Pakistani stocks end up; rupee firms

KARACHI: Pakistani stocks ended more than one percent higher amid healthy turnover on Tuesday, following foreign buying in the cement sector on hopes of healthy exports, dealers said.

The Karachi Stock Exchange (KSE) benchmark 100-share index ended 1.11 percent, or 128.37 points, higher at 11,711.40.

Volume rose to 110.39 million shares, compared with 78.9 million shares traded on Monday.

“The market rallied based on renewed foreign interest, which gave confidence to local investors to step in as well,” said Asad Iqbal, chief investment officer at Faysal Asset Management Ltd.

Lucky Cement ended 1.67 percent higher at 65.94 rupees and Maple Leaf Cement closed 2.56 percent up at 2.40 rupees.

In the currency market, the rupee firmed against the dollar amid fewer import payments, and dealers said the local unit is expected to be range-bound in the coming days because of higher remittances from overseas Pakistanis.

The rupee closed at 85.25/35 to the dollar, compared with Monday’s close of 85.31/36.

In the money market, overnight rates remained at a high of 13.90 percent amid tight liquidity in the interbank market. Dealers said rates would likely stay high because of the end of the quarter. AGENCIES

Stocks still dull; rupee falls to record low

KARACHI: In the stock market, volumes continued to remain low and the index edged lower, as investors continued to remain on the sidelines, cautious over a new capital gains tax and awaiting the re-introduction of margin buying, dealers said.

The Karachi Stock Exchange”s (KSE) benchmark 100-share index, ended 0.35 percent, or 33.56 points, lower at 9,604.41.

Turnover was 23.24 million shares, up from 14.71 million shares traded on Monday, which was the lowest since December 2008.

“The abnormally low volumes are because of the new tax and I think trades will pick up once the leverage products are introduced again,” said Mohammed Sohail, chief executive of Topline Securities.

In its budget for the 2010/11 fiscal year, the government imposed a capital gains tax of 10 percent on stocks held for six months or less, and 7.5 percent on stocks held between 6 months and a year.

The tax was activated on July 1, the start of the new fiscal year.

Dealers said investors were also hoping for there-introduction of margin buying in the market, which will improve liquidity and result in better volumes.

KSE authorities and the Securities and Exchange Commission of Pakistan (SECP) met last month to discuss margin buying and other leveraged products, and decided to form a committee required to submit its recommendations within 15 working days.

A meeting of the stakeholders to discuss the issue is scheduled for Wednesday, dealers said.

The Pakistani rupee fell to a new closing low on Tuesday because of increased dollar demand from importers, but dealers said the local unit was unlikely to post sharp losses in days ahead.

The rupee ended at a record 85.54/59 to the dollar, down from 85.45/50 on Monday.

“There were was pretty heavy demand for the dollar today, which exceeded its supplies and so the rupee fell,” said a dealer at a foreign bank.

“However, it”s not a panic-like situation, and the rupee is unlikely to start a free-fall from here,” he said.

Dealers said payments worth $150-200 million were made on Tuesday, mostly for oil imports.

“I think for the time being the rupee will move in the band of 85.35-85.70,” said another dealer.

“It is unlikely to strengthen too much but at the same time a sharp fall is also not expected.”

In the money market, overnight rates ended at 11.0-11.5, little changed from Monday, and dealers said they expected them to remain around current levels in the absence of any major cash inflows.

India willing to Take up Balochistan Issue With Pakistan

India willing to Take up Balochistan Issue With Pakistan, India has set February 18 and 25 for Secretary-level talks, while terrorism would top the dialogue agenda between the two countries.
Talking to media in New Delhi, Indian Home Minister Chidambaram has said that India extended talks offers to Pakistan. He sought immediate arrest of Hafiz Saeed, saying that terrorism would be the main focus during the dialogue. According to Indian media, India was agreed to also discuss its alleged interference in Balochistan during the dialogue.

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India willing to Take up Balochistan Issue With Pakistan was first posted on February 8, 2010 at 11:44 am.

President Zardari Summons LB Ministers Moot

KARACHI, Pakistan News: President Asif Ali Zardari has summoned a meeting of provincial ministers of local bodies today to decide the future of the local councils system, Sindh minister for local bodies Agha Siraj Durrani said.

Talking to media men outside Sindh Assembly premises Siraj Durrani said People’s Party and Muttahida Qaumi Movement have agreed over appointment of the local bodies administrators.

He said the local bodies elections likely to be held by the end of the May.

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President Zardari Summons LB Ministers Moot was first posted on February 8, 2010 at 1:12 pm.

A Lashkar Constituted In Matta For Anti-Terror War

SWAT: A national lashkar comprising thousands of local people has been constituted under district Nazim in Tehsil Matta, Geo News reported Saturday.

Matta people gathered in Shangwatai and announced to bear down en masse on the miscreants.

On this occasion, Nazim Swat Jamal Nasir Khan said the local people vowed to fight alongwith the security forces against the militancy. Also, the security forces assured the national lashkar of their complete cooperation.

The lashkar will institute various committees in different areas for action against extremists.
Meantime, the new recruits in Special Police Force in Matta’s area of Darshkhela have started training which would take five months to complete.

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A Lashkar Constituted In Matta For Anti-Terror War was first posted on September 26, 2009 at 3:59 pm.
©2009 “News Trends“.

President Zardari, Joined talks for Musharaff exit

Lahore, Punajb, Pakistan :- President Asif Ali Zardari has said that he participated in the talks which led to the safe exit of former president Pervez Musharraf.

President Asif Ali Zardari said the local and foreign officials were part of the deal under which former president was provided a safe passage.

“All the stakeholders were on same page at the time of making the decision regarding the former president Pervez Musharraf,” he said adding “it was unanimously decided that now he (Pervez Musharraf) will play golf.”

Regarding corruption charges, President Zardari said all the ‘stories of corruption’ are part of a campaign of maligning the politicians.

He said no minus-one formula can meet success in the absence of a president like Farooq Leghari.

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President Zardari, Joined talks for Musharaff exit was first posted on September 14, 2009 at 9:35 pm.
©2009 “News Trends“.

Our Top Priority Is Power Generation: PM

PAKISTAN, SHEIKHUPURA: Prime Minister Syed Yusuf Raza Gilani has said that government is continuously monitoring the demand and supply situation of power and is taking all possible steps to meet the demand for maintaining the momentum of growth and development.

Speaking after inaugurating 225 MW Atlas Power Plant at Sheikhupura road here on Saturday, he said, “While new avenues in all other development sectors are being opened, our main priority right now is power generation, which is the main mover of economy, and without which the development of other sectors is not possible.”

Chief Minsiter Punjab Shahbaz Sharif, Federal Minsiter for Water and Power Raja Pervez Ashraf and Senior Minsiter Punjab Raja Riaz were also present on the occasion.

He said, “Our commitment in the matter is reflected by the fact that we have formed a cabinet committee which is responsible for closely monitoring the power situation, besides reviewing the transmission and distribution losses and recommending efficiency improvement plans.”

The committee will also facilitate provision of enhanced supply of oil and gas to the power plants. The circular debt issue has almost been resolved.

The Prime Minsiter said, “ We are aware of the current power situation in the country where the nation is subjected to long hours of load shedding. Our government has accepted the challenge as total current deficit of electricity in the system stands at around 3,500 MW.”

He said the immediate solution to overcome this deficit is to install rental power plants adding “ Nation will witness that about 3500 MWs would be soon added to the national grid. The CEOs of the new IPPs have assured us timely completion of their projects.”

He said the government is working on a fast track to get the required megawatts, and today’s ceremony is proof of the fulfillment of our promise.

LG Issue Not Merely Involves Hyderabad, Karachi: Minister

PAKISTAN, KARACHI: Federal Minister for Information and Broadcasting Kamaruz Zaman Kaira has said the Local Government issue does not merely involve Hyderabad and Karachi cities and this issue must be resolved through four provinces’ consensus.

Briefing media here at new Sindh Secretariat over the engagements of president Asif Ali Zardari during his visit to Karachi, Kaira said whatever may be the court’s ruling on former president Pervez Musharraf, it shall be accepted.

The coalition parties will be taken into confidence over all issues before reaching any decision including the matter to repeal local governments, Kaira told reporters when asked about the meeting of MQM delegation with President Zardari on district government system.

Federal Minister ruled out possibility to disseminate information to media in regard to every meeting coalition government hold.

Richard Holbrook Postponed His Swat Visit

PAKISTAN, ISLAMABAD: The scheduled visit of Richard Holbrooke to Mingora, the chief town of Swat, has been postponed due to bad weather conditions.

U.S. special envoy for Pakistan and Afghanistan who arrived in Islamabad on Saturday night was due in Mingora on Sunday morning to review the rehabilitation and repatriation of operation-affected people of the district. However, his visit was postponed due to stormy rains hit the upper parts of the country later Saturday.

This is Holbrooke’s second visit to Pakistan in less than a month for talks with top Pakistani leaders on a range of economic and security issues.

“He (Holbrooke) is going to meet most senior level officials during his stay,” US embassy spokesman Richard Snelsire told media persons.

During his three-day stay in Islamabad, Holbrooke will hold talks with President Asif Ali Zardari, Prime Minister Yousuf Raza Gilani, foreign minister Shah Mehmood Qureshi and army chief General Ashfaq Kayani.

“The talks will focus on a range of issues including rehabilitation of displaced people, the security situation in the northwest and tribal regions and presidential elections in Afghanistan,” a foreign ministry official told a news agency, referring to the August 20 poll in the neighboring country.