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International Karachi, Friday, March 4, 2011, Rabi-ul-Awwal 28, Price Rs12 Pages 12

Rebels regain Brega from Gaddafi forces See on Page 12

Foreign Debt (Dec 10) Domestic Debt (Dec 10) Repatriated Profit (Jul- Dec 10) LSM Growth (Dec 10)

GDP Growth FY10E Per Capita Income FY10 Population

$17.59bn 14.55% $13.23bn $22.55bn $(9.32)bn $(81)mn $6.12bn $1.18bn Rs 765bn $58.39bn Rs 5497.4bn $338.2mn -1.57% 4.10% $1,051 175.34mn

197.69 1.74 3.09 2987

NCCPL (U.S $ in million)

FIPI (03-Mar-2011) Local Companies (03-Mar-2011) Banks / DFI (03-Mar-2011) Mutual Funds (03-Mar-2011) NBFC (03-Mar-2011) Local Investors (03-Mar-2011) Other Organization (03-Mar-2011)

-2.17 -0.84 -1.08 0.16 0.54 2.92 0.48

Global Indices Index Close KSE 100 11,762.00 Nikkei 225 10,586.02 Hang Seng 23,122.42 Sensex 30 18,489.76 ADX 2,529.82 SSE COMP. 2,902.98 FTSE 100 6,013.01 *Dow Jones 12,213.44 *Last Updated 20:00 PST

Change 62.84 93.64 73.76 43.26 2.42 10.83 98.12 146.64

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 2.60 111.19 15.38 131.55 2.00 42.77 1.70 36.35 11.55 39.50

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)

23-Feb-2011 23-Feb-2011 23-Feb-2011 29-Nov-2010 03-Mar-2011 03-Mar-2011 03-Mar-2011 03-Mar-2011 03-Mar-2011 03-Mar-2011 03-Mar-2011 03-Mar-2011 03-Mar-2011 03-Mar-2011 03-Mar-2011

13.49% 13.69% 13.86% 14.00% 13.31% 13.59% 13.76% 14.14% 14.26% 14.18% 14.20% 14.20% 14.56% 14.77% 14.97%

Commodities *Crude Oil (brent)$/bbl 114.53 *Crude Oil (WTI)$/bbl 101.67 *Cotton $/lb 206.90 *Gold $/ozs 1,421.50 *Silver $/ozs 34.39 Malaysian Palm $ 1,185 GOLD (NCEL) PKR 39,505 KHI Cotton 40Kg PKR 12,860 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 86.50 Canadian $ 87.35 Danish Krone 15.60 Euro 118.00 Hong Kong $ 10.50 Japanese Yen 1.031 Saudi Riyal 22.70 Singapore $ 67.00 Swedish Korona 13.10 Swiss Franc 91.70 U.A.E Dirham 23.20 UK Pound 138.90 US $ 85.35

87.50 88.35 15.80 119.50 11.00 1.057 22.90 68.00 13.30 92.90 23.40 140.30 85.65

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

86.74 87.75 15.87 118.35 10.96 1.044 22.77 67.33 13.52 92.42 23.25 139.45 85.53

86.94 87.95 15.91 118.62 10.98 1.046 22.82 67.49 13.55 92.64 23.31 139.78 85.72

Weather Forecast CITIES

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MAX-TEMP

19°C 30°C 20°C 19°C 11°C 18°C

MIN

10°C 19°C 10°C 9°C 4°C 9°C

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See on Page 12

Transport to stay off Khi roads today, too

See on Page 12

Assures FPCCI gas-cuts to end by 15th of this mth

SCRA(U.S $ in million)

Total Portfolio Invest (19-Feb-2011)

Indo-Pak interior secys to meet on 27

Pro-FDI policies designed: Gilani

Portfolio Investment Yearly(Jul, 2010 up to 2-Mar-2011) Monthly(Mar, 2011 up to 02-Mar-2011) Daily (2-Mar-2011)

See on Page 12

Swiss Business delegation calls on PM

Economic Indicators Forex Reserves (19-Feb-11) Inflation CPI% (Jul 10-Jan 11) Exports (Jul 10-Jan 11) Imports (Jul 10-Jan 11) Trade Balance (Jul 10-Jan 11) Current A/C (Jul 10- Jan 11) Remittances (Jul 10 - Jan 11) Foreign Invest (Jul 10-Jan 11) Revenue (Jul 10 Jan 11)

SC accepts Justice Dogar, Zahid apology

KASHMORE: President Asif Ali Zardari visited Tori Bund in Kashmore District to inspect the work done to repair the breach during recent floods. -APP

Pak-Fund dialogues

IMF learns about Pak reforms steps ISLAMABAD: The negotiations between International Monetary Fund and Pakistan delegation continued for the third-day on Thursday. According to the news, during the meeting Pakistan delegation briefed IMF about the ongoing reforms in the country and the measures government has taken to improve the economy. IMF told that during the current fiscal year from July 2010 to January 2011 Federal Government has spent Rs88 billion on various development projects, whereas fiscal deficit from July till December reached to 2.9 per cent of the GDP or Rs490 billion. Pakistani delegation also informed the Fund that provinces would get additional 80 billion rupees, added that

Asian inflation fuels IMF concerns WASHINGTON: A top International Monetary Fund (IMF) official expressed concern Wednesday about overall inflation in emerging countries beyond the current spike in food and commodity prices. Naoyuki Shinohara, IMF See # 11 Page 11 government has curtailed the development budget by Rs100 billion and brought it down to Rs180 billion from previous See # 7 Page 11

Trial deferred till 8th

Davis immunity adjudged unsure LAHORE: A court Thursday declared that the US diplomat, being detained for killing three Pakistani nationals, does not enjoy diplomatic immunity. According to media reports, Additional Session Judge, Yousuf Ojla, heard the case of Raymond Davis in Kot Lakhpat Jail. Davis was presented in the court in handcuffs and the hearing was also attended by US Consul General Cormela Conroy. Local news channels citing the summary of the court verdict said that the session judge has rejected that Davis enjoys diplomatic immunity.

Raymond Davis had filed an application of diplomatic immunity as in the previous hearing he was not represented by a lawyer. In Thursday's hearing, it was expected that Davis will be charged with murder and possession of illegal arms. However, after rejecting his diplomatic immunity, the court adjourned the hearing till March 8th. The US insists that he is a diplomat and enjoys diplomatic immunity. However, it has been recently revealed that Davis was a CIA spy and had close links to See # 12 Page 11

1-kilo of LPG now available at Rs98 KARACHI: The price of liquefied petroleum gas (LPG) was increased up to 98 per kilogram in Karachi and interior of Sindh as its producers raised their price by Rs2704 to Rs84537 per tonne on Thursday. This was stated by the chairman FPCCI standing committee on LPG and All Pakistan LPG Distributors Association Abdul Hadi Khan. He said price of 11.8-kg cylinder has been raised by Rs32 to Rs1040-1050 while 45.4 kg cylinder moved up by Rs123 to Rs4000. Recording his protest on price hike, he said producers should also consider the inter-

est of people and the country instead of profiteering. Hadi was of the view that LPG producers should not link their prices to Saudi Aramco Contract Price. He said retail price of LPG in Lahore will be Rs102-103 per kg while 11.8-kg cylinder would be selling at Rs10801090 and 45.4-kg cylinder at Rs4194. In Peshawar, LPG will surge to Rs105-107 per kilo, 11.8 kg cylinder to Rs1110-1120 and 45.4-kg cylinder at Rs4310. Hadi said that in Swat, Fata and AJK, LPG will be sold at Rs108-109 per kg and 11.8-kg cylinder at Rs1180-1190 while See # 13 Page 11

Suicide blast kills 9 in Hangu HANGU: At least nine people including four policemen have been killed, while 30 others wounded as a powerful suicide explosion took place near a police picket on by-pass road. As per reports, the policemen deployed at the police picket on Railway Road were on routine patrolling when a man driving an explosive-laden vehicle rammed into the police van killing four policemen Islam Khan, Saifullah, Bahuddin and another unidentified man. Five passerbys were also killed as a result of explosion. According to DCO Hangu Adil Siddiqui it was a suicide attack and 4 to 600 kg explosive material was used in the attack. He said that according to his information nine people have been killed and 30 wounded. SP Hangu Gul Jamal also said that it was a suicide attack and the attacker targeted the mobile van when it was on patrolling. DPO Hangu Abdul Rashid confirming 5 deaths in the incident including that of 2 policemen said that a bomb of 3 to 400 kg explosives was planted at an empty ground near the police picket and the explosion injured 25 people including 7 children and 7 women and five. Police have cordoned off the area. Rescue teams have See # 10 Page 11

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Thursday said that Pakistan welcomes foreign investors and it has designed its policies accordingly to attract foreign direct investments in the country. The successful working of eighteen (18) Swiss companies in Pakistan, he said, signify the confidence of foreign investors in the conducive-environment of Pakistan. He was talking to Swiss Economic and Business delegation led by Dr Martin Dahinden, Director General of Swiss Development Cooperation (SDC) which called on him here at Prime Minister House. He assured that all possible fool-proof security would be ensured by the Government to foreign entrepreneurs. Prime Minister said that whole nation is united and committed to fight terrorism at all cost and would not allow the extremist tendencies to spoil our social fabric. Gilani said that Pakistan

PM advises ISI chief extension yet again ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has advised President Asif Ali Zardari to extend Director General Inter Services Intelligence (ISI) Lt. General Ahmed Shuja Pasha's service for two years, Online has learnt on Thursday. Since Pasha is already on extension, to further extend his service it requires a favorable advice of the Prime Minister to be duly approved by the President. Therefore, Premier Gilani has already moved a summary for the President in this regard, sources privy to the development told Online on condition of anonymity. The sources were hopeful that the President was most likely to sign shortly the summary proposing two-year extension in Pasha's service. -Online being a frontline state against the process of dialogue was terrorism, he added, has paid a used to resolve issues and at huge price in terms of human time deterrence was used to lives and economic losses but eliminate militants and terrorour resolve to fight this menace ists. would continue as we consider These initiatives, he stressed, it as our own war. have to be supported by socioPrime Minister said that the economic development which is government has adopted 3Ds essential to bring about change policy to tackle the menace of in the life of the people. extremism and terrorism. Poverty, illiteracy and under At various occasions, he said, See # 8 Page 11

NRSP becomes 6th microfinance bank in Pak

NRSP MFB gets licence to bank Staff Reporter KARACHI: The State Bank of Pakistan has allowed NRSP Microfinance Bank (NRSP MFB) to commence business as a nationwide micro finance bank. Earlier, the SBP had issued a licence to the Bank. NRSP Microfinance Bank now becomes the 6th microfinance bank to operate on nationwide basis whereas two microfinance banks are operat-

ing at district level. Initially, it will operate with a network of 38 branches in 13 districts of the country. It may be added here that the licensing of NRSP MFB was the result of gradual transformation of National Rural Support Program (NRSP) into microfinance bank. However, initially, the NRSP operations in 13 districts are being transformed into NRSP See # 9 Page 11

FX reserves down a bit Staff Reporter KARACHI: The foreign exchange reserves of the country declined slightly by $80 million to $17.509 billion compared to $17.509 billion a week ago, the Central Bank announced on Thursday. A spokesman of the Central Bank said that the decline was due to debt servicing and it should be treated as normal affair. According to the breakup, forex reserves held by SBP were $14.027 billion as on Feb 26 while that with other banks stood at $3.477 billion.

On fire Afridi lifts ragged Pak to victory COLOMBO: Shahid Afridi made up for Pakistan's ragged performance with the bat by collecting his second fivewicket haul of the World Cup

as the 1992 champions beat Canada by 46 runs on Thursday. Canada looked as if they could produce the second shock of the tournament when they skittled Pakistan for 184 in just 43 overs and followed it up with some sensible batting from Zubin Surkari (27) and Jimmy Hansra to reach 104 for three. But once leg-spinner Afridi (5-23) bowled Hansra for 43, the Canadians lost their way and were all out for 138, handing Pakistan their third successive win in Group A. -Reuters

Look out for the March issue


2 Friday, March 4, 2011

‘Govt to revamp railways to its original glory’ ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talking to Federal Ministers and ex-ministers in a meeting at PM’s House.-APP

CM Sindh condemns Hangu suicide attack KARACHI: Chief Minister Sindh Syed Qaim Ali Shah has expressed his grief and deep sorrows on sad demise of Fakir Muhammad Bughio brother -in-law of provincial minister of katchi abadis Rafiq Engineer. Chief Minister Sindh has also condoled the sad demise of wife of

Provincial Secretary Sports and Youth affairs Shoaib Ahmed Siddiqui. He has prayed Almighty Allah to rest the departed souls in eternal peace and give courage bereaved families to bear this irreparable loss. Chief Minister Sindh Syed Qaim Ali Shah also strongly condemned the

suicide bomb blasts occurred at Hingu and Khyber Agency and termed it as an act of terrorism. He expressed sympathies with affected families and prayed Almighty Allah to rest the departed souls in eternal peace and give courage to bereaved family members to bear the irreparable loss.-NNI

B'stan minister says

Rising oil prices a blow to masses ISLAMABAD: Minister for Inter-provincial Coordination, Balochistan Dr Ruquiya Saeed Hashmi on Thursday said rising oil prices was a blow to millions of households across the country. Everyone including coalition partners, opposition, and intelligentsia was criticizing the move but government seemed indifferent to the plight of masses, she observed. The Minister said that

LCCI hails decision

Import of rice bran edible oil extraction machinery Staff Correspondent LAHORE: The Lahore Chamber of Commerce and Industry Thursday welcomed Federal Government decision to allow import of rice bran edible oil extraction machinery from India and termed it a step in right direction that is bound to expedite business activities in the country. In a statement issued here, LCCI President Shahzad Ali Malik said that the Prime Minister Yousaf Raza Gillani, Federal Minister for Commerce Makhdoom Amin Fahim and Federal Secretary Zafar Mehmood deserve appreciation in highest terms for taking a visionary step in the larger interests of the economy of the country. He said that the decision would help save billions of dollars being spent on the import of palm oil. He said the rice bran contains about 15-20% edible oil, which could efficiently be used for bridging the oil deficiency in the country. This will not only be helpful to fulfill the country's edible oil requirement but also to cope with the protein deficiency in the communities at risk through bran supplemented value added products. "The decision would not only help increase volume of investment in the country but definitely it would be bringing down the rate of unemployment as new investments would be creating large number of job opportunities."

government should have scarified some of its profit for a limited time instead of burdening already troubled masses. Talking to Dr Murtaza Mughal, President of the Pakistan Economy Watch (PEW), she said that lack of fiscal discipline and irrational taxation system were big stumbling blocks barring development. She said indifference on the part of rulers has disappointed masses which can

result in further unrest. Whole society was facing consequences of faulty priorities, she added. On the occasion, Dr Murtaza Mughal said that government should try alternatives to raise funds with measures like broadening of tax net, equitable taxation and reduction in ever-increasing expanses to counter monthly loss of Rs. 5 billion which was result of Middle East and North Africa turmoil.-NNI

‘ADB to render $400mn for infrastructure’ Staff Reporter KARACHI: The Asian Development Bank (ADB) will provide soft loan of US$ 400 million to Sindh government for post-flood infrastructure development. "Emergency funds are being sought from ADB and we had continuous marathon session with the Bank officials to keep the work on fast track," said Kaiser Bengali, Advisor to Chief Minister Sindh for Planning and Development here on Thursday. Addressing a press conference, he said that the loan of ADB will be reimbursed softly and added that the agreement in this regard will be signed by the Economic Affairs Division of the Ministry of Finance shortly. He said that 39 schemes

already launched will be completed within three months to pre-empt any damage which may be caused by another floods in the coming months. Elaborating, he said that small breaches could cause major problems for already relocated people and added that Khyber Pakhtoonkhawa and NHA will also have additional funds from ADB in this regard through the Federal government. Kaiser said that the funds will help improve the irrigation and road system of the province and added that the provincial government had already released funds for rehabilitation of the people and infrastructure projects which will later be reimbursed by the Federal government.

PTCL WC discount package for customers ISLAMABAD: Pakistan Te l e c o m m u n i c a t i o n Company LTD (PTCL) in line with the Cricket World Cup fervor, and to facilitate PTCL customers to make international calls to the World Cup host countries, has introduced a countrywide PTCL Special World Cup Package. It offers discounted tariffs on calls to India, Sri Lanka and Bangladesh; especially designed to encourage the existing and potential landline and Vfone customers. This limited time offer is applicable to all PTCL and Vfone customers from 26 Feb onwards. With this special international call rate the PTCL customers can call India and Bangladesh for Rs. 5 per minute and Sri Lanka for only Rs. 11 per minute on both landline and mobile networks. No subscription or activation is required for this special package. The customers can enjoy discounted call tariffs regardless of their package type.-Online

KARACHI: The government is committed to develop communication infrastructure and modernizing rail networks and already several initiatives have been planned in partnership with the private sector to revamp the railways. This was stated by Adil Anwar, Chief Executive Officer of the Infrastructure Project Development Facility (IPDF), a subsidiary of the Ministry of Finance, in his address to the 'Investors' Forum on Pakistan Railways Public Private Partnership Projects", organized here Thursday to promote public-private partnership projects in the railway sector. On the occasion he said that Pakistan Railways had suffered neglect in the past regimes but the current government was keen to undo these wrongs and plans were afoot in partnership with the private sector to revamp Pakistan Railways and restore this prime national institution

to its original glory. He said that IPDF had already taken up 'Track Access Project' to fulfill the potential backlog of rolling stock (locomotives and wagons) for the Pakistan Railways. The project is primarily meant for transport operators, power plants, oil marketing and refinery companies, freight forwarders and cement manufacturers. He further said the project would also go a long way in helping operate freight and passenger trains on the track of Pakistan Railways on the basis of FOOT (Finance, Own, Operate and Transfer) basis, whereby the private operator will pay the relevant track access charge to Pakistan Railways for utilizing its infrastructure. He said the private investors would benefit immensely from such an initiative as the freight transfer is increasing at 5% on average per year with Pakistan Railway's share remaining over 15% in

terms of reliable commodities. Similarly, rail continues to remain the cheapest mode of transferring freight in Pakistan and the cost is estimated to be around 50% as compared to road transport. He further elaborated that the Track Access Project had envisaged an average cost of Rs.4 billion for operating one train a day. The envisaged concession period is also expected to be 20 years, which is the useful life of the locomotive. The routine operations and maintenance will be undertaken by the private sector, whereby the major overhauling expenditure will be undertaken by Pakistan Railways on cost basis. Shahid Hussain Raja, Chairman Railways said the 40 trains are going to be closed and we will encourage private sector to invest in Pakistan Railways. He also said that products for which the financial model has been made includes transportation of oil, general cargo,

Zardari visits Tori Bund KASHMORE: President Asif Ali Zardari on Thursday visited Tori bund in Kashmore district to inspect the work done to repair the breach during recent floods. The President, accompanied by Chief Minister Sindh Syed Qaim Ali Shah, Irrigation Minister Saifullah

Dharejo and Food Minister Nadir Magsi took the aerial view of the bund from the helicopter while flying at low altitude. Irrigation Minister Saifullah Dharejo informed the President that repair work of the bund would be completed in about two months.

The President directed speedy completion of the repair work and report the progress to him on weekly basis. He also advised that the consultants of the project should be asked to give a briefing on the progress made so far.-APP

Eli Lilly's support to Diabetic Assn

Mobilink's rewards for cricket enthusiasts TFD Reposrt KARACHI: As the whole nation goes into cricket frenzy, Mobilink, Pakistan's market leader in cellular services and part of Orascom Telecom Holding (OTH), has created several opportunities for cricket enthusiasts ranging from discounted tariffs, memorabilia, free trips to Sri Lanka as well as exciting value added services. To further fuel the passion Pakistanis as a nation share unanimously for the sport, Mobilink has announced several services and promotions around the ongoing matches. These include 50% discount on making international calls to all world cup destinations of India, Sri-Lanka and Bangladesh as well as up to 75% discounts on international roaming to facilitate Jazz and indigo customers travelling to watch the matches in Sri Lanka.

ISLAMABAD: Federal Minister for Information and Broadcasting Dr Firdous Ashiq Awan talking to the media outside the residence of Shahbaz Bhatti, the assassinated Federal Minister for Minorities Affairs.-APP

PM himself monitoring Shahbaz case: Firdous ISLAMABAD: Prime Minister Yusuf Raza Gilani is monitoring, in person, Minorities' Minister Shahbaz Bhatti's assassination case so as apprehend perpetrators at the earliest. "He is monitoring the investigations himself," said Federal Minister for Information and Broadcasting Dr Firdous Ashiq Awan. Talking to media at Parliament House on Thursday Federal Minister for Information and Broadcasting Firdous

Ashiq Awan said that assassination of Shahbaz Bhatti is a tragic incident, which damaged the national dignity at international level. She said that Premier Syed Yusuf Raza Gilani is monitoring the case investigations in person and Shahbaz Bhatti's sacrifice would not go waste. She further said that comprehensive strategy to be evolved to strengthen the security system while whole nation would have to make joint ven-

tures to foil conspiracies being hatched to break and destabilize the country. Answering a question she said if federal capital is not safe from the militants then what would be said about security of other cities. She said that law enforcement agencies have been directed to chalk out a foolproof security system. She said the question arises here that why the security provided to the minister was specified only in office.-Online

TV PROGRAMMES FRIDAY Time Programmes

KARACHI: People travelling on bikes due to public transport strike called by the transporters against the upsurge in the prices of petroleum products.-Online

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 Aap Ki Baat (Rpt) News Newsbeat (Rpt) Tonight With Jasmeen (Rpt) News News Samaa Metro News Aap Ki Baat News Crime Scene Newsbeat News Awam Ki Awaz News 24

container cargo, rock phosphate, coal and cement. The products have been chosen on the basis of highest demand, whereby PR has the current demand to transport 3 trains/ Day for products such as Oil. He said the current turnaround time is also expected to be four days for rock phosphate and oil, five days for general cargo and container cargo and seven days for coal and cement. Similarly, the capacity is assumed to be 100% at the time of departure from the port city of Karachi to the required customers and 20% on the way back for general cargo and container cargo, 0% for oil and rock phosphate and the coal train will bring back the cement at 100% capacity. The numbers translate into a project internal rate of return (IRR) of 22% for the private sector and an average payback of 5-6 Years. The equity IRR comes in the range of 3035% on a debt to equity ratio of 70:30.-Online

KARACHI: (R-L) Shehryar Ansari, MD, Eli Lilly Pakistan presents the collaboration agreement to Prof A Samad Shera, Secretary General, Diabetic Association of Pakistan (DAP) at a ceremony where Eli Lilly Pakistan donated 9,000 vials of insulin to DAP for diabetic under-privileged children. Also present on the occasion was (1st L) Syed Nasir Farid, GBM-Diabetes Care, Eli Lilly Pakistan.-Staff Photo

TFD Report KARACHI: Under its Corporate Social Responsibility programme, Eli Lilly has announced the donation of 9,000 vials of Insulin to Diabetic Association of Pakistan (DAP). DAP will use this donation for under-privileged children suffering from Type I diabetes. The announcement was made at a ceremony that took place at DAP office and was attended by Prof. A. Samad Shera, Secretary General, DAP, Shehryar Ansari, MD, Eli Lilly Pakistan and Syed Nasir Farid, GBM- Diabetes Care, Eli Lilly Pakistan. The donation will address the Insulin needs of about 400 patients for a year and would help them lead a healthier and happier life. Diabetes is a condition caused as a result of the problems in production and supply of Insulin in the body. Pakistan has a very high prevalence of diabetes and some of these diabetes patients are suffering from Type I Diabetes. These people are dependent on Insulin for their life. Many of the children suffering from Type I Diabetes belong to low income households where parents cannot afford treatment for their ailing children. DAP is one of the few nonprofit organizations in Pakistan that is working towards the better health and welfare of children as well as adults who cannot afford the diabetes treatment. Expressing his views on the occasion., Shehryar Ansari, MD, Eli Lilly Pakistan said, "Today we are reinforcing our collaboration with the Diabetes Association of Pakistan by donating 9000 vials of Insulin for children with Type I diabetes. This donation is an important contribution to Eli Lilly's overall Corporate Social Responsibility to Pakistan and demonstrates that we deeply care about the needs of underprivileged Pakistani citizens."


3

Friday, March 4, 2011 Top Economic Events

Euro rallies as Trichet cements rate hike view a raise late this year and put the ECB in pole position to hike well before the US Federal Reserve and even the Bank of England, which analysts had expected to move first. "The position of the Governing Council is that an increase in interest rates at the next meeting is possible," Trichet told a news conference after the central bank left rates at a record low 1.0 per cent. He dismissed the idea that a rate rise in April could be bigger than 25 basis points, saying such a scenario was "not the appropriate interpretation". The euro rallied as high as $1.3976, its

strongest level since early November after rising above resistance around its 200-day moving average at $1.3958. It

last traded at $1.3933, up 0.5 per cent on the day. Some analysts cautioned now that with the Trichet press conference out of the way and the euro testing the key $1.3950 and $1.40 resistance area, profit-taking may set in, which could see the euro stabilize in the $1.38 and $1.3850 area. "A lot of people were expecting a hawk-

Asian currencies

Won strengthens as oil decline whets funds' appetite Weaker oil seen supporting emerging Asian currencies ty, such as the Indonesian rupiah. Central banks in Malaysia, Indonesia and Singapore were spotted buying dollars to check the speed of gains in their currencies, dealers said. Dollar/won lost 0.8 per cent to 1,119.3, the lowest since Feb 21 as offshore funds, including macro funds, hedge funds and model funds sold the dollar. Dollar/won also came under pressure on revived expectations that the Bank of Korea will raise interest rates this month on stronger-thanexpected economic data. But importers bought dollars for settlements around 1,120,

limiting falls in dollar/won. Dollar/Singapore dollar hit a record low despite dollar-buying intervention was spotted. Investors remain confident the MAS will allow further strength in Singapore dollar and comfortable with short positions in the pair. Dollar/Singapore dollar stayed heavy, despite agent names sitting at the base at 1.2680 level. Traders are targeting the 1.2500 objective. Dollar/Taiwan dollar fell on exporters' sales for settlements but trading was thin before rate decision of the European Central Bank and US job data later in the day. -Reuters

Sterling slides against euro on ECB rate talk

Swiss franc off record high vs USD

SINGAPORE: The South Korean won led emerging Asian currencies higher on Thursday, helped by a sharp decline in oil prices that led to increased foreign flows into regional equity markets. "Central banks will remain hawkish and lower oil price represent better risk appetite, so overall they should still be supportive for Asian FX," said Frances Cheung, a strategist at Credit Agricole CIB in Hong Kong. The won's gains on the day were a bit of catch up with other emerging Asian currencies that have benefited from perceptions of policy credibili-

LONDON: Sterling fell sharply against the euro on Thursday as a weak UK services sector survey and hawkish comments from the European Central Bank raised the prospect of euro-zone interest rates rising before UK rates. ECB President Jean-Claude Trichet said euro-zone rates could rise next month -- stunning markets which were expecting a rise late this year -- and pledged

"strong vigilance" on rising inflation, a phrase that in the past has signalled a forthcoming rate rise. Expectations for an early UK rate rise in contrast were scaled back after a below-forecast purchasing managers' survey on the key UK services sector. "There is a risk that the market has become too aggressive in pricing in more than two BoE rate hikes this year and against this backdrop sterling is vulnerable against the euro," said Jane Foley, currency strategist at Rabobank. The euro rose around 1 per cent on the day to a high of 85.80

pence, leaving it on course for a test of the February high of 85.93 pence. A break of this would leave the 2011 high of 86.53 pence in sight. Markets are currently pricing in a 25 basis point UK rate rise from 0.5 per cent in June or July, with a further two hikes likely by the end of the year. Analysts said a rate rise before May now looked unlikely.

BoE Deputy Governor Charles Bean said inflation in 2011 may be above the BoE's current forecasts but that did not mean rates should rise faster than markets expect. He also said government austerity measures should help cut inflation. Rabobank's Foley said Bean's "non-committal tone" contrasted with Trichet's strong hints at a forthcoming rate rise. Against the dollar, sterling was down 0.4 per cent at $1.6259, having hit a session low of $1.6254, pulling away from a 13month high of $1.6344 hit the previous day.-Reuters

ZURICH: The Swiss franc came off the previous day's record high against the dollar on Thursday and slipped against the euro ahead of a European Central Bank meeting but was seen well supported by unrest in Libya. The franc was 0.2 per cent weaker against the dollar compared to the New York close at 0742 GMT, trading at 0.9244, off the record high of 0.9202 franc per dollar hit on Wednesday. "USD/CHF made a new low at 0.9202 as the dollar weakened against most currencies. Technicals remain negative for USD/CHF," said Credit Suisse economist Marcus Hettinger. "In addition, as interest rate spreads have continued to narrow between the dollar and franc, a test of the 0.91/0.90 area is very likely in the near term." The SNB posted on Thursday a consolidated loss of 19.171 billion Swiss francs in 2010 largely due to the ill-fated interventions that have prompted criticism of the central bank and its chairman Philipp Hildebrand. The franc slipped 0.1 per cent against the euro, trading at 1.282 per euro as the single currency hovered near a four-month high versus the dollar. -Reuters

Aussie dollar firm, NZ weighed by rate risk WELLINGTON/SYDNEY: The Australian dollar was firm on Thursday, underpinned by another healthy trade surplus, while the New Zealand dollar remained out of favour on rampant speculation interest rates will be cut next week. The Australian dollar held in a tight range around $1.0160, off its Wednesday low of $1.0128, with support at $1.0120 and the topside capped at $1.0203. The NZ dollar was a tad higher on the day at $0.7449 but still down 0.9 per cent for the week. It hit a 10-week low on Wednesday after New Zealand's Prime Minister said he expected the Reserve Bank of New Zealand (RBNZ) would cut its 3 per cent cash rate at its March 10 meeting. The kiwi has lost 3.7 per cent in the past month, making it the second worst performer after Norway's crown. Support for the kiwi is seen initially at $0.7400, below which is the 200 moving day average of $0.7381. Resistance is seen around at $0.7490. Markets are fully priced for a cut of 25 basis points and imply a 24 per cent chance of a 50 basis-point move.

A Reuters poll of 19 analysts on Thursday showed most had also reversed their positions and a majority now expected a cut of at least 25 basis points, with 9 predicting 50 basis points. The median forecasts was for rates of 2.75 per cent by the end of the year, a huge turnaround from a couple of weeks ago when they had tipped 3.75 per cent. Two-year swap spreads were down at 3.33 per cent, having plunged from 3.80 per cent just 10 days ago. The diverging rate outlook propelled the Aussie to a 19-year peak of NZ$1.3693 on Wednesday, before edging back a little to NZ$1.3631. The Aussie has climbed more than 4 per cent so far this year. The Australian dollar was briefly bothered by data showing sharp fall of 15.9 per cent in building approvals, much steeper than expectations . Still, this series is highly volatile and approvals were hit by floods in the month. Other figures showed Australia' trade surplus of A$1.8 bln beat forecasts of A$1.5 bln, even though flooding in Queensland took a huge A$1 bln out of coal exports. -Reuters

ish statement from Trichet and he's delivered everything that the hawks had been looking for. I'm very alert right now for some potential profit-taking," said Brian Dolan, chief currency strategist at Forex.com in Bedminster in New Jersey. He added that Trichet's comments that the ECB would carry on providing unlimited funding at its three-month operations for the next three months, also suggests "there's ongoing fragility in the European Banking sector." Against the yen, the euro jumped to a session peak of 114.83 yen on Reuters data, before pulling back slightly to trade at 114.78 yen, up 1.1 per cent on the day. The dollar rose 0.5 per cent to 82.31 yen, getting a lift after data showed new US claims for unemployment benefits fell last week to their lowest level in more than 2-1/2 years. -Reuters

Yuan declines ahead of parliamentary session SHANGHAI: The yuan closed marginally lower versus the dollar on Thursday even after the People's Bank of China set a record high mid-point, in a further sign that the government is using the currency to help fight high inflation, worsened by surging imported commodity prices. The yuan also failed to immediately hit a record trading high amid caution that its appreciation may still be limited in the next couple of weeks as Chinese leaders gather in Beijing this week for the annual parliamentary session typically held in the first half of March, traders said. This year's meeting is particularly important as China will map out plans for its economic development and reforms over the next five years from 2011 to 2015, with the government expected to elaborate on a shift from growth that is reliant on exports to one that is solidly based on domestic consumption. With policymakers being mostly occupied by the event, few expect the PBOC to usher in major policy moves, such as a sharp quickening pace of yuan appreciation, traders said. "The overall picture for the yuan to appreciate this year is clear, although the PBOC will still set the pace for how fast the yuan can rise in a certain period of time," said a dealer at

a Chinese state-owned bank in Beijing. Spot yuan closed at 6.5731 versus the dollar, a shade weaker than Wednesday's close of 6.5727 and has risen 3.85 per cent since its depegging in June 2010. It is now within arm's reach of its record trading high of 6.5654 hit on Feb. 21. Before trading began, the PBOC fixed the yuan's mid-point at 6.5695 on the dollar, stronger than Wednesday's 6.5736. The fixing's previous record was 6.5705 set on Feb. 21. Many traders believed the yuan would hit fresh record trading highs very soon and look forward to a 5 to 6 per cent yuan appreciation in 2011 as the government appears to be using the exchange rate to fight inflation. Benchmark one-year dollar/yuan non-deliverable forwards (NDF) were bid at 6.4080, marginally up from 6.4110 at Wednesday's close. Their implied yuan appreciation in a year's time rose to 2.52 per cent from 2.47 per cent. For the past couple of months, NDF-implied yuan appreciation has persistently lagged market expectations of a 5 to 6 per cent rise in 2011 partly because hedge funds, the main players in forwards, cut back exposure to Asian markets in favour of dollar assets as the US economy recovers, traders said. -Reuters

India rupee slips as choppy stocks hurt MUMBAI: The Indian rupee ended weaker on Thursday after a volatile trading session, as choppy domestic shares dented sentiment with some oil-related dollar demand from refiners also adding to the downward pressure. The partially convertible rupee ended at 45.0350/0450 per dollar, against 44.945/955 at close on Tuesday. The forex market was closed on Wednesday for a local holiday. Intra-day it shuffled in a 44.9300-45.0850 range. "No clear cues from local equity markets, meant international triggers would carry the day," said Ashish Barua, senior inter-bank dealer at IndusInd Bank. The fall in the rupee might also have been limited by broad resilience in its regional peers, traders said. The one-month onshore forward premiums were at 24.50

Source GBP USD USD USD CAD USD

Events Halifax HPI m/m Non-Farm Employment Change Unemployment Rate Average Hourly Earnings m/m Ivey PMI Factory Orders m/m

Source

Events

AUD EUR EUR GBP EUR EUR EUR USD USD USD USD

Trade Balance German Retail Sales m/m Final Services PMI Services PMI Retail Sales m/m Revised GDP q/q Minimum Bid Rate Unemployment Claims Revised Nonfarm Productivity q/q Revised Unit Labor Costs q/q ISM Non-Manufacturing PMI

Forecast -0.6% 180K 9.1% 0.2% 50.6 2.1%

Previous 0.8% 36K 9.0% 0.4% 41.4 0.2%

Actual

Forecast

Previous

1.88B 1.4% 56.8 52.6 0.4% 0.3% 1.00% 368K 2.6% -0.6% 59.7

1.53B 0.5% 57.2 53.8 0.4% 0.3% 1.00% 394K 2.6% -0.6% 59.6

2.02B 0.3% 57.2 54.5 -0.4% 0.3% 1.00% 388K 2.6% -0.6% 59.4

Previous Day

Trichet says to exercise 'strong vigilance' on inflation NEW YORK: The euro soared against the US dollar on Thursday, edging towards the psychologically important $1.40 level, after European Central Bank President Jean-Claude Trichet cemented expectations of a near-term interest rate rise. In a press conference after the ECB left its benchmark rate at 1.0 per cent, Trichet said the ECB will exercise "strong vigilance" over rising inflation, deploying a phrase that in the past signaled a rate rise was only a month away. "It is crystal clear, from both the statement as well as Trichet's remarks afterwards, that the ECB is prepared to raise rates as early as next meeting," said Michael Woolfolk, senior currency strategist at BNY Mellon in New York. The strong indication that a rise will come in April shocked markets expecting

Time 4th-9th 18:30 18:30 18:30 20:00 20:00

points against 25.50 points on Tuesday. The one-month offshore nondeliverable forward contracts were quoted at 45.28, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange were at 45.2375, the MCX-SX at 45.2250 and on the United Stock Exchange were at 45.2300, with the total traded volume at a high $8.51 billion. Usual volume is around $6-$7 billion. -Reuters

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

As per 22.00 PST Ask High 1.3948 1.3976 0.9315 0.9314 1.6275 1.6332 0.9733 0.9744 1.0156 1.0188 114.8500 114.8200 0.8572 0.8569 1.2987 1.2987 134.0100 134.1400 88.4400 88.6400 1421.2300 1436.0500

Bid 1.3945 0.9313 1.6271 0.9728 1.0151 114.8000 0.8568 1.2982 133.9700 88.3900 1420.3500

Low 1.3837 0.9234 1.6261 0.9719 1.0145 113.1300 0.8481 1.2790 132.9800 88.1700 1417.7500

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 03/03/2011 A USD GBP CAD EUR JPY O/N 0.22150 0.55625 0.97167 0.36375 SN 0.10938 1WK 0.24750 0.57563 1.00083 0.72000 0.11500 2WK 0.25300 0.58313 1.03917 0.76500 0.11938 1MO 0.26000 0.61125 1.08167 0.82563 0.13375 2MO 0.28600 0.68250 1.14583 0.91813 0.15563 3MO 0.30950 0.80250 1.21667 1.04813 0.19125 4MO 0.35050 0.88438 1.28333 1.13563 0.24313 5MO 0.40850 0.99188 1.34750 1.22625 0.30000 6MO 0.46150 1.10875 1.41667 1.33375 0.34750 7MO 0.51500 1.19050 1.50333 1.39813 0.39500 8MO 0.56825 1.27363 1.59333 1.46000 0.44438 9MO 0.62075 1.35738 1.67500 1.53000 0.49000 10MO 0.67450 1.44000 1.76083 1.58438 0.51688 11MO 0.72600 1.50750 1.85050 1.64563 0.54250 12MO 0.78725 1.57625 1.94500 1.70688 0.57000

Major Central Banks Overview Central Bank

Next Meeting

Bank of Canada Bank of England Bank of Japan Federal Reserve Swiss National Bank The Reserve Bank of Australia European Central Bank

Last Change

April 12, 2011 September 8, 2010 March 10, 2011 March 5, 2009 March 15, 2011 December 19, 2008 March 15, 2011 December 16, 2008 March 17, 2011 March 12, 2009 April 5, 2011 November 2, 2010 January 1, 2001 May 7, 2009

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

Division of National Bank of Pakistan (NBP) KARACHI, March 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

85.60 139.78 118.62 87.95 92.64 86.94 13.55 1.05 15.43 67.49 15.91 22.82 10.98 13.03 307.91 28.22 63.74 23.51 23.31 0.08 2.81

85.40 139.45 118.35 87.75 92.42 86.74 13.52 1.04 15.39 67.33 15.87 22.77 10.96 13.00 307.19 28.15 63.59 23.45 23.25 0.08 2.80

85.15 139.02 117.97 87.52 92.18 86.51 13.48 1.04 15.35 67.15 15.83 22.71 10.93 12.97 306.39 28.08 63.42 23.39 23.19 0.08 2.79

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for March 03, 2011

KASB

BMA

ELXIR

GSL

ICSL

12.90 12.95 13.00 13.10 13.34 13.48 13.60 13.62 13.78 14.10 14.18 14.20 14.20 14.24 14.26 14.25 14.22 14.22 14.50 14.75 14.90

12.80 12.85 12.90 13.14 13.32 13.47 13.62 13.67 13.80 14.12 14.18 14.20 14.19 14.25 14.25 14.25 14.17 14.17 14.60 14.70 14.85

12.90 12.92 12.95 13.13 13.35 13.48 13.60 13.68 13.79 14.05 14.18 14.19 14.20 14.25 14.28 14.23 14.17 14.18 14.60 14.75 14.95

12.90 12.90 13.00 13.15 13.38 13.50 13.64 13.68 13.80 14.05 14.17 14.19 14.20 14.23 14.25 14.23 14.22 14.18 14.55 14.90 15.10

12.95 12.95 13.00 13.15 13.35 13.48 13.60 13.68 13.78 14.05 14.18 14.22 14.20 14.30 14.35 14.23 14.20 14.20 14.60 14.75 15.00

0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years 30--years

JSCM AvgRate 12.85 12.90 12.95 13.15 13.36 13.45 13.61 13.65 13.75 14.05 14.17 14.20 14.20 14.25 14.30 14.20 14.18 14.19 14.50 14.75 15.00

12.88 12.91 12.97 13.14 13.35 13.48 13.61 13.66 13.78 14.07 14.18 14.20 14.20 14.25 14.28 14.23 14.19 14.19 14.56 14.77 14.97

Currencies Correlation EUR/GBP Period 1 1 3 6 1 2

AUD/USD EUR/CHF EUR/JPY EUR/USD GBP/USD NZD/USD

week month months months year years

0.55 0.06 0.33 0.31 0.20 -0.34

-0.82 -0.45 -0.12 0.58 0.56 0.68

-0.72 -0.24 0.17 0.63 0.77 0.68

0.32 0.71 0.43 0.83 0.63 0.58

-0.79 -0.22 -0.06 0.30 -0.04 -0.04

USD/CAD USD/CHF

0.55 0.10 0.23 0.29 0.03 -0.33

-0.32 0.04 0.09 0.07 -0.28 0.43

-0.84 -0.60 -0.60 -0.33 -0.03 0.21

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)03/03/2011 1WEEK

2 WEEK

1 MONTH

3 MONTH

6 MONTH

9 MONTH

1YEAR

2YEARS

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

ABLN 12.60

13.10

12.60

13.10

12.70

13.20

13.35

13.60

13.60

13.85

13.70

14.20

13.80

14.30

14.00

14.50

JSBL

12.85

13.35

12.90

13.40

13.00

13.50

13.40

13.65

13.60

13.85

13.70

14.20

13.80

14.30

13.90

14.40

ASPK 12.85

13.35

12.90

13.40

12.90

13.40

13.30

13.55

13.50

13.75

13.60

14.10

13.75

14.25

13.85

14.35

CIPK

12.70

13.20

12.70

13.20

12.75

13.25

13.40

13.65

13.60

13.85

13.70

14.20

13.90

14.40

14.10

14.60

DBPK 12.60

13.10

12.75

13.25

12.75

13.25

13.30

13.55

13.40

13.65

13.50

14.00

13.60

14.10

13.80

14.30

FBPK 12.75

13.25

12.75

13.25

12.75

13.25

13.35

13.60

13.55

13.80

13.70

14.20

13.80

14.30

13.90

14.40

FLAH 12.80

13.30

12.80

13.30

12.80

13.30

13.35

13.60

13.50

13.75

13.60

14.10

13.75

14.25

13.85

14.35

HBPK 12.80

13.30

12.85

13.35

12.85

13.35

13.35

13.60

13.50

13.75

13.65

14.15

13.75

14.25

13.85

14.35

HKBP 12.75

13.25

12.80

13.30

12.85

13.35

13.30

13.55

13.50

13.75

13.60

14.10

13.70

14.25

13.85

14.35

NIPK

12.75

13.25

12.85

13.35

13.10

13.60

13.30

13.55

13.40

13.65

13.50

14.00

13.60

14.10

13.70

14.20

HMB

12.85

13.35

12.90

13.40

12.90

13.40

13.40

13.65

13.50

13.75

13.60

14.10

13.70

14.20

13.80

14.30

SAMB 12.75

13.25

12.85

13.35

12.95

13.45

13.30

13.55

13.50

13.75

13.65

14.15

13.75

14.25

13.85

14.35

MCB

12.60

13.10

12.70

13.20

12.75

13.25

13.35

13.60

13.50

13.75

13.60

14.10

13.70

14.20

13.80

14.30

NBPK 12.70

13.20

12.75

13.25

12.75

13.25

13.30

13.55

13.50

13.75

13.70

14.20

13.80

14.30

13.90

14.40

SCPK 12.70

13.20

12.70

13.20

12.70

13.20

13.25

13.50

13.45

13.70

13.60

14.10

13.70

14.20

13.80

14.30

UBPL 12.70

13.20

12.75

13.25

12.75

13.25

13.40

13.65

13.50

13.75

13.65

14.15

13.80

14.30

13.90

14.40

AVE

13.24

12.79

13.29

12.81

13.31

13.34

13.59

13.51

13.76

13.64

14.14

13.76

14.26

13.86

14.36

12.74


4 Friday, March 4, 2011

The Financial Daily International

The Failure of Police

Vol 4, Issue 198

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

Fasihuddin

C

urrent literature on police Haseeb Khan, FCA S. Muneer Hussain Rizvi studies reveals that much Asim Abbas Ashary, CPA is attributed to the police Khurram Shehzad, CFA leadership for success and failAkhtar M. Zaidi, FCA Prof. Zakaria Sajid (KU) ure of crime prevention strateDr. A. Hadi Shahid, FCA Zahid Bukhari SVP HBL (retd) gies and police performance. Muhammad Arif Ismat Sabir This is not something new in the Head office history and development of the police as an organization in the 111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388428 western world, where police URL: www.thefinancialdaily.com chiefs took the initiative of introEmail Address: editor@thefinancialdaily.com ducing reforms, both structural Lahore office and functional, in the wake of 24- Peshawar Block, Fortress Stadium, Lahore new challenges, new policies Telephone: 92-42-6675595 Fax: 92-42-6664349 and new technologies. Police Email Address: editor@thefinancialdaily.com history is replete with examples of the committed and individual efforts of police chiefs in the UK and USA for transforming police into a responsible and viable service deliverer to the satisfaction of the consumer (the community). Police chiefs not only exhibited the requisite leadership at the time of change but also proved to be the most honOil is getting all the headlines as its price est agents of change and the respected knowledge moves close to US$120 a barrel for the first most workers within their respective time in 3 years as Libya's production is departments. They strived hard essentially shut down. People are looking to reconcile change with stabilifor hard assets like gold and silver as situa- ty through visionary initiatives, honesty, collective tion in the Middle East is compounding individual responsibility, institutional matters. For Pakistan debt issues are likely accountability, transparent and to further aggravate as no quick and imme- fair procedures, merit-oriented and professional exceldiate solutions are available for already policies lence. Police absorption of modexisting problems. ern equipment and ideas was Around the globe stock markets are jittery enormously increased through effective programmes of trainas oil prices ramped, stocks sold off hard. ing and education in the police Analysts are saying higher oil prices might training schools, and by raising jeopardize economic growth. That's a very the technical and managerial of officers on job. This simplistic way of looking at the situation. skills whole evolutionary processes But no body wants to pay more for gasoline have much to the extraordinary and also doesn't want to see higher trans- leadership qualities of the police portation costs passed through to prices. Oil chiefs in most of the developed countries. prices are just the tip of the iceberg. The real On the contrary, the police issue is that price of every thing is rising. leadership in Pakistan has been Monetary policy is part of the problem. a serious failure, especially in

Blaming oil prices

Analysts say prices will further escalate. The fact is, emerging markets, and possibly even Europe, will hike interest rates to fight inflation but the US Fed is still sticking to its easy money policies. Given that the Government can't impose new taxes and increasing indebtedness one does not know how to the economic managers are going to convince the lender of last resort. And if no funds are released what will be the extent of printing of notes and for how long the government can continue this There is no doubt that the Governments will have to start dealing with debt. Economy is not likely to improve significantly in the short-term. There also seems no prospect of accelerating economic growth because of unabated load shedding of gas. The hike in POL prices and its rejection by opposition as well as coalition partners is likely to initiate demonstrations after the expiry of the deadline. There are growing fears that if demonstrations turn violent it will be very difficult to contain them. Though, Punjab government has been trying to put the blame of load shedding of gas on the federation there seems no solution. The last option is to run all the power plants on furnace oil but financing its import is a million dollar question. Reportedly, Kuwait has agreed to supply crude oil as well as POL products on deferred payment and the Government of Pakistan is still soliciting 'oil as grant' not much can be expected. Monarchs in the Middle East have to focus more on the domestic issues rather than helping any other country. In no way saying all this is aimed at making the masses gloomy but to give a wakeup call to the rulers. Pakistanis are brave and ready to face the worst but this time the elites have to respond. The number of haves not is increasing and anarchy would be knocking at the door.

Disclaimer:

All reports and recommendations have been prepared for your information only. Summary and Analysis are not recommendation to buy or sell. This information should only be used by investors who are aware of the risk inherent in securities trading. The facts, information, data, indicators and charts presented have been obtained from sources believed to be reliable, but their accuracy and completeness cannot be guaranteed. The Financial Daily International and its employees are not responsible for any loss arising from use of these reports and recommendations.

the first decade of the 21st Century. This was the most crucial decade for the police after the police reforms were introduced in 2002 and when the tragic events after 9/11 brought them a war much beyond their imagination and capacity. The greater the severity of the situation, the poorer was the quality of the police leadership at that period. Unlike the USA, UK, Turkey and any other country which faced the serious problems of terrorism or passed through the sensitive phase of new reforms in a rigid department like police, the Pakistani police leadership terribly failed to respond to any such situation which demanded sacrifice, knowledge, incorruptibility, procedural fairness, commitment, vision and acumen. Crime remained the same, rather got worsen after 2001. Police became the worst of targets for terrorist groups. Professionalism and specialization didn't come true as envisioned in the new Police Order, 2002, but the intra-departmental schism became, more evident, more widened, and the command structure further crumbled. Corruption jumped manifolds and the ills of all police ineffectiveness and incompetence were brazenly attributed to the ill-conceived reforms by an erstwhile dictator ( Pervez Musharraf) and unwarranted politicization of crime. Lack of political will and lack of resources are the two usual words on the tip of the tongues of senior police leadership for all failures and difficulties in the department. This is a very sad scenario of the police leadership crisis in Pakistan. Most of our young police officers are suffering from a conceptual ambivalence and skepticism, even at times, cyni-

cism, about the statements, behaviour and policies of the top police leadership. They see that the police reforms of 2002 were mostly engineered, supported and drafted by many of the serving and retired police leadership, who have been arguing and campaigning for these reforms since decades. The only weakness was that these reforms were so fragile and easy to manipulate that they couldn't sustain the little maneuvering of the political elites, and the pro-reforms police leadership started accusing the government for noncommitment and lack of will. The inherent and intrinsic weaknesses of the reforms, an indication of the shallow vision of the drafters and supporters, were never discussed. Much of the intellectual dishonesty of these police chiefs is still out of reach of critical assessment. Even the serving police chiefs, in all levels-the province, the range and the district-spoiled, as much as possible, the provisions of the new police law and that too, mostly for grabbing more authority over his fellow officers, colleagues and civil administration, and for more resources from other wings. Some provincial police chiefs mutilated whatever beauty was there in the new police law, no less than for his personal greed and appeasement of the ruling elites in the last five years. The police leadership in Pakistan proved to be the worst of police creature in the world. Almost all of them got engaged in amassing wealth and authority, and most of them, remained busy in their personal and family businesses, looking after their lands and entrepreneurs, and getting their kids settled in the USA, Europe or Dubai, or at least seeking them a job in a

multi-national company or some UN agency. On this front, the police leadership remained bewilderingly successful. The war on terror is being fought with that old, colonial mode of police training and education, with those conventional weapons and with that common excuse of inability of police to counter terrorism due to dictates of international politics, tribal jurisdiction, inaccessible militants in Pak-Afghan border and having no funds! Scapegoat-type sacrifices of the police are presented as something deterring the militants! No police leader could work for modernizing the police training institutions, changing the training curriculum, establishing forensic sciences laboratories, re-organizing and reviving the CIA and CID for intelligenceled policing, computerization of crime data, at least at CPO level, and carrying out research on crimes and deviance. All this doesn't need much of resources from anyone, but only a true vision of an honest police leadership. The future writer and researcher will not spare the police leadership of the last decade for their incompetence, corruption and weak nerves at a time when the department looked towards them for support, vision, altruism, command, welfare, career-building opportunities and one wordLeadership! Disregard of merit-oriented policies badly affected the police in terms of recruitment, selection and equal opportunities for the officers of all ranks and at all levels and assignments. This obviously, resulted in a kind of pessimism, cribbing, intra-department schisms, and at times, very visible and perceptible groups amongst the officers along the lines of the

"well-connected" (professionals!) and the "disgruntled" (unbecoming!). Team-spirit suffered a serious blow in the last decade in a department like police, which is generally organized on certain peculiar principles of the Weberian bureaucracy, that too more introvert, more structured, and tougher. This 'clique-culture' gave way and provided justification for posting of junior buddies on senior assignments, who supposedly had not gained and exhibited enough maturity to be compatible with the given assignment. Political interference is blamed for this. But, never in the last decade, the police leadership took a stand and resisted this so called interference by the political elites. In the last century, one can easily find many examples whereby the police leadership, right from a district chief to a provincial boss, said 'no' to such unwarranted demands of politicians, and thus observed a certain degree of decency, command and prestige for the good name of the department. These examples of sacrifices, strength of character and commitment to resist detrimental alien intrusions were never followed or occasionally seen in the last decade. The police leadership seems to have lost an image of self-respect and a commendable display of consciousness to defend the career-oriented interests of their subordinate staff. Greed, malice, backbiting, leg-pulling, mud-slinging, jealousies and prejudices-all crept with a considerable amount in the police in Pakistan which has lost a sensible and altruistic leadership; a glory replaced with a shame! The author is President, Pakistan Society of Criminology

From Romania to Muslim World Jawad Raza Khan

H

istorically events around the world are mostly termed as conspiracies; indeed search of truth out of those had been surfacing ugly counterfeits after occurrence of debacles. The human history has seen this many a times. On the other hand today or tomorrow truth has always prevailed, may it not be supported by majority because of deliberate and sophisticated journalistic campaigns or the will of power masters-or combination of both. A Swiss-American biochemist Martin H. Fischer inked something very truthful "Truth is rarely writ in ink; it lives in nature" and I think that is why it prevails. He remained in the power corridors of Romania from 1965 to 1989. He was the President of Romania from 1971 till he was executed after a trial of 90 minutes in 1989. Nicolae Ceau?escu is said to have been overthrown after a bloody revolution, western media claims more than 6500 killed in demonstrations against Nicolae Ceau?escu. The mass meeting of 21 December, held in what is now Revolution Square degenerated into chaos. The image of Ceau?escu's uncomprehending expression as the crowd began to boo and heckle him remains one of the defining moments of the collapse of Communism in Eastern Europe. Ceausescu's tilt towards west-

ern powers could not save him and his wife Elena from their ruthless and horrible end. He was stripped of his honour from the westerners such as GCB (Knight Grand Cross of the Order of the Bath) by Queen Elizabeth II of the United Kingdom, one day before his execution. Queen Elizabeth also returned the Romanian Order Ceau?escu had bestowed upon her. Indeed the role of Radio Free Europe has been the key for development of the mass movement until the execution of Cheusescu and his wife Elena. "The trouble about human is twofold. He cannot learn truths which are too complicated; he forgets truths which are too simple", says Rebecca West. "Rebecca West was one of the giants and will have a lasting place in English literature. No one in this century wrote more dazzling prose, or had more wit, or looked at the intricacies of human character and the ways of the world more intelligently". These were the words of William Shawn, editor in chief of The New Yorker after hearing the news of her death in 1983. Coming back to Cheusescu, It is imperative to make an account of his 70th birthday in 1988, when Ceau?escu was decorated with the Karl-Marx by then Socialist Unity Party of Germany (SED) chief Erich Honecker; through this he was honoured for his rejection of Mikhail Gorbachev's reforms. This

indeed was a clear cut indication that westerners socialist were satisfied with the proceedings in Romania under the regime of Cheusescu, on the contrary western media played a pivotal role in his overthrow. It was revealed after the execution of Cheusescu that casualties in revolution square were less than hundred swelled up to 6500 with extreme generosity by western media courtesy Radio Free Europe and Liberty Radio and many more. Deep understanding of the issue again makes us focus to the basic economy of the people of the state and in turn the unrest had always been hijacked by the super powers working in their own favour and their own interest. This has always been done through sophisticated media techniques and deliberate planning to achieve the desired results, in the situation created by the natives but explored and exploited by the foreigners. Current fragile political situation in Arab world in particular and Muslim world in general is not to different in the 21st century comparing to what happened in Romania in 1989. One of the major differences between the leadership is that even after the death of Cheusescu 22 years ago nobody has been able to put anything worthwhile against the character and financial dishonesty of the Romanian leader. The hastily arranged military court's nastily

done execution can bear the testimony of the fact. On the other hand the greatest similarity is the greed of western powers for natural resources and provocation of revolutionary ideas through effective journalistic campaign in North Africa and the Middle East. Movement of US military in Mediterranean, on the context of creating No Fly Zone on Libya is indeed the case of exploiting public sentiments against their rulers to their advantage. Pakistan is no exception to the world, Drone attacks, IMF, elaborated CIA network and above all a misguided and untamed media always ready to be used to their advantage are the fulfillment of basic ingredients for timely exploitation of Pakistan to their interest. Leaders of Pakistan must learn at least from their own history, where events like hanging of Bhutto, crash of Zia, removal of Musharraf and so many factors in favour of destabilization demand self actualization of the highest degree by the core leadership. In fact, media and people of Pakistan must be well equipped to minimise the effects of merciless exploitation of countries like Pakistan. The unrest in Muslim world and the interest of western world is about following the path quoted by Karl Marx. "Men make their own history but they do not make it as they choose".

When will you wake up? The latest addition in the causality list is the gory murder of Federal Minister for Minority Affairs Shahbaz Bhatti and nobody knows that how long this causality list will go to unroll to accommodate many more deceased. The file of this cold-blooded murder may also be piled away after some routine official claims, establishment of some new committees and their block buster revelations but it will end into same old-fashioned cold-shudder response that we have witnessed in many other instances. If not this, it will simply lead to all time famous 'Rehmaniology' that "all roads lead to Waziristan'. The actual dilemma is either the Government appears to be least serious

to cope with this frowning menace or lack the ability or foresight to deal with the issue. Bhatti's killing reminds me of an article by Samson Simon Sharaf "Time for Pakistan to Reassert" he wrote on February 20, 2011 in which he has rightly diagnosed the real hands behind this gloomy situation. The government can take lead from the following lines when he says "Raymond's act is just a glimpse of what could happen in Pakistan. Agents undercover of contractors, subcontractors and businessmen have been active in Pakistan for quite some time. Some are busy training the security forces in equipment while others direct drone attacks through their net-

works. The most lethal are the ones who have established contacts with militants and sectarian outfits to conduct operations against the security installations within Pakistan, and assassinate national and nationalist leaders to keep the instability pot on the boil". Keeping in view the above assertion, there is no qualm in saying that once again the killing of Shahbaz Bhatti will be termed a sequel to Salman Taseer's assassination and this may be true but at the same time we never forget that American and CIA operatives are well penetrated in our capital and there are instances when traces of such operatives and officials were found and observed every time a terrorist incident inflicted upon the

innocent citizen of Pakistan. This must be in the minds of various readers that a driver of an international NGO was arrested for his involvement in the attacks on Pak Army's serving Brigadiers in Islamabad. Thus, this option of third party involvement in Bhatti's killing must not be over looked amidst a situation when there is greater likelihood that America must be thinking ways to divert the attention of national media over Raymond Allen Davis case in order to isolate and strike a deal with the relatives of victims. It is time for Government to wake up and search for a panacea because freedom requires constant vigilance. Malik Aamir Saleem, Rawalpindi


5

Friday, March 4, 2011

South East Asian stocks

Europe shares rise; rate expectations limit gains KSE-100 Index Opening Closing Change % Change Turnover (mn)

11,699.16 11,762.00 62.84 0.54 162.44

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

3,534.22 3,581.14 46.92 1.33 8.07

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

2,808.54 2,810.92 2.38 0.08 0.12

Symbol

Close

Change

RMPL 2,612.46 ULEVER 4,608.41 NESTLE 3,466.13 MTL 517.45 ATLH 134.15

105.11 86.45 82.03 6.49 4.68

Major Losers

Symbol UPFL SIEM BATA PSEL SHEZ

Close

Change

1,197.58 977.00 566.33 151.75 154.07

-59.9 -14.35 -8.66 -7.9643 -7.93

Top 5 Volume Leaders

Symbol

Close Vol (mn)

LOTPTA NBP HUBC NML AHCL

16.01 78.91 39.56 64.98 20.63

46.03 10.97 10.43 6.21 5.99

Active Issues Plus Minus Unchanged

192 102 81

Sector Updates FERTILISER 000 tonnes

Urea Offtake (Jan to Dec 10) Urea Offtake (Dec 10) Urea Price (Rs/50 kg) DAP Offtake (Jan to Dec 09) DAP Offtake (Dec 10) DAP Price (Rs/50 kg)

6,123 626 1,020 1,317 90 3,143

AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Jan 11) 47,153 Sales (July 10 to Jan 11) 45,113 Production (Jan 11) 6,698 Sales (Jan 11) 6,793

INDUS MOTOR CO Production (July 10 to Jan 11) Sales (July 10 to Jan 11) Production (Jan 11) Sales (Jan 11)

29,078 28,293 5,596 5,885

HONDA ATLAS CAR Production (July 10 to Jan 11) 9,279 Sales (July 10 to Jan 11) 8,779 Production (Jan 11) 1,511 Sales (Jan 11) 1,904

DEWAN FAROOQ MOTORS Production (July 10 to Jan 11) Sales (July 10 to Jan 11) Production (Jan 11) Sales (Jan 11)

186 113 0 23

BANKING SECTOR Scheduled bank (Rs in mn) Deposit (Feburay 4,11) 5,046,861 Advances (Feburay 4,11) 3,140,675 Investments (Feburay 4,11) 2,100,015 Spread (Feburay 4,11) 7.61%

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

1,122 188 81 15 727 138 3,426 634 32 6 4,331 690 6 2

PRICES (Ex-Refinery)

Rs

MS (1 Feb 11) MS (1 Jan 11) MS % Chg Kerosene (1 Feb 11) Kerosene (1 Jan 11) Kerosene % Chg JP-1 (1 Feb 11) JP-1 (1 Jan 11) JP-1 % Chg HSD (1 Feb 11) HSD (1 Jan 11) HSD % Chg LDO (1 Feb 11) LDO (1 Jan 11) LDO % Chg Fuel Oil (1 Feb 11) Fuel Oil (1 Jan 11)

Gone-gains bulling back to Khi bourse Nawaz Ali

Major Gainers

51.74 49.41 4.72% 58.28 55.01 5.94% 58.51 55.24 5.92% 61.80 58.55 5.55% 55.32 53.46 3.48% 47,931 45,947

Mostly go higher but stay volumes low; airlines soar

KARACHI: On Thursday Karachi Stock Exchange (KSE) ended higher for the fourth consecutive session above 11,700 points level with improved volumes as investors took positions ahead of Margin Trading System (MTS) launch from March 7, 2011. The KSE 100-Index sprang up by 62 points to close at 11,762 level, KSE 30-Index by 75 points to close at 11,462 mark while KSE All Share Index grew by 44 points to close at 8,171 points. "It was all bullish throughout the session with volumes swelling ahead of MTS launch", said Ahsan Mehanti, Director Arif Habib Investments. The session had a positive start but soon some volatile activities came its way which continued during the first half an hour with index moving on both sides. This was due to

concerns over Raymond Davis issue and ongoing political situation in the country especially a dissent over recent hike in petroleum prices. Therefore index at about 9:40am touched the lowest level of the day at 11,644 points (-ve 54). However, index managed to bounce back abetted by buying at lower levels primarily in some banking and fertiliser stocks while the news regarding Lotte Pakistan too triggered ‘onloading’. Moving ahead, the index stayed in the positive territory till the closing bells and in the last moments touched a dayhigh at 11,773 points (+ve 74) closing thereabout. According to a news report, KP Chemicals, the parent company of Lotte Pakistan PTA Limited (LOTPTA) is planning an expansion of 1 million tonnes at its PTA plant located in Karachi. The company aims to invest $400 million (Rs34.4 billion) in the project and work

is expected to start in 2HCY11. Foreign investors, however, according to NCCPL data, did a net-selling of $2.17 million on Thursday. Investor participation witnessed some improvement as 162.4 million shares traded during the day which is 19.2 million more than a turnover of 143.2 million shares a day earlier. Lotte Pakistan was the volume leader with 46.03 million shares followed by National Bank with 10.97 million and Hub Power with 10.43 million shares. Arsalan Khan, equity dealer at JS Global Capital said that though sentiments have improved, uncertainty prevails amid political instability especially after a hike in POL prices by 10 per cent. A total of about 375 stocks were active during the day out of which 192 closed positive and 102 negative while 81 scrips saw no change.

BSE Sensex up for 4th session MUMBAI: Indian shares rose for the fourth day and closed 0.2 per cent higher in a volatile session on Thursday, helped by gains in world stocks, and traders expect the volatility to continue as they eyed the unrest in Libya. The 30-share BSE index gained 0.23 per cent, or 43.26 points, at 18,489.76 points, with 16 of its components gaining. It fell as much as 1 per cent at one stage, and later rose as much as 0.9 per cent. "We just about managed to close in the green as world markets were not faring bad," said Sunder Subramaniam, senior manager of institutional sales at brokerage Sharekhan. "But, trade may continue to be volatile and any negative feelers from here could bring

the market down." The main index has gained 4.5 per cent so far this week. The federal budget presented on Monday, stepped up social spending and Finance Minister Pranab Mukherjee forecast the economy would grow 9 per cent in 2011/12 beginning April and inflation would ease. It is, however, down nearly 10 per cent year-to-date, with foreign funds pulling out $2.2 billion from Indian shares until February end. "All the major events on the domestic front are done for now. So, now it is all about global cues. Let us see how the situation unfolds in Libya," said Prasanth Prabhakaran, president of retail broking at IIFL. Engineering and construc-

tion firm Larsen & Toubro led the gains and closed up 3.2 per cent, rising nearly 10 per cent this week, on optimism that economic growth may mean higher order flow for the company. Financials closed mixed after food inflation in Asia's third-largest economy eased in mid February, following a drop in prices of vegetables and milk. However, high headline inflation would still keep the pressure on the central bank to raise interest rates this month. Leading lenders State Bank of India and ICICI Bank shed 0.6 per cent and 0.8 per cent respectively, while HDFC Bank rose 2.7 per cent. Mortgage lender Housing Development Finance Corp gained 3 per cent.-Reuters

Banks, H-stocks up HK; Shanghai down HONG KONG: Hong Kong's benchmark index edged higher on Thursday led by financials on optimism over earnings though its failure to breach a crucial technical indicator has triggered concerns about nearterm weakness. The benchmark Hang Seng closed up 0.3 per cent at 23,122.4, after rising as high as 1 per cent by midday, supported by short-covering in large-caps that were built over the week. It failed to rise above the downward trendline, that was established when it rose to a high of 24,430 in January. The trendline, currently at 23,300, has capped the index several times since, data shows. The Shanghai Composite Index edged down 0.4 per cent to end the day at 2,903 but financials outperformed with the sector sub-index rising for

the seventh straight day to close up 1.3 per cent. "Funds are buying up relatively cheap bank stocks before they announce earnings in a few weeks," said Cheng Yi, analyst at Xiangcai Securities in Shanghai. The financial sector saw the biggest upward revisions in 12-month forward earnings in the past 30 days, according to Thomson Reuters Starmine, among the 10 sectors tracked. China Merchants Bank shares extended a five-day upward streak, gaining 4.2 per cent with trading volumes at 5.6 times the stock's 30-day average in Shanghai and the highest volume since May 2009. Its Hong Kong-listed shares rose 2.3 per cent also on healthy volume. Daiwa capital trading strate-

gist Patrick Lee said China Merchants was a "high beta play" on Chinese banks, which he recommended as a sector. A high beta stock is one that is more volatile relative to the sector or benchmark and hence is expected to generate higher returns in an uptrend. Lee said that the Shanghai Composite had shown significant strength despite wild gyrations in global stock markets, which signals that Chinese shares may be poised to outperform. The Hang Seng failure to breach the downward trendline suggesting weakness ahead, has made traders cautious. A trader at a large European bank in Hong Kong, said activity on the day was largely driven by futures while large model-driven institutions were still outright short.-Reuters

US stocks mid-day

Wall St up on hopes ahead of jobs data NEW YORK: US stocks rallied on Thursday as oil prices slipped and stronger-than-expected economic data raised expectations of a bullish US employment report for February on Friday. With oil prices pausing from their recent climb, equity investors refocused on the US economy, which has shown steady improvement in reports this week. Scott Marcouiller, chief technical market strategist at Wells Fargo Advisors in St. Louis, said the progressively better data "has got hopes up that we are going to see better looking nonfarm payrolls numbers" in the Labor Department data. The market's rally was broad, with all ten of the S&P's sectors in solidly positive territory. The CBOE volatility index, a measure of expected turbulence, fell nearly 10 per cent after spiking sharply higher last week. The Dow Jones industrial average gained 162.34 points, or 1.35 per cent, to 12,229.14. The Standard & Poor's 500 Index rose 17.30 points, or 1.32 per cent, to 1,325.74. The Nasdaq Composite Index added 43.71 points, or 1.59 per cent, to 2,791.78. Stocks have shown resilience in the face of economic headwinds. The broad S&P 500 is down only 1.3 per cent after falling around 3 per cent from since late February due to growing violence in oil-producer Libya. "It is showing you that there is enough cash on the sidelines that has missed the boat and wants in," said Marcouiller The Arab League said a peace plan for Libya was under consideration. The plan put forth by Venezuelan President Hugo Chavez, if successful, could end a major headwind for equities. Crude prices have spiked in recent weeks on concern the unrest in Libya could lead to supply disruptions, pushing oil prices higher and threatening the economic recovery. April US crude futures fell 0.8 per cent to $101.39 per barrel while Brent crude fell 1.4 per cent to $114.67. Initial jobless claims fell last week to 368,000 -- a 2-1/2 year low -- one day after a robust report on privatesector hiring.-Reuters

Nikkei rises on short-covering TOKYO: Japan's Nikkei benchmark climbed on Thursday, recouping some of the previous session's losses, with upbeat US economic data helping offset worries about surging oil prices due to turmoil in the Middle East. Exporters led the advance on short-covering after the market posted its biggest loss this year on Wednesday. That 2 per cent decline and selling by foreigners last week has stirred speculation the benchmark might be entering a short-term downtrend, but analysts said that bulls were buying on dips as Japan still has an edge over other Asian countries. "Japan is seen as a safe haven at the moment as there are few inflationary pressures," said Jamie Coutts, an analyst at BGC Securities, adding that Japan is well-positioned on a relative basis in the short- to mid-term. The benchmark Nikkei ended the day up 0.9 per cent, or 93.64 points, at 10,586.02. The broader Topix gained 0.6 per cent to 948.69. Advantest Corp climbed 1.5 per cent to 1,673 yen after the Nikkei business daily said the company has developed the technology for a next-generation multipurpose chip tester that allows semiconductor

makers to check a wide range of microchips with a single machine. "It's too early to be optimistic because concerns about rising oil prices will likely persist. But investors might have oversold yesterday, so they may buy back stocks with good fundamentals," said Masumi Yamamoto, a market analyst at Daiwa Securities Capital Markets. Overseas investors were net sellers of Japan stocks last week for the first time in four months, snapping a 16-week run of net buying, the longest buying streak since late 2005 to early 2006. Foreigners sold a net 118.5 billion yen of Japan stocks last week when the Nikkei average dropped about 3 per cent after hitting a 9-½ month intraday high in the previous week. "I don't think this shows a dramatic long-term change in the way foreign investors view Tokyo stocks," said Tomihiko Kubo, vice president of equity execution at Credit Suisse. "They will keep buying, but not that aggressively in March, as they're aware Japanese institutional investors offload stock positions this month ahead of business year-end earnings announcements, putting the whole market under pressure."Reuters

FTSE rallies as oil loses boil LONDON: A rebound by commodity issues fuelled strong gains by Britain's top share index on Thursday, as oil prices fell back on hopes for a peace deal in Libya, easing concerns over global economic demand. At the close, the FTSE 100 index was up 90.20 points, or 1.5 per cent, at 6,005.09, ending above the 6,000 level for the first time since Feb. 21, having fallen in eight of the previous nine trading days. "The sun has come out today in true `risk-on' style, and after three days of suffering, London's headline-index is trying to turn positive for the week," said Will Hedden, sales trader at IG Index. Heavyweight energy issues and miners led the rally, with the two sectors having been hit recently by fears that the rising cost of oil could derail a fragile global economic recovery, damping demand for commodities.-Reuters

ANNOUNCEMENTS Company Bank Of Khyber MACPAC Films

Period Yearly Half Year

Div/Bon/Right -

PAT (Rs in mn) 563.486 71.722

EPS(Rs) 1.13 1.84

Dhiyan

A TRADE-FRIENDLY DAY Farhan Mansuri, VP Capital Markets Arif Habib Limited In the short-term, market is expected to move within a range of 11,400 and 11,900 points where good payouts will keep supporting it. However, in the medium term, the successful launch of Margin Trading System (MTS) can invite further positive activities. Investors are recommended to build up their portfolios with oil and fertiliser stocks while they should sell cement stocks at higher levels. Market would see a positive close today.

Faisal Dhedhi, Deputy Head of Sales Al-Habib Capital Markets

Market totally depends upon the foreigners' mood. Therefore it would behave in a manner similar to the activities of the offshorers. However, the index is likely to consolidate around current levels. Investors should hold valued stocks while for new investments they are advised to 'wait & see' as economic situation might deteriorate further. Moreover political turmoil could also hurt the market. Trade would stay in the green zone today.


6

Friday, March 4, 2011

Market Volume

162,438,980

Value

5,545,947,082

Trades

68,878

Paid up Cap(mn)

Advanced Declined Unchanged Total

Current High Low Change

192 102 81 375

All Share Index

11,762.00 11,774.71 11,644.69 h62.84

Current High Low Change

High Low 1,496.68 1,470.53 Total cos Defaulter cos P/BV (x) ROE (%) 3.39 32.54 Low

Attock Petroleum XD 691 6.38 Attock Refinery 853 4.57 BYCO Petroleum 3921 Mari Gas Company 735 7.37 National Refinery 800 5.95 Oil & Gas Development 43009 10.26 Pak Petroleum XD 11950 7.62 Pak Oilfields XD 2365 7.29 Pak Refinery Limited 350 P.S.O XD 1715 4.76 Shell Pakistan 685 10.40

351.16 111.69 9.63 105.54 284.67 152.43 208.89 317.13 94.89 282.97 201.72

359.00 113.49 9.75 108.00 293.50 153.50 209.89 319.00 96.96 284.00 204.85

350.80 110.65 9.40 104.00 282.00 151.05 206.05 314.00 94.60 280.11 202.00

Close Chg 352.93 112.08 9.50 106.06 287.03 151.58 208.52 316.30 95.32 281.47 202.81

1.77 0.39 -0.13 0.52 2.36 -0.85 -0.37 -0.83 0.43 -1.50 1.09

Close Change 1,480.78 -4.68 Listed cap Market cap 65,194.15 mn 1,110,480.34 mn Payout (%) Div Yield (%) 55.94 5.36 Last 60 days High Low

Volume 175249 823833 422303 41871 170160 225209 344534 1642293 56173 270894 43292

401.00 146.90 12.24 141.65 335.00 185.00 229.80 341.50 122.22 317.79 222.00

321.00 98.25 8.20 99.46 254.00 144.97 190.10 272.20 83.00 265.00 186.83

% Change -0.32 5-Day High 1,485.46 5-Day Low 1,406.37

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

2011 Div BR (%) (%)

20B115.00 - 23.43 - 15.00 20B 50.00 -100.00 - 50.00 -

-

Open 689.77 Turnover 5,501 P/E (x) 5.11 Company

Performance of SR Chemicals Index Open 1,616.52 Turnover 65,796,361 P/E (x) 9.19

High Low 1,648.04 1,601.03 Total cos Defaulter cos P/BV (x) ROE (%) 3.22 35.00

PE

Open

High

Low

Agritech Limited 3924 23.05 Biafo Ind 200 5.45 BOC (Pak) 250 9.04 Clariant Pak 273 6.95 Dawood Hercules 1203 14.37 Descon Chemical 1996 Descon Oxychem Ltd. 1020 8.75 Dewan Salman 3663 Engro Corporation Ltd 3277 11.88 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji FertilizerXDXB 8482 7.37 Fauji Fert.Bin Qasim 9341 7.78 Ghani Gases Ltd 725 9.50 ICI Pakistan 1388 9.18 Ittehad Chemical 360 6.51 Lotte Pakistan 15142 5.89 Mandviwala 74 Nimir Ind Chemical 1106 27.60 Sitara Chem Ind 214 8.34 Sitara Peroxide 551 5.46 United Distributors 92 Wah-Noble 90 5.54

23.12 48.00 88.00 195.15 254.44 2.60 6.54 2.66 214.27 12.45 11.99 118.03 41.00 11.02 159.78 28.26 15.67 0.98 2.56 96.31 12.83 13.06 36.03

23.48 48.00 91.80 195.00 259.90 2.80 6.75 3.09 217.49 12.75 12.30 120.30 41.60 11.19 162.20 29.65 16.33 1.00 2.92 100.00 12.95 13.95 36.25

21.97 45.60 88.00 193.01 252.11 2.50 6.50 2.59 213.00 12.20 11.80 116.80 40.58 10.43 158.30 29.55 15.45 0.81 2.51 95.00 12.50 12.07 36.25

Close Chg 23.05 47.98 88.02 194.16 256.60 2.70 6.65 2.92 216.29 12.37 11.91 119.82 41.24 10.83 160.69 29.55 16.01 0.82 2.76 98.97 12.67 13.28 36.03

-0.07 -0.02 0.02 -0.99 2.16 0.10 0.11 0.26 2.02 -0.08 -0.08 1.79 0.24 -0.19 0.91 1.29 0.34 -0.16 0.20 2.66 -0.16 0.22 0.00

Last 60 days High Low

Volume 2910 1044 2935 22725 371343 170995 455975 5457868 1675400 64207 1887878 2086348 4959145 71687 237215 1000 46033816 558 4292556 7475 40576 11271 200

Change 18.75 Market cap 356,065.26 mn Div Yield (%) 5.31

26.73 59.20 103.94 213.30 259.90 3.74 9.25 4.24 222.80 15.87 12.64 157.90 43.99 13.07 162.24 36.00 16.80 2.45 3.17 131.90 14.54 14.99 41.99

21.58 41.11 82.00 155.00 172.00 2.34 6.00 2.26 184.71 11.75 9.16 108.00 34.60 10.43 136.50 23.07 12.56 0.57 1.51 90.78 11.81 8.51 34.50

% Change 1.16 5-Day High 1,635.27 5-Day Low 1,517.51

2010 Div BR (%) (%)

2011 Div BR (%) (%)

45 - 27.50 60 135 25B 50 300B 60 20B 130 25B 65.5 175 5 5 5 25 5B 50 -

-

Performance of SR Forestry & Paper Index Open 974.98 Turnover 21,871 P/E (x) 5.06

High Low 1,011.91 983.14 Total cos Defaulter cos P/BV (x) ROE (%) 0.38 7.47

Close 1,001.57 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

707 50 411

8.35 6.48

14.94 37.13 35.00

15.30 37.99 36.75

14.75 36.00 36.00

15.30 0.36 36.23 -0.90 36.26 1.26

11501 1300 9070

Change 26.59 Market cap 2,762.46 mn Div Yield (%) 5.00

Last 60 days High Low 19.69 48.90 47.70

14.50 36.00 34.00

% Change 2.73 5-Day High 1,001.57 5-Day Low 963.20

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

2011 Div BR (%) (%) -

Company Crescent SteelSPOT Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin

PE

565 2.93 675 555 445.33 1199 18.19 785 40.91

Open 27.95 2.04 13.50 49.70 9.01

High 28.34 2.15 13.60 50.10 9.00

Low 27.00 2.00 13.30 49.45 9.00

Close Chg 28.01 2.11 13.36 50.01 9.00

0.06 0.07 -0.14 0.31 -0.01

Close 1,012.16 Listed cap 3,596.11 mn Payout (%) 30.91

Change 4.11 Market cap 9,585.13 mn Div Yield (%) 9.92

High

Low

Close Chg

Volume

Last 60 days High Low

1092 1321

6.54 9.28

67.99 32.08

68.75 33.45

64.75 32.00

68.00 33.42

2050 3451

76.65 39.45

Last 60 days High Low

Volume 20828 14000 8838 8359 4500

31.00 3.29 16.51 62.20 10.70

24.01 1.80 13.00 45.81 8.51

2010 Div BR (%) (%) 30 55 7.5

Open 1,111.32 Turnover 211,804 P/E (x) 3.82 Paid up Cap(mn)

Agriautos Ind Atlas Battery Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering

High

Low

Close Chg

Volume

144 4.75 101 5.07 626 9.32 890 56 4.48 598 4.52 450 200 6.11 1428 786 9.78 823 10.48 150 3.97

72.45 187.66 129.47 1.78 181.27 23.00 3.39 4.29 10.40 225.67 64.75 22.00

72.50 192.00 134.50 2.05 190.33 23.48 3.80 4.40 10.45 227.95 66.00 22.20

72.50 187.00 130.00 1.80 174.05 22.75 3.13 3.76 10.30 218.00 63.60 21.90

72.50 0.05 191.01 3.35 134.15 4.68 2.00 0.22 183.01 1.74 22.80 -0.20 3.40 0.01 4.40 0.11 10.41 0.01 226.03 0.36 65.83 1.08 21.98 -0.02

500 2090 3685 124171 2090 1211 21901 5604 12616 26861 9632 1439

Company

Paid up Cap(mn)

Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Buxly Paints Cherat Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Fecto Cement Flying Cement Ltd Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt Lucky Cement Maple Leaf Cement Pioneer Cement Safe Mix Concrete Shabbir Tiles Thatta Cement

High Low 849.46 818.46 Total cos Defaulter cos P/BV (x) ROE (%) 0.40 7.10

PE

Open

High

Low

1828 866 6.39 858 182 14 956 37.96 3891 3651 10.52 350 6933 5.79 502 2.05 1760 4003 32 1288 13126 3234 5.69 5261 2228 200 361 798 923.00

2.42 50.71 2.16 15.90 9.00 8.66 1.82 23.58 2.06 4.13 6.84 1.50 7.26 0.50 5.75 2.80 63.09 2.17 5.74 6.00 5.51 18.17

2.50 50.99 2.65 16.40 9.00 9.17 2.19 24.75 2.10 4.40 6.95 1.65 8.10 0.55 5.88 2.88 63.60 2.20 5.90 6.00 6.51 18.90

2.15 49.51 2.30 15.41 9.00 8.90 1.80 23.35 2.10 4.11 6.75 1.42 6.99 0.47 5.51 2.80 62.65 2.12 5.70 6.00 5.13 18.40

Close 835.22 Listed cap 54,792.74 mn Payout (%) 19.04

Close Chg

Volume

Last 60 days High Low

2.25 50.50 2.43 16.26 9.00 9.11 1.91 24.31 1.90 4.17 6.75 1.48 7.76 0.47 5.62 2.82 63.32 2.14 5.74 6.00 6.51 18.46

31756 11160 5575 3530 500 11255 1144412 1813549 7091 281054 2500 90427 28836 3105 9199 391021 823606 53844 152 495 706 900

3.98 64.40 4.24 24.16 15.50 12.00 3.10 32.30 4.00 5.55 8.00 2.25 9.19 0.99 7.40 3.88 78.44 3.30 7.65 7.95 9.60 19.65

-0.17 -0.21 0.27 0.36 0.00 0.45 0.09 0.73 -0.16 0.04 -0.09 -0.02 0.50 -0.03 -0.13 0.02 0.23 -0.03 0.00 0.00 1.00 0.29

2.15 48.50 1.46 14.72 7.52 8.00 1.50 21.20 1.70 3.97 6.30 1.30 4.70 0.25 5.11 2.65 59.55 1.92 5.17 5.52 5.13 16.20

% Change 1.23 5-Day High 835.22 5-Day Low 788.89

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

2011 Div BR (%) (%) -

20R 92R -

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 923.41 Turnover 288,670 P/E (x) 2.61 Company Cherat Papersack XR ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd Tri-Pack FilmsSPOT

Paid up Cap(mn)

PE

Open

115 2.21 48.30 230 2.49 1067 5.30 50.85 389 1.40 4.15 47 16.51 29.85 844 - 116.32 300 8.32 136.50

High

High Low 927.64 907.50 Total cos Defaulter cos P/BV (x) ROE (%) 1.15 43.91 Low

Close Chg

49.50 48.20 48.24 2.35 2.11 2.14 51.46 50.50 50.99 5.15 4.25 5.15 30.98 29.60 29.72 117.00 113.00 114.91 139.00 136.00 137.17

-0.06 -0.35 0.14 1.00 -0.13 -1.41 0.67

Close 917.18 Listed cap 3,043.31 mn Payout (%) 15.55

Volume 3526 48162 2010 209041 3092 4251 18503

Change -6.23 Market cap 35,285.74 mn Div Yield (%) 5.96

Last 60 days High Low 83.23 3.30 56.45 5.15 33.80 143.00 144.50

47.80 2.05 45.30 2.50 19.70 103.52 111.25

% Change -0.68 5-Day High 923.41 5-Day Low 888.57

2010 Div BR (%) (%) 20 25 32.5 100

25B 10B -

2011 Div BR (%) (%) -

50R -

INDUSTRIAL ENGINEERING

Open 1,894.61 Turnover 186,155 P/E (x) Company

Paid up Cap(mn)

Adam Sugar Chashma Sugar XD Colony Sugar Mills Crescent Sugar Dewan Sugar Habib Sugar Habib-ADM Ltd Ismail Ind J D W Sugar Mirza Sugar National Foods Nestle Pakistan Noon Pakistan Noon Sugar Pangrio Sugar Punjab Oil XD Quice Food S S Oil Sanghar Sugar Shahtaj Sugar

58 287 990 214 365 750 200 505 539 141 414 453 48 165 109 49 107 57 119 120

PE

Company Ados Pak AL-Khair Gadoon AL-Ghazi Tractor

Paid up Cap(mn) 66 100 215

PE

Open

8.64 12.41 5.22 5.06 226.33

Bolan Casting 104 Dewan Auto Engineering 214

4.54 -

Ghandhara Ind Millat Tractors

7.98 8.64 7.97 510.96

213 366

47.23 0.90

High

High Low 1,592.05 1,563.40 Total cos Defaulter cos P/BV (x) ROE (%) 2.98 38.02 Low

Close Chg

13.41 11.41 11.41 -1.00 5.45 5.00 5.00 -0.22 230.00 223.00 225.13 -1.20 45.20 1.21

45.20 1.01

45.20 -2.03 1.10 0.20

9.15 8.65 9.10 519.50 509.90 517.45

0.46 6.49

Close 1,586.04 Listed cap 1,336.62 mn Payout (%) 131.49

Volume

-

-

Change 9.24 Market cap 41,640.16 mn Div Yield (%) 5.34

Last 60 days High Low 82.63 205.00 143.80 2.89 217.44 26.74 5.36 5.49 12.87 309.73 74.80 24.00

66.45 159.00 107.00 1.50 170.11 21.00 3.05 3.75 9.52 218.00 60.00 18.80

2010 Div BR (%) (%) 90 100 60 20 150 10

% Change 0.83 5-Day High 1,130.70 5-Day Low 1,102.93 2011 Div BR (%) (%)

20B - 50.00 20B 10.00

-

High

Low

Close Chg 0.00 0.00 0.66 -0.09 0.01 0.34 0.00 0.00 2.03 0.38 -1.09 82.03 -0.98 0.00 0.19 0.20 -0.05 -0.21 -0.49 0.00

Close 1,925.01 Listed cap 11,335.33 mn Payout (%) 30.57

Volume

Change 30.40 Market cap 281,180.00 mn Div Yield (%) 0.67

Last 60 days High Low

240 20.50 13.60 152 13.90 8.05 100102 5.70 2.40 1300 7.15 5.05 8990 5.59 2.52 18048 36.50 20.25 2400 12.95 11.50 300 90.00 68.60 4492 92.50 68.00 5925 7.18 2.65 645 75.50 43.00 11093 3695.00 2115.00 2729 27.24 20.02 2500 14.00 9.00 801 6.99 3.00 2000 47.05 39.14 19000 4.00 2.06 6000 4.75 2.50 700 15.01 11.00 238 95.35 50.93

2010 Div BR (%) (%)

% Change 1.60 5-Day High 1,933.35 5-Day Low 1,894.61 2011 Div BR (%) (%)

25 10 25 25B 40 17.5 110R 7010B 12.5R 10 12 750 12 10 15 28R 10 15 -

10B -

2011 Div BR (%) (%)

22919 2501 2151

18.20 6.50 244.95

11.41 5.00 215.00

400

-

-

-

500 7496

48.63 2.40

42.90 0.60

25 -

10B -

-

-

11515 26629

13.50 568.40

8.25 466.27

650

25B325.00

-

RSI (14-day)

61.57

Total Assets (Rs in mn)

821.12

MA (10-day)

1.45

Total Equity (Rs in mn)

(287.78)

MA (100-day)

1.55

Revenue (Rs in mn)

MA (200-day)

1.57

Interest Expense

1st Support

1.50

Loss after Taxation

(36.23)

2nd Support

1.34

EPS 10 (Rs)

(1.196)

1st Resistance

1.86

Book value / share (Rs)

2nd Resistance

2.06

PE 11 E (x)

Pivot

1.70

PBV (x)

0.00 0.27

(9.50) (0.18)

KOIL closed up 0.14 at 1.70. Volume was 1,471 per cent above average (trending) and Bollinger Bands were 22 per cent wider than normal. The company's loss after taxation stood at Rs20.469 million which translates into a Loss Per Share of Rs0.68 for the half year of current fiscal year (1HFY11). KOIL is currently 8.2 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into KOIL (bullish). Trend forecasting oscillators are currently bullish on KOIL.

Dewan Cement Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

51.42

Total Assets (Rs in mn)

20,869.47

MA (10-day)

1.76

Total Equity (Rs in mn)

3,628.10

MA (100-day)

1.92

Revenue (Rs in mn)

3,494.78

MA (200-day)

1.83

Interest Expense

1st Support

1.71

Loss after Taxation

2nd Support

1.56

EPS 10 (Rs)

1st Resistance

2.10

Book value / share (Rs)

2nd Resistance

2.34

PE 11 E (x)

Pivot

1.95

PBV (x)

11.15 (622.76) (1.743) 10.15 0.19

DCL closed up 0.09 at 1.91. Volume was 93 per cent above average and Bollinger Bands were 1 per cent wider than normal. The company's loss after taxation stood at Rs325.06 million which translates into a Loss Per Share of Rs0.90 for the half year of current fiscal year (1HFY11). DCL is currently 4.3 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of DCL at a relatively equal pace. Trend forecasting oscillators are currently bearish on DCL.

Samba Bank Limited

HOUSEHOLD GOODS Open 1,005.83 Turnover 113,233 P/E (x) 2.66 Company

Paid up Cap(mn)

Hussain Industries Pak Elektron Tariq Glass IndSPOT

106 1219 231

PE 3.26 2.19

Open 6.36 12.66 16.80

High 6.40 13.24 17.40

High Low 1,031.89 988.98 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 10.64 Low 5.51 12.51 16.25

Close Chg 6.25 -0.11 12.94 0.28 16.63 -0.17

Close 1,011.74 Listed cap 3,763.71 mn Payout (%) 6.27

Volume 1054 53588 58528

Change 5.91 Market cap 4,947.58 mn Div Yield (%) 2.35

Last 60 days High Low 10.39 15.88 24.00

4.60 12.07 16.00

2010 Div BR (%) (%) 17.5

10B -

% Change 0.59 5-Day High 1,011.74 5-Day Low 985.26 2011 Div BR (%) (%) - 200R

PERSONAL GOODS Performance of SR Personal Goods Index Open 984.42 Turnover 19,372,531 P/E (x) 6.76 Paid up Cap(mn)

(Colony) Thal Amtex Limited Artistic Denim Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Chenab Limited Colony Mills Ltd Crescent Fibres Ltd Crescent Textile D M Textile D S Ind Ltd Dar-es-Salaam Dawood Lawrencepur Dewan Khalid Textile Dewan Mushtaq Textile Din Textile Ellcot Spinning Gadoon Textile XD Ghazi Fabrics Gul Ahmed Textile Gulistan Spinning Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Janana D Mal Khalid Siraj Khurshid Spinning Kohinoor Ind Kohinoor Spinning Kohinoor Textile Latif Jute Masood Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Prosperity Quetta Textile Ravi Textile Reliance Weaving Rupali Poly Saif Textile Salfi Textile Sally Textile Samin Textile Sargodha Spinning Saritow Spinning Service Ind Shadman Cot XD Shahtaj Textile Shahzad Textile Sunrays Textile Suraj Cotton Tata Textile Thal Limited Treet Corp Tri-Star Poly Yousuf Weaving ZahidJee Textile Zephyr Textile Ltd Zil Limited

56 2594 840 133 4493 33 76 76 1150 2442 124 492 31 600 80 514 57 34 204 110 234 326 635 146 222 716 3105 99 180 48 107 132 303 1300 1455 36 600 187 1614 3516 560 174 185 130 250 308 341 264 33 88 267 312 133 120 176 97 180 69 180 173 307 418 215 400 341 594 53

PE

Open

1.15 2.67 7.42 20.67 0.34 2.02 8.68 0.19 13.80 0.46 15.45 4.91 574.99 2.31 1.87 2.15 0.85 15.06 2.77 15.01 3.40 1.50 2.03 50.99 43.14 0.21 1.50 0.16 4.05 0.85 32.46 0.59 25.00 0.81 78.12 0.87 6.80 2.56 35.86 0.37 8.25 0.40 9.85 0.97 4.10 3.45 45.38 1.03 8.99 2.02 3.60 0.36 15.53 0.21 0.96 1.00 1.56 0.45 1.07 8.16 4.53 43.33 7.38 1.90 17.79 1.77 15.50 4.03 25.39 5.77 62.31 2.55 15.14 0.66 12.40 1.10 14.25 0.74 43.03 1.06 0.65 11.98 3.82 39.14 0.44 8.01 0.39 68.50 0.19 4.82 4.57 5.99 1.08 3.50 0.47 1.88 6.94 198.32 2.53 14.90 1.39 21.00 0.57 7.00 1.07 36.23 0.76 39.42 0.51 39.15 5.64 113.03 5.97 47.41 0.52 0.75 1.13 0.72 4.00 6.50 3.50 4.91 67.20

High

High Low 997.39 978.31 Total cos Defaulter cos P/BV (x) ROE (%) 0.58 8.64 Low

Close Chg

1.40 1.29 1.39 0.24 2.75 2.62 2.73 0.06 20.89 19.64 20.62 -0.05 2.40 2.10 2.12 0.10 9.00 8.52 8.89 0.21 14.80 14.01 14.80 1.00 16.45 14.45 16.42 0.97 603.00 547.00 566.33 -8.66 2.49 2.30 2.30 -0.01 2.30 2.13 2.13 -0.02 14.06 14.06 14.06 -1.00 15.50 15.06 15.06 0.05 2.76 2.45 2.45 -0.95 1.55 1.40 1.50 0.00 2.51 2.50 2.50 0.47 45.25 43.15 43.34 0.20 1.91 1.60 1.91 0.41 4.48 4.00 4.48 0.43 33.69 33.00 33.41 0.95 26.00 25.00 25.99 0.99 82.02 80.00 82.01 3.89 6.80 6.60 6.60 -0.20 36.79 36.15 36.56 0.70 9.23 8.40 9.00 0.75 10.85 9.50 10.85 1.00 4.94 4.15 4.81 0.71 47.64 43.12 47.64 2.26 9.99 7.99 9.98 0.99 3.80 3.21 3.68 0.08 16.53 15.95 16.49 0.96 1.18 0.95 1.10 0.14 1.80 1.80 1.80 0.80 1.90 1.54 1.70 0.14 1.15 1.11 1.11 0.04 4.80 4.46 4.73 0.20 6.50 6.50 6.50 -0.88 17.90 17.50 17.81 0.02 16.50 16.00 16.00 0.50 26.65 24.92 26.22 0.83 65.19 61.55 64.98 2.67 16.10 15.25 15.99 0.85 13.40 13.00 13.40 1.00 14.50 14.00 14.01 -0.24 45.18 41.02 41.03 -2.00 1.12 1.05 1.10 0.04 12.60 12.24 12.50 0.52 41.09 39.50 41.09 1.95 9.01 8.50 9.01 1.00 69.00 68.50 68.50 0.00 5.35 5.00 5.07 0.25 6.95 5.22 6.40 0.41 3.90 3.50 3.57 0.07 2.33 2.30 2.33 0.45 204.00 198.00 202.71 4.39 13.90 13.90 13.90 -1.00 22.00 21.20 22.00 1.00 7.00 6.10 6.99 -0.01 34.42 34.42 36.23 0.00 40.50 37.55 38.50 -0.92 41.10 37.20 39.68 0.53 114.00 111.00 113.78 0.75 48.80 46.10 48.61 1.20 0.85 0.55 0.59 0.07 1.70 1.16 1.59 0.46 4.25 4.00 4.00 0.00 3.90 3.88 3.90 0.40 68.70 66.75 67.20 0.00

Close 990.21 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change 5.79 Market cap 133,956.49 mn Div Yield (%) 2.47

Last 60 days High Low

2500 1.50 217623 4.80 620 24.59 5002 3.00 3693475 12.84 46503 14.80 63379 16.45 1708 705.00 14102 3.76 3188 2.97 500 16.04 300 23.99 8000 3.40 106206 2.10 500 4.00 15775 48.29 13500 3.75 7051 8.90 1000 33.69 5571 26.00 8669 82.02 1825 7.50 2525 36.79 23195 9.23 130100 10.85 1111909 4.94 403918 55.00 2541 10.90 2596 3.90 35992 18.00 37013 1.29 1000 3.00 933974 2.00 1003 1.74 82329 5.95 500 10.99 1302 20.74 2011 17.10 5694740 28.04 6206258 71.89 148720 16.10 26192 13.40 2112 15.44 2073 48.48 56160 1.98 25005 12.60 19156 42.70 42638 9.01 1500 76.43 12637 5.83 503 7.00 12822 4.45 5000 2.89 1638 263.99 502 17.68 3000 22.05 3028 7.80 490 39.84 28101 41.95 2720 44.10 4769 132.00 55065 63.30 560 1.29 22572 1.99 5771 4.88 1000 4.50 318 87.90

2010 Div BR (%) (%)

0.61 2.35 30 19.20 20 1.32 7.5 8.05 8.10 - 15B 12.74 20 493.50 280 2.05 2.00 11.26 10 15.00 15 1.99 1.20 1.20 35.00 5 1.50 2.90 25.10 20 10B 18.90 35 49.00 70 3.01 10 24.25 12.5 5.02 10 6.30 10 20B 3.31 10 37.50 20 3.80 2.70 10 13.15 0.25 1.00 0.75 0.30 5 4.01 6.01 17.00 15 100R 14.50 20SD 21.15 15 57.20 25 45R 6.85 8.50 10 10B 13.10 30 34.35 20 0.65 8.50 25SD 35.25 40 3.90 54.62 25 3.63 10 4.55 - 100R 1.55 5 1.00 186.00 7.00 17.50 45 5.00 5 33.01 30 33.00 50 31.52 25 100.51 80 20B 44.10 0.33 1.05 2.27 2.56 50.00 35 -

% Change 0.59 5-Day High 990.21 5-Day Low 962.69 2011 Div BR (%) (%) -

-

Performance of SR Pharma and Bio Tech Index

% Change 1.01 5-Day High 1,586.04 5-Day Low 1,515.44

2010 Div BR (%) (%)

Fundamental Highlights As on Jun 30, 2010

Technical Analysis

Performance of SR Household Goods Index

PHARMA AND BIO TECH

Change 15.79 Market cap 32,561.69 mn Div Yield (%) 16.79

Last 60 days High Low

Open

High Low 1,950.20 1,874.95 Total cos Defaulter cos P/BV (x) ROE (%) 13.85 30.30

4.32 14.50 14.50 14.30 14.50 3.14 8.05 8.20 8.20 8.05 9.43 3.11 3.80 3.05 3.77 0.66 6.59 6.50 6.40 6.50 2.99 3.19 2.81 3.00 8.45 20.96 21.32 21.05 21.30 7.32 12.00 12.10 12.00 12.00 20.13 82.13 83.00 78.03 82.13 1.33 72.87 75.90 72.80 74.90 3.40 3.94 3.25 3.78 9.51 55.50 55.00 54.00 54.41 38.22 3384.10 3490.00 3256.10 3466.13 5.52 21.07 21.89 20.02 20.09 1.18 11.00 11.00 11.00 11.00 3.80 4.09 3.98 3.99 1.76 41.80 42.00 42.00 42.00 6.70 3.00 2.98 2.91 2.95 0.24 4.06 3.98 3.50 3.85 2.11 11.99 11.60 11.50 11.50 4.39 65.56 68.83 65.00 65.56

Performance of SR Industrial Engineering Index Open 1,570.25 Turnover 73,897 P/E (x) 7.83

-

2011 Div BR (%) (%)

FOOD PRODUCERS

Company

Change 10.12 Market cap 61,081.28 mn Div Yield (%) 3.39

2010 Div BR (%) (%) 40 15

Kohinoor Industries Limited

Performance of SR Food Producers Index

CONSTRUCTION AND MATERIALS Open 825.09 Turnover 4,714,193 P/E (x) 5.61

63.00 31.00

Close 1,120.56 Listed cap 6,768.53 mn Payout (%) 20.42

Open

-

Performance of SR Construction and Materials Index

High Low 1,129.34 1,088.28 Total cos Defaulter cos P/BV (x) ROE (%) 0.97 25.35

PE

2011 Div BR (%) (%)

- 10.00 - 15.00 20B -

0.01 1.34

Alert ! Unusual Movements

% Change 0.82 5-Day High 695.46 5-Day Low 668.51

Performance of SR Automobile and Parts Index

-

% Change 0.41 5-Day High 1,012.16 5-Day Low 962.54

Change 5.69 Market cap 12,030.14 mn Div Yield (%) 2.17

Open

INDUSTRIAL METALS AND MINING High Low 1,017.68 994.00 Total cos Defaulter cos P/BV (x) ROE (%) 1.03 33.10

Close 695.46 Listed cap 3,242.17 mn Payout (%) 11.08

PE

Performance of SR Industrial Metals and Mining Index Open 1,008.05 Turnover 56,525 P/E (x) 3.11

High Low 701.58 663.54 Total cos Defaulter cos P/BV (x) ROE (%) 1.30 25.53

AUTOMOBILE AND PARTS

Company

Close 1,635.27 Listed cap 52,251.88 mn Payout (%) 48.81

FORESTRY AND PAPER

Paid up Cap(mn)

19,485.33 19,518.58 19,233.25 h136.46

Paid up Cap(mn)

Pak Int Cont.Terminal PNSC

CHEMICALS

Century Paper Pak Paper Product Security Paper

Current High Low Change

11,462.56 11,479.24 11,325.46 h75.13

INDUSTRIAL TRANSPORTATION

High

Company

Current High Low Change

Performance of SR Industrial Transportation Index

Open

Company

8,171.81 8,180.12 8,093.45 h44.17

KMI 30 Index

OIL AND GAS

PE

Paid up Cap(mn)

KSE 30 Index

Performance of SR Oil and Gas Index Open 1,485.46 Turnover 3,793,531 P/E (x) 10.43 Company

KSE 100 Index

Symbols

Open 842.75 Turnover 54,658 P/E (x) 6.09 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Sanofi-Aventis Searle Pak

Paid up Cap(mn) 979 250 1707 165 200 96 306

PE

Open

6.78 81.53 5.87 89.00 12.65 70.24 7.08 25.39 4.02 10.50 6.24 141.14 5.15 61.80

High

High Low 848.87 831.81 Total cos Defaulter cos P/BV (x) ROE (%) 1.36 22.31 Low

Close Chg

83.00 81.21 81.47 -0.06 87.12 86.26 86.91 -2.09 71.00 70.00 70.31 0.07 26.65 24.61 25.56 0.17 11.00 10.00 10.21 -0.29 145.01 144.00 145.00 3.86 60.89 58.71 58.89 -2.91

Close 835.96 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 1649 4093 22687 4200 953 1299 19677

Change -6.79 Market cap 27,678.85 mn Div Yield (%) 7.32

Last 60 days High Low 112.50 98.00 89.98 30.48 11.00 174.00 69.00

78.59 83.50 68.00 24.50 7.16 126.00 58.50

2010 Div BR (%) (%) 50 100 30

% Change -0.81 5-Day High 850.68 5-Day Low 827.02 2011 Div BR (%) (%)

20B 12.50 -

-

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

44.82

Total Assets (Rs in mn)

23,734.13

MA (10-day)

1.73

Total Equity (Rs in mn)

7,075.66

MA (100-day)

1.91

Revenue (Rs in mn)

1,878.63

MA (200-day)

2.06

Interest Expense

1,208.86

1st Support

1.72

Loss after Taxation

(593.05)

2nd Support

1.66

EPS 09 (Rs)

1st Resistance

1.81

Book value / share (Rs)

2nd Resistance

1.84

PE 10 E (x)

Pivot

1.75

PBV (x)

(0.676) 8.07 0.21

SBL closed down -0.02 at 1.73. Volume was 191 per cent above average (trending) and Bollinger Bands were 9 per cent wider than normal. The company's loss after taxation stood at Rs119.594 billion which translates into a Loss Per Share of Rs0.10 for the year ended CY10. SBL is currently 16.1 per cent below its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of SBL at a relatively equal pace. Trend forecasting oscillators are currently bearish on SBL.

Nimir Industrial Chemicals Ltd

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

62.55

Total Assets (Rs in mn)

MA (10-day)

2.47

Total Equity (Rs in mn)

MA (100-day)

1.79

Revenue (Rs in mn)

1,694.64 118.91 1,742.80

MA (200-day)

1.72

Interest Expense

1st Support

2.58

Profit after Taxation

2nd Support

2.34

EPS 10 (Rs)

51.71

1st Resistance

2.99

Book value / share (Rs)

2nd Resistance

3.16

PE 11 E (x)

Pivot

2.75

PBV (x)

4.57 0.021 0.54 27.60 5.13

NICL closed up 0.20 at 2.76. Volume was 167 per cent above average (trending) and Bollinger Bands were 43 per cent wider than normal. The company's profit after taxation stood at Rs11.775 million which translates into an Earning Per Share of Rs0.05 for the half year of current fiscal year (1HFY11). NICL is currently 58.1 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 volume flowing into and out of NICL at a relatively equal pace. Trend forecasting oscillators are currently bullish on NICL.

BOOK CLOSURES Company

From

To

Colgate - Palmolive # Picic Growth Fund Picic Invt Fund Picic Energy Fund Shabbir Tiles & Ceramics # Tariq Glass Bank Al-Habib Husein Industries # Crescent Steel Allied Bank Ltd Tri-Pack Films Kot Addu Power Shahtaj Sugar Mills # Biafo Industries Sazgar Engg Works Sazgar Engg Works # Atlas Honda # Fauji Fertiliser Bin Qasim Fauji Cement # Al-Noor Sugar Mills # Indus Motor

04-Mar 05-Mar 05-Mar 05-Mar 06-Mar 07-Mar 07-Mar 07-Mar 09-Mar 10-Mar 10-Mar 11-Mar 11-Mar 12-Mar 13-Mar 13-Mar 14-Mar 15-Mar 16-Mar 16-Mar 16-Mar

10-Mar 12-Mar 12-Mar 12-Mar 12-Mar 13-Mar 17-Mar 12-Mar 15-Mar 16-Mar 18-Mar 18-Mar 18-Mar 19-Mar 19-Mar 21-Mar 21-Mar 22-Mar 26-Mar 25-Mar

D/B/R

Spot AGM/Date

12.50(I) 25-02-2011 7.5(I) 25-02-2011 10(I) 25-02-2011 200(R) 25-02-2011 20(F),20(B) 25-02-2011 10(I) 01-Mar 20(F),10(B) 02-Mar 100(F) 02-Mar 30(I) 03-Mar 15(II) 04-Mar 10(I) 04-Mar 35(F) 07-Mar 50(I) 08-Mar

10-Mar 12-Mar 17-Mar 12-Mar 16-Mar 18-Mar 22-Mar 19-Mar 21-Mar 21-Mar 22-Mar 25-Mar -

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols

Open

Johnson & Phillips 11.54 Pakistan Cables 53 TRG Pakistan Ltd. 3.31 Shezan International 162 Pak Tobacco 99.45 Shifa Int.Hospitals 31.01 P.I.A.C.(A) 2.66 Pak Services 159.7143 AKD Capital Limited 37.63 Pace (Pak) Ltd. 2.81 Netsol Technologies 22.08 Pak Telephone 1.25

High 10.55 54 3.37 170.1 102 31.01 2.9 151.75 39.5 2.85 22.45 1.83

Low Close 10.55 53 3.14 153.9 94.6 31 2.55 151.75 36 2.71 21.97 1.65

10.55 53.81 3.22 154.07 95.68 31 2.68 151.75 39.26 2.76 22.24 1.68

Change -0.99 0.81 -0.09 -7.93 -3.77 -0.01 0.02 -7.9643 1.63 -0.05 0.16 0.43

Vol 500 8016 2483133 5439 12338 5567 782681 708 1200 240857 235560 801


7

Friday, March 4, 2011

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,050.10 Turnover 3,040,303 P/E (x) 5.73 Paid up Cap(mn)

Company

Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd

High Low 1,069.08 1,046.55 Total cos Defaulter cos P/BV (x) ROE (%) 0.74 12.84

PE

Open

High

Low

Close Chg

78 5.89 37740 11.94 3000 1.38 8606 6175 -

57.03 17.82 2.08 2.58 3.18

54.20 18.15 2.12 2.65 3.26

54.18 17.83 2.00 2.51 3.01

54.18 17.91 2.09 2.56 3.01

Close 1,053.63 Listed cap 50,077.79 mn Payout (%) 62.56

Volume

-2.85 0.09 0.01 -0.02 -0.17

2069 2421564 249065 367605 49447

Change 3.53 Market cap 72,705.82 mn Div Yield (%) 10.91

% Change 0.34 5-Day High 1,054.52 5-Day Low 1,021.12

Last 60 days High Low

2010 Div BR (%) (%)

82.39 20.65 2.67 3.45 4.65

80 17.5 1 -

54.18 17.25 1.60 2.15 2.80

2011 Div BR (%) (%)

- 15.00 -

Ask Gen Insurance Atlas Insurance Century Insurance Crescent Star Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance PICIC Ins Ltd Premier Insurance Reliance Insurance XB Silver Star Insurance

255 6.60 369 6.41 457 5.80 121 1250 400 3.12 718 8.49 791 10.53 3000 41.41 350 71.71 303 5.89 252 3.99 253 4.34

-

Paid up Cap(mn)

Company

Genertech Hub Power Japan Power KESC Kohinoor Energy XD Kohinoor Power Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Southern Electric

PE

198 11572 1560 7932 1695 126 8803 3673 3541 1367

7.25 7.23 3.09 5.65 3.06 2.43 -

Open

High

0.67 38.66 1.47 2.55 16.92 3.75 43.86 15.19 16.49 1.59

0.85 40.20 1.59 2.88 17.20 4.00 44.00 15.78 16.75 1.70

Low 0.65 38.60 1.43 2.51 16.25 3.95 43.15 14.85 16.15 1.60

Close Chg

Close 1,341.99 Listed cap 95,369.29 mn Payout (%) 104.13

Last 60 days High Low

Volume

0.70 0.03 39.56 0.90 1.55 0.08 2.73 0.18 16.63 -0.29 3.95 0.20 43.98 0.12 15.24 0.05 16.60 0.11 1.70 0.11

Change 25.95 Market cap 109,406.64 mn Div Yield (%) 7.43

31784 10428830 115859 2374571 952 10847 348867 2340781 817667 188284

1.18 41.20 2.10 3.55 22.85 5.39 45.85 18.01 18.70 2.80

% Change 1.97 5-Day High 1,341.99 5-Day Low 1,254.79

2010 Div BR (%) (%)

0.56 35.90 1.25 2.31 16.00 3.50 39.60 14.05 14.85 1.41

50 15 50 -

2011 Div BR (%) (%)

- 25.00 7.8R - 10.00 - 30.00 -

Company

Paid up Cap(mn)

American Life East West Life EFU Life Assurance New Jub Life Insurance

10.89 42.11 9.28 4.24 34.14 13.10 98.82 59.90 16.15 10.04 10.90 6.50 6.98

0.02 1.25 0.03 0.00 1.17 0.44 -0.33 -0.10 0.76 -0.33 -0.09 0.23 0.38

1700 95157 12280 101 69371 12772 1404 1225 656990 2985 5605 500 8253

12.00 42.90 11.99 6.30 46.44 15.50 102.44 61.80 19.40 11.00 12.93 7.15 8.20

9.51 35.47 8.90 3.11 32.25 11.72 86.10 56.00 13.80 6.01 10.10 6.20 6.01

Paid up Cap(mn)

Company Sui North Gas Sui South Gas

PE

5491 12.01 8390 3.73

Open

High

19.85 24.98

20.50 25.15

High Low 1,445.56 1,416.96 Total cos Defaulter cos P/BV (x) ROE (%) 1.06 11.41 Low 19.95 24.80

Close Chg

Last 60 days High Low

Volume

20.41 0.56 24.80 -0.18

Change 12.31 Market cap 32,013.65 mn Div Yield (%) 7.18

207427 39107

29.39 27.90

% Change 0.87 5-Day High 1,448.40 5-Day Low 1,419.37

2010 Div BR (%) (%)

19.71 19.95

20 15

2011 Div BR (%) (%)

25B

-

-

BANKS Performance of SR Banks Index Open 1,101.63 Turnover 22,972,658 P/E (x) 7.92 Paid up Cap(mn)

Company

PE

Open

Allied Bank Ltd.SPOT 7821 6.38 66.76 Askari Bank 6427 6.89 14.51 Bank Alfalah 13492 12.83 10.04 Bank AL-HabibSPOT 7322 7.23 35.61 Bank Of Khyber 5004 3.96 4.12 Bank Of Punjab 5288 7.36 BankIslami Pak 5280 897.50 3.37 Faysal Bank 7327 4.14 12.79 Habib Bank Ltd 10019 7.68 122.18 Habib Metropolitan Bank 8732 7.11 23.88 JS Bank Ltd 8150 3.10 KASB Bank Ltd 9509 1.51 MCB Bank Ltd 7602 9.61 213.98 Meezan Bank 6983 7.67 18.00 Mybank Ltd 5304 2.19 National Bank 13455 6.89 75.16 NIB Bank 40437 2.27 Samba Bank 14335 1.75 Silkbank Ltd 26716 2.33 Soneri Bank 6023 27.14 5.77 Stand Chart Bank 38716 10.62 6.90 Summit Bank Ltd 7251 3.00 United Bank Ltd 12242 7.48 62.72

High

High Low Close 1,115.88 1,088.49 1,108.16 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.10 13.94 40.49 Low

Close Chg

Last 60 days High Low

Volume

67.90 66.00 67.67 0.91 14.70 14.17 14.46 -0.05 10.10 9.90 10.01 -0.03 35.75 34.96 35.55 -0.06 4.50 4.10 4.47 0.35 7.37 7.16 7.23 -0.13 3.60 3.39 3.59 0.22 12.99 12.55 12.84 0.05 123.30 121.25 123.00 0.82 23.85 23.10 23.25 -0.63 3.12 3.00 3.10 0.00 1.55 1.46 1.49 -0.02 214.49 210.90 213.32 -0.66 18.10 17.99 18.10 0.10 2.20 2.03 2.07 -0.12 78.91 76.71 78.91 3.75 2.30 2.10 2.22 -0.05 1.78 1.69 1.73 -0.02 2.37 2.25 2.30 -0.03 5.80 5.41 5.70 -0.07 6.97 6.50 6.90 0.00 3.11 2.85 3.00 0.00 64.00 62.40 63.66 0.94

93817 944863 1184740 2656024 73611 1363340 227033 256683 93900 52336 236875 39276 1073603 49477 6306 10974162 1697196 585375 795432 30384 77005 73308 461219

Change 6.53 Market cap 676,765.03 mn Div Yield (%) 5.11

74.00 19.25 11.99 39.49 4.70 10.38 4.50 16.47 128.97 29.28 3.16 2.80 250.48 20.30 3.40 80.61 3.35 2.17 3.05 8.48 9.04 4.63 70.65

% Change 0.59 5-Day High 1,108.16 5-Day Low 1,025.52

2010 Div BR (%) (%)

61.05 12.55 8.75 34.25 3.75 6.40 3.00 10.69 112.13 22.50 2.30 1.40 195.55 15.30 2.00 66.01 1.90 1.50 2.06 5.00 6.28 2.85 56.89

-

-

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 724.37 Turnover 1,135,816 P/E (x) 12.18 Paid up Cap(mn)

Company Adamjee Insurance

PE

1237 22.94

Open 78.67

High 79.89

High Low 742.81 716.77 Total cos Defaulter cos P/BV (x) ROE (%) 0.63 5.20 Low 77.75

Close Chg 79.15 0.48

Close 734.07 Listed cap 11,111.34 mn Payout (%) 79.54

Volume 267401

Change 9.70 Market cap 46,544.30 mn Div Yield (%) 6.53

Last 60 days High Low 96.40

% Change 1.34 5-Day High 734.07 5-Day Low 689.92

2010 Div BR (%) (%)

71.55

10

2011 Div BR (%) (%)

-

-

-

UP TO 100 VOLUME

-

Symbols

PE

500 5.02 500 850 30.47 627 19.23

Open 15.00 1.95 52.75 44.99

High Low 706.35 677.22 Total cos Defaulter cos P/BV (x) ROE (%) 3.04 3.85

High 15.99 2.38 54.00 46.00

Low

Close Chg

15.00 1.65 52.75 43.25

Open 341.31 Turnover 3,995,222 P/E (x) 11.51 Paid up Cap(mn)

Open

High

Low

Close

GRAYS

47.82

48.00

48.00

47.82

0.00

100

KSBP

57.10

56.00

56.00

57.10

0.00

100

OTSU

30.75

32.00

32.00

30.75

0.00

100

FNEL

4.95

5.74

5.74

4.95

0.00

90

HINO

128.00

123.80

121.60

128.00

0.00

SIEM

991.35

977.00

975.01

977.00

-14.35

85

LPGL

12.16

13.16

13.16

13.16

1.00

80

MFTM

0.61

0.89

0.75

0.61

0.00

71

75.67

CICL

15.02 1.95 53.63 44.99

0.02 0.00 0.88 0.00

Close 693.71 Listed cap 2,290.72 mn Payout (%) 355.53

Change 7.05 Market cap 8,228.55 mn Div Yield (%) 4.51

Last 60 days High Low

Volume 596 402 10650 210

19.85 3.84 82.99 49.31

% Change 1.03 5-Day High 694.07 5-Day Low 673.47

High Low 359.34 337.19 Total cos Defaulter cos P/BV (x) ROE (%) 0.23 0.91

PE

Open

High

Low

225 1.36 360 3.88 450 15.72 3750 4.03 150 1.24 250 560.00 First Credit & Invest Bank Ltd 650 IGI Investment Bank 2121 9.09 Invest and Fin Sec 600 4.84 Invest Bank 2849 Ist Cap Securities 3166 Ist Dawood Bank 626 0.85 Jah Siddiq Co 7633 JOV and CO 508 850.00 JS Global Cap 500 6.32 JS Investment 1000 KASB Securities 1000 Orix Leasing 821 3.94 Pervez Ahmed Sec 775 4.13 Saudi Pak Leasing 452 Sec Inv Bank 514 12.04 Stand Chart Leasing 978 3.08 Trust Inv Bank 586 0.56

0.58 22.58 18.95 20.23 1.18 1.56 3.00 2.00 5.83 0.52 3.12 1.55 9.12 3.12 21.97 5.67 4.36 5.60 1.97 0.60 3.15 2.28 2.00

0.68 23.35 19.40 20.85 1.29 1.68 3.05 2.20 6.00 0.58 3.27 1.66 9.50 3.98 22.90 5.78 4.49 6.28 2.04 0.61 3.96 2.64 2.00

0.51 22.00 18.75 20.01 1.28 1.68 3.05 1.90 5.75 0.50 3.11 1.61 8.94 3.10 22.00 5.63 4.29 5.50 1.92 0.61 2.99 2.32 1.99

Close Chg

AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Cap Mangt. XB Dawood Equities

0.60 22.82 19.18 20.63 1.29 1.68 3.05 2.00 6.00 0.52 3.12 1.61 9.32 3.40 22.00 5.75 4.40 5.67 1.98 0.61 3.01 2.28 1.99

0.02 0.24 0.23 0.40 0.11 0.12 0.05 0.00 0.17 0.00 0.00 0.06 0.20 0.28 0.03 0.08 0.04 0.07 0.01 0.01 -0.14 0.00 -0.01

75.67

2010 Div BR (%) (%)

14.50 1.52 51.31 39.05

15

20R -

-

0.00

58

0.10

0.10

0.10

0.00

57

260.22

273.91

0.00

55

MUREB

97.00

101.80

97.00

97.00

0.00

DIIL

10.00

9.99

9.99

10.00

0.00

50

TSPL

0.56

0.85

0.85

0.56

0.00

50

Close 347.06 Listed cap 30,336.44 mn Payout (%) 99.56

Volume

Change 5.75 Market cap 16,314.57 mn Div Yield (%) 3.97

Last 60 days High Low

2010 Div BR (%) (%)

91189 27519 52465 5993603 1001 500 25000 31124 6000 11387 5803 7175 2306827 823293 13102 28904 16400 726 523544 2052 1953 212 43950

0.95 24.85 28.00 30.20 2.10 2.75 4.00 3.90 8.98 1.09 3.95 2.04 13.17 4.49 31.50 7.40 5.43 7.19 2.50 0.97 4.99 3.00 2.00

30 11.5 10 -

0.33 16.80 18.31 18.75 1.10 1.06 2.15 1.90 5.65 0.31 2.95 1.05 8.01 2.58 20.80 5.10 3.75 5.25 1.21 0.41 2.26 1.67 0.61

-

43

1.48

1.37

0.81

0.00

40

2507.35

2626.00

2466.00

2612.46

105.11

38 34

-

Company

Paid up Cap(mn)

1st Fid Leasing AL-Meezan Mutual F. Atlas Fund of Funds B F Modaraba Crescent St Modaraba Equity Modaraba First Capital Mutual F. First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba Imrooz Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund Mod Al-Mali NAMCO Balanced Fund PICIC Energy F.SPOT PICIC Growth F.SPOT PICIC Inv FundSPOT Prud Modaraba 1st Punjab Modaraba Safeway Mutual Fund Stand Chart Modaraba UNICAP Modaraba

PE

264 1375 3.96 525 1.39 75 1.23 200 1.45 524 1.10 300 6.25 581 0.73 760 1.54 397 3.48 1008 6.16 30 15.75 3180 2.30 1186 1.29 283 1.89 1200 2.50 184 11.50 1000 1.94 1000 3.48 2835 4.10 2841 3.53 872 1.92 340 545 1.25 454 4.85 136 5.00

Open 1.30 9.75 6.00 4.32 0.54 1.75 3.00 2.09 3.18 7.10 7.00 62.40 5.69 4.88 2.95 8.53 1.20 4.18 8.24 13.34 6.22 1.00 1.26 7.53 9.55 0.48

High Low 1,464.72 1,399.82 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 2.21

High 1.60 9.99 6.09 4.00 0.74 1.87 3.95 2.14 3.49 7.75 7.15 63.00 6.05 5.40 3.03 8.78 1.30 4.20 8.50 13.80 6.56 1.10 1.24 6.54 9.94 0.05

Low

Close Chg

1.30 9.81 5.22 4.00 0.51 1.75 2.50 2.00 3.12 7.59 7.14 63.00 5.74 4.75 2.80 8.42 1.15 4.20 8.05 13.20 6.08 1.00 1.24 6.54 9.50 0.05

1.30 9.81 5.22 4.32 0.64 1.80 2.50 2.14 3.36 7.10 7.15 63.00 5.99 5.35 3.03 8.70 1.15 4.20 8.42 13.71 6.50 1.00 1.24 6.54 9.51 0.05

0.00 0.06 -0.78 0.00 0.10 0.05 -0.50 0.05 0.18 0.00 0.15 0.60 0.30 0.47 0.08 0.17 -0.05 0.02 0.18 0.37 0.28 0.00 -0.02 -0.99 -0.04 -0.43

Close 1,442.08 Listed cap 29,771.58 mn Payout (%) 104.74

950 221310 3001 449 3182 12505 13001 16439 404305 301 7025 1000 4818551 130407 200000 13998 6510 5000 673167 472289 228273 7332 3000 1000 1608 500

2.34 11.50 6.97 4.32 0.87 2.98 5.10 2.57 3.89 9.00 7.30 65.60 6.17 6.61 3.50 10.24 2.50 4.73 8.83 16.49 7.95 1.20 2.38 9.00 10.63 0.95

1.16 7.03 3.84 2.89 0.16 1.30 2.45 1.61 2.92 6.40 6.50 54.00 4.40 4.15 1.26 6.00 1.01 2.92 6.10 10.52 5.25 0.81 0.85 5.01 8.62 0.05

1.20

1.50

0.00

4551.00

4608.41

86.45

33 29

1.20

1.45

0.80

1.20

0.00

415.00

390.00

409.93

0.00

26

PMRS

39.79

37.85

37.85

39.79

0.00

25

0.00

25

FECM

2.75

2.51

2.51

2.75

0.00

24

SGLL

27.30

2.14

27.90

27.00

27.30

0.00

UPFL

1257.48

1201.00

1195.20

1197.58

-59.90

23

MUKT

0.40

0.43

0.37

0.40

0.00

22

BAFS

58.00

59.00

59.00

58.00

0.00

AASM

24.52

25.00

25.00

24.52

0.00

13

AGSML

5.50

6.50

5.50

5.50

0.00

13

FRCL

2.00

2.34

2.29

2.00

0.00

13

2.29

0.00

12

1.49

2.20

1.89

1.09

2.14

1.49

23

20

PKGI

8.88

9.64

9.64

8.88

0.00

BHAT

259.00

246.10

246.10

259.00

0.00

10

ISTM

7.01

7.90

7.90

7.01

0.00

10

11

LEUL

2.10

1.50

1.50

2.10

0.00

10

MDTL

17.81

17.80

16.81

17.80

-0.01

10

102.87

108.01

108.01

102.87

0.00

10

1.12

1.07

0.75

1.12

0.00

9

MOON

15.69

14.70

14.70

15.69

0.00

8

FCONM

1.39

1.47

1.47

1.39

0.00

5

PAKMI

0.90

1.07

1.07

0.90

0.00

5 5

CJPL

% Change 1.71 5-Day High 1,442.08 5-Day Low 1,363.90

2010 Div BR (%) (%) 18.5 2.2 1.2 17 11 21 76 5 10 2.8 15.5 15 10 20 10 3 1 18.2 17 -

1.44 4699.90

SGML

5.23

5.99

5.44

5.23

0.00

ATEL

37.40

38.24

35.53

37.40

0.00

4

TSBL

4.90

5.88

4.02

4.90

0.00

4

COLG

859.90

859.95

820.10

859.90

0.00

3

UNIC

6.01

6.89

6.89

6.01

0.00

3

BAPL

7.21

7.67

7.65

7.21

0.00

2

BROT

0.35

0.99

0.99

0.35

0.00

2

DBCI

1.62

1.85

1.61

1.62

0.00

2

ESBL

2.01

3.00

2.39

2.01

0.00

2

JKSM

6.50

6.98

6.95

6.50

0.00

2

LAKST

252.08

262.00

256.00

252.08

0.00

2

FIBLM

1.62

1.30

1.30

1.62

0.00

1

FUDLM

7.00

7.20

7.20

7.00

0.00

1

NMBL

1.41

1.01

1.01

1.41

0.00

1

PICTPS

6.69

7.69

7.69

6.69

0.00

1

FUTURE CONTRACTS

Change 24.26 Market cap 19,260.76 mn Div Yield (%) 8.08

Last 60 days High Low

Volume

1.50 4521.96 409.93

Performance of SR Equity Investment Instruments Index Open 1,417.82 Turnover 7,245,208 P/E (x) 20.14

51.82

FZTM

SFL

EQUITY INVESTMENT INSTRUMENTS

50.12

FTSM

ICCT

2011 Div BR (%) (%)

20B 20B 10B -

0.00

0.81

RMPL

SHCI

% Change 1.69 5-Day High 347.06 5-Day Low 317.42

50.75

52

TSMF

ULEVER

-

86

260.38

51.82

73.06

Vol

0.10

CWSM

2011 Div BR (%) (%)

75.40

Change

273.91

MRNS

Performance of SR Financial Services Index

2011 Div BR (%) (%)

40 10B - 10B 20 20B - 20B 65 10B - 20B - 66R 85 10B - 15B 75 25B -154.79R -63.46R 50 -

-

FINANCIAL SERVICES

Company

Close 1,431.71 Listed cap 12,202.80 mn Payout (%) 66.79

25R 20B 55B 25B -

IDYM

Performance of SR Gas Water and Multiutilities Index Open 1,419.40 Turnover 246,534 P/E (x) 9.30

30 35 -

Performance of SR Life Insurance Index Open 686.65 Turnover 11,858 P/E (x) 5.26

-

GAS WATER AND MULTIUTILITIES

10.10 41.00 9.25 3.25 33.15 12.00 98.05 59.50 15.25 9.95 10.62 6.50 6.51

SHNIR

ELECTRICITY High Low 1,363.96 1,306.79 Total cos Defaulter cos P/BV (x) ROE (%) 1.31 9.35

10.89 42.90 9.87 4.45 34.61 13.39 100.99 60.50 16.30 10.49 10.90 6.50 7.23

LIFE INSURANCE

Performance of SR Electricity Index Open 1,316.04 Turnover 16,658,492 P/E (x) 14.02

10.87 40.86 9.25 4.24 32.97 12.66 99.15 60.00 15.39 10.37 10.99 6.27 6.60

Open

High

Low

Close

75.18

78.93

77.00

78.87

3.69 1659000

NML-MAR

62.42

65.35

61.75

65.17

2.75

775000 558000

ANL-MAR

8.71

-

8.99

8.55

Change

Vol

8.91

0.20

FFC-MAR

118.16

121.00

116.99

120.19

2.03

POL-MAR

316.31

318.50

314.20

317.18

0.87

438000

23.62

24.45

23.19

24.06

0.44

368000

ENGRO-MAR 178.58

181.35

177.50

180.35

1.77

MCB-MAR

194.06

194.45

190.50

193.10

-0.96

230000

FFBL-MAR

38.10

38.55

37.90

38.34

0.24

198000

PPL-MAR

208.22

208.79

205.11

208.13

-0.09

170000

PSO-MAR

284.50

285.25

282.21

283.13

-1.37

125000

PTC-MAR

17.94

18.15

18.00

18.03

0.09

112000

NCL-MAR

25.08

26.33

25.40

26.15

1.07

61000

OGDC-MAR 151.90

152.25

150.00

151.44

-0.46

59000

DGKC-MAR

2011 Div BR (%) (%)

- 5.00 10B - 10.00 - 12.50 - 7.50 -

Symbols NBP-MAR

498500

352500

HUBC-MAR

38.59

39.60

38.50

39.58

0.99

45500

AICL-MAR

79.03

79.95

78.00

79.45

0.42

38000

LUCK-MAR

63.00

63.99

62.66

26500

63.62

0.62

7.47

7.35

7.20

7.25

-0.22

15500

NETSOL-MAR 22.27

23.35

22.27

22.36

0.09

15500

UBL-MAR

62.65

64.00

62.90

63.60

0.95

11500

ABL-CMAY

69.51

0.00

0.00

70.36

0.85

0.00

AICL-CAPR

80.87

0.00

0.00

81.25

0.38

0.00

BOP-MAR

ZERO VOLUME Symbols

Open

High

Low

Close

Change

Vol

ASTM

1.50

1.76

1.76

1.76

0.26

0.00

MUCL

12.59

12.58

12.58

12.58

-0.01

0.00

NCLNCP

24.50

24.51

24.51

24.51

0.01

0.00

QUAT

13.65

13.75

13.75

13.75

0.10

0.00

REST

7.03

7.50

7.50

7.50

0.47

SASML

8.33

8.00

8.00

8.00

-0.33

0.00

22.23

21.64

21.64

21.64

-0.59

0.00

SING

0.00

BOARD MEETINGS

National Bank of Pakistan

KSE 100 INDEX

Nishat Mills Ltd

Hub Power Co Ltd

Company

Date

Time

Pak Suzuki Motor Co Ltd Karim Cotton Mills Ltd JS Bank Ltd Dandot Cement Comp Ltd Bankislami Pakistan Ltd AMZ Ventures Ltd Glaxosmithkline Pakistan Ltd East West Life Assurance East West Insur Co Ltd

04-Mar 04-Mar 05-Mar 05-Mar 07-Mar 07-Mar 07-Mar 08-Mar 08-Mar

3:30 10:30 11:30 3:30 4:00 4:00 11:00 3:00 2:00

TECHNICAL LEVELS Company

RSI 1st 2nd (14-day) Support 26.22 2.10 1.95 Allied Bank Limited 49.21 66.50 65.30 Attock Cement 29.03 49.65 48.85 Arif Habib Corp 34.83 20.15 19.65 Arif Habib Limited 24.82 18.80 18.45 Adamjee Insurance 40.00 77.95 76.80 Askari Bank 39.55 14.20 13.90 Azgard Nine 37.86 8.60 8.30 Attock Petroleum 45.23 349.50 346.05 Attock Refinery 44.33 110.65 109.25 Bank Al-Falah 43.02 9.90 9.80 BankIslami Pak 49.44 3.45 3.30 Bank.Of.Punjab 37.93 7.15 7.05 Dewan Cement 51.25 1.75 1.60 D.G.K.Cement 39.12 23.55 22.75 Dewan Salman 54.63 2.65 2.35 Dost Steels Ltd 40.66 2.05 1.95 EFU General Insurance 30.98 33.35 32.50 EFU Life Assurance 28.54 52.90 52.20 Engro Chemical 55.41 213.70 211.10 Faysal Bank 45.55 12.60 12.35 Fauji Cement 31.88 4.05 3.95 Fauji Fert Bin 56.72 40.70 40.10 Fauji Fertilizer 35.34 117.65 115.45 Habib Bank Ltd 53.75 121.75 120.45 Hub Power 59.77 38.70 37.85 ICI Pakistan 67.32 158.60 156.50 Indus Motors 17.12 220.05 214.05 J.O.V.and CO 47.63 3.00 2.60 Japan Power 51.07 1.45 1.35 JS Bank Ltd 68.28 3.00 2.95 Jah Siddiq Co 44.21 9.00 8.70 Kot Addu Power 57.88 43.40 42.85 K.E.S.C 51.60 2.55 2.35 Lotte Pakistan 56.69 15.55 15.05 Lucky Cement 34.97 62.80 62.25 MCB Bank Ltd 46.44 211.30 209.30 Maple Leaf Cement 25.84 2.10 2.05 National Bank 62.85 77.45 76.00 Nishat (Chunian) 58.56 25.20 24.20 Netsol Technologies 46.59 22.00 21.75 NIB Bank 31.50 2.10 2.00 Nimir Ind.Chemical 62.69 2.55 2.30 Nishat Mills 55.38 62.65 60.25 Oil & Gas Dev. XD 32.67 150.60 149.60 PACE (Pakistan) Ltd 45.31 2.70 2.65 Pervez Ahmed Sec 53.92 1.90 1.85 P.I.A.C.(A) 53.99 2.50 2.35 Pioneer Cement 37.81 5.65 5.60 Pak Oilfields 53.92 313.85 311.45 Pak Petroleum 51.79 206.40 204.30 Pak Suzuki 53.72 64.30 62.75 P.S.O. XD 48.16 279.70 277.95 P.T.C.L.A 40.12 17.75 17.65 Shell Pakistan 46.43 201.60 200.35 Sui North Gas 24.64 20.10 19.75 Sitara Peroxide 43.09 12.45 12.25 Sui South Gas 53.86 24.70 24.55 Telecard 53.91 2.00 1.95 TRG Pakistan 54.75 3.10 3.00 United Bank Ltd 51.12 62.70 61.75 WorldCall Tele 49.98 2.50 2.45 Al-Abbas Cement

Technical Outlook Technical Analysis RSI (14-day) MA (5-day) MA (10-day) MA (100-day)

Brokerage House

Leverage Position

45.29

Support 1

11,679.55

11,516.47

Support 2

11,597.10

11,630.02

Resistance 1

11,809.55

11,540.05

Resistance 2

11,857.15

Fair Value

Rs Recommendations

*Invest Cap

52.4

Sell

*Invest Cap

AKD Securities Ltd

75.5

Accumulate

AKD Securities Ltd

TFD Research

92.3

Positive

TFD Research

Technical Outlook

10,704.39

Pivot

Technical Analysis

Leverage Position

11,727.15

Brokerage House

Fair Value

*Invest Cap

39

AKD Securities Ltd TFD Research

45.52 44.25

Rs Recommendations

Brokerage House

Hold

*Invest Cap

Accumulate

AKD Securities Ltd

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

56.67 40.42 36.21 31.96

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

326.94 13,482.94 28.07 41.11

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

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

Rs Recommendations

50.3

Positive

TFD Research

810.01 32,043.92 3.04 39.26

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

78.6

Positive

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

Leverage Position

55.57 61.36 60.12 53.28

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

175.80 11,423.48 51.87 63.51

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

Bollinger Bands were 21 per cent wider than normal.

erate flows of volume into HUBC (mildly bullish). Trend forecasting oscilla- tors reflect volume flowing into and out of NML at a relatively equal pace. tors are currently bearish on HUBC.

Trend forecasting oscillators are currently bearish on NML.

Dera Ghazi Khan Cement Co Ltd

Fauji Fertiliser Co

Brokerage House

Fair Value

Rs Recommendations

149 120.7 139.5

Brokerage House

Hold

*Invest Cap

Accumulate

AKD Securities Ltd TFD Research

Positive

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

35.11 122.65 124.43 115.44

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

Fair Value

Rs Recommendations

36

Buy

38.14

Buy

36.55

Positive

Technical Outlook

Technical Outlook 585.02 10,477.77 4.12 17.93

Buy

volatility over the last 10 trading sessions. Volume indicators reflect mod- to the average volatility over the last 10 trading sessions. Volume indica-

TFD Research

Leverage Position

71.45

displaying a downward trend. Volatility is high as compared to the average displaying a downward trend. Volatility is extremely high when compared

AKD Securities Ltd

Positive

Buy

Technical Outlook

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

Rs Recommendations

77

HUBC is currently 12.1 per cent above its 200-day moving average and is NML is currently 22.0 per cent above its 200-day moving average and is

Buy

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

AKD Securities Ltd

(trending) and Bollinger Bands were 8 per cent wider than normal.

23.91

40.18 18.21 19.11 18.99

Accumulate

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

*Invest Cap

Technical Analysis

42.1

Fair Value

HUBC closed up 0.90 at 39.56. Volume was 439 per cent above average NML closed up 2.67 at 64.98. Volume was 34 per cent above average and

Technical Outlook

Leverage Position

*Invest Cap

60.16 38.07 36.60 35.28

Buy

25.8

Brokerage House

Buy

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

25

TFD Research

Neutral

Technical Outlook Technical Analysis

Fair Value

Rs Recommendations

47

Pakistan Telecommunication Co Ltd

Fauji Fertiliser Bin Qasim Ltd

Fair Value

Technical Outlook

RSI (14-day) 63.04 Free Float Shares (mn) 318.50 MA (10-day) 71.70 Free Float Rs (mn) 25,132.67 KSE 100 INDEX closed up 62.84 points at 11,762.00. Volume was MA (100-day) 71.16 ** NOI Rs (mn) 127.80 22 per cent above average and Bollinger Bands were 70 per cent MA (200-day) 68.32 Mean 77.42 wider than normal. As far as resistance level is concern, the market * Target price for Jun-11 & **Net Open Interest in future market will see major 1st resistance level at 11,809.55 and 2nd resistance NBP closed up 3.75 at 78.91. Volume was 132 per cent above average level at 11,857.15, while Index will continue to find its 1st support and Bollinger Bands were 98 per cent wider than normal. level at 11,679.55 and 2nd support level at 11,597.10. KSE 100 INDEX is currently 9.9 per cent above its 200-day moving NBP is currently 15.5 per cent above its 200-day moving average and is average and is displaying a downward trend. Volatility is extremely displaying a downward trend. Volatility is extremely high when compared high when compared to the average volatility over the last 10 trading to the average volatility over the last 10 trading sessions. Volume indicasessions. Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are tors reflect moderate flows of volume into NBP (mildly bullish). Trend forecasting oscillators are currently bearish on NBP. currently bearish on INDEX. MA (200-day)

Brokerage House

466.49 55,894.52 46.67 118.74

* 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)

39.14 23.38 28.29 26.61

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

200.80 4,881.56 113.51 24.00

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

FFBL closed up 0.24 at 41.24. Volume was 17 per cent below average and PTC closed up 0.09 at 17.91. Volume was 18 per cent above average and FFC closed up 1.79 at 119.82. Volume was 6 per cent above average and DGKC closed up 0.73 at 24.31. Volume was 62 per cent below average Bollinger Bands were 38 per cent narrower than normal.

Bollinger Bands were 48 per cent wider than normal.

Bollinger Bands were 275 per cent wider than normal.

(consolidating) and Bollinger Bands were 139 per cent wider than normal.

FFBL is currently 29.0 per cent above its 200-day moving average and is PTC is currently 5.7 per cent below its 200-day moving average and is dis- FFC is currently 3.8 per cent above its 200-day moving average and is dis- DGKC is currently 8.7 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared playing a downward trend. Volatility is high as compared to the average playing a downward trend. Volatility is extremely high when compared to displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indica- volatility over the last 10 trading sessions. Volume indicators reflect volume the average volatility over the last 10 trading sessions. Volume indicators to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of FFBL at a relatively equal pace. flowing into and out of PTC at a relatively equal pace. Trend forecasting reflect volume flowing into and out of FFC at a relatively equal pace. Trend tors reflect volume flowing into and out of DGKC at a relatively equal pace. Trend forecasting oscillators are currently bearish on FFBL.

oscillators are currently bearish on PTC.

forecasting oscillators are currently bearish on FFC.

Trend forecasting oscillators are currently bearish on DGKC.

1st 2nd Resistance 2.45 2.65 68.40 69.10 51.15 51.80 21.00 21.35 19.45 19.75 80.10 81.05 14.70 14.95 9.10 9.30 357.70 362.45 113.50 114.90 10.10 10.20 3.65 3.75 7.35 7.45 2.15 2.35 24.95 25.55 3.15 3.35 2.20 2.25 34.80 35.45 54.15 54.70 218.20 220.10 13.05 13.25 4.35 4.50 41.70 42.15 121.15 122.45 123.80 124.55 40.30 41.05 162.50 164.30 230.00 233.95 3.90 4.35 1.60 1.70 3.15 3.20 9.55 9.80 44.25 44.55 2.90 3.10 16.40 16.80 63.75 64.15 214.90 216.50 2.20 2.25 79.65 80.40 26.95 27.65 22.45 22.70 2.30 2.40 2.95 3.15 66.25 67.55 153.05 154.50 2.85 2.90 2.05 2.10 2.85 3.05 5.85 6.00 318.85 321.45 210.25 212.00 66.70 67.55 283.60 285.75 18.10 18.30 204.45 206.05 20.65 20.85 12.90 13.15 25.05 25.25 2.15 2.20 3.35 3.45 64.30 64.95 2.65 2.70

Pivot 2.30 67.20 50.35 20.50 19.10 78.95 14.45 8.80 354.25 112.05 10.00 3.55 7.25 1.95 24.15 2.85 2.10 33.95 53.45 215.60 12.80 4.25 41.15 118.95 122.50 39.45 160.40 224.00 3.50 1.50 3.05 9.25 43.70 2.70 15.95 63.20 212.90 2.15 78.20 25.95 22.20 2.20 2.75 63.90 152.05 2.75 2.00 2.70 5.80 316.45 208.15 65.15 281.85 17.95 203.20 20.30 12.70 24.90 2.05 3.25 63.35 2.55


8

Friday, March 04, 2011

Tajik cbank raises main interest rate to 9pc

Regulation change could hit returns, says RBS SCB names new head of OCC

Emerging markets lift SCB lucre up TFD Report

KARACHI: Sitting (from L to R): Asif Shahzad - DH, CMT & HRC UBL, Rizwan Ali Humdani, Business Development Manager, Xpress Money, Hassan Raza, GE, CBG UBL Standing (from L ro R): M Hanif Ibrahim - SPM, CMT & HRC UBL, Saad Kaleem Head Products & Sales, CMT & HRC UBL.-Staff Photo

Jan spreads up 32bps YoY Ghulam Raza Rajani KARACHI: State Bank of Pakistan released lending and deposit rates of the banking system for the month of January 2011. Banking spreads rose 32bps to 7.57 per cent compared with 7.25 per cent in December 2010. The main reason for increase in spread remained higher lending rate which increased by 24bps on yearly basis to 13.59 per cent from 13.35 per cent in same period last year. On the other hand, deposit cost declined 8bps YoY to 6.02 per cent in January 2011 against 6.10 per cent in January 2010, thus reflecting ample liquidity in the market. On the other hand, spread on month on month basis fell by 4 bps where they were 7.61 per cent in December 2010. Cost of deposits increased by 11bps at 6.02 per cent while they were 5.91 per cent in previous month. Likewise, lending cost gone up 7bps on monthly basis to 13.59 per cent.

Bank of Khyber registers robust net KARACHI: The Bank of Khyber has posted profit after tax of Rs 563.486 million for the financial year ending December 31, 2010 against a net loss of Rs 637.183 million in 2009.

According to bank's intimation to Karachi Stock Exchange here, the pre-tax profit stood at Rs 713.141 million during the period under review against a pre-tax loss of Rs 798.770 million last year. The earning per share stood at Rs 1.13 compared to a loss per share of Rs 1.27.-APP

United Bank launches officers’ benifit scheme

UBL, XM in deal to help home remitters TFD Report KARACHI: United Bank Limited (UBL), one of Pakistan's largest commercial bank, has signed an agreement with Xpress Money (XM), a leading money transfer company to facilitate home remittances sent by Pakistanis living abroad. UBL and Xpress Money both have extensive network of branches with UBL having over 1,100 branches nationwide and Xpress Money having its presence in more than 90 countries. The agreement is yet another initiative by UBL to facilitate its customers in remitting money back home and shows the commitment

of both the partners towards the government of Pakistan Remittance Initiative. By virtue of this agreement, beneficiaries will enjoy instant and free of cost service. Meanwhile United Bank Ltd (UBL) will set up an Employees Benefit Scheme to reward, motivate and retain high performing executive and officers by way of bonus in the form of issued shares of UBL (bonus shares). According to a communiquĂŠ sent to KSE, UBL said it has signed the trust deed in respect of UBL Employee Motivation and Retention Trust 2010 on 25 February 2011. The bonus shares will be transferred to the Selected

Officers over a span of four years in equal proportion provided they remain with UBL. For the purpose, a trust will be settled by UBL (Trust). UBL will advance, for the benefit of the selected officers, up to a sum of Rs230 million to the Trust. The Trust will acquire bank's shares from open market and keep them in trust to be distributed among the selected officers. The Trust will be managed by the Board of Trustees in which UBL will have no involvement in the functioning of the Trust. The Trustees will be independent in running the affairs and the management of the Trust.

Monetary loosening seen inflation-friendly HYDERABAD: Director Islamic Banking of State Bank of Pakistan (SBP) Saleemullah has said that inflation would increase in the country if the markup rate was allowed to be reduced, adding that a delicate balance between the two had to be maintained. "A diminished rate of interest also affects the industrial development by stagnating its growth," he explained while addressing a reception organised by the business community of Hyderabad at the Hyderabad Chamber of Commerce and Industry (HCCI) office here. About the method of Islamic Banking, he apprised that it was done on the basis of profit and loss sharing and that the system also offers solution to many problems. "In Islamic Banking investment is made on real trade, therefore, the probability of incurring losses is also relatively low," he added. Saleemullah maintained that there was a great difference between the conventional and

Islamic methods of banking as the former system was based on "riba" which was "haram" (forbidden) for Muslims.

The Director Islamic Banking informed the businessmen that SBP was taking steps to promote that type of banking and that the visit to HCCI was a part of the greater awareness initiative. He encouraged the traders and industrialists to avail the facilities of financing offered by

Islamic Banking. Speaking earlier, Chief Manager SBP Hyderabad Ali Hussain informed that SBP was facilitating the business community of Hyderabad and for that it had set up a customer facilitation centre. He asked the businessmen to forward suggestions to the SBP so that it could further help them in addressing their financial issues. President HCCI Seth Goharullah apprised the visiting guest that the industrial structure of Hyderabad mainly comprises Small and Medium Enterprises (SMEs) with a 90 percent part. The sector was facing many difficulties in growth but their problems could be addressed by introducing sustainable financial policies, he added. Vice President HCCI Ziauddin also spoke on the occasion while Chairman SubCommittee on SMEs Amad Siddiqui dwelt at length on the issues of SME sector and sought help from the SBP for their resolution.-APP

KARACHI: Standard Chartered Bank (SCB) has announced a 19 per cent rise in annual profits, and said it has had a record start to 2011. Pretax profits for 2010 came in at $6.1 billion, up from $5.1 billion the previous year. The bank said most of its markets across Asia, Africa and the Middle East had returned to strong economic growth. Standard Chartered is based in London but more than four-fifths of its profits come from Asia and other emerging economies. Profits in the Middle East doubled last year, and chief executive Peter Sands said he did not expect political unrest in the region to have a negative impact on the bank. "[This profit] is not really under threat - we still see substantial opportunities for growth in the Middle East. Much of the turmoil is happening in North Africa and we are not present in North Africa," he told BBC Radio 4. He was also confident that the Chinese market would keep growing. "The underlying drivers of growth in China are extremely resilient," he said. "There is a risk of bubbles within China, in property prices for example, but do I think China itself is a bubble? No." Standard Chartered said it lent more last year, with total lending rising by nearly $45 billion or 22 per cent. Mortgage lending rose by 23 per cent to $71 billion, while lending to small and medium-sized businesses was up 32 per cent to nearly $18 billion. The bank said the size of its bonus pool had "increased modestly" to $1.19 billion in 2010 from $1.1 billion in 2009. It added that the full implementation of the bank levy in the UK would cost it about $180 million after tax this year. While the bank said its Asian market was growing strongly, it said the West still faced a "deleveraging challenge", and the company remained "rela-

tively cautious" about the outlook for the world economy this year. "We're certainly in a global recovery but it's a very polarised recovery and vulnerable to shocks," the bank said. It warned that the biggest external challenge it faces is regulation, with different changes being applied by different national regulators. "Rather than seeing increasingly global co-ordination and consistency of regulation, we are seeing increased fragmentation and unilateral action." Meanwhile, Standard Chartered Bank Pakistan has appointed Imran Sarwar Head of Origination and Client Coverage (OCC). Mohsin Nathani, Chief Executive of Standard Chartered Pakistan said, "Imran Sarwar's appointment highlights Standard Chartered's commitment to strengthening the Origination and Client Coverage business and serving the needs of our client base in the country. His appointment will drive and grow our Corporate Banking capabilities." David Law, Regional Head of Wholesale Banking, Middle East, North Africa & Pakistan said, "Imran is an outstanding leader with a proven track record in developing the Bank's Wholesale Banking business. He brings a wealth of experience and understanding of the local market. His appointment reflects our commitment to our business in the region in general and Pakistan in particular." Imran Sarwar has been with Standard Chartered Group for nearly 20 years and has worked in the UK, Australia and UAE with diversified experience in leasing, project management, risk and corporate banking. Standard Chartered's Wholesale Banking business provides corporate and institutional clients with trade finance, cash management, securities services, foreign exchange, risk management, capital raising and corporate finance solutions.

Meezan Bank Ltd gets laurels Staff Reporter KARACHI: Meezan Bank Ltd (MBL), Pakistan's first and largest Islamic bank, has been awarded 'Best Islamic Bank in Pakistan' for 2010 by Islamic Finance News of REDmoney Group in a ceremony held in Kuala Lumpur, Malaysia. The Islamic Finance News (IFN) Awards honour the best in the Islamic financial industry. It is one of the most prestigious and recognised awards in the global Islamic capital markets. The award brings to light a highly successful and recordbreaking year for Meezan Bank, the only AA- rated Islamic Bank in Pakistan. With a branch network of 222 branches in 63 cities across Pakistan, Meezan Bank continues to be the largest Islamic bank in Pakistan. The Bank demonstrated robust business growth in 2010, closing the year with a deposit figure of Rs. 131 billion, Import/Export business of Rs. 143 billion and a 61% growth in Net Income over the previous year. Meezan Bank offers a complete range of Islamic banking products and services, including free online banking for all Pak Rupee accounts at all its branches. The Bank's retail banking network is supported by 24/7 banking services that include over 165 ATMs, Internet Banking, VISA Debit card and a 24-hour Call Center. The Bank's VISA Debit card allows its customers to shop at more than 30 million merchants worldwide and withdraw funds from their accounts from more than 1.4 million ATM's worldwide.

Afghan cbank sees Islamic banking law enacted in 2011 KABUL: Afghanistan's central bank expects an Islamic banking law to be enacted by September, drawing billions in deposits from citizens wary of the conventional banking system, a senior official said. The central bank's sharia board will meet Sunday to finalise the law, said Muhammed Qaseem Rahimi, director general of the central bank's Financial Supervision Department. It will then go to the Justice Ministry and parliament for approval. "Most of the people who can access banking services don't use them just because of the interest, which is not allowed in Islam," Rahimi told Reuters via email.-Reuters

KUALA LUMPUR: Ariful Islam, Chief Operating Officer Meezan Bank Limited receiving the award for 'Best Islamic Bank in Pakistan' for 2010 by Islamic Finance News of REDmoney Group.


9

Friday, March 4, 2011

Oil slips on efforts to craft Libya peace

European vegetable oil prices

Venezuela says Libyan govt accepts peace proposal NEW YORK: Oil prices fell on Thursday as Venezuela said its proposal for a negotiated solution to the Libyan conflict was accepted by the North African government and the Arab League said the plan was being considered. The Libyan government has accepted Venezuela's plan for an international commission to seek a solution to the crisis, a spokesman for Ve n e z u e l a n President Hugo Chavez said. Earlier, Arab League Secretary-General Amr Moussa said the plan was "under consideration." News network Al Jazeera said the plan would involve a commission from Latin America, Europe and the Middle East. But a leader of the uprising against Muammar Gaddafi's rule said he would reject any plan for talks with Gaddafi to end the conflict in OPEC-member Libya. Brent crude futures for April

Tokyo rubber inches lower BANGKOK: Tokyo rubber futures were lower on Thursday on growing worries about a drop in demand if world economic growth is hurt by the unrest in the Middle East, but tight supply still lent some support, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for August delivery edged 1.2 yen lower to settle at 475.9 yen ($5.81) per kg. The most active Shanghai rubber contract for May delivery fell 400 yuan to finish at 38,460 yuan ($5,856) per tonne. "Players feared that demand could fall and oil prices did not perform very well, so players liquidated contracts to avoid risk," one dealer said. Oil fell more than $3 on Thursday after the head of the Arab League said a peace plan for Libya, proposed by Venezuelan President Hugo Chavez, was under consideration. Dealers said they expected TOCOM rubber to rally on Friday as tight supply in producing countries should still lend support. -Reuters

fell $1.63 to $114.72 a barrel at 1637 GMT. Prices had rebounded from their intraday low of $113.09 a barrel. US crude futures for April fell 77 cents to $101.46, after hitting a low of $100.37. Brent's premium to its US counterpart contracted on Thursday and was below $14

on Thursday after last week's record $16.91. Brent's price rise amid the recent turmoil in North Africa and the Middle East has been stronger because Europe is more vulnerable to supply disruptions from Libya and the region. Analysts remained skeptical of the chances any Chavezbacked plan would succeed and were worried about damage to Libyan oil infrastructure

as a result of the fighting. Libyan output has fallen to 700,000-750,000 barrels per day (bpd) as most foreign oil workers had taken flight, according to Shokri Ghanem, the head of Libya's stateowned oil company. US crude's losses were limited by data showing initial jobless claims in the United States fell more than expected last week and a separate report showing that US 2010 nonfarm productivity was revised upward. "If not for high oil prices we'd have been cheering all the positive data, like the jobless claims, in the past few days," said Phil Flynn, analyst at PFGBest Research in Chicago. "And the dollar is being smashed because of the ECB and the likelihood that moves to fight inflation might mean lower demand in Europe and the Brent market." -Reuters

US cotton limits up, but turnover thins NEW YORK: US cotton futures ended Wednesday up the daily limit on suspected speculative buying, but the trading volume was slow to begin and the tone of business lackluster, analysts said. Open interest in cotton futures stayed near a 7month low as investors dumped cotton, although market fundamentals are seen by most players as still bullish, given tight supplies. The key May cotton contract on ICE Futures US rose the 7-cent limit to finish at $2.006 per lb, with the session low at $1.933. Last week, the contract hit a record top at $2.1176 per lb. Open interest in the market stood at 175,406 lots as of March 1, up marginally from the 7-month low at 174,074 lots as of Feb. 28, data from ICE Futures US showed. Volume traded Wednesday stood at about 18,300 lots,

some 40 per cent below the 30-day norm, Thomson Reuters preliminary data showed. "It's most likely spec-related (buying)," said Jobe Moss, an analyst for brokers and merchants MCM Inc in Lubbock, Texas. But he took note of the light volume and said moves in cotton are easily exaggerated, given the thin business in the market. Going forward, traders will be looking toward release of the weekly export sales report from the US Agriculture Department to gauge fiber demand from countries like No. 1 consumer China. The next piece of data will be the USDA's monthly supply/demand report next week and then the critical USDA potential plantings report on March 31, the first government indication of plantings for crops such as cotton this year. -Reuters

Copper at two-week high as oil, dollar fall LONDON: Copper hit twoweek highs on Thursday, as prospects of a peace plan for Libya sent oil prices lower and reduced fears about inflationary threats to global growth, and as the euro jumped versus the dollar. Three-month copper on the London Metal Exchange hit a session high of $9,979, its highest since mid-February. Untraded at the close, it was last bid at $9,910 a tonne from a last bid of $9,889 on Wednesday. Also raising sentiment was data showing new US jobless claims last week at their lowest level in over 2-1/2 years, while the US services sector grew at a slightly faster pace in February to another five-year high. "We have copper rising on the back of US data and a slight dip in oil prices," said Carl Firman, an analyst at Virtual Metals, but he added the market "can turn very quickly." Tensions have run high in markets since a wave of unrest has spread across the Middle East and North Africa this year, with industry officials estimating the uprising against Libyan leader Muammar Gaddafi has reduced the country's oil production by around half.

"There's some feeling that, with this talk about mediation potentially in Libya, things might settle down a bit," said Daniel Smith, an analyst at Standard Chartered.

Shanghai copper falls Three-month copper on the London Metal Exchange fell 0.5 per cent to $9,843.75 a tonne by 0720 GMT, trading in a range between $9,817 and $9,913. Shanghai's most active copper contract fell 560 yuan to 74,140 yuan. Attracting non-US investors to metals, the euro jumped versus the dollar after European Central Bank President Jean-Claude Trichet said inflationary risks are to the upside and "strong vigilance" is required. The comments wee seen raising the prospects of higher interest rates, thereby boosting the euro at the expense of the dollar. Stocks of copper in LME ware-

houses rose 500 tonnes at 424,050 tonnes, the highest level since July last year and continuing a trend since the middle of December, providing evidence of diminishing demand. The growing piles of metal have moved the copper curve into a $15 contango -- a discount for cash over three-month material -- from a $70 backwardation, or the premium for cash over three-month material, in midDecember. Aluminium stocks fell 5,475 tonnes to 4,598,950 tonnes but remained within reach of a record high 4,640,750 hit in January 2010. Aluminium, untraded in rings, was last bid at $2,611 from $2,603 a tonne. Zinc closed at $2,512 from $2,480 a tonne and battery material lead was at $2,619 from $2,564 a tonne. Tin was at $31,650 from $31,600 a tonne and nickel closed at $28,860 from $28,600 a tonne. -Reuters

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

LINEAR LOW (LL)

Cash & Settlement

1310

1250

December (3rd Wednesday)

1310

1255

January (3rd Wednesday)

1310

1260

LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for March 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

2360 2361 2365 2375 2325 2335 2325 2335

2554.5 2555 2584.5 2585 2655 2660 2698 2703

9820 9820.5 9825 9830 9775 9785 9490 9500

2531 2532 2524 2525 2472 2477 2425 2430

28450 28455 28455 28460 27300 27400 26085 26185

TIN

31900 31925 31900 31950 31675 31725

ZINC NASAAC

2446 2447 2472 2473 2508 2513 2510 2515

2531 2532 2550 2560 2595 2605 2650 2660

AHMEDABAD: Farm labourers plants paddy seedlings in a field near Dholka, some 30kms from Ahmedabad. -Reuters

Cocoa hits 32-yr high, sugar slips LONDON: ICE cocoa hit a fresh 32-year high on Thursday, driven by concerns over supply due to fighting in top producer Ivory Coast, while coffee firmed in a new range below last week's highest level in more than 30 years. ICE sugar consolidated as the market focused on the start of cane harvesting in the centre-south of Brazil, the world's top sugar producer and exporter. Cocoa prices hit a fresh 32year peak of $3,729 a tonne as fighting spread in Ivory Coast. ICE May cocoa traded up $52, or 1.4 per cent, at $3,716 a tonne at 1513 GMT, having earlier touched the high. Liffe May cocoa rose 38 pounds or 1.6 per cent to 2,384 pounds per tonne in modest volume of 3,536 lots, having earlier touched a 7-month peak, basis second month, of 2,392 pounds. Coffee futures prices rose as the market traded in a new, higher range, following the Feb. 22 peak of $2.7840 a lb, the highest level in more than 30 years. The arabica coffee market is underpinned by a shortage of high-quality Colombian beans. ICE May arabica coffee extended gains and traded up 5.35 cents or 2 per cent at $2.7490 per lb at 1522 GMT. Liffe May robusta coffee traded up $21 or 0.9 per cent at $2,384 per tonne in moderate volume of 3,759 lots. ICE raw sugar futures consolidated as the market focused on the start of cane harvesting in the centre-south of Brazil, the world's top sugar producer and exporter. ICE May raw sugar futures traded down 0.32 cent or 1 per cent, at 30.06 cents a lb, below the 30-year high of 36.08 cents a lb touched on Feb. 2. London May white sugar was down $11.30, or 1.5 per cent at $749.20 per tonne. Dealers noted reports that some mills in the centre-south of Brazil were starting to crush this week. The Russian Sugar Producers Union expects the three nation customs union with Belarus and Kazkahstan to import 2.8 million tonnes of raws this year, the union's head Andrey Bodin said on Thursday. -Reuters

Gold falls as euro soars on cbank remarks LONDON: Gold fell 1 per cent on Thursday as European Central Bank chief Jean-Claude Trichet said the bank will exercise "strong vigilance" over inflation, raising the prospect that it may lift interest rates as soon as next month. Spot gold fell as low as $1,417.22 an ounce and was at $1,422.55 an ounce at 1508 GMT, against $1,434.49 late in

"This is the type of language that in previous rate hike cycles preceded a rate hike," said currency strategists at Action Economics. Widespread low interest rates, which have knocked the appeal of other assets such as cash on deposit, have burnished gold's appeal in recent years, helping drive prices to record highs. Spot gold has risen by 10 per

New York on Wednesday. The metal fixed at $1,421.50 at 1500 GMT. US gold futures for April delivery fell $15.50 an ounce to $1,422.20. The metal had retreated from the previous session's record highs earlier with investors seizing a chance to take profits after the Arab League said a Venezuelan proposal to end conflict in Libya was under consideration. But prices still found residual support from unrest in the region. Trichet said that inflationary pressures have increased over the last month, risks are to the upside and "strong vigilance" is required. His remarks pushed the euro sharply higher versus the dollar.

cent in the six weeks since unrest in Tunisia and Egypt spilled into Libya, Yemen, Bahrain and, most recently, Oman and Iran. Thursday's correction notwithstanding, the situation is still likely to underpin gold prices, as analysts are skeptical over the latest news. "I doubt a Chavez-brokered deal would have much impact from a political perspective as he has little legitimacy in the international political sphere," said Cedric Chehab, head of commodities analysis at Business Monitor, a research group. Silver fell 0.8 per cent to $34.39 an ounce, shy of Wednesday's 31-year high at $34.96. Platinum eased 0.5 per cent to $1,836.24 an ounce, while palladium was up 0.3 per cent at $818.97. -Reuters

Palm oil climbs on possible China move JAKARTA: Malaysian palm oil futures hit a one-week peak before paring gains late on Thursday, as potential import tariff cuts in top consumer China offset falling crude prices weighed by a possible peace plan in Libya. China will cut tariffs and red tape to boost imports this year and "maintain balanced trade," Zhong Shan, the country's vice minister of commerce said in comments published on Thursday, but did not disclose details. The benchmark May 2011 crude palm oil contract on Bursa Malaysia Derivatives added 0.3 per cent to 3,600 Malaysian ringgit ($1,185) a tonne. Earlier, prices rose to a high of 3,648 ringgit -- a level not seen since Feb. 22. The most-active Sept 2011 soyoil on the Dalian

Commodity Exchange traded at 10,308 yuan versus an open at 10,366 yuan. "China import duty cuts are big news and palm oil is getting some support," said a trader in Singapore. "The news underlines the general story of strong Chinese demand. But if there is only an import tax cut on soyoil, we will see a sell down in palm oil. If it's palm oil that gets an import tax cut, we will see the market fly up at least 100 points," the trader said. Overall, traded volume stood at 16,012 lots of 25 tonnes each, compared with a oneweek high of 21,861 lots on Wednesday. ICDX's May CPO futures contract was at 10,450 rupiah ($1.186) per kg, compared to 10,360 rupiah per kg when it opened. Market volume was 1,966 lots of 10 tonnes each. -Reuters

ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil price's at 18:00 PST. SOYOIL: EU degummed euro tonne fob exmill Mar11 987.00+2.00, Apr11 992.00+2.00, May11/Jul11 997.00+2.00. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 1050.00+10.00, Aug11/Oct11 1000.00+8.00, Nov11/Jan12 1005.00+5.00, Feb12/Apr12 1010.00+5.00. SUNOIL: EU dlrs tonne extank six ports option Apr11/Jun11 1440.00+5.00, Jul11/Sep11 1450.00+5.00, Oct11/Dec11 1410.00+10.00. LINOIL: Any origin dlrs tonne extank Rotterdam Mar11/Apr11 1560.00+0.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Afloat 1240.00, Mar11 1240.00+2.50, Apr11/Jun11 1235.00-2.50, Jul11/Sep11 1210.00+0.00, Oct11/Dec11 1202.50-2.50. PALMOIL: RBD dlrs tonne cif Rotterdam Mar11 1297.50, Apr11 1290.00, Apr11/Jun11 1282.50. PALMOIL: RBD dlrs tonne fob Malaysia Mar11 1242.50, Apr11 1235.00, Apr11/Jun11 1227.50-7.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Mar11 1250.00, Apr11 1242.50, Apr11/Jun11 1235.00-7.50, Jul11/Sep11 1195.00-12.50, Oct11/Dec11 1172.50-15.00. PALM STEARIN: Dlrs tonne fob Malaysia Apr11 1220.00+5.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Mar11/Apr11 2020.00-65.00, Apr11/May11 2010.00-70.00, May11/Jun11 2000.00. PALMKERNEL OIL: Mal/Indon dlrs tonne cif Rotterdam Apr11/May11 2200.00-60.00, May11/Jun11 2150.00, Jun11/Jul11 2140.00. -Reuters

Indian sugar steady on higher quota MUMBAI: Indian spot sugar prices traded steady on Thursday as higher non-levy quota for March outweighed bargain-buying, dealers and analysts said. "Quota for the current month is sufficient to meet the demand. Prices will not move as festive demand is yet to pick up, and hence market is stable," said Mukesh Kavadia, secretary, Bombay Sugar Mills Association. India has made available 1.684 million tonnes of non-levy sugar for March, including 350,000 tonnes of unsold stocks from February, the government said in a statement on Feb. 25. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety was trading down by 2,684 rupees ($59.6) per 100 kg. At 5 pm ,sugar contract for March delivery on India's National Commodity and Derivatives Exchange (NCDEX) was trading down by 0.46 per cent at 2,788 rupees per 100 kg. -Reuters

National Commodity Exchange Ltd Trading Summary Date

3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-2011 3-Mar-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

Close

MA11 AP11 MY11 AP11 MY11 AP11 MY11 JU11 AP11 MY11 JU11 MA11 AP11 MY11 MA11 AP11 MA11 MA11 MON TUE WED THU FRI MON TUE WED THU FRI 03MA11 MA11 MA11 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

100.10 102.62 102.22 34.72 34.84 1433.90 1433.50 1434.10 1432.90 1432.90 1435.60 39630.00 39530.00 39521.00 39580.00 39478.00 46033.00 46033.00 40571.00 40614.00 40629.00 40542.00 44496.00 46657.00 46707.00 46724.00 47134.00 47375.00 3301.00 3316.00 5350.00 86.26 85.79

102.90 104.06 102.99 34.72 34.96 1440.30 1440.90 1441.50 1439.10 1434.10 1435.60 39630.00 39530.00 39521.00 39610.00 39478.00 46033.00 46033.00 40571.00 40614.00 40629.00 40542.00 44496.00 46657.00 46707.00 46724.00 47134.00 47400.00 3305.00 3319.00 5350.00 86.27 85.81

99.69 101.49 102.22 34.46 34.41 1423.30 1423.60 1425.00 1427.70 1427.70 39394.00 39375.00 39300.00 39245.00 39257.00 45775.00 45775.00 40333.00 40376.00 40391.00 40406.00 40318.00 46380.00 46430.00 46447.00 46464.00 46363.00 3301.00 3316.00 5348.00 86.26 85.79

100.94 102.31 102.99 34.46 34.48 1427.00 1427.70 1428.50 1427.00 1427.70 1427.70 39273.00 39284.00 39300.00 39245.00 39257.00 45775.00 45775.00 40333.00 40376.00 40391.00 40406.00 40318.00 46380.00 46430.00 46447.00 46464.00 46363.00 3305.00 3319.00 5348.00 86.27 85.81

Traded Volume in lots 749 91 309 2,825 2,342 1,201 29 4 3 2 2 7 6 -

Previous Settlement Price 102.58 103.90 104.51 34.62 34.64 1434.80 1435.50 1436.30 1434.80 1435.50 1436.30 39505.00 39516.00 39532.00 39477.00 39489.00 46045.00 46045.00 40568.00 40611.00 40626.00 40640.00 40553.00 46653.00 46703.00 46720.00 46737.00 46637.00 3301.00 3316.00 5350.00 86.26 85.79

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 100.94 76 102.31 30 102.99 34.46 34.48 22 1427.00 1,096 1427.70 1,732 1428.50 636 1427.00 8 1427.70 1428.50 4 39273.00 2 39284.00 80 39300.00 39245.00 39257.00 45775.00 45775.00 40333.00 2 40376.00 40391.00 40406.00 40318.00 2 46380.00 12 46430.00 4 46447.00 5 46464.00 5 46363.00 6 3305.00 3319.00 5348.00 86.27 85.81 -


Norway's Queen and King celebrate with first placed team of Norway women's cross country event at Nordic World Ski Championships in Oslo

10

Friday, March 4, 2011

Nadal relishing the Davis Cup opener LONDON: Holders Serbia will be without their best player Novak Djokovic when they begin the defence of their Davis Cup title on Friday but his absence is unlikely to cause too much alarm. India, the rank outsiders in the 16-nation World Group, are the opposition in Novi Sad and even without Australian Open champion Djokovic, the Serbs will be confident that Viktor Troicki and Janko Tipsarevic will get the job done. Djokovic was nowhere to be seen as Serbia's players practised on Wednesday although captain Bogdan Obradovic remained coy about the whereabouts of the 23-year-old who inspired his country to its first Davis Cup triumph last December. However, Djokovic later posted a message on his website confirming he would skip the tie to prepare for upcoming tournaments in Indian Wells andMiami. "In consultation with the coach and the players, I decided not to play in the match against India," he said. While Djokovic, who whipped Belgrade fans into a frenzy in the final victory over France, will no doubt keep tabs on the tie from afar, world number oneRafael Nadal will be on national service for Spain against Belgium in Charleroi. "If I'm here it's because physically I'm 100 percent," Nadal, who has not played since injuring himself in losing to David Ferrer in the quarterfinals of the Australian Open. "I'm very motivated to play against a great rival like Belgium in a competition as important as this." Nadal has won 14 of his 15 singles rubbers for Spain in the team competition but has not played for his country since the 2009 final victory over the Czech Republic.-Reuters

Pakistan, Palestine football test today LAHORE: Pakistan's biggest football-only Peoples Sports Complex Stadium, Karachi will host eagerlyawaited Pakistan-Palestine Football Clash on Friday, 4 March (4 PM). The stadium will be ever remembered in Asia's soccer history for the sixth edition of SAFF Championship that was ran in 2005 under the superb leadership of PFF President Makhdoom Syed Faisal Saleh Hayat who was then Federal Minister for Kashmir Affairs andNorthern Areas, and soccer fraternity hailed his work for bringing SAFF's showpiece event onto Pakistani soil. The eleven day event, having eight participants nation, also won the heart of Bangladesh's Siraj-ul-Islam Bachchu who was then SAFF General Secretary of SAFF as well as Marketing Company M/S World Sports Group (WSG)'s representatives Thomas Wheeler and Mohamed Shahrum Jappar. Completed in 1995, the stadium is among the most prestigious soccer centers in Asia. The South Asia's Regional event made debut at Pakistani city Lahore in 1993 as first SAARC Gold Cup. It returns to Pakistan, and Karachi, with different title " SAFF Championship" after a journey of Sri Lanka, Nepal, India and Bangladesh.-APP

Greenshirts Overrule Canada On fire Afridi lifts Pakistan to victory Pakistan win all three matches of World of Group A COLOMBO: Shahid Afridi made up for Pakistan's ragged performance with the bat by collecting his second fivewicket haul of the World Cup as the 1992 champions beat Canada by 46 runs on Thursday. Canada looked as if they could produce the second shock of the tournament when they skittled Pakistan for 184 in just 43 overs and followed it up with some sensible batting from Zubin Surkari (27) and Jimmy Hansra to reach 104 for three. But once leg-spinner Afridi (5-23) bowled Hansra for 43, the Canadians lost their way and were all out for 138, handing Pakistan their third successive win in Group A. Afridi, who took five for 16 against Kenya last week, now tops the wicket-takers list with 14 scalps from three matches. His stunning performance saved Pakistan's blushes on Thursday as the Canadians were well ahead of the required run rate and had seven wickets in hand at the start of the 34th over. However, once Saeed Ajmal trapped Surkari lbw, the Canadian challenge quickly folded as Afridi ran riot bowling his leg-spin at a faster pace which completely bamboozled the North American batsmen.

They lost their last seven wickets for 34 runs. Despite the win, Pakistan skipper Afridi admitted his team cannot repeat such a scrappy display with the bat if they are to win a second title. "We did not have good shot selection and I think it's a very good wake-up call for us for the next game," said man-ofthe-match Afridi. "Myself and coach Waqar Younis will definitely talk to the boys and this will not happen again. "We needed some partnerships and that's what we w e r e missing a n d that's what the coach was s a y i n g . Partnerships are very important."

BCCI grills ICC for roasting Dhoni NEW DELHI: The BCCI on Wednesday slammed ICC General Manager Dave Richardson for criticising Indian captain Mahendra Singh Dhoni as the latter had expressed his grouse on the UDRS system. In a hard-hitting letter to the ICC Chief Executive Haroon Lorgat, BCCI Secretary N Srinivasan said Richardson has no business to criticise Dhoni and he should be instructed not to do so in future. "BCCI takes strong objection to David Richardson criticising Dhoni. Richardson`s comment that the Indian captain should know the rule is out of place. The Indian captain only highlighted the inadequacy of the system and rightly so. It was there for the world to see. Mr Richardson has no right to do so," Srinivasan said in the letter.-Online

VERY DISAPPOINTING

Canadian c a p t a i n Ashish Bagai was left to rue a missed opportunity. "Very, very disappointing loss for us," Bagai said. "Fighting is one thing but getting it over that line is obviously taking it to another level. "We had a good chance today to show to everyb o d y what we have put in over the last two years and we fell short." Winning the toss and taking first use of the pitch, Pakistan could not get

their batting rhythm going and lost wickets at regular intervals. They slumped to 67-4 before Misbah-ul-Haq (37) and top scorer Umar Akmal (48) posted the best partnership of the innings with 73 for the fifth wicket. Once the stand was broken at 140, the rest of the Pakistan batting collapsed with the last five wickets tumbling for 19 runs unable to cope with the medium-pace and spin combination of Canada who had heavily lost their first two matches to Sri Lanka and Zimbabwe. Canada lost their paceman Khurram Chohan, who failed to complete his fourth over, but he was not missed as the rest of his team mates bowled a tight line and length. Medium-pacer Harvir Baidwan was the pick of the attack with three for 35 while Rizwan Cheema, Balaji Rao and Hansra shared six wickets among them. But despite restricting Pakistan to such a low total in a tournament where most of the title challengers are posting 300 plus scores, the Canadians were unable to pull off the upset. Ireland beat England in Group B on Wednesday to create the first upset of this year's event.-Reuters

RECORDBOARD Most Runs Mat Runs 3 280 2 241 2 210 Most Wickets Players Mat WKts Shahid Afridi-Pakistan 3 14 Mitchell Johnson-Australia 2 8 Imran Tahir-South Africa 2 7

Players Strauss-England Villiers-South Africa Sehwag-India

Aussies, SL striving to outpace each other MUMBAI: A battle for supremacy between bouncers and yorkers may eventually decide the outcome of Saturday's World Cup Group A showdown between Australia and Sri Lanka in Colombo. On spin-friendly conditions in Sri Lanka, it might sound surprising that pace will rule but going by current form and team composition, it may well turn out to be so in a re-run of the 2007 final won by Australia. The champions, chasing

their fifth World Cup title overall, have not tried to mask their intentions and have unleashed their pace battery of Brett Lee,Mitchell Johnson and Shaun Tait on opposition batsmen. The pace trio have used the short-pitched delivery with precise direction and a lot of fire, hitting many a batsman on the body and the helmet thus gaining the mental edge. In both their matches, against Zimbabwe and New

Zealand, the pacemen removed the sting in the opposition batting early and ensured that there was no chance of a late fightback either. The early strikes from the faster men have allowed the Australian slow bowlers to breathe easy in the tournament so far. The Australian spinners have bagged just four wickets in the two matches and have got away with that due to the red hot form of their faster counterparts.-Reuters

HS 158 134 175

Ave 93.33 241.00 105.00

SR 105.66 118.71 126.50

BBI 5/16 4/19 4/41

Ave 5.21 6.50 8.57

Econ 2.60 2.81 3.56

Blaster O'brien puts Irish on world top BANGALORE: Ireland's Kevin O'Brien, who plays his cricket for the Railway Union Club, on Wednesday stood head and shoulders above some of the sport's greatest names after guiding his country to one of the biggest World Cup shocks with victory over the old enemy England. The 26-year-old Dubliner almost singlehandedly demolished Andrew Strauss's Ashes winners with comfortably the quickest ever century in the tournament, racing to three figures in 50 balls of pure smash and plunder. Although he was out for 113 shortly before Ireland's moment of glory, their first win over England, by then the damage had been done and his team mates passed the massive 328 target with three wickets and five balls to spare.-Reuters

SAfrica Teach Dutch the Art of Winning De Villiers, Amla tons bury Netherlands MOHALI: South Africa crushed the Netherlands by 231 runs in a lop-sided Group B match to record their second successive victory in the World Cup on Thursday. Put into bat, Hashim Amla (113) and AB de Villiers (134) featured in a marathon 221-run third wicket stand while JP Duminy (40) chipped in with a 15-ball cameo to propel South Africa to a commanding 351-5 at the Punjab Cricket Association Stadium. South Africa showed the same business-like approach when they returned to defend the total, removing the Dutch top half by the time they reached the 100-mark and eventually bowling them out for 120 in 34.5 overs. Only Wesley Barresi (44)

provided some resistance with the bat while only four of his Dutch team mates managed double digit scores. "It's still early doors but it's nice to get wins under the belt and keep the confidence going for later on in the tournament," South African spinnerRobin Peterson said. "Every game has its different challenges, today it wasn't easy for the batters out there but they showed that once they got stuck in they could churn out a good total." If Ireland's sensa-

MOHALI: AB de Villiers of South Africa hits a six, as Wesley Baressi of the Netherlands looks on during the 2011 ICC World Cup Group B match at Punjab Cricket Association Stadium.-Reuters

tional victory against England on Wednesday had rekindled Dutch hopes of pulling off a similar upset, S o u t h Africamercilessly crushed it. After they had slumped to 58-2 in the 16th over, de Villiers hit his second successive century in the tournament and Amla his eighth overall in the 50-overs format to bail them out. Amla and his opening partner Graeme Smith (20) found boundaries were not easy to come by against the

disciplined Dutch bowlers backed by their agile fielders and laboured to the 50-run mark in the 13th over. Smith soon lost his leg stump to Bernard Loots while Ryan ten Doeschate (3-72) removed Jacques Kallis (2) cheaply before Amla and de Villiers joined hands to stem the rot. Amla was content nudging the ball around, hitting eight fours in his 130-ball knock. De Villiers was more fluent in his brisk 98-ball innings that included 13 fours and four sixes, including three in a row off Loots, before he ran himself out in the 46th over. Duminy then provided the late flourish, hitting four sixes and a couple of fours, to an already imposing South African total.-Reuters


US jobless claims at 2-1/2-year low, buoy jobs outlook WASHINGTON: New US claims for unemployment benefits fell last week to their lowest level in more than 21/2 years, signaling an acceleration in job creation could be taking shape. The labor market outlook was also enhanced by another report on Thursday showing a gauge of employment in the dominant services sector rose to a near five-year high in February. Other data also confirmed a slowdown in business productivity that could herald stepped-up hiring. Initial claims for state jobless benefits dropped 20,000 to 368,000, the lowest since May 2008, the Labor Department said. Economists had forecast claims rising to 398,000. "There can be no denial that a strengthening in labor market conditions is under way, as layoffs have dropped sharply since the beginning of the year," said Jim Baird, a partner at Plante Moran Financial Advisors in Kalamazoo, Michigan. "Coupled with increasing consumer demand, this should translate to a faster pace of job creation in time." The data, together with a drop in oil prices as the Arab League considered a peace plan for strife-torn Libya, lifted stocks on Wall Street. Prices for safe-haven US government debt fell, while the dollar slipped against the euro after European Central Bank President Jean-Claude Trichet raised expectations of a near-term interest rate increase. The claims data falls outside the survey period for the government's closely watched employment report for February due for release on Friday.

Nonfarm payrolls probably increased 185,000 after snowstorms held growth to a paltry 36,000 jobs in January, according to a Reuters survey. The survey was conducted before data on Monday that showed strong factory hiring, which prompted some economists to rethink their forecasts. A separate report showed growth in the country's services touched a fresh 5-1/2 year high in February. The Institute for Supply Management's index of national non-manufacturing activity rose to 59.7, the highest since August 2005, from 59.4 in January. A reading above 50 indicates an expansion in the services sector, which accounts for about 80 per cent of the US economy. A measure of employment in the sector hit its highest level since April 2006. Declining claims suggest the economic recovery is gaining traction and fewer layoffs should help it weather crude oil prices that have topped $100 a barrel on political unrest in the Middle East and North Africa. Reports from US retailers on Wednesday suggested consumers so far were withstanding a related jump in gasoline prices. Costco Wholesale Club <COST.O>, teen apparel retailer Zumiez and other chains reported February sales results that beat Wall Street's expectations. Weekly jobless claims have now held below the 400,000 threshold for a second straight week. Claims below that level are widely viewed as signaling strong jobs growth and economists believe it is only a matter of time before this is reflected in the payrolls num-

bers. A Labor Department official said there was nothing unusual in the state level data, adding that no states were estimated. The four-week moving average of unemployment claims a better measure of underlying trends -- dropped 12,750 to 388,500 last week, the lowest since July 2008. In a second report, the department said nonfarm productivity increased at an unrevised 2.6 per cent annual rate in the fourth quarter, in line with economists' expectations. Productivity, a measure of hourly output per worker, grew at a 2.3 per cent pace in the third quarter. Productivity grew rapidly as the economy emerged from the worst recession since the Great Depression of the 1930s, peaking at an 8.9 per cent rate in the second quarter of 2009 as businesses slashed costs by relying on a small pool of workers. The pace is slowing, which economists say will compel businesses to soon add more workers to expand production. "They are not going to be able to squeeze as much out of their current workforce as they were in the the past," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania. Unit labor costs, a gauge of potential inflation pressures closely watched by the Federal Reserve, fell at an unrevised 0.6 per cent rate. Labor costs edged up 0.1 per cent rate in the third quarter. Depressed unit labor costs will help to keep inflation pressures contained at a time when rising oil prices are pushing up input costs for many businesses.-Reuters

UK service sector growth slows, poses BoE dilemma LONDON: Growth in Britain's dominant service sector slowed sharply in February after January's weather-related bounce, a survey showed, suggesting the economic recovery may be too fragile for an early interest rate rise. February's headline services PMI index fell to 52.6 from January's eight-month high of 54.5, a peak that followed a contractionary reading in December blamed on snow. The index, compiled by Markit/CIPS, had been expected to fall to 53.5. Investors had been betting the Bank of England would raise rates from a record low of 0.5 per cent by the middle of the year to try to tame surging inflation. The surprise 0.6 per cent contraction in the fourth quarter of last year has made the central bank wary of raising rates, despite inflation running at double its target. Sterling fell to a session low and gilt futures briefly turned positive on the day after the data, as markets lowered their expectations of an imminent rate rise. "This could be a game changer. It could push the first rate hike back some way," said Alan Clarke, economist at BNP Paribas. "The services sector looks like it is growing, but only moderately and probably not enough to meet the Bank of England's expectations. A rate hike in the next few months is not the done deal that the market had priced in." The weaker-than-expected services PMI survey contrasted with surprisingly strong data for manufacturing and construction earlier this week. Manufacturing growth held at a record high in February, while construction activity grew at its fastest pace in 8 months. Economists cautioned, however, that it was hard to get a clear picture of recent PMI activity due to severe snow in December and a bounce-back from the bad weather in January.-Reuters

CONTINUATION of Gaddafi. Al-Jazeera news said Chavez's plan would involve a commission from Latin America, Europe and the Middle East trying to reach a negotiated outcome between the Libyan leader and rebel forces. The network said the chairman of the rebels' National Libyan Council, Mustafa Abdel Jalil, rejected any talks with Gaddafi. Basking in the adulation of loyalists in Tripoli on Wednesday, Gaddafi launched into a tirade against the "armed gangsters" he said were behind the unrest, part of a conspiracy to colonise Libya and seize its oil. "We are ready to hand out weapons to a million or 2 million or 3 million and another Vietnam will begin," Gaddafi told Tripoli supporters at a gathering televised live. "We must go to Tripoli and get rid of Gaddafi," shouted one, to murmurs of approval from those around him. The Dutch Defense Ministry said Libyan authorities had arrested three Dutch soldiers Continued from page 12 on Sunday when they tried to evacuate a Dutch citizen from Sirte, No #2 "There are always complaints, and in terms of the delays, there east of Tripoli. The US government is cautious about imposing a are pretty valid reasons on both sides," Shuja Nawaz, director of the no-fly zone, stressing the diplomatic and military risks involved, but has moved warships into the Mediterranean. -Reuters South Asia Center at the Atlantic Council, told the Post. -Online

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Ties between the two old allies have hit new lows after the arrest in January of Raymond Davis, a US Central Intelligence Agency contractor, who shot dead two armed men in the city of Lahore. The United States says Davis has immunity, but Pakistan has said it is for the courts to decide. Zardari's government has repeatedly said it would not change the blasphemy law, and officials have distanced themselves from anyone calling for amendments for fear of a backlash from extremists, a move that dismayed moderates and liberals. "Of course the silent majority, which keeps silent over these things, also must bear responsibility," IA Rehman, director of the Human Rights Commission of Pakistan, told the Express 24/7 television channel Wednesday night. "There's blood on their hands also." -Agencies

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dysfunctional judges till March 21. The bench was headed by the Chief Justice Iftikhar Muhammad Chaudhry. The bench is seized with issue of contempt of Court against a set of former judges of the superior judiciary. Former PCO Chief Justice, Abdul Hameed Dogar has sought pardon from the Supreme Court for taking oath under PCO on Thursday. The Supreme Court has accepted the pardon. Former Chief Justice Dogar had taken oath under the PCO in 2007 after former military ruler, Gen (R) Pervez Musharraf dismissed superior court judges while imposing emergency in the country. Former Chief Justice Dogar has written in his pardon statement that he regrets taking oath under PCO. The Supreme Court adjourned the contempt of court case hearing against the PCO judges to March 21st. PCO judges also requested to postpone the charges hearing against them which is scheduled for March 7th, in reply the Supreme Court has ordered all PCO judges to submit a common application of the matter. -Online

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It must be mentioned here that Shahbaz Bhatti was assassinated in the I-8/3 area of Islamabad on Wednesday morning by three unidentified gunmen. Bhatti had been receiving frequent death threats from militants for his statements on the blasphemy law. -Online

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International & Continuation

Friday, March 4, 2011

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He said this negligence has been tantamount to multiplication of problems in running the institution due to quick rise in the number of account holders with no surge in employees. -Agencies

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Rs280 billion. Fund also learned that Provinces has released Rs58 billion for the uplift projects. Regarding the federal and provincial governments' borrowing from the State Bank of Pakistan, delegation informed the IMF that Punjab has returned Rs22 billion, whereas Sindh, Balochistan and Khyber-Pakhtunkhwa has returned Rs11 billion, Rs20 billion and Rs22.9 billion respectively. -Agencies

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development, he mentioned, are the main causes which lead to extremist tendencies. Prime Minister thanked the Swiss Government and the people for the timely assistance during the floods. Prime Minister said Pakistan is passing through challenging times; global recession and increasing oil prices have further compounded its economic difficulties. Despite these pressures, he added, the Government is committed to economic reforms agenda to stabilize the economy. As regards energy shortage in the country, the Prime Minister mentioned that 2000MW have been added into the national grid while 1000MW of power plants are in the pipeline. The Government, he said, has prepared short, medium and long term energy plans which would help to overcome the problem in the future. The existing power plants and distribution system, he said, is also being modernized and strengthened to make the whole system efficient and cost affective. He said that private sector is the engine of economic growth and government will play a role of facilitator to accelerate economic growth. FPCCI assured the PM that they will support RGST but urged clause-to-clause discussion with the government's finance team. FPCCI also showed its willingness to support the flood tax. Meanwhile talking to Interior Minister Rehman Malik, Prime Minister Gilani said anti-state elements are making their last ditch efforts by targeting important personalities in the country in order to fulfill their evil designs. Rehman Malik presented the preliminary report of the murder of Federal Minster for Minorities, Shahbaz Bhatti to the Prime Minister. -Agencies

The rebels, armed with rocket launchers, anti-aircraft guns and tanks, called on Wednesday for U.N.-backed air strikes on foreign mercenaries it said were fighting for Gaddafi. But perhaps mindful of a warning by Gaddafi that foreign intervention could cause "another Vietnam", Western officials expressed caution about any sort of military involvement including the imposition of a no-fly zone. A rebel officer said government air strikes targeted the airport of Brega and a rebel position in the nearby town of Ajdabiyah, referring to two rebel-held locations. The silent youth was shoved onto his knees into the dirt. A man held a pistol close to the boy's face before a reporter protested and told the man that the rebels were not judges. The uprising, the bloodiest yet against long-serving rulers in the Middle East and North Africa, is causing a humanitarian crisis, especially on the Tunisian border where tens of thousands of foreign workers have fled to safety. Revolt has torn through the OPEC-member country Continued from page 1 No #9 and knocked out nearly 50 per cent of its 1.6 million barrels per MF Bank. At present, the NRSP is the largest player in the microday output, the bedrock of Libya's economy. Oil fell on news of the plan. Brent crude fell more than $3 to $113.09 per barrel as finance sector with a market share of almost 22 per cent. The commencement of business of NRSP MFB will result in a siginvestors eyed a possible deal brokered by Chavez, a close friend

Trichet flags April ECB rate rise, stuns markets FRANKFURT: The European Central Bank may hike interest rates next month, far earlier than markets expected, though any rise would not signal a series of increases, President Jean-Claude Trichet said on Thursday. The strong indication that a rise will come in April shocked markets expecting a raise late this year and put the ECB in pole position to hike well before the US Federal Reserve and even the Bank of England, which analysts had expected to move first. "The position of the Governing Council is that an increase in interest rates at the next meeting is possible," Trichet told a news conference after the central bank left rates at a record low 1.0 per cent. He dismissed the idea that a rate rise in April could be bigger than 25 basis points, saying such a scenario was "not the appropriate interpretation". The euro soared as Trichet spoke to as high as $1.3976, its strongest since Nov. 8, putting it on track to test the psychologically important $1.40 level. "He certainly went 90 per cent of the way to announcing a hike to come in April and certainly caught the market by surprise," said Peter Schaffrik, strategist at RBC Capital Markets. "It looks like they're going to

hike rates in April, that's as close to a done deal that you can get from a central bank," Schaffrik said. "Afterwards, there's probably more hikes to come at some stage, how quick that's going to be is uncertain." Asked whether a potential rate rise in April would signal the start of a round of hikes, Trichet said: "It is certainly not the sense of the start of a series of rate hike increases." Trichet said the ECB would exercise "strong vigilance" over rising inflation, deploying a phrase that in the past signalled a rate rise was only a month away. "Strong vigilance is warranted with a view to containing upside risks to price stability," he said. The ECB used the phrase repeatedly during its 2005-2007 rate hike cycle, typically one month before it raised rates, although there were exceptions to that rule. Trichet said an April rate rise was not certain but sounded notably hawkish. "When we have a shock -and we have a shock -- our responsibility is to prevent a second round of effects (from high oil prices)," he said. In his opening statement, he also pointedly did not say that rates were at an appropriate level, saying price pressures had increased since the ECB last met a month ago, largely due to a rise in commodity

prices, and that risks were on the upside. Euro zone inflation accelerated to 2.4 per cent last month, moving further above the ECB's target of just below 2 per cent. In a fresh set of forecasts, ECB staff forecast euro zone inflation would overshoot the central bank's target this year, but to fall back to below the 2 per cent upper limit in 2012. Trichet said staff expected inflation to be 2.0-2.6 per cent in 2011 and between 1.0 and 2.4 per cent in 2012, for a midpoint of 1.7 per cent that year. Trichet also said the central bank would carry on providing unlimited funding for banks at its three-month operations for the next three months and would keep full allotment at its weekly and one-month operations, until at least July 12. By signalling its readiness to raise rates while keeping support in place for banks, the ECB tailored its policy to address growing inflation pressures while keeping in place measures to help lenders in weak peripheral euro zone states. Winding down the support measures could have left banks in peripheral countries like Portugal in a squeeze if EU leaders fail to come up with a comprehensive package to tackle the euro zone's sovereign debt crisis at their March 24/25 summit.-Reuters

Eurozone services PMIs show activity LONDON: The euro zone's services economy enjoyed its fastest upturn since August 2007 in February, albeit one marked by fast-rising inflationary pressures and a subdued labour market, business surveys showed on Thursday. The Markit Eurozone Services Purchasing Managers' Index (PMI) rose to 56.8 in February from 55.9 the previous month, revised slightly lower from a preliminary reading of 57.2 but still its best showing since the euro zone exited recession. February marked the 18th month the services PMI, which measures the activities of companies ranging from banks to hotels, has been above the 50 mark dividing growth from contraction. While the survey showed signs of improvement in struggling economies like Spain and Ireland, it provided further evi-

dence that the recent energy and commodities price boom is starting to trickle down to consumers. "Rates charged by services providers showed a worrying upturn, registering the largest monthly increase since July 2008," said Chris Williamson, chief economist of survey compiler Markit. "Hotels & restaurants and transport & travel companies saw particularly steep price hikes, seeking to pass higher food and fuel prices on to customers." Prices charged by euro zone service sector firms rose for only the second time in 28 months, with that component of the survey leaping to 52.8 in February from 49.8 in January. Euro zone inflation jumped to 2.4 per cent in February, following a series of statements last month from European Central Bank policymakers reaffirming

their commitment to maintaining price stability. The PMI showed input price growth rose to its highest since September 2008. Still, Markit reported few signs of secondround inflation effects emerging in the form of wage hikes, in part due to the subdued state of the euro zone labour market. "While disappointing in many respects, the weak employment picture may at least serve to allay worries about second-round inflationary pressures, with persistent high unemployment dampening employees' wage bargaining powers," said Williamson. PMI surveys of individual countries published earlier on Thursday showed German services growth remaining at very high levels in February, if slightly slower than January. In Spain, the service sector grew for the first time in six months.-Reuters

nificant increase in the market share of regulated micro finance banks (MFBs) within the overall micro finance sector. This will also lead to the increased provision of inclusive financial services in the rural areas of the country. Other micro finance banks operating in the country are: Tameer Micro finance Bank Ltd, Khushhali Bank Ltd, Pak Oman Micro finance Bank Ltd, The First Micro finance Bank Ltd, Rozgar Micro finance Bank Ltd, Kashf Microfinance Bank Ltd and Network Micro finance Bank Ltd.

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reached the site and have started rescue work. According to sources, the injured are mostly woman and children. Injured and bodies are being shifted to Hangu hospital. Some of the injured are said to be in critical condition. -Online

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deputy managing director, highlighted signs of a broadening upward pressure on prices in a speech to Asian central bankers in Colombo, Sri Lanka. "Prices for both, oil and non-oil commodities rose considerably in 2010, partly in response to strong global demand, but also because of supply shocks for selected commodities, such as weather-related crop damage," he said, according to the prepared text on the IMF website. "Upward pressure on prices is expected to persist in 2011," he warned. Shinohara noted that the uptick in consumer price inflation in emerging economies in 2010 was due partly to rising food prices, but the recent bout of high food price inflation "has been quite persistent and is beginning to feed into overall price inflation in a number of emerging economies." In Asia, "core inflation has also begun to rise -- although the degree of acceleration has varied quite a bit across the region -suggesting that price pressures are broadening," he said. The region's economic conditions are ripe for rising prices, he explained. On one hand, "real wage growth has also picked up in a number of Asian economies on the back of relatively low and falling unemployment and anecdotal evidence of skill shortages," he said. However, credit growth, which slowed significantly during the global financial crisis, he said, "has turned the corner and is running at robust rates across emerging Asia." The IMF projects that in 2011 Asia will remain the fastest-growing region in the world, with output rising 8.5 per cent in the developing countries. -APP

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Tehreek-e-Taliban Pakistan (TTP) militants. The case has inflamed anti-American sentiment in Pakistan and is testing the often-fraught ties between the allies. Pakistani efforts against Islamist militants on its border with a Afghanistan are seen as crucial for ending the Afghan war. United States had retained a retired judge, Zahid Hussain Bokhari, who is also a former government prosecutor, to help with the Davis case. "The court adjourned the hearing until March 8 because Bokhari said he needs time to complete papers for the case," said Asad Manzoor Butt, a lawyer for the families of the two men Davis killed. On March 14, the Lahore High Court will decide whether Davis has diplomatic immunity, another contentious issue that the government has said must be decided legally, at the risk of angering the United States and jeopardizing up to $3 billion a year in US military and civilian aid. -Agencies

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45.4 kg cylinder is sold at Rs4578. Hadi feared that this increase will pull down LPG sale by 10 per cent in the country, as well as threaten the existence of LPG industry. He pointed out that 30 per cent of LPG distributors have closed down their businesses in the last two months of this year due to lack of an effective price mechanism and the monopoly of LPG producers. Hadi suggested that local producers should have a realistic profit on the basis of actual production cost in the country and reduce the per ton price so that the consumers can get LPG in the range of Rs60 to Rs65 per kilo. This could bring back the LPG sale at the normal level, he noted. -Agencies

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Meanwhile, the attendance in educational institutes was thin. On this juncture tight security measures were made to avert any untoward situation. The Transport Organizations decided to carry on strike till withdrawal of increase in POL prices, till filling of the report.


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We will defeat extremist-mindset: Zardari

Pak vows to fight terror tooth & nail ISLAMABAD: Pakistan must not buckle to extremism, President Asif Ali Zardari said on Thursday, a day after Taliban militants killed his government's only Christian minister. The assassination of Minister for Minorities Shahbaz Bhatti in broad daylight on Wednesday threatens to further destabilise the nucleararmed US ally where many fear a strain of violent religious conservatism is becoming more mainstream in society. Zardari said Bhatti's killing was the result of a "negative mindset and intolerance" that had led to the killing of a provincial governor in January. Punjab governor Salman Taseer was also shot dead, by his own bodyguard, for his staunch opposition to the blasphemy law that mandates the death sentence for anyone insulting Islam. "We have to fight this mindset and defeat them. We will not be intimidated nor will we retreat," the official APP news agency quot-

ed Zardari as saying. "Such acts will not deter the government from eliminating extremism and terrorism," he said. "Shahbaz fell victim to the negative mindset and intolerance that also took the lives of Benazir Bhutto and Punjab Governor Salman Taseer." Zardari's fears for Pakistan's future were echoed by several newspapers and lawmakers from minority communities in the parliament who also called on the government to take a firm stand against extremists. "Bhatti's brutal assassination has once again highlighted the fact that we are fast turning into a violent society," the liberal Daily Times newspaper said in its editorial. "This is not the time to be frightened into silence. It is time to implement the law and not surrender in front of extremists." Condemnation poured in from around the world after news of Bhatti's killing broke, with the Church of England and the Vatican decrying the violence against

Christians in Pakistan. "I hope the government of Pakistan will not only hold the killers to account, but reflect on how it can more effectively confront the extremism which is poisoning Pakistani society," United Nations human rights chief Navi Pillay said from Geneva on Wednesday. The controversial blasphemy law has been in the spotlight since last November, when a court sentenced a Christian mother of four to death after her neighbors complained she had insulted Prophet Muhammad. Both Taseer and Bhatti championed the cause of the woman, a farmhand. Al Qaeda-linked Pakistani Taliban militants, fighting to bring down the state, had called for Bhatti's death because of his attempts to amend the law. These killings, along with frequent militant attacks and chronic economic problems have raised fears for the future of the U.S.-ally, where the unpopular coalition government is struggling to cope. See # 1 Page 11

From $7.5bn only $180mn received: TWP

Pak yet to get US aid in full this yr WASHINGTON: Only a small fraction of US aid to Pakistan approved in 2010 has been spent during the current fiscal year, government records indicate. Only $179.5 million of the five-year $7.5 billion aid package has been spent in fiscal 2010, The Washington Post reported Thursday. Details of the disbursement of the aid, a priority of the administration of President Barack Obama to strengthen bilateral strategic ties, are contained in a Government Accountability Office report, newspaper said. None of funds disbursed have gone to build Pakistan's water, energy and food resources as suggested by the late Richard Holbrooke, the special envoy

to Afghanistan and Pakistan, the Post reported. The GAO report said there is as yet no system in place to see the money is not misspent. "The full impact of the fiscal year 2010 civilian assistance could not be determined because most of the funding had not yet been disbursed," the report said. The office of Marc Grossman, successor to Holbrooke, was quoted as telling The Cable the aid was appropriated late and that the first year of the program posed unique challenges. However, the Post said the issue has become an irritant in USPakistan relations. See # 2 Page 11

Shahbaz Bhatti Murder

Malik takes heat of security lapse ISLAMABAD: Federal Minister for Interior Rehman Malik has said that the late minister himself had detached the security squad due to which he was killed, adding if there had been a security lapse he would have resign. Talking to media-men here Thursday outside the Parliament House, Malik said Bhatti chose to leave his escorts behind. "Had this been a security lapse, I would have offered a resignation myself." Interior Minister said that providing Shahbaz Bhatti a bulletproof car was not the responsibility of Interior Ministry but that of Cabinet Division. He said that late Shahbaz Bhatti was using two residences and he used to confine security squad consisting of 15 guards to only one of his house and he used to sleep in his mother's house without security.

He said that a letter has been written to Cabinet Division for bullet proof cars for ministers as such incidents can occur in future as well. He said that militants are trying to destabilise the country. The interior minister also ordered the Islamabad IG to submit an initial report on the assassination within 48 hours. Malik said he is following Prime Minister's policy and this policy brought peace in country. He told government changes its strategy against terrorism time to time and government would focus on the security of VIPs and individuals to avoid untoward incident. He added that frequently terrorist used to kill innocent people but due to reaction of people they changed their strategy and now started targeting government officials. See # 4 Page 11

Oil town in eastern Libya bombed

Rebels regain Brega from Gaddafi forces BREGA, Libya: Muammar Gaddafi's forces struck at rebel control of oil export hubs in Libya's east for a second day on Thursday as Arab States weighed a plan to end turmoil Washington said could make the nation "a giant Somalia". A leader of the uprising against Gaddafi's 41-year-old rule said he would reject any proposal for talks with Gaddafi to end the conflict in the world's 12th largest oil exporting nation. In The Hague, International Criminal Court prosecutor Luis MorenoOcampo said Gaddafi and members of his inner circle could be investigated for alleged crimes committed against

civilians by security forces since the uprising broke out in mid-February. Italy said it was preparing for a potential mass exodus of migrants escaping turmoil in North Africa after a rise in flows of illegal immigrants from Tunisia, the initial destination for tens of thousands who have fled violence in Libya. Witnesses said a warplane bombed the eastern oil terminal town of Brega; a day after troops loyal to Gaddafi launched a ground and air attack on the town that was repulsed by rebels spearheading a popular revolt against his four-decade-old rule. See # 5 Page 11

SC accepts Justice Dogar, Zahid apologies ISLAMABAD: A special bench of the Supreme Court of Pakistan Thursday accepted unconditional apologies of the former judges of the apex court Abdul Hameed Dogar and Sayed Zahid Hussain. Through their counsels both former judges expressed their regret and sorry for not considering a restraining order which placed a bar on taking oaths under annulled Constitutional Provisional Order of the November 3, 2007. The bench however, on the request of counsels adjourned hearing of pleas of other See # 3 Page 11

Bhatti to be buried today ISLAMABAD: Funeral ceremony of Federal Minister for Minorities Affairs Shahbaz Bhatti would be held today (Friday) at his native town in Khaush Pur, Faisalabad, later he would be buried at Christian graveyard. According to private TV channel, late federal minister for minorities affairs Shahbaz Bhatti would be buried at his ancestral town Khush Pur, Tehsil Samundary. The corpse of Shahbaz Bhatti is being kept in PIMS mortuary and it would be flown through helicopter to the burial site. After return of the two brothers of Shahbaz Bhatti from Italy and Canada, Shahbaz Bhatti would be buried. -Online

Investment in NSS up by 75pc, PAC told ISLAMABAD: Investment in National Saving Schemes (NSS) has surged to record high by 75 per cent during last three years, media reported. The total amount of investment in NSS has been estimated at Rs17 trillion, sources said. Director General of Central Directorate of National Savings Zafar Sheikh told Public Accounts Committee (PAC) that the investment in NSS could likely go up by 3 trillion rupees to reach a total of Rs20 trillion during the ongoing fiscal year. He said that the amount of capital in national savings stood at Rs20 billion in 1984 while the employees running the institution were 3400 in number however, no increase has been witnessed in the number of employees since then. See # 6 Page 11

LAHORE: Christian community holding a protest rally against assassination of Federal Minister for Minorities Affairs, Shahbaz Bhatti in front of Punjab Assembly.-APP

KTI announces to go on with strike today

Karachi crippled as transporters strike Staff Reporter KARACHI: Karachi Transport Ittehad has announced to keep their vehicles off the road today too. This was announced by Karachi Transport Ittehad chairman Irshad Bokhari here on Thursday. He said that the strike will go on till return of the POL prices to the previous level. Meanwhile on Thursday, the strike called by Transporter Organizations for indefinite time period, against soaring

POL prices created intense inconvenience and agitation for commuters and passengers. As per details, the Transporter Organizations called for strike for indefinite time period against increase in petrol prices. On first day of strike (Thursday) the commuters have to face transport related problems because the public transports, mini buses and rickshaws were disappeared from the roads while the taxi drivers seemed busy in fleecing the passengers.

The passengers complained that the taxi drivers are demanding fares according to their own will. The roads were deserted in wake of the strike and large number of passengers was waiting for alternative transport. The labourers in Landhi, Bin Qasim, Federal B Area, Site, New Karachi, Sher Shah, Hub and National Highway could not reach on work place due to the wheel jam strike. See # 14 Page 11

The Financial Daily-Epaper-04-03-2011  

The Financial Daily Epaper

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