Saturday, 11 August, 2012

KARACHI

ONLINE

PRImE minister Raja Pervaiz Ashraf onFriday underlined that Pakistan Steelmills would not be privatised rather it

would be made a profitable entity. Addressing aceremony at Pakistan Steel mills, Prime ministerRaja Pervaiz Ashraf said that the presentgovernment was paying special affection for theorganization and did not want to privatise it. Heannounced a bailout package of about threebillion rupees for Steel mills and vowed tobecome it a profitable entity. Announcingimmediate release of two billion rupees toPakistan Steel mills‚ he assured that releases of

the bailout package would be made on timelybasis. The prime minister said Zulfikar AliBhutto, who had laid the foundation of thisimportant institution at a difficult time, haddeclared it as a backbone of the economy. He saidbesides Pakistan Steel mills‚ there are severalother institutions which were also running intolosses and have become a burden on the nationalexchequer. He, however, assured that despite allfinancial crisis‚ resources will be provided forrevival of Pakistan Steel mills. Paying richtributes to Zulfikar Ali Bhutto‚ he said the creditof setting up basic infrastructure of theseindustries including heavy mechanical complex‚electrical complex and Kamra complex goes tothe vision of Shaheed leader.

Raja Pervaizhas nerves of steel

Prime minister announces

Rs 2 billion bailout package for Steel Mills

ISLAMABAD

APP

The Sensitive Price Indicator (SPI) forthe week ended on August 9, for thelowest income group up to Rs.8,000,registered increase of 0.34 per cent ascompared to the previous week. TheSPI for the week under review in theabove mentioned group was recordedat 178.81 points against 178.21 pointsregistered in the previous week, ac-cording to provisional figures of Pak-istan Bureau of Statistics (FBS).

The weekly SPI has been com-puted with base 2007-2008=100,covering 17 urban centers and 53 es-sential items for all income groupsand combined. The SPI for the com-bined group increased by 0.21 percent as it went up from 184.79 pointsin the previous week to 185.17 points

in the week under review. As com-pared to the corresponding week oflast year, the SPI for the combinedgroup in the week under review wit-nessed increase of 7.05 percent.

As compared to the last week,the SPI for the income groups fromRs.8001- 12,000, 12,001-18,000,18001-35,000 and above Rs.35,000increased by 0.29, 0.26, 0.21 and0.14 respectively. During the weekunder review average prices of 06items registered decrease, while thatof 15 items increase with the remain-ing 32 items’ prices unchanged. Theitems which recorded decrease intheir average prices during the weekunder review included chicken live(farm), bananas, gram pulse(washed), egg hen (farm), vegetableghee (loose) and sugar. The itemswhich registered increase in their

prices included onions, tomatoes,LPG (11 kg cylender), potatoes,wheat, garlic, mash pulse (washed),gur, wheat flour (bag), masoor pulse(washed), red chillies (powder), ricebasmati (broken), moong pulse(washed), shirting and beef.

The items with no change in theiraverage prices during the week underreview included rice (irri-6), bread(plain), mutton, milk (fresh), curd,milk (powdered), mustard oil, cook-ing oil (tin), vegetable ghee (tin), salt(powdered), tea (packet), cooked beef,cooked dal, tea (prepared), cigarettes,long cloth, lawn, georgette, sandal(gents), chappal (gents), sandal(ladies), electric charges, gas charges(upto 100m3), kerosene oil, firewood,energy, savor 14 wats, washing soap,match box, petrol, diesel, telephonelocal call and bath soap.

Weekly inflation witnesses nominal increase

nflationChina says July exportsrise 1% to $176.9 billion

BEIJING

AGENCIES

China’s exports grew one percent in July year-on-year to $176.9 billion,official data showed Friday, in a fresh sign of weakness in the world’ssecond-largest economy. Imports rose 4.7 percent to $151.8 billion, theGeneral Administration of Customs said in a statementon its website, while the trade surplus for the monthnarrowed to $25.1 billion from $31.7 billion in June.The July trade data, combined with figures releasedThursday, provide further evidence that theeconomy remains sluggish despite governmentefforts to prop up growth and investment.Industrial production, which measuresoutput at the country’s factories,workshops and mines, and retail sales,the main gauge of consumerspending, both slowed in July, figuresreleased Thursday showed. A slowdown inconsumer price inflation in July for the fourth straight month, however, is seen as givingauthorities more room to loosen monetary policy further in a bid to boost the slumping economy.

SINGAPORE

AGENCIES

Crude was lower in Asia Friday asweak Chinese trade data provided afurther indication that economicgrowth in the world’s largest energyconsumer is slowing, analysts said.New York’s main contract, light sweetcrude for delivery in September,retreated 36 cents to $93.00 a barrel

while Brent North Sea crude forSeptember delivery fell 36 cents to$112.86. China’s GeneralAdministration of Customs saidexports grew just one percent in Julyyear-on-year to $176.9 billion, whileimports rose 4.7 percent to $151.8billion, cutting the trade surplus to$25.1 billion from $31.7 billion inJune. The data follow results onThursday showing retail sales,

industrial output and inflation easedin July, showing that the export-driven economy was feeling the effectsof Europe’s debt crisis was loweringdemand in the key market. “Theeconomic data out of China certainlyhas been bearish... it’s not good newsand has prompted equities and oilfutures to move down,” said VictorShum, senior principal of Purvin andGertz energy consultants in Singapore.

Oil down in Asia after weak China trade data

ISLAMABAD: The Oil and Gas

Development Company

Limited (OGDCL) has declared

the profit of Rs 96.90 for

financial year ended on June

30, 2012, witnessing an

increase of 34.44 percent

when compared with the

profit of Rs 63.52 billion in

the same period of last year.

The company has also

announced Rs. 22.53 earning

per share (EPS) for current

year against Rs 14.77 EPS in

the same period last year,

according to a data available

here. In addition, the

company has declared the

cash dividend of Rs.2.75 per

share or 27.5 per cent. The

profit of the company has

registered a rise owing to a

decrease in the expenditure

of exploration and

prospecting, an increase of

other income of company and

net sales. The net sales of

company was increased to Rs

197.83 billion in current year

from Rs 155.63 billion and the

other income of company also

stood at Rs 9.66 billion in

2012 against Rs 3.30 billion

in the last year. Besides, the

exploration and prospecting

expenditure of company has

registered as decrease from

Rs 6.62 billion in the current

year to Rs.4.04 billion in the

same period last year.

Meanwhile, Pakistan State Oil

(PSO) has posted the profit of

Rs.9.05 billion for financial

year ended on June 30, 2012

against Rs.14.77 billion in the

same period of last year. The

PSO has announced Rs.52.80

EPS for the current year

against Rs 86.17 EPS of the

last year and in addition the

corporation has also declared

the cash dividend of Rs 2.5

per share or equivalent to 25

percent cent, said a

statement issued by the PSO

here. The corporation has

recommended to issue bonus

shares in proportion of 1

share for every 5 shares held

or 20 per cent. Despite

increase of the net sales, the

profit has witnessed a

decrease because of an

increase in the operating

expenses which went up from

Rs.9.54 billion to Rs 18.16

billion in the current year.

Talking to APP, Stock Analyst

said that the results of PSO has

caused positive sentiments in

the stock market on Thursday

because of the cash dividend

along with Bonus shares of 20

per cent announced by the

corporation which led the

positive activity here. APP

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02

Saturday, 11 August, 2012

MAJOR GAINERS

CoMPany oPEn HiGH loW CloSE CHanGE tuRnovERNestle Pakistan Ltd. 4090.00 4199.99 4090.00 4199.99 09.99 120Exide (PAK) XD 234.37 246.08 227.00 246.08 11.71 51,200Clariant Pak 213.33 223.99 215.00 223.97 10.64 11,800Shell Pakistan Ltd. 122.01 128.00 122.99 127.72 5.71 36,700Philip Morris Pak. 140.00 147.00 140.00 145.39 5.39 32,600

MAJOR LOSERSColgate Palmolive 1337.50 1370.00 1271.00 1313.43 -24.07 350Bata (Pak) Limited 735.00 771.75 702.00 716.00 -19.00 5,100Millat Tractors 540.75 549.00 520.00 526.39 -14.36 60,800Shezan Inter. 247.75 238.01 238.01 238.01 -9.74 400Abbott Laboratories 189.78 189.75 184.80 185.20 -4.58 34,600

VOLUME LEADERS

Quice Food(R) 3.93 3.90 2.93 3.01 -0.92 3,430,000Maple Leaf Cement 7.38 7.65 7.15 7.54 0.16 3,160,500K.E.S.C. 4.27 4.49 4.16 4.27 0.00 2,735,500Quice Food 12.17 13.17 11.61 12.98 0.81 2,319,000Jah.Sidd. Co. 15.11 15.32 14.90 14.99 -0.12 1,576,000

INTERBANK RATESUS Dollar 94.2045UK Pound 146.9118Japanese Yen 1.1999Euro 115.6736

DOLLAR EASTBuy SEll

US Dollar 93.50 94.30Euro 114.51 116.11Great Britain Pound 145.95 147.94Japanese Yen 1.1857 1.2018Canadian Dollar 93.58 95.36Hong Kong Dollar 11.89 12.11UAE Dirham 25.38 25.70Saudi Riyal 24.88 25.15Australian Dollar 97.85 100.64

Business

Khushhalibank announcesbranchless banking initiativeISlAMABAD: Khushhalibank (KB) announced todaythat it is extending its partnership with ShoreBankInternational Ltd (SBI), to develop and roll-out KBbranchless banking services in partnership with a nationalpayment platform provider. SBI has received a$1.19million funding extension from the Bill & melindaGates Foundation to support this partnership initiativewith Khushhalibank. This initiative is an extension of theSouth Asia micro Savings Initiative (SAmI) which wasimplemented by SBI with partners across South Asia, withsupport from the Bill & melinda Gates Foundation. Sincethe initiation of SAmI in 2009, KB has been able todevelop and offer deposit accounts to approximately350,000 un-served and low-income clients in Pakistan.

CORPORATE CORNER

KaRaCHi: Chairman oBS Group and President PSBf, tarek M.Khan,hosted an iftar dinner at Merritt hotel Karachi . Picture shows C.G ofSrilanka, D.W.Jinadasa,with other guests.

KaRaCHi: Sohail Wajahat Siddiqui, Chairman Board of Management, PakistanState oil, presiding over the BoM meeting at Company Head office PSo House.the board reviewed the performance of the national energy company for thefiscal year 2012, ended June 30, 2012. this year PSo has become Pakistan’sfirst company with revenues exceeding the trillion rupees mark.

laHoRE: Zia Haider Rizvi, Bilal ahmed and Mr Sam at a welcome partyorganized by thai airways lahore and Samsung Pakistan.

KARACHI/ISLAMABAD

STAFF REPORT

PAKISTAN Stocks closed higher onstrong earnings outlookannouncement by PSO amidcautious activity ahead of SBPpolicy announcement. This was

said by Ahsan mehanti, Director at Arif HabibInvestments Limited. The Karachi StockExchange benchmark 100-share index gained1.90 points, or 0.01 percent, to close at 14,761.49 points on volume of 37.629 millionshares. The trading volumes at the ready-counter were recorded lower at 37.629 millionshares against 75.362 million shares of theprevious day. The trading value down to Rs1.524 billion compared to Rs 3.052 billion ofthe last day session. The intraday high andlow, respectively, stood at 14, 790.36 and 14,718.96 points. He added that the concerns forSupreme Court notice to Pm on NRO verdict,uncertainty in global stocks and commoditiesaffected the sentiments despite strongearnings outlook for banking and oil sector.The market capitalization grew modestly andincreased to Rs 3.767 trillion from Rs 3.766trillion a day earlier. Of the total 241 tradedscrips, 118 gained, 106 lost and 17 finishedas unchanged. The free-float KSE-30 indexshed to 26.36 points to close at 12, 686.52points against the previous 12, 712.88 points.The KSE all-share index closed with a gainedof 1.60 points to 10, 383.18 points as against10, 381.58 points. Quice Food ® was the day’svolume leader counting its traded shares at3.430 million with the opening and closingrates standing at Rs 3.93 and Rs 3.01, followedby maple Leaf Cement, Karachi Electricity

Supply Corporation K.E.S.C, Quice Food andJahangir Siddiqui Company with the turnoverof 3.160 million, 2.735 million, 2.319 millionand 1.576 million shares respectively. mehantisaid that the approval of Petroleum Policy2012 by CCI, higher exploration targets setfor PPL and hopes for rate cut in key policyrate played a catalyst role in bullishsentiments in the earning announcementsession at KSE. On the future market, theturnover remained negative to 3.401million against 9.351 million sharesof second last working dayof the week Thursday.

The Nestle Pakistan Limited and ExidePakistan XD, up Rs 109.99 and Rs 11.71, ledhighest price gainers while, Colgate Palmoliveand Bata Pakistan Limited, down Rs 24.07 andRs 19.00 respectively, led the losers. ISE-10 flAT AS WEll: Islamabad StockExchange (ISE-10) here on Friday witnessedbearish trend as the index was down by 5.91points to close at 2931.22 as compared to theprevious day’s trading. Talking to APP, StockAnalyst m.m Hassan said that the technicalcorrection was seemed in the local stockmarket because the investors had booked theprofit when the index got the strength. Despiteprofit taking in the market, the Pakistan StateOil (PSO) remained most traded scrip due toannouncement of the bonus shares a dayearlier by the PSO, he added. Besides oilsector, the major positions were taken in the

cement and fertilizer sector when theindex went down and it was positive

aspect for the capital market, Hassansaid. Total volume of shares tradedwas 13,700, which was down by131,900 when compared it with a

day earlier’s closing.

index ends flat as PSo and SBP keep bulls, bears and investors, guessing

TOKYO: The dollar was trading in a nar-row range against the euro and the yen Fri-day afternoon following a rise inNew York on positive US jobsand trade data. The green-back was quoted at 78.57yen in early trade, littlechanged from 78.55yen in New York lateThursday. The eurostood at $1.2290 and96.57 yen, slightlydown from $1.2301 and96.62 yen. The Australiandollar fell to $1.051 from$1.061 after weaker-than-ex-pected Chinese trade data raised con-cerns about the world’s number twoeconomy. “Althoughthe yen briefly roseon Thursday as in-vestors were disap-pointed at the Bank ofJapan’s lack of action,the dollar-yen couldnear the 79 yen levelthanks to positive US data”and the trend of rising yields on USTreasury bonds, said masafumi Ya-mamoto, chief currency strategist at Bar-

clays Capital. US weekly new jobless claimsfell to 361,000, the Labor Department said

Thursday, in another sign thatthe employment market has

some moderate strengthdespite a second quarterlull in hiring. The UStrade deficit narrowedin June for the thirdstraight month, fig-

ures showed Thursday, a trend seen as pos-itive by analysts. The market is likely to take

Japan’s vote in the upper house ona consumption tax hike bill

due later Friday in itsstride, mizuho Corpo-

rate Bank analystssaid in a note toclients. The passageof the bill throughp a r l i a m e n tlooked to be

back ontrack after

Prime ministerYoshihiko Noda

survived a no-confidencemotion Thursday, having

clinched an 11th-hour deal with a majoropposition party. AGENCIES

Dollar range-bound inAsia after US jobs data

HONG KONG: Asian marketsslipped Friday as weak Chinesetrade data reinforced concernsover a slowdown in the world’snumber two economy, whileprofit-taking after a week-longrally added to selling pressure.Wall Street provided a weak leaddespite upbeat US jobs and tradedata that indicated a positiveoutlook for the world’s numberone economy. Tokyo eased 0.84percent, Hong Kong fell 0.71percent by the break, Sydney was

0.62 percent lower and Shanghaished 0.12 percent while Seoul wasflat. China’s GeneralAdministration of Customs saidexports grew just one percent inJuly year-on-year to $176.9 billion,while imports rose 4.7 percent to$151.8 billion, cutting the tradesurplus to $25.1 billion from $31.7billion in June. The data followresults on Thursday showingChinese retail sales, industrialoutput and inflation eased in July,showing that the export-driven

economy was feeling the effects ofEurope’s debt crisis loweringdemand in the key market. Thefigures will also add to calls forChina’s leaders to further loosenmonetary policy to kick startgrowth, which in the April-Junequarter grew at its slowest pacesince the height of the global crisisin 2008-2009. China has alreadythis year taken the rare step ofslashing interest rates twice inquick succession, while alsolowering requirements for how

much money banks must keep inreserve as it looks to spur lending.Profit-taking added to Friday’slosses after global markets ralliedthis week following EuropeanCentral Bank comments that gaveinvestors confidence it will restartits sovereign bond-buyingprogramme soon to help countriessuch as Spain and Italy. There arealso expectations the FederalReserve will return to its asset-purchasing programme to spur theUS economy. AGENCIES

ASIAN MARKETS FALL ON WEAK CHINA TRADE DATA

Manchester United slashesprice for US share offerWASHINGTON Britain’s world-renowned soccer clubmanchester United has slashed the price of its US shareoffer, cutting the proceeds from Friday’s listing to $233million from a hoped-for $300 million. The fabled team,mired in debt since 2005 after a heavily leveragedtakeover by the Glazer family of miami-based investors,cut the price for the 16.7 million shares on offer to $14 lateThursday from the planned $16-20 range. The companygave no reason for the decision but it comes amid doubtsabout the club’s ability to boost profits as long as it carriessuch a hefty debt burden —morningstar analystsestimated a fairprice at just $10.Investors havealso become waryabout aggressivelypriced initialpublic offeringsafter the much-promoted Facebooklaunch soured.AGENCIES

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