Petroleum prices cut by 1.34 per cent

Friday, 01 Jan, 2010

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) reduced on Thursday petroleum prices by 1.34 per cent to 3.5 per cent with immediate effect in line with a decline in international market.

According to a notification, the price of petrol has been reduced by 89 paisa to Rs65.11 per litre, down by 1.34 per cent and that of High Octane Blending Component (HOBC) has come down to Rs79.43 per litre, down by Rs1.09 or 1.35 per cent.

Likewise, the ex-depot sale price of kerosene has been reduced by Rs1.88 per litre to Rs60.75, down by about 3 per cent and that of light diesel oil by Rs2.12 per litre to Rs58.10, down by 3.5 per cent.

The prices of jet fuels have also been reduced by 1.3 per cent to 3 per cent, and those of JP-1, JP-4 and JP-8 by 3 per cent, 1.3 per cent and 2.9 per cent, respectively.

Bollywood looks to Aamir Khan to end 2009 on a high

Wednesday, 23 Dec, 2009

MUMBAI: Bollywood is looking to Aamir Khan to bring festive cheer to the industry after a disappointing 2009 hit by a producers’ strike, swine flu fears and a lack of box office success, AFP reports.

The actor-producer-director’s heavily-marketed ‘3 Idiots,’ based on Chetan Bhagat’s best-selling debut novel ‘Five Point Someone’ about three struggling students at a business school, is released on Friday, Christmas Day.

Bollywood watchers hope Khan — known for only making one big film per year in an industry where leading actors can be working on several films at the same time — can replicate his previous year-end successes.

His 2008 Christmas offering, ‘Ghajini,’ became Bollywood’s highest grossing film and followed the acclaimed ‘Taare Zameen Par’ (Stars on Earth) in 2007.

‘We hope he creates a hattrick this year,’ said Amod Mehra, a Bollywood trade analyst.

Another leading critic, Taran Adarsh, gave the film 4.5 stars on his bollywoodhungama.com site and said it ‘easily ranks amongst Aamir, (director) Rajkumar Hirani and (producer) Vidhu Vinod Chopra’s finest films.’

Bollywood began 2009 after a muted end to 2008 due to the deadly terror attacks in Mumbai, which saw the cancellation of a number of films.

Audiences had already dwindled due to recession fears and disaffection at under-performing big budget films.

But the much-anticipated ‘Chandni Chowk To China,’ a co-production with US studio Warner Brothers and the first Bollywood film to be part-filmed in China, bombed at the box office.

Leading star Shahrukh Khan’s own production ‘Billu’ also disappointed, as world attention focused on the British film about a Mumbai teaboy, ‘Slumdog Millionaire,’ and its runaway success at the Oscars.

In April, Bollywood producers began a two-month boycott of multiplex cinemas, calling for a fairer share of box office receipts. The strike saw the postponement of scores of films and losses estimated at 63 million dollars.

Rising numbers of swine flu cases in Mumbai and the surrounding area added to Bollywood’s woes, leading to the temporary closure of cinemas on public health grounds and the postponement of several films.

Despite a glut of new releases since then, only a handful of films have been considered hits, like ‘New York,’ about a group of friends in the city on September 11, 2001, and the thriller ‘Kaminey.’

A new hero was found in Ranbir Kapoor after his hit ‘Wake Up Sid’ and ‘Ajab Prem Ki Ghazab Kahani,’ while Salman Khan made a successful comeback in ‘Wanted.’

But Adarsh told AFP: ‘It’s not been a good year. In my opinion, it’s been the worst year for the film industry.

‘You can’t blame anyone apart from the industry for churning out such bad movies. This results in perhaps 90 per cent of films failing. It’s not a good situation. We need to concentrate on quality.’

Mayank Shekhar, national cultural editor at English-language newspaper The Hindustan Times, agreed and suggested that Hollywood — which still has only a tiny market share but is trying to make inroads into India — has benefited.

Roland Emmerich’s ‘2012’ crossed the 900 million rupees mark last weekend, making it the highest grossing Hollywood film in India, The Times of India newspaper said on Sunday.

Dubbed and original versions of James Cameron’s ‘Avatar’ and the hit comedy ‘The Hangover’ have also done well.

Shekhar said ‘2012’ would turn out to be the biggest hit in India this year, and had proved popular in both more expensive urban multiplex cinemas and traditional single screen cinemas in small towns and villages.

‘This is the first time we’ve seen something like this. It may be an indicator of things to come, that people are now willing to choose,’ he told AFP.

‘The Indian movie market has been the only one in the world where no one cares that (Hollywood director Steven) Spielberg is releasing a film. That might change.’

Stocks turn easier on profit-taking, off 29.55 points
Thursday, 24 Dec, 2009

KARACHI: Stocks failed to extend the overnight run-up as investors took profits at the inflated levels on Wednesday fearing further decline in prices owing to a long holiday weekend ahead on account of Ashura and Christmas. The KSE 100-share index was off 29.55 points at 9,302.92.

Political uncertainty amid fears of institutional confrontation between the major pillars of the state on the implementation issue of the Supreme Court’s verdict on NRO appears to be one of the major destabilising factors linked to volatile performance of the market, some leading analysts observed.

But some other said the market could close the current year on steady note as portfolio adjustments on some of the counters were still inconclusive and may manifest after the Ashura holidays.

Much of the selling originated from the foreign investors who were inclined to keep their statistical positions risk-free for obvious reasons and so did some of the local leading market players.

After early rise of 52 points at the session’s high of 9,384.13, the KSE 100-share index finally ended with a net loss of 29.55 points as leading base shares notably OGDC, Adamjee Insurance and some others remained under pressure.

The KSE 30-share index off 43.55 points at 9,782.38 as most of base shares came in for active selling.

However, the fact that the benchmark index held to its recently established resistance above 9,300-points reflects that the year-end target of 10,000 now appears to be an elusive goal.

Leading gainers were led by Bata Pakistan and Rafhan Maize, up Rs39.54 and Rs26 followed by Alas Honda, Abbott Lab, Pakistan Services and Fazal Textiles, up by Rs4.96 to Rs12.19.

Prominent losers included Wyeth Pakistan and Siemens Pakistan, off Rs30 and Rs24.46. Other notable losers were led Fazal Textiles, Lakson Tobacco, PECO, Nestle Pakistan, Treet Corporation, Colgate Pakistan and Unilever Foods, off by Rs5 to Rs24.

Trading volume suffered a modest fall at 118.947m shares from the previous 137m shares as losers held a comfortable lead over the gainers at 204 to 168, with 26 shares holding on to the last levels.

The active list was led by Arif Habib Securities, up 33 paisa at Rs49.09 on 13m shares followed by Nishat Chunian, firm by 87 paisa at Rs19.53 also on 13m shares and PTCL, steady by 53 paisa at Rs17.53 on 11m shares.

JS and Co, steady by six paisa at Rs30.67 on 8m shares, Fauji Fertiliser Bin Qasim, up 64 paisa at Rs25.53 on 7m shares, D.G. Khan Cement, firm 45 paisa at Rs29.35 on 5m shares and OGDC, off Rs1.01 at Rs108.03 on 4m shares.

Bank Alfalah followed them, easy by 11 paisa at Rs14.17 on 4m shares, Adamjee Insurance, off Rs3.32 at Rs123.23 also on 4m shares and Kohat Cement, up 46 paisa at Rs6.86 on 3m shares.

FUTURE CONTRACTS:

Adamjee Insurance came in for active selling and fell by Rs1.81 at Rs124.40 on 0.650m shares followed by PTCL, firm 45 paisa at Rs17.49 on 0.332m shares and OGDC, December and January contracts, off Rs1.10 and 51 paisa at Rs108.05 and Rs108.26 on 0.245m and 0.249m shares, respectively, and Nishat Mills, off Re1 at Rs70.09 on 0.204m shares.

DEFAULTER COMPANIES:

The activity on this counter was relatively slow as barring some of the recent actives, others were neglected.

Japan Power led the list of actives, lower by 14 paisa at Rs2.22 on 0.300m shares followed by Genertech Power, steady by four paisa at Rs0.79 on 26,800 shares and Pangrio Sugar, up 47 paisa at Rs4.98 on 25,600 shares.

Haydery Construction rose by two paisa at Rs0.81 on 12,035 shares, while English Leasing fell by 34 paisa at Rs2.90 on 15,204 shares.

Customs duty on yarn import removed
Thursday, 24 Dec, 2009

ISLAMABAD: The Cabinet Committee on Textile has removed customs duty on import of cotton yarn falling under Chapter 52 of the Harmonised Tariff Schedule with immediate effect, and decided to take corrective measures if yarn export exceeds 50 million kg per month.

The second meeting of the committee, which was presided over by Federal Minister for Textile Industry Rana Mohammad Farooq Saeed Khan here on Wednesday, observed that due to cotton failure at the international markets yarn prices had increased globally. ‘However, if the mid-stream textile sector finds feasible it can import yarn even from India.’

A textile ministry official informed the committee that the yarn production was expected to be around 2.6 million tons this season and a check on its exports could bring down yarn prices in the local market.

The meeting was informed that there was a need to provide a level-playing field to all stakeholders in the textile chain and the requirements of all the sectors should be fulfilled in a competitive manner.

The meeting observed that around 300 tons yarn had been exported mainly to China in the first five months (July-Nov) of 2009-10.

It also reviewed the production, prices and domestic availability of cotton yarn in the wake of rising complaints of shortage by the textile sector due to massive exports.

Secretary Textile Industry Dr Waqar Masood Khan briefed the meeting on the production trend, exports and availability of yarn for the value-added textile sector.

Based on the suggestions of the finance ministry that yarn exports should be utilised as a platform for ensuring foreign exchange inflows in the country, the meeting decided that yarn exports would be allowed only against LCs and advance cash received through normal banking channels.’ Yarn exports based on credits will not be allowed and contracts will have to be registered with the Trade Development Authority of Pakistan (TDAP),’ the textile minister declared.

The next meeting of the committee would be held on January 8, 2010.

The meeting was attended by Federal Minister for Food and Agriculture Nazar Muhammad Gondal, State Minister for Finance Hina Rabani Khar, Secretary Ministry of Commerce Zafar Mahmood, Secretary Industries and Production Abdul Ghaffar Soomro, Secretary Food and Agriculture Muhammad Zia-ur-Rehman, Secretary Investment Muhammad Saleem Khan, Secretary Industries Government of Punjab Rao Manzar Hayat, Member Planning Commission Dr S.M. Younus, Member Customs FBR Munir Qureshi, Joint Secretary Ministry of Finance Ahmed Hussain, Commissioner Faisalabad Tahir Hussain and Chief Executive TDAP Mohibullah Shah and officers of ministry of textile industry.

Gas supply under pressure

Commuters using vehicles fuelled by CNG in Islamabad and the surrounding areas are experiencing considerable inconvenience on account of the mandated weekly two-day gas holiday for CNG stations that began recently.

This is the first time that a regular suspension of gas supply has been imposed on CNG stations in the winter months since the promotion of natural gas as an environment-friendly fuel started some years ago. Given the advantages of CNG — lower prices, less polluting emissions and reduced dependence on imported oil — its popularity is not surprising. Within a decade Pakistan has become a world leader in CNG use, rivalling Brazil and Argentina for the top slot as the country with the largest number of CNG-powered vehicles and refuelling stations.

However, the gas holiday is a rude reminder of competing demands by the power, industrial, commercial, automotive and domestic sectors for gas, leading to strained supplies. There are longstanding complaints from the industrial sector about poor gas supply during winters when domestic consumption rises due to heating purposes. There are similar complaints about low gas pressure in homes in some localities. In fact, in some areas of the country there is no piped gas.

The obvious solution lies in stepping up investment in gas exploration to enhance overall supply. But each sector also needs to play its due role in addressing the overall problem by adopting measures to ensure sustainable supplies of gas countrywide. In the transport sector particularly an important measure involves supporting infrastructure and services that favour high-capacity public transportation like mass transit railways. Removal of the bottlenecks impeding these systems in Islamabad and other cities will enable a more efficient use of natural gas as a transport fuel. Generating renewable gas for fuelling vehicles by turning biogas produced in waste landfills into compressed gas should also be considered.

Sindh cotton output to touch 3.845m bales

KARACHI: The unabated flow of phutti into ginneries particularly in Sindh has so far proven all estimates made about the size of current crop wrong.

According to official figures phutti arrivals during the fortnight ending Dec 15, point to a total production of 11.291 million bales or 24.19 per cent higher over the corresponding period last year when a production of 9.092 million bales was achieved.

A sustained flow of phutti in the province is expected to make historic record of cotton production where up to Dec 15, around 3.845 million bales have been produced.

The fabulous growth in cotton production by the province of Sindh will go a long way in helping the country to become self-sufficient in cotton, which is a basic raw material for the largest industrial sector.

The figures available so far reveal a growth of around 50 per cent in cotton production in Sindh, which stood at 3.845 million bales as against 2.569 million bales recorded in the corresponding period last year. The province produced 1.276 million bales more over the same period last year.

It is highly encouraging that the flow of phutti in both cotton producing provinces, Sindh and Punjab is much higher than the previous year. Normally, cotton watchers say the flow of phutti starts to slow down during second half of the month of November every season but this did not happen so far.

However, it is a matter of some concern that the Punjab though still getting flow of phutti higher by 14.15 per cent but it is relatively low when compared to its crop size.

In total the province produced up to Dec 15, 7.445 million bales, which is 0.993 million bales more than previous year at 6.522 million bales. Punjab’s cotton crop size had been always enormous and its variations also have deeper impact on overall cotton production of the country.

However, cotton analysts feel that the ultimate size of cotton crop would be much higher than officially estimated production at around 12 million bales. Still more picking have to go in both the provinces and it is hoped that the size would cross by any conservative estimates to over 14 million bales, they added.

As a result of higher phutti arrivals in all 2.199 million more bales were produced up to Dec 15, over the corresponding period last year.

It is equally encouraging that the spinners have purchased larger quantity of cotton this season at 9.377 million bales against 6.819 million bales lifted by them in the same period last year.

There was a higher involvement of exporters in cotton trade this year and around 0.662 million bales were purchased by them compared to 0.225 million bales last year.The most encouraging development is that during the out-going fortnight the flow of phutti remained higher by 107,599 bales at 863,412 bales as against 755,813 bales last year.

Stock prices up as KSE gains 50 points

Updated at: 1747 PST, Monday, December 21, 2009 KARACHI: Share prices at Karachi Stock Exchange witnessed upward movement as the benchmark KSE-100 Index gained 50 points to close at 9233. The Index began its journey in the green zone and moved both sides of the fence during the first trading day of the week. The investors appeared particularly interested in banking sector. The market turnover stood at 70 million shares. Bank of Punjab led the list of the volume leaders which slipped paisas 37 to close at Rs20.60. KSE-30 Index advanced by 53 points to finish the day at 9,705.