The Financial Daily-Epaper-04-02-2011 by The Financial Daily

International Karachi, Friday, February 4, 2011, Safar-ul-Muzaffar 30, Price Rs12 Pages 12

Gilani assures end to political witch-hunt

Rabi-ul-Awwal moon not sighted Pakistan win first series in two years

See on Page 10

Top Trio gives no ear to US

See on Page 12

See on Page 12 Economic Indicators Forex Reserves (29-Jan-11) Inflation CPI% (Jul 10-Dec 10) Exports (Jul 10-Dec 10) Imports (Jul 10-Dec 10) Trade Balance (Jul 10-Dec 10) Current A/C (Jul 10- Dec 10) Remittances (Jul 10 - Dec 10) Foreign Invest (Jul 10-Dec 10) Revenue (Jul 10 Dec 10) Foreign Debt (Sep 10) Domestic Debt (Dec 10) Repatriated Profit (Jul- Dec 10) LSM Growth (Nov 10)

GDP Growth FY10E Per Capita Income FY10 Population

Mid review of trade policy 2009-12

$17.38bn 14.61% $10.98bn $19.13bn $(8.15)bn $26mn $5.29bn $1.05bn Rs 638bn $58.41bn Rs 5497.4bn $323.6mn -4.69% 4.10% $1,051 175.07mn

Delhi-Kabul trade via Wagah denied New Trade Policy out, 2011 termed as exports yr EU grants soon, China to cut tariff on 286 items

Portfolio Investment

Special Correspondent/ Agencies

SCRA(U.S $ in million)

197.58 -3.17 -5.02 3065

Yearly(Jul, 2010 up to 2-Feb-2011) Monthly(Feb, 2010 up to-2-Feb-2011) Daily (2-Feb-2011) Total Portfolio Invest (21 Jan-2010)

NCCPL (U.S $ in million)

FIPI (3-Feb-2011) Local Companies (3-Feb-2011) Banks / DFI (3-Feb-2011) Mutual Funds (3-Feb-2011) NBFC (3-Feb-2011) Local Investors (3-Feb-2011) Other Organization (3-Feb-2011)

0.28 1.30 0.22 -0.82 0.11 -0.96 -0.13

Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones

Close 12,359.06 10431.36 23908.96 18449.31 2645.02 2798.96 5963.30 12012.16

Change 116.67 26.00 426.01 358.69 20.71 8.27 36.77 29.81

GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)

$.Price PKR/Shares 2.60 111.06 18.71 159.84 2.00 42.72 1.70 36.31 11.29 38.56

Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)

26-Jan-2011 26-Jan-2011 26-Jan-2011 29-Nov-2010 03-Feb-2011 03-Feb-2011 03-Feb-2011 03-Feb-2011 03-Feb-2011 03-Feb-2011 03-Feb-2011 03-Feb-2011 03-Feb-2011 03-Feb-2011 03-Feb-2011

13.67% 13.71% 13.88% 14.00% 13.20% 13.63% 13.77% 14.14% 14.27% 14.22% 14.25% 14.27% 14.59% 14.78% 14.96%

Commodities *Crude Oil (brent)$/bbl 101.76 *Crude Oil (WTI)$/bbl 90.26 *Cotton $/lb 179.33 *Gold $/ozs 1,329.40 *Silver $/ozs 28.05 Malaysian Palm $ 1,247 GOLD (NCEL) PKR 36,928 KHI Cotton 40Kg PKR 11,789

Open Mkt Currency Rates Symbols

Buy (Rs)

Australian $ 86.10 Canadian $ 86.10 Danish Krone 14.10 Euro 117.20 Hong Kong $ 11.00 Japanese Yen 1.034 Saudi Riyal 22.73 Singapore $ 66.20 Swedish Korona 12.10 Swiss Franc 85.70 U.A.E Dirham 23.23 UK Pound 138.00 US $ 85.65

Sell (Rs)

87.10 87.10 14.80 118.60 11.10 1.060 22.95 67.20 12.20 86.30 23.48 139.30 86.00

Inter-Bank Currency Rates Symbols

Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $

Buying TT Clean

Selling TT & OD

86.27 86.48 15.81 117.83 10.97 1.047 22.79 67.10 13.29 90.86 23.26 138.30 85.43

86.47 86.68 15.84 118.10 11.00 1.049 22.84 67.25 13.33 91.07 23.32 138.62 85.62

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ISLAMABAD: Federal Minister and Senior PPP leader Makhdoom Amin Faheem announcing Trade Policy 2011 here on Thursday. -Online

MQM still reluctant on RGST ISLAMABAD: Muttahida Qaumi Movement (MQM) has clarified after a meeting with the government delegation that flood surcharge and RGST (Reformed General Sales Tax) are not acceptable at any cost. Addressing a news conference along with Federal Finance Minister Abdul Hafiz Shaikh, Dr Farooq Sattar asked the government to implement over the nine-point economic agenda of their party, adding government should impose indirect taxes instead of direct duties. A government's economic team under the headship of Abdul Hafiz Shaikh held negotiations with MQM, which rejected the imposition of RGST and floods surcharge. Dr Farooq Sattar said that the one-sided agenda by the government would not be allowed to pass from the parliament as new taxes further increase the miseries of masses already pressed with unemployment, load shedding, and inflation. He further stated that MQM would give recommendations in the coming week meeting through which the government could collect Rs12 billion taxes. Dr Shaikh on the occasion said that the present government is running with the See # 13 Page 11

Court extends Raymond detention LAHORE: An American who killed two Pakistani men in Lahore last week will be held for eight more days to allow for further investigation, a prosecutor said on Thursday, despite US statements that he enjoys diplomatic immunity. The case of Raymond Davis has become the latest test of ties between the two countries with right-wing groups demanding Islamabad resist US calls to free him. Washington says Davis is a diplomat and has called for his immediate release. He was arrested a week ago after shooting dead two Pakistanis in the city of Lahore in what Davis says was an act of selfdefense during an attempted robbery. The Lahore High Court on Tuesday barred the government from handing him over to Washington, saying it would decide whether he has diplomatic immunity or not. Amid tight security, police brought Davis in an armored car to appear before a See # 10 Page 11

Rekodiq Mining Case

SC bars lease till judgment ISLAMABAD: The Supreme Court on Thursday declared that Balochistan Government would not grant mining lease of Rekodiq copper and gold reserves to any applicant till a final decision by this Court. A four-member bench of Chief Justice Iftikhar Muhammad Chaudhry, Justice Muhammad Sair Ali, Justice Ghulam Rabbani and Justice Khalil-ur-Rehman Ramday resumed hearing of pleas over the award of mining lease of Rekodiq gold and copper reserves in Chaghi area of Balochistan. The bench in its order said "It is declared that no decision shall be taken by the Government of Balochistan in respect of the grant of the mining lease on the application submitted by any of the parties without prejudice to their legal rights till the decision of the instant proceedings."

At the outset of proceedings, Advocate general Balochistan Dr Salahuddin Mengal apprised the bench that the provincial government instructed him to make the statement that it had not received any application so far for the grant of mining lease from any of the companies. He said the provincial government through its competent authority would not take any decision with regard to the grant or otherwise of the mining lease, if applied for during this period. The bench said it would not dispose of the application, if submitted until the decision of this Court subject to all just exceptions. Similar stand was also taken by Mazhar Ali deputy attorney general, representing the Government of Pakistan. The bench also noted in its order that in the interest of See # 7 Page 11

Final plan for OGDC convertible bonds sought

HEC, NPCCL sell-off greenlit ISLAMABAD: The Cabinet Committee on Privatization (CCOP), which met here on Thursday with the Federal Minister for Finance Dr Abdul Hafeez Shaikh in the chair, has granted approval of privatisation of Heavy Electrical Complex (HEC) and National Power Construction Corporation Limited (NPCCL). The Privatization Commission (PC) had recommended the privatisation of the Heavy Electrical Complex on public private partnership (PPP) basis whereby 26 per cent of the shares along with management rights to be transferred to the successful bidder

and for the appointment of financial Adviser' says a statement issued by the Ministry of Finance here. The Privatization Commission had also recommended for the privatisation of the National Power Construction Corporation Limited, which was also approved by the CCOP. The Committee has also constituted a subcommittee headed by the Federal Minister for Privatization Senator Waqar Ahmed Khan with members Minister for Petroleum and Natural Resources, Deputy Chairman Planning See # 8 Page 11

Govt mulling to export up to 3mn T of wheat

Import of sugar unlikely this yr ISLAMABAD: Pakistan is unlikely to import sugar this year because the country will have enough stocks to meet domestic requirements, Food Minister Nazar Muhammad Gondal said on Thursday. Pakistan imposes no import duty on white sugar and the government in September waived a 25 percent duty on raw sugar to encourage the private sector to import the sweetener after fears August floods would reduce the 2010/11 crop to 3.2 million tonnes. But Gondal said that initial

estimates suggest the crop would produce about 3.5 million tonnes of refined sugar and that together with the previous stocks of 0.9 million tonnes, should be enough to meet the country's needs. "We will be self-sufficient in sugar and I am very confident that we will not need to import sugar this year," Gondal told reporters. Pakistanis consume about 4.2 million tonnes sugar a year. Pakistan bought about 1.2 million tonnes of sugar last See # 9 Page 11

ISLAMABAD: Federal Commerce Minister Amin Fahim Thursday announced the Trade Policy 2011 after 7 months delay, according to which Pak-Afghan Transit Trade is to kick off from 12th of the February, while India would not be allowed trading with Afghanistan via Wagah border. Amin Fahim, while announcing the fresh trade policy said, 21 per cent increase in exports is astonishing during the last three years despite unavailability of support from the approved Rs27 billions' Export Promotion Funds. He aspired European Union is to approve the access for 25 Pakistani products to the European markets on priority basis during its upcoming session. He also said bill related to Reconstructed Opportunity

FX reserves touch peak of $17.38bn Staff Reporter KARACHI: Country's foreign exchange reserves rose to a record $17.38 billion in the week ending January 29, up from $17.30 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan rose to $13.85 billion from $13.74 billion in the week ending January 29, while those held by commercial banks fell to $3.53 billion from $3.56 billion, said the SBP. Analysts said the rise was due to a rise in remittances from overseas Pakistanis. According to official data, remittances rose 17 percent to $5.3 billion in the first six months of the fiscal year 2010/11 (July-June). Foreign exchange reserves were boosted last month by more than $633 million from the US for providing military and logistical support to fight militancy.

Zone will soon be endorsed by US Congress. Minister for Commerce said that Ministry of Commerce in consultation with all stakeholders has prepared a comprehensive road map regarding Trade policy framework to propel the exports of country with identifying new markets for our products. The Minister said that roadmap for the trade promotion would be presented to the Cabinet on February 9, for approval. He said that the government has declared year 2011 as the year of exports with main focus on export promotion for the economic development of the country. Minister expressed the hope that exports would grow by 10 per cent during the current financial year. He also congratulated the exporters for this achievement. Makhdoom Amin Fahim

announced that after a long period of time Pakistan has been able to export its surplus wheat. He said that Ministry of Commerce was also making efforts for greater market access to Pakistani products in the different international markets. He said that European Union would approve a package on 75 items for Pakistani products within a month. Amin Fahim said that China has agreed on the tariff line concession on 286 items for Pakistani exporters. He also informed that American Congress is likely to approve the Reconstruction Opportunity Zones (ROZs) bill this year, added federal and provincial government would join hands in boosting country's exports for the benefit of the country. Regarding Pak-Afghan Transit Trade, he said it would See # 12 Page 11

PM may dissolve or reduce size to half

48hrs seen vital for Fed Cabinet Return of MQM also expected in new cabinet ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani is expected to dissolve the Federal Cabinet in the next 48 hours, local news agency reported. According to sources, the government is weighing two options - whether to dissolve the entire Federal Cabinet or reduce its size to half. If the PM Gilani decided to completely dissolve the cabinet, he would, in the next 24 hours, re-announce names of 10 to 12 ministers. The existing Federal Cabinet consists of 62 members whereas, under the 18 amendment, the size of the Cabinet will be more than 11 per cent of the total number of members of the Parliament. Pakistan Peoples Party Central Executive Committee meeting scheduled to be held here at the Presidency on Friday (today) is also expected to dis-

cuss the matter of Cabinet dissolution/ reduction, sources said. According to political analysts, the government's objective of reducing the size of the incumbent Cabinet is to project its improved image before the people. The government is likely to dissolve the federal cabinet today (Friday) to meet a 45-day deadline given by the Pakistan Muslim League-N to implement its reforms agenda aimed at revival of the economy and austerity, sources told INP on Thursday. They said Speaker National Assembly Dr Fehmida Mirza will prorogue the current National Assembly session today (Friday) and the cabinet would be dissolved in the evening. The sources said the oath See # 11 Page 11

‘Business in Pak’

Shaikh to meet KSE BoD on 19th

Conference to be held on 10th

Margin Trading finally gets a yes

LONDON: A conference to identify opportunities for doing business in Pakistan is being jointly organised here on February 10 by the UK Trade and Investment and Pakistan High Commission. The event will take place at the Lancaster House where Pakistan's Minister for Investment Saleem Mandiwala and British Minister for Trade and Investment Lord Green will be the key note speakers. High Commissioner for Pakistan to the UK Wajid Shams-ul Hasan and his British counterpart in Islamabad Adam Thomson will also address the conference. The event will highlight business opportunities in Pakistan for the UK companies. Over 100 UK companies are already See # 6 Page 11

Nawaz Ali KARACHI: The longstanding demand of the brokers of stock exchange is finally fulfilled as much-awaited Margin Trading System (MTS) would be available for the investors from February 21st (Monday). Some reliable sources told 'The Financial Daily' that federal finance minister Abdul Hafeez Shaikh would inaugurate MTS on Feb 19 and then it would be available for the investors from Feb 21. Further, Chairman Securities & Exchange Commission of Pakistan (SECP) Mohammad Ali would visit the Karachi Stock Exchange (KSE) next week where he would attend the meeting of the board of directors of the exchange and the launch of MTS would be announced.

Further, he will also meet the members of the exchange. The draft of MTS after getting approval from finance and law ministry was pending for approval from the apex regulator which according to sources would inform the KSE management regarding the approval in 1-2 days. It is worth mentioning that stock market has been functioning without leverage products since more than a year after the earlier system CFS MK-II was rolled back. In the absence of leverage product the volumes remained lackluster and brokers' earnings too witnessed a substantial decline therefore market participants were anxiously waiting for a leverage product. Also according to experts market lost its depth due to See # 5 Page 11

2 Friday, February 4, 2011

180 locomotives non-operational for want of spares: Sindhu ISLAMABAD: Minister of State for Railways Muhammad Afzal Sindhu on Thursday said 180 out of 500 locomotives of Pakistan Railways' existing fleet were not operating due to non-availability of spare parts required for maintenance. "180 locomotives are held up in Loco Sheds due to paucity of funds, for which Pakistan Railways has demanded an amount of Rs6.1 billion from the

government," he said during the Question-Hour session of the National Assembly. The minister said PR had sufficient capacity for maintenance of locomotives at its six workshops and factories working in Risalpur, Rawalpindi, Lahore, Karachi, Islamabad and Lahore. He said serious efforts were being made to revamp the Railways and make it a profit-earning

Work starts on computerized electoral rolls-2011

AEDB, ADB launch renewable energy guarantee facility

ISLAMABAD: Chief Election Commissioner of Pakistan, Justice (Retd) Hamid Ali Mirza presided Thursday a high-level meeting for preparation of accurate computerized Electoral Rolls-2011. The meeting was attended by Chairman NADRA, Ali Arshad Hakeem, Deputy Chairman NADRA, Tariq Malik and his team for ECP-NADRA. Secretary, Election Commission of Pakistan Ishtiak Ahmed Khan, Provincial Election Commissioners, Joint Secretaries of ECP Secretariat and senior officers of the ECP were also present in the meeting. The CEC announced that the ECP would prepare Electoral Rolls-2011 in collaboration with NADRA according to the new Census Blocks devised by Census Organization and that ground work for preparation of Electoral Rolls should start immediately.- NNI

TEVTA, IM impart technical training to students LAHORE: Technical Education and Vocational Training Authority (TEVTA) in collaboration with Indus Motors (an industry leader in the automotive sector) is imparting technical training to the students which is the best example of Public Private Partnership (PPP). According to press release issued here on Thursday, in this venture, Indus Motors has provided technical knowhow and modern machines for training to students according to the needs of Industry. It was stated by Chairperson TEVTA Saeed Ahmad Alvi addressed the teachers and students on the occasion of 8th ToyotaTechnical Education Program Career Day.-Online

TV PROGRAMMES FRIDAY Time Programmes 7:00 8:00 9:05 11:00 11:30 12:00 13:10 14:10 15:00 16:00 17:30 18:00 18:30 19:00 19:30 20:03 21:00 22:03 23:00 23:30

News News Subah Savere Maya ke Sath News Hal Kya Hai (Rpt) News Newsbeat (Rpt) Tonight With Jasmeen (Rpt) News News Samaa Metro News Samaa Sports News Crime Scene Newsbeat News Awam Ki Awaz News 24

ISLAMABAD: Alternative Energy Development Board (AEDB) and the Asian Development Bank (ADB) jointly launched a Renewable Energy Guarantee Facility for Pakistan. The facility will provide in aggregate up to $200 million equivalent in guarantees to help mobilize commercial debt from domestic and international lenders needed to finance wind and other Renewable Energy (RE) power plants (Projects)in Pakistan. Such finance would otherwise be too costly or simply not available due to current market concerns about 'offtake' risks associated with the power sector in Pakistan. The Facility will speed up the pace of development of

entity. He said suggestions from Parliamentarians would be welcomed for improvement in efficiency of Railways and to provide maximum facilities to passengers at reasonable fares. Afzal said doubling of track from Lodhran to Sahiwal had been completed, while work on LahoreSahiwal section was in progress which would ensure timely arrival and

RE sector in Pakistan. The Renewable Energy Guarantee Facility will support the Government's Renewable Energy Development Sector Investment Program being implemented by AEDB. The Facility will support 'shovel ready' wind and other renewable energy projects operated by independent power producers (IPPs), which should have a cumulative generating capacity of 150MW to 250MW by the end of 2015. Guarantees issued by ADB will help international and local banks make loans to the IPPs for amounts of between $15m and $120m equivalent with tenors of up to 15 years that are denominated in PKR or USD. Each guarantee, howev-

departure of trains. He said 175 new coaches had been imported and inducted in the Mail and Express trains to strengthen the fleet to cope with the new demand of the travelling public. "First class sleeper coaches replaced with 124 air-conditioned boggies will be attached with various trains to cater to the need of passengers during the summer season," he said.-APP

er, will be carefully targeted so that it only covers the risk of nonpayment by an IPP of scheduled principal and interest under the loan as a result of nonpayment by CPPA of amounts due under energy purchase agreements (EPAs) for energy delivered or energy that could have been delivered but was not taken. AEDB will accept Preliminary Applications from RE Project sponsors (or their authorized agents) that have a valid Letter of Intent (LOI) from AEDB, have an IPP site allocation endorsed by AEDB and are expected to meet the eligibility criteria applied by AEDB and ADB. These will be accepted until.-Agencies

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talking with parliamentarians at Parliament House.-APP

FPCCI hails PM for setting Fed Export Board TFD Report KARACHI: Khalid Tawab, Dawood Usman Jakhura and Muhammad Usman Sheikh, Vice Presidents, FPCCI have commended the initiative of the Prime Minister of Pakistan for the constitution of Federal Export Development and Promotion Board. They said that this forum would motivate the Pakistani exporters who despite economic difficulties and energy shortages had shown resilience and worked hard to enhance exports during the previous and current financial year which helped the country in minimizing the economic difficulties and strengthen its balance of payments. They added that the leading exporters of Pakistan in various sectors may also be invited in the meetings and be made members of FEDPB to give their proposals and views to further boost exports. These steps would not only help Pakistan achieve its export targets and also support the declaration of Prime Minister calling "2011 as the year of exports".

â&#x20AC;&#x2DC;Govt should take notice of KESC, SSGC affairsâ&#x20AC;&#x2122; Staff Reporter

KRARCHI: Arif Suleman, President Pak-Thai Friendship Association & Business Forum, presenting a memento to the Ambassador of Thailand Marut Jitpatima at a lunch hosted by Arif Suleman. Also seen in the picture are Udom Sapito, Consul-General of Thailand Polapat Neelabhamorn, General Manager Pakistan Thai Airways International and other members of the forum.-Staff photo

Exports to Egypt, Tunisia affected: Baig Staff Reporter KARACHI: Dr Mirza Ikhtiar Baig, Advisor to Prime Minister on Textiles informed that he has received representation from various textile exporters expressing their concern on decline in exports of their textile products to Egypt and Tunisia due to the ongoing turmoil and political unrest in those countries. Pakistan exports of textile to Turkey has already been affected due to their proposal to impose safeguard measures on export of Pakistan fabrics and garments and expected a loss of about US$400 million if said protective duties are imposed. America has signed FTA agreement with Morocco and Egypt to export duty free textile products from these countries to USA and Pakistani fabrics qualifies for exporting duty free garments from Egypt and Morocco to USA. However, Dr Baig said it is a temporary effect and with the stabilization of the political situation in Tunisia and Egypt the exports will resume. Regarding Turkey he said that government of Pakistan is taking up the matter with Turkish authorities to exclude Pakistan from the list of countries proposed for imposition of safeguard measures.

Qamar meets Niko official ISLAMABAD: The Federal Minister of Petroleum and Natural Resources Syed Naveed Qamar met with the Vice President of Niko Resources (Pakistan) Ltd. Larry fisher who called on him here on Thursday and briefed about his company's work underway in Pakistan in the four offshore blocks. Syed Naveed Qamar was pleased to know that the company had carried out work over and above their

work commitment. He noted with appreciation that the seismic processing undertaken by the company was up to the mark and that the results were shared with the technical experts of other companies as well such as OGDCL, ENI and PPL. Syed Naveed Qamar asked the company to drill one exploratory well in the next weather window to which they agreed to. Offshore drilling costs more than $40 million.- NNI

KARACHI: The industry leaders have sharply reacted over KESC's decision to resort 12-hour load-shedding in Industrial areas due to less supply of gas from SSGC and termed it sheer inefficiency and negligence on the part of utilities' agencies and the regulatory bodies. Patron In-Chief , Korangi Association of Trade and Industry, S M Muneer, Chairman, Syed Johar Ali Qandhari and Member of Governor Sindh's Monitoring Committee, Mian Zahid Husain said that it is becoming a practice by the utilities agencies to create crisis of gas and electricity due to their inefficiency due to which industry in particular and national economy in general have to suffer huge monetary and production losses.

SME exporters to Egypt in turmoil TFD Report

ISLAMABAD: Federal Minister for Petroleum and Natural Resources, Syed Naveed Qamar meeting with Muhammad Yosuf Chand, Honorary Investment Counselor in Germany.-APP

ISLAMABAD: Federal Minister for Food and Agriculture Nazar Muhammad Gondal addressing a press conference on "Food Security in Pakistan".-APP

KARACHI: The Union of Small and Medium Enterprises (UNISAME) has urged the Director SME Department State Bank of Pakistan (SBP) to direct the commercial banks to facilitate the SME exporters by purchasing or discounting bills drawn on buyers of Egypt as due to closure of banks in Egypt their funds are blocked and they need finance to continue their business. President UNISAME Zulfikar Thaver said it is almost a week that the banks in Egypt are closed.

Completion of one year of Dr Abbasi

SSGC chief for out of box approach to quell challenges Staff Reporter KARACHI: Sui Southern Gas Company (SSGC) has posted impressive Rs4.4 billion profit during 200910 but a repeat performance is possible only if every employee of the company rises to myriad challenges that confront the Company, said Dr. Faizullah Abbasi, Managing Director. In an elaborate presentation to the senior management, regional, zonal and sub-zonal managers, Dr. Abbasi talked about the achievements made the Company has challenges it is confronted with and structural changes made to reinvigorate the Company. He said that the entire workforce of the Company is committed towards taking on the challenge of UFG but stressed the need for out of the box approach to turn around the company. Dr. Abbasi dilated on the extensive bottom-up organizational restructuring plan developed last year and reiterated that the challenge now lies in implementing the plan and in doing so ensuring effective control, operational efficiency and accountability

for the primary objective of pinning down UFG. Dr. Abbasi's presentation also focused on a number of other achievements of SSGC during the past one year including inking of two agreements worth Rs2 billion with the Government of Sindh for gasification of towns and villages of Sindh as well as expeditious implementation of LPG-Air Mix Plants for providing gas to remote areas of Sindh and Balochistan. Giving a general overview of the Company's achievements, the MD said that the Company has set up a Remedial Management Unit (RMU) to deal with overdue receivable and payables of large industrial customers such as KESC. He said that despite the fact that receivables with KESC have bal-

Senate told

NHA rehires chairman on contract ISLAMABAD: Minister of State for Communication, Imtiaz Safdar Waraich said that National Highway Authority (NHA) council has given approval of reappointment of Chairman NHA Altaf Chaudhry on contract basis while Establishment division has issued notification in this regard. During question hour in Senate session here on Thursday, Minister of State for Communication, Imtiaz Safdar Waraich told the Upper House that the service tenure of Chairman NHA Altaf Chaudhry was completed on 30 November 2010 and NHA has approved his reappointment on contract basis. He denied the news of sending Chaudhry Altaf on force leave. He told the House that the court has exonerated Chaudhry Altaf in 'Sher Shah Bridge Karachi' case. Answering to question he said that Rs 70 million has released for purchase of land for construction of Hasanabdal Mansehra

Expressway while the construction work on the project would be started soon. He said that Lyari tunnel project is very important and it would be completed soon. He further told that 43 percent work of the project has been completed while Rs 5.7 billion have expended on the project and more Rs 3 billion have been estimated for accomplishment of the project. On this juncture, the Senators belonging to Balochistan protested against the construction of roads in the province at slow pace while Imtaiz Waraich replied that recent devastating flood and worsening law and order situation in the province badly affected the development work in the province. He further said that the engineers of NHA were abducted from Balochistan while the engineers of other companies refused to carry on construction work in the province. He said that now contracts of road construction in Balochistan, are being given to local companies.Online

ISLAMABAD: Ms Shahnaz Wazir Ali, Special Assistant to Prime Minister on Social Sector inaugurating the project "Women Leadership in Reproductive Health and Development (WLRHD)" at a ceremony.-APP

looned to Rs25 billion, SSGC remains committed towards providing maximum gas supply to KESC to give Karachiites relief from power outages. The MD also added that SSGC regularly takes industries and trade bodies into confidence on a number of gas related issues and pointed out that a working relationship between the two is important for keeping the wheels of industrialization moving. The MD said that there is every reason to be optimistic about the bright future of SSGC since the fruits of restructuring are emerging. With greater awareness of burning issues such as UFG, presence of a committed workforce comprising of old, experienced hands and new talent and greater interaction of workers and technicians with the management for improving operational efficiency. He also appreciated the efforts of Azim Iqbal Siddiqui, DMD (South), Syed Hassan Nawab, DMD (North) and Mohammad Hashim, Special Project Director (Coordination and Special Projects) in mobilizing the entire workforce for the attainment of organizational objectives.

Govt set to eradicate cancer: Sharmila Staff Reporter KARACHI: Sharmila Faruqui Secretary Information Pakistan Peoples Party Women Wing has said that the present democratic government has setup cancer control centres in all big cities of Pakistan to eradicate cancer from the Society. This she said in her statement on International Day of Cancer. She expressed her concerns over growing number of patients, suffering from breast cancer and said that according to an estimate there were 90,000 female patients of breast cancer, however, the present democratic government under the leadership of President Asif Ali Zardari is taking all possible efforts to reduce cancer incidents in the society. She added that due to unawareness, the disease was on rise among women.

KCCI working for cancer eradication KARACHI: World cancer day is being observed today. According to Ateeq ur Rehman, Advisor to KCCI, the chamber is working for "Child Cancer Eradication" for the past three years. In a statement he said: 'There is an immense need of awareness and prevention. We have to intensify the existing efforts, risk factors, diagnosis and treatment. Lets cure cancer from Pakistan".-PR

Friday, February 4, 2011

Euro drops sharply as ECB dampens rate hike hope

Time All Day 17:00 17:00 18:30 18:30 18:30 20:00

Trichet: inflation expectations remain firmly anchored

Source

Events

Actual

Forecast

NZD NZD AUD EUR GBP EUR EUR USD USD USD USD USD

Employment Change q/q Unemployment Rate Trade Balance Final Services PMI Services PMI Retail Sales m/m Minimum Bid Rate Unemployment Claims Prelim Nonfarm Productivity q/q Prelim Unit Labor Costs q/q ISM Non-Manufacturing PMI Factory Orders m/m

-0.5% 6.8% 1.98B 55.9 54.5 -0.6% 1.00% 415K 2.6% -0.6% 59.4 0.2%

0.2% 6.5% 1.63B 55.2 51.2 0.6% 1.00% 420K 2.1% 0.4% 57.2 -0.2%

1.0% 6.4% 2.08B 55.2 49.7 -0.3% 1.00% 457K 2.4% -0.1% 57.1 1.3%

NEW YORK: The euro fell broadly on Thursday and could extend weakness after European Central Bank President Jean-Claude Trichet threw cold water on market expectations euro-zone interest rates would rise anytime soon. Trichet, speaking after the ECB's decision to keep interest rates at a record low 1 per cent as expected, said euro-zone inflation expectations remain "firmly anchored" and inflationary pressures over the medium to long term "should remain contained." His comments disappointed investors who had expected a more hawkish statement after recent inflation data came in above forecast. Expectations the ECB would lift interest rates sooner than the Federal Reserve had boosted the euro recent weeks. The euro fell nearly 2 cents on the day

to near $1.36, moving further away from a 12-week high of $1.3862 set on Wednesday. Key support now lies at $1.3570, this week's low, and a break would open the door for a slide below $1.35. "Trichet failed to deliver on expectations for a hawkish statement," said R i c h a r d Franulovich, senior currency strategist at Westpac in New York. "He merely repeated what he said in January, which is that inflation risks are balanced but could move to the upside. The markets were clearly looking for something more aggressive than that." The euro fell as low as $1.3616 on trad-

ing platform EBS and was last at $1.3645, down 1.1 per cent. Interest rate futures imply an 80 per cent chance of a 25 basis point rate

increase by August. Before the meeting, the market was fully pricing in a rate hike by then. The euro lost 1.2 per cent to 111.24 yen. It also traded sharply lower versus the Swiss franc and sterling. Adding to broad strength in the dollar was data showing the US services sector

Indian rupee ends steady; outlook ranged MUMBAI: The rupee ended little changed on Thursday with support from upbeat domestic shares, but dollar demand from oil importers prevented gains in the local unit. The partially convertible rupee ended at 45.60/61 per dollar, little changed from 45.62/63 per dollar at close on Wednesday. It had fallen to 45.65 in early trade. "The Sensex was strong today and the trade deficit figure also is good for rupee, but crude and inflation figure is worrying and so it seems that the market is confused," said Hari Chandramgathan, a senior foreign exchange dealer with Federal Bank. Bargain hunting lifted Indian shares for a second day on Thursday after the

market had skidded more than 12 per cent since the start of January, but traders said the bounce may be short-lived on risk averse global sentiment. India's food inflation accelerated for the second straight week on rising prices of onions and petrol, while trade deficit in December narrowed to $2.6 billion in December compared with $8.9 billion in November. "The December trade data was a huge positive. Now the question is whether it sustains or not," said Ananth Narayan G., head of fixed income, currencies and commodities South Asia at Standard Chartered Bank. Dealers said they expected the rupee to remain rangebound in the near term. "I expect the rupee to trade in

a range of 45.40/46.20 during this month," Chandramgathan of Federal Bank said. Foreign investors have pulled out $1.5 billion from Indian shares since the start of January following high inflation and rate increases. One-month offshore nondeliverable forward contracts were quoted at 46.77, weaker than the onshore spot rate, indicating a bearish outlook for the rupee. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange was at 45.7875 per dollar while those on MCX-SX and United Stock Exchange ended at 45.79. Total traded volume was $4.4 billion. -Reuters

Sterling pares gains vs dlr, driven by weaker euro LONDON: Sterling pared gains versus the dollar on Thursday in a move driven largely by a sharp drop in the euro after European Central Bank President JeanClaude Trichet dampened expectations for a rate hike in the eurozone. Trichet's comments, which came after the ECB's decision to keep interest rates at a record low 1 per cent as expected, disappointed investors who had expected a more hawkish statement after recent inflation data came in above forecast. The pound had risen to a threemonth high versus the dollar in morning trade after UK services PMI data came in above expectations, bolstering the case for higher interest rates in the UK. The euro traded down around one per cent at a two-week low of 84.39 pence, falling below its 200-day moving average around 84.56. "Cable has been dragged lower by a fall in euro/dollar this after-

noon, but we expect it to remain well bid. Our year-end target is $1.70," said Chris Turner, head of currency strategy at ING Capital Markets. Sterling traded down around 0.3 per cent at $1.6140 in afternoon dealing after rising as high as $1.6279 on the UK PMI data. "We see further modest upside potential toward the mid $1.60s based on the BoE following through with a rate hike, possi-

also showed a record jump in input cost inflation in the services sector, which is likely to worry Bank of England policymakers who hold their rate-setting meeting next week. "We would hesitate at this stage to say that the recovery is back on track. With so much uncertainty about the underlying pace of growth, we still doubt that the MPC will want to risk tightening policy prematurely." said Vicky Redwood, Senior UK Economist at C a p i t a l Economics. Implied interest rate futures based on overnight index swaps were almost fully priced for a 25 basis point rate rise in May, up from around 40 per cent last week after a shock 0.5 per cent contraction in UK fourth quarter gross domestic product. Markets are also pricing in an 18 per cent chance that the BoE will hike rates as early as next week. -Reuters

Top Economic Events Events Bank Holiday Employment Change Unemployment Rate Non-Farm Employment Change Unemployment Rate Average Hourly Earnings m/m Ivey PMI

Forecast 18.9K 7.6% 138K 9.5% 0.2% 53.4

Previous 22.0K 7.6% 103K 9.4% 0.1% 50.0

Previous Day

grew in January at its fastest pace since August 2005 while new US claims for unemployment benefits fell sharply last week. US short-term interest rates futures suggest traders have raised their expectations that the Fed could raise rates at the end of the year in a bid to keep a lid on inflation. Investors' attention now shifts to Federal Reserve Chairman Ben Bernanke, who is due to speak at 1730 GMT. Some traders said the euro could rebound if Bernanke reaffirms the Fed's focus on boosting growth. The US government will release January nonfarm payrolls data on Friday. The dollar was last little changed at 81.58 yen, while an index of the dollar versus a basket of six currencies, rose 0.7 per cent to 77.689, rebounding from a 12-week low of 76.881 set on Wednesday. -Reuters

Rouble at new 9-mth high as oil tops $103 MOSCOW: The rouble hit a fresh nine-month peak against the dollar on Thursday as oil rose to its highest level since September 2008, potentially boosting revenue for the world's biggest crude producer. The Russian currency closed 8 kopecks firmer at 29.38 per dollar, having earlier hit 29.27 -- its strongest since May 2010. Versus the euro, the rouble appreciated 51 kopecks, or 1.3 per cent -- its biggest one-day gain in nearly nine months -- to hit a two-week peak of 40.16. The move came as Brent crude prices rose 0.7 per cent to top $103 after violent clashes in Egypt raised concern about supply disruptions and unrest across the Middle East. Analysts said an outflow of capital in January, which had balanced the effect of high oil prices, appeared to have subsided. Exporters also appeared to have stepped up rouble purchases, they said. "It seems that the market has returned to its normal state for such a high oil price," said Anton Nikitin, an analyst at Renaissance Capital. "Exporters have come back to life, money from non-residents has begun to flow and the seasonal outflow of capital, tradi-

Source CNY CAD CAD USD USD USD CAD

tional for January, has ended." The rouble's seven day correlation with Brent was at its strongest since mid-January, according to Reuters data, with higher oil prices pushing up the Russian unit versus the dollar with a 63 per cent probability. "The main driver is the oil price, but the investment and speculative interest in Russia may also come as an alternative to Middle East markets where the situation is tense," said a dealer at a major Western bank in Moscow. Versus the euro-dollar basket, used by the central bank to monitor the exchange rate, the rouble gained 27 kopecks to 34.22 - its strongest since August 2010, and entering the territory where the central bank carries out small-scale daily sales of dollars to smooth out currency market volatility. "Real rather than speculative currency flows have begun to dominate, which is having a positive effect," said Maria Pomelnikova, an analyst at Trust bank. "This may be due to an increase in the flow of export revenues and a fall in capital outflow," she said. Most analysts agree that Russia's economic fundamentals support further rouble appreciation in the medium term. -Reuters

Swissie falls vs dlr, euro ahead of ECB, Fed

Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY Gold

Bid 1.3647 0.9489 1.6160 0.9883 1.0113 111.6000 0.8444 1.2946 132.2700 86.2100 1332.4300

As per 22.00 PST Ask High 1.3649 1.3828 0.9493 0.9496 1.6163 1.6277 0.9888 0.9896 1.0115 1.0141 111.6400 112.8300 0.8448 0.8531 1.2951 1.3036 132.3300 132.9300 86.2600 86.8400 1333.1000 1337.6500

Low 1.3646 0.9397 1.6157 0.9867 1.0091 111.6200 0.8442 1.2944 132.0000 86.1900 1327.9800

London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 03/02/2011 A USD GBP CAD EUR JPY O/N 0.23700 0.55688 0.95917 0.48125 SN 0.11063 1WK 0.25300 0.57313 1.00083 0.81250 0.11750 2WK 0.25800 0.57813 1.03667 0.83750 0.11813 1MO 0.26300 0.60438 1.08000 0.84938 0.13000 2MO 0.28750 0.67188 1.14917 0.90750 0.15563 3MO 0.31050 0.79063 1.21000 1.03250 0.19000 4MO 0.34950 0.87063 1.27833 1.09500 0.24438 5MO 0.40800 0.97438 1.34083 1.17875 0.30125 6MO 0.46125 1.09250 1.40917 1.27125 0.34625 7MO 0.51400 1.16975 1.49417 1.32625 0.39500 8MO 0.56600 1.25500 1.56750 1.38688 0.44313 9MO 0.62200 1.33813 1.63000 1.44125 0.48750 10MO 0.67500 1.41688 1.72250 1.49125 0.51438 11MO 0.72875 1.48500 1.80583 1.54125 0.54125 12MO 0.78860 1.55475 1.89917 1.60125 0.56750

Major Central Banks Overview Central Bank

Next Meeting

Bank of Canada March 1, 2011 Bank of England February 10, 2011 Bank of Japan February 14, 2011 European Central Bank March 3, 2011 Federal Reserve March 15, 2011 Swiss National Bank March 17, 2011 The Reserve Bank of Australia March 1, 2011

Last Change September 8, 2010 March 5, 2009 December 19, 2008 May 7, 2009 December 16, 2008 March 12, 2009 November 2, 2010

Current Interest Rate 1% 0.50% 0.10% 1% 0.25% 0.25% 4.75%

Division of National Bank of Pakistan (NBP) KARACHI, February 03,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND

85.65 138.62 118.10 86.68 91.07 86.47 13.33 1.05 14.96 67.25 15.84 22.84 11.00 13.06 306.17 28.14 66.10 23.52 23.32 0.08 2.77

85.45 138.30 117.83 86.48 90.86 86.27 13.29 1.05 14.93 67.10 15.81 22.79 10.97 13.03 305.45 28.08 65.95 23.47 23.26 0.08 2.77

85.27 137.98 117.54 86.25 90.62 86.04 13.26 1.04 14.89 66.92 15.76 22.73 10.94 13.00 304.65 28.00 65.78 23.40 23.20 0.08 2.76

ZURICH: The Swiss franc fell no surprise that markets and we against the euro and the dollar on are focusing on the Swiss franc Thursday as traders stayed cau- money market rates for now," tious ahead of speeches from the said UBS economist Reto Revaluation Rates heads of the European Central Huenerwadel in a research note. Treasury Bills / PIBs / FIBs Holding Applicable for February 03, 2011 KASB BMA ELXIR GSL ICSL JSCM AvgRate "From a low of around 60 Bank and the US Federal 12.35 12.30 12.30 12.20 12.65 12.35 12.36 basis points in the one-year, the 0-7days Reserve later in the day. 8-15dys 12.65 12.60 12.60 12.60 12.75 12.65 12.64 The euro could gain even more euro franc spread more than dou- 16-30dys 12.70 12.80 12.80 12.70 12.90 12.85 12.79 if Federal Reserve Chairman bled to close to 130 basis points 31-60dys 13.10 13.10 13.08 13.08 13.20 13.15 13.12 in early '11," Huenerwadel said. 61-90dys 13.37 13.35 13.38 13.38 13.38 13.38 13.37 Ben Bernanke, who is due to 13.50 13.50 13.45 13.50 13.50 13.50 13.49 Nonetheless, he said the 91-120dys speak only a few hours after 121-180dys 13.52 13.56 13.54 13.61 13.55 13.58 13.56 ECB chief Jean-Claude Trichet, spread did not look sustainable 181-270dys bly as early as May," said Lee 13.60 13.65 13.66 13.70 13.65 13.65 13.65 reaffirms that the bank's policy is in the longer term. A decline in 271-365dys Hardman, currency strategist at 13.75 13.70 13.76 13.74 13.75 13.75 13.74 14.08 14.10 14.10 14.00 14.05 14.00 14.06 still focusing on boosting the spread will make the euro 2-- years BTM-UFJ. 3-years 14.18 14.25 14.23 14.23 14.22 14.22 14.22 less attractive against the franc. growth. Activity in Britain's dominant 4-- years 14.18 14.25 14.24 14.25 14.22 14.20 14.22 The franc was 0.2 per cent 5-- years Spain is set to auction 3 to 4 services sector expanded at its 14.22 14.28 14.26 14.26 14.23 14.23 14.25 fastest pace in eight months in billion euros of 2013 and 2016 lower against the euro compared 6-- years 14.23 14.30 14.29 14.28 14.30 14.27 14.28 to the New York close, trading at 7-years 14.24 14.30 14.32 14.30 14.35 14.33 14.31 January as business recovered bonds, and strong demand for 8-- years 14.25 14.25 14.25 14.30 14.23 14.26 14.26 1.3000 francs per euro at 0813 after December's snow disrupthe issues could give a further 9-- years 14.26 14.15 14.19 14.20 14.20 14.21 14.20 tion. boost to the euro as fears of dete- GMT. The franc fell 0.2 per cent 10--years 14.27 14.27 14.27 14.29 14.25 14.29 14.27 Thursday's purchasing man14.60 14.45 14.60 14.65 14.55 14.70 14.59 rioration in the euro-zone debt against the dollar to 0.942 francs 15--years per dollar. -Reuters 20--years 14.80 14.60 14.75 14.90 14.75 14.85 14.78 agers' survey from Markit/CIPS crisis ease. The franc has come under pressure against the euro lately as the spread of short money EUR/GBP market rates widened with Period AUD/USD EUR/CHF EUR/JPY EUR/USD GBP/USD NZD/USD USD/CAD USD/CHF respect to the single currency, increasing the relative attractive- 1 week -0.51 0.23 0.48 -0.02 -0.69 -0.79 -0.45 0.81 ness of the euro. 1 month 0.30 0.46 0.75 0.84 0.37 0.48 0.60 -0.91 "With the ECB decision forth3 months 0.50 0.33 0.54 0.76 0.36 0.56 0.05 -0.39 SYDNEY/WELLINGTON: The Australian more clues on the bank's assessment of the glob0.69 0.32 0.71 0.93 0.54 0.62 -0.44 -0.69 dollar was boosted by stronger-than-expected al economy and its reaction to lower-than- coming and following the latest 6 months 'hawkish' comments from vari1 year 0.18 0.60 0.78 0.69 0.00 -0.02 -0.20 -0.01 trade numbers on Thursday, a big positive for expected local inflation. ous ECB members, it comes as 2 years -0.32 0.67 0.65 0.54 -0.05 -0.32 0.41 0.20 Support is now seen from $1.0053 with a the economy and a stark contrast to its New Zealand neighbour which shed half a cent on stronger bulwark set just below parity, while on Karachi Inter Bank Offered Rates (KIBOR) Thursday following a surprise jump in unem- the topside resistance begins at $1.0152 ahead of Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)03/02/2011 $1.0183. ployment. 1WEEK 2 WEEK 1 MONTH 3 MONTH 6 MONTH 9 MONTH 1YEAR 2YEARS The New Zealand dollar recouped some losses The Australian dollar edged up at $1.0104, off BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK an overnight low of $1.0055. It hit a session high after diving more than half a cent to a session 12.60 13.10 13.30 13.55 13.60 13.85 13.70 14.20 13.80 14.30 14.00 14.50 of $1.0122 when trade data showed a surplus of low of $0.7716 following poor jobs data on ABLN 12.10 12.60 12.25 12.75 A$1.98 billion in December against a forecast of Thursday. The unemployment rate jumped to 6.8 JSBL 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A$1.6 billion. Australia boasted its ninth straight per cent, against an expectation of an unchanged ASPK 12.00 12.50 12.40 12.90 12.65 13.15 13.30 13.55 13.50 13.75 13.60 14.10 13.75 14.25 13.80 14.30 month of sizable trade surpluses as demand from at 6.4 per cent, as jobs were shed amid a slug- CIPK 12.20 12.70 12.40 12.90 12.55 13.05 13.40 13.65 13.60 13.85 13.80 14.30 13.90 14.40 14.10 14.60 China kept key commodity prices at dizzying gish recovery. 12.70 13.20 13.30 13.55 13.50 13.75 13.55 14.05 13.65 14.15 13.80 14.30 The kiwi, which traded around $0.7725 in late DBPK 12.40 12.90 12.65 13.15 heights, while dire weather had less impact on 12.70 13.20 13.45 13.70 13.60 13.85 13.70 14.20 13.85 14.35 13.90 14.40 session, had struck a two-month high of $0.7825 FBPK 12.05 12.55 12.35 12.85 shipments than feared. The Aussie also received a boost from build- on the back of a commodity price rally on FLAH 12.25 12.75 12.50 13.00 12.75 13.25 13.40 13.65 13.50 13.75 13.60 14.10 13.75 14.25 13.90 14.40 ing approvals, which showed a big jump of 8.7 Wednesday. HBPK 12.10 12.60 12.40 12.90 12.75 13.25 13.40 13.65 13.55 13.80 13.70 14.20 13.80 14.30 13.90 14.40 After breaking through support at $0.7744, the HKBP 12.10 12.60 12.40 12.90 per cent in December, beating a forecast of 1.8 12.75 13.25 13.40 13.65 13.55 13.80 13.65 14.15 13.80 14.30 13.90 14.40 per cent. "We've seen better economic data by kiwi base was now seen at $0.7700 with initial NIPK 12.10 12.60 12.50 13.00 12.90 13.40 13.30 13.55 13.40 13.65 13.50 14.00 13.60 14.10 13.70 14.20 way of building approvals and that seems to resistance at Wednesday's high. 12.85 13.35 13.40 13.65 13.50 13.75 13.60 14.10 13.70 14.20 13.80 14.30 Against the euro, the NZ dollar fell to HMBP 12.25 12.75 12.60 13.10 have buoyed the Australian dollar," said Gavin 12.75 13.25 13.30 13.55 13.50 13.75 13.50 14.00 13.75 14.25 13.85 14.35 Stacey, head of Australia and New Zealand NZ$1.7857 from NZ$1.7730 before the data. SAMB 11.90 12.40 12.30 12.80 The kiwi also weakened against the yen after the MCBK 11.90 12.40 12.30 12.80 research at Barclays Capital. 12.60 13.10 13.40 13.65 13.50 13.75 13.60 14.10 13.70 14.20 13.80 14.30 "The market has taken a positive cue from disappointing job data. NBPK 12.00 12.50 12.25 12.75 12.50 13.00 13.40 13.65 13.50 13.75 13.70 14.20 13.80 14.30 13.90 14.40 Market pricing for the next rate hike was those events." SCPK 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Financial markets will now focus on the pushed back to October, as implied probability 12.70 13.20 13.40 13.65 13.55 13.80 13.65 14.15 13.80 14.30 13.90 14.40 Reserve Bank of Australia's quarterly monetary for July fell to 44 per cent and September to UBPL 11.80 12.30 12.40 12.90 AVE 12.08 12.58 12.39 12.89 12.70 13.20 13.38 13.63 13.52 13.77 13.64 14.14 13.77 14.27 13.87 14.37 policy due on Friday. Investors will look for about 88 per cent from fully priced. -Reuters

Aussie lifted by solid trade, kiwi hit by jobless

Currencies Correlation

4 Friday, February 4, 2011

Dear America, Do More!

The Financial Daily International Vol 4, Issue 172

Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi

Mujahid Alam

eople in Pakistan are well and truly fed up of the nonsensical mantra emanating over the last many years Khurram Shehzad, CFA from the West in general and USA in parAsim Abbas Ashary, CPA ticular for Pakistan to 'do more' in the soProf. Zakaria Sajid (KU) Akhtar M. Zaidi, FCA called war on terror. The American and Zahid Bukhari SVP HBL (retd) British media in particular, fed on leaks Dr. A. Hadi Shahid, FCA from official sources according to a set Ismat Sabir Muhammad Arif design, have led the hound pack in attackHead office ing Pakistan, in particular the Army and 111-C, Jami Commercial Street 11, Phase VII, DHA Karachi ISI. We have been accused of not only Telephone: 92-21-35311893-6 Fax: 92-21-35388428 being soft in the fight against terrorism but URL: www.thefinancialdaily.com also for secretly supporting al-Qaeda and Email Address: editor@thefinancialdaily.com Taliban! Nothing could be more preposterous. Lahore office According to a CNN report late last year 24- Peshawar Block, Fortress Stadium, Lahore quoting a senior NATO official, conveTelephone: 92-42-6675595 Fax: 92-42-6664349 niently timed before the latest round of Email Address: editor@thefinancialdaily.com US-Pak strategic dialogue, Osama Bin Laden is living comfortably in a house in north west Pakistan with his deputy Ayman al-Zawahiri a close neighbor! "Nobody in al-Qaeda is living in a cave", said the official. Such ludicrous claims, without any shred of evidence, can only make CIA and western intelligence agencies a laughing stock of the world. However, we need not respond to such charges angrily or emotionally but we definitely need to show the mirror to America and NATO. Their past performances need to be analyzed dispassionately and facts clearly pointed out. Two comparisons of relevance need to be made. One is regardthe western hunt for Radovan Karadic This is just to remind the honourable Minister ing and Ratko Mladic, the Bosnian Serb leadfor Labour and Manpower and Religious ers wanted for war crimes in former and the second regarding USAffairs Syed Khurshid Shah load shedding of Yugoslavia Mexico border and America's futile efforts gas is the outcome of bad policies followed by to stem drugs and arms smuggling. An the present government. This has led to the elaboration of both cases would be worthwhile. import of 225,000 tonne urea due to closure of The US and western media continues to fertiliser plants, forcing the local manufacturers criticize Pakistan for not doing enough to arrest Osama bin Laden and Ayman el to increase urea price. It is also necessary to Zawahiri while repeatedly claiming that clarify the most important point that fertiliser our intelligence agencies know where both them are hiding. What is the US and manufacturers don't get any subsidy because of European track record in a somewhat simthe ultimate beneficiaries are the farmers and ilar case? While Osama bin Laden and Ayman el Zawahiri have eluded capture the public at large. for almost nine years now, Radovan If the local fertiliser plants are supplied gas at Karadic, the former Bosnian Serb political had thumbed his nose at the West international prices the cost per tonne of urea leader for nearly 13 years until his arrest on July would be above $400 as against the current cost 21, 2008 and that too by Serbian security of $175. The minister is requested to avoid officers, not NATO. Ratko Mladic the for-

Honorary Advisory Board

Haseeb Khan, FCA

S. Muneer Hussain Rizvi

Mr minister, dot your iâ&#x20AC;&#x2122;s cross your tâ&#x20AC;&#x2122;s

referring to incorrect numbers. The government will have to bear the cost differential of Rs5 billion on the import of 225,000 tonnes due to diversion of gas from fertiliser units to power plants. Had the country had to import the entire requirement of urea the total subsidy payable will work out to 86x200x7 million rupees for a year. Since the minister belongs to Sukkur and two largest fertiliser manufacturing factories Fauji Fertiliser and Engro Fertiliser, and the latest entrant Fatima Fertiliser are located within the close vicinity, it was expected that he understands fertiliser industry dynamics better. However, his statement on the floor turned out a little disappointing. The benefit of doubt may go to him as one can understand that the minister must have read the written reply provided by the Ministry of Petroleum and Natural Resources, which he does not head. This is also to remind the Minister that Mari gas field was dedicated to fertiliser industry as back as in 2001 but one of the state-owned power plants is still getting gas from this field. Failure to rectify a bad decision has led to allocation of gas for Engro's 1.3 million tonne expansion project from Qadirpur and curtailment of gas by 20 per cent to all the fertiliser plants getting gas from Mari field. As an elected representative and member of the federal cabinet Shah Sahib must raise this issue on the floor of national assembly and ensure discontinuation of gas supply to the power plant from Mari gas field. We would also like to remind Shah Sahib that Sindh does not have the benefit of low cost hydel power generation. However, the province enjoys two inherent advantages: 1) Thar coal treasure and 2) presence of over 35 sugar mills. While exploitation of Thar coal is taking extraordinarily long the sugar mills can be given status of independent power producers (IPPs) immediately. These mills can generate electricity at a very low cost by burning bagasse. The added advantage is their location in the rural areas facing the worst load shedding of electrify at present.

Disclaimer:

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mer Bosnian Serb military leader has still not been arrested after 15 years! Both these leaders have been charged and indicted by the United Nations war crimes tribunal at The Hague. They face numerous counts of genocide, crimes against humanity and violation of the laws of war in Bosnia-Herzegovina between April 1992 and July 1995. There are 11 counts against Karadzic and 15 against Mladic, who commanded the Bosnian Serb army. The indictment says they were responsible for persecution of Bosnian Muslim (Bosniak) and Bosnian Croat civilians on national, political and religious grounds. Why did it take almost 13 years for Radovan Karadic to be apprehended and that too by Serbian security not by NATO or the European Union Stabilization Force (EUFOR) based in Bosnia and Herzegovina? Why have NATO or EUFOR consistently failed to apprehend the war criminal Ratko Mladic even 15 years after his indictment? The geography and terrain of Serbia, where Mladic is most likely in hiding, is far less inhospitable than Afghanistan or northwest Pakistan where Osama bin Laden and Ayman el Zawahiri are alleged to be. Also, the size of Serbia is only 88,412 sq kms compared to Afghanistan's 652,230 sq km! Even if we include 24,811 sq km of Republika Srpska with Serbia the total area is far smaller. If one excludes northern, western and central Afghanistan, (where Osama and Ayman are unlikely to be), and include only eastern and southern provinces of Kunar, Nangarhar, Paktia, Khost, Paktika, Zabul and Kandahar the total geographical area is 113,386 sq km. If one adds FATA of Pakistan, which is 27,220 sq km, the area is much larger than Serbia. It is also far more difficult in communication infrastructure and terrain. NATO and EUFOR are also equipped with most advanced electronic, surveillance and technological devices, compared to Pakistan Army, yet they failed to apprehend two Bosnian Serb war criminals. What justification do they have to criticize Pakistan? The second comparison relates to USMexico border and America's futile efforts to stem drugs and arms smuggling over the last at least forty years. Pakistan has been consistently criticized for failing to control its side of the border thereby allowing Taliban fighters to cross over into Afghanistan, inflict casualties on ISAF

forces and cross back into Pakistan for sanctuary. A little bit of history would be in order with reference to Pak-Afghan border and US-Mexico border to draw some relevant conclusions. The international border between USMexico is 3,169 km (1,969 miles) in length and traverses a variety of terrains, ranging from major urban areas to deserts. It is the most frequently crossed international border in the world, with about 250 million people crossing every year. There are currently 42 U.S.-Mexico border crossings. The border is guarded by more than twenty thousand border patrol agents, more than any time in its history. However they only have "effective control" of less than 700 miles of the 1,969 miles of total border. In November 2005, Department of Homeland Security announced the launch of the Secure Border Initiative (SBI), multibillion-dollar program aimed at securing U.S. borders. This system has two main components: SBI net, which employs radars, sensors, and cameras to detect, identify, and classify the threat level associated with an illegal entry into the United States between the ports of entry, and SBI tactical infrastructure (TI), fencing, roads, and lighting intended to enhance U.S. Border Patrol agents' ability to respond to the area of the illegal entry and bring the situation to a law enforcement resolution (i.e., arrest). As of January 2010, CBP had completed roughly 643.3 miles of fencing (344.8 miles of primary pedestrian fence and 298.5 miles of vehicle fence) along the Southwest Border. For a period of time in the 1990s, United States Army personnel were stationed along the U.S.-Mexico border to help stem the flow of illegal immigrants and drug smugglers. These military units brought their specialized equipment such as FLIR (forward looking infrared) devices and helicopters. It was very effective but temporary as the illegal traffic resumed as soon as the military withdrew. After the September 11 attacks the United States looked at the feasibility of placing soldiers along the U.S.-Mexico border as a security measure. Some believe the whole U.S.Mexico border could be sealed with as few as 100 helicopters equipped with FLIR scopes, and a few hundred men equipped with state of the art sensors, scopes, and other electronics. Another strategy suggests that the U.S. Military or Border

Patrol could easily eliminate 100% of illegal mainland crossings by placing a guard every 500-1000 feet along the border with Mexico, arguing that even this low tech, manpower intensive option would represent a tiny fraction of the annual Defense and Homeland Security budgets. The Pak-Afghan border, commonly known as the Durand Line, is approximately 2,640 km in length and is poorly marked. Since the geographic region in the Durand line is very mountainous, there is no separation barrier. Crossing the border in large numbers or vehicles is only practical in series of passes that lie in between the mountains. Why has the US consistently failed to control the massive smuggling of drugs and weapons and illegal human trafficking across its border with Mexico that is virtually in its backyard? Why has it failed to allocate adequate human and technical resources to an apparently critical national security issue? And what right does it have to demand of Pakistan to control its much more difficult border with Afghanistan with far less resources than the US? This does not by any means imply that we should follow a policy of 'laissez faire' and turn a blind eye to what is going on in our border areas. We can and must do everything humanly possible within our resources to control any illegal activity. This is in our interest. But our 'allies' must also understand our limitations and, before they criticize us again, also look at the mirror and see what their track record has been. Pakistan's armed forces, police and civil population have given far more sacrifices than any other country. Our army in particular has acquitted itself brilliantly and we continue to be in the frontline. Pakistan neither needs to be apologetic nor come under undue pressure by external forces to fulfill their vested interests. Next time someone in the US feels the itch and tells us to do more we should not hesitate to tell America that it needs to do more itself! The author has extensive experience of working at United Nations, diplomatic, government and military jobs. He retired as Brigadier from Pakistan Army before joining the UN on full time basis.

DUPLIMACY

Afshan Bangash

er hat left lying in the square outside Libyan Embassy for eleven days while the British public mourned the death of their 25 year old policewoman. She was shot dead in London's St James's Square while on duty during a protest outside the Libyan Embassy. Unarmed and just 5 feet 2 inches tall, Yvonne Fletcher had died of gunshots apparently fired from two Sterling sub-machine guns from the first floor of the Libyan embassy, staffed by "Libyan students' revolutionary committees" that had taken over, rather than professional diplomats, with tacit content from the new revolutionary Libyan government. Meanwhile, a news-reader on Libyan radio was telling his listeners how the embassy had been "stormed" and that those in the building fired back in "self-defence" against "a most horrible terrorist action" Following the shooting, the embassy was surrounded by armed British police for eleven days, the longest police siege in London's history. Fletcher's hat and four other police officers' helmets were left lying in the square and the British Public watched with horror, the footages of these scenes repeatedly broadcast on British and international TV channels for days. Later the Lybian Head of State Muammar Qaddaffi appeared on national TV and expressed his 'disgust' over the fact that his diplomats were not being allowed 'diplomatic immunity'. Unsurprisingly though, British strategy of seizure had already been reciprocated by the Libyan soldiers who surrounded Britain's embassy in Tripoli. The British Government eventually had to allow the Libyan embassy staff a safe passage and later "expelled" them from the country, breaking off all sorts of diplomatic relations with Libya. Nobody was ever convicted of Yvonne Fletcher's murder. Years later, on 28th of january 2011, the echoes of armed violence, murder, selfdefense and diplomatic immunity were heard across the world again, in Lahore, Pakistan this time...Frozen with embarrassment, handcuffed and surrounded by police and TV cameras, this was the 'American Rambo' giving his first appearance in the Magistrate's court charged with the murder of two Pakistani motorcyclists in broad daylight in Lahore. Washington says Davis is a member of the US embassy's "technical administrative staff" and therefore entitled to "full criminal immunity". Davis maintains he acted in legitimate self-defense. Lahore High Court on 1st of February blocked any move to hand over to US authorities an American government employee under investigation for double murder, and put his name on the exit control

list. The U.S. consulate vehicle that rushed to the aid of Raymond Davis reportedly killing a third Pakistani has not yet been handed over to Pakistani authorities, nor any details provided about the three men sitting in that vehicle at the time of the incident. The question whether Davis enjoys 'diplomatic' status being a diplomatic staff at the US embassy or is a CIA agent operating undercover without any diplomatic status, is of critical importance to determine his future. If the US successfully proves Davis's diplomatic status, he can not be lawfully kept detained by Pakistani government in accordance with The 1961 Vienna Convention, Article 31, pargraph 1, which states "A diplomatic agent shall enjoy immunity from the criminal jurisdiction of the receiving state". However, it is pertinent that the Diplomatic technical and administrative staff, as the US describes Davis to be, seem to have significantly "limited" immunity as compared to the senior diplomats or high ranking officials with background of civil service. There have been cases in the past where diplomats were found accused of espionage, smuggling, child custody law violations, and even homicide in the countries they were accredited to. If a diplomatic agent commits crime in the host country, he usually can not be tried or sentenced in the local courts, except the cases where the sending state waived the immunity of its diplomat accused of serious crime he committed in the host country. President Kenneth Kaundra of Zambia has set an excellent example in this field. On 24 February 1985, the London police arrested a man in possession of about two kilograms of heroin, who said he had obtained it from a house in London. Within no time, the man showed the police a diplomatic passport and claimed diplomatic immunity as the Third Secretary of the Zambian mission and ordered the police to leave. The police withdrew and left immediately. The British government, instead, requested President Kaunda for waiver of accused's diplomatic immunity. The Zambian President "did not hesitate for a second" and granted a waiver. One can only hope that President Kaunda's precedent will be followed in criminal cases involving diplomats. In Davis's case, where the so called 'diplomatic' official is accused of a crime as serious as double murder of two Pakistani nationals, we can ask the US to waive off his diplomatic immunity so that he can stand trial in Pakistani courts. If this waiver is refused, the offender would likely be transferred out of Pakistan. If not, he can be declared persona non grata and his right to immunity will cease to exist. Pakistani gov-

ernment can then seek issuance of Interpol Red Notices for his arrest and a possible extradition. Similar situation arose in December 2009 when a Romanian chargĂŠ d' affairs in Singapore, Silviu, was allegedly behind a drunk driving hit-and-run incident that killed a 30-year-old man and seriously injured two others. Singapore requested Romania for waiver of accused person's diplomatic immunity which was refused. He left Singapore for Romania three days after the accident. The Romanian foreign ministry suspended Ionescu from his post and commenced legal proceedings against him in Romania. Meanwhile, a coroner's inquiry in Singapore concluded that Ionescu was solely responsible for the accident. An Interpol Red Notice was subsequently issued for his arrest and possible extradition. The Singapore government argued that by reason of Article 39(2) of the Vienna Convention, Ionescu was no longer protected by diplomatic immunity. But the question is what if Raymond Davis could not prove his diplomatic credentials before the Pakistani High Court? What if Davis really turned out to be a spy? Intelligence officers may operate in receiving states, openly as a representative of a friendly intelligence service. They may also operate covertly under the cover of some other position, such as diplomatic staffs or trade delegations. A major US media network, has identified the accused Raymond Davis as an employee of a private security company Hyperion Protective Consultants LLC, based in Florida, which, reportedly seems like a classic "CIA cut-out". US State Department spokesman Philip Crowley's recent statement in Washington, further strengthens the view of those who believe Davis is an undercover CIA agent---probably one of the "illegals" of CIA, who was operating in "deep cover" under false name. Such spies are dubbed "illegals" (particularly in MI5's diction) because they operate without any of the protections offered by diplomatic immunity. So how does the international law on diplomatic immunity deal with the issue of an American CIA's "illegal" committing a double murder on a busy road of a major city in the host country and taking a selfdefense plea? This scenario does not seem to be unprecedented altogether. A spy breaking the host country's laws may be deported, imprisoned, or even executed. For instance, Hugh Francis Redmond, a CIA officer in China, spent nineteen years in a Chinese prison for espionage and died there as he was operating without diplomatic cover and immunity. Another example is Aldrich Ames, who handed a stack of dossiers of CIA agents to

his KGB-officer, the KGB "rolled up" several networks, and at least ten people were secretly shot. When Ames was arrested by the FBI, he faced life in prison. But at the same time his "contact", who had diplomatic immunity, was declared persona non grata and was simply taken to the airport to be "expelled". Spying by a diplomatic agent is a criminal offence in itself, covered by diplomatic immunity. In Britain, Pakistan and in most of the world, it is illegal for a diplomat or anyone else to possess firearms without a police permit. Espionage and incitement to or advocacy of violence demands an immediate declaration of persona non grata. Those involved in violent crimes are also declared as such, unless a "waiver" of immunity is granted by the sending state. Pakistani government, however, has never expressed even the slightest gesture to discourage such practices in the past. The government's stance on these issues has been such as if the presence and activities of the US intelligence agencies and members of their private security contractors in the streets of the Capital and elsewhere was a part of Pakistan's national policy on security. The incident stoked anti-American sentiments and sparked protests throughout the country. Public resentment over such kind of abuses runs high whenever it happens. Such offenses emanating from hidden agenda and mysterious activities by foreign embassies and missions in host countries threatening peoples' lives are injurious to international relations and a total contradiction of diplomatic missions' role under Vienna Convention. In August 1986, the mother of the English policewoman Yvonne Fletcher who was shot dead by the Libyan diplomatic staff in a so called "self -defense" move, launched an international petition urging the civilised governments to stop the abuse of diplomatic immunity. At a press conference, Fletcher called for reforms. "No one should be freed after committing a crime or violating another's property because he shoots from foreign embassy or drives a car with a diplomatic license plate". Davis did not fire the bullets from an embassy building; nor did his car have a diplomatic silence plate on it. Will he be still freed and transferred to the US where everyone seems to be already convinced of his 'self-defense' plea even before any sort of court proceedings or trial. Will Davis too, get away with the murder using Vienna convention 'diplomatic immunity? The diplomatic immunity articles in Vienna Convention 1961 need to be reformed. Raymond Davis's case will surely change the outlook for diplomatic immunity in the coming decades.

Who will captain Pakistan It is now interesting that who will captain Pakistan? While going through the newspapers, it seems everybody whether a traveler, company employee, or a

government servant is discussing this question. This is for the first time in the history of cricket in Pakistan that a squad has been named without a cap-

tain. One fails to understand the logic behind that. Will the authorities explain? Agha Ali Haider, Karachi

Friday, February 4, 2011

Middle East stocks

Markets mixed as Egypt fears keep traders away

Shell, Santander results weigh on European shares KSE-100 Index Opening Closing Change % Change Turnover (mn)

12,242.39 12,359.06 116.67 0.95 123.39

LSE-25 Index Opening Closing Change % Change Turnover (mn)

3,696.22 3,781.38 85.16 2.30 4.24

ISE-10 Index Opening Closing Change % Change Turnover (mn)

3,021.00 3,047.54 26.54 0.88 0.07

Major Gainers

Symbol

Change

SHEL SHEZ MTL APL IDYM

214.56 193.89 544.32 382.54 250.07

10.21 8.76 8.26 7.85 6.05

Major Losers

Symbol

Change

NESTLE 3,405.00 RMPL 2,349.42 PSEL 171.00 NRL 284.90 LAKST 265.07

-51.09 -28.58 -8.98 -5.59 -3.92

Top 5 Volume Leaders

Symbol

Close Vol (mn)

LOTPTA ANL FFBL JSCL SSGC

15.98 11.27 41.37 11.52 23.90

36.98 7.45 6.26 5.07 4.27

Active Issues Plus Minus Unchanged

231 136 24

Sector Updates FERTILISER 000 tonnes

Urea Offtake (Jan to Nov 10) 5,463 Urea Offtake (Nov 10) 845 Urea Price (Rs/50 kg) 870 DAP Offtake (Jan to Nov 09) 121 DAP Offtake (Nov 10) 152 DAP Price (Rs/50 kg) 3,137

AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Nov 10) Sales (July 10 to Nov 10) Production (Nov 10) Sales (Nov 10)

33,929 32,092 7,087 6,813

INDUS MOTOR CO Production (July 10 to Nov 10) 20,987 Sales (July 10 to Nov 10) 20,375 Production (Nov 10) 3,974 Sales (Nov 10) 3,753

HONDA ATLAS CAR Production (July 10 to Nov 10)6,626 Sales (July 10 to Nov 10) 6,247 Production (Nov 10) 1,145 Sales (Nov 10) 1,075

DEWAN FAROOQ MOTORS Production (July 10 to Nov 10) 186 Sales (July 10 to Nov 10) 70 Production (Nov 10) 0 Sales (Nov 10) 0

BANKING SECTOR Scheduled bank (Rs in mn) Deposit (December 3,10) 4,824,464 Advances (December 3,10) 3,050,639 Investments (December 3,10) 1,916,917 Spread (October 10) 7.49%

OIL MARKETING CO (000 tons) MS (Jul 10 to Nov 10) MS (Nov 10) Kerosene (Jul 10 to Nov 10) Kerosene (Nov 10) JP (Jul 10 to Nov 10) JP (Nov 10) HSD (Jul 10 to Nov 10) HSD (Nov 10) LDO (Jul 10 to Nov 10)) LDO (Nov 10) Fuel Oil (Jul 10 to Nov 10) Fuel Oil (Nov 10) Others (Jul 10 to Nov 10) Others (Nov 10)

PRICES (Ex-Refinery) MS (1 Dec 10) MS (1 Nov 10) MS % Chg Kerosene (1 Dec 10) Kerosene (1 Nov 10) Kerosene % Chg JP-1 (1 Dec 10) JP-1 (1 Nov 10) JP-1 % Chg HSD (1 Dec 10) HSD (1 Nov 10) HSD % Chg LDO (1 Dec 10) LDO (1 Nov 10) LDO % Chg Fuel Oil (1 Dec 10) Fuel Oil (1 Nov 10)

932 186 66 12 589 124 2,792 612 26 4 3,641 572 3 1

Rs 45.15 44.53 1.39% 52.04 51.25 1.54% 52.27 51.48 1.53% 55.20 54.24 1.77% 50.52 49.51 2.04% 43,019 42,046

KSE hits a ton on MTS outlook Nawaz Ali KARACHI: Karachi Stock Exchange bounced back on Thursday reaching 12,300 points after gaining more than 100 points over Margin Trading System (MTS) launch hopes. The benchmark KSE 100Index rose by 116 points - 0.95 per cent-- to close at 12,359 points while KSE 30-Index jumped by 189 points --1.6 per cent-- and KSE All Share index increased by 82 points 0.97 per cent-- to close at

12,041 and 8,565 points respectively. "Bullish activity in oversold market was most probably an upshot of strong expectations of an early launch of leverage product", said Ahsan Mehanti, Director Arif Habib Investments. Across-the-board buying was a spurred by major earning announcements next week while rising international oil prices too played a vital role in positive activity, he added. Bulls were there since the opening bells as market start-

Indian shares rise on bargain hunting MUMBAI: Bargain hunting lifted the BSE Sensex for a second day on Thursday after the market had skidded more than 12 per cent since the start of January, but traders said the bounce may be short-lived on risk-averse global sentiment. Realty and infrastructure firms led the rise as investors saw value in the beaten down sector, which has been roiled by rising borrowing costs and commodity prices. The main 30-share BSE index rose 1.98 per cent, or 358.69 points, to 18,449.31, with all but one of its components gaining ground. Engineering and construction conglomerate Larsen & Toubro climbed 3.7 per cent, while toplisted property developer DLF added 7.4 per cent. "You still cannot say the markets are out of the woods yet. We expect a downward to sideways movement due to more selling by foreign funds," said Ambareesh Baliga, vice president at Karvy Stock Broking. The escalation of violence in Egypt could dampen risk appetite among global investors, and rising oil prices should put upward pressure on inflation in India which imports about 80 per cent of its oil

requirement. The benchmark index is down 10 per cent in 2011, hit by foreign fund outflows of $1.5 billion, after rising 17 per cent last year on record inflows of $29.3 billion. Data on Thursday showed food inflation had accelerated to its highest level since Dec. 25 on rising prices of onions and petrol, straining headline inflation and strengthening a case for more monetary tightening. India has been battling soaring prices and the central bank has raised key rates seven times since last March. Top telecoms firm Bharti Airtel climbed 5.1 per cent, to 339.80 rupees, extending the previous day's gains as some analysts were optimistic about its future earnings growth after it posted a bigger-than-expected 41 per cent drop in quarterly profit. Rival Reliance Communications closed 0.85 per cent higher at 118.05 rupees. Software stocks rose on optimism about growth outlook. Infosys Technologies rose almost 1 per cent while larger rival Tata Consultancy added 0.5 per cent.-Reuters

Nikkei ends lower; Egypt issue weighs TOKYO: Japan's Nikkei average edged lower on Thursday after surging the day before, as worries over an escalation of violence in Egypt nudged investors towards safer assets. Tumbles in high-tech stocks Panasonic Corp and Ricoh Co after reporting October-December earnings also weighed on the market. But clothing store chain operator Fast Retailing jumped on sales gains for January. Supporters of President Hosni Mubarak opened fire on protesters on the streets of Cairo, wounding seven, fanning concerns about Egypt. But a report showing US private-sector employers added more jobs than expected in January lent support to the market. US non-farm payrolls data is due out on Friday and may help set the direction for the Nikkei. "Market players see the January options settlement level at 10,470 as an immediate resistance level and while they wait for Friday's data, they are focusing on individual stocks of firms with strong earnings or recent news," said Masayuki Otani, chief market analyst at Securities Japan Inc. The benchmark Nikkei ended down 0.3 per cent, or

26.00 points, at 10,431.36. It had surged 1.8 per cent a day earlier. The broader Topix shed 0.2 per cent to 927.57. This week marks the peak of Japan's corporate results reporting season for the October-December quarter. Bellwethers such as Sony Corp and Japan's biggest bank by assets Mitsubishi UFJ Financial Group reported after the market closed. "Traders are also reluctant to make big bets with heavyweights from industry, finance and electronics reporting today," said Nagayuki Yamagishi, a strategist at Mitsubishi UFJ Morgan Stanley Securities. STEEL MERGER After the bell, the market received major M&A news when Nippon Steel Corp and Sumitomo Metal Industries said they would merge next year to create the world's second-largest steelmaker after ArcelorMittal, aiming to cut costs and accelerate expansion overseas. Sony posted a 5.9 per cent fall in third-quarter profit as a price war hit its TV unit and a stronger yen weighed while Mitsubishi UFJ Financial Group said net profit more than doubled for OctoberDecember, helped by smaller credit costs.-Reuters

ANNOUNCEMENTS Company JS Value Fund Byco Petroleum(Consolidated) Byco Petroleum

Period Div/Bon/Right Half Yearly Half Yearly Half Yearly -

PAT (Rs in mn) 246.35 -1137.15 -915.92

EPS(Rs) 2.08 -2.90 -2.34

ed the day with a gain of 22 points. Positive activities then continued throughout the day as investors took positions on rumorus that the launch of much awaited leverage product is around the corner. Further, investors took benefit of attractive levels for market was a bear country for the last few days. Therefore continued buying mainly in oil, banking, fertiliser, and some textile stocks let the index cross 12,300 points level and near the closing bells it touched an intraday high of 12,382 points

Shell drags FTSE lower as results disappoint LONDON: Britain's top share index fell on Thursday, hurt by Royal Dutch Shell as the oil major's results were met with disappointment, while drugmaker GlaxoSmithKline rose after it decided to push ahead with a buyback program. The FTSE 100 shed 16.73 points, or 0.3 per cent, to 5,983.34, after closing 0.7 per cent higher on Wednesday. "People are waiting for a significant break and close above (the 6,000 level) for the market to push on," Yusuf Heusen, senior sales trader at IG Index, said. Heusen argued that major impediments to the index's progress on Thursday were Shell after its results and BP on uncertainty surrounding its planned Arctic exploration partnership with Rosneft, Russia's state oil group. Share price declines from Royal Dutch Shell's A and B shares and BP knocked a total of 24 points off the UK blue chip index. Shell's A shares fell 3 per cent after the firm posted weak refining and downstream results, as an oil price fueled rebound in its fourthquarter profit fell short of expectations. BP, whose own results undershot forecasts earlier in the week, fell 2.1 per cent, as peer BG Group, due to report on Tuesday, slipped 1.9 per cent. GLAXO LIMITS LOSSES GlaxoSmithKline, up 3.6 per cent, helped curb the FTSE 100's decline. Britain's biggest drugmaker said it would start buying back shares again in 2011, demonstrating confidence it has turned the corner following massive legal bills, as it posted quarterly results which were viewed as broadly in-line. BT Group also provided support, adding 3.6 per cent, after the telecoms provider reported third-quarter results which Prime Markets described as "excellent." "(We) view the post Xmas dip as a window of opportunity to pick up the shares before they once again begin their seemingly inevitable upward trajectory for 2011," it said in a note. Aggreko added 4.9 per cent, the top FTSE 100 riser, after BofA Merrill Lynch upgraded its rating for the temporary power supplier to "buy" from "neutral" citing valuation grounds. Analysts said concerns that the uprising in Egypt could spread across the region also weighed on investor sentiment.-Reuters

(+ve 140 points). It should be noted that KSE board of directors is meeting on 7th February for the first time this year while chairman SECP is also expected to visit the exchange next week which according to experts strengthens hopes of MTS launch. Volumes too remained impressive throughout the day as 123.3 million shares traded during the day which is 45 million more than a turnover of 78.3 million shares a day earlier. Lotte Pakistan stood as the

volume leader with 36.98 million shares followed by Azgard Nine with 7.45 million and Fauji Fertiliser Bin Qasim with 6.26 million shares. Murtaza Jafar, equity dealer at JS Global Capital said that LOTPTA became the most actively traded stock after the news international cotton prices have touched a new peak of $1.8/pound. Out of total 391 active issues; 231 advanced and 136 declined while 24 issues remained unchanged.

Analyst briefing highlights

Better margins boost FFBL net 1QCY11 profitability likely to remain subdued Ahmed Siddique KARACHI: Fauji Fertiliser Bin Qasim (FFBL) held its analyst briefing on Thursday. During the briefing company's performance and factors affecting profitability were dilated. The briefing boated company's outstanding performance during CY10 as profit after tax surged by 72.1 per cent to Rs6.51 billion against Rs3.78 billion for the last year. It said this translates into an earning

per share of Rs6.97 as compared to Rs4.05 during the same period last year. It added higher profit can be attributed to improved DAP margins, lower financing cost and profit from Pakistan Maroc Phosphore (PMP), its subsidiary. The focal point of the briefing remained gas curtailment of fertilizer plants, particularly those getting gas from Sui Twins. The government's decision to curtail gas being See # 14 Page 11

Adopts Industry Classification Benchmark (ICB)

LSE takes hi-tech jump LAHORE: The Lahore Stock Exchange has decided to adopt the Industry Classification Benchmark (ICB), a widely accepted structure in the investment world for re-classification of listed securities. The LSE Board of Directors approved the adoption of the ICB in its recent meeting, said an LSE spokesman here Thursday, adding that standardisation of listed securities in accordance with ICB would facilitate the investors in benchmarking the performance of Pakistani listed sectors with their international counter-

parts. The ICB, jointly developed and managed by FTSE Group and CME Indexes (previously Dow Jones indexes) has already been implemented by major stock exchanges of the world such as NYSE, Euronext, London Stock Exchange, financial information distributors and media organisations worldwide such as CNBC, The Wall Street Journal, The Financial Times and Dow Jones Newswires, he added. The Benchmark, he said, is a detailed and a comprehensive See # 16 Page 11

US stocks late-morning

Egypt upsets Wall Street NEW YORK: Wall Street tumbled on Thursday as concerns over increasing disorder in Egypt and signs of exhaustion in the recent market rally weighed on investor sentiment. Better-than-expected readings of US economic growth was not enough to dislodge investor worries about rising unrest in Egypt, where gunmen fired on anti-government protesters in Cairo. The fighting killed six and wounded more than 800 people, prompting new calls from Western powers for President Hosni Mubarak to start handing over power immediately. Data showed the US services sector grew in January at its fastest pace since August 2005, and initial claims in the latest week for state unemployment benefits fell more than expected. The S&P 500 looked stretched from a valuation perspective. Among sectors, the PHLX Semiconductor Index .SOX was facing resistance above 450 after back-to-back closes higher than that level for the first time since November 2007. The Dow Jones Transportation Average .DJT and the Russell 3000 index, which have topped out recently, were also showing signs of resistance to further gains. "It's a little premature to say that we are headed for a correction, but we were certainly due for some consolidation after this rally," said Brian Lazorishak, portfolio manager at Chase Investment Counsel of Charlottesville, Virginia. The Dow Jones industrial average was down 26.67 points, or 0.22 per cent, at 12,015.30. The Standard & Poor's 500 Index was down 5.30 points, or 0.41 per cent, at 1,298.73. The Nasdaq Composite Index was down 12.34 points, or 0.45 per cent, at 2,737.22. Merck & Co fell 2.4 per cent to $33.02 and was the top drag on the Dow after the drugmaker forecast 2011 earnings below Wall Street forecasts and withdrew its longer-term profit view. Major US retailers shrugged off the snowiest January in six years to post sales that blew past analyst expectations, easing concerns that consumers See # 15 Page 11

Dhiyan

RECKONING IS GREENISH Salman Naqvi, Head of Sales Aba Ali Habib Securities Market would trade in a range until International Monetary Fundâ&#x20AC;&#x2122;s (IMF) go-ahead to next tranche and a positive news regarding the launch of Margin Trading System (MTS). Therefore index would be moving between 12,500 and 12,000 points, however if abovementioned conditions someways materialise the market would blast off. Investors can take positions in fertiliser sector and selective stocks of oil/gas and banking sectors. Today's opening would be positive but some profit-taking might come about towards the end of the day.

Syed Faran Rizvi, Technical Analyst Invisor Securities Most of the scripts are in oversold area therefore a minor rebound is expected at current levels. However we are still seeing further correction in the market with index coming down to 11990-11779 points. We still recommend traders to remain cautious while investing in the market. However, they can invest in oil and fertilizer stocks. Launch of MTS and continued foreign inflows would support the market. Market would be positive today.

Friday, February 4, 2011

Market 123,393,232

Value

5,144,081,569

Trades

69,534

Paid up Cap(mn)

Advanced Declined Unchanged Total

Current High Low Change

231 136 24 391

Open 374.69 121.05 10.05 126.31 290.49 172.54 209.70 325.64 99.06 282.89 31.99 204.35

High 386.99 122.70 10.15 131.90 288.24 173.50 213.00 331.15 102.90 289.00 32.00 214.56

Open 1,566.43 Turnover 51,668,041 P/E (x) 9.56

High Low 1,583.68 1,558.39 Total cos Defaulter cos P/BV (x) ROE (%) 3.72 32.54 Low 374.99 117.25 9.80 126.00 275.97 172.30 209.05 325.32 97.00 281.10 31.35 206.00

Close Chg 382.54 121.51 10.10 129.47 284.90 172.85 212.75 330.09 98.74 287.62 31.75 214.56

7.85 0.46 0.05 3.16 -5.59 0.31 3.05 4.45 -0.32 4.73 -0.24 10.21

Close Change 1,577.42 12.70 Listed cap Market cap 65,194.15 mn 1,216,994.37 mn Payout (%) Div Yield (%) 55.94 4.89 Last 60 days High Low

Volume 380809 3468986 839339 65955 2152784 80153 402504 1050375 100964 784272 2033 80501

401.00 146.90 12.49 141.65 335.00 185.00 229.80 341.50 122.22 317.79 39.89 222.00

294.50 108.80 9.80 117.00 220.05 153.85 185.11 242.15 78.01 272.50 30.71 190.00

% Change 0.81 5-Day High 1,594.40 5-Day Low 1,564.72

2010 Div BR (%) (%) 300 31 200 55 90 255 80 40

2011 Div BR (%) (%)

20B115.00 - 15.00 20B 50.00 -100.00 -

Open

High

Low

Agritech Limited 3924 8.68 BOC (Pak) 250 12.99 Clariant Pak 273 7.27 Dawood Hercules 1203 8.52 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Dynea Pak 94 Engro Corporation Ltd 3277 12.01 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer 6785 9.31 Fauji Fert.Bin Qasim 9341 7.81 Gatron Ind 384 2.39 Ghani Gases Ltd 725 8.92 ICI Pakistan 1388 8.10 Lotte Pakistan 15142 5.88 Nimir Ind Chemical 1106 Shaffi Chemical 120 Sitara Chem Ind 214 9.67 Sitara Peroxide 551 14.32 United Distributors 92 Wah-Noble 90 7.13

23.70 94.33 200.48 199.57 2.68 7.00 2.77 10.80 214.40 12.67 11.48 148.27 40.23 46.25 11.30 139.15 15.26 1.86 2.20 117.90 13.05 13.99 36.40

23.99 98.00 204.00 206.00 2.90 7.18 3.04 10.80 219.49 12.98 11.97 151.80 41.45 48.56 11.80 144.05 16.05 1.96 2.25 118.00 13.25 14.99 37.75

23.90 89.63 201.03 198.15 2.61 6.90 2.75 10.06 214.56 12.64 11.50 148.01 40.26 44.50 11.48 138.10 15.45 1.84 2.10 114.50 13.00 14.30 36.55

Close Chg 23.95 94.60 203.06 205.41 2.77 7.11 2.99 10.31 218.62 12.82 11.87 151.32 41.37 44.52 11.77 143.81 15.98 1.96 2.18 118.00 13.17 14.30 37.08

0.25 0.27 2.58 5.84 0.09 0.11 0.22 -0.49 4.22 0.15 0.39 3.05 1.14 -1.73 0.47 4.66 0.72 0.10 -0.02 0.10 0.12 0.31 0.68

Close 1,602.15 Listed cap 52,251.88 mn Payout (%) 48.81

Last 60 days High Low

Volume 787 2018 176747 27788 147 196906 2198695 364 2284759 217465 1305209 2358105 6258591 265 21648 569747 36984020 260634 36113 1601 68201 161 3373

Change 35.72 Market cap 352,622.53 mn Div Yield (%) 5.11

26.73 103.94 213.30 215.00 3.74 9.25 4.24 13.79 222.80 15.87 12.64 157.90 43.99 52.00 13.07 158.49 16.49 2.74 3.40 139.40 14.69 14.99 41.99

20.26 75.00 149.95 165.73 2.16 5.42 1.47 9.15 176.85 12.51 9.16 107.25 31.25 39.00 11.00 127.00 10.35 1.36 2.03 101.00 12.70 8.51 32.00

% Change 2.28 5-Day High 1,602.15 5-Day Low 1,566.27

2010 Div BR (%) (%) 15 135 40 15 40 130 52.5 20 55 5 25 50

25B 25B 5B -

2011 Div BR (%) (%) -

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,033.26 Turnover 31,689 P/E (x) 5.32

Open 713.47 Turnover 95,673 P/E (x) 5.49

High Low 1,059.81 1,032.79 Total cos Defaulter cos P/BV (x) ROE (%) 0.40 7.47

Close 1,059.35 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

Open

High

Low

Close Chg

Volume

707 50 411

8.23 6.87

15.39 41.04 37.99

16.00 43.00 38.50

15.25 42.79 38.00

16.00 0.61 42.82 1.78 38.49 0.50

25504 708 5477

Change 26.10 Market cap 2,936.65 mn Div Yield (%) 4.75

Last 60 days High Low 19.69 48.90 47.70

14.95 39.00 37.70

% Change 2.53 5-Day High 1,080.42 5-Day Low 1,033.26

2010 Div BR (%) (%) 2533.33B 50 -

2011 Div BR (%) (%) -

Paid up Cap(mn)

Company Pak Int Cont. Terminal

Company Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind

High Low 1,052.66 1,022.44 Total cos Defaulter cos P/BV (x) ROE (%) 1.07 33.10

Open

High

Low

565 3.10 675 555 8.81 1199 18.83

29.00 2.53 14.41 51.30

29.95 2.58 14.50 52.29

29.25 2.52 14.00 51.00

Close Chg 29.61 2.52 14.10 51.79

0.61 -0.01 -0.31 0.49

Close 1,037.55 Listed cap 3,596.11 mn Payout (%) 30.91

Change 10.95 Market cap 9,962.24 mn Div Yield (%) 9.57

Last 60 days High Low

Volume 110100 8164 31998 86481

31.00 3.29 16.51 62.20

24.01 2.50 13.55 44.53

2010 Div BR (%) (%) 30 55

2011 Div BR (%) (%)

- 10.00 20B -

Company

Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Maple Leaf(Pref) Pioneer Cement Safe Mix Concrete Thatta Cement

High Low 953.42 923.97 Total cos Defaulter cos P/BV (x) ROE (%) 0.47 7.10

Open

High

Low

1828 866 6.62 858 182 956 22.77 982 13.85 3891 3651 122.58 6933 14.21 502 3.65 1760 77 32 1288 13126 3234 6.42 5261 1.21 541 3.13 2228 200 798 458.00

3.00 52.97 2.80 20.50 10.00 1.85 1.92 28.47 4.62 7.01 1.68 1.78 0.52 6.10 3.19 70.00 2.60 4.51 6.67 7.00 18.33

3.04 52.89 2.80 21.35 10.70 1.89 2.10 29.50 4.80 7.01 1.79 2.20 0.67 6.39 3.29 71.75 2.65 4.50 6.87 6.99 18.34

2.91 51.50 2.25 20.35 10.00 1.65 1.90 28.50 4.64 7.01 1.68 1.53 0.51 6.16 3.15 70.25 2.56 4.10 6.51 6.25 17.33

Close 944.43 Listed cap 54,792.74 mn Payout (%) 19.04

Change 17.03 Market cap 66,113.48 mn Div Yield (%) 2.85

Close Chg

Volume

Last 60 days High Low

2.97 52.27 2.65 20.40 10.02 1.80 1.98 29.42 4.69 7.01 1.70 1.86 0.60 6.35 3.21 71.51 2.60 4.25 6.85 6.50 18.32

5350 123265 264 729 1042 26602 133561 1695530 330735 1000 32550 2913 17367 10211 306478 527752 11556 600 24766 1501 12050

3.98 65.99 4.24 24.16 12.75 2.49 3.10 32.30 5.55 8.20 2.25 3.90 0.99 8.70 3.88 79.98 3.30 8.74 8.20 7.95 20.44

-0.03 -0.70 -0.15 -0.10 0.02 -0.05 0.06 0.95 0.07 0.00 0.02 0.08 0.08 0.25 0.02 1.51 0.00 -0.26 0.18 -0.50 -0.01

2.75 51.50 1.10 16.20 9.95 1.50 1.44 26.81 4.61 6.10 1.60 1.18 0.25 6.00 2.92 69.35 2.56 3.21 6.51 5.25 16.75

2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 - 50R

2011 Div BR (%) (%) -

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 1,008.98 Turnover 78,117 P/E (x) 2.82 Company Cherat Papersack ECOPACK Ltd Ghani Glass Merit Pack

High Low 1,025.92 1,008.56 Total cos Defaulter cos P/BV (x) ROE (%) 1.24 43.91

Close 1,021.92 Listed cap 3,043.31 mn Payout (%) 15.55

Change 12.94 Market cap 38,293.83 mn Div Yield (%) 5.51

Paid up Cap(mn)

Open

High

Low

Close Chg

Volume

Last 60 days High Low

115

2.57

69.17

72.62

70.00

72.13 2.96

25116

83.23

46.65

% Change 1.28 5-Day High 1,057.41 5-Day Low 1,008.98

2010 Div BR (%) (%) 20

2011 Div BR (%) (%)

25B

230

2.55

2.69

2.42

2.67 0.12

3522

3.30

1.82

1067

4.92

52.01

53.60

52.10

53.53 1.52

5930

56.45

45.30

10B

47 16.99

29.14

30.59

29.17

30.59 1.45

22068

32.45

17.10

Packages Ltd

844 66.27 127.02

129.50 127.40 129.22 2.20

9557

143.00

103.52

Tri-Pack Films

300 10.06 137.95

140.00 137.01 137.91 -0.04

11909

144.50

102.51

5,104.86

Revenue (Rs in mn)

3,368.22

Performance of SR Automobile and Parts Index

MA (200-day)

2.61

Interest Expense

1st Support

2.50

Loss after Taxation

2nd Support

2.42

EPS 09 (Rs)

1st Resistance

2.68

Book value / share (Rs)

2nd Resistance

2.78

PE 10 E (x)

Pivot

2.60

PBV (x)

Open

144 5.36 71.16 101 5.93 197.52 247 32.37 37.57 890 2.00 450 3.16 4.60 1428 - 10.77 786 6.62 291.95 823 10.54 63.50 150 4.20 22.45

High

70.06

0.67

95647

High Low 1,281.65 1,259.29 Total cos Defaulter cos P/BV (x) ROE (%) 1.20 25.35 Low

Close Chg

71.99 70.10 70.75 198.50 195.01 198.40 39.44 35.70 36.25 2.18 2.01 2.16 4.60 4.52 4.55 10.99 10.70 10.90 291.89 290.00 290.00 66.49 63.60 66.21 22.96 22.50 22.50

-0.41 0.88 -1.32 0.16 -0.05 0.13 -1.95 2.71 0.05

76.65

68.00

Close 1,271.29 Listed cap 6,768.53 mn Payout (%) 20.42

Volume 1500 3121 6960 92112 9002 5146 8792 14653 1103

Last 60 days High Low 82.63 205.00 41.30 2.89 5.67 13.40 309.73 77.90 23.50

Paid up Cap(mn)

Open

High

Low

Close Chg

Volume

Last 60 days High Low

2011 Div BR (%) (%)

65.75 152.70 15.00 1.20 4.42 10.60 231.00 63.30 17.92

% Change 0.27 5-Day High 1,292.93 5-Day Low 1,267.82

2010 Div BR (%) (%) 90 100 150 10

20B 20B

2011 Div BR (%) (%) -

Open 1,817.08 Turnover 139,815 P/E (x) 45.95 Company

Paid up Cap(mn)

Abdullah Shah Ghazi Sugar 793 AL-Noor Sugar XD 186 Ansari Sugar 244 Colony Sugar Mills 990 Dewan Sugar 365 Habib SugarXDXB 750 Habib-ADM Ltd 200 Ismail Ind 505 J D W Sugar 539 Mehran SugarXDXB 157 Mirza Sugar XD 141 Mitchellâ&#x20AC;&#x2122;s Fruit XD 50 National Foods 414 Nestle Pakistan 453 Noon Pakistan 48 Noon Sugar 165 Pangrio Sugar XD 109 Quice Food 107 S S Oil 57 Sakrand Sugar 223 Sanghar Sugar XD 119 Shahtaj Sugar 120 Tandlianwala 1177 Wazir Ali 80

Open

High

High Low 1,849.94 1,798.59 Total cos Defaulter cos P/BV (x) ROE (%) 13.92 30.30 Low

Close Chg

0.91 5.50 6.40 5.50 5.50 0.00 1.07 44.29 43.10 42.25 42.80 -1.49 0.24 5.00 5.00 4.95 4.98 -0.02 6.75 2.69 2.99 2.70 2.70 0.01 2.70 3.05 2.56 2.61 -0.09 8.79 22.01 22.39 22.00 22.15 0.14 11.48 12.48 12.40 12.35 12.40 -0.08 33.02 77.82 74.04 73.93 73.96 -3.86 1.24 70.00 70.49 68.00 70.00 0.00 1.79 55.74 56.51 55.00 55.00 -0.74 4.90 4.80 4.40 4.71 -0.19 9.62 82.10 82.00 78.50 82.00 -0.10 21.28 55.16 57.04 55.50 57.02 1.86 37.40 3456.09 3499.98 3405.00 3405.00 -51.09 3.29 23.73 23.07 23.03 23.04 -0.69 1.11 10.30 10.32 10.26 10.32 0.02 3.81 4.48 3.91 4.30 0.49 6.82 3.07 3.10 3.00 3.00 -0.07 0.25 3.00 2.90 2.50 2.90 -0.10 2.26 2.16 2.16 2.16 -0.10 2.20 12.00 12.00 11.60 11.99 -0.01 3.72 58.35 55.44 55.44 55.44 -2.91 381.45 40.00 42.00 40.10 41.96 1.96 7.98 7.01 7.01 7.01 -0.97

Close 1,809.74 Listed cap 11,335.33 mn Payout (%) 30.57

Volume

Change -7.34 Market cap 271,969.80 mn Div Yield (%) 0.67

Last 60 days High Low

1102 7.20 4.06 171 54.00 42.25 5500 6.99 4.05 4012 5.70 2.50 36315 5.59 1.50 28450 36.50 21.35 5510 13.00 11.50 750 81.12 68.60 1727 92.50 68.00 4624 68.49 52.60 5110 7.18 4.01 108 89.90 64.42 210 75.50 41.52 125 3570.00 1830.00 400 27.30 17.51 101 14.84 9.00 847 6.99 3.78 20500 3.50 2.02 17500 3.85 2.50 2000 3.90 2.11 1214 15.01 11.35 200 100.26 55.44 2045 42.52 29.03 500 8.95 5.50

2010 Div BR (%) (%)

2011 Div BR (%) (%)

50 25 25B 40 17.5 110R 7010B 12.5R 35 20B 7.50 10 40 12 450 12 10 15 -

Open 1,098.52 Turnover 162,747 P/E (x) 3.19 Company

High Low 1,122.00 1,090.88 Total cos Defaulter cos P/BV (x) ROE (%) 0.34 10.64

Close 1,109.30 Listed cap 3,763.71 mn Payout (%) 6.27

Paid up Cap(mn)

Open

High

Low

Close Chg

Volume

1219 231

3.58 2.72

13.99 23.47

14.36 23.50

13.90 22.53

14.20 0.21 22.75 -0.72

60925 101742

Pak Elektron Tariq Glass Ind

Change 10.78 Market cap 5,245.52 mn Div Yield (%) 1.97

% Change 0.98 5-Day High 1,112.28 5-Day Low 1,096.73

Last 60 days High Low

2010 Div BR (%) (%)

15.88 24.00

17.5

12.90 15.90

10B -

2011 Div BR (%) (%) -

PERSONAL GOODS Performance of SR Personal Goods Index Open 984.41 Turnover 14,794,711 P/E (x) 5.85 Company

Paid up Cap(mn)

(Colony) Thal Amtex Limited Azgard Nine Babri Cotton Bannu Woolen XD Bilal Fibres Brothers Textile Chenab Limited Colony Mills Ltd Crescent Textile D S Ind Ltd Dar-es-Salaam Dawood Lawrencepur Din Textile Gadoon Textile XD Gul Ahmed Textile Gulistan Spinning Gulistan Textile Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Indus Dyeing Kohat Textile Kohinoor Ind Kohinoor Textile Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Prosperity Ravi Textile Reliance Weaving Saif Textile Sally Textile Samin Textile Sana Ind Sargodha Spinning Service Ind Shadman Cot Suraj Cotton Tata Textile Thal Limited Treet Corp Tri-Star Poly Zephyr Textile Ltd Zil Limited

56 2594 4493 33 76 141 98 1150 2442 492 600 80 514 204 234 635 146 190 222 716 3105 99 180 181 208 303 1455 1614 3516 560 174 185 250 308 264 88 267 55 312 120 176 180 173 307 418 215 594 53

Open

1.32 8.59 3.88 - 10.75 0.44 11.14 0.49 14.00 0.47 1.49 0.49 2.95 3.44 2.20 3.24 17.15 1.59 2.03 43.41 36.50 0.58 26.58 0.79 71.95 4.23 28.47 1.13 6.50 1.24 19.56 0.88 7.14 0.73 3.70 4.18 51.95 0.70 9.00 3.75 3.45 2.43 244.02 0.80 1.68 1.47 3.72 5.08 2.04 23.74 5.73 64.77 4.39 13.00 0.81 10.13 1.07 14.47 1.32 0.65 9.26 0.44 5.25 0.20 4.03 5.04 6.29 3.31 43.50 0.78 3.89 7.47 213.39 2.68 13.70 0.89 38.99 0.39 39.75 5.16 120.03 9.23 57.21 0.45 4.47 4.15 4.04 57.44

High

High Low 995.06 978.10 Total cos Defaulter cos P/BV (x) ROE (%) 0.51 8.64 Low

Close Chg

1.28 1.05 1.27 -0.05 3.90 3.70 3.78 -0.10 11.37 10.71 11.27 0.52 11.75 10.90 10.90 -0.24 14.06 13.85 13.85 -0.15 1.75 1.31 1.75 0.26 0.50 0.35 0.50 0.01 2.95 2.82 2.93 -0.02 2.40 2.17 2.20 0.00 17.97 16.86 16.86 -0.29 1.70 1.58 1.68 0.09 3.00 1.70 2.00 -0.03 37.99 35.05 36.90 0.40 27.00 27.00 27.00 0.42 72.99 71.95 71.97 0.02 29.89 29.00 29.45 0.98 7.00 5.60 5.90 -0.60 20.56 18.71 20.56 1.00 7.22 7.22 7.22 0.08 3.99 3.75 3.87 0.17 53.45 51.05 53.16 1.21 9.00 8.25 8.25 -0.75 3.45 3.45 3.45 0.00 256.22 231.82 250.07 6.05 1.50 1.00 1.50 -0.18 1.58 0.75 1.49 0.02 5.25 4.90 5.21 0.13 24.70 23.76 24.57 0.83 66.99 64.80 66.75 1.98 13.35 12.61 13.00 0.00 11.13 10.98 11.13 1.00 14.00 13.65 14.00 -0.47 1.47 0.65 1.34 0.02 9.60 9.25 9.28 0.02 5.50 5.00 5.49 0.24 4.00 4.00 4.00 -0.03 7.00 5.60 6.05 -0.24 43.50 42.50 43.50 0.00 4.25 3.70 4.03 0.14 218.85 213.00 218.07 4.68 14.70 12.81 14.70 1.00 39.90 39.80 39.84 0.85 40.10 38.90 40.10 0.35 122.49 120.00 120.65 0.62 58.49 56.80 57.98 0.77 0.89 0.50 0.87 0.42 4.20 3.40 3.40 -0.75 60.31 56.25 60.31 2.87

Close 989.30 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change 4.89 Market cap 139,182.85 mn Div Yield (%) 2.85

Last 60 days High Low

103 1.50 372497 5.28 7445678 12.84 3701 16.00 7349 15.10 145 2.80 20001 1.49 1504 3.90 1604 2.97 10002 23.99 12653 2.10 502 4.38 4123 47.00 19809 28.20 12837 73.09 10500 33.19 171639 8.86 34490 28.27 1000 8.50 246374 4.47 14079 55.00 405 9.99 2000 3.90 286 350.15 2004 2.50 6008 2.00 19166 5.97 4154609 25.14 1743198 71.89 41606 13.50 10188 11.13 415 15.50 12031 1.98 5809 10.34 2513 6.85 26850 4.89 10005 7.00 301 49.66 6707 4.45 1530 276.50 1026 15.25 2010 41.95 1514 40.10 15570 132.00 31203 63.30 205 1.49 1502 4.65 305174 60.31

Open 906.67 Turnover 39,723 P/E (x) 6.54 Company

Paid up Cap(mn)

Open

High

Low

Close Chg

0.56 3.70 30 9.20 8.10 - 15B 12.30 20 1.00 0.15 2.82 2.11 16.86 15 1.55 1.70 35.05 5 24.02 20 10B 44.05 70 24.00 12.5 5.10 10 18.00 10 6.30 10 20B 3.31 10 36.00 20 3.00 2.70 10 188.01 50 0.67 0.75 4.81 20.60 15 50.25 25 45R 6.15 8.00 10 10B 13.00 30 0.65 8.50 25SD 3.90 3.57 10 5.11 - 100R 30.60 60 1.51 5 169.00 7.00 31.10 50 23.50 25 95.10 80 20B 50.50 0.43 3.01 42.30 35 -

Close 903.11 Listed cap 3,904.20 mn Payout (%) 44.54

Volume

2010 Div BR (%) (%)

Change -3.56 Market cap 30,178.45 mn Div Yield (%) 6.81

Last 60 days High Low

2011 Div BR (%) (%) -

% Change -0.39 5-Day High 923.38 5-Day Low 903.11

2010 Div BR (%) (%)

2011 Div BR (%) (%)

0.01

110

244.95

203.00

150

Abbott (Lab)

8.37

95.89

95.50

94.00

95.46 -0.43

3890

112.50

94.00

43.03

44.90

43.00

44.49

1.46

1002

46.75

42.90

10B

Ferozsons (Lab)

250

6.68

88.60

89.50

86.25

88.50 -0.10

3916

94.90

82.20

20B

1.20

1.35

1.21

1.28

0.08

17909

2.40

0.21

GlaxoSmithKline

1707

13.55

77.05

76.39

74.51

75.35 -1.70

9440

89.98

69.52

Ghandhara Ind

213 10.28

11.15

11.39

10.79

Hinopak Motor

124

KSB Pumps

132

Millat Tractors XB

366

7.44

60.90

8.38 536.06

62.99

60.00

62.10

545.49 535.10 544.32

1.20 8.26

979

High Low 909.17 889.65 Total cos Defaulter cos P/BV (x) ROE (%) 1.46 22.31

% Change 0.50 5-Day High 1,002.13 5-Day Low 984.41

104

11.10 -0.05

3002

13.50

10.70

Highnoon (Lab)

165

7.48

27.00

26.95

27.00

0.00

101

30.48

24.00

546

147.89

117.80

IBL HealthCare Ltd

200

7.53

9.05

9.35

8.61

9.34

0.29

206

9.99

7.16

9381

72.89

58.55

Sanofi-Aventis

2360

164.99

116.00

Searle Pak

23700

69.00

58.70

33173

568.40

475.25

650

25B325.00

Dewan Salman Fibre Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

50.93

Total Assets (Rs in mn)

15,343.38

MA (10-day)

2.93

Total Equity (Rs in mn)

(7,218.97)

MA (100-day)

2.22

Revenue (Rs in mn)

MA (200-day)

2.01

Interest Expense

1st Support

2.86

Loss after Taxation

2nd Support

2.66

EPS 10 (Rs)

(4.176)

1st Resistance

3.15

Book value / share (Rs)

(19.71)

2nd Resistance

3.24

PE 11 E (x)

Pivot

2.95

PBV (x)

137.50 125.73 (1,529.67)

(0.15)

DSFL closed up 0.22 at 2.99. Volume was 16 per cent below average and Bollinger Bands were 33 per cent narrower than normal. The company's loss after taxation stood at Rs246.014 million which translates into a Loss Per Share of Rs0.67 for the 1st quarter of current fiscal year (1QFY11). DSFL is currently 48.8 per cent above its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of DSFL at a relatively equal pace. Trend forecasting oscillators are currently bearish on DSFL.

Telecard Limited

HOUSEHOLD GOODS

215

128.00 118.75 124.82 -0.18

0.28

Performance of SR Household Goods Index

Dewan Auto Engineering 214

- 125.00

9.63

MYBL closed down -0.05 at 2.65. Volume was 60 per cent above average and Bollinger Bands were 34 per cent wider than normal. The company's loss after taxation stood at Rs1.392 billion which translates into a Loss Per Share of Rs0.74 for the nine months of current calendar year (9MCY10). MYBL is currently 1.6 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into MYBL (mildly bullish). Trend forecasting oscillators are currently bearish on MYBL.

% Change -0.40 5-Day High 1,856.14 5-Day Low 1,809.74

Bolan Casting

234.00 230.00 234.00

(3.092)

FOOD PRODUCERS

AL-Ghazi Tractor

5.60 233.99

2,881.90 (1,639.83)

Performance of SR Food Producers Index

% Change 1.47 5-Day High 1,585.78 5-Day Low 1,556.23

2010 Div BR (%) (%)

Change 3.47 Market cap 46,950.88 mn Div Yield (%) 4.32

PHARMA AND BIO TECH Change 22.92 Market cap 34,064.39 mn Div Yield (%) 15.60

Fundamental Highlights Mybank Limited

Technical Analysis

2.39

69.26

Performance of SR Pharma and Bio Tech Index

Close 1,579.15 Listed cap 1,336.62 mn Payout (%) 131.49

2011 Div BR (%) (%)

MA (100-day)

71.80

Performance of SR Industrial Engineering Index High Low 1,583.51 1,550.07 Total cos Defaulter cos P/BV (x) ROE (%) 3.20 38.02

2010 Div BR (%) (%)

AUTOMOBILE AND PARTS

69.39

INDUSTRIAL ENGINEERING Open 1,556.23 Turnover 65,139 P/E (x) 8.43 Company

Last 60 days High Low

35,490.71

% Change 1.84 5-Day High 970.47 5-Day Low 927.39

Volume

% Change 0.74 5-Day High 733.33 5-Day Low 713.47

Total Equity (Rs in mn)

Performance of SR Construction and Materials Index Open 927.39 Turnover 3,264,333 P/E (x) 6.69

Close Chg

Change 5.27 Market cap 12,529.84 mn Div Yield (%) 2.02

2.88

7.01

Paid up Cap(mn)

Agriautos Ind Atlas Battery Atlas Engineering Ltd Dewan Motors Ghandhara Nissan Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering

Low

Close 718.74 Listed cap 3,242.17 mn Payout (%) 11.08

Mybank Limited

MA (10-day)

1092

% Change 1.07 5-Day High 1,048.95 5-Day Low 1,026.60

High

High Low 736.63 710.30 Total cos Defaulter cos P/BV (x) ROE (%) 1.40 25.53

Alert ! Unusual Movements

Total Assets (Rs in mn)

CONSTRUCTION AND MATERIALS

Paid up Cap(mn)

19,956.26 19,991.42 19,621.24 h325.23

43.00

Performance of SR Industrial Metals and Mining Index

Paid up Cap(mn)

KMI 30 Index Current High Low Change

12,041.16 12,068.13 11,851.88 h189.28

RSI (14-day)

INDUSTRIAL METALS AND MINING Open 1,026.60 Turnover 236,799 P/E (x) 3.23

Open

Open 1,267.82 Turnover 142,444 P/E (x) 4.72 Company

High Low 1,608.30 1,564.42 Total cos Defaulter cos P/BV (x) ROE (%) 3.35 35.00

Century Paper Pak Paper Product Security Paper

Current High Low Change

INDUSTRIAL TRANSPORTATION

Performance of SR Chemicals Index

Company

KSE 30 Index

8,565.16 8,582.83 8,482.67 h82.49

Performance of SR Industrial Transportation Index

CHEMICALS

Paid up Cap(mn)

Current High Low Change

OIL AND GAS

Attock Petroleum 691 6.91 Attock Refinery 853 4.95 BYCO Petroleum 3921 Mari Gas Company 735 17.54 National Refinery 800 5.91 Oil & Gas Development 43009 11.69 Pak Petroleum 11950 7.78 Pak Oilfields 2365 7.61 Pak Refinery Limited 350 P.S.O 1715 4.87 Shell Gas LPG 226 Shell Pakistan 685 11.00

Company

All Share Index

12,359.06 12,382.92 12,242.39 h116.67

Performance of SR Oil and Gas Index Open 1,564.72 Turnover 8,569,336 P/E (x) 11.44 Company

KSE 100 Index

Symbols

Volume

96 306

12.21 154.49 5.56

59.69

153.99 150.00 153.50 -0.99 61.99

58.80

61.88

2.19

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

35.80

Total Assets (Rs in mn)

9,610.12

MA (10-day)

2.13

Total Equity (Rs in mn)

3,400.99

MA (100-day)

2.26

Revenue (Rs in mn)

2,414.18

MA (200-day)

2.57

Interest Expense

530.45

1st Support

1.95

Profit after Taxation

698.46

2nd Support

1.91

EPS 10 (Rs)

2.328

1st Resistance

2.09

Book value / share (Rs)

11.34

2nd Resistance

2.19

PE 11 E (x)

0.61

Pivot

2.05

PBV (x)

0.18

TELE closed up 0.02 at 2.05. Volume was 61 per cent below average (consolidating) and Bollinger Bands were 20 per cent narrower than normal. The company's profit after taxation stood at Rs251.746 million which translates into an Earning Per Share of Rs0.84 for the 1st quarter of current fiscal year (1QFY11). TELE is currently 19.9 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of TELE at a relatively equal pace. Trend forecasting oscillators are currently bearish on TELE.

Pakistan Reinsurance Co Ltd

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

52.79

Total Assets (Rs in mn)

12,372.62

MA (10-day)

17.81

Total Equity (Rs in mn)

6,785.66

MA (100-day)

15.64

Revenue (Rs in mn)

2,170.95

MA (200-day)

17.06

Interest Expense

1st Support

17.10

Profit after Taxation

2nd Support

16.55

EPS 09 (Rs)

1st Resistance

17.95

Book value / share (Rs)

22.62

2nd Resistance

18.25

PE 10 E (x)

45.47

Pivot

17.40

PBV (x)

0.00 269.91 0.90

0.78

PAKRI closed up 0.81 at 17.58. Volume was 8 per cent below average and Bollinger Bands were 39 per cent wider than normal. The company's profit after taxation stood at Rs88.468 million which translates into an Earning Per Share of Rs0.29 for the nine months of current calendar year (9MCY10). PAKRI is currently 3.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into PAKRI (mildly bullish). Trend forecasting oscillators are currently bullish on PAKRI.

BOOK CLOSURES Company

From

Mubarak Tex Mills # Husein Industries First Cap Mutual Fund # Shaheen Insurance Redeo Textiles # United Distributors # (TFC) Saudi Pak Leasing Dewan Farooque Motors # (TFC) Allied Bank (TFC) Pakarab Fertilizers Int. Ind (Consolidated) Ideal Energy # Olympia Spng. Weaving Mills # Millat Tractors Shadman Cotton Mills Mehran Sugar Mills Frontier Ceramics Int. Industries # Pakistan Oilfields Attock Petroleum Pakistan Petroleum

05-Feb 06-Feb 07-Feb 07-Feb 07-Feb 08-Feb 10-Feb 14-Feb 14-Feb 15-Feb 16-Feb 18-Feb 18-Feb 18-Feb 19-Feb 21-Feb 21-Feb 22-Feb 24-Feb 03-Mar

12-Feb 12-Feb 14-Feb 14-Feb 14-Feb 14-Feb 21-Feb 27-Feb 28-Feb 24-Feb 26-Feb 26-Feb 24-Feb 26-Feb 28-Feb 28-Feb 01-Mar 04-Mar 09-Mar

D/B/R 25 (R) 15 (I) 325 (I) 5 7.5 (I) 100 (I) 115 (I) 50 (I)

Spot AGM/Date 28-Jan 08-Feb 09-Feb 10-Feb 10-Feb 11-Feb 15-Feb 23-Feb

9-Feb 10-Feb 14-Feb 15-Feb 14-Feb 21-Feb 26-Feb 26-Feb 26-Feb 28-Feb 24-Feb -

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols TRG Pakistan Ltd. Murree Brewery Co. Shezan International Lakson Tobacco Shifa Int.Hospitals Eye Television Media Times LtdXR P.I.A.C.(B) P.I.A.C.(A) Pace (Pak) Ltd. Netsol Technologies Pak Telephone

Open 3.01 92.6 185.13 268.99 31.5 19.55 15.71 5 2.34 2.81 24.52 2

High 3.41 94 194.38 275 32 20.54 14.71 6 2.42 2.95 25.74 2.7

Low Close 3 89 180.1 255.55 31.99 19.93 14.71 4 2.26 2.79 24.52 2

3.34 93 193.89 265.07 31.99 20.2 14.71 4 2.3 2.92 25.74 2

Change 0.33 0.4 8.76 -3.92 0.49 0.65 -1 -1 -0.04 0.11 1.22 0

Vol 3811949 1610 56410 921 550 401 745 216 65062 331948 875488 2001

Friday, February 4, 2011

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,099.15 Turnover 1,964,534 P/E (x) 6.03 Paid up Cap(mn)

Company

Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd

Open

37740 12.65 3000 0.61 8606 6175 -

High Low 1,122.28 1,101.65 Total cos Defaulter cos P/BV (x) ROE (%) 0.77 12.84

High

18.68 2.03 2.59 3.50

Low

19.00 2.15 2.74 3.73

18.75 2.01 2.56 3.47

Close Chg 18.97 2.05 2.69 3.55

0.29 0.02 0.10 0.05

Close 1,117.64 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 1135669 230466 598348 234070

20.65 2.67 3.45 4.65

18.19 2.01 2.41 3.35

369

5.95

37.49

37.10

37.45 -0.04

6488

40.00

33.11

279

7.84

68.03

69.00

69.00 0.97

1000

83.00

53.00

10B

Century Insurance

Change 18.49 Market cap 77,337.70 mn Div Yield (%) 10.37

Last 60 days High Low

Atlas Insurance Central Insurance XB

% Change 1.68 5-Day High 1,131.76 5-Day Low 1,099.15

2010 Div BR (%) (%) 17.5 1 -

2011 Div BR (%) (%)

-a

EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Pak Gen Insurance

457

6.27

10.58

10.85

10.00

10.03 -0.55

59816

12.00

9.65

1250

38.83

40.77

38.81

39.98 1.15

6544

47.90

38.50

400

3.27

13.20

13.75

13.75 0.55

2000

15.50

11.01

718 16.78

89.05

91.00

89.00

90.43 1.38

4961

99.88

81.10

20B

59.78

59.80

57.31

59.08 -0.70

9900

61.80

54.39

16.77

17.70

16.85

17.58 0.81

681150

19.40

14.39

250

1.89

7.98 0.06

1700

9.95

5.81

PICIC Ins Ltd

350

8.82

9.00

8.98

9.00 0.18

10000

10.75

2.75

Premier Insurance

303

6.03

10.67

11.50

10.10

11.16 0.49

25683

12.93

9.00

Paid up Cap(mn)

Close 1,324.20 Listed cap 95,369.29 mn Payout (%) 104.13

Change 32.87 Market cap 108,440.56 mn Div Yield (%) 7.20

Open

High

Low

Close Chg

Volume

Last 60 days High Low

Genertech 198 Hub Power 11572 7.05 Japan Power 1560 KESC 7932 Kohinoor Power 126 2.59 Kot Addu Power 8803 5.16 Nishat Chunian Power Ltd 3673 3.66 Nishat Power Ltd 3541 28.66 Sitara Energy Ltd 191 3.23 Southern Electric 1367 -

0.83 37.31 1.56 2.65 4.40 42.00 16.14 17.23 17.25 2.17

0.80 38.60 1.69 2.69 4.45 42.72 16.78 17.90 17.55 2.16

0.67 37.41 1.55 2.65 4.25 41.75 16.26 17.15 17.20 2.07

0.80 -0.03 38.51 1.20 1.59 0.03 2.67 0.02 4.25 -0.15 42.46 0.46 16.70 0.56 17.77 0.54 17.30 0.05 2.14 -0.03

8558 681511 31612 170358 7540 324013 1014879 974169 16750 80766

1.18 41.20 2.15 3.55 5.39 45.85 18.01 18.70 19.35 2.80

Reliance Insurance XB

252

4.05

6.60

6.60 0.00

1000

7.10

6.15

400

2.31

7.50

7.09

6.99

7.05 -0.45

1119

7.80

5.00

LIFE INSURANCE

0.67 33.26 1.50 2.07 3.85 39.00 13.10 14.25 17.20 2.05

2010 Div BR (%) (%) 50 50 20 -

Open 770.15 Turnover 30,398 P/E (x) 5.52

% Change 2.55 5-Day High 1,340.52 5-Day Low 1,291.33 2011 Div BR (%) (%)

7.8R -

Paid up Cap(mn)

Sui North Gas Sui South Gas

High Low 1,617.89 1,538.32 Total cos Defaulter cos P/BV (x) ROE (%) 1.13 11.41

Close 1,608.02 Listed cap 12,202.80 mn Payout (%) 66.79

Paid up Cap(mn)

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 8390

7.97 3.60

26.05 22.89

27.00 24.00

25.75 22.74

26.79 0.74 23.90 1.01

194723 4274823

34.75 25.01

25.71 19.95

% Change 3.57 5-Day High 1,608.02 5-Day Low 1,539.88

2010 Div BR (%) (%) 20 15

2011 Div BR (%) (%)

25B

BANKS Performance of SR Banks Index Open 1,158.35 Turnover 11,673,445 P/E (x) 8.33 Paid up Cap(mn)

Company

Open

Allied Bank Limited 7821 6.99 69.88 Askari Bank 6427 8.26 16.66 Bank Alfalah 13492 14.54 11.15 Bank AL-Habib 7322 7.77 36.89 Bank Of Khyber 5004 5.31 3.90 Bank Of Punjab 5288 8.20 BankIslami Pak 5280 950.00 3.78 Faysal Bank 7327 4.63 13.70 Habib Bank Ltd 10019 7.75 124.71 Habib Metropolitan Bank 8732 7.89 25.98 JS Bank Ltd 8150 2.39 KASB Bank Ltd 9509 1.67 MCB Bank Ltd 7602 10.16 224.06 Meezan Bank 6983 10.03 18.55 Mybank Ltd 5304 2.70 National Bank 13455 6.75 76.31 NIB Bank 40437 2.71 Samba Bank 14335 1.80 Silkbank Ltd 26716 2.50 Soneri Bank 6023 6.97 Stand Chart Bank 38716 11.29 7.54 Summit Bank Ltd XR 7251 3.41 United Bank Ltd 12242 7.86 65.34

High

High Low Close 1,182.96 1,153.54 1,174.82 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.16 13.94 40.49 Low

Close Chg

73.37 70.00 71.97 2.09 17.48 16.66 17.34 0.68 11.38 11.20 11.34 0.19 37.05 36.00 36.04 -0.85 4.00 3.93 3.98 0.08 8.35 7.98 8.13 -0.07 3.90 3.66 3.80 0.02 14.35 13.70 14.34 0.64 125.90 123.80 124.03 -0.68 25.97 25.80 25.81 -0.17 2.50 2.35 2.48 0.09 1.74 1.62 1.70 0.03 229.75 224.05 229.10 5.04 19.00 18.90 18.96 0.41 2.70 2.52 2.65 -0.05 77.42 76.32 77.25 0.94 2.79 2.68 2.75 0.04 1.86 1.75 1.85 0.05 2.55 2.50 2.54 0.04 7.00 6.80 6.99 0.02 7.50 7.22 7.34 -0.20 3.51 3.39 3.40 -0.01 67.10 65.20 66.88 1.54

Volume

Change 16.47 Market cap 708,872.29 mn Div Yield (%) 4.86

Last 60 days High Low

150686 74.00 624112 19.25 649233 11.99 1253750 39.49 30091 4.70 3792244 10.59 8724 4.50 156140 17.10 119391 128.97 2566 29.28 148257 3.00 200764 2.80 540318 250.48 31230 20.30 313000 3.40 1673326 80.61 325272 3.35 14010 2.17 640581 3.05 45899 8.48 630 9.04 160961 4.63 953220 70.65

55.12 15.18 9.48 31.50 3.62 7.98 3.00 13.55 101.79 19.71 2.30 1.49 199.00 14.52 1.90 64.16 2.60 1.70 2.48 6.80 6.40 2.70 56.01

% Change 1.42 5-Day High 1,201.36 5-Day Low 1,158.35

2010 Div BR (%) (%)

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 762.70 Turnover 1,336,806 P/E (x) 12.79 Paid up Cap(mn)

Company Adamjee Insurance

1237 26.15

Open 87.52

High 91.20

High Low 790.53 759.64 Total cos Defaulter cos P/BV (x) ROE (%) 0.66 5.20 Low 87.10

Close Chg 90.23 2.71

Close 782.20 Listed cap 11,111.34 mn Payout (%) 79.54

Volume 525397

Change 19.50 Market cap 48,124.93 mn Div Yield (%) 6.22

Last 60 days High Low 96.40

69.51

% Change 2.56 5-Day High 803.40 5-Day Low 762.70

2010 Div BR (%) (%) 10

2011 Div BR (%) (%)

Change 2.37 Market cap 9,079.36 mn Div Yield (%) 4.12

% Change 0.31 5-Day High 816.00 5-Day Low 770.15

High

Low

Close Chg

Volume

Last 60 days High Low

EFU Life Assurance

850 36.36

64.05

64.50

62.68

64.00 -0.05

30252

86.95

62.68

New Jub Life Insurance

627 28.55

41.88

43.95

40.51

42.54 0.66

145

49.31

40.00

2010 Div BR (%) (%)

2011 Div BR (%) (%)

FINANCIAL SERVICES Performance of SR Financial Services Index Open 386.51 Turnover 6,028,493 P/E (x) 11.75 Paid up Cap(mn)

AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Equities Escorts Bank IGI Investment Bank Invest and Fin Sec Invest Bank Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Pervez Ahmed Sec Stand Chart Leasing Trust Brokerage

High Low 416.07 382.83 Total cos Defaulter cos P/BV (x) ROE (%) 0.25 0.91

Open

High

Low

225 1.50 360 4.01 450 13.08 3750 4.72 250 441 2121 14.13 600 787.00 2849 3166 626 0.60 7633 508 500 7.04 1000 28.29 1000 775 978 5.02 100 -

0.60 19.35 24.99 24.50 1.96 2.10 2.29 7.90 0.66 3.10 1.70 10.66 3.62 25.52 6.55 4.01 1.86 2.64 3.89

0.77 20.35 25.80 25.72 1.98 2.99 2.69 7.87 0.68 3.25 1.69 11.66 3.83 26.74 6.89 4.25 1.95 2.67 3.89

0.60 18.99 25.00 24.59 1.75 2.10 2.26 7.87 0.62 3.00 1.60 10.54 3.60 25.00 6.51 4.00 1.85 2.40 3.89

Close Chg 0.66 20.35 25.63 25.70 1.78 2.69 2.26 7.87 0.65 3.07 1.68 11.52 3.75 26.20 6.79 4.12 1.91 2.41 3.89

0.06 1.00 0.64 1.20 -0.18 0.59 -0.03 -0.03 -0.01 -0.03 -0.02 0.86 0.13 0.68 0.24 0.11 0.05 -0.23 0.00

Close 407.46 Listed cap 30,336.44 mn Payout (%) 99.56

Volume 6822 28234 97356 3470562 51640 6303 388 159 27152 55113 51207 5068925 234051 47592 238115 16023 89261 9617 500

Change 20.95 Market cap 18,835.19 mn Div Yield (%) 3.61

% Change 5.42 5-Day High 415.21 5-Day Low 386.51

Last 60 days High Low

2010 Div BR (%) (%)

0.95 22.40 28.00 30.20 2.75 3.80 3.90 8.98 1.09 3.96 2.14 14.05 4.78 32.37 7.59 5.43 2.69 3.00 4.00

30 11.5 10 -

0.33 16.05 24.53 23.26 1.28 1.90 2.15 6.22 0.50 2.95 1.05 9.84 3.51 25.00 5.95 3.86 1.85 2.26 1.42

2011 Div BR (%) (%)

20B 20B 10B -

EQUITY INVESTMENT INSTRUMENTS

2011 Div BR (%) (%)

20 - 20B - 66R 55 -63.46R 10 -

Close 772.52 Listed cap 2,290.72 mn Payout (%) 355.53

Open

Company

Change 55.38 Market cap 34,761.87 mn Div Yield (%) 6.74

High Low 783.10 752.52 Total cos Defaulter cos P/BV (x) ROE (%) 3.32 3.85

Company

GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index

Company

7.20

Performance of SR Life Insurance Index

High Low 1,329.04 1,289.70 Total cos Defaulter cos P/BV (x) ROE (%) 1.35 9.35

Open 1,552.64 Turnover 4,469,546 P/E (x) 9.90

8.00

United Insurance XB

Performance of SR Electricity Index

Company

7.92

ADAMS FPJM JOPP MSOT IDEN CSMD FZTM STPL PAKD HUSS SING BWHL AGIC PNSC RMPL TOWL FNEL HMIM PGCL PRET MWMP LPGL BTL CHAS SIEM CJPL FIBLM PSEL ADOS FANM FECM FRSM RCML SPLC FCONM KOSM ATLH ULEVER YOUW SGML ALTN BATA FECS FHBM TSPL INKL MUKT PCAL PECO BUXL HUSI DIIL GTYR GVGL SALT STCL UVIC BAFS DNCC GAIL JDMT MTIL MUCL PAKT SHNI SIBL AASM ADMM AKDCL

791 15.92 3000 45.08

ELECTRICITY Open 1,291.33 Turnover 3,310,249 P/E (x) 14.45

UPTO 100 VOLUME Symbols

Performance of SR Equity Investment Instruments Index Open 1,363.20 Turnover 4,128,094 P/E (x) 21.29 Paid up Cap(mn)

Company

1st Fid Leasing AL-Meezan Mutual F. Atlas Fund of Funds B R R Guardian Mod. Crescent St Modaraba Equity Modaraba First Dawood Mutual F. Golden Arrow Habib Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund Mod Al-Mali NAMCO Balanced Fund Nat Bank Modaraba Pak Modaraba Paramount Modaraba PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Safeway Mutual Fund Stand Chart Modaraba Tri-Star 1st Modaraba Tri-Star Mutual U D L Modaraba

264 1375 525 780 200 524 581 760 1008 3180 1186 283 1200 184 1000 250 125 59 1000 2835 2841 872 545 454 212 50 264

10.44 8.33 1.94 3.41 1.60 12.00 0.60 2.36 6.04 69.00 1.37 2.13 2.41 13.40 6.22 5.56 5.40 6.88 2.12 8.97 7.10 2.27 7.89 4.77 3.81 1.74

Open 1.50 9.45 4.72 1.48 0.64 1.88 1.91 3.10 7.00 5.45 5.94 2.10 8.10 1.30 4.17 6.06 1.00 8.80 6.79 13.56 6.10 1.00 7.90 9.51 1.45 0.90 6.11

High Low 1,417.17 1,349.45 Total cos Defaulter cos P/BV (x) ROE (%) 0.47 2.21

High 1.75 10.09 4.80 1.54 0.70 2.20 2.18 3.30 7.01 5.69 6.10 3.00 8.61 1.50 4.00 6.25 1.18 8.80 7.40 14.01 6.39 1.00 7.89 9.73 1.15 1.79 6.15

Low 1.38 9.01 4.70 1.42 0.52 1.80 1.91 3.15 7.00 5.41 5.20 2.21 8.10 1.30 3.95 6.00 1.00 8.80 6.74 13.46 6.00 1.00 7.10 9.73 0.70 1.00 6.12

Close Chg 1.67 10.00 4.80 1.50 0.64 1.92 1.91 3.30 7.01 5.52 5.69 2.90 8.40 1.34 3.98 6.01 1.08 8.80 7.30 14.00 6.25 1.00 7.89 9.73 0.81 1.37 6.12

0.17 0.55 0.08 0.02 0.00 0.04 0.00 0.20 0.01 0.07 -0.25 0.80 0.30 0.04 -0.19 -0.05 0.08 0.00 0.51 0.44 0.15 0.00 -0.01 0.22 -0.64 0.47 0.01

Close 1,390.96 Listed cap 29,771.58 mn Payout (%) 104.74

Change 27.77 Market cap 18,881.20 mn Div Yield (%) 7.64

Last 60 days High Low

Volume 440 652537 13020 1874 1502 54597 7011 109652 1064 160234 651391 58001 641701 6584 1232000 500 1506 632 128889 169756 229943 501 505 1000 1599 508 1000

2.00 10.09 5.47 2.79 0.87 2.98 2.39 3.60 7.30 6.10 6.20 3.50 8.61 2.50 4.24 7.74 2.00 9.30 7.80 15.06 7.14 1.20 9.00 10.29 2.75 2.00 6.55

1.18 6.15 3.11 1.20 0.16 1.06 1.61 2.56 6.00 2.90 2.76 1.26 5.15 0.90 2.71 4.50 0.46 7.57 5.31 8.40 3.91 0.81 5.01 8.51 0.70 0.60 5.30

18.5 2.2 0 1.2 17 21 5 10 2.8 15.5 15 10 3 18 10 20 10 3 18.2 17 12.5

Symbols

High 15.35 1.40 12.00 18.50 15.25 6.01 425.00 9.45 79.45 11.30 19.00 31.99 10.98 36.00 2350.00 11.00 6.81 0.90 23.81 30.27 1.37 13.89 61.50 10.23 1085.00 1.19 2.72 171.00 15.99 3.35 2.80 17.60 43.00 0.69 1.99 1.40 134.99 4460.00 1.57 5.84 10.85 629.00 34.13 8.14 0.95 9.00 0.49 54.50 146.00 11.80 6.09 12.94 23.95 26.00 68.49 8.55 2.81 59.80 2.30 5.00 15.49 0.65 11.50 113.98 10.99 4.10 26.00 22.00 44.99

Low

15.35 1.40 12.00 18.50 14.99 6.00 410.00 8.75 78.18 11.00 19.00 31.99 10.70 34.56 2300.00 10.98 6.79 0.87 23.76 30.23 1.22 12.61 58.02 9.69 1080.00 0.81 1.51 170.99 15.99 3.35 2.80 17.60 43.00 0.69 1.02 0.80 133.25 4327.03 1.25 4.64 10.00 625.00 32.01 7.98 0.81 9.00 0.29 54.50 142.00 10.70 5.00 12.90 22.91 24.70 62.22 7.60 2.81 54.12 1.76 4.35 14.99 0.25 11.50 110.01 10.99 3.35 25.75 22.00 44.99

15.35 1.40 12.00 18.50 14.99 6.01 423.08 9.00 79.45 11.29 19.00 31.99 10.70 35.05 2349.42 10.98 6.81 0.87 23.79 30.25 1.37 13.81 58.02 9.69 1082.05 1.10 1.51 171.00 15.99 3.35 2.80 17.60 43.00 0.69 1.26 1.10 134.99 4350.05 1.30 4.80 10.85 629.00 32.01 7.98 0.95 9.00 0.48 54.50 146.00 10.70 6.09 12.91 23.00 26.00 68.40 8.55 2.81 56.96 2.03 4.68 14.99 0.45 11.50 113.98 10.99 3.35 26.00 22.00 44.99

Change

Vol

-0.05 -0.05 -0.79 -0.56 -0.01 -0.78 3.08 0.00 1.29 0.99 0.35 0.57 0.60 -0.02 -28.58 0.98 0.98 0.07 -1.21 -1.55 0.02 0.24 -1.96 0.46 -2.95 0.08 -0.29 -8.98 0.43 0.05 -0.15 0.20 0.15 0.00 0.09 0.24 1.26 5.05 0.14 -0.07 -0.04 0.00 -0.50 0.47 0.02 0.10 0.11 0.01 2.00 -0.79 0.42 0.97 -0.10 0.00 2.91 0.45 0.00 0.00 0.07 0.18 0.24 -0.07 -1.00 -0.51 0.80 -0.12 -1.09 -0.05 1.10

100 100 100 100 80 69 56 56 51 50 50 42 41 26 23 22 21 20 20 20 17 16 15 15 15 13 11 11 10 10 10 10 10 10 9 9 8 8 8 7 6 6 6 6 6 5 5 5 5 4 4 3 3 3 3 3 3 2 2 2 2 2 2 2 2 2 1 1 1

Open

High

Low

Change

Vol

FFBL-FEB

40.55

41.75

40.42

41.64

1.09

848000

POL-FEB

325.70

331.80

325.50

330.71

5.01

677500

FFC-FEB

148.93

152.20

148.51

151.56

2.63

652000

28.64

29.70

28.62

29.55

0.91

570000

ENGRO-FEB 215.76

220.70

215.70

219.76

4.00

DGKC-FEB

2011 Div BR (%) (%)

15.40 1.45 12.79 19.06 15.00 6.79 420.00 9.00 78.16 10.30 18.65 31.42 10.10 35.07 2378.00 10.00 5.83 0.80 25.00 31.80 1.35 13.57 59.98 9.23 1085.00 1.02 1.80 179.98 15.56 3.30 2.95 17.40 42.85 0.69 1.17 0.86 133.73 4345.00 1.16 4.87 10.89 629.00 32.51 7.51 0.93 8.90 0.37 54.49 144.00 11.49 5.67 11.94 23.10 26.00 65.49 8.10 2.81 56.96 1.96 4.50 14.75 0.52 12.50 114.49 10.19 3.47 27.09 22.05 43.89

FUTURE CONTRACTS

% Change 2.04 5-Day High 1,400.58 5-Day Low 1,363.04

2010 Div BR (%) (%)

Open

474000

ANL-FEB

10.84

11.44

10.61

11.36

0.52

436000

NBP-FEB

76.91

78.00

76.78

77.80

0.89

388000

NML-FEB

65.20

67.39

64.99

67.05

1.85

312000

PSO-FEB

284.73

290.50

282.50

289.68

4.95

218500

MCB-FEB

225.54

231.49

225.00

230.74

5.20

148500

PTC-FEB

18.65

19.15

18.75

19.11

0.46

114000

BOP-FEB

8.20

8.45

8.04

8.12

-0.08

111500

LUCK-FEB

70.14

72.35

71.00

72.12

1.98

80500

AICL-FEB

88.25

91.90

88.00

91.20

2.95

76000

PPL-FEB

211.08

214.29

210.12

213.83

2.75

56000

UBL-FEB

65.55

67.15

65.55

67.07

1.52

55500

NETSOL-FEB 24.58

25.80

25.00

25.71

1.13

43500

OGDC-FEB

172.28

173.20

172.00

172.97

0.69

17500

NCL-FEB

23.72

24.70

24.25

24.65

0.93

14500

HUBC-FEB

37.52

38.75

38.70

38.73

1.21

4500

ZERO VOLUME Symbols

Open

High

Low

Change

Vol

ACCM

0.99

0.94

-0.05

0.00

ALICO

17.05

17.50

0.45

0.00

BAWS

5.00

5.05

0.05

0.00

DWTM

9.00

8.99

-0.01

0.00

EXIDE

199.59

197.49

-2.10

0.00

FIMM

63.25

62.99

-0.26

0.00

FZCM

63.00

62.50

-0.50

0.00

HWQS

20.62

19.59

-1.03

0.00

ISTM

8.60

8.50

-0.10

JVDC

58.99

58.98

-0.01

0.00

KML

2.80

2.70

-0.10

0.00

BOARD MEETINGS

Fauji Fertiliser Bin Qasim Ltd

KSE 100 INDEX

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

55.48

Support 1

12,273.30

MA (5-day)

12,339.38

Support 2

12,187.60

MA (10-day)

12,391.55

Resistance 1

12,413.85

MA (100-day)

11,175.97

Resistance 2

12,468.65

MA (200-day)

10,566.71

Pivot

12,328.10

KSE 100 INDEX closed up 116.67 points at 12,359.06. Volume was 5 per cent above average and Bollinger Bands were 37 per cent narrower than normal. As far as resistance level is concern, the market will see major 1st resistance level at 12,413.85 and 2nd resistance level at 12,468.65, while Index will continue to find its 1st support level at 12,273.30 and 2nd support level at 12,187.60. KSE 100 INDEX is currently 17.0 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are currently bearish on INDEX.

Brokerage House

Fair Value 77

AKD Securities Ltd

71.45

TFD Research

78.6

Technical Analysis 53.15 66.07 57.04 52.60

Brokerage House

Rs Recommendations

145

Reduce

AKD Securities Ltd

229.9

Accumulate

139.5

Neutral

TFD Research

245.4

Positive

44.25

Neutral

TFD Research

Technical Outlook Free Float Shares (mn) 326.94 Free Float Rs (mn) 13,525.45 ** NOI Rs (mn) 75.64 Mean 40.83

* Target price for Jun-11 & **Net Open Interest in future market

Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)

* Target price for Jun-11 & **Net Open Interest in future market

Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)

Leverage Position

67.12 213.28 187.91 186.28

Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean

147.48 32,242.42 177.19 216.77

* Target price for Jun-11 & **Net Open Interest in future market

displaying an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is high as compared to the average is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect mod- volatility over the last 10 trading sessions. Volume indicators reflect mod- volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into FFBL (mildly bullish). Trend forecasting oscilla- erate flows of volume into FFC (mildly bullish). Trend forecasting oscilla- erate flows of volume into ENGRO (mildly bullish). Trend forecasting osciltors are currently bullish on FFBL.

Brokerage House

tors are currently bullish on FFC.

Fair Value

Rs Recommendations

lators are currently bullish on ENGRO.

Pakistan Telecommunication Co Ltd

National Bank of Pakistan

Brokerage House

Fair Value

Rs Recommendations

Buy

*Invest Cap

52.4

Sell

*Invest Cap

AKD Securities Ltd

38.14

Buy

AKD Securities Ltd

75.5

Neutral

AKD Securities Ltd

TFD Research

36.55

Positive

TFD Research

92.3

Positive

TFD Research

Positive

Technical Outlook

* Target price for Jun-11 & **Net Open Interest in future market

373.19 56,471.09 295.17 149.85

FFBL is currently 33.4 per cent above its 200-day moving average and is FFC is currently 33.5 per cent above its 200-day moving average and is ENGRO is currently 17.4 per cent above its 200-day moving average and

Accumulate

175.80 11,734.64 66.27 65.83

Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean

Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)

46.77 29.42 28.16 26.83

200.80 5,907.67 34.63 28.97

* Target price for Jun-11 & **Net Open Interest in future market

Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)

55.91 77.13 69.35 68.33

Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean

Rs Recommendations

Buy

23.91

Buy

25.8

Positive

Technical Outlook

Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean

Fair Value

318.50 24,603.96 117.86 76.83

* Target price for Jun-11 & **Net Open Interest in future market

Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)

44.29 19.07 19.18 19.28

Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean

585.02 11,097.90 7.09 18.85

* Target price for Jun-11 & **Net Open Interest in future market

NML closed up 1.98 at 66.75. Volume was 62 per cent below average DGKC closed up 0.95 at 29.42. Volume was 67 per cent below average NBP closed up 0.94 at 77.25. Volume was 61 per cent below average (con- PTC closed up 0.29 at 18.97. Volume was 45 per cent below average and (consolidating) and Bollinger Bands were 9 per cent narrower than normal. (consolidating) and Bollinger Bands were 16 per cent narrower than normal. solidating) and Bollinger Bands were 48 per cent narrower than normal.

Bollinger Bands were 47 per cent wider than normal.

NML is currently 26.9 per cent above its 200-day moving average and is DGKC is currently 9.6 per cent above its 200-day moving average and is NBP is currently 13.0 per cent above its 200-day moving average and is PTC is currently 1.6 per cent below its 200-day moving average and is disdisplaying a downward trend. Volatility is low as compared to the average displaying a downward trend. Volatility is relatively normal as compared to displaying a downward trend. Volatility is extremely low when compared to playing a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NML at a relatively equal pace. Trend forecasting reflect moderate flows of volume into DGKC (mildly bullish). Trend fore- reflect volume flowing into and out of NBP at a relatively equal pace. Trend flowing into and out of PTC at a relatively equal pace. Trend forecasting oscillators are currently bearish on NML.

casting oscillators are currently bearish on DGKC.

forecasting oscillators are currently bearish on NBP.

oscillators are currently bearish on PTC.

Date

Time

BankIslami Pakistan Ltd Habib ADM Limited Engro Polymer Ltd Tandlianwala Sugar Mills Pakistan Int Con Ter Ltd Zeal-Pak Cement Ltd Ansari Sugar Mills Ltd NI(U)T Fund NIT Govt. Bond Fund NIT Income Fund Cherat Papersack Ltd Pakistan State Oil Co. Ltd NetSol Technologies Ltd Mubarak Textile Mills Ltd Shifa Int Hospital Ltd. MCB Bank Limited IGI Investment Bank Sanofi Aventis Pak Ltd Tri-Pack Films Ltd Unilever Pakistan Limited

07-Feb 07-Feb 07-Feb 07-Feb 07-Feb 07-Feb 07-Feb 08-Feb 08-Feb 08-Feb 09-Feb 09-Feb 09-Feb 09-Feb 09-Feb 10-Feb 10-Feb 11-Feb 12-Feb 14-Feb

4:00 10:30 9:30 5:00 12:00 3:00 10:00 12:00 12:00 12:00 3:00 10:00 12:00 3:00 10:00 10:30 2:00 3:30 11:00 2:30

TECHNICAL LEVELS Company

FFBL closed up 1.14 at 41.37. Volume was 15 per cent above average and FFC closed up 3.05 at 151.32. Volume was 46 per cent above average and ENGRO closed up 4.22 at 218.62. Volume was 12 per cent above average Bollinger Bands were 18 per cent wider than normal. Bollinger Bands were 130 per cent wider than normal. and Bollinger Bands were 11 per cent wider than normal.

*Invest Cap

Leverage Position

65.35 152.16 118.58 113.35

Hold

Technical Outlook

Leverage Position

210

Rs Recommendations

*Invest Cap

TFD Research

Buy

Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean

Fair Value

Hold

AKD Securities Ltd

60.97 41.22 33.70 31.02

Brokerage House

149

Accumulate

RSI (14-day) MA (10-day) MA (100-day) MA (200-day)

Rs Recommendations

*Invest Cap

45.52

Technical Analysis

Fair Value

Hold

AKD Securities Ltd

Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day)

Rs Recommendations

Dera Ghazi Khan Cement Co Ltd

Nishat Mills Ltd

*Invest Cap

Fair Value

*Invest Cap

Engro Corporation

Fauji Fertiliser Co

Company

Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Corp Arif Habib Limited Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power K.E.S.C Lotte Pakistan Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele

RSI 1st 2nd (14-day) Support 42.02 2.90 2.85 57.35 70.20 68.40 12.30 51.55 50.85 46.78 24.95 24.20 44.66 25.15 24.70 48.94 87.80 85.40 44.57 16.85 16.35 54.52 10.85 10.45 61.79 376.05 369.50 37.54 118.30 115.05 52.64 11.25 11.15 48.66 3.70 3.55 22.30 7.95 7.80 42.81 1.90 1.80 46.77 28.80 28.15 50.93 2.80 2.65 39.29 2.50 2.45 38.46 38.95 37.90 25.52 62.95 61.90 67.12 215.65 212.65 41.06 13.90 13.50 36.51 4.60 4.55 60.97 40.60 39.85 65.35 148.95 146.60 55.17 123.25 122.50 51.63 37.75 37.00 44.60 139.95 136.05 61.58 289.35 288.75 42.36 3.65 3.50 41.97 1.55 1.45 50.08 2.40 2.30 44.21 10.80 10.10 46.49 41.90 41.35 41.16 2.60 2.55 63.15 15.60 15.25 41.90 70.60 69.65 50.03 225.50 221.95 33.14 2.55 2.50 55.91 76.60 75.90 61.29 24.00 23.40 65.73 24.90 24.10 39.50 2.70 2.65 54.10 1.90 1.80 53.15 65.35 64.00 52.27 172.25 171.70 49.07 2.85 2.75 40.71 1.85 1.80 43.25 2.25 2.15 48.59 6.60 6.40 63.18 326.55 323.00 45.97 210.20 207.65 41.08 64.35 62.55 40.61 282.80 278.00 44.29 18.80 18.65 57.90 208.85 203.15 43.53 26.00 25.25 43.52 13.05 12.90 65.34 23.10 22.30 35.80 2.00 1.95 48.51 3.10 2.85 49.61 65.70 64.50 45.96 2.60 2.50

1st 2nd Resistance 3.05 3.10 73.55 75.15 52.95 53.60 26.10 26.45 25.95 26.30 91.90 93.60 17.65 18.00 11.55 11.80 388.05 393.50 123.75 125.95 11.40 11.50 3.90 4.05 8.30 8.50 2.10 2.20 29.80 30.15 3.10 3.20 2.60 2.65 40.90 41.80 64.80 65.55 220.55 222.50 14.55 14.80 4.80 4.85 41.80 42.20 152.75 154.15 125.35 126.70 38.95 39.35 145.90 147.95 291.25 292.50 3.85 3.95 1.65 1.75 2.55 2.60 11.95 12.35 42.85 43.30 2.70 2.75 16.20 16.45 72.10 72.65 231.20 233.35 2.65 2.70 77.70 78.10 24.90 25.30 26.15 26.55 2.80 2.85 2.00 2.05 67.55 68.35 173.45 174.10 3.00 3.05 1.95 2.00 2.40 2.50 6.95 7.10 332.40 334.70 214.15 215.55 67.25 68.30 290.70 293.80 19.05 19.15 217.40 220.25 27.25 27.75 13.30 13.40 24.35 24.80 2.15 2.20 3.50 3.65 67.60 68.30 2.75 2.85

Pivot 2.95 71.80 52.20 25.35 25.50 89.50 17.15 11.10 381.50 120.50 11.30 3.80 8.15 2.00 29.15 2.95 2.55 39.85 63.75 217.55 14.15 4.70 41.05 150.40 124.60 38.15 142.00 290.65 3.75 1.60 2.45 11.25 42.30 2.65 15.85 71.15 227.65 2.60 77.00 24.35 25.35 2.75 1.90 66.20 172.90 2.90 1.90 2.35 6.75 328.85 211.60 65.45 285.90 18.90 211.70 26.50 13.15 23.55 2.05 3.25 66.40 2.65

Friday, February 4, 2011

Deutsche tops Goldman in banker pay table

HSBC says important to boost UK banking competition SBP 1Q Report

Real GDP in FY11 figured at 2-3pc Staff Reporter

NEW YORK: A Morgan Stanley billboard is displayed in Times Square.-Reuters SBP tells banks/DFIs to waive loans predating Dec 31, 2009 in KP, Fata

Debt off Northern borrowers’ shoulders Staff Reporter KARACHI: State Bank of Pakistan has announced a procedure for reimbursement of write off of loans outstanding as of December 31, 2009 against the borrowers of Malakand, Swat, Buner and Chitral districts under the Prime Minister Fiscal Relief Package to rehabilitate economic life in Khyber-Pakhtunkhwa, Federally and Provincially Administered Tribal Areas. According to a circular, issued here, Ministry of Finance has released the budgetary allocation for this purpose. Banks, Development Finance Institutions (DFIs) and Microfinance Banks (MFBs) shall write off the entire loans outstanding as of December 31, 2009 of the borrowers of Malakand, Swat, Buner and

Chitral districts, the Circular added. The Circular said loans booked in above-mentioned areas and also booked outside the Malakand, Swat, Buner and Chitral on behalf of businesses operating / located in these districts shall also qualify. Only principal amount of outstanding loans, as of December 31, 2009 shall qualify for subsidy. However, the Circular said that loans disbursed on or after January 1, 2010 shall not qualify for said relief and the amount of overdue/ outstanding markup shall also not qualify for said subsidy. The Circular said banks, DFIs and MFBs shall bear the cost of such write-offs to the extent of amount held into provision against NPLs and interest in suspense account, while the rest

of the cost will be paid by the Government of Pakistan as subsidy. However, it said that the amount reimbursed by SBPBSC (Bank), Peshawar shall be subject to on-site inspection by SBP's Inspection Department and if any amount claimed found ineligible, the same shall be required to be refunded by the concerned institutions along-with a fine of 25 per cent of amount reimbursed. "For smooth and timely implementation of the relief package, Banks, DFIs and MFBs are advised to stop recovery & accrual of mark-up of all such outstanding loans immediately and make all out efforts to publicize the Scheme through advertisements, banners and direct contact with the concerned borrowers," the Circular said.

SCB installs new global mkts chief KARACHI: Standard Chartered Bank (Pakistan) Limited announced the appointment of Dr Naim Abdullah as the Head of Global Markets. Dr Naim Abdullah replaced Tariq Mushtaq Chaudhry who has been moved to Standard Chartered regional office in Dubai to take on his new assignment. In his new role, Dr Abdullah will be responsible for the strategy, development and management of the Bank's Global Market business in Pakistan. Mohsin Nathani, Chief Executive of Standard Chartered said, "Dr Abdullah's appointment highlights Standard Chartered's continued

commitment to the Global Markets business and serving the needs of our client base in the country. His appointment will drive and grow our Global Markets capabilities." Dr Abdullah joined the Bank from the Royal Bank of Scotland, previously ABN AMRO, in Pakistan, and has more than 15 years of experience in the banking and finance industry. He brings a wealth of knowledge having been Head of Markets for the last 10 years, responsible for all Global Markets related Sales and Trading activity in Interest Rates and Foreign Exchange. Prior to that Dr Abdullah spent

4 years in Strategic Business development and 2 years as Head of Sales and Assistant Treasurer for ABN AMRO. Commenting on his appointment, Dr Abdullah said, "Standard Chartered is the largest international bank in Pakistan. This is a unique opportunity for me to be part of this vibrant financial institution and I look forward to working closely with the team to further strengthen our position in the industry". Global Markets in Pakistan comprise of Financial Markets sales and trading, Capital Markets, Project and Export Finance and Structured Trade Finance business streams.-NNI

HSBC strikes again KARACHI: Pan-regional presence and a well-established footprint in the Middle East clinched three awards for HSBC's Payments and Cash Management (PCM) division recently, underlining the bank's commitment to delivering internationally best-in-class solutions to governments, multinationals and corporations in the region, a hand out issued here revealed. It said, for the awards, HSBC's PCM team submitted case studies to the judging panel which clearly demonstrated how working closely with treasurers and CFOs around the region has enabled them to deliver improved cash

flow and working capital efficiency for regional customers through HSBC systems. The MENA PCM team closed its first cross border cash concentration deal in 2010, for a customer operating in Kuwait, Jordan and Egypt. In the UAE, one large corporation implemented a full electronic payments platform, which then led to further projects including Group Payroll, Post-Dated Cheque (PDC) Warehousing, Cash Collections, Electronic Payments, Automated reconciliation, Receivables Finance and Cash Forecasting. "Our breadth of reach and depth of expertise in the Middle East give our cus-

tomers confidence that our solutions will deliver best-inclass performance and functionality, resulting in a reduction of risk throughout the working capital cycle by improving payments and collection processes, and providing global visibility and ready access to liquid funds," commented Natasha Patel, Head of PCM, HSBC MENA. "Furthermore, we have been able to leverage HSBC's long history in the region to develop close working ties with many of the regional regulators, who are proactively looking for best-practice solutions to develop their own cash management needs," added Patel.

Luxembourg IFSB moot set for May Shabbir Kazmi

KARACHI: Islamic Financial Services Board (IFSB) is organising the 8th Islamic Financial Services Board Summit 2011, with the theme of Enhancing Global Financial Stability: Challenges and Opportunities for Islamic Finance on May 10-13, 2011 in Luxembourg. The summit will discuss the key challenges and opportunities identified for the Islamic financial services industry in enhancing global financial stability. The two-day Summit aims at bringing together an experienced international group of chairpersons and speakers, with a projected audience of over 200 delegates from all sectors of the financial services industry across the globe. Among the topics that will be discussed at the Summit are: 1) International Developments in Regulatory Landscape: Implications for Islamic Finance; 2) Financial Stability: Regional and Global Cooperation; 3) Developing Capacity Building to Enhance Financial Stability in the Islamic Financial Services Industry and 4) Enhancing Transparency & Market Discipline and Information Environment along with Panel Discussion on Issues in Enhancing Global Financial Stability The IFSB will also be organising three pre-Summit events on May 10-11, 2011, on the topics that include 1)Workshop on Islamic Finance and IFSB Standards for Institutions Offering Islamic Financial Services and Islamic Capital Markets; 2 IFSB Country Showcases and 3) Special Session on Liquidity Management in the Islamic Financial Services Industry.

Arjumand to head FPCCI panel TFD Report

KARACHI: Pakistan's real gross domestic product is likely to grow between 2 and 3 per cent in the current fiscal year (FY11) due to expected better contribution by the services sector, and improvement in the performance by the commodity producing sectors, according to the First Quarterly Report of the State Bank on the State of the Pakistan's Economy which was released here. According to the Report, performance of the commodity producing sectors of the economy is expected to improve in months ahead. However, expectations of a recovery in agriculture will depend crucially on the wheat harvest including increased production from the rain-fed - "barani" - areas, and the livestock sector. Similarly, large-scale manufacturing growth is expected to turn positive again in the months ahead, as strong agriprices support demand, and with the additional capacities coming on-line in some industries including fertiliser, cement and steel, the Report added. SBP Report said that growing macroeconomic imbalances in the economy are still quite manageable but further delay in implementing critical structural adjustments risks significantly increasing the future costs to the economy. The Report pointed out that inflationary pressures have strengthened more than anticipated during the first half of FY11. "A part of this, reflecting post-flood shocks will fade away, as will part of the price rise of sugar, but the fiscal expansion, proposed reduction in energy subsidies, and prospects of rising imported inflation will continue to drive inflationary expectations," the Report said. 'Consequently, SBP estimates for FY11 inflation have been revised upwards from 13.5 per cent to 14.5 per cent to 15.0 per cent to 16.0 per cent', the Report added. The Report said that strong prices encourage farmers to invest in higher yields and support domestic demand.

'Therefore, the only sustainable way to protect low income groups from inflation is by targeted subsidies and the creation of ample employment opportunities', the Report added. 'In contrast to inflation, the current account deficit is likely to deteriorate in H2-FY11. A significantly strong growth in imports is expected to more than offset the gains from rise in exports and workers' remittances. The financing of the CAD will be challenging as inflows under financial accounts are likely to be significantly lower. In this perspective, the continuation of the structural adjustment program of IMF would be helpful in softening the external financial constraints, as well as to enhance the resilience and robustness of the economy', the Report added. SBP Report pointed out that the one bright spot in the economy, ironically helped somewhat by the floods, was the strength of the external sector. "A jump in remittances and aid flows for flood relief, helped by robust growth in exports largely due to sharp increase in the prices of cotton overshadowed the growth in imports, turning the current account for July-December FY11 to a surplus," it added. However, SBP Report said that uncertainty over the extent of damage to private and public infrastructure and the policy response to floods, direct and indirect impacts of supply disruptions, energy shortages and weak consumer & business confidence, took its toll on the domestic economy during the initial months of the fiscal year FY11. SBP Report opined that the fiscal performance remains a source of concern, given the outstanding issues with expenditure management as well as revenue shortfalls. "The implementation of fiscal reforms and elimination of subsidies in the power sector are likely to broaden the tax net and reduce distortions in the economy. While, these reforms will induce cost-push inflationary pressures in the economy, in the short run, but these will help sustain high growth in the long run," the Report added.

Pensioners’ pains alleviated: Hina

ISLAMABAD: State Minister KARACHI: Arjumand Qazi, for Finance Hina Rabbani Khar said government in a bid to facilitate pensioners has made it binding on commercial banks to pay pensions to the ex-public officials. The minister said previously National Bank and Pakistan Post were paying pensions, which made the procedure difficult for pensioners, but today all Member Executive Committee the scheduled banks had been of NBFI & Modaraba asked to do so. Replying to a Calling Association of Pakistan and Chief Executive of SME Attention Notice regarding difLeasing has been appointed ficulties being faced by the penChairperson of FPCCI's sioners, the minister said she Standing Committee on "Small had been told by AGPR that & Medium Enterprises there was no such thing. (SMEs)" for the Year 2011. She said it would facilitate the

pensioners save them from waiting for hours in long queues. Hina asked the members, who raised the Calling Attention Notice to point out the specific case where pension payments got delayed. She said there were institutions where accounts had been departmentalised like Pakistan Mint, and some others, and those which were responsible for paying pensions to their exemployees. She welcomed a proposal to introduce a card like the one being issued under BISP to facilitate pensioners, but said the idea could be considered at a proper forum where.-APP

MFBs/DFIs let claim markup subsidy Staff Reporter KARACHI: The State Bank of Pakistan has advised banks, development finance institutions (DFIs) and microfinance banks (MFBs) to submit claims for second installment of markup rate subsidy with respect to Fiscal Relief Package of the Government of Pakistan for the beneficiaries of eligible sectors other than textiles in Khyber Pakhtunkhwa, Federally, and Provincially Administered Tribal Areas. According to a Circular (SMEFD Circular Letter No 3) issued here the Ministry of Finance has advised to release 2nd installment of the subsidy under the Scheme for the period from 01-07-2010 to 31-12-2010 to the beneficiaries of other eligible sectors. It maybe mentioned here that the State Bank of Pakistan had already advised banks/DFIs to submit their claims for second installment for the beneficiaries of textile sector through a circular on January 15, 2011. According to the Circular, under the modus operandi of the Scheme the rate of markup differential for 2nd installment, for six months ending on 31st December 2010, has been worked out at 5.32 per cent. Banks/DFIs have been advised to submit duly completed claims at SBP-BSC (Bank), Peshawar for reimbursement for the period 01-07-2010 to 31-122010 latest by February 28, 2011. However, MFBs may claim markup rate differential to the extent of 22.5 per cent per annum i.e. differential between 7.5 per cent per annum and Weighted Average Lending Rates of MFBs i.e. 30 per cent per annum or actual rate whichever is lower, the Circular added.

Ericsson’s mobile banking system soon STOCKHOLM: Ericsson will launch mobile phone banking services, it said on Wednesday, hoping to capture a big chunk of a market it estimates will be worth an annual 20 billion euros ($27.7 billion) by 2015. Ericsson, the world's biggest mobile telecom equipment maker, said up to 1 billion people worldwide had mobile phones, but no bank account and would benefit from services such as money transfers. "Different estimates we have done ... indicate that the value of revenues from financial services over mobile channel will be around 20 billion euros in 2015," Semir Mahjoub, Head of Ericsson Money Services, said. "We expect to have a reasonable share of this market." The service will be a rival to traditional money transfer operators like Western Union and MoneyGram initially, but could replace credit cards in the future. Ericsson said mobile payments and person-to-person money transfers are likely to become some of the most-used mobile applications in many countries in the next two or three years. Mahjoub said that Ericsson saw such transactions totalling around 600 billion euros by 2015. While Ericsson has initially partnered with a bank to provide the service in Europe, it hopes its global presence will mean it can sell the service to telecoms operators internationally and connect them in a cross-border system.-Reuters

Friday, February 4, 2011

Oil prices slip back as dollar rises, eyes Egypt Oil price surging on demand, Arab unrest: IEA NEW YORK: Oil prices slipped back on Thursday after the dollar strengthened against the euro on positive US economic data. For the moment, the dip in prices overcame earlier market jitters over the escalating violence in Egypt as pro- and antigovernment supporters clashed in a widening of an unrest that began more than a week ago. By 1545 GMT, Brent crude for March delivery fell 25 cents to $102.09 a barrel, after earlier in the day hitting $103.27, the highest front-month price since Sept. 26, 2008. US crude for March dipped 38 cents to $90.48, off its early high of $92.05. Stronger-than-expected demand from rebounding economies and concern over unrest in Arab countries have pushed oil prices above $100 a barrel, the International Energy Agency told the US Congress on Thursday. Claims that speculators were behind the 25 per cent rise in

Tokyo rubber hits record high BANGKOK: Tokyo rubber futures hit another record high on Thursday on the back of firm oil prices, tight supply and a pause in the yen's rise, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for July delivery rose 17.7 yen, or 3.7 per cent, to settle at 489.9 yen ($5.99) per kg. It rose as high as 490.2 yen, the highest ever. "The TOCOM price should rise further after Chinese businessmen get back to work after the Chinese New Year holiday as demand from China should remain strong," one dealers said. China is the world's biggest rubber consumer. US crude rose for a second day on Thursday after violent clashes in Egypt raised the prospect of further unrest across the Middle East. TOCOM rubber futures were forecast to stay near record high levels over the next two months, according to a Reuters poll. Physical rubber prices were also offered at record high levels on Thursday, with Thai RSS3 quoted at $5.90 per kg. -Reuters

the oil price since September are not valid, IEA Deputy Executive Director Richard Jones told the Senate Energy and Natural Resources Committee at a hearing on the oil market. Senator Ron Wyden of Oregon said he disagreed with IEA's narrow assessment of the cause of the rise in oil prices.

"I'm just concerned your approach gives short shrift to the possibility of speculation in the financial markets," Wyden told Jones at the Senate hearing. He said a variety of factors affect prices and Congress should be looking at the speculative component of energy prices. Jones said oil prices have shot up over the last week in particu-

lar because of concerns that the protests in Egypt may lead to a disruption of oil shipments through the Suez Canal and that protests may spread to other oil producing countries in the region. But he warned global growth could slow if oil prices stay high. Meanwhile, the US Energy Department's analytical arm said oil prices could go even higher. There is a one in three chance that oil will be above $110 a barrel at the end of 2011, US E n e r g y Information Administration head Richard Newell told the committee. EIA has officially forecast that oil will average $93 a barrel in 2011, but Newell said oil price forecasts are subject to a great deal of uncertainty. "The market value of futures and options contracts...is telling us there is about a one in three chance the price of oil will be above $110 a barrel at the end of this year," he said. -Reuters

US cotton rises for third day as mills rush to buy NEW YORK: US cotton futures jumped for the third straight day on Wednesday, settling up the daily limit, as Asian mills fueled the rally on average volume. Cotton futures have rallied almost 25 per cent since the middle of January, the latest wave of a historic run that began in 2010 and sent cotton prices to their loftiest levels in almost 150 years. "It's basically mills panicking," said Lou Barbera, a cotton analyst for brokerage VIP Commodities. "Overseas mills are getting the ball rolling." The key March cotton contract on ICE Futures US rose the 4 cent limit to conclude at $1.7622 per lb, with the session low at $1.73. Total volume stood around 20,400 lots, just above the 30-day norm, Thomson Reuters preliminary data showed. Powerful cyclone Yasi in Australia also worried the market because it would hit prime cotton-growing areas. Losses there could further crimp supplies in Asian markets, dealers said. Sharon Johnson, senior cotton

analyst at brokerage Penson Futures in Atlanta, said it is "possible there's a squeeze" in the US cotton market. But Johnson said a new exchange rule could alleviate concerns that a squeeze is underway. She explained that ICE Futures US may soon require investors to tell the exchange how they plan to hedge certain long and short positions in excess of 300 lots of the spot contract. On Thursday, the market will look at the US Agriculture Department's weekly export sales report to gauge demand for US cotton. The market will then turn its attention to industry group the National Cotton Council of America which will release its annual plantings survey for cotton at its annual meeting in San Antonio, Texas on Friday. A Reuters survey at the Beltwide Cotton conference this month had forecast US 2011 cotton plantings from 12.48 million to 12.53 million acres, a 5-year high and an increase of around 15 per cent from last year's cotton sowings of 11.04 million acres. -Reuters

Copper hits record $10,000 on supply concerns LONDON: Copper struck a record high at $10,000 on Thursday while tin also hit alltime peaks, on supply deficit concerns and as recent economic data from top consumers China and the United States increased demand prospects. But copper eased to a day's low of $9,890 a tonne, after a slew of upbeat US data and hawkish comments from European Central Bank President JeanClaude Trichet lifted the US dollar versus the euro, deterring European investors. Three-month copper on the London Metal Exchange closed at $9,930 a tonne against $9,945 at Wednesday's close, and trading was muted due to the week-long Lunar New Year holiday in China. "A lot of the data that's come out today has been supportive for commodities," said Daniel Smith, an analyst at Standard Chartered. "It's all telling us the macro picture's pretty strong globally." Tin hit a record $30,920 a tonne, versus Wednesday's close of $30,650, later closing at $30,545. Economic data from the United States, Europe and China this

week suggested a brighter economic outlook in top metal consumers and increased investor appetite for copper. A raft of US data boosting sentiment showed better-thanexpected weekly jobs figures, non-farm productivity growing faster than expected in the fourth quarter, a rise in new orders received by factories in December and stronger shipments of finished products. "It's probably going to be seen as cheap in a year," analyst Carl Firman at Virtual Metals said of the $10,000 a tonne level. "Over the next 6 months it could well go on to hit $11,000," he added, citing expectations of a hefty market deficit this year. The copper market will see a deficit of 444,000 tonnes this year, according to a Reuters poll. That compares with a deficit of 180,000 tonnes seen in the July survey. Tin, meanwhile, was helped by

copper's rise and output constraints in top exporter Indonesia while demand from the electronic and industrial sectors is growing. "The picture for tin is very positive this year," said Gayle Berry, an analyst at Barclays Capital. "Supply growth is going to be anaemic." Copper's ascent comes despite rising inventories of the metal used in power and construction. LME copper stocks rose 700 tonnes to 394,475 tonnes, data showed on Thursday. Stocks have risen by almost 50,000 tonnes since Dec. 9 but remain considerably lower than February 2010's level of about 555,000 tonnes. Battery material lead closed at $2,554.5 from $2,560 a tonne at the close on Wednesday. Aluminium was at $2,528 a tonne from $2,525 at the close on Wednesday and zinc was at $2,472 a tonne from $2,475. Nickel was at $28,040 a tonne from $28,000. -Reuters

LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for February 02 2011 POLYPROPYLENE(PP)

LINEAR LOW (LL)

Cash & Settlement

1310

1250

December (3rd Wednesday)

1310

1250

January (3rd Wednesday)

1310

1255

LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for February 02 2011

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY

Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller

2330 2331 2295 2305 2200 2210 2200 2210

2522 2522.5 2532 2533 2588 2593 2625 2630

9940 9945 9919 9920 9695 9705 9265 9275

2612 2613 2536 2537 2475 2480 2418 2423

27710 27715 27800 27825 26630 26730 25345 25445

TIN

ZINC NASAAC

30540 2442 30545 2443 30475 2465 30500 2465.5 29935 2470 29985 2475 2437 2442

2451 2452 2490 2500 2530 2540 2590 2600

European vegetable oil prices ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Mar11 1030.00+12.00, Apr11 1030.00+12.00, May11/Jul11 1030.00+12.00, Aug11/Oct11 1033.00+8.00, Nov11/Jan12 1037.00+7.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 1050.00+0.00, May11/Jul11 1050.00+10.00, Aug11/Oct11 1005.00+10.00, Nov11/Jan12 1010.00+10.00, Feb12/Apr12 1015.00+5.00. SUNOIL: EU dlrs tonne extank six ports option Feb11 1490.00+0.00, Mar11 1490.00+0.00, Apr11/Jun11 1480.00+5.00, Jul11/Sep11 1490.00+0.00, Oct11/Dec11 1410.00+10.00. LINOIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1582.50-15.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option SURABAYA - INDONESIA: Farmers in the village of Sumber Salak District Sumbersari, busy dlrs tonne cif R'dam Jan11 harvesting Edamame (Japanese soybeans). Agencies 1330.00+20.00, Feb11 1330.00+15.00, Mar11 1320.00+5.00, Apr11/Jun11 1300.00+5.00, Jul11/Sep11 1280.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Jan11/Feb11 2350.00+50.00, LONDON: Arabica coffee Feb11/Mar11 2300.00+30.00, futures climbed to a fresh 13-1/2 Mar11/Apr11 2250.00+30.00, year high on Thursday, and Apr11/May11 2220.00+20.00, robusta also hit a multi-year May11/Jun11 2200.00. peak, bolstered by a shortage of LONDON: Gold eased for a trial metals have rallied but Reuters high quality beans and strength second day after US data the precious metals have been across agricultural commodities. showed a healthy pace of the laggards," said RBS anaRaw sugar futures slumped, growth in the US services lyst Daniel Major. "That is due to a combinaerasing all their gains from a sector, having earlier risen on cyclone-fuelled rally, while the back of more muted tion of better economic data cocoa futures climbed on grow- expectations for euro-zone (and) less need for safe MUMBAI: Indian spot sugar havens." ing havoc in the cocoa industry rate rises. Hawkish rhetoric from the Concerns over the fallout prices were flat on Thursday of top grower Ivory Coast. while futures edged higher on a ICE March arabicas jumped ECB had raised expectations from unrest in Egypt under- rally in the overseas markets, to $2.5360 a lb, their highest that it might move towards pinned prices, but did not though higher supplies since June 1997, and stood 1.9 raising interest rates sooner spark fresh investment, ana- weighed on sentiment, dealers cent or 0.8 per cent firmer at rather than later, boosting the lysts said. and analysts said. $2.5255 per lb at 1603 GMT. New York raw sugar futures Liffe May robusta coffee shot up to close at the highest touched $2,287 a tonne, its level in more than three highest since Aug. 2008, before decades on Wednesday, as a slipping back slightly to trade massive cyclone hit Australia, up $28 or 1.2 per cent at $2,280 one of world's top sugar per tonne. exporters, deepening concerns Raw sugar futures dropped, about tight global supplies. recoiling from their highest "A few millers in price in three decades, after a Maharashtra were releasing Buying was also lacklustre unsold stocks of January at massive cyclone that hit euro but weighing on gold, Australia destroyed less of the which tends to benefit from a in key gold consuming lower price. They wanted to low interest rate environment. regions, with buyers absent in clear inventory," said a member sugar crop than feared. On Thursday, European China, Hong Kong and of Bombay Sugar Merchants ICE March raw sugar fell 1.36 cents or 3.9 per cent to Central Bank President Jean- Singapore for the Lunar New Association (BSMA). 33.95 cents a lb after soaring Claude Trichet signalled no Year holiday. In Kolhapur, a key market in Silver was bid at $28.08 an top producing Maharashtra more than 4 per cent to a 30- change to the bank's low interest rate policy. ounce against $28.36. The year high of 36.08 cents a lb on state, the most traded S-variety Spot gold was bid at world's largest silver-backed ended unchanged at 2,700 Wednesday, while London March white sugar dipped $1,328.70 an ounce at 1532 exchange traded fund, the rupees ($59.2) per 100 kg, after $27.90 or 3.3 per cent at GMT, against $1,336.00 late iShares Silver Trust, reported losing 5 per cent last month. outflow on $816.60 per tonne, below its in New York on Wednesday, another The most-traded M-grade earlier touched Wednesday. record high of $857 a tonne in having sugar contract for February $1,337.40. US gold futures Both the iShares fund and delivery NSMG1 on India's the previous session. Cocoa prices firmed, continu- for April delivery fell $2.90 the biggest gold ETF, the National Commodity and ing to waver just below their to $1,329.20. SPDR Gold Trust, saw hefty Derivatives Exchange one-year peak from a week "(Trichet) was indeed outflows in January, with the (NCDEX) ended up 0.33 per ago, as investors awaited fresh pulling a bit away from the iShares seeing its biggest ever cent at 2,772 rupees per 100 kg. news about the political situa- rhetoric from a couple of one-month decline and the The Indian Sugar Mills tion in top grower Ivory Coast weeks ago... pushing out the SPDR fund its second-largest Association, a producers' body, after a month-long export ban timing of rate hikes and there- such outflow. had forecast 2010/11 output at was called last week. by also increasing the risk of Platinum was at $1,822 an 25.5 million tonnes, up from ICE benchmark March cocoa inflation," said Ole Hansen, ounce against $1,829.99, 18.8 million tonnes in the prerose $11 or 0.3 per cent to senior manager at Saxo Bank. while palladium was at vious year. The Indian govern$3,363 per tonne, below last "(That is) probably the rea- $806.47 versus $811.22. ment should immediately allow week's one-year peak of $3,420 son why gold has rallied a bit Data showed Switzerland, 500,000 tonnes of unrestricted per tonne. London May cocoa despite its current state of one of the leading clearers of sugar exports to help cash in on rose 3 pounds or 0.1 per cent to fatigue." platinum group metals in current high global prices, the 2,176 pounds a tonne, below a "Since the sell-off across Europe, imported 6,374 kg of chief of the producers' body recent six-month peak of 2,269 the commodity complex in platinum and 829 kg of palla- told Reuters in an interview on pounds a tonne. -Reuters early January, oil and indus- dium in December. -Reuters Thursday. -Reuters

Coffee surges to fresh 13-1/2-yr peak

Gold falls for second day as dollar strengthens

Indian sugar holds flat

National Commodity Exchange Ltd Trading Summary Date

3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011 3-Feb-2011

Commodity

CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD KILOGOLD KILOGOLD TOLAGOLD50 TOLAGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD IRRI6W RICEIRRI - 6 RBD PALMOLEIN KIBOR3M KIBOR3M

Contract Date

Price Quotation

Open

High

Low

MA11 AP11 MY11 MA11 AP11 MA11 AP11 MY11 MA11 AP11 MY11 FE11 MA11 AP11 FE11 MA11 FE11 FE11 MON TUE WED THU FRI MON TUE WED THU FRI 03FE11 FE11 FE11 11-Mar 11-Jun

US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100

90.54 93.34 95.46 28.31 28.35 1336.50 1336.30 1338.00 1336.30 1338.00 1337.50 36800.00 36951.00 36800.00 36915.00 36924.00 43057.00 43057.00 37990.00 38030.00 38043.00 37964.00 37977.00 43900.00 43690.00 43850.00 43614.00 43800.00 3226.00 3240.00 5450.00 86.16 85.42

92.02 94.60 96.32 28.56 28.35 1353.00 1339.80 1340.20 1336.30 1339.50 1337.50 36942.00 36951.00 36968.00 36915.00 36924.00 43057.00 43057.00 37990.00 38030.00 38043.00 37964.00 37977.00 43930.00 43690.00 43850.00 43614.00 43800.00 3226.00 3240.00 5473.00 86.18 85.46

90.15 92.89 95.46 28.11 28.21 1327.00 1327.00 1328.40 1328.90 1328.90 1329.20 36750.00 36693.00 36800.00 36656.00 36665.00 42755.00 42755.00 37715.00 37754.00 37767.00 37780.00 37702.00 43324.00 43369.00 43384.00 43399.00 43309.00 3200.00 3213.00 5450.00 86.16 85.42

91.64 94.34 96.32 28.20 28.21 1328.90 1329.20 1329.90 1328.90 1329.20 1329.20 36684.00 36693.00 36709.00 36656.00 36665.00 42755.00 42755.00 37715.00 37754.00 37767.00 37780.00 37702.00 43324.00 43369.00 43384.00 43399.00 43309.00 3200.00 3213.00 5473.00 86.18 85.46

Traded Volume in lots 305 111 169 1,896 2,071 1,037 97 3 1 4 1 1 -

Previous Settlement Price 91.25 93.96 95.98 28.37 28.38 1335.90 1336.30 1337.00 1335.90 1336.30 1337.00 36928.00 36937.00 36954.00 36901.00 36909.00 43040.00 43040.00 37963.00 38003.00 38016.00 38030.00 37950.00 43613.00 43659.00 43674.00 43689.00 43598.00 3226.00 3240.00 5450.00 86.16 85.42

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

Current Open Interest Settlement in Lots Price 91.64 64 94.34 105 96.32 3 28.20 50 28.21 2 1328.90 2,466 1329.20 2,348 1329.90 298 1328.90 1329.20 1 1329.90 36684.00 10 36693.00 1 36709.00 82 36656.00 1 36665.00 42755.00 42755.00 37715.00 37754.00 37767.00 37780.00 37702.00 43324.00 10 43369.00 8 43384.00 2 43399.00 43309.00 3 3200.00 3213.00 5473.00 86.18 85.46 -

Women hold medals during award ceremony for 7th Asian Winter Games freestyle skiing dual moguls qualification outside Almaty

Friday, February 4, 2011

Akram hits PCB for captain name holdup Monitoring Desk MUMBAI: Former Pakistan captain Wasim Akram on Thursday backed Shahid Afridi to lead the side in the World Cup and hit out at the Cricket Board (PCB) for delaying the appointment. Akram said Pakistan has the potential do well in the mega event but the side need to know leader as soon as possible. "Pakistan can be a dangerous team. No one can altogether write off Pakistan's chances in the World Cup. They have the capability to do well, but first and foremost the captain has to be named," said Akram, among the finest left-arm pace bowlers in the history of the game. "But they don't have a captain with just 15 days left for the tournament. I don't know the reasons behind the delay. Even Shahid Afridi must be under pressure. The sooner the captain is named, the better for the team," said the former allrounder, who was a dangerous lower order batsman. He backed swashbuckling all-rounder Afridi to lead his country in the February 19April 2 tournament. "I would go for Afridi, although Misbah (Ul-Haq) is performing well (as Test captain), but he's not a magician. Afridi has been the captain for a reasonable period of time. The World Cup is too close to change a captain. "They came back well in New Zealand. It shows that Afridi has the skill. Last year he was the highest wicket taker and also one of the top run-getters for Pakistan. In my opinion, Afridi should be named Pakistan's captain. I don't know what the PCB thinks about it," he said. Akram said it was difficult to spot a player with the requisite skills to lead Pakistan cricket side. "Pakistan team me captain kahan milthe hai? (Where do you get a captain material in the Pakistan team?). Ek nahi miltha hai, tho kahan se doosra milegha? Usko (Afridi) Rakho abh.-Agencies

Warner, Geeves get warning for Twitter-fight PERTH: David Warner and Brett Geeves have been told they could face charges of bringing the game into disrepute if they repeat a very public Twitter quarrel in which Warner accused Geeves of racial vilification. The men have been reprimanded by Cricket Australia and apologised publicly, and to each other, for the ugly back-andforth that came after the Big Bash preliminary final between New South Wales and Tasmania. Geeves, the injured Tasmania fast bowler, began by tweeting: "Any young children that saw D Warners reaction after hitting Hilf for biggest 6 ever - take that as an example of humility gone wrong." A Cricket Australia spokesman said the incident in question had happened several years ago during an interstate match and had been addressed at the time by mediation. The Geeves and Warner incident again highlights the hazards of social media for players, which was in the news earlier this week when the New Zealand batsman Jesse Ryder vented his frustration at a team-mate for running him out.-Online

NZ SURRENDER SERIES TO PAK Ahmed Shehzad turns out a terrifying ton HAMILTON: Ahmed Shehzad hit his maiden one-day international century to guide Pakistan to a 41-run win over New Zealand in the 5th one-day international, clinching victory in the six-match series. Shehzad made 115 from 104 balls as Pakistan posted 268-9 in its 50 overs after being sent in to bat on a slow pitch. New Zealand's stand-in captain Ross Taylor top-scored with 69 and Martin Guptill made 65 as New Zealand was dismissed for 227 in 46.5 overs in a bungled run chase. Pakistan has an unbeatable 3-1 lead with one match to play. Pakistan's World Cup preparations only got better as their youngest batsman scored a maiden ODI century to set up a series win - their first in a bilateral rubber since November 2008 - over New Zealand, whose fortunes continued to slide at home after a miserable time in the subcontinent. Ahmed Shehzad batted with utmost confidence during his calculated assault, overcoming a cautious start in overcast conditions by launching a counter-attack that snatched the initiative New Zealand had worked hard to gain at the beginning of the game. He was backed up by a determined performance from Pakistan's bowlers, who stepped up in areas where New Zealand had erred, and completed the job quite comfortably in the end. A miserly first spell by Kyle Mills appeared to have justified Ross Taylor's decision to bowl, as it cramped the usually fluent openers through nagging lines outside off stump and crafty variations in pace.

HAMILTON: Kamran Akmal (L), Shahid Afridi (C) and Ahmed Shehzad (R) celebrate the wicket of Ross Taylor of New Zealand during their fifth one-day international cricket match at Seddon Park.-Reuters

RSRIR beat ICAP, win Crystal Trophy KARACHI: Team Institute of Chartered Accountants Pakistan (ICAP) and Rahman Sarfraz, Rahim ,Iqbal Rafiq (RSRIR) battling for the Crystal trophy at the Asghar Ali Shah Cricket Stadium under flood lights. ICAP on winning the toss decided to bat first and test RSRIR bowlers. RSRIR struck early putting pressure on ICAP. However, the trusted Shoaib Ahmed being leading run scorer of the tournament and the new found talent Riaz Nawaz stood their ground and put on a 90 runs partnership for second wicket. The two led ICAP to the 100th mark in 14 over and looked set to pose a dangerous total. The excellent fielding and the consistent breakthroughs by the bowlers restricted ICAP to 145 at the end of the 20thover. Riaz Nawaz and Shoaib Ahmed, Secretary ICAP topped the ICAP scoreboard with 52 and 44 respectively. In reply RSRIR openers took full advantage of field restric-

tion and blasted 60 runs in the first 6 over, after giving the flying start both openers shortly fell down. The duo Shahzad Suleman and Yasin, wicket keeper took charge and consolidated the position. RSRIR managed to reach the target with 2 over to spare with Shahzad Suleman and Yasin both remaining unbeaten on 61 and 33 runs respectively. A sizeable crowd with banners and drums had gathered at Asghar Ali Shah Cricket Stadium, supporting their team and enjoying the flood light match. Prize distribution ceremony was attended by Senior Partners of RSRIR, Mr. Abdul Rahim Salim Bhai, Mohammad Waseem and Muhammad Iqbal Sumar. Mr Mazhar Saleem, partner of KPMG announced awards to the exceptional players of the tournament. RSRIP Captain Abdul Hakim received winner trophy and Runner up trophy received by Shoaib Ahmed, Captain, ICAP.-PR

Krejza puts a new spin on his career PERTH: Jason Krejza knows better than most that bowling spin for Australia can be a short-term vocation, so he's determined to make the best of his unexpected second calling. Two years after he took 12 wickets on his Test debut only to be dropped one match later, Krejza has the chance to show off his one-day skills, after being named in the squad for the final ODI against England. His opportunity has only arrived because Nathan Hauritz dislocated his shoulder and is in doubt for the World Cup, Xavier Doherty is suffering from back pain and Steven Smith has a hip injury. But however it has come, Krejza is thrilled at the chance to once again represent his country, which could yet turn into a World Cup dream if the injuries to the others persist. "It's a complete surprise, full-

stop," Krejza told media of his call-up. "Hopefully I get the opportunity. Playing one-day cricket has been at the top of my list as the next thing to do, and it's finally come around. I'm trying not to think about the World Cup. It might only come through injuries to other people, which is never good. There's a slim chance but I'm not holding my breath." For the time being, Krejza is focused solely on Sunday's series finale at the WACA, where he last played for Australia in late 2008, taking match figures of 1 for 204 in a record defeat at the hands of South Africa. After that, the selectors preferred spinners who could tie up an end rather than overly attacking options, which meant Krejza had to go back to Tasmania and adjust his game to have any hope of an international return.-Reuters

Pak-Turkmen 2nd soccer clash set for March

LAHORE: The second international soccer encounter between Pakistan and Turkmenistan will be recorded in the fourth AFC Challenge Cup Qualifier coming March. The winners of the finals will qualify for the 16th Asian Cup at Australia 2015. Turkmensitan are being placed with Pakistan and 2008 Champion in Group B along with Chinese Taipei/Laos winner. Defending champions DPR Korea were placed in Group D of the event with Nepal, Sri Lanka and the winner of playoff. The first-ever PakistanTurkmensitan was recorded on 7 June 1993, when at Tehran's Azadi Stadium, Andrei Martynov-led Turks pocketted 4-0 win in Group A tie of sixth ECO Cup, a football competition for members of Economic Cooperation Organisation (formerly RCD Cup). RCD abbreviates Regional Corporation for Development and was an economic cooperation between Iran, Pakistan and Turkey from 1964 to 1979. A new organisation, ECO, was set up in 1985. Turks, coached by Bairam Durdiyev, later on reached the final and finished runners-up to Iran. PFF fielded Pakistan A in the Tehran's ECO Cup under Lal Muhammad Lalo who returned to KESC after a decade and managed five goals in PPFL 2008. Pakistan National team was then busy in 1994 USA World Cup Qualifiers against China, Yemen, Iraq and Jordan in same month (June 1993) at Irbid's Aman Al Hassan Sports Complex and China's Chengdu Sports Complex Turkmenistan were unlucky not to enter 15th Asian Cup final phase that ended on last Saturday with Japan edging out Australia 1-0 in final through substitute Tadanari Lee's goal at Doha's Khalifa International Stadium.-Online

He conceded just two runs in his first four overs, including the wicket of Mohammad Hafeez who was fresh from a century in the previous match. Shehzad, though, was intent on pulling things back. He had warmed up with a crisp straight drive off Hamish Bennett but opened his shoulders to release the pressure created by the early wicket. Mills' tight lines were countered with a mow past midoff and an agricultural slog over midwicket, catching the bowler off guard and marking a turn in the tide. Shehzad had won the psychological battle when Mills strayed onto the pads the next over, to be glanced to the fine-leg boundary. A feature of Shehzad's knock was his domination of Bennett, which offset any pressure New Zealand were able to inflict with the fall of a wicket. Bennett overpitched too often, or dropped too short, and was picked off consistently for boundaries. He squandered some hard work by conceding fours off the last balls of his first two overs and was struck for consecutive boundaries by an initially rusty Kamran Akmal before Shehzad singled him out for treatment. He was launched for a straight six and welcomed in his second spell with a violent pull over the midwicket boundary followed by a clean strike over longon. While Shehzad took timely risks and had the power and ability to back them up, he was ruthless against the opportunities doled out by the bowlers when Pakistan had been forced to shift gears in the middle overs.-Reuters

SL lay WI to rest in second one day COLOMBO: Opener Upul Tharanga struck his ninth oneday century to propel Sri Lanka to a crushing eight-wicket win over the West Indies in the second one-dayer on Thursday. West Indies were bowled out for 203 in 50 overs after being asked to bat first by Sri Lanka captain Kumar Sangakkara at the Sinhalese Sports Club. After a brief rain interruption, Sri Lanka were given a revised target of 197 in 47 overs under the Duckworth/Lewis method and reached it with 27 balls to spare. Sri Lanka lead the three-

match series 1-0 after the first match was washed out due to rain. Sri Lanka lost opener Tillakaratne Dilshan with the total on 32, caught behind by Carlton Baugh off seamer Ravi Rampaul for 11 runs. Sangakkara joined Tharanga for a useful 70-run partnership to seize the initiative before Sangakkara was caught by Chris Gayle off seamer Dwayne Bravo for 20. The best partnership of the day, an unbeaten 97 runs, came between Tharanga and Mahela Jayawardene to seal victory.

Tharanga laid anchor and batted through the innings to finish with 101 not out off 143 balls including seven boundaries. Jayawardene made a brisk 48 not out in 46 balls with five boundaries. West Indies' innings started with promise but Sri Lanka's bowlers, led by Lasith Malinga, deprived them of a big score. After the visitors lost both inform opener Adrian Barath and Gayle with the score on 45, the bowlers took crucial wickets to end several promising partnerships, and put the home side in a winning position.-Agencies

Imran sees India taking CWC home MUMBAI: India has the best chances of winning the cricket World Cup being held from February 19 – April 2 in India, Sri Lanka and Bangladesh, former Pakistan skipper Imran Khan thinks. Khan, flanked by former World Cup winning captains Clive Lloyd of West Indies, India’s Kapil Dev, Australia’s Allan Border and Steve Waugh and Sri Lankan Arjuna Ranatunga, was in Mumbai for a promotional event. “This could be the most even,

unpredictable World Cup ever. There are six teams who can beat anyone on a given day. Having said that, I think India stand the best chance. You have all-round strength in batting and bowling. The batting line-up, in fact, is great. The team is in good form, and it will play in home conditions,” Imran told reporters on Wednesday. Imran, the 58-year-old former all-rounder, who led Pakistan to World Cup glory in 1992, said that the team’s lack of spinners would not hurt their

chances either. “In Test cricket, you can’t get away with this, but in one-day cricket you can do with bowling all-rounders. Ideally, you need one express pace bowler but India can do without it also. Zaheer Khan, I feel, is at peak of his game right now. He has experience and ability.” Pakistan need to name World Cup captain. Pakistan have harmed their World Cup chances by delaying naming a captain Imran Khan said, a fuming Imran told reporters.-Agencies

Djokovic wants to be King of Queen's LONDON: Australian Open champion Novak Djokovic will try to win his first grasscourt title during the AEGON Championships at London's Queen's Club in June after confirming his participation in the Wimbledon warm-up event on Thursday. The big-serving Serbian, who last week beat Britain's Andy Murray in Melbourne to win

his second Grand Slam title, has joined world number one Rafael Nadal in announcing his entry for the tournament. Nadal, the holder of tennis's remaining three Grand Slam titles (Wimbledon, the French Open and the US Open) beat Djokovic 7-6, 7-5 in the 2008 Queen's final before weeks later winning Wimbledon.

Now Djokovic hopes to tread a similar path, having insisted that "Wimbledon is the most important tournament of the year for me". "The AEGON Championships is one of the nicest tournaments around," said Djokovic, who beat both Roger Federer and Murray on his way to winning a second Australian Open title.-Agencies

Food costs at records, UN warns of volatile era MILAN/MANILA: World food prices hit a record in January, the U.N. said, while its hunger arm warned bad weather meant a looming era of food volatility, an issue that has already helped spark protests across the Middle East. Up for the seventh month in a row, the closely watched U.N. Food and Agriculture Organisation Food Price Index on Thursday touched its highest since records began in 1990, and topped the peak of 224.1 in June 2008, during the food crisis of 2007/08. "The new figures clearly show that the upward pressure on world food prices is not abating. These high prices are likely to persist in the months to come," FAO economist and grains expert Abdolreza Abbassian said in a statement. Hammering home the point the U.N. World Food Programme's executive director Josette Sheeran said weather related problems and a backdrop of rising prices were ominous. "We are entering an era of food volatility and disruptions in supplies. This is a very serious business for the world," Sheeran told Reuters Insider TV on the sidelines of a U.N. Conference in London. Surging food prices have come back into the spotlight after they helped fuel the discontent that toppled Tunisia's president in January and have spilled over to Egypt and Jordan, raising expectations other countries in the region would secure grain stocks to reassure their populations. World Bank President Robert Zoellick urged global leaders to "put food first" and wake up to the need to curb increased price volatility. "We are going to be facing a broader trend of increasing com-

modity prices, including food commodity prices," he told Reuters in an interview. SUPPLY THE KEY A series of weather events hitting key crops is likely to keep up the pressure on food prices as a massive cyclone batters Australia, a major winter storm ravages U.S. crop belts and flooding hits key commodity producer Malaysia. Drought in the Black Sea last year, heavy rains in Australia, dry weather in Argentina and anticipation of a spike in demand after unrest in north Africa and the Middle East has already pushed the price of wheat to its highest in 2-1/2 years. The FAO's Abbassian pinpointed crop conditions. "It is the supply situation. It is not the time when we get additional supplies from anywhere," he told Reuters. A mix of high oil and fuel prices, growing use of biofuels, bad weather and soaring futures markets pushed up prices of food in 2007/08, sparking violent protests in countries including Egypt, Cameroon and Haiti. Economists in Europe picked up on the threat to economies from surging food inflation. Janis Huebner, economist at Germany's DekaBank said inflation partly fuelled by increasing food prices could in turn trigger interest rate rises in several countries this year. "This could mean a slowing down of growth in the countries which raise their interest rates," he said. "This could involve Asian countries and other regions, this would somewhat brake growth but I do not expect a hard landing." White sugar futures hit a record high and raw sugar futures rose to their highest in more than 30 years on fears of

International & Continuation

Friday, February 4, 2011

the damage Cyclone Yasi would bring to the Australian cane crop. The worst winter storm for decades in the United States drove wheat futures to the highest in nearly 2-1/2 years, and Malaysian palm oil prices are at 3-year highs as flooding hit crops. STOCK BUILDING Some countries, particularly where food prices loom large in household budgets, have been building up food stocks to try to contain prices -- and to limit the political and social fallout. In the run-up to the 2007/2008 food price crisis, the World Bank estimated that some 870 million people in developing countries were hungry or malnourished. The FAO estimates that number has increased to 925 million. "2008 should have been a wake-up call, but I'm not yet sure all the countries in the world that we need to support this have woken up to it," the World Bank's Zoellick said. Cameroon on Thursday said it had created a body to buy and regulate the price of basic food imports, a move to avoid a repeat of price increases which led to 2008 riots in which 100 people were killed by the African nation's security forces. Indonesia, Southeast Asia's biggest economy, last week bought 820,000 tonnes of rice, lifting rice prices -- although rice is one commodity that remains well below its 2008 prices. It has also suspended import duties on rice, soybeans and wheat. Algeria last week said it had bought almost a million tonnes of wheat, bringing its bread wheat purchases to at least 1.75 million since the start of January, and ordered an urgent speeding up of grain imports, a move aimed at building stocks.-Reuters

Trichet sees inflation rising, no profound threat FRANKFURT: Inflation is likely to climb further and exceed the European Central Bank's target for most of the year but poses no threat yet to medium-term price stability, President JeanClaude Trichet said on Thursday. Euro zone inflation accelerated to a 15-month high of 2.4 percent last month and Trichet said it would hold above the ECB's target of just below 2 percent for much of 2011. However, he did not escalate last month's noticeably sharper tone, which jolted markets, saying the bank's assessment of inflation dangers had not changed over the past few weeks. "We continue to see evidence of short-term upward pressures on overall inflation, mainly owing to energy and commodity prices," Trichet told a news conference after the bank left interest rates at a record-low 1.0 percent as expected. "This has not so far affected our assessment that price developments will remain in line with price stability over the policy relevant horizon. At the same time, very close monitoring is warranted," he said. He repeated January's warning that inflation risks could move to the upside. Despite that, the euro dropped against the dollar as markets focused on the ECB's view that inflation expectations remained firmly anchored, dipping to $1.3650 by 1645 GMT compared with around $1.375 when Trichet's news conference began. "The underlying message is that there is no need for a rate hike anytime soon," said Boris Schlossberg, director of currency research at GFT in New York. Analysts also pointed to the fact that Trichet did not repeat last month's reminder that the ECB raised rates against the grain in mid-2008 shortly before the financial crisis took a turn for the worse with the collapse of Lehman Brothers.-Reuters

US data points to strong growth momentum WASHINGTON: Growth in the U.S. services sector in January was the fastest in more than five years, another sign the economy started the new year on a solid footing, with measures of employment showing some strength. While reports on Thursday continued to paint a bullish picture for the economy, they also showed some inflation pressures under control, in stark contrast to developments in other parts of the world. U.S. companies continue to hold the line on costs, despite a spike in commodity prices. The Institute for Supply Management's index of national non-manufacturing activity rose to 59.4 last month -- above economists's expectations for dip to 57.0 -- from 57.1 in December. A reading below 50 indicates contraction in the sector, and it was the 14th straight month of expansion in the nation's vast services sector. "The economic data continue to overshoot expectations. We are seeing an acceleration in economic activity that is less reliant on public support and more self-sustaining," said Scott Anderson a senior economist at Wells Fargo Securities in ,Minneapolis. The economy grew at a 3.2 percent annual rate in the fourth quarter, accelerating from a 2.6 percent pace in the prior period, and economists believe strengthening domestic demand will translate into increased hiring of new

workers. A report from the Labor Department showed initial claims for state unemployment benefits tumbled 42,000 to a seasonally adjusted 415,000, unwinding most of the previous week's weather-induced spike. Economists had forecast claims dropping to 420,000. The claims data falls outside the survey period for the government's closely watched employment report for January, scheduled for release on Friday. The economy probably created 145,000 jobs, according to a Reuters poll, after adding 103,000 in December. Reports on Wednesday suggested private hiring was gathering pace. JOBS OUTLOOK IMPROVING Expectations for a rise a pick-up in jobs growth last month were also bolstered by a jump in the ISM's employment gauge to the highest level since May 2006. The data had little impact on U.S. financial markets as stock market investors worried about increasing chaos in Egypt. U.S. stocks fell and prices for government debt also traded lower. The dollar rose against a basket of currencies. Though the downward trend in initial claims has been slowed by extreme weather in large parts of the country, economists believe they will soon drop below 400,000, a level believed to signal strong job growth. "We think the trend in

claims is coming down because small firms are firing fewer people. With credit now easing we are hopeful claims will fall significantly further over the next few months," said Ian Shepherdson, chief U.S. economist at High Frequency Economics in Valhalla, New York. A second report from the Labor Department showed that while businesses were facing rising input costs, they keeping labor costs down by squeezing more output from workers, helping to keep inflation muted. Nonfarm productivity, a measure of hourly output per worker, increased at an annual rate of 2.6 percent, after rising at an upwardly revised 2.4 percent growth pace. The increase, which was well above economists' expectations for a 2 percent growth rate, bodes well for company profits. Unit labor costs, a gauge of potential inflation pressures closely watched by the Federal Reserve, fell at a 0.6 percent rate after dipping at a 0.1 percent pace in the third quarter. Economists had expected unit labor costs to rise at a 0.3 percent rate in the fourth quarter. For the whole of 2010, unit labor costs dropped 1.5 percent after declining 1.6 percent in 2009. Total nonfarm output grew at a 4.5 percent rate in the last three months of 2010, the Labor Department said, after rising at a revised 3.8 percent rate in the third quarter.-Reuters

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Raja Pervez Ashraf, Minister of Water and Power, Syed Sumsam Bukhari, Minister of State for Information and Broadcasting and MNAs, Palwasha Bahram, Bachani, Tariq, Maulana Agha Muhammad, Saeed Zafar, Tahira Aurangzeb, Syed Zafar Ali Shah, Sher M Baloch met with Prime Minister. -Agencies

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At the event, the South Asian experts said the US policy in the region must better emphasise the relationship between Pakistan and India and there should be discussion on the Kashmir dispute, which has been at the heart of tensions between the two nuclear neighbors. "The United States must have its own views on Kashmir - I think we should speak up and talk about this," said the Brookings Institution's acclaimed expert Stephen Cohen. Shuja Nawaz, Director of South Asian Center at the Atlantic Council stressed that Kashmiris should matter more unlike the talks Islamabad and New Delhi have had in the past. "I see Kashmir as a great opportunity," he remarked. -APP

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To a question about textile policy, Rana Farooq said that its prompt implementation was steering the textile sector in right direction as it can be seen by the sustained growth in textile exports for the last two years. The Minister said Ministry of Textile Industry has taken effective measures to put this sector on a vibrant and dynamic road. "Sincere efforts have been undertaken by the Textile Ministry since the coming in of PPP-led government to expand and promote the sector and so far the efforts have been fruitful," said the Minister. He said talks with United States were also going on which would give further boost to our industry. Rana Farooq said the government was also taking steps to enhance share of female workers in textile and for the purpose incentives have been given to industry. He said around 12,000 female workers were imparted training last year and sent to industry. Ejaz A Khokhar said 2011 is already announced as an export year and we are trying to export our value added goods to earn more foreign exchange for the country. He said as compared to India and China, Pakistan's textile products are still cheap, but we have suffered a lot due to terrorism and floods.-APP

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To bring country back on track of economic recovery, the payment of taxes should be ensured, the senator added.Senator Abdul Khaliq Pirzada said that the excessive use of lights in government department should be reduced to overcome energy crisis. Around 20 per cent of the electricity can be saved by turning off street lights on time as it is observed that the lights remain on during day light. -APP

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absence of leverage product but now it will provide market its desired depth.

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operating successfully in Pakistan and the bilateral trade between the UK and Pakistan is worth over 1 billion pounds annually. PHC spokesperson said Thursday the event aims to identify opportunities for business in Pakistan besides hearing views from the market of both government and business leaders. "It will also help in creating understanding of the procurement process and aid funded business and infrastructure opportunities in Pakistan as well as support available to the UK companies seeking to do business in Pakistan," the spokesperson added. The event is significant in the context of Pakistan's privatization

programme. Other prominent speakers who will share their views weakened by a host of problems ranging from political crises to a fragile economy to a raging from the market include Asian Development Bank's Director insurgency, has to act cautiously, as the case is politically explosive. General for Central and West Asia, Juan Miranda, Chief Executive, After first identifying the man as a staff member of the US consulate in Lahore, the embassy on Hubco Power Pakistan, Vince Harris and Chief Executive HSBC Saturday described him as a diplomat and said he had been unlawfully detained. -Reuters in Pakistan Lloyd Maddock.A large number of British companies Continued from page 1 No #11 will also be participating in the day long event. -Agencies taking of the new cabinet will be held one day ahead because of the visit to Pervez Ashraf to Continued from page 1 No #7 Dushanbe. Sources in the Pakistan Peoples Party said President Asif Ali Zardari and Prime Minister justice, it would be appropriate to know the reaction of the Yousuf Raza Gilani had given the final nod to the cabinet's 'rightsizing' during a meeting of the respondents whether the Government of Balochistan through its party's core committee held at the presidency on Tuesday night. competent authority might postpone its decision of granting minThey said the prime minister was waiting for proroguing of the NA session so that parliamentariing lease or otherwise to the Companies/claimants of holders of ans left the federal capital and thus were unable to start lobbying for inclusion in a new line-up. EL-5 or to wait for the result/outcome of these proceedings. Talking to newsmen after the fourth round of talks with the PPP, PML-N Senator Ishaq Dar also hintKhalid Anwar, counsel for one of the mining company, stated ed at an early dissolution of the cabinet when he refused to give a direct reply to a question. that as far as the mining lease was concerned, they would submit "I don't want to pre-empt the government's decision on cabinet rightsizing." The sources said that an application to the Government of Balochistan before February the plan to dissolve the cabinet had been finalised in a meeting of the core committee on Jan 23, but 19 and then it would be up to the Government of Balochistan to it was deferred after Law Minister Babar Awan made a premature disclosure of the plan while talktake a decision over it. He said the other counsels associated with ing to journalists. A PPP source said his party's leader from Balochistan, Sardar Raisani, was also him including Abdul Hafeez Pirzada, Fakhruddin G Ebrahim and offered a ministry but he refused to accept it, apparently because of some reservations over the Barrister Sajid Zahid would have no objection if an order was Aghaz-e- Huqooq-e-Balochistan package. -Agencies passed to the effect that the Government of Balochistan might Continued from page 1 postpone decision on the application(s) submitted for mining No #12 lease till the decision/ outcome of the instant proceedings without be reopened on February 15. He added that under the agreement Afghanistan has allowed Pakistan prejudice to their legal rights. 13 routes via Afghanistan to Central Asian Republics. He said this is a great advantage for Pakistan Further hearing was adjourned till February 8. The bench is to reach Central Asian markets and onward. The Minister said under the exports road map, Pakistan seized with hearing of a number of identical pleas filed by Tariq would promote regional trade with Iran and China will be given the main focus for Pakistani exports. Asad Advocate, Barrister Zafarullah of Pakistan Watan Party and He said that Prime Minister has approved 17 amendments in the trade policy orders and it would others against award of mining and exploration contract to the also be included in the agenda of the next Economic Coordination Committee of the Cabinet meetTethyan Copper Company (TCC), a Canadian consortium of ing for further approval. Replying to a question regarding the import of five-year-old cars of less Barrick Gold and Antofagasta Minerals, for exploring gold and than 1300CC, the Minister expressed the hope that this decision of the government would help copper in Rekodiq, in Chaghi district of Balochistan. -Agencies reduce the prices of the cars in the country. He said that SRO regarding the government decision would be issued shortly. The minister said the government announced Rs27 billion for the impleContinued from page 1 No #8 Commission, Chairman SECP, Secretary Finance, Secretary mentation of 3-year trade policy, but not a single penny was released in this regard. He said that as Privatization, and Governor State Bank to finalise the proposal a result the liabilities to be paid to exporters have been accumulated. He however, expressed the soon to engage with capital market to submit its report to the com- hope that all outstanding liabilities of the exporters would be cleared this year (2011). mittee for issuance of equity linked instrument i.e. Continued from page 1 No #13 convertible/exchangeable bonds of oil and gas sector including help of coalition parties and President and Prime Minister strictly ordered not to take any decision Oil and Gas Development Corporation Limited (OGDCL) and without taking allied parties on board. other entities in consultation with the line ministries. -APP He further said that he on board MQM about the negotiations with the PML-N as they are trying

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year after production fell to nearly 3.1 million tonnes from the 2009/10 crop, when many farmers switched to more profitable crops. ICE March raw sugar soared 4 percent to end at 35.31 cents per lb on Wednesday, the strongest settlement since November 1980, due to a cyclone that hit a key growing area in Australia, the world's third largest sugar exporter. Meanwhile, Pakistan is expected to export up to 3 million tonnes of wheat this year after a bumper 2009/10 crop and carryover from the previous harvest led to a domestic market surplus, Gondal said. "We are expecting to export between 2 million tonnes and 3 million tonnes of wheat this year, and some wheat has already been shipped out," he told reporters. Pakistan expects a harvest of as much as 23.5 million tonnes against a targeted 25 million tonnes, but still leaving enough for exports. -Agencies

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magistrate in Lahore on Thursday.Journalists were barred from the court proceedings."The police officials told the court that investigations have not yet completed. The judge extended the remand (detention) for eight more days," Abdul Samad, a deputy prosecutor general at the high court told Reuters. Pakistan is a crucial ally to the United States in its efforts to stabilise Afghanistan and combat Islamist militancy, but antiAmerican sentiments run high in the predominantly Muslim nation. The government of President Asif Ali Zardari, already

to advance the national agenda to bring prosperity in the country. -Agencies

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supplied to fertilizer industry and divert it to power plants is likely to affect FFBL more as compared to the other two bluechip fertilizer companies feeding on Mari gasfield. Government suspended gas supply to FFBL as it gets it from SSGC and SNGPL for 45 days. Even after resumption of gas supply there will be a 20 per cent cut during the remaining part of the year. Company aims to run DAP plant at maximum capacity from February 10, 2011, while its urea production is set to come down by around 30 per cent. Meanwhile, all the manufacturers have increased urea price by Rs90 per bag starting January this year due to mandatory plant shutdown. Since the companies will not operate on optimum capacity utilisation price had to be adjusted to make up the opportunity cost. As per TFD research analyst, FFBL volumetric growth and profitability is likely to remain depressed during 1QCY11 as compared to last quarter of CY10 owing to lower urea and DAP off take. However, increase in urea and DAP prices would partially help in maintaining overall profit.

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were tapped out after the holidays. Retailers posted a 4.2 per cent increase in sales at stores open at least a year, beating analysts' expectations for a 2.7 per cent gain, according to Thomson Reuters data. Gap Inc shares were up 4.9 per cent at $19.97.-Reuters

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structure for sector and industry analysis, facilitating the comparison of companies across four levels of classification and national boundaries. The system allocates companies to the sub-sector that most closely represents the nature of its business. The Benchmark is a four-tier hierarchical industry classification structured as 10 industries which are further divided into 19 super-sectors, 41 sectors and 114 sub-sectors, centred on a rules-based methodology for placing listed companies and securities within sectors. The new sectors classification on becoming effective shall replace the existing sectors classifications of all securities listed on Exchange.-APP

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Group of Parliamentarians call on PM

Gilani assures end to political witch-hunt Nobody allowed to misuse laws, says Gilani

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talking with senior leader of PML-N Javed Hashmi during the National Assembly session at Parliament House-Online

Raymond Davis Case

Malik says let judges decide Arms licences to be computerised soon ISLAMABAD: Federal Interior Minister Rehman Malik Thursday said "I have got the file of Raymond Davis and would be handed over to the court whenever it will be asked in this regard. Talking to media outside the Parliament House, Malik said Interior Ministry has got all documents of Raymond Davis and would be handed over to the court whenever it would demand the documents. He further said that there are no differences between federation and province over Raymond Davis case. He said that we always talk about Raymond Davis's diplomatic passport not about his visa. He said that the speculations on Raymond Davis issue should be stopped now because the case subjudice in court. He said that he has held talks with Nawaz Sharif over Raymond Davis case. The government in a bid to eradicate terrorism and crimes from the country has decided to make the data of all arms licenses including 10 years old weapons' licenses computerised. "The Government is taking serious measures to abolish the trend of bearing illegal weapons and the decision of

computerisation of arms licenses is one of them," Interior Minister Rehman Malik quoted as saying by private media. After inaugurating the first Computerised Arms Licensing Center (CALC) here he said the task of computerisation of arms licences has been given to Nadra. The Minister said the present arms license system has many loopholes and one cannot identify either the license holder is a real person or a fake one, added previous registration system is outdated whereas lapses could be avoided in new licensing system. Malik added that a principal was set under which Prime Minister would recommend the issuance of prohibited bore licenses, while Interior Ministry would grant permission for non-prohibited bore licenses. After clearance a demand note would be issued to applicant for purchase of required weapon, which will be registered and then a computerised license card would be issued. Malik said that the government is gradually moving towards e-governance and very shortly computerised visa issuance centers and DNA laboratories would also be setup. -APP

Gilani, Kayani & President talk nat'l affairs

Top trio gives no ear to US ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani and Chief of Army Staff (COAS) General Ashfaq Parvez Kayani met President Asif Ali Zardari here at the Aiwan-e-Sadr on Thursday to discuss important issues. According to sources, the Troika decided in principle that as the matter of Raymond Davis, involved in the killing of two Pakistani citizens, is subjudice therefore, it should be left to the court and no foreign pressure would be accepted in this regard. The meeting also discussed the law and order situation in the country,

especially the recent layer of terrorism in Khyber-Pakhtunkhwa and Fata, and reiterated the resolve to curb terrorism in all its forms and manifestations. Finance Minister Abdul Hafeez Shaikh also attended the meeting and briefed the troika about the current economic situation of the country. According to sources, the finance minister told the troika that the International Monetary Fund (IMF) will not give the next tranche of loan if economic reforms, especially the Reformed General Sales Tax (RGST) were not implemented. -Agencies

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani said the government wants to stop victimisation due to misuse of any law of the land including blasphemy law. Prime Minister Gilani expressed these views while talking to a group of Parliamentarians who called on him at his chamber in Parliament House on Thursday. Any tension created in the society due to religious extremism, he added causes problems for overseas Pakistanis. Prime Minister said that Islam is the religion of peace and tolerance which teaches the followers to respect all the religions of the world. "Islam was not spread by force rather the message was disseminated

through the policy of religious tolerance of Sufis," he said. Unfortunately, he added, Islam and Muslims are being bracketed with extremism and sectarianism which is an attempt to tarnish the image of Muslim Ummah. He mentioned that Pakistan is an Islamic state and our government is taking all appropriate steps to protect the rights of the minorities. "We are also formulating policies to alleviate poverty and redress the grievances of the masses in accordance with the teachings of Islam," he said. Prime Minister stressed upon the need for dialogue among all segments to solve national issues including religious extremism.

Sahibzada Fazal Karim, MNA and other parliamentarians agreed to the proposal of the Prime Minister to convene a meeting of Ulema belonging to all the sects to seek their proposals to control the misuse of blasphemy law. Prime Minister Syed Gilani reiterated the resolve of the Government to take steps for the revival of economy. He said the government's economic team is consulting all the political parties and soon a common economic agenda will emerge. Parliamentarians lauded Prime Minister's proposal to consult all the religious parties to seek their views. They also apprised him of development activities in their respective constituencies. See # 1, Page 11

Textiles can earn Pakistan $16 billion Zardari, Obama visits must bolster Pakistan-US relations ISLAMABAD: Minister for Textile Industry, Rana Farooq Saeed Khan on Thursday said Pakistan can earn $16 billion through textile export, provided power supply remains stable in the country. "Despite energy problems, I am sure textiles would bring $13 billion this year, but if there is a smooth and better power situation, I am hoping around $16 billion for the country," he said. He said through effective load management plan, the textile sector in the country has showed growth and helped run the power loom industry. In a PTV programme, also attended by Chairman Pakistan Garments Manufacturers Association, Ejaz A Khokhar, he said officials of Turkish government have been approached to avoid imposition of anti-dumping duty on Pakistan's textile exports. He said during his visit to Pakistan last year, the Turkish Prime Minister gave his commitment to enhance bilateral trade and added due to the duty restrictions Pakistan may face loss of millions of dollars in textile exports to Turkey. He said Turkey will also suffer huge losses in terms of payments against expensive fabrics and garments from other states, as presently we are supplying cheap and quality products to Turkey as compared to other regional countries. Rana said the Commerce Ministry, Foreign Minister Shah Mehmood Qureshi and Pakistan's High Commissioner are also making hectic efforts to defend Pakistan against antidumping duty. Answering a question, he said the Turkish government's decision can also send negative signals to the European Union which could delay or cancel proposed GSP Plus status for Pakistan. He said that Pakistan was fighting against terrorism not just for its own sake, but also for the international community."We need duty free access, withdrawal of antidumping duty and enhanced trade to stand on our own feet," he added. See # 3, Page 11

Experts hope Zardari's US visit to pay dividend

WASHINGTON: President Asif Ali Zardari can fight for what Pakistan needs during his visit to the United States this year and Washington should make use of the opportunity to advance relations between the two countries, a leading American expert argued at a think tank discussion. Bruce Riedel, a senior fellow at Brookings Institution and former adviser to the Obama Administration, said the reciprocal visits by President

Zardari and President Barack Obama should be used to put the relations between the two countries on a more positive course. The US must not squander the significance and symbolic value of the Pakistani president's expected visit to Washington and President Zardari should be asked to address a joint session of US Congress to make the case for Pakistan. "He can fight for what Pakistan

needs," Riedel said at the US Institute of Peace during a discussion on Pakistan's future. Likewise, President Barack Obama's pledge to visit Pakistan is rich with substantive and symbolic value. Riedel believed Obama should meet as many Pakistanis as he can. "This is an enormously important visit," added Riedel. "He needs to connect with the Pakistani people." See # 2, Page 11

Lawmakers urge govt to use coal as energy source

Senators call for 8pc GDP growth in 5yrs ISLAMABAD: Senator Haroon Akhtar Khan on Thursday called for raising Gross Domestic Product (GDP) growth rate up to eight per cent during next five years to control energy crisis. Speaking on adjournment motion moved by Senators Babar Khan Ghauri, Tahir Hussain Mashhadi and others in Upper House of Parliament, Senator Haroon said that the energy situation in the country is worsening with each passing day due to lack of proper planning by the government departments. The payment of dues to OGDCL worth Rs150 billion is still pending which is hindering its work while

only Hyderabad Electric Supply Company (HESCO) is facing line losses up to 36 per cent. There is dire need to utilise indigenous reserves of coal as China and United States are generating 80 per cent and 50 per cent electricity by coal respectively, he said. He also mentioned that the government provided liability of Rs300 billion to different companies during last two years and Rs200 billion were also added but no improvement was witnessed after investing such huge amounts, he said. Haroon said that the line losses, circular debts, lack of maintenance and short of energy resources are major

causes of energy crisis. He said that gas is the cheapest fuel to run power plants and the country is producing four billion cubic feet gas against the demand of five billion cubic feet per day. There is gap of one billion cubic feet which is likely to increase to Rs3 billion cubic feet during next four years, he said. About subsidy, he said Rs30 billion of subsidy is given to the fertiliser companies every year while they are not providing benefit to the farmers at grassroots level. Around 70 per cent shortage of natural gas can be controlled by installing natural gas efficient appliances, he said. See # 4, Page 11

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