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Print - 2004-01-10
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Friday (January 09, 2004).
Published 10 Jan, 2004 12:00am
SECP chief assures full support to new KSE board

SECP chief assures full support to new KSE board

Dr Tariq Hassan, Chairman, Securities and Exchange Commission of Pakistan (SECP) has assured the new board of Karachi Stock Exchange of continued support and consultative process for holistic regulation of financial sector.
Published 10 Jan, 2004 12:00am
Fotco to handle half of HSD imports

Fotco to handle half of HSD imports

The import of over three million tonnes of High Speed Diesel (HSD) will be shifted from the Karachi Port to Fauji Oil Terminal Company (Fotco) oil terminal at Port Qasim with the completion of White Oil Pipeline Project (WOPP) in the first quarter of 2004
Published 10 Jan, 2004 12:00am
Bill buying rates per unit of currency

Bill buying rates per unit of currency

Bill Buying Rates per unit of currency -- issued by the Treasury Management Division of the National Bank of Pakistan on Friday (January 09, 2004).
Published 10 Jan, 2004 12:00am
Fotco to handle half of HSD imports

Fotco to handle half of HSD imports

The import of over three million tonnes of High Speed Diesel (HSD) will be shifted from the Karachi Port to Fauji Oil Terminal Company (Fotco) oil terminal at Port Qasim with the completion of White Oil Pipeline Project (WOPP) in the first quarter of 2004
Published 10 Jan, 2004 12:00am
Values highly volatile on LSE

Values highly volatile on LSE

A seesaw trend was witnessed in the local stock market on the last day of trading, where share values remained highly volatile with the index making a negative closing.
Published 10 Jan, 2004 12:00am
Values highly volatile on LSE

Values highly volatile on LSE

A seesaw trend was witnessed in the local stock market on the last day of trading, where share values remained highly volatile with the index making a negative closing.
Published 10 Jan, 2004 12:00am
Karachi Stock Exchange index slightly up

Karachi Stock Exchange index slightly up

Investors adopted cautious approach at Karachi Stock Exchange and the last session of the week on Friday closed with marginal gains, and difference between losers and gainers was quite narrow but presence of institutions was witnessed in fuel, gas and tel
Published 10 Jan, 2004 12:00am
Currency notes: exchange rates

Currency notes: exchange rates

Exchange rates for Currency Notes issued by the Treasury Management Division of National Bank of Pakistan (NBP) here on Friday (January 09, 2004).
Published 10 Jan, 2004 12:00am
Karachi Stock Exchange index slightly up

Karachi Stock Exchange index slightly up

Investors adopted cautious approach at Karachi Stock Exchange and the last session of the week on Friday closed with marginal gains, and difference between losers and gainers was quite narrow but presence of institutions was witnessed in fuel, gas and tel
Published 10 Jan, 2004 12:00am
Conversion for foreign currency deposits

Conversion for foreign currency deposits

Conversion for foreign currency deposits, DBC/FCBC, special USD bond & profits thereon (excluding FE-25 deposits) on Friday (January 09, 2004).
Published 10 Jan, 2004 12:00am
Revenue Board asked to check specifications of imported wheat

Revenue Board asked to check specifications of imported wheat

To ensure import of high quality wheat, the Ministry of Food and Agriculture and Livestock (MINFAL) has asked the Central Board of Revenue (CBR) to check the approved documents/specifications of imported wheat for clearance of wheat consignments at the po
Published 10 Jan, 2004 12:00am
Exchange rates: buying and selling

Exchange rates: buying and selling

Exchange rates issued by the Treasury Management Division of National Bank of Pakistan on Friday (January 09, 2004).
Published 10 Jan, 2004 12:00am
Revenue Board asked to check specifications of imported wheat

Revenue Board asked to check specifications of imported wheat

To ensure import of high quality wheat, the Ministry of Food and Agriculture and Livestock (MINFAL) has asked the Central Board of Revenue (CBR) to check the approved documents/specifications of imported wheat for clearance of wheat consignments at the po
Published 10 Jan, 2004 12:00am
Barclays bid rates and maximum rates for payment of interest

Barclays bid rates and maximum rates for payment of interest

Barclays bid rates, maximum rates for payment of interest by authorised dealers on deposits (other than those brought under FE Circular No: 45 of 1985) and on deposits (brought under FE Circular No: 45 of 1985) -- issued by the Foreign Exchange Rates Comm
Published 10 Jan, 2004 12:00am
Revenue Board asked to check specifications of imported wheat

Revenue Board asked to check specifications of imported wheat

To ensure import of high quality wheat, the Ministry of Food and Agriculture and Livestock (MINFAL) has asked the Central Board of Revenue (CBR) to check the approved documents/specifications of imported wheat for clearance of wheat consignments at the po
Published 10 Jan, 2004 12:00am
State Bank of Pakistan conversion rates

State Bank of Pakistan conversion rates

Rates applicable for conversion into rupees of Foreign Currency Deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special US Dollar bonds and profits thereon by all banks and also for providing forward cover on foreign currency d
Published 10 Jan, 2004 12:00am
Revenue Board's advice to exporters

Revenue Board's advice to exporters

The Central Board of Revenue (CBR) has asked the registered exporters to avail exemption of sales tax on input goods/raw material under Duty and Tax Remission (DTRE) scheme without maintaining computer record.
Published 10 Jan, 2004 12:00am
Revenue Board's advice to exporters

Revenue Board's advice to exporters

The Central Board of Revenue (CBR) has asked the registered exporters to avail exemption of sales tax on input goods/raw material under Duty and Tax Remission (DTRE) scheme without maintaining computer record.
Published 10 Jan, 2004 12:00am
Ivorian coffee exports fall

Ivorian coffee exports fall

Coffee bean exports from Ivory Coast's south-western port of San Pedro totalled 3,276 tonnes from October to December, down nearly 34 percent from the same 2002 period, port data showed on Thursday.
Published 10 Jan, 2004 12:00am
Blast outside mosque kills six in Iraq

Blast outside mosque kills six in Iraq

A gas cylinder filled with explosives and strapped to a bicycle blew up outside a packed Shia mosque in central Iraq as Friday prayers ended, killing at least six people and injuring dozens.
Published 10 Jan, 2004 12:00am
Poland may import Brazilian maize

Poland may import Brazilian maize

Poland's importers will likely bring in up to 500,000 tonnes of Brazilian maize under a duty-free quota to be used by the end of April, grain traders said on Friday.
Published 10 Jan, 2004 12:00am
Blast outside mosque kills six in Iraq

Blast outside mosque kills six in Iraq

A gas cylinder filled with explosives and strapped to a bicycle blew up outside a packed Shia mosque in central Iraq as Friday prayers ended, killing at least six people and injuring dozens.
Published 10 Jan, 2004 12:00am
ONIC to raise French wheat end stocks forecast

ONIC to raise French wheat end stocks forecast

Cereals office ONIC is next week expected to raise its forecast for French soft wheat ending stocks in the 2003/2004 season by half a million tonnes to 2.3 million tonnes, traders said on Friday.
Published 10 Jan, 2004 12:00am
Turkey signs protocol abolishing death penalty

Turkey signs protocol abolishing death penalty

Turkey has signed a protocol to abolish the death penalty even in wartime as it seeks to meet European Union criteria to begin entry talks, Foreign Ministry officials said on Friday.
Published 10 Jan, 2004 12:00am
Bus disaster death toll rises to 54

Bus disaster death toll rises to 54

The death toll after an overloaded bus crashed into a canal in Bhakkar rose to 54 on Friday after emergency workers recovered dozens more bodies from the wreckage. The bus plunged into the canal on Thursday afternoon.
Published 10 Jan, 2004 12:00am
US lowers national terror threat level to yellow

US lowers national terror threat level to yellow

The US government on Friday lowered the national terror threat level to 'elevated' from 'high', though security will remain tight in some sectors, including aviation.
Published 10 Jan, 2004 12:00am
Kashmir issue to be resolved peacefully: US

Kashmir issue to be resolved peacefully: US

US Under Secretary Richard Armitage on Friday expressed confidence that the Kashmir dispute will be resolved to the mutual satisfaction of Pakistan, India and the Kashmiri people.
Published 10 Jan, 2004 12:00am
Kashmir issue to be resolved peacefully: US

Kashmir issue to be resolved peacefully: US

US Under Secretary Richard Armitage on Friday expressed confidence that the Kashmir dispute will be resolved to the mutual satisfaction of Pakistan, India and the Kashmiri people.
Published 10 Jan, 2004 12:00am
Talks to open Khokhrapar route shortly: Musharraf

Talks to open Khokhrapar route shortly: Musharraf

President Pervez Musharraf has said that talks would be held with India soon to open Khokhrapar route and reopening of Indian consulate general in Karachi and Pakistani consulate in Mumbai.
Published 10 Jan, 2004 12:00am
Singapore port moves 18.1 million containers

Singapore port moves 18.1 million containers

PSA Corp Ltd, which runs the world's second-busiest container port after Hong Kong, said on Friday it moved a record 18.1 million twenty-foot containers in Singapore last year and plans a major expansion to meet demand.
Published 10 Jan, 2004 12:00am
Talks to open Khokhrapar route shortly: Musharraf

Talks to open Khokhrapar route shortly: Musharraf

President Pervez Musharraf has said that talks would be held with India soon to open Khokhrapar route and reopening of Indian consulate general in Karachi and Pakistani consulate in Mumbai.
Published 10 Jan, 2004 12:00am
China Shipping aims to triple oil and cargo fleets

China Shipping aims to triple oil and cargo fleets

China Shipping Development Co Ltd said on Friday it planned to triple its oil tanker and cargo vessel fleets by the end of 2010 to increase its share of a fast-growing market.
Published 10 Jan, 2004 12:00am
Second bidder for Thatta Cement also backs out

Second bidder for Thatta Cement also backs out

After the highest bidder, Star Cotton Corporation Limited (STCCL), the second bidder, Haji Saifullah Group, has also refused to acquire 90 percent shares of Thatta Cement Company Limited (TCCL) for its offer of Rs 10.75 per share.
Published 10 Jan, 2004 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 32,857 tonnes of cargo including 14,750 tonnes import and 18,107 tonnes export cargo during last 24 hours ending at 0700 hours on Friday.
Published 10 Jan, 2004 12:00am
Second bidder for Thatta Cement also backs out

Second bidder for Thatta Cement also backs out

After the highest bidder, Star Cotton Corporation Limited (STCCL), the second bidder, Haji Saifullah Group, has also refused to acquire 90 percent shares of Thatta Cement Company Limited (TCCL) for its offer of Rs 10.75 per share.
Published 10 Jan, 2004 12:00am
India cuts coffee crop forecast

India cuts coffee crop forecast

India's state-run Coffee Board has cut its crop forecast for the year to September 2004 after poor rains for a second year in a row hit key growing areas, a government source said on Friday.
Published 10 Jan, 2004 12:00am
CBOT wheat ends mixed, boosted by weak dollar

CBOT wheat ends mixed, boosted by weak dollar

A decline in the value of the dollar and word that the European Union would import some US soft wheat added buoyancy to Chicago Board of Trade wheat futures on Thursday.
Published 10 Jan, 2004 12:00am
Thai rice exports seen bright, prices high

Thai rice exports seen bright, prices high

Thailand, the world's top rice exporter, aims to boost shipments of the grain to eight million tonnes at higher prices this year as global stocks fall, a leading exporter said on Thursday.
Published 10 Jan, 2004 12:00am
Oil cake market rates

Oil cake market rates

The January vaida opened at Rs 447, and was quoted highest at Rs 449. Later it was down in depressed trading at Rs 447, which was the closing level too.
Published 10 Jan, 2004 12:00am
FOB Gulf corn and soya lower; SRW wheat steady

FOB Gulf corn and soya lower; SRW wheat steady

US FOB corn basis offers were lower on Thursday, but dealers said there were signs the market was bottoming out. Soyabeans basis values were steady to lower.
Published 10 Jan, 2004 12:00am
Sugar down on grain market

Sugar down on grain market

Change in prices were noted on Friday (January 09, 2004) as sugar was modestly down by Rs 10 to Rs 1630 and Rs 1690, yellow peas quoted at Rs 1425 and Rs 1455, Guwar down Rs 25 to Rs 1100 and Rs 1125.
Published 10 Jan, 2004 12:00am
Tea and milk up on Jodia Bazar

Tea and milk up on Jodia Bazar

Tea, milk and dyes had a few changes on the Jodia Bazar amid modest business on Friday (January 09, 2004).
Published 10 Jan, 2004 12:00am
EU aluminium end-user group welcomes FSA inquiry

EU aluminium end-user group welcomes FSA inquiry

A lobby group representing European Union aluminium consumers on Thursday welcomed the probe into the London Metal Exchange (LME) market, saying price trends had been at odds with stock levels.
Published 10 Jan, 2004 12:00am
MGE wheat ends mixed

MGE wheat ends mixed

Minneapolis Grain Exchange spring wheat futures closed mixed on Thursday in choppy trading, taking their cue from the volatile CBOT market, traders said.
Published 10 Jan, 2004 12:00am
US 2003 cotton quality best in several years

US 2003 cotton quality best in several years

The quality of the US cotton crop in 2003 is the best it has been in several years, especially since most areas enjoyed near-ideal growing weather, a USDA official said Thursday.
Published 10 Jan, 2004 12:00am
New York coffee down after back-and-fill session

New York coffee down after back-and-fill session

CSCE coffee futures finished lower on Thursday in a largely sideways session as traders did some last-minute book squaring ahead of Friday's option expiration, dealers said.
Published 10 Jan, 2004 12:00am
No US plans to block South America soya

No US plans to block South America soya

US soyabean growers and government officials have no plans yet to seek regulations on imports of South American soybeans or soy products to avoid the spread of Asian soybean rust into the United States.
Published 10 Jan, 2004 12:00am
Tokyo rubber up after yen dips

Tokyo rubber up after yen dips

Tokyo rubber futures rose on Friday after the yen stumbled against the dollar due to what appeared to be massive intervention by the Japanese authorities, jolting the rubber market from its doldrums ahead of a long weekend.
Published 10 Jan, 2004 12:00am
Indian vegoil imports in December lowest since 1998

Indian vegoil imports in December lowest since 1998

India's edible oil imports hit a five-year low in December after a record winter oilseed crop and the trend is likely to continue over coming months with a bumper summer crop forecast, a senior industry official said.
Published 10 Jan, 2004 12:00am
Soyabeans end higher on fresh Chinese interest

Soyabeans end higher on fresh Chinese interest

Soyabean futures at the Chicago Board of Trade ended higher on Thursday, led by gains in soyaoil amid talk of fresh Chinese interest in South American oil, traders said.
Published 10 Jan, 2004 12:00am
Malaysian palm oil up

Malaysian palm oil up

Malaysian crude palm oil futures ended up on Friday after rival soyaoil rebounded in Chicago overnight following a sell-off the previous day.
Published 10 Jan, 2004 12:00am
Taiwan Sugar to tender for 35,000 tonnes of corn

Taiwan Sugar to tender for 35,000 tonnes of corn

The state-owned Taiwan Sugar Corp will tender on Wednesday for a combined shipment of 20,000 tonnes of US corn and 15,000 tonnes of US soyabeans, an executive at the company said on Friday.
Published 10 Jan, 2004 12:00am
Sri Lankan rubber prices strong in post-holiday sale

Sri Lankan rubber prices strong in post-holiday sale

Prices at Sri Lanka's two-day natural rubber auction rose this week on solid demand from Japan and Singapore, but dealers warned on Friday unusually dry weather could signal a steep drop in volumes in the coming weeks.
Published 10 Jan, 2004 12:00am
Oil propelled to nine-month high by US stock worries

Oil propelled to nine-month high by US stock worries

US light crude prices hit a nine-month high on Friday, propelled by worries that a cold snap in the United States would draw down crude stocks that are already at their lowest since 1975.
Published 10 Jan, 2004 12:00am
Tokyo gold hits contract high after yen drop

Tokyo gold hits contract high after yen drop

Tokyo gold futures rose across the board on Friday, hitting contract highs after the yen tumbled against the US dollar in what appeared to be a massive intervention by Japanese authorities.
Published 10 Jan, 2004 12:00am
US to keep filling strategic oil reserve

US to keep filling strategic oil reserve

US Energy Secretary Spencer Abraham said on Friday the US government would not stop topping up its strategic oil reserve despite high oil prices.
Published 10 Jan, 2004 12:00am
New York copper rises in broad rally

New York copper rises in broad rally

Comex copper futures rallied to fresh 6-1/2 year highs on Thursday, as a sagging US dollar and metal supply concerns amid strong demand from China sparked frantic buying in New York and London trading, dealers said.
Published 10 Jan, 2004 12:00am
Comex gold gains in volatile trade

Comex gold gains in volatile trade

Comex gold rose in volatile trade on Thursday, tracking a recovering euro after the European Central Bank left interest rates steady, despite concern that a rallying currency will hamper a euro-zone economic recovery.
Published 10 Jan, 2004 12:00am
CBOT rice future firmer in the front three months

CBOT rice future firmer in the front three months

Rough rice futures at the Chicago Board of Trade ended about a penny higher in the front three months on Thursday on follow-through speculative buying amid thin volume, traders said.
Published 10 Jan, 2004 12:00am
London old crop wheat slips

London old crop wheat slips

London wheat futures finished on a mostly weaker note on Friday after a minor bout of selling activity by a handful of co-operatives and speculators helped to put old crop positions back in negative territory, dealers said.
Published 10 Jan, 2004 12:00am
London coffee jumps on spec interest

London coffee jumps on spec interest

London coffee prices soared on Friday on speculative interest and currency moves which lured buyers into the market despite the recent recovery in prices, dealers said.
Published 10 Jan, 2004 12:00am
Gold breaches $425 resistance level

Gold breaches $425 resistance level

Gold bullion breached a $425 resistance level in Friday afternoon trade in Europe after US data, which showed economic recovery had not yet led to sustained jobs growth, sent the dollar plunging to record lows against the euro, analysts said.
Published 10 Jan, 2004 12:00am
New York cotton ends lower ahead of crop report

New York cotton ends lower ahead of crop report

NYCE cotton futures finished lower Friday in a quiet session that featured some light profit-taking ahead of Monday's USDA supply/demand report, traders said.
Published 10 Jan, 2004 12:00am
London sugar up, buoyed by spread

London sugar up, buoyed by spread

London sugar futures ended firmer on Friday in brisk spread based trade and dealers said switch business was likely to remain the focus for now.
Published 10 Jan, 2004 12:00am
LME metals end firm, looking to consolidate

LME metals end firm, looking to consolidate

London Metal Exchange (LME) base metals ended Friday's open outcry steady, but the market was made nervous by disappointing US jobless data and volumes were thin, traders and analysts said.
Published 10 Jan, 2004 12:00am
World oil hits fresh post-war highs on US cold

World oil hits fresh post-war highs on US cold

Oil prices leapt to fresh post-Iraq war highs on Friday, driven by fears Arctic weather in the United States will eat into crude stocks that are already at their lowest since 1975.
Published 10 Jan, 2004 12:00am
US MIDDAY: CBOT wheat futures mixed

US MIDDAY: CBOT wheat futures mixed

Chicago Board of Trade wheat futures were mixed in choppy low-volume trading early on Friday as the market prepared for the release early Monday of USDA's January crop reports, traders said.
Published 10 Jan, 2004 12:00am
US MIDDAY: soybeans firm in light trade

US MIDDAY: soybeans firm in light trade

Chicago Board of Trade soybeans firmed on Friday on follow-through buying after Thursday's firm close and positioning before Monday's key USDA data, traders said.
Published 10 Jan, 2004 12:00am
US MIDDAY: corn narrowly mixed

US MIDDAY: corn narrowly mixed

Chicago Board of Trade corn futures were mixed on Friday on light position-evening before Monday's key crop data, brokers said.
Published 10 Jan, 2004 12:00am
Hong Kong dollar slips lower

Hong Kong dollar slips lower

Discounts on Hong Kong dollar forwards edged off morning lows by late Friday afternoon ahead of the release of December employment data in the United States.
Published 10 Jan, 2004 12:00am
Chinese yuan notches higher

Chinese yuan notches higher

The yuan ended two notches higher versus the US dollar at 8.2770 on Friday, near the stronger end of its managed trading range.
Published 10 Jan, 2004 12:00am
Swiss franc eases as ECB keeps rates steady

Swiss franc eases as ECB keeps rates steady

The Swiss franc eased against the euro in early trade on Friday after the European Central Bank defied calls for an interest rate cut on Thursday, saying risks to economic recovery from a soaring euro were limited.
Published 10 Jan, 2004 12:00am
Euro rises after ECB downplays impact on exporters

Euro rises after ECB downplays impact on exporters

The dollar fell 1 percent versus the euro on Thursday, losing gains after a key European banking official said an improving global economy should help European exporters bear the burden of a strong euro.
Published 10 Jan, 2004 12:00am
Australian dollar close to 6-1/2-year high

Australian dollar close to 6-1/2-year high

The Australian dollar edged to a fresh six and a half year high in Friday afternoon trade as the US dollar continued to struggle after the European Central Bank appeared little worried about the strength of the euro.
Published 10 Jan, 2004 12:00am
Asian currencies shielded by equity flows as yen drops

Asian currencies shielded by equity flows as yen drops

Asian currencies weakened on Friday after the yen slipped on suspected Japanese intervention, although some support was seen from strong equity markets and expectations of foreign portfolio investment.
Published 10 Jan, 2004 12:00am
Indian rupee breaks 45.50/dollar, ends at eight-week high

Indian rupee breaks 45.50/dollar, ends at eight-week high

The Indian rupee broke above the psychologically key 45.50 per dollar mark on Friday to close at an eight-week high, helped by trade remittances and foreign investments in the local stock market, dealers said.
Published 10 Jan, 2004 12:00am
Sterling above $1.84 for first time since 1992

Sterling above $1.84 for first time since 1992

Sterling rose to an 11-year peak against the dollar for the second straight session on Friday, passing $1.84 for the first time since late 1992 on the back of protracted dollar weakness and British rate hike expectations.
Published 10 Jan, 2004 12:00am