Islamic Finance

By Riffat Mughal Pakistan refinery sector production fell by 18 percent 2MFY11-12 KARACHI: Pakistan refinery sector production fell by 18 percent as it stood at 1.2 million tons in first two months of fiscal year 2011-12 (2MFY11-12) as compared to 1.4 million tons in the corresponding period last year. However, in the month of August, Pakistan's refinery production slashed by 28 percent month on month (MoM). Product wise production 2MFY11-12 Furnace Oil (FO) is the major product that Pakistan refineries produce; contributing 31 percent in total refining production which declined by 20 percent YoY. Other refinery products whose production declined were Jet fuel (28 percent), Mogas (16 percent) and High Speed Diesel (13 percent) YoY. Pakistan bought less power-generation fuel oil for August, a four-month low of less than 600,000 tons, as higher hydropower generation cut demand for the utility fuel, Oi

Safe Mix announces financial results KARACHI: Safe Mix Concrete Products Limited (SMCPL) has announced financial results for the year ended June 30, 2011, said the notice issued by the company to Karachi Stock exchange (KSE) on Friday.

Noon Pakistan yearly profits surged by 52.28pct in FY11 KARACHI: Noon Pakistan Limited (NOPK) profits for the year surged by 52.28 percent year on year (YoY) to Rs 41.551 million in the financial year 2011 (FY11) as compared to Rs 27.285 million reported in the previous year. The company's board of management in their meeting held on Thursday announced financial results for the year ended June 30, 2011. Earnings per share of the company also turned up to Rs 3.28 per share during 2011 as against Rs 2.15 in the previous year. The company's sales for the year increased by 21.38 percent YoY to Rs 2,957.377 million as against Rs 2,436.415 million in the corresponding year. Furthermore, board has given 10 percent bonus shares to its shareholders 10 shares for every 100 shares held while it did not allow any cash dividend. The cost of sales of the company went up by 19.35 percent YoY to Rs 2,590.444 million while company's gross profits surged by 37.99 percent YoY

Pakistan cotton prices remain unchanged KARACHI: The cotton prices at Karachi Cotton Association (KCA) remained intact at Rs 6,400 on Thursday. Though overall demand decreased for cotton but mills were active in trading as they were getting better quality of cotton at current prices. The rates of seed cotton in Sindh stayed constant for consecutive third day of the week at Rs 2,300 and Rs 2,800, while in Punjab cotton rates were Rs 2,000 and Rs 3,000, dealers said. In ready business, around 13,000 bales of raw cotton were traded between Rs 5,500 and Rs 6,800 per maund during the session. Higher Phutti arrivals did not allow ginners to hoard the stock for longer time period; therefore they have to trade at current price levels which could push prices further down.

Pakistan gold prices drop by 1300/tola KARACHI: Pakistan gold prices fell steeply on Thursday in major bullion markets of the country following decline in the international market.

KMI lost 26.02 points KARACHI: The State Bank of Pakistan (SBP) intervention in the currency markets to stabilize rupee value would work well for the market on Friday. Furthermore, positive implications on political front and favorable news from India on market access likely to bode well for market. Market is expected to remain range bound today. The Halal stocks KMI 30 index lost 26.02 points to close at 21,148.29 points as against 21,174.31 points, the closing figure of the previous session. The fall of oil prices in the international market pushed down the oil sector at the local bourse on Thursday.

International Commodities Rates Table below lists the updated rates in the international market of various important commodities. International Commodities Rates Cotton cents/lb 102.22 Crude Oil (WTI)$/bbl 82.96 Gold $/ozs 1,617.30 Copper Cent/pound 324.65 Wheat USD/bushel 654.25 Malaysian Palm Oil 901.00 Sugar NO. 11 cents/pound 25.87 As of: Thursday, September 29, 2011

Analysis: Pakistan refineries production 2MFY11-12 Pakistan refinery sector production fell by 18 percent 2MFY11-12 Pakistan refinery sector production fell by 18 percent as it stood at 1.2 million tons in first two months of fiscal year 2011-12 (2MFY11-12) as compared to 1.4 million tons in the corresponding period last year. However, in the month of August, Pakistan's refinery production slashed by 28 percent month on month (MoM).

By: Riffat Mughal KARACHI: Islamic Money Market Funds and Islamic Cash Funds performed impressively during the month of August, 2011 as the net assets of the category increased by 9.15 percent Month-on-Month (MoM) to Rs 7,643.277 million as at August 31, 2011 from Rs 7,002.683 million as at July, 2011. This particular category includes three Islamic Money Market and Islamic Cash Funds in the market including Meezan Cash Fund, ABL Islamic Cash Fund and HBL Islamic Money Market Fund. The weighted average annualized return of all the three funds remained 11.63 percent for August, 2011 which improved from 11.62 percent reported in July, 2011. The introduction of short term Sukuk like KAPCO and HUBCO provided an opportunity for diversification of investments and the industry would continue to explore other short term lucrative investment opportunities in order to bolster returns.  Meezan Cash Fund Meezan C

Islamic Money Market Funds August, 2011 Review KARACHI: Islamic Money Market Funds and Islamic Cash Funds performed impressively during the month of August, 2011 as the net assets of the category increased by 9.15 percent Month-on-Month (MoM) to Rs 7,643.277 million as at August 31, 2011 from Rs 7,002.683 million as at July, 2011.

Ghandhara Nissan profits improved Ghandhara Nissan profits improved 9/29/2011 2:56:45 PM KARACHI: Ghandhara Nissan Limited (GHNL) recorded profits of Rs 7.097 million in the financial year 2011 (FY11) after huge losses of Rs 88.893 million in the previous year, said in a notice issued by the company to Karachi Stock exchange. Healthy results are mainly due to increase in company's net revenues which have surged by 10.30 percent year on year (YoY) to Rs 2,650.068 million as against Rs 2,404.617 million in the corresponding year. Earnings per share of the company also turned up to Rs 0.16 per share during 2011 as against negative EPS of Rs 1.98 in the previous year. The company's board of management in their meeting held on Thursday, September 29, 2011 announced financial results for the year ended June 30, 2011.

Urea offtake down, DAP sales up KARACHI: Fertilizer offtake improved by nominal 4 percent YoY to 5.12 million tons during eight months of calendar year Jan-Aug as compared to 4.95 million tons in the same period last year, according to the latest figures disclosed by National Fertilizer Development Centre (NDFC).

OGDCL registers most successful ratio on exploration front ISLAMABAD: The Oil and Gas Development Company (OGDCL) has claimed to be the best exploration company worldwide for registering successful discoveries with finding one well productive out of four.

Pakistan cotton prices move up KARACHI: On the back of higher demands Pakistan cotton prices witnessed modest gained on Wednesday as mills indulged in active trading. The Karachi Cotton Association (KCA) official spot rates moved up by Rs 100 to Rs 6,400 on Wednesday, dealers said. The increase in cotton prices provided support to the growers and ginners to get better prices for their crops. The rates of seed cotton in Sindh stayed constant Rs 2,300 and Rs 2,800, while in Punjab cotton rates were Rs 2,000 and Rs 3,000, dealers said. In ready business, around 14,000 bales of raw cotton were traded between Rs 5,700 and Rs 6,650 per maund during the session. Grower's strategy not to sell cotton at current prices allowed prices to move upwards as mills participated in active trading. The Pakistan cotton market is getting positive momentum amid rising demand by the exporters. In International market, New York cotton rates fell by 0.62 cents per lb and were traded at 99.53 c

Pakistan gold rates ease down KARACHI: Pakistan gold prices eased down on Wednesday in major bullion markets of the country after gaining some boost a day before.

KMI: Fertilizer & oil stocks to remain in limelight KARACHI: Fertilizer and oil stocks will remain in limelight with better expected dividend yield and improved sales. Market is expected to remain steady after rupee strengthening once again and signaling that macroeconomic outlook is not as bleak as was thought few days ago. The Halal stocks index KMI 30 went up by 190.08 points to close at 21,174.31 points as against 20,984.23 points, the closing figure of the previous session. The bullish trend on Wednesday was supported by recovery in the global stocks and over the expectations of interest rate cut by the State Bank of Pakistan (SBP). On macro level things are not good and rupee depreciation against dollar adds to inflation. The economic slowdown would not only hinder growth but affect textile, automobile and cement industries too. The Halal index is continuously witnessing low volume as only 29.24 million shares traded during the trading session against 24.327 millio

International Commodities Rates Table below lists the updated rates in the international market of various important commodities. International Commodities Rates Cotton cents/lb 99.53 Crude Oil (WTI)$/bbl 80.01 Gold $/ozs 1,609.90 Copper Cent/pound 316.90 Wheat USD/bushel 638.75 Malaysian Palm Oil 923.00 Sugar NO. 11 cents/pound 24.30 As of: Wednesday, September28, 2011

Pakistan cotton prices moves up KARACHI: On the back of higher demands Pakistan cotton prices witnessed modest gained on Wednesday as mills indulged in active trading. The Karachi Cotton Association (KCA) official spot rates moved up by Rs 100 to Rs 6,400 on Wednesday, dealers said. he increase in cotton prices provided support to the growers and ginners to get better prices for their crops. The rates of seed cotton in Sindh stayed constant Rs 2,300 and Rs 2,800, while in Punjab cotton rates were Rs 2,000 and Rs 3,000, dealers said. In ready business, around 14,000 bales of raw cotton were traded between Rs 5,700 and Rs 6,650 per maund during the session. Grower's strategy not to sell cotton at current prices allowed prices to move upwards as mills participated in active trading. The Pakistan cotton market is getting positive momentum amid rising demand by the exporters. In International market, New York cotton rates fell by 0.62 cents per lb and were traded at 99.53 cent

PNSC posts decline in earnings KARACHI: Pakistan National Shipping Corporation (PNSC) has announced its financial result for the year ended Jun 30, 2011. The net profit of Pakistan National Shipping Corporation recorded at Rs 612.40 million against Rs 711.53 million recorded in last year, with a decline of 14 percent. Resultantly, the Earnings per share (EPS) for the year stood at Rs 4.64 against Rs 5.39 recorded in the same period last year. The board of directors of the company met today (Wednesday) and has announced final cash dividend of Rs 1 per share for shareholders.

Dubai's Tamweel plans up to $500mln Sukuk in Q4 DUBAI: Islamic mortgage lender Tamweel, whose shares resumed trading in May, will issue a $300-$500 million sukuk, or Islamic bond, in the fourth quarter, the acting chief executive of the Dubai-based company said on Tuesday.

Board meetings and closure periods KARACHI: Tri-Pack Films Ltd (TRIPF) has declared the "Closed Period" from October 10, 2011 to October 17, 2011, in a notice issued to Karachi Stock Exchange on Tuesday.

Maple leaf reports loss for 2nd consecutive year KARACHI: The Board of Directors of Maple Leaf Cement Limited (MLCF) met on Tuesday to review the company's financial and operating performance for the year ended June 30, 2011.

NBFI, MAP stress on comprehensive Shariah Compliance system ISLAMABAD: The non-bank financial institutions (NBFI) and Modaraba Association of Pakistan (MAP) Tuesday stressed the need for comprehensive system of Shariah compliance to keep intact the confidence of the stakeholders in the Islamic financial system.

PPL appoints new managing director KARACHI: Pakistan Petroleum Limited (PPL) has appointed Mr. Asim Murtaza Khan as new chief executive /Managing Director, informed a notice issued to the Karachi Stock Exchange on Wednesday.

Range-bound trading at Pakistan cotton market KARACHI: Current rates of cotton attracted millers to indulge in active buying despite trading remained range bound at Pakistan cotton market on Tuesday.

Pakistan gold rates up KARACHI: Gold rates in Pakistan shoot up again on Tuesday in major bullion markets of the country following recovery in international gold market.

KMI likely to take U-turn on global stocks recovery KARACHI: Positive triggers and foreign institutional support is needed in the market amidst diplomatic tensions and political uncertainty. Since the market is following global trend recently, the movements in global markets will also be an important determinant shaping the course of the market. Market is expected to recover somewhat today after central bank's intervention to support the rupee.

International Commodities Rates Table below lists the updated rates in the international market of various important commodities. International Commodities Rates Cotton cents/lb 100.15 Crude Oil (WTI)$/bbl 83.46 Gold $/ozs 1,652.40 Copper Cent/pound 341.00 Wheat USD/bushel 658.25 Malaysian Palm Oil 926.72 Sugar NO. 11 cents/pound 24.70 As of: Tuesday, September27, 2011

Food export increases by 33.53 percent in two months ISLAMABAD: The export of food commodities from the country during the first two months of current financial year registered an increase of 33.53 percent as against the export of same period last year.

Packages Ltd declares closure period KARACHI: Packages Limited (PKGS) has declared the "Closed Period" from October 11, 2011 to October 18, 2011, in a notice issued to Karachi Stock Exchange on Tuesday.

Bank Islami reports improved earnings KARACHI: Bank Islami has announced the financial results for the half year ended on Jun 30, 2011 and showed an immense recovery as compared to last year, according to the notice sent to Karachi Stock Exchange (KSE) on Tuesday.

Global Islamic funds' assets up 7.6 pct in 2010-E&Y DUBAI: Assets held by global Islamic funds jumped 7.6 percent in 2010 to $58 billion, reflecting new money inflows and strength in fixed income, commodities and other alternative investments, Ernst & Young said on Monday.

SNGPL faces criticism over gas curtailment LAHORE: Sui Northern Gas Pipelines Limited (SNGPL) criticized by All Pakistan Textile Mills Association (APTMA) over gas curtailment to the textile industry despite government of Pakistan assurance to supply gas for five days a week.

LSM growth remained flat KARACHI: The month of July witnessed nominal growth in Large Scale manufacturing growth as it recorded growth of mere 0.68 percent to place the Quantum Index Numbers of the LSM Industries at 207.04 points as compared to 205.64 points in the corresponding period of the previous year, according to the latest statistics released by Federal Board of Statistics (FBS)

Dull trade at Pakistan cotton market KARACHI: Dull trade was witnessed at Pakistan cotton market as the sellers did not want to sell cotton at lower prices therefore they have adopted the strategy to hold their current positions which resisted cotton rates to decline further.

Pakistan gold prices eased down to Rs 56,300/tola KARACHI: Pakistan gold rates continuously falling in major bullion markets of the country following decline in the international gold markets as European countries are striving hard to stimulate the economy.

KMI nosedives over worsening US-Pak ties KARACHI: Market is looking for positive triggers and foreign institutional support amid diplomatic tensions and political uncertainty. Circular debt issue again hovering over oil stocks. Market is expected to recover somewhat today after last day decline.

International Commodities Rates Table below lists the updated rates in the international market of various important commodities. International Commodities Rates Cotton cents/lb 99.64 Crude Oil (WTI)$/bbl 81.26 Gold $/ozs 1,631.90 Copper Cent/pound 334.95 Wheat USD/bushel 648.25 Malaysian Palm Oil 925.00 Sugar NO. 11 cents/pound 24.28 As of: Monday, September26, 2011

Post-flood scenario: Farmer eyes for help KARACHI: Heavy rains in Sindh and Punjab have caused huge losses to the crops this year. According to the United Nations' food agency floods have destroyed 73 percent of crops and 67 percent of the food stocks in southern Pakistan's Sindh province.

Industry experts to study Islamic finance growth MANAMA: More than 400 experts from the international Islamic funds and investments industry are set to gather at the Seventh Annual World Islamic Funds and Financial Markets Conference 2011, which opens at the Gulf Hotel today.

KFH Says its Bahrain Unit Seeks to Merge 3 Islamic Banks Kuwait Finance House (KFIN)'s unit in Bahrain is leading efforts to merge three Islamic lenders into a bank valued at $400 million, the Kuwait-based financial services company said today.

Sitara Chemical reports decline in earnings KARACHI: The net profit after tax (NPAT) of Sitara Chemical Industries Limited (SITC) plunged by 8 percent for the year ended Jun 30, 2011 and recorded at Rs 427.99 million against Rs 462.71 million recorded in last year.

Weekly inflation up amid heavy rainfall in Sindh KARACHI: The heavy rainfall in Sindh has lifted up the weekly inflation by 0.27 percent as major crops have been ruined, according to the latest statistics released by Federal Bureau of Statistics (FBS).

Active buying at Pakistan cotton market KARACHI: Lower cotton prices attracted mills to indulge in active buying and higher influx of phutti and seed cotton encouraged growers and farmers to sell at current prices on Saturday.

KMI Weekly: Index gains 494.49pts KARACHI: The Halal stocks KMI-30 share index went up by 494.49 points or 2.40 percent during the last week. KMI-30 Index closed at the level of 21,122.57 as compared to the last week's closing level of 20,628.08 points.

International Commodities Rates International Commodities Rates Cotton cents/lb 101.24 Crude Oil (WTI)$/bbl 79.85 Gold $/ozs 1,639.80 Copper Cent/pound 328.00 Wheat USD/bushel 640.75 Malaysian Palm Oil 967.55 Sugar NO. 11 cents/pound 24.13 As of: Friday, September23, 201

By: Riffat Mughal Bank Al Habib Islamic banking branches unaudited net assets surged by 65.08 percent during first half of the financial year 2011 (1HFY11) as it reached to Rs 1.086 billion as compared to audited net assets of Rs 0.657 billion on December 31, 2010. Bank's Islamic banking business financing and receivables climbed by 32.27 percent to Rs 6.683 billion during the period. Bank's Murabaha jumped by 78.37 percent to Rs 2.668 billion as against Rs 1.495 billion on December 31, 2010. The major change was observed in Ijarah which declined by 65.17 percent to Rs 0.108 billion as compared to Rs 0.311 billion in the same period previous year. However, bank's diminishing Musharakah business surged by 45.43 percent to Rs 1.919 billion in 1HFY11. Export refinance Murabaha fell by 52 percent to Rs 0.250 billion while export refinance Istisna surged by 217.51 percent to Rs 1.035 billion. Other assets declined during the period under review by 48.3

By: Riffat Mughal   KARACHI: Pakistan's broad money (M2) grew by 15.89 percent year on year (YoY) to Rs 917.961 billion during FY11 as against 12.46 percent YoY to Rs 640.015 billion in FY10, State Bank of Pakistan (SBP) provisional data revealed. Monetary impact since July 1, 2011 till September 10, 2011 has seen a decline of 0.12 percent YoY or Rs 7.87 billion as compared to 0.08 percent YoY or Rs 4.616 billio, reported on September 10, 2010 by the central bank. Broad money consist of currency in circulation, other deposits with SBP and total demand and time deposits (including Residents Foreign Currency Deposits (RFCDs) excluding inter-bank deposits, deposits of governments and foreign constituents). According to the data, as on September 10, 2011, FY11 currency in circulation declined by 15.19 percent YoY to Rs 132.242 billion as compared with Rs 155.929 billion recorded on September 10, 2010. However, other deposits with SBP declined to Rs 0.472 b

Pakistan's broad money (M2) grew by 15.89 percent KARACHI: Pakistan's broad money (M2) grew by 15.89 percent year on year (YoY) to Rs 917.961 billion during FY11 as against 12.46 percent YoY to Rs 640.015 billion in FY10, State Bank of Pakistan (SBP) provisional data revealed.

Islamic Window: Al Habib net assets grow by 65.08pct in 1HFY11 KARACHI: Bank Al Habib Islamic banking branches unaudited net assets surged by 65.08 percent during first half of the financial year 2011 (1HFY11) as it reached to Rs 1.086 billion as compared to audited net assets of Rs 0.657 billion on December 31, 2010.

Pakistan Halal stocks fell 2.7pct in early trade KARACHI: The worsening relationship of Pakistan with United States has dampened the sentiments of local and foreign investors badly as the Halal Stock Index tumbled by 2.7 percent or 571.52 points in early trade on Monday.

Khazanah postpones Rmb 300mln Sukuk KUALALUMPUR: Khazanah Nasional- Malaysian state investment agency postponed its debut Rmb 300 million dim sum sukuk on back of severe volatile financial markets conditions.

Qadirpur maintenance to suffer industrial zone KARACHI: The Sui Northern Gas Pipelines (SNGPL) is planning to partially shut down Qadirpur gas field for maintenance of compressors and other gas fields, which could disrupt the supply of gas provided to the SNGPL network.

Growers concerns rise as cotton dropped further KARACHI: Growers concerns have been rising as the cotton market continued its downward trend on the back of higher influx of seed cotton and phutti arrivals on Friday.

10pct rise in seafood exports ISLAMABAD: Export of fish and fish preparations increased by 10.10 percent during the first two months of the current fiscal year (2011-12) compared to the exports of the same period of last year.

Suraj Cotton profit remains flat KARACHI: The earnings of Suraj Cotton Mills Limited (SURC) remained flat for the year ended Jun 30, 2011.

Pakistan gold prices follow downward trend KARACHI: Pakistan gold rates dropped significantly on Friday in major bullion markets of the country following decline in international gold market amid concern over international economy and debt fears.

Company notices KARACHI: Karachi Electric Supply Company Limited (KESC) has declared the "Closed Period" from September 23, 2011 to September 29, 2011 (both days inclusive) in a notice issued to Karachi Stock Exchange on Friday.

Fruit, vegetables exports increased ISLAMABAD: Fruit and vegetable export from the country during the first two months of current financial year grew by 60.46 per cent and 80.87 per cent respectively.

Fall of rupee against dollar KARACHI: The value of Pakistan currency against dollar is depreciating continuously in new fiscal year amid fears of less dollar inflows in future along with the suspension of IMF program.

Microfinance has potential to expand outreach: Hasnain KARACHI: Microfinance industry in Pakistan is a growing industry and it is currently serving approximately two million customers said Syed Samar Hasnain, Director, Agricultural Credit & Microfinance Department, State Bank of Pakistan.

SEIMENS appoints new CEO KARACHI: Mr. Syed Ali Hamdani has been appointed as the new Chief Executive Officer of the Siemens Pakistan.

KMI lost 81.41pts over global stocks meltdown KARACHI: The Halal stocks index KMI 30 went up by 81.41 points on Friday to close at 21,122.57 points as against 20,819.35 points, the closing figure of the previous session.

High paid-up-capital necessary for sound financial system says Hasnain KARACHI: Syed Samar Hasnain, Director, Agricultural Credit & Microfinance Department, State Bank of Pakistan said that the paid up capital requirement set by the central bank for the microfinance banks is high. But it is necessary at the same time to ensure a sound financial system.

Ghandhara Nissan Ltd declares closing period KARACHI: Ghandhara Nissan Limited (GHNL) has declared the "Closed Period" effective from September 27, 2011 to October 4, 2011 (both days inclusive) in a notice issued to Karachi Stock Exchange on Thursday.

Board Meetings KARACHI: Noon Pakistan Limited (NOPK) Board of Directors meeting will be held on Thursday, September 29, 2011 to consider among other things the audited financial statements for the year ended 30 June 2011.

Pakistan cotton faces further rate cut KARACHI: Pakistan cotton rates continued its downward trend on the back of higher influx of seed cotton and phutti arrivals however trading remained range bound at cotton market on Thursday.

Cement sales improved by 13.68pct during Aug-Jul KARACHI: According to the latest data released by the All Pakistan Cement Manufacturers Association (APCMA), the local cement dispatches increased by 13.68 percent to 3.68 million tons during Aug-Jul compared to the same period last year.

Pakistan gold prices down KARACHI: Gold rates in Pakistan slide downwards on Thursday in major bullion markets of the country following the downward trend in international gold rates.

Pakistani forex reserves fall to $17.64bln KARACHI: Pakistan's foreign exchange reserves fell to $17.64 billion in the week ending Sept. 17 from $17.79 billion the previous week, the central bank said on Thursday.

International Commodities Rates International Commodities Rates Cotton cents/lb 99.29 Crude Oil (WTI)$/bbl 80.53 Gold $/ozs 1,741.70 Copper Cent/pound 346.00 Wheat USD/bushel 633.75 Malaysian Palm Oil 967.55 Sugar NO. 11 cents/pound 24.81 As of: Thursday, September 23, 2011

Modern Economic Principles and Islamic Challenge By Faraz Bandukda CEO, Fortune Islamic Services Those who devour usury will not stand except as stand one whom the Evil one by his touch hath driven to madness. That is because they say: "Trade is like usury," but Allah hath permitted trade and forbidden usury. Those who after receiving direction from their Lord, desist, shall be pardoned for the past; their case is for Allah (to judge); but those who repeat (The offence) are companions of the Fire: They will abide therein (for ever) (275:2)

KMI lost as market takes technical correction KARACHI: Likelihood of a discount rate cut is increasing and the market is looking for positive triggers and foreign institutional support. Relaxation in policy rate in next Monetary Policy could bring positive activities in the market in the upcoming days. Market is expected to recover today (Friday).

KMI gains on inflation numbers KARACHI: With inflation numbers on a downward trend, likelihood of a discount rate cut is increasing. The market is looking for positive triggers and foreign institutional support. Relaxation in policy rate in next MPS could also help bring positive activities in the market in coming days.

Company notices Sui Northern Gas Pipelines Limited KARACHI: Sui Northern Gas Pipelines Limited (SNGPL) has declared the "Closed Period" from October 20, 2011 to October 31, 2011 (both days inclusive), in a notice issued to Karachi Stock Exchange (KSE) on Tuesday. Linde Pakistan Limited Linde Pakistan Limited (formerly known as BOC Pakistan Limited) has declared the "Closed Period" from September 25, 2011 to October 26, 2011 (both days inclusive), in a notice issued to Karachi Stock Exchange (KSE) on Wednesday. Sui Southern Gas Company Limited Board Meeting Sui Southern Gas Company Limited (SSGC) board of directors meeting will be held on September 29, 2011 to consider the Audited Financial Statements for the financial year ended June 30, 2011, in a notice issued to Karachi Stock Exchange (KSE) on Wednesday.

Maple Leaf declares closure period KARACHI: Maple Leaf Cement Factory Limited (MLCF) has declared the "Closed Period" from September 20, 2011 to September 27, 2011 (both days inclusive) in a notice issued to Karachi Stock Exchange (KSE) on Tuesday.

OGDC seeks joint ventures with Iranian oil companies KARACHI: Oil and Gas Development Company Limited (OGDC), a public listed oil and gas exploration company, has showed interest to enter into joint venture with Iranian companies.

CPI down by 11.56pct during August KARACHI: According to the latest statistics released by Federal Bureau of Statistics (FBS), Consumer Price Index (CPI) fell to 11.56 percent on year on year basis in August 2011 against 13.8 percent recorded in previous month, which is much lesser than the market expectation.

Pakistan cotton rates decline by Rs 300 KARACHI: The spot rate at Pakistan cotton market lowered on Tuesday over phutti arrivals and ample supply pushed cotton prices down. The Karachi Cotton Association (KCA) official spot rate declined by Rs 300 to Rs 7,000 on Tuesday, dealers said.

Sitara Peroxide reports healthy financial result KARACHI: The net profit of Sitara Peroxide Limited (SPL) recorded at Rs 166.25 million as compared to loss of Rs 179.145 million recorded in same period last year, according to the notice issued by company to Karachi Stock Exchange (KSE) on Tuesday.

KMI gains 266.43pts over healthy economic data KARACHI: With inflation numbers on a downward trend, likelihood of a discount rate cut is increasing. The market is looking for positive triggers and foreign institutional support. Relaxation in policy rate in next MPS could also help bring positive activities in the market in coming days.

Pakistan gold prices down KARACHI: Gold rates in Pakistan dropped on Tuesday in major bullion markets of the country despite nominal rise in international gold rates. Gold prices in Karachi went down by Rs 600 per tola and recorded at Rs. 60,100 per tola (11.66 grams). The price of 10 grams gold was also declined by Rs 514 to Rs. 51,514.

South Asia floods spare crops but Pakistan cotton hit NEW DELHI/ISLAMABAD: Seasonal floods across South Asia have largely spared summer crops this year, helping meet output targets for key rice and cane harvests, but Pakistan could import more cotton after losing about two million bales of the fibre to rains.

Bank Alfalah Islamic Banking Branches net assets climb by 13.63pct KARACHI: Bank Alfalah Limited Pakistan (BAFL) Islamic business unaudited net assets surged by 13.63 percent during first half of the financial year 2011 (1HFY11) as it reached to Rs 5.473 billion as compared to audited net assets of Rs 4.817 billion on December 31, 2010.

Weekly inflation down by 0.11pct ISLAMABAD: The Sensitive Price Indicator (SPI), for the lowest income group up to Rs.3,000 has registered a decrease of 0.11 percent for the week ended on September 15 over the previous week.

BOC Pakistan renames as Linde Pakistan KARACHI: The name of BOC Pakistan Limited has been changed to Linde Pakistan Limited, informed the notice issued to the Karachi Stock Exchange on Monday.

PNSC declares closing period KARACHI: Pakistan National Shipping Corporation (PNSC) has declared the "Closed Period" from Thursday, September 20, 2011 to Friday, September 27, 2011, in a notice issued to Karachi Stock Exchange (KSE) on Monday.

First Prudential Modaraba profits crawled up by 0.74pct KARACHI: First Prudential Modaraba total comprehensive income for the year grew by meager 0.74 percent year on year (YoY) to Rs 33.674 million during the financial year 2011 (FY11). Earnings per share remained intact at Rs 0.38 per certificate, revealed in a notice issued by the company to Karachi Stock exchange on Friday.

National Food posts healthy earnings in FY11 KARACHI: The net earnings of National Foods Limited (NATF) improved by 166 percent and recorded at Rs 230.59 million against Rs 86.56 million recorded in last year for the financial year ended Jun 30, 2011, according to a notice sent to Karachi Stock Exchange (KSE) on Monday.

Pakistan cotton rates decline to Rs 7,300 KARACHI: The spot rate at Pakistan cotton market lowered on Saturday as phutti arrivals pushed cotton prices down. The Karachi Cotton Association (KCA) official spot rate declined by Rs 100 to Rs 7,300 while physical prices were recorded at Rs 7,400 and Rs 7,450, dealers said.

KMI Weekly: KMI gains 193.16pts KARACHI: The Halal stocks KMI-30 share index went up by 193.16 points or 0.95 percent during the last week. KMI-30 Index closed at the level of 20,628.08 as compared to the last week's closing level of 20,434.92 points. The overall 103 Halal Stocks recorded average daily volumes of 20.332 million shares as compared to 25.635 million shares in the previous week.

International Commodities Rates International Commodities Rates Cotton cents/lb 110.52 Crude Oil (WTI)$/bbl 87.96 Gold $/ozs 1,814.70 Copper Cent/pound 393.15 Wheat USD/bushel 688.25 Malaysian Palm Oil 1,003.00 Sugar NO. 11 cents/pound 26.31 As of: Friday, September 16, 2011

By: Riffat Mughal Forex is a market where one can buy, sell or exchange currencies also known as currency trading market or FX. At Forex, markets quotes also known as currency exchange rates are used to understand value of currencies and investors can trade in those currencies to make profits. Therefore, first step is to understand Forex quotes before participating in forex markets. Forex quotes are quoted in pairs like EUR/USD. Each pair is international three letter code of the currency. For example EUR for EURO, USD for US Dollar, GBP for Great Britain Pound, JPY for Japanese Yen, AUD for Australian Dollar and others. Each pair includes base currency and counter currency. Let's understand it with the help of an example: GBP/USD = 1.9714 Here, the currency on the left i.e. GBP is the base currency. The currency on the right side is known as counter currency i.e.

SECP registered 277 companies in August KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has registered 277 companies in August, raising the total corporate portfolio to 59,761 companies.

Malaysia's Khazanah to issue renminbi-denominated sukuk -IFR KUALA LUMPUR: The Malaysian government investment arm Khazanah Nasional is planning to issue renminbi-denominated sukuk, making it the first-ever Islamic financing in Hong Kong's booming Dim Sum market, according to IFR.

Islamic Development Bank loans Djibouti funds for construction DJIBOUTI: The Islamic Development Bank loaned Djibouti $8.5 million to help build a residential and commercial center in Djibouti City, the capital.

First Al-Noor Modaraba reports surge in profits KARACHI: First Al-Noor Modaraba (Pvt.) Ltd profit after taxation reported outshined growth of 170.89 percent year on year (YoY) to Rs 29.892 million during the financial year 2011 (FY11) as compared to Rs 11.034 million in the previous year.

Pakistan to ease palm oil duty for Indonesia JAKARTA: Pakistan has agreed to lower its duty by 15 percent on Indonesian crude palm oil and its by products by January 2012, officials said.

Fazal Textile board to meet on 22 KARACHI: Fazal Textile Mills Limited (FZTM) Board of Directors meeting will be held on Thursday, September 22, 2011 to consider the financial statements for the year ended June 30, 2011 said the notice issued by company to the Karachi Stock Exchange (KSE) on Friday.

Pakistan cotton rates steady over brisk trading KARACHI: The return of ginneries and arrivals of Phutti allowed Pakistan cotton market to witness brisk trading activities on Friday. The Karachi Cotton Association (KCA) official spot rate remained intact at Rs 7,400 while physical prices were recorded at Rs 7,450, dealers said.

Shell Gas posts lower profits KARACHI: Shell Gas (LPG) Pakistan has posted a lower profit-after-tax of Rs 50.104 million during the year ending June 30, 2011 and declared a final dividend of Rs 1 per share.

KIIOF reports net loss of Rs 18.413mln in FY11 KARACHI: KASB Islamic Income Opportunity Fund (KIIOF) (formerly KASB Islamic Income Fund) has reported net loss of Rs 18.413 million year on year (YoY) as compared to Rs 5.021 million net profits in the previous year.

Dubai's Nakheel trade creditors keen to sell Islamic bond DUBAI: Trade creditors holding the recently issued first tranche of troubled developer Nakheel's five-year Islamic bonds, or sukuk, are inviting bids for the paper, but buyers are so far limited, traders said.

Malaysia's KLCC Property to issue 880mln rgt Islamic notes KUALA LUMPUR: Malaysia's KLCC Property Holdings Bhd said on Thursday that 2 of its units will issue an 880 million ringgit ($285.9 million) Islamic medium-term notes programme.

Companies declare closing periods KARACHI: Pak Datacom Limited (PAKD) has declared the "Closed Period" from September 14, 2011 to September 21, 2011 (both days inclusive), in a notice issued to Karachi Stock Exchange on Thursday.

Unilever Pakistan declares Closing Period KARACHI: Unilever Pakistan Ltd has declared the "Closed Period" from September 22, 2011 to October 26, 2011 in a notice issued to Karachi Stock Exchange on Friday.

Ginners back on trade, rates remain firm KARACHI: Ginneries participation in active trading on Thursday supported Pakistan cotton rates to remain firm. Some analysts expect that panic trading by ginneries can pushed cotton prices down.

First World Islamic Finance Summit to begin from 21st KARACHI: Pakistan is all set to host the first World Islamic Finance Summit 2011 to be held on September 21 and 22. The organizers unveiled the description of the prestigious summit on Thursday.

Pakistan gold prices follow declining trend KARACHI: Gold rates in Pakistan dropped on Thursday in major bullion markets of the country as the metal continued its downward trend in the international markets.

KMI likely to remain range-bound KARACHI: The market is expected to remain range-bound and focused in some active blue chip stocks as the market is looking for positive triggers and foreign institutional support.

International Commodities Rates International Commodities Rates Cotton cents/lb 111.62 Crude Oil (WTI)$/bbl 89.22 Gold $/ozs 1,792.10 Copper Cent/pound 396.10 Wheat USD/bushel 696.00 Malaysian Palm Oil 1,003.00 Sugar NO. 11 cents/pound 28.18 As of: Thursday, September 15, 2011

Bahrain holds 7th annual World Islamic Funds MANAMA: The 7th annual World Islamic Funds and Financial Markets Conference 2011 (WIFFMC'11) will be held in Bahrain on September 26 and 27, 2011.

ADB projected moderate economic growth KARACHI: The Asian Development Bank (ADB) has presented a modest economic growth forecast of 3.7 percent for Pakistan for FY12, lower than government's target of 4.5 percent.

Refinery witness higher output and 14pct sales growth in 2MFY12 KARACHI: Refinery sales witnessed higher output along with 14 percent growth in the first two months of fiscal year 2011-12 (2MFY11-12). High Speed Diesel (HSD) and petrol contributed as their growth outshined by 91 percent during the period under review.

Sales of OMC drop by 6pct during August 2011 KARACHI: The sales of Oil & Marketing Companies (OMCs) dropped by 6 percent during the month of August to 1.740 million tons, according to the latest data released by Oil Companies Advisory Committee (OCAC).

First Imrooz Modaraba declares its Closing Period KARACHI: First Imrooz Modaraba has declared the "Closed Period" from September 14, 2011 to September 21, 2011 (both days inclusive) in a notice issued to Karachi Stock Exchange on Thursday.

Brisk trading activities witness at Pakistan Cotton KARACHI: Pakistan cotton market observed brisk trading on Wednesday amid firm prices. The Karachi Cotton Association (KCA) official spot rate remained intact at Rs 7,400 on Wednesday while physical prices were recorded at Rs 7,600, dealers said.

APTMA welcomes LNG Policy 2011 Karachi: All Pakistan Textile Mills Association (APTMA) has embraced the proposed Liquefied Natural Gas (LNG) Policy 2011 and appreciated the efforts of federal government for taking interest in bringing LNG into the system, said by APTMA Chairman Gohar Ejaz.

Economics, politics spur Islamic banking in Oman MUSCAT/DUBAI: For religious reasons, Omani clerk Ali al-Sulaimi does not believe in paying interest on borrowed money, but he badly wants to build a house for his family.