International Karachi, Monday, September 20, 2010, Shawwal 10, Price Rs12 Pages 12
Awan sees change in 2013 through vote
14 more killed in Kurram Agency water dispute
See on Page 12
Three more protesters martyred in IHK
See on Page 12
Gunmen attack tourist bus in Delhi, 2 wounded See on Page 12
See on Page 12 Economic Indicators Forex Reserves (10-Sep-10) Inflation CPI% (Jul 10-Aug 10) Exports (Jul 10-Aug 10) Imports (Jul 10-Aug 10) Trade Balance (Jul 10-Aug 10) Current A/C (Jul 10) Remittances (Jul 10-Aug 10) Foreign Invest (Jul 10) Revenue (Jul 10) Foreign Debt (Jun 10) Domestic Debt (Jul 10) Repatriated Profit (Jul 10) LSM Growth (Jul 09 - Jun 10)
GDP Growth FY10E Per Capita Income FY10 Population
Money needed to buy food, medicine: Ki-moon
$16.07bn 12.79% $3.56bn $6.25bn $(2.69)bn $(635)mn $1.72bn $144.80mn Rs 84bn $55.63bn Rs 4705.4bn $62.10mn 4.55% 4.10% $1,051 170.57mn
UN seeks record $2bn for Pakistan l Norway trebles its emergency aid to $66mn l Main world powers hesitant in announcing response
Portfolio Investment SCRA(U.S $ in million)
41.34 -44.53 1.49 2337
Yearly(Jul, 2010 up to 16-Sep-2010) Monthly(Sep, 2010 up to 16-Sep- 2010) Daily (16-Sep-2010) Total Portfolio Invest (9 Sep-2010)
NCCPL (U.S $ in million)
FIPI (17-Sep-2010) Local Companies (17-Sept-2010) Banks / DFI (17-Sept-2010) Mutual Funds (17-Sept-2010) NBFC (17-Sept-2010) Local Investors (17-Sept-2010) Other Organization (17-Sept-2010)
-1.06 0.19 0.44 1.93 0.30 -1.71 -0.09
Global Indices Index
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GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 111.37 17.00 145.63 2.00 42.83 1.70 36.41 9.78 33.51
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
12.52% 12.66% 12.79% 13.00% 12.71% 12.75% 12.90% 13.22% 13.30% 13.13% 13.22% 13.31% 13.52% 13.70% 13.87%
08-Sep-2010 08-Sep-2010 08-Sep-2010 30-Jul-2010 17-Sep-2010 17-Sep-2010 17-Sep-2010 17-Sep-2010 17-Sep-2010 17-Sep-2010 17-Sep-2010 17-Sep-2010 17-Sep-2010 17-Sep-2010 17-Sep-2010
Commodities Crude Oil (brent)$/bbl 78.21 Crude Oil (WTI)$/bbl 73.66 Cotton $/lb 98.22 Gold $/ozs 1,277.50 Silver $/ozs 20.82 Malaysian Palm $ 843.10 GOLD (NCEL) PKR 35,206 KHI Cotton 40Kg PKR 7,341 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 79.50 Canadian $ 82.80 Danish Krone 14.80 Euro 110.50 Hong Kong $ 10.70 Japanese Yen 0.984 Saudi Riyal 22.67 Singapore $ 63.60 Swedish Korona 11.70 Swiss Franc 83.30 U.A.E Dirham 23.18 UK Pound 133.30 US $ 85.75
80.60 83.80 15.20 112.00 11.20 1.011 22.90 64.30 12.70 84.30 23.35 135.00 86.05
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
80.65 83.58 15.07 112.24 11.03 0.999 22.84 64.10 12.18 84.22 23.32 134.01 85.67
80.84 83.77 15.10 112.51 11.05 1.001 22.89 64.25 12.21 84.42 23.37 134.32 85.85
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
31°C 33°C 35°C 36°C 26°C 32°C
PM orders enquiry into fuel shortage crisis
Undemocratic change will be grave: Gilani ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani said Sunday he doesn't worry about democratic change within the Parliament but any unpolitical change will pose threat to the country. Talking to senior newsmen and columnists at his residence in Lahore, Prime Minister said that he will quit the power if any politician comes through the Parliament, added that situation has been in control, he sees no change and his government will complete its tenure. He said those who are talking about change shall pity the 20 million flood-affected people of the country who are waiting for rehabilitation after the dev-
astation of floods. The government has diverted all its resources to the relief of the flood stricken people, he added. PM Gilani reiterated the need for democratic system to reign. PM said his party is following conciliatory politics and there is not a single political prisoner in their regime. PM said he would get pleased if Nawaz Sharif sits in the Parliament and renders his democratic role. Separately, scores of workers of the PPP Human Right Wing Punjab staged a rally to express solidarity with democracy, PM Gilani and President Asif Ali Zardari here Sunday.
Post-flood activities in Pakistan
WB approves $800mn loan Advises to legislate GST on services soon ISLAMABAD: The World Bank has approved to lend Pakistan 800 million dollars -out of promised $900 million - to help country deal with post-flood activities. The WB Board is likely to approve the relief aid in its meeting which is due on October 1st, it is learnt here. According the Financial Affairs Division, World Bank would release $15 million as soon as its Board gives green light to the above mentioned aid, and out of the amount, $12 million would be used for fuel import. It is pertinent to note here that a team of World
Bank headed by Carlos Silvani is presently in Pakistan. The intention of the visit is to go over the advancements made on Tax Reform Programme. The delegation also visited Federal Board of Revenue and informed that WB is prepared to postpone the execution of Reformed GST by three months only if FBR terminates all exemptions currently granted on GST on goods. WB has also put forward the condition that GST on services be introduced through legislation instead of an Ordinance. Agencies
Deregulation to improve earnings, stabilise POL prices
Inter-Bank Currency Rates Symbols
LAHORE: People throng a petrol pump owing to acute shortage of petrol in many parts of the country. -Online
MIN
21°C 25°C 24°C 23°C 12°C 23°C
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Refiners likely to get pricing power Staff Reporter KARACHI: Refiners in Pakistan would be handed over the prices determination mechanism for the petroleum products, next week, after which they would be able to fix prices for the first time as government has decided to deregulate the procedure. The Ministry of Petroleum had sent the deregulation proposals to the government. Oil and Gas Regulatory Authority (OGRA) currently decides the rates for petroleum products and gas in the country. The new modus operandi, once comes into action would
lead to lower rates in major cities due to competition among refineries, and elimination of inland freight equalisation margin - used to maintain POL prices at same level throughout the country. Minister for Petroleum Syed Naveed Qamar while talking to the media said that new process would help refineries raise their profits while oil marketing companies would be able to expand their capacities and distribution network. According to the industry experts this long-awaited decision would prove beneficial for the customers in general, and National and Pakistan Refinery in particular.
The demonstrators were carrying banners and placards inscribed with slogans in favour of the democratic government. Addressing the workers, the wing President Saleem-ur Rehman Mayo condemned statements favoring undemocratic action. He said those who were issuing irresponsible statements should work for rehabilitation flood affectees. He said PPP workers would protect democracy in the country at all costs. Meanwhile, Prime Minister Syed Yousuf Raza Gilani Sunday took notice of the shortage of petrol in Punjab See # 10 Page 11
Committee planning to source raw sugar Special Correspondent KARACHI: A subcommittee, formed by Economic Coordination Committee (ECC), would submit its report in this week regarding the modus operandi for the import of raw sugar. The committee is deliberating over as to how much quantity of raw and refined sugar is needed, as according to the news, country would be facing a shortage of 1.2 million metric tonnes of sugar due to destruction of cane crops by floods. The committee consists of secretaries of various ministries and chairman FBR. The committee would also See # 11 Page 11
US missile kills five militants in NWA MIR ALI: Intelligence officials say a suspected US missile strike has killed five alleged militants in northwestern Pakistan. The officials say Sunday’s strike targeted a house belonging to a local militant in the town of Datta Khel in the North Waziristan tribal area. They spoke on condition of anonymity because they were not authorized to talk to the media. There have been at least 14 suspected US missile strikes this month, the most intense barrage since they began in 2004. -Agencies
UNITED NATIONS: The United Nations gathered new aid pledges for the Pakistan flood disaster on Sunday after making a record two billion dollar appeal to feed millions of victims. Twenty-five top ministers, including US Secretary of State Hillary Clinton, gathered in New York ahead of the UN summit this week, to discuss the new crisis in Pakistan. UN Secretary General Ban Ki-moon has called the floods "the worst natural disaster the United Nations has responded to in its 65-year history." Norway more than tripled its emergency aid to Pakistan to 66 million dollars on Sunday. "The situation is still highly critical for nine million people. We must now show our solidarity with the flood victims," said Foreign Minister Jonas Gahr Store, who is in New York. Norway had already pledged 115 million Kroner to the earlier Pakistan appeal and upped this to 400 million Kroner (66 million dollars).
India has made an immediate 25 million dollar contribution to its neighbor as soon as the appeal was made. The main world powers have held back from announcing their response to the record UN appeal though. The floods, caused by weeks of torrential rain have killed more than 1,700 people, according to an official toll, but the UN said the massive surge has exposed more than 20 million people to homelessness, malnutrition, risks of epidemics and loss of livelihood. UN officials have compared the disaster to the Haiti earthquake and 2004 Asian tsunami even though the death toll is significantly lower. The UN said money was needed to buy food, set up emergency camps, rebuild agriculture and villages which have seen drinking water and sanitation wiped out. The flood water is still moving from the north of Pakistan to southern provinces causing huge new emergencies.
MoP in consultation with OMCs to expedite supplies
Ogra ordered to raid POL outlets ISLAMABAD: Federal Minister for Petroleum and Natural Resources Syed Naveed Qamar while taking the immediate notice of the shortage of fuel across the country has ordered Ogra to conduct surprise raids on pumps to ensure that there is no hoarding of the commodity. Ministry of Petroleum in consultation with Oil Marketing Companies is also making arrangements to expedite the supplies from Karachi refineries and imports and PSO is working round the clock. The situation will further improve as Parco refinery has already resumed the operation and full production will be
available from today said a press release issued here Sunday. The spokesman of Ministry for Petroleum and Natural Resources has clarified the position with reference to the shortage of MOGAS (Petrol) in Punjab especially in Lahore, Gujranwala and Multan was due to recent heavy rains and consequently floods in the country. It may be mentioned here that sufficient stocks of about 90,000 tonnes of petrol is available in the country which is more than sufficient to cater at least 18-day requirement. In addition to this, about See # 12 Page 11
During Last Week
Foreign net-buying hits $5.1mn at KSE Ghulam Raza Rajani KARACHI: Following the previous week’s trend, offshore investors, last week, once again emerged as net-buyers in the local equity market purchasing shares worth $5.1 million, National Clearing Company of Pakistan Limited (NCCPL) data showed. During the week, KSE 100Index went up 1.8 per cent or 173.64 points as investors remained upbeat on the approval of margin trading system (MTS) in an SECP commissioners’ meeting called on
Wednesday. Later in the week, investors were allowed by the SECP to trade shares the money borrowed from the brokers which wasn’t of much consequence as margin trading shares are yet to be implemented and might take a month before kicking off. This factor restricted further gains bounding the market in rangeon the last two trading sessions of previous week. During the week, offshore investors opted for taking fresh position as they bought shares worth $16.9 See # 13 Page 11
PSO gets cash injection ISLAMABAD: Pakistan State Oil seems to be out of woods for now as federal government has released Rs12 billion under the head of outstanding dues while Ministry of Water and Power and Pepco have assured to pay off Rs27 billion soon. Pakistan State Oil notified to the Ministry of Petroleum that fuel supply would improve
from Monday (today) which earlier was delayed due to floods and Eid holidays. Pakistan State Oil, the biggest fuel supplier, which is owed 148 billion rupees by energy companies for purchases of furnace oil and diesel, needs funds to avoid defaulting on petroleum import payments, See # 9 Page 11
Agencies have warned of a looming health crisis with 709,000 cases of acute diarrhea, almost one million cases of skin disease, more than 800,000 cases of acute respiratory infections and hundreds of thousands of cases of malaria and dengue fever that are spread by mosquitoes. "We simply cannot stand by and watch the immense suffering in a disaster of this scale," said Valerie Amos, the UN under secretary general for humanitarian affairs and emergency relief coordinator, announcing the mega-appeal. The more than two billion dollars requested by 15 UN bodies will be used to help 14 million people over the next 12 months, the Office for Coordination of Humanitarian Affairs (OCHA) said. The previous record emergency appeal made by the UN was the 1.5 billion dollars sought after the Haiti earthquake in January. Eleven billion dollars has See # 7 Page 11
Iran denies detaining US troops TEHRAN: Iranian officials denied Sunday reports that its security forces seized seven US troops near the Islamic republic's border with Pakistan, Tehranbased Al-Alam television reported. “No American troops have been arrested. We deny it,” Ali Mohammad Azad, the governor general of Iran's SistanBaluchestan province, told the Arabic language network. The channel said a source with the provincial border patrol services had also denied the arrest reported earlier by a hardline news website close to the elite Revolutionary Guards. The incident had been reported earlier by the semi-official Fars news agency on Sunday, without giving a source. “Recently seven American See # 8 Page 11
Senate, NA meet today ISLAMABAD: Both the Senate and National Assembly are scheduled to meet separately on Monday (today) as the President of Pakistan has summoned sessions of the both the Houses. This would be the 64th session of the Upper House while the Lower House would be holding its 25th session. Besides routine agenda items, both the Houses are likely to take up various national as well as political issues with the prevailing devastation caused by floods at top. According to the sources, both House of the Parliament are also likely to adopt resolutions to condemn the ongoing brutalities of Indian forces against Kashmiris fighting for their right of self-determination also supported by the United Nations through a resolution. According to the sources, the Muttahida Qaumi Movement will not attend the sessions as part of ten-day mourning it has announced over the assassination of party leader Dr Imran Farooq in London. -Agencies
2
Monday, September 20, 2010
Workers rally to support Zardari
RAWALPINDI:Activists of Muttehda Qaumi Movement recite Holy Quran of soul of MQM leader, Dr Imran Farooq during Quran Khawani held in Rawalpindi on Sunday.-PPI
Sikh yatrees to arrive on Sept 23rd WAH CANTT: Over 300 Indian Sikh devotees will reach Gurdwara Punja Sahib Hassanabdal on September 23 to offer religious rituals and marking the 471th death anniversary of the founder of Sikh religion Baba Guru Nanak Jee Dev at Nankana Sahib on September 24. Evacuee Trust Property Board's (ETPB) Deputy Secretary Shrines Syed Faraz Abbas told APP on Sunday that all necessary arrangements for the boarding and lodging of the yatrees had been accomplished. He said on special directives of Syed Asif Hashmi Chairman Evacuee Trust Property Board, eight air conditioned coaches had been arranged to provide better traveling facilities to the Indian devotees. He said due to prevailing security situation in the country, escalated security measures would be adopted for the safety of sikh yatrees, adding, the district police along with various other law enforcement agencies had already been instructed to provide foolproof security to the Sikh pilgrims during their stay at Hassanabdal. "Foolproof security measures will be adopted in and around the gurdwara with close circuit cameras," he added. The deputy secretary further said all religious places and main routes in the city were under the vigilance of police and law enforcing agencies. Policemen in plain clothes and uniform had been deployed at important places to avoid any untoward incident, he concluded.-APP
TV PROGRAMMES MONDAY Time Programmes 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:05 The Reema Show (Rpt) 12:00 News 13:10 Faisla Aap Ka (Rpt) 14:10 Tafteesh 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Tonight With Jasmeen 23:00 News 23:30 24
Facilitation counter left in a mess RATODERO: NADRA & UBL have jointly established counter at Garhi Khuda Bux Bhutto, the final resting place of Bhutto martyrs, for issuing Watan Cards to the flood survivors staying here and other areas of the Larkana district. This only Counter has created various problems for the victims as well as the staff posted at this counter. Since last five days more than 1400 watan cards have been issued to the flood affectees but the rush continues to grow.
The names of flood surviving people of KambarShahdadkot district have not been entered into the NADRA database due to which verification of the affectees has been delayed. NADRA sources informed this scribe that revenue officials have not supplied those lists of the affected people. Affected people from Balochistan Jamshoro, Ghouspur, marooned areas of Jacobabad, Shikarpur, Dadu and other affected villages of Upper Sindh have thronged here to get
financial assistance of Rs20,000 through this card. Updating of existing CNICs through fresh entries has also been undertaken here by two NADRA mobile services but even then the affected people do not seem to be satisfied with the process though this only counter is issuing more cards than any other in Sindh province on daily basis. The 545 watan cards were issued on Saturday, a closed holiday and was seen open even on Sunday.-PPI
Govt committed for uplift of victims LARKANA: Chairman Sindh Chief Minister's Inspection Team Abdul Subhan Memon has said that the government was committed to provide rescue and relief to the flood victims. This, he said, while visiting various relief camps of Larkana District on Sunday. He said that the government was planning for the rehabilitation of flood victims in shortest possible time. In this regard, a high level meeting will be held in near
future at Islamabad which will be presided over by the Prime Minister. He called upon the TMAs of Larkana district to ensure cleanliness in the relief camps of the District. On the occasion DCO Larkana Abdul Aleem Lashari, EDO Revenue Asadullah Abro and other concerned officers were present. The DCO Larkana briefed the Chairman regarding the food stuff and medical cover being provided to the flood
affectees in the relief camps without any discrimination. He also informed him that there are about 0.2 million IDPs in the relief camps in Larkana district who have come from surrounding districts after their villages and towns were washed away or inundated by the flood. The DCO also informed the Chairman that 10 active social welfare associations (NGOs) are working for the welfare of flood affectees in the District..-APP
MULTAN: The most senior workers of the Pakistan People's Party (PPP) have showed their confidence in the leadership of President Asif Ali Zardari and his policies through a rally organised here on Sunday under the leadership of Saleem-urRehman Mayo Provincial chief of PPP (Human Rights Wing). They were carrying portraits of Asif Ali Zardari and Syed Yousaf Raza Gilani, and were shouting slogans in favour of PPP leadership. They paid tribute to Asif Zardari and Yousaf Raza Gilani. Mayo said that some elements were hatching a conspiracy against an elected government of PPP like in the past and they wanted to topple the present government for their vested interests. Later, they passed a resolution in which they showed complete confidence in PPP CoChairman Zardari and said that he was running the party on the lines of Bhutto and working hard to strengthen democracy in the country. They also endorsed the policies of the PPP-led government in the Centre and said that they would not allow anyone to derail the democratic system in Pakistan.-PPI
Revival of health facilities urged
KARACHI: Advisor to Chief Minister Sindh and Provincial Coordinator of Peoples Primary Health Initiative (PPHI) has said that the flood and rains have wholly or partially destroyed about 140 health facilities in the province. Due to the rains and flood catastrophe, the risk of water-borne diseases is high in addition to eye and skin ailments and malaria, she in a statement on Sunday. She issued directives to Project Director PPHI to immediately adopt measures to formulate a mechanism in consultation with the provincial health department and other stakeholder to revive health facilities for the welfare of general public and IDPs. The revival of health facilities is a big challenge as it requires huge funds and the process needs a joint efforts, she added. Sharmila asked all segments of society including philanthropists, NGOs, donor agencies and media to assist government in reviving the health faciliGARHI KHUDA BUX:Flood affected people stand in queue as they are waiting for thier turn to get Watan Card at National Database and Registreation Authority ties for the people on war (NADRA) counter during distribution of Watan Cards, in Garhi Khuda Bux-PPI footing.-PPI
Mirza vows to provide swift justice KARACHI: Sindh Home Minister Dr Zulfiqar Ali Mirza has directed the Home Department to devise a strategy for establishing a public complaint cell in order to provide swift justice to the people of Sindh. He directed Consultant Home Affairs Sharifuddin Memon to take all out steps with effective strategy regarding establishment of the complaint cell at the Home Minister's office. The minister said that public complaints should be resolved with immediate effect in the cell besides taking swift action
on the written public complains. UAN number should also be launched in this regard so that masses could register complaints via telephone, he added. He said Pakistan Peoples Party (PPP) believed that people are the real power of the government so it is the top agenda of the government to answer their complaints on priority basis. He further directed to device a comprehensive plan so that people could register complaints against police, criminal elements and suspects and to resolve complaints of flood affectees.
KARACHI: President PML-Q Chaudhry Shujjat Hussain addressing during “Meet The Press� programme at Press Club-APP
UAE starts rehabilitation of affectees QUETTA: The UAE Army Relief Force has started next phase of rehabilitation of flood affected people of Sindh and Balochistan. While briefing a group of journalists from different countries here on Sunday, Brig. Abdul Rahman Ibrahim bin Abdul Aziz, UAE Commander said that during the first phase 5,000 victims would be helped to return to their homes by Chinook planes in Dera Murad Jamali and Jacobabad districts as the water in these areas has receded. Sufficient foodstuff and tents will be provided, so that they will not be confronting any shortcoming, he elaborated. According to the said plan, shortly UAE team will conduct the survey and make assessment of the cost of the supply of basic necessities and reconstruction activities in these areas. He proudly mentioned that UAE team is the only country carrying out different organized rescue, relief distribution and rehabilitation programmes in Sindh and Balochistan. He said in collaboration with the Armed Forces of Pakistan, the UAE Army Relief Force has been continuously working to evacuate people and bring them to safer places.
Brigadier General Abdul Rahman said they started work after the appeal of government of Pakistan and orders of Sheikh Khalifa bin Zayed Al Nahyan and the follow up of General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces to help the badly affected people of Pakistan in the time of national crisis caused by the floods. So far, more than 1,800 people has been evacuated from the most affected areas. He said that the UAE Army was the first one to reach the most affected areas in Punjab and moved fast enough to jointly work with armed forces of Pakistan. UAE Army's intensive relief operation in Pakistan once again proves its full commitment to humanitarian and ethical responsibilities and its keen interest to save lives and human dignity, he added. Furthermore, it shows the core strength of its brotherly bilateral relations. He proudly shared that Pakistan Army Chief General Ashfaq Pervaiz Kayani made a special visit to Multan to meet the UAE military team. It was great boost for the team.-APP
EU concessions to assist in redeveloping Pak: Sharmila KARACHI: Advisor to Sindh Chief Minister Sharmila Faroqui has said that the European Union's agreement to provide trade concessions to flood-hit Pakistan will bring a new era of socio-economic development and help for better rehabilitation in the flood-hit country and added that this landmark, historic and long-desired achievement is the diplomatic efforts made by President Asif Ali Zardari during his recent visits to foreign coun-
tries. The EU decision to provide trade access to Pakistan products in its bolstering market will help Pakistan mitigate the devastation caused by the recent flood disaster on its economy and its people, she said in a statement on Sunday. "It was the long-standing desire of Pakistan to get access for their products particularly the textiles goods in EU market. The EU has agreed to make trade concessions to Pakistan to help it over-
come the impact of floods. It is a really a major breakthrough which is the result of President Zardari's entired efforts for the people of the country, she said. Sharmila said that it is the policy of PPP government to get trade but not aid and at last we have succeeded to achieve this goal. She said: " The meting of the European Council attended by 27 members of the European Union accepted this unanimously and decided that the GSP Plus process for
Pakistan should be initiated. We thank EU leadership for this noble cause which will ensure great help to the people of Pakistan to recover from devastating floods." She also urged the US and other friendly countries to give zero-duty trade access to Pakistan on humanitarian basis so that it could recover from the worst-ever floods in its history. Sharmila said Pakistan since long has been calling for duty-free entry for its textile goods into the
The minister said that Pakistan is passing through a critical juncture and the government is facing tremendous challenges on various fronts like terrorism and acts by antistate and criminal elements. He said that the government has achieved success in war on terror with the help of masses. The government has ensured mutual understanding among masses, Pakistan Army and police so that with the help of people law and order could be maintained in the provinces and cities of the country.-PPI
EU market under the GSP Plus scheme to stabilize its economy hit by global terrorism and ongoing raging floods. This dream has now come true. However, it will be good if this trade access should be continued for ever, she appealed. The Pakistan economy mostly depends on textile sector which produces stable products which are famous all over the world. Our textile export need more access in the international market, she said. The EU deal is a his-
toric success because it has come at very trouble times and when anti-state elements are bent upon maligning the government image in the world in a bid to gain their nefarious designs, she said. "This larger deal will foil the nefarious designs of anti-state elements against the government. Our democratic regime is stable as it has come through the votes of people and it is set to complete its five-year-tenure with great success," Sharmila concluded.-PPI
Pir Mazhar visits relief camps KARACHI: Sindh Education Minister, Pir Mazhar-ul-Haq, here on Sunday visited a number of relief camps of the flood victims. He met the flood victims at the relief camps at Government Degree Girls college Gulshan-i-Iqbal Block 7, Government Degree Girls College (SZC) Gulshan-i-Iqbal, secondary and higher School and government Girls School Gizri. The minister also inquired about that facilities that are being made available at the relief camps. Talking on the occasion, he pointed out that the alert for the Dadu Tehsil has been withdrawn as the Dadu Tehsil has no danger from the flood. Pir Mazhar said that the return of the affectees from Dadu Tehsil would commence from tomorrow and that the government would bear all the expenses for the return of the affectees to their homes. He pointed out that owing to damage to the schools owing to floods as well as lodging for the flood-stricken people, there was academic loss of the students in the province. The minister said that he has directed the Provincial Education Secretary to convene a meeting of the Steering Committee at the earliest to consider steps so that the academic loss could be made up.-APP
K-8 for sale in China air show ISLAMABAD: Pakistan has decided to present Karakoram-8 (K-8) jet planes for sale in an air show which would be held in China next month, reliable sources said on Sunday. The aircraft were developed jointly by Pakistan and China while a group of four planes would take-off on October 10 to take part in the show. The air show would be held on October 16. Many countries of Africa and Latin America are interested to buy the planes. Pakistan Aeronautical Complex Kamra and Nanchang Aircraft Company jointly started the project in 1990. -NNI
3 Monday, September 20, 2010
Asian currencies
Mostly gain for 3rd wk, led by India’s rupee SINGAPORE: Asian currencies strengthened for a third week, led by India's rupee, as global investors pumped more funds into the world's fastest-growing economies. China's yuan had its best week since May 2008 as the US called for faster appreciation and government reports showed pickups in industrial output, retail sales and inflation. "The trend remains for Asian currencies to strengthen," said Tohru Nishihama, economist at Dai-ichi Life Research Institute Inc. in Tokyo. "Funds will continue to flow into the region as the economic growth outlook in Asia is solid and stocks in the region have been rising." The rupee appreciated 1.3 per cent last week to 45.845 per dollar in Mumbai. The yuan was 0.7 per cent stronger at 6.7235, the Korean won climbed 0.4 per cent to 1,160.70 and Taiwan's dollar advanced 0.5 per cent to NT$31.739. Thailand's baht rose 0.4 per cent to 30.72, a seventh straight weekly gain. Equity funds investing in Asia excluding Japan recorded the highest inflows in seven weeks during the period through Sept. 15, according to EPFR Global. The trend was
USD net shorts hits highest in a month: CFTC NEW YORK: Currency speculators increased bets against the US dollar to the highest level since the week ended Aug. 17, data from the Commodity Futures Trading Commission showed on Friday. The value of the dollar's net short position rose to $13.55 billion in the week ended Sept. 14, compared to a net short position of $9.77 billion the previous week, according to CFTC and Reuters data. The CFTC data includes data as of Tuesday, a day before Japanese authorities sold around $1.8 trillion yen ($20.98 billion) in a bid to stem currency strength. The data also showed speculators sharply reduced short positions on the euro and sterling, but significantly increased bets in favor of the Canadian dollar.-Reuters
"underpinned by renewed faith in the growth stories of the region's heavyweights, China and India," the research firm said. India's central bank last week increased interest rates for the fifth time in 2010 and Chinese Premier Wen Jiabao said his nation's economy, the world's second-largest, was in "good shape." US Treasury Secretary Timothy F. Geithner called for "significant" gains in the yuan, which touched the strongest level since official and market exchange rates were unified at the end of 1993. The Philippine peso dropped 0.2 per cent last week to 44.188 per dollar after central bank Governor Amando Tetangco said on Sept. 14 that policy makers were monitoring gains and signaled action may be taken to curb volatility. Japan unilaterally sold the yen on Sept. 15 in an attempt to halt appreciation after the currency climbed to a 15-year high versus the dollar. Malaysia's ringgit rose 0.2 per cent last week to 3.1020 per dollar, having reached a 13-year high of 3.0969 on Sept. 13. The Singapore dollar appreciated 0.5 per cent to S$1.3340, a fifth straight weekly gain. -Agencies
C$ drops on US confidence data TORONTO: Canada's dollar swung widely through Friday's session before finally ending lower against the US currency, while bonds bounced higher, as a weak US consumer confidence reading undermined confidence in economic recovery. A report showing US consumer sentiment worsened unexpectedly in early September was the main source of pressure on the Canadian dollar, and a lift to bonds. "That number came in quite weak again. That has further shifted us into further riskaversion mode," said John Curran, senior vice-president at CanadianForex. The data knocked the Canadian dollar back from early gains, sending it as low as C$1.0351 to the US dollar, or
96.61 US cents. The sentiment reading and also "cut the legs out from what looked like a promising" rally in riskier assets such as equity markets, said Doug Porter, deputy chief economist at BMO Capital Markets. Earlier, the currency had pushed as high as C$1.0216 to the US dollar, or 97.89 US cents, matching its best level at the start of the week, bolstered by firmer commodity prices and equity gains after strong quarterly earnings from technology bellwethers Oracle and Research In Motion. By the end of the session, the currency had recovered somewhat to finish at C$1.0314 to the US dollar, or 96.96 US cents, down from Thursday's close of C$1.0266 to the US dollar, or 97.41 US cents. -Reuters
Sterling log gains for wk against dollar LONDON: Sterling rose for the first week in six versus the dollar as stocks strengthened, signaling fading demand for the safest assets. UK currency stayed near its strongest level against the dollar in more than a month, after paring intraday gains as bond yields for so-called periphery euro area nations rose amid renewed concern nations may struggle to finance their debt. "Stocks are looking fairly healthy so risk appetite is firmly back on the agenda and sterling is getting caught in the back-draft of it," said Jeremy Stretch, global head of foreignexchange strategy at Canadian Imperial Bank of Commerce's CIBC World Markets unit in London. The pound rose as much as 0.7 per cent to $1.5729, its highest level since Aug. 11, and was at $1.5632 as of 4:35 p.m. in London, for a weekly advance of 1.8 per cent. Against the euro, it was 0.3 per cent stronger at 83.44 pence, paring its drop on the week to 1.1 per cent. The pound pared gains as Ireland's 10-year bond yield rose to a record relative to benchmark German bunds. "There's a story talking about a potential default for one particular Irish bank," said Neil Jones, head of European hedge fund sales at Mizuho Financial Group Inc. in London. "I can well imagine the market is responding to these rumors with a bout of risk aversion." While the pound strengthened against the dollar last week, it weakened versus the euro as concern grew that UK growth will trail the euro area. Chancellor of the Exchequer George Osborne is scheduled to announce details of government spending cuts on Oct. 20 that are designed to curb the nation's budget deficit.-Agencies
Corn jumps Raw sugar at fresh 7-mth Copper surges on China above $5, high, arabicas softer YORK/LONDON: (along) with concerns on the lending soy surges NEW Raw sugar and cocoa futures impact of dry weather in CHICAGO: US corn futures jumped more than 3 per cent on Friday, breaking above $5 per bushel for the first time in nearly two years, and soy soared 3 per cent on global weather worries, reports of low yields in the US corn harvest and talk that a firm bought $1 billion worth of commodities. Corn rose 10.5 per cent on the week, for its biggest one-week advance since December 2008. Wheat was up 5 per cent for the week, soybean futures up 4.5 per cent for the week. Corn got an added boost when the US Department of Agriculture said it expected the government to allow ethanol blends in gasoline to rise to 15 per cent from 10 per cent, in vehicles built in 2007 and after. Wheat jumped almost 3 per cent, in step with corn and soy and on concerns about a further drop in global wheat output if the Canadian cold snap causes significant damage. CBOT December corn ended 17-1/4 cents per bushel higher at $5.13-1/4. November soy was up 32-3/4 cents at $10.69 and wheat for December delivery was up 20 at $7.39-1/4. -Reuters
climbed on Friday as it was buoyed by broad-based gains in financial markets and optimism over consumer demand, with sugar seen eventually piercing the psychological 25 cents level. Arabica coffee futures on ICE were lower as the rally there seemed to sputter with the weekend beckoning. Raw sugar prices were higher with dry weather in Brazil remaining a key supportive influence. ICE Futures US key October raw sugar contract increased 0.13 cent to finish at 24.61 US cents per lb, having come within a tick of hitting 25 cents. It was the highest settlement close for the spot raw sugar market since Feb. 24. London's December white sugar futures added 10 cents to end at $608.30 per tonne. "Overall, it's still dry in Brazil," said Jack Scoville, an analyst for brokers The Price Group. "It's going to be hard to break this (rally in sugar) for now." Barclays Capital said in a daily sugar market report that "demand conditions remain positive and the tightness in nearer term supplies remains
Brazil" should be supportive for the market. Goldman Sachs added: "While we continue to expect a supply increase in the coming harvest in response to recent high prices, adverse weather over the past months points to lower than previously expected production for both Brazil, the largest producer and exporter, and Australia, the third largest exporter." Coffee prices were mixed, with an expected large crop in Brazil this year and a rebound in production in Colombia tipped to drive prices down, dealers said. New York's December arabica coffee futures dropped 2.50 cents to finish at $1.893 per lb. London's November robusta coffee contract gained $16 to close at $1,669 per tonne. Cocoa futures quietly consolidated, as bean values in New York extended their recovery from a fall to a 14-month low. New York's December cocoa contract rose for the fourth day in a row, rising $7 to end at $2,746 per tonne. London's December cocoa futures finished steady at 1,884 pounds per tonne.-Reuters
NY cotton ends at 15-yr top; poised to crack $1 NEW YORK: Cotton futures rallied this week by closing on Friday at a fresh 15-year high on investment and mill buying, and analysts said the market was poised to crack the psychological $1/lb by next week, brokers said. ICE Futures US key December cotton contract climbed 2.46 cents to close at 98.22 cents per lb, the highest finish for the benchmark second position cotton contract since 1995, the only time cotton futures traded over $1. On the week, the contract gained 7.6 per cent. December either closed or hit 15-year
highs every day this week. The contract traded between 95.77 and 98.79 cents. Trading was heavy on Friday. Total cotton volume traded was at 20,957 lots at 1847 GMT, nearly 50 per cent above the 30day average at 14,188 lots, according to preliminary Thomson Reuters data. "It's still going without any sign of topping," said Mike Stevens, an analyst for brokers SFS Futures in Mandeville, Louisiana. He added the market momentum makes it likely a challenge of the $1 level will take place early next week. Since 1960, the only time cotton has traded over
$1 was in 1995. Open interest in the cotton market has soared 50 per cent since mid-July when the rally took off as investment funds piled into the market. Total open interest in the cotton market stood at 231,896 lots as of Sept. 16, from the prior tally of 229,876 lots, according to exchange data. Brokers Flanagan Trading Corp. sees resistance for December futures at 99.15 and $1, with support at 98.20 and 97.45 cents. Total volume traded Thursday hit 21,093 lots, from the prior 23,178 lots, according to ICE Futures US data. -Reuters
NEW YORK/LONDON: Copper finished firmer on Friday, after hitting a 4-1/2 month high, after reassuring comments from China's central bank on monetary policy and further withdrawals in London stockpiles reinforced the metal's bullish supply/demand outlook. Copper for December delivery on the COMEX metals division of the New York Mercantile Exchange rose 2.85 cents to settle at $3.5220 per lb, after ranging from 3.4860 to $3.5525, which marked the highest level for the fourth position contract since April 26. For the week, the benchmark December contract climbed 3.4 per cent for its biggest weekly gain in seven weeks. On the London Metal Exchange (LME), benchmark copper ended up $20 at $7,720 a tonne, after touching its own 4-1/2 month peak at $7,810. Sentiment received a boost overnight from the People's Bank of China, which reaffirmed its appropriately loose monetary policy stance and said it would deploy various fiscal and monetary tools to manage inflationary expectations. Copper prices pared a portion of its gains and investors cashed in on the recent move after US data showed consumer sentiment unexpectedly worsened in early September to its weakest level in more than a year. Latest LME data showed copper stocks shed another 2,950 tonnes to 384,200 tonnes, having fallen from 6-1/2 year highs at 555,075 tonnes in mid-February. Aluminum was untraded at the close but bid at $2,180 a tonne from a last bid at $2,165 on Thursday. LME stocks for the metal fell 3,975 tonnes to 4.39 million tonnes. Nickel was last bid at $23,200 from $23,250, after earlier hitting a four-month peak at $23,570. Lead ended at $2,202.5 a tonne from $2,202. Zinc ended at $2,151 a tonne from $2,148 and tin at $23,600 from $23,495, after earlier touching a two-year high at $23,800. -Reuters
US dollar weekly outlook
Greenback may fall; investors watch for Fed All eyes on Fed policy meeting on Tuesday NEW YORK: The dollar may fall this week as investors look to the Federal Reserve for clues about the prospect of further easing to spur the US economy, but its downside versus the yen is limited after Japan's recent massive yen sales. Speculation the Fed might resume large-scale asset purchases later this year has pressured US Treasury yields and pushed the dollar down 1.5 per cent last week against a basket of currencies, the biggest drop in two months. While most analysts expect the Fed to renew its pledge to keep monetary policy accommodative, but not to announce any new steps when it meets on Tuesday, investors will scrutinize the accompanying statement to try to determine if the central bank will take action in coming months. "There's been a lot of speculation that the Fed will increase their quantitative easing activity over the next few months," said Jessica Hoversen, fixed income and currency analyst at MF Global in Chicago. "The market is going to be looking for the Fed to say something in their statement about policy." Such speculation could continue to pressure the dollar against the yen even after Japan sold around $1.8 trillion yen ($20.98 billion) on Wednesday in its first currency intervention in six years in a bid to stem curren-
cy strength. Daniel Katzive, a currency strategist at Credit Suisse in New York, said while the intervention probably reduces the risk the pair may overshoot below 80, he would not be surprised to see another test below 85 in the near term. "Dollar/yen is going to stay very heavy despite the intervention because yield spreads remain very compressed," he added. The dollar last traded little changed at 85.74 yen in New York. Resistance was seen at just under 86 yen, followed by 86.30, the bottom of the resistance cloud on its Ichimoku chart, a technical indicator. Traders also cited stop-loss buy orders above 86.00 and 86.35. While the yen's six month uptrend did not look convincingly broken, market participants expect lower volatility and range-trading to prevail in the short run amid fears of more yen selling by Japan. One-month dollar/yen implied volatility, a gauge of expectations for price fluctuations over the next 30 days, last traded at 10.61 per cent. Volatilities hit 15.75 per cent last week as investors grew nervous about potential currency intervention. But at least for now, Japan's currency intervention appeared successful. Boris Schlossberg, director for currency research at GFT in New York, said Japan intervened at a time when
US data showed some moderate improvement and therefore were "trading with the news flow and not against it." Upbeat data tends to reduce safe-haven demand for the yen. Key US data releases this week include housing starts, building permits, existing home sales and durable goods. "As long as US data doesn't disappoint massively, this may be one of the cases in which central bank intervention may work in the near term," Schlossberg said. Jonathan Xiong, director and global investment strategist at Mellon Capital Management, said the firm's models "see more risk in the yen" and the firm may cut even further its long yen positions. Xiong is part of a team that oversees $28.6 billion in assets in San Francisco. Morgan Stanley said dollar/yen has seen the bottom and may rise to 93.0 by the end of the year. Meanwhile, renewed worries about the euro-zone's debt and banking troubles will also be in focus after Irish/German spreads widened amid fears about Ireland's banking sector. "There is more bad news coming down the pike with regards to peripheral eurozone sovereign risk, so what remains to be seen is how resilient the euro will prove," said Win Thin, currency strategist at Brown Brothers Harriman in New York. -Reuters
Oil drops 4th day on consumer sentiment slide Enbridge Canada-US pipeline restarted Friday morning NEW YORK: Crude oil prices fell a fourth straight session on Friday after US consumer sentiment data showed a surprise drop to the weakest level in more than a year. US consumer sentiment unexpectedly worsened to its weakest level since August 2009, as distress over jobs and finances intensified among upper-income families, the Thomson Reuters/University of Michigan preliminary September reading showed. US crude futures posted the biggest percentage weekly loss in five weeks. The slide started earlier in the week after Enbridge Inc. said it would restart a major crude pipeline from Canada into the United States. US crude for October delivery fell 91 cents, or 1.22 per cent, to settle at $73.66 per barrel, trading from $72.75 to $75.25. The October contract expires on Tuesday. For the week, front-month US
crude prices fell $2.79, or 3.65 per cent. US November crude fell 82 cents, or 1.08 per cent, to settle at $74.92 a barrel. ICE Brent for November fell 27 cents to settle at $78.21 a barrel. October Brent expired on Wednesday. "The consumer sentiment report came out and the dollar strengthened, piling on after the expectation that Enbridge would restart its pipeline had already taken the steam out of frontmonth crude earlier in the week," Chris Dillman, analyst, Tradition Energy in Stamford, Connecticut. US regulators and the company confirmed on Friday the restart of Enbridge's Line 6A pipeline, which carries up to a third of Canada's US-bound crude oil shipments. A longer pipeline shutdown could have started to drain US stockpiles that remain well
above year-ago levels, according to the US Energy Information Administration. Stocks stood at 357 million barrels in the week to Sept. 10, 24.6 million above the same week in 2009. Though the oil market has spent much of the year in lock-step with US equities, stock markets ended higher on Friday after a choppy trading session as reassuring earnings from technology bellwether Oracle provided lift, while the report on consumer sentiment limited gains. Also easing concerns about supply disruptions, Hurricane Karl hit Mexico's central Gulf Coast on Friday, but it appeared to have spared Mexican offshore oil operations from major damage. Oil prices seemed to receive little support on Friday from a report by investment bank Goldman Sachs that said commodities, like oil, which follow a cyclical trend, have upside potential. -Reuters
Silver eyes 30-year highs above $21
Gold hits new record on jitters over data, Fed NEW YORK: Gold hit a record high on Friday for the third time this week as poor US consumer confidence and market talk of more quantitative easing helped the alternative asset score its biggest weekly gain since May. The metal received a boost from data showing Thailand raised its gold holdings by a fifth in July through open-market purchases, joining a growing list of Asian nations diversifying into gold amid volatility in other markets. Silver rose to just below $21 an ounce, approaching levels not seen since 1980 as gold's rally triggered further investor speculation that the white metal would continue a winning streak that began in August. "Gold continues to reflect the overall level of concern. The
weak consumer confidence data was certainly supportive to the rally in gold," said Frank McGhee, head of precious metals trading at Integrated Brokerage Services in Chicago. Gold surged to an all-time peak of $1,282.75 an ounce in the European session on expectations that the US Federal Reserve, hoping to stave off double-dip recession, could announce more quantitative easing -- usually a boon for gold. After some profit-taking, the yellow metal turned higher again after data showed consumer sentiment worsened in early September to its weakest in more than a year. Another report indicated little underlying US inflationary pressure. Spot gold fetched $1,275.50 an ounce at 2011 GMT, compared with $1,272.20 late in New York
on Thursday. It has gained more than $100, nearly 9 per cent, since the start of August. US December futures settled up $3.70 at $1,277.50 an ounce. September and October are typically strong periods for jewelry demand, with a number of major gold-buying festivals near the year-end in top consumer India, while Western manufacturers stock up ahead of Christmas. Eclipsing gold's rally, silver has gained 5 per cent this week, double the yellow metal's 2.5 per cent increase. Spot silver was up 0.1 per cent at $20.74 an ounce from $20.72 in New York on Thursday. Spot platinum hit $1,630 an ounce, its highest since May 19. It rose to $1,611.50 from $1,603.65 on Thursday and palladium fell to $540.50 an ounce from $544.65. -Reuters
4
Monday, September 20, 2010
The Financial Daily International Vol 4, Issue 48
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
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EU trade breaks The European Union has agreed to grant Pakistan trade concessions in the aftermath of floods. Its 27member states consented to trade concessions for Pakistan but the Commission will have to work with the World Trade Organization (WTO) to work out ways as to how to implement the same without violating trade rules by October. Under the proposed arrangement Pakistan will receive an immediate and time-limited reduction in duties on key exports to the EU, taking into account industrial sensitivities in the member states, notably on textiles. The arrangement would be worth around 300 million euros ($390 million) to Pakistan over a year. The deal also includes a commitment to grant Pakistan entrĂŠe to the EU's enhanced trade programme, known as GSP Plus, by 2014, provided it meets the criteria on good governance and human rights. Britain and Germany pushed hard for the deal, but France, Italy and some others EU states with domestic industries that compete with Pakistani imports were reluctant to give too much a ground to Pakistan at a time of economic stress. The deal would result in a trade "waiver" for Pakistan, similar to the one Islamabad received after the September 11, 2001 attacks on the United States in recognition of its role as a frontline ally in War on Terror. Since trade disputes take a long time to settle, time-limited concessions should deter opponents from making legal challenges. It is necessary to thank EU members for this gesture of help as Pakistan is facing twin menace of flood and regular assaults by the foreign militants. The operation being undertaken by Army in the northern areas is very expensive itself and attacks by the militants in other areas not only deal a serious blow to law and order situation but causing huge economic losses as well. In the aftermath of floods attention of Army shifted to rescue and relief work which gave militants an opportunity to regroup. Therefore, making Pakistan economically stable is necessary to save it from falling prey to extremism and fundamentalism. Pakistan understands the sensitivity of European countries towards textile trade but it is necessary to reiterate that most of the items falling under textiles and clothing being exported neither fall in the category of identical products nor are these items likely to cause any material damage to the textile industries of the importing countries. Therefore, members need not worry. However, the objections from other textile exporting countries need to be addressed separately. If EU members are serious in helping Pakistan strengthen its economy they might as well create a specific fund for establishing power plants in Pakistan, The experience of UK's electricity generation company International Power Plc is a good precedent to follow. Ensuring uninterrupted power supply at affordable cost can help restore competitiveness of Pakistani exporters. It's just a matter of playing our cards right.
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.
Another Martial Law Knocking at the Door? T
h e answ er to a b o v e proposition is in negative. Why, because Muhammad Arif objectively the history cannot be reversed as such in the given conditions. The main argument in favour of martial law roots from the fact that political leadership is not delivering and political and economic indicators are getting worse and worse. Some argue that Musharaf era was better so why not to revert to the same arrangements once again. These arguments sound well apparently but deep down there stand a lot of contractions. To review these questions one needs to look into the building blocks of the country that stand on its political and economic structure. Pakistan had gone through five martial laws. One was partial, coming to rule in 1953 on the question of Qadianis. However as an interim arrangement it could not provide any solution and nor it was supposed to. Justice Munir, the Chief Justice of Pakistan, who headed a commission to investigate the incident, has written in his book "From Jinnah to Zia" that no Islamic scholar was able to provide any satisfactory answer as to how a "Muslim" can be defined. Later, it was the political government of Zulfiqar Ali Bhutto in 1973 that came up with some solution to this question. Other military governments were of General Ayub Khan (1957-68), General Yahya Khan (1969-70) General Ziaul-Haq (1978-1987), and yet the latest General Pervez Mushraf (1999-2008). As a rule of thumb, martial law regimes do not suit only those countries that are federations with different nationalities, languages and culture. This holds well for Pakistan as in 1970 half of it was separated from the mainland. With later experiments, the federation went on weakening and weakening and now half of Pakhtunkhwa (former NWFP) is not in our control while Sindh and Balochistan are showing their distrust for centre. Musharraf was bold enough to admit that, during his time, federation weakened further. Another factor that goes against the revival of Martial Law is the ongoing change in the geopolitical situation of the region. Along with US, India is also not in the favour of Pakistan's dismemberment right now due to vested political and economic interests. Pakistan happens to be the corridor to reach central Asia, Afghanistan and Iran to access energy and minerals. Further, US is set to get out of Afghanistan next year. So for
tionary pressures. This is evident from the chart given below. The numbers in the chart vindicate that apparently military regimes performed better than the civil governments. But here one may not forget that timing always remained important in bringing about these numbers. 1951-57 was the time when Pakistan was emerging out of its crisis after getting its independence. Secondly military and civil bureaucracies both tried to infuse instability so as Growth of CPI on Annual Real GDP Growth (%) to continue Average Basis ( %) t h e i r Low High Average Low Average regimes in High the form of 1951-1957 Political 2.50 -1.8 10.2 Ghulam Governments Muhammad a n d 1958-1970 5.44 -3.2 0.9 9.8 3.3 7.8 Sikander Military Governments Mirza govAyub & Yahya ernments. Bhutto came 1971-1977 3.0 4.7 1.2 7.7 10.08 30.0 in power Political w h e n Zulfiqar Ali Bhutto Pakistan was in disar1978-1987 6.2 3.6 4.0 8.5 7.3 12.4 ray after its Military Government bifurcation Zia ul Haq and his first priority was 1988-1998 to bring Political Governments 5.1 7.8 7.7 8.5 13.0 back thouB e n a z i r / N a w a z 1.7 sands of Sharif captive soldiers from 1999-2008 5.1 3.1 7.7 5.0 12.0 India and Military Government 1.8 get back Mushraf some of the 2009-2010 land confisCurrent Political 2.70 11.7 2.70 2.70 16.25 20.8 cated by Government India in going, these powers would also media which made it a case and 1971 war. Benazir and Sharif like to see reduction in military got people's support, later on it governments came into power establishment a sensitive point was took up by the Supreme when India was highly hostile for our military setup. We have Court which pushed to some and Pakistan was trying to come out of Afghan war. seen such demands in Kerry logical conclusion. People have genuine griev- Musharaf era was blessed with Lugar Bill. With atomic arsenal in hand, Pakistan can do it, but ances against the current gov- heavy inflows after 9/11 incibeing reflected dent and no doubt during his with internal uprising especial- ernment ly of religious militants, it through different means. Most time poverty was alleviated to looks unlikely right now. vocal in this regard are media. some extent but 2005 onwards However these developments, Even Punjab Assembly passed economy started to heat up though in infancy are giving a resolution against media again and at the end of 2007-08 some indications about future which it was forced to with- things went out of hand in form draw and rephrase in the right of huge current account and landscape of Pakistan. Judiciary, Media and Civil perspective. So two-way budgetary deficits. Around Society are other forces that do accountability is on and is mak- Rs400 billion went out of counnot look in the favour of ing some impressions. This can try specifically to Dubai. At the Martial Law and most likely happen only in a democracy end of 2008 too many problems would resist fiercely if some- whether weak or strong, raised head to be addressed body thinks to go with such whether real or sham, but any overnight. Frankly speaking intervention from any other Pakistan's foreign and defence kind of adventure. Actually Martial Law has force can stop this process policy is in the hands of milialways been favored by the which would be fatal for tary establishment right now as it's them who have their final middle class mindset in Pakistan. Even the French revolution say in the matter. Now after the Pakistan. They always supported some stringent action against was the offshoot of Rousseau incumbency of Dr Abdul lawbreakers and criminals. But and Voltaire's thoughts and not Hafeez Shaikh the Ministry of factually whenever military of any military general. Though Finance has also been handed took over or even in democratic it was indigenous but later it over to the establishment. setups, the lawbreakers, big- degenerated into anarchy. So President of Pakistan Asif Ali of French Zaradri looks more accomwigs remained with the govern- advocates ments and stiff action was faced Revolution should first of all modative towards military by the 95 per cent of its poor make sure whether we have establishment rather than population. The government personalities like Rousseau and Nawaz Sharif and this is the offices, police stations, and Voltaire to create or lead a rev- point where Sharif is going to courts have never remained in olution like that of French one. be a better alternative in the Coming back to the economy given conditions. service to its people. One of the Another comparison of milireasons could be that military it is true that martial law ruled us half the time during the regimes have performed better tary governments with political 63 years of our independent in their narrow sense I.e. in regimes is of their performance existence, and in that time no terms of GDP growth and infla- on economic fronts. Basically
these very reasons, they want a stable Pakistan but to keep Pakistan within some limits they would also like to have a democratic setup in control. Apparently democracies look fragile as compared to despotic regimes in taking stands. But in case of Pakistan it went otherwise and in Ayub era three rivers in Punjab were handed over to the India and at Zia and Musharaf time, US was allowed to use Pakistani soil for any purpose. Forward
other institution in Pakistan was allowed to work independently or properly. In US or UK or even in India, the political setup is corrupt to some extent as politicians everywhere have links with mafias but other setups like police stations and courts work quite honestly. In Pakistan this could not happen as these institutions have never been subjected to accountability. See recent example of Sialkot incident. The accountability on this was started by the
military governments have remained regimes of status quo stressing for stabilisation (i.e. to control deficits) whereas political governments come with long term plans that always disturbs deficit numbers. Pakistan saw land reforms twice, one in Ayub era and the other in Bhutto time. Whether these reforms made any significant impact on land holdings is another discussion but analytically Bhutto's reforms were superior to Ayub's. Furthermore all market based reforms started in 1990 and current account was made convertible in 1993. SBP and SECP were given independence in 1997. Apart from this, all basic industries came into existence during political regimes. On defence side missile and nuclear technology also was acquired during political regimes which created deterrence against powerful neighbours. Further, the divided between haves and have-nots narrowed only during the same. In Ayub time, 22 families emerged. His was among this celebrated cabal of 22. The same story goes with other military regimes. Now coming to final words. No doubt public is in great trouble. CPI with a 40 per cent weightage of food items is again inching up. As per estimates CPI for this year would end up in the range of 14-16 per cent, which means food items prices would go up by 40-60 per cent and in some cases by 100 per cent. Law and order satiation is at its worst. Rampage of flood is there. Value-added tax or revised GST is going to be levied covering services and wholesale/retail business. This would increase miseries manifold. Obviously it would provide a good opportunity to those anti-democracy groups that are pursuing the return of establishment. It would be a disaster, if happened. In flood activities some sections of media are projecting military's efforts as separate from the government's creating a rift. This is ridiculous as military is part of the government either it is civil or headed by a general. In any national disaster Army as part of the government has to do its job. This is the standard operating procedure for any country. We all talk of it but are we ready to work together beat this crisis? This requires national consensus. The government should call all stakeholders to sit together for a while and strive for arriving at on some practical steps and sketch out a recovery roadmap. This is no time for blame game or pursuing personal agenda. This is the time to save this country. The writer is a visiting lecturer at Sheikh Zayed Sultan Institute University of Karachi and BIZTEK. E-mail: arifsbp@hotmail.com
Obama’s Acid Test The congressional election in November will define President Barack Obama's next two years in office as Republicans look likely to pick up seats and put their stamp on issues ranging from the huge budget deficit to economic recovery and immigration. Reuters correspondents will interview an influential line-up of newsmakers at next week's Reuters Washington Summit starting on Monday and they will take an in-depth look at the election and its implications for Obama. Elected in 2008 on the promise of changing Washington, Obama will be forced to scale back his ambitions if the Republicans, who have tried to block his agenda of reforms and economic measures, do well in the November 2 election. He is unlikely to try more signature legislation like this year's healthcare and Wall Street reforms and would have to take Republican demands for low taxes into account when trying to cut the fiscal gap and speed up the economy's recovery from its worst recession
since the 1930s. "The upcoming midterm elections will dramatically change political reality for Obama," said Larry Sabato, a political science professor at the University of Virginia. "He will be working with Congress much less and depending on his own executive branch much more," Sabato said. "We're probably headed for a period of intense gridlock, and that's just going to be a fact of life." Obama's Democrats could lose control of the House of Representatives, and maybe even the Senate, in November when Americans are expected to punish them for failing to reduce a jobless rate stubbornly near 10 per cent. The resurgent Republicans are demanding a greater role in responding to the weak recovery and are threatening to try to rewrite Obama's healthcare overhaul and take a fresh look at Wall Street regulations if they win big enough at the polls. Big Republican gains could also end any chance for climate change legislation that was
supposed to be a hallmark of Obama's presidency. A comprehensive immigration overhaul demanded by Hispanic groups could be hard to pursue and the Obama administration may get tougher on China's policy of keeping its currency weak against the dollar, which critics say steals American jobs. COMPROMISE IN SHORT SUPPLY Will history repeat itself? When Republicans seized the House in 1994, President Bill Clinton moved to the center to take account of the country's mood, leading to a major compromise on reforming the US welfare system. Clinton coasted to re-election in 1996. Can Obama do the same? So far, the parties are in no mood to compromise, as shown by a festering debate over extending Bush-era tax cuts that are due to expire at the end of this year. Republicans want to extend all of the cuts, even for the wealthiest Americans, saying raising taxes on anyone in a bad economy is a bad idea and
that small businesses could be hurt. Democrats want to limit the tax cuts to families earning up to $250,000 per year and accuse Republicans of coddling millionaires at a huge cost to the government budget. "We simply can't afford that," Obama said on Wednesday. "It would mean borrowing $700 billion in order to fund these tax cuts for the very wealthiest Americans." There is also no sign of compromise on another big issue -how to cut a projected $1.47 trillion annual budget deficit. Predictably, Democrats want to protect popular spending programs while Republicans oppose tax hikes. A push to limit spending could complicate Obama's use of stimulative policies to rev up the economy. Republicans are ecstatic at the prospect of winning the House and maybe even the Senate. But they face turmoil from the right flank. The conservative Tea Party movement has already ousted Republican establishment candidates and has many in the
party nervous. Witness Christine O'Donnell's victory over veteran Republican Mike Castle in the Delaware Republican Senate primary election this week. "Republicans all across the country are going to look at the Delaware results and maybe get a little worried," said Julia Clark of Ipsos, which conducts polls for Reuters. Obama is likely to take the opportunity to make over the White House staff after the elections and some groups would like to see a more business-friendly attitude to help ease a period of uncertainty on Wall Street. How will the White House itself change after the November election with Obama's chief of staff, Rahm Emanuel, expected to leave to run for Chicago mayor? Other key players may depart or take new jobs, giving Obama a critical opportunity to reshape his team for the second half of his four-year term and in the run-up to his expected reelection campaign in 2012.Reuters.
5
Monday, September 20, 2010
Asian shares gain for 3rd week on moves to weaken yen
China's SAIC approached GM about IPO stake: sources Weekly Review
Weekly Review
KSE gleans gains from likely MTS, EU tariff cuts
KSE-100 Index Opening Closing Change % Change Turnover (mn)
9879.33 10052.97 173.64 1.76 357.25
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3120.66 3172.71 52.05 1.67 18.90
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2553.13 2591.49 38.36 1.50 0.91
Nawaz Ali
Major Gainers
Symbol
Close
Change
RMPL PSO EXIDE IDYM HINO
1474.00 268.68 146.51 245.50 118.98
36.10 13.89 13.51 12.49 10.87
Major Losers
Symbol COLG SIEM WYETH PAKT BATA
Close
Change
682.99 1106.34 940.00 108.01 490.00
-30.01 -21.08 -10.00 -7.91 -7.88
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA JSCL DGKC TRG AHSL
8.52 10.55 25.30 3.78 23.20
26.32 21.23 17.53 17.10 16.90
Active Issues Plus Minus Unchanged
245 133 17
Sector Updates FERTILISER
MANILA: Philippine President Aquino delivers a speech before ringing the bell to formally open trading at the Philippine Stock Exchange.-Reuters
000 tonnes
Urea Offtake (Jan to July 10) 3,565 Urea Offtake (July 10) 580 Urea Price (Rs/50 kg) 879 DAP Offtake (Jan to July 09) 374 DAP Offtake (July 10) 49 DAP Price (Rs/50 kg) 2,626
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 09 to June 10) 71,998 Sales (July 09 to June 10) 73,993 Production (July 10) 7,509 Sales (July 10) 4,503
INDUS MOTOR CO Production (July 09 to June 10) 50,557 Sales (July 09 to June 10) 50,823 Production (July 10) 5,162 Sales (July 10) 4,999
HONDA ATLAS CAR Production (July 09 to June 10) 13,500 Sales (July 09 to June 10) 14,120 Production (July 10) 1,560 Sales (July 10) 1,272
DEWAN FAROOQ MOTORS Production (July 09 to June 10)1,218 Sales (July 09 to June 10) 1,371 Production (July 10) 41 Sales (July 10) 40
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (August 20,10) 4,595,176 Advances (August 20,10) 3,304,533 Investments (August 20,10) 1,788,671 Spread (July 2010) 7.51%
OIL MARKETING CO (000 tons) MS (Jul 09 to June 10) MS (July 10) Kerosene (Jul 09 to June 10) Kerosene (July 10) JP (Jul 09 to June 10) JP (July 10) HSD (Jul 09 to June 10) HSD (July 10) LDO (Jul 09 to June 10) LDO (July 10) Fuel Oil (Jul 09 to June 10) Fuel Oil (July 10) Others (Jul 09 to June 10) Others (July 10)
PRICES (Ex-Refinery) MS (1 Sep 10) MS (1 Aug 10) MS % Chg Kerosene (1 Sep 10) Kerosene (1 Aug 10) Kerosene % Chg JP-1 (1 Sep 10) JP-1 (1 Aug 10) JP-1 % Chg HSD (1 Sep 10) HSD (1 Aug 10) HSD % Chg LDO (1 Sep 10) LDO (1 Aug 10) LDO % Chg Fuel Oil (1 Sep 10) Fuel Oil (1 Aug 10)
1,933 188 164 15 1,377 129 7,435 664 75 7 9,259 869 13 1
Rs 40.85 41.22 -0.90% 47.14 46.55 1.27% 47.37 46.78 1.26% 50.61 49.63 1.97% 46.37 45.29 2.38% 39,932 39,723
Wall Street weekly outlook
Fed holds key for stocks to break range NEW YORK: If the Federal Reserve's view of the economy brightens by just a glimmer this week, it could push the stock market above its four-month trading range. The S&P 500 closed the week at the higher end of that range, just below 1,130. Some chartists see a break above it as presaging a test of the year's highs. But options trading suggests some see 1,130 as the market's ceiling and are protecting their portfolios against a decline. Other investors see the Federal Open Market Committee policy meeting as the turning point that stocks have been searching for to break out of the range with conviction. "Going up to the close on Tuesday, we could see a little bit of enthusiasm, and perhaps it could be the catalyst that could push us above 1,130 on the S&P," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. In late August, Fed Chairman Ben Bernanke said he would need to see a significant deterioration in economic conditions before easing monetary conditions further. Recent data, including a stronger-than-expected reading on private-sector jobs growth, could prevent further action from the Fed. If the Fed does move, people "wouldn't interpret it as a bad sign (for the
economy) but as the Fed being vigilant in trying to keep this recovery going," Jacobsen said. Most analysts don't see the Fed moving in that direction immediately, but Jacobsen said any signal will be welcome. "It could be the impetus that's needed to push people out of bonds and into stocks, finally," he said. Even with stocks losing a bit of momentum as some technical indicators suggest, the S&P 500 seems poised to move above 1,130. Some chartists see breaking that level as a harbinger for future gains, with overhead resistance not seen until 1,173 and then at the year's high near 1,220. Having pierced 1,130 three times in the last three months, the level is garnering attention even from investors who are more focused on fundamentals than technical analysis. "Whenever economic uncertainty bubbles up, that's when technicals take over in terms of what market participants look for," said Wasif Latif, vice president of equity investments at USAA in San Antonio, Texas. "A lot of people have been looking at 1,130 and we look at it as a component because other people are acting on it." For the week, the Dow Jones industrial average gained 1.4 per cent, while the Standard & Poor's 500 Index advanced 1.5 per cent and the Nasdaq
Composite Index jumped 3.3 per cent. The CBOE Volatility index, or VIX, continued to show high volume as investors were bracing for volatility. "After VIX September options expired on Wednesday, I expected that index options activity to drop," said Randy Frederick, director of trading and derivatives at the Schwab Center for Financial Research in Austin, Texas. "But on the day, there was actually a big volume on puts and calls, suggesting that as soon as September contracts expired, they replaced the VIX contracts again for protection." A large put spread was made on the S&P 500 index that suggested a substantial move lower in the short term, according to Chris McKhann, analyst at optionMonster.com. In terms of economic data, this week's schedule has a daily dose of housing indicators. From the housing market index on Monday to housing starts on Tuesday, followed by existing home sales on Thursday and new home sales on Friday, investors will be able to get a clearer picture of a key sector that must improve before the economic recovery can really kick in. "It's been so terrible lately that it doesn't have to be strength -- just a sign of life in the housing market could be support for financial markets overall," Jacobsen said. -Reuters
KARACHI: Bullish activities were observed at the Karachi Stock Exchange (KSE) with impressive investor participation last week and index ended 1.76 per cent up above 10,000 levels due to expectations of approval of Margin Trading System (MTS) and on the back of European Union agreement to provide assistance to Pakistan exports and approval of $451 million support for flood relief by IMF. The benchmark KSE 100index rose 173 points, 1.76 per cent, to 10,052 points, KSE 30index jumped 208 points, 2.16 per cent, to 9,870 points and KSE all-share index grew 121 points, 1.76 per cent, to 7,022 points. Muniba Saeed, analyst at Invest Cap said that the positive factors inducing such liberal activity in the market were approval of the margin trading system by the SECP inviting plenty of applause by the investor community. "Also the floods like a blessing in disguise, IMF's $451 million for flood relief, and most importantly the trade concession to be granted by the EU sent a wave of relief through the textile sector," she said. After a long weekend due to Eid holidays, market started the week with a mega bullish session on Tuesday as index gained 211 points ending above 10,000 levels after a period of 5 weeks and investors took positions on expectations of approval of MTS. Mustafa Bilwani, analyst at JS Global Capital said that the benchmark KSE-100 Index opened the week positively because of expected approval of MTS. However, some profit taking was witnessed in the market the next day as investors waited for the outcome of the SECP commissioners' meeting. Index lost
44 points at the end of the day. However, due to continued buying by the foreign investors, index managed to sustain 10,000 levels. Market showed a positive response during early hours of the session on Thursday on approval of MTS. Therefore, index at a moment touched its higher levels of the week of 10,154 points. However, investors preferred to book profits at higher levels while uncertainties over the amendments made in it and fears of rise in interest rates in the upcoming monetary policy and declining international oil prices triggered the selling too. Therefore, index ended the session in negative zone at 29 points down. It should be noted that SECP approved the concept of MTS with additional risk mitigating measures. This was to further strengthen risk management and provide for measures to curtail systemic risk, in the interest of the market. However, the details of the amendments were not released which created some uncertainty among market participants. Finally, the week ended on a positive note with a gain of 35 points due to buying mainly by the local institutions while European Union agreement to provide assistance to Pakistan exports also supported the market. However, activity remained low due to law and order situation in the city after killing of MQM leader in London. Buying continued by the foreign investors as according to NCCPL they did a net buying of $5 million last week while on the local side banks did a net selling of $8.8 million. Investor participation improved greatly as 357 million shares were traded in the overall market, which were about 215 million shares more See # 2 Page 11
Saudi stocks dip; Dubai mkt up DUBAI: Bluechips showed little movement as Saudi Arabia's index TASI ended lower for a second session in three in lacklustre trade, with many investors yet to return from their summer vacations. Samba Financial Group climbed 0.4 per cent, but SABB lost 1.3 per cent and Saudi Basic Industries Corp (SABIC) dipped 0.6 per cent "Many families are still coming back from holidays, with the school year not starting until Saturday," said a Riyadhbased trader at an international bank. Wednesday was a national holiday in Saudi Arabia, deterring investors from opening positions in the shorter trading week. "The market is only trading about two-thirds of the recent average, but this should pick up next week," the trader added. The index slipped 0.1 per cent to 6,356 points. Dubai's index DFM hit a 4month high, with investors picking up undervalued stocks and sentiment receiving a boost from the nearing Dubai World debt settlement and the inclusion of the UAE in the FTSE Group emerging market index. "It is still a continuation of the strong performance we saw last week, it is linked to finalisation of Dubai World's debt issue with its creditors or the inclusion in the FTSE emerging market index," said Marwan Shurrab, vice-president and chief trader at Gulfmena Alternative Investments. FTSE confirmed the classification of UAE as a "secondary" emerging market within its global equity index series on Thursday, which the index provider says is the first time the country has been added in a global equity universe. Dubai gained 2.2 per cent to 1,683 points, its highest close since May 20. "At the same time there is interest from investors to build positions ahead of the close of the third quarter," Shurrab said. Real estate-related stocks such as Emaar Properties which gained 1.6 per cent were among those stocks to lift the index. Dubai Investment Company climbed 7.6 per cent. "If you look at those stocks performance, they are among See # 1 Page 11
Dhiyan
SELL ON STRENGTH Mohammad Imran, Arif Habib Limited Expectations from monetary policy will drive the market in the shortterm. We expect a 50 bps increase in interest rates. However, any negative news from the economic front may take the market to dips. Therefore, investors are recommended to adopt 'sell on strength' strategy and avoid new investments. Foreign commitments for flood victims, no change in the monetary policy, and positive development on Margin Trading System will be the factors that can support the market. Market will be negative today.
Zia Shaafi, WE Financial Services Market is expected to show bullish activities due to much awaited approval of Margin Trading System and upcoming corporate results. Therefore, index can touch 10,500-10,600 points in the coming days. Investors are advised to invest in blue chip stocks. Market is expected to remain sideways to choppy today.
6
Monday, September 20, 2010
Market 357,245,044
Value
13,355,222,365
Trades
206,648
Paid up Cap(mn)
Advanced Declined Unchanged Total
245 133 17 h395
Current High Low Change
All Share Index
10,052.97 10,154.54 9,879.33 h173.64
Current High Low Change
KSE 30 Index Current High Low Change
7,022.36 7,087.47 6,900.80 h121.56
OIL AND GAS
INDUSTRIAL TRANSPORTATION Performance of SR Industrial Transportation Index
PE
Open
High
High Low 1,252.52 1,223.59 Total cos Defaulter cos P/BV (x) ROE (%) 4.11 37.01 Low
Close Chg
Close Change % Change 1,242.72 24.93 2.05 Listed cap Market cap 200-Day High 65,194.15 mn 1,017,327.93 mn Payout (%) Div Yield (%) 200-Day Low 68.56 6.18 Last 60 days High Low
Volume
Open 710.66 Turnover 158,151 P/E (x) 5.77
2009 Div BR (%) (%)
2010 Div BR (%) (%)
Company
Paid up Cap(mn)
High Low 731.88 706.37 Total cos Defaulter cos P/BV (x) ROE (%) 1.47 25.53
PE
Open
High
Low
Close Chg
Alert ! Unusual Movements
9,870.65 9,986.39 9,650.35 h208.53
Performance of SR Oil and Gas Index Open 1,217.78 Turnover 21,135,114 P/E (x) 11.10 Company
KSE 100 Index
Symbols
Volume
Close 714.08 Listed cap 3,242.17 mn Payout (%) 11.08
TRG Pakistan Limited
Change % Change 3.42 0.48 Market cap 200-Day High 12,995.82 mn Div Yield (%) 200-Day Low 1.92 -
Volume
Last 60 days High Low
2009 Div BR (%) (%)
2010 Div BR (%) (%)
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
58.60
Total Assets (Rs in mn)
2,549.61
5.01
862831
328.49
281.00
250
-
100
-
Pak Int Cont. Terminal XD 1092
8.59
70.00
71.89
69.00
69.99
-0.01
143187
87.86
67.62
-
20B
40
-
MA (10-day)
3.41
Total Equity (Rs in mn)
2,509.06
85.52
4.41
3661604
93.60
73.47
-
-
-
-
PNSC
5.25
37.64
40.00
37.80
38.50
0.86
14964
41.74
34.50
30
-
15
-
MA (100-day)
4.32
Revenue (Rs in mn)
735 16.66 121.57
127.00 119.80 122.97
1.40
253074
138.45
112.80 32.17 100B
31
-
800
6.22 195.08
207.00 196.00 203.93
8.85
533878
207.00
182.01
125
-
-
-
Oil & Gas DevelopmentSPOT 43009 10.14 145.40
149.55 145.51 146.99
1.59
1802946 153.00
133.00
82.5
-
55
-
Pak PetroleumSPOT
9958
6.64 210.20
214.10 209.00 211.92
1.72
4318942 214.10
182.00
130
20B
90
20B
Pak Oilfields
2365
7.02 228.35
238.44 230.15 237.87
9.52
5707023 238.90
209.99
180
-
80
-
Attock Petroleum
576
5.87 320.23
Attock Refinery
853
9.59
Mari Gas Company National Refinery
Pak Refinery Limited
350
PSO SPOT
1715
-
81.11
51.48
4.55 254.79
Shell Gas LPG
226 13.96
29.50
Shell Pakistan XD
685 10.00 194.25
328.00 319.25 325.24 85.58
59.00
80.50
52.60
58.98
7.50
269.50 256.01 268.68 13.89
51595
82.00
-
-
-
233.10
50
-
80
-
1.50
8908
42.00
27.32
-
-
-
-
200.40 190.00 195.01
0.76
67282
246.90
190.00
330
-
40
-
28.05
AUTOMOBILE AND PARTS Performance of SR Automobile and Parts Index Open 1,050.61 Turnover 706,214 P/E (x) 3.99
-
31.00
32.78
3875566 289.45
48.26
1321
Company
Paid up Cap(mn)
PE
Open
144
5.05
69.51
High Low 1,090.98 1,047.44 Total cos Defaulter cos P/BV (x) ROE (%) 1.01 25.35
Close 1,070.90 Listed cap 6,768.53 mn Payout (%) 20.42
Change % Change 20.28 1.93 Market cap 200-Day High 39,737.59 mn Div Yield (%) 200-Day Low 5.11 -
Last 60 days High Low
Agriautos Ind
Performance of SR Chemicals Index Open 1,124.26 Turnover 42,224,624 P/E (x) 7.10 Company
Paid up Cap(mn)
Agritech Limited Bawany Air BOC (Pak) XD
High Low 1,161.96 1,127.53 Total cos Defaulter cos P/BV (x) ROE (%) 2.49 35.00
Atlas BatterySPOT
Close 1,151.55 Listed cap 52,251.88 mn Payout (%) 48.81
Change % Change 27.29 2.43 Market cap 200-Day High 260,568.18 mn Div Yield (%) 200-Day Low 6.87 -
Close Chg
Volume
71.90
67.01
69.18 -0.33
44072
78.39
63.01
40
-
90
-
187.90 179.79 184.33 -1.58
59648
209.00
178.00
100
20B
100
20B
33616
2.24
1.16
-
-
-
-
23.61
0.06
156314
28.80
21.10
-
-
20
-
5.00
5.75
0.56
147204
6.60
4.75
-
-
-
-
200
9.41
4.50
5.44
4.00
-
1428
-
10.52
11.40
10.27
Ghani Automobile Ind Honda Atlas Cars
0.09
4.14 -0.36 10.65
0.13
97382
5.70
3.65
-
-
-
16772
14.50
10.05
-
-
-
-
3924
-
24.33
25.00
22.60
23.99 -0.34
20699
27.79
21.15
-
-
-
-
68
1.22
11.67
12.89
10.89
12.00 0.33
13912
16.78
10.06
-
-
-
-
250
9.20
67.89
72.98
67.30
72.28 4.39
78685
82.50
66.90
90
-
15
-
FOOD PRODUCERS
113096
Performance of SR Food Producers Index
185.88
155.38
40
10B
20
-
1.51
1.63
1.47
1.59 0.08
1684243
2.21
1.41
-
-
-
-
94
4.29
11.70
12.45
11.49
11.50 -0.20
105263
13.60
10.85
15
-
15
-
4704602 194.59
165.60
3277 22000
9.17 171.63 -
9.87
Fauji Fertilizer XD
6785
7.21 104.50
Fauji Fert. Bin Qasim XD
9341
7.13
1388 15142
Nimir Ind Chemical
1.50
23.45
6.09
Volume
-
Lotte Pakistan
1.37
26.70
5.19
Close Chg
3663
ICI Pakistan XD
1.70
23.55
-
Low
1203
Engro Corp. LtdSPOT
1.41
6.47
High
Dewan Salman
Fatima Fertilizer
-
598 450
Open
Dawood Hercules
Dynea Pak
890
General Tyre XD Ghandhara Nissan
PE
29.17
7.40 122.08
182.00 165.10 173.51 6.02
2010 Div BR (%) (%)
Dewan Motors
6.95 185.91
180.40 172.80 178.72 7.09 10.50
9.49
9.63 -0.24
106.41 104.80 105.99 1.49 28.45
27.52
28.01 -1.16
124.76 117.65 124.11 2.03
2021297
20
-
-
-
-
-
102.75 131.5
10B
75
-
-
5
-
12.80
2119258 113.39 2929033
30.65
2064935 128.30
6010B 40R
9.02
25.70
40
109.50
80
-
55
-
2.96
8.19
8.94
8.30
8.52 0.33
26322042
9.09
6.75
5
-
-
-
1106 75.00
1.48
1.65
1.16
1.50 0.02
935298
1.81
1.16
-
-
-
-
2010 Div BR (%) (%)
Low
Last 60 days High Low
8.00 167.49
2009 Div BR (%) (%)
84
2009 Div BR (%) (%)
High
CHEMICALS
Indus MotorsSPOT
786
5.23 224.14
4.83
49530
287.00
212.29
100
-
150
-
Pak Suzuki
823
9.68
75.15
233.00 223.40 228.97 79.50
75.36
77.89
2.74
47785
89.99
73.50
5
-
-
-
Sazgar Engineering
125
4.80
24.50
26.80
25.00
25.50
1.00
29321
27.85
23.58
-
20B
-
-
Transmission
117
4.02
1.99
2.25
1.62
2.25
0.26
22103
3.35
1.61
2
-
-
-
Open 1,450.74 Turnover 462,721 P/E (x) 30.96 Company
Paid up Cap(mn)
Adam Sugar AL-Noor Sugar
PE
Open
High
High Low 1,481.06 1,402.23 Total cos Defaulter cos P/BV (x) ROE (%) 9.38 30.30 Low
Close Chg
Close 1,445.30 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change % Change -5.44 -0.38 Market cap 200-Day High 188,180.81 mn Div Yield (%) 200-Day Low 0.99 -
Last 60 days High Low
2009 Div BR (%) (%)
2010 Div BR (%) (%)
28.92
MA (200-day)
3.83
Interest Expense
1st Support
3.56
Profit after Taxation
2nd Support
3.41
EPS 09 (Rs)
0.10
1st Resistance
3.85
Book value / share (Rs)
2nd Resistance
3.99
PE 10 E (x)
Pivot
3.70
PBV (x)
766.33 1.988 6.51 0.58
TRG closed up 0.48 at 3.78. Volume was 64 per cent below average (consolidating) and Bollinger Bands were 20 per cent narrower than normal. The company's loss after taxation stood at Rs511.212 million which translates into a Loss Per Share of Rs1.56 for the nine months of fiscal year (9MFY10). TRG is currently 0.9 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into TRG (bullish). Trend forecasting oscillators are currently bullish on TRG.
Nishat (Chunian) Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
56.59
Total Assets (Rs in mn)
12,016.81
MA (10-day)
16.43
Total Equity (Rs in mn)
3,102.47
MA (100-day)
17.23
Revenue (Rs in mn)
9,964.55 1,081.54
MA (200-day)
18.88
Interest Expense
1st Support
16.60
Profit after Taxation
2nd Support
16.01
EPS 09 (Rs)
1.249
1st Resistance
17.54
Book value / share (Rs)
37.51
103.34
58
0.62
11.00
11.75
11.00
11.60
0.60
16000
14.75
10.50
10
-
-
-
186
4.17
43.99
45.00
40.66
40.99
-3.00
10623
47.35
31.90
40
-
-
-
2nd Resistance
17.89
PE 10 E (x)
3.18
16.95
PBV (x)
0.46
Shaffi Chemical
120
1.23
2.55
2.99
2.05
2.57 0.02
15390
3.80
2.00
-
-
-
-
Chashma Sugar
287
0.83
10.69
10.85
9.60
10.30
-0.39
13493
11.40
8.00
-
-
-
-
Pivot
Sitara Peroxide
551
-
8.45
9.09
8.41
8.97 0.52
193195
11.09
8.22
-
-
-
-
Habib Sugar
600
5.82
26.92
28.39
27.00
28.22
1.30
112212
28.39
22.50
35
25B
-
-
90
4.58
43.20
45.60
43.25
44.69 1.49
9584
48.00
41.10
50
-
-
-a
Habib-ADM Ltd
200
4.39
16.40
16.25
15.30
15.62
-0.78
23731
16.94
13.00
40
-
40
-
J D WSugar
490
2.18
64.29
65.49
63.50
65.00
0.71
26732
67.90
60.10
40
-
National Foods
414
21.08
52.99
57.00
50.83
53.33
0.34
18892
65.29
41.35
-
25B
-
Nestle Pakistan XD
453
21.64 1882.83 1900.00
1795.01 1880.50
-2.33
24375
1937.22
1550.00
600
-
200
Pangrio Sugar
109
0.48
6.00
5.90
5.00
5.90
-0.10
7001
7.00
4.25
-
-
-
-
Quice Food
107
-
1.76
2.20
1.60
2.10
0.34
63500
3.35
1.60
-
-
-
-
NCL closed up 1.02 at 17.15. Volume was 172 per cent above average (trending) and Bollinger Bands were 61 per cent narrower than normal. The company's profit after taxation stood at Rs400.039 million which translates into an Earning Per Share of Rs4.05 for the nine months of fiscal year (9MFY10). NCL is currently 9.1 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NCL (mildly bullish). Trend forecasting oscillators are currently bullish on NCL.
Wah-Noble
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,206.97 Turnover 1,058,020 P/E (x) 6.32 Company
Paid up Cap(mn)
Century Paper Pak Paper Product Security Paper
PE
Open
High
High Low 1,235.05 1,178.43 Total cos Defaulter cos P/BV (x) ROE (%) 0.47 7.47 Low
Close Chg
Close 1,213.46 Listed cap 1,186.83 mn Payout (%) 25.28
Change % Change 6.49 0.54 Market cap 200-Day High 3,380.03 mn Div Yield (%) 200-Day Low 4.00 -
Last 60 days High Low
Volume
2009 Div BR (%) (%) - 425R
2010 Div BR (%) (%)
707
-
21.24
21.80
20.60
21.30 0.06
1026132 22.70
15.76
38
6.12
57.16
60.00
56.77
58.86 1.70
18253
60.12
41.21
20
-
2533.33B
-
411
4.73
39.85
40.60
38.75
40.00 0.15
13635
50.40
38.50
50
-
50
Company
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Close 1,022.93 Listed cap 3,596.11 mn Payout (%) 30.91
223
-
2.76
3.00
3.00
3.00
0.24
22000
3.50
2.02
-
-
-
-
119
1.00
14.90
14.00
13.90
14.00
-0.90
10236
14.90
11.50
10
-
-
-
Shahmurad Sugar
211
15.29
9.75
10.80
9.75
10.55
0.80
67641
10.80
7.40
15
-
-
-
UniLever PakistanSPOT
665
22.67 4039.99 4200.00
3910.01 4048.26
8.27
6343
4200.00
3710.00
458
-
178
-
Last 60 days High Low
Volume
2009 Div BR (%) (%)
Performance of SR Household Goods Index Open 941.11 Turnover 2,054,880 P/E (x) 3.81
-
565
3.45
25.48
25.60
24.30
25.49 0.01
20943
31.73
24.25
-
-
30
-
Dost Steels Ltd
675
-
2.01
2.48
2.10
2.20 0.19
37951
3.20
1.90
-
-
-
-
555
5.87
13.52
14.70
13.00
14.04 0.52
23395
16.00
13.00
-
30B
-
-
1199
5.09
52.94
54.00
52.00
52.32 -0.62
49711
70.71
48.51
-
-
40
20B
Huffaz Pipe International IndXDXB
Company
Paid up Cap(mn)
PE
1174 231
Pak Elektron Tariq Glass Ind XD
2010 Div BR (%) (%)
Crescent Steel XD
Open 934.52 Turnover 34,257,675 P/E (x) 6.83 Company
Paid up Cap(mn)
Al-Abbas Cement
PE
Open
High
High Low 965.69 919.66 Total cos Defaulter cos P/BV (x) ROE (%) 0.48 7.10 Low
Close Chg
Close 930.60 Listed cap 54,792.74 mn Payout (%) 19.04
Last 60 days High Low
Volume
2009 Div BR (%) (%)
2010 Div BR (%) (%)
1828
-
3.79
4.00
3.51
3.65 -0.14
79543
4.69
2.82
-
-
-
-
Attock Cement
866
4.86
65.53
68.97
66.49
68.49 2.96
283990
72.40
63.00
50
20B
17.5
-
Berger Paints
182
-
16.74
17.24
16.25
16.53 -0.21
23138
20.00
15.42
-
-
Cherat Cement
956
-
12.01
12.25
11.20
11.20 -0.81
80128
12.50
8.90
-
-
-
-
Dadabhoy Cement
982 12.69
1.69
1.83
1.50
1.65 -0.04
86519
2.74
1.50
-
-
-
-
189707
2.20
1.40
-
-
-
-
17525739 28.74
23.02
-
20R
-
20R
2.40
-
-
-
-
Dewan Cement
3574
-
1.54
1.68
1.45
1.50 -0.04
DG Khan Cement Ltd
3651 35.14
26.25
27.15
24.80
25.30 -0.95
3.67
4.70
2.81
3.03 -0.64
EMCO Ind
350
-
361804
5.15
- 122R
Close 1,069.25 Listed cap 3,763.71 mn Payout (%) 6.27
Volume
Change % Change 128.14 13.62 Market cap 200-Day High 5,667.93 mn Div Yield (%) 200-Day Low 1.64 -
Last 60 days High Low
2009 Div BR (%) (%)
2010 Div BR (%) (%)
High
Low
Close Chg
3.22
13.11
15.08
12.82
15.08 1.97
1884072 15.95
11.20
-
10B
-
10B
2.77
15.00
18.10
15.00
17.00 2.00
161054
13.50
-
-
17.5
-
19.12
PERSONAL GOODS Performance of SR Personal Goods Index Open 917.21 Turnover 41,235,290 P/E (x) 5.49 Company
Change % Change -3.92 -0.42 Market cap 200-Day High 69,324.88 mn Div Yield (%) 200-Day Low 2.79 -
High Low 1,077.77 923.86 Total cos Defaulter cos P/BV (x) ROE (%) 0.41 10.64
Open
CONSTRUCTION AND MATERIALS Performance of SR Construction and Materials Index
Paid up Cap(mn)
Ali Asghar Textile
PE
Open
High
High Low 933.85 913.96 Total cos Defaulter cos P/BV (x) ROE (%) 0.47 8.64 Low
Close Chg
Close 927.26 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change % Change 10.05 1.10 Market cap 200-Day High 115,422.01 mn Div Yield (%) 200-Day Low 3.04 -
Last 60 days High Low
2010 Div BR (%) (%)
222
-
0.70
2.21
0.70
2.00 1.30
2.21
0.20
-
-
-
-
Amtex Limited
2415
4.81
18.11
18.33
17.70
17.98 -0.13
2147881
20.45
10.42
-
-
30
-
Artistic Denim
840
5.97
18.87
20.63
18.50
20.48 1.61
22693
21.59
17.55
20
-
-
-
Azam Textile
133
0.41
1.75
1.78
1.74
1.76 0.01
6319
2.50
1.31
-
-
-
-
4493 263.00
8.55
-
-
-
-
Azgard Nine
43007
2009 Div BR (%) (%)
9.64
11.00
9.89
10.52 0.88
10254760 13.40
Babri Cotton
29
2.67
9.50
11.50
9.50
11.50 2.00
11587
16.75
9.50
-
-
-
-
Bannu Woolen
76
-
8.92
9.50
8.60
9.20 0.28
6510
10.50
7.50
-
-
-
-
Chenab Limited
1150
-
2442
2.35
2.92
3.15
2.66
2.80 -0.12
45485
5.00
2.23
-
-
-
-
Crescent Jute
Colony Mills Ltd
238
-
0.74
3.20
1.49
3.71
0.65
3.16
1.01 0.27
3.66 0.46
23585
393447
2.25
5.10
0.48
2.85
-
-
-
-
-
-
-
D S Ind Ltd
600
-
1.68
1.86
1.61
1.67 -0.01
117945
2.65
1.50
-
-
-
-
Dawood Lawrencepur
514
10.41
39.40
44.50
40.00
43.52 4.12
12600
52.28
37.08
-
-
5
-
Ellcot Spinning
110
1.68
22.26
24.95
22.75
24.50 2.24
14314
25.30
18.80
7.5
-
-
-
Gadoon Textile
234
1.41
36.66
38.33
34.65
38.33 1.67
33464
44.50
32.05
-
-
-
-
Hira Textile Mills Ltd.
716
1.56
4.03
4.50
4.00
4.38 0.35
320949
4.61
2.52
-
-
-
-
-
-
Ideal Spinning
99
0.77
3.88
4.79
3.20
3.98 0.10
15004
4.79
1.69
Fauji Cement
6933 13.13
5.14
5.50
5.12
5.25 0.11
3222558
5.50
4.50
-
-
-
-
Int Knitwear
32
4.23
8.00
9.35
8.30
9.00 1.00
10551
10.50
7.00
-
-
-
-
1760
-
1.93
2.20
2.00
2.11 0.18
241148
2.37
1.75
-
-
-
-
J K SpinningXDXB
74
0.50
9.32
9.65
6.00
7.42 -1.90
5935
10.30
4.30
-
-
20
5B
Gharibwal Cement
2319
-
5.21
4.25
3.00
3.04 -2.17
580513
8.34
3.00
-
-
-
-
Khalid Siraj
107
-
0.85
0.85
0.25
0.85 0.00
25011
1.99
0.10
-
-
-
-
Haydery Const
32
-
1.05
1.10
1.00
1.05 0.00
22001
2.00
0.85
-
-
-
-
Kohinoor Ind
303
-
1.68
1.93
1.43
1.74 0.06
194811
2.00
1.10
-
-
-
-
Kohat Cement
1288
-
6.20
6.47
6.04
6.20 0.00
137647
7.38
5.70
-
-
-
-
1455
3.66
5.64
6.30
5.50
5.90 0.26
315961
6.30
4.00
-
-
-
-
Lucky Cement
3234
6.44
70.32
73.88
70.49
71.70 1.38
8039228
73.88
61.29
40
-
40
-
Maple Leaf Cement
3723
-
3.26
3.40
3.03
3.15 -0.11
563730
3.84
3.00
-
-
-
-
2228
-
7.87
8.39
7.51
8.10 0.23
81651
8.39
5.60
-
-
-
-
Safe Mix Concrete
200
-
7.94
9.47
7.06
7.18 -0.76
34292
9.47
5.50
-
-
-
-
Thatta Cement
798
-
20.29
21.00
19.25
19.65 -0.64
204400
21.80
17.74
-
-
-
-
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 901.37 Turnover 722,939 P/E (x) 2.62 Company
Paid up Cap(mn)
Cherat Papersack
92
PE 4.67
Open 50.41
High 51.00
High Low 919.90 889.12 Total cos Defaulter cos P/BV (x) ROE (%) 1.15 43.91 Low 47.05
Close Chg 48.97 -1.44
Close 902.25 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 299162
Change % Change 0.88 0.10 Market cap 200-Day High 33,346.70 mn Div Yield (%) 200-Day Low 5.92 -
Last 60 days High Low 51.05
28.87
2009 Div BR (%) (%) -
-
2010 Div BR (%) (%) 20
25B
ECOPACK Ltd
230
-
2.05
2.44
1.90
2.05 0.00
64730
2.89
1.90
-
-
-
-
Ghani Glass
970
6.47
57.29
60.74
56.50
60.00 2.71
184978
60.74
54.65
30
10B
-
-
MACPAC Films
389
-
2.81
3.84
2.50
2.98 0.17
26991
4.69
2.21
-
-
-
-
Packages Ltd
844 16.66 110.45
125.96
106.05
32.5
-
-
-
111.88 108.96 109.97 -0.48
117495
Kohinoor Textile
221
-
0.36
0.84
0.26
0.50 0.14
7020
1.40
0.05
-
-
-
-
Mukhtar Textile
145
-
0.57
0.95
0.34
0.40 -0.17
23409
0.99
0.26
-
-
-
-
Nagina Cotton
187
1.86
14.19
16.00
14.50
16.00 1.81
16612
16.00
10.70
-
-
-
-
Nishat (Chunian) Nishat Mills
1586
3.18
3516
5.76
Company
Paid up Cap(mn)
AL-Ghazi Tractor XD Bolan Casting
215 95
PE
Open
5.06 218.00 8.10
41.60 16.00
Ghandhara Ind
213
2.45
Millat Tractors
293
7.35 575.21
High
Low
Close Chg
217.57 211.00 212.93 -5.07 46.09
43.00
44.77
3.17
17.45
16.00
17.45
1.45
591.80 570.00 573.20 -2.01
45.64
17.53 48.95
16.20 46.00
17.15 1.02 48.95 3.31
Pak Synthetic
560
3.90
6.99
7.08
6.25
6.51 -0.48
185
2.24
18.80
20.50
19.50
20.00 1.20
Ravi Textile
250
5.03
2.00
2.19
1.70
1.96 -0.04
10.33
10.65
9.00
9.45 -0.88
19.49
16146180 53.14
50R
-
-
40.81
20
-
25
7.90
5.50
12.5
-
-
15.40
20
-
-
-
7.50
1.70
-
-
-
-
578897 55745
-
21.47
251881 7021
14.64
10.68
6.91
-
-
-
45R -
Reliance Weaving
308
Sajjad Textile
213
0.07
0.34
0.55
0.32
0.32 -0.02
20000
4.19
0.16
-
-
-
-
33
0.55
21.52
24.75
22.00
24.75 3.23
11522
24.75
16.50
-
-
-
-
Salfi Textile
1.16
9343566
-
Sally Textile
88
0.29
3.98
3.99
3.30
3.51 -0.47
17166
4.98
2.51
-
-
-
Samin Textile
134
24.83
6.25
7.20
5.50
7.20 0.95
24572
8.40
4.55
-
-
- 100R
55
5.39
34.65
38.00
35.10
36.13 1.48
57111
38.00
27.25
35
-
60
-
8138
240.99
176.50
200
-
-
-
Sana Ind Service Ind
120
4.94 183.21
196.00 180.00 192.00 8.79
Shahpur Textile
140
1.63
1.10
1.90
0.80
1.17 0.07
190219
2.26
0.25
-
-
-
-
Shahtaj Textile
97
2.78
16.90
17.89
16.90
17.80 0.90
52712
21.50
12.51
20
-
-
-
Shams Textile
86
1.00
15.50
15.50
15.50
15.50 0.00
71500
17.63
14.35
-
-
-
-
Suraj Cotton
180
1.54
30.61
34.50
31.50
34.49 3.88
31670
36.20
29.50
15
-
-
-
Thal Limited XD
256
5.22 104.58
107.00 103.10 105.48 0.90
73700
114.99
91.50
20
20B
20
-
Treet Corp
418
0.51
39.76
42.25
40.00
40.47 0.71
173198
49.49
37.20
-
-
-
-
Yousuf Weaving
400
1.55
1.09
1.80
0.98
1.13 0.04
1.90
0.73
-
-
-
-
8318
PHARMA AND BIO TECH Performance of SR Pharma and Bio Tech Index
Close 1,412.20 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
16.13
Prosperity
INDUSTRIAL ENGINEERING High Low 1,446.24 1,402.37 Total cos Defaulter cos P/BV (x) ROE (%) 2.92 38.02
-
Mian Textile
Performance of SR Industrial Engineering Index Open 1,414.40 Turnover 504,574 P/E (x) 7.67
-
Open 803.26 Turnover 672,458 P/E (x) 6.09
Change % Change -2.20 -0.16 Market cap 200-Day High 31,212.62 mn Div Yield (%) 200-Day Low 17.14 -
Last 60 days High Low
2009 Div BR (%) (%)
2010 Div BR (%) (%)
Company Abbott (Lab)
High Low 833.98 800.15 Total cos Defaulter cos P/BV (x) ROE (%) 1.36 22.31
Paid up Cap(mn)
PE
Open
High
Low
979
7.72
80.57
88.21
82.00
Close Chg
Volume
88.13
54101
95.50
226.10
195.00
400
-
150
-
Ferozsons (Lab)
208
79269
46.09
35.25
-
20B
-
-
GlaxoSmithKline
1707
12.31
67.19
70.49
67.25
68.17
Highnoon (Lab)
165
6.58
24.00
24.80
23.50
Searle Pak
306
5.65
58.00
62.00
58.00
65055
20.24
15.26
-
-
-
-
351623
597.90
466.00
450
25B
650
25B
Change % Change 21.17 2.64 Market cap 200-Day High 27,774.15 mn Div Yield (%) 200-Day Low 7.31 -
Last 60 days High Low
5187
9.50 115.96
Close 824.44 Listed cap 3,904.20 mn Payout (%) 44.54
7.56
117.00 103.61 109.50 -6.46
77.00
2009 Div BR (%) (%) 120
-
2010 Div BR (%) (%) 20
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
47.16
Total Assets (Rs in mn)
MA (10-day)
2.72
Total Equity (Rs in mn)
MA (100-day)
2.92
Revenue (Rs in mn)
68,664.34 196.91 5,913.32
MA (200-day)
3.52
Interest Expense
1st Support
2.55
Loss after Taxation
2nd Support
2.41
EPS 09 (Rs)
5,855.52
1st Resistance
2.79
Book value / share (Rs)
2nd Resistance
2.89
PE 10 E (x)
12.18
Pivot
2.65
PBV (x)
12.25
(2,902.91) (3.224) 0.22
SILK closed down -0.04 at 2.68. Volume was 68 per cent below average (consolidating) and Bollinger Bands were 31 per cent narrower than normal. The company's profit after taxation stood at Rs208.072 million which translates into an Earning Per Share of Rs0.11 for the half year of current calendar year (1HCY10). SILK is currently 23.8 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into SILK (bullish). Trend forecasting oscillators are currently bullish on SILK.
NIB Bank Limited
-
Flying Cement Ltd
Pioneer Cement
Silkbank Limited
HOUSEHOLD GOODS
-
Change % Change 9.74 0.96 Market cap 200-Day High 9,757.26 mn Div Yield (%) 200-Day Low 9.81 -
-
Sakrand Sugar
INDUSTRIAL METALS AND MINING High Low 1,032.65 987.86 Total cos Defaulter cos P/BV (x) ROE (%) 1.04 33.10
-
Sanghar Sugar
Performance of SR Industrial Metals and Mining Index Open 1,013.19 Turnover 141,645 P/E (x) 3.15
0 12.5R
-
6443
124.00
96.00
10
20B
-
-
0.98
45710
84.27
65.40
50
-
-
-
24.20
0.20
30951
25.79
22.10
25
-
-
-
61.00
3.00
524101
62.00
53.36
15
15B
-
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
50.14
Total Assets (Rs in mn)
208,118.96
MA (10-day)
2.66
Total Equity (Rs in mn)
41,643.27
MA (100-day)
3.23
Revenue (Rs in mn)
18,272.36 12,872.36
MA (200-day)
3.95
Interest Expense
1st Support
2.56
Profit after Taxation
2nd Support
2.42
EPS 09 (Rs)
0.171
1st Resistance
2.84
Book value / share (Rs)
10.30
2nd Resistance
2.98
PE 10 E (x)
Pivot
2.70
PBV (x)
691.05
0.27
NIB closed up 0.10 at 2.76. Volume was 71 per cent below average (consolidating) and Bollinger Bands were 35 per cent narrower than normal. The company's loss after taxation stood at Rs1.944 billion which translates into a Loss Per Share of Rs0.48 for the half year of current calendar year (1HCY10). NIB is currently 30.2 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 volume flowing into and out of NIB at a relatively equal pace. Trend forecasting oscillators are currently bearish on NIB.
BOOK CLOSURES Company
From
To
Japan Power Generation General Tyre & Rubber Pak Oman Adv Fund PICIC Inv Fund Altas Battery Century Paper & Board Oil & Gas Dev Co Pakistan Petroleum Unilever Pakistan Universal Insurance # Husein Sugar Mills # Pakistan State Oil Bank of Punjab Engro Corp (Consolidated) First Prudential Modaraba JS Investments Pakistan Hotels Developments Standard Chartered Modaraba Unilever Pak Foods Indus Motor Ittehad Chemical Arif Habib Cap Asst Leasing Corp
19-Sep 20-Sep 20-Sep 20-Sep 21-Sep 21-Sep 21-Sep 21-Sep 21-Sep 21-Sep 22-Sep 22-Sep 23-Sep 23-Sep 23-Sep 23-Sep 23-Sep 23-Sep 23-Sep 24-Sep 24-Sep 25-Sep 26-Sep
28-Sep 29-Sep 27-Sep 27-Sep 29-Sep 27-Sep 30-Sep 29-Sep 27-Sep 27-Sep 28-Sep 29-Sep 29-Sep 30-Sep 30-Sep 30-Sep 30-Sep 1-Oct 29-Sep 30-Sep 30-Sep 2-Oct 2-Oct
D/B/R
Spot AGM/Date
20(F) 8-Sep 1.0377 9-Sep 5(F) 10-Sep 100(F),20(B) 13-Sep 15(F) 13-Sep 50(F),20(B) 13-Sep 178(I) 13-Sep 20(I) 15-Sep 17 350(I) 15-Sep 100(F) 16-Sep 5 16-Sep 20(B) 17-Sep -
28-Sep 29-Sep 29-Sep 27-Sep 29-Sep 23-Sep 29-Sep 30-Sep 30-Sep 30-Sep 30-Sep 21-Oct 30-Sep 30-Sep 2-Oct 2-Oct
INDICATIONS # Extraordinary General Meeting
ZERO VOLUME Symbols
Open
Pak PVC SPOT 2.99 AL-Khair Gadoon 6.00 Mubarik Daries 2.35 Dewan F Spin. 2.50 Suhail Jute 10.50 Ideal Energy 8.51 AL-Noor Mod. 2.75 Tri-Star 1st Mod. 5.50
High
Low
Close
2.99 5.20 2.00 3.01 11.50 8.51 2.79 5.50
2.52 5.20 2.00 3.00 11.50 8.50 2.76 5.00
2.52 5.20 2.00 3.01 11.50 8.50 2.79 5.00
Change -0.47 -0.80 -0.35 0.51 1.00 -0.01 0.04 -0.50
Vol 0 0 0 0 0 0 0 0
7
Monday, September 20, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,074.04 Turnover 11,468,704 P/E (x) 6.02
High Low 1,142.52 1,087.26 Total cos Defaulter cos P/BV (x) ROE (%) 0.77 12.84
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Pakistan Telecomm Co A 37740 Telecard 3000 WorldCall Tele 8606
9.08 -
18.37 2.30 2.44
19.60 2.40 2.65
18.65 2.13 2.45
19.07 0.70 2.25 -0.05 2.48 0.04
Company
Close 1,110.71 Listed cap 50,077.79 mn Payout (%) 62.56
Change % Change 36.67 3.41 Market cap 200-Day High 78,267.92 mn Div Yield (%) 200-Day Low 10.39 -
Last 60 days High Low
Volume 9595080 365989 1506623
20.22 3.18 3.31
17.20 2.06 2.30
2009 Div BR (%) (%) 15 -
-
Atlas Insurance Century Insurance EFU General Ins. XB IGI Insurance XD Pak Reinsurance Premier Insurance Reliance Insurance XB Silver Star Insurance Universal Insurance
369 4.35 457 6.18 1250 30.37 718 12.72 3000 303 4.88 252 4.45 253 1.69 210 -
Open 793.57 Turnover 48,962 P/E (x) 73.04
-
ELECTRICITY
Paid up Cap(mn)
Company Altern Energy Genertech Hub Power XD Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power Southern Electric Tri-star Power
High Low 1,187.92 1,141.18 Total cos Defaulter cos P/BV (x) ROE (%) 1.22 9.35
PE
Open
High
Low
3426 575.00 198 11572 6.20 1560 7932 1695 4.66 126 3.06 8803 7.25 1367 1.37 150 -
10.50 0.80 33.77 1.50 2.12 25.25 5.40 41.96 2.44 0.70
11.88 1.37 34.95 1.95 2.26 26.00 5.75 42.95 2.89 0.85
9.50 0.70 33.45 1.32 2.01 23.00 5.00 41.65 2.25 0.75
Close 1,150.69 Listed cap 95,369.29 mn Payout (%) 104.13
Change % Change -3.34 -0.29 Market cap 200-Day High 97,302.55 mn Div Yield (%) 200-Day Low 7.97 -
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
11.50 0.94 33.50 1.65 2.05 23.97 5.50 41.92 2.85 0.85
147174 10965 7783778 57013 525670 373185 7268 2005245 326676 13077
12.50 1.53 37.24 2.38 2.63 26.99 7.00 44.85 3.60 1.69
33.5 45 64.5 3
1.00 0.14 -0.27 0.15 -0.07 -1.28 0.10 -0.04 0.41 0.15
7.51 0.51 31.50 0.70 1.92 23.00 3.90 39.51 2.21 0.33
31R -
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,324.11 Turnover 3,938,476 P/E (x) 9.98 Paid up Cap(mn)
Company Sui North Gas Sui South Gas
High Low 1,375.54 1,293.04 Total cos Defaulter cos P/BV (x) ROE (%) 1.14 11.41
Close 1,372.22 Listed cap 12,202.80 mn Payout (%) 66.79
PE
Open
High
Low
Close Chg
Volume
5491 17.02 6712 -
28.50 21.46
29.85 22.57
28.00 20.81
28.93 0.43 22.57 1.11
1742226 2196250
30.00 22.57
25.00 15.57
2009 Div BR (%) (%) -
2010 Div BR (%) (%)
-
-
-
BANKS Open 929.93 Turnover 49,589,921 P/E (x) 6.89 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.67 50.48 Askari Bank 6427 6.18 14.46 Atlas Bank 5001 1.70 Bank Alfalah 13492 10.93 7.98 Bank AL-Habib 7322 6.58 29.77 Bank Of Khyber 5004 3.31 3.10 Bank Of Punjab 5288 7.96 BankIslami Pak 5280 2.90 Faysal Bank 6091 3.24 13.25 Habib Bank Ltd 10019 6.29 95.36 Habib Metropolitan Bank 8732 5.92 19.00 JS Bank Ltd 6128 2.13 KASB Bank Ltd 9509 2.33 MCB Bank Ltd XD 7602 9.01 185.62 Meezan Bank 6983 7.26 14.25 Mybank Ltd 5304 1.96 National Bank 13455 5.57 63.20 NIB Bank 40437 2.66 Royal Bank Ltd 17180 6.56 Samba Bank 14335 1.86 Silkbank Ltd 9003 12.18 2.72 Soneri Bank 6023 5.85 Stand Chart Bank 38716 9.51 6.86 United Bank Ltd 12242 6.41 54.00
High
High Low Close 988.79 934.99 962.94 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.93 13.45 34.35 Low
Close Chg
52.70 50.50 52.50 2.02 15.20 14.42 14.95 0.49 2.25 1.78 1.99 0.29 8.45 7.99 8.20 0.22 31.00 29.71 30.53 0.76 3.51 3.06 3.31 0.21 9.13 7.89 8.74 0.78 3.28 2.70 3.14 0.24 14.34 13.25 14.04 0.79 101.50 96.80 97.69 2.33 20.70 19.00 20.00 1.00 2.25 2.00 2.11 -0.02 2.64 2.21 2.40 0.07 198.00 188.01 193.21 7.59 15.25 14.35 14.95 0.70 2.39 2.00 2.15 0.19 68.40 63.60 66.33 3.13 2.85 2.56 2.76 0.10 7.50 5.65 6.55 -0.01 2.09 1.81 1.90 0.04 2.89 2.51 2.68 -0.04 6.40 5.56 5.80 -0.05 7.20 6.50 6.66 -0.20 56.00 54.00 54.51 0.51
Last 60 days High Low
Volume 241500 743848 30584 4380642 222747 118918 8873193 192841 309817 473159 79131 550200 230839 5811254 1055895 566175 12107043 3046879 107023 190238 4812265 64847 26181 5354701
Change % Change 33.02 3.55 Market cap 200-Day High 593,325.03 mn Div Yield (%) 200-Day Low 4.99 -
59.70 17.46 3.00 10.25 34.00 4.75 11.24 3.90 15.95 109.10 24.25 3.00 4.40 214.99 16.50 3.28 73.89 3.50 13.71 2.90 3.30 8.50 8.50 60.20
48.51 13.99 1.52 7.32 29.10 3.00 7.35 2.31 12.75 92.00 18.70 2.00 2.03 180.40 13.80 1.62 60.51 2.42 5.65 1.55 2.15 5.46 6.05 52.85
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
NON LIFE INSURANCE Open 617.40 Turnover 3,426,319 P/E (x) 10.28 Paid up Cap(mn)
Company Adamjee Insurance
PE
1237 12.76
Open 66.29
High 71.00
High Low 650.34 612.95 Total cos Defaulter cos P/BV (x) ROE (%) 0.53 5.20 Low 66.90
Close Chg 70.17 3.88
Close 640.39 Listed cap 11,111.34 mn Payout (%) 79.54
Volume 1439145
Last 60 days High Low 89.90
64.00
2009 Div BR (%) (%) 30
10B
2010 Div BR (%) (%) 10
-
27.10 8.30 35.52 66.02 12.50 8.11 6.00 6.00 1.77
40 40 35 30 20 -
10B 8.7B 15B 20B -
10 -
UPTO 5000 VOLUME
20B -
High Low 852.16 798.53 Total cos Defaulter cos P/BV (x) ROE (%) 2.81 3.85
Close 837.95 Listed cap 2,290.72 mn Payout (%) 355.53
Symbols
Volume
Last 60 days High Low
2009 Div BR (%) (%)
EFU Life Assurance XB
850 32.27
56.15
61.84
54.51
59.38 3.23
27346
84.99
51.25
5513.33B
-
-
New Jub Life Insurance
627 54.33
41.00
44.49
40.60
43.46 2.46
21615
46.00
34.50
10
-
-
-
2010 Div BR (%) (%)
FINANCIAL SERVICES Performance of SR Financial Services Index Open 358.99 Turnover 45,456,439 P/E (x) 0.46 Paid up Cap(mn)
Company
PE
Open
High
High Low 390.81 355.69 Total cos Defaulter cos P/BV (x) ROE (%) 0.17 37.22 Low
Close Chg
Close 376.60 Listed cap 30,336.44 mn Payout (%) 4.60
Change % Change 17.61 4.91 Market cap 200-Day High 27,577.63 mn Div Yield (%) 200-Day Low 10.03 -
Last 60 days High Low
Volume
2009 Div BR (%) (%)
2010 Div BR (%) (%)
AMZ Ventures
225
-
0.63
0.91
0.64
0.72 0.09
47730
1.19
0.55
-
-
-
-
Arif Habib Limited
375
8.29
29.33
33.45
29.15
33.23 3.90
535367
50.12
26.80
15
25B
-
20B
3750
2.29
23.93
26.20
22.20
23.20 -0.73
16904790
35.65
21.76
-
-
30
-
Dawood Cap Mangmnt XB 150
5.47
0.98
1.90
1.00
1.04 0.06
3.30
0.50
-
-
-
-
-
-
-
-
Dawood Equities Escorts Bank IGI Investment Bank Invest and Fin Sec
150720
250
-
1.93
2.70
1.55
2.05 0.12
47732
3.36
1.55
441
-
2.99
2.94
2.25
2.79 -0.20
25004
3.40
2.01
-
-
-
-
2121
-
1.62
1.88
1.61
1.84 0.22
21108
2.98
1.50
-
-
-
-
600
2.58
7.27
8.12
7.12
7.40 0.13
18215
8.50
6.80
-
-
11.5
-
Invest Bank
2849
-
0.63
1.00
0.52
0.76 0.13
107309
1.23
0.50
-
-
-
-
Ist Cap Securities
2878
-
151990
-
10B
-
-
Jah Siddiq Co
7633 15.29
JOV and CO JS Global Cap
3.99
4.48
3.27
4.00 0.01
5.90
3.10
10.30
11.30
10.37
10.55 0.25
21230752
15.47
9.36
-243.778B 10
-
508
-
3.03
3.55
3.02
3.27 0.24
4873691
6.48
3.00
-
-
500
-
36.68
40.00
35.50
38.01 1.33
149502
42.40
33.33
150
-
-
-
1000 13.49
5.86
6.50
5.90
6.07 0.21
659099
8.65
5.40
-
-
-
-
-
-
-
Orix Leasing
821
-
5.50
5.95
5.06
5.50 0.00
36864
5.99
3.66
-
-
-
Pervez Ahmed Sec
775
-
1.64
1.88
1.55
1.67 0.03
291400
2.89
1.35
-231.08R
-
-
Stand Chart Leasing
978
5.61
2.50
2.95
1.95
2.47 -0.03
7449
3.89
1.41
-
-
-
-
Trust Inv Bank
586
-
2.49
2.50
2.50
2.50 0.01
74900
4.25
1.25
-
-
-
-
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 988.72 Turnover 5,525,862 P/E (x) 6.19 Paid up Cap(mn)
Company 1st Fid Leasing
High Low 1,013.52 973.56 Total cos Defaulter cos P/BV (x) ROE (%) 0.25 4.09
PE
Open
High
Low
Close Chg
Close 1,000.53 Listed cap 29,771.58 mn Payout (%) 104.19
Change % Change 11.80 1.19 Market cap 200-Day High 17,265.00 mn Div Yield (%) 200-Day Low 29.60 -
Last 60 days High Low
Volume
2009 Div BR (%) (%)
2010 Div BR (%) (%)
264
-
1.48
1.69
1.01
1.22 -0.26
7271
2.23
1.01
-
-
-
-
AL-Meezan Mutual F.
1375
2.59
6.70
6.80
6.61
6.70 0.00
163680
7.25
6.35
-
-
18.5
-
B R R Guardian Mod.
780
-
1.36
1.36
1.05
1.20 -0.16
73625
2.43
0.90
-
-
-
-
Constellation Modaraba
65
2.57
2.38
2.34
1.20
2.34 -0.04
12443
2.74
0.82
-
-
-
-
200
1.81
0.49
0.60
0.41
0.49 0.00
35721
0.90
0.16
-
-
-
Equity Modaraba
524
8.77
1.00
1.25
1.00
1.14 0.14
13789
1.68
0.76
-
-
-
-
First Dawood Mutual F.
581
-
1.69
1.88
1.51
1.75 0.06
9386
2.09
1.00
-
-
-
-
Crescent St Modaraba
Golden Arrow
-
760
1.40
2.87
3.50
2.82
3.41 0.54
902656
3.50
2.32
-
-
-
Habib Modaraba
1008
4.51
5.82
6.20
6.00
6.00 0.18
16546
7.49
5.56
20
-
21
-
JS Growth Fund
3180 39.38
3.10
3.30
3.10
3.15 0.05
46115
4.39
2.70
-
-
5
-
JS Value Fund
1186
-
3.36
3.50
2.61
3.13 -0.23
43066
3.98
2.31
10
-
10
-
283
2.82
1.07
2.00
0.91
2.00 0.93
8003
2.44
0.52
-
-
-
-
1200
3.00
6.50
6.64
6.02
6.20 -0.30
13990
7.49
6.00
-
-
15.5
-
184
-
1.10
1.20
0.71
1.19 0.09
6595
1.75
0.56
-
-
-
-
Pak Prem Fund XD
1698
3.47
9.11
9.39
7.20
7.29 -1.82
722738
9.86
7.20
-
-
18.6
-
Pak Strat Fund
3000
5.08
6.61
6.84
6.40
6.50 -0.11
273406
8.10
6.01
-
- 11.53
KASB Modaraba
-
PICIC Energy Fund
1000
2.55
4.79
4.84
4.33
4.80 0.01
56637
6.49
4.00
-
-
5
-
PICIC Growth Fund
2835
2.37
8.20
8.74
8.00
8.64 0.44
475625
10.55
7.60
-
-
20
-
PICIC Inv Fund XD
2841
2.01
4.25
4.40
3.70
3.97 -0.28
2246377
5.00
3.50
-
-
10
-
Prud Modaraba 1stSPOT 872
2.89
1.14
1.20
1.03
1.10 -0.04
282443
1.20
0.70
-
-
3
-
Stand Chart Mod. SPOT
454
5.75
10.38
10.70
10.00
10.12 -0.26
78690
10.99
8.25
16.5
-
17
-
50
1.15
1.69
2.35
1.20
1.89 0.20
7606
2.99
1.01
-
-
-
-
264
2.38
5.60
5.99
5.01
5.98 0.38
10002
6.00
5.00
10
-
-
-
Tri-Star Mutual U D L Modaraba
Open
Shabbir Tiles 10.90 Tata Textile 19.10 Gul Ahmed Txt. 20.99 B F Modaraba 3.72 Pak Hotels 70.27 Atlas Fund of F. 3.02 Ismail Ind 72.46 Dewan Sugar 1.73 New Jub Ins 55.06 Elite Cap Mod. 2.65 H B L Mod 5.50 Singer Pak 23.00 Mandviwala 2.04 Maqbool Textile 7.00 AL-Abid Silk 29.50 Dandot Cement 1.80 First National Eq. 10.21 Grays of Camb 59.60 Idrees Textile 4.00 Fecto Cement 5.05 Habib Ins. 11.44 Gillette Pak. 62.70 Clariant Pak 163.00 Mehmood Txt. 68.00 Data Textile 0.60 Merit Pack 13.52 Shahtaj Sugar 50.00 Masood Textile 21.75 Ist Daw Bank 1.49 Atlas Honda 103.00 Gulistan Spin 5.95 Al-Azhar Txt. 0.90 Indus Dyeing 233.01 Allied Rental 14.50 Otsuka Pak 31.10 Mehran Sugar XD 52.43 Noon Sugar 10.63 Nakshbandi Ind 12.74 Dewan Auto Eng. 0.51 Sec Inv Bank 2.50 Gatron Ind 40.50 Sitara Energy Ltd 21.60 Jubilee Spinning 3.00 Eye Television Net22.15 Towellers Ltd 20.00 Cap Assets Leas. 0.61 Javedan Cmt. 61.90 KSB Pumps 84.90 Dar-es-Salaam 2.75 Chakwal Spin. 1.20 Noon Pakistan 24.75 Shakarganj Mills 3.60 Pak Datacom 111.90 Nat Bank Mod. 7.69 Shakarganj Foods 1.10 Pak Services 148.05 S G Power 0.50 Ibrahim Fibres 37.75 Ados Pak 18.90 Ahmed Hassan 21.00 Crescent Textile 20.20 Wyeth Pak 950.00 Balochistan Glass Ltd 1.76 Fazal Textile 351.76 Sapphire Fibre 105.00 Blessed Tex Mills 46.50 Janana D Mal 13.95 Hussein Sugar 5.01 Clover Pak. 34.60 Exide (PAK) 133.00 PICIC Ins Ltd 2.44 Hussain Ind. 9.10 Central Ins.XDXB 49.11 Punjab Mod. 1.40 I B L Modaraba 2.00 Kohinoor Mills 3.01 AL-Abbas Sugar 94.75 Din Textile 29.40 Tri-Star Poly 0.50 Ansari Sugar 5.10 S S Oil 3.00 Aruj Garments 6.00 Quetta Textile 42.40 Service Fabrics 0.64 Dewan Mushtaq Txt. 1.60 Johnson & Phillips 7.00 NAMCO Bal F 3.42 Pak Cables XD 55.60 Shaheen Ins. 12.77 Shezan Inter 106.00 Rupali Poly 34.25 Faran Sugar 16.90 Wazir Ali 6.52 Mirza Sugar 5.02 Colgate Palm 713.00 Bata (Pak) 497.88 Sitara Chem Ind 124.05 United Ins 4.91 Hinopak Motor 108.11 Siemens Eng. 1127.42 Paramount Mod.XD 7.20 Buxly Paints 12.98 Liberty Mills 55.00 Hajra Textile 0.55 Mirpurkhas Sugar 60.00 Premier Sugar 39.69 Ghazi Fabrics 2.00 Bestway Cmt 23.45 Atlas Eng. Ltd 18.50 (Colony) Thal 1.50 Kohinoor Spin. 0.99 Safa Textile 3.00 Mithchells Fruit 71.98 Ittehad Chemical 23.43 Tandlianwala 32.88 Pak Int Airlines (B) 8.17 Diamond Ind 16.17 Reliance Cotton 22.50 Shahzad Textile 4.25 Baba Farid 55.25 Baluchistan Wheels Ltd. 31.70 Leiner Gelatine 9.10 Saudi Pak Leas. 0.70 Gulistan Textile 20.62 Shield Corp 54.60 Gammon Pak 1.50 Rafhan Maize 1437.90 Shak(RCPf)8.5 Perc 7.00 Unilever FoodsSPOT 1020.53 Maple Leaf(Pref) 6.99 Crescent Star Ins. 6.47 Pak Telephone 3.00 Biafo Ind 31.64 Gulshan Spin. 7.00
Change % Change 44.38 5.59 Market cap 200-Day High 8,875.15 mn Div Yield (%) 200-Day Low 4.87 -
Close Chg
Mod Al-Mali
Change % Change 22.99 3.72 Market cap 200-Day High 41,350.12 mn Div Yield (%) 200-Day Low 7.74 -
31.00 11.95 55.20 79.10 19.40 10.60 6.90 10.00 4.00
Low
Meezan Balanced Fund
Performance of SR Non Life Insurance Index
42537 55519 60943 282099 1391151 7128 107206 5532 27370
High
2010 Div BR (%) (%) 20 - 66R 55 -63.46R 10 -
1.97 0.02 1.17 -0.59 0.94 0.27 0.39 0.05 1.70
Open
JS Investment
Performance of SR Banks Index
29.51 11.00 38.27 72.00 14.44 9.37 6.50 6.81 3.70
PE
Arif Habib Securities
Change % Change 48.11 3.63 Market cap 200-Day High 31,034.02 mn Div Yield (%) 200-Day Low 6.69 -
Last 60 days High Low
Paid up Cap(mn)
Company
2010 Div BR (%) (%) 50 - 7.8R 50 -
27.46 10.15 36.15 68.51 13.30 8.65 6.15 6.50 2.98
Performance of SR Life Insurance Index
Performance of SR Electricity Index Open 1,154.02 Turnover 60,103,510 P/E (x) 13.06
30.50 11.95 39.45 74.90 15.15 9.88 6.90 8.00 4.00
LIFE INSURANCE
2010 Div BR (%) (%) 17.5 -
27.54 10.98 37.10 72.59 13.50 9.10 6.11 6.76 2.00
High 11.00 19.25 20.99 3.72 71.00 3.75 73.99 1.84 57.70 2.90 6.00 22.90 2.44 8.85 29.50 2.20 11.75 63.40 4.39 6.00 11.65 68.80 163.50 66.99 0.90 14.52 50.27 22.50 1.69 107.00 6.00 1.38 251.90 15.00 31.10 53.75 11.05 15.54 0.55 3.40 44.05 22.24 3.37 22.85 20.00 1.61 61.90 88.00 3.40 2.20 25.98 4.84 114.99 7.75 1.25 148.05 0.75 39.00 20.90 19.95 20.20 997.00 1.85 369.00 99.76 48.50 12.95 8.10 36.90 152.00 3.19 9.90 53.00 1.64 2.00 3.55 95.00 29.90 0.54 6.00 3.00 6.00 40.28 0.59 2.60 8.18 3.42 55.50 12.90 106.00 35.25 16.90 7.49 5.25 746.99 501.00 125.99 5.00 121.95 1160.00 7.50 13.93 57.15 0.60 62.24 41.19 3.01 24.44 19.00 1.88 0.99 3.00 74.00 25.49 33.98 10.10 17.85 21.38 4.25 54.00 30.12 10.00 0.84 21.00 56.23 2.90 1475.00 6.50 1065.00 7.74 6.95 3.20 32.98 7.10
Low 10.10 17.75 19.99 3.70 66.61 3.15 67.38 1.12 52.47 2.20 5.25 20.95 1.25 6.10 28.03 1.09 9.22 59.73 3.13 5.00 11.12 59.95 157.10 61.20 0.20 13.00 45.40 20.01 1.35 96.51 5.02 0.20 221.60 14.75 29.55 51.50 10.70 12.74 0.50 1.96 40.00 21.50 2.70 21.05 19.00 1.50 57.01 77.19 2.75 0.80 23.75 3.50 111.00 7.30 1.25 148.05 0.50 35.60 18.90 19.95 19.81 890.00 1.05 329.00 99.75 44.20 9.95 5.01 33.50 139.55 1.78 9.10 50.05 0.80 2.00 2.16 90.02 27.93 0.51 5.10 3.00 5.30 34.56 0.55 1.60 6.18 3.00 51.47 12.01 102.00 31.83 16.01 7.00 4.80 640.01 475.96 117.51 4.91 113.51 1101.01 7.25 11.98 54.50 0.55 57.10 36.14 1.13 23.45 17.50 1.40 0.99 3.00 69.21 23.09 32.90 8.10 15.00 21.38 3.25 51.35 30.12 9.10 0.42 20.62 55.93 0.98 1437.90 4.52 970.00 6.99 5.47 2.95 31.64 7.00
Close
Change
Vol
10.10 19.25 20.70 3.70 66.61 3.75 73.00 1.38 53.73 2.89 5.97 21.05 1.40 8.84 28.42 1.69 11.75 63.40 4.02 5.90 11.50 67.75 161.00 61.56 0.44 14.40 48.14 21.34 1.65 101.79 5.03 1.00 245.50 15.00 30.90 53.50 10.72 15.45 0.50 3.10 44.00 22.00 3.37 22.50 20.00 1.50 59.00 83.50 3.30 1.01 25.98 3.50 114.95 7.62 1.25 148.05 0.75 37.50 20.90 19.95 19.81 940.00 1.84 361.32 99.76 46.25 11.95 8.10 36.90 146.51 3.19 9.90 51.60 1.64 2.00 2.72 94.50 29.90 0.51 6.00 3.00 5.30 34.56 0.55 2.60 8.18 3.42 53.85 12.10 102.00 33.25 16.01 7.00 5.20 682.99 490.00 123.10 5.00 118.98 1106.34 7.50 12.93 54.65 0.60 59.99 38.20 1.51 23.99 17.50 1.80 0.99 3.00 69.42 25.00 33.90 9.78 17.50 21.38 3.25 54.00 30.12 10.00 0.84 21.00 56.08 2.05 1474.00 4.52 1020.00 7.48 6.48 3.02 32.00 7.10
-0.80 0.15 -0.29 -0.02 -3.66 0.73 0.54 -0.35 -1.33 0.24 0.47 -1.95 -0.64 1.84 -1.08 -0.11 1.54 3.80 0.02 0.85 0.06 5.05 -2.00 -6.44 -0.16 0.88 -1.86 -0.41 0.16 -1.21 -0.92 0.10 12.49 0.50 -0.20 1.07 0.09 2.71 -0.01 0.60 3.50 0.40 0.37 0.35 0.00 0.89 -2.90 -1.40 0.55 -0.19 1.23 -0.10 3.05 -0.07 0.15 0.00 0.25 -0.25 2.00 -1.05 -0.39 -10.00 0.08 9.56 -5.24 -0.25 -2.00 3.09 2.30 13.51 0.75 0.80 2.49 0.24 0.00 -0.29 -0.25 0.50 0.01 0.90 0.00 -0.70 -7.84 -0.09 1.00 1.18 0.00 -1.75 -0.67 -4.00 -1.00 -0.89 0.48 0.18 -30.01 -7.88 -0.95 0.09 10.87 -21.08 0.30 -0.05 -0.35 0.05 -0.01 -1.49 -0.49 0.54 -1.00 0.30 0.00 0.00 -2.56 1.57 1.02 1.61 1.33 -1.12 -1.00 -1.25 -1.58 0.90 0.14 0.38 1.48 0.55 36.10 -2.48 -0.53 0.49 0.01 0.02 0.36 0.10
4950 4652 4632 4290 4148 3911 3901 3836 3731 3698 3503 3482 3450 3273 3209 2718 2601 2555 2513 2507 2301 2283 2115 2115 2114 2082 2056 2022 2020 1721 1628 1491 1467 1447 1431 1355 1332 1322 1299 1254 1238 1217 1210 1147 1112 1100 1070 1061 1031 1024 1016 1016 1012 1002 1000 1000 1000 975 902 900 899 849 804 730 675 650 649 646 629 613 590 571 526 515 512 507 505 503 501 500 500 500 500 500 485 403 400 393 320 306 304 301 300 298 255 237 208 200 178 170 167 158 151 141 127 115 112 109 103 100 100 95 74 71 68 63 58 48 37 32 30 26 24 20 20 19 17 15 15 13 13 13 12 10
BOARD MEETINGS Company
Dera Ghazi Khan Cement Co Ltd
KSE 100 INDEX
National Bank of Pakistan
Nishat Mills Ltd
Date
Time
Attock Petroleum Ltd
20-Sep
12:00
First Al-Noor Modaraba
20-Sep
First Capital Mutual Fund
20-Sep
9:00
Ghani Glass Ltd
20-Sep
11:00
Island Textile Mills Ltd
20-Sep
11:15
Salfi Textile Mills Ltd
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position 9,983.50
Fair Value
*Arif Habib Ltd
44
Buy
*Arif Habib Ltd
44.13
Buy
AKD Securities Ltd
TFD Research
36.85
Positive
TFD Research
Support 1
MA (5-day)
10,017.45
Support 2
MA (10-day)
9,889.86
Resistance 1
10,096.15
MA (100-day)
9,913.85
Resistance 2
10,139.40
Technical Analysis
MA (200-day)
9,875.36
Pivot
10,026.70
RSI (14-day) MA (10-day) MA (100-day)
9,914.05
Technical Outlook Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
182.55 4,618.51 N/A N/A N/A 22.86
resistance level at 10,096.15 and 2nd resistance level at 10,139.40, while Median Index will continue to find its 1st support level at 9,983.50 and 2nd support * Target price for Dec-10 & **Net Open Interest in future market level at 9,914.05. DGKC closed down -0.95 at 25.30. Volume was 70 per cent above averKSE 100 INDEX is currently 1.8 per cent above its 200-day moving age and Bollinger Bands were 32 per cent narrower than normal. average and is displaying an upward trend. Volatility is extremely low DGKC is currently 8.8 per cent below its 200-day moving average and is when compared to the average volatility over the last 10 trading ses- displaying an upward trend. Volatility is relatively normal as compared to sions. Volume indicators reflect volume flowing into and out of INDEX the average volatility over the last 10 trading sessions. Volume indicators at a relatively equal pace. Trend forecasting oscillators are currently reflect volume flowing into and out of DGKC at a relatively equal pace. bullish on INDEX. Trend forecasting oscillators are currently bullish on DGKC.
Brokerage House
Brokerage House
Fair Value
Rs Recommendations
24.18
Buy
*Arif Habib Ltd
Positive
TFD Research
30.5
Technical Analysis 55.96 18.50 19.18 19.46 19.11 19.13
584.63 11,148.99 N/A N/A N/A 7.97
65
Buy
*Arif Habib Ltd
61.46
Buy
AKD Securities Ltd
Positive
TFD Research
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
78
Buy
64.64
Neutral
92.3
Positive
175.80 8,605.41 N/A N/A N/A 21.51
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
318.37 21,117.28 N/A N/A N/A 33.29
* Target price for Dec-10 & **Net Open Interest in future market NBP closed up 3.13 at 66.33. Volume was 39 per cent below average and Bollinger Bands were 14 per cent narrower than normal. NBP is currently 1.9 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 NBP at a relatively equal pace. Trend forecasting oscillators are currently bearish on NBP.
Fair Value
MCB Bank Ltd
Rs Recommendations
Brokerage House
Fair Value
Rs Recommendations
Buy
*Arif Habib Ltd
48
Buy
*Arif Habib Ltd
AKD Securities Ltd
108.5
Buy
AKD Securities Ltd
46
Buy
AKD Securities Ltd
201.29
Accumulate
TFD Research
72.75
Neutral
TFD Research
Positive
TFD Research
218.18
Positive
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
62.22 70.44 66.71 69.39 72.21 72.19
129.35 9,274.40 N/A N/A N/A 7.07
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
35.66 35.09 34.12 33.52 34.01 34.20
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
Hold
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
44.9
194
810.01 27,135.27 N/A N/A N/A 0.68
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
52.77 189.36 196.37 206.44 193.61 193.01
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
10:15
20-Sep
12:15
Orix Leasing Pakistan Ltd
22-Sep
10:00
Rupali Polyester Ltd
22-Sep
Shield Corporation Ltd
22-Sep
11:00
Mari Gas Company Ltd
23-Sep
10:00
Shabbir Tiles & Ceramics Ltd
23-Sep
10:00
Fauji Cement Co Ltd
24-Sep
10:00
Sitara Chemical Industries Ltd
24-Sep
4:00
Pakistan Oilfields Ltd
30-Sep
12:00
(TFC) Saudi Pak Leasing Co Ltd
4-Oct
11:30
Towellers Ltd
4-Oct
11:30
Company
* Target price for Dec-10 & **Net Open Interest in future market
Brokerage House
20-Sep
Tata Textile Mills Ltd
11:00
TECHNICAL LEVELS
Leverage Position
55.74 64.17 66.58 73.14 66.44 66.00
Hub Power Co Ltd
Rs Recommendations
Rs Recommendations
Technical Outlook
Leverage Position
63.59 45.48 47.42 54.47 47.54 47.48
Fair Value
NML closed up 3.31 at 48.95. Volume was 175 per cent above average (trending) and Bollinger Bands were 22 per cent narrower than normal. NML is currently 10.1 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NML (mildly bullish). Trend forecasting oscillators are currently bullish on NML.
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
Brokerage House
83
Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
Fair Value
Rs Recommendations
74.2
Lucky Cement Ltd
Pakistan Telecommunication Co Ltd
Fair Value
Technical Outlook
Leverage Position
48.61 25.74 25.25 27.74 25.82 25.98
cent below average and Bollinger Bands were 24 per cent narrower than MA (200-day) normal. As far as resistance level is concern, the market will see major 1st Mean
AKD Securities Ltd
Brokerage House
AKD Securities Ltd
58.54
KSE 100 INDEX closed up 173.64 points at 10,052.97. Volume was 16 per
Rs Recommendations
4:00
342.10 66,096.51 N/A N/A N/A 54.03
* Target price for Dec-10 & **Net Open Interest in future market
* Target price for Dec-10 & **Net Open Interest in future market
* Target price for Dec-10 & **Net Open Interest in future market
* Target price for Dec-10 & **Net Open Interest in future market
PTC closed up 0.70 at 19.07. Volume was 50 per cent below average (consolidating) and Bollinger Bands were 14 per cent narrower than normal. PTC is currently 2.0 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of PTC at a relatively equal pace. Trend forecasting oscillators are currently bullish on PTC.
LUCK closed up 1.38 at 71.70. Volume was 37 per cent below average and Bollinger Bands were 7 per cent wider than normal. LUCK is currently 3.3 per cent above its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into LUCK (mildly bullish). Trend forecasting oscillators are currently bullish on LUCK.
HUBC closed down -0.27 at 33.50. Volume was 63 per cent above average and Bollinger Bands were 59 per cent wider than normal. HUBC is currently 0.1 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 HUBC at a relatively equal pace. Trend forecasting oscillators are currently bearish on HUBC.
MCB closed up 7.59 at 193.21. Volume was 1 per cent above average and Bollinger Bands were 38 per cent narrower than normal. MCB is currently 6.4 per cent below its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of MCB at a relatively equal pace. Trend forecasting oscillators are currently bearish on MCB.
Adamjee Insurance Al-Abbas Cement Allied Bank Limited Arif Habib Limited Arif Habib Securities Askari Bank Attock Cement Attock Petroleum Attock Refinery Azgard Nine Bank Alfalah Bank Of Punjab BankIslami Pak DGK Cement Dewan Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Fauji Cement Fauji Fert Bin Fauji Fertilizer Faysal Bank Habib Bank Ltd Hub Power ICI Pakistan Indus Motors JOV and CO Jah Siddiq Co Japan Power JS Bank Ltd KESC Kot Addu Power Lucky Cement Maple Leaf Cement MCB Bank Ltd National Bank Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat (Chunian) Nishat Mills Oil & Gas Dev XD PIAC (A) PSO XD PTCLA PACE (Pakistan) Ltd Pak Oilfields Pak Petroleum Pak Suzuki Pervez Ahmed Sec Pioneer Cement Shell Pakistan Sitara Peroxide Sui North Gas Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 44.41 68.65 67.10 51.06 3.55 3.45 49.97 51.60 50.65 52.75 32.35 31.50 38.19 22.50 21.80 53.44 14.50 14.10 56.37 68.15 67.85 65.14 321.40 317.60 58.59 82.15 78.80 53.48 10.35 10.20 44.78 8.15 8.10 56.66 8.55 8.40 53.03 3.00 2.85 48.61 24.85 24.45 43.53 1.45 1.40 52.00 1.50 1.45 47.62 2.10 2.00 33.12 37.15 36.05 38.74 58.00 56.55 55.29 175.30 171.85 57.50 5.10 5.00 47.70 27.65 27.30 49.87 105.35 104.70 53.29 13.80 13.50 49.22 96.85 96.00 35.66 33.30 33.10 59.86 121.50 118.85 44.56 226.85 224.70 33.14 3.20 3.15 44.21 10.40 10.25 53.24 1.35 1.00 39.55 2.05 2.00 44.53 2.00 1.95 52.56 41.70 41.45 62.22 71.05 70.35 46.59 3.05 2.90 52.77 191.40 189.55 55.74 65.95 65.55 39.99 18.75 18.35 50.14 2.60 2.45 52.80 1.35 1.25 56.59 16.60 16.00 63.59 47.35 45.70 59.86 145.75 144.55 40.21 2.05 2.00 61.00 264.00 259.35 55.96 18.75 18.45 45.37 2.60 2.55 70.06 234.70 231.55 64.29 209.25 206.55 47.71 77.40 77.35 42.84 1.65 1.60 60.75 7.95 7.80 36.05 191.00 187.00 51.20 8.60 8.25 62.95 28.30 27.65 73.31 21.65 20.75 44.51 2.15 2.00 58.60 3.60 3.45 46.55 53.85 53.25 43.39 2.45 2.40
1st
2nd
Resistance 71.30 72.40 3.70 3.75 52.95 53.45 33.75 34.30 23.60 24.05 15.30 15.65 68.65 68.85 327.65 330.10 87.25 88.95 10.75 10.95 8.25 8.30 8.90 9.05 3.30 3.40 25.65 26.00 1.55 1.60 1.65 1.70 2.35 2.45 39.40 40.55 61.30 63.25 180.60 182.45 5.40 5.50 28.25 28.45 106.50 107.05 14.30 14.60 98.70 99.70 33.85 34.20 125.75 127.40 230.30 231.60 3.35 3.45 10.65 10.80 1.95 2.25 2.15 2.20 2.10 2.15 42.15 42.45 72.45 73.15 3.25 3.35 194.30 195.35 66.70 67.10 19.55 19.90 2.90 3.00 1.65 1.80 17.50 17.90 49.75 50.60 147.95 148.90 2.20 2.25 271.40 274.15 19.30 19.50 2.75 2.80 239.75 241.60 214.35 216.75 78.35 78.40 1.75 1.80 8.25 8.35 198.00 201.00 9.20 9.45 29.35 29.75 23.00 23.50 2.40 2.50 3.90 4.00 55.25 56.00 2.55 2.60
Pivot 69.75 3.60 52.05 32.90 22.90 14.85 68.35 323.85 83.85 10.60 8.20 8.70 3.15 25.25 1.50 1.55 2.25 38.30 59.90 177.15 5.25 27.90 105.90 14.05 97.85 33.65 123.10 228.15 3.30 10.50 1.65 2.10 2.05 41.95 71.75 3.15 192.45 66.30 19.10 2.70 1.50 16.95 48.15 146.75 2.10 266.75 19.00 2.65 236.55 211.65 77.90 1.70 8.05 194.00 8.85 28.70 22.10 2.25 3.70 54.65 2.50
Gulf Hurricane Insurance Bill Unlikely to Pass, Again 8
Monday, September 20, 2010
AIG-USA parley for repayment moves forth
LONDON: A view of American International Group Inc’s logo in London. Reuters
Ping An sees jump in clinical trials’ coverage
Brit Insurance up to $1.3bn Apollo, CVC bid
market segment is just at the infant stage …- it is huge in terms of growth rate but the size is still small in value terms," Liu said. "Growth will be at 2 to 3 times per year in the years ahead," Liu said, adding that it could be much faster in future as more drugmakers realised it was one of a few ways to reduce risks from clinical trials. Ping An accounted for a more than 90 per cent share of the market segment, and expected to retain the leading position for years to come, Liu said. There are more than 10,000 pharmaceutical manufacturers in China and less than 2 per cent of them are covered by this kind of insurance. Reuters
LONDON: Brit Insurance recommended on Friday shareholders accept an 850 million pound ($1.3 billion) offer after buyout firm CVC Capital Partners agreed to link up with original bidder Apollo Management. Lloyd's of London insurers, which offer cover against large-scale risks such as natural disasters, have emerged as potential takeover targets because cyclically low insurance prices have weighed heavily on their shares. Brit Insurance agreed to open its books to Apollo in July after the US private equity company raised its offer to 10.75 pounds a share having had two bids knocked back. A Brit Insurance spokesman told Reuters CVC came on board during Apollo's due diligence. "During the course of the due diligence that Apollo had been undertaking it became apparent that Apollo wouldn't be able to do this on their own. CVC approached the board of Brit at that time and the board of Brit worked quite hard to get Apollo and CVC in a place where they could work together on this," he said. Brit Insurance said the offer from the Apollo, CVC consortium also valued the business at 10.75 pence per share, but included a provision through which shareholders would receive a further 25 pence per share should Brit's net tangible asset value be more than 11 pounds per share at the end of 2010. The offer would be adjusted on a linear sliding scale should the NTA be between 10.75 and 11.00 pounds per share, it said. -Reuters
SHANGHAI: Ping An Insurance (Group) Co of China Ltd said on Friday that it expected to see huge growth in insurance coverage for clinical trials in China as the pharmaceutical industry grows in the country and players seek to protect themselves from the risks of drug tests. "As many major local pharmaceutical manufacturers are gaining the capability of developing new drugs, the market is potentially huge -there are potentially more than 6,000 pharmaceutical makers that will be our clients in coming years," Ping An Senior Director Jenny Liu told Reuters in an interview on the sidelines of a pharmaceutical forum in Shanghai.
The Chinese government had advised mainland drugmakers to buy insurance products to reduce risk in the clinical trials needed to develop new drugs. As a result, demand for such products was growing, Liu said. Demand was also rising as more foreign pharmaceutical companies set up R&D facilities in China, Liu said. Ping An Insurance was the first insurer to provide clinical trial insurance to pharmaceutical manufacturers in China in 2005. Its premiums grew to 10 million yuan ($1.49 million) by the end of 2009, from 2 million yuan in 2006, Liu said. Its main competitors are All Trust and Ming An Insurance. "The development of this
Bank stakes on China cos radar SHANGHAI: China Life and China Pacific Insurance, two of the country's biggest insurers, are in talks to buy stakes in Shanghai Rural Commercial Bank, which is one-fifth owned by Australia and New Zealand Banking Group, people with knowledge of the deal said. SRCB is also in talks with existing stakeholders, including parent Shanghai International Group and No.2 shareholder ANZ, over
plans for the private share placement, which could raise more than 10 billion yuan ($1.49 billion), one source said. SRCB, which has 3.7 billion outstanding shares, aims to double its share base by selling one new share for every existing share, but the issue price has not yet been determined, two sources said. China Life, the country's biggest life insurer, and
Pacific Insurance, the thirdlargest, are interested in buying stakes in the lender, according to sources. It is not clear though whether SRCB is in talks with China Life directly or its group parent. Both SRCB and ANZ declined to comment. A spokesman at China Life said he was unaware of the deal, while Pacific Insurance could not immediately provide comment. -Reuters
NEW YORK: American International Group Inc's talks with the US Treasury Department over repayment of bailout funds have advanced past initial discussions, a source familiar with the matter said. A possible conversion of the Treasury's $49 billion preferred stake in AIG into common stock is one of the options being discussed, the source said on Tuesday. Such a conversion, which could start as soon as the first half of next year, would possibly raise the government's stake in AIG to above 90 per cent from nearly 80 per cent, another source said. The Treasury would sell its common stake to investors over time. The idea is still under discussion and the parties have not agreed on a concrete plan, which would also be contingent on the Federal Reserve Bank of New York getting paid back first, the second source said. But the news, which The Wall Street Journal first reported, shows AIG is making progress in paying back the US government, which rescued the insurer from near collapse two years ago at the height of the financial crisis. An eventual exit by the Treasury would also depend on AIG getting an appropriate rating once it is on its own. Chief Executive Robert Benmosche has said AIG would have to achieve investment grade rating for such a plan to work. "Our objectives remain the same: to repay taxpayers and position AIG over time as a strong, independent company worthy of investor confidence," an AIG spokeswoman
said. Treasury wasn't immediately available for comment. The sources declined to be named because the talks are not public. AIG, which received a $182.3 billion US rescue package after being bailed out two years ago, owes the Fed about $21 billion under a credit facility. The Fed also owns $25 billion worth of preferred interest in two of AIG's foreign life insurance units that must be monetized. The company expects a big part of that money to come in by the end of the year as it closes on the sale of American Life Insurance Co to MetLife Inc for $15.5 billion and lists American International Assurance (AIA) in Hong Kong. AIA, which is planning an estimated $15 billion IPO next month in Hong Kong, named insurance industry veteran Marc de Cure as chief financial officer, sources told Reuters, marking a critical step before the listing. Last month, Benmosche told Reuters that AIG would begin negotiating an exit of the Treasury's equity stake once it clarified how the Fed's credit facility would be paid down. Converting the Treasury's preferred stake into common shares has been seen as an option to end the government role in the insurer. In March, a source told Reuters such a strategy would increase Treasury's equity in the insurer above its current 80 per cent stake until the department could sell the shares. AIG shares were off 2.4 per cent at $36.05 in afternoon trading on the New York Stock Exchange.-Reuters
Listed insurers leap up last wk Staff Reporter KARACHI: Insurance stocks showed some positive activities last week at the Karachi stock exchange with around 3.5 million shares traded together in life and non-life insurance stocks. Adamjee Insurance was the volume leader with 1.43 million shares followed by Pak Reinsurance with 1.39 million
shares. Top gainers of the week include Adamjee Insurance which was up by Rs3.88 to close at Rs70.17 and EFU Life Assurance which increased by Rs3.23 to close at Rs59.38 while New Jubilee Insurance lost Rs1.33 to close at Rs53.73 and Shaheen Insurance was down by Rs0.67 to close at Rs12.10 being the major losers of the week.
Aviva kicks off search for new chairman LONDON: Insurer Aviva has begun the search for a new chairman to replace Colin Sharman, a source familiar with the matter said on Thursday. Sharman, 67, has chaired Aviva since January 2006, and his term expires in 2013. Oriel Securities analyst Barnard Marcus said the search for a replacement was "sensible succession planning" as it could take up to a year to find a successor. Aviva declined to comment. Aviva, Britain's second-biggest insurer by market value, last month rejected a surprise 5 billion pounds offer proposal from rival RSA to buy its general insurance operations. The insurer has appointed headhunters MWM Consulting and JCA Associates to find a new chairman, the Times newspaper reported. Potential candidates include John Varley, who will step down from his role as Barclays chief executive next year, and Paul Myners, the former financial services minister, the paper said. The Times cited people close to the situation as saying Sharman was not under pressure to step down. -Reuters
AIG could list Taiwan unit after failed sale TAIPEI: American International Group could list its Taiwan unit Nan Shan Life as one possible option following regulators' rejection of a $2.2 billion bid for the unit, a Taiwan newspaper reported on Wednesday. Citing no sources, the Economic Daily News said that AIG had informally been in touch with Taiwan's Financial Supervisory Commission, offering three scenarios: putting Nan Shan back on sale, listing it in Taiwan or continuing to run it as a unit. Last month regulators blocked a bid for Nan Shan from battery maker China Strategic Holdings Ltd and Hong Kong investment fund Primus Holdings, saying the two did not have experience in the insurance industry and lacked the ability to raise capital for future operations. Reuters
Century Insurance new CEO named Staff Reporter KARACHI: According to a notice sent to Karachi Stock Exchange, Mohammad Hussain Hirji has been appointed Director and Chief Executive Officer of Century Insurance Company. Hirji has replaced Tinku Irfan Johnson who relinquished his charge.
India infrastructure focus to drive stocks growth: LIC MUMBAI: India's focus on infrastructure investment will help drive growth in its stock market, a top official at state-run Life Insurance Corporation (LIC), the country's largest portfolio investor, said on Wednesday. LIC plans to invest 632 billion rupees ($13.6 billion) in government bonds for the rest of the financial year that ends in March, the official said, which is more than the 400-450 billion rupees that some dealers said they had been
expecting. LIC, which plans to issue about $1 billion worth of infrastructure bonds to help fund the country's deficit in roads and power plants, expects to increase its overall investment this year by 14 per cent to a record 2 trillion rupees ($43 billion), Thomas Mathew, managing director at LIC, said in an interview. For the rest of the fiscal year, LIC plans to invest around 430 billion rupees in equities and another 860 billion rupees in debt, of which 632
billion rupees will be in bonds issued by India's central government and states. LIC had a 71 per cent market share for new life insurance business in India at the end of July. "The infrastructure focus the government has today, the entrepreneurial focus the government has today, will also add to the growth of the India equity market," Mathew said, adding that he is sector-agnostic when it comes to stocks. India has said it needs to double
infrastructure spending to $1 trillion in the five years beginning in 2012. So far in 2010/11, the company has invested 181 billion rupees in equities, of which 10.1 billion went towards primary market offerings, and 541.7 billion rupees in debt, Mathew told Reuters. IPOS AND INVESTMENT LIC is required to invest at least 50 per cent of its holdings in bonds, and at least 15 per cent of its investment must be in infrastructure. Mathew said the life insurer is
under no government pressure to support its programme to sell stakes in state companies and would only invest in such issues if they are attractive in the long run. "We do not have any particular preference between PSU (public sector undertaking) and private IPOs (initial public offers). If we have an upside in it in the long term then we will definitely participate," Mathew said. Last year, LIC invested 610 billion rupees in stocks, of which
104.6 billion went to IPOs, and 1.14 trillion rupees in debt. The government plans to raise 400 billion rupees through stake sales in state firms in the current fiscal year. It plans to sell stake in 60 companies over the next few years to help bridge its fiscal deficit and raise funds for its social programmes for the poor. In 2009/10, the government raised 240 billion rupees in stake sales in state companies. -Reuters
Juventus' Marchisio celebrates after scoring against Udinese during Italian Serie A soccer match in Udine
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Monday, September 20, 2010
England call up Bell for ODIs LONDON: England have called up Ashes hopeful Ian Bell for the two remaining oneday internationals against Pakistan. The call-up follows Bell's match-winning 107 from 95 balls for Warwickshire in the final of the English 40 over competition at Lord's on Saturday, which saw his county beat Somerset by three wickets. The 28-year-old was not involved earlier in the series against Pakistan as he had just returned from a metatarsal injury, but is deemed a guaranteed pick for Thursday's Ashes squad announcement. England lead the series 2-1, with the game at Lord's on Monday and the final match in Southampton on Wednesday to come.-APP
FIFA chief to help flood victims PESHAWAR: World football governing body's (FIFA) Chief Sepp Blatter's announcement to help Pakistan meet the challenges in the wake of devastating floods is a great and generous step which will help the country to meet the daunting challenge," said the manager of the country's renowned Diya Women Football Club Raees Khan while talking to APP. In a statement, Raees appealed to the privileged and all sports organisations to come forward and join hands to help overcome the crisis caused by the unprecedented floods in the history of Pakistan. He also lauded the initiative of the president of the Pakistan Football Federation (PFF) Makhdoom Syed Faisal Saleh Hayat to send women footballers to Sri Lanka for training after Eid-ul-Fitr. Two women players would be sent to Colombo after Ramadan for coaching and administration course. He said under Faisal's leadership Pakistan's football has made great progress, adding, his recent decision that the PFF will send the national team on its own expenses to China in November to feature in the Asian Games is a proof of his selfless services for the development of the game in the country. He condemned the decision of the government to only patronize those disciplines in which Pakistan have medalwinning chances in international competitions. "If we are to promote the sports we will have to give maximum exposure to all those disciplines in which the country could progress," Raees concluded.-APP
Germans give soccer kits to local academy ISLAMABAD: The German embassy in Islamabad handed over sports equipment worth a quarter million rupees to the Mescom Football Academy here Sunday at F-10 football ground Islamabad. A ceremony was organised to give away the sports equipment to the local football academy. Officials of the German and Nigerian embassies were also present on this occasion. President of Islamabad Football Association Dr Fazalur Rehman was also there, along with others officials of the association. Official of German embassy Anderia handed over the sports equipment including 50 footballs, 18 kits, two polls and benches. -NNI
PCB bats ICC response to corruption row
SANGIN: A US Marine bats in front of a wicket keeper from Britain's 40 Commando Royal Marines during a cricket match between officers and senior NCOs at Forward Operating Base Jackson.-Reuters
Fixing charges are devaluing series: Flower LONDON: Andy Flower, the England coach, has expressed his frustration and sadness at the latest spot-fixing allegations to emerge from Pakistan's tour, admitting that the whole series continues to be devalued by the controversy. Further revelations emerged in Saturday's Sun newspaper involving the third one-day international at The Oval, which Pakistan won by 23 runs, and there was enough evidence for ICC to launch an immediate investigation into suspicious run-scoring patterns during the match. The ECB called an
emergency board meeting and received assurances that no England player or official was under the spotlight and, for now, the tour continues for the final two ODIs. The series was already shrouded in controversy following the initial stories three weeks ago surrounding Salman Butt, Mohammad Amir and Mohammad Asif and the latest allegations will only add to the uneasy feeling around the matches at Lord's on Monday and the Rose Bowl on Wednesday. "It's really sad for the game,"
Flower said. "From a selfish perspective it's really annoying because it devalues our Test series and it's also devaluing this one-day series. But looking at it from the game's point of view, which is what we should all do, it's very sad for cricket and the only thing I do hope is that they are able to get to the bottom of some of this stuff." During The Oval one-dayer, Pakistan made 241 batting first before Umar Gul's reverse swing sparked a dramatic fightback from the visitors as England subsided to 218 all out.-Online
Ponting vows positive news for cricket SYDNEY: Australia captain Ricky Ponting hopes cricket will make the headlines for all the right reasons during his team's upcoming test series in India. Cricket's image has been sullied by recent allegations of corruption and the International Cricket Council (ICC) needed to tackle the issue at the earliest, Ponting said on Sunday before leaving for India. "The events of the last couple of weeks have had a big impact I'm sure around the world on the way that the game is viewed, but that's completely out of our hands. There's nothing we can do about that," Ponting was quoted as saying by the Australian Associated Press. "As an Australian cricket team, all we can do is play the
best brand of cricket and the most attractive brand of cricket that we can play, day in and day out. "It's important that we do that over the next weeks, realising
that is the number one ranked team in the world against Australia." Apart from two test matches, Australia will play three oneday internationals in India. "I think if we all do the right thing on the field, hopefully there will be something positive
coming back on the newspaper pages about the game of cricket, which is what we will try and achieve." Ponting's comments came a day after the ICC ordered an investigation into Friday's EnglandPakistan one-day international where suspicious scoring pattern was witnessed. The ICC has already suspended three Pakistani cricketers following a spot-fixing scandal, while a fourth player, bowler Wahab Riaz, has been quizzed by British police. Ponting was optimistic the ICC would succeed in curbing the menace. "The ICC need to be doing whatever they can to get on top of these things as quickly as possible and deal with them as quickly as possible.-Reuters
LONDON: The Pakistan Cricket Board (PCB) accused the world governing body on Saturday of mishandling fresh corruption allegations levelled against the national team following the third oneday international against England. It called for further details after International Cricket Council (ICC) chief executive Haroon Lorgat said Friday's match was being investigated following information from a British newspaper alleging a suspicious scoring pattern in Pakistan's innings. "The PCB is extremely perturbed by the recent allegations of corruption in the third ODI between England and Pakistan," a PCB statement said. "PCB regrets the way these allegations have been handled as being a full member of ICC it only came to know through media that investigations will be conducted by ICC. PCB feels that ICC should repose more confidence in its members." The PCB said it had asked the ICC to provide more details about allegations in The Sun newspaper that bookmakers knew details about Pakistan's innings before the match began. Pakistan won the third game in the fivematch series by 23 runs. An England and Wales Cricket Board (ECB) statement said chairman Giles Clarke had written to the ICC seeking assurances it had no evidence which could result in charges or suspensions to
players in the current series. The series concludes with matches at Lord's on Monday and Southampton on Wednesday. "No substantive evidence has been shared with ECB or PCB at this stage," the statement said after a board meeting on Saturday. "The ECB board noted the ICC is not stating as fact that anything untoward has occurred nor has yet been proven in relation to the third ODI between England and Pakistan." "Until ICC substantiate that any allegations are correct no further action can be taken." The latest controversy follows provisional ICC suspensions for Pakistan test captain Salman Butt and opening bowlers Mohammad Asif and Mohammad Amir. The trio returned home after newspaper reports of premeditated no-balls in the fourth test against England at Lord's last month. They have said they are innocent. British police, who are also investigating the spot-fixing allegations, questioned a fourth player, Wahab Riaz, last week. AFRIDI SURPRISED Lorgat said a source had told The Sun "a certain scoring pattern would emerge during certain stages of the match". "Broadly speaking, that information appeared to be correct," Lorgat said in a statement. "We therefore feel it is
Paulo Bento to coach Portugal
India beat Brazil to return in Davis Cup
MADRID: Paulo Bento will on Monday be appointed coach of Portugal after Real Madrid refused to release Jose Mourinho to take up the role temporarily, the Madrid sport press reported on Sunday. Sport daily AS claimed Real president Florentino Perez refused to "loan" Mourinho for Portugal's next two Euro 2012 qualifying matches during a telephone call with Portuguese Football Federation president Gilberto Madail. Marca reported that former Sporting Lisbon coach Paulo Bento, who played for Benfica, Sporting and Spanish side Oviedo, will sign a twoyear contract with the Portuguese federation on Monday.-Reuters
CHENNAI: India returned to the Davis Cup world group on Sunday after staging a remarkable comeback from 2-0 down on the opening day to beat Brazil in the playoff tie. Somdev Devvarman and Rohan Bopanna won the reverse singles against higher ranked opponents, to clinch the tie in India's favour. Both players had lost their singles matches in five sets on Friday. Doubles specialists Leander Paes and Mahesh Bhupathi had made it 1-2 for the hosts on Saturday, beating Marcelo Melo and Bruno Soares 6-4 7-6 6-1. On Sunday, India drew level when Thomaz Bellucci, ranked 27th in the world, conceded the first of the reverse singles to 113th-ranked Devvarman midway through the second set.
incumbent upon us to launch a full inquiry into this particular game, although it is worth pointing out at this stage that we are not stating as fact that anything untoward has occurred." Pakistan captain Shahid Afridi told the Geo Super channel that he was surprised by the reports. "I just get this feeling there is an attempt to bring the team under pressure." Afridi said. "If anyone has any evidence that there was anything wrong in the match it should be presented first before allegations are made. It adds to the pressure on the players." Iqbal Mohammad, chairman of the National Assembly standing committee on sports, asked why the ICC had not reacted once it had prior information that there would be spot-fixing. "I get this feeling now there is a definite conspiracy to damage and isolate Pakistan cricket," he told Reuters. "Without anything being proven first I don't understand what prompted the ICC to issue a press release." Pakistan Sports Minister Aijaz Jakhrani said the government would not take action unless there was clear evidence against a player. "The ICC has the power and an anti-corruption unit and they should go ahead and use that," Jakhrani told the Indian news channel CNN-IBN. "If they get any proof then we will definitely look into it."Reuters
Devvarman was leading 7-6 40 when Bellucci retired due to dehydration in the searing Chennai heat. Ranked 479th, Bopanna then defeated world number 75 Ricardo Mello 6-3 7-6 (7-2) 63 to make the tie 3-2 for India. "After the heartbreak we had on Friday, losing those two marathons...to turn it around against Brazil and win today, it takes five lionhearts to do that. We are very proud of what we achieved," the 36year old Bhupathi told a news conference. "I keep saying that in Davis Cup you throw the rankings out of the window. It's all about the team. We are back in the world group where we deserve to be," Paes, who made his Davis Cup debut 21 years ago against Japan, said.-Reuters
Victoria wins CLT20 in a ‘Super Over’ finish Twenty20 was at its chaotic best - or worst, looking at some of the shots played - in giving Champions League T20 its first Super Over, one that Victoria Bushrangers won emphatically to stay alive in the tournament. With 24 required off the last three overs, and David Hussey entrenched on 48, it looked like a cruise, but poor shot after poor shot gave Suresh Raina four wickets in the 18th and 20th overs. Hussey left the job unfinished, but came back to finish some with three sixes in the Super Over. Redemption seemed to be the theme of the night. R Ashwin, though, who bowled the Super Over for Chennai Super Kings, was left on his
knees, all alone despite consolatory pats on his back. Doug Bollinger, not given the Super Over, was left an angry fast bowler, kicking the ground, mouthing off, sitting in the dressing room as opposed to the dugout. It was that kind of night. Emotions were completely in check, though, after Aaron Finch's stunning 41 off 17 at the start of the chase. Victoria needed a straightforward 59 off 50 when Muttiah Muralitharan took two wickets in two balls. They were still in control with six wickets in hand when Raina began the 18th over. Madness was about to strike. Raina fielded the first ball, and went for a blind reverse-
flick. Had he hit, he would have got Rob Quiney. Had he not tried, he wouldn't have conceded the overthrow that brought Quiney on strike. Quiney, perhaps lured by the short leg-side boundary, went to pull a length ball, and lost his middle stump. John Hastings, hero of Victoria's bowling effort, got stumped trying a massive slog as opposed to giving Hussey the strike. Twenty-one from 13. Still manageable. Bollinger, whom Finch had hit for 23 in his first two overs, bowled three perfect deliveries for three singles before getting Hussey to hit a slower ball straight to long-off. Game over? Peter Siddle didn't think so. He backed away, and
chipped Bollinger over extra cover, like a batsman would, to bring it down to 12 required off the last over. Raina was the man enjoying the tension. He was pulling out of deliveries and smiling, he was reverse-flicking and smiling, he was accepting gifts and smiling. He was the man to go to. Clint McKay, who had got Raina's wicket with a superb slower ball earlier, dealt him another blow, nonchalantly swinging the first ball over long-off. Six off five, with three wickets in hand. Game over? Raina didn't think so. The next ball stopped a touch, and Raina was smiling again after accepting a return catch. Dirk Nannes played along with the chaos theme, and hit
the next ball straight down long-on's lap. Siddle, who should have been given the strike, now made sure he crossed. He had earlier bowled an over of three waist-high full tosses, two of them deemed beamers, one of them hit way over third man. This was time for his redemption. Again, like a seasoned batsman, he made room and lofted the hat-trick ball over extra cover. Two off two. Last wicket standing. Mind games began. Raina pulled out of the next delivery. When he came into bowl again Siddle pulled out. Raina wasn't blinking first, and refused to bowl the next time. Asad Rauf smiled, walked a few steps down the pitch, perhaps to move out of stumps
mic's range, and told Raina something. Raina let go this time, Siddle swung, got a bottom edge through to MS Dhoni, who saw Bryce McGain trying to steal one and lobbed the ball back to Raina. Raina had blinked. He wasn't back at the stumps, and had to throw from halfway down the pitch. The overthrow cost the single that brought the scores level. One more mistake was to follow. McGain swung across the line of the last ball, and missed. Dhoni collected cleanly. Dhoni had earlier got Finch out by persisting with Ashwin, who was hit for 14 in the second over of the innings. He again went with Ashwin, ahead of Bollinger and Raina.-Online
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Monday, September 20, 2010
How Afghanistan’s parliamentary poll might play out R
ocket attacks across Afghanistan on Saturday heralded the opening of a parliamentary election the Taliban have vowed to disrupt and which will be a test of government credibility and the strength of its security forces. Here are some scenarios on how the voting could play out: MAJOR VIOLENCE, LOW TURNOUT: The Taliban have threatened to derail the process and attacked and intimidated candidates, campaign workers, voters and election officials before voting, warning of violence against those who participate in the election. A series of rocket attacks marked the start of polling on Saturday, in a pattern similar to the 2009 presidential election which, like the 2005 parliamentary vote, the Taliban were unable to obstruct completely. Last year, however, attacks and threats did result in low turnout in Taliban strongholds in the south and east, the heartland of ethnic majority Pashtuns. If the scale of violence reaches massive levels, it could have a serious effect on turnout that disenfranchises more voters. Already, at least 1,000 of a planned 6,835 polling stations were not opened due to security fears. A significant number of voters unable to cast ballots because of the violence
would affect the election's credibility seriously. Turnout may also suffer from cynicism among Afghans that democracy is a farce, especially after the fraud-marred presidential election last year. MODERATE VIOLENCE, MODERATE TURNOUT, MODERATE FRAUD:
of between 28 per cent and 40 per cent should be considered a success. He made that comment when the registered number of voters was estimated at around 17.5 million. Afghanistan's election commission said on Thursday there were only 11.4 million eligible voters, but gave no explanation for the discrep-
It is still possible there will be widespread fraud but minimal violence, lessening the focus on turnout. But another fraud-hit poll would still be judged a failure and further strain relations between Hamid Karzai and his Western backers Afghanistan is a country at war and has limited infrastructure amid some of the world's most forbidding terrain, so pulling off a nationwide election is no mean feat. In that context, the definition of a successful election changes. U.N. envoy Staffan de Mistura has said a turnout
ancy. Some fraud can be expected since campaigning in Afghanistan's young democracy often consists of candidates offering money directly to voters, with the highest bidder winning their vote. Traditional patronage systems also play a big role. Since Saturday's early vio-
lence was on par with the 2009 presidential poll, this seems a more likely outcome when taken together with the presence of nearly 150,000 foreign troops alongside nearly 300,000 Afghan police and soldiers RAMPANT FRAUD BUT MINIMAL VIOLENCE: It is still possible there will be widespread fraud but minimal violence, lessening the
focus on turnout. But another fraud-hit poll would still be judged a failure and further strain relations between President Hamid Karzai and his Western backers. Washington and its allies in Afghanistan were infuriated by the vote-rigging surrounding Karzai's re-election, and graft in his government remains a major point of friction. There is a perception among many Afghans
that Karzai's government, and politicians in general, are only in it for personal enrichment and not national development. It also makes it easier for the Taliban to exploit the political landscape. Since greater government stability will be a big factor in Washington's strategy review in December, in which the scale and pace of troop withdrawals are likely to be examined, more fraud
could make an eventual US pullout more difficult. The only certainty is that it will be a long and drawn-out process, with preliminary results not expected before October 8 and a final result not before October 30. Those dates could be pushed back further if, as expected, there are thousands of complaints from disgruntled losers among the 2,500-odd candidates. -Reuters
SAfrica’s ANC unlikely to tax short-term inflows S
outh Africa's ruling ANC is unlikely to push for a tax on short-term capital inflows and risk deterring investors but may stick to supporting the central bank in it efforts to curb the rand's strength. The party holds its mid-term policy review conference on Sept 20-24 amid considerable scrutiny of its economic policies. The loudest criticism is coming from its alliance partner COSATU, the largest union federation in the country. Economist say that To propel economic growth and create jobs, Africa's largest economy needs a more skilled labour force, lower wages that attract investors, relaxed labour laws, and an industrial policy supportive of exports. The ANC will next week spend time discussing the rand, which hit a 2-1/2 year high of 7.0540 to the dollar this week, increasing calls to weaken it to support exports. But economists say the African National Congress is unlikely to plump for major currency intervention. "The odds are 100-to-1 that we will see any intervention policy after
next week, very slim. They'll talk the talk but in terms of walking they won't do that," said Lumkile Mondi, chief economist at the state-owned Industrial Development Corporation. "(Currency intervention) is way too complicated and this ANC leadership does not have a long-term plan and has not been able to make serious decisions," he added. COSATU points to persistently high unemployment, yawning income gaps and widespread poverty as proof the ruling party's investor-friendly policies have failed the poor. Some 40 per cent of the workforce in the country of 50 million are jobless and live in chronic depravation 16 years after the end of appartheid. The union blames a strong rand for some of the economic ills and has said it wants the rand at 10.0 to the dollar. Authorities have acknowledged the economic imbalances due to rand's strength but are grappling with what to do about it. CURRENCY INTERVENTION The ANC will debate a proposal to tax short-term capital inflows,
which are partly responsible for the rand's gains of more than 35 per cent since the beginning of 2009. But senior party officials have been largely indifferent to the idea, saying such a tax was not imminent, and that capital controls would be just one of many options on the table. National Treasury Director General Lesetja Kganyago has said capital controls would be a bad idea. On Thursday Finance Minister Pravin Gordhan said South Africa was studying other countries' experiences with capital controls. However, South Africa's heavy reliance on foreign capital inflows to fund its current account deficit make direct comparisons difficult, analysts say. "We don't have a particularly strong trade balance and that leaves us a little bit vulnerable because we are reliant on portfolio flows to finance some of that gap," said George Glynos, managing director at ETM market analysts. He said countries such as Brazil, Indonesia, Taiwan and South Korea, which have strong trade balances and are less reliant on inflows, have
had limited success with capital controls. In October, Brazil began charging a 2 per cent tax on capital inflows into stock and fixed-income markets. This helped to slow gains in the real but not substantially and the country has not ruled out further intervention..
TENSIONS IN ALLIANCE Under former President Thabo Mbeki, a British-educated intellectual, the ANC introduced marketfriendly policies that saw the country experience its strongest decade of economic growth. Leftist allies of the ANC, COSATU helped to unseat Mbeki,
hoping the party would adopt its policies. But the ANC has stuck to Mbeki-era policies and even on the rand, will likely be pragmatic in its approach. Rather than taxing inflows, the ANC may opt for helping the South African Reserve Bank quicken its build-up of foreign exchange reserves -- measures that can also weaken the rand. The central bank has repeatedly said it will leave the currency's level "up to the market". In August the central bank started using currency swaps, a tool Gordhan said was aimed at curbing the rand's volatility. "The economic problem does not come from the rand but from the bad economic structure that needs to be fixed," said Gabor Ambrus, emerging market analyst at 4CAST. "Focusing on the rand is short sighted. The problem is the high unemployment rate." Failure to come up with a solution is likely to increase tensions between the ANC and COSATU. While the ANC may want to appease the unions, it is unlikely to do so on the currency front. -Reuters
Warren to wield clout in US consumer job F
rom an exclusive perch close to the seat of power, Wall Street nemesis Elizabeth Warren will have plenty of autonomy as well as President Barack Obama's ear. The Harvard law professor, whose grandmother drove a wagon in the Oklahoma land rush, is a folk hero for consumer groups and the bane of Wall Street. She will build from scratch a new government agency to crack down on abusive practices in financial products like mortgages and credit cards. Warren has known Obama since his student days at Harvard and will be designated "assistant to the president" -- a coveted title most often reserved for the closest White House aides. Named on Friday as a special adviser leading the creation of the Consumer Financial Protection Bureau, she will juggle reporting to two of the most powerful figures in Washington -- Obama and Treasury Secretary Timothy Geithner.
Warren's relationship with Geithner has occasionally been a bit rocky, although both now say they get along just fine. The folksy, plainspoken Midwesterner and the smart, New York-born financial guru clashed when Warren ran the US government watchdog agency overseeing the $700 billion financial bailout program. Both Warren and Geithner appeared with Obama at the Rose Garden announcement of her new job, but neither spoke. The advisory role allows Obama to avoid a nasty battle for Warren's Senate confirmation that would have been triggered by a formal nomination as director of the consumer agency but would put her at the helm of an independent agency. "This is a capitulation of sorts," said Terry O'Neill, president of the National Organization for Women. But she said she believed Warren would ultimately wield influence in the "old boys' club" that is the administration's economic team.
Warren will work from two offices -- one at Treasury and another in a building a few blocks from the White House where the consumer agency will initially be housed. Most assistants to the president have space in the West Wing and power is often measured by their physical proximity to the Oval Office. The White House feared Warren would have been sidelined during a lengthy nomination fight in which she would have been expected to keep a low profile and would have been much more constrained in the duties she could take up. Wall Street fears Warren would use her role to push for policies that would hurt profits on products like credit cards and stifle their competitiveness. Obama's Solomon-like decision to split the baby raised questions about whether it was a half measure that would limit Warren's power as she works to get the bureau up and running. "If Warren is given real power, this
is great news," said Becky Bond of the liberal group CREDO. "If she is not given the power to make change and hold Wall Street and abusive banks accountable, this maneuver is nothing more than inside-theBeltway cleverness." Business groups and some senators considered the bypass of the confirmation process as signaling a lack of transparency that would undermine the new consumer agency. It was Warren who first proposed the consumer agency and helped the administration push for its inclusion in the sweeping financial reform bill that passed in July. Warren, 61, has spent decades championing the rights of middleclass families and detailed their struggles in a best-selling book called "The Two-Income Trap." The janitor's daughter from Oklahoma, whose father was a victim of a crooked business partner, has been called by Obama a "dear friend," and her views on issues like
predatory lending have long gelled with his. Few who know Warren doubt she would have insisted on a position with real authority. "My working assumption is that Elizabeth Warren, having known her for many, many years, would not accept a position where she does not have the authority she needs to make things happen," said Maureen Thompson of the consumer group Americans for Financial Reform. "She is not a shrinking violet," Thompson said. Warren's job has been compared to previous advisory roles, such as the "pay czar" job held by Kenneth Feinberg to examine executive compensation at bailed-out banks and Steve Rattner's appointment as "car czar" leading the auto industry rescue. A provision in the financial reform law that directs the Treasury Department to get the consumer agency up and running allowed Obama to name Warren to the advisory role.
Warren will be "instrumental" in picking the consumer agency's director, White House spokesman Robert Gibbs said, but he would not say if she would be considered as a candidate. Obama's decision sparked a debate among banking lawyers over potential legal constraints on Warren's authority. Some said the law limits Treasury's role to overseeing the integration of employees from various federal agencies into the new shop and would not include the ability to write new regulations. Others say that is too limited an interpretation. Former Bush administration official Tony Fratto said it would have been virtually impossible to confirm Warren ahead of the November congressional elections and even harder to do so afterward, with Republicans likely to make gains in the Senate. But White House officials rejected any notion that Obama blinked from a fight. -Reuters
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International & Continuation
Monday, September 20, 2010
SAfrica Typhoon injures 45 in minibus Japan extends China taxi kills 22 ship captain detention Taiwan, heads to China crash Malawians
TAIPEI: A typhoon injured 45 people, canceled flights and cut power to tens of thousands in Taiwan on Sunday, keeping officials on high alert to stop any repeat of a deadly storm last year that damaged the president's reputation. Typhoon Fanapi, Taiwan's most severe storm so far in 2010, brought 162 kph (101 mph) maximum wind gusts that caused injuries by toppling scooters, breaking glass and blowing down signs, the National Fire Agency disaster response center said. Gusts and sustained winds of up to 126 kph grounded 120 domestic and 36 international flights. They also kept Taiwan's main port of Kaohsiung closed into the evening, though the No.2 port in Keelung had reopened in the afternoon. More than 63,000 house-
holds lost power on Sunday, the disaster center said. But Taiwan's top high-tech firms, a backbone of the economy, reported no major impact from the storm. Government officials are on extra-high alert after Taiwan's worst typhoon in five decades triggered mudslides that killed about 700 people in August 2009. That prompted a cabinet reshuffle amid citizen accusations that Taiwan President Ma Ying-jeou had reacted too slowly. Sunday's storm began to abate in the late afternoon, losing strength as it tracked toward southeast China, including Hong Kong, according to forecasting website Tropical Storm Risk (http://www.tropicalstormrisk.com). Taiwan officials were still
watching parts of the island for heavy rainfall that could set off mudslides or sever roads. "The typhoon is getting gradually weaker, but heavy rain from its outer layers could still affect Taiwan's southern regions, and that's something we need to pay attention to," a disaster center media liaison official said. Fanapi, initially a category 3 typhoon on a 1-5 scale, was expected to reach China's Guangdong province as a category 1 or a tropical storm, which is one level below the weakest typhoon. Typhoons regularly hit China, Taiwan, the Philippines and Japan in the second half of the year, gathering strength from the warm waters of the Pacific Ocean or South China Sea before weakening over land.-Reuters
JOHANNESBURG: A crowded minibus taxi collided headon with a truck early on Saturday in South Africa, killing 22 Malawians who were travelling back to their home country, the South African Press Association said. Among the dead were the minibus the driver and three children, SAPA said on Sunday, citing local police in Cape Town. Three adults and three children survived and were in serious condition at a hospital, SAPA said. The truck driver was also seriously injured. Millions of mostly black South African use minibus taxis, which are often dangerously overcrowded, to travel between townships and cities. Many of the vehicles are barely roadworthy and fatal accidents are common.-Reuters
Pope recalls Nazi terror in WW2 BIRMINGHAM: Pope Benedict told a Mass in England on Sunday the world felt "shame and horror" at suffering inflicted by his German homeland in World War Two and recalled a key air battle that saved Britain from invasion. At the same mass in a park in the British midlands where the pope spoke of the war, he beatified Cardinal John Henry Newman, one of the most prominent English converts from Anglicanism to Roman Catholicism. But in his sermon, on the last day of a four-day visit, before a crowd of more than 50,000 people attending the open-air mass under an intermittent drizzle, he spoke first of the war. On Sunday Britain com-
memorated the 70th anniversary of the Battle of Britain, the summer and autumn air conflict which prevented Hitler's planned invasion of Britain. "For me as one who lived and suffered through the dark days of the Nazi regime in Germany, it is deeply moving to be here with you on this occasion, and to recall how many of your fellow citizens sacrificed their lives, courageously resisting the forces of that evil ideology," he said. "Seventy years later, we recall with shame and horror the dreadful toll of death and destruction that war brings in its wake, and we renew our resolve to work for peace and reconciliation wherever the threat of conflict looms," he said.
During the early 1940s, the former Joseph Ratzinger was briefly a member of the Hitler Youth when membership was compulsory. During the war, he was assigned to an anti-aircraft battery in Bavaria and then sent to Austria. After returning to Bavaria, he deserted. At the end of World War Two, he was a US prisoner of war. The pope has said that as devout Catholics, his parents rejected Nazi ideology. Sunday was the occasion for the religious centrepiece of the trip -- putting Newman, who is venerated in both the Roman Catholic and Anglican churches, one step closer to sainthood. Newman, who lived from 1801 to 1890 and became a Catholic in 1845, was a central figure in the Oxford Movement, which tried to
move the Church of England closer to Rome. In his homily, the pope praised Newman, a towering theologian and prolific writer whose work was very influential in 20th century Church history, for defending "the vital place of revealed religion in civil society." One of aims of the trip, only the second by a pope to Britain, was to remind one of Europe's most secular countries to beware what he has called "aggressive secularism" and "extreme atheism" that tries to shut God and religion out of public life. During the trip he made one of his strongest apologies to victims of sexual abuse by Roman Catholic priests and met five adults who were molested as children.-Reuters
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the worst performers this year so it's normal to see them attracting more liquidity now," Shurrab said. Dubai outperformed Abu Dhabi ADI on Sunday. Abu Dhabi advanced 1 per cent to 2,632 points. "Since the crash in June 2008, Dubai was the worst performer in the whole region, lagging the other markets," Shurrab said. In the coming weeks, investors will hope to at least consolidate the current levels, although Shurrab warns too much retail activity could trigger some pressure on the market's performance. Kuwait's Burgan Bank eased from Thursday's 20 month high after the lender appointed a new chief executive, mirroring declines in other local banks as investors booked profits. Burgan Bank fell 3 per cent. The lender, the commercial banking arm of Kuwait Projects Co (KIPCO), has appointed Eduardo Eguren as its chief executive officer. KIPCO slid 2.2 per cent. Gulf Bank dropped 2.9 per cent, Al Ahli Bank lost 3.5 per cent and Kuwait Finance House dipped 1.7 per cent. The banking index fell 1.5 per cent, easing from Thursday's 21-month peak. Banks had surged ahead of a $104 billion government development plan that is expected to be part funded through state-backed bank loans. The main index KWSE fell 0.7 per cent to 6,792 points, its first decline in nine sessions. Oman's benchmark MSI advanced 0.5 per cent to 6,392 points. -Reuters
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as compared to a turnover of around 142 million shares a week earlier. Average daily turnover stood at 89.3 million shares indicating an increase by 35.4 million shares from an average volume of 53.9 million shares during the previous week. Out of total 395 active issues, 245 advanced and 133 declined while 17 issues remained unchanged.
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Scores of people at occupied Srinagar's main hospital pleaded with security forces to be allowed to go to their homes to bring medicines and water for the patients but their pleas were ignored. Locals living near the hospitals have been distributing free food among the attendants, while patients continue to get food from the hospital. But there are no life-saving medicines and drinking water. -Agencies
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rather than leading the fight. US troops still get involved in combat, despite the change in their primary focus. Insurgents are also trying to exploit political tension six months after a March 7 election that produced no outright winner and which has yet to yield a new government. Shi'ite-led, Sunni-backed and Kurdish factions appear to have made little progress in negotiations to form a coalition government. An official in the National Security Ministry said one of its offices was hit in the blast at Aden square in northwest Baghdad on Sunday. "It was a car bomb targeting our building. This explosion damaged the building and we lost one of our staff," the official said, asking not to be identified. The building used by the ministry was destroyed, a Reuters photographer said at the scene. At least four nearby houses were severely damaged and ambulance drivers said there was at least one body in the rubble. The second car bomb in the western district of Mansour was outside an Asiacell office and across the street from the popular Zarzour kebab restaurant, officials said. The blast demolished around 37 vehicles, an official at the Baghdad security command said.-Reuters
panic. An incident like this is something worrying but nothing to panic about," said Shiela Dikshit, Delhi chief minister. India remains jittery about a perceived threat of Islamist attacks Continued from page 1 No #7 from Pakistani territory. It accuses its neighbour of failing to act been sought in humanitarian appeals this year, which the UN against militant groups. -Reuters said was the most since they started in 1991. The UN launched an appeal for 460 million dollars for Pakistan Continued from page 1 No #4 villages. Earlier, on Saturday political administration assisted by on August 11 and this is now 80 per cent funded, officials said. members of local tribal jirga held a ceasefire after mediation The new appeal includes this sum. The floods have affected more than 10 per cent of Pakistan's between the two groups.-Agencies population spread over an area bigger than 160,000 square kiloContinued from page 1 No #5 meters (62,000 square miles). Some 1.9 million homes have been last week in clashes with Indian security forces in three differ- damaged or destroyed. -Agencies ent districts of IoK, a police spokesman said. Continued from page 1 No #8 Government forces have been battling months of demonstratroops were detained by Iranian guards in a southeastern tions in the mainly Muslim region that were ignited by the province of the country ... Two Iranians accompanying the troops police killing of a 17-year-old student on June 11. were also arrested,� Fars had said. A total of 105 protesters and bystanders - including children No other news agency reported the incident, which Fars said have been martyred, mostly by security forces firing on demon- occurred in Sistan-Baluchestan, an impoverished province that strators after being pelted with stones. One policeman has also borders Pakistan and Afghanistan. - Agencies died. Continued from page 1 No #9 On Saturday, police and paramilitary forces fired on fresh Qamar said. anti-India demonstrations in IoK, killing 3 protesters and injur"The Finance Ministry will give State Oil about 20 billion ing over a dozen. rupees next week to save it from default," he said. "I have told the 15 police and paramilitary forces were also injured during finance ministry the crisis is worsening and these patchwork soluday-long clashes in IoK. tions won't help." -Agencies Authorities briefly relaxed the strict curfew on Saturday in Continued from page 1 No #10 most parts of IoK to allow locals to stock up on food and medand Balochistan and issued directives to restore the supply of icine. Clashes erupted between Indian police and protesters at three the commodity to all the filling stations forthwith. Hundreds of petrol pumps are shut in Punjab and Balochistan places, police said, but no casualties were reported. On Sunday, police sealed neighbourhoods with barbed wires due to acute shortage of petrol, posing huge problems for the citizens. The petrol shortage continued for several days now, has and asked residents to stay indoors. badly impacted the lives of the citizens. "Anyone violating the curfew will be dealt with sternly," PM ordered Federal Petroleum Minister Naveed Qamar to take roared announcements made by loud-speaker fitted police vehiimmediate steps to address the situation and restore the fuel supcles in occupied Srinagar. ply. -Agencies
TOKYO: A Japanese court on Sunday extended the detention of a Chinese captain of a fishing boat that collided with two Japanese coastguard ships near disputed isles, prompting Beijing to warn of "strong countermeasures." The spat has flared since Japan arrested the captain, accusing him of deliberately striking a patrol ship and obstructing public officers near islets in the East China Sea claimed by both sides. "China demands that Japan immediately release the captain without any preconditions," Chinese foreign ministry spokesman Ma Zhaoxu said in a statement on the ministry's website (www.mfa.gov.cn) after Japan's Kyodo news agency reported that the detention period had been extended until September 29. The Japanese court could not be reached for comment. "If Japan insists on making one mistake after another, the Chinese side will take strong countermeasures, and all the consequences should be born by the Japanese side," Ma added. Sino-Japanese ties have long been plagued by feuds over wartime history and
rivalry over territory, resources and military intentions, although they have improved since a chill in 2001-2006, as deep economic ties raise the risk from rows. The Chinese captain, Zhan Qixiong, has remained in custody after a Japanese court approved for the first time on September 10 an extension of his detention. Prosecutors can hold him for up to a total of 20 days while deciding whether to take legal action. The latest feud over the uninhabited isles -- called the Diaoyu islands in China and the Senkaku islands in Japan - has stirred mutual distrust over sovereignty and control of potentially valuable oil and gas reserves. GAS FIELD ROW China has repeatedly demanded Japan free the captain and has shown its anger by cancelling planned talks with Japan over natural gas reserves. On Saturday, about a hundred Chinese protesters in several Chinese cities demanded Japan free the boat captain. Police presence was still heavy at the Japanese embassy in Beijing on Sunday but there were no signs of protests. The Nikkei business daily
reported earlier on Sunday that Japan may start drilling near a gas field in disputed waters of the East China Sea if China does the same. Japanese Prime Minister Naoto Kan and his foreign minister said Tokyo will take "countervailing steps" if China starts drilling at the Chunxiao gas field to which Beijing recently sent equipment, Nikkei said, adding that Tokyo had looked into possibly taking the case to the international maritime court. The two countries are at odds over China's exploration for natural gas in the East China Sea, while Beijing is also involved in territorial feuds with Southeast Asian nations in the South China Sea over an area rich in energy and key to shipping. The Sino-Japanese row centres on where the boundary between the two sides' exclusive maritime economic zones falls. In 2008, the two countries agreed in principle to solve the feud by jointly developing gas fields. Estimated net known reserves in the disputed fields are a modest 92 million barrels of oil equivalent, but both sides have pursued the issue because there may be larger hidden reserves.-Reuters
Still dangerous Hurricane Igor closes in on Bermuda HAMILTON: Bermuda hunkered down on Sunday for a direct hit from Hurricane Igor, which the Atlantic island chain's premier called "one of the worst hurricanes to ever threaten our shores." The hurricane was downgraded to a still dangerous Category 1 storm early on Sunday, with sustained winds of 85 mph, down from as high as 100 mph on Saturday. Hurricane-force winds extended out about 90 miles, the US National Hurricane Center said, generating large swells as far away as the US East Coast. Squalls were spreading across Bermuda as the center of the storm moved to within 235 miles of the British overseas territory. It was moving northwest at 12 mph toward what local forecasters called a "direct hit" on the wealthy hub for the global insurance industry. "It's a ghost town out there," said Tipper Raven from London on a two-week vacation in Bermuda, referring to the shuttered shops in Hamilton, the capital. The Hurricane Center said Igor's center would pass over or near the island late on Sunday night. Conditions would deteriorate on Sunday morning, with hurricane conditions expected as early as Sunday afternoon. Igor was "expected to
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remain a dangerous hurricane" as it approached Bermuda, the Miami-based Hurricane Center said in its 5 a.m. (0900 GMT) advisory. It predicted total rainfall of 6 to 9 inches over Bermuda and said the storm's surge could produce significant coastal flooding and large, destructive waves, particularly along the southern coast. "Our country and our people have throughout our history rarely faced the full fury of a storm of this magnitude," Bermuda Premier Ewart Brown told a news conference. Most shops and restaurants in the capital were boarded up and many residents were buying up supplies such as fuel, batteries, food and candles. "The shutters are up, I've put tape across the windows and I've got a lot of buckets ready," said Eddie DeSilva, a 64-year-old cleaner. Bermuda's buildings are some of the most weatherproof in the world, weather forecasters and analysts say, which could help mitigate any storm damage. The Bermuda government has warned residents to prepare for an impact similar to that of Hurricane Fabian in 2003, which killed four people and caused millions of dollars of damage. Authorities closed the island's international airport
and were monitoring winds to determine whether to a close off a causeway linking the airport to the rest of Bermuda. Joe Bastardi, a hurricane expert with the private US forecaster AccuWeather, said Bermuda should be prepared for a "several-day siege of damaging winds and waves." East of Igor, Tropical Storm Julia posed no threat to land and its 50 mph winds were seen weakening over the next two days. In Mexico, the remnants of Hurricane Karl, now a tropical depression, dissipated over the mountains of south central Mexico. Emergency workers reported at least eight people had been killed by the storm in three states. The port city of Veracruz was cut off by flooding from the rest of hard-hit coastal Veracruz state. Damage to the city was minimal but large sections remained without power. Nearby villages in lowlying areas remained flooded, with hundreds of people evacuated to government shelters. Karl appeared to have spared Mexican oil operations from major damage after sweeping through the Bay of Campeche, where Mexico produces more than two-thirds of its 2.55 million barrels per day of crude output.-Reuters
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take stock of the mechanism for allowing the private sector to import sugar, and will submit its report for approval to the ministerial committee. On the flip side, Chairman Pakistan Sugar Mills Association Iskandar Khan said that government could save about $100 million by importing refined sugar instead of raw one. He said that as there is zero-per cent duty on refined sugar while there is 25 per cent import duty on raw sugar, added that such conditions would help drain precious foreign exchange away from the country.
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4000 tons per day is being produced by the local refineries hence there will be no shortage of petrol. -Agencies
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million and sold $11.8 million, resulting in net buying of $5.1 million during the week. Furthermore, mutual funds remained on the buying side with shares worth $1.73 million. On the other hand, biggest weekly net selling were witnessed from banks, individual investors which sold $25.51 million of shares in the local bourse against the buying of $16.66 million, thus turning the net selling worth of $8.84 million. Moreover, NBFC also net ejected $0.24 million.
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Monday, September 20, 2010
World talks on disarmament stuck for now
NEW DELHI: A man moves away cycle rickshaws near a car which burst into flames near the scene of an earlier shooting in the old quarters of Delhi on Sunday. -Reuters
Two blasts claim 18 in Baghdad BAGHDAD: Two car bombs tore through crowded parts of the Iraqi capital Sunday, killing at least 18 people and wounding more than 60 amid simmering tension six months after an inconclusive election. One blast targeting a national security office killed at least six people and wounded 15, bringing down the facades of nearby houses, officials said. Some security sources put the death toll at nine. A second car bomb near an office of mobile phone operator Asiacell, part-owned by Qatar Telecommunications Co, killed another six and wounded 51, the Baghdad security command said. The blasts came three weeks after the U.S. military formally ended combat operations in Iraq, 7-1/2 years after the invasion that toppled Sunni dictator Saddam Hussein. Overall violence has declined sharply over the past three years but a stubborn Sunni Islamist insurgency, opposed to the Shi'ite Muslim-led authorities who came to power after Saddam's fall, continues to stage regular, devastating attacks. The last major assault in the Iraqi capital occurred on September 5 when suicide bombers attacked an army base in central Baghdad and battled Iraqi troops and US soldiers for several hours. At least 12 people were killed. Officials say insurgents linked to al Qaeda are seeking to stoke fears of deepening violence after the U.S. military cut its numbers to 50,000 at the end of August and switched its focus to advising Iraqi forces, See # 6 Page 11
Awan foresees change in 2013 through vote RAWALPINDI: Federal Minister for Law and Justice Babar Awan said that 2013 would be year of complete change and that transformation would be brought about by the people through their votes. Addressing to a ceremony here Sunday, he stated that Punjab desperately in need to improve good governance as Punjab has assumed the status of Police State, adding local bodies administrators were working illegally and Punjab Government should either remove these administrators or legalised their position. He said PPP believed in
principled politics and the coalition government wouldn't leave its coalition partners in lurch and aimed to take all its allied partners onboard on ongoing issues. PML-N chief should come in the Parliament if he has moral courage as his 10Year Jeddah agreement is completing in upcoming December 2010, added that the elements that design conspiracies to destabilise the government should wait till 2013 as that would be the year of change with the ballot power of the masses, Babar said. He also said that the government has summoned the
sessions of both the Houses today (Monday) and in this session the government would table three bills and the government has also asked all the ministries to bring forth their bills for approval from the House. The minister also reiterated that the government honored the sovereignty of the judiciary and implementing its every verdict. He further added that the government has an explicit stance on KBD adding that the government has indicated that KBD should be constructed with mutual understanding from the four provinces over it. -Online
3 more protesters martyred in Indian Held Kashmir
Geelani cancels sit-ins outside army camps SRINAGAR: A senior separatist leader on Sunday withdrew plans of sit-ins and protest outside army camps in Indian Kashmir, lessening fears of a further escalation of violence in one of the world's most militarised regions. Syed Ali Shah Geelani's decision to call off the rallies at army camps comes ahead of a visit by a delegation of leaders from different Indian political parties to seek a way to end anti-India demonstrations that have raged for three months. The 80-year-old Geelani, seen as a hardliner by New
Delhi, has emerged as the leading face of anti-India protests. "Instead of marching to army camps, the people should protest in all district headquarters and demand complete withdrawal of Indian troops from Kashmir," Geelani said in a statement. The army has largely stayed away from quelling protests, leaving the job to the police, and is mainly involved in protecting the border with Pakistan and in battling separatist militants. More than 100 people have now been killed in recent
protests, the biggest since an armed revolt against New Delhi's rule broke out in 1989. On Sunday, two more protesters died of wounds sustained a day earlier during clashes, raising the weekend death toll to five. Meanwhile, Three more protesters were killed on Sunday in Indian occupied Kashmir (IoK) as violence against rule from New Delhi deepened, according to police. The protesters died in two separate hospitals Sunday after being injured on Saturday and See # 5 Page 11
GENEVA: Nuclear powers and non-nuclear nations are unlikely to ease the deadlock in global disarmament talks next week at a UN forum that has failed to achieve any breakthrough for over a decade, diplomats said on Sunday. UN Secretary-General Ban Ki-moon called the ministerial session in New York on September 24 to give political impetus to the Conference on Disarmament, the world's sole multilateral negotiating body which is known as the "CD." But few people expect the 65-member Geneva forum to move forward on nuclear disarmament, despite endorsements from U.S. President Barack Obama and others for a move toward a nuclear-free world. "We must not discount the possibility that, without a concerted dose of political will, this institution will atrophy into irrelevance," Laura Kennedy, the US disarmament ambassador, warned in a speech last week. After its launch in 1978, the CD clinched treaties banning biological and chemical weapons, as well as underground nuclear test blasts, but has been unable to reach the consensus it needs on substantive work for the past 12 years. Its members include all five official nuclear powers -Britain, China, France, Russia and the United States -- plus Israel, which is widely assumed to have atomic weapons, and Iran and North Korea whose nuclear programs are under scrutiny. Since January Pakistan has blocked a CD consensus to launch negotiations on halting production of nuclear bombmaking fissile material such as highly-enriched uranium and plutonium, citing a need to keep up with its nuclear-armed rival India. Canadian Ambassador Marius Grinius, who has said the forum is "sleepwalking," bluntly proposed last week that a one-year deadline be imposed for it to produce tangible results. Others expressed surprise that the successor START treaty reached in April between Russia and the United States to slash their atomic arsenals had not revived momentum in Geneva. "There is a dynamic surrounding disarmament and non-proliferation, but the CD hasn't taken off. The CD is stuck in the middle of nowhere. It's a real problem," said a Western diplomat who declined to be named. "Nobody sees a way out." Friday's halfday session in New York is unlikely to yield an agreement to launch the so-called fissile material "cut-off" (FMCT) negotiations, widely seen as the next step in multilateral arms control, according to senior envoys in Geneva.-Reuters
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Terror visits tourists in Delhi NEW DELHI: Gunmen on motorbikes shot at a tourist bus near the main mosque in the Indian capital on Sunday, wounding two Taiwanese visitors in an attack only weeks before the city hosts the Commonwealth Games. The Commonwealth Games is seen as a showcase event for India as it emerges onto the global economic and diplomatic stage. Some militant groups have threatened to disrupt the Games. "The two men were wearing helmets and raincoats. They fired indiscriminately at a tourist bus before escaping," K Singh, a senior police officer in Delhi, told Reuters. Six Taiwanese nationals were boarding the bus on a visit to Jama Masjid when the shooting happened, the vehicle's driver said. The historic mosque in the old congested part of the capital is one of Delhi's most popular tourist attractions. The police have cordoned off the area. Security has been tightened in the capital ahead of the Games, with authorities mindful of Islamist militant attacks in Indian cities over recent years in which dozens have been killed. Police would not confirm whether militants were behind the attack. In 2006, at least seven people were injured when two blasts rocked the same area. Doctors said the condition of the two wounded foreigners was stable and one of them was undergoing surgery in hospital.
Taiwan Foreign Ministry spokesman James Chang said one of the tourists had suffered a grazed head and the other was wounded in the abdomen. Neither wound was life-threatening, he added. "There was some firing outside gate number 3 of Jama Masjid (Delhi's main mosque)," Delhi police spokesman Rajan Bhagat told Reuters. "We can't say (whether it was a militant attack)." There have been some militant attacks in India this year. In February, a powerful blast ripped through a restaurant in the western city of Pune, killing 17 people. India has blamed the Indian Mujahideen, a homegrown militant group with links to militants in Pakistan, for the Pune attack. The Commonwealth Games, a four-yearly event organised by the 54-member organisation of mainly former British colonies, begin on Oct. 3. But the Games threatens to become an embarrassment with the organisers fighting corruption charges and struggling to get venues ready on time. The cost of the event has risen more than 17.5 times from the original estimate and is now put at $6 billion. Most of the venues have missed several preparation deadlines and an epidemic of dengue has added to worries of visitors. "All that I can appeal to everybody is, please do not See # 3 Page 11
Fourteen more tribesmen lose lives
Tribal water war deathroll on the up PARACHINAR: Death toll into two weeks long fierce clashes between two rival tribes of Kurram Agency rises to 116 as fresh clashes on Sunday left 14 more tribesmen dead, sources said. According to details, the clash was started between the members of Mangal and Bangash tribes in Shalozan area of Upper Kurrram Agency over water dispute over two weeks ago. In fresh clashes, 14 tribesmen belonging to both sides
were killed and 15 others injured raising 16-day death toll to 116, officials said more than 160 tribesmen from both sides sustained injuries during the violence. "Both sides are using heavy weapons against each other causing huge losses to life and property," sources added. The two groups also torched dozens of houses of members of opponent groups in Tatki, Ismail Klay, Shappu, Khairadin, Mela and Lali Mela See # 4 Page 11
Afghan vote-count begins amid violence First ballot boxes being sent to Kabul KABUL: Afghan officials hailed a parliamentary vote as a success despite low turnout, attacks that killed 14 people and widespread fraud that could undermine the result and test the government's credibility. Some areas have started sending checked ballot boxes back to Kabul, the Independent Election Commission (IEC) told Reuters the morning after the poll, which Afghan officials hailed as a success despite attacks, low turnout and extensive cheating. The election was being closely watched in Washington ahead of US President Barack Obama's planned war strategy review in December, which will likely examine the pace and scale of US troop withdrawals after nine years of war.
A flawed poll would weigh on Obama when his administration faces mid-term Congressional elections in November amid sagging public support for the war, with violence at its worst since the Taliban were ousted in 2001. Almost a million fewer votes were cast this year than in a presidential poll last year, at least 14 people were killed in attacks and reports of ballotstuffing, repeat voting, votebuying and other fraud came in from across the country. The bodies of three election officials kidnapped during voting were found in northern Balkh province on Sunday, IEC chairman Fazl Ahmad Manawi said. The challenges meant many observers were circumspect in assessing the poll, a key test of government credibility after the presidential election was tarnished by widespread fraud. "The results and quality of the election will not be immediately evident," the U.S.
embassy in Kabul said in a statement after voting ended, adding it would support election officials tallying results and tackling fraud. The Free and Fair Election Foundation of Afghanistan reported "extensive irregularities" ranging from the destruction of polling centres to ballot stuffing, erratic opening and closing times of polls and interference by candidates. In a statement on its website, it called on the IEC "to ensure the integrity of the rest of the electoral process". VITAL, CONTROVERSIAL The preliminary number of votes cast was increased to 4 million from 3.6 million voters by the IEC on Sunday, almost half of the estimated 7.4 million votes cast in Afghanistan's first post-Taliban presidential vote in 2004 and well down on the estimated 6.4 million in the 2005 parliamentary ballot. "The declining trend signifies several things, most prominent-
ly a growing disillusionment and disengagement with the process, and the impact of a worsening security situation," Martine van Bijlert of the Afghanistan Analysts Network wrote in a blog on Sunday. It was almost impossible to express the number of votes cast as a turnout percentage because "nobody knows how many voters there are in Afghanistan, mainly because nobody knows how many people live in Afghanistan", van Bijlert said. The IEC puts the number of eligible voters at 11.4 million, but other estimates vary from 12.5 million to 10.5 million. United Nations SecretaryGeneral Ban Ki-moon asked for patience as authorities completed the electoral process, which Afghanistan's poll watchdog had warned would be "disputatious". It will not be clear for several weeks who among the almost 2,500 candidates have won the 249 seats in the wole-
si jirga, or lower house. Preliminary results are due to be published on Oct. 8 at the earliest, with final results not out before Oct 30. An IEC official said it would be a long process because ballot boxes had to be transferred from remote areas and results
entered on the IEC's database. "Then we will have to give time to the Electoral Complaints Commission to register and verify people's complaints," said the official, who declined to be named. Turnout appeared high at least in Kabul, where many
observers representing candidates kept a close watch. "We did not expect the election would take place because of the serious propaganda of the enemies, but it seems most of the people took part," student Shafiqullah Khan told Reuters.
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