International Karachi, Monday, August 8, 2011 Ramazan-ul-Mubarak 7, Vol#5 Issue#7 Price Rs 12 Pages 12
Malik forms body to probe Qasba fight See Page 12 Economic Indicators
Foreign Debt (Mar 11) Domestic Debt (Jun 11) Repatriated Profit (Jul 10 - Jun 11) LSM Growth (May 11)
GDP Growth FY12E Per Capita Income FY10 Population SCRA(U.S $ in million)
Total Portfolio Invest (16-Jul-2011)
-52.67 -6.18 -0.84 2768
NCCPL (U.S $ in million)
FIPI (05-Aug-2011) Local Companies (05-Aug-2011) Banks / DFI (05-Aug-2011) Mutual Funds (05-Aug-2011) NBFC (05-Aug-2011) Local Investors (05-Aug-2011) Other Organization (05-Aug-2011)
0.48 0.80 -3.84 0.26 0.14 1.42 0.73
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 SSE COMP. FTSE 100 Dow Jones
Close 11,375.09 9,299.88 20,946.14 17,305.87 2,626.42 5,246.99 11,444.61
Change 471.07 359.30 938.60 387.31 57.62 146.15 60.93
GDR update $.Price PKR/Shares Symbols 112.31 MCB (1 GDR= 2 Shares) 2.60 155.51 OGDC (1 GDR= 10 Shares) 18.00 43.20 UBL (1 GDR= 4 Shares) 2.00 36.72 LUCK (1 GDR= 4 Shares) 1.70 38.29 HUBC (1 GDR= 25 Shares) 11.08
Money Market Update T-Bills (3 Mths) 27-Jul-2011 T-Bills (6 Mths) 27-Jul-2011 T-Bills (12 Mths) 27-Jul-2011 Discount Rate 30-Jul-2011 Kibor (1 Mth) 06-Aug-2011 Kibor (3 Mths) 06-Aug-2011 Kibor (6 Mths) 06-Aug-2011 Kibor (9 Mths) 06-Aug-2011 06-Aug-2011 Kibor (1 Yr) 06-Aug-2011 P.I.B (3 Yrs) 06-Aug-2011 P.I.B (5 Yrs) 06-Aug-2011 P.I.B (10 Yrs) 06-Aug-2011 P.I.B (15 Yrs) 06-Aug-2011 P.I.B (20 Yrs) 06-Aug-2011 P.I.B (30 Yrs)
13.53% 13.78% 13.92% 13.50% 13.41% 13.28% 13.38% 13.66% 13.72% 13.46% 13.51% 13.55% 13.83% 13.96% 14.05%
Commodities Crude Oil (brent)$/bbl Crude Oil (WTI)$/bbl Cotton $/lb Gold $/ozs Silver $/ozs Malaysian Palm $ GOLD (NCEL) PKR KHI Cotton 40Kg PKR
109.37 86.88 101.58 1,651.80 38.21 1,023 45,610 6,645
Open Mkt Currency Rates Symbols
Buy (Rs)
Sell (Rs)
Australian $ 89.30 90.70 Canadian $ 87.20 88.20 Danish Krone 16.25 16.60 Euro 122.40 123.80 Hong Kong $ 10.85 11.00 Japanese Yen 1.084 1.111 Saudi Riyal 22.90 23.10 Singapore $ 70.20 71.20 Swedish Korona 13.30 13.50 Swiss Franc 100.00 101.00 U.A.E Dirham 23.40 23.60 UK Pound 140.40 141.80 US $ 86.00 86.40 Inter-Bank Currency Rates Symbols
Buying
Selling
TT Clean
TT & OD
Australian $ 89.96 90.17 Canadian $ 87.89 88.10 Danish Krone 16.27 16.31 Euro 121.17 121.46 Hong Kong $ 11.02 11.05 Japanese Yen 1.096 1.098 Saudi Riyal 22.93 22.99 Singapore $ 70.42 70.59 Swedish Korona 13.12 13.15 Swiss Franc 112.46 112.72 U.A.E Dirham 23.41 23.47 UK Pound 139.81 140.14 US $ 86.12 86.31 Weather Forecast Cities
Islamabad Karachi Lahore Faisalabad Quetta Rawalpindi
Max-Temp Min-Temp
35°C 35°C 33°C 34°C 37°C 36°C
20°C 29°C 29°C 30°C 15°C 20°C
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See on Page 12
Chance of further US downgrade persists
See on Page 12
ISLAMABAD: Prime Minister, Yousuf Raza Gilani has approved the summary of de-notifying the judges who had taken oath under the Provisional Constitution Order (PCO) in pursuance of decision of the Chief Justice of Pakistan. The affected PCO judges are: Justices Syed Shabbar Raza Rizvi, Hasnat Ahmed Khan, Syed Hamid Ali Shah and Syed Sajjad Hussain Shah of the Lahore High Court and Justice Yasmeen Abbasey of the Sindh High Court and Justice Jehanzeb Rahim, judge of the Peshawar High Court. In the wake of SC's May 18 order, Prime Minister Syed Yousuf Raza Gilani on Sunday approved the de notification. On Friday, the apex court gave the government four more days to de-notify the dysfunctional superior court judges.
Portfolio Investment Yearly(Jul, 2011 up to 05-Aug-2011) Monthly(Aug, 2011 up to 05-Aug-2011) Daily (5-Aug-2011)
See on Page 12
ANP lambasts PPP-MQM deal
Govt de-notifies PCO judges
$18.31bn 13.77% $24.83bn $40.41bn $(15.59)bn $542mn $11.20bn $1.92bn Rs 1598bn $59.54bn Rs 5957bn $758mn -2.28% 4.20% $1,051 176.84mn
Forex Reserves (30-July-11) Inflation CPI% (Jul 11) Exports (Jul 10-Jun 11) Imports (Jul 10-Jun 11) Trade Balance (Jul 10-Jun 11) Current A/C (Jul 10-Jun 11) Remittances (Jul 10-Jun 11) Foreign Invest (Jul 10-Jun 11) Revenue (Jul 10-Jun 11)
London becomes alert after worst riots
JEDDAH: Prime Minister Syed Yousuf Raza Gilani is being received by His Royal Highness Prince Muqrin Bin Abdul Aziz Al Saud at Royal Terminal at the King Abdulaziz International Airport.-APP
Panel to resolve arbitrary power cuts ISLAMABAD: Taking serious notice of unscheduled load-shedding of electricity in the country, Prime Minister Syed Yousuf Raza Gilani on Sunday constituted a high-powered committee to resolve the issue. The committee comprises Minister for Water and Power Naveed Qamar, Minister for Petroleum and Natural Resources Dr Asim Hussain, Deputy Chairman Planning Commission
Nadeem Ul Haq and acting Governor State Bank Yaseen Anwar headed by finance minister Hafeez Shaikh to find out an out- of-box solution to end the unscheduled loadshedding. The Prime Minister has directed to take steps to facilitate the people especially at Sehr and Iftar timings during the holy month of Ramazan. He stressed to focus on effective power management to minimise the
wastage of electricity and increase the level of benefit to common man. The Prime Minister said the government was cognisant of the problems faced by people due to power shortage and was taking prudent measures for their maximum comfort. He hoped that the committee in view of the urgency of issue would finalise its recommendations in minimum possible time. - NNI
KP for repeal of Afghan trade pact PESHAWAR: Provincial government of Khyber Pakhtunkhawa Sunday has asked federal government to cancel new Afghan trade agreement. In a letter sent to Prime Minster Secretariat, the provincial government said that more than one million people would be jobless because of this agreement which would resulted a mass unemployment situation in the province. It also said that the unemployment would boost the ongoing wave of terrorism as See # 3 Page 11
Foreigners invested $4.66mn last week
Eight more killed in city despite reconciliation
the declining global capital markets. It may be pointed out that a steep sell-off witnessed in global markets on growing concerns the US economy could be heading towards another recession and on jitters the euro zone debt crisis could spread to Italy and Spain as well. During the week, foreign investors remained active as they bought shares worth $12.45 million and sold share valuing $7.79 million. On daily basis, foreigners invested $1.07 million and $0.59 million on Monday and Tuesday. Likewise on Wednesday also buying
KARACHI: At least eight people were killed and several others injured in fresh spree of target killing related violent incidents in different localities of the city on Sunday, while the Rangers arrested 20 suspects during a search operation According to police, unknown armed men gunned down See # 4 Page 11
Ghulam Raza Rajani KARACHI: After witnessing net outflow of foreign portfolio investment in the country's equity market during week ended on 29th July, offshore investors returned as net buyers in the previous week with net investments of $4.66 million, as per the National Clearing Company of Pakistan Limited (NCCPL) data. Heavy bearish activities were witnessed at the Karachi Stock Exchange last week as it lost more than 800 points to close at its lowest level of 14 weeks due to selling pressure following
trend continues as foreign investors invested $0.55 million. Similarly, buying euphoria continues worth of $1.96 million on Thursday and $0.48 million on Friday. Furthermore, individuals and other institutions remained on the buying side with shares worth $3.42 million and $2.49 million respectively. On the other hand, biggest weekly selling was witnessed from banks which sold $32.46 million of shares in the local bourse against the buying of $20.84 million, thus turning the net selling worth of $11.62 million.
Ramazan Timing Ramazan 7, 1432 AH Monday, August 8 ---------------------------Iftar today
7:14pm
Sehar tomorrow
4:38am
For Fiqah-e-Jafaria Iftar today Sehar tomorrow
7:26pm 4:34am
The court had on May 18 ordered the government to denotify these judges and later gave it till July 26 to do so. A five-judge bench comprising Chief Justice Iftikhar Mohammad Chaudhry, Justice Mian Shakirullah Jan, Justice Tassaduq Hussain Jilani, Justice Sarmad Jalal Osmany and Justice Amir Hani Muslim extended the deadline to August 9. The Supreme Court had on May 18 ruled that the dysfunctional judges had ceased to hold their offices after the passage of 18th and 19th Amendments. It said the PCO 2007 read with Oath of (Judges) Order 2007 had already been declared unconstitutional by the Supreme Court through a July 31, 2009, order on a Sindh High Court Bar Association's petition. "Thus no immunity is available to them," it said.
The government, which is already wary of the apprehensions of yet another executivejudiciary row, assured the court that it would de-notify the dysfunctional judges. PM House spokesperson said that the government respects the decision of the courts, its implementation would be assured by all means and the conspiracies to confront the institutions would be foiled. According to the notification, these judges will be entitled for the service and pensioner benefit up to April 20, 2011 when Eighteenth Constitutional Amendment was passed. The Prime Minister attaches great importance to the independence of judiciary. The designs of certain elements to pitch the institutions against each other will be foiled, he added. - NNI
Another US recession feared WASHINGTON: President Barack Obama's former top economic advisor warned Sunday of a new recession, attacking the recent US credit downgrade as an unwarranted piling on atop an already weak economy. Larry Summers, former chairman of the White House Council of Economic Advisors, joined the Obama administration in criticising Standard & Poor's first-ever downgrade of the US credit rating from AAA to AA+. Summers insisted the country could pay its bills and repeated allegations from administration officials that S&P's decision to downgrade was linked to a $2 trillion error in its calculations and its use of a faulty baseline. "S&P's track record has been terrible and its arithmetic has been worse," he told the CNN
political talk show "State of the Union." Summers said the major credit ratings agency acted out of "unhappiness with the solutions that are coming out of Congress for critical economic problems," but added that "the United States is going to pay its debts." He went on to say, however, that rather than blame the S&P, US leaders should focus on speeding up the economic recovery, getting Americans back to work and avoiding a dreaded double-dip recession. He also defended Obama's $800 billion 2009 stimulus package, saying: "There's certainly a risk of recession, but God knows if we had not pursued these policies, we would be looking at another version of what happened in the 1930s," See # 5 Page 11
CNG prices raised 13.55pc TFD Monitoring ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has issued an official notification for increase in CNG prices by 13.55 per cent today, a private news channel reported on Sunday. According to Ogra notification, the CNG prices has been increased by Rs10 and now it will be sold on Rs66.42 per kg. The Ogra notification describes that this latest increase in gas prices will be
implemented on all types of consumers but fertilizers, feed stocks and Liberty Power have been exempted from it. After this latest increase in gas prices, now CNG's new price in Potohar Region will be Rs66.44 per kg while in Sindh and Punjab it will be sold on Rs63.11 per kg and these new prices have been implemented immediately. After Prime Minister's approval, on Saturday a recommendation was sent to Ogra for issuance of an official notification for increase in gas prices.
Govt urged to expedite IP gas project ISLAMABAD: Former federal minister for finance and economic affairs Dr Hafiz A Pasha on Sunday said that there should be no delay in IranPakistan (IP) gas pipeline project because Pakistan is facing acute shortage of energy and delay would be more harmful for the country. In a media interview, Dr Hafiz A Pasha said that Pakistan gas reserves have been depleted and "we have already
consumed half of our gas reserves". It may be pointed out that federal minister for petroleum and natural resources Dr Asim Hussain has said that IranPakistan gas pipeline project will be completed by December 2014. Tehran and Islamabad formally signed a multi-billiondollar gas contract in June 2010, based on which Iran's natural gas will be pumped to
Pakistan from the South Pars gas field in the southern province of Bushehr. Iran has already constructed more than 900 kilometers of the pipeline, which is to carry 21.5 million cubic meters of natural gas per day to its eastern neighbor. Pakistan has officially invited expression of interest (EoI) for its 1.2 billion dollars IranPakistan gas pipeline project. Pakistan is in the grip of a
serious energy crisis that is affecting all sectors of the economy and the various segments of the society. Analysts in Pakistan believe that Iran-Pakistan gas pipeline is the only solution to resolve Pakistan's gas woes as massive rationing and shortages in recent months have indicated Pakistan is fast running out of gas. Dr Hafiz A Pasha said that the Iran-Pakistan gas pipeline line
project is of utmost importance for Pakistan. "Actually it should have come much earlier", said the former minister. He said that the project should be implemented as early as possible and added that the project would also bring economic stability in the region. Hafiz A Pasha was of the view that the project is extremely important for Pakistan and there is no other option for this. "Because gas is
the principle source of energy and right now we are facing shortage of power", he said. Replying to a question he said that definitely the government of Pakistan is serious in implementing the project. Dr Hafiz A Pasha is a distinguished economist of Pakistan who is a member of the country's panel of economists, an independent advisory committee for the government. - NNI
4
Monday, August 8, 2011
3.5pc withholding tax
Ginners stop buying cotton
KARACHI: Sindh Chief Minister Syed Qaim Ali Shah witnessing the MoU signing ceremony signed by Vice President Foton Group Ye Zhaoyon and Secretary Sindh BOI Younus Dhagha to start 2000 CNG buses in Sindh at CM House. -APP
Egyptian envoy hosts reception I S L A M A B A D : Ambassador of Egypt in Pakistan, Magdy Amer hosted a reception here at a local hotel to celebrate the national day of his country. Minister for Communications Dr. Arbab Alamgir Khan was the chief guest, who along with the Egyptian Ambassador cut the cake. The reception was attended by diplomats, politicians, representative of business community, journalists and elite of the Federal Capital. Deputy Speaker of the National Assembly Faisal Karim Kundi and many parliamentarians also attended the reception. The present circumstances in Egypt were focus of discussion among the guests, who noting with satisfaction that after January 2011 revolution Egypt was heading towards new era of progress and prosperity where its people would have say in the affairs of country. An Egyptian musical band "Abdul Halim Nowera" famous for Arab music, who specially came from Egypt, performed on this occasion. It is the most popular troupes of "Cairo Opera House" and famous for preserving and renewing the Arabic music heritage without changing the traditional rhythm created by both Egyptian and Arab composers. The music company under the name of "Abdul Halim Nowera" was formed in 1967 and so far it has performed different styles of Arab music in different countries. The guests were later served with local and traditional Egyptian cuisine. -APP
SDC offers new courses ISLAMABAD: Skill Development Council (SDC) has announced the three month short training courses including television production, non-linear editing and 2D & 3D animation. These courses designed for those youth who like the jobs in electronic media, says a press release here Sunday. The main purpose of S D C i s t o i d e n t i f y, develop and arrange V o c a t i o n a l , Technical/Professional and IT Tr a i n i n g Programs for youth and enhanced the skilled labour in the country. -APP
Work to put PR back on track underway I S L A M A B A D : Pakistan Railways is working on various projects for rehabilitation and development of railways system. An official of Pakistan Railways told APP that the projects of doubling of tack from Khanewal to Raiwind was initiated at the cost of Rs 12617.400 million out of which only 90 km from OkaraRaiwind is left which will be completed in financial year 2011-12. The rehabilitation of the existing track from Lahore to Rawalpindi-Peshawar will start with the help of Asian Development Bank in year 2011-12. The project for realignment of track from Kaluwal to Pindora on Jhelum Rawalpindi section is likely to start in 2011-12. The project of restoration of damaged assets on
Mirpur Mathelo to Shahdadpur section and Bin Qasim stations damaged as aftermath of December 27, 2007 has been taken in hand and would be completed by year 2012. Computerized online reservation system has been introduced on the Pakistan Railway system and so for 42 stations have been computerized while 10 more stations are planned in year 2011-12. Installation of automated arrival departure board at major railway stations is likely to be completed in the financial year 2011-12. The project of procurement of 150 new diesel locomotives at the cost of Rs.55,488 million was approved by the ENEC in December 2010, contract agreement is being executed and the project is expected to mature with in three years time.
Contract agreement for manufacture procurement of 75 new diesel locomotives amounting to US $105.143 million was signed with Fong Fang company of China. Procurement manufacture of 202 new design passenger Coaches amounting to $ 134.452 million will be completed in year 2012-13. Replacement of three break down rescue cranes and procurement of five sets of relief trains equipment at the cost of Rs 1674 million was approved. Rehabilitation and improvement of track from Quetta to Taftan bears the estimate cost of $ 671 million. The work will be completed in next 5 years subject to provision of funds from international and national financial institutions. -APP
Benazir telecentres to facilitate rural population soon ISLAMABAD: Universal Service Fund (USF) would set-up Benazir Multipurpose Community Telecentres (MCTs) soon to provide benefits of ICT facilities to population of rural areas. "Those who do not have access to modern I n f o r m a t i o n Communication Technologies (ICTs) would be facilitated under this pilot project, a senior official said on Sunday. Talking to APP, the official said a team of USF has recently visited 25 potential sites for setting up such centres where the main service to be offered to the public, is access to computers and the Internet (email and Web browsing etc). He said equipment including PCs, basic furniture and other accessories, basic technical training and support, extended warranty
arrangements with equipment vendors would be ensured for the Centres. The other necessary things including basic software (like OS & Office), backup power arrangement (in case of solar backup the applicant will arrange for suitable open and covered space for installation of panels and other equipment) and Internet connectivity, preferably broadband (free of charge for the first year). Talking about prerequisites for site selection, he said all proposed sites are in rural areas and the Mauzas selected have a population above 5000. Replying to a question, he said all such entities who volunteer to operate such Telecenters (MCT Operators) will arrange furnished space for the MCT - this should be at a location, accessible to the general public and
acceptable to Universal Service Fund, open at least 8 hours six days a week, ensure the operational and financial sustainability of the MCT for a period of at least three years by implementing revenue generation services for the general public. The services that are essential to be provided include Public Call Office, Fax, Photocopying, Printing and Scanning, E-mail, Internet/ web browsing and general purpose computing facilities and Basic Video Conferencing using web cam. He said applications have been invited from firms, corporations, NGOs, Public Sector Organizations and other entities, Rural Support Programs (RSPs) and Civil Society Organizations (CSOs) to operate Benazir MCTs for which USF will provide technical support. -app
Utility Stores sales up three-fold ISLAMABAD: The daily sales of Utility Stores Corporation (USC) have increased by three-fold in Ramadan due to the supply of quality items on cheaper rates, Advisor to Prime Minister on Production Mohammad Basharat Raja said on Sunday. Talking to journalists here he said the sale of over 5000 outlets of Utility Stores Corporation had jumped from Rs 200 million per day to Rs 600 million due to reduced rates. He urged the people to register a complaint in case of noticing any inferior quality sale from any outlet as the Corporation's own vigilance wing was working efficiently. The complainant could also contact him (Raja Basharat) directly and prompt action would be taken against the responsible, he added. -APP
BUREWALA: Cotton ginners have stopped purchasing cotton from grain market after imposition of 3.5 per cent with holding tax against. They declared the tax recovery process improper and demanded of the Federal Board of Revenue (FBR) to change the system and vowed to continue their strike till acceptance of their demands. This was stated by the Pakistan Cotton Ginners Association (PCGA) Executive Council Members Sheikh Muhammad and Mian Muhammad Shahbaz while addressing a press conference here on Sunday. Pakistan Cotton Ginners Association has announced to completely stop the purchasing of the cotton from
farmers, arhatis, traders and brokers alleging that imposition of such tax is against the interest of the farming community. They alleged that FBR had announced unimplacable and it is possible that every farmer have a bank account and national tax number to receive their payments of the sold cotton. They said that farmers could not furnish the documents required for the sale of the cotton crop to the ginners. They said that they are willing to pay taxes but government should adopt an easy and transparent process to recover the tax from their community. They opined that every cotton ginning factory owner would have to pay more than one lakh rupees
on every 100 bales lot of the lint cotton which is unacceptable. They vowed to continue their strike till acceptance of their demands and locked their cotton factories. Pakistan Cotton Ginners Association Burewala Chapter office bearers Raja Muhammad Riaz, athar Ghafoor, Dawood Kareem, Mian Aahad Sharif, Hafiz Faqir Muhammad, Malik Nazir Ahmad, Chaudhry Liaqat Ali, Mian Tariq Javed, Chaudhry Mukhtar Ahmad, Anjuman Arhatian President Haji Shahid Parvez, General Secretary Tahir Mahmood, Azhar Ghafoor, Nadeem Mushtaq Ramay, Abdul Ghaffar Bhatti and others were present on the occasion. -NNI
Students of SSUET develop solar vehicle KARACHI: The students of Sir Syed University of Engineering and Technology (SSUET) have developed a `solar vehicle' which won second prize in the recent projects' exhibition titled `Karachi Oasis of Harmony', organised by Karachi Chamber of Commerce and Industry at the Expo Centre. A statement of the SSUET said that the project prepared by the final year students of Electronic Engineering Department, was also awarded a cash prize of Rs 300,000. It said that the group of students comprised Fahd Khan, Syeda Bibi
Kudbano, Farhan Saeed, Asad Saeed, Shafiq Ahmed and Habib Shaukat. The students gave a demonstration of their car to Engineer ZA Nizami, Chancellor SSUET at the University Campus. Nizami also had a ride on the car and toured around the campus. A number of faculty members and other university staff also gathered on the occasion to witness the achievement of their students. Chancellor ZA Nizami was highly appreciative of the feat performed and the skill exhibited by the university students and
offered them more facilities and funds for producing such innovative projects in days to come. He described the production of solar-run vehicles a need of the hour with fuel prices continuously going up and said this innovative project of SSUET students could be effectively utilised in the commercial sector. Solar car is a cost-effective, environment- friendly system for transportation which is an electric vehicle powered by solar energy. The solar car developed by the SSUET has a capacity of two persons with speed of 40 km/hr. APP
Pak to hold textile expo in Jakarta ISLAMABAD: Pakistan's Embassy in Indonesia will hold an exhibition at National Gallery, Jakarta to showcase textile good which are famous among locals for their unique designs. The exhibition, to be arranged soon would mainly consist of old pieces of wedding dresses, stitched by nomad girls of the Sindh deserts. Such an exhibition was earlier organized in Romania as well. According to Pakistan Embassy in Jakarta, a meeting between Pakistan's Ambassador, Sanaullah and Director of the National Gallery, Tubagus Andre Sukmana was held to decide holding of the event. For their intricate but pleasant motives and high quality thread and mirror work, the exhibition is likely to invoke interest in Indonesia where the daily dress boasts part of the style in evening and wedding robes. Both sides also discussed the possibility of organizing an exhibition by Pakistani artists next year. It may be mentioned that Pakistan would be scheduling an exhibition in the National Gallery for the first time in the past 15 years. Sukmana, on this occasion, agreed to pay a visit to Pakistan to witness a cultural/art exhibition and discuss avenues of cooperation with Pakistani counterparts.-APP
MULTAN: Faculty of Bahauddin Zakariya University pose for a group photo with the position holder students of BA and BSc. -Online
Tevta to launch tech programs for youth ISLAMABAD: Punjab Technical and Vocational Training Authority (TEVTA) in collaboration with City and Guilds International, a UK based organization has announced the admission in diploma and certificate courses in the province of Punjab. The courses designed for matriculate pass students in 25 selected institutions will help provide the youth greater employment opportunity in local and foreign markets. The age limit for the programme is 16 years. These certificate courses of international standard
are widely accepted as a benchmark for workplace excellence and offer great prospects for furthering professional education and employment, a TEVTA spokesman said. He said the significant features of the programme include international accepted certification, teachers qualified on international standards, direct accreditation from city and guilds (UK), incentive for position holders, guaranteed acknowledgement in technical and international market. About the benefits of the course he said these
include international recognition to skills, easy access to employment in local international job market like UK, Europe and Middle East countries. The programs will also pathways to become chartered engineer of engineering council (UK), low cost and express path to enter foreign universities for higher studies, subsidised training fee charged by TEVTA, higher recognition when applying for skilled migration-UK (HSMP) and permanent residency in Australia and Canada.-APP
Courtesy: Viewpoint
3
Monday, August 8, 2011
Greenback weekly outlook
US dollar could weaken as Fed meeting looms Fed meeting, assessment of economy will be key focus
Swiss franc, yen stay in favor on economic worries Investors on alert for more currency intervention NEW YORK: The US dollar could fall this week, especially against the Swiss franc and Japanese yen, as investors look to a Federal Reserve meeting for hints of further easing as worries about the global economy grow. Stocks sold off and safehaven assets, like the Swiss franc, soared this past week after weak data fueled fears the world economy is slipping back into a recession. That sentiment persisted even after data Friday showed US job growth accelerated more than expected last month. The Swiss franc climbed to record highs against the dollar and euro on Friday, before easing back. The dollar last traded up 0.2 per cent at 0.7665 franc, while the euro rose 1.5 per cent at 1.0960 francs. For the week, the dollar lost about 3.0 per cent against the Swiss currency and the euro dropped 3.7 per cent. Against the yen, the dollar
was last at 78.49, down 0.7 per cent on the day, but rose 1.2 per cent on the week after Japan intervened and eased monetary policy to weaken the yen. Sharp moves in financial markets and the spike in volatility prompted aggressive policy actions by several major central banks in recent days, including a surprise interest rate cut by Switzerland, yen-selling intervention by Japan, and a resumption of bond buying by the European Central Bank. "With markets already on the defensive and the macroeconomic picture deteriorating, (Fed Chairman Ben) Bernanke cannot afford to be tightlipped about further quantitative easing," said Ashraf Laidi, CEO of Intermarket Strategy Ltd. in London. "They have to continue signaling their readiness to introduce further measures, regardless of the Fed's opinion about the cost-benefit
Specs trim net short US dollar positions: CFTC NEW YORK: Currency speculators reducedtheir bets against the US dollar in the latest week,according to data from the Commodity Futures Trading Commissionreleased on Friday. The value of the dollar's net short position slipped to$24.80 billion in the week ended Aug. 2, from $25.42 billion aweek earlier. To be short a currency is to bet it will decline in value,while being long a currency is a bet its value will rise. -Reuters
analysis of further quantitative easing," he added. The US Federal Open Market Committee, the Fed's policy-setting panel, is slated to announce its decision on interest rates at 1815 GMT on Tuesday. With no change in rates expected, investors will scrutinize the accompanying statement for the central bank's assessment on the economy and the outlook for monetary policy. Any hints that the Fed could introduce news measures to stimulate a slowing economy could further erode the dollar's traditional role as a safe haven, driving investors to the Swiss franc and Japanese yen. "Even if the Fed doesn't talk about QE3 this week, the market is going to continue to leave it as a possibility," said David Watt, senior currency strategist at RBC Capital Markets in Toronto. "The only thing can turn the US dollar trend is we start seeing a string of upward surprises in US economic data." INTERVENTION WATCH Japanese Finance Minister Yoshihiko Noda said he was closely watching yen moves on Friday, signaling a readiness to continue selling the currency. "There is a good likelihood they will intervene
again as they will want to make it clear to the markets that they will not be tested and they were not one-off interventions," said Andrew Cox, currency strategist at Citigroup in New York. But with worries about a global economic slowdown, analysts doubted actions by central banks will spark a trend reversal. The euro last traded up 1.3 at $1.4290 but was down slightly on the week. It got a boost after Italy's Prime Minister Silvio Berlusconi pledged on Friday to speed up austerity measures and bring the country's budget into balance by 2013. Sources told Reuters the European Central Bank had demanded such measures in exchange for buying bonds to ease the pressure on Italy, which has come under market attack. But Andrew Busch, senior currency strategist at BMO Capital Markets, said any positive sentiment would fade. "Seriously, can the markets or the ECB trust Italian PM Berlusconi to put through reforms?" he said. "Remember, the Europeans have yet to implement their last rescue scheme for Greece and the ratings agencies are still likely to downgrade Italy and Spain." -Reuters
Corn, wheat Arabica coffee gives Base metals fall fall on risk back gains; sugar falls on economy fears aversion Arabica futures surged earlier NEW YORK/LONDON: NEW YORK: Base metals hit LONDON: Grain and oilseed markets fell on Friday with US soybeans falling to the onemonth low as investors dumped riskier assets on concern about slowing global economic growth. Chicago Board of Trade newcrop December corn fell 1.8 per cent to $6.89 a bushel by 1104 GMT but remains on course for a gain on the week of about three per cent. "Grain and oilseed markets have stood their ground quite well on the whole, given the sell-off on other commodities markets," Commerzbank said in a market update on Friday, noting corn was finding support from lower US crop forecasts. Analytical firm Informa Economics cut its 2011 US corn yield estimate to 158.0 bushels per acre from 162.5 in July, citing hot weather across the US Midwest in July, trade sources said on Thursday. CBOT November soybeans fell 1.2 per cent to $13.29 a bushel after touching $13.21, the lowest level for the contract since July 7. Informa Economics also cut its 2011 US soybean yield estimate to 42.5 bushels per acre from 43.1 previously.-Reuters
Arabica coffee futures pared steep gains in heavy volume on Friday, as concerns eased after a knee-jerk reaction to frost in Brazil's coffee belt had lifted the market nearly 5 per cent. ICE cocoa futures were firm but well off their steep highs, buoyed by a lower US dollar, while raw sugar fell in line with weakness in other financial markets as worries over economic contagion offset bullish fundamentals, such as the small cane crop in No. 1 producer/exporter Brazil. Frost struck at the heart of top grower Brazil's Minas Gerais coffee belt in the early hours of Friday, cooperatives said. They said the freeze was certain to cut output next year though the extent of the damage was not yet known. ICE September arabica futures rose 2.15 cents, or 0.9 per cent, to close at $2.38 per lb, well below the session high of $2.4770 a lb. Speculators upped their net short position in arabica to the biggest since January 2009, climbing by 1,269 contracts to 13,523 contracts in the week ended Aug. 2, US Commodity Futures Trading Commission (CFTC) data showed post-market. Liffe September robusta futures closed up $17 at $2,062 a tonne.
on heavy investor buying and a lack of selling interest, in response to the frost. Heavy September/December spreading contributed to the session's steep volume, which reached more than 42,800 lots, the highest since November 2010, preliminary Thomson Reuters data showed. Raw sugar futures were slightly lower, trimming losses after risk-averse investor sentiment weighed on commodities in early trading. Country Hedging senior analyst Sterling Smith said sugar seemed to have support in the 27 cents area, basis October. Worries over the euro-zone debt crisis and a gloomy US outlook kept futures on the defensive despite fundamentals over Brazil's shrinking cane harvest and uncertainty over how much of the sweetener No. 2 grower India will export. October raw sugar on ICE dropped 0.25 cent to close at 27.54 cents a lb. Speculators cut their net long positions in raw sugar by 3,150 lots to 127,134 lots, the CFTC data showed. Downward revisions to Brazil's cane crop helped push October raw sugar to a contract high of 31.68 cents a lb touched early last week.-Reuters
NY cotton ends down NEW YORK: Cotton futures sharply lower Friday on investor sales sparked by the weak global macro economic environment, but the ability to hold technical support meant fiber contracts should grind higher into next week, analysts said. The key December cotton futures on ICE Futures US dropped 3.34 cents or by 3.2 per cent to finish at $1.0158 per lb, dealing from $1.0112 to $1.0541. The market traded below the 20-day moving average set at $1.0248. On the week, the market was off a fractional 0.19 per
cent. Total volume traded stood at 14,000 lots, around 2.6 per cent below the 30-day norm, Thomson Reuters preliminary data showed. Despite the sell-off in other markets, analysts said cotton has seen limited losses because technical support levels have held near the psychologically important $1/lb level. "There is meltdown in virtually every market," said independent analyst Mike Stevens of Louisiana. "Cotton has held remarkably well." Fundamentally, the market has factored in a bad drought in Texas and other US cotton growing regions. Despite
the problems in Texas, supplies are otherwise plentiful in other countries in the global market. The market is looking forward to next Thursday when the US Agriculture Department hands out its first monthly supply report for the 2011/12 marketing year (August/July) following actual field surveys covering the period up to Aug. 1. Total volume traded Thursday hit 12,273 lots, about a quarter below the 30-day average, ICE Futures US and Thomson Reuters data showed. Open interest was at 144,204 lots on Thursday, exchange figures showed. -Reuters
multi-week lows on Friday, drawing minimal support from a turnaround in pummeled stock markets as traders focused on slowing economic growth and added copper supply as a mine strike ends in Chile. Copper closed down 3.4 per cent at $9,040 a tonne on the London Metal Exchange, having touched its lowest since June 28 at $9,010.75 and logging an 8 per cent drop for the week. It was the red metal's biggest weekly decline since June 2010. "It's a risk-off, herd-mentality trade," said Jeffrey Friedman, senior market strategist at MF Global in Chicago. "Your average range for a three-month period in copper took about three days. That's extremely dramatic." Benchmark September copper futures on the COMEX exchange in New York finished the session 11.85 cents lower at $4.1170 per lb, a 2.8 per cent decline. They earlier fell as low as $4.0795 per lb, a level last seen on June 28. A slide in equity markets, falling for an eighth day in a row in a dizzying descent that wiped $2.5 trillion off the value of world stocks this week and brought back memories of the financial crisis, pulled copper down with it. Copper suffered additional selling from the late news that workers had voted to end their two-week strike at Chile's giant Escondida mine. The world's largest copper producer said it had taken steps to resume operations and workers would return early on Saturday morning. Early on, data showing the United States added more jobs than forecast in July started the volatile session. Copper trimmed losses in after-hours trade, following the turnaround in equities. Many markets were cheered when sources said the European Central Bank might buy Italian bonds, raising hopes of an end to the eurozone debt saga.-Reuters
Asia Currencies
Mostly log sharp losses for week, led by ringgit BANGKOK: Asian currencies posted their biggest weekly decline since November, led by Malaysia's ringgit and India's rupee, as regional stocks plunged on concern the global economic recovery is stalling. Global funds sold $2.1 billion more South Korean and Taiwanese shares than they bought this week through Aug. 4, exchange data show. The ringgit weakened 1.6 per cent to 3.0150 per dollar, the rupee slumped 1.2 per cent to 44.74 per dollar and South Korea's won dropped 1.5 per cent to 1,071.7. The Philippine peso fell 1 per cent to 42.568. "Stocks are plunging globally and there's growing concern about a slowdown in global economic growth," said Kozo Hasegawa, a currency trader at Sumitomo Mitsui Banking Corp. in Bangkok. "That's making
investors risk averse." Bank of America Merrill Lynch cut gross domestic product forecasts for some Southeast Asian economies, citing lower expectations for growth in the US, Europe and Japan, according to a report received. It reduced Singapore's growth estimate for 2011 to 4.5 per cent from 4.8 per cent and the Philippines' to 4.7 per cent from 5.8 per cent. Malaysia's GDP growth may be below 4 per cent in the second quarter, the bank said. The country's economy expanded 4.6 per cent in the first three months of the year, the smallest gain since 2009. The ringgit sank to a threeweek low before a Labor Department report showed that US employers added more jobs than forecast in July with payrolls rising by 117,000 workers. The US jobless rate fell to 9.1 per cent. "People are shying away from
risk in reaction to the meltdown in the stock markets in the US and Europe," said Yeo Chin Tiong, head of financial markets at Alliance Bank Bhd. in Kuala Lumpur. "There are no signs of intervention from the central bank. What we are seeing is a lot of position squaring and adjustment." The won had its biggest weekly drop since February. The government will closely monitor the impact in financial markets, with officials from the finance ministry, the Bank of Korea and regulators to hold an emergency meeting on Aug. 7, the ministry said yesterday. "Global stock market plunges are prompting foreign investors to sell Korean stocks, dragging the currency down," said Han Sung Min, a foreign-exchange dealer at Busan Bank in Seoul. "Still, a steep slide is unlikely as market players think the government will start intervening around 1,075."-Agencies
C$ closes higher after touching 5-week low TORONTO: Canada's dollar closed stronger against the greenback on Friday after earlier touching a five-week low, as a modest recovery in stock markets helped offset widespread anxiety about the global economy. The US dollar fell broadly, reversing some of the previous day's sharp gains, also because of a partial recovery in Wall Street stocks. Canada's dollar had strengthened earlier in the session on a better-than-expected US employment report and Canadian jobs data that showed patches of strength. But sober second thoughts about economic weakness and ongoing speculation that US sovereign debt may be downgraded later spooked markets. "Today we saw a fairly posi-
tive number out of the US ... but that's just one number and the market is still quite concerned about growth in the US, fiscal problems in Europe and a slowing growth picture globally," said Blake Jespersen, director of foreign exchange sales at BMO Capital Markets. The Canadian dollar touched a five-week low of C$0.9851 to the US dollar, or $1.0151, but strengthened to close the session at C$0.9781, or $1.0224, just above Thursday's North American close of C$0.9795. Jespersen said some corporate buyers and exporters took advantage of the cheaper Canadian currency to bring home US-dollar revenues or hedge against future currency costs. The Canadian dollar had hit a 3-1/2 year high last month. A strong currency hurts Canadian
exporters because it makes their goods more expensive abroad. Policymakers in Japan and Switzerland intervened this week to stem their rising currencies against the US dollar. "The Canadian dollar takes years and years to strengthen, but as we saw with the crisis, it takes only a few months for it to really weaken off dramatically," Jespersen said. "We've had a lot of calls from exporters saying that this is a very welcome relief for them, they've definitely taken advantage of this." Camilla Sutton, chief currency strategist at Scotia Capital, said all asset classes -- from currencies to stocks to bonds -- are being hit by volatility as investors worry about the US economy and European debt contagion.-Reuters
Oil up on data, dollar but posts weekly loss Oil, euro, Wall Street get lift from Berlusconi remarks NEW YORK: Oil rose on Friday, clawing back from one of its biggest routs since the financial crisis, as upbeat US jobs data and news of an Italian austerity plan offered hope for staving off a second recession that would dent energy demand. An Iranian pipeline fire and a refinery fire in Memphis, Tennessee, underpinned prices, which rebounded modestly. For the week, US crude fell 9 per cent, its biggest weekly decline since early May. Trade was volatile, with investors jittery over European finances and the US economy. Wall Street stocks vacillated, but ended the day almost unchanged after rallying on news that Italy had pledged to speed up austerity measure in return for help with funding from the European Central Bank. Iran's OPEC governor said OPEC ministers will meet if
prices keep falling. "Brent and US refined products are seeing a relief rally, while (US crude) remains more detached from the world markets," said Tom Bentz, director at BNP Paribas Commodities Futures Inc in New York. ICE Brent crude for September rose $2.12 to settle at $109.37 a barrel, having jumped to $110.26 in reaction to the jobs data. For the week, Brent slumped 6.3 per cent, having touched a nearly six-week low of $104.30 on Thursday. US September crude rose 25 cents to settle at $86.88 a barrel, ending a five-day string of losses, though it continued to see-saw near flat in post-settlement trading. The settlement was well off a $88.32 peak reached after the jobs report, having bounced off previous session trough of $82.87, the lowest since Nov. 26, 2010. US gasoline and heating oil
futures rose on Friday on Brent's strong rebound and news that a fire caused by a heating unit on one crude unit had shut Valero Energy Corp's 180,000-bpd Memphis, Tennessee refinery. Brent and US oil had initially rallied immediately after the Labor Department said nonfarm payrolls increased by 117,000 last month, above market expectations, as private employers stepped up hiring. "A quick glance at the latest jobs report shows it is positive, better than expected. But whether the market will be able to stem its downslide after the recent stream of negative economic data remains to be seen," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut. But ultimately the jobs data was viewed as insufficient to alleviate concerns about slower US growth.-Reuters
Gold resumes rise on economic fears, Fed meeting eyed NEW YORK: Gold resumed its rally on Friday as an unexpectedly upbeat US payrolls report and glimmers of hope for an end to the euro-zone debt crisis failed to entice investors back toward riskier assets. Gold was briefly hit on Thursday with a bout of liquidation by traders scrambling to raise cash to meet margin calls in battered stock markets, but by Friday it had found its footing again as investors bet that nothing short of further government intervention would stave off deepening woes. The possibility of more Japanese yen intervention, European bond buying and even a third round of US quantitative easing left investors with few options besides gold, some traders said. Bullion is up 12 per cent after five weeks of gains. "They just don't know what
the next shoe to drop is," said Bruce Dunn, vice president of trading at bullion dealer Auramet. "Other than piling into the Swiss franc, yen and Treasuries, there is really nothing else to invest, so that's why everybody is piling into gold." Spot gold was up 0.8 per cent at $1,661.09 an ounce by 3:55 PM EDT, after it hit a record high of $1,681.67 early on Thursday. US December gold futures settled down $7.20 at $1,651.80 an ounce. Futures volume topped 200,000 lots for a third straight day as investors sought safe havens. Data released by the US Commodity Futures Trading Commission showed managed money in gold futures and options raised their net length to a five-year high in the week up to Aug. 2.
Silver fell 1.6 per cent to $38.20 an ounce. Gold benefited from a surge in volatility among US stocks Friday. The S&P lost 10 per cent in the last 10 sessions on intense fears the US and euro-zone economy are tipping back into recession. The inverse 25-day correlation log coefficient between gold and the S&P 500 tightened to a 0.7, its strongest level in eight years. Bullion firmed after sources close to the matter told Reuters the European Central Bank is ready to buy Italian and Spanish bonds if key structural reforms are brought forward by Italian Prime Minister Silvio Berlusconi. The news came a day after the ECB resumed buying government bonds, marking a fresh round of central bank money easing.-Reuters
4
Monday, August 8, 2011
The Financial Daily International 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
The dilemma of international advocates for Kashmir cause
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
Reviving LG system It was only MQM which opposed the revival of commissionerate system most vociferously in the country, which Pakistan had inherited from the colonial rule. PPP and PML-N have played a major role in reverting back to a system in which elected members have little role to play and there is complete dependence on the establishment. The response from other political parties having roots in Balochistan and Khyber-Pakhtunkhwa has been mutated because of the prevalent tribal system, where the clan members just can't dare to oppose the chieftain. The Pakistan Devolution Plan, which came into effect on August 2001, was based on five fundamentals: 1) Devolution of Political Power, 2) Decentralization of Administrative Authority, 3) De-concentration of Management Functions, 4) Diffusion of the Power-Authority Nexus, and 5) Distribution of Resources to the Grassroots Level. The Plan (also known as Local Government Plan) was integrated with the urban local governments on the one hand, and the bureaucracy with the local governments on the other. Under the system the district administration was accountable to the elected chief executive of the district. Monitoring by the elected representatives, involving the civil society in the development, and creating a system having effective checks and balances, complemented the hard core of the political structure and system of the Local Government. Financial resources were distributed to the local governments through formula-based provincial fiscal transfers and decentralization of specified taxation powers. There is overwhelming consensus among the masses that the system worked well but no sooner did the newly elected federal and provincial governments were installed the confrontation started. It was mainly because the newly elected governments considered the system as legacy of the previous regime and also believed that it was mostly in the control of the opponents. Therefore, the elected federal and provincial governments considered district governments a big stumbling block in attaining political mileage. Forthcoming local government election provided an opportunity to PPP and PML-N to win over the hearts but both the parties chose to revive commissionerate system. This was a clear indication that they fear losing election as their own vote bank was not pleased with the performance of federal as well as Punjab provincial government. One of the weakest arguments used to first postpone the election was precarious law and order situation. However, soon the signatories of Charter of Democracy showed their real anti-people stance as they became cognizant that the public opinion has turned hostile towards the ruling regimes. The objective for creating the district government system was to bring democracy to the grassroots and to free the common man from the stranglehold of the bureaucracy still suffering from the colonial mindset. One may accept that the system suffered from some deficiencies but only because the political parties started intimidating and buying out the loyalties of members elected at the grassroots level, having no affiliation with any political party.
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.
By Mujahid Hussain
S
o much fuss about Kashmir and Pakistan was created in the Western media after the arrest by FBI and eventual release on bail of Dr Ghulam Nabi Fai of Kashmir Council Washington that the advocates and lobbyist for freedom of Kashmir find themselves in a retreat. There is a general perception that after Dr Fai two other Kashmiris assigned with similar jobs i.e. Nazir Shal of Kashmir Centre in London and Abdul Majeed Tramabu Executive Director of Kashmir Centre of Brussels would have to face the similar allegations and three prominent names working for Kashmir freedom struggle in the Western world would find themselves pitched in defence of some serious charges. At present Kashmiri freedom struggle is being dubbed in Western media as a campaign sponsored by Pakistani agencies especially ISI and the information came to limelight as Dr Fai case is being exploited for this purpose. Undoubtedly this information seems to be quite a comprehensive document comprising of some baffling but detailed figures and facts. People engaged in the advocacy of Kashmir Cause are hesitant to repudiate these documents and according to recent reports, both the Kashmir Centres at London and Brussels present a deserted look now-a-days. One is unable to find any responsible person in these centres and the office bearers are reluctant to face the media. If for example the situation at the Kashmir Centres of London and Brussels is different from that of Dr Fai in the US what on the earth has forced these people to go underground? Why the office bearers never missing any chance of media coverage trying to escape the scene? Normally the persons that run such non-governmental organizations observe certain measures of prudence and give prime importance to present a transparent image in front of the world and probably they have been advised to distance themselves from the media as long as the dust of Dr Fai's case is not settled. But the advice has not served any meaningful purpose and the move in itself is sufficient to divert media attention towards these institutes. If one focuses its attention on the Kashmir Centre Brussels in the backdrop of Dr Fai's case, there are many a revealing points about this institute since it was established in 2003 regarding its work on gross Human Rights violations in Indian controlled Kashmir, local perception about it and its office bearers. Kashmir Centre Brussels is considered more dynamic and busy com-
pared to Centres in London and Washington as it is vested with the responsibility of apprising directly some seven hundred and fifty members of European Parliament about the plight of Kashmiri people and the atrocities perpetrated by Indian security forces. The Centre invites intellectuals, journalists, analysts and Kashmiri leaders from India and Pakistan in the annual Kashmir discourse in European Parliament, who apart from talking on situation in Kashmir present their position on the dispute to decision makers as well as local population. The same position encourages the political parties and non-governmental institutes and exerts certain measure of pressure upon Indian government as well. It could rightly be declared that from Indian Embassy in Brussels to Foreign Minister of India everybody feel the heat of the position brought forward by the Centre. Being a residence of
the US towards Pakistani security agencies. On the basis of these factors it is not hard to guess that whatever had been done by the FBI to American Kashmir Council and its chairperson was not totally un-expected and it could continue further. The possibilities of the incident having a potential of shock the global community could not be ruled out given the killing of OBL and capture of some key al-Qaeda operatives in Pakistan and ensuing tensions between CIA and ISI. Some other explanations for the treatment of American Kashmir Council and the possible future conduct with similar institutes could easily be found if one tends to take other divers aspects of the issue into account. The members of American Kashmir Council and their alleged financial collaborators do not seem to be aware of the fact that the local investigation
The leaders and public figures from Pakistan and Pakistani Kashmir are equally responsible for this state of affairs as they have contributed a lot in tarnishing the impartial status of these Kashmir Centres Brussels for more than a decade this scribe can claim to be an eye witness and significance of these seminars and discussions can hardly be undermined. Although, one does not have a direct access to the documents that could prove any similarity of capital resources between Kashmir Centre Brussels and American Kashmir Council (AKC) of Dr Ghulam Nabi Fai. However, the vast offices of the Centres working for long years in Brussels and the volume of seminars, discussions, rallies and demonstration under its aegis indicate that all this fanfare is not possible with mediocre financial resources. No doubt such institute operates under the rules and code of conduct outlined under local laws and one does not see any clear deviation from local norms. However, the elements that apparently look invisible could easily be felt through the troubles faced by American Kashmir Council and its chairperson. If we try to analyse the minute details of these underlying factors it becomes visible at certain points in the shape of Indian superiority at the diplomatic front, economic attraction of its huge financial market, the changing attitude of West towards Pakistan after the experiences of 'war on terror', a clear tilt of Pakistani civil servant and public office bearers towards these Kashmir Centres, an old tradition of international skepticism about Pakistani security institutions in the backdrop of peculiar circumstances of Kashmir, attacks by Kashmiri jihadist groups within Indian territories etc. and on top of that the increasing hostility of the Western countries especially
agencies have not only been guarding them vigilantly but also have managed to un-earth all of their connections. The information issued so far is sufficient for mapping the who's who of these linkages as well as the extent of co-operation by each one of them. It also show that the agencies engaged in getting information about AKC has shown more sensitivity than itself. In case the similar kind of 'sensitivity' has already been demonstrated regarding Kashmir Centres of London and Brussels, we should get ourselves ready for further shocks as these centres have done advocacy at a far larger scale than the AKC and naturally far larger financial resources were utilized in these advocacy campaigns. Surely there are a number of other organizations and institutes working for Kashmir but their lines of action are totally different from aforementioned Centres and many a times the positions as well as actions by both kinds of organizations were in contradiction to each other. In past we had so many precedents where Kashmiri freedom fighters not only adopted Indian stand point deviating from their previous positions but they also informed the Indian officials of each and every detail of their past activities. Moreover nothing is denying of the fact that it was always India that has benefitted by the internal conflicts and contradictions of the Kashmiri freedom fighters and these feuding militants have gone to extremes in disclosing information about each other to Indian officials. It is by all means possible that in these delicate circumstances certain actors would also come forward with
some further striking disclosures about some prominent figures of Kashmiri freedom movement, so the Kashmiri people would have to face further humiliating shocks at the psychological front. The fact could not be ruled out that the key office bearers of these Kashmir Centres disregarded the prudence that was essential in the perspective of their specific responsibilities; for example to make its financial sponsors known at public level. There are a number of such precedents at the Kashmir Centre Brussels where the members of its quite important Advisory Council while indulging in traditional trivial disputes have also been disclosing about the real financial sponsor of the Centre. Although such exposĂŠs serve the purpose of pressurizing one's opponents in the local community but these members often ignore the grim reality that they have brought some highly sensitive information in the public domain. Their much frequent rapport with Pakistani embassies officials and other government officers is another vital factor that leaves quite weird impressions. Only the example of Kashmir Centre Brussels suffice to establish the sad truth that not so enviable desire of fame and popularity by the key office bearers of the Centre has mired them in petty local controversies. During the course of such disputes special efforts are also made to invite some public or private dignitaries from Pakistan as well as other countries in order to astound the opponent groups of their vast circle of acquaintances but totally ignore the image they are creating in front of the adversaries of the Centre and the Kashmir cause. For example last year when a famous national daily from Brussels branded Kashmir Centre Brussels the local headquarters of I.S.I., it was due to nature of the meetings that routinely take place in the Centre. In principle the mindless people have played a prominent role in not only diminishing the influence of these Centres having a basic objective of raising their voices for oppressed Kashmiri people but also contributed a lot in giving them a bad name. The lavish personal lives of these people and their habits of show off have enhanced skepticism about these Centres and instigated the local authorities to investigate about their whereabouts and their resources. These are the oppressed Kashmiris who have to bear the brunt of these two counts of the fatal show of an utter carelessness while they are already under siege by Indian security forces and there seems to be no respite in their hardships. The leaders and public figures from Pakistan and Pakistani Kashmir are equally responsible for this state of affairs as they have contributed a lot in tarnishing the impartial status of these Kashmir Centres. Even though the U.S. court acquit Dr Fai of all the charges against him, it is not possible to make up the loss of credibility and the dents sustained to the freedom struggle of Kashmiri people. The campaign unleashed in Western media against these centres gives an ample idea of the losses incurred by the peaceful struggle of Kashmiri people and the scars that do not seem to heal up in near future. (Courtesy Viewpoint Online)
Reasons Why American Credit Rating Reduced O
n April 18, 2011 S&P put the U.S. government on notice that USA risked losing the AAA rating it had since 1941 unless lawmakers agreed on a plan by 2013 to reduce budget deficits and the national debt. It indicated last month that anything less than $4 trillion in cuts would jeopardize the rating. New Zealand is the only country other than the U.S. that has a AA+ rating from S&P and an AAA grade from Moody's. Belgium has an equivalent AA+ grade from S&P, Moody's and Fitch. Since 1917 USA enjoyed the AAA credit Rating this is the first time that the credit rating of USA fallen below AAA credit rating from S&P that is Standard & Poor's, the credit rating agency The credit rating agency said that it is cutting the country's top AAA
rating by one notch to AA-plus. S&P credit rating agency said that We have lowered our long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA' and affirmed the 'A1+' short-term rating. The rating may be cut to AA within two years if spending reductions are lower than agreed to. We have also removed both the short- and long-term ratings from Credit Watch negative. On August 2 American congress , politicians agreed to raise the nation's $14.3 trillion debt ceiling and put in place a plan to enforce $2.4 trillion in spending reductions over the next 10 years, less than the $4 trillion S&P had said it preferred. S&P said in a statement that "The downgrade reflects our opinion that the fiscal consolidation plan
that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics," S&P said the U.S.'s debt may rise to 74 percent of gross domestic product by year-end, to 79 percent in 2015 and 85 percent by 2021. Moody's Investors Service and Fitch Ratings affirmed their AAA credit ratings on August 2, 2011. JPMorgan Chase & Co. estimated that a downgrade would raise the nation's borrowing costs by $100 billion a year. In 1998, S&P lowered ratings for Belgium, Italy and Spain. A week later, their 10-year rates had barely moved. What will happen now as American lost AAA credit rating? There is no option nothing is going to change as World has no
option but to continue and treat America as the Leader and No.1 but in next 25 Years china will become No.1 if same policies are followed by American politicians, the policies which damage American Economy. China has accumulated more than $1.16 trillion in the securities Currently dollar is enjoying the status of world currency but now dollar is losing that status very slowly. Now this will give rise to gold and silver prices as rich countries and rich people will start to invest in gold and silver. The US currency's portion of global currency reserves dropped to 60.7 percent in the period ended March 31, from a peak of 72.7 percent in 2001, data from the International Monetary Fund. (TFD Monitoring)
5
Monday, August 8, 2011
Asian stocks log largest fall in 3-year on growth concern
EU stocks have biggest weekly drop since Nov ‘08, led by banks
Weekly Review
Friday witnessed highest single day fall since October 19, 2009
KSE-100 Index Opening Closing Change % Change Turnover (mn)
12190.37 11375.09 815.28 6.69 261.74
KSE moves in tandem with global markets
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3085.69 2762.78 322.91 10.46 8.56
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2745.85 2517.55 228.30 8.31 0.27
Major Gainers
Symbol
Close
Change
NATM FASM PAKT SAPL NJICL
53.77 57.70 90.00 150.00 58.69
11.62 7.70 6.64 4.99 3.67
Nawaz Ali
Major Losers
Symbol NESTLE ULEVER SIEM RMPL UPFL
Close
Change
3967.76 5659.39 936.21 2701.68 1607.60
-233.82 -139.24 -99.87 -98.32 -84.57
Top 5 Volume Leaders
Symbol LOTPTA JSCL FFBL NBP FFC
Close Vol (mn) 10.69 5.51 45.14 46.76 154.00
21.08 14.29 13.96 10.85 9.39
Active Issues Plus Minus Unchanged
51 268 76
Sector Updates FERTILISER
NEW YORK: A stock specialist watches prices as he works on the floor of the Stock Exchange.-Reuters
000 tonnes Urea Offtake (Jan to Apr 11) 1,714 Urea Offtake (Apr 11) 487 Urea Price (Rs/50 kg) 1,234 DAP Offtake (Jan to Apr 11) 215 DAP Offtake (Apr 11) 55 DAP Price (Rs/50 kg) 4,050
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Apr 11) 71,096 Sales (July 10 to Apr 11) 69,203 Production (Apr 11) 7,220 Sales (Apr 11) 7,510
INDUS MOTOR CO Production (July 10 to Apr 11) 42,670 Sales (July 10 to Apr 11) 41,940 Production (Apr 11) 4,219 Sales (Apr 11) 4,681
HONDA ATLAS CAR Production (July 10 to Apr 11) 14,062 Sales (July 10 to Apr 11) 13,754 Production (Apr 11)
1,582
Sales (Apr 11)
1,640
DEWAN FAROOQ MOTORS Production (July 10 to Apr 11) Sales (July 10 to Apr 11) Production (Apr 11) Sales (Apr 11)
186 203 -
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (May 27,11) Advances (May 27,11) Investments (May 27,11) Spread (April 11)
5,220,669 3,087,531 2,341,433 7.52%
OIL MARKETING CO (000 tons) MS (Jul 10 to Apr 11) MS (Apr 11) Kerosene (Jul 10 to Apr 11) Kerosene (Apr 11) JP (Jul 10 to Apr 11) JP (Apr 11) HSD (Jul 10 to Apr 11) HSD (Apr 11) LDO (Jul 10 to Apr 11)) LDO (Apr 11) Fuel Oil (Jul 10 to Apr 11) Fuel Oil (Apr 11) Others (Jul 10 to Apr 11) Others (Apr 11)
PRICES (Ex-Refinery) MS (1 May 11) MS (1 Apr 11) MS % Chg Kerosene (1 May 11) Kerosene (1 Apr 11) Kerosene % Chg JP-1 (1 May 11) JP-1 (1 Apr 11) JP-1 % Chg HSD (1 May 11) HSD (1 Apr 11) HSD % Chg LDO (1 May 11) LDO (1 Apr 11) LDO % Chg Fuel Oil (1 May 11) Fuel Oil (1 Apr 11)
1,867 196 134 14 1,148 117 5,719 567 44 2 7,252 739 143 15
Rs 62.83 59.35 5.86% 73.63 68.95 6.79% 73.86 70.88 4.20% 78.79 75.02 5.03% 71.55 65.27 9.62% 57,253 56,777
Wall Street Weekly Outlook
Investors struggle to see panic past NEW YORK: Wall Street hit the panic button this past week and survived. But the shocks have left investors stranded. Following its worst week in almost three years, the S&P 500 has fallen into correction territory and year-end forecasts are already being lowered. Safe-havens like gold and the Swiss franc rallied. Economic growth has slowed and budget-cutting legislation recently passed in the Congress could further dampen economic activity. That leaves the path uncertain, so what are investors to expect in the weeks ahead? "In a word, volatility," Citigroup strategist Jamie Searle said. The CBOE Volatility Index .VIX, the market's gauge of anxiety, had its largest daily percentage spike since early 2007 on Thursday. Until June, equity investors could count on the Federal Reserve to keep pumping money into the system, boosting equity and commodity prices. The $600 billion the Fed used to buy assets in a second round of quantitative easing -- known as QE2 -- flooded markets with cash and helped lower interest rates. That's over now. Following a political showdown in Congress that took the United States to the brink of a default and a bitter battle to rein in spending, few expect more fiscal stimulus. And additional action from the Fed is unlikely after its meeting next Tuesday. "There is certainly not going to be any fiscal stimulus coming, given the debt situation we are in," said Paul Mendelssohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont. "You've got so much discord and so much dysfunctionality in Washington that (Fed
Chairman Ben) Bernanke has to think twice before he does anything." Fears of another recession have crept back, fed by flagging economic growth and a perceived inability from politicians on both sides of the Atlantic to deal with escalating government debt. The possibility of a downgrade of the United States' triple-A credit rating still looms. In Europe, a credit crisis that initially hit Ireland, Greece and Portugal escalated and now threatens to engulf Italy, the euro-zone's third-largest economy. Bond yields soared this past week to highs not seen in more than a decade, worrying investors about Rome's ability to finance -and balance- its budget. During the second half of New York's Friday session, Italy pledged to speed up austerity measures and social reforms in return for European Central Bank help with funding. Having fallen in nine of the last ten sessions, the S&P 500 closed this past week down 7.2 per cent --its biggest percentage drop since the third week of November 2008. Selling was broad as average daily volume for the week soared to 11.6 billion shares traded on the New York Stock Exchange, NYSE Amex and Nasdaq. About a 55 per cent hike from the yearly average until last week, near 7.5 billion. Frantic moves in markets like the ones seen this past week go beyond curbing investor confidence. Nervous consumers hold off on spending. Corporations don't sell their products and services so their earnings don't rise. Stock prices fall, creating a vicious circle. "We're facing years of markets that will be at times scary and chaotic and that won't be providing the kinds of returns
people want to expect from investments," said Rob Arnott, chairman of Research Affiliates in Newport Beach, California, who oversees $80 billion in assets. "Most people think doubledigits in the past was not difficult so, 'I'm going to be conservative and expect 7 to 8 per cent.' But that's not what the markets are priced to give you -- it's more like 3 to 5 per cent," Arnott said. Following downgrades to US gross domestic product estimates and weak global figures on factory and services sector activity, hopes for a boom in the second half of the year have evaporated. "I just don't think 3 per cent GDP growth in the second half is anywhere close to realistic at this point,' said Keith Davis, bank analyst and principal at money manager Farr, Miller & Washington in Washington, DC. "The third quarter is starting off pretty slow, and people are bringing down their numbers." On Friday Credit Suisse equity strategists cut their yearend estimate for the S&P 500 7 per cent to 1,350 from 1450, with 1,400 as target for yearend 2012. Contrarian views are nonetheless ready to dismiss the panic and take it as a good time to jump back in. "The biggest fear in our mind is: Is it a self-fulfilling prophesy? Is the market volatility causing people to really pull back?" said Thomas Villalta, portfolio manager for Jones Villalta Asset Management in Austin, Texas. "I think you'll see things kind of calm down over the weekend, and I suspect this week will be a better week for the market as people calm down and reassess the situation." -Reuters
KARACHI: Heavy bearish activities were witnessed at the Karachi Stock Exchange (KSE) during last week as the benchmark index dropped by more than 6.6 per cent to close at 14week low due to selling pressure following the declining global capital markets. The benchmark KSE-100 index shed 815 points - 6.69 per cent to close at 11,375 points and touched a high of 12,330 points and a low level of 11,300 points during the week. KSE30 index fell by 790 points 6.84 per cent to close at 10,769 points and KSE all-share index was down by 558 points - 6.61 per cent to close at 7,891 points. Sana Hanif, analyst at J S Global Capital said that despite an unexpected reduction of 50bps in the policy rate by the central bank, market witnessed across the broad selling pressure during the week. Investors' sentiments remained dampened due to precarious law and order situation in Karachi and fears of down grading of the US sovereign rating. Major companies announcing their results during the week included Lucky Cement and Allied Bank. Both the results were in line with market expectations. However, owing to the prevailing uncertainty in the global markets, prices of their share failed in maintaining their pre-result levels, she added. The global equities markets have been going through one of their toughest period due to a number of issues prevailing in the developed world i.e. United States and Eurozone due to ballooning of their overall debts. Apart from decline at global
capital markets, local investors were also jittery due to the ongoing security situation in the country's financial hub Karachi where several people were killed in a fresh wave of violence. The statement by the Chief of Muttahida Qaumi Movement (MQM) over the current situation too kept the investors cautious. The week began on a positive note as investors welcomed the decisions by the SBP over the weekend to cut the discount rate by 50 bps to 13.5 per cent. The index closed with a gain of 63 points on Monday. With the beginning of the holy month of Ramadan on Tuesday, some dreary activities were seen at the bourse while tense security situation in the city too kept the investors cautious. The index lost 27 points and also registered the lowest volume in the last 13-months. Thereafter, due to declining international capital markets and fragile local security and political situation, market remained under the grips of bears over the next three days where index lost 284 and 95 points respectively on Wednesday and Thursday. Selling pressure intensified on the last trading day of the week i.e. Friday where index lost 471 points which is its highest single day decline since October 19, 2009 Investors' participation was marginally up as nearly 261.7 million shares exchanged hands during the week which over 2.7 million shares more as compared to a turnover of 259 million shares a week earlier. Out of total 395 active issues; 268 declined and 51 advanced while 76 issues remained unchanged.
Gulf stocks mkt
Mostly lower on US credit downgrade DUBAI: Stocks tumbled across the Middle East on Sunday as most regional markets reopened following the historic downgrade of the United States' credit rating. The region's markets mostly operate Sunday to Thursday. That meant they were the first to react to credit rating agency Standard & Poor's decision late Friday to cut the US level one notch to AA+ from its top AAA rating. The only exception is OPEC powerhouse Saudi Arabia, which plunged 5.5 per cent when it opened Saturday. It failed to mount a meaningful recovery Sunday. "Clearly there's a negative sentiment prevailing on the global financial markets. We're seeing a strong contagion effect on our markets," said Rami Sidani, the Dubai-based head of Middle East investments for British asset management firm Schroders. The Dubai Financial Market's benchmark index suffered some of the region's steepest declines Sunday, tumbling more than 5 per cent in early trading. It closed down 3.7 per cent at 1,484 points. While the S&P downgrade weighed on the market, it was also pulled down by a lower than expected quarterly profit from Arabtec Holding, the Emirati construction giant that helped build the world's tallest tower in Dubai. Arabtec shares fell 6.3 per cent to 1.3 dirhams (35 cents). The Abu Dhabi and Qatar market indexes each slumped 2.5 per cent. Egypt's benchmark EGX30 index fell more than 4 per cent. The Egyptian Exchange's head, Mohammed Abdel-Salam, attributed the slide to declines in world markets rather than the fundamental value of the country's companies. Farouk Miah, an analyst at NCB Capital in the Saudi capital Riyadh, said Mideast traders are concerned that debt problems in the West could cut demand for crude and drag on oil-dependent economies in the region.-Agencies
Dhiyan
IFS AND BUTS DRIVING MARKET Iqbal Ismail, Chairman ACE Securities Following the continuous downfall at the global capital markets we might see some more negative performance at the local bourse. Investors are advised to stay on the sidelines till market becomes stable but if they still want to invest then they should invest in money market. The peace on the political front if sustained for longer period would be positive for the market otherwise market would not react on it. Market would be negative today.
Sajid Bhanji, VP Capital Markets Arif Habib Limited We might see some bearish activities in the local market if the declining continues in the global markets. This offers excellent opportunity to the local investors. They are advised to invest in fertilizer, IPPs, oil and banking stocks. Political situation is improving and if MQM rejoins the government and companies announce better than expected corporate results then some major buying could be witnessed. Market is likely to open on negative today but it might recover later on.
6
Monday, August 8, 2011
Market
KSE 100 Index
Symbols
Volume
261,735,628
Value
11,862,301,449
Trades
165,003
Advanced Decline Unchanged Total
51 268 76 395
Current High Low Change
All Share Index
11,375.09 12,330.99 11,300.20 i815.28
Current High Low Change
OIL AND GAS
Paid up Cap(mn)
Company
Low
Last 60 days High Low
2010 Div BR (%) (%)
Close Chg
Volume
6.02 365.23
369.39 332.76 332.97 -32.26
332596
394.90
332.76
300
Attock Refinery
853
3.69 125.26
128.00 112.44 112.53 -12.73
3020340 143.50
112.44
-
8.85
9.09
7.34
7.39 -1.46
Mari Gas Company
735
3.91 102.00
103.00
95.48
95.48 -6.52
38292
113.75
95.48
31
National Refinery
800
4.70 365.97
371.25 340.01 340.19 -25.78
781952
390.00
323.50
200
Oil & Gas Development 43009
9.41 153.85
157.40 139.01 139.01 -14.84
2343295 157.51
139.01
55
Pak Petroleum Pak Oilfields Pak Refinery Limited
-
High
P.S.O Shell Pakistan
4083576
10.10
7.34
-
2011 Div BR (%) (%)
20B115.00 -
-
-
-
-
- 23.43
-
-
-
-
- 30.00
-
7.41 208.71
212.95 197.95 202.79 -5.92
4353483 219.70
197.95
90
20B100.00
-
2365
7.44 358.55
366.52 337.06 337.52 -21.03
5341348 391.69
324.03
255
-100.00
-
89.25
67.14
-
-
-
-
- 80.00
-
-
-
75.07
76.00
67.14
67.14 -7.93
18097
1715
3.11 250.80
259.94 217.65 218.00 -32.80
2054030 291.50
217.65
80
685
7.30 219.90
221.94 203.89 205.23 -14.67
32883
203.89
120
233.00
-
Company Agritech Limited
3924
Bawany Air
75
BOC (Pak)
250
Clariant Pak
341
PE
Open
-
19.05
4.76
7.83
High Low 1,883.75 1,711.41 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 2.86 35.00
High
Low
Close Chg
19.49
16.50
17.93 -1.12
9.50
7.79
Change % Change -106.30 -5.76 Market cap 200-Day High 350,476.44 mn Div Yield (%) 200-Day Low 5.98 -
Last 60 days High Low
Volume 30814
20.94
2010 Div BR (%) (%)
16.50
2011 Div BR (%) (%) -
Volume
66.60 -3.43
9927
73.00
66.00
90
-
101
6.03 236.90
38130
241.50
208.00
100
20B
-
-
3.46
1.50
-
-
-
-
105783 235.00
163.10
60
- 60.00
25B
22.00
20
1087
Exide (PAK)XDXB
71
General Tyre
598
-
2.48 180.06 4.21
-
-
1.52
-
-
-
-
Descon Oxychem Ltd.
1020
7.06
6.28
6.45
4.80
4.80 -1.48
1348369
8.40
4.80
-
-
-
-
-
2.20
-
9.58 16.22
2.30
1.60
1.78 -0.42
146.50 129.30 129.30-13.59 9.81
7.60
16.64
14.77
7.92 -1.66
2677955
1.60
-
-
129.30
60
12.67
6544628
7.60
-
-
-
-
-
17.60
12.10
-
-
8.00 159.86
9386098 172.97
138.50
130
25B 92.50
-
9341
5.95
46.82
47.50
44.11
45.14 -1.68
13964068 48.05
41.26
65.5
- 35.00
-
725
9.33
11.90
12.10
10.53
11.10 -0.80
63598
10.53
-
-
-
2.99
1106 11.74 4.46
163.50 150.71 154.00 -5.86
156.01 140.86 140.87-12.66
13.90
424242
160.00
140.86
175
10.69
5
-
-
-
-
34710
4.41
2.16
-
-
-
-
38979
11.58
8.55
-
-
-
-
7375
232.53
198.30
150
- 50.00
-
134486
72.50
61.35
5
-
-
-
36006
1.54
1.01
-
-
-
-
Indus Motors
786
6.94 204.99
Pak Suzuki
823 14.70
Transmission
117
-
Open 2,332.09 Turnover 1,277,843 P/E (x) 55.08
Change % Change -76.70 -3.29 Market cap 200-Day High 322,621.05 mn Div Yield (%) 200-Day Low 0.55 -
Paid up Cap(mn)
PE
Colony Sugar Mills
990
2.01
2.05
2.29
1.72
1.95
-0.10
18819
2.99
1.51
-
-
-
-
Crescent Sugar
214
-
10.50
11.00
10.50
10.50
0.00
8149
11.91
7.50
-
-
-
-
Company
Open
High
Low
Close Chg
Volume
Last 60 days High Low
2010 Div BR (%) (%)
2011 Div BR (%) (%)
14.60
Loss after Taxation
2nd Support
14.27
EPS 10 (Rs)
-1.08
260313
28.00
23.30
25
25B
-
26746
13.74
11.36
40
-
-
-
57493
90.49
74.00
7010B 12.5R
-
10R
Mirpurkhas Sugar
84
Pangrio Sugar
Volume 53509
29.25
24.62
30
1.40
52.95
53.50
48.32
48.33
-4.62
33877
54.50
41.00
15
3.22
3.65
3.15
3.15
-0.07
8150
4.52
3.15
10
Dost Steels Ltd
675
-
2.34
2.45
1.85
1.86 -0.48
294389
3.10
1.62
-
-
107
13.00
4.00
6.99
4.36
5.72
1.72
140349
6.99
1.81
-
-
-
-
-
2.36
2.50
2.31
2.35
-0.01
54500
3.40
2.00
-
-
-
-
Shahmurad Sugar
211
1.27
10.60
10.85
9.25
9.57
-1.03
211587
11.40
7.91
10
-
-
-
71.46
64.19
65.50
1.00
61774
71.50
60.00
-
-
-
-
5.97
4.05
4.95
-0.30
352929
6.99
4.05
-
-
-
-
Shahtaj Sugar
120
2.61
64.50
695
2.10
5.25
12.00
11.80
10.25
10.25 -1.75
29043
12.95
10.25
-
50.52
50.88
46.34
46.49 -4.03
85860
52.75
46.34
40
-
-
25B 15.00
-
20B
-
15
Open 851.46 Turnover 16,605,081 P/E (x) 5.33
High Low 871.45 787.14 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.38 7.10
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
3657
-
2.56
2.62
2.00
2.00 -0.56
866
5.39
46.88
48.51
42.46
42.61 -4.27
Close 801.99 Listed cap 54,792.74 mn Payout (%) 19.04
Open 632.60 Turnover 267,613 P/E (x) 0.72 Company
Last 60 days High Low
Volume 56615
3.25
32304
2.00
56.01
-
1.50
1.51
1.41
1.49 -0.01
2.90
1.36
182
-
13.62
13.95
12.95
12.95 -0.67
15720
16.50
12.76
956 38.57
8.80
9.34
8.10
8.10 -0.70
15912
10.60
8.10
2.25
2.30
1.75
2.11 -0.14
27067
42.46
858
Berger Paints Cherat Cement
31636
2.30
1.50
2010 Div BR (%) (%) - 100R 50
-
2011 Div BR (%) (%) -
-
10B
693
1.16
9.75
10.48
8.70
8.81 -0.94
35557
13.33
8.70
17.5
-
-
Paid up Cap(mn)
High Low 965.34 936.02 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.43 8.64
Change % Change -13.53 -1.41 Market cap 200-Day High 112,371.93 mn Div Yield (%) 200-Day Low 3.34 -
Last 60 days High Low
2010 Div BR (%) (%)
2011 Div BR (%) (%)
PE
Open
High
Low
Close Chg
Volume
2594
-
2.62
2.72
1.70
1.94 -0.68
1303462
3.76
1.70
-
30B
-
-
Azgard Nine
4493
-
6.07
6.25
4.57
4.58 -1.49
7691272
7.09
4.57
-
-
-
-
Bannu Woolen XD
76
0.64
16.20
16.25
14.32
15.25 -0.95
10207
19.55
14.32
20
-
-
-
Bata (Pak)
76
7.64 657.82
688.00 630.00 649.30 -8.52
13761
716.00
426.00
280
-
-
-
Blessed Tex Mills
64
0.97
99.35
105.00
215777
105.00
56.07
50
-
-
Chenab Limited
1150
-
1.61
2.00
2.44
1.10
-
-
-
Colony Mills Ltd
1.10
1.10 -0.51
87389
-
2442
1.56
1.50
1.90
1.45
1.50 0.00
75528
2.64
1.32
-
-
-
-
D S Ind Ltd
600
-
1.03
1.18
0.81
0.89 -0.14
69545
1.39
0.80
-
-
-
-
Gadoon Textile XD
234
0.57
63.00
61.49
58.14
59.07 -3.93
8116
73.61
58.14
70
-
-
-
7.00 -2.26
75833
6.61
10
20B
-
-
3.78
3.00
3.10 -0.45
110149
4.45
3.00
10
-
-
-
33.74
33.74 -2.78
7603
47.00
33.74
20
-
-
-
Idrees Textile
180
1.76
4.85
4.79
4.45
4.60 -0.25
15525
5.74
3.80
10
-
-
-
4.75
8
-
-
-
-
2.67
1.10
-
-
-
-
20.78
-
20R
-
20R
-
92R
13311
5.91
502
3.68
4.95
5.20
4.25
4.27 -0.68
10845
7.44
4.00
-
-
-
-
1760
-
1.27
1.30
0.65
1.08 -0.19
207019
1.95
0.65
-
-
-
-
-
-
-
-
-
-
Haydery Const
32
-
0.55
0.70
0.51
0.51 -0.04
15021
0.83
0.21
-
-
-
-
Kohat Cement
1288
-
5.82
6.00
5.20
5.40 -0.42
39023
7.60
5.20
-
-
-
-
13126 53.00
2.40
2.45
2.06
2.12 -0.28
1406523
3.35
2.06
-
-
-
-
73.12
74.50
69.29
71.09 -2.03
5905541
77.43
69.29
40
- 40.00
-
Fundamental Highlights As on Dec 31, 2010
Technical Analysis Close 944.76 Listed cap 47,070.70 mn Payout (%) 16.68
Amtex Limited
98.00 101.00 1.65
Gulshan Spinning Hira Textile Mills Ltd.
Ishaq Textile
9.26
97
0.39
107
0.40
1.45
1.60
1.00
1.45 0.00
86492
2.44
1.00
-
-
-
-
303
-
1.05
1.10
0.90
0.98 -0.07
33826
1.64
0.75
-
-
-
-
-
1.36
1.79
1.00
1.10 -0.26
2.83
3.21
3.60
2.80
3.00 -0.21
6976
4.70
2.80
1.74
18.33
19.33
18.00
18.80 0.47
6200
20.59
17.00
0.65
0.70
0.65
0.65 0.00
20658
0.71
3.45
600
-
1.30 0.10
283844
2455 189
1.10
7.11
1300
Mohd Farooq
1.70
7500
Kohinoor Textile
Mukhtar Textile
1.20
4.85 -0.65
Kohinoor Spinning Masood Textile
0.45
4.75
12.16
Khalid Siraj
509
4.85
6.61
Kohinoor Ind Kohinoor Mills
5.50
9.25
2.00
5001
0.65
1.20
0.23
-
-
-
5
-
-
-
-
-
15 100R
-
-
-
-
-
-
0.25
0.77
0.31
0.48 0.23
9204
1.39
-
-
-
-
15.25
15.12
15.00
15.00 -0.25
9525
16.25
14.10 20SD
-
-
-
2.57
19.94
20.50
16.68
16.68 -3.26
1653611
26.45
16.68
15
-
-
-
Nishat Mills
3516
41.08
25
45R
41.08 -6.31
7475371
61.99
-
MA (10-day)
1.67
Total Equity (Rs in mn)
MA (100-day)
2.18
Revenue (Rs in mn)
MA (200-day)
2.42
Interest Expense
1st Support
1.22
Loss after Taxation
2nd Support
0.97
EPS 10 (Rs)
1st Resistance
1.70
Book value / share (Rs)
2nd Resistance
1.93
PE 11 E (x)
Pivot
1.45
PBV (x)
22,006.27 9,891.61 7,464.40 743.41 (1,147.01) (1.333) 11.49 0.12
WTL closed down -0.24 at 1.41. Volume was 254 per cent above average (trending) and Bollinger Bands were 39 per cent wider than normal. The company's loss after taxation stood at Rs182.323 million which translates into a Loss Per Share of Rs0.21 for the 1st quarter of current calendar year (1QCY11). WTL is currently 41.8 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 WTL at a relatively equal pace. Trend forecasting oscillators are currently bearish on WTL. Momentum oscillator is currently indicating that WTL is currently in an oversold condition.
NIB Bank Limited
-
0.61
41.08
Total Assets (Rs in mn)
-
145
48.25
16.28
-
187
47.39
RSI (14-day)
-
1621
3.65
0.16
-
Nishat (Chunian)
Nagina Cotton
1.24
average and Bollinger Bands were 35 per cent wider than normal. The company's loss after taxation stood at Rs78.277 million which translates into a Loss Per Share of Rs0.04 for the 1st quarter of current calendar year (1QCY11). FATIMA is currently 19.8 per cent above 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 FATIMA at a relatively equal pace. Trend forecasting oscillators are cur-
Performance of SR Personal Goods Index Open 958.29 Turnover 20,608,440 P/E (x) 5.00
12.13
-
37.00
25.85
PE 11 E (x) PBV (x)
- 200R
PERSONAL GOODS
3.55
434674
15.93 15.10
2011 Div BR (%) (%)
36.52
5631460
4.25
-
0.29
1.15 -0.30
9.15
2010 Div BR (%) (%)
2.41
20.88 -1.70
7350
5.10
0.62
1.10
4.90 -0.01
8.60
222
20.78
4.90
Last 60 days High Low
716
1.74
6.00
228351
3105
23.25
4.91
Volume
5.47 -0.89
Ibrahim Fibres
-
1.45
3.35
Close Chg
5.10
-
22.58
5.04
Low
6.89
-
-
-
1539956
High
6.36
-
-
-
3891
3.43 -0.50
Open
-
-
-
4381 27.84
3.35
PE
1219
Tariq Glass Ind
Book value / share (Rs)
2nd Resistance Pivot
FATIMA closed down -1.24 at 14.98. Volume was 8 per cent above
WorldCall Telecom Limited
Paid up Cap(mn)
Pak Elektron
15.43
8.95 (0.082)
Change % Change -50.44 -7.97 Market cap 200-Day High 4,079.91 mn Div Yield (%) 200-Day Low 8.73 -
- 122R
Dewan Cement
4.00
Close 582.16 Listed cap 3,763.71 mn Payout (%) 6.27
-
DG Khan Cement Ltd
3.93
High Low 665.42 564.63 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.08 10.64
1st Resistance
0.00 (163.64)
rently bearish on FATIMA.
Performance of SR Household Goods Index
Company
Change % Change -49.47 -5.81 Market cap 200-Day High 65,393.32 mn Div Yield (%) 200-Day Low 3.57 -
-
HOUSEHOLD GOODS
CONSTRUCTION AND MATERIALS Performance of SR Construction and Materials Index
-
-
223
Shakarganj Mills
-
-
109
2011 Div BR (%) (%)
-
20B
-
Quice Food
-
-
24.91
Sakrand Sugar
2011 Div BR (%) (%)
- 35.00
Interest Expense
1st Support
-4.02
25.00 -1.90
24,258.78
Revenue (Rs in mn)
12.51
-
-1.00
Close Chg
Total Equity (Rs in mn)
14.09
MA (200-day)
-
11.52
Low
16.12
MA (100-day)
-
24.97
24.62
69,457.04
MA (10-day)
-
76.88
High
Total Assets (Rs in mn)
-
11.36
Change % Change -75.66 -7.41 Market cap 200-Day High 14,023.84 mn Div Yield (%) 200-Day Low 10.74 -
34.71
-
76.57
Change % Change -66.58 -5.90 Market cap 200-Day High 2,929.56 mn Div Yield (%) 200-Day Low 4.69 -
Fundamental Highlights As on Dec 31, 2010
Technical Analysis RSI (14-day)
-
26.73
27.10
Fatima Fertilizer Company Limited
25
82.90
26.90
0.12
1.70
13.00
Open
2,424.42
ANL closed down -1.49 at 4.58. Volume was 42 per cent above average and Bollinger Bands were 24 per cent narrower than normal. The company's loss after taxation stood at Rs2.155 billion which translates into a Loss Per Share of Rs4.80 for the 1st quarter of current calendar year (1QCY11). ANL is currently 45.8 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 ANL at a relatively equal pace. Trend forecasting oscillators are currently bearish on ANL. Momentum oscillator is currently indicating that ANL is currently in an oversold condition.
17.50
26.05
PE
PBV (x)
3.85
80.90
2010 Div BR (%) (%)
4.90
19.52
12.52
Last 60 days High Low
Pivot
5466
4.99
Close 945.06 Listed cap 3,596.11 mn Payout (%) 30.91
PE 10 E (x)
6158
2.52
High Low 1,027.08 939.04 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 0.95 33.10
5.88
0.48
4.65
- 50.00
37.85
2nd Resistance
-0.28
750
50
Book value / share (Rs)
2.07
539
14.66 38.89
5.23
19.00
200
18.00 43.55
0.003
1st Resistance
1.70
Habib Sugar
397555 81522
60.53
EPS 09 (Rs)
18.52
J D WSugar
Volume
Profit after Taxation
3.92
2.99
Habib-ADM Ltd
15.32 -1.03 39.64 -2.51
Interest Expense
4.25
2nd Support
19.52
-
Close Chg
8.45
1st Support
2.35
-
Low
11,737.86
MA (200-day)
18.52
-
2010 Div BR (%) (%)
Revenue (Rs in mn)
-
-
Last 60 days High Low
6.49
1.88
-
Close 1,061.78 Listed cap 1,186.83 mn Payout (%) 25.28
18,469.71
MA (100-day)
365
-
High Low 1,148.98 1,051.92 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.40 7.47
38,525.22
Total Equity (Rs in mn)
217
-
-
Total Assets (Rs in mn)
5.86
Dewan Sugar
-
-
19.64
MA (10-day)
Faran Sugar
-
15.16 39.09
4.72
Close 2,255.39 Listed cap 11,335.33 mn Payout (%) 30.57
2.26
High
-
High Low 2,399.31 2,240.36 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 16.69 30.30
14.40
16.89 42.84
3234
1.05 -0.06
3.30
3.27
Lucky Cement
1.05
1.50
18.60
565
Lafarge Pakistan Cmt.
1.25
65.25
1518099
21080414 15.47
16.35 42.15
4003
63.52
307348
Crescent Steel
Gharibwal Cement
1.11
68.70
2.70 -0.33
10.69 -1.50
Paid up Cap(mn)
Fauji Cement
63.75
208.90 198.30 201.00 -3.99
14.41 -1.78
Open
982 16.23
-
2.55 -0.44 9.07 -0.99
2.60
10.69
PE
8.32
-
2.50 8.55
14.40
707 72.95 411 5.17
555 18.30
-
3.38 10.06
3.19
12.50
Open 1,020.72 Turnover 473,403 P/E (x) 2.88
Fecto Cement
24.85
2.99 10.06
INDUSTRIAL METALS AND MINING
Flying Cement Ltd
28245
-
Performance of SR Industrial Metals and Mining Index
Dadabhoy Cement
22.11 -0.64
450 1428
16.50
Open 1,128.35 Turnover 479,797 P/E (x) 5.38
Attock Cement
22.11
-
3.03
12.19
Performance of SR Forestry & Paper Index
Balochistan Glass Ltd
23.84
0.74
-
16.19
FORESTRY AND PAPER
Al-Abbas Cement
203.99 178.05 180.80
603992
2011 Div BR (%) (%)
Ghandhara Nissan
-
20B
- 27.5R
8482
7.83 153.53
14.98 -1.24
3.65
7291371 198.00 1048715
Fauji Fert.Bin Qasim
Company
1.91 -0.78
2010 Div BR (%) (%)
Honda Atlas Cars
-
Fauji Fertilizer
1199
1.83
25B
44.67
Huffaz Pipe XD
2.80
135
140.01
International Ind
22.75
241.50 223.38 227.16 -9.74
157.10 140.01 145.00 -4.66
2.79
Company
2.69
Last 60 days High Low
5.89 149.66
66.00
Century Paper Security Paper
Close Chg
66.00
FOOD PRODUCERS
167.00
Company
Low
70.03
Performance of SR Food Producers Index
33640
Paid up Cap(mn)
High
70.03
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
-
402557
551
Open
4.10
-
140821
15142
PE
144
-
-
-
Paid up Cap(mn)
-
5.78 142.89
2011 Div BR (%) (%)
- 50SD
Change % Change -33.41 -3.00 Market cap 200-Day High 39,851.54 mn Div Yield (%) 200-Day Low 5.74 -
-
1.58 -0.36
Nimir Ind Chemical
Close 1,079.52 Listed cap 6,768.53 mn Payout (%) 20.42
-
44.67-10.09
Lotte Pakistan
Company
High Low 1,126.54 1,064.76 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.90 25.35
-
1.52
Sitara Peroxide
Open 1,112.93 Turnover 1,040,951 P/E (x) 3.56
10R
-
40
Performance of SR Automobile and Parts Index
-
50 300B
2010 Div BR (%) (%)
AUTOMOBILE AND PARTS
5
44.67
1388
70.00
60
2.19
ICI Pakistan
91.20
6.11
55.35
Ghani Gases Ltd
Last 60 days High Low
62238
90.50
1.94
22000
Volume
74.17 -1.28
9.50
54.76
Fatima Fertilizer
Close Chg
74.15
109.99
-
3663
Low
80.00
51533
2.59
3933
High
75.45
80360
4813
6635
Open
9.48 1.65
1996
Dewan Salman
PE 6.82
103.00 101.00 102.00 -3.16
Dawood Hercules
Engro Corporation Ltd
Azgard Nine Limited
Change % Change -17.14 -2.28 Market cap 200-Day High 11,203.35 mn Div Yield (%) 200-Day Low 2.34 -
7.68 105.16
Descon Chemical
Engro Polymer
Close 733.10 Listed cap 3,242.17 mn Payout (%) 11.08
1092
Dewan Motors
Close 1,738.90 Listed cap 52,251.88 mn Payout (%) 48.81
High Low 789.46 732.66 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.21 25.53
Paid up Cap(mn)
Pak Int Cont. Terminal
Atlas Battery
Performance of SR Chemicals Index
Paid up Cap(mn)
Company
Agriautos Ind
CHEMICALS Open 1,845.20 Turnover 59,718,436 P/E (x) 8.16
Open 750.24 Turnover 64,862 P/E (x) 4.73
-
11950
350 37.51
10,769.40 11,725.84 10,680.13 i790.83
Performance of SR Industrial Transportation Index
Close Change % Change 1,422.45 -116.60 -7.58 Listed cap Market cap 200-Day High 65,194.15 mn 1,044,049.74 mn Payout (%) Div Yield (%) 200-Day Low 55.94 5.73 -
691
3921
Open
High Low 1,572.86 1,413.71 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.18 32.54
Attock Petroleum
BYCO Petroleum
PE
Current High Low Change
7,891.52 8,541.73 7,842.85 i558.35
Alert ! Unusual Movements
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,539.05 Turnover 18,316,316 P/E (x) 9.76
KSE 30 Index
-
Fundamental Highlights As on Dec 31, 2010
Technical Analysis
Maple Leaf Cement
5267
-
2.00
2.08
1.55
1.74 -0.26
1023938
3.05
1.55
-
-
-
-
Olympia Textile
108
-
0.78
1.78
0.40
0.43 -0.35
91588
1.78
0.30
-
-
-
-
Pioneer Cement
2271
-
4.68
4.89
3.63
3.73 -0.95
190765
6.34
3.63
-
-
-
-
Pak Synthetic
560
2.45
19.73
20.45
18.61
19.61 -0.12
22560
20.90
17.60
-
-
-
-
RSI (14-day)
24.35
Total Assets (Rs in mn)
164,350.04
721
-
6.77
7.00
6.02
6.02 -0.75
6601
7.49
5.37
-
-
- 100R
Prosperity
185
0.91
13.56
15.00
13.00
14.00 0.44
9257
15.45
13.00
30
-
-
-
MA (10-day)
1.38
Total Equity (Rs in mn)
13,662.05
Ravi Textile
250
-
0.80
0.99
0.56
0.88 0.08
1.30
0.36
-
-
-
-
MA (100-day)
1.72
Revenue (Rs in mn)
2.24
Interest Expense
Shabbir Tiles
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 967.92 Turnover 1,070,285 P/E (x) 2.16 Company ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd
High Low 981.85 921.73 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 0.95 43.91
Close 931.88 Listed cap 3,043.31 mn Payout (%) 15.55
Change % Change -36.05 -3.72 Market cap 200-Day High 34,512.27 mn Div Yield (%) 200-Day Low 7.19 -
0.52
11.50
11.91
10.00
10.00 -1.50
45602
13.05
10.00 25SD
-
-
-
Rupali Poly
341
2.62
39.85
38.90
34.71
34.71 -5.14
10515
42.50
34.71
40
-
-
-
1st Support
1.22
Loss after Taxation
Saif Textile
264
0.21
7.60
8.10
6.00
6.00 -1.60
47454
9.10
6.00
-
-
-
-
2nd Support
1.17
EPS 10 (Rs)
Sally Textile
0.24
1.85
2.80 0.60
70532
3.75
1.85
-
5B
-
-
2nd Resistance
1.43
PE 11 E (x)
35.50
35.50 -3.50
7322
41.48
35.50
60
-
-
-
Pivot
1.30
PBV (x)
-
NIB closed down -0.13 at 1.29. Volume was 19 per cent above aver-
1.15 -0.27
4.50
27500
2.51
5
1.98
1.12
-
214.95
170.00
75
-
0.22
3.06 192.11
140
0.49
0.29
0.35
0.29
0.35 0.06
35000
0.90
0.15
-
-
-
-
99.01
103.00
93.31
93.31 -5.70
562848
108.00
93.31
80
20B
-
-
-
-
-
-
The company's loss after taxation stood at Rs795.184 million which
-
translates into a Loss Per Share of Rs0.20 for the 1st quarter of cur-
-
rent calendar year (1QCY11).
6.20
51.34
52.67
49.05
49.62 -1.72
123550
59.20
49.05
50 900B
-
-
NIB is currently 42.3 per cent below its 200-day moving average
-
-
and is displaying a downward trend. Volatility is extremely high
-
-
Shahpur Textile
348913
1.80
1.10
-
-
-
-
Thal Ltd
1067
5.42
52.98
55.60
52.10
53.25 0.27
51034
58.50
51.00
25
10B
-
-
Treet Corp
418
389
1.95
11.48
Yousuf Weaving
400
0.49
1.12
1.25
1.06
1.11 -0.01
26937
2.16
1.00
-
-
47 12.11
28.96
53
5.71
57.45
57.49
52.73
52.73 -4.72
11039
67.00
52.73
35
-
9.76 -1.72 27.00 -1.96
51834
14.35
9.75
-
-
-
-
13518
30.39
24.02
-
-
-
-
490396
118.00
100.80
32.5
-
-
-
High Low 1,749.56 1,600.88 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 2.73 38.02
Zil Limited
Paid up Cap(mn)
PE
Open
High
Low
100
-
4.31
5.19
4.31
215
3.47 223.15
Ghandhara Ind
213
7.18
Millat Tractors
366
8.34 596.46
7.81
Close Chg 4.80
0.49
227.00 201.00 201.00 -22.15 8.15
6.01
6.03 -1.78
600.00 548.16 548.90 -47.56
Volume 5002 15903 39311 115851
Change % Change -134.38 -7.72 Market cap 200-Day High 31,581.33 mn Div Yield (%) 200-Day Low 18.32 -
Last 60 days High Low 6.25 244.00
194.50 178.99 179.10-13.01
6868
PHARMA AND BIO TECH Open 976.72 Turnover 197,237 P/E (x) 6.23
4.25 201.00
2010 Div BR (%) (%) 400
9.78
6.01
-
625.80
518.90
650
2011 Div BR (%) (%) -
Company Abbott (Lab) GlaxoSmithKline
High Low 990.58 935.31 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.39 22.31
Paid up Cap(mn)
PE
Open
High
Low
979
5.52
93.26
97.80
2019
10.07
73.00 28.99
when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NIB at a relatively equal pace. Trend forecasting oscillators are current-
Performance of SR Pharma and Bio Tech Index
Close 1,605.21 Listed cap 1,336.62 mn Payout (%) 131.49
age and Bollinger Bands were 13 per cent narrower than normal.
133
307
Volume
1.31 -0.15
9.75
0.38
120
Close Chg
1.26
25.65
-
-
Saritow Spinning
Low
1.54
12.24
-
Service Ind
High
1.46
Open 1,739.59 Turnover 179,164 P/E (x) 7.18
AL-Ghazi Tractor
1.12
6793
5.44
Open
Performance of SR Industrial Engineering Index
AL-Khair Gadoon
1.58
2.85 -0.81
8.94
-
INDUSTRIAL ENGINEERING
Company
1.42
2.75
27619
3.38
2.85 40.00 3.66
6.32 -0.05
Book value / share (Rs)
2.20 39.00 3.66
5.44
1.35
-
0.57 2.69 1.18
7.38
1st Resistance
10
42 55 312
6.37
0.00 (2.501)
Salman Noman Sargoda Spinning
88
18,197.43 (10,112.11)
Sana Ind
PE
30.39
2011 Div BR (%) (%)
308
230
106.10 100.80 102.54 -1.57
2010 Div BR (%) (%)
Reliance Weaving
MA (200-day)
Paid up Cap(mn)
844 17.09 104.11
Last 60 days High Low
123867
Close 944.20 Listed cap 3,904.20 mn Payout (%) 44.54
ly bearish on NIB. Momentum oscillator is currently indicating that
Change % Change -32.52 -3.33 Market cap 200-Day High 30,921.59 mn Div Yield (%) 200-Day Low 7.15 2011 Div BR (%) (%)
BOOK CLOSURES Company
From
To
D/B/R
Spot AGM/Date
Nishat Power #
08-Aug
22-Aug
-
-
22-Aug
(TFC) Allied Bank
13-Aug
26-Aug
-
-
-
Nishat Chunian Power #
16-Aug
22-Aug
-
-
Close Chg
Volume
Last 60 days High Low
First Habib Modaraba
25-Aug
31-Aug
22
-
-
90.13
90.15
14584
97.80
88.75
50
-
-
-
Fauji Fertiliser
29-Aug
04-Sep
-
-
-
73.90
68.82
70.50 -2.50
9390
79.99
68.82
40
15B
-
-
MCB Bank
02-Sep
09-Sep
30(III)
-
-
29.75
26.50
25.55
28-Oct
03-Nov
-
-
-
-3.11
2010 Div BR (%) (%)
NIB is currently in an oversold condition.
-
-
-
-
-
Highnoon (Lab)
182
6.14
26.53 -2.46
29607
33.45
25
10B
-
-
-
-
-
IBL HealthCare Ltd
200
3.48
9.50
9.75
8.50
8.50 -1.00
123329
10.70
8.50
-
-
-
-
25B325.00
-
Searle Pak
306
5.66
60.60
61.00
58.00
58.00 -2.60
13978
62.80
54.00
30
-
-
-
Husein Industries
INDICATIONS # Extraordinary General Meeting
22-Aug
7
Monday, August 8, 2011 Atlas Insurance
FIXED LINE TELECOMMUNICATION
Central Insurance
Performance of SR Fixed Line Telecommunication Index Open 812.30 Turnover 15,121,830 P/E (x) 3.38 Paid up Cap(mn)
Company Pak. Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
PE
37740 3000 8606 6175
8.66 2.03 -
Open
High Low 828.56 672.25 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.43 12.84
High
12.71 1.36 1.65 1.90
Low
12.80 1.43 2.00 2.08
10.57 1.16 1.20 1.07
Close Chg
Close 679.77 Listed cap 50,077.79 mn Payout (%) 62.56
Last 60 days High Low
Volume
10.57 -2.14 1.20 -0.16 1.41 -0.24 1.26 -0.64
8174448 789776 6156356 1138209
17.70 1.94 2.50 2.97
Century Insurance EFU General Insurance
Change % Change -132.52 -16.31 Market cap 200-Day High 42,474.46 mn Div Yield (%) 200-Day Low 18.49 -
10.57 1.16 1.20 1.07
2010 Div BR (%) (%) 17.5 1 -
Habib Insurance IGI Insurance
-
-
3.56
29.50
29.68
28.50
28.65 -0.85
22419
29.68
26.00
391
1.12
58.16
59.00
51.36
51.42 -6.74
11689
75.00
51.36
457
4.22
8.11
8.00
7.00
7.60 -0.51
28802
8.85
7.00
1250 11.41
32.55
33.99
29.92
30.57 -1.98
101096
39.65
29.92
Paid up Cap(mn)
Company
Altern Energy Genertech Hub Power Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Southern Electric Tri-star Power
3426 198 11572 1560 7932 1695 126 8803 3673 3541 1367 150
PE
Open
High
Low
7.68 5.14 2.09 5.45 2.30 2.04 -
7.45 0.48 39.21 1.16 2.16 17.75 3.11 42.57 13.83 15.62 1.21 0.74
7.45 0.50 39.99 1.19 2.27 18.00 4.09 43.75 13.95 15.90 1.35 0.78
6.45 0.42 37.50 0.96 1.34 17.00 2.50 41.25 12.50 14.00 1.05 0.70
Close 1,318.24 Listed cap 95,369.29 mn Payout (%) 104.13
Volume
Last 60 days High Low
6.47 0.45 38.24 1.00 1.56 17.00 2.69 42.49 12.79 14.27 1.10 0.73
109000 132074 8382409 273798 6801895 92158 61830 3198640 1695305 2393558 278365 15180
9.40 0.75 40.00 1.49 2.57 18.20 4.09 44.19 17.25 17.70 1.69 1.27
-0.98 -0.03 -0.97 -0.16 -0.60 -0.75 -0.42 -0.08 -1.04 -1.35 -0.11 -0.01
6.45 0.16 36.70 0.96 1.34 15.60 2.35 41.25 12.50 14.00 1.05 0.36
2010 Div BR (%) (%) 50 25 50 -
Paid up Cap(mn)
Company Sui North Gas Sui South Gas
Open
High
Low
Close Chg
Volume
Last 60 days High Low
19350
11.89
10.00
25 12.5B
970
5.96
71.19
989 10.31
73.00
69.35
72.00 0.81
84158
76.12
67.00
30
55B 10.00
-
55.02
58.72
54.00
58.69 3.67
6870
62.37
52.02
20
25B
-
-
4.71
15.46
15.85
13.52
13.57 -1.89
1177924
18.30
13.52
30
-
-
-
3.16
7.83
8.19
6.67
7.07 -0.76
39611
8.99
6.67
25
-
-
-
Reliance Insurance
284
5.48
9.02
9.50
8.25
8.99 -0.03
19655
9.50
6.50
- 12.5B
-
-
Company
5491 12.87 8390 4.39
19.60 20.05
19.84 21.00
18.02 18.77
18.02 -1.58 19.45 -0.60
117764 2384602
23.60 23.75
18.02 18.77
20 15
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
9.16
67.42
70.80
62.25
65.19 -2.23
10749
73.25
Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 8603 5.09 63.39 Askari Bank XB 7070 4.46 11.01 Bank Alfalah 13492 5.03 10.22 Bank AL-Habib 8786 5.93 28.80 Bank Of Khyber 5004 1.78 4.50 Bank Of Punjab 5288 6.38 BankIslami Pak 5280 8.86 3.71 Faysal Bank 7327 4.18 9.94 Habib Bank Ltd 11021 7.34 120.00 Habib Metropolitan Bank XB104784.95 18.85 JS Bank Ltd 8150 37.80 2.20 KASB Bank Ltd XR 9509 1.36 MCB Bank Ltd 8362 6.93 186.43 Meezan Bank XB 8030 5.40 18.00 National Bank 16818 3.68 53.88 NIB Bank 40437 1.42 Samba Bank 14335 18.88 1.69 Silkbank Ltd 26716 12.19 2.31 Soneri Bank 8026 2.12 4.97 Stand Chart Bank 38716 6.21 7.70 Summit Bank Ltd 8701 3.15 United Bank Ltd 12242 4.92 60.69
High
Low
Close Chg
64.99 60.00 60.27 -3.12 11.21 9.69 9.81 -1.20 10.45 9.15 9.55 -0.67 29.20 27.40 28.00 -0.80 4.45 3.75 3.99 -0.51 6.64 5.02 5.34 -1.04 3.90 3.27 3.28 -0.43 10.10 8.70 9.02 -0.92 122.99 115.00 117.51 -2.49 19.20 17.10 17.24 -1.61 2.41 1.50 1.89 -0.31 1.55 1.21 1.22 -0.14 189.74 175.14 175.18 -11.25 19.84 18.15 18.58 0.58 55.16 46.74 46.76 -7.12 1.50 1.25 1.29 -0.13 1.71 1.50 1.51 -0.18 2.49 1.87 1.95 -0.36 4.98 4.00 4.24 -0.73 8.10 7.20 7.70 0.00 3.29 2.80 2.85 -0.30 62.00 55.09 55.15 -5.54
295012 1417656 2464801 924529 43868 7008727 148035 1114218 324876 403659 227360 350274 3310869 951045 10850593 5559504 197970 2897870 563916 8863 298732 1526310
68.99 12.35 10.96 29.75 5.96 7.35 4.09 10.73 122.99 22.45 3.00 1.77 210.95 19.84 55.80 1.89 2.18 3.06 6.69 9.20 4.75 65.01
60.00 9.69 9.15 27.40 3.75 5.00 3.25 8.70 114.10 17.00 1.50 1.21 175.14 16.60 46.74 1.25 1.50 1.87 4.00 7.20 2.67 55.09
2010 Div BR (%) (%)
Paid up Cap(mn)
Company
Adamjee Insurance XD
1237
Close 647.15 Listed cap 11,111.34 mn Payout (%) 79.54
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5.37
57.66
58.49
49.84
50.05 -7.61
250087
69.90
49.84
-
Close 233.07 Listed cap 30,336.44 mn Payout (%) 99.56
Change % Change -42.35 -15.38 Market cap 200-Day High 11,853.10 mn Div Yield (%) 200-Day Low 6.10 -
High
Low
Close Chg
0.47
0.25
0.38 -0.01
Arif Habib Investments
360
4.97
18.50
19.50
18.00
19.50 1.00
1026800
23.15
18.00
-
20B
-
-
Arif Habib Limited
450 16.13
17.02
18.02
15.32
15.32 -1.70
52514
20.20
14.00
-
20B
-
-
27.02
27.75
24.01
24.01 -3.01
5699125
29.24
20.53
30
3750
3.21
Volume
Last 60 days High Low
112567
0.64
2010 Div BR (%) (%)
0.25
-
2011 Div BR (%) (%)
-
-
-
-
Dawood Equities
250
-
1.20
1.44
1.20
1.20 0.00
6403
1.80
1.01
-
-
-
-
First National Equity
575
-
2.01
2.74
1.01
2.00 -0.01
13528
3.49
1.01
-
-
- 140R
2121
6.11
1.45
0.90
1.16 -0.29
Invest Bank
2849
-
0.38
0.40
0.21
0.21 -0.17
54403
0.74
0.21
-
-
-
-
Ist Cap Securities
3166
-
2.78
2.95
1.76
2.11 -0.67
658332
3.24
1.76
-
10B
-
-
626
0.61
1.45
1.55
1.10
-
-
1.10
-
-
6.81
7.71
5.38
5.51 -1.30
14286201
8.34
5.38
10
-
-
-
-
2.54
2.74
1.91
2.04 -0.50
671813
3.38
1.91
-
-
-
-
1000 33.33 1000
-
3.38
3.85
2.56
3.06 -0.32
38427
4.79
2.56
-
-
-
-
821
3.03
6.01
6.01
5.00
5.00 -1.01
193468
6.45
5.00
-
-
-
-
1.10
1.14 -0.26
474967
3.70
1.99
-
1.10
-
-
-
-
JS Investment
1.50
6.43
-
KASB Securities
1.40
586351
-
-
508
4.00 -1.00
1.96
-
7633
3.70
54269
0.90
Jah Siddiq Co
5.10
1.35 -0.10
1.99
JOV and CO
5.00
1.55
148620
-
-
-
-
-
775
4.07
Sec Inv Bank
514
3.13
1.30
1.30
1.25
1.25 -0.05
20272
2.99
1.25
-
-
-
-
Security Leasing
363
-
2.04
3.00
2.05
3.00 0.96
263620
3.00
1.50
-
-
-
-
-
Stand Chart Leasing
978
2.96
2.21
2.74
2.10
2.10 -0.11
10896
3.00
2.10
-
-
-
-
Trust Inv Bank
586
0.25
1.00
1.68
1.00
1.01 0.01
16452
2.29
0.83
-
-
-
-
Performance of SR Equity Investment Instruments Index Open 1,529.87 Turnover 3,252,257 P/E (x) 15.49 Paid up Cap(mn)
Company
Open
-
Low
1.25
-
1.64
6.61
7.59
6.15
6.15 -0.46
205505
7.59
6.15
2.2
-
-
-
2.71
2.75
2.31
2.50 -0.21
57411
2.90
1.41
0
-
-
-
3.53
3.60
2.31
2.85 -0.68
17668
3.89
2.10
5
-
-
-
2.84
2.90 -0.46
2.00
2011 Div BR (%) (%)
3.96
3.40
37219
2010 Div BR (%) (%)
2.60
3.36
1.30 -0.20
Last 60 days High Low
264
1.92
1.30
Volume
525
760
1.70
Close Chg
Change % Change -101.22 -6.62 Market cap 200-Day High 16,654.80 mn Div Yield (%) 200-Day Low 10.51 -
1st Fid Leasing
113
1.50
High
Close 1,428.65 Listed cap 29,771.58 mn Payout (%) 104.74
Atlas Fund of Funds
Elite Cap Modaraba
497026
3.72
2.84
-
17
-
-
-
-
-
H B L Modaraba
397
3.43
7.89
8.05
7.00
7.00 -0.89
72851
8.44
7.00
11
-
-
-
Habib Modaraba
1008
5.80
8.09
8.25
7.66
8.00 -0.09
174230
8.50
7.32
21
-
22
-
I B L Modaraba
202
1.06
3
JS Growth Fund
3180
1.92
6.00
6.50
5.21
5.60 -0.40
607307
7.30
5.21
12.5
-
-
-
JS Value Fund
1186
0.49
5.19
5.30
4.41
4.67 -0.52
322421
6.10
4.41
10
-
5.00
-
1200
2.72
10.11
10.24
8.59
9.46 -0.65
104586
10.40
8.59
15.5
-
-
-
Meezan Balanced Fund PICIC Energy Fund
-
PE
High Low 1,566.87 1,387.48 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.34 2.21
B R R Guardian Modaraba780
Golden Arrow
2011 Div BR (%) (%)
-
High Low 295.81 225.95 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.15 0.91
EQUITY INVESTMENT INSTRUMENTS
40 10B 25.00 - 10B 20 20B -64.41R - 20B 65 10B - 20B - 33R -105.16R 115 10B 60.00 - 15B 75 25B -154.79R -63.46R - 311R 6 - 20R 50 - 15.00 -
25
-
0.39
Pervez Ahmed Sec
2011 Div BR (%) (%)
2010 Div BR (%) (%)
-
Open
Orix Leasing
Change % Change -45.25 -6.54 Market cap 200-Day High 42,099.06 mn Div Yield (%) 200-Day Low 8.98 -
PE
2011 Div BR (%) (%)
-
PE
Ist Dawood Bank
-
NON LIFE INSURANCE High Low 705.46 634.72 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.46 5.20
50
0.79
IGI Investment Bank
Performance of SR Non Life Insurance Index Open 692.40 Turnover 1,768,250 P/E (x) 8.86
2010 Div BR (%) (%)
225
AMZ Ventures
Change % Change -78.57 -7.15 Market cap 200-Day High 615,715.84 mn Div Yield (%) 200-Day Low 6.09 -
Last 60 days High Low
Volume
57.35
Paid up Cap(mn)
Company
BANKS High Low Close 1,121.08 1,009.93 1,019.98 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.93 13.94 40.49
Change % Change -19.16 -2.12 Market cap 200-Day High 9,814.05 mn Div Yield (%) 200-Day Low 5.97 -
850
Open 275.42 Turnover 18,694,802 P/E (x) 11.40
Performance of SR Banks Index Open 1,098.55 Turnover 40,589,956 P/E (x) 6.65
Close 883.19 Listed cap 2,290.72 mn Payout (%) 355.53
FINANCIAL SERVICES
-
-
Symbols ACCM EWLA SMCPL FNBM BAWS ELSM EMCO ALQT UNIC SAPL SITC FEM GFIL SHCM AATM AGSML FPRM WAHN NATF FASM PASM SERT ATLH AABS SANSM IFSL PNSC FUDLM HUSI GATM AKDCL PCAL FEROZ PAKT ICCT BUXL JSGCL ALNRS BILF DKTM ALICO JOPP NATM HUSS SEL DLL COLG DINT HWQS GUTM ZTL STJT CWSM UVIC PECO TRPOL PAKD STML GUSM CLOV GATI SMTM DMTM SHEZ PAKMI SGPL FTSM AGIC ADMM FPJM ANSS SSOM TSML LMSM SFL MRNS LIBM FCIBL RMPL JDMT BCL PPP IDSM PGCL SIEM SING KSBP ULEVER CSM LEUL CHAS NESTLE ADOS ADAMS NONS GAEL COTT OLSM RCML MZSM GAMON DYNO BHAT SURC TRSM BWHL PIL GRAYS TATM SPLC NJLIC THCCL MFFL FCONM SAPT CRTM MUBT JVDC AASM QUAT KASBM SAZEW UPFL DWAE ILTM CSIL SHDT SASML TSMF PMRS GLPL FZTM MOON HAJT
Performance of SR Financial Services Index
2011 Div BR (%) (%)
25B
High Low 930.60 867.07 Total cos Defaulter cos 4 P/BV (x) ROE (%) 2.29 3.85
Paid up Cap(mn)
EFU Life Assurance
2011 Div BR (%) (%)
2010 Div BR (%) (%)
-
10.60 0.36
Open 902.35 Turnover 17,753 P/E (x) 5.21
Change % Change -69.46 -5.53 Market cap 200-Day High 26,212.81 mn Div Yield (%) 200-Day Low 8.82 -
PE
-
-
10.00
303
Arif Habib Corp
Close 1,187.38 Listed cap 12,202.80 mn Payout (%) 66.79
-
-
Performance of SR Life Insurance Index
GAS WATER AND MULTIUTILITIES High Low 1,294.31 1,166.06 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.86 11.41
-
-
-
UPTO 5000 VOLUME
-
LIFE INSURANCE
Performance of SR Gas Water and Multiutilities Index Open 1,256.84 Turnover 2,502,366 P/E (x) 7.58
-
-
11.00
-
- 25.00 7.8R - 10.00 - 30.00 - 10.00 -
50B
10
10.24
-
3000
Pak Reinsurance
Change % Change -53.76 -3.92 Market cap 200-Day High 107,612.79 mn Div Yield (%) 200-Day Low 8.57 -
Close Chg
25 12.5
7.36
Performance of SR Electricity Index High Low 1,397.57 1,285.60 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.14 9.35
20B
450
ELECTRICITY Open 1,371.99 Turnover 23,436,905 P/E (x) 12.15
40
Premier Insurance
New Jub Insurance
2011 Div BR (%) (%)
443
1.69
1000
1.35
1.16
1.10
1.15 -0.20
100301
2.45
-
10
-
- 10.00
-
1.92
7.10
7.30
6.50
6.50 -0.60
99742
8.25
6.50
PICIC Growth Fund
2835
2.35
12.95
13.35
11.35
11.44 -1.51
641968
13.84
11.35
20
- 12.50
-
PICIC Inv Fund
2841
1.96
5.83
6.20
4.81
4.96 -0.87
208467
6.95
4.81
10
-
-
7.50
-
Prud Modaraba 1st
872
1.64
0.98
1.00
0.75
0.90 -0.08
56503
1.04
0.75
3
-
-
-
Stand Chart Modaraba
454
5.50
10.05
10.90
9.85
9.95 -0.10
30320
11.00
9.50
17
-
-
-
Open 0.22 1.02 4.84 5.50 9.00 23.71 1.60 11.50 4.66 145.01 99.96 1.24 4.14 21.60 0.75 4.95 11.25 36.89 68.00 50.00 11.41 0.75 128.76 90.24 12.23 7.38 23.05 6.75 3.64 49.30 33.29 46.97 94.00 83.36 0.84 7.22 19.25 40.85 1.00 1.99 16.09 9.00 42.15 10.67 18.99 28.01 737.24 34.50 8.28 18.08 2.57 28.94 1.50 1.55 50.79 0.76 28.48 17.00 7.99 67.41 49.00 5.23 3.63 134.87 1.00 0.90 1.55 8.11 25.00 1.00 6.50 4.30 52.25 1.10 118.00 54.25 54.00 5.01 2800.00 12.10 49.93 43.01 4.20 19.18 1036.08 14.78 31.75 5798.63 0.43 3.00 9.90 4201.58 9.00 17.08 14.50 1.00 1.01 2.50 26.00 2.47 1.00 9.90 244.52 35.10 2.00 29.00 12.73 39.78 28.50 0.79 54.66 15.00 79.00 1.27 119.00 15.75 1.00 61.37 26.37 19.00 4.50 23.56 1692.17 1.12 223.25 2.48 13.00 7.00 1.00 40.65 57.12 305.00 8.00 0.50
High 0.22 1.76 5.79 5.50 9.09 24.00 2.35 11.50 4.66 153.00 98.99 1.69 4.81 22.68 0.80 4.70 12.00 37.95 70.00 57.70 11.41 0.75 127.40 94.50 12.40 7.00 23.45 7.10 4.00 49.30 33.24 47.00 95.48 91.89 0.91 7.22 19.25 41.05 1.00 2.19 16.09 9.00 53.77 11.65 19.05 28.26 761.90 35.26 11.75 19.08 2.75 28.00 1.50 1.70 51.39 0.89 29.80 16.00 7.99 67.41 51.45 5.23 3.99 131.00 1.47 1.74 1.69 8.48 26.25 1.00 7.00 4.34 52.25 1.50 118.00 54.25 54.00 5.17 2935.00 11.25 50.90 43.80 4.20 20.33 1036.08 15.78 31.74 6090.00 0.62 3.10 10.25 4239.00 9.10 17.25 14.95 1.00 1.25 2.50 26.80 2.59 1.45 10.49 255.00 35.10 2.00 29.99 12.73 40.00 29.30 1.19 57.39 15.00 82.95 1.89 119.00 15.75 1.29 61.37 27.63 19.00 4.50 23.56 1692.17 1.50 223.25 3.48 13.00 8.00 1.49 41.10 57.12 320.25 7.99 0.60
Low
Close
0.18 1.02 4.87 5.30 8.00 23.25 1.60 10.50 4.50 145.01 93.10 1.00 3.80 18.00 0.38 3.03 11.99 34.39 61.75 50.00 10.41 0.50 116.10 86.45 11.51 6.10 21.10 6.75 2.50 47.00 30.11 45.00 90.00 79.51 0.75 7.00 18.05 38.95 0.98 1.99 15.50 8.00 40.05 11.65 17.11 25.88 690.00 33.25 8.28 18.08 2.50 28.00 0.35 1.61 47.07 0.76 27.75 16.00 6.99 64.04 49.00 4.26 2.30 118.31 1.00 0.51 0.55 8.00 24.09 0.76 6.01 4.15 52.25 1.10 118.00 51.54 51.30 4.01 2660.00 11.10 48.99 41.00 3.80 19.26 935.76 13.91 30.17 5650.00 0.53 2.85 10.00 3907.37 9.08 17.08 14.95 0.85 1.25 2.00 24.70 2.47 1.00 9.22 242.25 33.35 1.50 28.90 11.73 38.00 28.50 0.70 54.66 15.00 79.00 1.25 113.10 14.75 1.00 58.98 26.37 18.00 3.50 23.00 1607.60 0.80 212.09 1.48 12.00 7.00 0.31 38.62 54.27 289.75 7.00 0.50
0.18 1.40 4.33 5.30 9.09 23.95 1.60 11.50 4.50 150.00 93.34 1.00 4.10 18.00 0.38 3.03 11.99 34.40 61.75 57.70 10.41 0.50 116.21 86.45 11.75 6.15 21.61 6.75 2.65 47.00 30.15 45.00 90.79 90.00 0.75 7.00 18.05 41.00 0.98 2.19 15.50 8.00 53.77 11.65 18.31 27.24 690.33 33.25 10.99 18.08 2.50 28.00 1.30 1.61 48.95 0.88 29.57 16.00 7.00 64.04 51.43 4.26 3.25 124.45 1.00 0.90 0.56 8.00 25.35 1.00 7.00 4.15 52.25 1.50 118.00 52.20 54.00 5.00 2701.68 11.15 49.62 41.55 4.00 20.32 936.21 14.78 31.75 5659.39 0.53 3.10 10.00 3967.76 9.08 17.25 14.95 1.00 1.25 2.00 26.00 2.47 1.00 9.90 242.26 35.10 2.00 29.00 12.73 39.78 28.50 0.79 54.66 15.00 79.00 1.27 119.00 15.75 1.00 61.37 26.37 19.00 4.50 23.54 1607.60 1.12 223.25 2.48 13.00 7.00 1.00 40.65 57.12 305.00 7.00 0.50
Change
Vol
-0.04 0.38 -0.51 -0.20 0.09 0.24 0.00 0.00 -0.16 4.99 -6.62 -0.24 -0.04 -3.60 -0.37 -1.92 0.74 -2.49 -6.25 7.70 -1.00 -0.25 -12.55 -3.79 -0.48 -1.23 -1.44 0.00 -0.99 -2.30 -3.14 -1.97 -3.21 6.64 -0.09 -0.22 -1.20 0.15 -0.02 0.20 -0.59 -1.00 11.62 0.98 -0.68 -0.77 -46.91 -1.25 2.71 0.00 -0.07 -0.94 -0.20 0.06 -1.84 0.12 1.09 -1.00 -0.99 -3.37 2.43 -0.97 -0.38 -10.42 0.00 0.00 -0.99 -0.11 0.35 0.00 0.50 -0.15 0.00 0.40 0.00 -2.05 0.00 -0.01 -98.32 -0.95 -0.31 -1.46 -0.20 1.14 -99.87 0.00 0.00 -139.24 0.10 0.10 0.10 -233.82 0.08 0.17 0.45 0.00 0.24 -0.50 0.00 0.00 0.00 0.00 -2.26 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 -0.02 -84.57 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.00 0.00
5000 4802 4696 4500 4494 4409 4252 4000 4000 3950 3901 3889 3800 3769 3644 3628 3550 3195 3170 3000 3000 3000 2935 2900 2790 2690 2624 2600 2535 2500 2455 2451 2399 2119 2110 2100 2003 2000 2000 2000 2000 1826 1820 1688 1680 1573 1540 1524 1510 1500 1407 1400 1303 1270 1262 1260 1250 1245 1198 1140 1131 1130 1063 1020 1016 1013 1011 1003 1002 1002 1000 1000 1000 1000 1000 979 979 910 884 726 724 720 700 620 572 570 534 514 514 510 505 502 500 500 500 500 500 500 500 460 450 397 354 352 310 300 250 230 210 203 202 200 200 182 116 110 105 100 100 100 100 79 65 57 56 53 47 38 36 34 31 28 25 21
BOARD MEETINGS
Fauji Fertiliser Bin Qasim Ltd
KSE 100 INDEX
Fauji Fertiliser Co
National Bank of Pakistan
Company
Date
Time
International Steels Ltd Pakistan Petroleum Ltd Pakistan State Oil Comp Ltd Unilever Pakistan Ltd International Industries Ltd Unilever Pakistan Foods Ltd BOC Pakistan Ltd Pakgen Power Ltd Bata Pakistan Ltd Tri-Pack Films Ltd Packages Ltd
08-Aug 08-Aug 09-Aug 09-Aug 11-Aug 11-Aug 12-Aug 12-Aug 18-Aug 22-Aug 23-Aug
10:00 10:30 10:00 10:30 10:00 2:30 10:00 11:00 11:30 11:30
TECHNICAL LEVELS Company
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
21.13
Support 1
11,168.15
MA (5-day)
11,928.54
Support 2
10,961.20
MA (10-day)
12,095.52
Resistance 1
11,714.10
MA (100-day)
12,083.54
Resistance 2
12,053.10
11,894.12
Pivot
Recommendations
49
Arif Habib Ltd
Brokerage House
Hold
Arif Habib Ltd
AKD Securities Ltd
45.52
Neutral
AKD Securities Ltd
TFD Research
47.75
Neutral
Technical Outlook Technical Analysis
RSI (14-day) KSE 100 INDEX closed down -815.28 points at 11,375.09. Volume was 88 MA (10-day) per cent above average and Bollinger Bands were 105 per cent wider than MA (100-day) MA (200-day)
Target Price
11,507.15
MTS Shares `000 MTS Rs `000
42.85
MTS Rate
normal. As far as resistance level is concern, the market will see major 1st MA (200-day)
40.15 resistance level at 11,714.10 and 2nd resistance level at 12,053.10, while Free Float Shares (mn) 326.94
94.75 3,185.67 18.00
** NOI Rs (mn) Free Float Rs (mn)
32.85 14,758.00
Index will continue to find its 1st support level at 11,168.15 and 2nd sup- Target price for Dec-11 & **Net Open Interest in future market port level at 10,961.20. FFBL closed down -1.68 at 45.14. Volume was 185 per cent above averKSE 100 INDEX is currently 4.4 per cent below its 200-day moving average age (trending) and Bollinger Bands were 12 per cent wider than normal. and is displaying a downward trend. Volatility is extremely high when comFFBL is currently 12.4 per cent above its 200-day moving average and is pared to the average volatility over the last 10 trading sessions. Volume indi- displaying an upward trend. Volatility is extremely high when compared to cators reflect volume flowing into and out of INDEX at a relatively equal pace. the average volatility over the last 10 trading sessions. Volume indicators Trend forecasting oscillators are currently bearish on INDEX. Momentum oscil- reflect volume flowing into and out of FFBL at a relatively equal pace. lator is currently indicating that INDEX is currently in an oversold condition. Trend forecasting oscillators are currently bullish on FFBL.
Brokerage House
MA (100-day)
37.81
MTS Rate
140.00 4,097.91 16.00
MA (200-day) 37.51 ** NOI Rs (mn) 7.40 Free Float Shares (mn) 810.01 Free Float Rs (mn) 30,974.71 Target price for Dec-11 & **Net Open Interest in future market HUBC closed down -0.97 at 38.24. Volume was 174 per cent above average (trending) and Bollinger Bands were 4 per cent narrower than normal. HUBC is currently 2.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of HUBC (mildly bearish). Trend forecasting oscillators are currently bullish on HUBC.
Technical Outlook
Leverage Position
24.30 52.52
MTS Shares `000 MTS Rs `000
MA (100-day)
53.64
MTS Rate
MA (200-day) 63.13 Free Float Shares (mn) 398.12
632.606 23,387.95 17.00
** NOI Rs (mn) Free Float Rs (mn)
82.14 18,616.20
Technical Analysis RSI (14-day)
43.24
MA (10-day)
160.24
Leverage Position MTS Shares `000
54.70
MTS Rs `000
MA (100-day) 145.68 MA (200-day) 136.18 Free Float Shares (mn) 466.49
6,513.29
MTS Rate ** NOI Rs (mn) Free Float Rs (mn)
Target price for Dec-11 & **Net Open Interest in future market
NBP closed down -7.12 at 46.76. Volume was 87 per cent above average and Bollinger Bands were 8 per cent narrower than normal. NBP is currently 25.9 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 NBP at a relatively equal pace. Trend forecasting oscillators are currently bearish on NBP. Momentum oscillator is currently indicating that NBP is currently in an oversold condition.
FFC closed down -5.86 at 154.00. Volume was 102 per cent above average and Bollinger Bands were 51 per cent wider than normal. FFC is currently 13.1 per cent above its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of FFC at a relatively equal pace. Trend forecasting oscillators are currently bearish on FFC.
Engro Corporation
Nishat Mills Ltd
224
Buy
195.41
Buy
Positive
TFD Research
245.95
Positive
Brokerage House
Technical Analysis 11.33
MTS Shares `000
29.43
MA (10-day) MA (100-day) MA (200-day)
12.19 15.63 17.30
MTS Rs `000 MTS Rate ** NOI Rs (mn)
258.87 2.50
Free Float Shares (mn) 585.06
Free Float Rs (mn)
Target Price 68.95
Recommendations
6,184.09
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Free Float Shares (mn)
17.09 46.98 57.39 59.48 175.80
Target Price
Recommendations
Technical Outlook
Leverage Position MTS Shares `000 MTS Rs `000 MTS Rate ** NOI Rs (mn) Free Float Rs (mn)
Brokerage House Arif Habib Ltd
Buy
Technical Outlook
Leverage Position
RSI (14-day)
18.00 81.07 71,839.05
Target price for Dec-11 & **Net Open Interest in future market
AKD Securities Ltd
Technical Outlook
Leverage Position MTS Shares `000 MTS Rs `000
Technical Analysis
Neutral
AKD Securities Ltd
20.15
42.83 39.26
164.95
Buy
TFD Research
Technical Outlook
194
TFD Research
Buy
Positive
Technical Analysis
Arif Habib Ltd
Recommendations
AKD Securities Ltd
RSI (14-day) MA (10-day)
Buy Buy
21.1
Arif Habib Ltd
Accumulate
49.05
Buy
65
23.91
Buy
42.1
Recommendations
Target Price
Recommendations
50
AKD Securities Ltd TFD Research
Brokerage House
Target Price
Arif Habib Ltd
Target Price
64.99
RSI (14-day) MA (10-day)
Pakistan Telecommunication Co Ltd
Hub Power Co Ltd
Brokerage House
Recommendations
Technical Outlook
Leverage Position
45.08 46.57
Target Price
308.199 9,933.87 18.01 37.46 7,221.86
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Free Float Shares (mn)
12.19 141.24 181.33 190.70 176.98
Leverage Position MTS Shares `000 MTS Rs `000 MTS Rate ** NOI Rs (mn) Free Float Rs (mn)
112.683 11,499.56 16.06 171.49 22,883.24
Target price for Dec-11 & **Net Open Interest in future market
Target price for Dec-11 & **Net Open Interest in future market
Target price for Dec-11 & **Net Open Interest in future market
PTC closed down -2.14 at 10.57. Volume was 170 per cent above average (trending) and Bollinger Bands were 64 per cent wider than normal. PTC is currently 38.9 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 PTC (mildly bearish). Trend forecasting oscillators are currently bearish on PTC. Momentum oscillator is currently indicating that PTC is currently in an oversold condition.
NML closed down -6.31 at 41.08. Volume was 51 per cent above average (neutral) and Bollinger Bands were 93 per cent wider than normal. NML is currently 30.9 per cent below its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume out of NML (bearish). Trend forecasting oscillators are currently bearish on NML. Momentum oscillator is currently indicating that NML is currently in an oversold condition.
ENGRO closed down -13.59 at 129.30. Volume was 24 per cent below average (neutral) and Bollinger Bands were 43 per cent wider than normal. ENGRO is currently 32.2 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 moderate flows of volume out of ENGRO (mildly bearish). Trend forecasting oscillators are currently bearish on ENGRO. Momentum oscillator is currently indicating that ENGRO is currently in an oversold condition.
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Corp Arif Habib Limited Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Corp Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power K.E.S.C Lotte Pakistan Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 31.22 1.95 1.90 30.45 59.20 58.10 22.65 41.70 40.80 32.85 23.70 23.45 27.83 15.25 15.20 8.83 48.25 46.50 23.33 9.45 9.10 19.68 4.25 3.90 11.97 326.80 320.65 27.58 110.95 109.40 32.90 9.15 8.70 33.08 3.20 3.10 24.12 4.95 4.55 22.00 1.00 0.90 26.22 20.50 20.10 17.98 1.55 1.35 32.15 1.80 1.75 29.27 29.90 29.25 40.12 63.20 61.20 12.22 127.75 126.15 35.44 8.65 8.25 17.15 3.30 3.15 45.09 44.15 43.15 43.24 150.65 147.30 43.06 115.60 113.65 42.83 37.50 36.75 20.20 139.50 138.10 27.57 197.55 194.05 22.32 1.85 1.65 36.10 0.95 0.85 27.25 1.75 1.65 44.21 5.20 4.90 44.41 41.50 40.50 22.55 1.20 0.85 17.73 10.40 10.15 44.27 69.45 67.80 24.99 172.30 169.45 25.42 1.55 1.30 24.31 46.00 45.25 14.65 16.35 16.00 17.52 17.00 16.60 24.27 1.25 1.20 36.50 2.55 2.35 17.11 40.50 39.85 27.33 137.00 135.00 22.14 1.40 1.20 28.15 1.00 0.85 23.40 1.50 1.35 19.67 3.40 3.10 28.36 333.40 329.25 35.21 198.35 193.85 56.61 63.25 61.30 13.13 214.75 211.55 11.35 10.30 10.00 24.19 202.75 200.25 21.34 17.70 17.45 21.58 14.15 13.85 28.65 18.85 18.25 29.88 1.10 1.00 11.67 1.45 1.15 17.96 54.10 53.05 16.32 1.20 0.95
1st
2nd
Resistance 2.10 2.20 62.20 64.10 44.25 45.90 24.60 25.15 15.45 15.60 53.40 56.75 10.40 11.00 5.25 5.90 345.05 357.15 115.55 118.55 9.95 10.40 3.45 3.60 5.80 6.30 1.35 1.55 21.55 22.25 2.05 2.35 1.95 2.05 31.25 31.90 69.00 72.80 132.40 135.55 9.45 9.85 3.65 3.85 46.15 47.10 157.45 160.85 118.85 120.15 39.00 39.75 143.65 146.40 205.25 209.45 2.30 2.60 1.10 1.20 2.05 2.15 6.00 6.50 43.25 44.00 2.00 2.50 11.25 11.80 72.55 74.05 180.90 186.55 1.95 2.20 48.25 49.75 17.35 18.05 18.25 19.05 1.35 1.45 2.95 3.15 42.30 43.50 143.00 147.00 1.85 2.05 1.40 1.60 2.00 2.25 4.25 4.80 345.30 353.15 206.90 211.00 67.95 70.70 224.10 230.20 11.15 11.70 208.85 212.50 18.60 19.20 15.00 15.55 19.95 20.50 1.35 1.55 2.10 2.45 57.15 59.20 1.65 1.90
Pivot 2.05 61.10 43.35 24.30 15.40 51.60 10.05 4.90 338.90 114.00 9.55 3.35 5.40 1.20 21.15 1.85 1.90 30.60 67.00 130.85 9.05 3.50 45.10 154.05 116.90 38.25 142.25 201.75 2.10 1.05 1.90 5.70 42.25 1.70 10.95 70.95 178.00 1.75 47.50 17.00 17.80 1.30 2.75 41.70 141.00 1.65 1.25 1.80 3.95 341.20 202.40 66.00 220.90 10.85 206.35 18.30 14.70 19.35 1.25 1.80 56.15 1.45
US insurance companies to cover birth control and other preventative care 8
Monday, August 8, 2011
Beneficiaries to reach 7m up till next mth
Every BISP donee getting health cover, says Farzana LAHORE: Chairperson, Benazir Income Support Program (BISP), Farzana Raja said that the number of BISP's beneficiary families would reach up to 7 million next month. The Chairperson, BISP said this while addressing the Ceremony to distribute Waseela-e-Haq cheques to 263 women in Governor House Lahore BISP has been declared as most transparent programme by the prestigious world organizations, says a press statement issued here on Saturday. She said that 1 million kids of beneficiary families to be sent to school; PPPP is the movements of giving the rights to the people, will carry on the mission of Shaheed Mohtarma Benazir Bhutto The Chairperson, BISP said that the number of beneficiary families registered with BISP would rise up to 7 million till the next month. She said that 96% of the nationwide poverty survey has already been completed and till now more than 5.4 million families have been enrolled with the BISP. Farzana Raja lauded the efforts and vision of the President Asif Ali Zardari and the Prime Minister Yousaf Raza Gilani for advancing the mission of Shaheed Benazir Bhutto. She said that Shaheed Mohtarma Benazir Bhutto had sacrificed her life to serve the people of Pakistan and to protect their rights. Hence, she said, we will not allow anybody to create hurdles between the poor people of Pakistan and the BISP which is established to serve them. She said that we will achieve the mission of Shaheed Zulfiqar Ali Bhutto and Shaheed Mohtarma Benazir Bhutto of making Pakistan a welfare state. Chairperson BISP said
that all the families registered with BISP are being included in the balloting under Waseela-e-Haq. Besides, she said, every registered family is being covered by life insurance of Rs one lac and a member from each registered family would be imparted with vocational/technical training under Waseela-eRozgar initiative. Ms. Farzana Raja said that some elements are busy in spreading baseless rumors and allegations against the BISP. However, these facts are befitting responses that till now, more than Rs. 88 billion have been distributed among the poor of the country by BISP and only Rs. 25 billion have been distributed among the families recommended by the parliamentarians belonging to PPP. Likewise, more than Rs. 13 billion has been distributed on the recommendations of the parliamentarians belonging to the party of Mian Nawaz Sharif. Governor Punjab Sardar Latif Ahmed Khosa also spoke on the occasion and said that BISP has been declared as a most transparent programme in the social sector by the various prestigious institutions of the world. He said that BISP has introduced state of the art technology to serve and facilitate the poor of the country and has proved that Pakistan is not a backward country. He concluded that the present democratic government would complete its term of five years and would keep serving the people of Pakistan. \Federal Minister Samina Khalid Ghurki, Makhdoom Shahabuddin, Imtiaz Safdar Warriach, Samiuallah Khan and Tanvir Ashraf Kaira were also present on the occasion. -Online
ING wavers on insurance IPO plan
KSE Last Wk
Insurers remain bearish TFD Report KARACHI: Insurance stocks followed the overall trend of bearish activities in the market last week at the Karachi Stock Exchange (KSE) where around 1.79 million shares traded together in life and non-life insurance sectors. Pak Reinsurance was the top traded scrip with 1.17 million shares followed by Adamjee Insurance with 0.25 million shares. Top losers of the week include Adamjee Insurance which fell by Rs 7.61 to close at Rs 50.05 and Central Insurance was down by Rs 6.74 to close at Rs 51.42 while New Jubilee Insurance increased by Rs 3.67 to close at Rs 58.69 and IGI Insurance was up by Rs 0.81 to close at Rs72 to be the major gainers of the week.
IG plans to hold mortgage insurance WASHINGTON: Bailed-out insurer American International Group plans to hold on to its mortgage insurance business even as the rest of that industry struggles with rising claims, AIG's chief executive said. Mortgage insurers have been struggling, with losses mounting and capital ratios breaching crucial levels that could keep them from writing new business. For example, PMI Group shares fell 59 percent on Thursday after the company warned its debt-to-capital ratio was more than twice what most states have as an upper limit. But AIG said on Friday it was happy to hold on to United Guaranty, also known as UGC, and that newly reported delinquent loans continued to fall. "It's enhancing whatever we do here," CEO Bob Benmosche said on a conference call with analysts. "For now we see it as a keeper." Benmosche said AIG liked UGC because it gives the company insight into the mortgage market, which helps it evaluate its investments in mortgagebacked securities. Though AIG is largely finished with its post-crisis asset sales, the fate of UGC had been something of a question mark, since it is not considered part of the company's core operations. One thing AIG does not plan to do, though, is to boost UGC by buying up struggling competitors. Benmosche was asked on the conference call if he would be interested in AIG taking part in a reorganization of the mortgage insurance market.-Reuters
MUNICH: Nikolaus von Bomhard (R) Chief Executive of German reinsurer Munich RE poses for photographers before the company's annual shareholder meeting in Munich. -Reuters
Munich Re targets 2011 profit amid heavy claims MUNICH: Munich Re expects to be profitable this year after rising premiums helped offset a hit from tornadoes in the United States and write-downs on Greek debt and pushed quarterly net profit above expectations. Despite the exceptionally heavy claims burdens we aim to achieve a positive result for the year," Chief Executive Nikolaus von Bomhard said in a statement. Net profit after minorities rose 3.8% to 736 million ($1.06 billion) in the second quarter, the world's biggest reinsurer reported on Thursday, better than the 660 million ($950.3 million) average estimate in a Reuters poll. DZ Bank analyst Thorsten Wenzel also pointed to a lower tax rate helping quarterly earnings.
Munich-based Munich Reinsurance Co. said net profit took a 125 million ($180.0 million) hit in the quarter from a 703 million ($1.01 billion) writedown on its Greek sovereign debt exposure to reflect market values as of the end of June. European banks and insurers agreed to participate in a second rescue package for debtstricken Greece that includes a 21% haircut on their sovereign bond holdings. "In my estimation, this package is the right step because it should give the capital markets the certainty they so urgently need in the short term to calm the troubled waters," Mr. von Bomhard said. But the company said it has not yet determined the specifics of its participation in the second rescue pack-
age for Greece. Shares were listed 1.6% higher in local Frankfurt trading as of 0639 GMT, better than early pre-market indications for the DAX blue chip index. Munich Re's share has fallen by more than 12% so far this year, hammered by earthquakes in Japan and New Zealand and investor worries about its exposure to heavily indebted euro zone countries. Other reinsurers have also been hit. Data from StarMine, which weights analysts' forecasts according to their track record, show Munich Re trading at 9 times 12-month forward earnings, a discount to rival Swiss Reinsurance Co. Ltd. at a multiple of 9.3 but a premium to Hannover Reinsurance Co., which trades at a multiple of 6.8.-Reuters
Global insurance premiums rise 2.1pc during last fiscal GENEVA: Global nonlife insurance premiums grew 2.1% to $1.819 trillion in 2010, Swiss Reinsurance Co Ltd. said in a sigma study released. The study, World Insurance in 2010, says nonlife insurance premiums in the United States increased 0.2% to $660 billion in 2010 compared with 2009. For emerging markets, such as Latin America, Central and Eastern Europe, the Middle East and Central Asia, premiums increased 8.4% to $286 billion. For the eight largest nonlife insurance markets in the world-Australia, Canada,
France, Germany, Italy, Japan, the United Kingdom and the United States-insurers' average combined ratio was 103% last year, up from 101% the previous year. Catastrophe losses "Given recent catastrophe loss events, it is clear that global underwriting results will deteriorate further in 2011. This indicates that prices are inadequate," Daniel Staib, a co-author of the report, said in a statement. "In some markets, such as Italy and the United Kingdom, rates began to mount, most notably in the personal motor business, signaling that the underwriting
cycle is at long last beginning to turn," he said. Natural catastrophes cost the global nonlife insurance industry about $40 billion in 2010, with man-made disasters causing a further $3 billion in losses, Zurich-based Swiss Re said in the sigma report. While the final costs of the devastating earthquakes in Japan and New Zealand earlier this year are not yet known, they likely will add to pressure on insurers to increase rates, according to the study. Some insurers could see adverse reserve development in 2012 after several years of reserve release.-Reuters
AMSTERDAM: ING will not be launching a stock market flotation for its insurance operations any time soon and trade buyers are expressing interest, the Dutch bancassurer said. European Commission regulators seeking payback for the state bailout the bank received in the financial crisis have insisted ING dispose of its 19 billion euro ($27 billion) insurance business by the end of 2013. "This is not a good time to do an IPO now. Markets are not receptive. Maybe they will be in the future," ING Chief Executive Jan Hommen said on a results day that delivered better-than-expected second-quarter profits. ING will continue with its plans for two separate initial public offerings, one for its U.S. insurance operations, the other for its combined European and Asian business. But Hommen acknowledged that trade sales are a possibility. "We cannot stop people from calling us. They do ... and we talk to them," Hommen said. Investment bankers told Reuters this week that a trade sale could well net a bigger return. Last month, ING announced the sale of most of its Latin American insurance and investment management business. "We can't rule out that someone makes an offer. That can happen. We know that and if it does we'll have to look at it. We don't rule that out," Patrick Flynn, ING's chief financial officer, told Reuters Insider when asked about further trade sales of its insurance operations. Dutch insurer Delta Lloyd said on Thursday it was interested in ING's Belgian insurance operations, confirming earlier media reports. ING said on Thursday it took a 310 million euro hit on its Greek sovereign bond holdings, holding back a rise in secondquarter net profit, which still beat expectations. ING reported second-quarter net profit rose 24.4 percent from a year ago to 1.5 billion euros, thanks to a strong recovery of profits at its insurance unit, and above analysts' average estimate of 1.3 billion euros. ING shares jumped more than 5 percent to 7.16 euros a piece on the better-than-expected results. The broader Amsterdam market was up about 1 percent. Private sector investors have agreed to take a 21 percent loss on Greek sovereign bonds maturing before 2020 as part of a Greek bailout agreed by European leaders last month. ING is one of the participating institutions.-Reuters
The Ins and Outs of Whole Life Insurance A
breakdown of the pros and cons of whole life insurance
Whole life insurance, otherwise known as permanent life insurance, is designed for people who want coverage their entire life with very few strings attached and zero-risk. Getting whole life insurance quotes is a simple process, but it's important you understand a little more about how the policy works before shopping around. Whole life insurance guarantees a payout for the entire term of your life and you pay a monthly or yearly premium for the entire term of your life as well. It's a very simple policy in its structure since typically the payments do not change (up or down) and the benefit does not change. However, this may not be best suited for everyone, and when you get your whole life insurance quotes you need to make sure
you understand exactly what you are buying. A Quick Breakdown of How Whole Life Insurance Works Higher Premium - You will notice that whole life insurance quotes tend to be higher than term life insurance and other variable types as well. The reason whole policies tend to be more expensive is that the money you pay into the policy is put into a "savings" program. The longer you pay into the policy, the larger the tax-deferred earnings are that you earn from the money saved up inside the whole life policy. These interest and dividends should be discussed with your insurance agent when you receive you whole life insurance quotes. Also, while you do have the ability to get a loan against your policy, again that is a major financial decision that should be discussed with an agent as well. Fixed Policy - Whole life insurance
policies are fixed in a couple different ways. The first of which is that your payments are fixed at a certain set amount for the entire duration of the policy. Regardless of economic troubles, increases in mortality, etc‌ your premium always stays exactly the same. So whatever you receive in whole life insurance quotes, that will be the rate you pay forever. The second aspect of the policy being fixed is that the death benefit always stays exactly the same. The death benefit is agreed upon from day one and even 50 years later it will be the same amount, so plan carefully when you are deciding on how large a death benefit to request in your whole life insurance quotes. Financial Benefits - Aside from the death benefit, whole life insurance policies allow you to earn tax-deferred earnings from the money you have invested into the policy over the years.
However, it takes many years, sometimes decades, to see the full benefit of that, which means whole life insurance policies are a poor vehicle for short term investment. Life Settlements-The Good,The Bad, And The Ugly Mention Life Settlements and you're bound to hear strong opinions, both positive and negative. The life settlement market has grown into a billion dollar industry in the last few years. If you're over 50 and own a term life insurance policy you no longer need, this could mean money in your pocket. First, the Ugly Every market has those who try to "game" the system. Many seniors have fallen prey to agents tempting them with an offer of free money. The senior is induced to purchase life insurance without a legitimate need for such coverage. The insured then waits
two years so the policy becomes uncontestable, sells the policy, and shares the proceeds with the other parties to the transaction. This is called "stranger originated life insurance" There are two major concerns that any individual should be aware of when thinking about such a transaction. First, there is no insurable interest. That is, the applicant has no legitimate purpose. Secondly, many states are considering, or have made this type of transaction illegal. STOLI transactions corrupt the marketplace by changing the basis on which premiums are determined. The Bad Many people who have purchased life insurance for legitimate purposes may need money due to a terminal illness. Individuals who are induced to sell policies in this situation enter into what are known as "viatical settle-
ments", selling their policy for a percentage of the face amount to obtain money for immediate living expenses. These transactions became popular at a time when a diagnosis of AIDS meant a short life expectancy. Viatical settlements allowed the terminally ill to receive cash during their last days. Today, the insurance industry has made such sales unnecessary for policies sold in the last few years. The Good There are many legitimate reasons to consider the sale of a life insurance policy that was purchased in good faith for protection against the insured's death. Term policies are purchased for protection for a limited time period. Generally, these policies are written to protect family members who rely on the insured's income, or in business situations to protect the company from loss of an owner.
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Monday, August 8, 2011
Dilshan revisits an old favourite COLOMBO: A conversation with his new coach Rumesh Ratnayake prompted Tillakaratne Dilshan to reemploy his trademark scoop shot for the first time in more than a year, the Sri Lankan captain has said. Dilshan's startling 104 from 57 balls rushed the first Twenty20 international away from Australia in Kandy, the visitors unable to mount an effective chase of 199 after being bogged down by the spin of Dilruwan Perera and Rangana Herath. The shot played over the head of the wicketkeeper has become known as the 'Dilscoop', but its inventor had been reluctant to play it recently, even more so, now he is Sri Lanka's captain. Ratnayake suggested its return against the Australians, with handsome results. "I haven't practiced the 'Dil-scoop' for the past one and a half years but yesterday we had a chat with Rumesh and he asked why I wasn't playing it," Dilshan said. "I told Rumesh 'you might see me play it tomor-
Croatia goalkeeper Pletikosa joins Rostov ZAGREB: Croatia international goalkeeper Stipe Pletikosa confirmed Saturday he has signed for two seasons with Russian first division side Rostov after ending his contract with league rivals Spartak Moscow. "There were several offers to go to Italy, Greece or Scotland but I opted to go where I can finally play. It's the most important thing for me ahead of the 2012 European championships in Poland and Ukraine," Pletikosa told Croatian daily Sportske Novosti. The 32year-old will earn $650,000 dollars per season with his new club. Pletikosa started his career with Hajduk Split in 1996, moving to Shakhtar Donetsk in the Ukraine from 2003 to 2007, before joining Spartak. The Russian club loaned him to English club Tottenham in 2010 but as the team's third goalkeeper the 82-times capped player never got a game. -APP
PSG confirm Pastore signing PARIS: Paris Saint-Germain have officially signed Argentine international playmaker Javier Pastore from Palermo on a five-year deal, the French club confirmed on Saturday. The deal is reported to be worth a French record 42 million euros ($60 million), eclipsing the 33.5 million euros that PSG paid to bring Nicolas Anelka from Real Madrid in 2000. The 22-year-old becomes the eighth new recruit at PSG this summer, bringing the transfer tally at Parc des Princes during the close season to over 84 million euros - another record beating the 77.5 million euros that Lyon paid for four players in the summer of 2009. -Reuters
row'. "I had the confidence to play it. It worked and I think after I played the Dil-scoop they changed the field and I felt more easy to score more runs in other areas. "I'm really happy with my innings today. I played a bit slow in the start but after that first six or seven overs, I tried to capitalise from there. Overall I'm really happy on our performance today." Cameron White, Australia's T20 captain, admitted the sheer range of Dilshan's strokeplay had him hurriedly rearranging his field settings. "When a guy can hit a ball ... almost directly behind the keeper it makes you put other fielders or a fielder back there and it creates other gaps somewhere else," White said. "Then he's got the ability to hit the ball down the ground or wherever he likes at times, like tonight. "Clearly [we] didn't play as we would have hoped. Full credit to Sri Lanka, and Dilshan who played a wonderful innings. If anyone scores a hundred off 57 (55)
balls it will be hard work to win the game from there. But look, there were some disappointing aspects of the game from our end as well." White's approach in the field contrasted markedly with that of his opposite number. while Dilshan employed three spin bowlers on a surface taking turn, White preferred to use his pace bowlers in the concluding stages of the innings, with disastrous results - 83 runs accrued from the final six overs. "There's no reason," White said when asked why neither Steve O'Keefe or Steven Smith bowled their full allotment of overs. "It's just my gut feel at the time. "Shane Watson's first two overs only went for 12, John Hastings' first over only went for five. We were well in the game for the first 13 overs ... high 80s or 90s with two wickets down and get a wicket there and the game changes. As we've seen, Dilshan took the game away from us." -Online
Foreign footie coach to be hired by Sept: Lodhi ISLAMABA: Pakistan Football Federation (PFF), Secretary, Lt. Col. (R) Ahmed Yar Khan Lodhi said on Sunday that a foreign coach will be hired till the end of September for the national team. Lodhi told APP on Sunday that the PFF has short listed a few names of some foreign coaches and one will sure be hired. "The team's performance was disappointing in the qualifiers against Bangladesh but right now Tariq Lutfi is the only best choice we have and he will coach the team until we hire a foreign coach," Lodhi said. When asked that Tariq Lutfi has refused to work with a foreign coach, Lodhi said that it's Lutfi's choice whether he wants to work him or not in future but it is the need of the hour to hire a foreign coach. "Our boys really need at the
moment is exposure and a foreign coach who can groom them well," he said. Lodhi said that he has great confidence on the team for the England tour where they will face India in a Friendly International Match on September 3 at the Pride Park Ground, Derby. Pakistan football team will depart for England on August 29. "They shall play like a unit with full spirit and show the world that they are not less than any other team," Lodhi added. However, PFF has appointed Lutfi as head of delegation manager for upcoming England tour and the other officials include Gohar Zaman (assistant manager/assistant coach), Nasir Ismail (assistant coach), Aslam Khan (goal keeper coach) and Sardar Naveed Haider (director marketing). APP
Zvonareva to meet Radwanska in San Diego final SAN DIEGO: Agnieszka Radwanska ignored a troublesome shoulder to beat Germany's vomiting Andrea Petkovic 4-6 6-0 6-4 on Saturday and reach the final of the San Diego Open. Top seed Vera Zvonareva also advanced to the final after seeing off Ana Ivanovic 5-7 6-4 6-4. Radwanska, who has not won a WTA Tour singles title for three years, injured her shoulder at the Stanford tournament last week and her service speed has been heavily reduced because of the problem. "I'm really doing everything to go on court and play my best," Radwanska told reporters. "You try to do everything, the painkillers, just keep fighting. Petkovic started the match
brightly by hitting through the crafty Radwanska in the first set but the German began to lose steam in the second. Petkovic, who said she ate something bad at lunch, then sprinted off the court to the bathroom when she was 0-40 down in the fifth game of the second set to be sick. "At the point where I ran out, I couldn't hold it back anymore," she said. "I didn't want to be on... (television) for the next 25 years." Tour supervisor Melanie Tabb chose not to penalise Petkovic and allowed her to take a medical time out because the German had informed her and the umpire beforehand that she might need to dash away because of the ailment. -Reuters
ABERDEEN: Celtic's Anthony Stokes (R) celebrates his goal against Aberdeen during their Scottish Premier League soccer match at Pittodrie Stadium. -Reuters
PHF announces 26 players for training camp ISLAMABAD: Pakistan Hockey Federation (PHF) has announced 26 players for the training camp for 1st Asian Champions Trophy Hockey Tournament. Players Sohail Abbas, Salman Akbar and Rehan Butt are not included in the list of camp trainees, as the National Selection Committee has advised them to have rest, a private TV channel reported. The probables include: Muhammad Imran, Shakeel Abbasi, Syed Kashif Shah,Imran Butt, Muhammad Rizwan Junior, Waseem Ahmed, Rashid Mehmood, Fareed Ahmed, Muhammad Tousiq, Muhammad Waqas, Muhammad Khalid, Muhammad Rizwan Senior, Muhammad Zubair, Muhammad Imran Junior, Abdul Haseem Khan, Imran Shah, Waqas Akbar, Muhammad Umar Bhutta, Muhammad Irfan, Shafqat Rasool, Kashif Javed, Ali Shan, Arslan Qadir, Muhammad Irfan Junior, Mazhar Abbas and Bilal Qadir. -APP
Canada Kabaddi Cup squad to be named tomorrow ISLAMABAD: As many as sixteen probables are undergoing training here at Pakistan Sports Complex for the Canada Kabaddi Cup starting from August 13. Pakistan Kabaddi Federation (PKF), Secretary, Muhammad Sarwar Rana told APP on Sunday that a total of ten from these players will be finalised till August 9 for the mega event. He said that besides Pakistan seven countries including America, Canada, England, India, Australia and New Zealand will be chipping in the event. Sarwar also said that said five players including Kashif Riaz, Babar Waseem, Ghulam Abbas Butt and Muhammad Arshad from Wapda, while Ubaidullah from Pakistan Air Force are expected to receive life bans from the federation for playing league matches in England without the PKF’s consent. "We have also informed their concerned departments to take strict action against them," he concluded. -APP
Dravid to quit ODIs after England series India's tour match against Northamptonshire. "To be honest, because I had not been picked, I had not informed the selectors or the board of my desire to solely focus on Test cricket. "At the end of this one-day series, I would like to announce my retirement from one-day and Twenty20 cricket and concentrate only on Test cricket. I am committed, as always to give my best to India in this one-day series and obviously the Test series that follows. "In the short term I am committed because now I have been picked for the series, but in the long term I think it is best for me and Indian cricket that I focus on Test cricket." Dravid recently became the second highest run-getter in Tests, and has had a resurgence in form over the past couple of months, scoring three centuries in five Tests to end a relatively
lean run in the last few years. When he started his international career in 1996, he was seen as a batsman more suited to the longer form but he soon adapted to the challenges of one-day cricket. Among the highlights of his ODI career was the 1999 World Cup, where he was the top scorer and put on the then largest partnership in a one-dayer, 318 with Sourav Ganguly. Six months later he bettered that with a 331-run stand with Sachin Tendulkar that is still the biggest in the format. As in his Test career, he routinely fitted into roles the team needed him to, notably in the 2003 World Cup, where in order to accommodate an extra batsman in the side, he took over the wicketkeeping duties. One of the lows of his career was the 2007 World Cup, when under his leadership, India crashed out in the first round. -Online
Nasir’s ton guides KG Whites to easy victory
Injury forces Shantry into retirement
LONDON: Rahul Dravid has announced his retirement from international limited-overs cricket following the England series. In his announcement, which came hours after he was handed a shock recall to the one-day side for that tour, he said he wanted to retire from the shorter forms and concentrate on Test cricket. Dravid, 38, is the seventh highest run-getter in ODIs, with 10,765 runs in 339 matches, averaging just under 40. He hasn't been a regular in the Indian one-day side since late 2007 - a couple of months after he reached his career-high ICC ranking of No. 5 - though he made a brief comeback during the 2009 Champions Trophy in South Africa. He admitted he hadn't expected a recall for the upcoming England series. "Since I had not been picked for one-day cricket for the last two years, I was obviously a little surprised," he said after
KARACHI: Opener Nasir Jamshed hammered a scintillating century as Karachi Gymkhana Whites chalked out an easy four wicket victory against Ali Sports in 26th edition of Karachi Gymkhana Baharia Town T20 Ramzan Cricket Tournament at KG Ground on Sunday. Pakistan discarded international, Nasir was in a great nick as he destroyed a weak Ali Sports bowling attack with wonderful striking around the ground. Nasir struck 11 boundaries and lifted a half dozen sixes in his 120 off just 65 balls as KG Whites raced to victory with one over to spare. Nasir Owais slammed an enterprising 76 with five boundaries and one six and Riaz Merani contributed 32 as Ali Sports opting to bat first, managed 175 for the loss of seven wickets in their 20 overs. Left arm slow bowler Abdul Qadir bowled well to finish with three wickets for 27 runs and pacer Sohail Samana snapped-up two wickets for 35 runs. Earlier in the morning match of the day, Vital-V Club recorded an exciting three runs victory over Fazalur-Sports. Sameer Khan blasted half a dozen bound-
aries and a brace of sixes in his 41-ball knock of 61 but that failed to prevent his team from defeat. Vital-V CC batting first scored a respectable 172-4 in their 20 overs. Asif Ali hammered six boundaries in his 36 and Muhammad Waqas also scored identical 36. Fazal-ur-Sports in reply were restricted to 169-6 in 20 overs. Sameer Bhatti made 46 hoisting one six and hitting two other boundaries. Off-break bowler Rameez Aziz captured four wickets for 35 runs. Summarized scores: KG Whites bt Ali Sports by four wickets. Ali Sports 175-7 in 20 overs (Nasir Owais 76, Riaz Merani 32, Abdul Qadir 3-27, Sohail Samana 2-35) KG Whites 176-6 in 19 overs (Nasir Jamshed 120, Humayun Naz 16 not out). Vital V CC bt Fazal-urSports by three runs. Vital-V 172-4 in 20 overs (Asif Ali 36 6x4, Muhammad Waqas 36, Ali Waqas 26, Hafeez Asad 22 not out, Muhammad Nasir 2-25) Fazalur-Sports 169-6 in 20 overs (Sameer Khan 61, Sameer Bhatti 46, Faisal Mirza 32, Rameez Aziz 4-35). -APP
LONDON: Glamorgan seamer Adam Shantry has been forced into retirement aged 28 due to knee problems. Shantry began his career with Northamptonshire and joined Glamorgan from Warwickshire ahead of the 2008 season. He underwent surgery last winter but the injury has persisted. "It is with great sadness that I announce my retirement from professional cricket," he said. "Following surgery last year, and after undergoing a successful rehabilitation in Australia during the winter, I returned to first-class cricket at the start of the season. "Unfortunately, as the summer has gone on, it has become apparent that my knees can no longer cope with the demands of professional cricket. "While it is disappointing to leave the game so early, I can look back upon many fantastic memories, and consider myself extremely fortunate to have played with, and against, some of the best players in the world. I have loved every minute of it, and would like to thank every single player, coach, and supporter that has helped make my career so enjoyable." Shantry had an excellent 2008 season, taking 30 wickets at 18 - the most economical return by a Glamorgan bowler for 40 years, and scored his only senior hundred at Colwyn Bay in 2009. -Online
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International
Monday, August 8, 2011
Obama urges lawmakers to work together on fiscal plans
World leaders discuss US-EU debt, markets G20 deputies discuss European crisis, US downgrade G7 major powers to hold talks on markets crisis
HANOI: Anti-China protesters chant slogans during a demonstration in Hanoi. - Reuters
Fighters' threat looms Somalia NAIROBI: African peacekeepers have forced Somalia's al Shabaab Islamists to abandon their campaign to hold the capital Mogadishu, but the fighters' retreat hardly ends the country's bloodshed and could herald a wave of al Qaeda-style suicide attacks. As convoys of al Shabaab pickup trucks with mounted machine guns sped from Mogadishu, President Sheikh Sharif Ahmed -- whose rule is limited to the capital and propped up by 9,000 Ugandan and Burundian troops -- held a news conference to declare victory. The fighters, who still control most of the south of the country, insisted they would fight another day. "We aren't leaving you, but we have changed our tactics," spokesman Sheikh Ali Mohamud Rage said on local radio. Many Somalis and outside experts said it was too early for the government to declare a triumph.-Reuters
Seoul shrugs off US credit rate cut SEOUL: South Korean policymakers on Sunday played down any likely impact on the economy following the downgrade in US credit ratings and told local investors not to panic when financial markets reopen. Global policymakers held an emergency conference call on Sunday to discuss the twin debt crises in Europe and the United States that are causing market turmoil and stoking fears of the rich world sliding back into recession. "It (the Standard and Poor's cut in the US credit rating) will have a limited impact on our economy, thus our judgement is that local financial markets do not need to overreact to it," Vice Finance Minister Yim Jong-yong told a briefing after an emergency economic meeting. He said the US rating cut would not derail the current growth pattern in the export-
led economy, considering its reduced dependence on US and European markets and resilient industrial output and employment data. The emergency meeting, attended by senior officials from the finance ministry, Bank of Korea and the financial watchdog and a financial regulator, came before the Bank of Korea reviews its policy rate on Thursday. Officials agreed to discuss measures if needed, Yim added. Meanwhile, the government will continue to put policy priority on fighting inflation and will not change its macro economic policies, the ministry said in a statement. Separately, Deputy Finance Minister Choi Jong-ku told Reuters that South Korea's trust in US Treasuries has not changed, after a conference call with other G20 finance deputies. - Reuters
Iraqi power minister dismissed on deals BAGHDAD: Prime Minister Nuri al-Maliki has ordered his electricity minister to step down after the government said a probe had uncovered irregularities in power contracts with two foreign companies, a source in Maliki's office said on Sunday. The electricity ministry also said it had asked the cabinet to rule on a $2.76 billion power plant construction contract with a unit of South Korea's STX Group after saying the company risked missing a deadline to meet one of its contract terms. The minister's dismissal late on Saturday could complicate urgent government efforts to bring in investors to tackle chronic electricity shortages that infuriate Iraqis looking to rebuild their economy after years of war and sanctions. "The prime minister has ordered his resignation and now the parliament should vote on it," the source in Maliki's office said. Hassan al-Sineid, a senior member of Maliki's Dawa party and one of his close allies, also told Reuters Maliki had fired Electricity Minister Raad Shallal. By law, parliament must vote on the decision. A government ombudsman said on Saturday that Iraq had cancelled power plant contracts worth $1.7 billion with a Canadian and a German company after finding "manipulation and misleading information" about their finances or their ability to carry out
the work. "The electricity ministry ordered these contracts cancelled immediately. There was no financial loss because payments were over the long term," said the statement from the office of the inspector general, an ombudsman that oversees the ministry. "Our investigation... discovered manipulated and misleading information in the documents that the two companies delivered about their legal and financial status and their technical capabilities," it said. One of the contracts was with Canadian company CAPGENT to build 10 power stations and the other with a German company called MBH, said Musab alMudarres, a ministry spokesman. A call to CAPGENT in Canada did not get through. MBH did not immediately respond to emails and telephone calls. Investment in Iraq is growing as violence ebbs eight years after the US-led invasion that toppled Saddam Hussein. But corruption, inefficiency and red tape from a still highly centralised state bureaucracy are often criticized by investors. Dismissing the electricity minister could have a political fallout. Shallal belongs to the Sunni-backed Iraqiya faction which accuses Maliki of not living up to a power-sharing deal among Shi'ite, Sunni and Kurdish political blocs. - Reuters
Spain’s opposition party to win polls MADRID: Spain's opposition Popular Party (PP) would win elections in November with a smaller absolute majority than shown in polls taken before last week's announcement of early elections, a survey showed on Sunday. Prime Minister Jose Luis Rodriguez Zapatero brought forward elections to November 20 from Spring 2012, betting that a pick-up in jobs data over the summer will help the Socialists at the polls, or at least help it avoid a PP majority. But, according to a DYM poll in newspaper ABC, the centreright PP would gain 47.6 per cent of the vote compared with 35 per
cent for the ruling Socialists, giving the PP an absolute majority in parliament. Polls out before Zapatero's announcement gave the opposition a lead of about 14 per centage points. A minority government of either party would depend on support from regional nationalist parties to pass the budget and make key reforms. Spain and has moved firmly into investors' sights over concerns that a slow moving economy may knock deficit goals off target and force the country to seek a bailout package, as Ireland and Portugal have done. Voters remain focussed on the country's close to 21 per cent
unemployment rate and lacklustre economy, and Socialists will struggle to win them back after a local election rout in May. Mostly young protesters, known as 'los indignados', continue to protest in cities across Spain against the government's austerity measures aimed at cutting public debt, high unemployment and the two-party political system that dominates the country. Protests have largely been peaceful. Voters said that Rubalcaba had a greater sense of responsibility, more common sense and more skill than Rajoy, who would win nonetheless because he had a better team.-Reuters
S&P terms French AAA rating stable PARIS: France's AAA rating is stable, ratings agency Standard and Poor's chief European economist Jean-Michel Six told France Inter radio on Sunday. "The French rating is stable," Six said. Six said that political leadership and good governance are a major factor in ratings agencies' deliberations about rating reviews. French bond holders fear that following the downgrade of US debt from AAA to AA+ on Friday, the spotlight could turn on France, which would push up French interest rates. France has the weakest economic fundamentals among the six AAA rated countries in the euro zone and French President Nicolas Sarkozy has made the defence of the country's AAA rating a top government priority. The three major ratings agencies have all reaffirmed France's AAA ratings over the past eight months. - Reuters
Netanyahu vows talks on economic protests JERUSALEM: Prime Minister Benjamin Netanyahu scrambled on Sunday to try to quell escalating demonstrations for lower living costs after a quarter-million people marched in the biggest economy-related protests in Israel's history. While Netanyahu's governing coalition faced no immediate threat, a summer of discontent in Israel has underscored the potential electoral impact of a burdened middle class rallying under a banner of "social justice" and rewriting a political agenda long dominated by security issues. On the morning after Saturday's demonstrations in Tel Aviv, Israel's commercial capital, and other cities, Netanyahu -- a champion of free market reform -announced at the weekly cabinet meeting the appointment of a committee of experts to propose social-economic reform. "Over the past few weeks, we have witnessed a public protest that expresses real hardship," he said. Holding out the prospect of "major change" -- while cautioning he would "not be able to satisfy everyone" -- Netanyahu said the committee, headed by Harvard-educated Israeli economist Manuel Trajtenberg, would hold "a broad dialogue with various sectors in the community". In under a month, the popular protest movement has swollen from a cluster of student tentsquatters into a diffuse, countrywide mobilisation of Israel's middle class. Itzik Shmuli, a protest leader, welcomed Netanyahu's roundtable initiative. But, he told Israel Radio: "I want to be sure we will not be given the runaround for three months, at the end of which we will not emerge with real solutions.-Reuters
TOKYO/SEOUL: Global policymakers held an emergency conference call on Sunday to discuss the twin debt crises in Europe and the United States that are causing market turmoil and stoking fears of the rich world sliding back into recession. After a week that saw $2.5 trillion wiped off global stock markets, political leaders are under mounting pressure to reassure investors that Western governments have both the will and ability to reduce their huge and growing public debt loads. South Korea said finance deputies from the Group of 20 major economies discussed the European debt crisis and US sovereign rating downgrade on Sunday morning in Asian time zones. A Japanese government source said finance leaders from the Group of Seven big developed economies would also discuss the crisis and may issue a statement afterwards, although the timing of such a call was unclear. The European Central
Bank was scheduled to hold a rare Sunday afternoon conference call. Investors are anxiously looking for the central bank to start buying Italian and Spanish debt on Monday to stabilize prices, a move that has split the ECB governing council. French President Nicolas Sarkozy, who chairs the G7/G20 group of leading economies, conferred with Britain's Prime Minister David Cameron on Saturday. "They discussed the euro area and the US debt downgrade. Both agreed the importance of working together, monitoring the situation closely and keeping in contact over the coming days," a spokesman for Cameron said. In Washington, a White House economic advisor castigated ratings agency Standard and Poor's for downgrading the United States' credit rating to AA-plus from AAA, a move that over time could ripple through markets by pushing up borrowing costs and making it more difficult to secure a lasting recovery. Washington's Asian allies
rallied round the battered superpower, with Japan and South Korea both saying their trust in US Treasuries remained unshaken. "I expressed our country's position on the (G20 conference) call that there will be no sudden change in our reserve management policy," South Korean Deputy Finance Minister Choi Jong-ku told Reuters by telephone, referring to Seoul's heavy ownership of US bonds out of more than $300 billion in foreign reserves. "There's no alternative that provides such stability and liquidity," added Choi, who declined to elaborate further on the G20 discussion. There was no confirmation of the timing of a G7 call for finance ministers and central bankers, but a second Japanese government source said it "would be normal" for it to take place before Asian markets opened. Tokyo's stock market, the biggest in Asia, starts trading at 9 a.m. (0000 GMT) on Monday. - Reuters
Tank assault on Syrian town kills 20 AMMAN: Syrian troops killed 20 people in a tank assault on the eastern city of Deir al-Zor on Sunday, an activist group said, despite a direct UN appeal to President Bashar al-Assad to stop using military force against civilians. The assault on Deir al-Zor, capital of a restive oil-producing province, began exactly a week after Assad sent the army to seize control of the city of Hama, a focal point of nearly five months of protest against his autocratic rule. The Syrian Revolution Coordinating Union said most casualties in Sunday's attack on Deir al-Zor were in al-Joura district in the west of the city. A resident told Reuters: "Early this morning columns of army tanks and bulldozers, under cover of heavy rounds of gunfire, stormed into the western and northern entrances of the city and dis-
mantled barricades set up by residents. "A dozen tanks are taking position in the main square in Jubaila market in the northern sector of Deir al-Zor," the resident, who gave his name as Abu Bakr, said by telephone. Syria has barred most independent media since the start of the uprising against Assad, making it hard to verify accounts from residents, activists and authorities. The military assault on Deir al-Zor, about 400 km (250 miles) north-east of Damascus, was launched a day after UN Secretary General Ban Ki-moon told Assad he was alarmed by the escalating violence and demanded he rein in the army. "In a phone conversation with President Assad...the Secretary General expressed his strong concern and that of the international community at the mounting violence and death
toll in Syria over the past days," the UN press office said. Ban "urged the president to stop the use of military force against civilians immediately," it added. Residents of Deir al-Zor, situated on the Euphrates river in a province bordering Iraq's Sunni heartland, had been bracing for an assault on their city. A video posted on the Internet last week showed a tribal meeting discussing preparations for armed resistance to any military move against them. Several hours after the tanks moved in, explosions could be heard during telephone calls to residents in alJoura. Abu Bakr, from the Jubaila area which has seen some of the largest anti-Assad demonstrations in recent weeks, said mosque loudspeakers were blaring "Allahu Akbar (God is greatest)." - Reuters
MOGADISHU: Somali government soldiers patrol empty streets in the Wardigley district of southern Mogadishu. - Reuters
Monday, August 8, 2011
Internaional & Continuations
11
What choppy markets need from US, EU? LONDON: Financial markets look set for another bout of turbulence, with Italy under fire and the United States' debt downgraded, after $2.5 trillion was wiped off the value of world shares last week. Following are analysts views on what U.S., European and G20 policymakers could do to stem the tide. MOHAMED EL-ERIAN, PIMCO "Some of the immediate impact will be forestalled by the fact that no other country is able and willing to replace the U.S. at the core of the global system. Other than a general increase in risk premia and volatility, it is therefore hard to predict with a high degree of conviction how the global system will react. Specifically, will it simply come to a new normality, with an AA+ at its core, or are further structural changes now inevitable?" "All of that said, there is a sliver of a silver lining - and an important one. America's downgrade may serve as a wakeup call for its policymakers. It is an unambiguous and loud signal of the country's eroding economic strength and global standing. It renders urgent the need to regain the initiative through better economic policymaking and more coherent governance." "It is hard to imagine that, having downgraded the US, S&P will not follow suit on at least one of the other members of the dwindling club of sovereign AAAs. If this were to materialise and involve a country like France, for example, it could complicate the already fragile efforts by Europe to rescue countries in its periphery." MIKE LENHOFF, BREWIN DOLPHIN IN LONDON "The managers of the euro zone have to display a sense of determination to progress the things they have already done. "The ECB has got to confront the speculators who are out to test the policymakers. There is no reason why the ECB cannot simply go ahead and imply that the are going to support the Italians and the Spanish. "It is better that they don't say anything but go in and show there is another side to the market." As for Washington: "They displayed a complete lack of leadership. Now America has got what they deserved. "It might cause some upheaval temporarily. The big issue is the euro zone and its implications for the banking system." PHILIPPE WAECHTER, NATIXIS ASSET MANAGEMENT IN PARIS "Tensions have been rising in the banking system due to worries about the fragility and
risks associated with the portfolios held by banks. "Tomorrow morning, we will be facing a new uncertainty linked to the downgrading of U.S. debt. It can create strong tensions. "I expect central banks to communicate in a coordinated fashion, say they will work with G7 countries, deliver measures to increase liquidity and intervene so that risks are perceived as being more limited." "If policymakers in co-operation with central bankers do not succeed in deciding upon measures that could restore confidence this weekend, a global recession is becoming more and more likely. "In order to avoid this, major central banks must achieve a commitment to buy public bonds on secondary markets. Policy makers should on the one hand give a credible commitment to assist countries in crisis. "On the other, they should also commit to a medium term strategy to reduce public debt also by higher taxes what is the only way to achieve this goal fast enough. Otherwise economic policy would be permanently hostage of financial markets developments." GEOFFREY YU, UBS IN LONDON "For the first time in 70 years, an asset once defined as risk-free is no longer. The biggest fear is forced liquidation of government/agency paper by funds. That could deepen already escalating stress on the banking system. Investors will need to closely watch Libor, basis swap, commercial paper and other key funding markets on Monday. "The Fed and Treasury, however, now have plenty of experience dealing with such events, so expect them to take emergency measures to alleviate any sign of stress. There is little reason to doubt they have contingency plans in place. "The downgrade is widely seen as pushing yields higher in the short term, albeit marginally, and the general perception will be that the US economy will be hurt if borrowing costs rise. However, the long-term effect will depend on various factors. Data, like Friday's payrolls report, remains far too volatile to discern for signs of whether more sinister forces are afoot for underlying economic fundamentals. And with Fed Chairman Bernanke clearly not ruling out further QE as an option, nothing is off the table. A rapid escalation in yields would meet a response." DAVID BACH, ECONOMIST AT IE BUSINESS SCHOOL IN MADRID "What would help is if euro zone finance ministers came
out and say they will triple the size of the EFSF. That would be a very bold statement. Or if they were to say they will have serious discussions over fiscal coordination. "My concern is that we could end up seeing a Japanese scenario of a lost decade in the U.S. and the euro zone. If you look at Japan it took small and indecisive measures to end the crisis and what was needed was bold economic reforms. "Another option that would calm markets is a decision to introduce euro bonds. Finance ministers could say that it's going to take six months, but at least they are working on it, and they could put strict guidelines in place on borrowing. I think a lot of governments in the periphery would be willing to accept that, and even let the bigger states like Germany write the rules." STEVEN ENGLANDER, CITI IN NEW YORK "The biggest upside for the euro would come if the ECB bought Spanish and Italian bonds and that might be enough to generate a global response among risk-correlated currencies, if it was done in sufficient size to convince the investors that contagion was overdone." "If (the Swiss and Japanese) do not intervene again on strength, investors may see them as giving up on intervention because of the magnitude and nature of the forces at play. The odds are that the week will start with FX investors challenging the SNB and MoF to intervene in size." "A Fed response is likely to emerge only if there is turmoil in markets. On the margin if the downgrade contributes to conditions that support QE3 or other easing measures, the USD is likely to weaken once the measures are announced. "In the first instance the Fed will probably hope that the market reaction is minimal and that they are not called on to take a position. In my encounters with foreign officials, I find that the response to QE2 (and even more so to QE3 in anticipation) is overwhelmingly negative. If QE3 were implemented it would likely be far more negative for the USD than any direct reaction to the downgrade is likely to be." FILIPE GARCIA, HEAD OF INFORMACAO DE MERCADOS FINANCEIROS CONSULTANTS IN PORTO "At the European level, only the swift implementation of the decisions of the July 21 summit and taking the path of economic-financial federalism can diminish the pressures on the euro zone. I think an ECB intervention in the debt markets will not be efficient, as, by the way, it never has been in the past.-Reuters
SHANGHAI: People walk after the rain along the Bund near the Huangpu River, as Typhoon Muifa passes, near the coastal area of ShanghaI. Typhoon Muifa, which was expected to cause serious storm conditions in Shanghai this weekend, has been downgraded to a category 2 storm and is not expected to be a direct hit. -Reuters
Blame game heats up in US on downgrade WASHINGTON: US political parties on Sunday traded blame for the country's loss of its toptier AAA credit rating from Standard & Poor's, raising doubts lawmakers can still find a common ground to solve the country's debt problem. S&P on Friday cut the longterm US credit rating by one notch to AA-plus on concerns about the government's budget deficit and rising debt burden, a decision that put Washington's dysfunctional politics under the spotlight. "It's a partial wake up call. I think this is without question, a Tea Party downgrade," Democratic Senator John Kerry told NBC's "Meet the Press." "This is one of the most telling moments in the history of our country right now." Kerry, who was the Democratic Party's 2004 presidential candidate said the conservative Tea Party movement had held the country hostage by consistently shooting down President Barack Obama's plan that would have cut the country's debt by $4 trillion over ten years. "In the end they thought the hostage was worth ransoming," said Kerry. But Republican Senator John McCain said the downgrade was an indictment of Obama's leadership. "I agree there is dysfunction in our system and a lot of that has to do with failure of the president of he United States to lead," said McCain who lost the 2008 race for the White House to Obama. "The president never came forward with a plan, there was never a specific plan. There was always that leading from behind." Congress last month engaged in an ugly fight over cutting spending and raising taxes to reduce the government's debt burden and allow its statutory borrowing limit to be raised. Last Tuesday, Obama signed legislation designed to reduce the fiscal deficit by $2.1 trillion over 10 years. But that was well short of the $4 trillion in savings S&P had called for as a good "down payment" on fixing America's finances. -Reuters
Uncertainty surrounds Italy's deficit-cutting plan ROME: Opaque pledges and a lack of detail on measures to speed up deficit reduction plans risk undermining Italy's hopes of winning a reprieve from financial markets that have pushed the country to the brink of crisis. Desperate to stop market panic that has sent Italian bond yields soaring to 14-year highs, Italian Prime Minister Silvio Berlusconi hastily announced plans Friday to speed up reforms and balance the budget by 2013, a year ahead of schedule. Initial reaction from analysts and the European Union's top economic official was positive, but whether the pledges convince the European Central Bank to bolster Italy by buying its bonds, or calm market tensions, may hinge on the specifics of the plan. So far, few seem to know what the plan will include. Indeed it is unclear if the government itself knows. "The decision to bring forward the balancing of the budget is a positive step but we need a lot more detail," said Raj Badiani of IHS Global Insight, warning that the promised reforms are unlikely to happen overnight. "The problem is Italy doesn't have time right now and the reforms they announced are easier said than done." Economy Minister Giulio Tremonti said Friday there would be no new austerity measures beyond those announced in a 48 billion euro (41.8 billion pound) package passed last month which contained cuts to local government funding, health charges and vague plans for a mix of welfare cuts and tax measures. That program was widely criticised for delaying the bulk of measures until after elections in 2013 and Tremonti said it would be accelerated but offered no specifics about a
plan which in any case still had to be fleshed out in important areas. ECB sources say the bank -which is due to discuss later on Sunday whether to buy Italian bonds -- remains divided on the issue and even some of those who favour the move want Italy to do more to frontload its austerity measures. Some proposals, like a fee for non-urgent medical visits and tests, quickly sparked a popular backlash and prompted talk of alternatives. Even without any such backtracking, the funding cuts make up only a relatively small portion of the plan. For the bulk of the savings, the government will ask parliament to approve a so-called "delega fiscale" or "tax delegation law" and "delega assistenziale" or "welfare delegation law" -- something of a political blank cheque. The laws allow parliament, which is delaying its summer break to continue sitting next week, to "delegate" to government the job of drawing up tax and welfare measures worth, in this case, up to about 20 billion euros, within a certain time. Only after that, would the government nail down the measures and get them approved by parliament. In a sign that nothing concrete has been finally settled, daily Corriere della Sera Sunday said government experts had decided the welfare system could not contribute the additional funds needed and were now eying the pensions system. LACK OF CREDIBILITY Whether deficit reduction measures, even brought forward by a year, will do much to address Italy's major economic problem of declining productivity and weak growth is also questionable. Italy already runs one of the lowest budget deficits in the euro zone at 3.9 percent of
GDP this year, which together with its conservative banking system and high rate of private savings, has kept it largely clear of the euro zone debt crisis until last month. Ratings agencies have been much more worried about the chronically weak growth which makes it impossible to catch up with and contain a steadily increasing public debt burden which now amounts to 120 percent of gross domestic product. Successive governments have managed the debt successfully, running primary budget surpluses, excluding interest rate payments, to help pay debt servicing costs estimated in a UBS research note last week as running at 4 percent of GDP. However as the UBS analysts wrote: "The recent turbulence is not about fundamentals. It looks more like a crisis of confidence." Analysts fear that most of the cuts, or any tax hikes, will at any rate bite only after scheduled elections in 2013, doing little to restore investor confidence in Italy. "The only real decision is that of bringing forward the balancing of the budget to 2013, but that doesn't seem very credible because 2013 will be an election year," said Tito Boeri, economics professor at Bocconi university in Milan. Berlusconi's remaining pledges face the risk of not being implemented at all. A decision to put the balanced budget principle into the constitution, for example, appears aimed at convincing markets that fiscal discipline will be binding from now on. But Berlusconi has not said exactly what he means by the principle, although the government has previously spoken of a rule requiring budgets to be kept in balance unless new borrowing is required for investment spending.-Reuters
In Bakra Piri area, Malir City police station jurisdiction, armed men shot dead one person identified as Muslim Baloch, 27. Sources said that the deceased was an activist of a political party but SHO Ali Hassan Sheikh said the victim had no affiliation with any party. A teenager boy Adnan was killed by unknown armed men while six others were injured in a clash between two armed groups in Orangi Town. Police officials said that a clash between two groups began shortly after unidentified persons shot and injured two Pashto-speaking people Yasir and Yasin in Qasba Morr. Later, Yasir succumbed to his injuries at Jinnah Postgraduate Medical Centre. Another man, Sabz Ali was shot dead in SITE area. Meanwhile, after exchange of fire between two criminal gangs which left three people dead, the Rangers conducted a search operation in Orangi Town area of the city. Heavy contingents of Rangers cordoned off Sector C-1 of Orangi Town and conducted a door-to-door search operation. The Rangers authorities said that the purpose of the operation was to recover illegal weapons that were being used in gang wars. The Rangers abandoned the operation after arresting 20 susContinued from page 1 No #3 pects. jobless youth could be attracted by the militants. The locals protested against the operation and chanted slogans as well. The violent mob The traders and industrialists were also not taken into con- attacked a police mobile van and not only damaged the van but also tortured four policemen. fidence while signing the agreement with Kabul government, East district police arrested a political party activist, Hikmat Khan involved in torturing letter pointed out. police personnel. - INP KPK government demanded the federal government to canContinued from page 1 No #5 cel the agreement and take it into confidence while making referring to the Great Depression. any agreement with Afghan government in future. - Online The United States has struggled to recover from its worst downturn in decades, the 20082009 recession triggered by the burst of a housing bubble. Continued from page 1 No #4 S&P argued that the direction of the country's debt load and rising fiscal deficits meant it Muntazir Ali Mehdi Rizvi, 55, at City Railway Station's parkcould no longer be included among the world's most risk-worthy sovereign borrowers. ing area near I I Chundrigar Road. Critics have cited S&P's various upbeat assessments of companies and debt instruments Continued from page 12 Police recovered bullet riddled body of an unknown person No #2 China Academy of Space Technology (CAST) and China from Lyari stream within the remits of Pak Colony police sta- weeks before they failed - including the packaged mortgage securities that sparked the 2008 financial collapse. - APP Aerospace Science and Technology Corporation (CASC) he tion.
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Thirty US soldiers -- some from the Navy's special forces SEAL Team 6, the unit that killed al Qaeda leader Osama bin Laden -- seven Afghans and an interpreter died in Friday night's crash, just two weeks after foreign troops began a security handover to Afghan forces. The Taliban quickly claimed responsibility for bringing down the helicopter with a rocket-propelled grenade. Although it often exaggerates incidents involving foreign troops, a US official in Washington said the helicopter was believed to have been shot down. Nato-led ISAF confirmed the death toll overnight, which was first announced by Afghan President Hamid Karzai, and said the cause of the crash was still being investigated. ISAF officials in Kabul remained tight-lipped on Sunday about possible causes of the crash and said the process of recovering the bodies from the site in a valley about 80 kilometres (50 miles) southwest of the capital was still ongoing. The deadly crash comes at a time of growing unease in the United States and Europe about the increasingly unpopular and costly war. The last foreign combat troops are due to leave Afghanistan by the end of 2014 but some US lawmakers are asking whether that timetable is fast enough. - Reuters
observed that professionals are hardworking, intelligent, ingenious and resourceful. "They are the proud asset of modern China. Moreover, they are fortunate to have visionary leadership. Moreover, the leaders and the professionals in these organisations are keen to extend full cooperation to Pakistan," he noted. He said they all are so positive, forthcoming and hospitable towards Pakistan. In this atmosphere, I am sure our cooperation will move from strength to strength. Masood Khan said that it is our natural aspiration that a Pakistani astronaut aboard a Chinese spacecraft flies to the space. "This is possible because Pakistan and China enjoy relations of trust and confidence," the Ambassador said. - INP
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London becomes alert after worst riots LONDON: London picked itself up on Sunday from some of the worst violence seen in the British capital for years which politicians and police blamed on criminal thugs but residents attributed to local tensions and anger over rising financial hardship. Rioters throwing petrol bombs rampaged overnight through an economically deprived district, setting police patrol cars, buildings and a double-decker bus on fire. Police said 26 officers were injured as rioters bombarded them with missiles and bottles, looted buildings including banks, shops and council
offices, and torched three patrol cars near Tottenham police station in north London. The riots erupted after a street protest over the fatal shooting of a man by armed officers this week turned violent. Residents said they were forced to flee their homes to escape the trouble as mounted police and riot officers on foot charged the crowd to push rioters back. As day broke, the Metropolitan Police, which will handle next year's London Olympic Games in what is expected to be Britain's biggest peacetime operation, faced questions about how the trouble
had been allowed to escalate. The disturbance was only finally brought under control on Sunday after hours of sporadic clashes. Buildings were still smoldering, bricks littered the roads and burglar alarms continued to ring out. At a nearby retail park, electrical stores and mobile phone shops had been ransacked, with boxes for large plasma televisions discarded outside, along with CDs and glass from smashed windows. "They have taken almost everything," said Saad Kamal, 27, branch manager of retailer JD Sports. "Whatever is left is damaged." - Reuters
ANP lambasts PPP-MQM deal ISLAMABAD: Awami National Party (ANP) was not taken into confidence on the recent deal for peace in Karachi and new development, Central Vice President of ANP and MNA Bushra Gohar said Sunday. Commenting on the recent deal between Pakistan People's Party (PPP) and Muttahida Qaumi Movement (MQM) in an exclusive chat with Online, she said that situation in the metropolis is so critical and deals behind doors are not a viable option. The central leader of ANP, also a close ally of the ruling PPP, said that so far no strategy for durable peace in the metropolis could be formulat-
ed. "All the stakeholders should be taken into confidence and a solution across the board should be finalized," she said adding that deweaponization is good if sincerely implemented. She said that in Karachi there is a mafia and killings and violence is launched whenever someone speaks against the mafia. She said that action would have to be started against the mafia. She said that it is ironic that people of ANP were targeted in Karachi but the party was not taken into confidence for taking some steps. The MNA said that ANP deplores the step of reversing commissionarate system in
Karachi anf Hyderabad only. "This is a step of dividing Sindh between MQM and others," she said. She maintained that the political process is the only solution for the problem and division would intensify the issue in the long run. Bushra Gohar said that ANP realize existence of MQM but they (MQM) should also accept reality of others. She said that Karachi is neither property of MQM nor of ANP and it belong to all. At least the people of Karachi, the laborers and others have right to peace. The political leadership from all the stakeholders should consider peace and together for improving situation in Karachi, the ANP leader said. - Online
Govt stressed to buy lint LAHORE: Farmer Associates Pakistan (FAP) has demanded the government immediately direct Trading Corporation Pakistan (TCP) to enter the market and start buying lint at Rs7,000/37.324 kg till the market stabilises. In a meeting of Board of Directors of Farmers Associates Pakistan (FAP) held here Sunday under the chairmanship of Syed Hussain Jahania Gardezi, Vice Chairman FAP, board members called upon the government to intervene for stabilising fluctuating Phutti prices to safeguard cotton growers of the country. The FAP Board of Directors was deeply concerned about the current cotton situation in which black marketing of urea fertiliser along with volatility in cotton prices was de-motivating cotton farmers.
The cotton crop is in its middle season during which farmers have to be highly motivated and Phutti prices at below 2800/40kg are already frustrating cotton farmers as it is not even covering their cost of production, they noted. The unavailability or high prices of urea was discouraging them to use it in the required amount which may lead to a situation where Pakistan may not achieve the estimated target of 15 million bales, they feared. FAP President Dr Tariq Bucha said that months of August and September were very important for the cotton crop. During the months farmers need to be vigilant about pest, which can affect the crop badly and reduce produce, he added. He said that use of fertiliser should be completed by August
or maximum by early September. This year, cotton was sown early as compared to last year which would lead to early arrival of cotton in the market, he added. The unusual phenomenon has caused unprecedented fluctuation in the cotton market as it has resulted in an artificial supply and demand gap, he added. These factors can affect cotton production in the current year and if the government failed to come up with some effective measures to countercheck these problems, it may have a deep and adverse impact on the national economy, he added. In the situation, Pakistan may lose $1.5 billion foreign reserves on imports to meet the shortfall of 2.3 million bales, he feared. - APP
Burj Khalifa residents to delay breaking fast TFD Monitoring DUBAI: Muslims living in the world's tallest tower will have to wait even longer to break their fast during the holy month of Ramazan. Mohammed al-Qubaisi, Dubai's top Muslim cleric, said
Sunday that Burj Khalifa residents living above the 80th floor should wait two additional minutes to break their dawnto-dusk fast while those above the 150th floor must wait three extra minutes because they will be able to see the sun longer than those on the ground.
The half-mile high tower has 160 habitable floors. Al-Qubaisi said the decree is similar to those relating to Muslims traveling on airplanes, and harkens back to a time when people living in the mountains broke their fast after those at lower elevations.
Body formed to probe Qasba fight ISLAMABAD: Federal Minister for Interior Rehman Malik has taken serious notice of scuffle between the two groups in Qasba Colony, Karachi and ordered for constitution of a high power Joint Investigation Team (JIT) to
look into the scuffle. The JIT shall comprise of the following; Additional IG of Police Special Branch Karachi as Chairman, Azad Khan Additional Director Federal Investigation Agency Karachi as Member. A representative of Intelligence Bureau as Member
and a representative of Pakistan Rangers Sindh Karachi as Member have also been included. The JIT shall determine how and why this infighting took place and submit its findings/report within two days. - Online
LONDON: Firemen dowse down buildings set alight during riots in Tottenham, north London. - Reuters
Pak satellite to be launched from China city BEIJING: The Pakistan Communication Satellite Paksat-1R is due to be launched in space from Chinese satellite launching site located at Xichang city in the second week of August, depending on weather conditions. Paksat-1R will replace Paksat-1 which is going to complete its useful life in 2011. Ambassador Khan said in an interview to mark launch of Paksat-1R that the satellite is going to be a new symbolic development in Pakistan-China relations, as this will broaden the horizons of our cooperation. He said during Premier Wen Jiabao's visit to Pakistan in December last year, our two governments had decided to deepen cooperation in space science and technology. "Paksat-1R, as the satellite is called, is a big step in that direction. It will revolutionize the use of broadband Internet, digital television broadcasting and mobile telephony; spur our economy; and strengthen the education and health sectors. It will also help us with disaster preparedness and response. Besides, young scientists and engineers are gaining new valuable expertise in the area of satellite technology. Such cooperation with China also helps us move towards selfreliance" he noted. Tracing the history of cooperation between the two countries in the realm of space science, Ambassador Masood Khan said that it goes back to the 1990s when Pakistan launched its first low earth orbit satellite Badr-1. "Since then we have been enhancing our cooperation in space science and technology. Many Pakistani scientists and engineers have studied aerospace sciences in Chinese universities and institutions," he added. He mentioned that: "We are now looking at cooperation in remote sensing satellites. It is a long term project with many civilian uses. A remote sensing satellite will cover areas like agriculture, oceanography, disaster management and mitigation, crop monitoring, earth observation, water resources management, weather forecasting, and urban planning. Such an application will have a direct positive impact on Pakistan's socio-economic development." China, Ambassador Khan said, has helped us in the development of our satellite industry for which we are extremely grateful. Pakistan Space and Upper Atmosphere Research Commission (SUPARCO) is establishing the necessary space technology infrastructure, he said, adding thus we are developing common technology platforms with China. In due course of time Pakistan will want to develop its spaceflight programme, he added. Ambassador Khan said that during his visits to the China Great Wall Industry Corporation (CGWIC), See # 2 Page 11
Chance of further US downgrade persists WASHINGTON: Standard & Poor's managing director John Chambers said on Sunday there is a one in three chance of a further US credit rating downgrade over the next six months to two years. "We have a negative outlook from six months to 24 months," he said on ABC's programme
"This Week." "And if the fiscal position of the United States deteriorates further or if the political gridlock becomes more entrenched, then that could lead to a downgrade. The outlook indicates at least a one in three chance of a downgrade over that period." Chambers said that it would
take some time for the United States to recover its AAA rating. "It would take a stabilisation of the debt as a share of the economy and eventual decline. And it would take, I think, more ability to reach consensus in Washington than what we're observing now," he said. - Reuters
Shahbaz for provinces but not on ethnic basis LAHORE: Chief Minister Punjab, Mian Shahbaz Sharif has said that he had no compunctions to carve out new provinces, but was certainly not in favor of provinces based on ethnic basis. Talking to media at the Allama Iqbal International Airport after his return from his
private London visit, the Punjab CM recommended a special National level committee to deal with the issue. Referring to Karachi situation, he expressed his disappointment over the fact that the great Metropolis was submerged in crisis, and also strongly berated the massive
corruption, due to which money laundering was on all time high, with looting of assets of the poor. He vowed to struggle against this morbidity of corruption, at the cost of his life, and said that PML-N was in constant touch with all political parties of the country. - Online
Gilani arrives on two days visit to SArabia JEDDAH: Prime Minister Syed Yousuf Raza Gilani arrived here Sunday on a two-day official visit to Saudi Arabia to perform Umrah and discuss with the Saudi leadership ways to further strengthen bilateral ties and the situation in the region. The Prime Minister was received at the airport by the head of the Saudi intelligence Prince Muqrin bin Abdul Aziz, Pakistan's ambassador Muhammad Naeem Khan and senior Saudi officials.
Prime Minister Gilani's visit to Saudi Arabia is all the more significant as it is rare that the Saudi government invites foreign dignitaries on official visits in the holy month of Ramazan, Pakistan's newly appointed ambassador Mohammad Naeem Khan told APP. He said the visit is continuation of the visit of President Asif Ali Zardari in July and will focus on bilateral ties, economic relations and situation in the region. Prime Minister Gilani, accompanied by commerce
minister Makhdoom Amin Fahim, senior industries minister Chaudhry Pervaiz Elahi, Governor of Khyber Pakhtunkhwa Barrister Masood Kausar and foreign secretary Salman Bashir, is scheduled to hold talks with King Abdullah bin Abdul Aziz and discuss ways to further strengthen bilateral ties. Prime Minister Gilani and his delegation are to perform Umrah late night on Sunday and pray for peace and prosperity of Pakistan. APP
Buffett unit bids $3.2bn for Transatlantic NEW YORK: A unit of Warren Buffett's Berkshire Hathaway Inc jumped into the bidding war over Transatlantic Holdings Inc, offering to buy the reinsurer for $3.24 billion. Transatlantic's board said on Sunday it would "carefully
consider and evaluate" the $52-per-share offer by Berkshire unit National Indemnity Co. Buffett's bid tops two rival offers put before Transatlantic. Transatlantic has an agreement to be bought by Allied World Assurance Company
Holdings Ltd in a deal currently worth $44.22 per share, or $2.75 billion. Validus Holdings Ltd, meanwhile, has launched a hostile bid for Transatlantic, with a proposal currently worth $46.36 per share, or $2.89 billion. - Reuters
Nato investigates helicopter crash KABUL: Nato tried to determine on Sunday if Taliban insurgents had shot down a troop-carrying helicopter in Afghanistan, killing 38 in the largest loss of life suffered by foreign forces in a single incident in 10 years of war. In a bloody two days for foreign forces, another four Nato troops were killed in two separate attacks on Sunday by insurgents in the country's violent east
and south, the coalition said. The majority of foreign troops serving in those regions are American, although some French troops are also based in volatile Kapisa province in the east. The French president's office in Paris said two French soldiers were killed and five wounded when they were attacked by insurgents in Kapisa's remote Tagab valley.
There was no immediate confirmation of the nationalities of the other two. "The head of state expresses again France's determination to continue to work with the International Security Assistance Force (ISAF) to restore peace and stability in this country and contribute to its development," the president's office said in a statement. See # 1 Page 11
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