KSE-100 index gains over 2pc to hit year's high

KARACHI : The Karachi share index set another high of the year with a 2.3-percent gain on Friday as investors drew confidence from improving macroeconomic indicators. Despite a long weekend ahead, with the market expected to be closed until next Thursday due to the Eid al Fitr festival marking the end of the Muslim fasting month of Ramazan, cautious book squaring was outweighed by buying. The Karachi Stock Exchange's (KSE) 100-share index closed 214.43 points, or 2.31 percent, higher at 9,436.82 on turnover of 207.3 million shares. The index has gained 60.9 percent this year after losing 58.3 percent in 2008. "It was expected that there would be some profit taking, but instead the local institutions were very active after the encouraging numbers for the current account," said Mohammed Sohail, chief executive at Topline Securities Ltd. Pakistan recorded a current account surplus of $82 million in August, compared with a current account deficit of $606 million in July, the State Bank said on Thursday. Dealers said foreign investors were active in recent sessions, and that had encouraged domestic institutions to buy. According to official data, foreign investors bought shares worth $95.3 million in August and $99.2 million between Sept. 1-17. Dealers also said investors were hoping for positive news from the Friends of Pakistan meeting which is scheduled for Sept. 24 in New York. Among the most active companies, volume leader Jahangir Sidiqui ended 4.99 percent higher at 30.53 rupees, Pakistan Telecommunication Co. Ltd rose 5 percent to 21.21, while National Bank of Pakistan gained 4.9 percent to 84.40 rupees. In the currency market, the rupee ended flat at 82.93/83.03 to the dollar compared with Thursday's close of 82.94/83.00 to the dollar. The rupee has been supported by remittances from Pakistanis working overseas, though dealers expect pressure from importers will weaken the rupee going forward. Remittances rose 31.78 percent to a record $780.53 in August, compared with $592.30 million in the same month last year. The rupee has lost 4.6 percent this year after sliding 22.12 percent in 2008. The State Bank is due to announce its monetary policy for the period to the end of November on Sept. 29 and analysts expect policy rates to remain at 13 percent, or to be cut by 50 basis points. source:-aaj tv.com

12 killed, several injured in Fatehjang road accident

FATEHJANG : At least 12 people were killed and many others sustained serious injuries in a collision between two coasters, near Bhal Syedian on Fatehjang-Kohat road in wee hours of Friday. According to DSP Malik Ejaz a Kohat-bound coaster No. PO-263 going from Fatehjang collided head-on with another coaster No.LHP- 8973 coming from Ghamgoal Sharif to Donga when its driver lost control while trying to overtake. As a result, EDO Health Attock Dr. Mussarat Abdullah said 12 people were killed on the spot while many others injured. The local administration and Highway police rushed to the spot and reterived bodies from the wreckage and shifted injured to different hospitals of Fatehjang and Rawalpindi. Most of the dead included devotees coming Ghamgoal Sharif. The dead were indentifed as Sajjad Ahmed, Muhammad Shabir, Asghar Ali, Ahmed Din, Shahabaz Qaisar, Sarwar Bhutt, Jhangir Younas and Arshad Ali. While identity of two women and childern killed in the accident was yet being acertained. DPO Attock Muhammad Wisal Fakhar Sultan Raja also visited hospital to inquire after the injured. He directed hospital staff to provide best treament to the injured. source :-aaj tv .com

Dollar slips back after early gains

LONDON : The out of favour dollar slipped back on Friday after sharp early gains made against the euro as investors took profits on the European single currency's recent advance, dealers said. They said all the markets have had a strong week, becoming increasingly confident that the global economy is on the mend, even if there remain good reasons for caution. As the tone becomes more positive, investors are branching out into riskier assets and so away from the dollar and its safe-haven qualities, they said, adding that the US unit will likely remain under pressure for some time. US interest rates are very low and sentiment on the dollar is unlikely to change until the figures begin to show the US economy returning to growth, pointing to a move by the Federal Reserve to hike lending costs, they said. In late Friday London trade, the European single currency was at 1.4723 dollars, off an early low of 1.4679 dollars but still down from 1.4740 dollars in New York late Thursday when it had struck 1.4767 dollars the highest level in almost a year. The dollar was firmer at 91.28 yen from 91.03 yen while the euro was at 134.27 yen from 134.17 yen. The dollar hit a seven-month low of 90.16 yen on Wednesday after Japan's new finance minister suggested the authorities would not intervene on the markets to weaken the rising yen. Dealers said that with little data around, there was no fresh lead to follow and so investor took some profits. "Economic data is ultra thin on the ground today, leaving those who were short with little else to contemplate other than whether to take profits ahead of the weekend," said Calyon analyst David Keeble. Commerzbank analysts said a cheap to borrow dollar was additionally under pressure as investors readily used it to buy other assets, making it possible the euro could hit 1.50 dollars. "The 1.50 (level) is highly attractive.... The dollar has become a financing currency for carry trades, which currently constitute an attractive investment strategy," they said in a note. "This situation is unlikely to change until there are signs that the Fed might raise rates. In an environment such as this the 1.50 (dollars level) seems the next logical target." The British pound meanwhile fell sharply after news that the country's public finances plunged further into the red in August, striking a record deficit for the month under the weight of a deep recession. In London on Friday, the euro was changing hands at 1.4723 dollars against 1.4740 dollars late on Thursday, at 134.27 yen (134.17), 0.9036 pounds (0.8960) and 1.5142 Swiss francs (1.5159). The dollar stood at 91.28 yen (91.03) and 1.0294 Swiss francs (1.0283). The pound was at 1.6279 dollars (1.6445). On the London Bullion Market, the price of gold eased to 1,012 dollars an ounce from 1,018.50 dollars an ounce late on Thursday. source:- aaj tv .com

KSE index gains 16.49 points

KARACHI : The Karachi share market on Monday opened on a positive note and the KSE-100 index hit 9,147.45 points intra-day high. However, the momentum could not continue due to investors' cautious stance as they opted for profit taking ahead of Eid and the index closed with a meagre gain of 16.49 points at 9,075.26 points. Trading remained dull and the volume at ready counter declined to 144.495 million shares as compared to 192.758 million shares of previous Friday. Market capitalisation increased by Rs 4 billion to Rs 2.638 trillion. Out of 380 active stocks, 188 closed in negative and 179 in positive while the value of 13 stocks remained unchanged. Bank Al Falah was market leader with 11.624 million shares and gained Re. 0.34 to close at Rs 12.94. BoP increased by Re. 1.00 to close at Rs 14.16 with 6.088 million shares. NBP lost Rs 0.65 to close at Rs 78.17 with 4.971 million shares. Pak PTA gained Re. 0.22 to close at Rs 5.24 with 11.025 million shares. Arif Habib Sec increased by Re. 0.34 to close at Rs 38.65 with 7.838 million shares. DG Khan Cement lost Re. 0.32 to close at Rs 35.03 with 6.687 million shares. OGDC gained Re. 0.50 to close at Rs 112.59 with 6.403 million shares. Nishat Mills surged by Rs 2.91 to close at Rs 61.29 with 6.211 million shares. Azgard Nine increased by Re. 0.28 to close at Rs 27.51 with 5.353 million shares. Jahangir Siddiqui Co closed at Rs 27.48, down Re. 0.66 with 5.250 million shares. Rafhan Maize and Wyeth Pak were the highest gainers and gained Rs 65.00 and Rs 57.11 to close at Rs 1535.00 and Rs 57.11 respectively while Pak Services and Millat Tractors were the worst losers and lost Rs 11.75 and Rs 10.18 to close at Rs 223.39 nad Rs 309.71 respectively. Ahsan Mehanti at Shehzad Chamdia Securities said that positive activity was witnessed as OGDC and PPL invited investors' interest on Nashpa discovery. Second-tier banks remained in limelight on strong valuations. Limited foreign interest and positive valuations on Nishat Group scrips played a catalyst role in positive activity at KSE. Salman Naqvi at Aba Ali Habib Securities said that investors took cautious stance ahead Eid. The absence of a leverage product also discouraged the investors to take fresh position, which affected the trading activity at the local bourse. Foreign investors' activity also remained low, which invited profit taking in late hours and minimised the index's intra-day gains. sorce:-aaj tv.com

Gold price rises over $1000 per ounce

LONDON : Gold prices rose above $1,000 per ounce on Tuesday, the highest since March 2008 — suggesting investors are wary of the US dollar's weakness and expect international interest rates to remain low for some time. The gold contract for October delivery traded up $10.10, or 1.0 percent, at $1,005.60 per troy ounce in midday European trading on the London Metals Exchange. Gold is typically bought as an alternative to the dollar among safe-haven assets favoured by investors seeking to preserve capital. So its rise often correlates to a drop in the value of the American currency. That is what happened in the spring of 2008, when gold was last above $1,000 and worries about the financial crisis brewing in the US were hurting the country's currency. "It is mainly the reflection of the weakness of the dollar," said Julian Jessop, economist at Capital Economics. The dollar fell to 92.29 yen on Tuesday from 93.05 yen the night before and slid to $1.4434 against the euro from $1.4332 as stock markets rose and investor sentiment improved. Jessop noted, however, that gold was also being boosted by market expectations that global central banks would keep their interest rates low for some time to come. One disadvantage to holding gold is that no interest is earned — but rates on dollar-denominated assets such as government bonds have fallen sharply, lessening that disadvantage. "Near-zero interest rates in many of the world's largest economies reduces the opportunity cost of holding gold," Jessop said. The fact that 20 of the world's rich and developing nations promised over the weekend to keep in place their stimulus measures — which include both spending as well as low interest rates — reinforced the appeal of gold. Jessop was not convinced gold could sustain such high prices for very long or push much higher, since consumers quickly start selling gold items to take advantage of stronger prices. "This rally is sowing the seeds of its own destruction," he said. source:- aaj tv.com

KSE index surges by 433.28 points

KARACHI : Healthy buying was witnessed at Karachi share market during the week ended on August 28, 2009 as a result of which the KSE-100 index surged by 433.28 points, or 5.3 percent, to close at 8,541 points against 8107.94 points. Despite negative news flow in terms of failure to reach an agreement on margin financing and surge in all T-bills yields, overall positive mood was witnessed at market. The index crossed the 8,500 points levels on the back of strong interest of both forign and local investors. The main trigger for the market was Standard and Poor's (S&P) revision of Pakistan's credit ratings to 'B-' which attracted interest from foreigners, who remained net buyers of shares worth $23.8 million, resultantly, average daily volumes improved to stand at 160 million shares, up 34.6 percent on weekly basis. Bilal Qamar, an analyst at JS Global Capital said that the S&P raised its long term sovereign credit rating on Pakistan to 'B-' from 'CCC+'. The decision came in after evaluating Pakistan 's improving external liquidity coupled with reduction in external deficit due to successive disbursals from IMF and other multilateral loans. The news triggered a positive mood in the market which saw the local bourse rally by 179 points or 2.2 percent on Monday, alone. He said that the market sentiment was dented after T-bill auction on Wednesday, which saw cut-off yields for all three papers rise by 22-103bps. The effect was only visible for a single trading session on Thursday but the market recovered consequently in the last trading session. 12-month yields came in at 12.44 percent (up 22bps), whereas 6 and 3-month T-bill yields stood at 12.55 percent (up 103bps) and 12.37 percent (up 96bps) respectively. Both papers were last accepted in the July 16 auction. He said taht the foreigners continued their buying spree at the bourse, buying shares worth $41.2 million while selling shares worth $17.4 million, resulting in net buying of $23.8 million. So far in this fiscal year foreigners are net buyers of $83.3 million. Muniba Saeed at Invest Capital and Securities said that the investor interest at the KSE remained highly stimulated as average daily volumes increased by a massive 35% WoW to a level of 160mn shares during the current week on the back of increased FIPI inflows witnessed during the week. The KSE100 index remained fairly active during the week, increasing by a significant 226pts on the last trading day. The market continued its downward trend since then with frequent bumps on the way. The week remained highly eventful with S&P raising Pakistan 's sovereign rating to B- on the back of improved external liquidity and reduced fiscal deficit. Also, the rating agency announced a stable outlook on the rating. On the negative side, IMF in a review of the country's current situation termed the medium term outlook as fragile also due to which pressure prevailed in the market especially in the energy sector during the week as PSO reported to remain on the verge of default on its LCs for oil imports. source:-Ajj news

Karachi Stock Exchange TODAY

KSE end 1.5pc higher; rupee firms
	Monday, 31 Aug, 2009 3:20 pm
KARACHI : Karachi stock index notched its highest close this year on Monday as foreign investors bought banking and energy sector shares, dealers said. The Karachi Stock Exchange's (KSE) benchmark 100-share index ended 1.57 percent, or 134.45 points, higher at 8,675.67 on turnover of 226.4 million shares. The KSE-100 has gained 47.9 percent this year after losing 58.3 percent in 2008. "Foreign investors stepped up and bought shares of oil and gas exploration companies and banks, given the cheap valuations," Asad Iqbal, managing director at Ismail Iqbal Securities Ltd. According to official data, foreign investors have bought shares worth $70.7 million this month. Dealers said foreigners had started looking at Pakistan as its macroeconomic indicators were improving. Last week, S&P raised Pakistan's sovereign rating to B-minus from CCC+, citing improvements in its external liquidity and a reduction in its fiscal deficit. Dealers said the energy and banking sectors led the rally. Oil and Gas Development Co. Ltd. ended 4.99 percent higher at 108.89 rupees and National Bank of Pakistan rose 4.99 percent to 71.15 rupees. The energy sector has been performing well because of increased production in some fields and also because of small oil and gas discoveries, dealers said. In the currency market, the rupee ended firmer at 82.93/83.03, compared with Saturday's close of 83.00/05. Dealers said the rupee was expected to face downward pressure near-term on import-related dollar payments. The rupee has lost 4.61 percent this year after losing 22.12 percent in 2008. source :-ajj news

Forex Trading

In recent years, there are many people are involved in forex trading. Do you know what forex trading is ? Have you ever saw trading on the stock market? OK, Forex trading is just quite similar with that and in this field we make a deals with trading currencies amongst different countries which is usually done with a financial institution or a broker.

At this moment, we can say that Forex becomes the largest market on the planet and it is always changing, worldwide, 24×7. All these aspect is one of the things that makes forex so exciting. With that kind of activity, it is not always accurately predictable, but you need to understand the market so that you can jump on profitable trades and minimize your losses in losing trades, which is all based on the strategy that you utilize.

However, before you start to trade, one important things that you need to know and understand forex trading is a gamble, and like the advice offered to those who want to enter this field, never play with money you cannot afford to lose. Keep in mind There are no guarantees in the forex market, which means that you need to utilize all the tools at your disposal to ensure you have considered all factors that will impact a currency’s value, both now and in the future.

They are a key player when it comes to forex markets and trading. The central banks are located in New York, Tokyo and London. In fact, these are the areas where the concentration of central banks are the largest. If financial institutions suffer a loss in the forex market, the investors will also feel the loss.

If you really want to get serious please take the time to learn the forex market, since the financial rewards are huge, but make sure you also protect yourself by allowing for a potential loss.

source :-finance media

Brief about Custom House Karachi

Since independence Custom House Karachi is located on Eduljee Dinshaw Road, Karachi adjacent to the Karachi Port Trust Building. At that time there was only one Collector of Customs and after 1973 the Collectorate of Customs Appraisement fragmented out and there were two Customs Collectors i.e. Preventive and Appraisement. Owing to the rush of work and influx of trade people approaching the Old Custom House it was felt necessary to have a new and prestigious building of the Custom House where the offices could be placed properly and the trade as well as staff members can perform in a better environment. Accordingly in the year 1979, a piece of land measuring 2,30,260 sq feet was procured from Karachi Port Trust. Foundation stone of the new building was placed by the then President of Pakistan General Muhammad Zia-ul-Haq on 07.03.1979. It took 8 years to complete the 12 storied prestigious building and the new building was inaugurated on 08.05.1987 by the then Prime Minister of Pakistan Mr. Muhammad Khan Junejo. The newly constructed building has 12 floors having covered area of 1,60,140 sq feet. Besides the Collectorates of Customs Preventive and Appraisement more offices and Collectorate of the Central Board of Revenue were shifted in this new building. During the year 1990 the Collectorate of Customs Preventive defragmented into another Collectorate namely Exports Collectorate. This Collectorate also has its headquarters in the same building. The Central Board of Revenue also had its camp office of Member Judicial in this Custom House but as a result of reforms and re-structuring that office did not exist anymore, however the Directorate of Internal Audit, Inspection, IOCO etc were also shifted to this building.

As a part of major reform that took place was the introduction of Model Custom Collectorate. In order to accommodate the new environment and offices having a lot of IT equipment and also to facilitate the trade it was felt necessary that mezzanine floor of the Custom House besides the previous Cash and Accounts Section be re-designed for the Model Custom Collectorate. In the year 2004 Model Custom Collectorate was established and its new offices were placed in the newly constructed extrusion of the Custom House building. At present the building of Custom House Karachi is accommodating following Collectorates and Directorates; COLLECTORATE OF CUSTOMS PREVENTIVE COLLECTORATE OF CUSTOMS APPRAISEMENT MODEL CUSTOMS COLLECTORATE COLLECTORATE OF CUSTOMS EXPORTS DIRECTORATE OF INTERNAL AUDIT DIRECTORATE OF INSPECTION CONTROLLER VALUATION IOCO CAMP OFFICE OF CHAIRMAN/MEMBER FBR OFFICE OF THE CHIEF COORDINATOR COMPUTERIZATION AND PROGRAMMING At present almost 1500 staff members are using this building and a lot of people from various trade communities also visit the Custom House, Karachi for their routine day to day work. source:-cbr.gov.pk

The Karachi Port Trust Building

KPT Tower Complex

KPT Tower Complex

The Karachi Port Trust (KPT) has announced that Aedas is the winner of an international architectural competition for the design of a new landmark waterfront development in Karachi, Pakistan.

The mixed-use project will be the first such landmark building built in Karachi Port. The scheme has two aims: to act as catalyst to some major regeneration initiatives planned for the port by KPT as it develops its land bank; and to provide a new landmark for this new Commercial Business District by the waterfront.

Endorsed by Pakistan’s President General Pervez Musharraf, designs also include residential, retail and conference facility space in addition to its core commercial facility.

The distinct form will be an instantly recognisable symbol. It responds to ecological concerns to reduce carbon footprint, setting a precedent in Pakistan for environmental building standards though the use of passive design principles and techniques of environmental control.

At the centre of the development is an 80 storey helical tower with glazed outer skin. This will house 102,000 sq m of office accommodation, on top of which will sit a 250-bed 5* hotel across the top 21 storeys. The hotel will also include 30 luxury serviced apartments and a swimming pool, and give immaculate views over the Indian Ocean.

Three further towers echo the design, each of varying heights, arranged around a lake. These will each include 280 serviced apartments with a further 70 apartments above 10,000sq m of high-end retail development. The scheme also features a 1,200-seat convention centre and exhibition hall and an underground 2,500 space car-park.

David Kingdom, project director comments:
“Over the last six months we have worked to develop a concept design that satisfies an international demand for BCO standard office space and answer an extreme shortfall in 5* hotel and high class residential facilities identified by the Karachi Port Trust.

This is the first step in developing a large swath of reclaimed land at Karachi Port, a promising area of prime commercial and residential development.”

Aedas is being assisted by MM Pakistan and Mott MacDonald UK & Dubai. The project is due to start on site in April 2007.

DHA KARACHI

The perennial history of DHA is an embodiment of a cherished journey of progress and advancement. A city within a city, DHA over the years has come to be known as one of the finest and the biggest housing project scheme of the country. The Housing Authority infused with a sprit of modernity and dynamism is constantly moving ahead to meet the challenging requirements of the future. To meet the emerging requirements of time and to stay up with the pace of progress, DHA has launched some futuristic landmark projects, which will serve as examples of pride and accomplishment. DHA as a forward looking organization with hands on the present and eyes for the future is poised to achieve new heights of glory with a promise for a shining and cherished future.

IMF agrees to boost Pakistan’s loan to $11.3 Billion

The International Monetary Fund agreed to increase a loan to Pakistan by $3.2 billion to buttress an economy and budget hurt by a war against Taliban insurgents and a global recession. The expanded financing brings the total loan outstanding from the IMF to $11.3 billion, or about 6.3 percent of Pakistan’s gross domestic product, the Washington-based lender said in the statement. The entire standby arrangement also was extended by about two months until the end of 2010. “Pakistan’s economy has continued to stabilize,” IMF Deputy Managing Director Murilo Portugal said in an e-mailed statement. “Reforms in the financial sector and the foreign exchange market have been progressing, and steps have been taken to strengthen the social safety net.” The country turned to the IMF for a $7.6 billion credit line last year after its current-account deficit widened to a record and its foreign reserves shrank 75 percent in a year to $3.45 billion. Pakistan agreed on July 16 to cut power subsidies almost 50 percent this year to meet a condition set by the IMF for the November bailout. The additional aid is needed to shore up the government’s finances as it fights the Taliban at an annual cost of $8.5 billion. IMF executive directors agreed to let the government use a portion of the increased loan to finance priority spending, including expenditures to help displaced people until donor pledges are received, they said. Pakistan’s army last month said it killed more than 1,600 Taliban militants in a 10-week offensive to regain control of the northwestern Swat district after the group seized territory in violation of an accord with the government that allowed Islamic law to be introduced in the region. The IMF board also authorized an immediate disbursement of $1.2 billion after a second review of the original loan, while granting Pakistan several waivers for not meeting criteria including a fiscal deficit target. “Fiscal discipline is a key issue,” Adnan Mazarei, the IMF’s mission chief for Pakistan, said on a conference call yesterday. The introduction of a value-added tax “will hopefully raise revenue and broaden the tax base.” The IMF said the authorities’ monetary policy should “remain vigilant about preventing a resurgence of inflation.” Pakistan’s economy has ground almost to a halt as the global recession erodes exports and deters investment. The $146 billion economy may expand as little as 0.8 percent in the year to June 2010, according to HSBC Holdings Plc, the weakest pace since 1952. Pakistan stocks rose yesterday on reports top Taliban guerrilla commander Baitullah Mehsud, who ordered suicide bombings nationwide and had a $5 million bounty on his head, may have been killed in a U.S. missile strike. The Obama administration hasn’t yet verified the reports, White House Press Secretary Robert Gibbs said.

Pakistan to Seek Additional $4.5 Billion IMF Loan

By Khaleeq Ahmed and Khalid Qayum

Feb. 16 (Bloomberg) -- Pakistan will seek a further $4.5 billion loan from the International Monetary Fund, warning that the country’s fight against terrorists is hurting the economy.

“We will ask the board of directors for the amount as the war on terror has caused serious economic problems,” ,Shauqat Tareen the finance adviser to the prime minister, said yesterday in a telephone interview from Islamabad. The additional funds would boost the country’s total borrowing from the IMF to more than $12 billion, he said.

President Asif Zardari is facing pressure from the U.S. to step up the fight against Taliban and al-Qaeda insurgents along the border with Afghanistan. The government forecasts the economy will grow at its slowest pace in seven years after raising interest rates as part of IMF conditions for a $7.6 billion loan in November.

“The government should seek aid from the U.S. and not loan from the IMF as compensation for fighting terrorists,” said Muzzammil Aslam, an economist at KASB Securities Ltd. in Karachi. “The IMF loan can only be used for balance of payments and building foreign reserves. Before asking for more loans, the government needs to say how it will pay back.”

South Asia’s second-biggest economy sought the IMF loan, to be disbursed over 23 months, to avoid defaulting on its debt. The country got $3.1 billion as the first installment, boosting foreign-currency reserves held by the central bank to $6.9 billion in February from $3.45 billion four months ago.

U.S. Aid

The country has received about $10 billion in aid from the U.S. since 2001, when former president Pervaiz Musharraf became an ally in the global campaign against terrorism. Musharraf quit in August.

Pakistani and IMF officials began two weeks of talks in Dubai, United Arab Emirates, yesterday as part of a review for disbursing the second installment of the November loan program, Tarin said, without saying how much the country is spending on fighting militants.

Pakistan doesn’t want to negotiate new conditions with the IMF at the end of the 23 months for the additional funds it’s seeking, Tarin said. The country wants the new request to come under the existing program, he said.

“We have met all major conditions” set by the IMF, he said.

State Bank of Pakistan, the nation’s central bank, last month kept its benchmark interst rate unchanged at 15 percent as inflation in January slowed to an eight-month low of 20.52 percent. In November, the central bank had raised the key rate by two percentage points, the most in more than a decade, as part of conditions for the IMF loan.

‘Not the Time’

“It is not the time to borrow more,” KASB’s Muzzammil said. “It is time to consolidate the economy and adjust policies for pro-investment activities. The government needs to cut interest rates to boost businesses.”

Higher borrowing costs have dented growth in the $144 billion economy, which is predicted by the government to expand at the slowest pace in seven years after growing an average 6.8 percent in the past five years. Suicide attacks by militants in the past two years in reaction to the military operation in tribal regions has deterred foreign investment and hurt local companies including NBP.

The government is targeting a budget deficit of 4.2 percent of gross domestic product this fiscal year ending June 30, from a decade-high of 7.4 percent last year. Pakistan’s rupee plunged 22 percent in 2008 against the dollar.

Pakistan completed its last IMF program in 2004 with a credit rating from Standard & Poor’s of B+, four levels below investment grade. S&P in December raised Pakistan’s rating one level to CCC+, or seven levels below investment grade, after the IMF loan.

source:-bloomberg.com

State Bank of Pakistan Policy

SBP set to cut policy rate by 100-150 basis points KARACHI: The State Bank of Pakistan (SBP) is all set to cut the policy rate by 100-150 basis points and end the single policy rate regime by introducing new mechanism for liquidity management in order to fulfil IMF condition, sources told Business Recorder on Friday. FOREX RATES IN PAKISTAN Updated on: Sat, August 15, 2009, 11:14 (PST) Courtesy : ECAP Remittance Buying Selling Trends USD 82.40 82.80 GBP 134.28 136.79 SR 21.72 22.05 UAE 22.18 22.52 NEWZ 43.5 43.8 AUS 67.39 68.81 EUR 115.21 117.66 CAD 73.93 75.09 HONG 10.35 10.62 IND 1.58 1.68 JPY 0.8540 0.8687

All About Karachi

University of Karachi is located in the city of Karachi, the main city and capital of Sindh province, southern Pakistan with a population of over 15 millions. It is the country's largest city and principal seaport and is a major commercial and industrial centre. Karāchi is located on the coast of the Arabian Sea immediately northwest of the Indus River Delta. The city proper covers an area of 228 square miles (591 square km), while the metropolitan area of Greater Karāchi spreads out over an area of 560 square miles.

The city has been variously called Caranjee, Crochey, Krotchey, Currachee, and Kurrachee. All its names are believed to be derived from the Sindhi nameof the original settlement that initially stood on the spot—Kalachi-Jo-goth (meaning the village of Kalachi—the headman of the tribe). The impetus to Karāchi's development originally came from its role as the port serving the Indus River valley and the Punjab region of British India. The development of air travel subsequently increased Karāchi's importance. It is also the port serving the landlocked country of Afghanistan. The People No ethnic group predominates in the city. Cultural and social activities essentially revolve around religion. The population is almost entirely Muslim, but there are also small Christian, Hindu, Parsi, Buddhist, and Jain minorities. Most of the Muslims are of Indian or Pakistani origin, except for “Makranis” and “Shiddies,” who have black African ancestry. They originated during the era of the slave trade in the days before British rule, when Karāchi was an important slave-trading centre. Some of the members of the Christian minority are of Indo-Pakistani origin, while others are descended from Portuguese or other European groups. Climate Karāchi has pleasant weather for the greater part of the year. May and June are the hottest months, when the mean maximum temperature is about 93 °F (34 °C). Spells of enervating weather occasionally prevail in May and October, during which the temperature shoots up to 105 °F (41 °C). The coolest months are January and February, during which the mean minimum temperature remains about 56 °F (13 °C). A biting north wind occasionally blows in these months, during which the temperature may drop to 40 °F (4 °C). The relative humidity varies from 58 percent in October, the driest month, to 82 percent in August, the wettest month. The average rainfall is 8 inches (203 mm); most of the rain falls during a total of 9 or 10 days in the months of June, July, and August. Karachi Airport Karachi Airport, commonly known as Quaid-e-Azam International Airport is a strategically located gateway to the Far East and Europe. The airport provides facilities for almost 6 million passengers, with over 50,000 annual aircraft movements and contributes Rs. 3 billion in economic benefits to the region. Karachi City Map

PICTURES OF THATTA

Architecture in Pakistan: A Historical Overview

Frere Hall
Raised in memory of Sir Bartle Frere (Commissioner of Sindh 1851-1859) this Venetian Gothic style building was designed by Colonel Clair Wilkins whose proposal was selected from 12 entries, in what was perhaps the first recorded architectural design competition for a public building in Sindh. Completed in 1865 at a cost of Rs.1,80,000 out of which Rs. 22,500 was raised for the memorial through public donations, the building was officially inaugurated by Commissioner Mansfield on 10th Oct. 1865. The gardens around the building were added in 1887-88 by Mr. Benjamin Flinch. Originally the statues of Queen Victoria and King Edward (both of which have now been removed), adorned the garden. The upper floor of this two storied yellowish Karachi limestone building, consists of a 70 ft x 24 ft hall and an orchestral gallery. In yesteryears this building was the hub of Karachi’s socio-cultural activities and also served as a Town Hall with regular public meetings, concerts and theatrical performances. The ground floor is now occupied by the Liaquat Municipal Library.




Merewether City Tower, Karachi

Angelina Jolie in Pakistan

The beautiful Angelina Jolie in Pakistan. She also helped many earthquake victims in Pakistan. God Bless her.






Angelina Jolie walking with former Prime Minister of Pakistan Shaukat Aziz.

Tomb of Quaid-e-Azam

A beautiful picture of Mazar-e-Quaid, the tomb of the founder of Pakistan Quaid-e-Azam Muhammad Ali Jinnah. Mazar-e-Quaid is in Karachi, Pakistan.