News Archives for Print - 2005-02-17

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Wednesday (February 16, 2005).

Published 17 Feb, 2005 12:00am

Move to rationalise tariff for textile sector

The Central Board of Revenue (CBR) has started an exercise to rationalise duty structure on imported raw material, textile processing machinery and spare parts on the recommendations of the Federal Textile Board (FTB). Official sources told Business Re

Published 17 Feb, 2005 12:00am

Banks' rates for currency notes (buying and selling)

The selling/buying rates for currency notes of major currencies issued by National Bank (NBP) here on Wednesday (February 16, 2005).

Published 17 Feb, 2005 12:00am

Move to rationalise tariff for textile sector

The Central Board of Revenue (CBR) has started an exercise to rationalise duty structure on imported raw material, textile processing machinery and spare parts on the recommendations of the Federal Textile Board (FTB). Official sources told Business Re
Published 17 Feb, 2005 12:00am

Bill buying rates per unit of currency

Bill Buying Rates per unit of currency -- issued by the Treasury Management Division of the National Bank of Pakistan on Wednesday (February 16, 2005).

Published 17 Feb, 2005 12:00am

Treasury bills yields rise three-month 41, 12-month 50 basis points

The State Bank of Pakistan in its 3-month and 12-month Treasury Bills auction on Wednesday raised Rs 62.346 billion, against the target amount of Rs 70 billion. The market''s offered amount was Rs 105.3 billion. It is worth noting that T/bills worth Rs 89
Published 17 Feb, 2005 12:00am

Interest rates on new foreign currency deposits

Interest rates on new foreign currency deposits issued by the Treasury Management Division of National Bank of Pakistan on Wednesday (February 16, 2005).

Published 17 Feb, 2005 12:00am

Treasury bills yields rise three-month 41, 12-month 50 basis points

The State Bank of Pakistan in its 3-month and 12-month Treasury Bills auction on Wednesday raised Rs 62.346 billion, against the target amount of Rs 70 billion. The market's offered amount was Rs 105.3 billion. It is worth noting that T/bills worth Rs 89.
Published 17 Feb, 2005 12:00am

Interest rates on old and incremental FCY deposits

Interest rates on old and incremental FCY deposits on Wednesday (February 16, 2005).

Published 17 Feb, 2005 12:00am

Treasury bills yields rise three-month 41, 12-month 50 basis points

The State Bank of Pakistan in its 3-month and 12-month Treasury Bills auction on Wednesday raised Rs 62.346 billion, against the target amount of Rs 70 billion. The market's offered amount was Rs 105.3 billion. It is worth noting that T/bills worth Rs 89.
Published 17 Feb, 2005 12:00am

LIBOR calculating interest on US dollar

London Interbank Offer Rates on for calculating interest on special US dollar on Wednesday (February 16, 2005).

Published 17 Feb, 2005 12:00am

Pakistan and Qatar to cooperate in petroleum sector

Pakistan and Qatar have agreed to cooperate in the gas pipeline project, liquefied natural gas (LNG), technical assistance and investment in the oil and gas. A joint communiqué issued here on Wednesday at the conclusion of the two-day meeting between the
Published 17 Feb, 2005 12:00am

Currency notes: exchange rates

Exchange rates for Currency Notes issued by the Treasury Management Division of National Bank of Pakistan (NBP) here on Wednesday (February 16, 2005).

Published 17 Feb, 2005 12:00am

Pakistan and Qatar to cooperate in petroleum sector

Pakistan and Qatar have agreed to cooperate in the gas pipeline project, liquefied natural gas (LNG), technical assistance and investment in the oil and gas. A joint communiqué issued here on Wednesday at the conclusion of the two-day meeting between the
Published 17 Feb, 2005 12:00am

Conversion for foreign currency deposits

Conversion for foreign currency deposits, DBC/FCBC, special USD bond & profits thereon (excluding FE-25 deposits) on Wednesday (February 16, 2005).

Published 17 Feb, 2005 12:00am

Musharraf welcomes Kashmir bus service

President General Pervez Musharraf on Wednesday welcomed the decision taken by the governments of India and Pakistan on the commencement of a bus service between Muzaffaabad and Srinagar. He stated this during a call on by Indian External Affairs Minister
Published 17 Feb, 2005 12:00am

Exchange rates: buying and selling

Exchange rates issued by the Treasury Management Division of National Bank of Pakistan on Wednesday (February 16, 2005).

Published 17 Feb, 2005 12:00am

Musharraf welcomes Kashmir bus service

President General Pervez Musharraf on Wednesday welcomed the decision taken by the governments of India and Pakistan on the commencement of a bus service between Muzaffaabad and Srinagar. He stated this during a call on by Indian External Affairs Minister
Published 17 Feb, 2005 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 17 Feb, 2005 12:00am

One killed in Indian occupied Kashmir blast

Suspected freedom fighters threw a grenade into a bookshop owned by a former freedom fighter in Indian occupied Kashmir on Wednesday, killing him and wounding seven others, police said. Five of the wounded were in critical condition and were airlifted by
Published 17 Feb, 2005 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 17 Feb, 2005 12:00am

'Bonds trading on bourses to unlock liquidity pool'

The commencement of government bond trading on local bourses would help improve the corporate bonds market and unlock the pool of liquidity, benefiting the issuers, and reducing financing costs. This was stated by Dr Tariq Hassan, Chairman, Securities and
Published 17 Feb, 2005 12:00am

Karachi interbank rates

Karachi interbank rates on Wednesday (February 16, 2005).

Published 17 Feb, 2005 12:00am

'Bonds trading on bourses to unlock liquidity pool'

The commencement of government bond trading on local bourses would help improve the corporate bonds market and unlock the pool of liquidity, benefiting the issuers, and reducing financing costs. This was stated by Dr Tariq Hassan, Chairman, Securities and
Published 17 Feb, 2005 12:00am

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Wednesday (February 16, 2005).

Published 17 Feb, 2005 12:00am

Seven killed as rain and snow hamper rescue efforts

Torrential rains and heavy snowfall pounded remote parts of the country hampering relief work as rescuers tried to reach thousands of stranded people on Wednesday and officials reported more deaths crossing 400 toll. Officials said the unrelenting rain ha
Published 17 Feb, 2005 12:00am

Bullion Rates

Gold and silver rates in rupees per 10 grams prevailing in major cities on Wednesday (February 16, 2005).

Published 17 Feb, 2005 12:00am

Duty on Irri-6: retaliatory action against Kenya under study

Pakistan said on Tuesday it is seriously considering retaliatory action against Kenya, most probably by increasing duty on tea equivalent to duty levied by Kenya on Pakistani rice, highly reliable sources in the commerce ministry told Business Recorder
Published 17 Feb, 2005 12:00am

Jordan buys barley

Jordan's state gains buyer on Wednesday purchased 55,000 tonnes of feed barley in a tender at a price of $163.35 a tonne C&F, European traders said. The grain can be of any origin. Jordan had issued a tender for 50,000 tonnes for shipment between March 5
Published 17 Feb, 2005 12:00am

Duty on Irri-6: retaliatory action against Kenya under study

Pakistan said on Tuesday it is seriously considering retaliatory action against Kenya, most probably by increasing duty on tea equivalent to duty levied by Kenya on Pakistani rice, highly reliable sources in the commerce ministry told Business Recorder
Published 17 Feb, 2005 12:00am

Singapore bunker fuel prices stable

Singapore bunker prices were stable on Wednesday, despite marginally lower fuel oil cargo values. Bunker fuel of 380-centistoke (cst) grade was pegged at $192-$194 a tonne, unchanged from the previous trading day, widening the premium to cargo levels by 2
Published 17 Feb, 2005 12:00am

Sugar import bookings exceed 0.3 million tons

Pakistani importers have booked around 315,000 tons sugar after duty cut, and orders for another 100,000 tonnes are expected in the coming days, an official said on Wednesday. Importers booked around 200,000 tons raw and 115,000 tons of refined sugar duri
Published 17 Feb, 2005 12:00am

Activity at Karachi and Qasim ports

The Karachi Port handled 88,124 tonnes of cargo including 68,243 tonnes import and 19,881 tonnes export inclusive of 3,911 containers, during last 24 hours ending at 0700 hours on Wednesday. The cargo comprised of 63,124 tonnes dry cargo including 44,903
Published 17 Feb, 2005 12:00am

PSMA seeks end to sugar crisis

The Pakistan Sugar Mills Association (PSMA) has urged the government to take the stakeholders of sugar industry into confidence to put an end to ongoing sugar crisis in the country. A meeting of the central PSMA executive committee was held here on Wednes
Published 17 Feb, 2005 12:00am

US Midwest soya bids ease, corn mixed

The soyabean basis was mostly steady to weak in the interior US Midwest early on Wednesday as crushers in Iowa and Nebraska lowered their bids, while corn bids were mixed and movement was uneven, merchandisers said. The soya basis fell 2 cents at processi
Published 17 Feb, 2005 12:00am

Kapco road show held in Peshawar

The Director General, Ministry of Privatisation M. Mansoor Zubair on Wednesday said that the Initial Public Offering (IPO) of the Kapco (Kot Addu Power Company Limited) fetch Rs 5.28 billion for the country. Addressing a Road Show for Kapco IPO here he sa
Published 17 Feb, 2005 12:00am

CBOT wheat futures down on adjustment from rally

Wheat futures at the Chicago Board of Trade closed weak on Tuesday on a downward correction from the strong rally on Monday, traders said. Pit sources said locals were sellers in a profit-taking bid after Monday's fund short covering boosted the market to
Published 17 Feb, 2005 12:00am

Flat French payrolls threatens 2005 growth outlook

French non-farm payrolls were flat in the fourth quarter of 2004 and rose just 0.3 percent during the year, prompting economists to warn the French recovery could stall if the economy continued to fail to create jobs. State statistics body INSEE said non-
Published 17 Feb, 2005 12:00am

Bangladeshi tea prices fall

The average price of Bangladeshi teas fell more than 2.0 percent to 89.46 taka ($1.41) on poor quality at a delayed weekly tea auction on Wednesday, brokers said. "Some 902,821 kg were sold at an average price of 89.46 taka per kg, down 2.05 taka from pre
Published 17 Feb, 2005 12:00am

Instinet rebound, disposals boost Reuters profits

Reuters Group Plc posted better than expected full-year profits on Wednesday thanks to disposals, cost cutting, improving sales and a return to profit at electronic trading unit Instinet, which it may sell. The news and information provider said group ope
Published 17 Feb, 2005 12:00am

Brazilian cocoa arrivals fall

Brazilian 2004/05 (May/April) cocoa arrivals from Bahia and other states totaled 2.72 million 60-kg bags by February 13, down 15 percent from 3.20 million bags a year ago, the Bahia Commercial Association said on Wednesday. Bahia state, Brazil's main coco
Published 17 Feb, 2005 12:00am

Instinet rebound, disposals boost Reuters profits

Reuters Group Plc posted better than expected full-year profits on Wednesday thanks to disposals, cost cutting, improving sales and a return to profit at electronic trading unit Instinet, which it may sell. The news and information provider said group ope
Published 17 Feb, 2005 12:00am

Romania expects bumper wheat crop

Romania expects to reap 8.0 million tonnes of wheat this year thanks to ideal growing conditions, after a bumper 7.7 million-tonne harvest in 2004, a senior farm ministry official said on Wednesday. "We forecast to get again a bumper crop. The plants have
Published 17 Feb, 2005 12:00am

ISE index gains 89.96 points

Bulls continued to stay in the driving seat at the Islamabad Stock Exchange (ISE) where fresh buying in trend-setters moved the entire ready-board in upward direction amid the increase in index. ISE network index showed an increase of 89.96 points as the
Published 17 Feb, 2005 12:00am

India's tariff changes to help soyaoil imports

India's move to raise palm oil tariffs will boost imports of rival soyaoil, and will not slow overall purchases by the world's top edible buyer, traders said on Wednesday. On Tuesday, the government increased the import duty on palm oils by 15 percent, an
Published 17 Feb, 2005 12:00am

ISE index gains 89.96 points

Bulls continued to stay in the driving seat at the Islamabad Stock Exchange (ISE) where fresh buying in trend-setters moved the entire ready-board in upward direction amid the increase in index. ISE network index showed an increase of 89.96 points as the
Published 17 Feb, 2005 12:00am

Ivorian cocoa arrivals seen down

Cocoa arrivals at ports in Ivory Coast reached 798,959 tonnes between October 1, 2004 and February 6, 2005, according to an estimate by major exporters on Wednesday. That compared with 903,722 tonnes delivered to ports during the same period of the 2003/0
Published 17 Feb, 2005 12:00am

PPL leads LSE rally

Bulls held sway on Lahore Stock Exchange (LSE), where share prices surged for the third consecutive sessions, under the lead of Pakistan Petroleum Limited (PPL), which outperformed and received aggressive buying. The LSE-25 index rose by 70.14 points or 1
Published 17 Feb, 2005 12:00am

Russia aims for 75 million tonnes grain harvest

Russia aims to harvest at least 75 million tonnes of grain in 2005, a senior agriculture official said on Wednesday although analysts said actual output might differ significantly from this early forecast. "Currently, everything necessary is being done to
Published 17 Feb, 2005 12:00am

PPL leads LSE rally

Bulls held sway on Lahore Stock Exchange (LSE), where share prices surged for the third consecutive sessions, under the lead of Pakistan Petroleum Limited (PPL), which outperformed and received aggressive buying. The LSE-25 index rose by 70.14 points or 1
Published 17 Feb, 2005 12:00am

South Asian physical sugar demand slows

South Asian physical sugar demand slowed this week after a rally in futures, but enquiries are brisk auguring well for a renewed spurt in demand, European operators said on Wednesday. India and Pakistan are key drivers of global sugar demand after drought
Published 17 Feb, 2005 12:00am

24 Bell helicopters handed over to Pakistan

Out of 27, Pakistan has received delivery of 24 two-engine Bell helicopters in support of war on terrorism, said Ambassador Jehangir Karamat on Tuesday. Pakistan would get eight P-3C Orion aircraft and TOW missiles, he said in response to a question in a
Published 17 Feb, 2005 12:00am

Oil cake market rates

Futures moved both ways on the forward cottonseed oilcake market on Wednesday as supply position was tight as buyers were in the market to cover their immediate needs, dealers said. The March vaida opened with no change at Rs 422.50, which proved to be da
Published 17 Feb, 2005 12:00am

24 Bell helicopters handed over to Pakistan

Out of 27, Pakistan has received delivery of 24 two-engine Bell helicopters in support of war on terrorism, said Ambassador Jehangir Karamat on Tuesday. Pakistan would get eight P-3C Orion aircraft and TOW missiles, he said in response to a question in a
Published 17 Feb, 2005 12:00am

Modest trading seen due to higher cotton prices

Prices showed no big change on the cotton market on Wednesday as mills were active to cover the near term needs ahead of the PCGA report, brokers said. The official spot rate remained unchanged at Rs 2150, without upcountry expenses. Dealers said that the
Published 17 Feb, 2005 12:00am

51 percent PPL shares offered for sell-off

The Privatisation Commission has offered 51 percent shares of Pakistan Petroleum Limited (PPL) for privatisation, with management control, and sought expressions of interest (EoI) on ''''as is where is'''' basis. PPL is one of the largest exploration and
Published 17 Feb, 2005 12:00am

Tea prices move both ways

The trading on tea sector moved both ways here on Jodia Bazar on Wednesday. The following changes were noted in Kenya tea B Grade down Rs 3 to Rs 160, Bangladesh Garden Pack (original) up Re 1 to Rs 108, Garden Pack/BOP up Rs 3 to Rs 108, China Good PF up
Published 17 Feb, 2005 12:00am

51 percent PPL shares offered for sell-off

The Privatisation Commission has offered 51 percent shares of Pakistan Petroleum Limited (PPL) for privatisation, with management control, and sought expressions of interest (EoI) on ''as is where is'' basis. PPL is one of the largest exploration and prod
Published 17 Feb, 2005 12:00am

Wheat and sugar prices lower

Wheat and sugar prices suffered set back on the grain market on Wednesday as most the commodities did not move either way in the process of trading, dealers said. On the cereals side, wheat Mexipak old lost Rs 35 to Rs 1190 and the new type followed suit
Published 17 Feb, 2005 12:00am

51 percent PPL shares offered for sell-off

The Privatisation Commission has offered 51 percent shares of Pakistan Petroleum Limited (PPL) for privatisation, with management control, and sought expressions of interest (EoI) on 'as is where is' basis. PPL is one of the largest exploration and produc
Published 17 Feb, 2005 12:00am

Grain crops in Spain need rain

A lack of significant rain in the past three months could hurt 2005/06 grain crops in Spain and Portugal, the US Agriculture Department said on Tuesday. Although Spain's south-east coast had some rain earlier this month, farmland throughout both nations i
Published 17 Feb, 2005 12:00am

51 percent PPL shares offered for sell-off

The Privatisation Commission has offered 51 percent shares of Pakistan Petroleum Limited (PPL) for privatisation, with management control, and sought expressions of interest (EoI) on 'as is where is' basis. PPL is one of the largest exploration and produc
Published 17 Feb, 2005 12:00am

New York benchmark cocoa higher

Benchmark cocoa futures rose about 2 percent on Tuesday as a soft dollar attracted speculators, funds and trade to the market, traders said. The New York Board of Trade's most-active May contract gained $31, or 1.99 percent, to settle at $1,592 a tonne, n
Published 17 Feb, 2005 12:00am

Dollar may not gain against rupee in 2005

Currency dealers in Karachi believe that dollar would further lose, instead of gaining against rupee, as is being said by some analysts. Currency analysts believe that the rising current account deficit would not allow the United States to make dollar str
Published 17 Feb, 2005 12:00am

New York coffee ends at five-year high

Arabica coffee ended at a five-year high on Tuesday as managed-money funds showed no signs of retreating from a market that has seen prices rise over 50 percent in four months. At the New York Board of Trade, most-active May arabica settled up 5.2 cents o
Published 17 Feb, 2005 12:00am

Dollar may not gain against rupee in 2005

Currency dealers in Karachi believe that dollar would further lose, instead of gaining against rupee, as is being said by some analysts. Currency analysts believe that the rising current account deficit would not allow the United States to make dollar str
Published 17 Feb, 2005 12:00am

US corn exports sluggish

US corn exports are being dampened by stiff competition from Argentina and cheap feed wheat, with the government expected to scale its sales target back further, traders and analysts said on Tuesday. Although there has been a slight pick up in demand in t
Published 17 Feb, 2005 12:00am

World Bank concerned over gas companies slow restructuring

The World Bank (WB) has expressed serious concern over the slow progress in restructuring of Sui Northern Gas Pipeline Limited (SNGPL) and Sui Southern Gas Company Limited (SSGC), it is learnt. The observation came at a time when the Economic Co-ordinatio
Published 17 Feb, 2005 12:00am

Comex copper hits six-week high as dollar remains weak

US copper futures finished with solid gains on Tuesday as short-covering and fund buying buoyed prices to a six-week high as the dollar remained weak against the euro, market sources said. "It was a mixture of follow-through fund and spec buying today. Th
Published 17 Feb, 2005 12:00am

World Bank concerned over gas companies slow restructuring

The World Bank (WB) has expressed serious concern over the slow progress in restructuring of Sui Northern Gas Pipeline Limited (SNGPL) and Sui Southern Gas Company Limited (SSGC), it is learnt. The observation came at a time when the Economic Co-ordinatio
Published 17 Feb, 2005 12:00am

Tokyo gold up, technical glitch limits some activity

Yen-based gold futures edged up on Wednesday, supported by the recent weakness of the dollar and lingering geopolitical wariness, but activity was restrained by a computer problem at the Tokyo Commodity Exchange. The key December gold contract closed at a
Published 17 Feb, 2005 12:00am

KSE breaches 7,500 mark

The price run-up in the oil and gas sector once again accelerated the pace of the share market on Wednesday, which for the third consecutive session breached the new 7500 points level on the back of expectations of higher earnings. Business touched 1 bill
Published 17 Feb, 2005 12:00am

New York gold closes flat, other precious metals mixed

US gold futures settled flat on Tuesday in choppy, currency-based activity as the market was reluctant to make bold moves before two days of testimony from Federal Reserve Chairman Alan Greenspan, dealers said. Silver showed that it's recent rally still h
Published 17 Feb, 2005 12:00am

KSE breaches 7,500 mark

The price run-up in the oil and gas sector once again accelerated the pace of the share market on Wednesday, which for the third consecutive session breached the new 7500 points level on the back of expectations of higher earnings. Business touched 1 bill
Published 17 Feb, 2005 12:00am

Gold ends flat in Asia trade, seen in $424 to $428 range

Gold was little changed in Asia on Wednesday and was expected to remain within a slim $424 to $428 per ounce range ahead of remarks by Federal Reserve Chairman Alan Greenspan, which should offer fresh leads for the dollar, traders said. Spot gold was quot
Published 17 Feb, 2005 12:00am

KSE breaches 7,500 mark

The price run-up in the oil and gas sector once again accelerated the pace of the share market on Wednesday, which for the third consecutive session breached the new 7500 points level on the back of expectations of higher earnings. Business touched 1 bill
Published 17 Feb, 2005 12:00am

Shanghai copper rises

Nearby Chinese copper futures closed near their daily trading limits on Wednesday, reflecting gains on the London Metal Exchange during China's week-long Lunar New Year market hiatus. But traders said physical demand for copper remained weak, as high pric
Published 17 Feb, 2005 12:00am

Iran warns US over spying

Iran warned on Wednesday it would shoot down any US spy craft in its skies as a powerful earthworks blast triggered fears of an attack and underscored the high state of tension in Tehran's stand-off with the West over its nuclear activities. Intelligence
Published 17 Feb, 2005 12:00am

Kenya-Pakistan trade spat hits weekly tea auction

Kenya's weekly tea auction suffered a serious lack of demand this week pushing prices lower, as buyers from its largest tea market Pakistan stayed away, traders said on Wednesday. Traders said about 18 percent of the main catalogue's 127,809 packages did
Published 17 Feb, 2005 12:00am

Top US economic adviser resigns

Gregory Mankiw, a top economic adviser to President George W. Bush who stirred controversy with his comment that outsourcing US jobs might benefit the economy, has resigned, the White House said on Wednesday. Government sources said Federal Reserve Govern
Published 17 Feb, 2005 12:00am

Oil holds firm, US crude stocks seen rising

Oil prices held steady on Wednesday as traders awaited key inventory data in the United States, the world's biggest energy consumer, and a fresh outlook on the US economy from the Federal Reserve. US light crude rose 30 cents to $47.56 a barrel, a little
Published 17 Feb, 2005 12:00am

Shaukat and Badawi agree to broaden trade ties

Prime Minister Shaukat Aziz and his Malaysian counterpart Abdullah Ahmad Badawi on Wednesday expressed mutual desire to further expand and deepen bilateral economic and political ties, and agreed on the need to restructure the OIC to project Islam in its
Published 17 Feb, 2005 12:00am

Tokyo rubber bounces

Tokyo rubber futures rebounded from a one-week low on Wednesday, as investors hunted for bargains on the view that the market's medium-term upturned remained intact. The market also drew strength from the yen's drop against the dollar after data showed th
Published 17 Feb, 2005 12:00am

Shaukat and Badawi agree to broaden trade ties

Prime Minister Shaukat Aziz and his Malaysian counterpart Abdullah Ahmad Badawi on Wednesday expressed mutual desire to further expand and deepen bilateral economic and political ties, and agreed on the need to restructure the OIC to project Islam in its
Published 17 Feb, 2005 12:00am

New York sugar firm

Raw sugar futures finished higher on Tuesday on fund buying and trade purchases believed linked to talk of further consumer interest in the sweetener, brokers said. The New York Board of Trade's March raw sugar contract rose 0.07 cent to settle at the day
Published 17 Feb, 2005 12:00am

Internal sales tax audit suspension fails

The Central Board of Revenue (CBR) move to suspend sales tax internal audit for six months failed to achieve the desired objectives as no desk-audit of units was conducted on the basis of 'industrial notes', which have not been finalised yet. Informed sou
Published 17 Feb, 2005 12:00am

Asian sugar prices firm on Pakistan's demand

Pakistan, whose robust demand keeps the sugar market alive, is set to strike more deals this week, while neighbouring India shows some restraint for the sweetener because of ample stocks. Pakistan has booked more than 200,000 tonnes of raw and refined sug
Published 17 Feb, 2005 12:00am

Internal sales tax audit suspension fails

The Central Board of Revenue (CBR) move to suspend sales tax internal audit for six months failed to achieve the desired objectives as no desk-audit of units was conducted on the basis of 'industrial notes', which have not been finalised yet. Informed sou
Published 17 Feb, 2005 12:00am

Soya slips amid choppy trade

The Chicago Board of Trade soyabean market closed slightly lower in the front months on Tuesday after a choppy session driven by technical type moves, traders said. The top four contracts closed 1/4 to 1-1/4 cent per bushel lower, stabilising after rising
Published 17 Feb, 2005 12:00am

Nine Iraqis and four US troops killed

Nine Iraqis were killed in attacks north of Baghdad on Wednesday, most of them security forces. Several insurgents were also killed in clashes. Two bomb attacks also targeted US military convoys in the restive northern city of Mosul, but there were no imm
Published 17 Feb, 2005 12:00am

CBOT rice falls on technical setback

Chicago Board of Trade rough rice futures fell on Tuesday on a technical setback after climbing for the past week as funds covered short positions, traders said. March rice closed 5-1/2 cents lower per hundredweight at $6.71-1/2. The deferred were 3-1/2 t
Published 17 Feb, 2005 12:00am

Nine Iraqis and four US troops killed

Nine Iraqis were killed in attacks north of Baghdad on Wednesday, most of them security forces. Several insurgents were also killed in clashes. Two bomb attacks also targeted US military convoys in the restive northern city of Mosul, but there were no imm
Published 17 Feb, 2005 12:00am

Vietnam rice prices may ease ahead of Manila tender

Paddy prices in Vietnam may ease by the end of this month as the ongoing crop harvest accelerates toward its peak, but prices would rise next month if Vietnamese exporters win a rice tender in Manila, traders said on Wednesday. They said harvesting of the
Published 17 Feb, 2005 12:00am

'Talks on Baglihar still possible'

Indian External Affairs Secretary Shayam Saran thinks that Pakistan's reference on Baglihar dam to the World Bank is "premature" but has hopes that it will still be possible to continue bilateral talks on the issue. Addressing a news conference at Indian
Published 17 Feb, 2005 12:00am

Malaysian palm oil back above 1,300 ringgit on crop worries

Malaysian palm oil rebounded from lows to end virtually flat on Wednesday as short-covering emerged after knee-jerk selling sparked by new import tariffs in top destination India. The crude palm oil futures market fell 1 percent, below the key psychologic
Published 17 Feb, 2005 12:00am

'Talks on Baglihar still possible'

Indian External Affairs Secretary Shayam Saran thinks that Pakistan's reference on Baglihar dam to the World Bank is "premature" but has hopes that it will still be possible to continue bilateral talks on the issue. Addressing a news conference at Indian
Published 17 Feb, 2005 12:00am

StanChart sees independent future as profit rises

Standard Chartered Chief Executive Mervyn Davies said the Asia-focused bank wanted to stay independent as it reported 2004 profit in line with market expectations on Wednesday. Pretax profit for the year to December 31 rose 39 percent to $2.16 billion ver
Published 17 Feb, 2005 12:00am

Islamabad and Delhi to start Kashmir bus service

Pakistan and India have finally agreed to start the eagerly awaited Kashmir bus service between Muzaffarabad in Azad Kashmir and Srinagar in the occupied territory, in a breakthrough for the peace process between the two countries. A very brief joint stat
Published 17 Feb, 2005 12:00am

StanChart sees independent future as profit rises

Standard Chartered Chief Executive Mervyn Davies said the Asia-focused bank wanted to stay independent as it reported 2004 profit in line with market expectations on Wednesday. Pretax profit for the year to December 31 rose 39 percent to $2.16 billion ver
Published 17 Feb, 2005 12:00am

Islamabad and Delhi to start Kashmir bus service

Pakistan and India have finally agreed to start the eagerly awaited Kashmir bus service between Muzaffarabad in Azad Kashmir and Srinagar in the occupied territory, in a breakthrough for the peace process between the two countries. A very brief joint stat
Published 17 Feb, 2005 12:00am

Currency	Rate
USD PKR Interbank Selling / Jan 9	278.65
USD PKR Interbank Buying / Jan 9	278.45
USD to Japanese Yen / Jan 9	158.14
USD to Swiss Franc / Jan 9	0.91
Pound Sterling to USD / Jan 9	1.23
Euro to USD / Jan 9	1.03

Stock	Volume
S&P 500 / Jan 8	5,918.25
Nasdaq / Jan 8	19,478.88
Dow Jones / Jan 8	42,635.20
India Sensex / Jan 9	77,704.13
Tokyo Nikkei / Jan 9	39,516.87
Hang Seng / Jan 9	19,288.79
FTSE 100 / Jan 9	8,263.49
Germany DAX 30 / Jan 9	20,277.66

Item	Value
Karachi Cotton PKR/37.32 KG / Jan 8	18,285
Gold 10 Grams PKR / Jan 8	237,483
Petrol/Litre / Jan 9	252.66
Crude Oil USD/Barrel / Jan 9	73.16
Gold Spot USD/Ounce / Jan 9	2,659.11
Diesel/Litre / Jan 9	258.34

Stock	Price
Next Capital / Jan 9 Next Capital Limited(NEXT)	10.49 ▲ 1.00 (10.54%)
Ahmad Hassan / Jan 9 Ahmad Hassan Textile Mills Limited(AHTM)	59.90 ▲ 5.45 (10.01%)
Dadex Eternit / Jan 9 Dadex Eternit Limited(DADX)	64 ▲ 5.82 (10.00%)
Dawood Lawrencepur / Jan 9 Dawood Lawrencepur Limited(DLL)	325.73 ▲ 29.61 (10.00%)
D.M. Textile / Jan 9 D.M. Textile Mills Limited(DMTX)	66.64 ▲ 6.06 (10.00%)
JDW Sugar / Jan 9 JDW Sugar Mills Limited(JDWS)	995.45 ▲ 90.50 (10.00%)
Matco Foods Ltd / Jan 9 Matco Foods Limited(MFL)	48.59 ▲ 4.40 (9.96%)
Baba Farid Sugar / Jan 9 Baba Farid Sugar Mills Limited(BAFS)	48 ▲ 3.90 (8.84%)
Asim Textile / Jan 9 Asim Textile Mills Limited(ASTM)	16.42 ▲ 1.31 (8.67%)

Stock	Price
Cresent Jute / Jan 9 Crescent Jute Products Limited(CJPL)	4.81 ▼ -0.58 (-10.76%)
F.Credit & Inv / Jan 9 First Credit and Investment Bank Limited(FCIBL)	6.85 ▼ -0.79 (-10.34%)
Ali Asghar / Jan 9 Ali Asghar Textile Mills Limited(AATM)	70.94 ▼ -7.88 (-10.00%)
Air Link Com. / Jan 9 Air Link Communication Limited(AIRLINK)	191.54 ▼ -21.28 (-10.00%)
Liven Pharma / Jan 9 Liven Pharma Limited(LIVEN)	160.68 ▼ -17.85 (-10.00%)
Power Cem(Pref) / Jan 9 Power Cement (Pref)(POWERPS)	11.25 ▼ -1.25 (-10.00%)
Suhail Jute / Jan 9 Suhail Jute Mills Limited(SUHJ)	140.74 ▼ -15.64 (-10.00%)
Chakwal Spinning / Jan 9 Chakwal Spinning Mills Limited(CWSM)	61.70 ▼ -6.85 (-9.99%)
Frontier Ceram / Jan 9 Frontier Ceramics Limited(FRCL)	21.81 ▼ -2.42 (-9.99%)

Stock	Volume
WorldCall Telecom / Jan 9 Worldcall Telecom Limited(WTL)	520,199,852 ▼ -0.01
K-Electric Ltd. / Jan 9 K-Electric Limited(KEL)	48,176,163 ▼ -0.07
Cnergyico PK / Jan 9 Cnergyico PK Limited(CNERGY)	41,301,063 ▼ -0.31
Fauji Foods Ltd / Jan 9 Fauji Foods Limited(FFL)	34,830,810 ▼ -1.04
Sui South Gas / Jan 9 Sui Southern Gas Company Limited(SSGC)	27,158,451 ▼ -1.88
Pak Refinery / Jan 9 Pakistan Refinery Limited(PRL)	24,532,091 ▼ -1.53
Pak Elektron / Jan 9 Pak Elektron Limited(PAEL)	23,028,613 ▼ -0.87
Lotte Chemical / Jan 9 Lotte Chemical Pakistan Limited(LOTCHEM)	19,891,091 ▲ 0.34
B.O.Punjab / Jan 9 The Bank of Punjab(BOP)	19,667,050 ▼ -0.02

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