Wednesday, June 17, 2009

Karachi: The Results of latest draw of P.B. Rs. 200 has been announced in Hyderabad on Monday, June 15, 2009. According to the details, PB # 055127 has won the 1st Prize of Rs. 750,000 , 2nd Prize of Rs. 250,000 is won by to PB# 889419, PB# 668785, PB# 523394, PB# 246922, and PB# 914331.

Complete results of other prizes are available now. You can check your prize bond 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.200 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...!

• 1 comments »

Wednesday, June 17, 2009

U.K. unemployment rose less than economists forecast in May and the Bank of England said the risk of a deeper slump has receded, the latest evidence to indicate the economy is past the worst.

Claims for jobless benefits rose 39,300 to 1.54 million in May, the smallest increase since July last year, the Office for National Statistics said today. Economists predicted a gain of 60,000, the median of 28 forecasts in a Bloomberg News survey shows. Separately, the Bank of England said in London “the risk of a continued sharp contraction” has “receded somewhat.”

Signs are mounting that the U.K. economy is recovering from the worst recession since 1979, with manufacturing output rising for a second month in April and services activity expanding for the first time in a year last month. At the same time, the Bank of England said in minutes of its June 4 policy meeting published today it’s too soon to say that its emergency money- printing program is working.

“While the economy may see positive growth at some point later this year, the risk of relapse is still high,” said James Knightley, an economist at ING Financial Markets in London.

A broader measure of unemployment rose 232,000 to 2.26 million in the three months through April, the highest since November 1996, the statistics office said. The Confederation of British Industry expects unemployment to peak in the second quarter of 2010 at 3.03 million, a rate of 9.6 percent, instead of the 3.25 million forecast in April.

(Bloomberg)

• 0 comments »

Wednesday, June 17, 2009

European stocks fell for a fourth day, the longest streak since the rebound began in March, on concern the global economy will be slow to recover from the recession.

The Dow Jones Stoxx 600 Index of European shares slid 1.2 percent at 12:22 p.m. in London after a three-month, 36 percent rally that drove price-earnings valuations to the highest levels in five years. The Dollar Index was little changed after falling as much as 0.5 percent earlier as futures traders pared bets that the Federal Reserve will raise its target interest rate by year-end. The pound dropped as U.K. unemployment climbed to the highest since 1998.

While U.S. President Barack Obama said “you’re starting to see the engines of the economy turn,” in an interview with Bloomberg News, he also said “it’s going to take a long time” for a full recovery. The jobless rate will continue to climb from its current 25-year high of 9.4 percent to 10 percent as employers balk at taking on new workers, the president said.

“The turn in risk assets, while still relatively modest, is broad enough and deep enough to suggest that the uptrend has stalled,” Greg Gibbs, a currency strategist in Sydney at Royal Bank of Scotland Group Plc, wrote in a note today. “With valuations no longer compelling, more volatile bond markets and economic data more mixed, the investment community is less hurried to extend further into risk assets.”

(Bloomberg)

• 0 comments »

Wednesday, June 17, 2009

NEW YORK: The US dollar rose broadly on Monday after Russia expressed confidence in the greenback as the world's reserve currency, while concerns about the euro zone economy undermined the euro. The single European currency fell below $1.38 to its lowest level in more than three weeks after the European Central Bank said euro zone banks will probably need to write down another $283 billion.

Speaking on the sidelines of a Group of Eight finance ministers meeting in Italy, Russian Finance Minister Alexei Kudrin said the dollar's role as the world's main reserve currency is unlikely to change in the near future. The comments followed statements from a top Russian central bank official last week that it would cut the share of US Treasuries in its reserves. But Kudrin's comments alleviated concerns that major emerging market countries may be diversifying away from the dollar ahead of a summit of leaders of Brazil, Russia, India and China (BRIC) in Russia on Tuesday.

"Reserve diversification has really come into question given the complete U-turn in the comments from the Russian finance minister," said Kathy Lien, director of currency research at GFT Forex in New York. "We have started the new trading week on a dollar-friendly tone."

The International Monetary Fund on Monday also threw its support behind the US unit, saying the dollar's status as the world's dominant reserve currency is likely to remain. "Markets have been increasingly concerned about the status of the US dollar," said Camilla Sutton, senior currency strategist at Scotia Capital in Toronto. "It's fairly clear to most people there's no alternative."


(BRecorder)

• 0 comments »

Wednesday, June 17, 2009

KARACHI (June 17 2009): The rupee gave up its overnight firmness against dollar on the interbank market on Tuesday, shedding 10 paisa for buying and selling at 81.05 and 81.10, marketmen said. Importers' buying of dollars pushed the rupee lower, and it was most likely that the rupee may show slight weakness versus dollar in the coming days also, they said.

During the second session, the yen jumped broadly after a slide in global stocks boosted caution about the global economy, prompting investors to cut bets on riskier assets. The euro fell sharply versus the yen and hit its lowest level in almost a month against the dollar after the European Central Bank said euro zone banks will probably need to write down another $283 billion.

(BRecorder)

• 0 comments »

Wednesday, June 17, 2009

YEKATERINBURG: China and Russia sought greater international clout at a summit Tuesday, with China promising a $10 billion loan to Central Asian countries, while Russia challenged the dominance of the US dollar as a global reserve currency. Russia also gave a prominent platform to Iranian President Mahmoud Ahmadinejad amid massive protests in Iran over his bitterly disputed re-election and questions in the West about the vote.

Chinese leader Hu Jintao said China will extend a $10 billion loan to a regional group that also includes Russia and four Central Asian states.

The move adds muscle to China's role in the Shanghai Co-operation Organisation, a six-nation group Russia and China use to counter the Western influence in resource-rich, strategically placed Central Asia. The other members of the organisation Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan.

The leaders of Afghanistan, Iran, India and Pakistan were also at the table, underscoring Russia and China's reach for regional clout and global influence. Hu said the loan is intended to shore up the struggling economies of its members amid the global financial crisis.

Meanwhile, President Dmitry Medvedev pushed his call for new global reserve currencies to complement the dollar at the summit. ``No currency system can be successful if we have financial instruments denominated in just one currency,' Medvedev said. ``We must strengthen the international financial system not only by making the dollar strong, but also by creating other reserve currencies.'


(BRecorder)p

• 0 comments »

Wednesday, June 17, 2009

KARACHI: Net foreign investment has declined by 47 percent during the first 11 months of the current fiscal year mainly due to massive outflow of the portfolio investment and poor law and order situation. Net foreign investment comprising foreign direct investment (FDI) and portfolio investment is constantly on the decline due to worsening law and order situation, slow economic activities and global recession.

Net foreign investment has registered a decline of some 2.01 billion dollars during the first 11 months (July-May) of FY09. With current decline, overall net foreign investment has declined to 2.222 billion dollars during July-May of the current fiscal year as compared to 4.23 billion dollars in the same period of FY08.

Massive outflows of portfolio investment have major share in the overall decline in the net foreign investment, while slow privatisation process has also contributed to this trend in a negative way, as during the current fiscal year no new privatisation transaction could take effect.

FDI and portfolio investment have posted a decline of 19.8 percent and 1365 percent respectively during the first 11 months of current fiscal year. FDI reduced to 3.325 billion dollars in July-May of FY09 against 4.147 billion dollars in the corresponding period of FY08, depicting a decrease of 815 million dollars.

With a dip of 1365 percent, portfolio investment stood in a negative position of 1.103 billion dollars during the first 11 months of FY09 as compared to an investment of 87.2 million dollars in the same period of FY08. However, economists said that some 3.325 billion dollars foreign direct investment during the first 11 months is also an encouraging figure despite uncertainty in the country.

They said that FDI inflows are more than expectations, which is a positive sign and it means that foreign investors are still interested in investing in the Pakistan. Inclusive of privatisation proceeds, total private investment shows a decline of 34.20 percent to 2.764 billion dollars during July-May of FY09. Previously it stood at 4.2 billion dollars.

(BRecorder)

• 0 comments »

Wednesday, June 17, 2009

KARACHI: In the post budget scenario, the Karachi stock market remained under the tight grip of bears on second consecutive day on Tuesday as well where lacklustre behaviour of investors shrank the day turnover to three month low.

The KSE 100-share Index posted another fresh fall of 1.15 per cent or 80.13 points and closed at 6,872.96 points. Its junior partner the 30-Index shed more 1.24 per cent or 91.69 points and ended at 7,280.78 points.

The day turnover fell to 64.4 million shares, which is three months low, according to M Sohail at Topline Securities. Moreover, the day turnover is about 40 per cent less than a day earlier volume of 106.3 million shares.

The future market saw zero trade and the overall market capitalisation dropped by Rs12 billion to stand at Rs2,041 billion.

Interesting, the overseas investors injected a small tranche of $2.15 million at local bourses in this sluggish trading session, according to NCCPL.

Among the notables, the National Bank, United Bank, Bank of Punjab and Attock Refinery managed to close in the positive territory against closing of majority of the actives in red.

Out of total 265 actives on board, losers outnumbered gainers 191 to 60 with 14 stocks closing unchanged.



To read the full story, please visit: Finance.Kalpoint.Com

• 0 comments »