News Archives for Print - 2004-10-24

Print - 2004-10-24

Currency notes: exchange rates

Exchange rates for Currency Notes issued by the Treasury Management Division of National Bank of Pakistan (NBP) here on Saturday (October 23, 2004).

Published 24 Oct, 2004 12:00am

Canadian bond prices rise on oil fears

The Canadian bond prices picked up on Friday, after initial weakness, as sentiment that high oil prices will slow the US economy remained a dominating factor.

Published 24 Oct, 2004 12:00am

Canadian bond prices rise on oil fears

The Canadian bond prices picked up on Friday, after initial weakness, as sentiment that high oil prices will slow the US economy remained a dominating factor.

Published 24 Oct, 2004 12:00am

Emerging market debt spreads tighten

Emerging market debt spreads narrowed slightly on Friday, in choppy trade led by Brazilian bonds following an interest rate hike this week in Latin America's largest economy.

Published 24 Oct, 2004 12:00am

Emerging market debt spreads tighten

Emerging market debt spreads narrowed slightly on Friday, in choppy trade led by Brazilian bonds following an interest rate hike this week in Latin America's largest economy.

Published 24 Oct, 2004 12:00am

US corporate bonds finish with slight change

US corporate bond spreads wrapped up the week unchanged to slightly tighter on Friday as some investors decided that a recent sell-off in the auto and insurance sectors may have been overdone.

Published 24 Oct, 2004 12:00am

US corporate bonds finish with slight change

US corporate bond spreads wrapped up the week unchanged to slightly tighter on Friday as some investors decided that a recent sell-off in the auto and insurance sectors may have been overdone.

Published 24 Oct, 2004 12:00am

Chile stocks up

Chilean stocks jumped to new record highs on Friday as investors set their stakes on good third quarter results.

Published 24 Oct, 2004 12:00am

Brazilian real weaker on higher oil prices

Brazilian's currency slipped on Friday as global oil prices surged to new highs, offsetting early gains spurred by the central bank's larger-than-expected interest rate hike late Wednesday.

Published 24 Oct, 2004 12:00am

IMM speculators cut net long euro position

Currency speculators on the Chicago futures market trimmed their net long euro position in the week to October 19, data from the Commodity Futures Exchange showed on Friday, even as the euro rose in the spot market.

Published 24 Oct, 2004 12:00am

Foreign exchange market views, key levels

Following is a selection of comments from analysts on important technical developments in the foreign exchange market.

Published 24 Oct, 2004 12:00am

Dollar slumps broadly, expected to deepen losses

The dollar stumbled on Friday as persistent concerns over the US economy and comments throughout the week from European Central Bank and Federal Reserve officials allowed the currency no respite.

Published 24 Oct, 2004 12:00am

Canadian dollar climbs to 12-year high

The Canadian dollar blew past the 81 US-cent mark on Friday for the first time since October 1992, lifted by relief that the Bank of Canada seems untroubled by the currency's strength and that interest rates are still likely to rise.

Published 24 Oct, 2004 12:00am

China says yuan peg not a good reason to be considered 'non-market' economy

The government's top forex regulator argued Wednesday that the peg of China's currency to the US dollar is not a good enough reason to consider the country to be a 'non-market economy,' a key assessement in trade negotiations.

Published 24 Oct, 2004 12:00am

Tea prices mixed on Jodia Bazar

The trading on tea sector moved both ways on Jodia Bazar on Saturday.

Published 24 Oct, 2004 12:00am

CBOT wheat futures down

Chicago Board of Trade wheat futures closed lower on Friday on follow-through selling after the December contract fell through its 20-day moving average on Thursday, traders said.

Published 24 Oct, 2004 12:00am

Prices firm up on cotton market

Cotton market ended the week on firm posture, maintaining its overnight levels on supportive buying, dealers said.

Published 24 Oct, 2004 12:00am

Higher world prices sustain Brazilian sugar

Stronger domestic demand and higher world prices sustained Brazilian sugar prices this week, despite harvest pressure, traders said on Friday.

Published 24 Oct, 2004 12:00am

Ghana maintains cocoa price, eyes bumper crop

Ghana set its cocoa farmgate price at about $1 a kg on Friday, 25 percent above an indicative price in neighbouring Ivory Coast, and said it would produce at least 700,000 tonnes of cocoa in the 2004/05 season.

Published 24 Oct, 2004 12:00am

Winter worries send oil to new record; soft dollar boosts gold

Oil prices zoomed up to new record highs this week on worries about low stocks of heating fuels ahead of the northern winter.

Published 24 Oct, 2004 12:00am

Brazil 2004-05 cotton crop may fall on price slide

Brazil's 2004-05 (September/August) cotton crop could be slightly smaller than last year due to falling prices in recent months, industry officials said on Thursday.

Published 24 Oct, 2004 12:00am

New York gold settles flat, silver firms

Comex gold futures erased losses to end flat on Friday while silver edged higher with the strong euro, but profit-taking kept the metals from returning to the 6-1/2-month peaks they scaled on Thursday, dealers said.

Published 24 Oct, 2004 12:00am

New York copper finishes lower

Copper futures ended modestly lower on Friday when buyers jumped in late to pick up bargains after prices fell sharply on profit-taking, traders said.

Published 24 Oct, 2004 12:00am

CBOT rice gains on local short-covering

Rough rice futures at the Chicago Board of Trade closed higher on Friday, lifted by late local short-covering and supported by slow farmer selling.

Published 24 Oct, 2004 12:00am

Soyabean futures higher on firm cash

Chicago Board of Trade soyabean futures closed higher on Friday due to a tight supply of US cash beans as tight-fisted farmers hold onto their newly harvested crop, hoping for higher prices, traders said.

Published 24 Oct, 2004 12:00am

Australian wool market ends higher

The Australian wool market finished the week slightly higher as it withstood exchange rate uncertainty, industry analysts said on Friday.

Published 24 Oct, 2004 12:00am

Australian grain: barley offers shrink, China thirsty

Hot and dry weather in the east of Australia may substantially cut malting barley export availability in the 2004/05 crop season, just as top buyer China enters its main purchasing period, a leading exporter said.

Published 24 Oct, 2004 12:00am

Chinese copper futures up but trade directionless

Most of China's copper futures contracts closed up on Friday alongside an overnight rise on the London Metal Exchange, though trade was sluggish as investors awaited clearer direction from the LME.

Published 24 Oct, 2004 12:00am

New York sugar down on speculative, producer sales

NYBOT raw sugar futures settled softer on Friday on producer and speculative sales in range-bound business, with the sweetener seen staying in its current band going into next week, brokers said.

Published 24 Oct, 2004 12:00am

Malaysian tin down on weak LME

Malaysian tin fell 0.4 percent on Friday as investors sold after being unnerved by a drop in the London price.

Published 24 Oct, 2004 12:00am

American Airlines to cut 1,100 jobs

World number one American Airlines has announced plans to lay off as many as 1,100 pilots, mechanics and other ground staff in coming months, with more cuts in the future as it struggles to pare costs amid falling revenue.

Published 24 Oct, 2004 12:00am

Sharp rise in million-pound UK house sales

The number of British properties sold for more than 1 million pounds surged in the first six months of 2004 after a fall in 2003, mortgage lender Halifax said on Saturday.

Published 24 Oct, 2004 12:00am

Italian Treasury makes $9.5 billion from Enel sale

The Italian Treasury has raised 7.5 billion euros ($9.5 billion) from the sale of almost 20 percent of utility company Enel, with proceeds from the placement going to reduce Italy's debt mountain.

Published 24 Oct, 2004 12:00am

Italian Treasury makes $9.5 billion from Enel sale

The Italian Treasury has raised 7.5 billion euros ($9.5 billion) from the sale of almost 20 percent of utility company Enel, with proceeds from the placement going to reduce Italy's debt mountain.

Published 24 Oct, 2004 12:00am

GM Europe may create new firm, move HQ

General Motors may bundle its European operations in a new company based in Brussels in a move to cut costs and simplify management structures, a German newspaper reported on Saturday.

Published 24 Oct, 2004 12:00am

Eichel plans new measures to trim 2005 deficit

German Finance Minister Hans Eichel is planning extra measures to try to bring the nation's 2005 deficit below an EU limit of 3 percent of gross domestic product, a newspaper reported on Saturday.

Published 24 Oct, 2004 12:00am

Accounting revolution poses challenge to EU firms

Europe's financial markets face the biggest challenge since the launch of the euro as companies prepare to ditch various national bookkeeping rules to embrace common but radically new accounting standards.

Published 24 Oct, 2004 12:00am

Kuwait introduces three-month tourist visas

Kuwait, looking to lure more foreign visitors after the fall of Saddam Hussein in neighbouring Iraq, has introduced tourist visas valid for three months, the immigration department said Saturday. The visa replaces what were known as family visas which wer

Published 24 Oct, 2004 12:00am

Strikers keep JAT Airways grounded

Striking aircraft mechanics at Serbian flag carrier Jat Airways kept the airlines' planes on the ground on Saturday for the second consecutive day.

Published 24 Oct, 2004 12:00am

Chinese first private airport approved

Authorities have given permission for China's first private airport, near the border with Russia, to begin operating, it was reported Saturday.

Published 24 Oct, 2004 12:00am

Japan and US agree to resume beef imports

Japan and the United States agreed on Saturday to resume imports of some American beef, halted since December after a case of mad cow disease in Washington state, but did not set a date for restarting trade.

Published 24 Oct, 2004 12:00am

Henkel sees US and Asia for future expansion

German cosmetics, detergents and adhesives group Henkel AG will focus future expansion efforts on the US and Asian markets, its chief executive said in a newspaper interview.

Published 24 Oct, 2004 12:00am

Myanmar and Sino-Singaporean group sign oil contract

State-owned Myanmar Oil and Gas Enterprise (MOGE) and a China-Singaporean consortium signed a production sharing contract for exploration of oil and gas, official media and sources said on Saturday.

Published 24 Oct, 2004 12:00am

Mexican scientists find gas off Pacific coast

Mexican scientists have detected what could be a large underground deposit of methane gas in the Gulf of California off the north-west coast of Mexico, local officials said on Friday.

Published 24 Oct, 2004 12:00am

Saboteurs bomb Iraqi pipelines to Baghdad refinery

Saboteurs have bombed two oil pipelines transporting crude from north and eastern Iraq to Baghdad's Dora refinery, oil security officials said on Saturday.

Published 24 Oct, 2004 12:00am

Activity at Karachi and Qasim Ports

The Karachi Port handled 98,336 tonnes of cargo including 87,374 tonnes import and 10,962 tonnes export cargo during last 24 hours ending at 0700 hours on Saturday.

Published 24 Oct, 2004 12:00am

Brazilian sugar vessels line-up grows

The line-up of vessels waiting to load sugar in Brazil's ports increased to 48 from 45 last week, shipping agent Williams said on Thursday.

Published 24 Oct, 2004 12:00am

Daewoo Shipbuilding wins $1.15 billion orders

South Korea's Daewoo Shipbuilding and Marine Engineering, the world's second-largest shipbuilder, said on Monday it had recently won foreign orders worth $1.15 billion to build 10 ships.

Published 24 Oct, 2004 12:00am

Hutchison and Maersk interested in Sydney port

Sydney Ports Corporation said on Wednesday Hong Kong's Hutchison Whampoa Ltd and Denmark's A.P. Moeller-Maersk Group were among a handful of companies showing interest in running an expanded Sydney container terminal.

Published 24 Oct, 2004 12:00am

Hanjin wins first ship orders from Cosco

South Korea's Hanjin Heavy Industries Co said on Thursday it had won 312.1 billion won ($273.5 million) worth of orders for ships from shipping giant China Ocean Shipping Company (Cosco).

Published 24 Oct, 2004 12:00am

Auckland ports profit up

New Zealand's Ports of Auckland Ltd said on Thursday it had traded at expectations in the first quarter but its net profit after tax was slightly higher than the same period last year.

Published 24 Oct, 2004 12:00am

Auckland ports profit up

New Zealand's Ports of Auckland Ltd said on Thursday it had traded at expectations in the first quarter but its net profit after tax was slightly higher than the same period last year.

Published 24 Oct, 2004 12:00am

Asian freight rates hit five-month high on demand expectations

Panamax dry bulk rates for the US Gulf-Japan route have climbed to around $60 per tonne for the first time since early May on expectations of strong demand towards the end of the year, brokers said on Tuesday.

Published 24 Oct, 2004 12:00am

Hong Kong's OOIL Q3 shipping revenues up

Hong Kong-based container ship operator Orient Overseas (International) Ltd said on Thursday revenues from its shipping business in the third quarter rose 28 percent, thanks to booming international trade.

Published 24 Oct, 2004 12:00am

Los Angeles port shelves plan for 24-hour work

Plans to unload cargo at the Los Angeles/Long Beach port complex around the clock have been shelved until early next year, port officials said on Thursday, delaying a planned move to ease the costly backlog of cargo ships at the nation's busiest port.

Published 24 Oct, 2004 12:00am

Paranagua port to close ship berths for maintenance

Two shipping berths and the public silo at Brazil's main grains port of Paranagua will be closed for maintenance starting in mid-November, the port authority said on Friday.

Published 24 Oct, 2004 12:00am

Panama considers canal toll increase

Panama is considering increasing tolls for ships passing through the Panama Canal, to allow for a future expansion of the waterway, Economy Minister Ricaurte Vasquez said on Tuesday.

Published 24 Oct, 2004 12:00am

Karachi interbank rates

Karachi interbank rates on Saturday (October 23, 2004).

Published 24 Oct, 2004 12:00am

State Bank of Pakistan conversion rates

Rates applicable for conversion into rupees of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special US Dollar bonds and profits thereon by all banks and also for providing forward cover on foreign currency d

Published 24 Oct, 2004 12:00am

Barclays bid rates and maximum rates for payment of interest

Barclays bid rates, maximum rates for payment of interest by authorised dealers on deposits (other than those brought under FE Circular No: 45 of 1985) and on deposits (brought under FE Circular No: 45 of 1985) -- issued by the Foreign Exchange Rates Comm

Published 24 Oct, 2004 12:00am

Exchange rates: buying and selling

Exchange rates issued by the Treasury Management Division of National Bank of Pakistan on Saturday (October 23, 2004).

Published 24 Oct, 2004 12:00am

Conversion for foreign currency deposits

Conversion for foreign currency deposits, DBC/FCBC, special USD bond & profits thereon (excluding FE-25 deposits) on Saturday (October 23, 2004).

Published 24 Oct, 2004 12:00am

Rates of dry fruit

Rates of dry fruit in rupees prevailing on the commodity markets in Karachi on Saturday (October 23, 2004).

Published 24 Oct, 2004 12:00am

Sales tax rules for ad agencies framed

To facilitate the advertising industry, the Central Board of Revenue (CBR) has issued special procedure for collection and payment of sales tax by advertising agencies. The CBR on Saturday issued SRO 872(I)/2004 to insert a new chapter (XV) in the Sales T

Published 24 Oct, 2004 12:00am

JPCL refuses to ink gas sale pact with SSGC

The Jamshoro Power Company Limited (JPCL) has refused to sign fresh gas sale agreement with Sui Southern Gas Company (SSGC), saying that fresh GSA was not necessary to increase gas quantity, sources told Business Recorder. Earlier, SSGC had asked J

Published 24 Oct, 2004 12:00am

JPCL refuses to ink gas sale pact with SSGC

Published 24 Oct, 2004 12:00am

Drastic cut in dollars supply

Short supply of dollars in the open market here has drastically shrunk its availability to just 10 percent while demand is still rising, said exchange companies. The newly born exchange companies found the situation difficult to deal with as pressure was

Published 24 Oct, 2004 12:00am

Drastic cut in dollars supply

Published 24 Oct, 2004 12:00am

AJK Foundation Day today

The 57th Foundation Day of Azad government of the state of Jammu and Kashmir will be observed on Sunday.

Published 24 Oct, 2004 12:00am

Karzai's lead slipped

A Taleban suicide fighter killed himself and wounded at least seven others, including three members of a Nato-led peacekeeping force, in a grenade attack on a busy shopping street in central Kabul on Saturday.

Published 24 Oct, 2004 12:00am

Qazi Jamil elected SCBA president

Qazi Muhammad Jamil Advocate from NWFP has been elected president of the Supreme Court Bar Association (SCBA), according to unofficial results of the 2004-05 election held on Saturday.

Published 24 Oct, 2004 12:00am

GCC must step up monetary union drive: IMF

Oil-rich Gulf Arab states need to tackle the growing challenge of unemployment and step up efforts towards their goal of a monetary union, the head of the International Monetary Fund said on Saturday.

Published 24 Oct, 2004 12:00am

President in uniform need of hour, Shaukat tells McKinnon

Commonwealth Secretary General Don McKinnon on Saturday discussed restoration of democracy and the role Pakistan is playing in promoting peace and security. He was talking to Prime Minister Shaukat Aziz here on Saturday. Foreign Minister Khurshid Mehmud K

Published 24 Oct, 2004 12:00am

President in uniform need of hour, Shaukat tells McKinnon

Published 24 Oct, 2004 12:00am

Zarqawi aide captured; 20 killed in Iraq

Suicide bombers killed 20 members of Iraq's fledgling security forces near a US marine base west of Baghdad and at a checkpoint north of the capital on Saturday in a spate of guerrilla attacks across the country while the US troops said they caught a top

Published 24 Oct, 2004 12:00am

Zarqawi aide captured; 20 killed in Iraq

Published 24 Oct, 2004 12:00am

OGDC to start offshore oil drilling in Indus Delta

The Government Holdings (Pvt) Limited and Oil and Gas Development Company Limited (OGDC) on Saturday signed an oil and gas production sharing agreement over offshore block No 2367-4 (Indus Delta-A). This would be OGDC's first activity as operator for offs

Published 24 Oct, 2004 12:00am

OGDC to start offshore oil drilling in Indus Delta

Published 24 Oct, 2004 12:00am

'Dual-office bill' short of expectations: Commonwealth

Commonwealth Secretary General Don McKinnon on Saturday said that the passage of the 'dual-office bill' by the National Assembly did not fulfil the organisation's expectations. He made this observation after a meeting with leaders of the Alliance for the

Published 24 Oct, 2004 12:00am

'Dual-office bill' short of expectations: Commonwealth

Published 24 Oct, 2004 12:00am

Cotton Spot Rates

Official KCA spot rates for local dealings in Pakistan rupees on Saturday (October 23, 2004).

Published 24 Oct, 2004 12:00am

Poultry rates

Wholesale poultry rates on Saturday (October 23) and rates for Sunday (October 24, 2004).

Published 24 Oct, 2004 12:00am

Karachi Plastic/Urea Moulding Compounds Rates

Karachi Plastic/Urea Moulding Compounds Rates on Saturday (October 23, 2004).

Published 24 Oct, 2004 12:00am

Yarn Prices

Karachi Yarn Market Rates

Karachi Yarn Market Rates on Saturday (October 23, 2004).

Published 24 Oct, 2004 12:00am

Yarn Prices

Karachi Yarn Market Rates

Karachi Yarn Market Rates on Saturday (October 23, 2004).

Published 24 Oct, 2004 12:00am

Yarn Prices

Faisalabad yarn and fibre prices

Cotton yarn rates in rupees per 10 Lbs on Saturday (October 23, 2004).

Published 24 Oct, 2004 12:00am

Yarn Prices

Previous Day

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / May 14	281.78
USD PKR Interbank Buying / May 14	281.68
USD to Japanese Yen / May 14	146.04
USD to Swiss Franc / May 14	0.84
Pound Sterling to USD / May 14	1.33
Euro to USD / May 14	1.12
UK LIBOR % / May 14	4.96

Stock	Volume
S&P 500 / May 14	5,892.58
India Sensex / May 14	81,330.56
Tokyo Nikkei / May 14	37,705.74
Nasdaq / May 14	19,146.81
Hang Seng / May 14	23,574.72
FTSE 100 / May 14	8,585.01
Dow Jones / May 14	42,051.06
Germany DAX 30 / May 14	23,527.01
France CAC40 / May 14	7,836.79

Item	Value
Crude Oil USD/Barrel / May 14	61.91
Karachi Cotton PKR/37.32 KG / May 14	16,985
Gold 10 Grams PKR / May 14	293,124
Gold Spot USD/Ounce / May 14	3,152.57
Cotton US¢/pound / May 14	65.37
Petrol/Litre / May 15	252.63
Diesel/Litre / May 15	256.64

Gainers
Losers
Leaders

Stock	Price
Parmount Sp. / May 15 Paramount Spinning Mills Limited(PASM)	3.68 ▲ 0.44 (13.58%)
F.Credit & Inv / May 15 First Credit and Investment Bank Limited(FCIBL)	8.37 ▲ 0.96 (12.96%)
Hala Enterprise / May 15 Hala Enterprises Limited(HAEL)	13.26 ▲ 1.21 (10.04%)
Arctic Textile / May 15 Arctic Textile Mills Limited(ARCTM)	23.63 ▲ 2.15 (10.01%)
S.S.Oil / May 15 S.S.Oil Mills Limited(SSOM)	835.87 ▲ 75.99 (10%)
Bawany Air Products / May 15 Bawany Air Products Limited(BAPL)	40.15 ▲ 3.65 (10%)
PIA Holding Co.B / May 15 PIA Holding Company Limited B(PIAHCLB)	11,325.20 ▲ 1029.61 (10%)
Khyber Textile / May 15 Khyber Textile Mills Limited(KHYT)	1,075.94 ▲ 97.81 (10%)
LSE Financial Serv. / May 15 LSE Financial Services Limited(LSEFSL)	24.19 ▲ 2.2 (10%)
Bunnys Limited / May 15 Bunnys Limited(BNL)	30.81 ▲ 2.8 (10%)

Stock	Price
Tariq Corp.Pref. / May 15 Tariq Corporation Limited-Preference Shares(TCORPCPS)	7.11 ▼ -1 (-12.33%)
Pak Engineering / May 15 Pakistan Engineering Company Limited(PECO)	656 ▼ -63.05 (-8.77%)
Shahtaj Textile / May 15 Shahtaj Textile Limited(STJT)	64.40 ▼ -5.6 (-8%)
Sanghar Sugar / May 15 Sanghar Sugar Mills Limited(SANSM)	55.16 ▼ -4.78 (-7.97%)
Universal Ins. / May 15 The Universal Insurance Company Limited(UVIC)	8.62 ▼ -0.59 (-6.41%)
Dynea Pakistan / May 15 Dynea Pakistan Limited(DYNO)	215.50 ▼ -10.23 (-4.53%)
Unicap Modaraba / May 15 Unicap Modaraba(UCAPM)	2.78 ▼ -0.11 (-3.81%)
Pak Oxygen Ltd. / May 15 Pakistan Oxygen Limited(PAKOXY)	150.02 ▼ -5.84 (-3.75%)
Century Ins. / May 15 Century Insurance Company Limited(CENI)	35.07 ▼ -1.36 (-3.73%)
Shaheen Ins. / May 15 Shaheen Insurance Company Limited(SHNI)	5.20 ▼ -0.2 (-3.7%)

Stock	Volume
At-Tahur Ltd. / May 15 At-Tahur Limited(PREMA)	8,170,982 ▲ 2.14
Sui South Gas / May 15 Sui Southern Gas Company Limited(SSGC)	4,561,755 ▲ 0.41
Cnergyico PK / May 15 Cnergyico PK Limited(CNERGY)	4,397,143 ▲ 0.23
K-Electric Ltd. / May 15 K-Electric Limited(KEL)	3,178,326 ▲ 0.09
Pak Petroleum / May 15 Pakistan Petroleum Limited(PPL)	2,777,397 ▲ 3.39
Pak Refinery / May 15 Pakistan Refinery Limited(PRL)	2,617,206 ▲ 0.47
Al-Shaheer Corp / May 15 Al Shaheer Corporation Limited(ASC)	2,529,770 ▲ 0.58
Flying Cement / May 15 Flying Cement Company Limited(FLYNG)	1,497,572 ▲ 3.68
WorldCall Telecom / May 15 Worldcall Telecom Limited(WTL)	1,292,615 ▲ 0.01
Ghani Chemworld / May 15 Ghani Chemworld Limited(GCWL)	1,216,397 ▲ 0.66

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