Still better trading days ahead
By Tabinda Shakeel
At the end of the August 2003, The New-Prime Bank Composite Index of VIS maintained the level it achieved at the end of the last month July 2003. The idea of that market remained on an upward path, as depicted by some other indicators like KSE 100, was not true on a broad-based basis.

IN FOCUS
Investment opportunities roses cut-flower farm
By Ismat Sabir
Roses are no more the symbol of khoon-e-gigar of an aashiq, now they have commercial value as well. Growing cut flowers, especially roses, is a very profitable business if done properly on commercial basis. Demand for cut flowers, especially roses and tulips, are growing tremendously as more and more people are becoming aware of the beauty of flowers as decorative items. They are the best gift at weddings, birthday parties, seminars, and other such social gathering. Events of joy and sorrow are incomplete without floral decorations.

Cotton situation: An overview
By Siraj-ul-Hasan
Cotton popularly known as Silver Fibre had a very significant position in the economy of the country on the birth of Pakistan.
It prominently sustained the uprooted economy of the country in the wake of mass exodus of non-Muslim businessmen controlling the cotton trade both at home and abroad.

REFLECTION
Beverage industry: an analysis
By Naeem Ahmed
The beverage industry in Pakistan has grown over the time. The industry produces aerated waters, juices, syrups, and squashes. With about 170 units currently in operation throughout the country, both upstream and downstream industries have grown and are flourishing. The focus on this industry profile is restricted to aerated water only.

RATING ROUNDUP
Publicly Notified Ratings by JCR-VIS Credit Rating Company LIMITED
Adamjee Insurance Company Ltd.
Insurer Financial Strength (IFS) Rating AA-
ON RATING WATCH

SPOTLIGHT
Margin trading vs badla
By Basharat Ullah
The Karachi Stock Exchange had floated the draft rules in April 2003 regarding the introduction of a new margin trading system replacing the current badla based system.
Surprisingly, the progress on 'margin trading' front has come to a halt apparently, as neither the exchange nor the Securities and Exchange Commission of Pakistan (SECP) has taken any new initiative for its implementation. 

SPECIAL REPORT
Textile Sector - Post 2005 era: will the benefits reach developing countries?
By Humayun Ali
Analyst, JCR-VIS
For more than thirty years, the textile sector was governed by many agreements: the Short Term Cotton Arrangement in 1961, the Long Term Cotton Arrangement from 1962 to 1973, and the Multi-fiber Arrangement from 1974 to 1994.

STOCK MARKET CONFIDENCE
NEWS - CresBank STOCK EXCHANGE CONFIDENCE BAROMETER
Standing at low
During December 2001, level of investors' confidence in the stock market remained low as compared to that prevailed during the preceding month. The News-CresBank Confidence Barometer for December was measured at 38 per cent on an aggregate basis. Despite dropping down from 47 per cent of November, the barometer managed to maintain the same category of 'very low to low'. A week-to-week analysis reveals that the barometer managed to go as high as 44 per cent, in the middle of the month. and dipped as low as 33 per cent toward the month-end, hardly float above the 'very low' category.

The Stock Market Confidence Barometer developed by Vital Information Services Pvt. Ltd. is a unique instrument that expresses in percentage the level of investors' confidence prevailing at the Karachi Stock Exchange taking into account each and every share transaction. The model electronically tracks the number of shares traded (adjusted for free float) at the KSE along with their respective prices, to find out the exact movement of investors' money. The investors place their funds world wide in other than safe-haven stocks when they are confident of the prevailing economic and political situation. On the other hand, when they are not so confident of the economic and political developments, they transfer their funds from those comparatively risky items to the safe-havens. This phenomenon is the foundation stone of this Confidence Barometer.
-- M. Bilal Aftab

CORP CORNER