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Cotton prices on Friday remained stable at the previous levels amid an actively traded session for third session in a row as spinners are not inclined to take even a technical breather.

The interesting feature was that spinners major buying thrust was again on the central Sindh lint owing to its better quality, while its Punjab counterpart was available at slightly lower rates, floor brokers said.
Some of the Punjab types were traded as lower as Rs4,075 but Sindh variety was not available below Rs4,125, sustaining a premium over its Punjab counterpart, they said.

They said price differential of Rs75 per maund between the two reflects very badly on the central Punjab lint, which in normal seasons is sold at a premium over the former.

Cotton analysts failed to pinpoint the reasons behind this phenomenon but some others said late rain and the current pest attack in the entire cotton belt may have damaged its fibre content.

Meanwhile, reports trickling in from the cotton belt indicate that second picking of phutti in the early growing areas is well in progress and should have pushed prices lower but strong mill support keep them on the higher side.

News from the export front were a bit bearish as local prices are higher than the foreign ones and that is perhaps why exporters are out of the market for the last couple of sessions.

Official spot rates were remained firm at the previous level of Rs4,125 per maund and bulk of the ready business was done around them.

New York cotton futures, on the other hand, failed to sustain the overnight run-up as both the contracts fell by 1.29 and 1.27 cents per lb at 67.16 and 69.36 for the ruling October and the distant December.

Mill intake was on the higher side as another 20,000 bales changed hands as under:

SINDH TYPE: 3,000 bales, Shahdadpur at Rs4,125 to 4,150, 2,000 bales, Tando Adam at Rs4,125 to 4,135, 1,000 bales, each Khipro, Hyderabad and Sanghar, 600 bales, Shahpur Chakkar,400 bales, each Jhoke and Nawabshah at Rs4,125,and 1,000 bales, Mirpurkhas at Rs4,100 to 4,125.

PUNJAB VARIETY: 1,000 bales each, Chichawatni and Burewala at Rs4,100 to 4,125, 1,000 bales, Mian Channu, 400 bales, Gojra and 200 bales, Muridwala at Rs4,100, 600 bales, Pak Pattan, at Rs4,075 to 4,100, 600 bales and 400 bales, Bahawalnagar and Arifwala at 4,075.
Source

Brigadier General Masoud Jazayeri, in a statement carried by the state news agency Irna said it is evident that if such a challenge occurs, the fake and artificial regimes will be eliminated before anything. The United States and its staunch ally Israel, accuse Iran of seeking atomic weapons under the guise of a civilian nuclear programme. Iran has vehemently denied the allegations, insisting its nuclear drive is aimed solely at providing electricity for a growing population when its reserves of fossil fuels run out. The united states has never ruled out military action against Iran over its defiance of international demands for an enrichment freeze, but so far is pursuing the diplomatic route with calls for more sanctions. Another top military commander said Iran was prepared to “take the enemies off-guard” and would unveil more weapons in case of an attack.   Source

Finance minister Naveed Qamar announced the package during a news briefing in Islamabad. He said that from the first of September, the prices of over 1300 items of daily use will be reduced by five to ten percent. He said under the package, the price of Atta will be 15 rupees per kilogram, Ghee 110 rupees, Sugar 33 rupees, Dal Channa 47 rupees, and Basmati Rice Rs 88 per kilogram at the utility stores across the country. The finance minister said the utility stores will remain open throughout the week during Ramazan-ul Mubarak.
He said mobile utility stores will operate in Balochistan and Sindh to provide relief to the people there. He said the government’s monitoring teams will keep strict watch to ensure that the prices remain stable during the holy month. The finance minister said the government is taking strict action to curb the smuggling of wheat flour and to ensure that these items are sold on uniform prices.

Source

In the quarter final round, Pakistan defeated strong teams like Australia and Japan.

Pakistan People’s Party and allies filed 14 nomination papers of Asif Zardari as a candidate for presidential election. The parliamentarians from PPP, MQM, ANP, JUI and other coalition partners have proposed and seconded the name of Asif Ali Zardari for the office of the president. Five nomination papers were filed for PML-N candidate justice [ret] Saeeduz Zaman Siddiqui and four for his covering candidate Roedad Khan. Five nominations were filed on behalf of PML-Q candidate Mushahid Hussain Syed. Five independent candidates also filed nomination papers in Islamabad and thirteen in Lahore. In Karachi, nine nomination papers were filed on behalf of Senator Asif Zardari. One form was submitted by, MQM and eight by, PPP and ANP.
In Peshawar, Munir Ahmed Sherazi of Qaumi Ittehad party submitted his nomination paper. No nomination papers were filed in Balochistan. Scrutiny of the papers will be held tomorrow while candidates can withdraw their nomination papers by Saturday and final list of the contesting candidates will be issued on the same day. Polling for the presidential election will be held on the sixth of next month at the joint session of senate and national assembly in Islamabad while provincial assemblies would meet at respective provincial capitals.

Source

Addressing a news conference at Zardari house, party’s deputy Secretary General Mian Raza Rabbani said Asif Ali Zardari has accepted the unanimous decision of the central executive council to become presidential candidate. He said leadership of coalition parties has been informed about the decision. He said there is no ambiguity in the restoration of deposed judges as PPP is committed to all its agreements made with the coalition partners. A special committee has already been constituted to prepare the draft of the resolution regarding reinstatement of judges.

Russia has put forward a draft resolution to counter the French draft that called for an immediate Russian troops withdrawal and reaffirmation of Georgia’s territorial integrity. There are conflicting reports about the Russian withdrawal from Georgia as provided by French-broker ceasefire. Speaking in Gori, chairman organization for security and cooperation in Europe, Alexander Stubb said there is no sign of Russian troop withdrawal from Gori. Russian general Vyacheslav Borisov said in Gori that a planned withdrawal continues and checkpoints are being removed today. A top Russian general said the withdrawal may take ten days.
Source

The U.S. secretary of state Condoleezza Rice has arrived in Warsaw to sign the agreement. Washington says the interceptors and radar in Eastern Europe would form part of a global missile shield protecting the United States and its allies from long range missiles. Russia is strongly opposing the US missile shield in the region.    Source

Treasury members demanded trial under article six of the constitution to prevent any adventurism against democracy. They said the image of Islam and Pakistan was tarnished due to the policies pursued in the last nine years and it will take a while to clear the misconceptions. Some members made the point that safe exit cannot be provided to a person who had abrogated constitution and stifled judiciary and media. They demanded of the government to reinstate the deposed judges forthwith as the last hurdle in the restoration of judiciary has been removed with the exit of general Musharraf. Criticizing the guard of honour presented to General Musharraf following his announcement to step down, they said he should have been rather punished. They said the practice of not prosecuting the dictators is one of the reasons behind continual military interventions.
Defending their mentor, members of PML-Q said that General Musharraf had resigned with grace approving of the fact that he is a democrat and doesn’t want confrontation.
They said now the ruling coalition cannot blame someone for his failures as they now have all the authority to take the country forward, should the government wish to do so.
The national assembly also adopted a unanimous resolution to constitute special committee on Kashmir. Law minister Farooq H. Naik tabled the resolution, which reiterates Pakistan’s principled stance on the long promised right to self-determination of the Kashmiris. The committee is tasked to do its part for highlighting the plight of Kashmiris in the wake of economic blockade by the Hindu extremists. The committee will also review situation of human rights violation and use of brutal force in the Occupied Kashmir by the Indian forces. The special committee of the national assembly will play its parliamentary role to help solve the Kashmir issue under the UN resolutions and according to the wishes of the Kashmiri people. Earlier responding to a calling attention notice, parliamentary secretary for petroleum and natural resources Ejaz Ahmed virk told the house that there is no shortage of gas meters in the country. To another notice, parliamentary secretary for health Mehreen Anwar Bhutto said that non-gazzetted employees are now being provided medicines of chronic diseases from OPD. She told the house that pay and pension committee had introduced the medical allowance instead of the opd medical facility, but this policy is now being revised. The National Assembly will now meet at 5 pm tomorrow. Source

According to official sources the prime minister will also meet Chinese leadership on the sidelines of the Beijing Olympic Games.
Source

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