Thursday July 02, 2009

Karachi: The results of Prize Bond draw of Rs. 15000 held at Rawalpindi have been announced. According to the results, 1st Prize of Rs. 30000000 has been won by PB# 372827, 2nd Prize of Rs. 10000000 won by PB# 432728, PB# 907891, and PB# 286180. Complete results of other prizes will be available here within a few hours, so stay tune with us.

Check your prize bond draw result within a few hours of the draw on Finance.Kalpoint.Com or by simply clicking this link :"Check your Prize Bond Draw Result", on this blog. By clicking on the link you will land on a webpage that will ask you to select the prizebond denomination (which is Rs.15000 for this draw), and enter your email address. Its simple as that...!

Finance.Kalpoint.com, has long been enjoying the privilege of making the prize bond draws available for its users online within 4 hours of the draw. No other source can make available the online prize bond draw results that quickly....! It's the Brilliance of Finance.KalPoint.Com that makes it possible for you...!

Don't forget to visit us tomorrow to check your Prizebond results...!

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Thursday July 02, 2009

OTTAWA: Canada's economy contracted for the ninth straight month in April as the manufacturing, energy and retail industries scaled back activity in the deepest downturn since the early 1990s. Gross domestic product by industry fell 0.1 percent in the month compared with March, Statistics Canada said on Tuesday, suggesting the economy is entering its third quarter of recession.

While there were no surprises in the report - the results were in line with forecasts - it was still a disappointment to those looking for "green shoots", or signs the economy is about to right itself. GDP shrank 3 percent from a year earlier and total output by all industries in dollar terms was the lowest since October 2006. "The mild drop in April GDP reinforces the point that the worst of the declines for the economy are behind, but we have yet to reach the turning point," said Doug Porter, deputy chief economist at BMO Capital Markets.

The Canadian dollar was little changed after the data, drawing support from steady global equities. At 9:05 am (1305 GMT), the currency was at C$1.1564 to the US dollar, or 86.48 US cents. Bond prices were largely lower, moving in unison with US treasuries.

In a separate report, Statscan said the sharp rise in the Canadian dollar against the US dollar in May caused producer prices to fall by a steeper than expected 1.1 percent from April. Raw material prices rose 2.2 percent in the same period on rising commodity prices.

The lagged effects of the currency's appreciation could keep inflation low despite higher prices for oil and other commodities. "Not only will a higher Canadian dollar help limit gains in headline inflation via import price weakness, but higher commodity prices are also likely to crowd out discretionary spending," said Derek Holt, an economist at Scotia Capital.

Charmaine Buskas, senior economics strategist at TD Securities said she expects prices at the industrial level to remain lackluster "as the Canadian dollar is poised for further appreciation." "But at the raw materials level, continued firmness in crude prices may underpin further price gains for the index," she said. Weak foreign demand for Canadian exports led to a 1 percent decline in manufacturing activity in April, with nondurable goods the hardest hit.

Mines and petroleum activity fell 0.5 percent and retail trade was down 0.6 percent. The declines were partially offset by strength in the activities of real estate agents and brokers, along with wholesale trade. The Bank of Canada expects the Canadian economy to shrink 3.5 percent in the second quarter, following a 5.4 percent contraction in the first. The bank will update its projections in July.

(Reuters)

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Thursday July 02, 2009

LONDON: Sterling slid against the euro on Wednesday as worries persisted over the extent of the economic downturn in Britain, but gained against the dollar, which was broadly weaker ahead of key US employment data.

Worse-than-expected gross domestic product (GDP) figures on Tuesday showing the UK economy contracted by 2.4 percent in the first quarter continued to weigh on the pound, which reacted little to an above-forecast UK factory activity survey.

Sterling turned higher against the dollar as the US currency came under broad pressure, but it remained well below an 8-month high hit early on Tuesday after a surprisingly strong Nationwide UK housing survey.

Analysts expect trading to be cautious ahead of the non-farm payrolls data, which should provide fresh evidence on the health of the US economy. "The (PMI) numbers this morning were nothing too exciting for sterling. We're just teetering around and waiting for tomorrow's US payrolls numbers," said James Hughes, markets analyst at CMC Markets.

At 1433 GMT, the euro had climbed 0.4 percent against sterling at 85.55 pence. The pound rose 0.5 percent against the dollar to $1.6537, but stayed well below the 8-month high of $1.6745 hit on Tuesday. Sterling had spent most of the session trading lower against the dollar until figures showing US private employers cut more jobs than forecast pushed the US currency lower.

Sterling's trade-weighted index fell to 83.5, well below the 2009 high of 84.7 hit on Tuesday. Some analysts believe sterling could be set for some more gains near-term, however, particularly with UK equities performing strongly as the new quarter got underway, with the FTSE 100 index trading up 2 percent.

BNP Paribas currency strategist Ian Stannard said he viewed any falls in sterling against the dollar as a potential near-term buying opportunity. Further out, however, Stannard noted that sterling could be vulnerable to growing signs that investors may have been over-optimistic in their forecasts for a UK recovery.

Sterling gained around 15 percent against the dollar during the second quarter to post its best quarterly performance since late 1987. British manufacturing activity fell at its slowest pace in more than a year in June, with the latest CIPS/Markit manufacturing PMI index rising to 47.0 from 45.4 in May, the highest since May 2008.

Other data showed British service sector output posted its smallest fall in six months during April. "The latest news on the manufacturing and services sectors confirmed that the economy's rate of contraction eased markedly in the second quarter," Capital Economics analyst Jonathan Loynes said.

(Reuters)

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Thursday July 02, 2009

NEW YORK: The dollar advanced against a basket of major currencies on Tuesday after a report showing an unexpected drop in US consumer confidence for June prompted investors to seek shelter in the greenback. The weak consumer confidence report drove Wall Street stocks lower, revived the dollar after an early sell-off and dampened hopes of an imminent global economic recovery.

"The market is getting comfortable with the 'green shoots' theory so investors need a high hurdle for them to buy currencies other than the dollar," said David Watt, senior currency strategist at RBC Capital Markets in Toronto. "We're still seeing stress and strains in the market. We're going into the earnings season now that the second quarter has ended and people are cautious."

The ICE Futures' dollar index, however, ended the second quarter on a weak note, down 6.2 percent - its first quarterly drop since the first three months of 2008. On the month, the dollar index rose 1.2 percent. Analysts also said the simultaneous end to the month, quarter and first half of the year led to increased volatility in foreign exchange trading, exacerbating intraday moves in currencies.

But these month-end and quarter-end flows have supported the dollar, analysts said, as investors sought to rebalance portfolios. In late afternoon trading in New York, the euro last changed hands down 0.4 percent at $1.4024 after trading as high as $1.4152 earlier, according to Reuters data. Still, the euro was up 5.9 percent in the second quarter, its best quarterly performance since March 2008.

The dollar index, which measures the value of the greenback against a basket of currencies, traded up 0.5 percent on the day at 80.202. The dollar also rose 0.24 percent against the yen 96.36 yen. It fell 2.7 percent in the second quarter, but was up 1.2 percent in June.

Dollar buying ensued after a report showed the Conference Board's US consumer confidence index fell in June to 49.3 from a downwardly revised 54.8 in May. Economists polled by Reuters had forecast a reading of 55.0. The confidence index followed a report showing a smaller-than-expected decline in US home prices in April and a Chicago purchasing managers' report on business activity in the US Midwest.

Investors have sold US dollars recently as stock markets and oil prices rose on an upbeat view for prospects of a global economic rebound, hurting demand for the greenback as a safe haven. The MSCI global stocks index, which fell 0.7 percent on Tuesday, posted its best quarterly gain since its launch in 1988 at 21.2 percent.

Oil, meanwhile, hit an eight-month high of $73.38 a barrel earlier, but dropped more than 2 percent as the dollar strengthened. The expectation of global economic improvement gained support from the CBOE Volatility Index, Wall Street's fear gauge, which on Tuesday fell to its lowest level since September 12, just before Lehman Brothers collapsed.

That pushed currency volumes lower, too, with the one-month implied vols in euro/dollar falling to 12.6 on Tuesday from about 23.2 at the start of the year. Some analysts say the drop in currency volatility could trigger a downturn in the dollar. Others, on the other hand, are not buying the decline in vols and current market uncertainty should ensure that volatility remains elevated.

"If there is any certainty ahead on the policy front, it is elevated uncertainty and it will make for higher volatility ... in asset prices and FX," said David Gilmore, a partner at Foreign Exchange Analytics in Essex, Connecticut. "The longer-term direction is another story - though the consensus view of weak US Treasuries and dollar is compelling - the only difference for me from mainstream is that I would throw lower stocks in as well.

(Reuters)

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Thursday July 02, 2009

KARACHI: The rupee managed to gain against dollar on the open market on Wednesday, gaining 10 paisa for buying at 81.25 and 30 paisa for selling at 81.35, dealers said. The interbank market rates were not available due to bank closure, they added. Versus the euro, the rupee posted fresh gain of 24 paisa for buying and selling at Rs 113.32 and Rs 114.32, they said.

In the third Asian trade dollar steadied holding gains made the previous day after an unexpected fall in US consumer morale cooled optimism about an economic recovery, prompting investors to seek the safety of the greenback. The Bank of Japan's June tankan corporate survey showed on Wednesday that big manufacturers' sentiment pulled back from a record low hit three months ago, although the improvement was smaller than forecast.

Interbank Closing Rates: Interbank Closing Rates For Dollar On Wednesday.

Open Buying Rs 81.25
Open Selling Rs 81.35


(BRecorder)

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Thursday July 02, 2009

ISLAMABAD: The Ministry of Industries and Production is said to be manipulating to fix ethanol price, on behalf of some manufacturers, sources in the Ministry told a local English daily. The Cabinet has imposed 15 percent regulatory duty (RD) on export of ethanol, a demand by a powerful lobby backed by the Industries Ministry. The benefit of this RD, as was expected, is reportedly nil.

The Industries Ministry has already been strongly criticised by Pakistan Sugar Mills Association (PSMA) and Ministry of Commerce (MoC) for attempting to increase recently imposed 15 percent regulatory duty on molasses in a blatant effort to benefit ethanol manufacturers.

The imposition of regulatory duty will harm trade relations between Pakistan and the European Union (EU), as exporters have finalised several memoranda of understanding (MoUs) with EU partners and, therefore, the date of effectivity of the regulatory duty will have impact on these agreements.

Sources said that opponents of this duty proved with facts and figures that the logic of value-addition given by the ethanol manufacturers was far from reality. Last year, sugar mills exported 10,774,98 tons of molasses, which is equal to 25,237 tons of ethanol.

Analysts say that imposition of RD on molasses export will have a negative impact on Pakistan's exporters who will have to cancel deals with their European buyers, and renegotiate with them. The money earned from export of molasses was much higher than the ethanol manufacturers earned through so-called value-addition.

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Thursday July 02, 2009

ISLAMABAD: India has improved its revenue collection remarkably from service tax which has become an example for countries like Pakistan to introduce such kind of tax on services. The FBR quarterly review issued on Wednesday thoroughly analysed service tax structure in India with viable recommendations to implement the same in Pakistan.

In line with the Indian service tax, Pakistan should endeavour to improve the contribution of indirect taxes from services sector. It means during 2007-08, there was a potential to realise Rs 100 billion but only Rs 66 billion was actually collected. It implies that roughly, there is a further potential of Rs 34 billion in Pakistan, which could be generated additionally.

In India, around 63 percent of service tax collection emanated from 10 services and remaining 40 percent has been spreading on remaining services. Like Pakistan, telephone services contributed the top collection. Surprisingly, while comparing Indian service tax top 10 revenue generating services, only two categories telephone, banking and insurance services have been taxed in Pakistan.

Interestingly, the contribution of telecommunication has been 70 percent of the total collection of services in indirect taxes in Pakistan against only 17 percent in India. Prima facie, this is a case of limited tax base of services as well as enforcement issue. Interestingly, tax compliance by the taxpayers from 2001-02 has been up to the mark in services as tax returns have been regularly filed. Actual issue is the low contribution of service sector in tax revenues.

The tax base of services is extremely narrow. There is an immediate need to augment the scope of services in tax net of FED in VAT mode. The most prolific services in Indian service tax which are out of tax net in Pakistan are suggested to be brought in the fold of FED VAT mode such as business auxiliary service, goods transport agency, insurance auxiliary service, maintenance or repair services, stock broker, consulting engineers and commercial or repair service. With the passage of time, gradual extension of base would be a great source of revenue generation among the service untaxed.


(BRecorder)

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Thursday July 02, 2009

ISLAMABAD: The Federal Board of Revenue (FBR) has failed to achieve the policy objective of sales tax zero-rating for the textile sector, as the amount of refund claimed by this sector is still very high. The FBR has admitted this fact in the Third Quarterly Review issued here on Wednesday, reflecting non-compliance and low tax contribution by the textile sector due to non-existent audit.

The level of compliance is evident from the fact that 65 percent textile units, who declared nil income during 'Tax Year 2008', have claimed refund to the extent of Rs 430 million. The FBR further admitted that the zero-rating of textile sector has broken the VAT chain and eroded the tax base. Unfortunately, the decision of zero-rating seems to be ineffective. The FBR paper strongly recommended creation of 'Textiles Industry Group', including stakeholders like taxpayers and representatives of government to prevent tax evasion and improve compliance.

The report highlighted serious tax gaps in the biggest sector with huge contribution in exports. It is hard to believe that the industry with huge investment contributes negatively. It said that the sector is paying nothing, instead getting back billion of rupees every year in the shape of refund/rebate.

(BRecorder)

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Thursday July 02, 2009

KARACHI: The benchmark KSE-100 Index of Karachi Stock Exchange surged by 109 points on the opening day of the new financial year, closing at 7,270.

The share market opened upbeat and the major Index was seen in the green territory throughout the session.

Energy and cement sectors drew particular attention of the investors who took fresh positions in these sectors on reports of slashing of interest rate by the State Bank of Pakistan (SBP) and reduction in profit rates on national savings schemes.

Trade volume was recorded at 100 million shares.

DG Khan Cement was today’s star performer in terms of volume which gained paisas 85 to close at Rs30.50.

KSE-30 Index advanced by 141 points to peg at 7,711

Thursday July 02, 2009

KARACHI: The benchmark KSE-100 Index of Karachi Stock Exchange surged by 109 points on the opening day of the new financial year, closing at 7,270.

The share market opened upbeat and the major Index was seen in the green territory throughout the session.

Energy and cement sectors drew particular attention of the investors who took fresh positions in these sectors on reports of slashing of interest rate by the State Bank of Pakistan (SBP) and reduction in profit rates on national savings schemes.

Trade volume was recorded at 100 million shares.

DG Khan Cement was today’s star performer in terms of volume which gained paisas 85 to close at Rs30.50.

KSE-30 Index advanced by 141 points to peg at 7,711

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Thursday July 02, 2009

LONDON: European stock exchanges surged ahead on Wednesday in line with a robust opening on Wall Street and in response to some positive US economic data despite worse-than-expected unemployment figures.

The London FTSE 100 index added 2.15 percent to close at 4,340.71 points while in Paris the CAC 40 rose 2.43 percent to reach 3,217. The Frankfurt Dax gained 2.0 percent to end the session at 4,905.44.

There were gains of 1.18 percent in Madrid, 2.12 percent in Brussels, 1.99 percent in Milan and 2.19 percent in Amsterdam.

Wall Street shares earlier in the day opened a new month and quarter on an upbeat note, with the Dow Jones Industrial Average up 1.36 percent at 8,561.57 at mid-day. The tech-heavy Nasdaq had risen 1.24 percent to 1,857.77.

Wall Street looked to overseas markets for early cues, shrugging off an early report showing a weaker-than-expected US labor market.

"Some upbeat manufacturing data from China and Europe are helping soothe concerns that the economic reality has fallen behind the recent rally in the equity markets since mid-March," said analysts at Charles Schwab & Co.

That helped offset a survey from payrolls firm showing the US private sector shed 473,000 jobs in June.

"The ADP report for June wasn't as dire as the initial headlines indicated," said Patrick O'Hare at Briefing.com

"Nonetheless, it isn't good news. It is a sobering reminder that the labour market is weak and that there is a heightened risk of disappointment in the (official) nonfarm payrolls number that will be reported Thursday."

But gains accelerated on a report showing the US manufacturing sector showed signs of emerging from its slump in June, after similar reports from Europe and China.

The US Institute of Supply Management said its index of the sector also known as the purchasing managers (PMI) index, increased to 44.8 percent from 42.8 percent in May.

It was below the 50 percent level that separates expansion and contraction, and just under the 45 percent expected by private economists.

But Ryan Sweet at Moody's Economy.com said the ISM report "suggests that the worst of the manufacturing contraction is behind us. The details of the report were much more upbeat than the headline number would suggest."

In Asia on Wednesday, Japanese share prices ended slightly lower as investors took profits after a key index of business confidence rose by less than expected, dealers said.

Tokyo's benchmark Nikkei-225 index lost 18.51 points, or 0.19 percent, to end at 9,939.93, a day after ending at a two-week high.

The Nikkei topped 10,000 points at one point during the day but failed to hold above the key level.

"As the index topped 10,000, it was a good time to sell," said Hideaki Higashi, a strategist at SMBC Friend Securities.

The Bank of Japan said in its quarterly Tankan survey that business confidence among major Japanese manufacturers had improved for the first time in two-and-a-half years.


(AFP)

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Thursday July 02, 2009

NEW YORK: US stocks rose on Wednesday, the start of the third quarter, as reassuring manufacturing data from China, Europe and the United States reinforced hopes that the world's economy is on the road to recovery.

A day after the benchmark S&P 500 wrapped up its best quarter in a decade, investors plowed new money into stocks, boosting growth-sensitive sectors like energy, industrials, technology, materials and consumer discretionaries.

But with the release of the all-important June non-farm payrolls data just a day away, some caution prevailed, causing indexes to finish sharply off their highs.

A weaker US dollar underpinned stocks of multinational companies such as Coca-Cola, up 2.5 percent at $49.18, as investors bet the U.S currency's decline might boost overseas earnings. Coca-Cola is one of the best-known defensive stocks, which are shares of companies deemed better able to withstand an uncertain economy.

General Mills Inc, the maker of Cheerios cereal, also gave investors more reason to be optimistic about the economy after the food company forecast a stronger-than-expected annual profit, sending its stock up 3.9 percent to $58.18.

"There are clearly signs that we are emerging from the recession," said Maury Fertig, chief investment officer of Relative Value Partners in Northbrook, Illinois. "We think the economy has bottomed out and we'll see some positive GDP this quarter."

Even so, volume was light because of the absence of most market players in a holiday-shortened week. US financial markets will be closed on Friday for the US Independence Day holiday.

The Dow Jones industrial average rose 57.06 points, or 0.68 percent, to 8,504.06. The Standard & Poor's 500 Index gained 4.01 points, or 0.44 percent, to 923.33. The Nasdaq Composite Index shot up 10.68 points, or 0.58 percent, to 1,845.72.

Earlier in the session, indexes had risen more than 1 percent, but pared gains heading toward the close as apprehension about Thursday's non-farm payrolls data crept into the market.

The initial estimate, according to a Reuters poll of economists, called for payroll losses of 355,000 non-farm jobs last month. But an updated poll this week of 76 economists raised the figure to 363,000 jobs. The department said in May that 345,000 positions were eliminated by employers.

The unemployment rate is expected to have crept up to 9.6 percent -- its highest since June 1983 -- from 9.4 percent in May.

The jobs data is due at 1230 GMT on Thursday.

Kraft Foods Inc, another major US food company, jumped 5 percent to $26.61, following the outlook of General Mills. Kraft topped the Dow's list of major advancers.

Chip makers ranked among the Nasdaq's biggest boosters, with Intel Corp up 3 percent at $17.04.

In the latest readings on the global economy, surveys from Europe showed manufacturing was shrinking less than initially thought and in China's case, growing modestly.

Other data on Wednesday showed the US manufacturing sector contracted in June but at a slower pace than in May. The Institute for Supply Management said its index of national factory activity edged up to 44.8 to in June from 42.8 in May.

Additionally, global outplacement consultancy Challenger, Gray & Christmas data showed planned layoffs at US firms fell to a 15-month low in June. That news eclipsed the ADP Employer Services payroll survey showing that private employers cut 473,000 jobs in June.

Prospects for a better world economy lifted commodity prices, boosting stocks in natural resource companies, including miners, with Newmont Mining Corp up 3.2 percent at $42.18.

Shares of Chevron Corp rose 0.4 percent to $66.52, while Exxon Mobil added almost 1 percent to $70.56. Both stocks were off their best levels, however, after crude oil futures reversed an initial climb that sent them above $71 a barrel earlier on Wednesday.

US front-month crude slipped 58 cents to settle at $69.31 a barrel, after rising as high as $71.85 earlier.


(Reuters)

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Thursday July 02, 2009

SINGAPORE: Oil prices recovered modestly but remained below 70 dollars in Asian trade Thursday after overnight losses on US energy demand concerns, analysts said.

New York's main contract, light sweet crude for August delivery was 14 cents firmer at 69.45 dollars. Brent North Sea crude for August delivery rose 10 cents to 68.89 dollars a barrel.

Crude fell at the close of US trading Wednesday as investors focused on weak American gasoline demand indicated by the latest government data which showed petrol stocks rising by 2.3 million barrels in the week ending June 26.

Distillates, which include diesel and heating fuel, increased by 2.9 million barrels in the same period, the data released by the US Department of Energy Wednesday showed.

Gasoline demand traditionally increases at this time of the year when Americans take to the roads for their summer holidays but the recession that began late last year is still taking a toll on US consumers, analysts said.

"Product demand is simply awful. Products built more than expected, and the expectations were already bearish," said Hussein Allidina of Morgan Stanley Research.

Going forward, the direction of crude prices will continue to be heavily influenced by the state of the global economy, especially that of the United States, the world's biggest energy user, analysts said.

Dariusz Kowalczyk, chief investment strategist with SJS Markets trading house, said recent data showed the global economy was on the mend but cautioned that "concerns remained over the pace of the coming recovery."

"As a result of the markets seeing the glass half full, risk appetite increased," Kowalczyk said.

Analysts were waiting for the results of a meeting later Thursday of European Central Bank (ECB) policymakers although most said they expected the bank to leave interest rates at an all-time low of 1.0 percent.

"There is little chance of fresh measures to boost liquidity and it is unlikely that the ECB delivers another rate cut," analysts from Singapore's DBS Bank said.

"Therefore, the ECB's assessment on the economy is also unlikely to be changed materially."


(AFP)

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Thursday July 02, 2009

Karachi: The results of Prize Bond draw of Rs. 15000 held at Rawalpindi have been announced. According to the results, 1st Prize of Rs. 30000000 has been won by PB# 372827, 2nd Prize of Rs. 10000000 won by PB# 432728, PB# 907891, and PB# 286180. Complete results of other prizes will be available here within 3-4 hours, so stay tune with us.

Check your prize bond draw result within four hours of the draw on Finance.Kalpoint.Com or by simply clicking this link :"Check your Prize Bond Draw Result", on this blog. By clicking on the link you will land on a webpage that will ask you to select the prizebond denomination (which is Rs.15000 for this draw), and enter your email address. Its simple as that...!

Finance.Kalpoint.com, has long been enjoying the privilege of making the prize bond draws available for its users online within 4 hours of the draw. No other source can make available the online prize bond draw results that quickly....! It's the Brilliance of Finance.KalPoint.Com that makes it possible for you...!

Don't forget to visit us tomorrow to check your Prizebond results...!

• 0 comments »