Islamic Finance

Lackluster performance of Islamic Money Market Fund in Sept 11 KARACHI: Islamic Money Market Funds and Islamic Cash Funds performed lackluster in the month of September, 2011 as the net assets of the category decreased by 9.83 percent Month-on-Month (MoM) to Rs 6,892.176 million. The previous month, recorded a surge in net asset by 9.15 percent MoM to Rs 7,643.277 million.

BankIslami profits spike during 3QCY11-12 KARACHI: BankIslami Pakistan Limited (BIPL) witnessed outstanding performance during the third quarter of calendar year 2011-12 (3QCY11-12), said the result reported on Karachi Stock Exchange (KSE) website on Friday.

KMI Weekly: Index lost 984.69pts KARACHI: The Halal stocks KMI-30 share index went down by 984.69 points or 4.39 percent during the last week. KMI-30 Index closed at the level of 21,436.77 points as compared to the last week's closing level of 22,421.46 points.

Higher expenses trim GSK profits KARACHI: GlaxoSmithKline Pakistan Limited (GSK) net profits during the third quarter of calendar year 2011-2012 (3QCY11-12) trimmed by 13.54 percent year on year (YoY) to Rs 236.454 million.

Shariah Finance: An Alternative In The Making Dhafer Salih Alqahtani, Principal, Rusmal Consult Manama, Bahrain While clinging to its present marginal position in the mainstream of global financial markets, Islamic banking and Islamic finance has a long way to go to transform itself into a major player, mainly through standardization, uniformity, governance, transparency and innovation, in addition to consolidation.

Cotton rate eases on persistent phutti arrivals KARACHI: Strong phutti arrivals on Wednesday have forced ginners and they indulged in panic selling which pushed cotton prices down, dealers said.

Foreign Selling may pressurize KMI today KARACHI: Result season is going to bring interest in refinery, exploration, banking and fertilizer stocks. Blue chips results might bring a positive momentum in the market. High dividend yielding stocks will remain in limelight. Market is expected to be range bound today as foreign institutional selling make investors cautious.

Socio-Economic Benefits of Two-Tier Mudarabah Model The world of Islamic finance is showing notable developments and is evolving persistently amidst all the challenges from its conventional counterparts. It has been able to remain competitive to attain as well as sustain its growth momentum amid even the great recession and beyond.

Increased cotton arrivals at ginneries KARACHI: Cotton arrivals at Pakistan ginneries increased by 13 percent year on year (YoY). Pakistan Cotton Ginners Association (PCGA) fortnightly cotton arrivals report revealed that the total arrivals till October 15 stood at 4.715 million bales of cotton against 4.173 million bales of cotton last year.

Tata Textile appoints new CEO KARACHI: Tata Textile Mills Ltd (TATM) has appointed Shahid Anwar Tata as chief executive of the company for a period of three years.

Dubai Islamic Bank wins ’Credit Excellence Award’ at international industry conference UAE: Dubai Islamic Bank (DIB) announced today that its Retail Credit Department has won the "Credit Excellence Award" at the world's leading credit industry conference. Reflecting DIB's overall focus on international best practice risk management, the award, offered in the Risk Category, was presented to the bank at a high-profile ceremony earlier this month in London. The award was received by Kazi Farook Kamal, Head of Retail Credit, DIB, on behalf of the bank.

Pakistan cotton rates remain intact KARACHI: Cotton prices in Pakistan on Tuesday remained intact due to persistent phutti arrivals, dealers said. The Karachi Cotton Association (KCA) official spot rate was intent at Rs 6,300 while prices of fine lint were around Rs 6,600 and Rs 6,375 per maund. Meanwhile, active buying by the some of the mills was observed during the session.

Xenel International offloads its shareholding from HUBCO KARACHI: The final deal of selling Hub Power Company (Hubco) shares, owned by Xenel International to some banks has been executed, media reported on Wednesday.

Intel together with Meezan offer Shariah-compliant laptop loans KARACHI: Intel Corp is working with Pakistan Islamic bank Meezan to offer the nation's consumers their first large-scale hire-purchase scheme for personal computers as the technology company seeks to increase its market share in the country, according to a Financial Times report. Intel, whose scheme will be compliant with Shariah, or Islamic law, is also considering expanding the scheme to other emerging markets, the report said on Tuesday. Meezan had signed hire-purchase deals for computers with 400 people since launching the scheme in May, via promotional drives at Pakistani universities, and is aiming to sign another 3,000 such agreements in 2012, the report said. Intel could not immediately be reached for comment by Reuters outside regular U.S. business hours. On Tuesday, Intel forecast quarterly revenue above Wall Street's expectations, defying concerns that tablets and a shaky economy are eati

POL posts Rs.3.4bln earnings in 1QFY12 KARACHI: The board of directors of Pakistan Oilfield Limited (POL) has approved the financial information of the company for the first quarter ended Sep 30, 2011 on Wednesday.

Mix triggers likely affect KMI today KARACHI: Result season is going to bring interest in refinery, exploration, banking and fertilizer stocks. High dividend yielding stocks will remain in limelight. Market is expected to be range bound today after dismal figures for foreign investment yesterday.

KARACHI: Pakistan's Islamic banking windows of conventional banks continued to grow during the first half of the calendar year 2011 (1HCY11) with improved asset base. Total assets grew by 27.28 percent during the first half as the Islamic banking windows total assets stood at Rs 189.990 billion. Islamic banking business of 10 selected banks was included in this report. The banks include Standard Chartered Saadiq, Bank AL Habib, Askari Bank Limited, Habib Bank Limited, Faysal Bank Limited, National Bank of Pakistan, Bank Alfalah Limited, Bank of Khyber, Habib Metropolitan Bank and Muslim Commercial Bank. Net assets surged by 18.58 percent during 1HCY11 and have reached to Rs 15.242 billion during the period as against Rs 12.854 billion in the same period last year. Banks financing and receivables climbed up by 21.29 percent to Rs 72.757 billion. In the total financing and receivables, Murabaha portfolio contributed Rs 20.276 billion with an increase o

Islamic Finance: Need for a Paradigm Shift The original concept of Islamic finance is undoubtedly in favor of equity participation rather than creation of debts because it is only equity participation that brings an equitable and balanced distribution of wealth in the society.

Dubai Islamic Bank launches Al Islami Emerging Cappuccino Certificate UAE: Dubai Islamic Bank (DIB) announced on Monday the launch of the Al Islami Emerging Cappuccino Certificate, a four-year Islamic certificate backed by Sharia-compliant assets. Providing exposure to four of the worlds most dynamic emerging markets, this certificate is linked to indices in Brazil, China, Singapore and Taiwan offering medium to long-term investors a unique opportunity to profit from the future growth of these rapidly developing economies. The Al Islami Emerging Cappuccino Certificate is issued by The Royal Bank of Scotland (RBS) and will be solely distributed by DIB in the UAE. The certificate offers annual profit distribution of up to nine percent, backed by 90 per cent capital protection at maturity. It is denominated in US dollars with a minimum investment of US$25,000.

Persistent buying pushes cotton prices up KARACHI: Mills continuous buying at Pakistan cotton market push prices up on Monday. The Karachi Cotton Association (KCA) official spot rate increased by Rs 50 traded at Rs 6,300 while physical prices of fine lint were above Rs 6,600 and Rs 6,350 per maund, dealers said.

KMI expects mix trend KARACHI: The Halal stock KMI 30 share index expected to be range-bound as investors seemed to be cautious on the back of mixed triggers.

Tri-Pack Films Ltd profits surged by 64.84pct 3QFY11 KARACHI: Tri- Pack Films Limited (TRIPF) witnessed outstanding performance during the third quarter of the financial year 2011 (3QFY11) as its profits surged by 64.84 percent year on year (YoY) to Rs 200.040 million as compared to Rs 121.354 million in the same period previous year, mentioned in a notice issued by the company to Karachi Stock exchange.

Kohinoor Energy Ltd grew by 137.26pct KARACHI: Kohinoor Energy Limited (KOHE) showed outstanding performance during the first quarter of financial year 2011 (1QFY11) as its profits surged by 137.26 percent year on year (YoY) to Rs 180.459 million as compared to Rs 76.061 million in the same period previous year, mentioned in a notice issued by the company to Karachi Stock exchange.

Attock Petroleum reports 25 percent growth in first quarter earnings KARACHI: The Board of Directors of Attock Petroleum Limited (APL) met on October 17 to review the company’s financial and operating performance for the quarter ended Sep 30, 2011.

Kohinoor Energy Ltd grew by 137.26pct KARACHI: Kohinoor Energy Limited (KOHE) showed outstanding performance during the first quarter of financial year 2011 (1QFY11) as its profits surged by 137.26 percent year on year (YoY) to Rs 180.459 million as compared to Rs 76.061 million in the same period previous year, mentioned in a notice issued by the company to Karachi Stock exchange.

ATRL reports improved earnings in first quarter, FY2012 KARACHI: The board of directors of Attock Refinery Limited (ATRL) has approved the financial results of the company for the first quarter ended Sep 30, 2011 on Monday, according to the notice issued by company to the Karachi Stock Exchange (KSE).

Company’s Board Meetings KARACHI: Pak Suzuki Motor Company (PSMC) Board of Directors meeting will be held on Wednesday, October 26, 2011 to consider among other things the unaudited accounts for the 3rd quarter ended on September 30, 2011.

Brisk trading at cotton market KARACHI: Brisk trading witnessed at Karachi cotton market on Saturday while spot rate remained unchanged. The Karachi Cotton Association (KCA) official spot rate remained intact at Rs 6,250 while physical prices were above Rs 6,600 and Rs 6,700 per maund, dealers said.

Malaysia supplies world class talent for Islamic Finance, says Zeti KUALA LUMPUR: Malaysia, via the International Centre for Education in Islamic Finance (INCEIF), is supplying world class talent for the fast-growing Islamic finance, says chairman and chancellor, Tan Sri Dr Zeti Akhtar Aziz.

Weekly inflation moves up KARACHI: The Sensitive Price Indicator (SPI) has registered an increase of 0.24 percent for the week ended on October 13 over the previous week.

Al Baraka launches Business Plus Account KARACHI: Al Baraka Bank Pakistan Limited (ABPL) has announced the launch of Al Baraka Business Plus Account. This is a new addition to its existing comprehensive product portfolio set on the basic principles of Mudaraba, tailored to suit the business needs.

OGDC to restart operations in rain affected areas KARACHI: Oil and Gas Development Company Ltd (OGDCL) will resume its operation in the rain-affected areas with full pace as soon as rainwater is receded in exploration blocks.

KMI Weekly: Index gains 652.60pts KARACHI: The Halal stocks KMI-30 share index went up by 652.60 points or 3 percent during the last week. KMI-30 Index closed at the level of 22,421.46 points as compared to the last week's closing level of 21,768.86 points.

Pakistan cotton rates drop by Rs 100 KARACHI: Cotton rates decreased over cautious trading mode adopted by the mills and spinners on Thursday as buyers indulged in range bound activities to observe the latest developments in the market.

KMI likely to witness selling pressure today KARACHI: The government's move to ban petroleum products export to Afghanistan likely to affect KMI index on Friday as market is expected to witness selling pressure.

Mari Gas makes significant discovery in Karak ISLAMABAD: Mari Gas Company Limited (MGCL) made a significant crude oil discovery on Thursday, with the additional potential of Associated Gas, during the drilling of Halini Well in its operated Karak Exploration Block.

Askari Islamic Banking recovers KARACHI: Askari Islamic banking business recovered from huge losses reported last year. In current year, it recovered 95.33 percent year on year (YoY) of the losses. The bank has reported loss of Rs 6.268 million during first half of the financial year 2011 (1HFY11) as against loss of Rs 134.331 million in the same period last year.

PTCL to provide country-wide connectivity to NSO ISLAMABAD: Pakistan Telecommunication Company Limited (PTCL) will facilitate National Savings Organization (NSO) in transforming into an automated and dynamic corporation by providing country-wide connectivity services.

Dubai's MAF eyes sukuk; expansion into Iraq, Lebanon - exec ABU DHABI: Dubai's Majid Al Futtaim Holding, sole franchisee of hypermarket chain Carrefour in the Gulf, is to set up a sukuk programme as market volatility continues to thwart its plans for a conventional issue, an executive told reporters today.

NRL board to meet on Oct 20 KARACHI: As the first quarter of new financial year has come to an end, all listed companies on Karachi Stock Exchange (KSE) are busy in arranging their board meetings to consider the quarterly financial results.

FFBL, FFC raise urea prices KARACHI: Fauji Fertilizer Company (FFC) and Fauji Fertilizer Bin Qasim Limited (FFBL) have raised urea prices by Rs 202 per 50kg bag on Tuesday. Gas curtailment and government negligence over gas supply issues especially to fertilizer sector have provided an opportunity to the fertilizer giants to increase prices further.

Pakistan gold rates drop KARACHI: Pakistan gold prices dropped on Tuesday in major bullion markets of the cities due to prevailed uncertainty in European countries. Gold prices in Karachi went down by Rs 250 per tola and recorded at Rs. 55,300 per tola (11.66 grams). The price of 10 grams gold was also decreased by Rs 214 to Rs. 47,400.

Brent below $111 on demand target cut, euro zone woes SINGAPORE: Brent crude fell on Wednesday, snapping five days of gains, after OPEC cut its global oil demand forecast and plans for greater powers for a euro zone bailout fund hit a snag, rattling investor confidence.

Pakistan cotton prices moves up KARACHI: Cotton prices moved up on Tuesday on the back of strong demand by the mills and spinners amid active trading. Karachi Cotton Association (KCA) official spot rate continued upward march as it went up by Rs 150 to Rs 6,450, dealers said. Market also followed New York cotton exchange trend as prices kept on a move in international market.

KMI: Market likely to be range bound KARACHI: Increase in international oil prices along with fertilizer and cement price hike locally bode well for these sectors, however, widening trade gap and decline in remittances posed fresh challenges to the economy despite the ease in monetary policy.

Pak-backed advisory firm launches Islamic Finance training projects in Bahrain MANAMA: Tajweez Advisory Co. WLL, the first Pakistani-backed advisory firm in Bahrain in the Islamic finance sector, has launched their Islamic Finance 360 training project at the Institute of Bankers Pakistan.

KMI gains 2.46pts KARACHI: The Halal stocks continued its rally and touched high but later it slowed down which let KMI 30 share index to gained meager 2.46 points. The Halal stocks KMI 30 closed at 22,322.52 points as against 22,320.06 points, the closing figure of the previous session. KMI 30 witnessed volumes of 81.112 million shares during the trading session as against 92.618 million shares traded in the previous session.

POL board meeting on Oct 18 KARACHI: As the first quarter of new financial year has come to an end, all listed companies on Karachi Stock Exchange (KSE) are busy in arranging their board meetings to consider the quarterly financial results.

Trade among Islamic states to grow 20pct JEDDAH: The International Islamic Trade Finance Corporation (ITFC), an affiliate of the IDB Group, is making intense efforts to increase trade among members of the Organization of Islamic Cooperation (OIC) to 20 percent of their total trade by 2015. It has given $13 billion since 2008 to finance trade.

Agritech reports loss of Rs 295.221mln in FY11 KARACHI: Agritech Limited (AGL) declares loss of Rs 295.221 million for the year ended on June 30, 2011 as against profits after taxation of Rs 853.248 million in the previous year.

Lotte eyes increase in import tariffs SINGAPORE: Lotte Pakistan PTA (LOTPTA) depends on government's decision to increase import tariffs to expand investments in its purified terephthalic acid (PTA) production capacity to 1.5 million tons per year industry, said the report published in ICIS news.

Pakistan gold prices up KARACHI: Pakistan gold rates up on Monday in major bullion markets of the cities with increase in international gold market.

Active trade at cotton market after policy rate slash KARACHI: Traders participated in active trading on Monday over the news that State Bank of Pakistan has reduced policy rate by 150 basis points to 12 percent. Now traders will get loans at lower rates which would provide them opportunity to expand their business and avail opportunity in their best interest.

Lotte eyes increase in import tariffs SINGAPORE: Lotte Pakistan PTA (LOTPTA) depends on government's decision to increase import tariffs to expand investments in its purified terephthalic acid (PTA) production capacity to 1.5 million tons per year industry, said the report published in ICIS news.

KMI: Market to continue rally KARACHI: Market would continue the rally today as investors' renewed buying interest could be witness in high dividend-yielding stocks. Increase in international oil prices with increase in fertilizer and cement prices locally bode well for these sectors, however, widening trade gap and decline in remittances pose fresh challenges to the economy despite the ease in monetary policy.

Brisk buying further pushes cotton rates up KARACHI: Brisk buying by the mills and spinners pushed cotton prices further up. The prices at Karachi Cotton Association (KCA) surged by Rs 100 to Rs 6,300 on Saturday, dealers said.

KMI Weekly: Index gains 455.56pts KARACHI: The Halal stocks KMI-30 share index went up by 455.56 points or 2.14 percent during the last week.

Weekly SPI registers increase KARACHI: The Sensitive Price Indicator (SPI) has registered an increase of 0.26 percent for the week ended on October 6 over the previous week.

Auto industry fears of new players LAHORE: The automobile industry of Pakistan has showed serious concerns over the government recent stance to invite new players in the domestic automobile industry to reap the new announced benefits.

12.5m bales of cotton production expected KARACHI: Despite 80 percent loss to cotton crop in Sindh because of torrential rains and floods, 12.5 million bales are still expected to be produced by the country this year, with 10 million bales from Punjab and 2.5 million bales from Sindh.

SUKUK: A feather in the cap of Malaysia's budget KUALA LUMPUR: Prime Minister Datuk Seri Najib Tun Razak on Friday unveiled the 2012 Budget of Malaysia in which sukuk (Islamic bond) market, has emerged as a feather in the cap for Malaysia's Islamic finance.

Pakistan cotton follows upward trend KARACHI: Brisk buying at cotton market pushed rates up. The prices at Karachi Cotton Association (KCA) surged by Rs 100 to Rs 6,200 on Friday, dealers said.

PTCL offers ICT services to DGK Cement ISLAMABAD: Pakistan Telecommunication Company Limited (PTCL) to supply Information and Communication Technologies (ICT) services to Dera Ghazi Khan Cement (DGKC).

Alkhair Int'l Islamic Bank seeks boutique bank KUALA LUMPUR: Alkhair International Islamic Bank (M) Bhd is in discussion with Bank Negara to get approval to start talking with potential acquisition targets, which will allow Alkhair to tap into the ringgit business in the country.

Analysis: Pakistan Refineries GRMs improved in 1QFY11-12 Gross Refinery Margins (GRMs) for local refineries improved by 11 percent quarter on quarter (QoQ) at $3 per barrel in the first quarter of the financial year 2011-2012 (1QFY11-12) as compared to $2.7 per barrel reported in the previous quarter.

Pakistan cotton rates up KARACHI: Following footprints of New York (NY) cotton in the international market Pakistan cotton prices also moved upwards on Thursday.

Pakistan gold prices increased KARACHI: Pakistan gold rates registered increase on Thursday in major bullion markets of the cities following rising trend in the global market.

Range-bound trading likely at KMI KARACHI: Market is expected to remain range bound as the investors will adopt precautionary measures and prefer to be sideline ahead of monetary policy.

International Commodities Rates Table below lists the updated rates in the international market of various important commodities. International Commodities Rates Cotton cents/lb 102.73 Crude Oil (WTI)$/bbl 82.16 Gold $/ozs 1,653.40 Copper Cent/pound 327.00 Wheat USD/bushel 616.00 Malaysian Palm Oil 864.00 Sugar NO. 11 cents/pound 24.64 As of: Thursday, October 6, 2011

HMB Islamic Banking operations remain impressive in 1HCY11 KARACHI: The net assets of Habib Metropolitan Islamic windows surged by 7.15 percent during first half of the calendar year 2011 (1HCY11) as it recorded at Rs 1.22 billion as compared to Rs 1.14 billion in December, 2010.

Sitara Energy profits drop KARACHI: The board of directors of Sitara Energy Limited (SEL) has approved the financial information of the company for the year ended June 30, 2011 on Thursday.

Islamic corporate finance ready to meet needs of corporate borrowers DUBAI: With the rapid growth of the Islamic finance industry and the increasing popularity of Islamic finance as a financing solution for a growing number of businesses both regionally and globally,

Malaysia's Alkhair says in the market for bank buy KUALA LUMPUR: Alkhair International Islamic Bank Malaysia is seeking central bank approval to start talks to acquire a Malaysian bank, its chief executive said on Thursday.

KESC posts Rs 9.393 bln losses in FY11 KARACHI: Karachi Electric Supply Company Limited (KESC) loss after taxation decreased by 35.84 percent year on year (YoY) to Rs 9.393 billion as compared to Rs 14.641 billion in the previous year. KESC losses recovered during financial year 2011 (FY11) in volumes despite reduced profit margins.

Dubai Islamic launches online remittance solution KARACHI: Dubai Islamic Bank Pakistan Limited (DIBPL) has announced to provide online solution for foreign remittances to its potential customers, according to the press release issued by full fledge Islamic bank on Wednesday.

Fresh buying at cotton market KARACHI: Active trading witnessed at Pakistan cotton market as both the mills and spinners participated in fresh buying on Wednesday. The prices at Karachi Cotton Association (KCA) remained intact at Rs 6,000. The rates of seed cotton in Sindh stayed constant at Rs 2,200 and Rs 2,700, while in Punjab cotton rates were Rs 2,000 and Rs 2,900, dealers said.

Pakistan gold prices drop KARACHI: Gold rates in Pakistan plunged on Wednesday in major bullion markets of the cities followed mixed trend found in international market.

Cotton price should be fixed at Rs 3,500/maund, demands PAF LAHORE: Pakistan Agri Forum (PAF) has demanded that the price of cotton should be fixed at Rs 3,500 per maund keeping in view international market prices to facilitate cotton growers.

International Commodities Rates Table below lists the updated rates in the international market of various important commodities. International Commodities Rates Cotton cents/lb 102.30 Crude Oil (WTI)$/bbl 79.51 Gold $/ozs 1,645.50 Copper Cent/pound 314.00 Wheat USD/bushel 625.25 Malaysian Palm Oil 869.16 Sugar NO. 11 cents/pound 24.80 As of: Wednesday, October 5, 2011

Halal stocks: Market likely to remain range-bound KARACHI: Foreign selling has impacted investors' confidence. Trade is concentrated in some stocks and they are now trading at inflated levels. Market is expected to remain range bound today and will be focusing on monetary policy ease in next couple of days.

The Future of Islamic Banking Sector Shayne Nelson, Regional CEO, MENA, Standard Chartered talks about the future of Islamic Banking sector after the great financial crisis.

Islamic Equity Funds: Net assets decline by 4.17pct in August KARACHI: Pakistan's key Islamic equity funds performance remained low during the month of August, 2011 as the cumulative net assets of the four major Islamic equity funds fell by 4.17 percent Month-on-Month (MoM) to Rs 5,174.501 million as at August 31, 2011 from Rs 5,399.576 million as at July, 2011.

Barclays to focus on Islamic liquidity DUBAI: Barclays Capital will focus on growing its liquidity management and risk management businesses as the Islamic bond market continues to struggle because of global economic worries, its head of Islamic products said.

Islamic finance industry facing challenges DUBAI: Growth of the global Islamic asset management industry will likely halt or reverse this year as the industry struggles with poor sentiment in financial markets and lacklustre interest among Islamic institutional investors, said Jahangir Aka, senior executive officer at asset management firm SEI Investments.

Pakistan cotton: Lower prices attract buyers KARACHI: Increased Phutti arrivals and panic selling by the ginners pushed Pakistan cotton prices further down in the market on Tuesday. The prices at Karachi Cotton Association (KCA) cut down by Rs 100 at Rs 6,000 which attracted buyers including both the mills and spinners who have actively participated in the brisk trading session. The rates of seed cotton in Sindh stayed constant at Rs 2,200 and Rs 2,700, while in Punjab cotton rates were Rs 2,000 and Rs 2,900, dealers said.

Pakistan gold prices recorded at Rs 56,200/tola KARACHI: Gold rates in Pakistan jumped up on Tuesday in major bullion markets of the cities followed by the rally in international market.

Buying in fertilizer scrips pushes KMI up KARACHI: Market is likely to be positive today over hike in urea prices as fertilizer stock is expected to continue the rally. Investors are bullish about the sector owing to high dividend expectations and seem to be less concerned about gas curtailment to the sector.

International Commodities Rates Table below lists the updated rates in the international market of various important commodities. International Commodities Rates Cotton cents/lb 101.87 Crude Oil (WTI)$/bbl 78.12 Gold $/ozs 1,628.40 Copper Cent/pound 312.95 Wheat USD/bushel 604.00 Malaysian Palm Oil 874.03 Sugar NO. 11 cents/pound 24.69 As of: Tuesday, October 4, 2011

Sept inflation dips to 10.46 pct y/y ISLAMABAD: Pakistan's annual inflation rate eased in September, with the consumer price index (CPI) rising 10.46 percent from a year earlier, compared with 11.56 percent in August, the Federal Bureau of Statistics said on Monday.

Tariq glass profits remain flat KARACHI: The board of directors of Tariq Glass Industries Limited (TGL) has approved the financial information of the company for the year ended June 30, 2011 on Monday, according to the notice issued by company to the Karachi Stock Exchange (KSE).

Weekly inflation goes up KARACHI: The Sensitive Price Indicator (SPI), for the lowest income group up to Rs.8,000 has registered a increase of 0.09 percent for the week ended on September 29 over the previous week.

Pakistan cotton rates reduced KARACHI: Dull trading activities witnessed at cotton market amid higher phutti arrivals pushed cotton prices down on Saturday.

KMI Weekly: Index gains 190.73pts KARACHI: The Halal stocks KMI-30 share index went up by 190.73 points or 0.90 percent during the last week.

International Commodities Rates Table below lists the updated rates in the international market of various important commodities. International Commodities Rates Cotton cents/lb 100.19 Crude Oil (WTI)$/bbl 79.20 Gold $/ozs 1,622.30 Copper Cent/pound 315.20 Wheat USD/bushel 609.25 Malaysian Palm Oil 901.00 Sugar NO. 11 cents/pound 25.29 As of: Friday, September 30, 2011

Pak Suzuki hikes prices KARACHI: Pak Suzuki Motor Company on Saturday has increased prices of different models in the range of Rs 14,000 to Rs 30,000.

PPL makes new gas discoveries at Makori East-1 and Tolanj X-1 KARACHI: Pakistan Petroleum Limited (PPL) made two new gas and condensate discoveries, namely Makori East-1 and Tolanj X-1, during the fiscal year ended on June 30, 2011, reported in company's annual report.