Saturday, 5 January, 2013 ISLAMABAD AGENCIES A delegation of United Na- tions Global Compact (UNGC) team led by its President, Mr. Ahsaanul- lah Khan visited Islam- abad Chamber of Commerce & Industry ((ICCI) for explaining the utility of em- bracing the UNGC principles given by Mr. Kofi Annan, Former UN Secretary General. Haji Muhammad Jawed, Senior Vice President, Fasihul Karim Siddiqui, sec- retary UNGC, Mr.Majyd Aziz, former President KCCI and other members of UNGC were also present on the occa- sion. Mr. Ahsaanullah khan said that the ten principles of UNGC should be em- braced in work culture for lifting social face of businesses. He said that Pakistani business was operating in most turbulent circum- stances and it was necessary for busi- ness to come out of this turmoil and attain sustainability by embracing the ten principles of Global Compact which were much closer to the universally ac- cepted principles and teachings of Islam as envisaged in the holy Quran and the business practices taught by the Holy Prophet (PBUH). Presi- d e n t UNGC a l s o showed in- terest to hold a national conference at ICCI on the theme of ‘Sustaining Busi- ness by Embracing UNGC Principles for meeting the chal- lenges of a fast chang- ing busi- ness world. He urged upon business community to show their com- passion by joining UNGC in large num- bers and help the Local Network in achieving the target of 300 members by the end of the year so that a strong and positive message can be sent by Pak- istani business to improve their global brand image for attracting responsible business initiatives, new global opportu- nities and foreign direct investment. Speaking on the occasion, Zafar Bakhtawari, President ICCI supported the ten principles of UN Global Com- pact, declaring that the business com- munity of Islamabad was practicing most of them as part of their work cul- ture. President ICCI said that business community should be given due respect in the society, adding that trade and in- dustry was under immense pressure owing to the various problems and eco- nomic challenges which could be over- come by adopting the principles of UNGC. Mr.Bakhtawari assured full support of Islamabad Chamber for promoting the principles of UN Global Compact which would definitely increase the ca- pacity of our business community to in- crease the exports of the country. ‘Let’s embrace UNGC’s 10 principles’ PARIS AGENCIES Investors were also cautious ahead of U.S. non-farm payrolls data for Decem- ber, due later in the session, despite Thursday’s forecast-beating jobs data for the private sector. At 4:06 a.m. ET, the FTSEurofirst 300 .FTEU3 index of top European shares was down 0.04 percent at 1,162.15 points, retreating from near- two-year highs hit in the previous ses- sion, while the euro zone’s blue chip Euro STOXX 50 .STOXX50E index was down 0.1 percent, at 2,698.16 points. “The market is getting quite ‘over- bought’, both U.S. and European stocks, and there’s a risk of a sell-off if the pay- rolls figures are disappointing,” FXCM analyst Nicolas Cheron said. “A lot of fund managers are being sucked in, buying the market because of fears of missing the rally. We’re set for a correction wave sometime in the next two to three months. It might not start in the short term, but it’s definitely com- ing.” The FTSEurofirst 300 hit its most “overbought” level in three years this week, with its 14-day relative strength index (RSI) rising to 72.4, a signal that the market is ripe for a pull-back in the short term. Minutes from the Fed’s December policy meeting released on Thursday showed some voting members of the Federal Open Market Committee were increasingly worried about the potential risks of the Fed’s asset purchases on fi- nancial markets. U.S. non-farm payrolls data, due at 8:30 a.m. ET on Friday, is expected to show employers added 150,000 jobs last month. On Thursday, the ADP National Em- ployment Report showed the private sector added 215,000 jobs last month, beating economist forecasts, but FXCM’s Cheron warned it doesn’t nec- essarily means that Friday’s broader payrolls data will also be better-than-ex- pected. “Despite common belief, the cor- relation between ADP figures and payrolls data has been pretty low histor- ically,” he said. Analysts at Societe Generale, how- ever, are more bullish, betting on the creation of 225,000 jobs last month, well above the consensus. “Labor market conditions probably improved substantially in the final month of 2012 ... we expect risky assets to rally intraday due to the positive sur- prise element,” the analysts wrote in a note. Cyclical mining shares were the top losers on Friday, with Randgold Re- sources (RRS.L) down 2.9 percent and Lonmin (LMI.L) down 1.5 percent. Big pharma stocks, seen as defensive plays, gained ground, with Glaxo- SmithKline (GSK.L) up 0.4 percent, No- vartis (NOVN.VX) up 0.4 percent and AstraZeneca (AZN.L) up 0.2 percent. Around Europe, UK’s FTSE 100 index .FTSE was down 0.1 percent, Ger- many’s DAX index .GDAXI down 0.1 percent, and France’s CAC 40 .FCHI down 0.2 percent. European shares edge down ahead of US jobs data European shares inched down on Friday as signs of rising concerns among US Federal Reserve members about the central bank’s quantitative easing program prompted investors to book a portion of recent strong gains Oil down on fears over next US budget battles SINGAPORE AGENCIES Oil prices were down in Asian trade Friday as looming budget battles in the United States weighed on sentiment, analysts said. New York’s main contract, light sweet crude for delivery in February, dropped 75 cents to $92.17 a barrel in the afternoon and Brent North Sea crude for February delivery shed 72 cents to $111.42. Oil prices hit an 11-week high after the US Congress on Wednesday backed an agreement that averted across-the- board tax hikes and automatic spend- ing cuts which could have tipped the economy into recession. However, while the tax problem was addressed, another row is expected as an agreement must be struck within two months to deal with billions of dol- lars of spending cuts as well as to raise the country’s debt ceiling. On Thursday those concerns were com- pounded by Fed minutes from last month showing a growing bias towards some policy tightening this year, with some members looking to end the bank’s asset purchases during 2013 and others by the end of the year. “Focus shifted... to the upcoming wrangling US President Barack Obama and Republicans in Congress will face over the budget, which could further stress the world’s biggest economy,” Phillip Futures said in a market com- mentary. Dutch bank ABN Amro said in a report that politics remains a “risk factor” for energy. “While the aftermath regarding the US fiscal cliff will most likely continue to dominate the news during the coming weeks, other political drivers will be very important for oil prices as well,” it said. “It will be interesting to see whether... Obama can and will keep his promise to promote industries that are crucial to US economic growth and, in this case, the country’s possible energy in- dependence.” The United States is the world’s biggest oil consuming nation and its energy consumption patterns can in- fluence global prices. SECP registers 332 companies in December ISLAMABAD APP The Securities and Exchange Commis- sion of Pakistan (SECP) registered 332 companies during December 2012, a growth of 22 percent over corresponding month of 2011. The authorized capital and paid-up capi- tal of these companies amount up to Rs1.7 billion and Rs745 million respec- tively. The new incorporations during the month include 302 private companies, 17 single-member companies, seven non-profit associations, four public un- listed companies and two foreign com- panies. Of the two foreign companies, one each belongs to Turkey and Germany, accord- ing to official data released here Friday. Foreign investment by nationals from Cyprus, Panama, China, Belgium and Netherlands has been witnessed in five new local companies, it said adding these companies belong to software de- velopment, Construction and Services sectors. The trading sector has the largest share in new incorporations with 44 companies, followed by services with 39 companies, tourism with 37, I.T. with 19, Food and Beverages with 15 companies, Broadcast- ing and Telecasting with 14 companies, Pharmaceutical, Textile and Construction with 13 companies each, Communications and Corporate agricultural farming sec- tors with 12 companies each. The highest incorporation was witnessed at the Company Registration Office (CRO), Lahore where 108 companies were registered in December 2012. It was followed by CROs Islamabad and Karachi where 98 and 81 companies were registered respectively. The CRO Multan registered 19 compa- nies, CROs Peshawar, Faisalabad and Sukkur registered 11, 10 and three com- panies respectively, while the Quetta CRO registered two companies. During the month, returns for increase in the authorized capital of 73 compa- nies were accepted, with the total au- thorized capital increment of Rs.7.24 billion. In addition, 59 companies filed returns for increase in paid-up capital with the total enhancement amounting to Rs5.99 billion. LAHORE APP The exemption of industrial and agri- culture sectors from gas and power loadshedding is the key factor which can boost economic and agricultural growth as well as national exports. Federation of Pakistan Chamber of Commerce and Industry (FPCCI), apex body of chambers in the country, on Friday urged the gov- ernment to exempt industrial sector from power/gas load shedding and withdraw increase in fuel prices to strengthen national economy. President FPCCI, Fazal Qadir Sherani,VP SAARC CCI Iftikhar Ali Malik and former LCCI SVP Meher Kashif Younis,while talking to media,urged that government should accord top priority to industrial and agricultural sectors. They said that uninterrupted provision of gas and power is basic pre-requisite and a “life line” for industrial and agricultural growth. Iftikhar Ali Malik said that hike in gas,power and petroleum prod- ucts prices was badly affecting the manufacturers, already hit by gas and power loadshedding. Call for exemption of industrial, agri sectors from loadshedding PRO 05-01-2013_Layout 1 1/5/2013 12:25 AM Page 1
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Saturday, 5 January, 2013
ISLAMABAD
AGENCIES
Adelegation of United Na-tions Global Compact(UNGC) team led by itsPresident, Mr. Ahsaanul-lah Khan visited Islam-
abad Chamber of Commerce & Industry((ICCI) for explaining the utility of em-bracing the UNGC principles given byMr. Kofi Annan, Former UN SecretaryGeneral.
Haji Muhammad Jawed, Senior VicePresident, Fasihul Karim Siddiqui, sec-retary UNGC, Mr.Majyd Aziz, formerPresident KCCI and other members ofUNGC were also present on the occa-sion.
Mr. Ahsaanullah khan said that theten principles of UNGC should be em-braced in work culture for lifting socialface of businesses.
He said that Pakistani business wasoperating in most turbulent circum-stances and it was necessary for busi-ness to come out of this turmoil andattain sustainability by embracing theten principles of Global Compact whichwere much closer to the universally ac-cepted principles and teachings of Islam
as envisaged in the holy Quran and thebusiness practicestaught by the HolyP r o p h e t(PBUH).
Presi-d e n t
UNGCa l s oshowed in-terest to hold anational conference
at ICCI on the theme of ‘Sustaining Busi-ness by Embracing
UNGC Principlesfor meeting
the chal-lenges of
a fast
c h a n g -ing busi-
ness world.He urged upon
business community to show their com-passion by joining UNGC in large num-bers and help the Local Network inachieving the target of 300 members bythe end of the year so that a strong andpositive message can be sent by Pak-istani business to improve their globalbrand image for attracting responsiblebusiness initiatives, new global opportu-nities and foreign direct investment.
Speaking on the occasion, ZafarBakhtawari, President ICCI supportedthe ten principles of UN Global Com-pact, declaring that the business com-munity of Islamabad was practicingmost of them as part of their work cul-ture.
President ICCI said that businesscommunity should be given due respectin the society, adding that trade and in-dustry was under immense pressureowing to the various problems and eco-nomic challenges which could be over-come by adopting the principles ofUNGC.
Mr.Bakhtawari assured full supportof Islamabad Chamber for promotingthe principles of UN Global Compactwhich would definitely increase the ca-pacity of our business community to in-crease the exports of the country.
‘Let’s embrace UNGC’s 10 principles’
PARIS
AGENCIES
Investors were also cautious ahead ofU.S. non-farm payrolls data for Decem-ber, due later in the session, despiteThursday’s forecast-beating jobs datafor the private sector.
At 4:06 a.m. ET, the FTSEurofirst300 .FTEU3 index of top Europeanshares was down 0.04 percent at1,162.15 points, retreating from near-two-year highs hit in the previous ses-sion, while the euro zone’s blue chipEuro STOXX 50 .STOXX50E index wasdown 0.1 percent, at 2,698.16 points.
“The market is getting quite ‘over-bought’, both U.S. and European stocks,and there’s a risk of a sell-off if the pay-rolls figures are disappointing,” FXCManalyst Nicolas Cheron said.
“A lot of fund managers are beingsucked in, buying the market because offears of missing the rally. We’re set for acorrection wave sometime in the nexttwo to three months. It might not startin the short term, but it’s definitely com-ing.”
The FTSEurofirst 300 hit its most“overbought” level in three years this
week, with its 14-day relative strengthindex (RSI) rising to 72.4, a signal thatthe market is ripe for a pull-back in theshort term.
Minutes from the Fed’s Decemberpolicy meeting released on Thursdayshowed some voting members of theFederal Open Market Committee wereincreasingly worried about the potentialrisks of the Fed’s asset purchases on fi-nancial markets.
U.S. non-farm payrolls data, due at8:30 a.m. ET on Friday, is expected toshow employers added 150,000 jobs lastmonth.
On Thursday, the ADP National Em-ployment Report showed the privatesector added 215,000 jobs last month,beating economist forecasts, butFXCM’s Cheron warned it doesn’t nec-essarily means that Friday’s broaderpayrolls data will also be better-than-ex-pected. “Despite common belief, the cor-relation between ADP figures andpayrolls data has been pretty low histor-ically,” he said.
Analysts at Societe Generale, how-ever, are more bullish, betting on thecreation of 225,000 jobs last month,well above the consensus.
“Labor market conditions probablyimproved substantially in the finalmonth of 2012 ... we expect risky assetsto rally intraday due to the positive sur-prise element,” the analysts wrote in anote.
Cyclical mining shares were the toplosers on Friday, with Randgold Re-sources (RRS.L) down 2.9 percent andLonmin (LMI.L) down 1.5 percent.
Big pharma stocks, seen as defensiveplays, gained ground, with Glaxo-SmithKline (GSK.L) up 0.4 percent, No-vartis (NOVN.VX) up 0.4 percent andAstraZeneca (AZN.L) up 0.2 percent.
Around Europe, UK’s FTSE 100index .FTSE was down 0.1 percent, Ger-many’s DAX index .GDAXI down 0.1percent, and France’s CAC 40 .FCHIdown 0.2 percent.
European shares edge down ahead of US jobs dataEuropean shares inched down on Friday as signs of rising concerns among US Federal Reserve members about
the central bank’s quantitative easing program prompted investors to book a portion of recent strong gains
Oil down on fearsover next USbudget battles
SINGAPORE
AGENCIES
Oil prices were down in Asian tradeFriday as looming budget battles in theUnited States weighed on sentiment,analysts said.New York’s main contract, light sweetcrude for delivery in February,dropped 75 cents to $92.17 a barrel inthe afternoon and Brent North Seacrude for February delivery shed 72cents to $111.42.Oil prices hit an 11-week high after theUS Congress on Wednesday backed anagreement that averted across-the-board tax hikes and automatic spend-ing cuts which could have tipped theeconomy into recession.However, while the tax problem wasaddressed, another row is expected asan agreement must be struck withintwo months to deal with billions of dol-lars of spending cuts as well as to raisethe country’s debt ceiling.On Thursday those concerns were com-pounded by Fed minutes from lastmonth showing a growing bias towardssome policy tightening this year, withsome members looking to end thebank’s asset purchases during 2013and others by the end of the year.“Focus shifted... to the upcomingwrangling US President Barack Obamaand Republicans in Congress will faceover the budget, which could furtherstress the world’s biggest economy,”Phillip Futures said in a market com-mentary.Dutch bank ABN Amro said in a reportthat politics remains a “risk factor” forenergy.“While the aftermath regarding the USfiscal cliff will most likely continue todominate the news during the comingweeks, other political drivers will bevery important for oil prices as well,” itsaid.“It will be interesting to see whether...Obama can and will keep his promiseto promote industries that are crucialto US economic growth and, in thiscase, the country’s possible energy in-dependence.”The United States is the world’sbiggest oil consuming nation and itsenergy consumption patterns can in-fluence global prices.
SECP registers
332 companies
in DecemberISLAMABAD
APP
The Securities and Exchange Commis-sion of Pakistan (SECP) registered 332companies during December 2012, agrowth of 22 percent over correspondingmonth of 2011. The authorized capital and paid-up capi-tal of these companies amount up toRs1.7 billion and Rs745 million respec-tively.The new incorporations during themonth include 302 private companies,17 single-member companies, sevennon-profit associations, four public un-listed companies and two foreign com-panies. Of the two foreign companies, one eachbelongs to Turkey and Germany, accord-ing to official data released here Friday.Foreign investment by nationals fromCyprus, Panama, China, Belgium andNetherlands has been witnessed in fivenew local companies, it said addingthese companies belong to software de-velopment, Construction and Servicessectors. The trading sector has the largest share innew incorporations with 44 companies,followed by services with 39 companies,tourism with 37, I.T. with 19, Food andBeverages with 15 companies, Broadcast-ing and Telecasting with 14 companies,Pharmaceutical, Textile and Constructionwith 13 companies each, Communicationsand Corporate agricultural farming sec-tors with 12 companies each.The highest incorporation was witnessedat the Company Registration Office(CRO), Lahore where 108 companieswere registered in December 2012.It was followed by CROs Islamabad andKarachi where 98 and 81 companieswere registered respectively. The CRO Multan registered 19 compa-nies, CROs Peshawar, Faisalabad andSukkur registered 11, 10 and three com-panies respectively, while the QuettaCRO registered two companies.During the month, returns for increasein the authorized capital of 73 compa-nies were accepted, with the total au-thorized capital increment of Rs.7.24billion. In addition, 59 companies filed returnsfor increase in paid-up capital with thetotal enhancement amounting to Rs5.99billion.
LAHORE
APP
The exemption of industrial and agri-culture sectors from gas and powerloadshedding is the key factor whichcan boost economic and agriculturalgrowth as well as national exports.
Federation of Pakistan Chamber ofCommerce and Industry
(FPCCI), apex body of chambers inthe country, on Friday urged the gov-ernment to exempt industrial sectorfrom power/gas load shedding andwithdraw increase in fuel prices tostrengthen national economy.
President FPCCI, Fazal QadirSherani,VP SAARC CCI Iftikhar AliMalik and former LCCI SVP Meher
Kashif Younis,while talking tomedia,urged that government shouldaccord top priority to industrial andagricultural sectors. They said thatuninterrupted provision of gas andpower is basic pre-requisite and a “life
line” for industrial and agriculturalgrowth. Iftikhar Ali Malik said thathike in gas,power and petroleum prod-ucts prices was badly affecting themanufacturers, already hit by gas andpower loadshedding.
Call for exemption of industrial,agri sectors from loadshedding
PRO 05-01-2013_Layout 1 1/5/2013 12:25 AM Page 1
02
Saturday, 5 January, 2013
Major Gainers
COMPANY OPEN HIGH LOW CLOSE CHANGE TURNOVER
Bata (Pak) 1241.50 1302.99 1190.00 1297.00 55.50 2,400
Pak.Int.Cont. SD 200.29 210.30 208.00 210.30 10.01 45,800
Exide (PAK) 270.00 280.00 279.99 280.00 10.00 500
Millat Tractors Ltd. 569.15 588.00 565.00 578.98 9.83 30,300
Mithchells Fruit 364.99 375.00 364.99 373.92 8.93 1,600
Major Losers
Blessed Tex. 122.00 115.90 115.90 115.90 -6.10 1,500J.D.W.Sugar 117.95 114.00 112.06 112.06 -5.89 1,300Premier Suger Mills 93.90 89.21 89.21 89.21 -4.69 500Grays of Cambridge 56.55 58.95 53.73 53.73 -2.82 17,000ICI Pakistan Ltd. 172.76 171.10 169.90 170.06 -2.70 5,500
Volume LeadersByco Petroleum 13.38 14.15 13.52 13.79 0.41 12,701,000Jah.Sidd. Co. 15.76 16.01 15.27 15.34 -0.42 11,884,500Maple Leaf Cement 14.36 14.84 14.30 14.48 0.12 6,950,500Fauji Cement 6.27 6.44 6.23 6.35 0.08 4,002,500United Bank 81.81 82.90 81.50 82.52 0.71 3,315,500
Interbank RatesUS Dollar 97.4129UK Pound 158.0135Japanese Yen 1.1176Euro 128.0590
Dollar EastBUY SELL
US Dollar 97.70 98.40Euro 126.90 128.97Great Britain Pound 156.58 159.08Japanese Yen 1.1113 1.1283Canadian Dollar 97.91 100.12Hong Kong Dollar 12.33 12.64UAE Dirham 26.45 26.83Saudi Riyal 25.95 26.28Australian Dollar 101.49 104.60
Business
RB takes ‘Healthier kids, happier
world’ mission into remote areasKARACHI: Reckitt Benckiser Pakistan launcheda school upgrade program to revamp underprivi-leged schools in the remote regions across Pak-istan as part of their community service program“ Healthier kids, Happier world “ . The program was launched with the renovation ofan underprivileged school in Lakot, a small villagenear Islamabad. RB employees were personallyengaged in painting walls and furnishing theclassrooms with new desks and bookshelves.Trainings in communication skills and hygieneawareness were imparted to the school’s faculty.In light of the RB mission to build a happier worldthrough raising health standards for childreneverywhere, the children were given interactivepresentations on the importance of hygieneawareness and upkeep. On the occasion, ReckittBenckiser Pakistan’s CEO Mr. Tahir Malik do-nated a check of Rs 4.6 Million to Save the Chil-dren’s Pakistan Chapter. Speaking on theoccasion, Mr Malik underscored the importanceof this campaign to the company. “ Our com-pany’s vision is a world where people have health-ier lives and happier homes and our Communityprogram of “ Healthier Kids, Happier world” is away to give back to the children of Pakistan”. The
preliminary portion of the program will provideessential educational supplies such as books, sta-tionary, art supplies and furniture to adoptedschools. Reckitt Benckiser (RB) is a global con-sumer goods leader in health, hygiene and home.The company has operations in over 60 countries,with headquarters in the United Kingdom.
Samsung NX300 combines speed,
performance and connectivity
KARACHI: Samsung Electronics Co., Ltd, aglobal leader in digital media and convergencetechnologies, today announced the launch of theNX300, the new flagship model in its successfulNX series. The NX300 once again raises the barfor compact system cameras (CSC), delivering anoutstanding combination of features, functionalityand style for perfect shooting in every moment.Samsung also announced the new NX 45mm F1.82D/3D lens, the first one-lens 3D system capableof capturing both still images and full HD moviesin perfect 3D quality.Myoung Sup Han, Senior Vice President and Headof the Digital Imaging Business, Samsung Elec-tronics, commented: “Since its launch in 2010, theSamsung NX System has become synonymous
with innovation and design, making the best digi-tal imaging technology available to everyone with-out compromising on style. The NX300 buildseven further on this illustrious heritage. Not onlydoes it deliver incredible speed and accuracythrough advanced photographic features, but it istruly built around the user, with upgradedSMART Camera functions making shooting andsharing both easy and seamless. We are also veryproud to introduce the first one-lens 3D systemalongside the NX300, opening up a whole newworld of 3D photography and video recording forconsumers everywhere.”
PTCL introduces Broadband
economy package
ISLAMABAD: Pakistan Telecommunications Com-pany Limited (PTC) has now introduced ‘BroadbandEconomy’ package which offers fast and cost-effectiveInternet connectivity for its valued customers. AsPakistan’s fastest and most affordable Broadbandservice, PTCL’s Broadband Pakistan offers seamlessInternet experience, uninterrupted streaming andfastest downloading speeds. It provides access to richhigh-definition multimedia resources over the Inter-net enabling customers to download latest movies,TV shows and music files. The new economy packageenables customers to experience PTCL BroadbandInternet for only Rs 499 per month inclusive ofdownloads up to 10 GB. For downloads above 10 GB,Rs 100 per GB will be charged, while after 20 GB, thepackage will become unlimited. Customers who wishto downgrade from Standard 1Mbps and above pack-ages will be charged a onetime fee of Rs.1,500.
Wazir Ali Khoja felicitates
Pakistan cricket team
KARACHI: Senior member of the Board of Gov-ernors’ of Pakistan Cricket Board, and M.D NIT,.Wazir Ali Khoja has sent a message of felicitationto Pakistan’s captain and team member for theiroutstanding performance in TWO ODI matchesagainst India, in India, in front of a constant roarof more than 80 thousand crowd, cheering fortheir home team. Khoja has appreciated the fineblending of experienced and young players in theteam to shape up a future Pakistan cricket team.He said, our team has out classed Indian team inall departments of the game. Khoja said, these vic-tories will help the team a lot in their forth com-ing South African Tour. He has also applauded theefforts of Chairman PCB for making this eventpossible with his fine negotiating skills. Khoja fur-ther said that it is a good chance to test rest of theplayers of the squad in the third and final ODI atNew Delhi to gauge their cricketing talent.
CORPORATE CORNER
NEW YORK
AGENCIES
DATA from the Institute for Sup-ply Management showed the vastU.S. services sector in Decembergrew at its fastest clip in 10months, boosted by a rise in new
orders. The market’s reaction to both releases wasmodest. New orders received by U.S. factorieswere flat in November, missing expectations as de-mand for aircraft sank sharply, although a gaugeof business spending plans gave a positive sign forthe economy.
Shares of Nasdaq heavyweight Apple Inc(AAPL.O) fell nearly 2 percent, pressuring thetech-heavy index. Adding to concerns about theiPhone maker’s ability to produce more innovativeproducts going forward, rival Samsung ElectronicsCo Ltd (005930.KS) is expected to widen its leadover Apple in global smartphone sales this yearwith 35 percent growth, propped up by a broadproduct lineup, according to market researcherStrategy Analytics.
The Dow Jones industrial average .DJI was up7.79 points, or 0.06 percent, at 13,399.15. TheStandard & Poor’s 500 Index .SPX was up 1.95points, or 0.13 percent, at 1,461.32. The NasdaqComposite Index .IXIC was down 6.50 points, or0.21 percent, at 3,094.06.
Though the jobs data showed lackluster eco-nomic growth was unable to make a dent in thestill-high U.S. unemployment rate, it calmed fearsabout the possibility of the U.S. Federal Reserveending its highly stimulative monetary policy.
Concerns about the endurance of the Fed’s
stimulus program prompted investors to pull backfrom the market Thursday after a two-day rally.
According to the Labor Department, payrollsoutside the farming sector grew 155,000 lastmonth, as expected and slightly below the level forNovember. Gains in employment were distributedbroadly throughout the economy, from manufac-turing and construction to health care.
Minutes from the Fed’s December policymeeting, released Thursday, showed Fed officialswere increasingly worried about the risks of assetpurchases on financial markets, though theylooked set to continue with the open-ended stim-ulus program for now.
Some policymakers thought asset buyingshould be slowed or stopped before the end of2013 while others highlighted the need for furtherstimulus. The Fed’s policy of easy credit has helpedpush the S&P 500 to a 13.4 percent gain in 2012.
Ending that policy would remove an incentive forinvestors to purchase riskier assets like stocks.
Apple shares were down nearly 2 percent at$532.27 in morning trade. The stock has been ona downward trend over the past few months onconcerns about demand for the iPhone 5 and thecompany’s capability to produce more innovationproducts in the future.
Pharmaceuticals maker Eli Lilly and Co.(LLY.N) said on Friday it expects 2013 earnings toincrease to $3.75 to $3.90 per share excludingitems from $3.30 to $3.40 per share in 2012. Thestock rose 2.5 percent to $50.94.
Mosaic Co (MOS.N) reported that its quarterlyoperating profit fell 30 percent as internationaldistributors delayed buying potash and phosphateto avert the price risk associated with the fertilizerproducer’s negotiations with China and India. Thestock rose 1.5 percent to $57.62.
Wall Street firms slightlyafter jobs, ISM dataStocks firmed slightly on Friday after a key US jobs report showed the pace of hiring by employers had eased slightly
in December but gave signals of some momentum in the labor market’s recovery since the 2007-09 recession
ISLAMABAD: Bilal Mustafa Managing Director Bank of Khyber (BoK) and Sheharyaruddin Additional Director General
(Operations) Post Government of Pakistan signing MoU for financial facilitations to the employees of Pakistan Post at
Pakistan Post headquarter Islamabad.
PRO 05-01-2013_Layout 1 1/5/2013 12:25 AM Page 2
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