Thursday, 9 August, 2012

License to billOGRA directed to decide issuanceof 65 CNG stations’ licenses

ISLAMABAD

APP

Oil and Gas Regulatory Authority (OGRA) has been directedto decide the issuance of licenses of 65 CNG stations fall indifferent categories of completion as per decision of thegovernment. The direction was issued by members ofNational Assembly Standing Committee on Petroleum andNatural Resources in a meeting held here on Wednesdayunder the chairmanship of Engineer Muhammad TariqKhattak, MNA. The committee directed the Chairman OGRAto convey the report on the issue of fake degree of the officialsworking in the authority. The committee unanimouslyrecommended that the prices of fuel products should be fixedon monthly basis instead of weekly. The committee directedthe Punjab Police DIG representing the IGP Punjab to extendfull cooperation to the SNGPL official while taking action

against the illegal connections and also directedto ensure the presence of IGP Punjab in the next

meeting to come up with the report on310 FIRS lodge against the theft ofgas. The committee provided aperforma relating to recruitmentwith the direction to fill it and returnto the committee from the all allied

departments of Ministry ofPetroleum and Natural resources.The meeting was attended by

MNAs Nawab Ali Wasan, KhurramJehangir Wattoo, JamshaidAhmed Dasti, Ch. Asghar Ali Jatt,

Nawab Muhammad YusufTalpur, Syed Anayat Ali Shah,Sheikh Aftab Ahmad Ch.Muhammad Barjees Tahir,

Rana Afzal Hussain, RanaMuhammad Ishaq Khan,

Ahmadan Khan Bugti,Begum Shehnaz Sheikhand Abdul Waseem.

KARACHI

STAFF REPORT

In the recent meeting of Economic Co-ordination Committee (ECC), chaired bythe federal finance minister, the pro-posal of allowing the import of 0.6 mil-lion tons of urea was discussed alongwith reducing the per bag urea prices byRs150 to Rs1,450 per bag.

The committee, in principle, de-cided to allow import of 0.3 milliontonnes of urea for next season, while de-cision of import of another 0.3 milliontonnes of urea has been deferred, saidan InvestCap Research report issuedWednesday.

As per ongoing gas curtailment sce-

nario, four urea plants (Enven1.3, DAWH, AGTL and PakArab) which are onSNGPL network withcumulative annualcapacity of 2.1 mil-lion tonnes hasbeen barely beenoperative this year.

D u r i n g1HCY12 the totalcapacity utilisationof these four ureaplants stood at just16 percent, while thedeficit imposed due tothis shut down was madeup by huge urea imports of

891k tonnes (up 270 per-centYoY) during the

same period.“Considering

the ongoing gasc u r t a i l m e n tscenario, weexpect thisKharif, whichwill last tillS e p t e m b e r ,will go smooth

as current oper-ational capaci-

ties of 4.0 milliontonnes (facing aver-

age curtailment of 10percent) along with urea

import will be adequate to managesupply side issues,” the report saidadding.

“However, the situation will dete-riorate in Rabi season, which will startmid November, since it is highly prob-able that gas availability will furtherworsen during winter. The current pro-posed 0.6 million tonnes of urea im-port will improve the supply situationin Rabi season”.

Even though international ureaprices have slide down to $400/tonnemaking a high of $520/tonne duringthe period this year, we expect Gov’tbudget of Rs25 billion for urea importsubsidy this year not to be sufficient,the report said.

KARACHI/LAHORE/ISLAMABAD

STAFF REPORT/AGENCIES

THE bulls kept dominating Karachi stocksmarket on Wednesday with benchmark,KSE 100-share index gaining 71.90points. The day saw the index closing upat 14, 744.14 points against 14, 672.24

points of Tuesday.Pakistan Stocks closed bullish amid institu-

tional interest in blue chip stocks ahead of majorearning announcements amid hopes for cut inSBP policy stance due to be announced on August10, said by Ahsan Mehanti, Director at Arif HabibInvestments Limited.

On Wednesday, the trading volumes at theready-counter were recorded higher at 85.199million shares against 44.962 million shares ofthe previous day. The trading value increased toRs 2.699 trillion compared to Rs 3.747 trillion ofthe previous session. The intraday high and low,respectively, stood at 14, 762.00 and 14, 672.24points. He added that the recovery in globalstocks, strong earnings outlook played a catalystrole in bullish activity despite concerns for circu-lar debt in Pakistan energy sector and power out-rages for industrial sector.

The free-float KSE-30 index adds 66.85points to close at 12, 692.31 points against theprevious 12, 625.46 points.

The KMI 30-share was up by 158.95 points toclose at 25, 643.28 points from its opening at 25,484.33 points. The KSE all-share index closedwith gain of 50.10 points to 10, 373.15 points asagainst10, 323.05 points.

LSE UP BY 129.11 POINTS

Lahore Stock Exchange on Wednesday witnessedbullish trend by gaining 129.11 points as the LSE-25 Index opened with 3526.99 and closed at3656.10 points. The market’s overall situationalso corresponded to an upward trend as it re-mained at 2.717 million shares to close againstprevious turnover of 907,100 shares, showing anupward move of 1.810 million shares. While, outof the total 88 active scrips, 27 moved up, 52 re-mained equal and 9 shed values.

Fauji Fertilizer Company, Adamjee InsuranceCompany and Engro Foods Limited were MajorGainer of the day by recording increase in theirper share value by Rs 2.81, Rs 2.60 and Rs 1.63respectively. Thal Limited, Cherat Cement Com-pany Limited and Kot Addu

Power Company lost their per share value byRs 1.26, Re 0.64 and Re 0.30 respectively. TheVolume Leader of the day included Meple Leaf Ce-ment Factory with 863,000 shares, Karachi Elec-tric Supply Company with 538,500 shares andLafarge Pakistan Cement with 250,000 shares.

ISE-10 stays bullish

Islamabad Stock Exchange (ISE-10) here onWednesday witnessed bullish trend as the indexwas up by 8.75 points to close at 2941.20 as com-pared to the previous day’s trading.

Talking to APP, Stock Analyst M.M Hassansaid that the buying in the cement and fertilizersector led the bullish rally in the market.

Such positive sentiments were created inthe market owing to corporate results’ an-nouncement, he said, adding the investors hastaken a positions in the low-priced shares of ce-ment sector rendering increase in the volumeof the market. Besides, fertilizer and oil sectorremained favorite in the market because its ex-pected earning to be announced in the near fu-ture, he added.

Total volume of shares traded was 78,500,which was up by 74,500 when compared it withprevious day’s closing.

Out of 117 companies’ shares traded, the priceof 84 was increased while the price of 33 de-creased. The price top gainer Unilever Pakistanwas increased by Rs 148.00 while the price of toploser Millat Tractor decreased by Rs.10.84.Lafrage Pakistan Cement, Lottee Pakistan PTAand Bank of Punjab remained volume leaderswith volume of 50,000, 10,000 and 9,500 sharesrespectively.

Bulls on parade left,

right and center

Govt urged to

engineer exportsISLAMABAD

APP

The Islamabad Chamber of Commerce andIndustry (ICCI) has called the governmentfor promoting exports of high techengineering goods as they could strengthenand widen national export base. “Measuresneed to be taken immediately on warfooting to support and save our engineeringindustry”, ICCI President Yassar Sakhi Buttof said in a statement here on Wednesday.He said the Government should continuetariff rationalisation to provide levelplaying field to local engineering industryand to extend attractive export financingscheme and long-term financing facility toencourage additional investment. He wasanalysing the export performance of theengineering industry during the last fouryears which shows that the annual exportof engineering goods were in the range ofaverage $ 200 million. The ICCI Presidentsaid that Pakistani engineering productsare sold at a very low price and the buyersearn huge profits after some value addition.“Thus, it is the right time to increasecountry’s exports of high value additionengineering goods that would help theGovernment to reduce dependence onforeign countries for equipments andultimately reduce the trade deficit whichneeds to be turned around towards a win-win situation”, he maintained. He said thatthe local engineering products have greatdemand in Turkey, Malaysia, Egypt,Germany, the US, Canada, Australia,Nepal, Uganda, Kenya, Nigeria, Sudan,Afghanistan, Qatar, Kuwait, UAE andSaudi Arabia but the successivegovernments during the past two decadeshave failed to accord priority to this vitalsector, and export of engineering andcapital goods could not be developed onsustainable basis. Yassar Sakhi Butt saidthe Government should take urgentmeasures to reduce the cost of doingbusiness and promote exports ofengineering goods. He also proposed thatPakistan should also avail expertise ofChina and Japan for production of valueadded engineering goods.

LAHORE: Lahore Chamber of Commerce and Industry here Wednesday criticised EconomicCoordination Committee (ECC) decision to revise the prices of petroleum products on weekly basis andsaid that it would not only double the inflation figures but also create operational difficulties for themanufacturers. The LCCI President Irfan Qaiser Sheikh urged the government to review the ECCdecision in the larger interests of the economy that is facing multiple challenges. The ECC must knowthat profit margin in the global marketplace ranges between 0.5 percent to 0.25 percent and if the pricesof petroleum products keep on fluctuating in this highly competitive world, the Pakistani merchandise

would not be able to maintain their due place, he said, asserting,the decision would also affect the country’s manufacturingsector as the manufacturers would not be able to calculateexact price of their goods. Irfan Sheikh said the electricityshortage is a big challenge at the moment and all thegovernment organs should work in this direction, as theelectricity outages have not only curtailed the GDPgrowth but also jacked up the graph of unemploymentrate. The LCCI President also urged the EconomicCoordination Committee to ponder on producing

biodiesel in a fashion India, Philippine and Brazil aredoing. So much so India is running a train betweenDelhi and Mumbai on biodiesel. “One hector piece of

land can produce 540-680 litres of biodiesel through plantsknown as Jetropha that need watering only once a year,” hemaintained. If a decision to plant Jetropha is taken by thegovernment at mass level in Cholistan Desert, it would not onlybe saving much needed revenue but would also be providingemployment opportunities to the residents of that area. APP

Rabi season to see urea crisis for gas scarcity

Money supply decreases by 2.4pc

KARACHI

STAFF REPORT

The central bank figures show the money supply decliningby 2.40 percent to Rs183 billion during four weeks ofFY13 compared to a decline of 1.98 percent to Rs132billion during the same period last year, said an InvestCapResearch report issued Wednesday. It said though M2growth remained in negative zone, the governmentborrowing from the commercial banks accelerated by 147percent WoW (101 percent YoY) to Rs181 billion duringfour weeks of FY13. On the flip side, Govt. retired Rs187billion to the SBP during the period under reviewcompared to the retirement of Rs25 billion during thesame period in FY12. The total government borrowingreached to Rs 6.9 billion compared to Rs 67 billionwitnessed during the same period last year. Credit to non-government sector also declined to Rs 51.64 billion,(FY12: Rs 105 billion). Govt.retired borrowing of Rs52 billion to non-govt. sector, inwhich retiring ofRs 52.3 billion inaccount of credit to privatesector and borrowing Rs 745million from public sectorenterprises.

Not every single week!LCCI opposes weekly revision of POL prices

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02

Thursday, 9 August, 2012

Major Gainers

COMPANY OPEN HIGH LOW CLOSE CHANGE TURNOVERUniLever Pak 8400.00 8549.00 8449.00 8548.00 148.00 120Rafhan MaizeXD 3700.00 3800.00 3800.00 3800.00 100.00 20Wyeth Pak Limited 975.00 1023.75 985.00 999.75 24.75 1,100Indus Dyeing 403.27 420.00 420.00 420.00 16.73 100Exide (PAK) XD 225.67 236.95 236.95 236.95 11.28 3,200

Major LosersUnilever Food 2890.00 2825.00 2825.00 2825.00 -65.00 40Millat Tractors 551.63 552.00 540.02 540.79 -10.84 56,800Habib Bank Limited 120.07 120.20 117.00 117.21 -2.86 79,600Ismail Industr 145.90 153.19 138.61 143.28 -2.62 4,500Linde Pakistan Ltd 135.28 133.00 133.00 133.00 -2.28 700

Volume Leaders

K.E.S.C. 3.68 4.58 3.79 4.49 0.81 18,311,500D.G.K.Cement 46.32 47.36 46.15 47.26 0.94 6,165,000Maple Leaf Cement 6.86 7.43 6.82 7.28 0.42 5,168,000Lafarge Pakistan 4.65 4.82 4.64 4.74 0.09 4,389,500Hub Power Company45.90 46.18 45.30 45.43 0.47 3,959,000

Interbank RatesUS Dollar 94.0830UK Pound 146.6001Japanese Yen 1.2013Euro 116.3054

Dollar EastBUY SELL

US Dollar 94.00 94.80Euro 115.99 117.05Great Britain Pound 145.76 147.05Japanese Yen 1.1906 1.2010Canadian Dollar 93.20 94.53Hong Kong Dollar 11.96 12.13UAE Dirham 25.53 25.73Saudi Riyal 25.03 25.18Australian Dollar 98.46 100.78

Business

McDonald’s inter-school swimming championship

ISLAMABAD: With a view to promoteswimming at national level and help thecountry discover future champions, McDon-ald’s Inter-School Swimming Champi-onship took place at Jinnah Sports StadiumSwimming Pool Complex, Islamabad on 6thand 7th of July.

UBL poised for entry

in India

ISLAMABAD: Post privatization,United Bank Ltd. (UBL) has had a spe-cific focus on the development and di-versification of its Internationalfranchise. In this regard the bank hadproactively requested and was given in-principal approval by State Bank of Pak-istan in Sept. 2006 to apply for a licensein India.An application was submitted tothe Reserve Bank of India in Feb 2007.With the recent CBMs between the twocountries and India allowing invest-ments from across the border it appearsUBL is poised for entry into the Indianmarket place, once the Reserve Bank ofIndia’s clearance is received.

Toni&Guy Lahore plan

charitable Ramadan

LAHORE: The Lahore franchise ofglobal hairdressing and make-up brand

Toni&Guy will be making Ramadan atruly special month for many of theless fortunate people in the city of La-hore. For most Pakistanis Ramadan isa time for family, worship and food.But there are many people who rely onthe good will of others to make theirway in this month as well. Which iswhy Toni&Guy Lahore is working withthe SOS Children’s Villages to makeRamadan a happy month for the leastfortunate among us, especially orphansand children in dire need. For thewhole month of Ramadan, Toni&GuyLahore will donate 50% of all themoney that it makes on any Monday inRamadan towards the SOS Children’sVillage in Lahore.

Family and friends motivate

increased fasting, praying,

sharing. giving during Ramadan

KARACHI: The majority of Muslims

living and working overseas practicecultural and religious traditions duringthe Holy Month of Ramadan even moredevoutly than they did in their homecountries, a newly released WesternUnion-sponsored study has found.

HEC facilitates more than

1600 local PhD scholars

LAHORE: Under International ResearchSupport Initiative Program IRSIP, HigherEducation Commission of Pakistan HEChas awarded 1647 scholarships to PhDscholars, studying in higher education in-stitutions of Pakistan, for undertaking re-search at top ranking universities of 37academically advanced countries.

CORPORATE CORNER

Moviegoers at the premiers of “The Dark Night Rises”arranged by Mountain Dew.

Harvard alumni at the iftar hosted by Harvard University Muslim Alumni in collaboration with Center forLaw and Policy at Royal Palm Golf and Country Club, Lahore”

PTCL SEVP Commercial, Naveed Saeed (front right) inaugurating OSS Clifton Karachi along withSEVP Business Zone South, Furqan Habib Qureshi (front left) and EVP Corporate Services South,Zaman Gulzar along with other PTCL Personnel.

Qatar Airways, Country Manager, Mr AjmalZaiydi, Director Finance Rizwan Ali Marchantstanding along with travel agents andcolleagues at Aftar dinner in honor of travelagents at Marriot Hotel in Karachi.

ISLAMABAD

ONLINE

AWorld Bank Group team visitsthe Board of Investment (BoI)to discuss the potential areaswhere there was a possibility ofcooperation and coordination.

In a meeting with BOI Chairman SaleemH. Mandviwalla both sides discuss the com-petitiveness and opportunities regarding thePakistani industries. The group also dis-cussed with Mr. Mandviwalla the constraintsthat the Pakistani industries are facingagainst the backdrop of the current scenario.

The Chairman BOI told the team thatBOI is more than willing to help but thereare some capacity constraints which could beovercome soon through mutual cooperation.

He was of the view that there should bemaximum investment promotion and forthat purpose Pakistan should participate inthe investment conferences in Canada andSouth Africa which are held every year whichare considered to be the largest conferencesto be held in the world.

Later in the day the Chairman also metSuleman Ghani from USAID Pakistan, to dis-

cuss the technical assistance which shouldbe provided to BOI by USAID through theFIRMS Project.

WORLD BANK BEFRIENDS Board of Investment

ISLAMABAD

APP

The Securities and Exchange Commission ofPakistan (SECP) registered 315 companies inJuly, showing an increase of 9% as compared tothe registration of 288 companies in the corre-sponding period of previous year.

The new incorporations during the monthinclude 257 private, followed by 19 single-mem-ber, 4 public unlisted companies, 5 non-profitassociations and one company each as foreigncompany, limited by guarantee under Section43 and trade organization.

The services sector has the highest new in-corporations of 43, followed by trading with 36,construction with 27, Hajj and Umrah serviceswith 23, food and beverages with 16, IT with 15,

education with 14, communications with 11 andtourism with 10 companies.

The highest company incorporation of 110companies was witnessed at the Company Reg-istration Office (CRO) Lahore: followed by Is-lamabad and Karachi CROs where 80 and 70companies were registered respectively.

The remaining CROs of Peshawar, Multan,Quetta and Faisalabad registered 12, 7, 6 and 3companies respectively. The authorised capitaland paid-up capital of 315 companies was Rs3.06 billion and Rs 459 million respectively.

During the month, 98 companies increasedtheir authorised capital with the aggregate au-thorised capital increment of Rs 4.70 billionand 117 companies raised their paid-up capitalwith the total paid-up capital incrementamounting to Rs 11.88 billion.

SECP registers 315 companies in July

Mitsubishi halts electriccars to France’s Peugeot

TOKYO

AGENCIES

Japanese automaker Mitsubishi Motorssaid Wednesday that it has “temporarily”halted shipments of its i-MiEV electriccar to PSA Peugeot Citroen. The firm saidit would stop deliveries of the vehicles,branded iOn Peugeot and Citrokn C-Zeroin Europe, that began after the two firmssigned a supply deal two years ago. “Thisis a temporary stoppage for adjustingstocks (of inventory),” a Mitsubishispokesman in Tokyo told AFP, decliningto elaborate. “We are the supplier, and wefill the orders of the client.” Mitsubishihas been shipping the electric cars toPeugeot since 2010 with an agreement tosupply a total of 100,000 of the vehicles,which was one of the world’s first com-mercially produced electric cars. TheJapanese automaker would not disclosehow many vehicles had so far beenshipped to Peugeot, citing a confidential-ity clause in their agreement. Mitsubishisaid it has made 28,000 i-MiEVs inJapan since 2009. The vehicles can travelabout 160 kilometres (100 miles) on asingle charge of its lithium-ion battery.

Crude down in Asia

SINGAPORE

AGENCIES

Oil was lower in Asia Wednesday withtraders taking profit after prices cappedthree consecutive days of rallies by surg-ing to a 12-week high overnight, analystssaid. New York’s main contract, WestTexas Intermediate (WTI) light sweetcrude for delivery in September was down27 cents to $93.40 a barrel in the after-noon and Brent North Sea crude for Sep-tember delivery dipped 23 cents to$111.77. Crude markets were retreatingafter “oil prices jumped to a 12-week peakon Tuesday” with Brent and WTI prices“posting their highest settlements sinceMay 15”, Phillip Futures said in a report.“Falling North Sea output, support formore bond buying by the US Federal Re-serve and Middle East tensions liftedcrude futures to a third straight highersettlement” on Tuesday, the report added.

German trade surplus grows FRANKFURT: The German trade surplus grew in June, as im-ports declined faster than exports, official data showed onWednesday. Europe’s biggest economy exported goods worth atotal 92.3 billion euros ($114.5 billion) in seasonally-adjustedterms in June, 1.5 percent less than in May, the national statis-tics office Destatis said. Imports were down 2.9 percent at 76.1billion euros, so that the seasonally-adjusted trade surplus in-creased to 16.2 billion euros from 15.3 billion euros in May. Tak-ing the first six months of 2012 as a whole, German exports rose4.8 percent over the year-earlier period to 550.4 billion euros inunadjusted terms, while imports were up 2.4 percent at 457.1billion euros. That meant the January-June trade surplus in-creased by 18.4 percent to 93.3 billion euros. AGENCIES

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