Tuesday 30 August 2011

Restricted activity at Pakistan cotton market

KARACHI: Pakistan cotton market witnessed restricted buying session as buyers were cautious for grade on Monday.


The Karachi Cotton Association (KCA) official spot rate remained intact at Rs 6,000.


Transportation problems faced by mills and exporters ahead of Eid-ul-Fitr restricted the business activities on cotton market. At current level both growers and ginners are ready to sell but mills remain preferred to be on sideline. After Eid it is expected that market would gain momentum and active trade likely to be witnessed.


Pakistan gold prices remain on higher side

KARACHI: According to the Karachi Sarafa Jewellers Association, gold prices in Karachi remained on higher side at Rs. 60,300 per tola on Monday.


Moreover, the price of 10 grams gold also touched the level of Rs. 51,685.


On the other hand, silver price also recorded at Rs. 1,148.57 per 10 gram.


After a profit booking seen in last week by investors which led yellow metal to lose its value slightly, but that decline was found temporarily and now once again investors start showing interest in the precious yellow metal.


KMI gains on active buying of oil and fertilizer stocks

KARACHI: Improvement in DAP off-take numbers in July help fertilizer sector to perform well during the session. Investors should be cautious until the political uncertainty and security situation improves. Market seems to be positive ahead of Eid holidays.


The Halal stocks index KMI 30 gained 78.98 points on first day of new week to close at 19,801.92 points as against 19,722.94 points, the closing figure of the previous session. However, volumes declined and remained dull as only 12.879 million shares were traded on Monday.


Pakistan Petroleum Limited (PPL) lifted the market up with a 1.06 percent rise to Rs 197.90. The petroleum exploration and fertilizer companies had supported the market.




PICT announces financial result

KARACHI: The Board of Directors of Pakistan International Container Terminal Limited (PICT) met on August 29, 2011 to review the company's financial and operating performance for the year ended June 30, 2011.


The net earnings of company soared by 38 percent and recorded at Rs 1253.85 million as compared to Rs 907.81 million recorded in same period last year, according to the notice issued by the company to Karachi Stock Exchange (KSE).


Stocks rise on U.S. data though conviction lacking

HONG KONG: Asian stocks rose on Tuesday as strong U.S. consumer spending data helped soothe some fears that the economy was falling back into a recession, encouraging investors to switch out of safe-haven assets like the Swiss franc and gold.


Wall Street's main indexes closed between 2.3 percent and 3.3 percent higher on Monday after a report showed consumer spending recorded its largest increase in five months in July in the United States.


With U.S. stock futures consolidating overnight gains in Asia, Japan's Nikkei rose 1.5 percent while MSCI's Asia ex-Japan index rose 1.3 percent.


"There will be a slew of other important U.S. economic indicators coming out this week such as ISM and jobs data, so trading may be thin as investors want to see those results before building large positions," said Yumi Nishimura, a senior market analyst at Daiwa Securities.



Pakistan tea import increases by 17.03pc

ISLAMABAD: The Import of Tea in the country registered an increase of 17.03 percent during first month of financial year as the country consumed about 9,116 metric ton in the month of July 2011.


According to the data released by Federal Board of Statistics (FBS), during the month of July 9,116 metric ton tea costing 26.494 million dollar as compared to the 7,616 metric ton costing 22.638 million dollar during month of June 2011.


The tea import was increased by 4.97 percent as compared to the same period of last year as tea import during the month of July 2010 was recorded as 10,415 metric ton costing 25.240 million.


Monday 29 August 2011

Spot gold falls 0.7pct, reverses rally

SINGAPORE: Spot gold fell on Monday, retreating from a more than 3 percent rise in the previous session when the U.S. Federal Reserve Chairman Ben Bernanke raised hopes that the central bank could consider further stimulus measures to spur the economy.



FUNDAMENTALS

Spot gold fell 0.7 percent to $1,815.16 an ounce by 0035 GMT.


U.S. gold gained 1.2 percent to $1,818.80.


U.S. Federal Reserve Chairman Ben Bernanke on Friday stopped short of detailing further action to boost the economy but said the central bank would consider what more it could do to fight high unemployment.


Asia stocks up on fed hopes; Irene spares NYC

HONG KONG: Asian stocks rose on Monday morning, after the recent sell-off, while the dollar struggled after U.S. Federal Reserve Chairman Ben Bernanke left the door open for further action to stimulate the economy and fight high unemployment.


Gains in equities were also supported by firmer U.S. stock futures after Hurricane Irene, downgraded to tropical storm status, caused less damage than feared in New York city.


Bernanke, speaking at an annual Fed conference at Jackson Hole, Wyoming on Friday, gave no details of further action to boost the U.S. recovery but said the central bank's policy panel would meet for two days next month instead of one to discuss additional monetary stimulus, offering some hope to investors.


Brent slips below $111 as Irene spares oil refineries

SINGAPORE: Brent crude fell below $111 on Monday as oil refiners and terminals along the U.S. east coast weathered the worst of a tropical storm, easing fears of fuel supply disruptions in the world's top oil consumer.


Brent crude was down 45 cents at $110.91 a barrel as of 0134 GMT, after settling up 75 cents at $111.36 on Friday. U.S. crude slipped 7 cents to $85.30.


Most oil refineries, terminals and pipelines along the east coast weathered Tropical Storm Irene, downgraded from hurricane levels. Seven refineries with a total of 1.23 million barrels per day capacity - 73 percent of the 1.7 million bpd total in the U.S. Northeast - were in the storm's projected path.


Pakistan's energy sector tops USAID projects list

ISLAMABAD: The USAID Pakistan Mission Director Dr. Andrew B. Sisson has said that despite financial constraints and tension is Pak-US relations the USAID has been providing financial assistance for various sectors including energy, education, health and rural development programmes.


In an interview with the news agency, the USAID Pakistan Chief said, "We are here to help Pakistan to develop its economy, to provide better future to Pakistani citizens, helping to improve its energy supply, stablise its conditions in FATA, improve educational opportunities for kids, provide jobs, and improve health sector." He said, "we think this is in the interest of Pakistan and in the interest of US as well."



Dollar struggles on expectations for sept FED action

SYDNEY/TOKYO: The dollar came under light pressure against a basket of major currencies in Asia on Monday, with traders speculating the Federal Reserve may offer more stimulus next month in the face of an uncertain growth outlook.


While Fed Chairman Ben Bernanke gave no details of further action to boost the U.S. recovery at an eagerly awaited speech on Friday, he said the central bank would extend its September policy meeting to two days to consider its options.


"If the economy were to fall into recession, we believe the Fed would initiate another round of quantitative easing," Michael Carey, chief economist for North America for Credit Agricole, said in a note to clients.


Gopang-1 and Sheikhan-1 new gas discoveries by OGDC

ISLAMABAD: The Oil and Gas Development Company (OGDC) made two new gas and condensate discoveries, namely Gopang-1 and Sheikhan-1, during the fiscal year that ended on June 30, a report released by OGDC said on Saturday.


The company spudded 21 new wells during the same period. Out of the total, 10 were exploratory or appraisal wells and the rest were development wells.


According to the report, the company registered gas production of 1,013 million cubic feet per day (mmcfd).


On the other hand, net crude oil production declined by 1.85 percent to 37,370 barrels per day during the FY10-11 as compared to 38,075 barrels per day (bpd) in the preceding year, mainly on account of decrease in production from Mela and Chanda fields and natural depletion in the Southern field.


Sunday 28 August 2011

Eid shopping lost momentum this year

"Who says things have improved? I am running this cloth store for the past ten years and have seen a drastic change in the purchasing pattern. Now, people prefer cheaper clothes that look like expensive ones, and the number of dresses bought has also gone down. "

Friday 26 August 2011

Asian shares edge up, dollar firm

SINGAPORE: Asian shares edged up marginally on Friday as investors waited for a speech by Federal Reserve Chairman Ben Bernanke later in the day, while nervousness about the U.S. economic outlook sent the dollar higher.


Stocks on Wall Street fell on Thursday as investors lowered their expectations that Bernanke, who is due to address central bankers at an annual symposium in Jackson Hole, Wyoming, will announce drastic measures to kick start growth in the world's top economy.


His speech last year laid the groundwork for the Fed's $600 billion bond-buying program to revive the economy under the rubric "QE2" for the Fed's second round of stimulus, or quantitative easing.


Brent steady above $110, investors await Bernanke's speech

SINGAPORE: Brent crude was steady on Friday, while U.S. futures edged down as investors worried the Federal Reserve chief may not offer measures strong enough to help the U.S. economy, the world's top oil consumer.


Sentiment was, however, supported by worries about Hurricane Irene's impact on U.S. East Coast supplies at a time of ongoing, although somewhat easing, conflict in OPEC member Libya and sanctions against Syria.


Hurricane Irene, a major Category 3 storm, was forecast hitting the U.S. eastern seaboard by the weekend. Train services were cancelled and workers scrambled to protect power lines in Washington on Thursday as the storm threatened the U.S. capital.


Diesel, HOBC prices increased, petrol unchanged


ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) in a notification on Thursday has increased the prices of High Speed Diesel by Rs 0.54 per litre to Rs 92.64 per litre and HOBC (High Octane Blending Content) by Rs 2.13 per litre to Rs 109.93 per litre.


However, OGRA maintained the remaining POL products at existing prices by increasing the petroleum levy. The new prices will be effective from today (Friday).



OGRA bans CNG cylinders import from 12 suppliers

KARACHI: The Oil and Gas Regulatory Authority (OGRA) has banned import of CNG cylinders from 12 suppliers leaving only four approved suppliers on the list, officials said on Thursday.


OGRA's decision to ban import of CNG cylinder from the 12 suppliers including Faber and EKC would affect Pakistan automakers production especially Pak Suzuki Motor Company (PSMC) and Indus Motors (IM) who import CNG kit from them.


Thar coal project: Operation to kick off from Dec 2013

ISLAMABAD: The much awaited Thar coal project will start functioning in December 2013 and will contribute to the economy growth of Pakistan, said Dr Samar Mubarakmand, member of the Science and Technology Planning Commission on Thursday.


"Pakistan has immense coal reserves that can provide electricity to the country for more than 500 years and could bring prosperity in the country." he said.


He added that development work is going on with full pace and the first 50 megawatts (MW) gasified project have almost been completed.


Gold edges lower before Bernanke speech

SINGAPORE: Spot gold lost 0.4 percent on Friday, on course for its first weekly drop after seven straight weeks of gains, as investors awaited a speech by U.S. Federal Reserve Chairman Ben Bernanke later in the day.


All eyes are on Bernanke's speech in Jackson Hole scheduled for 1400 GMT, with markets eager to hear what the Fed's plan is to help a struggling U.S. economy, although the growing consensus is that the Fed's options to stimulate the economy are limited.


Spot gold declined 0.4 percent to $1,762.29 by 0218 GMT after a 1.1 percent rise on Thursday. It was on course for a 4.8-percent decline on the week, its sharpest weekly fall since week ended March 1, 2009.



Pakistan's forex reserves ease to $17.96bln

KARACHI: Pakistan's foreign exchange reserves fell to $17.96 billion in the week ending Aug. 20, from $18.04 billion the previous week, due to scheduled debt repayments, an official at State Bank of Pakistan (SBP) said on Thursday.


Reserves held by the SBP fell to $14.50 billion from $14.55 billion a week ago, while those held by commercial banks eased to $3.46 billion from $3.49 billion, said SBP chief spokesman Syed Wasimuddin.


Foreign exchange reserves hit a record $18.31 billion in the week ending July 30.


Thursday 25 August 2011

Asian shares cheered by Wall St; Apple pressured

SYDNEY: Asian shares rose on Thursday, cheered by gains on Wall Street, but Apple skidded on the shock resignation of Silicon Valley legend Steve Jobs and gold continued to struggle after running into a wall of profit-taking.


Shares of Apple tumbled as much as 7 percent in after-hours trade in a knee-jerk reaction to news that Jobs resigned as chief executive of the world's most valuable technology firm.


"Apple will need to show that without Jobs it can come up with visionary products," said Hendi Susanto, analyst at Gabelli & Co.


U.S. stock index futures were off 0.1 percent while the tech-heavy Nasdaq futures fell about 1.0 percent.


Spot gold fell to around $1,741.06 an ounce, down some 9 percent since hitting a record high of $1,911.46 on Tuesday. COMEX futures for the precious metal fell over $100 on Wednesday, the biggest one-day drop since 1980 and one of the steepest on record.


Int`l oil prices likely to lift KMI up

KARACHI: The news regarding Brent crude oil prices steadying above $109 on Wednesday would bring positive momentum in the local market especially in oil and gas sector.


In international market, Brent crude prices steadied as investors pinned their hopes on the U.S. Federal Reserve to inject fresh stimulus measures to boost the world's largest economy. Activity in dividend yielding stocks would be in spotlight.


The Halal stocks index KMI 30 gained 236.64 points to close at 19,813.17 points as against 19,576.53 points, the closing figure of the previous session.




Brent crude steady near $110, lower stocks support

SINGAPORE: Brent crude steadied around $110 a barrel on Thursday, supported by reduced U.S. crude stocks and positive manufacturing data, countered by economic growth uncertainties.


A speech on Friday by Federal Reserve Chairman Ben Bernanke looks set to be the main event of the week for all markets, as investors wait to see if he will talk about more stimulus for the faltering U.S. economy.



PSO withdraws from PRL bid

KARACHI: Pakistan State Oil (PSO), the largest oil marketing company of the country, has finally decided on Wednesday not to go through with 30 percent acquisition of Pakistan Refinery Limited (PRL).


The decision was taken due to prevailing problems being faced by the energy sector mainly the circular debt issue, which does not allow the company to opt for the biggest deal, the company's financial adviser BMA Capital said in a statement issued on Wednesday.


"The Board of Directors didn't find this deal lucrative as it was an old refinery and required a lot of money to refurbish the refinery", said by senior PSO official.


Gold loses more shine after CME margin hike

SINGAPORE: Gold fell more than 1 percent on Thursday, extending the previous session's losses, after the CME Group raised trading margins by the most in over two and a half years to curb volatility in the bullion that had surged to dizzying heights.


Spot gold dropped by more than 4 percent on Wednesday, its biggest drop since December 2008, as investors liquidated positions after the precious metal surged nearly 35 percent this year to a record high above $1,911 on Tuesday.


CME increased margin requirements on its gold futures contract by 27 percent, the second hike in a month, following similar moves by the Shanghai Gold Exchange and Hong Kong Mercantile Exchange earlier this month.



Financial result: LOTTE earnings swell by 70pct

KARACHI: LOTTE Pakistan (LOTPTA) has announced its financial results on Thursday for the half year ended 30 June 2011, according to the notice sent by company to Karachi Stock Exchange (KSE).


The performance of the company remained buoyant during the period and its net earnings were recorded at Rs 3.69 billion as compared to Rs 2.17 billion recorded in the same period last year, translating into a growth of 70 percent.


The Earnings per share (EPS) of the company stood at Rs 2.44 as compared to Rs 1.44 recorded in the same period last year.


Wednesday 24 August 2011

Indus motor profits decline by 20pct

KARACHI: Indus Motor Company Ltd. earnings declined by 20 percent as it recorded net profit of Rs 2.74 billion in 2011 against Rs 3.44 billion recorded in last year.


Indus has announced its financial results on Wednesday for the full year ended 30 June 2011.


Nevertheless, the Company has announced final cash dividend of Rs 10 per share i.e. 100 percent in addition to already paid interim dividend of Rs 5 per share.


Earnings per Share (EPS) of the company stood at Rs 34.90 in announced period against EPS of Rs 43.81 in the preceding year. The sales turnover of company remained flat at Rs 61.70 billion witnessing a nominal growth.


Natural calamities have depressed the sales turnover of the company as volumetric sales dropped by 1.5 percent to 51,290 units amid devastating floods in Pakistan in first half of the last financial year and the following Japanese earthquake in the second half of the last financial year which disrupted flow of supply.


KMI gains 45 pts despite dismal volumes

KARACHI: Result announcement of Pakistan Oil Fields (POL), Attock Group of Companies and Lott Pakistan could bring selected interest in the market, but, political uncertainty will keep investors take further caution that are already shy in coming back to market.


The Halal stocks index KMI 30 gained 45.09 points to close at 19576.53 points as against 19,531.44 points, the closing figure of the previous session.


ECC approves operation and maintenance of generation companies

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Tuesday discussed in detail and approved operation and maintenance of Generation Companies (GENCOs).


The maintenance will be through international bidding aimed at bringing improvement in the efficiency of four power generation companies in the country.




Brent crude above $109; hopes on Fed to inject stimulus

SINGAPORE: Brent crude prices steadied above $109 on Wednesday as investors pinned their hopes on the U.S. Federal Reserve to inject fresh stimulus measures to boost the world's largest economy.


Markets are betting that Fed Chairman Ben Bernanke could use his address later this week at a policymakers gathering in Jackson Hole, Wyoming, to signal more quantitative easing measures that could translate to more demand.


Gold rebounds on Japan downgrade, physical buying

SINGAPORE: Gold rebounded more than 1 percent on Wednesday after posting its worst drop in 18 months, as risk appetite retreated after Moody's downgraded Japan's debt rating and strong buying interest in Asia's physical market lent support.


The sharp drop in prices in the previous session triggered strong buying interest as Asia opened business, sending spot gold up 1.2 percent to $1,851.67 an ounce by 0303 GMT.


U.S. gold trimmed early losses to $1,854.80.


Asian shares fall as fed rally runs out of steam

SINGAPORE: Asian shares fell on Wednesday as a rally fuelled by speculation that the Federal Reserve may signal further moves to support the struggling U.S. economy swiftly petered out, while gold rebounded from its sharpest one-day slide in 18 months.


Tokyo markets showed a muted reaction to a downgrade of Japanese government debt by ratings agency Moody's, with the yen a touch softer and Japanese government bond futures dipping briefly.


"It's been a while since Japan lost its triple-A status, so it is unlikely that Japan's interest rates will rise sharply," said Fumiyuki Takahashi, managing director at Barclays Capital.


Financial results: ICI likely to post nominal growth


KARACHI: ICI Pakistan is scheduled to announce its half yearly results on Wednesday (today), according to Karachi Stock Exchange (KSE).


Company is expected to post net earnings of Rs. 1,189 million compared to Rs. 1,165 million in the same period last year with a nominal growth of 2 percent, according to the BMA Research note.


Furthermore, they believe that Earning per share of the company would be recorded at Rs. 8.56 and it would pay out dividend of Rs. 5 per share for shareholders.


Monday 22 August 2011

Gold surges to record on murky outlook, brent drops

SINGAPORE: Gold soared to a record on Monday as a shaky global economic outlook spurred safe-haven buying, while Brent crude slid $2 on hopes Libya will resume oil production soon as a six-month conflict in the country seemed to be nearing an end.


Fears the U.S. economy could slide into a recession after a recent spate of poor data and Europe's debt crisis fueled gold's surge to a 10th record high this month and analysts predict bullion could hit $2,000 soon, given the strong momentum.


Asian stocks rise, gold near high

SINGAPORE: Asian stocks turned positive on Monday, recovering a small portion of last week's steep losses, while gold shot to new highs as investors worried about the sluggish U.S. economic outlook and Europe's debt crisis.


Spot gold prices hit a record high of $1,878.39 per ounce as the shaky global outlook prompted investors to move more money into the safe haven, while oil prices tumbled on hopes Libya may resume full output soon as a six-month civil war seemed to be nearing an end.


Japan's Nikkei 225 index clawed back early losses and was up 0.2 percent at 0300 GMT as the prospects for currency market intervention by Tokyo to weaken the strong yen offset growing worries of another U.S. recession.


Sunday 21 August 2011

What's Upcoming: A sneak peek on OGDC

KARACHI: On the operational front, Oil and Gas Development Company Ltd (OGDC) is striving to give further boost to its exploration and development activities in order to enhance oil & gas reserves and production, with a focus in ever increasing energy demands of the country.


For this purpose, Company is maintaining a balanced concession portfolio, pursuing aggressive program of seismic acquisition, exploratory / appraisal / development drilling and focusing on development of projects like Sinjhoro, Kunnar Pasahki Deep - Tando Allah Yar (KPD-TAY), Uch-II, Dakhni Expansion and Jhal Magsi.


OGDC's upcoming projects include:


Saturday 20 August 2011

Global stocks slide anew, gold sets fresh record


NEW YORK: Equity markets slid anew and gold set a second-straight record high on Friday as fears of a possible U.S. slide into recession and concerns related to Europe's debt crisis kept investors on edge.


Wall Street marked a fourth week of losses, pulled lower by a 20 percent plunge in Hewlett-Packard -- its worst day since the 1987 market crash -- after the Silicon Valley icon unveiled a dismal outlook and a difficult corporate shake-up.


Pakistan cotton jumps by Rs 100 over persistent demand

KARACHI: Karachi cotton spot rate increased on the back of solid demand by mills. The Karachi Cotton Association (KCA) official spot rates went up by Rs 100 to trade at Rs. 6,500 per maund on Friday.


Slow and gradual rise in international cotton prices supported local rates to rise as well. Increase in spot rates is beneficial for growers as now they will be able to get the fair price for the crop. Rising urea prices along with double digit inflation raised cost of production which put the burden on farmers. High cotton rates not only encourage growers and farmers to participate actively in production of silver crop, but also encourage them to use good quality seeds which let them to produce high quality crop which contributes in national exchequer through higher cotton exports.


Pakistan gold prices hit fresh highs

KARACHI: Gold rates in Pakistan hit record high on Friday following the record rally in international market.


The rally got support on back of grim U.S. and European economic outlook, rising inflationary pressure and buying by the central banks of different countries to hedge themselves against the depreciation of U.S. dollar against other major currencies.


Gold prices in Karachi recorded an increase of Rs. 2,200 per tola to Rs. 60,600 on Friday. The price of 10 grams gold recorded at Rs. 51,942 with an increase of Rs. 1,885.


On the other hand, silver price also remained higher at Rs. 1,092.85 per 10 gram. Moreover, the London gold 1500-fix rate recorded at $ 1848.


Business community demands army deployment in Karachi


KARACHI: Business community and industry associations on Friday demanded army deployment to stop violence in the financial hub of the country.


Representatives of the Federation of Pakistan Chambers of Commerce & Industry, Karachi Chamber of Commerce & Industry, Korangi Association of Trade & Industry, and Karachi Traders Action Committee said that the law and order situation was beyond the control of the police and Rangers.


Friday 19 August 2011

Alert! Business looms due to Karachi violence

KARACHI: The recent wave of violence in Karachi has brought a standstill to the business life in the commercial hub of the country.


Amidst sporadic violence, target killings and mounting tension in the city have completely paralyzed business activities where many major industries and businesses operate.


Karachi turned into red in last few days in which more than 40 people have been killed during the holy month of Ramadan and the whole city looks deserted in the panic situation.


As usual, government stated that it would take strict action against the notorious elements but no action has been taken so far.



SINGAPORE: Gold surged to record highs on Friday for a second consecutive session as investors reached for the safety of bullion amid a worsening economic outlook for the United States and concern about the health of Europe's banks.


Disappointing U.S. manufacturing and housing data fuelled worries that growth in the world's largest economy has stalled.


Renewed fears about the health of Europe's banks encouraged the flight of investors from stocks to safe haven bets such as gold.


Dull session at cotton market over city violence

KARACHI: The grim law and order situation in the metropolitan city kept investor's to be on sidelines. The Karachi Cotton Association (KCA) official spot rates remained stagnant at Rs. 6,400 per maund on Thursday.


Dull trading session was witnessed at cotton market which led prices unchanged. To fulfill short term demand, some mills were involved in fresh buying while others preferred to be under cautious mode on expectations that in upcoming days, cotton prices might get down.


SSGC urges KESC to pay dues

KARACHI: The patience of Sui Southern Gas Company (SSGC) has come to an end on Thursday as the company's management has warned Karachi Electric Supply Company (KESC) that they would use all their means to recover their outstanding dues.


The management of the company came into action when receivables crossed Rs. 28 billion from KESC and their board of directors has empowered its management to take rigorous steps to recover dues from the Power Company. It is also expected that SSGC and KESC would hold a meeting in the upcoming week to settle the issue.


Board meetings: POL, APL and Atlas Battery boards to meet soon

KARACHI: As the financial year of major companies comes to an end, the listed companies on Karachi Stock Exchange (KSE) are busy in arranging their board meetings to close their financial results.


In this regard, Pakistan Oilfield Limited (POL) board meeting will be held on September 11, Attock Petroleum (APL) on September 10 and Atlas Battery (ATBA) on August 25.


Thursday 18 August 2011

Corporate result: PSMC profit remains flat

KARACHI: Pak Suzuki Motor Company Limited (PSMC), the market leader of Pakistan automobile industry, has announced its financial results for the half year ended June 30, 2011 on Thursday.


During the period under review, the company's profit after tax remained flat at Rs. 278.88 million as compared to Rs. 279.35 million over corresponding period last year which translated into half year Earnings per share (EPS) of Rs. 3.39.


Gold edges up on growth fear; defies firm dollar

SINGAPORE: Gold edged higher on Thursday on persistent worries about euro zone debt woes and slower global growth, defying a rebound in the dollar.


Reflecting the anxiety in financial markets, safe haven currency the Swiss franc rose versus the euro and may test a record high in the days ahead after the Swiss National Bank's latest steps to curb its strength were seen as too timid.


The dollar index rose 0.3 percent, after dropping to a three-week low in the previous session.


Financial result: Shell reports 95pct increase in earnings


SINGAPORE: Brent crude fell, staying below $111 a barrel on Thursday as ongoing concerns over Europe's debt crisis and a firmer dollar drew investors away from riskier assets like oil and into the safe havens of gold and the Swiss franc.


Brent crude for October fell 10 cents to $110.50 by 0331 GMT, after settling $1.47 higher at $110.60 a barrel on Tuesday. U.S. crude was down 20 cents at $87.38 a barrel, after closing up nearly a dollar in the previous session.


Brent crude slips, below $111 on euro zone woes, firm dollar

SINGAPORE: Brent crude fell, staying below $111 a barrel on Thursday as ongoing concerns over Europe's debt crisis and a firmer dollar drew investors away from riskier assets like oil and into the safe havens of gold and the Swiss franc.


Brent crude for October fell 10 cents to $110.50 by 0331 GMT, after settling $1.47 higher at $110.60 a barrel on Tuesday. U.S. crude was down 20 cents at $87.38 a barrel, after closing up nearly a dollar in the previous session.


Pakistan gold shoots up to Rs. 58,400 per tola

KARACHI: Gold prices in Pakistan witnessed another rally and recorded its fresh high in major bullion markets of the country on Wednesday following the surge in international gold prices.


Gold prices in Karachi recorded an increase of Rs. 400 per tola to Rs. 58,400 on Wednesday. The price of 10 grams gold recorded at Rs. 50,057 with an increase of Rs. 343.


Pakistan cotton rises high as storms damage crops

KARACHI: Heavy monsoon rains devastated crops in Sindh and Punjab regions, resulting two-week high raise in cotton prices, reported in bloomberg.com on Thursday.


Pakistan the fourth- largest cotton grower, witnessed storms in the Sindh and Punjab regions during the past week that have damaged as much as 1.5 million bales on fields farmers have yet to harvest, said Mian Rashid Mehmood, the vice chairman of the Pakistan Cotton Ginners Association.


Analysis: What contributes to PSO impressive earnings?

KARACHI: Pakistan State Oil (PSO) earnings impressively surged by 63.32 percent during fiscal year 2010-2011 as its reported profit after taxation reached Rs 14.779 billion.


Despite persistent circular debt issue which squeezed the liquidity for the state giant oil marketing company, PSO was able to maintain its market share to 78.2 percent in Black Oil and 54.4 percent in White Oil during fiscal year 2010-2011 (FY10-11).


Wednesday 17 August 2011

KMI gains 29.48pts led by selected energy sector scrips
Colgate to declare final cash dividend of Rs 14/share
Pakistani rupee weakens against dollar
Pakistan open market rates
HINOON announces financial result
LOTPTA board meeting on August 24
Pakistan's July C/A deficit at $75mln: SBP
Bahrain Islamic megabank seeks to raise $100bn
LSM shows slim growth of 1.14pct
OMC margins swell by 32pct
OUTLOOK: India cotton seen marginally up on demand
Shariah-compliant stocks have proven resilient in a bull or bear market
Brisk trading in KCA
Fitch updates Sukuk rating criteria
Oil falls as euro zone worries remain
Gold steady, euro zone crisis seen lingering
Pakistan gold price hits high at Rs 58,000/tola
Asian shares fall, euro shaky after summit let-down
China's ICBC to open two branches in Pakistan
KMI to remain positive after increase in OMC margins
Asian shares fall, euro shaky after summit let-down
Oil falls as euro zone worries remain

China's ICBC to open two branches in Pakistan

China's ICBC to open two branches in Pakistan


KARACHI: Industrial and Commercial Bank of China (ICBC), the world's biggest bank by market value, will open two branches in Pakistan this week, State Bank of Pakistan (SBP) said on Tuesday.


The deal to start ICBC operations in Pakistan was reached in December during the visit of Chinese Premier Wen Jiabao, when the two sides signed deals in areas of trade, health, education, agriculture, energy and infrastructure.


Tuesday 16 August 2011

Google's bold Motorola bet could reshape Asian phone makers

Google's bold Motorola bet could reshape Asian phone makers

SEOUL: Asian phone vendors relying on Google's Android operating system could increase their exposure to rival mobile platforms such as Microsoft's Windows, threatened by Google's $12.5 billion buy of Motorola Mobility Holdings.

Google's bold Motorola bet could reshape Asian phone makers

Google's bold Motorola

SEOUL: Asian phone vendors relying on Google's Android operating system could increase their exposure to rival mobile platforms such as Microsoft's Windows, threatened by Google's $12.5 billion buy of Motorola Mobility Holdings.


Taiwan's HTC and Korea's Samsung Electronics have sold millions of mobile devices running on the free Android device since 2008, helping power Google to the top slot in the booming global mobile softwaremarket.


Pakistan's foreign investment falls 60.8pct in July

Pakistan's foreign investment falls 60.8pct in July

Foreign investment in Pakistan fell 60.8 percent in the first month of 2011/12 fiscal year (July-June) to $61.9 million, because of a decrease in foreign direct investment and foreign portfolio investment, the central bank said on Monday.

Pakistan targets Islamic finance growth in rural areas

Pakistan targets Islamic finance


DUBAI/KARACHI: Pakistan, bidding to nearly double Islamic banking in the South Asian state by 2015, is focusing on poor, conservative villages to drive growth and has ordered Islamic Financer to open 20 percent of all new branches in rural areas.


Islamic banking will help draw the funds of rural customers, a less sophisticated client base who also traditionally shun conventional banks due to concerns over interest which is forbidden under Islam, said Saleem Ullah, director of the Islamic banking department at the State Bank.


"Islamic banking, primarily being a faith-driven industry, has a significant potential in Pakistan as the concept directly appeals to the religiously sensitive segment of the society," Ullah said.


"The share of the industry in the banking system has risen to over 7 percent from just 0.5 percent in 2002."

Monday 15 August 2011

Islamic banks in Bangladesh seek sharia market

Islamic banks in Bangladesh seek sharia market

DHAKA: The Islamic banks in Bangladesh are seeking a Shariah-compliant money market and separate laws to govern the fast expanding Islamic banking in the Muslim-majority country.


"We have already raised the issue and discussed with the senior officials of the Bangladesh Bank, the central bank of the country," Mohammad Abdul Mannan, Managing Director of Islami Bank Bangladesh Limited (IBBL), said on Sunday.


Mannan told Reuters in an interview that at the moment around 20 percent business of the banking industry of the country is being handled by shariah-based banks and the scope is widening at a faster pace.


The size of the banking industry in Bangladesh is 800 billion taka ($10.7 billion), an official said.



Govt to increase gas prices for old fertilizer plants

Govt to increase gas prices

ISLAMABAD: Government is ready to increase the gas price by almost 100 percent for fertilizer plants which are 10 years old and having strong earnings after they have recovered plant costs.


Furthermore, the price of gas for power plants and independent power producers (IPPs) is also proposed to bring at par with the new prices of gas for WAPDA and KESC power. The increase in the gas prices of this sector will be utilized for the development of the infrastructure of gas such as laying down the Iran-Pakistan gas pipeline.


Analysis: Recession could tip U.S. oil use into permanent decline

Analysis: Recession could tip U.S. oil use into permanent decline


NEW YORK: As a U.S. economic rebound stalls and threatens to spiral into recession, oil demand in the world's top consumer may be slipping into an irreversible decline.


Last year's fledgling recovery in U.S. oil usage -- when demand rose 400,000 barrels per day (bpd) -- made up for only a part of the 1 million bpd demand drop during a year of economic turmoil that began in August 2008.


Until recently, most analysts believed a healthier economy would push U.S. oil use higher this year and next, before tighter environmental regulations, increased use of biofuels, and tougher fuel-efficiency standards kick in later this decade to lower demand permanently.


US grains firm as focus returns to weather

US grains firm as focus returns to weather

SYDNEY: U.S wheat and corn futures firmed 1 percent in Asian trade on Monday, as global financial markets steadied and the focus of grains trading returned to fundamentals such as the weather.


Wheat futures for September delivery on the Chicago Board of Trade fetched $7.12-3/4 per bushel, up 1.5 percent, extending gains made on Friday amid concerns that some U.S. farmers may not be able to plant next month due to drought.


Corn for December delivery , the most active month, traded 1 percent higher at $7.22-1/4 a bushel, while soybeans for November firmed 0.8 percent to $13.45-1/2 per bushel, after a recent sharp downgrade to crop estimates for both commodities.

Weekly Review: KMI gains despite global economic worries

Weekly Review: KMI gains

KARACHI: The Halal stocks KMI 30 share index gained 111.80 points or 0.56 percent during the week.KMI-30 Index climbed up last week to close at the level of 20,076.57as compared to last week's closing level of 19,964.77 points.


The overall 102 Halal Stocks recorded average daily volumes of 25.956 million shares as compared to 21.420 million shares in the previous week.


US downgrading by Standard and Poor (S&P) along with fears of new double dip recession and Europe's economic crisis made global markets to go haywire and impacted the local bourse as volatility prevailed throughout the week.


Monday, August 8


The KMI 30 share index climbed up by 187.12 points on first day of the week to close at 20,151.89 points as against 19,964.77 points, the closing figure of the last trading session. Halal index witnessed traded volumes of 35.879 million shares. Market was positive as local investors were more interested in the stocks which have growth and high yield. The market closed in positive territory despite all other major Asian markets falling amid global concerns over the US credit downgrade by S&P.


Tuesday, August 9


The KMI 30 share index went down by 655.40 points on Tuesday to close at 19,496.49 points; Halal index witnessed thin volumes of 29.027 million shares traded. The market took a dip after gaining on first day of the week as investors started accumulating shares at lower levels. Prevailing financial announcement season couldn't spur investors and they remained very cautious throughout the trading day.


Stocks bounce on U.S. cues; sentiment wary

Stocks bounce

HONG KONG/SINGAPORE: Asian equities bounced on Monday and assets like gold and the Swiss franc fell as market players cautiously returned to pick up bargains after last's week wild ride, though concerns over the weak global economic outlook may keep gains in check.



Japan's Nikkei rose 1.5 percent after main Wall Street indices advanced on Friday but without the wild intra-day swings that marked the first few days of trading last week after the U.S. credit rating was downgraded by Standard and Poor's.


Japanese shares were also boosted by data showing Japan's economy shrank less than expected in April-June following a devastating earthquake and tsunami in March.


Asian stocks outside of Japan rose by a similar margin, after tumbling nearly 4 percent last week, with key indexes in Hong Kong and Australia up nearly 2 percent.


Sunday 14 August 2011

Pakistan seeks China role in Gwadar port development

Pakistan seeks China role in Gwadar port development

BEIJING: Pakistan wants to further development work on Gwadar port and will welcome Chinese role in the future, as it is the gateway to the Middle East and Indian Ocean economies, said Ambassador Masood Khan.


"China has already built the Gwadar port. We of course want to develop it further. We will welcome a role by China in the future," said Islamabad envoy to Beijing while talking to correspondents here.


"Though important in itself, development of Gwadar port will not be enough. We need to develop supporting transport (rail, road, air) and communication networks," Khan said. In this regard, Ambassador Khan said China is playing an important role. Naturally, when this network develops and is fully operational from Gwadar to Khunjerab to Urumqi to Beijing to Shanghai, it will give alternative choices to China for its trade with the Middle East and Europe.


This alternative route would be much shorter than the one passing through the Malacca Straits. Khan has said that Pakistan and China's common goal is to see South Asia become a prosperous region.


"Pakistan and China are neighbours, good friends and partners. We also call ourselves good brothers. Our two countries have common interests. Both want peace and stability in the region. Both want this region to prosper," he said. Masood Khan said that China is Pakistan's largest neighbour and added that over the last six decades, Pakistan has maintained steady and strong relations with China "China has given strong support to Pakistan's defense, economic and trade sectors. We are looking for more Chinese investment in Pakistan," he observed.


Saturday 13 August 2011

Discount Window for Islamic Banks: Progress & Prospects

Discount Window for Islamic Banks: Progress & Prospects

By Mufti Irshad Ahmed Ijaz - The Islamic alternative for interest based LOLR (Lender Of the Last Resort) function has been under consideration of Islamic institutions and scholars since a very long time.


To meet their financing needs, if there is liquidity crunch in money market, conventional banks borrow from the discount window of State Bank of Pakistan (SBP) for a repo transaction to meet their cash constraints.


Islamic banks with sound capital and deposit base, low delinquency ratios and low advances to deposit ratio did not require funds to meet their financing needs. But, with the industry growing at a rapid rate, it is time to fill in the repertoire, the ability to meet funds requirement by resorting to SBP.


The strong deposit base did not create any problems for Islamic banks in initial years of Islamic banking in Pakistan, but as a preemptive move, it was felt necessary to search a solution before crisis occurs.



Gold/S&P ratio at 23-year high, could keep rising


NEW YORK: Mounting fears about a double-dip recession and a U.S. government debt crisis prompted equity investors to seek refuge in bullion, sending the Gold/S&P 500 ratio to its highest in 23 years this week.

For complete Story plz click
http://halaltamweel.com/876/International-GOLD-Update.aspx

PTCL reintroduces Islamic services for its customers


Karachi, August 12, 2011 (PPI): Pakistan Telecommunication Company Limited (PTCL) has re-introduced Islamic services for its customer in the month of Ramadan.

PTCL has a rich Value Added Service portfolio which has been further enhanced with VAS including easy to use Ramadan interactive Voice Response (IVR) Service. The purpose of this service is to facilitate PTCL Landline /VFONE subscribers to enjoy Ramadan while staying close to their beliefs and faith. The service subscription is free.

 ISLAMABAD: The Sensitive Price Indicator (SPI), for the week ended on 11 August 2011, for the lowest income group up to Rs.3,000, has registered nominal increase of 0.02 percent over the previous week.

The SPI for the week under review in the above mentioned group was recorded at 310.26 points as against 310.20 points registered in the previous week, according to provisional figures of Federal Bureau of Statistics (FBS).

SPI for the combined group registered increase of 1.91 percent as it went up from 298.18 points in the previous week to 303.87 points in the week under review.

For complete story plz click