Wednesday July 15, 2009


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Wednesday July 15, 2009

KARACHI: Bears dominated on the currency market on Tuesday as the rupee continued downward drift against dollar on both the interbank and open market, analysts said. On the interbank market, the rupee tended lower versus dollar, shedding 10 paisa for buying and selling at 82.50 and 82.55, they added.

In the second Asian trade yen was steady against dollar and euro, recovering from earlier losses, as investors braced for earnings reports including one from Goldman Sachs as well as economic data in the United States. The yen initially slipped on hopes that US financial sector earnings would be better than previously thought but it climbed back as investors played it safe before the figures are announced amid persistent worries over the global economy.

Open Market Rates: The rupee held its overnight level against dollar for buying at 82.30 while it shed 10 paisa for selling at 82.70, dealers said. Meanwhile the rupee maintained its overnight level in relation to euro for buying and selling at Rs 114.05 and Rs 115.05, they said.

Buying Rs 82.50
Selling Rs 82.55

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

Open Buying Rs 82.30
Open Selling Rs.82.70


(BRecorder)



Wednesday July 15, 2009

NEW YORK:
Pakistan has asked some $4 billion in additional financing from the International Monetary Fund as an "insurance" against the economic crisis, a top Finance Ministry official said on Tuesday. "The world has not come out of recession, so I might as well have more insurance," Finance Ministry chief Shaukat Tarin told investors in an event organised by the Asia Society in New York.

Pakistan has already signed a $7.6 billion loan deal with the IMF in November to avert a balance of payment crisis. Now the South Asian country is requesting additional financing worth two times its quota, or $3.1 billion, plus $1 billion worth of capital increase in the fund, Tarin told Reuters on the sidelines of the event.


(Reuters)


KARACHI : Foreign investment during last fiscal year (2008-09) registered a massive decline, of 51 percent, due domestic and external shocks and massive outflow of portfolio investment mainly due to political uncertainty. The State Bank of Pakistan (SBP) on Tuesday issued statistics of foreign investment (FDI) and portfolio investment for the fiscal year 2008-09, which shows that constantly for the second time the country witnessed a massive decline in foreign investment.

FDI declined by 31.2 percent during the year, while portfolio investment posted a dip of 2,730 percent. The State Bank report showed that overall, decline of some $2.7814 billion occurred in foreign investment during the year. With current decline overall foreign investment stood at 2.6685 billion dollars in fiscal year 2009 as compared to 5.4499 billion dollars in fiscal year 2008.

FDI stood at 3.7218 billion dollars in fiscal year 2009 as against 5.4098 billion dollars in fiscal year 2008, depicting a decrease of 1.688 billion dollars. "Domestic shocks like worst law and order situation, negative economic indicators, power shortage and future uncertainty have largely hurt the foreign investment and, ahead of these factors, foreign investors were more reluctant to invest in Pakistan," economists said.

Although, Pakistan was the most favourite country for foreign investors in the wake of high profitability during last five years (2002-2007), yet since 2008 foreign investors have been reluctant to invest in Pakistan due to the discouraging economic indicators, poor law and order situation, operation in northern areas and global economic meltdown, they added.

Economists said that rising power shortage has also played a vital role in the hampering foreign investment. They said: "On domestic side, reduction in private credit supply is clearly reflecting that presently local investors are not doing new investment due to the poor infrastructure". Foreign investors were expecting political stability after general elections in Pakistan in February 2008, but despite the constitution of a political government the country is still not out of political uncertainty.

They said that the country's overall foreign investment, which was in positive side in the initial months of current fiscal year, was constantly on decline for last few months and lastly it posted over 50 percent decline in fiscal year 2009. Major dip was witnessed in portfolio inflows as foreign investors withdrew millions of dollars investment from equity market due to uncertainty on the political front, they added.

"Foreign investors have adopted wait and see policy and stopped new investment till the economic situation could not clear on domestic and external front," economists said. Similarly, portfolio investment stood in a negative position of 1.053 billion dollars in last fiscal year over an investment of 40.1 million dollars in fiscal year 2008. Including privatisation proceeds, total private investment depicted a decline of 40.8 percent to 3.2126 billion dollars in fiscal year 2009.


(BRecorder)

Wednesday July 15, 2009

LONDON : Europe's leading stock markets rose on Tuesday after strong US bank earnings and economic data, but doubt crept in with investors already looking anxiously ahead for more indicators, dealers said.

Bailed out US investment banking giant Goldman Sachs reported stronger than expected earnings of 3.44 billion dollars in the second quarter, topping market expectations and easing fears about a collapsing financial system.

The US government said retail prices rose for the second month in a row in June.

The reports gave markets a lift in early afternoon European trading, but analysts warned that investors were still haunted by uncertainty over the economic outlook.

"The market is still very much in a state of flux at the moment with both falls and rallies being short-lived," said Angus Campbell, a trader at Capital Spreads.

London's FTSE 100 index closed 0.85 percent higher at 4,237.68 points as European markets extended Monday's strong gains.

Frankfurt's DAX rose 1.26 percent to 4,781.69 points and in Paris the CAC 40 index rose 0.97 percent to close at 3,081.87.

Financial companies fared well in London trading, with Royal Bank of Scotland up 1.99 percent to 36.92 pounds and Lloyds Banking Group two percent to 65.8 pounds.

Likewise in Frankfurt, Deutsche Bank rose 2.60 percent to 46.69 euros and Commerzbank 0.61 percent to 4.91.

The Eurostoxx 50 composite index gained 0.90 percent.

Elsewhere there were gains of 0.70 percent on the Madrid stock exchange, 1.61 percent in Brussels, 0.94 percent on the Swiss Market Index, 0.85 percent in Amsterdam and 1.28 percent in Milan.

But analysts played down the apparent boost from the Goldman Sachs news as markets looked ahead to a wave of other banking results and economic data in coming days.

"With the lack of follow through this afternoon on the back of the Goldman Sachs's numbers, it could well be that this rally has now run its course," said David Jones, a strategist at IG Index.

Goldman's rivals JPMorgan Chase, Bank of America and Citigroup are all due to issue earnings reports this week. Markets were also awaiting US and eurozone inflation data, plus US manufacturing and housing reports.

US stocks struggled in early trade as investors took profits from a big rally on Wall Street, having already digested optimism over Goldman Sachs.

The Dow Jones Industrial Average dropped 0.36 percent to 8,301.67 in early trade. The technology-heavy Nasdaq dipped 0.31 percent to 1,787.70 while the broad-market Standard & Poor's 500 index edged down 0.24 percent to 898.92.

Goldman Sachs shares edged up 0.56 percent to 150.28 dollars, extending gains from Monday, but the rest of the finance sector was under pressure on Wall Street.

Japanese share prices closed up 2.34 percent on Tuesday, snapping a nine-day losing streak. Hong Kong soared 3.66 percent.


(AFP)

Wall Street advances

Wednesday July 15, 2009

NEW YORK: US stocks managed modest gains on Tuesday as better-than-expected corporate profits overshadowed concerns about weak consumer demand.

Analysts said the bulk of the day's news, including a surge in profit from Goldman Sachs, was already accounted for on Monday, when major stock indexes rose by more than 2 percent in anticipation of strong bank results.

But the cross-currents inherent in the midst of conflicting signals emerging from the earnings season kept the markets range-bound.

Gains were tempered by lacklustre retail sales data and comments from Dell that second quarter margins would be lower as demand has shifted toward cheaper computers, such as netbooks.

This was offset by encouraging comments from railroad company CSX Corp's chief executive and results from Johnson & Johnson that surpassed expectations.

"The sellers had a chance to run with it, but again we found sideline cash ready to come in," said Scott Marcouiller, senior equity market strategist at Wells Fargo Advisors in St. Louis.

"The bottom line is we think we're still going to be in this trading range for a little while longer."

The Dow Jones industrial average added 27.81 points, or 0.33 percent, to 8,359.49. The Standard & Poor's 500 Index gained 4.79 points, or 0.53 percent, to 905.84. The Nasdaq Composite Index rose 6.52 points, or 0.36 percent, to 1,799.73.

Data showed June retail sales increased 0.6 percent, which was more than forecast, but a big part of that gain was due to rising gasoline prices. Excluding autos and gas sales, retail sales registered a fourth consecutive monthly decline. A rebound in sales is considered vital for the US economy to bounce back from recession, as consumer spending accounts for roughly two-thirds of the country's economic activity.

Goldman Sachs Group's surge in quarterly profit handily beat expectations, but its stock gained just 0.2 percent to $149.66 after Monday's jump of 5 percent.

Johnson & Johnson's profit also surpassed forecasts and the Dow component rose 0.9 percent to $58.23.

The current earnings season is under particular scrutiny as investors look for signs of economic improvement.

Indeed, comments from the chief executive of CSX that the worst of the recession seems to be over helped bolster stocks.

CSX, which reported better-than-expected results after Monday's closing bell, saw its shares climb 7 percent to $34.80 on the New York Stock Exchange. The Dow Jones Transportation Average gained 1.3 percent.

But personal computer maker Dell limited gains after its lower margin forecast, pushing its stock down 8.1 percent to $11.97 on Nasdaq.


(Reuters)

Oil higher in Asia trade

Wednesday July 15, 2009

SINGAPORE: Oil was higher in Asian trade Wednesday but any further sharp gains were likely to be capped by worries over weak US energy demand, analysts said.

New York's main contract, light sweet crude for August delivery, advanced 60 cents to 60.12 dollars a barrel after closing Tuesday 17 cents lower at 59.52 dollars, it’s lowest since May 18.

Brent North Sea crude for August delivery gained 74 cents to 61.60 dollars.

Keeping a lid on prices are expectations of another build-up in US oil stockpiles when the Department of Energy (DoE) releases its weekly inventory report later Wednesday, analysts said.

A Dow Jones Newswires poll of analysts expects the DoE report to show a 900,000-barrel rise in gasoline reserves in the week to July 10, indicating anaemic demand in the world's biggest economy and energy user.

"The world is facing a glut of oil," Morgan Stanley's commodity analysts said in a report.

Last week's DoE report also showed an increase in gasoline reserves, which are widely monitored at this time of year when the US summer holiday driving season kicks into gear.

Also likely to weigh on prices are comments by US President Barack Obama that he expects the unemployment rate, currently at 9.5 percent, to rise further.

"This has been a more severe recession than we've seen since the Great Depression," Obama said Tuesday, adding that the United States would "probably continue to see unemployment tick up for several months."

Uncertainty over the global economy, particularly the US, will weigh on commodity prices in the next few months, analysts from Barclays Capital said.

"While the long-term outlook for a broad range of commodities still appears positive, there is less certainty over the short-term," they said in a report.

"The commodity price rally is likely to prove very sensitive to any faltering in the economic recovery story."



(AFP)


Wednesday July 15, 2009

KARACHI: The Results of P.B. Rs. 750/- held at Peshawar have been announced: 1st Prize of Rs. 1500000/- PB# 103583, 2nd Prize of Rs. 500000/- PB# 355235, PB# 878270, PB# 578460 Complete results of other prizes will be available shortly at Finance.kalpoint.com.