Islamic Finance

Restricted activity at Pakistan cotton market KARACHI: Pakistan cotton market witnessed restricted buying session as buyers were cautious for grade on Monday.

PTCL declares closure period KARACHI: Pakistan Telecommunication Company Limited (PTCL) has declared the "Closed Period" from September 5, 2011 to September 7, 2011 (both days inclusive) in a notice issued to Karachi Stock Exchange (KSE) on Monday.

D.G Khan, ZIL & Bata board meeting schedule KARACHI: As the financial year of major companies has come to an end, all listed companies on Karachi Stock Exchange (KSE) are busy in arranging their board meetings to close their financial results.

Pakistani rupee at record low of 87.23 KARACHI: Increased payments for imports and gloomy sentiment surrounding the country's economic outlook forced the Pakistani rupee to end on a record low on Monday, dealers said, with downward pressure likely to continue.

Tata Textile Mills declares closing period KARACHI: Tata Textile Mills Limited (TATM) has declared the "Closed Period" from August 27, 2011 to September 7, 2011, in a notice issued to Karachi Stock Exchange (KSE) on Monday.

Change in management in Attock Refinery KARACHI: Attock Refinery Limited (ARL) has announced changes in the management of the company on Monday.

Pakistan open market rates KARACHI: Monday's rupee open market from the Forex Association of Pakistan.

Agriauto Industries declares closing period KARACHI: Agriauto Industries Limited has declared the "Closed Period" from September 3, 2011 to September 9, 2011 (both days inclusive) in a notice issued to KSE on Monday.

Kohinoor Energy profits fall by 8.41pct KARACHI: Kohinoor Energy Limited (KOHE) net profits declined by 8.41 percent to Rs 629.464 million as compared to Rs 687.292 million in the previous year, revealed the notice issued by the company to Karachi Stock exchange on Monday.

Thal yearly profits turn down by 20.22pct KARACHI: Thal Limited (THALL) profits for the year 2011 declined by 20.22 percent to Rs 1.090 billion as against Rs 1.366 billion in the last year, said the notice issued by the company to the Karachi Stock exchange (KSE) on Monday.

SPI inches up, 20 items prices increased ISLAMABAD: The Sensitive Price Indicator (SPI) for the lowest income group up to Rs. 3,000 has registered a nominal increase of 0.15 percent for the week ended on August 25 over the previous week, according to latest data of Federal Bureau of Statistics (FBS).

Ferozsons lab issues Rs 1.25 cash dividend KARACHI: The board of directors of Ferozsons Laboratories Limited has announced to give final cash dividend of Rs 1.25 per share i.e. 12.5 percent and bonus shares in the proportion of 3 shares for every 20 shares held, according to the notice issued by Karachi Stock Exchange (KSE).

Weekly Review: KMI gains 286.15pts led by oil sector KARACHI: The Halal stocks KMI 30 share index went up by 286.15 points or 1.47 percent during the week. KMI-30 Index recovers to close at the level of 19,722.94 as compared to last week's closing level of 19,436.79 points.

Improved activity in Pakistan cotton market KARACHI: The Karachi Cotton Association (KCA) official spot rate remained intact at Rs 6, 000 on Saturday.

Pakistan's energy sector tops USAID projects list ISLAMABAD: The USAID Pakistan Mission Director Dr. Andrew B. Sisson has said that despite financial constraints and tension is Pak-US relations the USAID has been providing financial assistance for various sectors including energy, education, health and rural development programmes.

Gopang-1 and Sheikhan-1 new gas discoveries by OGDC ISLAMABAD: The Oil and Gas Development Company (OGDC) made two new gas and condensate discoveries, namely Gopang-1 and Sheikhan-1, during the fiscal year that ended on June 30, a report released by OGDC said on Saturday.

Spot gold falls 0.7pct, reverses rally SINGAPORE: Spot gold fell on Monday, retreating from a more than 3 percent rise in the previous session when the U.S. Federal Reserve Chairman Ben Bernanke raised hopes that the central bank could consider further stimulus measures to spur the economy.

Fertilizer sales dip 4pct in Jan-Jul KARACHI: According to the latest data released by NFDC, Fertilizer off take witnessed a decline of 4 percent to 4.3 million tons during seven months of calendar year (Jan-July 2011).

UBL Islamic banking profits climb up by 139pct KARACHI: United Bank Limited (UBL) has announced record performance growth of 139 percent during financial year 2011 (FY11) in its overall business.

By Riffat Mughal Mutual Funds Association of Pakistan (MUFAP) has indicated that mutual fund industry has seen growth of 23.95 percent during the year end on June 30, 2011 while 7.87 percent during fourth quarter of financial year 2010-11 (4Q-FY10-11). MUFAP reveals that industry's total net assets expanded by 7.87 percent on quarter over quarter basis. Industry Net Assets jumped by 7.87% Overall mutual fund industry shined in fourth quarter as its growth increased by 7.87 percent during 4Q-FY10-11 as industry's net assets increased to Rs 248.012 billion. Net Assets- Open End 4Q-FY10-11 Review The overall open-end funds (inclusive both Islamic and non Islamic funds) witnessed growth of 9.79 percent and net assets of the category surged to Rs. 222.537 billion. In open end Asset Allocation Fund net assets declined by 0.84 percent to Rs 3.066 billion and Islamic Asset Allocation Fund also fell by 2.77 percent to Rs 1.263 billion in 4Q-FY10-11. Open end Balanced

Aramco-Total Refinery to offer $1bln Islamic bonds to Saudis JEDDAH: Saudi Aramco Total Refining & Petrochemical Co., a joint venture oil refinery complex between Saudi Aramco and Total SA (FP) also known as Satorp, will sell $1 billion of Islamic bonds to Saudi investors next month.

Thar coal project: Operation to kick off from Dec 2013 ISLAMABAD: The much awaited Thar coal project will start functioning in December 2013 and will contribute to the economy growth of Pakistan, said Dr Samar Mubarakmand, member of the Science and Technology Planning Commission on Thursday.

OGRA bans CNG cylinders import from 12 suppliers KARACHI: The Oil and Gas Regulatory Authority (OGRA) has banned import of CNG cylinders from 12 suppliers leaving only four approved suppliers on the list, officials said on Thursday.

Diesel, HOBC prices increased, petrol unchanged ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) in a notification on Thursday has increased the prices of High Speed Diesel by Rs 0.54 per litre to Rs 92.64 per litre and HOBC (High Octane Blending Content) by Rs 2.13 per litre to Rs 109.93 per litre.

Brisk activities keep spot rates remain intact KARACHI: Brisk buying activities witnessed at cotton market on Thursday as ginners after 20 days strike indulged in fresh buying.

Pakistan gold prices fall down KARACHI: Gold rates in Pakistan went down steeply on Thursday in major bullion markets of the cities following uncertainty prevailing in the international market.

Market to remain closed today KARACHI: The Karachi Stock Exchange (KSE) will remain closed on Friday on account of Juma-Tul-Wida and will reopen on Monday, said the notice issued by KSE.

KMI drops 90.23pts despite result announcements KARACHI: The Halal stocks index KMI 30 lost 90.23 points to close at 19,722.94 points as against 19,813.17 points, the closing figure of the previous session.

Pakistan open market rates KARACHI: Thursday's rupee open market from the Forex Association of Pakistan.

Atlas Battery announces financial result KARACHI: The Board of Directors of Atlas Battery (ATBL) met on August 25, 2011 to review and announce the company's financial and operating performance for the year ended June 30, 2011.

Financial result:LOTTE earnings swell by 70pct KARACHI: LOTTE Pakistan (LOTPTA) has announced its financial results on Thursday for the half year ended 30 June 2011, according to the notice sent by company to Karachi Stock Exchange (KSE).

GSK half yearly profits surges 37pct in 1HFY11 KARACHI: GlaxoSmithKline Pakistan Limited (GSK) has reported healthy profits during the first half of the financial year 2011 (1HFY11) as profits after tax (PAT) showed growth of 37.34 percent to Rs 741.065 million.

PSO withdraws from PRL bid KARACHI: Pakistan State Oil (PSO), the largest oil marketing company of the country, has finally decided on Wednesday not to go through with 30 percent acquisition of Pakistan Refinery Limited (PRL).

Packages announces financial result KARACHI: Packages Limited has announced its financial results on Wednesday for the half year ended 30 June 2011.

Int`l oil prices likely to lift KMI up KARACHI: The news regarding Brent crude oil prices steadying above $109 on Wednesday would bring positive momentum in the local market especially in oil and gas sector.

Pakistan cotton prices drops Rs 300 over active buying KARACHI: Active buying witnessed at cotton market on Wednesday as mills and exporters indulged in fresh buying.

Indus motor profits decline by 20pct KARACHI: Indus Motor Company Ltd. earnings declined by 20 percent as it recorded net profit of Rs 2.74 billion in 2011 against Rs 3.44 billion recorded in last year.

Malayan Banking Berhad: Maybank posts 54pct growth in Islamic Banking sector KUALALUMPUR: Maybank announced record performance growth during financial year 2011 (FY11) in its overall business.

Nakheel to issue $1.3 billion Islamic bond this week: report DUBAI: Property developer Nakheel NAKHD.UL will issue its long-delayed 4.8 billion dirhams ($1.3 billion) Islamic bond this week as it launches a five-year restructuring plan on Wednesday, its chairman told a local newspaper.

Indonesia may issue global sukuk, max $1 bln JAKARTA: Indonesia's finance minister Agus Martowardojo said on Tuesday that Indonesia might issue a global sukuk of up to $1 billion this year.

Fitch Ratings affirms Qatar Islamic Bank at "A" DOHA: Fitch Ratings has affirmed Qatar Islamic Bank's (QIB) Long-term Issuer Default Rating (IDR) at 'A' with a Stable Outlook and Viability Rating (VR) at 'bbb'. A full list of rating actions is below.

Ginner's way smooth as FBR decides to lift WHT ISLAMABAD: The Federal Board of Revenue's decision to issue SRO on Wednesday regarding withdrawal of 3.5 percent withholding tax (WHT) on cotton purchases is expected to make ginners resume raw cotton procurement.

Barwa bank should acquire Qatar's first Islamic window: Eversheds advises DOHA: The Doha office of international law firm Eversheds has advised Barwa Bank on the acquisition of Al Yusr, International Bank of Qatar's Islamic banking operations, a press release issued by Eversheds mentioned.

Pakistan cotton remains firm KARACHI: The Karachi Cotton Exchange (KCE) sport rate remained static at Rs 6,300 per maund on Tuesday, dealers said.

Brent crude above $109; hopes on Fed to inject stimulus SINGAPORE: Brent crude prices steadied above $109 on Wednesday as investors pinned their hopes on the U.S. Federal Reserve to inject fresh stimulus measures to boost the world's largest economy.

ECC approves operation and maintenance of generation companies ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Tuesday discussed in detail and approved operation and maintenance of Generation Companies (GENCOs).

Asian shares fall as fed rally runs out of steam SINGAPORE: Asian shares fell on Wednesday as a rally fuelled by speculation that the Federal Reserve may signal further moves to support the struggling U.S. economy swiftly petered out, while gold rebounded from its sharpest one-day slide in 18 months.

Gold rebounds on Japan downgrade, physical buying SINGAPORE: Gold rebounded more than 1 percent on Wednesday after posting its worst drop in 18 months, as risk appetite retreated after Moody's downgraded Japan's debt rating and strong buying interest in Asia's physical market lent support.

KMI gains 45 pts despite dismal volumes KARACHI: Result announcement of Pakistan Oil Fields (POL), Attock Group of Companies and Lott Pakistan could bring selected interest in the market, but, political uncertainty will keep investors take further caution that are already shy in coming back to market.

Financial results: ICI likely to post nominal growth KARACHI: ICI Pakistan is scheduled to announce its half yearly results on Wednesday (today), according to Karachi Stock Exchange (KSE).

Gas outages to increase manifold in coming winter: SNGPL KARACHI: With no major addition in gas fields, persistent issue of circular debt which has made the receivable touch Rs 20 billion, the coming winter will witness unprecedented load shedding.

Gold "bubble that could deflate," says analyst KOVALAM: Record gold prices may be heading for a correction of about 8 percent next month, but the safe-haven metal may also rally to $2,400 an ounce next year as investors seek refuge amid global economic turmoil, a global head at INTL FCStone on Saturday.

What's Upcoming: A sneak peek on OGDC KARACHI: On the operational front, Oil and Gas Development Company Ltd (OGDC) is striving to give further boost to its exploration and development activities in order to enhance oil & gas reserves and production, with a focus in ever increasing energy demands of the country.

Mutual Funds Industry shows 7.87pct growth during Q4-FY11 KARACHI: Mutual Funds Association of Pakistan (MUFAP) has indicated that mutual fund industry has seen growth of 7.87 percent during fourth quarter of financial year 2010-11 (4Q-FY10-11).

Global stocks slide anew, gold sets fresh record NEW YORK: Equity markets slid anew and gold set a second-straight record high on Friday as fears of a possible U.S. slide into recession and concerns related to Europe's debt crisis kept investors on edge.

Gold "bubble that could deflate," says analyst KOVALAM: Record gold prices may be heading for a correction of about 8 percent next month, but the safe-haven metal may also rally to $2,400 an ounce next year as investors seek refuge amid global economic turmoil, a global head at INTL FCStone on Saturday.

Pakistan gold prices hit fresh highs KARACHI: Gold rates in Pakistan hit record high on Friday following the record rally in international market.

Pakistan cotton jumps by Rs 100 over persistent demand KARACHI: Karachi cotton spot rate increased on the back of solid demand by mills. The Karachi Cotton Association (KCA) official spot rates went up by Rs 100 to trade at Rs. 6,500 per maund on Friday.

SECP issues the First Draft of Debt Securities Trustee Regulations ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) issued the first draft of Debt Securities Trustee Regulations (DST Regulations) as one of the significant move towards the development of corporate debt market in Pakistan.

Security situation pushes KMI down by 457pts KARACHI: After witnessing two straight bullish trading sessions, the index lost the path today by losing 456.69 points to close at 19,436.79 points as against 19,893.48 points, the closing figure of the previous session.

One of the two most important precious metals, the Silver becomes dearer recently and is attracting investors who are seeking wide opportunities in commodity markets. Being an alternative to expensive gold, analyst expects silver to touch $43 per 10 gram in second half of the year. It is an excellent investment for people who want to invest in commodities, but cannot afford the Gold prices which have climbed in last two years or so. According to the World Silver Survey 2010 and GFMS's 2010 Silver summary report, the total fabricated silver demand grew by 12.8 percent to 878.8 Moz in 2010 mainly due to rising industrial demand. Global primary silver supply recorded a 5 percent increase to account for 30 percent of total mine production in 2010. Gains arise from primary silver mines and as a by-product of lead/zinc mining activity, whereas silver volumes produced as a by-product of gold fell 4 percent last year. Mexico was the world's largest silver producing na

Asian stocks slump on U.S. fears, Europe woes SINGAPORE: Asian stocks tumbled as much as 4 percent on Friday on growing fears that the U.S. economy was sliding into recession and as some European lenders faced short-term funding strains, raising fears of a systemic banking crisis on the continent.

ACPL, PPP, FEROZ board meetings schedule KARACHI: Companies listed in Karachi Stock Exchange (KSE) are busy in arranging their board meetings to close their financial results as the financial year of major companies has come to an end.

Gas outages lead to urea shortages KARACHI: Pakistan being the agricultural country is heavily dependent upon the performance of Agriculture sector which is facing severe shortage of urea.

SECP issues the First Draft of Debt Securities Trustee Regulations ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) issued the first draft of Debt Securities Trustee Regulations (DST Regulations) as one of the significant move towards the development of corporate debt market in Pakistan.

Board meetings: POL, APL and Atlas Battery boards to meet soon KARACHI: As the financial year of major companies comes to an end, the listed companies on Karachi Stock Exchange (KSE) are busy in arranging their board meetings to close their financial results.

Hope for change: Paisas no more in economy ISLAMABAD: The National Assembly's (NA) Standing Committee on Finance on Thursday unanimously approved Pakistan Coinage (Amendment) Bill, 2010. Bill seeks complete elimination of 5, 10, 25 and 50 paisas coins in the country.

Alert! Business looms due to Karachi violence KARACHI: The recent wave of violence in Karachi has brought a standstill to the business life in the commercial hub of the country

SSGC urges KESC to pay dues KARACHI: The patience of Sui Southern Gas Company (SSGC) has come to an end on Thursday as the company's management has warned Karachi Electric Supply Company (KESC) that they would use all their means to recover their outstanding dues.

Dull session at cotton market over city violence KARACHI: The grim law and order situation in the metropolitan city kept investor's to be on sidelines. The Karachi Cotton Association (KCA) official spot rates remained stagnant at Rs. 6,400 per maund on Thursday.

Gold edges up on growth fear; defies firm dollar SINGAPORE: Gold edged higher on Thursday on persistent worries about euro zone debt woes and slower global growth, defying a rebound in the dollar.

Analysis: What contributes to PSO impressive earnings? KARACHI: Pakistan State Oil (PSO) earnings impressively surged by 63.32 percent during fiscal year 2010-2011 as its reported profit after taxation reached Rs 14.779 billion.

KARACHI: Pakistan State Oil (PSO) earnings impressively surged by 63.32 percent during fiscal year 2010-2011 as its reported profit after taxation reached Rs 14.779 billion. Despite persistent circular debt issue which squeezed the liquidity for the state giant oil marketing company, PSO was able to maintain its market share to 78.2 percent in Black Oil and 54.4 percent in White Oil during fiscal year 2010-2011 (FY10-11). Rise in international oil prices provided the basis for PSO to improve bottom line as during FY10-11, international oil prices had seen an increase of 25 percent which had positive implications for the company and led to improved gross margins. PSO's escalating receivables surged to Rs 138.2 billion as of August 9. But, despite that, PSO registered after-tax-earnings of Rs 14.7 billion for this financial year against the after-tax-earnings of Rs 9.05 billion during the previous financial year. The short term financing led the financial charges o

DealTalk: Financial M&A hard to crack in overbanked Gulf DUBAI: The planned merger of two Bahraini banks, intended to create the largest Islamic lender in the Gulf Arab kingdom, could pave the way for more consolidation in a regional industry frozen in its tracks by unrealistic valuations and ownership limits.

UAE builder Arabtec wins $76.2 mln contract from Nakheel DUBAI: Dubai builder Arabtec has won a 280 million dirham ($76.2 million) contract from developer Nakheel, Dubai World's property arm, to build a residential project in the emirate, it said on Wednesday.

Brent crude slips, below $111 on euro zone woes, firm dollar SINGAPORE: Brent crude fell, staying below $111 a barrel on Thursday as ongoing concerns over Europe's debt crisis and a firmer dollar drew investors away from riskier assets like oil and into the safe havens of gold and the Swiss franc.

Al Meezan reports funds financial results KARACHI: Al Meezan Investment Management Ltd has announced financial results of its four funds including Meezan Islamic Fund (MIF), Meezan Islamic Income Fund (MIIF), Meezan Balanced Fund (MBF) and Meezan Capital Protected Fund-1 (MCPF-1).

Rising global commodity prices increases cost of production in almost every sector especially in automobile. In Pakistan, high input prices forces car manufacturers to increase prices so that the burden of input cost rise can be transferred to consumers. Hike in automobile prices In Pakistan, auto makers are able to increase car prices when they want. To maintain dwindling margins, three local automobile manufacturers have increased their prices by 2 to 3 percent in the year 2011. Pak-Suzuki Motors has started the trend by increasing prices of cars from Rs 11,000 up to Rs 25,000 effective from February 1, 2011. It was followed by Indus Motor Company (IMC) as it pushed up the prices by Rs 20,000 to Rs 30,000 (2 to 3 percent) of all of its models except Toyota Corolla 2.0D Saloon and Saloon SR with effect from July 25, 2011. However, Honda Atlas Motors has also increased the prices of its various models by Rs 20,000 to Rs 25,000 with

Oil falls as euro zone worries remain

China's ICBC to open two branches in Pakistan

Asian shares fall, euro shaky after summit let-down

Pakistan gold price hits high at Rs 58,000/tola

Gold steady, euro zone crisis seen lingering

Fitch updates Sukuk rating criteria

Brisk trading in KCA

Shariah-compliant stocks have proven resilient in a bull or bear market

Shariah-compliant stocks have proven resilient in a bull or bear market

OUTLOOK: India cotton seen marginally up on demand

OMC margins swell by 32pct

LSM shows slim growth of 1.14pct

Bahrain Islamic megabank seeks to raise $100bn

Pakistan's July C/A deficit at $75mln: SBP

LOTPTA board meeting on August 24

HINOON announces financial result

Pakistan open market rates

Pakistani rupee weakens against dollar

Colgate to declare final cash dividend of Rs 14/share

KMI gains 29.48pts led by selected energy sector scrips

Oil falls as euro zone worries remain

Economists are not certain that world economy is going to face another recession rather they say every market gets certain hiccups at the time of recovery. However, Pakistani market seems to be independent in their ups and downs over the long run, US downgrade and global stocks fall will not impact Pakistan stocks though certain shocks or hiccups can occur but on the whole Pakistan markets has no correlations with downgrading of US rating. Pakistan equity market seems to pick up again from Monday ahead of blue chips results. Standard & Poor's lowered United States (US) long term rating to AA+ on Friday mainly because of rising debt burden and budget deficit on back of political consequences that led US economy towards the brink of default. Though, US agreed to raise the debt ceiling in the start of the week but suspicions of recession and the rise of European crisis wiped $ 2.5 trillion off world stocks this week. Earlier on Friday expectations regarding globa