December6,2013

KSE100Index

NEWS&VIEWS

4Dec13 5Dec13 %Chg

MARKETROUNDUP
24,445.38 24,800.69 1.45% KSE100 index gained 355 points yesterday to close at 24,800 points, with 188mn
18,383.98 18,614.51 1.25% shares being traded. Top performance as per index points was witnessed in OGDC,

KSE30Index

FFCandPPLwhereas;topdeclinerswerePTC,IGILandPAKT.Activitywasmainlycon

SharesTraded(mn)

200

188 5.75% centratedinConstructionandMaterials,ChemicalsandCommercialBanks.

ValueTradedPKRm

12,013

ValueTradedUSDm

113

90 20.87%

MarketCap.PKRbn

5,915

6,003 1.49%

MarketCap.USDbn

55.8

56.6 1.49% paidanamountof$395milliontoIMFas24thtrancheofSBAinthelastweekofNo

TRADEDATE

CLIENT
TYPE

9,506 20.87% WerecommendinvestorstoHold.

BUY
VALUE

SELL
VALUE

NET
VALUE

(7,714)
(2,815)
(621)
(102)
(805)
(217)
(12,274)
(1,078)

(955)
14
(160)
205
(97)
(138)
(1,131)
1,131

inPKRm
5Dec13
5Dec13
5Dec13
5Dec13
5Dec13
5Dec13

Individuals 6,759
Companies 2,829
Banks/DFIs 461
NBFC
307
MutualFunds 708
Others
80
LIPI
11,143
FIPI
2,209

5Dec13

Source:NCCPL,TSLResearch

MARKET LASTWEEK
Index

Vol.(m)

24,900

300

24,600
150
24,300
24,000
Thrus

Wed

Tue

Mon

Fri

COMMODITIES

PRICE CHANGE %
(inUSD) (inUSD)

BrentCrude
Cotton
Gold
Silver

97.27
78.44
1,222.20
19.12

Source:Bloomberg

1.23
(0.70)
(1.41)
0.05

1.28%
0.88%
0.12%
0.26%

NEWSSNAPSHOT
Pakistan'sforeignreservesdeclineby$557millionduringaweek:Thecountryhas

vember2013,whileoverallPakistanhashonouredforeigndebtobligationsamount
ingonebilliondollarduringlastmonth.AccordingtoStateBankofPakistan(SBP)the
country's total reserves have declinedby $557.8 million to $8.238billion as on Nov
29, 2013 compared to $8.796 billion as on Nov 22, 2013. Major fall has been wit
nessed in thereserves, heldby theState Bank, with a decline of$417.1 million, re
servesheldbytheStateBankstoodat$3.046billiondownfrom$3.463billion.(BR)

Dar seeks early reimbursement of CSF: FinanceMinisterIshaqDarhassoughtearly

reimbursement of dues on account of the Coalition Support Fund (CSF) to improve
current foreign exchange reserves position. Dar raised the issue during a meeting
withUSAmbassadortoPakistanRichardOlsonwhocalledontheministerhereThurs
dayanddiscussedmattersrelatingtobilateraleconomicissues.Thegovernmenthas
estimatedsecondinstalmentof$300millionexternalinflowsonaccountoftheCSF
onDecember2013outofthetotalprojected$1.2billionforthecurrentfiscalyear.A
statementsaidtheUSAmbassadorassuredtheFinanceMinisterthathewouldcon
veyPakistan'spositiontotheUnitedStatesgovernmentabouttheCSF.(BR)

Govt considering fiveyear tax exemption: The government may allow exemption
fromincometaxforaroundfiveyearsondollar/foreigncurrencybasedinvestment
byexpatriatePakistanisforsettingupnewindustry,sourcesintheFederalBoardof
Revenue(FBR)saidonThursday.Theimmunitymaybemadepartoftherecentlyan
nouncedreliefpackagebytheprimeministerregardinginvestmentfornewindustries
andunderwhichtherewillbenoneedtodeclareincome.(TN)

BanksrequiredtoreportRs1milliondeposittoFBR:TheFederalBoardofRevenue
onThursdayissuedthedraftofthe'bankingcompaniesreportingrequirements'rules
underwhicheverybankwillberequiredtosubmittotheBoardamonthlyAccount
HoldersDepositsStatementofpersonswhohavedepositedRs1millionoraboveina
month.(BR)

Bankers concerned over FBR proposal: Bankers have expressed serious concerns
overthenewproposalgivenbytheFederalBoardofRevenue(FBR)togainaccessto
themonthlyinformationofaccountholdersdepositstatementsandcreditcardpay
mentsasitwilldiscouragedocumentationoftheeconomy.TheFBRnotifiedIncome
TaxRulesregardingbankingcompaniesreportingrequirementsonThursday.(TN)

FBRannouncesamendmentstoprotecttaxpayers:Inordertoimplementtheprime
ministers tax relief package, Federal Board of Revenue (FBR) on Thursday released
draft amendments to protect bank accounts of national tax number holders from
Continuedonpage2

DISCLAIMER:Theaboveinformationandadviceisgiveningoodfaith,withoutanylegalresponsibility.TaurusSecuritiesLimitedorindividualsconnected
withitmayhaveusedresearchmaterialbeforepublicationandmayhavepositionsinormaybeinterestedinthesecuritiesmentionedherein.

TAURUSSECURITIESLIMITEDNEWS&VIEWS
WORLDINDICES
MarketsatClose
DJIA
Nasdaq
S&P
FTSE
DAX
CAC40
Nikkei
H.Seng

Dec5,2013 getting in thehands of FBR.In another important development related tothe PMs
Index
15,914.62
4,037.20
1,795.15
6,532.43
9,223.40
4,302.42
15,437.54
23,794.04

Chg
(0.59)
(0.20)
(0.38)
(0.95)
(1.90)
9.36
(1.98)
(0.49)

package,theCCPgaveacleanchitbyarguingthatthispackagewasnotanticompeti
tion.(TN)

Cement sector posts meager growth: Duringfirstfivemonthsofcurrentfiscalyear

(JulyNov), the cement industry recorded minor growth of 0.30 per cent compared
with the same period last fiscal year(YoY). Total dispatches during the period were
13.167milliontonnesagainst13.127milliontonnesduringthecorrespondingperiod
oflastfiscalyear,apressreleasebyAPCMAstated.(Dawn)

Rupee recovers 1.8pc vs dollar: Banks supplied $5 million to the open market on
Thursdaycausingimmediaterecoveryoflocalcurrencywhichgained1.8percentin
justtwodays.Thesharpdepreciationofdollarforcedhoarderstocomeinthequeue
for selling dollars while buyers almost lost interest in the greenback. However, cur
rencydealerssaidnomoreappreciationoflocalcurrencyispossiblesincetheinter
bankmarkethasnotyetshownanysignsofimprovement.(Dawn)

PriceofNestlemilkpackup:TheretailpriceofonelitreNestlepackhasincreasedby
Rs5 to Rs95 from December 1, a market survey revealed on Thursday. We have
raisedthepriceoftheMilkPackafterwholesalerssuppliedthepackstousatahigher
rate,aretailerinKarachisaid.Supplierssaidthatthepricehasbeenincreasedto
copewithhighinflationinthecountry,hesaid,addingthattheincreaseincostof
transportation was one of the major components that forced the company to in
creasethepriceofTetraPack.(TN)

Drugpricesfiasco:Theabruptincreaseinpricesofthousandsofdrugsandmedicines
without informing the chief executive is likely to cost the Secretary Health Imtiaz
InayatIlahihisjobasPrimeMinisterNawazSharifhintedathisremovalonThursday.
(TN)

Fiveyear auto policy to provide levelplaying field for all: Prime Minister Nawaz
SharifonThursdaysaidafiveyearautoindustrypolicywasintheoffingthatwould
providealevelplayingfieldforalltheautomanufacturersinthecountry.Talkingto
ToyotaMotorsAsiaPacificPresidentKyoichiTanadahereatthePMsHouse,hesaid
thegovernmentwasprovidingincentivestotheinvestorsandhopedthecarmanu
facturingindustrywillalsobenefitfromit.(DT)

Millattostartexportingtractors,partsfromnextyear:Pakistanisgoingtoenterthe
internationalengineeringgoodsmarket,asoneofthebiggestlocalmanufacturerson
Thursday formally announced to launch exports of completelybuilt tractors, its en
ginesandpartsfrom2014.Withastrongbaseofmanufacturingqualityandcheap
tractors in Pakistan, we are ideally poised to enter in the global market, Sikandar
MustafaKhan,chairmanoftheMillatGroupofCompanies,said,whileaddressingthe
12thvendorsconferenceonThursday.(TN)

LDI minutes on the decline: Theinternationalcallsfromofficialchannelareonthe

declinereflectedin16percentfallintheminutesofLDIto492.6millioninNovember
2013,saidaresearchreport.(TN)

MoC yet to complete homework for GSP Plus status: The Ministry of Commerce
(MoC)hasnotyetcompletedthehomeworktoavailtheGeneralisedSystemofPref
erences(GSP)PlusstatusforthetextileandleathersectorexportstoEuropeanUnion
(EU) in January 2014. The textile and leather sectors leading exporters expressed
theirdismayoverthefailureofMoCfordoingappropriateworktoensuretarifflines
ofPakistanthatshouldbeincludedandsynchronisedwiththetarifflinesoftheEU.
(DT)

DISCLAIMER:Theaboveinformationandadviceisgiveningoodfaith,withoutanylegalresponsibility.TaurusSecuritiesLimitedorindividualsconnected
withitmayhaveusedresearchmaterialbeforepublicationandmayhavepositionsinormaybeinterestedinthesecuritiesmentionedherein.

TAURUSSECURITIESLIMITEDNEWS&VIEWS
Shandong Ruyi to acquire Masood Textile Mills: AChinesetextilegiant,Shandong
Ruyi Technology Group Co Limited, on Thursday has announced its intention to ac
quire up to 52 percent ordinary shares of Masood Textile Mills Limited (MTM). The
company sent a letter to Karachi Stock Exchange, in which it stated that Shandong
RuyiTechnologyhasintendedtoacquireupto3.12millionordinarysharesofMTM
constituting approximately 52 percent of the issued shares of the target company
throughanagreement/publicoffer.(DT)

Government unlikely to achieve fiscal deficit target: Thegovernmentisunlikelyto

achieve5.8percentfiscaldeficittargetagreedwiththeInternationalMonetaryFund
(IMF) for the current fiscal year as tax authorities have shown their helplessness to
achieve the budgeted revenue target of Rs2,475 billion with expected slippages on
subsidiesandinterestpayments,itisreliablylearnt.(BR)

PSMgivenRs700millionbailoutpackage:Thefederalgovernmenthasreleasedan
amountofRs700milliontoPakistanSteelMillsforpaymentofsalariesandprocure
mentofrawmaterial.InSeptemberthisyear,abailoutpackageamountingtoRs2.9
billionwasapprovedbytheEconomicCoordinationCommittee(ECC)oftheCabinet
forpaymentofsalariesandprocurementofrawmaterial.(BR)

Pakistan initiates talks with Qatar for LNG import: Aftertheapprovalof$2billion

servicetollingcontracttoEngroVopakTerminalLimited(EVTL)fortheimportofLNG,
theNawazgovernmenthasswungintoactiontoarrangethecontractforLNGsupply
byQatar.(TN)

Making peace: India pins hopes on trade and economy: Trade between India and
Pakistan via AttariWahga border is gradually growing despite several political, re
gional and trade hurdles. Indians, on their part, have done infrastructure develop
ments,whicharenecessarytogiveaboosttothetradetiesandarewaitingfortheir
counterpartstofollowsuit.(ET)

DISCLAIMER:Theaboveinformationandadviceisgiveningoodfaith,withoutanylegalresponsibility.TaurusSecuritiesLimitedorindividualsconnected
withitmayhaveusedresearchmaterialbeforepublicationandmayhavepositionsinormaybeinterestedinthesecuritiesmentionedherein.