15 Indus Motors 41.64 218.70 217.35 J.O.V.and CO 36.26 2.35 2.25 Japan Power 46.12 1.15 1.10 JS Bank Ltd 40.18 2.25 2.15 Jah Siddiq Co 44.21 7.05 6.75 Kot Addu Power 53.60 42.75 42.50 K.E.S.C 44.63 2.15 2.10 Lotte Pakistan 34.54 13.10 12.90 Lucky Cement 56.53 72.15 71.80 MCB Bank Ltd 49.45 201.20 199.45 Maple Leaf Cement 41.36 2.05 2.00 National Bank 59.83 53.20 52.80 Nishat (Chunian) 36.67 22.25 22.00 Netsol Technologies 50.93 21.15 20.90 NIB Bank 35.82 1.50 1.45 Nimir Ind.Chemical 59.83 2.90 2.85 Nishat Mills 40.11 52.30 51.95 Oil & Gas Dev. XD 53.66 152.65 151.55 PACE (Pakistan) Ltd. 33.80 2.10 2.05 Pervez Ahmed Sec 45.35 1.45 1.40 P.I.A.C.(A) 41.80 2.10 2.05 Pioneer Cement 44.66 5.25 5.15 Pak Oilfields 71.47 370.90 368.10 Pak Petroleum 48.78 209.45 208.35 Pak Suzuki 40.44 62.10 60.55 P.S.O. XD 40.18 266.65 264.60 P.T.C.L.A 20.49 13.95 13.80 Shell Pakistan 53.21 224.60 223.65 Sui North Gas 49.15 19.75 19.40 Sitara Peroxide 45.64 16.80 16.60 Sui South Gas 39.70 20.70 20.60 Telecard 39.06 1.45 1.35 TRG Pakistan 48.34 2.55 2.45 United Bank Ltd 41.29 61.65 61.25 WorldCall Tele 41.33 1.95 1.90
1st 2nd Resistance 2.65 2.70 64.85 65.30 49.50 50.00 25.65 26.05 18.90 19.55 66.05 66.55 11.55 11.65 6.20 6.35 387.20 391.05 128.80 130.30 10.25 10.35 3.85 3.90 6.85 7.05 1.85 1.90 24.10 24.40 2.85 2.95 2.70 2.85 36.45 37.35 71.20 71.75 162.80 165.10 9.80 10.00 4.30 4.35 44.00 44.40 156.35 157.90 118.45 119.80 39.05 39.40 157.85 159.15 222.70 225.35 2.70 2.95 1.25 1.30 2.40 2.55 7.70 8.05 43.35 43.70 2.25 2.30 13.65 13.95 73.25 73.95 205.45 207.95 2.15 2.20 54.35 55.05 22.85 23.20 21.80 22.20 1.60 1.65 3.05 3.15 53.20 53.75 155.25 156.70 2.30 2.40 1.60 1.70 2.20 2.25 5.45 5.55 377.65 381.55 212.30 214.10 65.05 66.55 272.10 275.50 14.30 14.50 226.95 228.35 20.35 20.60 17.35 17.75 20.95 21.10 1.60 1.65 2.75 2.85 62.55 63.15 2.05 2.10
Pivot 2.60 64.55 49.25 25.40 18.50 65.75 11.35 6.05 384.85 127.90 10.15 3.70 6.75 1.80 23.85 2.75 2.60 35.95 70.95 161.40 9.55 4.25 43.65 155.45 117.70 38.85 157.15 221.35 2.60 1.20 2.35 7.40 43.10 2.20 13.45 72.90 203.70 2.10 53.90 22.60 21.55 1.55 3.00 52.85 154.15 2.20 1.55 2.15 5.35 374.85 211.20 63.55 270.05 14.15 226.00 20.00 17.15 20.85 1.50 2.65 62.20 2.00
8
Friday, July 8, 2011
French banks slash debit-card fees to settle competition probe
HSBC to eliminate 672 jobs in France
Banks add staff to draw wealthiest in ME DUBAI: UBS AG (UBSN) and Royal Bank of Scotland Group Plc (RBS) are among banks boosting their wealth management operations to attract Middle Eastern clients as the region's richest seek to protect their cash amid political turmoil. Former Credit Agricole SA banker Albert Momdjian will join UBS in August to head and expand its wealth unit in emerging markets, while Coutts, the private banking unit of RBS, plans to more than double its team over four years, Middle East managing partner Chris Allen said in May. Julius Baer Group Ltd. last month hired Credit Suisse AG's Edmond Carton to head its Middle East business and five bankers began work at Barclays Plc (BARC) in Geneva this month to target
Middle East clients. "In the countries that saw the most turmoil, some private savings have naturally been transferred abroad to international banks and international banking centers," said Florence Eid, founder and chief executive officer of Arabia Monitor, a London- based research and advisory firm. "Arab private money has always sought safe havens in times of turmoil." The regional unrest that has toppled presidents in Egypt and Tunisia and has spread to Syria, Yemen and Saudi Arabia, is prompting wealthy people from the most troubled countries to turn to more stable markets such as the United Arab Emirates. Deposits held by U.A.E. banks increased 7 percent to 1,123.5 billion dirhams ($306 billion)
during the first five months of the year, surpassing the increase for the whole of the previous year, according to data from the U.A.E.'s central bank. Vote of Confidence "Many U.A.E. bankers report an increased level of business with clients from countries most directly affected by the political unrest" such as Egypt, said Sven-Olaf Vathje, partner and managing director of The Boston Consulting Group Middle East. "This is a clear vote of confidence on the stability of the U.A.E. as the region's leading banking hub." Amid the turmoil, some governments, mainly in Western Europe, have frozen the assets of political figures associated with dictatorial regimes. The European Union, U.K. and U.S.
Deutsche bank sees succession talks FRANKFURT: UBS AG's bold move to poach Axel Weber from under Deutsche Bank AG's nose has prompted Germany's largest lender to accelerate succession talks, three people familiar with the matter said. Key members of Deutsche Bank's supervisory board are set to discuss the topic this month, one of these people said, while German tabloid Bild in an advance copy of its Friday edition said the issue of succession could reach a preliminary recommendation as soon as Sunday. Deutsche Bank will have to focus on internal candidates to take over as its next chief executive after former Bundesbank head Weber last week spurned the role to become chairman-designate at UBS. Supervisory Board Chairman Clemens Boersig, who is formally in charge of succession planning, has talked with fellow board members about Weber's decision to leave for UBS, the person further said. "Things are still a bit fluid, but nobody wants this debate to carry on forever," a member of the supervisory board said on condition of anonymity. A decision could come as early as this summer, a third person familiar with the matter said. It remains unclear whether Boersig had backed Weber's candidacy, but the defection prompted supervisory board members to pressure Boersig to accelerate succession talks, another member of the board said. The need to find a successor plays into the hands of Boersig, who had come under fire for his lack of progress in finding a successor, people familiar with the succession talks say. Rather than forcing him to surrender his control over the succession, the supervisory board decided to accelerate the process, a member of the supervisory board said. "You cannot have two key posts vacant at the same time," the supervisory board mem-
ber told Reuters on condition of anonymity. Boersig's inability to find an internal replacement for Josef Ackermann forced the Swiss executive to abandon retirement plans in 2009 and extend his contract until 2013. Deutsche Bank will now have to pay closer attention to current executive board members Anshu Jain, head of the investment bank, and Hugo Baenziger, chief risk officer. Both Jain and Baenziger are seen as succession candidates, but their lack of political connections in Berlin have been seen as a hindrance. Deutsche Bank has been on the lookout for an "all-rounder" candidate who is respected by staff and by clients, but who also can find acceptance in political circles in Berlin and the German corporate establishment. The absence of a candidate with all these qualities may lead Deutsche to consider a dual leadership model. This may lead to the elevation of other internal candidates such as Deutsche's Germany chief Juergen Fitschen, retail chief Rainer Neske or Chief Financial Officer Stefan Krause. Boersig favours a team of Jain and Fitschen to succeed Ackermann, German dailies Die Welt and Bild said. The entire board has to approve the selection and it remains to be seen whether Boersig's proposal will win majority support. The accelerated succession process could prompt Ackermann to leave earlier, as soon as the bank has reached the target of 10 billion euros (8.9 billion pounds) in pretax profit this year. Deutsche had been sounding out Weber as a possible replacement for CEO Josef Ackermann, after Ackermann recommended Weber as a competent crisis manager. Reuters
have frozen the Libyan Investment Authority's assets to cut off Muammar Qaddafi's regime from access to funding after its forces killed hundreds of civilians. This has also led to rise in transactions, according to Boston Consulting Group. "Many clients are concerned about the way offshore centers might react to these developments," Boston Consulting said in a May report. "Under the mistaken belief that their own assets could be in jeopardy, clients are transferring their wealth to countries that have not taken such action against politically exposed persons." Combined Wealth Banks also consider the Middle East as a long-term growth market where economic expansion and high oil prices are
O
the deciding factor in whether or not I made a purchase, and focused instead on an item's necessity, or lack thereof. The same goes for the small, insidious fees and random charges that are so easy to accept or overlook. I had a second account at my bank, and the day they started charging a $3 monthly maintenance fee, I closed it. Yes, I know that it's "only" $3, but that $3 will be $36 in a year, and I have bigger and better plans for that money. Stop filling some other need by spending It took a lot of "sucking it up" to admit it, but at times I've been guilty of "emotional overspending," which some people consider "retail therapy." I like shopping (well...the buying part) as well as the next girl, but I'm careful never to do it because I'm hurt, sad, lonely, busy, or for any other illegitimate reason. In my former career, I found that the busier I got and the less time I had for myself, the more I was tempted to spend to compensate. I saved myself a lot of stress, and a lot of money, by making my personal life a priority and eliminating the need to "stress-spend." I eliminated impulse buying I'm a religious list-maker, and I make every effort to avoid purchasing things I
Dubai and a decline in real estate prices. Officials at Julius Baer and UBS couldn't immediately be reached for comment while a spokesman Barclays Wealth declined to provide further details. Basel Rules Domestic banks are also competing for clients as global banking regulators draw up new minimum liquidity rules as part of last year's Basel III rules that will more than triple the amount of core capital lenders will have to hold. Wealth management operations are attractive to banks because they require less capital and provide funding for loans and generate stable fees from investment services. "The increased focus on wealth management by banks
in large part reflects a broader global trend towards businesses with lower capital intensity as a result of post-crisis regulatory changes," said Gabriel Aractingi, managing director of Morgan Stanley Private Wealth Management in Dubai. U.A.E.-based banks faced a shortage of deposits from the onset of the global financial crisis in September 2008 as foreign investors speculating on a revaluation of the currency pulled out and credit markets froze. The loan-to-deposits ratio has declined to 93.4 percent in April this year, from 108 percent at the end of 2008. U.A.E.-based banks are also looking at wealth management to lift revenue as income from investment banking declined.Agencies
BANKS AND IT
Messy IT systems are a neglected aspect of the financial world NO INDUSTRY spends more on information technology (IT) than financial services: about $500 billion globally, more than a fifth of the total. Many of the world's computers, networking and storage systems live in the huge data centres run by banks. "Banks are essentially technology firms," says Hugo Banziger, chief risk officer at Deutsche Bank. Yet the role of IT in the crisis is barely discussed. It should be. Corporate IT systems-collections of computers, applications and databasesalways tend to be messy, but those of banks are particularly bad. They were the first to adopt computers: decades-old mainframes are still in use. Lots of product innovation means new systems, as does merger activity, which has proliferated in the industry in recent years: Citigroup had a notoriously fragmented IT set-up going into the crisis. The need to comply with regulations, and the global presence of big banks, adds complexity. The demands of financial markets make matters worse. Hedging positions, trading derivatives and modelling financial products all require highly sophisticated programs that are only really suited to specific asset classes. The code for new financial products has to be developed quickly. Innovation often takes place on Excel spreadsheets on
traders' desktops. "The big task of management is to manage down the number of spreadsheets," says one risk chief, whose bank creates 1,000 product variations a year. As a result, many banks have huge problems with data quality. The same types o f asset a r e often
their aggregate exposure. Royal Bank of Scotland (RBS) spent more than $100m to comply with Basel 2. But in most cases the aggregate risk was only calculated once a day and some figures
defined differently in different programs. Numbers do not always add up. Managers from different departments do not trust each other's figures. Finding one's way through all these systems is detective work, says a former IT manager at a big British bank. "And sometimes the trail would go cold." This fragmented IT landscape made it exceedingly difficult to track a bank's overall risk exposure before and during the crisis. Mainly as a result of the Basel 2 capital accords, many banks had put in new systems to calculate
were not worth the pixels they were made of. During the turmoil many banks had to carry out big fact-finding missions to see where they stood. "Answering such questions as 'What is my exposure to this counterparty?' should take minutes. But it often took hours, if not days," says Peyman Mestchian, managing partner at Chartis Research, an advisory firm. Insiders at Lehman Brothers say its European arm lacked an integrated picture of its risk position in the days running up to its demise.
How I changed my attitude towards money ver a decade ago, a freshman college student got a credit card in the mail. Faced, for the first time, with the hundred random expenses that accompany being out on one's own, and altogether ignorant about things like interest and payments and credit scores, she maxed the card in one trip to the store. While I never blew my money on offthe-wall stuff, or even wasted it on things I didn't use, I was still reckless and unwise with my spending, and it took years to undo the damage of one semester's creditrelated moral turpitude. Looking back at the last 10 years, some of the most significant changes I've made involve my attitude toward my money and how I spend it. A huge part of my reform took place internally, and was the result of taking a long, hard look at my habits and what precipitated them. Here are a few things that changed in the course of my becoming a financially responsible and solvent adult. There's no amount of money that "doesn't matter" I realized fairly early on just how important every penny can be, and that small and seemingly-insignificant amounts of money quickly add up. I stopped letting price be
driving prosperity. In the past three years, many international private banks such as Zurichbased Clariden Leu AG have moved managers from hubs such as Switzerland to Dubai and other Gulf cities. The number of high-net-worth individuals in the Middle East rose 10.4 percent to 400,000 last year, while their combined wealth rose 12.5 percent to $1.7 trillion, according to the Capgemini and Merrill Lynch 2011 World Wealth Report. The rate of growth in the size and wealth of the region's high-networth individual population was higher than any other regions, according to the June 22 report. In 2009, growth in the Middle East's high-net-worth population lagged all other regions mainly due to the financial crisis in
haven't planned to ahead of time. Going to the grocery store hungry is my personal kiss of death, since it's almost impossible to avoid coming home with stuff my stomach picked out for me, which I hadn't planned on buying. In college, I ended up taking my credit cards out of my wallet so I wouldn't be tempted to spend. While I'm a responsible user of and strong advocate for credit cards today, I am proud that at the age of 19 I took the steps I needed to in order to curtail my spending. My money has to work for me Probably my most recent victory has been seeing my money and financial situation as an elaborate, strategic game, with real-life consequences. Today, I don't just "decide" to purchase, I find the best way to purchase. If I'm buying a laptop, I'll wait until my cash-back credit card has an "electronics" promotion so I get a higher percentage back. I'm not letting the government hang on to my money for a year, make interest off of it, and then give me a refund. While I pay every cent that I owe in taxes, I'm not paying even a single penny extra, and I'm the one who benefits from the interest my money accrues.Agencies
Whether the financial industry would have hit the brakes if it had had digital dashboards showing banks' overall exposures in real time is a moot point. Some managers might not have even looked. And better IT would have done little to counteract the bigger forces behind the crisis, such as global economic imbalances. Yet most in the industry agree that its woeful IT systems have, in Banziger's words, "exacerbated the crisis". The industry spent billions on being able to trade faster and make more money, but not nearly enough on creating the necessary transparency. "Banks had lots of tools to create leverage, but not many to manage risk," says Roger Portnoy of Daylight Venture Partners, a venture-capital firm that invests in risk-management start-ups. Technology may have contributed to the crisis in other ways. IT systems have led to a "deskilling of the risk process", says Steve O'Sullivan of Accenture, a consultancy. At one end of the credit chain, bank employees were not given the proper incentives to review onscreen loan-application forms (a big British bank once had a surprising number of "astronauts" applying for loans because the job description was the first choice on a pull-down menu, says a former employee).Agencies
Small banks amid odds
S
mall and medium seized increased the minimum paid investors withdrew $35.8 milbanks have been looking up capital requirement for all lion from Pakistan as against towards saviors since locally incorporated banks to investment of $165.7 million the uptick in minimum capital Rs23 billion (net of losses) to in the similar period last fiscal requirements by the State be achieved in a phased man- year. Suroor Investments bank of Pakistan. ner i.e Rs6 billion by Dec bought major shares of Arif State bank is encouraging 2009. Rs10 billion by Habib and Malaysia's mergers and acquisitions to Dec2010, Rs15 billion Dec Maybank at the start of this promote healthy competition 2011. Rs19 billion Dec 2012, years. in the banking secInvestors are Despite improving macroeconomic tor. To stay in the interested to business, small fundamentals and investment friendly invest in the and medium sized banking sector of prudential regulations for commercial banks have two Pakistan because banking, foreign investors have options; issue of the windfall right share or be profits it offers limited their exposures to portfolio swallowed another to them. Besides, investments in the capital market, bank. regulations of albeit some investment companies Most of the capthe central bank ital-seeking banks are considered as are acquiring shares in local banks. for survival are an inducement to apparently opting to issue and Rs23 billion by Dec 2013. investments. Potential of right shares, often accepting Mauritius has been a top untapped market share can be transfer of majority stakes to investment country from of no use to banks if State investors. Recently, Atlas Africa for Pakistan. It invested bank tightens noose around bank limited agreed to sell its in different sectors of Pakistan the investors. Indeed. 58.31 percent shares to and until last fiscal year for- Investors-prone regulations Mauritius-based Suroor eign direct investment from are underlying elements that Investments limited. Samba the country remained signifi- has promoted investments in (for-merely knows as the cant. However, so far in this the banking sector of Pakistan, Saudi American Bank) issued fiscal year no investment from and that under pins banks right shares in Public to the country has been realized. under distress of deterioration replenish capital stocks. In fact, in the first five months of assets to realign balance State bank of Pakistan of this fiscal year's Mauritian sheets.-Agencies
9
Friday, July 8, 2011
Crude oil climbs after US jobless data Major banks warn of shrinking spare capacity LONDON: Oil futures surged on Thursday, lifted by a greaterthan-expected fall in new weekly jobless claims in the United States, in a hopeful sign that the economic recovery is regaining momentum. By 1319 GMT, Ice Brent crude futures were $2.92 higher at $116.54 a barrel, after reaching highs of $116.85 a barrel. US crude also climbed but lagged Brent and was up $1.93 at $98.58 a barrel by the same time, having touched highs of $99.05 a barrel. Initial claims for state unemployment benefits dropped 14,000 to a seasonally adjusted 418,000, compared with forecasts for a drop to 420,0000 according to a Reuters poll. "It's generally a confirmation that the weakness we saw in the May data was more in the way of a bump in the road rather than falling off into some abyss," said David Resler, chief economist at Nomura Securities International in New York. "The soft patch will prove to be a temporary one, but that doesn't mean we'll be roaring
ahead with growth." The market will now focus on Friday's key US jobs data for evidence of growth steadying in the world's largest oil consumer US nonfarm payrolls likely rose modestly in June after suffering a setback the prior month. Oil prices also found support after a report showed that US
private employers added far more jobs than expected in June. On Wednesday, a largerthan-expected drop in US crude stocks and growing investor appetite following bullish oil forecasts from major banks also propped prices. US crude oil stocks fell by a more-than-expected 3.2 million barrels, according to the American Petroleum Institute ahead of a second stocks report due Thursday, tightening inventories in the top global oil consumer. On Tuesday, Barclays Capital raised its 2012 forecast for
Brent by $10 to $115 per barrel, and upgraded its 2012 forecast for US crude by $4 to $110. "I think there's generally positive market sentiment and better risk appetite. There's also a sense that the rate hike in China may be the last," said Carsten Fritsch, an analyst at Commerzbank said. Technicals are also helping to support the frontmonth Brent crude contract after it rose above the 50day moving average in Thursday's session, analysts said. In the short term, Brent crude should consolidate between $112.40-$114.48 for one more trading session before rising towards $120, while US crude could hit $99.68, according to Reuters technical analyst Wang Tao. The stronger prices came despite an expected increase in European Central Bank (ECB) interest rates in a move to show no let-up in its insistence to tackle inflation despite the euro-zone's intensifying debt crisis. -Reuters
AHMEDABAD - India: Farm labourers plant paddy seedlings in a field near Dholka, some 30kms from Ahmedabad. -Agencies
NY cotton ends down on weak demand NEW YORK: Cotton futures finished lower on Wednesday as the market fell for the fifth session in a row as soft commercial demand and a rate increase in top consumer China undermined the market and could point to further losses in fiber contracts, brokers said. The key December cotton futures on ICE Futures US dropped 2.10 cents to settle at $1.1342 per lb, dealing from$1.126 to $1.1773. For the third position contract, it was thelowest finish since Nov. 30. Volume traded stood at 10,600 lots at 1855GMT, almost 50 per-
cent below the 30-day norm, Thomson Reuterspreliminary data showed. Cotton was eventually undermined by news that China'scentral bank raised interest rates for the third time in 2011,making it clear that taming inflation is a top priority. The step may 'make it more difficult for mills in China' toprocure cotton especially as the economy there slows, SharonJohnson, senior cotton analyst for commodities brokerage PensonFutures, said. After an initial rebound following four days of losses, the-
market faltered after news also hit regarding Portugal's creditdowngrade, reigniting fears that shaky global economic growthwill undermine and cut cotton consumption, analysts said. A weak technical picture also deflated the December cottoncontract as it fell below key support pegged at $1.1376, thelow hit on May 13. Open interest in the ICE futures cotton market stood at138,797 lots as of July 4, ICE Futures US data showed. Volumetraded on Tuesday stood at 16,681 lots, it added. Reuters
Gold steadies near $1,530/oz after ECB rate rise LONDON: Gold prices held just below $1,530 an ounce on Thursday after the European Central Bank signalled it would continue to raise rates and offered to help Portugal stay solvent, although this did little to dispel concern about the eurozone's debt problem. The ECB raised its benchmark refinancing rate by 25 basis points to 1.50 percent, as markets had widely anticipated, and President JeanC l a u d e Trichetsignalled in the post-meeting news briefing the bank would continue to tighten policy to prevent inflation from undermining economic growth. Spot gold was bid at $1,526.60 an ounce at 1425 GMT against $1,527.50 late in New York on Wednesday. US gold futures for August delivery fell $1.60 to $1,527.70. Prices had climbed as high as $1,534.20 an ounce, their highest since June 23, recovering
from two consecutive weeks of losses. "Obviously the situation has deteriorated somewhat, but I don't think the risk aversion has been acute enough to see the safe-haven inflows (into gold) that we saw last year surrounding Greece," said RBS analyst Daniel Major. "The rate hikes we see - a slow
gradual increase in the future aren't nearly enough to drive people out of gold and into higher-yielding assets ... It's having a negative impact today, but I think that is in part because of the moves in the currency," he said. While rising interest rates typically weigh on gold, expectations that the ECB will lift rates more quickly than the US Federal Reserve are supportive
of the precious metal, which tends to benefit from a weaker dollar. On the supply side of the market, talks between striking Indonesian workers at the world's biggest gold mine and Freeport McMoRan Copper & Gold's management have broken down, leaving mining still halted, a government official said on Thursday. Silver was up 1.2 percent at $36.30 an ounce. The gold:silver ratio -- the number of ounces of silver needed to buy and ounce of gold -- stood at around 42.5 on Thursday, well above April's 28-year low of 31.7, meaning silver has become less expensive compared to gold as prices of both have retreated. Spot platinum was up 0.6 percent at $1,731.24 an ounce, while spot palladium was up 2.0 percent at $778.00 an ounce. Reuters
European vegetable oil prices ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmillJul11 928.00+21.00, Aug11 9 2 3 . 0 0 + 2 0 . 0 0 , Sep11/Oct11926.00+18.00, Nov11/Jan12 936.00+14.00. RAPEOIL: Dutch/EU euro tonne fob exmill Aug11/Oct11 980.00, Nov11/Jan12 970.00+10.00, Feb12/Apr12 970.00+5.00, May12/Jul12 970.00+10.00, Aug12/Oct12 925.00+10.00. SUNOIL: EU dlrs tonne extank six ports option Aug11 1420.00+10.00, Sep11 1415.00+15.00, Oct11/Dec11 1320.00+5.00, Jan12/Mar12 1325.00+0.00. LINOIL:Any origin dlrs tonne extank Rotterdam Aug11/Sep11 1512.50-12.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Jul11 1 0 8 5 . 0 0 + 5 . 0 0 , Aug111075.00+7.50, Sep11 1075.00+7.50, Oct11/Dec11 1075.00+15.00. PALMOIL: RBD dlrs tonne cif Rotterdam Aug11 1150.00, Sep11 1145.00, Oct11/Dec11 1132.50. PALMOIL: RBD dlrs tonne fob Malaysia Aug11 1095.00+15.00, Sep11 1 0 9 0 . 0 0 + 1 0 . 0 0 , Oct11/Dec111077.50+22.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Aug11 1105.00+15.00, Sep11 1 1 0 0 . 0 0 + 1 0 . 0 0 , Oct11/Dec111087.50+22.50,Ja n12/Mar12 1090.00+20.00, Apr12/Jun12 1092.50+17.50. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Jun11/Jul11 1740.00+0.00, Jul11/Aug11 1640.00+0.00, Aug11/Sep11 1630.00+50.00. CASTOROIL:Any origin dlrs tonne extank Rotterdam Aug11/Sep11 2425.00+0.00. Reuters
India sugar futures drop on profit-taking MUMBAI: India's sugar futures eased on Thursday due to profit-taking and estimates of a rise in the country's output in 2011/12, dealers said. Lower quota for July, though, limited the downside. The most active sugar for July delivery on the National Commodity and Derivatives Exchange ended 0.4 percent lower at 2,730 rupees per 100 kg. The contract had risen nearly 8 percent in the fortnight. In Kolhapur, a key market in top producer Maharashtra, the most traded S-variety eased 3 rupees to 2,684 rupees ($60.45) per 100 kg. "Lower-quota for July lifted prices, but overall supply is sufficient. We had good crop this year and industry is expecting a further rise in production next year," said a member of the Bombay Sugar Merchants Association (BSMA). India has made available 1.56 million tonnes of non-levy sugar for July, lower than the 1.65 million tonnes it had released last month, the government said in a statement. -Reuters
Copper hits 3-mth high, demand hopes boost LONDON: Copper rose on Thursday to its highest in nearly three months as expectations of increasing demand from top consumer China and upbeat employment data from the United States, the world's largest economy, boosted market sentiment. A strong trigger for higher levels in afternoon trade was European Central Bank President Jean-Claude Trichet who said the ECB "has decided to suspend rating requirement for Portugal". Benchmark copper on the London Metal Exchange ended at $9,740 a tonne from $9,521 a tonne at the close on Wednesday. The metal used widely in power and construction earlier hit $9,758 a tonne, its highest since April 12. US private employers added far more jobs than expected in June, bouncing back from a surprise slump the month before. "The market is in a riskon mode," said Nick Moore, global head of commodity strategy at RBS Global Banking and Markets. "(There are) expectations that the Chinese will come back to the market, they can't keep drawing down inventories ... Trichet's comments on the ECB not applying rating agency numbers too closely gave a bit of breath to the EU situation." Support was also gleaned from strike-related disruptions at some of
the world's biggest copper mines and worries about a deficit of copper in the second half of the year. Inventories of copper in LME-approved warehouses at 461,950 tonne, the lowest since April 21. They are down more than
Shanghai copper edges up The most-active September copper contract on the ShanghaiFutures Exchange ticked up 0.4 percent to 71,050 yuanper tonne. It touched a high of 71,300 yuan earlier in the day,its loftiest since April 25. 3 percent since a peak on June 9. Copper stocks have also fallen in recent weeks in Asian warehouses underlining that a pick up in demand may be underway. Inventories of zinc in LME-registered warehouses hit their highest in 16 years at 871,050 tonnes. Zinc, used to galvanize steel closed at $2,412 a tonne from $2,380 Wednesday's close. Battery material lead, ended at $2,721 from $2,700. Earlier, it touched a peak of $2,730 a tonne, its highest since midApril. Tin ended at $27,540 a tonne from $26,745 and aluminium untraded at the close, was bid at $2,590 from $2,556. Nickel closed at $23,900 from $23,380. -Reuters
Palm oil gains China move caps upside JAKARTA: Malaysian palm oil futures extended gains late on Thursday, supported by technical buyingand investor positioning ahead of key stock data next week, with gains capped by a rate hike in top palm importer China. The benchmark September crude palm oil contract on Bursa Malaysia Derivatives ended 0.8 percent higher at 3,054 Malaysian ringgit ($1,014) a tonne. Earlier, prices touched a high at 3,064 ringgit. Traded volume for the September contract was thin at 10,052 lots of 25 tonnes each, versus 13,473 lots on Wednesday. "The market was oversold and there is some kind of technical correction," said a Malaysia-based trader. "There is caution in the absence of fresh leads and some position squaring ahead of MPOB (data)." Industry regulator the Malaysian Palm Oil Board will
issue official data on palm oil output, stocks, imports and exports on Monday. Palm oil prices fell almost 20 percent in the first half of this year, pressured by expectations for stocks to soar above 2 million tonnes at a time when output in Southeast Asia is growing and overseas demand is likely to slow. Malaysian palm oil stocks are likely to have risen 11.3 percent to near record levels in June as strong production and imports outpaced local and overseas demand, a Reuters poll showed on Tuesday. In other vegetable oils, US soyoil for July delivery rose, while the most active January 2012 soyoil contract on China's Dalian commodity hit a two-week high. ICDX's September CPO futures contract was at 8,870 rupiah per kg, compared to 8,825 rupiah per kg when it opened. Market volume was 1,816 lots of 10 tonnes each. Reuters
Sugar rallies on lower Brazil Crop; Cocoa falls LONDON: ICE raw sugar futures postedtheir biggest daily rally in nine months on Thursday, as fearsof a lower cane crop in top producer Brazil triggered buy stopsand heavy fund buying, while coffee firmed as dealers focused onrisks of frost in Brazil. Cocoa futures fell on investor selling after a burst ofshort covering ran out of steam, dealers said. The key October raw sugar contract on ICE FuturesUS jumped 1.88 cents, or 6.79 percent, to hit a contract topat 29.56 cents a lb, its biggest daily percentage gain sinceOctober 2010. At 1449 GMT, October was trading 1.82 cents higher at 29.50cents a lb.Liffe white sugar futures posted the highest dailypercentage gain for the spot contract since September 2009. Liffe August white sugar was up $44.0 or 5.7 percentto $814.10 per tonne at 1459 GMT, having earlier touched acontract peak of $821.30 per tonne. ICE arabica coffee futures reversed early losses, withdealers focused on risks of frost in top producer Brazil. ICE September arabica coffee futures were up 3.25cent or 012 percent to $2.7075 per lb at 1500 GMT.Liffe September coffee was up $13 or 0.5 percent to$2,479 per tonne in modest volume of 3,691 lots. Cocoa futures eased as a recent flurry of short coveringfaded out, pressured by ample availability from top growingregion West Africa. ICE September cocoa futures were down $24 or 0.8percent to $3,164 per tonne at 1506 GMT. Liffe September cocoa was down 13 pounds or 0.7percent to 1,997 pounds per tonne in reasonable volume of 16,223 lots. -Reuters
Tokyo futures slips, investors hold back TOKYO: Key Tokyo rubber futures fell 1.2 percent on Thursday as resurgent worries about sovereign debt problems in Europe and demand growth in China weighed on sentiment, prompting many investors to stay on the sidelines. The key Tokyo Commodity Exchange rubber contract for December delivery settled down 4.5 yen or 1.2 percent at 379.4 yen ($4.7) per kg. The most active Shanghai rubber contract for January delivery edged up 115 yuan to close at 34,180 yuan ($5,284) per tonne, up from 34,065 yuan on Wednesday. Volume stood at 549,814 lots. "Sentiment in the Tokyo market is weak and many investors stayed on the sidelines to wait and see the US employment statistics due out later today," said a trader. "Active buying is difficult at present." Oil and other commodities fell on Wednesday after China raised interest rates for the third time this year in an attempt to tame rising inflation. Brent crude climbed above $114 on Thursday, supported by a bigger drop than projected in US crude stocks and expectations that China's monetary tightening cycle may be nearing its end. -Reuters
National Commodity Exchange Ltd Trading Summary Date
7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011 7-Jul-2011
Commodity
CRUDE10 CRUDE10 CRUDE10 CRUDE100 CRUDE100 CRUDE100 SILVER - 100oz SILVER - 100oz SILVER - 100oz SILVER - 500oz SILVER - 500oz SILVER - 500oz GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD KILOGOLD KILOGOLD TOLAGOLD50 TOLAGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD
Contract Date
Price Quotation
Open
High
Low
Close
AU11 SE11 OC11 AU11 SE11 OC11 AU11 SE11 OC11 AU11 SE11 OC11 AU11 SE11 OC11 AU11 SE11 OC11 JY11 AU11 SE11 JY11 AU11 JY11 AU11 MON TUE WED THU FRI MON TUE WED
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola
95.06 97.12 97.12 95.08 95.61 97.12 34.06 34.08 35.18 34.36 34.12 35.18 1494.80 1495.00 1495.50 1494.10 1512.20 1495.00 42379.00 41600.00 41851.00 41802.00 41810.00 48757.00 48757.00 42941.00 42989.00 43005.00 42908.00 42925.00 49938.00 50200.00 49,853
97.76 98.23 98.00 97.67 98.13 98.00 36.29 36.29 35.88 36.29 36.30 35.88 1534.80 1535.10 1535.50 1530.80 1527.50 1534.80 42400.00 42306.00 42295.00 42246.00 42253.00 49275.00 49275.00 43374.00 43423.00 43439.00 43455.00 43357.00 50100.00 50200.00 50,203
94.40 94.98 97.12 94.40 95.00 97.12 33.93 33.75 35.18 34.36 33.90 35.18 1493.70 1494.00 1494.50 1494.10 1512.20 1495.00 41830.00 41600.00 41851.00 41802.00 41810.00 48757.00 48757.00 42941.00 42989.00 43005.00 42908.00 42925.00 49418.00 49473.00 49,492
97.14 97.59 98.00 97.14 97.59 98.00 35.87 35.87 35.88 35.87 35.87 35.88 1527.00 1527.50 1528.00 1527.00 1527.50 1527.50 42273.00 42281.00 42295.00 42246.00 42253.00 49275.00 49275.00 43374.00 43423.00 43439.00 43455.00 43357.00 49923.00 49979.00 49,998
Traded Volume in lots 1,677 227 126 16 108 336 25 149 2,969 3,211 1,557 46 43 6 3 2 3 43
Previous Settlement Price 96.15 96.63 97.12 96.15 96.63 97.12 35.17 35.18 35.18 35.17 35.18 35.18 1511.60 1512.20 1512.70 1511.60 1512.20 1512.70 41830.00 41837.00 41851.00 41802.00 41810.00 48757.00 48757.00 42941.00 42989.00 43005.00 42908.00 42925.00 49418.00 49473.00 49,492
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Current Open Interest Settlement in Lots Price 97.14 472 97.59 127 98.00 97.14 118 97.59 19 98.00 1 35.87 20 35.87 101 35.88 35.87 5 35.87 47 35.88 1527.00 1,948 1527.50 3,237 1528.00 545 1527.00 12 1527.50 1528.00 2 42273.00 2 42281.00 5 42295.00 42246.00 42253.00 49275.00 49275.00 43374.00 43423.00 43439.00 43455.00 43357.00 49923.00 2 49979.00 19 49,998 40
Panathinaiko's headcoach Zeljko shows name of Real Madrid during Euroleague 2011-12 season draw in Barcelona.
10
Friday, July 8, 2011
Sharif, Ebad urged to let Afridi play county, Butt says
ENGLAND: Sarah Coyte of Australia is congratulated by team mates, after bowling Laura Marsh of England for LBW during the NatWest Women's Quadrangular Series Final between England and Australia at Wormsley Cricket Ground at High Wycombe.-Reuters
PCB unhappy with ICC Task Force proposals KARACHI: The Pakistan Cricket Board (PCB) is unhappy with some of the recommendations made by the ICC's Task Team to reform the sport in the troubled country. While the PCB was happy that the ICC task force recognised the need and compulsion for Pakistan and India to resume bilateral ties, it had reservations over some other recommendations in their final report presented to the ICC executive council in Hong Kong. "Making recommendations or suggestions about the quality of cricket balls we use in our domestic cricket or on our selection process are issues that should not concern the task force and purely internal matters of the PCB," the PTI quoted the sources as saying. The PTT has recommended reforms on how the board should be run and on even issues like selection, managerial appointments and use of standard ball in domestic cricket. Among the 63 recommenda-
tions listed by the PTT is also one about reducing powers of the Chairman and having a chief executive with more authority. Presently board Chairman Ijaz Butt also holds the post of chief executive as per the PCB constitution. "The PTT was formed in 2009 with focus on security situation on Pakistan after the attack on the Sri Lankan team but their role got more wide ranging and while we respect their recommendations some of them the areas broached upon should be sole responsibility of the PCB," one source noted. The PTT report has also called for a resumption of cricket ties with India, recognising it to be a key component of the fabric of Pakistan's cricket. A PCB official said after Butt returned on July 21 from vacations, the recommendations of the PTT would be reviewed in detail and the PCB would than get back to the ICC with its observations.
But some of the recommendations are too strong to digest for PCB officials like the one that states: "Perhaps the strongest of the recommendations relate to the governance structures of Pakistan cricket," the executive summary of the report states. "It is highly unusual that the President of the country is entitled to appoint both the Chairman of the PCB and over half of the Governing Board. It is also inconsistent with the demands of modern sports administration that the Chairman also holds the powers of the CEO. "The PTT believes there should be a wholesale (internal) review of the PCB's governance structures, including its constitution. While recognising that changes may not happen overnight, the PTT believes that preserving the status quo will constrain the development of Pakistan cricket in the longterm and is not in keeping with international best practice in sports administration."-Online
Abbasi alleges Intikhab conspired against Basit KARACHI: Recalling the Sri Lankan tour of 1994, the former Chief Executive of the Pakistan Cricket Board (PCB), Arif Ali Khan Abbasi has accused the incumbent team manager, Intikhab Alam of hatching a conspiracy against the then young member of the team, Basit Ali. Abbasi minced no word in declaring the 47-test veteran as misfit for a responsible post. "I still remember, it was during Singer Cup held in Sri Lanka in 1994. The manager, Intikhab Alam approached me and revealed that Basit Ali had confessed to match-fixing. I assured Intikhab of appropriate action however, to my surprise, he (Intikhab) did not quote the incident in his tour report", recalled Arif Abbasi while talking to News One TV channel. In1994-95, the Pakistan team participated in the Singer Trophy in which India, Sri Lanka and Australia also took part. "Upon inquiry, Intikhab said that the matter was for my consumption only, hence was not formally reported. Being the manager he should have mentioned the episode but he chose not to, subsequently I took action against Intikhab", maintained Arif Abbasi.-NNI
Players panels can’t reduce scandals in Pak cricket, Intikhab says LAHORE: Captain Misbahul-Haq might have backed the idea but Pakistan manager Intikhab Alam does not believe that the formation of a players association will help reduce the endless controversies haunting the national team. "The reason for the problems that hit the national team from time to time is rooted in the fact that many players are not properly educated or groomed. I don't think a players association would have the funds or resources to undertake this gigantic task of addressing these issues," he said. Intikhab, a former Test captain, also made it clear that Pakistan''s cricket environment is not conducive for a players association. "What can be done is that the players have a proper spokesman for them who can talk to the board on their behalf when there is some issue and who can talk to the board to get the best deal for players when contracts are signed and agreements are made," the former Test legspinner said. There have been attempts in the past to have a players association in Pakistan but failure of seniors to agree on a common agenda and constitution have led to such attempts not meeting with any success. Online
37 soccerers in SKorea indicted on match fixing
KARLOVY: Karlovy Vary International Film Festival President Jiri Bartoska (R) and Czech tennis player and Wimbledon 2011 Champion Petra Kvitova pose for a photograph at the 46th edition of the festival.-Reuters
SEOUL: A South Korean news report says prosecutors have indicted 37 fooballers for alleged involvement in the country's widening match-fixing scandal.Yonhap news agency said Thursday that players from six different teams allegedly took up to 31 million won ($29,140) in bribes for trying to fix the results of games. It cited a local prosecution office in the southeastern city of Changwon as saying the outcomes of 15 K-League games last year were rigged, and said 11 non-players - including illegal gambling brokers - were also indicted Thursday.Calls to the Changwon prosecution office and the K-League office were not immediately answered. - Online
LAHORE: Chairman Pakistan Cricket Board (PCB) Ijaz Butt said on Thursday that Governor Sindh Dr Ishratul Ebad called him twice in order to ask him to issue No Objection Certificate (NOC) to Shahid Afridi for playing for the English county. In an interview with a private TV channel, Ijaz Butt said he also received a phone call from the Pakistan Muslim LeagueNawaz (PML-N) chief Nawaz Sharif regarding the same matter. The PCB chairman said that he told them that this was not a political issue and Shahid Afridi had violated the PCB's
code of conduct. ager and coach also gave negIjaz Butt said Shahid Afridi ative reports about the captain is not eligible for the team's during the West Indies tour. captaincy. "Shahid Afridi To a question, Ijaz Butt said former captain Wasim Akram is not interested in serving the cricket in Pakistan. He said Wasim Akram was offered a coaching job but he was interested in working for Indian cricket instead. He said he had a meeting with Afridi in Islamabad in president of the Fata could not become captain of Senators. "My single condithe team again as long as I am tion for sorting out the matter here in the board," Butt said. was that Shahid Afridi should He said Afridi was responsible appear before the disciplinary for the team's defeat in the last committee for breaching the two ODIs against the West code of conduct," he said. Indies. He said the team man- INP
Misbah sees eye to eye with ICC on DRS LAHORE: Pakistan captain Misbah-ul-Haq has backed the ICC's decision to enforce the Decision Review System in Tests and ODIs, saying the innovation reduces pressure on on-field umpires. The 37-year-old batsman said the DRS if implemented with the right technology would go a long way in helping the umpires officiate games more smoothly. "From my personal experience, I have found the system very useful and basically it gives the batting and fielding side a second chance if the umpires have a bad day or decision," Misbah said in an interview. The ICC announced a modified DRS for Tests and ODIs after India finally agreed to go ahead with the proposal. Under the modified DRS, Hawk-Eye technology will no longer be used to predict the path of the ball in reviewing a decision while it is necessary to instead use the hot-spot technology by broadcasters and boards. Infra red cameras and audio tracking devices will also now be used in the DRS. The ICC has said Hawk-Eye can be used if both boards in a series agree
on it. Misbah said he found the system very good for teams during the World Cup and even before it. "If you look at it positively it reduces pressures on umpires in tight decisions," he said. "I am all for any technology that makes the sport more error free and gives more options to the competing teams and players. Obviously with every new technology there will be hiccups but once the technology gets better it will be become more effective for teams," Misbah added. Misbah also supported the changes suggested in the format of ODIs by the ICC including use of two new balls, two bouncers per over and when power plays should be taken. "Cricket is a sport and also about entertainment for the people and viewers and anything that can make the game more exciting I will always welcome it." "ODIs are a staple diet of cricket and there was a need to bring some innovative changes. As it is the ball had to be changed after 34 overs And it was time bowlers were given more space in limited overs cricket," he said. - INP
Waqar off holiday to supervise bowling camp LAHORE: Pakistan coach Waqar Younis will end his month long vacation in Australia to join a PCB-organised ''fast track'' camp for pace bowlers here. A Pakistan Cricket Board (PCB) official confirmed that Waqar will reach today 7 to supervise the camp that began this week under team manager Intikhab Alam. The PCB is also holding a fast track camp for batsman until July 20 followed by camps for all-rounders and spinners. "Waqar will now be in Pakistan until the team leaves for Zimbabwe in August and will be back to prepare for the series against Sri Lanka in the UAE later this year," a PCB official said. The PCB has also hired former Test pacer Sarfaraz Nawaz, leg-spinner Abdul Qadir to assist in the camp while chief selector Mohsin Khan is assisting the batsman. Waqar, a former Test captain, had left for Australia on a short vacation to be with his family after returning to Pakistan with the national team from Ireland in early June. He was told to come to Pakistan from Ireland instead of flying directly to Australia as the Chairman of the board wanted to meet with him and discuss tour reports. Waqar met with PCB Chairman Ijaz Butt and discussed his problems with now former captain Shahid Afridi on the West Indies tour.-Agencies
GENEVA: Swiss Davis Cup tennis players Stanislas Wawrinka and Roger Federer pose with Portuguese players Frederico Gil and Leonardo Tavares, from left, after the official Davis Cup draft ceremony.-Reuters
Friday, July 8, 2011
International & Continuations South Sudan capital sweeps up, cracks down before split
LONDON: Fans wait for stars to arrive for of the world premiere of "Harry Potter and the Deathly Hallows - Part 2" in Trafalgar Square in central London on Thursday. - Reuters
Nato admits killing Afghan civilians, probes more claims KABUL: The Nato-led force in Afghanistan said Thursday it had accidentally killed a number of civilians in an air strike earlier this week and was also investigating allegations a separate air raid killed two civilians the previous day. The mistaken killing of civilians by foreign troops is a major source of friction between Afghan President Hamid Karzai and his Western backers, and has soured the feelings of many ordinary
Afghans toward foreign forces. Eleven people, including four insurgents, were killed in the air strike Tuesday night in the Shamal district of eastern Khost province, prompting angry street protests, said police chief Sarder Zazai. A spokesman for the International Security Assistance Force (ISAF)said the air strike had killed "several" insurgents but that "a number of associated family members" had also been accidental-
ly killed. "At the time it was unknown to the security forces that those insurgents were operating among women and children," The ISAF spokesman said, adding it was unclear how many insurgents and civilians had been killed. The deaths sparked a protest by several hundred Afghans, who burned an unknown effigy, in Sayed Khel village in the Shamal district Thursday.-Reuters
JUBA, Sudan: Southern Sudanese in the country-inwaiting's capital are sprucing up streets, confiscating black market guns and trying to impose order on frenetic traffic to make sure independence day goes smoothly on Saturday. For many southerners, the split from the country's north represents a moment of long-awaited triumph and fresh optimism after decades of brutal civil war and perceived marginalization. It also brings a raft of challenges as the rickety boomtown of Juba receives scores of foreign dignitaries and the government tries to enforce its writ across a territory roughly the size of France wracked by internal rebellions and awash with guns. Men and women with straw brushes are sweeping leaves and dust from the southern capital's streets and men in paintstained jumpsuits are whitewashing walls. Celebratory banners hang across the city. "They're doing a very good job. Visitors from all over the world will come and see that the town is very clean," Kisereko Charles, a 51-year-old engineer, said in central Juba.-Reuters
way and they only grow weaker. Continued from page 12 No #1 The court ordered for immediate suspension of transfer orders advances in Karawat, Dumbaki, Khalwat and Badama areas. of four investigation officers of FIA saying courts would not be The forces faced stiff resistance in the Murghan, Manato and allowed to be influenced politically. Court knows it well how to Pongey areas. - Online get implement its decisions. Government should not pave the way for confrontation with courts and instead implement its decisions. Continued from page 12 No #2 The hearing of the case has been adjourned till July, 13. and Industry during luncheon hosted by Dr. Tibber, British High It may be recalled that government earlier had removed Zafar Commissioner to Pakistan in honour of Andrew Patrick, Director Qureshi additional director from FIA and appointed him as for South Asia. He said that in view of the changed global economic scenario, Managing Director (MD) National Police Foundation. SC took notice of government step for removal of Zafar Qureshi from FIA the leading players of South Asia will have to change their mindset and should not forgo the economic benefits in the larger inter- and asked government repeatedly to reappoint him as investigation officer. est of poor masses. However the court suspended notification of his transfer when "The win-win situation need to be created to explore untapped government started pursuing dilatory tactics. The court reassigned potential, which was enormous as compared with the current level the task of investigation to Zafar Qureshi. But the government of trade of only $ 2.5 billion" said Malik and demanded of the suspended Zafar Qureshi on the charges of misconduct on the secimplementation of 18-point agenda agreed upon during India- ond day of SC orders with regard to suspension of his transfer Pakistan Commerce Secretary Talks recently concluded. orders. Government also transferred four other investigation offiMalik said that issue of granting MFN status to India need to be cers in NICL case to remote areas. - Online realized as economic obligation instead of political framework Continued from page 1 No #6 and India should come forward with open mind and to promote merged into a joint strategy against terrorism. The evil designs bilateral investment to further deepen the economic relations. Secretary General, Saarc CCI Muhammad Iqbal Tabish said that and motives of the terrorists and militants can only be frustrated a typical mindset had created misconception about the mutual through close coordination and better understanding among all the economic benefits of two countries, which has influenced the partners. Earlier, the Minister of State for Foreign Affairs Mrs. Hina region of South Asia as a whole. " If the Saarc is to be developed as a vibrant region, both the countries would have to play a greater Rabbani Khar briefed the Prime Minister on the progress on role" said Tabish and added that on account of non-cooperation, strategic dialogue between Pakistan and US as well as situation arising out of the border incursions and raids by the militants on the countries are paying 35 per cent extra cost in terms of trade the border posts inside Pakistan. She apprised the Prime Minister logistics through third countries and illegal channels." of various diplomatic initiatives in the same context. It would be particular in the interest of Pakistan, to divert import Meanwhile, Prime Minister Syed Yousuf Raza Gilani has said of such goods and products, which are being imported from far- that Pakistan's foreign exchange reserves have exceeded 18 bilflung countries instead of neighboring India. Further argued lion dollars mark which is a record level in the country's history. Secretary General Saarc CCI and added that Pakistan would save He pointed out that this achievement has been made despite $ 1.5 annually by redirected imports of items like steels, chemi- major economic challenges like devastating floods of the last cals, cosmetics, pharmaceuticals, machinery and equipments, year, abnormally escalating prices of fuel in the international marprocessed food etc; from India and curtail smuggling in a greater kets and global recessions. extent. He was talking to Sardar Shahjehan Yousuf, Minister of State The available potential for bilateral trade between India and who called on him at the PM's House on Thursday. Pakistan was estimated $10 billion against $2.5 billion achieved The Prime Minister said that some quarters have given a numin the year 2010-2011. ber of hoax calls now and then about change of government which "It is misconception that opening up trade with India shall bring proved completely baseless. However, it casted negative impact on the investment as well as net loss to Pakistan" Tabish said and further added that the policymakers need to realize other allied benefits of bilateral trade and on the economy yet the government's prudent economic policies have succeeded in stabilizing the economy and ensuring econominvestment. ic progress. The achievement of all time high foreign exchange Hameed Akhtar Chadda, former VP-FPCCI, Kanwar Qutubuddin, Life Member Saarc, Ijaz Abbasi, President Centre for reserves is an evidence of the soundness of Government's ecoPeace, Development and Reforms (CPDR), Stphen Calborne, coun- nomic strategy, he added. The Prime Minister declared that funds have been allocated try Manager Mercy Corps and others attended the meeting. - NNI for acquisition of land to start work on the Express Way from Continued from page 12 No #3 Islamabad-Peshawar Motorway to Mansehra which will But Abbassian said the recent surge in sugar prices was likely to reduce the traveling time and accelerate the economic activibe short-term and the market could see a correction. - Reuters ty in the region. He said that the government is paying special attention to the development of the underdeveloped Continued from page 1 No #4 regions with a view to bring these at par with the developed intense every passing moment here. Meanwhile, Muttahida Qaumi Movement (MQM) announced region of the country. - Agencies day of mourning on Friday following escalation in incidents of Continued from page 1 No #7 firing and killings. $150 million is being utilized properly by the programme. Earlier, MQM leader Raza Haroon said party's MPAs in Sindh Siraj Shams-ud-Din informed Farzana Raja that various counAssembly would peacefully stage a protest walk on Friday in tries of the region are interested in observing the methods and profront of Karachi Press Club (KPC) and the strike had been put off cedures adopted by BISP so that they can implement similar sort for the time being. of social safety nets to eradicate poverty. Chairperson BISP Raza Haroon warned if the government did not rise to protect agreed to share BISP's expertise and support to such countries of people in the city and the deteriorating circumstances are not the Region as may be recommended by the ADB. brought under control, MQM will take up further steps including ADB Executive Director showed his great interest in Scorecard peaceful strike. Survey being carried out by BISP throughout Pakistan to identify He also spurned the widespread impression that exchange of fire deserving beneficiaries and termed it a remarkable achievement. is underway in the flashpoints, inviting media and international Farzana Raja also informed Siraj Shams-ud-Din that BISP is organizations to notice the situation by personally going in the designing a new initiative of Conditional Cash Transfer for volatile situation. increasing school enrolment in the poverty hit areas of the counHe added unilateral attacks at the localities are being carried try. This will be another initiative of BISP to provide free educaout. He attributed the volatile situation in the city to MQM's part- tion to the children of beneficiary families thus help breeding an ing ways with the government; asserting however, the party educated generation to bring out a positive social change in the would not desert its principled stance at any cost. "Peace and coming years. - INP patience should not be misconstrued as our weakness and to call Continued from page 1 No #8 a strike is our democratic right," he added. Agencies The letter dated July 15, 1998 and marked "Secret" said that the Continued from page 1 No #5 "3 million dollars have already been paid" to one Pakistani milicomprehension as to why government is rewarding him rather tary official. "Half a million dollars" and some jewellery had been given to a than taking action against him, CJP inquired. Citing to media reports during the hearing the CJP said a feder- second official, said the letter bearing the apparent signature of al minister gave four options to Zafar Qureshi which included North Korean Workers' Party Secretary Jon Byong Ho. The text reads: "Please give the agreed documents, components, option for bail of Moonis Elahi. Four top functionaries including Chaudhry Shujaat had announced the decision of suspension of etc. to a North Korean embassy official in Pakistan to be flown back when our plane returns after delivery of missile compoZafar Qureshi. Suspending Zafar Qureshi is tantamount to let down court, CJP nents." Former Pakistani military chief Jehangir Karamat, who is said. Attorney General (AG) should tell as to why government wanted to let down court, he observed. AG should verify this court named as the recipient of the $3 million payment, said the letter is untrue. is really a SC, he further observed. Karamat said that Khan has tried to shift blame on others and CJP asked AG to tell the government institutions don't run this
11
added that the letter's allegations were "malicious with no truth in them whatsoever". Another top military official, retired Lt. Gen Zulfiqar Khan termed it "a fabrication". Khan's written account said the exchange of North Korean cash for Pakistani technology came up during a squabble in 1996 over delays in Pakistan's payment to North Korea for some medium-range missiles. In 2000, the US accused Pakistan of providing nuclear weapons' technology to North Korea in exchange for ballistic missile technology. A year later, the Pakistani government announced it had dismissed Khan as the head of Khan Research Laboratories, a move that drew strong criticism from religious forces. Khan, who mentored Pakistan's nuclear programme, had in January 2004 confessed to having sold the country's nuclear secrets to Libya, Iran and North Korea. On Feb 5, 2004, President Pervez Musharraf announced he had pardoned Khan, who is widely seen as a national hero in Pakistan. - Online
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She expressed the hope that business community would extend its full cooperation to the Commission in implementing the Competition Law. Rahat highlighted the competition concerns regarding exclusive and concessionary agreements that the government reaches with specific parties to bridge the infrastructure gap. She added that CCP is probing such concessions to ensure that competition law has not been compromised in such cases. A representative of the Unilever Pakistan turned the attention of Chairperson to Afghan transit trade and how competition was affected by the smuggling and dumping of tea in the local market. The Chairperson asked Unilever to provide details and said that CCP would examine if there are any competition issues in Afghan transit trade: If required, CCP would issue a policy note to the government, she said. While discussing the challenges still faced by the Commission, the CCP Chairperson said that the payment of 3 percent of fee charges of 5 regulatory institutions to the CCP fund and the appeals against the Commission's orders pending in different courts were among the few outstanding issues. - Online
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She said, "Pakistan is supporting the process because it is in its national interests to have peace and stability in Afghanistan." She pointed out that there is two-tier mechanism to support peace and reconciliation in Afghanistan involving Pakistan, US and Afghanistan and the next meetings of these groups would be held in Islamabad for which dates are being discussed. About cross-border attacks inside Pakistan from Afghanistan, she said the Prime Minister Syed Yusuf Raza Gilani yesterday took up the issue with Afghan President Hamid Karzai to express serious concern over the development. She said this situation, being created by militants, is causing loss of human life and damage to property in Pakistan as well as in border regions of Afghanistan. She said there is a common concern between the two countries on this issue. The spokesperson said joint working group of Pakistan and India on Cross-LoC Confidence Building Measures would meet in New Delhi on 18th of this month. Director-General South Asia of Foreign Office would lead Pakistan's delegation at the meeting. She said dates for Ministerial level meeting between Pakistan and India are being finalized. Minister of State for Foreign Affairs Hina Rabbani Khar would lead Pakistan's delegations at the talks, she added. - APP
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Higher export proceeds and a record inflow of remittances have helped Pakistan's forex reserves grow steadily. Remittances from overseas Pakistanis topped $10 billion for the first time during the 2010/11 fiscal year, hitting $10.1 billion in the first 11 months, an increase of 25.20 per cent compared with the same period last year, according to data from the SBP. Foreign exchange reserves were boosted in January by more than $633 million when the United States provided funds for military and logistical support for Pakistan's campaign against a Taliban insurgency. In May 2010, Pakistan received $1.13 billion in the fifth tranche of an $11 billion International Monetary Fund (IMF) bailout programme. The two sides are due to meet this month to discuss the possible release of the sixth tranche. - Reuters
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"We expect good June-quarter results and commentary from large caps with TCS continuing to lead," brokerage J.P. Morgan said in a research report this week. "IT (information technology) spend, particularly discretionary spending, outlook is likely to remain strong despite macro concerns and weakness in consumer spending," the brokerage added. India's biggest and only listed microlender, SKS Microfinance, rose as much as 20 per cent to 411.80 rupees after the finance ministry issued a draft of regulation proposed for the sector. The 50-share NSE index was up 1.84 per cent at 5,728.95 points. A total of 988 gainers led 421 losers in a volume of 593 million on the NSE, higher than the 90day daily average volume of 529 million shares.-Reuters
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1,452 yen after Nomura Securities cut its rating to "neutral" from "buy" and slashed its target price to 1,650 yen from 1,900 yen, saying the tests would likely delay the restart of its reactors. "If its reactor restart plan is delayed for a long time, the company may need to hike electricity fees by 20-30 per cent to cover the cost of alternative fuels," said Nomura analyst Shigeki Matsumoto. "But such a big rise may not be agreed to by the government." STILL ATTRACTIVE Analysts said Tokyo shares still look attractive as those listed on the Topix are trading just above their book value, while those on Wall Street's benchmark S&P 500 are at about 2.2 times book value, according to ThomsonReuters Starmine. "Rallies are likely on hopes that Japanese companies will report better-than-expected April-June earnings later this month," said Hiroichi Nishi, general manager at SMBC Nikko Securities. "Japanese stocks with cheap valuations and growth prospects will likely attract more investors." On Thursday, trading volume was moderate with 1.82 billion shares, compared to the average for the past six days of 1.80 billion shares. Battery maker GS Yuasa gained 1.9 per cent to 552 yen after Mitsubishi Motors Corp launched two new versions of i-MiEV electric car on Wednesday and said that it would continue using batteries made by its joint venture with Mitsubishi Corp and GS Yuasa for i-MiEV's "G" grade. Mitsubishi Motors was up 2 per cent at 103 yen, while Mitsubishi Corp gained 1 per cent to 2,092 yen.-Reuters
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a final stock dividend of Rs0.64 per unit. This is in addition to interim dividends of Rs4.88 per unit, making a total payout of Rs5.515 per unit for FY 2011. This translates into a total payout of 11.03 per cent on the opening ex-div NAV of Rs50.02 for the year ended June 30, 2011. The total return earned by the investors was 11.45 per cent for the year. At the close of the financial year 2011, the net assets of MSF were Rs1.254 billion. Meezan Cash Fund (MCF), Pakistan's first and the largest Shariah compliant open-end money market fund declared a final stock dividend of Rs0.58 per unit on June 28, 2011. This is in addition to interim dividends of Rs4.68 per unit, making a total payout of Rs5.25 per unit for FY 2011. This translates into a payout of 10.52 per cent on the opening ex-div NAV of Rs50.00. The total return earned by the investors was 11.02 per cent for the year. At the close of the financial year 2011, the net assets of MCF were Rs596 crores. Meezan Capital Protected Fund-I (MCPF-I), Pakistan's first Shariah compliant open-end capital protected fund declared a final stock dividend of Rs7.97 per unit on June 29, 2011. This translates into a payout of 15.69 per cent on the opening ex-div NAV of Rs50.79. The total return earned by the investors was 14.14 per cent for the year.
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Atlas Income Fund (AIF) announced final distribution of bonus of Rs13.75 per unit (2.75 per ecnt on the face value of Rs500 per unit). The full year payout comes out to 7.65 per cent. Atlas Islamic Income Fund (AIIF) announced final distribution of bonus of Rs13.50 per unit (2.70 per cent on the face value of Rs500 per unit). The total payout for the comes to be 9.55 per ent.
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Miners, hurt by concerns earlier in the week that China's steps to cool its overheating economy was stifling growth, rebounded strongly following the US jobs data, and as analysts sounded more upbeat on China. Michael Wen, head of Chinese Equities at China Asset Management, said he was "confident that the fundamentals of the Chinese economy are still in good shape". "Once the inflationary pressure eases off, one can expect huge growth potential." London's blue-chip index, which is heavily weighted towards commodity related stocks, closed up 51.63 points, or 0.9 per cent at 6,054.55, its highest closing level since May 5. The index has risen nearly 7 per cent since touching three-month lows 11 days ago; driven mainly by hopes that Greece will avoid defaulting on its debts. Banks, which hit the buffers over the past three sessions on worries Greece's problems could infect other peripheral euro zone economies, were given a lift after European Central Bank (ECB) president Jean Claude Trichet said the ECB would suspend its minimum credit rating threshold for Portugal until further notice. "(The move) frees the hands of the ECB to lend to Portugal more loosely, reaffirming their support to the nation," said Joshua Raymond, chief market strategist at City Index. "It could also be a defensive move in anticipation of further action by ratings agencies in the near future to protect the indebted country from an escalation in its existing financing problems." Elsewhere, M&A talk swirled around London-listed stocks, with traders citing UK auto and aerospace parts maker GKN, up 3.2 per cent, as a potential 350 pence per share bid target for Chinese automaker SAIC Motor Corp. Companies listed on the London stock exchange are viewed as cheap compared to their historical averages, making them ripe takeover targets. The FTSE 100 currently trades on a forward price-earnings multiple of around 9.4, compared with a 10-year average of 14.1, according to Thomson Reuters data.-Reuters
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UK minister hails Pak anti-terror performance LONDON: The United Kingdom will continue its support to Pakistan in war against terror as Pakistan is the biggest victim of terrorism and its sacrifices are enormous in war against terror. This was stated by UK Minister for Middle East Affairs Alistair Burt in a meeting with Chairman Senate Foreign Relations Committee and President Pakistan Muslim
League Senator Salim Saifullah Khan held at London. Alistair Burt while appreciating Pakistan role in war against terror has said that Pakistan is a front line state in war against terror and international community should acknowledge its role. He has further said that Pakistan is fighting war against terror for the sack of world's peace. He has said that the relation
between UK and Pakistan are strong however, efforts are needed to bring improvements in terms of trade. Salim Saifullah Khan has said that Pakistan economy has suffered 45 billion dollars due to war against terror. He has further said that more than 35000 people have been killed, more than 3000 Pakistani forces sacrifices their lives and 3000 injured in war
PAC panel to probe Rs300bn glitch ISLAMABAD: The Special Committee of National Assembly's Public Accounts Committee while expressing annoyance over non-audit of Rs300 billion allocated under the head of Poverty Alleviation Funds and Ruler Support Programmes has summoned complete record of both programmes. The committee also convened list of retired and serving officers, working in Poverty alleviation funds. The committee met under the chairpersonship of Yasmeen Rehman to review the illegal agreement struck between NGO and Ruler
Support Programme worth Rs1.69 billion. The committee was informed that the said NGO was giving loan to people at interest rate of 20 to 25 per cent and it is not ready for audit. The audit authorities adopted a stance that schemes worth billion of rupees were launched by National ruler support Programme and ruler support programme network and there was no record with regard to utilization of money. The committee was told that the bureaucracy was not ready to lend list of serving officers
working in the Programme. The audit authorities also disclosed that vehicles and Pet animals were brought from the amount allocated for Poor people. The committee took strict notice of the situation and also noted that Poverty was increasing day by day in the country despite utilizing billion of rupees. We would carry out audit of both Programmes at any cost, the committee chairperson said. The committee directed economic affairs division to give complete record with regard to Programmes, being run under foreign funding, within 15 days. - Online
Pak nukes seen piling up to 200 in decade WASHINGTON: Pakistan has the world's fastest-growing nuclear stockpile and it could achieve 150-200 warheads in a decade despite the political instability in the country, two top American atomic experts have said. Pakistan is in the process of building two new plutonium production reactors and a new reprocessing facility to fabricate more nuclear weapons fuel, wrote nuclear experts Hans M Kristensen and Robert S Norris in the latest issue of Bulletin of Atomic Scientists. In their paper 'Pakistan's nuclear forces, 2011', the
Pak-India trade ties termed harbinger of peace ISLAMABAD: Shared economic relations between India and Pakistan can bring peace and prosperity to the region of South Asia for which both countries will have to demonstrate greater political will to foster the process of regional economic cooperation. This was stated by Iftikhar Ali Malik, Vice President of Saarc Chamber of Commerce See # 2 Page 11
authors estimate that if Pakistan's expansion continues, its nuclear weapons stockpile could reach 150200. "Despite its political instability, Pakistan continues to steadily expand its nuclear capabilities and competencies; in fact, it has the world's fastest-growing nuclear stockpile," they wrote. "We estimate that Pakistan has a nuclear weapons stockpile of 90-110 nuclear warheads, an increase from the estimated 70-90 warheads in 2009," the paper said. "It is also developing new
delivery systems. Enhancements to Pakistan's nuclear forces include a new nuclear capable mediumrange ballistic missile, the development of two new nuclear-capable short-range ballistic missiles, and the development of two new nuclear-capable cruise missiles," they wrote. "With four new delivery systems and two plutonium production reactors under development, however, the rate of Pakistan's stockpile growth may even increase over the next 10 years," they warned. - Online
US welcomes military action in Fata WASHINGTON: US State Department spokesperson Victoria Noland said that military action in Fata is good news. The State Department spokesperson said that the US and Pakistan were jointly engaged in war against terrorism and military action in FATA was a good news. She said that US has some reservations regarding past relations with Pakistan but now the efforts are underway to mend the differences.
She told that US Secretary of State Hillary Clinton has met with US Ambassador to Pakistan Cameron Munter and she is well aware of situation in Pakistan. She further said that the US was also reviewing other options for NATO supply route to Afghanistan. The spokesperson did not respond the question regarding arrest of former president Pervez Musharraf and his handing over to the government of Pakistan. Online
against terror. He has said that peace in Afghanistan is impossible without Pakistan. He has urged upon the Nato countries to stop Afghan Taliban cross boarder infiltration in Pakistan which is affecting war against terror. He has further said that international community should extend its assistance to Pakistan in this critical time to become successful in war against terror. NNI
Parliamentary team departs for India ISLAMABAD: A six-member Parliamentary delegation led by Speaker National Assembly Doctor Fehmida Mirza departed for India on Thursday to participate in 5th Saarc Speakers and Parliamentarians Conference in New Delhi. As per details, six-member Parliamentary delegation consisting of Shehnaz Wazir Ali, Kashmala Tariq, Tasneem Siddiqui, Tariq Shabir, Mehmood Khan Tochi and Secretary National Assembly Karamat Hussain Niazi led by Speaker NA Doctor Fehmida Mirza would depart for India on 8th July to participate in 5th Saarc Speakers and Parliamentarians Conference in New Delhi. Sources told Online that the delegation would hold meetings with Chairperson Congress Sonia Gandhi, Speaker Lok Sabha Meera Kumhar and Speaker Rajia Sabha in a sideline while the delegation is likely to meet Indian Prime Minister Manmohan Singh. The basic purpose of the meeting is to strengthen ties between South Asian countries, promote cooperation between Parliamentarians of the countries and ensure joint efforts to maintain law and order in the region and elimination of poverty and terrorism. Sources told that the conference would be inaugurated by Indian Prime Minister Manmohan Singh, and a joint declaration based on the recommendations of the member countries would be issued. - Online
40 militants killed in Kurram PESHAWAR: At least 40 militants were killed in a fierce clash with security forces in Kurram agency on Thursday. The clash between militants and security forces erupted in the Manato area of Kurram Agency, leaving 40 militants dead, a private TV channel quoted official and tribal sources as saying. The Personnel of security forces were also injured in the clash. On the other hand, the security forces backed by tanks and gunship helicopters made See # 1 Page 11
ISLAMABAD: July 07 - Prime Minister Syed Yousuf Raza Gilani talking to Hina Rabbani Khar Minister of State for Foreign Affairs who called on him at Prime Minister's House. -APP
SC body investigates corruption in govt sector ISLAMABAD: An emergency meeting of the Investigation Committee was held here to finalise a strategy to abolish corruption in various government departments. The meeting was attended by Director FIA, Director Awareness and Prevention Financial Crimes, Director Operations and Engineering and a member from Pakistan Engineering Council, says a press release issued here. The inquiry committee, was constituted by Supreme Court of Pakistan in June 2010 to probe the corruption in various government departments, has started working. Former judge of Supreme Court of Pakistan was heading the committee. The committee has been assigned to probe alleged corruption in Quetta Development Authority, Gawadar Development Authority, Lahore Development Authority and Hyderabad Development Authority. Besides a Senator, a member from an international
NGO and Intelligence Bureau (IB) has also been included in the committee to probe corruption charges in housing Schemes development project all over Pakistan. Committee has also done some preliminary inquiry on various housings schemes namely Zarghoon Housing Scheme Quetta, Gorab Housing (For Fisherman Gawadar, Lda Avenue One Housing schemes Lahore and Gulistan e Sarmast Housing Scheme Hyderabad, to clarify and sent action-taken report on its findings and identified some corrupt elements. The committee assured there would be no victimization or harassment in the name of this operation. Initially, four project director and their engineering staff identified in making money through violation PPRA 2004 and 2010 rules and supporting it by documentary evidences. The committee also discussed Amir Zada Khan Kohati, Project
Director/DG Malir Development Authority (MDA), Tanveer Ahmad, builder, other officials of MDA and Revenue Department Karachi illegally conducted consolidation of land process and transferred 14-16 acres land of Karachi Water and Sewerage Board in the name of Tanveer Ahmad causing a loss to the government to the tune of Rs57.225 million. The meeting approved another reference against Mushtaq Ahmed, ExEngineer Satellite Twon Quetta. During investigation it has been revealed that Mushtaq Ahmed while posted as Executive Engineer, Satellite Town, misappropriated/embezzled an amount of Rs.11.777 million by committing Fake Tenders NIT in the newspapers. The accused, without the knowledge of the Project Director opened four accounts in different names by forging their signatures and fraudulently sanctioned projects in different names and withdrew the amounts. - APP
Pak committed to Afghan peace NEW YORK: Pakistan's commitment to peace in Afghanistan is unwavering and we will continue to assist the Afghan-led reconciliation process. This was stated by Ambassador Abdullah Hussain Haroon, Pakistan's permanent representative to the United Nations in New York, at the UN Security Council's debate on the situation in Afghanistan. "Pakistan's quest for peace and stability in Afghanistan is dovetailing into a long-term cooperative partnership, despite recent attacks by militants crossing over from Afghanistan into Pakistan", he added. The permanent representative noted that the Secretary General's latest report mentions a 51 per cent increase in security-related incidents in Afghanistan. Deterioration of the security situation has added to the human cost of the
Afghan conflict, characterized by rising civilian casualties not only from insurgency but also due to military operations. Warning against any blame game or externalization of the problem, the Permanent Representative stated that security challenges in Afghanistan were complicated by three decades of war; capacity of Afghan Security forces, presence of foreign forces and exploitation of socio-political complexity by criminals and drug traffickers. For its part, Pakistan has heavily deployed military and paramilitary troops on its side of the border as well as extending all possible security cooperation, including through the Tripartite Commission, which meets regularly. The cause of regional and international peace will not be served if Afghanistan is to become a theatre of proxy wars or its land used for extra-
territorial subversive activities, the Permanent Representative remarked. Linking long-term solution to security challenges in Afghanistan with workable reconciliation and reintegration processes, the Permanent Representative highlighted convening of the 'Joint Commission for Reconciliation and Peace in Afghanistan' during the visit of President Hamid Karzai to Pakistan last month and expressed the hope that it will produce beneficial results. He welcomed the engagement of the OIC and the UN with the reconciliation process. The Security Council was holding its meeting today to consider the situation in Afghanistan. Secretary General's quarterly latest report on United Nations Assistance Mission in Afghanistan (UNAMA) was also reviewed in the meeting. - Online
Inflation seen easing despite high food prices MILAN: Inflationary pressure from world food prices may be lower in 2011/12 than a year ago as crops are improving, but prices will remain at high historical levels, a senior economist at the United Nations' food agency said. The UN's Food and Agriculture Organisation (FAO) raised on Thursday its 2011/12 global grain output view to reflect the latest U.S. data and unexpectedly said world food prices it measures rose one per cent in June on higher sugar prices. Falls in the prices of wheat, corn and soybeans as well as a broad pullback across a wide range of commodity markets in
June had been expected to drag on the index and defuse price food inflation, one of the factors which sparked unrest in Arab countries earlier in the year. "It is possible to see a slightly less of an influence from the food price increases than you have seen in 2010/11 in 2011/12," FAO's senior economist and grain analyst Abdolreza Abbassian told Reuters Insider in an interview. "However, the high price in relative terms compared to the historical level is going to be with us. Unfortunately, the volatility will not diminish, given the fact that stocks and reserves are quite tight,"
Abbassian said. The FAO Food Price Index which measures monthly price changes for a food basket of cereals, oilseeds, dairy, meat and sugar, averaged 234 points in June, up from a revised 231 points in May and 39 per cent higher than in June 2010, The FAO's index hit a record high of 238 points in February fuelled by climbing grain prices and tight supplies, raising fears of a repeat of the 2007/08 global food crisis when soaring prices triggered deadly riots in some developing countries. IMPROVED CROP OUTLOOK The FAO raised its forecast for world cereal output in
2011/2012 to about 2.313 billion tonne, 11 million tonne above its last forecast released on June 22 and 3.3 per cent higher than last year's output, following two consecutive revisions to the US crops and planting prospects for 2011. U.S. corn futures tumbled 10 per cent in one day last week after the U.S. Department of Agriculture (USDA) indicated supplies were not as tight as many had believed, accelerating a retreat in prices of corn, wheat and many other commodity markets. FAO's Abbassian said downward pressure on grain prices may last for another couple of weeks, but strong demand,
especially from feed and biofuels industries, would prevent prices from considerable falls and keep them at historically high levels. "Prices are coming down but they won't get to low levels," Abbassian said. The FAO has also raised its 2011/12 global wheat output forecast to 676 million tonnes from a previous forecast 671 million tonnes, mostly due to better crops expected in the Commonwealth of Independent States (CIS) and India which will offset output falls in the United States and European Union. Russian grain crops were devastated in 2010 by a
drought, prompting an export ban which was only lifted last week. The FAO has increased its coarse grains (cereal grains other than wheat and rice) output forecast to 1.161 billion tonne, to a level surpassing the 2008 record, from 1.155 billion tonne expected last month. In the United States, the world's largest producer, total coarse grain production is likely to exceed the 2010 level by at least 6.5 per cent, or 22 million tonnes, coming close to the 2007 record. Higher production is also expected in the CIS and the EU. World paddy rice output is
expected to rise 2.7 per cent in 2011 to a new high, supported by gains in India, China, Pakistan and Brazil. The FAO Cereals Price Index, which includes prices of main food staples such as wheat, rice and corn, fell one per cent from May to an average of 259 points in June, the FAO said. The FAO Sugar Price Index averaged 359 points in June, up 14 per cent from May, driven by a "dynamic short-term demand" and expectations of smaller production in Brazil, the world's largest sugar producer, than last year, the agency said. See # 3 Page 11
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