Wall St dips as consumer shares weigh

US stocks late-morning
NEW YORK: Stocks fell on Tuesday on worries that rising food costs will sap supermarket profits, hurting consumer stocks and denting growing optimism about the economic outlook. Shares of Supervalu Inc nearly 7 per cent after Morgan Stanley told investors to cut holdings in the stock, saying rising food costs will crimp margins. Safeway Inc and Whole Foods Market also slid. Soybean and corn prices traded near two-year highs Tuesday.

"We’re light on consumer staples. One of our concerns is commodity prices are going to bite into profits,” said Thomas Villalta, portfolio manager for Jones Villalta Asset Management in Austin, Texas. Materials were the biggest losers, with the S&P materials index  falling 1.1 per cent, as metals prices dropped after recent gains.

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Commission meets today

18th Amend
ISLAMABAD: Implementation Commission on 18th Amendment would meet here at Parliament House on Monday with Chairman Commission, Senator Mian Raza Rabbani in chair.

Issues relating to implementation of 18th Amendment and transfer of five ministries to provinces would be discussed in the meeting. The Commission would also discuss the difficulties and hurdles in way of transfer of five federal ministries to provinces.
It should be mentioned that though provinces seem to be satisfied with awarding provincial anatomy under 18th Amendment and giving them authority to take decisions, but on other hand, it has given rise to number of problems which still needed to be resolved. The recommendations proposed by the Commission in this regard had not yet succeeded to remove the concerns of the provinces in this connection, sources said. -Agencies

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Domestic debt reaches Rs5.08tn

During 5MFY11

Aamir Abidi

KARACHI: Pakistan outstanding stock of domestic debt and liabilities has soared 8.2 per cent or Rs403 billion during the first five-month of current fiscal year (5MFY11), according to the State Bank of Pakistan (SBP). Domestic debt and liabilities recorded at a historical level of Rs5.296 trillion during the period, from Rs4.89 trillion on June 30, 2010, due to a significant rise in budget deficit. Similarly, domestic debt alone rose by Rs427 billion to Rs5.08 trillion in 5MFY11 as against Rs4.65 trillion in June 2010.

The floating debt during the period under review rose by Rs364 billion to Rs2.76 trillion against Rs2.39 trillion in June 2010, while the unfunded debt increased by Rs56.1 billion to Rs1.51 trillion as compared to Rs1.45 trillion.
Furthermore, permanent debt rose by Rs8.1 billion in 5MFY11 to Rs802 billion during the period under review. Within the floating debt category, government borrowed Rs249 billion through MTBs for replenishment. Similarly, it further borrows Rs115 billion through market treasury bills

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