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International Karachi, Thursday, March 17, 2011, Rabi-us-Sani 11, Price Rs12 Pages 12

MQM grievances to be addressed: CM Sindh See on Page 2 Economic Indicators Forex Reserves (5-Mar-11) Inflation CPI% (Jul 10-Feb 11) Exports (Jul 10-Feb 11) Imports (Jul 10-Feb 11) Trade Balance (Jul 10-Feb 11) Current A/C (Jul 10- Jan 11) Remittances (Jul 10 - Feb 11) Foreign Invest (Jul 10-Feb 11) Revenue (Jul 10 Jan 11) Foreign Debt (Dec 10) Domestic Debt (Dec 10) Repatriated Profit (Jul- Jan 10) LSM Growth (Jan 11)

GDP Growth FY10E Per Capita Income FY10 Population

$17.37bn 14.33% $15.33bn $25.60bn $(10.27)bn $(81)mn $6.96bn $1.23bn Rs 765bn $58.39bn Rs 5497.4bn $338.2mn 0.83% 4.10% $1,051 175.46mn

Portfolio Investment SCRA(U.S $ in million)

188.81 -7.13 -1.47 2851

Yearly(Jul, 2010 up to 15-Mar-2011) Monthly(Mar, 2011 up to 15-Mar-2011) Daily (15-Mar-2011) Total Portfolio Invest (5-Mar-2011)

49.46 39.78

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)

09-Mar-2011 09-Mar-2011 09-Mar-2011 29-Nov-2010 16-Mar-2011 16-Mar-2011 16-Mar-2011 16-Mar-2011 16-Mar-2011 16-Mar-2011 16-Mar-2011 16-Mar-2011 16-Mar-2011 16-Mar-2011 16-Mar-2011

13.39% 13.69% 13.86% 14.00% 13.38% 13.53% 13.74% 14.12% 14.26% 14.06% 14.10% 14.09% 14.50% 14.75% 14.93%

Commodities *Crude Oil (brent)$/bbl 110.47 *Crude Oil (WTI)$/bbl 98.38 *Cotton $/lb 193.37 *Gold $/ozs 1,404.70 *Silver $/ozs 34.89 Malaysian Palm $ 1,091 GOLD (NCEL) PKR 38,435 KHI Cotton 40Kg PKR 13,396 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 84.30 Canadian $ 86.45 Danish Krone 15.80 Euro 118.60 Hong Kong $ 10.50 Japanese Yen 1.016 Saudi Riyal 22.63 Singapore $ 66.35 Swedish Korona 13.40 Swiss Franc 91.80 U.A.E Dirham 23.18 UK Pound 136.80 US $ 85.35

85.30 87.45 16.00 120.00 11.00 1.042 22.83 67.35 13.60 92.80 23.38 138.80 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

84.42 86.38 15.95 119.01 10.93 1.029 22.72 66.63 13.29 92.85 23.20 136.82 85.28

84.61 86.58 15.99 119.29 10.95 1.031 22.77 66.79 13.32 93.07 23.25 137.14 85.47

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Rethink rehiring rules, SC to govt

See on Page 12

Drone kills 5 in Datta Khel

See on Page 12

CIA contractor pays Rs200mn to victims heirs

Davis acquitted under Diyat law l Flown to Kabul; US says will probe; Munter says thanks l JI, PTI announce countrywide protest against release l Qureshi says his stance on Davis vindicated Special Correspondent/ Agencies

LAHORE: A long-simmering NCCPL diplomatic standoff between (U.S $ in million) FIPI (16-Mar-2011) -2.49 Pakistan and the United States Local Companies (16-Mar-2011) -1.30 looks to cool down as Banks / DFI (16-Mar-2011) 4.65 American CIA contractor, Mutual Funds (16-Mar-2011) -4.34 Raymond Davis, who killed NBFC (16-Mar-2011) 0.35 two Pakistanis, was released Local Investors (16-Mar-2011) 2.42 Wednesday and he mysteriousOther Organization (16-Mar-2011) 0.70 ly flew for Afghanistan after Global Indices families of the deceased were given blood-money under Index Close Change Diyat law. KSE 100 11,794.57 34.67 Nikkei 225 9,093.72 488.57 US Ambassador to Pakistan Hang Seng 22,700.88 22.63 Cameron Munter has thanked Sensex 30 18,358.69 191.05 the families for pardoning ADX 2,600.32 14.39 Raymond Davis. SSE COMP. 2,930.80 34.55 As per media reports Davis FTSE 100 5,637.80 57.48 was released after Rs200 mil*Dow Jones 11,711.84 143.58 lion were paid to legal heirs of the victims. David paid Rs 60 GDR update $.Price PKR/Shares million before the court. Symbols Chaudhry Mushtaq, superin110.87 MCB (1 GDR= 2 Shares) 2.60 OGDC (1 GDR= 10 Shares) 13.00 110.87 tendent at Kot Lakhpat jail, UBL (1 GDR= 4 Shares) 2.00 42.64 said Davis left the jail with US LUCK (1 GDR= 4 Shares) 2.32 HUBC (1 GDR= 25 Shares) 11.66

Sharif shifted to hospital after heart attack

Hillary denies paying compensation CAIRO: The US government did not pay any compensation to the families of two Pakistanis killed by Raymond Davis, US Secretary of State Hillary Clinton said on Wednesday. "The United States did not pay any compensation," Clinton told reporters in Cairo. Asked who paid the families, she replied: "You will have to ask the families." -Reuters consulate officials after the hearing. Legal heirs of Pakistanis on Wednesday appeared before the court and signed the papers that they pardon Raymond

Davis. Earlier on Wednesday morning, he was formally chargesheeted by the trial court on the charges of twin murder in Lahore. Reports said Davis was airlifted by an especial plane from Lahore airport's old terminal and flew for Afghanistan however US officials have not confirmed his departure. Punjab Law Minister said the CIA contractor was released on court orders after paying 'Diyat' to heirs of the deceased, as is permitted under Pakistani law. Sanaullah said Davis was formally indicted on murder charges before members of the two slain men' families were taken into the court, where they signed papers formally forgiving him in exchange for an undisclosed sum of money. Judges then acquitted him on See # 11 Page 11

Govt nods to keep wheat reserves at 6.6mn T

Shaikh pledges to cast tax net on rich Special Correspondent ISLAMABAD: Minister for Finance and Economic Affairs, Dr Abdul Hafeez Shaikh here Tuesday expressed the resolve of the government for taking strict action against those who are evading the taxes and bringing them in the tax net besides controlling the government expenditures for stabilisation of national economy and securing public finance in the country. "Through series of economic stabilisation measures government wanted to enhance its revenue to enhance economic growth," he said while briefing the newsmen about the economic stabilisation measures. He was flanked by the Minister for Information and Broadcasting Dr Firdaus Ashiq

Economic-hit from Japan quake seen at $200bn TOKYO: Japan's devastating earthquake and deepening nuclear crisis could result in losses of up to $200 billion for the world's third largest economy but the global impact remains hard to gauge five days after a massive tsunami battered the northeast coast. As Japanese officials scrambled to avert a catastrophic meltdown at a nuclear plant 240 km north of the capital Tokyo, economists took stock of the damage to buildings, production and consumer activity. The disaster is expected to hit Japanese output sharply over the coming months, but economists warned it could result in a deeper slowdown if power shortages prove significant and prolonged, delaying or even scotching the "v-shaped" recovery that followed the 1995 Kobe earthquake. -Reuters

Awan and other senior government officials. The minister said that the government had inherited a difficult economic situation in the backdrop of global oil and commodity price shocks and subsequent financial meltdown at an unprecedented scale. He assured that the incidence of surcharge on income tax burden will be borne by those who have a taxable income and at the margin they will bear a small extra liability, which will be a one-off expense. These measures, he said will enable government to contain its fiscal deficit under 5.5 per cent well below the level of 8 per cent some observers had speculated. Thus by containing the deficit through these measures

government has laid a solid foundation of arresting the inflation in the country, he remarked. Earlier, Economic Coordination Committee of the Cabinet (ECC) here Wednesday decided to extend financial guarantees of the Provinces and Pakistan Agriculture Storage and Services Corporation (PASSCO) to maintain and stabilize reserve of wheat up to 6.5 million metric tonnes. The ECC met here under the chairmanship of Federal Minister for Finance and Economic Affairs, Dr Abdul Hafeez Shaikh. The Committee was also apprised of the sugar stock situation. The Committee was informed that sugar stock is sufficient for the coming October 2011.

New Monetary Policy on 26th

April-May key rate seen frozen Ahmed Siddique KARACHI: State Bank of Pakistan (SBP) is scheduled to announce its Monetary Policy Statement (MPS) for AprilMay 2011 period on March 26, 2011, chief spokesman for the central bank said. TFD analyst foresees that central bank may keep policy rate unchanged at 14 per cent owing to decline in growth rate of inflation at 12.91 per cent in February 2011, fiscal measure

taken to collect Rs45 billion in last quarter, borrowing from SBP reduced and decline in current account deficit. As per the TFD analyst, government has taken fiscal measures by imposing 15 per cent income tax surcharge, enlargement of federal excise duty from one per cent to 2.5 per cent and imposing General Sales Tax on fertiliser and tractors which would fetch around Rs45 billion, this would See # 9 Page 11

FIA gets Kazmi remand ISLAMABAD: Former religious affairs minister Hamid Saeed Kazmi has been handed over to the Federal Investigation Agency (FIA) on five-day physical remand. According to the media, former religious minister Hamid Kazmi was produced before

the court of Senior Civil Judge Mohammad Aslam. The FIA requested for 14day remand but the court granted five-day remand. It must be said that defense lawyer Malik Jawad Khalid was not present thus Hamid See # 10 Page 11

BISHKEK: Prime Minister Syed Yousuf Raza Gilani exchanging view with Kyrgyz minister of Foreign Affairs, R Kazakbaev in Bishkek. -APP

PPP to stay positive in Punjab: President Qutubuddin KARACHI: President Asif Ali Zardari has said that the PPP in Punjab will play the role of a responsible Opposition and will not do anything that will destabilise the provincial government or weaken democracy. Talking to Punjab PPP MPAs who had gathered at Bilawal House Karachi, the President also advised the MPs to perform their duties as responsible and critical opposition but not allow themselves to be provoked into saying or doing anything that militated against the spirit of democracy. The President said that the Party has a long history of fighting against dictatorship and democracy had been restored in the country after huge sacrifices by the people of Pakistan. The hard earned democracy must not be allowed to be weakened, the President said. See # 6 Page 11

Hakim Zardari hospitalised after brain hemorrhage ISLAMABAD: Hakim Ali Zardari, father of President Asif Ali Zardari was shifted to Pakistan Institute of Medical Sciences (PIMS) due to brain hemorrhage on Tuesday night. As per media reports, doctor's team said Hakim Ali Zardari was shifted in the intensivecare-unit and his mental state has been affected due to brain hemorrhage. When Hakim Zardari was brought in PIMS at that time both CT scan machines and MRI present in hospital were not working which cause the panic among the management of hospital. Eventually the CT scan and MRI of Hakim Zardari were performed at other hospitals. -Online

Peace committee offices closed Shiraz Ahmed KARACHI: The Chairman of Lyari Amn Committee, Ozair Baloch Wednesday announced to close down all the offices of the Committee in Lyari Town and other parts of Karachi. Addressing a press conference along with another leader Habib Jan, he said Committee was being disbanded on the directives of the PPP leadership under the policy of reconciliation of Shaheed Mohtarma Benazir Bhutto.

4th Int'l Mobile Commerce Conference

SBP urges more e-banking plans Over 0.4mn mobile A/Cs opened in 18mths Raheel Amer KARACHI: Yaseen Anwar, Deputy Governor, State Bank of Pakistan Wednesday disclosed that over 400,000 branchless/ mobile banking accounts have been opened collectively by banks and more than 10 million financial transactions took place during the past one-and-a-half-year in the country. Addressing the 4th International Mobile Commerce Conference, Yaseen Anwar said "Through branchless banking, billions of rupees of funds have been transferred from person -toperson, account -to-account, account -to-person, person -toaccount and government -topeople', he added. He also stressed that banks offering mobile banking services need to develop aggressive

marketing plans and campaigns to attract customers to visit the agent location for their banking transactions. SBP Deputy Governor said volume and value of overall eBanking transactions in country during the Oct-Dec 2010 quarter reached 56.42 million and Rs5.5 trillion respectively showing an increase of 7.30 per cent in volume and 17.47 per cent in value compared to the previous quarter. He said market for fund transfer and other banking services in Pakistan is not confined to rural areas only as urban locations also hold significant potential for many aspects of financial services. 'To serve the needs of this low income vulnerable segment of society, living both in urban & rural areas, banks now offer branchless banking See # 5 Page 11

PM Gilani meets Kyrgyz President

Trade route to profit Pak: PM Working on to get electricity from CAsian States: Hina BISHKEK: Prime Minister He noted with satisfaction Syed Yousuf Raza Gilani on that Pakistan's relations with Wednesday said Pakistan the Central Asian states includdesires multi-faceted and ing Kyrgyzstan were improvvibrant ties with Kyrgyzstan ing. for the progress and prosperity He said the Gwadar deep of two countries. seaport could serve as a hub of In a meeting with Kyrgyz trade for the region and urged President Roza Otenbayeva at the Kyrgyz government to also her presidential office - White benefit from such potential. House, the two leaders disGilani said the signing of cussed a whole gamut of issues Joint Declaration with the including bilateral trade, Pak- Kyrgyz prime minister Kyrgyz strategy on energy and Tuesday would lead to infrastructure, Afghanistan sit- enhancement of trade volume uation, regional and global through the establishment of issues. Joint Business Council and Prime Minister Gilani out- more cooperation between the lined Pakistan's desire to private sectors. improve bilateral trade with President Otenbayeva said Kyrgyzstan for the benefit of the two countries would begin the two nations that also share a new era of bilateral relations a commonality of culture and through cooperation in diverse traditions. See # 7 Page 11

FED hike drives car prices higher Shabbir Kazmi KARACHI: The increase in Federal Excise Duty (FED) by 1.5 per cent will result in upward revision of prices. Indus Motors Corporation (IMC), was the first to increase the prices becoming effective from March 15, 2011. A spokesman for IMC said that the recent increase in FED

will overburden the consumer while the industry is already facing serious threats due to government's decision of relaxation in age-limit of used cars. The revised rates of FED would bring Rs20,000 to Rs25,000 increment in the prices of XLI, GLI and Altis models of Toyota Corolla, See # 8 Page 11


2 Thursday, March 17, 2011

SA praises Zardari, Altaf

Special economic zones for foreign investors planned in Sindh: SA told Staff Reporter KARACHI: The Sindh Assembly Wednesday passed a unanimous resolution praising the efforts of President Asif Ali Zardari and MQM Chief Altaf Hussain to unite the people of Sindh for peace and development. According to the resolution moved by MPA Pir Syed Muhammad Bachal Shah, the measures taken by the PPP and MQM leadership, will open a new chapter in the history of the province by maintaining unity and harmony amongst all segments of society.

LCCI rejects surcharge on income tax LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) Wednesday opposed imposition of one-time 15 per cent surcharge on income tax payable during the financial year 2010-11. They also opposed increase in Excise Duty and Sales Tax on all inputs including imports and withdrawal of 17 per cent GST exemption on fertiliser, pesticides, tractors, leather, sports and surgical instruments. In a joint statement issued here, LCCI President Shahzad Ali Malik claimed was a 'Mini budget'.-APP

NBP staff seeks redressal of demands KARACHI: The National Bank of Pakistan Officers and staff Wednesday took out protest rallies in Karachi, Islamabad, Peshawar, Muzaffarabad and Hyderabad to press for acceptance of their demands under the auspices of National Bank Officers Federation. They urged the bank administration to look into the problems of the employees and not to force them to resort to strike. In a press release the federation has pointed out that a group in the administration was harming the interest of the bank and creating problems for the staff and officers. The federation urged that the pending demands of the staff should be met otherwise they would announce their future line of action through press.-PR

TV PROGRAMMES THURSDAY Time Programmes 7:00 8:00 9:05 11:00 11:30 12:00 13:05 14:10 15:00 16:00 17:30 18:00 18:30 19:00 19:05 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 Hal Kya Hai Crime Scene Newsbeat News Tonight With Jasmeen News 24

"Our leadership and that of MQM foiled a conspiracy hatched against the interests of the province," said PPP MPA Bachal Shah. Participating in the discussion, MQM MPA Ms Heer Ismail Soho said that MQM believes in interfaith harmony and always wanted to serve the masses without any ethnic discrimination. She said that her party was fully determined to work with the PPP for peace and development and resolve the problems of the masses in the province. The session presided by

Speaker, Nisar Khuhro, was later adjourned for Thursday morning. Special Economic Zone for foreign investors is being established in Shahdadpur with a cost of Rs548.347 million, the Sindh Assembly was informed during the question and answer session. The session presided by Speaker of Sindh Assembly, Nisar Ahmed Khuhro, was told on behalf of Sindh Chief Minister Syed Qaim Ali Shah by Finance Minister Murad Ali Shah that the zone has been named as "Establishment of China Zone in Shahdadpur" in

Sanghar district. The scheme was prepared by Industries and Commerce Department which was cleared by Public Development Working Party (PDWP) on Sept 2009 and was forwarded for approval and funding under Presidential directive in Dec, 2009. In addition, the Investment Department recently established by the Government of Sindh has also been entrusted with the function to establish special economic zones in the province, the House was informed. Another scheme, proposed by Investment

Saudia to build grand mosque at IIUI

‘Pak-Saudi relations beyond boundaries’ ISLAMABAD: Saudi Ambassador to Pakistan Abd-ul-Aziz Bin Ibrahim Al-Ghadeer has said that relations between Saudi Arabia and Pakistan are a great precedent to the whole world. These relations are above geographical boundaries and divides. He expressed these views while addressing a seminar on "Depth of Pak-Saudi Friendship" at the Faculty of Shariah and law of the International Islamic University, Islamabad (IIUI) on Wednesday. The seminar was largely attended by faculty members, staff and students of the university. Saudi envoy gave a historical account of SaudiPak relations and said that it has roots in the history. Soon after the establishment of Pakistan deep bi-lateral relations came into being which were more and more strengthened by the Saudi-Pak people and rulers over decades. He mentioned the visits of late kings of Saudi Arabia to Pakistan and told the audience that they

strengthened those relations to overcome any challenge. Saudi envoy added that Saudi people and government were always with their brethren in Pakistan especially in the hours of miseries and disasters. He mentioned Saudi assistance to Pakistan in aftermath of 2005 earthquake and 2010 floods. He said that Saudi Arabia provided assistance of billions of dollars to Pakistan on both the occasions. It was to fulfill religious duty to help human beings in their troubles. The Saudi ambassador said that in 2005 earthquake and 2010 floods it were Saudis who under the leadership of their King and the Custodian of two Harams Abdullah Ibn-eAbdul Aziz dispatched hundreds of cargo planes to Pakistan with humanitarian assistance. Speaking on the occasion Dr. Muhammad Zia-ulHaq, Dean Faculty of Shariah and Law and Dr. Muhammad Riaz, Dean Faculty Basic and Applied Sciences of the university thanked Saudi Arabian

Exporter held for bank default KARACHI: A leading exporter has been arrested by National accountability Bureau (Sindh) allegedly for wilful bank default amounting Rs 311 million. According to an announcement of NAB (Sindh) here on Wednesday, Abdul Qadir Jangda, proprietor of M/s Bukhari Commercial Exporters was arrested from Lahore for default of KASB Bank Ltd and NBP Ltd and submission on fake property documents. A complaint through Governor SBP against Abdul Qadir Jangda and Muhammed Hanif Memon, the mortgager was filed for submission of fake documents under section (5) of

National Accountability Ordinance to the tune of Rs97 million in June 2007. A similar case against the accused was registered for loan default of NBP mounting Rs 261.598 million. The accused in Nov 2008 had applied for out of court settlement with NAB for both cases. The liabilities were jointly calculated to the tune of Rs 359.067 million and the NAB HQ approved Rs261 million as full and final payment of both the cases. However, the accused paid only Rs10 million as a token towards settlement to fulfill the obligations under settlement. -APP

ruler and the custodian of two Harams King Abdullah and the people for their continued support to Pakistan. The Saudi Ambassador also called on Rector of the university Prof. Fateh Muhammad Malik and exchanged his views with him. Prof. Malik apprised the Saudi envoy about the university and its activities over last 25 years of its existence. Prof. Malik said that Saudi Arabia was always helpful to the university and played a very vital role in its development. The Saudi Ambassador on this occasion promised to provide assistance to the university for hiring faculty members and arranging conferences and seminars. He also promised to help the university in constructing a grand mosque at its new campus. IIUI souvenirs and shields were presented to the Saudi dignitary while sets of Saudi publications on assistance to Pakistan were presented to the Rector of the university by the visiting Saudi envoy.-Online

Jazz hunt for talent TFD Report KARACHI: Paying homage to the youth who constitute more than 60% of Pakistan's population, Mobilink's youth platform Jazz Jazba has launched a talent program to showcase and harness potential talent in a variety of categories. Mobilink, Pakistan's market leader in cellular services and a part of Orascom Telecom Holding has launched the "Such Talent - What's Your Jazba" activation in 100 colleges and universities across Karachi, Lahore and Islamabad. The program not only presents a platform for youth to showcase talent and be recognized by their peers but is also a recruitment drive to create a panel of Ambassadors who will be trained and groomed by the Jazba team for a period of 6 months.

KARACHI: Students at FAST University Karachi queue up to participate in the "Such Talent - What's your Jazba" campaign launched by Mobilink's youth package Jazz Jazba, while actor Mani moderates the performance in front of a live student audience. The activation will be taken to 100 colleges and universities across Karachi, Lahore and Islamabad.-Staff Photo

Department based on the directives of the Sindh Chief Minister, has been including in Annual Development Programme (ADP) for 2010-11 under which 'Japan Special Economic Zone' will be established in the province at a cost of Rs754.40 milKARACHI: Sindh Minister for Education Pir Mazhar-ul-Haq addressing the Sindh lion. Assembly session on Wednesday.-Online The House was further informed that another programme has been initiated with a cost of 7.6 million dollar funded by Asian Development Programme (ADP) for Sindh Cities Improvement Programme in district Khairpur, Shikarpur and Larkana on LARKANA: Chief cians were spending much Chief Minister addresspriority. Minister Sindh Sayed amount on their outfit and ing at Arts Council Qaim Ali Shah on wasting the time of nation Larkana said that it is the Wednesday said that the by criticizing on PPP gov- much participation of reservations of MQM on ernment, he said the previ- womenfolk and it is the law and order situation in ous government had good sign and development Karachi will be addressed ignored Sindh, specially of education that it was the and in this connection a Larkana in different sec- dream of Shaheed Benazir joint committee has been tors of health and educa- Bhutto to empower the KARACHI: Ateeq-ur- constituted to tackle the sit- tion, with the result Sindh women in different fields. faced economic crises, he He said present governRehman, chairman of a sub- uation. He expressed these said. ment is spending much committee of KCCI, in a conThe Chief Minster Sindh amount on the Education, dolence message expressed notions while talking the his sympathies on huge mate- media after inauguration of accompanied by Provincial Health and other sectors, Local which were ignored in prerial and life losses in Japan Mega Festival "Asan Jo Minister following a devastating Larkana, Shahr-e-Benazir" Government Agha Siraj vious government, while here in Larkana. The Chief Durani, Law Minister present government objecearthquake and tsunami. In a message to Masaharu Minister said that the PPP Mohammed Ayaz Soomro, tives to develop the key Sato,Consul- General of will complete its five year Revenue Minister Jaam areas of health and educaJapan, he said that "we feel term, while those who are Mehtab Dahar and local tion. He said the festival is extremely distressed on waiting for mid term elec- PPP leaders inaugurated loss of thousands of lives, tion should wait for the four days Mega Festival at also key of success in the Sambara Inn Larkana. social activities and culturinjuries and colossal dam- period. age that smack your great He said the PPP did not On the occasion, Sayed al development process. country." We are ready to come from back doors but Qaim Ali Shah visited sev- He also announced Rs0.1 provide every possible the PPP had public man- eral cultural, educational, million on the best perassistance and cooperation date and the masses will Agricultural, Handicraft formance of children preto Japan to mitigate suffer- elect PPP in next process and other Arts and senting tableaus and other ings of Japanese people, he also, he said. Exhibition stalls set up by activities by school chiladded.-PR He said certain politi- the different departments. dren.-Online

MQM grievances to be addressed: Qaim

Condolence on losses in Japan

Pak ranks 34th in list

‘Corruption biggest security risk’ ISLAMABAD: Director General NAB (KPK) Brig (R) Muhammad Musaddiq Abbasi has said that corruption is the biggest security risk as Pakistan is 34th most corrupt country as per the corruption Perception Index adding that Iranian government rightly defined corruption as "Fasad Fil Arz". This, he said, while addressing at a seminar cum walk at the University of Engineering and Technology Peshawar. The

function was organized by Character Building Society of UET, Peshawar in collaboration with NAB (KPK). Vice Chancellor of the University, Syed Imtiaz Hussain Gillani was the chief guest, Prof Dr. Qibla Ayaz, Director Islamic and Arabic Research, Sheikh Zaid Islamic Center Peshawar, Director Club, UET, Misbahullah and a student of Civil Engineering, Bilal Ahmad also spoke on the occasion.-Online

EPZA registers 69pc growth in exports TFD Report KARACHI: The exports from Export Processing Zones showed a record grown of 69% during the current period July 2010-February 2011 as compared to the period July 2008 -February 09. The exports were 41% higher when compared with the corresponding period of 2009-10. This progress reflects a confidence of the investors in EPZA and its policies. The Export Processing Zones Authority pointed out that despite economic challenges prevailing in the country, the Zone has shown resilience. Resultantly, exports have registered a phenomenal growth. It has also contributed in creating employment opportunities, generation of revenues for the Government, increased investment by the investors in the zone. The enhancement in exports is attributed to good performance in several sectors such as garments, garment accessories, P.P/PVC plastic products, Paper/Printing and Packaging, Chemical and Allied products and worn clothing, says a press release.

Security at airports further tightened ISLAMABAD: The Airport Security Force (ASF) in a bid to tighten security and unauthorized entry into the airports decided to ensure that all passengers hold hard copies of their valid air tickets at the gate. Talking to APP, an official of the ministry of the Defence said the security measures at the airports has been beefed up for which the entry of passengers, staff and the vehicles are being properly scrutinized to pre-empt any possible act of terrorism.

He said due to prevailing threats to aviation industry, the selective search of cars and surveillance of car parks has been initiated. Besides the valid tickets, the passengers are also required to produce photo identity while the functionaries are permitted on valid Airport entry passes only, he informed. He said the ASF staff has also been deployed on the aircraft to ensure that only bonafide passengers and staff of the concerned airline could enter into the aircraft.-APP

SBP chief praises foreign investors role in economy Staff Reporter KARACHI: Governor, State Bank of Pakistan Shahid H. Kardar visited the Overseas Investors Chamber of Commerce and Industry recently to discuss the fiscal deficit of the country and its impact on foreign investments in Pakistan. The Governor appreciated the role of the private sector in the growth of the country's economy and recognized the key role of foreign investors in the promotion of Pakistan as a destination for investment to prospective foreign investors.


3

Thursday, March 17, 2011 Top Economic Events

Yen rises in flighty market; intervention risks loom large Analysts say dollar nearing attractive buy levels vs yen NEW YORK: The yen neared a record peak against the dollar on Wednesday, but analysts say expectations Japan will intervene to weaken the currency if it gets much stronger may provide a good opportunity to buy the greenback. The dollar hit a four-month low of 80.33 yen after a European official said Japanese efforts to contain radiation levels from a damaged nuclear power plant were "effectively out of control." That added to the steady yen buying seen since last week's earthquake, which has traders bracing for investors to sell overseas assets to pay for repairs at home. BNP Paribas technical strategist Andrew Chaveriat said a break of the November low around 80.25 yen followed by 80 may put a 79.75 record low in reach, followed by a move to 77.05.

"The daily momentum is a bit oversold but not as much as in October," he said. "And the weekly momentum is more powerful than during the October decline and a lot less oversold." The euro fell 0.5 per cent to $1.3925 and the Swiss franc, a traditional safe haven, hit a record high against the dollar for fear Japan's woes will hurt global growth. Market participants, however, expect Japan to try to lean against any further appreciation by selling yen in the market and driving the dollar higher. "If you get short yen around here before

it hits 80 per dollar, that's a really good trade," said Greg Salvaggio, vice president of trading at Tempus Consulting in

Washington. He said Japanese authorities are likely to intervene if the currency falls below 80 and will probably have the blessing of other central banks, given the circumstances. "Excellent levels to buy the dollar against the yen are imminent," said Ken

Asian currencies

Dickson, investment director of currencies at Standard Life Investments, with 156.9 billion pounds ($252.5 billion) in assets. "These levels are attractive as we are not convinced repatriation will strengthen the yen further." Also, expectations that the Federal Reserve will start to signal a move toward tighter monetary policy later this year will shift make dollar assets more attractive. On Tuesday, the Fed said higher commodity prices were putting upward but temporary pressure on inflation. The European Central Bank is expected to lift rates as soon as next month to counter price pressures, though governing council member Christian Noyer cast some doubt on that Wednesday when he said the bank would weigh the impact of Japan's crisis on policy decisions. -Reuters

Yuan ends up; mkt

Stocks rally lifts S’pore awaits cbank move dollar; outlook uncertain Short-term players cut dollar long positions SINGAPORE: The Singapore dollar and the Malaysia ringgit led gains in Asian currencies on Wednesday as short-term investors cut dollar holdings with regional stocks rebounding, but doubts remained over the sustainability of those gains as Japan's nuclear crisis appeared to worsen. Workers were ordered to withdraw temporarily from a stricken Japanese nuclear power plant after radiation levels surged, Kyodo news reported. Investors cleared some dollar-long positions as regional stocks, especially Japanese equities, rebounded on Wednesday and on expectations that repatriation by Japanese life insurers will have limited impact. The Singapore dollar

rebounded as speculative interbank bought it on Japanese stocks' gains. On Wednesday, it lost 1.2 per cent against the US dollar, the biggest daily percentage fall since Nov. 23 last year. The ringgit gained as shortterm investors reduced dollarlong positions on exporters' demand for settlements. Later European players bought the Malaysian currency. The won rose as exporters' demand for settlements and local investors cleared dollarlong positions. Earlier, the South Korean currency turned lower on heightened worries about Japan's nuclear crisis, but rebounded again with caution over possible dollar-selling intervention

Sterling dips; seen vulnerable to more falls LONDON: Sterling fell against the dollar on Wednesday, dented by concerns about a fragile UK economy while rising risk aversion due to worries about Japan's nuclear crisis helped the dollar. The pound held above the $1.60 level, but analysts saw a risk of further downside, particularly if risks to the economic outlook prompt investors to further scale back expectations

for interest rates to rise in the coming months. Short sterling futures rallied as investors pushed back expectations of monetary tightening from the Bank of England following mixed economic data and uncertainty about the global outlook in the wake of the Japan earthquake. Data on Wednesday showed that the number of Britons claiming unemployment benefit unexpectedly fell in February. However, that was offset by the broader ILO unemployment measure rising to a 10-month high of 8.0 per

cent. Highlighting concerns about the UK, the OECD on Wednesday cut its 2011 growth forecast for the country, saying the economy faced significant risks from falling house prices, weak domestic consumption and uncertain global demand. Analysts at Citi said the price action in sterling/dollar was similar to that seen at the end of 2010 and suggested a "leg

lower is on the cards". They are adopting a tactical short position with a target of sub-$1.56. Sterling was down 0.35 per cent against the dollar at $1.6015, though it held above a low of $1.5978 hit on Tuesday, however. The pound gained against a weaker euro, which was down 0.1 per cent at 86.98 pence after European Central Bank policymaker Christian Noyer cast doubt on whether eurozone rates would rise next month, saying the bank would assess the impact of events in Japan.-Reuters

by the foreign exchange authorities to check inflation. On Tuesday, the authorities was suspected selling the greenback as the won hit a fresh 2-1/2month low, dealers said. Still, market players remained doubtful if the won could rise more. The Philippines peso failed to maintain initial gains on worries about Japan and hovering near a three-week low against the dollar. The peso weakened to as soft as 43.94 per dollar, just off a support line at 43.97, the 50per cent Fibonacci retracement of its January-March gain. If the local currency clearly breaks through the level, it has room to slide more, probably to 44.16, the 61.8 pct retracement. -Reuters

Swiss franc dips on profit taking ZURICH: The Swiss franc pulled off the previous day's record high against the dollar on Wednesday, as investors took profits following a flight to safety due to the Japanese nuclear crisis. The franc has been benefitting from safe-haven buying following political unrest in the Middle East and North Africa and the earthquake in Japan, where developments at a stricken nuclear power plant suggested the crisis was spiralling out of control. The franc had risen as high as 0.9137 on Tuesday, its strongest ever against the greenback. It had weakened 0.3 per cent to 0.9186 at 0802 GMT compared with the New York close, but was seen reversing course. "There are more stops on downside so I believe we still see a stronger franc over time," a trader in Zurich said. Against the euro the franc was little changed at 1.2826. The market is eagerly awaiting the Swiss National Bank's monetary policy review on Thursday. Although the SNB is highly likely to keep its interest rate target ultra low it may raise its growth outlook for the year after the Alpine economy powered ahead in the final quarter of last year. -Reuters

Aussie & NZ dollars find footing after slide, still frail SYDNEY/WELLINGTON: The Australian and New Zealand dollars recouped a little of the week's hefty losses on Wednesday as Japanese shares bounced, though uncertainty over the nuclear crisis in Japan could see another wave of risk aversion. The Australian dollar edged up to $0.9930, after plunging to a two-month trough of $0.9815 on Tuesday, but remained 2.1 per cent down so far this week. Support was seen around $0.9803, with resistance at $0.9966 and $0.9991. The kiwi consolidated around $0.7320/25 during a session dominated by risk, after it had been dumped to a near six-month low of $0.7267 overnight. Support is seen at $0.7270, the 50 per cent retracement level of last year's May/July rally, while resistance is at $0.7340 and then $0.7365, Monday's daily high. The Antipodean currencies received a lift from a moderate rally in Japan's battered stock mar-

ket, which rose 5 per cent. However, the Aussie and kiwi remain vulnerable as conditions at a stricken nuclear power plant in Japan remain highly uncertain. For now, markets seemed calm despite news that staff at a quake-damaged Fukushima nuclear site has been evacuated following an increase in radiation The Aussie perked up to 80.13 yen, after tumbling to a near five-month low of 79.23 yen overnight, with dealers wary in case Japan intervenes to curb the yen. It also pared some of its losses on the Swiss franc at 0.9093 francs, having fallen 2.7 per cent overnight to as deep as 0.9020 francs. The euro hit an early 18-week peak at A$1.4151, before edging back a touch to A$1.4070. The kiwi was anchored around 59.20 yen, after touching a near seven-month low of 58.64 as Japanese investors were seen liquidating carry trades. -Reuters

SHANGHAI: The yuan ended up slightly against the dollar after trading narrowly on Wednesday, with the market waiting to see when the central bank might let the Chinese currency renew its cycle of appreciation. Spot yuan closed slightly firmer at 6.5713 versus the dollar against its previous close of 6.5727. The currency has risen 3.9 per cent since it was depegged in June 2010. Before trading began, the PBOC set the yuan's mid-point at 6.5718 versus the dollar, weaker than Tuesday's 6.5679. "There are many uncertainties, such as Japan, inflation, so we can only wait for the central bank's next step," said a dealer at a Chinese commercial bank in Shanghai. "For now, the mid-point still shows it is moving in a stable manner." Traders expect the daily fixing to hit a new peak soon as Beijing appears to be using the yuan to help fight imported inflation propelled by high

global commodity prices. Late on Tuesday, the Bank for International Settlement showed that the yuan's nominal effective exchange rate (NEER), or its value against a trade-weighted basket, edged down 0.3 per cent in February to 113.22, up from last month's 113.6. Traders said the fall in the yuan's NEER in February was mainly driven by a weak dollar index in global markets, when it declined 1.1 per cent. NEER is a currency's nominal exchange rate against a basket of trade-weight currencies. In the Chinese case, the dollar dominates in the basket by a weight of about 70 per cent. Benchmark one-year dollar/yuan non-deliverable forwards (NDF) were bid at 6.4560, edging up from 6.4490 at Tuesday's close. Their implied yuan appreciation in a year's time fell to 1.8 per cent, from Tuesday's 1.9 per cent. Reuters

Indian rupee gains on local shares mkt MUMBAI: The Indian rupee ended higher drawing comfort from strong gains in domestic equities, but demand from importers contained the unit's rise. The partially convertible rupee ended at 45.1100/1200 per dollar, 0.3 per cent higher against Tuesday's close of 45.2400/2500. Intraday the rupee moved in a 45.1000-45.2425 range. "Custodian flows were pretty strong given the rise in the equities," said Rohan Naik, head of foreign exchange trading at Standard Chartered Bank. Indian shares firmed 1.1 per cent on Wednesday, helped by gains in world equities and as value buying emerged on views that most negatives were already priced in. "A bit of dollar selling from exporters was also seen but, there was consistent demand from oil firms at lower levels," Naik added. Earlier in the day, the rupee came under pressure due to dollar demand from gold importers, but found support from strong Asian currencies. The one-month onshore for-

ward premium was at 32.50, up from 30.50 points on Tuesday, the three-month premium gained sharply to 88.00 points from 81.75 and the one-year premium climbed to 288.00 from 281.00 points. The rise in the premium was based on the view that India's central bank would raise key policy rates on Thursday, traders said. The one-month offshore nondeliverable forward contracts were quoted at 45.47, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, MCX-SX, and the United Stock Exchange were all at 45.2600, with the total traded volume at about $7.57 billion. -Reuters

Time 13:30 14:30 17:30 17:30 17:30 17:30 18:15 18:15 19:00 19:00

Source CHF GBP CAD USD USD USD USD USD USD USD

Events Libor Rate Consumer Inflation Expectations Wholesale Sales m/m Core CPI m/m Unemployment Claims CPI m/m Capacity Utilization Rate Industrial Production m/m Philly Fed Manufacturing Index CB Leading Index m/m

Source

Events

GBP GBP EUR EUR USD USD USD USD USD USD

Claimant Count Change Average Earnings Index 3m/y CPI y/y Core CPI y/y Building Permits PPI m/m Core PPI m/m Current Account Housing Starts Crude Oil Inventories

Forecast 0.25% 0.9% 0.1% 388K 0.5% 76.6% 0.7% 29.9 0.9%

Previous 0.25% 3.9% 0.8% 0.2% 397K 0.4% 76.1% -0.1% 35.9 0.1%

Actual

Forecast

Previous

-10.2K 2.3% 2.4% 1.0% 0.52M 1.6% 0.2% -113B 0.48M 1.7M

1.2K 2.2% 2.4% 1.1% 0.58M 0.7% 0.2% -111B 0.58M 1.8M

1.5K 1.8% 2.4% 1.1% 0.56M 0.8% 0.5% -126B 0.62M 2.5M

Previous Day

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 1.3919 1.4002 0.9153 0.9196 1.6042 1.6131 0.9876 0.9888 0.9874 0.9962 112.0700 113.4800 0.8680 0.8708 1.2743 1.2852 129.1000 130.5200 87.9300 88.3100 1400.4500 1406.3000

Bid 1.3916 0.9149 1.6039 0.9873 0.9870 112.0200 0.8676 1.2740 129.0300 87.8800 1399.7000

Low 1.3904 0.9133 1.6024 0.9809 0.9854 111.8200 0.8665 1.2716 128.8000 87.8700 1393.6000

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 16/03/2011 A USD GBP CAD EUR JPY O/N 0.21150 0.55688 0.96417 0.65625 SN 0.18125 1WK 0.24195 0.57750 1.00000 0.74250 0.18250 2WK 0.24595 0.58375 1.03617 0.78813 0.18125 1MO 0.25350 0.61313 1.08167 0.84625 0.16000 2MO 0.28350 0.68375 1.13750 0.97813 0.16875 3MO 0.30900 0.80563 1.20333 1.12000 0.20000 4MO 0.35050 0.88813 1.27333 1.21313 0.24563 5MO 0.40780 0.99313 1.33500 1.31375 0.30125 6MO 0.46000 1.10750 1.39417 1.43500 0.34750 7MO 0.51200 1.19125 1.47750 1.50813 0.39625 8MO 0.56125 1.27750 1.56667 1.58250 0.44438 9MO 0.61025 1.35875 1.64083 1.65688 0.49000 10MO 0.66000 1.44063 1.72500 1.72875 0.51688 11MO 0.71400 1.50938 1.80667 1.79938 0.54375 12MO 0.77150 1.58063 1.88833 1.87125 0.57125

Major Central Banks Overview Central Bank

Next Meeting

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

Last Change

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

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

Division of National Bank of Pakistan (NBP) KARACHI, March 16,2011 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

85.40 137.14 119.29 86.58 93.07 84.61 13.32 1.06 15.06 66.79 15.99 22.77 10.95 12.99 307.06 27.92 62.55 23.45 23.25 0.08 2.80

85.20 136.82 119.01 86.38 92.85 84.42 13.29 1.05 15.03 66.63 15.95 22.72 10.93 12.96 306.34 27.86 62.40 23.40 23.20 0.08 2.80

84.95 136.39 118.63 86.15 92.61 84.19 13.25 1.05 14.99 66.46 15.91 22.66 10.90 12.93 305.54 27.78 62.24 23.34 23.14 0.07 2.79

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for March 16, 2011

KASB

BMA

ELXIR

GSL

ICSL

13.15 13.10 13.15 13.22 13.30 13.45 13.53 13.70 13.75 14.00 14.04 14.10 14.10 14.14 14.15 14.13 14.10 14.10 14.50 14.75

13.10 13.05 13.08 13.14 13.23 13.35 13.53 13.64 13.75 14.00 14.05 14.10 14.11 14.16 14.16 14.05 14.05 14.10 14.50 14.75

13.08 13.04 13.02 13.15 13.22 13.40 13.52 13.65 13.76 13.98 14.03 14.05 14.06 14.16 14.18 14.12 14.07 14.07 14.60 14.75

13.00 12.95 13.00 13.10 13.20 13.30 13.50 13.65 13.75 13.90 14.08 14.09 14.09 14.12 14.15 14.12 14.10 14.09 14.50 14.80

13.00 13.00 13.00 13.18 13.25 13.40 13.55 13.68 13.78 13.95 14.05 14.18 14.12 14.20 14.11 14.20 14.00 14.10 14.50 14.75

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

JSCM AvgRate 13.05 13.00 13.05 13.12 13.23 13.45 13.52 13.65 13.75 13.95 14.03 14.10 14.10 14.17 14.12 14.08 14.07 14.10 14.40 14.70

13.06 13.02 13.05 13.15 13.24 13.39 13.53 13.66 13.76 13.96 14.05 14.10 14.10 14.16 14.15 14.12 14.07 14.09 14.50 14.75

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

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

week month months months year years

0.06 0.53 0.38 0.43 0.85 0.33

0.77 -0.35 0.77 0.33 -0.57 0.18

-0.53 -0.03 0.12 0.16 0.05 0.02

EUR/USD NZD/USD

0.93 0.43 0.88 0.71 -0.13 0.38

0.38 0.44 0.89 0.75 0.81 0.79

USD/CAD USD/CHF

-0.23 -0.15 -0.06 0.30 0.84 0.37

-0.80 -0.27 -0.79 -0.52 -0.66 -0.23

0.41 -0.48 -0.48 -0.40 -0.90 -0.55

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)16/03/2011 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 12.80

13.30

12.80

13.30

12.80

13.30

13.35

13.60

13.60

13.85

13.70

14.20

13.80

14.30

14.00

14.50

JSBL

13.00

13.50

13.00

13.50

12.95

13.45

13.30

13.55

13.60

13.85

13.70

14.20

13.80

14.30

13.90

14.40

ASPK 12.85 CIPK

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

12.80

13.30

12.80

13.30

12.80

13.30

13.30

13.55

13.50

13.75

13.60

14.10

13.80

14.30

13.90

14.40

DBPK 12.80

13.30

12.70

13.20

12.75

13.25

13.25

13.50

13.35

13.60

13.40

13.90

13.55

14.05

13.65

14.15

FBPK 12.95

13.45

12.90

13.40

12.90

13.40

13.25

13.50

13.55

13.80

13.70

14.20

13.80

14.30

13.90

14.40

FLAH 12.95

13.45

12.90

13.40

12.85

13.35

13.30

13.55

13.50

13.75

13.60

14.10

13.75

14.25

13.85

14.35

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

HKBP 12.80

13.35

12.85

13.35

12.85

13.35

13.25

13.50

13.50

13.75

13.60

14.10

13.75

14.25

13.85

14.35

NIPK

12.90

13.45

13.05

13.55

13.15

13.65

13.30

13.55

13.40

13.65

13.50

14.00

13.60

14.10

13.70

14.20

HMBP 12.90

13.40

12.95

13.45

12.95

13.45

13.30

13.55

13.50

13.75

13.60

14.10

13.70

14.20

13.80

14.30

SAMB 12.90

13.40

12.90

13.40

12.90

13.40

13.25

13.50

13.45

13.70

13.65

14.15

13.75

14.25

13.85

14.35

MCBK 12.90

13.40

12.90

13.40

12.80

13.30

13.25

13.50

13.50

13.75

13.60

14.10

13.70

14.20

13.80

14.30

NBPK 13.00

13.50

13.00

13.50

13.00

13.50

13.30

13.55

13.50

13.75

13.70

14.20

13.80

14.30

13.90

14.40

SCPK 12.85

13.35

12.85

13.35

12.85

13.35

13.20

13.45

13.45

13.70

13.60

14.10

13.70

14.20

13.80

UBPL 12.90

13.40

12.90

13.40

12.90

13.40

13.30

13.55

13.50

13.75

13.65

14.15

13.80

14.30

13.90

14.40

AVE

13.39

12.89

13.39

12.88

13.38

13.28

13.53

13.49

13.74

13.62

14.12

13.76

14.26

13.86

14.36

HBPK

12.89

14.30


4 Thursday, March 17, 2011

The Financial Daily International Vol 4, Issue 130

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

S. Muneer Hussain Rizvi

Asim Abbas Ashary, CPA

Khurram Shehzad, CFA

Akhtar M. Zaidi, FCA

Prof. Zakaria Sajid (KU)

Dr. A. Hadi Shahid, FCA

Zahid Bukhari SVP HBL (retd)

Muhammad Arif

Ismat Sabir Head office

111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com

Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com

Where is friendly Opp now? To the utter disappointment of general public the elected government has chosen to impose new taxes through issue of presidential order. This indicates 1) the rulers have no faith in parliament and 2) they can do any thing to prolong their rule. Now masses wait to see the response of other coalition partners and opposition political parties. To be honest the overwhelming perception is that coalition partners' opposition will not beyond politically loaded statements with emphasis on we do not accept these taxes. Masses often ask is issuing such statements of any consequence? Prices of every items is skyrocketing and imposition of new taxes/increasing the percentage would further erode the purchasing power of masses. Masses are pinning their hopes on if some one files a case against these ordinances the court may grant a stay. However, they are also a little skeptical because the present rulers have failed repeatedly in executing the court orders. In fact it becomes a mockery when the court decisions are not implemented. The irony is that a lot of the time of apex courts is wasted in hearing the cases and a sense of frustration also develops when orders are not executed. The biggest frustration for the masses is that neither the treasury nor the opposition is bothered about their woes. It is true that rulers are ready to do any thing to complete their term but the worst has been the response of opposition. Leaders of the opposition is now demanding mid-term elections but his party PML-N is busy in buying the loyalty of PML-Q members in the provincial assembly to prolong its rule in Punjab. It seems that PML-N once again wants to start 'musical chair' game. Apparently, its members are losing patience and just can't wait for another two years for the general election. Masses fail to understand the logic of PML-N for not holding local bodies election but insisting on holding mid term elections. If the conditions are not conducive for holding local bodies election, on what grounds holding of general elections will be possible? Whatever may be the stance of rulers and the opposition the growing concern is masses may lose their patience. One could laugh on the statement of as DCO 'people should not use milk'. The officer has accepted his failure in containing price of milk and now seeks the help of masses. To some extent he his right because around the globe consumers show their dismay by not buying the product at inflated prices. However, containing prices has always remained a bid issue because no one is willing to contain consumption despite hike in prices.

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 Envelopism Adnan Farooq The history of Pakistan's journalism is witness to the harsh reality that the concept of 'Lifafa' journalism was introduced by the head of one of the leading political parties of Pakistan, who is teaching morality and high values to his peers for the last two decades* A big chunk of the Pakistani journalists are on the payroll of different agencies or political parties, toeing their lines in their writings and television discussion programmes in order to protect the interests of their 'pay masters', well-placed sources have revealed. These so-called towering personalities of Pakistani journalism regularly receive 'remuneration in cash or kind for their invaluable services,' either in person or it is handed over to them by agencies staffers or political workers at their homes or desired places in the garb of reports or documents. Some of these journalists on the payroll of agencies and political parties, sources say, belonged to very poor families but now they have assets worth over millions of rupees, own business concerns and are living a very luxurious life in posh localities of Pakistan's metropolitan cities like Islamabad, Karachi, Lahore and Rawalpindi. Divulging about the monetary and other benefits dished out by various agencies and political parties to media persons, sources say that agencies usually have secret funds worth millions of rupees and same is the case with political parties, which is dished out to the journalists. "It is an open secret that the agencies and political parties use these journalists as pawns in their murky games and they (journalists) become their stooges for a few bucks," sources maintained. Sources privy to political echelons of Pakistan reveal that the ruling clique, as a political party or in individual positions, dole out huge sums of money to beat reporters on monthly basis in above mentioned major cities of Pakistan. "A confidant of one of the heads of the political parties visits Lahore every month. He stays in a hotel and individually calls in concerned beat reporters in his room to hand them over the reward for their services for the cause of the political party," says a Lahore-based political correspondent of one of Pakistan's leading English newspapers. The same correspondent was approached by the political party's provincial office-bearers as well as those maneuvering media contents in print and electronic while sitting in the Federal capital of Pakistan but the gentleman simply refused to sell his pen for the unmatched favours offered to him. He said that so-called senior and respected correspondents among journalists fraternity serving in mainstream newspapers and television channels over the years receive 'monthly stipend' of Rs. 5,000/- to Rs. 50,000 for their unparalleled services for the cause of the partic-

ular political party ruling the roost in the country since decades. He said the politicians throw exclusive dance and drink parties for beat reporters and one of the ministers of the defunct Punjab cabinet, currently on opposition benches is known for such bashes for journalists. The ugly face of Pakistan's journalism is that the media tycoons are well aware of these black sheep in their offices over the years but because they themselves get their wrong deeds done through these political correspondents, hence they are hands and gloves with each other in this kind of loot and plunder. The history of Pakistan's journalism is witness to the harsh reality that the concept of 'Lifafa' journalism was introduced by the head of one of the leading political parties of Pakistan, who is teaching morality and high values to his peers for the last two decades. The same towering political personality has reportedly got purchased luxurious flats to at least six 'leading television anchors' in Dubai so that they continue beating drum of his popularity in their pathetic programs. But now the trend has changed and almost all the political parties, barring few, are in the race to beat each other to have contents in print and electronic media in their favours through offering bribe in cash and kind to the journalists. Forget other malpractices, the moral bankruptcy of Pakistani journalism can be gauged from the fact that some of the well-off and wellconnected journalists have 'taken on lease for 99 years' on nominal annual rent several Evacuee Property Trust Board (EPTB) flats in the heart of the city. The generosity has been shown by the Chairman Asif Hashmi. One of the editors of a Lahorebased daily, who is regarded as a pioneer of yellow journalism in Pakistan, has reportedly got two flats in the names of his personal staff on Lawrence Road. Likewise, while another editor of an Urdu daily who is a selfproclaimed think-tank, has also got two flats in the name of his Personal Assistant and another staffer. Not lagging behind is another socalled leading editor of an Urdu daily in Lahore while also hosting a talk show on state-run PTV channel has got allotted a flat in the name of reporting section staffer.One of the political beat reporters of a Lahore daily has got allotted one flat in his own name and another in his brother's name while one of the senior reporters of a daily has got one flat in his own name and other in his wife's name. Another editor and a senior reporter of two different Urdu dailies have got EPTB flats while a television channel reporter who previously used to work in very small news agency and a political beat reporter working in an English daily have been allotted flats in Misri Shah. A big gun of a news channel based in Islamabad is on the regular pay-

roll of two mighty secret agencies of Pakistan. Covering the beat of political parties, he is so well-connected in the political circles that he gets hefty 'salary' from a veteran politician who is considered to be an authority in making or breaking political alliances in the country. At the time of joining the journalism profession, sources say that the journalist under discussion had meager resources to make both ends meet. But now he owns a nine-bed luxurious dwelling in a posh locality in Islamabad and his children study in one of the costliest schools in the Federal capital. One of the most veteran reporters of daily in Islamabad, which is dubbed as the custodian of ideology of Pakistan by its Chief Editor is on the payroll of three powerful politicians at the same time. This 'veteran journalist' remained unchallenged office-bearer of Rawalpindi/Islamabad Press Club over decades, carries the stigma of getting monetary benefits from a powerful ruling party's Federal minister, one of the most vocal opponent of current ruling dispensation and a veteran politician of the Punjab who was one of the blue eyed boys of the self-exiled General Musharraf. The host of a private television's discussion show with special focus on South Asian region has been planted by one of the top secret agencies of Pakistan. Closely related to the leader of the Operation Midnight Jackal, Major Amir, this journalist had the experience of working in vernacular press but soon after getting connected with spy agency's sleuths, he has not only got himself well-placed in the mainstream media but also has become filthy rich as compared to his peers in a short span. A producer specially assigned the task of covering the Afghan war has also been planted in a television network in Islamabad by one of the leading spy agencies of Pakistan. Though usually remaining behind the screen, this media person is also getting huge monetary benefits from the spy agency for toeing their lines in the airing of various discussion programmes and documentaries, with particular focus on Afghanistan. Another TV correspondent covering the Taliban activities and producing special reports for a popular talk show for the same network is on the payroll of spy agency sleuths. One of the most senior reporters working since generations in a leading daily of Rawalpindi is also getting monetary benefits from one of the top spy agencies of Pakistan. This so-called veteran media person is also on the payroll of the ruling dispensation and is always the part of the Prime Minister's entourage on foreign visits. A senior crime reporter in another news channel in Islamabad is on the payroll of a secret agency. He is also getting regular 'salary' from a political outfit for guarding their interests. Yet, another Islamabad-based TV

correspondent covering religious outfits; and two other Islamabad TV correspondents covering the beats of Northern Areas, PML (N), and Saudi Embassy and National Disaster Management Authority (NDMA) and Kashmir Affairs are on the pay roll of one of the top spy agencies of Pakistan. One of the senior political reporters in a news channel in Islamabad is on the payroll of a spy agency and religious political party. Likewise, one of the top officials of independent news network is involved in the dirty business of getting money from a spy agency and a political party. What to say of moral, financial and related corruption, the custodians of the so-called fourth pillar of the state are not afraid of deceiving God Almighty by performing Hajj on the taxpayers' money. Having more than enough financial resources, over 200 journalists and their families performed Hajj on the taxpayer's money last year. How ironic it is the monthly income of some of these state-sponsored Hajj beneficiaries' was double of the total Hajj expenses. Only one television channel has dared to expose these Rehmani Hujjaj, because they were accommodated by Pakistan's Interior Minister Rehman Malik. Rehmani Hujjaj approached by the anchor came up with one or another excuse or claimed that they did not know that they were performing Hajj on taxpayers' money. How ridiculous it is. There is no dearth of journalists in Pakistan who have benefited from the state generosity in the form of plots or occupation of official accommodations through their influence. From editors, top writers and columnists in the print media and owners, anchors and reporters in television channels have deemed it their birth right to receive plots and other fringe benefits from governments and political parties, irrespective of the fa ct whether it is alms or taxpayers' money. A senior anchor person and veteran journalists when contacted said: "Media of any country is reflection of that country. It shows how persons behave and live in that country. The way of expressing news, way of talking of politicians in political debates and discussions shows the behavior of the people of that country. Although media's responsibility is to spread true stories but media should be careful in this regard. They have to adopt such a way in which they could aware public without impacting negatively their mindsets." He said unfortunately the journalists have been indulging in malpractices at the stake of their profession. Besides shaping public opinion, he said the media affects peoples' perception and prioritises their thinking about national and international issues. "But in a society infested by corruption, social and economic injustice, how can we expect to have journalists of integrity and honesty," he concluded.

Evacuation, Now a Big Business With revolutions in Egypt and Tunisia, conflict in Libya and Ivory Coast and now an earthquake in Japan, specialist international crisis management, security and evacuation firms are busier than ever. Major corporations and overstretched foreign ministries have turned to the handful of companies running private 24-hour operations rooms and field teams -- often staffed by ex-military personnel -- to help get people out and safeguard assets. That ranges from facilitating air tickets and advising on safe passage, protection and refuge options to chartering planes and ships and occasional liaison with military rescue missions. "It's been frantic," said Tom Frankland, a former British Army tank officer and now operations director for London-based crisis management firm Northcott Global Solutions. "We had Tunisia and Egypt, then Libya was hugely busy -- a mixture of energy and government clients who wanted help with evacuations." Numbers were huge. At one stage, the firm was dealing with 10 separate requests totalling some 6,000 potential evacuees of many nationalities. Another firm, Control Risks, says it arranged the repatriation of 2,000 Chinese oil workers by air. Now, Frankland and team are pulling together contingency plans to extract clients from Japan if current post-quake nuclear worries turn into a fullscale disaster. They are also keeping an eye on worsening violence in Bahrain, where security forces attacked protesters on Tuesday. Northcott is in its first year in business competing with much more established firms, but say they have had no problem finding work. Some of the evacuations have been paid for by pre-existing insurance contracts, others paid for upfront by firms and governments whose contingency plan-

ning had failed. "I have to say it has played into our hands," said Frankland. "We are using it to make the case that our clients should look at purchasing political evacuation insurance to compromise their current medical plans." Some hope evacuation cover could take its place alongside kidnap and ransom (K&R) protection, which grew from modest beginnings in the 1970s to become a staple part of the insurance portfolio of many firms operating overseas.K&R policies provide the cost of ransom and a specialist hostage negotiator.

Major corporations and overstretched foreign ministries have turned to the handful of companies running private 24-hour operations rooms and field teams -- often staffed by ex-military personnel -- to help get people out and safeguard assets. EX-SAS SPECIALISTS "We're certainly having more people coming back to us and asking what we can offer in the longer term," said Fraser Bomford, head of intelligence for British consultancy AKE -- which bases its operations room in Hereford near the headquarters of Britain's Special Air Service (SAS) regiment from which its founders and many staff originally come. "It's been a wake-up call to people. I think some risk managers hadn't really thought through the needs in terms of political evacuation." AKE -- already a major player in the K&R indus-

try -- also runs hostile environment training courses for both media and other private and aid sector clients as well as providing its own security guards. It says demand for both is up. Japan's Friday earthquake produced a tsunami that killed several thousand or more and left a nuclear power plant on the edge of meltdown. Radiation levels in nearby areas including Tokyo were rising but officials urged calm and said there was no threat to health outside an immediate evacuation area. "A widespread evacuation from Tokyo would be a hugely difficult undertaking, both for ourselves and the Japanese government," said Richard Fenning, chief executive officer of Control Risks -- one of the largest crisis response, security and corporate intelligence firms with a string of operations rooms worldwide. "No one I know is really predicting that at the moment. But we are taking calls from clients who had operations in the tsunami and earthquake area and now need assistance with recovery and finding people." Libya tested the capacity of companies operating there to the limits, even oil giants used to operating in dangerous places. Industry insiders say many overstretched firms -- including some crisis management operators themselves -- had to subcontract in outside help. Under fire from the media for a perceived slow response to evacuate British nationals from Libya, Britain's government ultimately sent special forces, warships and Hercules transport aircraft to collect oil workers trapped by the fighting. But Control Risks' Fenning says the burden is shifting and workers may increasingly expect their company, not their government, to extract them. Reuters


5

Thursday, March 17, 2011

SE Asian stocks snap losing streak

European shares fall for sixth day

New taxes weigh on KSE

KSE-100 Index Opening Closing Change % Change Turnover (mn)

11,829.24 11,794.57 34.67 0.29 107.94

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

3,578.95 3,562.13 16.82 0.47 3.87

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

2,765.93 2,753.27 12.66 0.46 0.05

Nawaz Ali

Major Gainers

Symbol

Close

Change

NESTLE 3,499.98 ULEVER 4,956.75 ILTM 210.50 APL 348.61 NRL 286.07

49.64 32.44 10.00 7.36 7.07

Major Losers

Symbol

Close

Change

MTL LAKST SHEZ BATA PAKT

516.69 245.19 144.85 522.17 98.52

-14.2 -9.95 -7.62 -7.52 -4.12

Top 5 Volume Leaders

Symbol LPCL NCL FFBL LOTPTA ENGRO

Close Vol (mn) 3.25 28.03 39.00 15.69 193.88

14.48 13.10 6.77 6.67 5.11

Active Issues Plus Minus Unchanged

105 143 94

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)

PRICES (Ex-Refinery) 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)

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

Rs 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

MANILA: Traders looks at an electronic board at the Philippine Stock Exchange . Philippine share prices closed 0.46 per cent lower, weighed down by the potential fallout of Japan's quake and nuclear crisis.-Reuters

Nikkei surges after rout, relief for Asia SINGAPORE: Asian financial markets rallied on Wednesday, with Tokyo stocks rebounding 5.7 per cent after a steep two-day sell-off on Japan's killer earthquake and unfolding nuclear crisis. Other Asian stock markets were also higher, but another fire at the earthquake-damaged Fukushima Daiichi nuclear plant north of Tokyo and fears of more radiation leaks kept investors on edge and Tokyo stocks volatile. European shares were expected to open little changed as investors watched developments in Japan, while US stock index futures were flat. "The market in general understands that Japanese shares are oversold, but uncertainty over the Fukushima nuclear power plant is clearly making market participants very nervous," said Kazuhiro Takahashi, general manager at Daiwa Securities Capital Markets. Asian markets also received a fillip from US stocks, which closed down but off lows as a more upbeat view from the Federal Reserve helped limit Japan-related losses. The Fed stuck with its ultra-loose monetary policy but said the economy was gaining traction. The gains in Tokyo stocks were led by short-covering by

hedge funds, analysts said, adding that the market was still extremely volatile. "The rebound is pretty strong as investors realised they may have panicked a bit too much yesterday," said Fujio Ando, senior managing director at Chibagin Asset Management. "But it's mostly short covering by both domestic and foreign players, and not honest, active buying, because nuclear worries are still strong. If we hear anything about the nuclear situation improving, investors will aggressively pile into the Nikkei." Japan's Nikkei average surged 5.68 per cent, clawing back about a third of its losses since a massive earthquake and tsunami hit the country on Friday, and closing above the psychologically important 9,000 point level at 9,093.72. Nikkei futures were up 4.2 per cent. MSCI's index of Asian shares outside of Japan rose 0.9 per cent. Australian shares closed 0.65 per cent up, led by a relief rally in uranium producers Paladin and Energy Resources of Australia , which had sunk on Monday on fears that many countries would scale back or suspend their nuclear power programmes in light of Japan's woes.-Reuters

ANNOUNCEMENT Company Pak Tobacco

Period Yearly

Div/Bon/Right 21%(F)

PAT (Rs in mn) 925.10

EPS(Rs) 3.62

FTSE falls as Japan N-crisis worsens LONDON: Heightened fears about the nuclear crisis in Japan saw investors shun equities on Wednesday, with falls by heavyweight commodity issues dragging the top share index lower. Banks were the biggest fallers, however, also under pressure as a downgrade of Portugal's credit rating by Moody's further unnerved investors. At the close, the FTSE 100 was down 97.05 points, or 1.7 per cent at 5,598.23, dropping after a brief rally back above 5,700 earlier in the session was snuffed out. "We are now getting in to the realms of selling the rally rather than buying the dips," said David Morrison, market strategist at GFT Global. The blue chip index ended down for a sixth consecutive session, taking its total fall over that period to 6.3 per cent. "We have now scythed through some pretty significant support levels which we need to rally and recapture very quickly or else we are talking about a pretty sizeable breakdown in the market structure," GFT's Morrison added. Japan's nuclear crisis appeared to be spinning out of control on Wednesday after workers withdrew briefly from a stricken power plant because of surging radiation levels and a helicopter failed to drop water on the most troubled reactor. See # 14 Page 11

HK, China mkts up; non N-energies lead HONG KONG: Non-nuclear energy stocks led gains as Hong Kong and Shanghai shares ended higher on Wednesday, with panic selling subsiding and investors looking to position themselves amid the nuclear crisis in Japan. "There is pessimism, but no more panic today," said Wing Fung Financial Group head of research Mark To. The Hang Seng Index finished up 0.1 per cent at 22,700.88, while the China Enterprises Index gained 0.72 per cent. Alternative energy stocks surged, led by China Longyuan Power Group Corp Ltd, one of China's largest wind power producers. It gained 3.7 per cent on Wednesday.

Investors are bullish on the non-nuclear energy sector because of the continuing Japan nuclear crisis and China's growing demand for energy, analysts say. Traditional energy stocks rode this wave, with coal and gas counters among the leading gainers of the day. Hong Kong and China Gas Co Ltd rose 2.62 per cent on Wednesday after the company announced strong 2010 earnings late on Tuesday. Its 2010 net profit was up 6 per cent over 2009. Overseas events largely weighed more on the Hong Kong market ahead of annual earnings announcements today. China Mobile Ltd, the world's largest mobile operator, fell 1.66 per cent and was the big-

ger loser on the benchmark. While the company reported 2010 earnings that were in line with expectations, analysts warned that China Mobile's growth would slow with increasing competition in the telecommunications industry. China's benchmark Shanghai Composite Index closed up 1.2 per cent at 2,931 points as investors jumped into industrial stocks as Asian markets regained their footing after losses Monday and Tuesday. "The market is up because regional stocks, including in Japan, are recovering from yesterday's losses," said Qian Qimin, an analyst at Shenyin and Wanguo Securities in Shanghai.-Reuters

KARACHI: Shares continued to slide at the Karachi Stock Exchange on Wednesday which closed below 11,800 levels. Strangely despite slackening political tension and regional markets recovery investors preferred to sell after the government imposed new taxes The benchmark KSE 100Index fell by 34 points to close at 11,794 mark, 30Index dropped 34 points to close at 11,442 points while All Share Index was down by 24 points to close at 8,196 points. "Bearishness followed government's introduction of additional taxes on income, imports, and agriculture which it believes would help reduce current account deficit", said Ahsan Mehanti, Director Arif Habib Investments. After a positive opening of 28 points, market sustained there for 20-25 minutes and touched an intraday high of 11,919 points (+ve 90). Subsequently bulls failed to stay on the floor for long as persistent offloading coupled with foreign selling kept the market under pressure and index negative in the rest of

the session. It touched the lowest level of the day at 11,703 points (-ve 125). However some support at lower levels reduced losses. The imposition of new taxes proved to be the major sellingtrigger despite some positive news from the political front along with recovery in the regional stock markets. Government introduced a 17 per cent sales tax on fertilisers, tractors, pesticides, plants, machinery and equipment including spare parts. In addition to that, a 15 per cent flood surcharge was also imposed on corporate and individuals while special excise duty (SED) has been raised from 1 to 2.5 per cent. Foreign investors also remained on the selling side as they net-sold equities worth $2.48 million on Wednesday. Their net selling worth, so far during the week, stands at $6.37 million. Volumes remained on the lower side as 107.9 million shares traded during the day which is 27.1 million less as compared to a turnover of 135 million shares a day earlier. See # 12 Page 11

Indian indices jump on banks MUMBAI: Indian shares firmed 1.1 per cent on Wednesday, helped by gains in world equities and as value buying emerged on views that most negatives were already priced in. Financials led the gains, ahead of the Reserve Bank of India's (RBI) monetary policy review on Thursday, as investors discounted a likely 25 basis point rate hike and did not expect very aggressive policy actions. The banking sector index gained 2.2 per cent.

"The rate hike that is likely tomorrow was discounted long back. Also, we do not expect RBI's tone to be very hawkish," said Prakash Diwan, head of institutional business at local brokerage Networth Stock Broking. The 30-share BSE Sensex climbed 1.05 per cent, or 191.05 points, to 18,358.69 points, with 24 of its components finishing higher. "After the under performance See # 13 Page 11

US stocks late-morning

Wall Street drops for 3rd day NEW YORK: US stocks dropped for a third day in a volatile session on Wednesday as worries about Japan's nuclear crisis escalated, and analysts saw more volatility ahead for the market. The market extended losses, with all three major indexes briefly down more than 1 per cent. A Viennabased UN nuclear watchdog said Japanese officials are worried about the state of a pool holding spent nuclear fuel at a reactor complex damaged by the earthquake and tsunami. Earlier, Japanese workers withdrew briefly from a stricken nuclear power plant because of surging radiation levels and a helicopter was unable to drop water to cool the most troubled reactor. "We are so fixated here on Japan, and this intraday volatility is without question here to stay as we are all quickly learning what nuclear power is. You can throw everything else out the window," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati, Ohio. Nikkei dollar-denominated futures were down 4 per cent, while the IShares MSCI Japan Index Fund slid 3.1 per cent at $9.72. Adding to market worries, forces in Bahrain, a neighbor of top oil exporter Saudi Arabia, launched a crackdown on protesters. The political upheaval sent Brent crude to about $111 a barrel. The Dow Jones industrial average was down 103.62 points, or 0.87 per cent, at 11,751.80. The Standard & Poor's 500 Index was down 9.49 points, or 0.74 per cent, at 1,272.38. The Nasdaq Composite Index was down 21.83 points, or 0.82 per cent, at 2,645.50. Reuters

Dhiyan

STRAIGHTJACKETED TRADE Azam Khan, CEO Sunrise Capital Trade would be rangebound in the coming days. Continued foreign selling would feed bears big time. Longterm investors can take positions in dividend-yielders and March-end result-announcing stocks of fertiliser and banking sectors. However, oil stocks should be avoided. Today's trend will take cue from foreigners.

Khalid Iqbal Siddiqui, Head of Research Invest & Finance Securities

The ongoing bearish activities are likely to continue and the benchmark index is feared to fall close to 11,500 points. Thence, investors are advised to wait and see but not to miss the dips where they can invest in fertiliser, power, refinery and chemical sectors. Index would move in a narrow band.


6

Thursday, March 17, 2011

Market

KSE 100 Index

Symbols

Volume

107,940,770

Value

5,242,870,797

Trades

67,784

Advanced Declined Unchanged Total

Current High Low Change

105 143 99 347

All Share Index

11794.57 11921.67 11697.38 i34.67

Current High Low Change

8196.1 8282.15 8132.7 i24.28

OIL AND GAS

Company

Paid up Cap(mn)

High Low 1,479.50 1,445.49 Total cos Defaulter cos P/BV (x) ROE (%) 3.32 32.54

PE

Open

High

Low

Close Chg

Volume

341.25 116.56 8.99 110.77 279.00 148.73 207.20 310.24 99.15 277.27 203.66

351.55 122.38 9.76 110.93 290.90 150.00 209.50 315.64 103.74 282.00 205.84

338.18 116.82 8.97 109.00 278.00 146.25 206.10 309.60 99.02 276.00 202.16

348.61 7.36 122.33 5.77 9.39 0.40 109.62 -1.15 286.07 7.07 146.93 -1.80 207.94 0.74 313.64 3.40 102.92 3.77 279.14 1.87 203.88 0.22

372584 1860524 3105685 15059 126644 669465 626235 2064589 84082 298578 7351

Last 60 days High Low 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 99.46 254.00 144.97 190.10 277.09 83.00 265.00 186.83

% Change 0.02 5-Day High 1,518.98 5-Day Low 1,459.52

2010 Div BR (%) (%) 300 31 200 55 90 255 80 120

2011 Div BR (%) (%)

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

-

Open 681.39 Turnover 10,335 P/E (x) 5.05 Company

Performance of SR Chemicals Index

Paid up Cap(mn)

Agritech Limited Bawany Air BOC (Pak) Clariant PakSPOT Dawood Hercules Descon Chemical Descon Oxychem Ltd. Dewan Salman Engro Corp. LtdXDXB Engro Polymer Fatima Fertilizer Fauji Fertilizer Fauji Fert.Bin Qasim XD Gatron Ind Ghani Gases Ltd ICI Pakistan Ittehad ChemicalSPOT Lotte PakistanSPOT Mandviwala Nimir Ind Chemical Shaffi Chemical Sitara Chem Ind Sitara Peroxide

3924 75 250 273 1203 1996 1020 3663 3933 6635 22000 8482 9341 384 725 1388 360 15142 74 1106 120 214 551

High Low 1,768.86 1,697.36 Total cos Defaulter cos P/BV (x) ROE (%) 3.24 35.00

PE

Open

High

Low

21.26 7.36 9.24 6.99 15.82 11.25 10.65 7.90 7.36 2.91 9.48 9.57 6.09 5.77 29.70 8.78 7.31

22.36 8.00 89.34 196.33 282.38 2.99 9.19 2.63 189.76 12.19 12.26 130.61 38.57 45.42 10.89 164.11 27.64 15.78 1.02 3.09 2.46 104.92 17.73

22.99 8.24 91.00 198.00 285.99 3.08 9.38 2.79 195.00 12.33 12.55 131.90 39.45 43.58 11.05 169.75 26.34 15.97 1.39 3.20 2.45 105.00 18.45

21.25 7.75 90.00 193.00 274.01 2.77 8.47 2.63 189.00 11.97 12.12 125.60 37.86 43.15 10.75 162.60 26.34 15.51 0.90 2.93 2.40 102.60 16.80

Close Chg 21.26 7.80 90.00 195.29 282.59 2.81 8.55 2.66 193.88 12.01 12.30 128.39 39.00 45.42 10.81 167.55 27.64 15.69 1.03 2.97 2.44 104.17 16.97

-1.10 -0.20 0.66 -1.04 0.21 -0.18 -0.64 0.03 4.12 -0.18 0.04 -2.22 0.43 0.00 -0.08 3.44 0.00 -0.09 0.01 -0.12 -0.02 -0.75 -0.76

Last 60 days High Low

Volume 503 1301 1400 45626 546918 251395 3898579 1218240 5105336 369330 830462 3643475 6769420 460 55527 1180614 291 6667826 1349 1689384 1755 1944 1340664

Change -1.48 Market cap 371,825.96 mn Div Yield (%) 5.27

26.73 10.15 103.94 213.30 294.00 3.58 9.60 3.47 238.50 15.87 12.95 157.90 43.99 52.00 13.07 169.75 36.00 16.80 2.45 3.34 2.78 131.90 18.45

21.25 6.11 82.00 166.00 178.50 2.34 6.00 2.26 189.00 11.75 9.16 108.00 34.75 41.66 10.43 138.00 23.07 13.11 0.57 1.62 1.55 90.78 11.81

% Change -0.09 5-Day High 1,776.37 5-Day Low 1,737.51

2010 Div BR (%) (%) 5 10R 60 135 25B 50 300B 60 20B 130 25B 65.5 20 175 5 5 25 5B -

2011 Div BR (%) (%) 5 -

-

FORESTRY AND PAPER

Company

Paid up Cap(mn)

PE

Open

High

High Low 1,037.96 1,024.01 Total cos Defaulter cos P/BV (x) ROE (%) 0.39 7.47 Low

Close Chg

Close 1,030.84 Listed cap 1,186.83 mn Payout (%) 25.28

Change 23.27 Market cap 2,842.82 mn Div Yield (%) 4.81

Last 60 days High Low

Volume

Century Paper

707

-

15.00

15.35

15.00

15.26 0.26

14525

19.69

14.50

Pak Paper Product Security Paper

50 411

8.31 6.84

37.77 37.00

38.90 38.30

36.00 38.30

36.08 -1.69 38.30 1.30

5300 1000

48.90 47.70

35.17 34.00

% Change 2.31 5-Day High 1,030.84 5-Day Low 1,007.56

2010 Div BR (%) (%) -

-

-

-

-

-

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

6.49 8.30

68.00 30.06

68.90 30.65

67.50 29.63

67.50 -0.50 29.87 -0.19

2034 8301

75.72 39.45

Open 1,104.89 Turnover 150,557 P/E (x) 3.83

Company

Paid up Cap(mn)

Crescent Steel XD Dost Steels Ltd Huffaz Pipe XD International Ind Siddiqsons Tin

PE

Open

High

Low

565 2.79 675 555 423.33 1199 18.51

26.50 2.07 12.85 51.68

26.75 2.17 13.00 51.97

26.20 2.01 12.60 50.90

785 40.91

9.06

9.00

8.62

Close Chg 26.63 2.02 12.70 50.90

Close 1,020.39 Listed cap 3,596.11 mn Payout (%) 30.91

Change -8.50 Market cap 9,604.37 mn Div Yield (%) 9.92

Last 60 days High Low

Volume

% Change -0.83 5-Day High 1,034.94 5-Day Low 1,019.09

2010 Div BR (%) (%)

0.13 -0.05 -0.15 -0.78

621 12010 1828 895

31.00 2.98 16.51 62.20

25.60 1.80 12.56 45.81

30 55

9.00 -0.06

61550

10.70

8.51

7.5

2011 Div BR (%) (%)

- 10.00 - 15.00 20B -

-

Paid up Cap(mn)

PE

Open

High

Low

144

4.75

70.81

72.99

70.50

Atlas Battery Atlas Honda

101 626

Dewan Motors Exide (PAK)

890 56

General Tyre

598

4.52

22.79

23.25

22.57

Ghandhara Nissan Ghani Automobile Ind

450 200

5.69

3.51 4.32

3.64 4.24

3.41 4.00

Honda Atlas Cars Indus Motors XD

1428 786

Pak Suzuki

Close 856.57 Listed cap 54,792.74 mn Payout (%) 19.04

Change -4.35 Market cap 61,893.07 mn Div Yield (%) 3.03

PE

Open

High

Low

Close Chg

Volume

1828 866 858

6.33 -

2.65 49.50 2.13

2.70 50.01 2.60

2.45 49.22 2.01

2.46 -0.19 50.00 0.50 2.30 0.17

5007 9722 13706

3.88 63.82 4.24

2.15 48.50 2.01

- 100R 50 -

-

Berger Paints

182

-

16.02

16.23

16.10

16.23 0.21

1500

24.16

14.72

- 122R

-

-

Buxly Paints Cherat Cement Dadabhoy Cement

14 956 39.42 982 12.62

9.00 9.74 1.66

8.40 10.10 1.64

8.32 9.31 1.63

9.00 0.00 9.46 -0.28 1.64 -0.02

102 3236 8985

15.50 11.50 2.05

7.52 8.00 1.50

-

-

-

-

Dandot Cement

948

1200

Company

Al-Abbas Cement Attock Cement Balochistan Glass Ltd

-

1.50

1.51

1.50

1.50 0.00

Dewan Cement 3891 DG Khan Cmt.LtdSPOT 3651 10.39 Fauji Cement 6933 5.82

1.81 24.23 4.18

1.97 24.64 4.29

1.73 23.80 4.16

1.76 -0.05 24.00 -0.23 4.19 0.01

Fecto Cement

299406 452132 45350

2010 Div BR (%) (%)

2011 Div BR (%) (%) -

3.49

1.25

-

-

-

-

2.55 32.30 5.35

1.50 21.20 3.97

-

20R -

-

20R 92R

502

2.02

6.60

6.66

6.66

6.66 0.06

1206

8.00

6.30

-

-

-

-

1760 32 1288

-

1.49 0.49 5.82

1.60 0.49 6.74

1.49 0.44 5.80

1.50 0.01 0.47 -0.02 5.82 0.00

13550 2189 8691

2.00 0.99 6.95

1.30 0.25 5.11

-

-

-

-

13126 3234

5.98

3.33 66.88

3.45 67.35

3.20 65.22

3.25 -0.08 66.59 -0.29

14482632 3.88 839042 78.17

2.65 59.55

40

-

-

-

Maple Leaf Cement Maple Leaf(Pref)

5261 541

3.13

2.29 4.26

2.37 5.25

2.26 3.52

2.34 0.05 4.26 0.00

85582 110

3.08 5.89

1.92 3.21

-

-

-

-

Pioneer Cement

2271

-

5.97

6.15

5.96

5.98 0.01

22602

7.45

5.17

-

-

-

-

Flying Cement Ltd Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 920.58 Turnover 46,275 P/E (x) 1.79

High Low 933.63 919.52 Total cos Defaulter cos P/BV (x) ROE (%) 0.79 43.91

Close 926.38 Listed cap 3,043.31 mn Payout (%) 15.55

Change 5.80 Market cap 34,786.79 mn Div Yield (%) 8.67

% Change 0.63 5-Day High 927.59 5-Day Low 920.58

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

Cherat Papersack

115

2.40

52.58

52.95

50.40

52.25 -0.33

5523

81.49

47.80

20

25B

-

50R

ECOPACK Ltd Ghani Glass MACPAC Films

230 1067 389

5.30 2.05

2.32 51.00 7.26

2.33 52.75 7.95

2.13 51.00 7.30

2.20 -0.12 51.03 0.03 7.55 0.29

3166 2105 25722

3.20 56.45 8.15

2.03 48.10 2.50

25 -

10B -

-

-

Company

2010 Div BR (%) (%)

2011 Div BR (%) (%)

Merit Pack Packages Ltd

47 15.88 29.03 844 - 114.50

29.44 28.50 28.59 -0.44 115.90 115.00 115.90 1.40

862 5011

33.80 143.00

21.50 105.02

32.5

-

-

-

Tri-Pack Films XD

300

129.90 126.51 129.55 2.03

3886

144.80

118.00

100

-

-

-

7.86 127.52

Company

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Close Chg

Volume

Change -2.59 Market cap 40,608.60 mn Div Yield (%) 5.33

Last 60 days High Low

% Change -0.23 5-Day High 1,118.16 5-Day Low 1,102.30

2010 Div BR (%) (%)

2011 Div BR (%) (%)

-

-

-

5.11 191.39 9.36 135.78

192.95 190.30 192.31 0.92 137.34 134.50 134.78 -1.00

1308 3629

205.00 143.80

172.00 118.74

100 -

20B -

-

-

1.95 4.39 183.02

2.03 1.95 1.98 0.03 190.00 179.00 179.05 -3.97

66950 663

2.54 217.44

1.50 170.11

60

-

-

-

316

26.74

21.00

20

-

-

-

3112 6710

5.36 5.49

3.05 3.71

-

-

-

-

2355 22402

12.87 309.73

9.52 215.00

150

- 50.00

-

39029

74.80

60.00

5

-

-

- 10.00 9.37 220.00 61.49

72.46

Close 1,102.30 Listed cap 6,768.53 mn Payout (%) 20.42

22.79

0.00

3.46 -0.05 4.10 -0.22

10.20 9.90 9.96 -0.04 223.00 215.00 216.45 -3.55 64.05

61.01

63.00

1.51

-

Company

Paid up Cap(mn)

Bawany Sugar Crescent Sugar Dewan Sugar Habib Sugar Habib-ADM Ltd Haseeb Waqas Mirza Sugar National Foods Nestle PakistanSPOT Noon Sugar Premier Sugar Quice Food S S Oil Sakrand Sugar Sanghar Sugar Shakarganj Mills

87 214 365 750 200 324 141 414 453 165 38 107 57 223 119 695

PE

Open

High

High Low 2,039.16 1,951.87 Total cos Defaulter cos P/BV (x) ROE (%) 14.42 30.30 Low

Close Chg

5.50 5.26 5.26 5.50 0.68 6.05 6.75 6.75 6.75 3.15 3.20 3.01 3.04 8.64 21.94 21.98 21.62 21.78 6.68 11.20 10.97 10.95 10.96 - 13.00 12.15 12.15 12.15 3.48 3.45 3.40 3.40 9.62 55.00 55.02 55.00 55.00 38.59 3450.34 3590.00 3350.53 3499.98 1.28 11.50 12.00 11.70 11.95 - 39.50 39.43 37.53 39.50 6.82 3.01 3.20 3.00 3.00 0.26 4.00 4.40 4.00 4.21 1.95 1.99 1.99 1.99 2.26 12.29 11.51 11.51 12.29 0.37 5.25 5.38 4.35 5.25

0.00 0.70 -0.11 -0.16 -0.24 -0.85 -0.08 0.00 49.64 0.45 0.00 -0.01 0.21 0.04 0.00 0.00

Close 1,999.31 Listed cap 11,335.33 mn Payout (%) 30.57

Volume

Change 14.24 Market cap 288,609.85 mn Div Yield (%) 0.64

Last 60 days High Low

457 6.50 3.51 6250 7.15 5.05 36001 4.20 2.52 7577 36.30 20.25 522 12.85 10.85 1000 23.62 12.15 999 6.70 2.65 600 75.50 52.01 14005 3695.00 2312.94 13449 13.70 9.00 331 51.35 34.25 11500 4.00 2.10 7500 4.75 2.50 500 3.26 1.60 135 15.01 11.00 238 6.88 4.01

% Change 0.72 5-Day High 1,999.31 5-Day Low 1,953.63

2010 Div BR (%) (%) 25 40 10 10 12 750 10 15 -

2011 Div BR (%) (%)

25B -

-

-

Last 60 days High Low

Open 996.04 Turnover 20,236 P/E (x) 2.35

High Low 1,004.36 990.95 Total cos Defaulter cos P/BV (x) ROE (%) 0.25 10.64

Paid up Cap(mn)

PE

Open

High

Low

AL-Abid Silk 134 Gauhar Engineering Ltd 22 Hussain Industries 106 Pak Elektron 1219 Tariq Glass Ind 231

2.84 3.31 1.81

24.52 0.80 5.67 13.14 13.55

25.74 1.50 5.00 13.25 13.70

25.74 1.50 4.90 13.03 13.26

Company

2011 Div BR (%) (%)

AL-Ghazi Tractor XD Bolan Casting

215 104

4.64 209.51 4.87 50.91

207.49 199.05 206.25 -3.26 48.57 48.38 48.55 -2.36

7109 612

244.95 52.25

199.05 43.00

400 25

10B

-

-

Ghandhara Ind Hinopak Motor KSB Pumps

213 124 132

8.04 9.62 - 115.98 7.35 58.48

9.60 9.17 9.17 -0.45 114.49 111.00 111.91 -4.07 61.40 60.20 61.35 2.87

5105 361 2105

13.50 138.60 67.24

8.25 111.00 54.05

-

-

-

-

Millat Tractors

366

7.96 530.89

527.99 504.35 516.69 -14.20

106680

568.40

466.27

650

25B325.00

-

Total Assets (Rs in mn)

MA (10-day)

3.01

Total Equity (Rs in mn)

MA (100-day)

3.17

Revenue (Rs in mn)

MA (200-day)

3.04

Interest Expense

1st Support

3.15

Loss after Taxation

2nd Support

3.05

EPS 09 (Rs)

1st Resistance

3.40

Book value / share (Rs)

2nd Resistance

3.55

PE 10 E (x)

Pivot

3.30

PBV (x)

19,704.24 9,763.73 8,129.96 1,230.81 (1,278.96) (0.974) 7.44 0.44

LPCL closed down -0.08 at 3.25. Volume was 529 per cent above average (trending) and Bollinger Bands were 6 per cent narrower than normal. The company's loss after taxation stood at Rs1.045 billion which translates into a Loss Per Share of Rs0.80 for the nine months of current calendar year (9MCY10). LPCL is currently 7.1 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 LPCL (bullish). Trend forecasting oscillators are currently bullish on LPCL.

Nishat (Chunian) Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

61.43

Total Assets (Rs in mn)

MA (10-day)

27.51

Total Equity (Rs in mn)

MA (100-day)

23.73

Revenue (Rs in mn)

14,251.88

MA (200-day)

20.30

Interest Expense

1st Support

27.10

Profit after Taxation

2nd Support

26.20

EPS 10 (Rs)

5.875

1st Resistance

28.70

Book value / share (Rs)

27.96

2nd Resistance

29.40

PE 11 E (x)

4.31

Pivot

27.80

PBV (x)

1.00

4,432.51 13,343.54 1,101.05 931.47

NCL closed down -0.26 at 28.03. Volume was 336 per cent above average (trending) and Bollinger Bands were 52 per cent wider than normal. The company's profit after taxation stood at Rs518.94 million which translates into an Earning Per Share of Rs3.25 for the half year of current fiscal year (1HFY11). NCL is currently 38.1 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 NCL at a relatively equal pace. Trend forecasting oscillators are currently bullish on NCL.

Samba Bank Limited

Paid up Cap(mn) 56 76 2594 840 4493 33 76 141 64 1150 2442 238 492 31 600 514 34 204 234 146 222 138 716 99 180 181 5 107 303 1455 189 145 1617 3516 560 174 185 250 213 308 40 264 88 42 267 312 133 120 307 418 99 594

24.52 1.50 5.00 13.16 13.70

0.00 0.70 -0.67 0.02 0.15

Volume 300 500 501 15780 3154

Change 0.68 Market cap 4,809.26 mn Div Yield (%) 2.67

% Change 0.07 5-Day High 1,007.09 5-Day Low 995.02

Last 60 days High Low

2010 Div BR (%) (%)

40.00 2.35 8.80 15.88 24.00

-20B 20R - 10B 17.5 -

23.33 0.50 4.60 12.07 12.51

2011 Div BR (%) (%) - 200R

Total Assets (Rs in mn)

23,734.13

MA (10-day)

1.79

Total Equity (Rs in mn)

7,075.66

MA (100-day)

1.90

Revenue (Rs in mn)

1,878.63

MA (200-day)

2.02

Interest Expense

1,208.86

PERSONAL GOODS

1st Support

1.65

Loss after Taxation

(593.05)

Performance of SR Personal Goods Index

2nd Support

1.64

EPS 09 (Rs)

1st Resistance

1.71

Book value / share (Rs)

High Low 997.39 981.51 Total cos Defaulter cos P/BV (x) ROE (%) 0.54 8.64

PE

Open

High

Low

7.19 0.20 4.53 0.64 0.75 1.95 2.92 23.90 0.15 0.77 0.79 0.33 0.38 0.94 0.96 2.32 2.55 0.22 0.20 7.76 4.31 5.64 2.97 0.66 1.15 3.59 0.67 3.33 0.37 0.23 0.70 4.56 1.18 0.43 6.62 5.26 5.91 6.62

1.20 10.80 2.81 20.00 9.04 14.50 529.69 0.95 58.00 2.70 2.43 1.00 15.29 4.00 1.53 49.05 4.37 30.22 83.00 8.00 10.49 0.55 4.81 9.36 4.25 292.48 200.50 1.19 1.50 4.51 0.99 0.40 28.29 62.87 18.42 13.40 14.76 1.00 0.62 13.10 4.50 8.25 5.85 3.75 5.83 3.18 1.80 188.00 105.29 46.40 0.40 3.52

1.68 9.80 2.85 19.99 9.20 15.35 539.50 1.01 58.01 2.93 2.43 1.09 15.90 4.00 1.64 46.60 4.26 30.00 82.50 8.00 10.35 0.60 4.89 10.25 4.49 307.10 210.50 1.10 1.50 4.74 0.91 0.48 28.50 63.88 19.00 13.45 14.60 1.10 0.61 12.90 3.80 8.00 6.69 3.50 6.40 4.09 2.14 195.00 110.00 48.24 0.68 3.99

1.40 9.80 2.65 19.53 8.91 15.35 512.00 0.84 58.00 2.65 2.22 0.73 15.50 4.00 1.50 46.60 4.20 30.00 80.00 8.00 10.35 0.41 4.50 8.50 4.16 277.88 210.40 0.99 1.40 4.50 0.88 0.40 26.90 62.35 18.03 13.45 14.60 0.99 0.61 12.90 3.80 7.45 5.90 3.00 6.39 3.70 2.14 186.00 103.00 46.50 0.68 3.20

Open 908.99 Turnover 45,580 P/E (x) 6.59 Company

Paid up Cap(mn)

Abbott (Lab)SPOT 979 GlaxoSmithKline 1707 Highnoon (Lab) 165 IBL HealthCare Ltd 200 Sanofi-AventisSPOT 96 Searle Pak 306

Fundamental Highlights As on Dec 31, 2009

Technical Analysis 45.56

Open 992.61 Turnover 16,972,797 P/E (x) 6.21

(Colony) Thal AL-Qadir Textile Amtex Limited Artistic Denim Azgard Nine Babri Cotton Bata (Pak) Bilal Fibres Blessed Tex Mills Chenab Limited Colony Mills Ltd Crescent Jute Crescent Textile D M Textile D S Ind Ltd Dawood Lawrencepur Dewan Mushtaq Textile Din Textile Gadoon Textile XD Gulistan Spinning Gulshan Spinning Hajra Textile Hira Textile Mills Ltd. Ideal Spinning Idrees Textile Indus Dyeing Island Textile Khalid Siraj Kohinoor Ind Kohinoor Textile Mohd Farooq Mukhtar Textile Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Prosperity Ravi Textile Redco Textile Reliance Weaving Safa Textile Saif Textile Sally Textile Salman Noman Samin Textile Sargoda Spinning Saritow Spinning Service Ind Thal Limited Treet Corp Zahoor Cotton Zephyr Textile Ltd

Close Chg

Close 996.72 Listed cap 3,763.71 mn Payout (%) 6.27

RSI (14-day)

% Change -2.38 5-Day High 1,650.47 5-Day Low 1,583.31

2010 Div BR (%) (%)

60.50

Performance of SR Household Goods Index

Close Chg 1.50 9.80 2.67 20.00 8.97 15.35 522.17 0.84 58.00 2.67 2.22 1.00 15.89 4.00 1.53 46.60 4.22 30.22 80.18 8.00 10.35 0.55 4.66 9.36 4.23 295.79 210.50 1.01 1.45 4.50 0.99 0.40 28.03 63.51 18.59 13.45 14.60 1.00 0.61 12.90 3.80 7.51 5.98 3.20 6.39 3.93 2.14 193.24 106.02 48.07 0.68 3.97

0.30 -1.00 -0.14 0.00 -0.07 0.85 -7.52 -0.11 0.00 -0.03 -0.21 0.00 0.60 0.00 0.00 -2.45 -0.15 0.00 -2.82 0.00 -0.14 0.00 -0.15 0.00 -0.02 3.31 10.00 -0.18 -0.05 -0.01 0.00 0.00 -0.26 0.64 0.17 0.05 -0.16 0.00 -0.01 -0.20 -0.70 -0.74 0.13 -0.55 0.56 0.75 0.34 5.24 0.73 1.67 0.28 0.45

Close 988.09 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change -4.52 Market cap 132,698.61 mn Div Yield (%) 2.69

Last 60 days High Low

33811 1.75 1000 10.80 255089 4.68 203 24.59 1479148 12.84 6000 16.60 402 700.00 2001 2.00 301 63.70 40002 3.76 1000 2.97 143 1.43 1036 23.99 952 4.00 21170 2.10 2616 49.05 8297 8.90 255 33.69 2543 91.00 12300 9.23 3000 11.00 41000 1.10 39102 5.20 204 10.90 18524 4.95 1312 348.10 524 210.50 40433 1.69 9713 1.98 5001 5.95 236 1.79 10020 0.88 13097101 29.15 1661252 71.89 28354 19.90 2000 15.49 2415 15.44 10108 1.80 2000 0.99 1500 13.79 524 7.00 20852 11.50 31500 7.94 14330 6.35 3001 7.40 2521 4.65 1000 2.89 4398 253.00 5828 132.00 42903 63.30 3000 0.87 501 4.50

2010 Div BR (%) (%)

0.50 5.61 10 2.35 30 19.11 20 8.05 9.50 - 15B 493.50 280 0.84 46.00 50 2.05 2.00 0.32 15.00 15 1.99 1.20 35.00 5 15B 2.90 25.10 20 10B 61.20 70 5.02 10 6.30 10 20B 0.25 3.31 10 4.56 3.01 10 188.01 50 99.33 50 0.25 0.75 3.60 0.60 0.13 21.95 15 57.20 25 45R 8.70 8.50 10 10B 13.10 30 0.40 0.40 8.60 25SD 3.80 3.90 3.63 10 2.99 5B 4.55 - 100R 1.55 5 1.00 186.00 100.51 80 20B 44.10 0.25 2.56 -

% Change -0.46 5-Day High 992.61 5-Day Low 986.41 2011 Div BR (%) (%) -

-

Performance of SR Pharma and Bio Tech Index

Change -38.61 Market cap 31,598.89 mn Div Yield (%) 17.17

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

HOUSEHOLD GOODS

PHARMA AND BIO TECH

Close 1,583.31 Listed cap 1,336.62 mn Payout (%) 131.49

Volume

-

90

Open 1,985.07 Turnover 101,229 P/E (x) 47.59

Performance of SR Industrial Engineering Index High Low 1,611.53 1,544.57 Total cos Defaulter cos P/BV (x) ROE (%) 2.91 38.02

-

66.45

INDUSTRIAL ENGINEERING Open 1,621.92 Turnover 122,028 P/E (x) 7.66

2011 Div BR (%) (%)

-

82.63

-

Last 60 days High Low

40 15

4010

823 11.56

-

% Change -0.50 5-Day High 873.72 5-Day Low 856.57

2010 Div BR (%) (%)

Performance of SR Food Producers Index

Company

High Low 877.54 845.95 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 7.10

63.00 29.63

% Change -0.70 5-Day High 696.89 5-Day Low 676.60

1.65

CONSTRUCTION AND MATERIALS

Paid up Cap(mn)

Lafarge Pakistan Cement Ltd

FOOD PRODUCERS

Performance of SR Construction and Materials Index Open 860.92 Turnover 16,296,062 P/E (x) 6.29

High Low 1,126.21 1,088.00 Total cos Defaulter cos P/BV (x) ROE (%) 0.97 25.35

Agriautos Ind

INDUSTRIAL METALS AND MINING High Low 1,035.40 1,011.18 Total cos Defaulter cos P/BV (x) ROE (%) 1.03 33.10

Change -4.79 Market cap 11,506.74 mn Div Yield (%) 2.19

AUTOMOBILE AND PARTS

Performance of SR Industrial Metals and Mining Index Open 1,028.89 Turnover 76,904 P/E (x) 3.12

Close 676.60 Listed cap 3,242.17 mn Payout (%) 11.08

1092 1321

2011 Div BR (%) (%)

2533.33B 50 -

High Low 691.06 675.60 Total cos Defaulter cos P/BV (x) ROE (%) 1.29 25.53

Performance of SR Automobile and Parts Index

Company

Close 1,737.51 Listed cap 52,251.88 mn Payout (%) 48.81

Performance of SR Forestry & Paper Index Open 1,007.56 Turnover 20,825 P/E (x) 5.26

19687.47 19849.78 19461.7 i25.06

Paid up Cap(mn)

Pak Int Cont.Terminal PNSC

CHEMICALS

Company

Current High Low Change

11442.97 11580.63 11318.76 i34.64

Alert ! Unusual Movements

Performance of SR Industrial Transportation Index

Close Change 1,459.76 0.24 Listed cap Market cap 65,194.15 mn 1,089,783.18 mn Payout (%) Div Yield (%) 55.94 5.48

Attock Petroleum 691 6.30 Attock Refinery 853 4.98 BYCO Petroleum 3921 Mari Gas CompanySPOT 735 7.61 National Refinery 800 5.93 Oil & Gas Development 43009 9.94 Pak Petroleum 11950 7.60 Pak Oilfields 2365 7.23 Pak Refinery Limited 350 P.S.O XD 1715 4.72 Shell Pakistan 685 10.46

Open 1,738.99 Turnover 32,539,954 P/E (x) 9.27

Current High Low Change

KMI 30 Index

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,459.52 Turnover 6,125,126 P/E (x) 10.20

KSE 30 Index

PE

Open

7.28 87.69 15.85 81.86 7.04 25.66 3.94 11.00 6.90 160.31 5.20 60.00

High

High Low 913.58 896.15 Total cos Defaulter cos P/BV (x) ROE (%) 1.47 22.31 Low

Close Chg

88.50 87.25 87.49 -0.20 82.00 80.00 80.50 -1.36 25.40 25.30 25.40 -0.26 10.00 10.00 10.00 -1.00 166.00 160.00 160.31 0.00 60.00 58.05 59.54 -0.46

Close 900.29 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 2914 32840 3222 2000 101 4500

Change -8.70 Market cap 30,147.13 mn Div Yield (%) 6.76

Last 60 days High Low 112.50 89.98 30.48 11.00 174.00 69.00

78.59 68.00 24.50 7.16 134.00 58.05

2010 Div BR (%) (%) 50 40 100 30

15B -

% Change -0.96 5-Day High 908.99 5-Day Low 898.78 2011 Div BR (%) (%) -

-

2nd Resistance

1.76

PE 10 E (x)

Pivot

1.70

PBV (x)

(0.676) 8.07 0.21

SBL closed down -0.02 at 1.73. Volume was 152 per cent above average (trending) and Bollinger Bands were 9 per cent narrower than normal. The company's loss after taxation stood at Rs119.594 million which translates into a Loss Per Share of Rs0.10 for the year ended CY10. SBL is currently 14.4 per cent below 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 SBL at a relatively equal pace. Trend forecasting oscillators are currently bullish on SBL.

Dewan Cement Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

42.90

Total Assets (Rs in mn)

20,869.47

MA (10-day)

1.83

Total Equity (Rs in mn)

3,628.10

MA (100-day)

1.94

Revenue (Rs in mn)

3,494.78

MA (200-day)

1.81

Interest Expense

1st Support

1.63

Loss after Taxation

2nd Support

1.56

EPS 10 (Rs)

1st Resistance

1.87

Book value / share (Rs)

2nd Resistance

2.04

PE 11 E (x)

Pivot

1.80

PBV (x)

11.15 (622.76) (1.743) 10.15 0.17

DCL closed down -0.05 at 1.76. Volume was 51 per cent below average (consolidating) and Bollinger Bands were 38 per cent narrower 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 3.0 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of DCL at a relatively equal pace. Trend forecasting oscillators are currently bearish on DCL.

BOOK CLOSURES Company

From

To

Engro Corp (Consolidated) Nishat Mills (Unconsolidated) # Clarient Pakistan Hub Power (Unconsolidated) Janana Textile Mills # Bannu Woollen Mills # Lotte Pakistan Mari Gas Abbott Laboratories Pak Mybank Ltd American Life Insurance # Meezan Bank Rafhan Maize Prod D.G Khan Cement (Consolidated) Crescent Jute Products # Bank Alfalah Olympia Textile Mills # Pak Datacom Ittehad Chemicals # MCB Bank Nestle Pakistan

17-Mar 17-Mar 18-Mar 18-Mar 18-Mar 18-Mar 18-Mar 19-Mar 19-Mar 19-Mar 19-Mar 19-Mar 21-Mar 21-Mar 21-Mar 22-Mar 22-Mar 22-Mar 22-Mar 22-Mar 22-Mar

31-Mar 31-Mar 25-Mar 25-Mar 25-Mar 25-Mar 24-Mar 25-Mar 28-Mar 23-Mar 25-Mar 28-Mar 29-Mar 28-Mar 27-Mar 28-Mar 30-Mar 29-Mar 28-Mar 31-Mar 28-Mar

D/B/R

Spot AGM/Date

20(F),20(B) 09-Mar 135.25(B) 10-Mar 25(I) 10-Mar 5 10-Mar 23.43(I) 30(F) 11-Mar 15(B) 11-Mar 550(F) 11-Mar 20(R) 11-Mar 15(I) 5(I) 14-Mar 30(F),10(B) 14-Mar 300(F) 14-Mar

31-Mar 31-Mar 25-Mar 26-Mar 26-Mar 24-Mar 29-Mar 25-Mar 25-Mar 28-Mar 29-Mar 24-Mar 28-Mar 30-Mar 28-Mar 31-Mar 28-Mar

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols Pakistan Cables TRG Pakistan Ltd. Indus Fruit Murree Brewery Co. Shezan International Lakson Tobacco Pak Tobacco P.I.A.C.(A) Pak Services AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies Pak Telephone

Open 54.08 3.16 0.45 96 152.47 255.14 102.64 2.93 151.75 39.89 2.72 22.08 1.16

High 54 3.25 0.5 100.8 148.01 255 106 3 150 40 2.88 22.49 1.79

Low Close 53.5 3.1 0.5 95 144.85 242.39 97.51 2.82 150 38.5 2.73 21.92 1.6

54 3.1 0.5 100.8 144.85 245.19 98.52 2.84 150 39.89 2.83 22.18 1.6

Change -0.08 -0.06 0.05 4.8 -7.62 -9.95 -4.12 -0.09 -1.75 0 0.11 0.1 0.44

Vol 844 1037862 4000 65137 14684 105 1408 61833 3000 105 127574 285527 602


7

Thursday, March 17, 2011 Ask Gen Insurance

FIXED LINE TELECOMMUNICATION

Atlas Insurance

Performance of SR Fixed Line Telecommunication Index Open 1,025.67 Turnover 919,175 P/E (x) 5.59 Paid up Cap(mn)

Company

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

PE

78 5.12 37740 11.65 3000 1.28 8606 6175 -

Open

High Low 1,038.88 1,015.91 Total cos Defaulter cos P/BV (x) ROE (%) 0.72 12.84

High

45.75 17.56 1.96 2.37 2.88

Low

47.40 17.75 2.00 2.45 3.00

46.75 17.42 1.91 2.30 2.85

Close Chg 47.10 17.48 1.94 2.32 2.86

1.35 -0.08 -0.02 -0.05 -0.02

Close 1,020.19 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 523 260863 324408 333381 37292

Change -5.48 Market cap 70,683.33 mn Div Yield (%) 11.19

Last 60 days High Low 82.39 20.65 2.48 3.11 4.65

255

45.50 17.25 1.60 2.15 2.80

% Change -0.53 5-Day High 1,054.08 5-Day Low 1,020.19

2010 Div BR (%) (%) 80 17.5 1 -

2011 Div BR (%) (%)

- 15.00 -

-

4.67

369

11.40

Paid up Cap(mn)

Company

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

198 11572 1560 7932 1695 126 8803 3673 3541 178 1367

PE

Open

High

Low

7.31 7.35 2.81 5.20 3.11 2.43 -

0.70 39.94 1.42 2.67 16.86 3.80 40.82 15.35 16.62 0.80 1.74

0.70 40.00 1.44 2.75 17.20 3.74 41.14 15.75 16.80 0.61 1.76

0.65 39.25 1.36 2.60 16.85 3.60 40.26 15.40 16.00 0.60 1.70

Change -2.21 Market cap 106,389.89 mn Div Yield (%) 7.46

Volume

Last 60 days High Low

0.65 39.91 1.36 2.65 16.90 3.60 40.54 15.50 16.62 0.60 1.74

1007 3418930 66716 614525 675 3274 172026 1065003 1339285 1550 48201

1.17 41.20 2.00 3.55 22.85 5.38 45.85 18.01 18.70 2.10 2.39

Paid up Cap(mn)

Company Sui North Gas Sui South Gas

PE

5491 11.75 8390 3.66

Open

High

20.00 24.87

20.45 24.76

Low 19.90 24.22

Close Chg

0.56 35.90 1.25 2.31 16.00 3.30 39.80 14.05 14.85 0.43 1.41

19.98 -0.02 24.33 -0.54

Close 1,403.19 Listed cap 12,202.80 mn Payout (%) 66.79

Volume 76876 117421

2010 Div BR (%) (%) 50 15 50 -

2011 Div BR (%) (%)

- 25.00 7.8R - 10.00 - 30.00 -

-

Change -17.57 Market cap 31,383.22 mn Div Yield (%) 7.29

Last 60 days High Low 29.39 27.90

19.71 20.02

% Change -1.24 5-Day High 1,469.37 5-Day Low 1,403.19

2010 Div BR (%) (%) 20 15

2011 Div BR (%) (%)

25B

-

-

Performance of SR Banks Index

Paid up Cap(mn)

Company

PE

Open

Allied Bank Ltd.XDXB 8603 5.47 58.30 Askari BankSPOT 6427 6.58 13.80 Bank Alfalah 13492 6.86 9.40 Bank AL-HabibXDXB 8786 5.54 27.03 Bank Of Khyber 5004 3.73 4.24 Bank Of Punjab 5288 6.92 BankIslami Pak 5280 39.11 3.54 Faysal Bank 7327 4.15 12.94 Habib Bank LtdXDXB 11021 6.66 107.08 Habib Metropolitan Bank 8732 7.03 23.04 JS Bank Ltd 8150 2.70 KASB Bank Ltd 9509 1.48 MCB Bank LtdSPOT 7602 9.75 219.61 Meezan BankSPOT 6983 8.32 19.01 Mybank Ltd 5304 2.05 National BankSPOT 13455 6.83 78.05 NIB Bank 40437 2.10 Samba Bank 14335 1.75 Silkbank Ltd 26716 2.15 Soneri Bank 6023 29.52 6.30 Stand Chart BankSPOT 38716 9.47 9.09 Summit Bank Ltd 7251 2.98 United Bank Ltd XD 12242 6.73 57.90

High

High Low Close 1,130.07 1,090.19 1,103.19 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.07 13.94 40.49 Low

Close Chg

59.98 57.10 58.00 -0.30 14.00 13.62 13.81 0.01 9.48 9.11 9.26 -0.14 27.50 27.00 27.25 0.22 4.25 4.16 4.21 -0.03 7.29 6.85 6.98 0.06 3.65 3.48 3.52 -0.02 13.49 12.80 12.86 -0.08 108.50 105.50 106.63 -0.45 23.40 22.80 23.00 -0.04 2.77 2.58 2.61 -0.09 1.50 1.42 1.50 0.02 223.99 213.62 216.48 -3.13 19.70 19.01 19.63 0.62 2.18 2.01 2.05 0.00 78.70 77.65 78.22 0.17 2.10 2.00 2.02 -0.08 1.75 1.69 1.73 -0.02 2.27 2.14 2.19 0.04 6.39 6.10 6.20 -0.10 9.06 9.00 9.00 -0.09 3.09 2.85 2.99 0.01 58.25 56.70 57.30 -0.60

Volume

Change -8.65 Market cap 665,693.29 mn Div Yield (%) 5.30

Last 60 days High Low

44177 74.00 174741 19.25 345247 11.99 46545 39.49 19382 4.65 3591604 10.23 173203 4.50 76634 16.47 36071 131.00 32590 29.28 183930 3.16 34303 2.70 871181 250.48 35357 20.30 26513 3.40 3010482 81.78 1936623 3.35 504698 2.12 230169 3.05 7798 8.48 54138 9.90 80845 4.63 717732 70.65

57.10 12.55 8.75 26.95 3.75 6.40 3.06 10.69 105.50 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 56.70

% Change -0.78 5-Day High 1,144.42 5-Day Low 1,103.19

2010 Div BR (%) (%)

2011 Div BR (%) (%)

40 10B - 10B 20 20B - 20B 65 10B - 20B - 66R 85 10B - 15B 75 25B -154.79R -63.46R 6 50 -

-

-

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 753.11 Turnover 1,217,367 P/E (x) 12.76 Paid up Cap(mn)

Company Adamjee Insurance

High Low 767.68 744.42 Total cos Defaulter cos P/BV (x) ROE (%) 0.66 5.20

-

6.02

39.59

40.00

39.15

3971

42.90

35.47

-

20B

88.13

89.93

86.55

86.92 -1.21

808

89.93

60.00

10

10B

-

-

9.97

10.22

9.95

10.00 0.03

27325

11.99

8.90

-

-

-

-

1250

-

35.63

36.75

35.00

36.54 0.91

41723

45.40

32.25

-

-

-

-

Habib Insurance

400

3.08

13.07

13.39

12.75

12.92 -0.15

731

15.50

11.72

-

-

-

IGI Insurance

718

8.33

97.36

97.98

96.78

97.00 -0.36

4877

102.44

88.11

30

55B

New Jub Insurance

791 11.25

63.96

64.25

62.06

64.01 0.05

10833

64.25

56.00

35

3000 45.31

17.70

17.98

17.26

17.67 -0.03

948323

19.40

13.80

350 85.36

11.47

11.99

11.20

11.95 0.48

21303

13.00

6.30

Pak Reinsurance PICIC Ins Ltd Premier Insurance

303

Reliance Insurance XB Silver Star Insurance

High

Low

Close

3.25

3.30

3.30

3.25

0.00

SPLC

0.94

0.61

0.61

0.94

0.00

SHNI

9.16

9.90

9.90

9.16

0.00

100

-

QUET

50.45

48.00

47.93

50.45

0.00

100

-

-

BWCL

11.66

12.50

12.50

11.66

0.00

100

25B

-

-

ZIL

65.30

65.25

65.25

65.30

0.00

78

-

-

-

-

ELSM

26.05

26.90

25.60

26.05

0.00

77

4.95

4.90

4.90

4.95

0.00

75

-

-

-

-

SAZEW

23.10

22.85

22.50

23.10

0.00

64

-

UNIC

7.53

7.75

7.74

7.53

0.00

-

CSM

0.58

0.58

0.52

0.58

0.00

59

SHFA

30.67

31.50

31.50

30.67

0.00

55

JKSM

6.99

6.95

6.95

6.99

0.00

50

LIFE INSURANCE

FECS

36.91

35.08

35.08

36.91

0.00

50

Performance of SR Life Insurance Index

PECO

4.41

253

FANM

6.42

252

-

UPTO 100 VOLUME

-

9.88

4.28

11.13 7.50 6.56

11.87

11.64

7.30

11.87 0.74

7.19

6.90

7.19 -0.31

6.60

Open 733.00 Turnover 16,385 P/E (x) 5.42

% Change -0.16 5-Day High 1,346.04 5-Day Low 1,334.16

BANKS Open 1,111.84 Turnover 12,153,118 P/E (x) 7.64

-10B 25R

6.25

6.89 0.33

1003

12.93

899

10.10

7.50

8751

-

6.20

8.20

-

-

6.01

-

-

-

-

-

-

Symbols

Open

FNEL

-

GRAYS

Close 760.71 Listed cap 11,111.34 mn Payout (%) 79.54

Change 7.60 Market cap 47,964.01 mn Div Yield (%) 6.23

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1237 23.20

78.52

80.30

78.19

80.04 1.52

144754

96.40

71.55

% Change 1.01 5-Day High 770.45 5-Day Low 753.11

2010 Div BR (%) (%) 10

2011 Div BR (%) (%)

-

-

-

High Low 757.67 715.04 Total cos Defaulter cos P/BV (x) ROE (%) 3.20 3.85

Close 751.67 Listed cap 2,290.72 mn Payout (%) 355.53

Change 18.68 Market cap 8,855.27 mn Div Yield (%) 4.27

PE

East West Life

500

-

2.00

1.98

1.62

1.62 -0.38

2501

3.84

1.52

-

20R

-

-

850 34.51

57.99

60.88

56.00

60.74 2.75

12560

79.80

51.31

-

-

-

-

New Jub Life InsuranceSPOT62719.49 45.94

46.00

45.50

45.61 -0.33

1302

49.31

39.05

15

-

-

-

Open

High

Low

Close Chg

Volume

Open 339.62 Turnover 2,074,691 P/E (x) 11.50 Company

Paid up Cap(mn)

AMZ Ventures

PE

225

Arif Habib Investments Arif Habib Limited

1.33

360 4.02 450 17.41

Arif Habib Corp 3750 Dawood Cap Mangt. XB 150

Open 0.59

High Low 350.67 338.56 Total cos Defaulter cos P/BV (x) ROE (%) 0.22 0.91

High

Low

0.67

Close Chg

0.54

0.64 0.05

Close 341.38 Listed cap 30,336.44 mn Payout (%) 99.56

Change 1.76 Market cap 16,273.61 mn Div Yield (%) 4.02

Last 60 days High Low

Volume 25366

0.93

2010 Div BR (%) (%)

0.33

-

-

-

-

-

-

Invest and Fin Sec Invest Bank Ist Cap Securities Ist Dawood Bank

600 2849 3166 626

5.00 0.80

6.05 0.50 3.10 1.52

6.47 0.60 3.24 1.60

6.15 0.45 3.05 1.50

6.20 0.50 3.07 1.52

0.15 0.00 -0.03 0.00

2499 415 32737 2972

8.98 1.09 3.84 2.00

5.65 0.31 2.90 1.05

11.5 -

10B -

-

-

Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities

7633 508 757.50 500 6.75 1000 1000 -

8.94 3.15 24.27 5.44 4.50

9.18 3.37 25.44 5.67 4.60

8.95 3.00 23.06 5.45 4.45

9.03 3.03 23.50 5.56 4.54

0.09 -0.12 -0.77 0.12 0.04

1481247 161499 1908 55807 2200

12.80 4.49 31.50 7.40 5.43

8.01 2.58 20.80 5.10 3.75

10 -

-

-

-

5.72 1.96

6.24 2.12

5.90 2.03

370 243362

7.09 2.49

5.25 1.21

-

-

-

-

% Change -0.66 5-Day High 1,463.47 5-Day Low 1,428.81

18.5 0 17 21 5 10 15.5 15 10 18 10 20 10 3 1 17 12.5

1.16 7.81 1.12 1.30 1.95 1.61 2.92 6.60 4.61 4.20 7.20 2.92 4.85 8.21 6.21 12.05 5.10 0.90 0.85 9.01 5.90

14

2.89 94.50

2.87 94.50

2.45

0.00

90.00

12

0.00

10

4.20

4.20

4.20

4.20

0.00

10

GATM

43.00

44.70

42.58

43.00

0.00

10

WAHN

37.15

37.20

37.20

37.15

0.00

10

BWHL

35.59

33.82

33.82

35.59

0.00

8

PHDL

31.89

32.00

32.00

31.89

0.00

8

STCL

7.54

8.00

7.90

7.54

0.00

6

FCONM

1.30

1.47

1.46

1.30

0.00

5

FECM

2.75

3.00

3.00

2.75

0.00

5

MODAM

1.15

1.44

1.44

1.15

0.00

5

10.55

10.00

10.00

10.55

0.00

5

EMCO

1.91

2.30

2.30

1.91

0.00

5

PKGI

6.70

7.60

6.20

6.70

0.00

4

IBFL

47.06

48.85

45.21

47.06

0.00

4

FEROZ

88.38

90.46

90.46

88.38

0.00

3

COLG

808.99

844.45

788.45

808.99

0.00

3

PAKMI

0.85

1.05

1.05

0.85

0.00

CSIL

4.24

4.16

4.16

4.24

0.00

2 2 2

2

ATFF

6.48

6.49

6.49

6.48

0.00

1

GRYL

3.01

2.17

2.17

3.01

0.00

1

SMBLR

0.01

0.01

0.01

0.01

0.00

CWSM

1.00

1.50

1.50

1.00

0.00

1 1

YOUW

1.24

1.80

1.80

1.24

0.00

1

TOWL

8.08

9.00

9.00

8.08

0.00

1

CSUML

3.57

2.71

2.71

3.57

0.00

1

KOHS

3.40

2.52

2.52

3.40

0.00

1

PNGRS

4.08

4.38

4.38

4.08

0.00

1

GWLC

6.21

6.10

6.10

6.21

0.00

1

SMCPL

5.21

5.83

5.83

5.21

0.00

1

TSPL

0.63

0.75

0.75

0.63

0.00

1

ATEL

36.53

38.35

38.35

36.53

0.00

Symbols

Open

NCL-MAR

28.40

ENGRO-MAR 191.36

Low

Close

1

Change

Vol

28.50

27.10

27.87

195.35

189.80

194.46

3.10 2,370,500

23.67

23.90

23.40

23.55

-0.12 1,466,500

FFBL-MAR

38.67

39.50

37.99

39.14

POL-MAR

311.41

316.50

310.81

314.80

-0.53 2,486,000

0.47 1,198,500 3.39 960,500

57.31

57.76

56.80

57.49

0.18 479,500

130.77

131.98

126.50

128.99

-1.78 474,000

LUCK-MAR

67.08

67.00

66.30

66.89

-0.19 421,000

MCB-MAR

198.25

202.00

192.61

195.10

-3.15 296,500

FFC-MAR

ANL-MAR

-

High

DGKC-MAR

NBP-MARB

2011 Div BR (%) (%)

- 5.00 - 10.00 - 12.50 - 7.50 - 7.50

2.45

DFSM

FUTURE CONTRACTS

EQUITY INVESTMENT INSTRUMENTS

2.34 11.50 2.79 2.98 5.10 2.57 3.89 7.50 6.43 6.61 10.24 4.73 7.58 9.90 8.83 16.49 7.95 1.20 2.00 10.63 7.25

15

0.00

JOPP

Performance of SR Equity Investment Instruments Index

5397 4000 9721 503 3001 41109 8460 235 2600000 38563 358500 509 500 101 6000 178484 13527 1000 3101 4060 3355

0.00

9.75

0.00

-

-

-0.18 0.00 -0.03 0.01 -0.40 -0.18 0.02 0.00 -0.07 0.10 0.10 -0.24 -0.30 0.00 0.01 -0.39 -0.01 -0.02 -0.01 0.06 0.10

25.86

10.39

46.48

-

-

1.42 10.00 1.67 1.75 2.10 1.82 3.22 7.49 5.70 5.25 9.00 4.15 5.00 9.38 7.11 12.10 5.20 1.07 1.39 9.78 7.00

24.66

10.44

48.30

30 -

1.06 2.15 1.90

1.40 9.90 1.65 1.75 2.10 1.79 3.18 7.00 5.70 4.91 8.80 4.15 5.00 9.25 7.10 12.05 5.11 1.07 1.39 9.52 6.99

26.99

9.75

48.30

18.75 1.10

2.75 4.00 3.90

1.65 10.00 1.84 2.00 3.47 2.07 3.22 7.49 5.70 5.50 9.00 4.30 5.00 9.48 7.11 12.30 5.21 1.07 1.39 9.80 7.00

25.86

ADOS

46.48

30.20 2.10

1001 32550 3014

1.60 10.00 1.70 1.74 2.50 2.00 3.20 7.49 5.77 5.15 8.90 4.39 5.30 9.38 7.10 12.49 5.21 1.09 1.40 9.72 6.90

SGLL

BIFO

2883521 804

4.03 1.82 1.07 5.25 0.62 1.48 6.46 2.19 1.26 2.59 1.92 5.95 6.09 2.94 3.62 2.83 2.06 4.99 2.52

22

2

1.56 -0.05 3.27 0.01 2.01 0.01

264 1375 780 524 300 581 760 1008 3180 1186 1200 1000 250 59 1000 2835 2841 872 340 454 264

0.00

2

23.96 0.16 1.10 -0.20

1st Fid Leasing AL-Meezan Mutual F.SPOT B R R Guardian Mod. Equity Modaraba First Capital Mutual F. First Dawood Mutual F. Golden Arrow Habib Modaraba JS Growth Fund JS Value Fund Meezan Balanced Fund NAMCO Balanced Fund Nat Bank Modaraba Paramount Modaraba PICIC Energy Fund XD PICIC Growth Fund XD PICIC Inv Fund XD Prud Modaraba 1st Punjab Modaraba Stand Chart Modaraba U D L ModarabaSPOT

15.02

0.00

1.56 3.25 2.00

2010 Div BR (%) (%)

15.49

0.80

23.41 1.10

Last 60 days High Low

15.49

1.01

-

Volume

15.02

1.24

-

Close Chg

24

ALICO

0.80

20B 20B

Low

-3.87

DWAE

-

High

1126.14

0.00

16.80 18.31

Open

1078.02

0.00

24.86 28.00

PE

1178.00

42.00

1.71 3.28 2.10

Paid up Cap(mn)

26 25

1130.01

409.93

24.39 1.49

Company

28

0.00

40.01

37102 22200

Change -9.51 Market cap 18,388.14 mn Div Yield (%) 8.76

0.00 32.44

16.00

90.00

75.00

389.44

23.66 0.16 21.24 -0.18

Close 1,428.81 Listed cap 29,771.58 mn Payout (%) 104.74

32

69.00 4956.75

17.00

AWTX

74.00

40.01

23.60 21.00

High Low 1,442.12 1,411.72 Total cos Defaulter cos P/BV (x) ROE (%) 0.41 2.21

0.00

71.80 4850.00

389.44

24.47 22.11

Open 1,438.32 Turnover 3,280,303 P/E (x) 18.58

74.00

42.00

23.50 21.42

5.72 0.00 2.04 0.08

50 40

409.93

1.61 3.26 2.00

3.97 4.25

0.00 0.00

FZTM

23.80 1.30

821 775

45.96 139.85

TSML

4.68 1.06

Orix Leasing Pervez Ahmed Sec

44.60 132.95

-

250 520.00 First Credit & Invest Bank Ltd 650 IGI Investment Bank 2121 9.14

Dawood Equities

44.60 133.19

17.00

SCLL

2011 Div BR (%) (%)

45.96

71.80

UPFL

% Change 0.52 5-Day High 352.66 5-Day Low 339.62

61

5100.00

NSRM

FINANCIAL SERVICES

100

139.85 75.00

ULEVER

Performance of SR Financial Services Index

100

16.00

2011 Div BR (%) (%)

2010 Div BR (%) (%)

Vol

69.00

MFFL

EFU Life Assurance

Company

Last 60 days High Low

Change

4924.31

% Change 2.55 5-Day High 751.67 5-Day Low 733.00

Paid up Cap(mn)

Performance of SR Gas Water and Multiutilities Index High Low 1,431.73 1,397.17 Total cos Defaulter cos P/BV (x) ROE (%) 1.04 11.41

9.51

279

GAS WATER AND MULTIUTILITIES Open 1,420.76 Turnover 194,297 P/E (x) 9.16

12.00

457

EFU General Insurance

39.53 -0.06

1899

JDWS

Close 1,343.83 Listed cap 95,369.29 mn Payout (%) 104.13

Close Chg -0.05 -0.03 -0.06 -0.02 0.04 -0.20 -0.28 0.15 0.00 -0.20 0.00

10.87 -0.53

Central Insurance XB

Performance of SR Electricity Index High Low 1,353.79 1,323.88 Total cos Defaulter cos P/BV (x) ROE (%) 1.31 9.35

10.70

Century Insurance

ELECTRICITY Open 1,346.04 Turnover 6,731,193 P/E (x) 13.96

11.70

9.02

-0.04 258,500

NML-MAR

63.22

64.00

62.60

63.71

0.49 213,000

PSO-MAR

277.96

9.06

281.50

9.14

276.50

8.97

280.05

2.09

PPL-MAR

206.82

214.00

205.30

208.08

1.26

BOP-MAR

6.96

7.27

6.90

7.00

0.04

AICL-MAR

78.85

80.73

78.26

80.43

1.58

22,500

PTC-MAR

17.72

17.61

17.43

17.43

-0.29

20,500

NETSOL-MAR 22.26

22.00

22.00

22.00

-0.26

15,000

OGDC-MAR 148.61

148.50

146.26

146.54

-2.07

15,000

HUBC-MARB 37.67

37.67

37.67

37.67

0.00

15,000

UBL-MARB

58.28

57.90

57.00

57.90

-0.38

3,000

AICL-CMAR

78.93

0.00

0.00

80.42

1.49

-

AKBL-CMAR 13.87

0.00

0.00

-

68,000 60,500 41,000

13.88

0.01

9.09

0.00

0.00

9.01

-0.08

ATRL-CMAR 117.17

0.00

0.00

122.91

5.74

BAFL-CMAR

9.45

0.00

0.00

9.30

-0.15

-

BAHL-CMAR 27.17

0.00

0.00

27.38

0.21

-

ANL-CMAR

-

ENGRO-CMAR230.91

0.00

0.00

194.80

-36.11

-

FFBL-CMAR 38.77

0.00

0.00

39.19

0.42

-

FFC-CMAR

131.29

0.00

0.00

129.00

-2.29

-

HUBC-CMAR 40.15

0.00

0.00

40.10

-0.05

-

KAPCO-CMAR41.03

0.00

0.00

40.73

-0.30

-

ZERO VOLUME Symbols

Open

High

Low

Close

Change

LPGL

16.44

15.44

15.44

15.44

-1.00

RMPL

2793.89

2792.66

2792.66

2792.66

-1.23

Vol -

BOARD MEETINGS

Fauji Fertiliser Bin Qasim Ltd

KSE 100 INDEX

Fauji Fertiliser Co

Engro Corporation

Company

Date

Time

Century Insurance Company Ltd Security Investment The Universal Insurance Co Ltd Lakson Tobacco Pak Ltd Pak Gum & Chemicals Ltd Ksb Pumps Company Ltd Karim Silk Mills Ltd Pak International Airlines

18-Mar 18-Mar 19-Mar 21-Mar 21-Mar 21-Mar 21-Mar 26-Mar

10:30 4:30 11:30 11:00 11:00 11:30 11:30 10:00

TECHNICAL LEVELS Company

1st

Adamjee Insurance

RSI 1st 2nd (14-day) Support 45.16 78.70 77.40 40.73 2.40 2.30 Allied Bank Limited 29.52 56.75 55.50 Arif Habib Corp 56.63 23.45 22.95 Arif Habib Limited 44.06 20.80 20.35 Askari Bank 35.54 13.60 13.45 Attock Cement 36.43 49.45 48.95 Attock Petroleum 43.53 340.65 332.75 Attock Refinery 56.85 118.65 114.95 Azgard Nine 41.12 8.85 8.75 Bank Al-Falah 35.90 9.10 8.90 Bank.Of.Punjab 37.96 6.80 6.60 BankIslami Pak 47.45 3.45 3.40 D.G.K.Cement 38.45 23.65 23.30 Dewan Cement 42.94 1.65 1.60 Dewan Salman 44.61 2.60 2.55 Dost Steels Ltd 38.63 1.95 1.90 EFU General Insurance 46.56 35.45 34.35 EFU Life Assurance 54.26 57.55 54.35 Engro Chemical 33.44 190.25 186.65 Fauji Cement 38.09 4.15 4.10 Fauji Fert Bin 39.45 38.10 37.20 Fauji Fertilizer 45.61 125.35 122.35 Faysal Bank 44.60 12.60 12.35 Habib Bank Ltd 28.07 105.25 103.90 Hub Power 59.40 39.45 38.95 ICI Pakistan 69.69 163.50 159.50 Indus Motors 17.84 213.30 210.15 J.O.V.and CO 38.76 2.90 2.75 Jah Siddiq Co 44.21 8.90 8.80 Japan Power 40.21 1.30 1.25 JS Bank Ltd 43.04 2.55 2.45 K.E.S.C 47.32 2.60 2.50 Kot Addu Power 35.19 40.15 39.75 Lotte Pakistan 51.40 15.45 15.25 Lucky Cement 46.13 65.45 64.25 Maple Leaf Cement 48.03 2.25 2.20 MCB Bank Ltd 46.49 212.05 207.65 National Bank 56.57 77.70 77.15 Netsol Technologies 45.60 21.90 21.65 NIB Bank 29.32 2.00 1.95 Nimir Ind.Chemical 61.23 2.85 2.75 Nishat (Chunian) 61.51 27.10 26.20 Nishat Mills 49.37 62.60 61.70 Oil & Gas Dev. XD 30.73 145.45 144.00 P.I.A.C.(A) 56.97 2.80 2.70 P.S.O. XD 45.52 276.10 273.05 P.T.C.L.A 36.25 17.35 17.20 PACE (Pakistan) Ltd. 49.27 2.75 2.65 Pak Oilfields 49.75 310.30 306.90 Pak Petroleum 49.79 206.20 204.45 Pak Suzuki 48.10 61.35 59.65 Pervez Ahmed Sec 53.77 2.00 1.95 Pioneer Cement 48.38 5.90 5.85 Shell Pakistan 47.36 202.10 200.30 Sitara Peroxide 71.28 16.35 15.75 Sui North Gas 27.76 19.75 19.55 Sui South Gas 47.15 24.10 23.90 Telecard 42.79 1.90 1.85 TRG Pakistan 49.23 3.05 3.00 United Bank Ltd 32.15 56.60 55.85 WorldCall Tele 37.88 2.25 2.20

Resistance 80.85 81.60

Al-Abbas Cement

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

44.54

Support 1

11,687.40

MA (5-day)

11,968.05

Support 2

11,580.25

MA (10-day)

11,964.50

Resistance 1

11,911.70

MA (100-day)

11,690.76

Resistance 2

12,028.85

MA (200-day)

10,802.82

Pivot

11,804.55

KSE 100 INDEX closed down -34.67 points at 11,794.57. Volume was 24 per cent below average and Bollinger Bands were 20 per cent wider than normal. As far as resistance level is concern, the market will see major 1st resistance level at 11,911.70 and 2nd resistance level at 12,028.85, while Index will continue to find its 1st support level at 11,687.40 and 2nd support level at 11,580.25. KSE 100 INDEX is currently 9.2 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 INDEX at a relatively equal pace. Trend forecasting oscillators are currently bullish on INDEX.

Fair Value

Rs Recommendations

Brokerage House

Rs Recommendations

Fair Value

Rs Recommendations

Brokerage House

Sell

*Arif Habib Ltd

Sell

*Arif Habib Ltd

131.3

Sell

45.52

Accumulate

AKD Securities Ltd

229.9

Neutral

AKD Securities Ltd

120.7

Reduce

44.25

Positive

TFD Research

245.4

Positive

TFD Research

129.4

Neutral

37

Technical Outlook Technical Analysis

224

Technical Outlook

Technical Outlook

Leverage Position

RSI (14-day) 39.29 MTS Shares 10.00 MA (10-day) 41.76 MTS Rs 293.03 MA (100-day) 37.36 MTS Rate 21.29 MA (200-day) 32.60 ** NOI Rs (mn) 46.50 Free Float Shares (mn)326.94 Free Float Rs (mn) 12,750.60 * Target price for Jun-11 & **Net Open Interest in future market

Technical Analysis

Leverage Position

RSI (14-day) 33.32 MTS Shares N/A MA (10-day) 226.23 MTS Rs N/A MA (100-day) 199.83 MTS Rate N/A MA (200-day) 189.01 ** NOI Rs (mn) 210.58 Free Float Shares (mn)176.98 Free Float Rs (mn) 34,312.47 * Target price for Jun-11 & **Net Open Interest in future market

Technical Analysis RSI (14-day) 45.49 MA (10-day) 129.06 MA (100-day) 126.47 MA (200-day) 116.41 Free Float Shares (mn)466.49

Bollinger Bands were 36 per cent wider than normal.

average and Bollinger Bands were 149 per cent wider than normal.

and Bollinger Bands were 111 per cent wider than normal.

FFBL is currently 19.6 per cent above its 200-day moving average and is ENGRO is currently 2.5 per cent above its 200-day moving average and is FFC is currently 10.3 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared displaying an upward trend. Volatility is extremely high when compared to displaying a downward trend. Volatility is high as compared to the average to the average volatility over the last 10 trading sessions. Volume indica- the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume tors reflect volume flowing into and out of FFBL at a relatively equal pace. reflect moderate flows of volume into ENGRO (mildly bullish). Trend fore- flowing into and out of FFC at a relatively equal pace. Trend forecasting

Brokerage House

Fair Value

*Arif Habib Ltd

85

oscillators are currently bearish on FFC.

casting oscillators are currently bullish on ENGRO.

Trend forecasting oscillators are currently bearish on FFBL.

Nishat Mills Ltd

Pakistan Oilfields Ltd

Rs Recommendations Hold

Brokerage House

Fair Value

Rs Recommendations

Brokerage House

Hold

AKD Securities Ltd

42.1

Accumulate

AKD Securities Ltd

75.5

Reduce

AKD Securities Ltd

322.42

Neutral

TFD Research

Positive

TFD Research

92.3

Positive

TFD Research

363.65

Positive

Leverage Position MTS Shares MTS Rs MTS Rate ** NOI Rs (mn) Free Float Rs (mn)

*Arif Habib Ltd

N/A N/A N/A 0.01 32,327.42

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

Technical Analysis RSI (14-day) 56.66 MA (10-day) 79.03 MA (100-day) 72.48 MA (200-day) 68.92 Free Float Shares (mn)318.50

Leverage Position MTS Shares MTS Rs MTS Rate ** NOI Rs (mn) Free Float Rs (mn)

339

29,001 1,700,407 141.08 24,912.90

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

Technical Analysis RSI (14-day) 49.76 MA (10-day) 317.68 MA (100-day) 293.90 MA (200-day) 260.05 Free Float Shares (mn)107.94

Leverage Position MTS Shares MTS Rs MTS Rate ** NOI Rs (mn) Free Float Rs (mn)

Fair Value 71.45

Rs Recommendations Accumulate

78.6

Positive

Technical Outlook

Technical Outlook

Technical Outlook

Technical Outlook Technical Analysis RSI (14-day) 59.67 MA (10-day) 39.71 MA (100-day) 37.17 MA (200-day) 35.58 Free Float Shares (mn)810.01

2,000 194,400 20.99 77.29 59,892.31

FFBL closed up 0.43 at 39.00. Volume was 6 per cent above average and ENGRO closed down -35.83 at 193.88. Volume was 101 per cent above FFC closed down -2.22 at 128.39. Volume was 66 per cent above average

50.3

Buy

Leverage Position MTS Shares MTS Rs MTS Rate ** NOI Rs (mn) Free Float Rs (mn)

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

AKD Securities Ltd

50

Rs Recommendations

TFD Research

TFD Research

*Arif Habib Ltd

Fair Value

AKD Securities Ltd

*Arif Habib Ltd

National Bank of Pakistan

Hub Power Co Ltd

Brokerage House

Fair Value

4,600 1,069,466 0.00 258.69 33,855.23

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

Technical Analysis RSI (14-day) 49.42 MA (10-day) 64.23 MA (100-day) 61.44 MA (200-day) 53.99 Free Float Shares (mn)175.80

Leverage Position MTS Shares MTS Rs MTS Rate ** NOI Rs (mn) Free Float Rs (mn)

4,500 213,806 20.00 67.92 11,165.05

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

HUBC closed down -0.03 at 39.91. Volume was 82 per cent above aver- NBP closed up 0.17 at 78.22. Volume was 34 per cent below average and POL closed up 3.40 at 313.64. Volume was 7 per cent below average and NML closed up 0.64 at 63.51. Volume was 63 per cent below average age and Bollinger Bands were 32 per cent wider than normal.

Bollinger Bands were 122 per cent wider than normal.

Bollinger Bands were 19 per cent wider than normal.

(consolidating) and Bollinger Bands were 6 per cent narrower than normal.

HUBC is currently 12.2 per cent above its 200-day moving average and is NBP is currently 13.5 per cent above its 200-day moving average and is POL is currently 20.6 per cent above its 200-day moving average and is NML is currently 17.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect mod- volatility over the last 10 trading sessions. Volume indicators reflect volume volatility over the last 10 trading sessions. Volume indicators reflect volume volatility over the last 10 trading sessions. Volume indicators reflect volume erate flows of volume into HUBC (mildly bullish). Trend forecasting oscilla- flowing into and out of NBP at a relatively equal pace. Trend forecasting flowing into and out of POL at a relatively equal pace. Trend forecasting flowing into and out of NML at a relatively equal pace. Trend forecasting tors are currently bullish on HUBC.

oscillators are currently bullish on NBP.

oscillators are currently bullish on POL.

oscillators are currently bullish on NML.

2nd

Pivot 79.50

2.65

2.80

2.55

59.60

61.25

58.35

24.45

24.90

23.90

21.90

22.55

21.45

14.00

14.20

13.80

50.25

50.55

49.75

354.05 359.50 346.10 124.20 126.05 120.50 9.15

9.30

9.45

9.65

7.25

7.50

9.05 9.30 7.05

3.60

3.70

3.55

24.50

25.00

24.15

1.90

2.05

2.75

2.85

1.80 2.70

2.15

2.25

2.05

37.20

37.85

36.10

62.40

64.10

59.20

196.25 198.65 192.65 4.25

4.35

4.20

39.70

40.35

38.75

131.65 134.95 128.65 13.30

13.75

13.05

108.25 109.90 106.90 40.20

40.45

39.70

170.65 173.80 166.65 221.30 226.15 218.15 3.25

3.50

3.15

9.15

9.30

9.05

1.40

1.45

1.35

2.70

2.85

2.65

2.75

2.80

2.65

41.05

41.55

40.65

15.95

16.20

15.70

67.55

68.50

66.40

2.40

2.45

2.30

222.45 228.40 218.05 78.75

79.25

78.20

22.50

22.75

22.20

2.10

2.15

2.05

3.15

3.30

3.05

28.70

29.40

27.80

64.15

64.80

63.25

149.20 151.50 147.75 2.95

3.05

2.90

282.10 285.05 279.05 17.70

17.90

2.90

2.95

17.55 2.80

316.30 319.00 312.95 209.60 211.25 207.85 64.35 2.10 6.10

65.75 2.15 6.20

62.70 2.05 6.05

205.75 207.65 203.95 18.00

19.05

17.40

20.30

20.65

20.10

24.65

25.00

24.45

2.00

2.05

3.20

3.30

3.15

58.15

58.95

57.40

2.40

2.50

2.35

1.95


8

Thursday, March 17, 2011

Revisit tourism policies, sector says MEXICO CITY: Mexicana airline's pilots and other workers stage a protest at the Terminal 2 of the international airport.-Reuters

Airport security beefed up ISLAMABAD: The Airport Security Force (ASF) in a bid to tighten security and unauthorised entry into the airports has decided to ensure that all passengers hold hard copies of their valid air tickets at the gate. Talking to APP, an official of the ministry of the Defence said the security measures at the airports has been beefed up for which the entry of passengers, staff and the vehicles are being properly scrutinised to pre-empt any possible act of terrorism. He said due to prevailing threats to aviation industry, the selective search of cars and surveillance of car parks has been initiated. Besides the valid tickets, the passengers are also required to produce photo identity while the functionaries are permitted on valid Airport entry passes only, he informed. He said the ASF staff has also been deployed on the aircraft to ensure that only bonafide passengers and staff of the concerned airline could enter into the aircraft. Replying to another question the official said armed ASF personnel with long range guns are deployed on the rooftop of terminal building to foil any attempt of terrorism. ASF has installed the R a d i o - F r e q u e n c y Identification (RFID)based automatic Access Control System at Karachi, Lahore, Islamabad and Peshawar airports for effective entry control and installation of such gadgetry at Quetta, Multan and Faisalabad is under consideration, he said.-APP

Minister demands a ‘touristicious’ GB ISLAMABAD: The number of tourists both domestic and foreign visiting Gilgit-Baltistan (GB), which currently stands at mere 8000 annually, could increase manifold even up to 50,000 provided effective policies are formulated to promote tourism industry. Tourist arrival on such a mega scale would generate huge revenues that could be used for improving infrastructure and other developmental schemes in GB. Besides, increased tourists' flow would also create immense job opportunities in the region as has been witnessed in coun-

tries like Malaysia, Tanzania and Philippines etc. This came to fore in a meeting of the Ministry of Kashmir Affairs & Gilgit-Baltistan, presided over by Minister for Kashmir Affairs and GB Mian Manzoor Ahmed Wattoo. The meeting was briefed on the state of tourism, electricity, minerals and forests in GB. The meeting suggested that Skardu Airport be made an International Airport so the domestic and international tourists could directly land in the region which is full of natural attractions. The Minister directed the offi-

cials to take on board all stakeholders regarding promotion of tourism in the area. He said Mineral Policy would be devised to make use of rich natural resource for the benefit of the local people. Besides, the Minister called for formulating setting up of Forest Protection Force which would also be established. The Minister was told that the hydel power potential in GB is 40,000MW that needs to be exploited. Wattoo directed the officials that Hydel power Board should be made in the GB Council.APP

ISLAMABAD: Revenue generation through Pakistan's rich tourism sector continues to register downward trend. It is mainly because of inadequate facilities to the tourists and shabby infrastructure at fabulous destinations. The tourism industry has never been able to cross $200 million despite the fact Pakistan is blessed with some of the fascinating attractions, it was officially learnt on Wednesday. The Ministry of Tourism attributes the plunge in trade and travel activities to weakening law and order, 2010 floods and 2005 earthquake that badly hit tourism infrastructure in the country's north and AJK. "Our hotels and motels at tourist resorts had been razed to rubble in these disasters that also devastated roads, bridges and other basic infrastructure," said an official of the Ministry of Tourism. However, experts dealing in tourism sector think other way round. They said negative trends in tourism industry could have been coped with provided prudent policies were in place. "Our tourism suffered from

man-made disasters, not natural ones because we have never taken this crucial sector seriously," Najib Khan, Vice President of Pakistan Private Tour Operators Association. Revenue generation through tourism alone can earn a great deal of revenues and lessen the economic woes of the country to great extent, said Najib, who also runs Himalayan Holiday, an Islamabad-based travel agency. He cited examples of Malaysia, Singapore, Tanzania, Mauritius and other African countries that generate billions of dollars through tourism. In Malaysia, tourism is the second largest revenue generation sector after manufacturing. He said that it would be a hard target for the government to overcome the challenges confronting the tourism industry until it involved the private sector. Najib Khan assured all out cooperation to the government in its endeavours to promote tourism. He, however, suggested the Ministry of Tourism to introduce the packages like travel agencies to attract tourists.-APP

Japan fleers’ Call to court private flying galore partners in touristry

ISLAMABAD: Ministry of Tourism and Pakistan Tourism Development Corporation (PTDC) have been asked to involve the private sector and make concerted efforts to revive the tourism industry in Swat. Revival of tourism in Swat Valley needs government's attention, Muhammad Usman Advocate, Chairman National Assembly Standing Committee on Tourism said during a meeting. Secretary Tourism Shahid Rashid briefed the meeting that Pakistan Austria Institute of Tourism & Hotel and Tourism Management (PAITHOM) established by the support of Government of Austria at Gulibagh, Swat suffered partial damaged during

militancy. The Institute is currently in possession of security forces, the secretary said and added a number of requests has been sent to the Ministry of Defence and Interior in this regard. He requested the Committee to provide support for vacation of PAITHOM and PTDC Motel at Kalam. The Committee supported the Tourism Ministry for vacation of its properties in the Swat Valley. Zafarullah Siddiqui, Economic Analyst told that over 1300 students have so far been trained at PAITHOM in Tourism and Hotel Management. If the training programme is continued, it will be beneficial for the Hotel industry of Swat

and will create job opportunities for local youth, he informed. Sareer Mohammad Khan, Managing Director PTDC briefed that besides its motels in Gilgit, Skardu and Chitral, PTDC has developed a number of Motels in the area that include: Astak, Rama Lake, Khaplu, Satpara Lake, Gupis, Phandhar, Mastuj and Booni. He told that as per instructions of the Committee, token money of land at Masehra has been recovered. Iftikhar Hussain Satti, General Manager (Hotels) PTDC informed that following the recommendations of the NA Standing Committee on Tourism, PTDC has got its Motel at Khuzdar vacated from the contractor.-APP

FRANKFURT: Airlines raced on Wednesday to clear Tokyo's airports of a backlog of passengers and help those wanting to leave as fears grew that quakestricken Japan was losing control of a steadily growing nuclear crisis. The disaster has transformed parts of Tokyo into a ghost town as people either stay indoors or leave. France and Austria urged their citizens in Tokyo to leave the country or head to southern Japan. The French embassy in Tokyo said it had asked Air France to mobilise planes for the evacuation of French nationals from Japan, and two were already on their way. The Association of Asia Pacific Airlines, which represents 17 scheduled international airlines in the region, said domestic flights and air cargo services were now operating

normally. Germany's Lufthansa, however, said it was still diverting planes to Osaka and Nagoya. Dutch airline KLM also said it was diverting to Osaka, instead of Tokyo, on flights to Japan on Wednesday, but that it would still fly out of Tokyo Narita to Amsterdam. Private jet companies also said they were being inundated with requests for evacuation flights. "It is now ramping up over last night because of the deteriorating situation. More people are worrying and looking to evacuate from Tokyo," Asia Jet Chief Executive Mike Walsh told Reuters. "We are dealing with over 1,000 people wanting to evacuate from Tokyo this morning." An aviation industry official in Asia said there had been a sharp drop in demand to Japan coupled with a rush to leave.Reuters

Virgin Atlantic to add 450 new staffers LONDON: British airline Virgin Atlantic announced Friday the creation of 450 jobs, including 50 new pilots, as the aviation industry steps up its recovery. Virgin said the spring launch of a new route between Manchester and Las Vegas, extra London departures to the Caribbean and Ghana and a new fleet of Airbus A330 aircraft would also create 350 cabin crew roles. Virgin, 51- per cent owned by British tycoon Richard Branson and 49- per cent by Singapore Airlines, said the remaining 50 positions would be for airport and head office roles. "We have enjoyed a good year of recovery and can now look forward to expanding our network and welcoming a new fleet of aircraft," Virgin Atlantic's director of operations, safety and security, Corneel Koster, said in a company statement.-Agencies

Etihad Air’s Valentine's Offer finally comes to end ISLAMABAD: Etihad Airways, the national airline of the United Arab Emirates, has concluded a special "Valentine's Offer" promotion in conjunction with Butlers Chocolate Café, Karachi. The competition, which commenced on February 7 and ran throughout the month, was open to all chocolate lovers who made a purchase at the Butlers Chocolate Café in Zamzama. The competition winners, announced this morning at a special event at the cafe, received two return tickets in Etihad's award-winning Coral Economy class from Karachi to Abu Dhabi. Etihad Airways and Butlers Chocolate Café said the response to the promotion was overwhelmingly positive. Amer Khan, Etihad Airways' Country Manager in Pakistan, said: "Abu Dhabi, with its luxury accommodation and dining options, rich cultural heritage and increasingly popular tourist attractions, is a perfect destination for couples wanting to experience a romantic getaway. "At Etihad, we constantly look for innovative ways to raise awareness of Abu Dhabi and our services in Pakistan, and partnering with Butlers Chocolate Café on this special Valentine's Day promotion was a unique way for us to achieve this."-Agencies

How masses grew wings? HONG KONG: A decade ago, even some of Asia's wealthier people could face a long bumpy ride on a bus to visit family or take a break on the beach - flying was simply too expensive. Not any more. The proliferation of low cost airlines across the region, particularly in Southeast Asia, has opened up air travel to the masses. Malaysia-based AirAsia, which launched in 2001, was one of the first airlines to rip open Asia's skies to the general public. "Suddenly, people who had never been on planes - people who lived in villages and used to go on a 12-hour bus ride to see relatives - suddenly they were flying," says planemaker Airbus's Asia communications director Sean Lee. "If the same thing happens in

China, India and Indonesia, with their massive populations, imagine - the potential is huge." So huge, in fact, that Airbus predicts that a third of all new planes will be sold into the region over the next 20 years 8560 aircraft worth a cool $1.2 trillion. The company has a backlog of over a thousand aircraft waiting to be delivered to the region. And of those, AirAsia has 175 firm orders for A320s, with a further 50 on option. The airline continues to expand with the opening of three hubs in Kuching in the east Malaysian state of Sarawak, Chiang Mai in northern Thailand and Medan in Indonesia. It is also launching operations in the Philippines later this year.

"For 2011, our plan is to further expand our route network and key routes," AirAsia's chief executive Tony Fernandes told AFP. "We also plan to be more aggressive in penetrating the Indian market and further expansion in China." Cebu Pacific, the Philippines' already long-established low cost carrier, plans to invest a billion dollars in 21 new Airbus aircraft and hire 2000 more staff over the next four years to boost its international operations. Singapore's low cost carrier Tiger Airways, meanwhile, will take delivery of 26 aircraft by the end of March 2011, the company said. India haseight budget airlines, which have gained nearly half of the market share in the

country's rapidly growing aviation sector. IndiGo, launched in 2006, is the country's youngest airline but has already become the third largest, flying 8.4 million passengers in 2010, a 16.5 per cent share in domestic air traffic. The airline announced a deal for 180 A320s, the largest number of Airbus planes ever bought in a single order, at the Paris air show this year. IndiGo currently operates only domestic flights but has ambitious targets for 2011, planning to start flying internationally in August after recently getting government clearance. Large-scale models of the Airbus suite of aircraft were on display at the Asian Aerospace Expo in Hong Kong, alongside rival Boeing and the Chinese

upstart COMAC, which has its own aircraft on the drawing board if not yet in the sky. All will be competing for a slice of this massive market which will soon overtake both Europe and North America. Airbus predicts a need for 5200 new airliners in the single-aisle 100 to 210 seat category, such as the A320 family. Of these, around a third will go to low cost airlines. The increase will be driven primarily by the growth of low cost carriers, as well as the opening of new secondary short haul routes, especially in China, India and Southeast Asia. Airbus expects the number of passengers carried by AsiaPacific airlines to rise by 5.8 per cent per year, compared to global average increases of 4.8

per cent. "Asia has traditionally been a wide-bodied aircraft market," Airbus spokesman Sean Lee told AFP. "But the single aisle market is growing substantially, largely thanks to the low cost carrier sector. "If you look back to 2001 there were basically no (Airbus) aircraft flying with low cost airlines in this region. It's expected to be 20 per cent by the end of this decade - the growth has been really fast." There are currently just over 300 Airbus aircraft in service with Asia-Pacific budget airlines, most of which are A320s - 18 per cent of the current inservice Airbus fleet in the region. There is also a backlog of around 370 aircraft on order for future delivery to budget carri-

ers in the region. Greater liberalisation "open skies" policies, especially amongst the ASEAN block countries, is also expected to boost air travel in the region, Airbus say. But it might not all be bright skies and sunshine. Standard and Poor's Equity Research aviation analyst Shukor Yusof says low cost carriers are likely to gain a bigger market share in the near to midterm, as much as 20 per cent, as demand for leisure and discretionary travel grows and per capita income improves. "That said, we anticipate turbulence in the energy markets to impact low cost carriers the most, given their business model and limited ability to offset the higher fuel costs," he told AFP.-APP


9

Thursday, March 17, 2011

European vegetable oil prices

NANNING: Farmers work at vegetable field in Nanning, Guangxi Province of China. -Reuters

ICE sugar, coffee rebound LONDON: ICE raw sugar and coffee futures prices rallied on Wednesday, as commodity markets rebounded after a selloff unleashed by Japan's nuclear crisis. Cocoa prices jumped, underpinned by fears over supplies from top producer Ivory Coast as its political crisis worsened. Dealers spoke of some bearish factors weighing on sugar such as more of the crop than expected still awaiting harvest in Thailand, expectations of a big centre-south Brazilian cane harvest, and talk that India could potentially export a sizeable tonnage of sugar. ICE May raw sugar futures traded up 0.45 cent or 1.75 per cent at 26.10 cents a lb at 1526 GMT, well below a Feb. 2 30year high of 36.08 cents a lb. London May white sugar was up $6.10 or 0.9 per cent at $673.20 per tonne in modest volume of 4,252 lots. Coffee traded higher, tracking gains in the commodity complex, underpinned by tight supplies of high quality beans. ICE May arabica coffee traded up 5.85 cents or 2.2 per cent at $2.6880 per lb at 1530 GMT, below the 34-year high of $2.9665 a lb hit last week. Liffe May robusta coffee traded up $83 or 3.5 per cent at $2,458 per tonne in moderate turnover of 7,386 lots. Cocoa futures prices jumped, underpinned by growing tensions in top producer Ivory Coast, where exports have slowed to a trickle. ICE May cocoa traded up $61, or 1.9 per cent, at $3,316 a tonne at 1528 GMT, below the 32-year peak hit earlier this month of $3,775. Liffe May cocoa was up 36 pounds or 1.7 per cent to 2,157 pounds per tonne in moderate volume of 7,713 lots. An export ban, sanctions against the country and a crippled banking system have left the Ivorian cocoa industry at a standstill. -Reuters

Palm falls more than 3pc on Japan worries JAKARTA: Malaysian palm oil futures shed as much as 3 per cent on Wednesday, tracking other commodity prices lower as the nuclear crisis in Japan sent investors scrambling for perceived safe haven assets. The benchmark May 2011 crude palm oil contract on Bursa Malaysia Derivatives ended down at 3,347 Malaysian Ringgit ($1,091) a tonne, after earlier touching a low of 3,268 ringgit. Prices of the vegetable oil, used in products such as food, cosmetics, tyres and biofuels, hit a near four-month low of 3,250 on Tuesday. "It's a sad scenario," said one trader. "There have been two attempts to recover since Friday, but the market has succumbed to selling pressure. Overnight, Chicago collapsed. It is time to form a bottom -3,250 should be a temporary bottom." Traded volume on the

Malaysian benchmark stood at a near three-week high at 25,206 lots of 25 tonnes each, compared 18,601 lots notched on Tuesday. ICDX's May CPO futures contract was at 9,825 rupiah per kg, compared to 9,690 rupiah per kg when it opened. Market volume was 789 lots of 10 tonnes each. Japan imports around 500,000 tonnes of palm oil each year. Global palm oil production was about 45 million tonnes in 2010. In comparable vegetable oil markets, the most-active September 2011 soyoil on the Dalian Commodity Exchange traded at 9,806 yuan versus 9,700 yuan. Palm oil is seen heading for record highs in 2011 on expectations that costly crude oil would bolster biodiesel demand and offset better harvests, participants at a conference in Malaysia said this month. -Reuters

Tokyo rubber up 4.5pc on supply concern BANGKOK: Tokyo rubber futures jumped 4.5 per cent on Wednesday on the back of short-covering, with contracts snapped up on supply concerns after three Asian rubber producers sought to prevent further price falls, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for August delivery rose 16 yen, or 4.5 per cent from Tuesday's close, to settle at 369.0 yen ($4.56) per kg. The most active Shanghai rubber futures contract for May delivery also rose 1,090 yuan to settle at 34,245 yuan ($5,211) per tonne.

The world's top rubber producing countries, Thailand, Indonesia and Malaysia, will hold an urgent meeting this week to find ways to support prices that have collapsed this month, a senior industry official said on Tuesday. Dealers said TOCOM rubber was likely to rise further on Thursday on supply concerns as players feared the top three producers could cut exports, as they did in 2009. "TOCOM should continue to rise. However, it depends on how aggressive of measures of the top producers would be," one dealer said. Reuters

Copper rebounds but Japan tensions remain LONDON: Copper rose on Wednesday as investors sought value after Tuesday's three-month lows, but gains were fragile due to worries Japan's nuclear crisis and unrest in North Africa and the Middle East could hit growth. Three-month copper on the London Metal Exchange closed at $9,260 a tonne in official rings, up $9,118 at the close of the session on Tuesday during which it hit a three-month low of $8,944.50 when equities also tumbled on the nuclear crisis, tsunami and earthquake in Japan. Not even data showing US housing starts posted their biggest fall in 27 years in February could reverse the buying of copper and other base metals on Wednesday. "It's more risk appetite back in the market, and secondly (investors are) thinking the slump of the recent days might be overdone," Eugen Weinberg, an analyst at Commerzbank, said of copper's gains. "From the fundamental side

it's looking good for copper this year," he said. But he added that concerns other than fundamentals were playing on investors' minds:

Shanghai copper rallies Shanghai copper rallied nearly 3 per cent on Wednesday on technical buying, its biggest oneday climb in more than three months, though cautious investors continued to keep an eye on the nuclear crisis in Japan. Shanghai's most-active copper futures contract gained 2.9 per cent at 70,580 yuan, its biggest one-day rise since early December last year. Japan's crises, high oil prices and nervy equity markets. Rising oil prices that boosted inflation concerns also raised worries about economic growth, with unrest escalating in oil-exporting Libya and in Bahrain, which is

neighbour to top oil producer Saudi Arabia. Also unnerving markets, Moody's cut Portugal's sovereign debt rating by two notches. "The twin shocks of Middle Eastern political uprisings and the largest earthquake ever to hit Japan have increased downside risks to global growth and metals prices in the short term," Barclays Capital said in a note. Aluminium was at $2,458 a tonne, from a last bid of $2,510 on Tuesday. In LME warehouse, latest data shows that aluminium stocks fell 4,475 tonnes to 4,620,450 tonnes, but are still within sight of a record 4,640,750 tonnes hit in January 2010. Added to that are the roughly 4-5 million tonnes of aluminium off LME stock. Tin was unchanged at $28,600 a tonne, zinc was at $2,288 a tonne from $2,282 and nickel was at $24,950 a tonne from $24,705. Lead was at $2,580 a tonne from $2,505. -Reuters

ROTTERDAM: The following were the Wednesday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Mar11 885.00-10.00, Apr11 885.0010.00, May11/Jul11 893.0010.00, Aug11/Oct11 900.0010.00. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 960.00+15.00, Aug11/Oct11 905.00+10.00, Nov11/Jan12 915.00+15.00, Feb12/Apr12 920.00+15.00. SUNOIL: EU dlrs tonne extank six ports option Apr11/Jun11 1340.00-20.00, Jul11/Sep11 1340.00-20.00, Oct11/Dec11 1300.00-20.00, Jan12/Mar12 1330.00. LINOIL: Any origin dlrs tonne extank Rotterdam Apr11/May11 1497.5025.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Afloat 1145.00, Mar11 1145.00, Apr11 1145.00, May11/Jun11 1140.00, Jul11/Sep11 1132.50+7.50, Oct11/Dec11 1122.50+7.50. PALMOIL: RBD dlrs tonne cif Rotterdam May11/Jun11 1200.00, Jul11/Sep11 1165.00. PALMOIL: RBD dlrs tonne fob Malaysia M a y 1 1 / J u n 1 1 1145.00+22.50, Jul11/Sep11 1110.00+20.00. PALM OLEIN: RBD dlrs tonne fob Malaysia M a y 1 1 / J u n 1 1 1155.00+25.00, Jul11/Sep11 11 2 0 . 0 0 + 2 2 . 5 0 , O c t 1 1 / D e c 1 1 1107.50+20.00. PALM STEARIN: Dlrs tonne fob Malaysia Apr11 1145.00+20.00. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Apr11 890.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Apr11/May11 1 8 1 0 . 0 0 + 1 0 . 0 0 , M a y 1 1 / J u n 1 1 1800.00+20.00. PALMKERNEL OIL: Mal/Indon dlrs tonne cif Rotterdam Mar11/Apr11 1850.00-100.00, Apr11/May11 1835.0085.00, May11/Jun11 1810.00-80.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam May11/Jun11 2695.00+0.00. -Reuters

Indian sugar strengthens MUMBAI: Indian spot sugar prices were trading higher on Wednesday due to an increase in demand from cold drink makers, dealers said. "Sugar prices are expected to go up as the demand from north India is picking up due to increasing temperature," said a dealer based in the Vashi spot market near Mumbai. Demand for the sweetener from ice-cream and colddrink makers typically goes up during the summer. India has made available 1.684 million tonnes of nonlevy 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 higher by 17 rupees at 2,683 rupees ($59.6) per 100 kg. At 4:50 pm sugar for April delivery on India's National Commodity and Derivatives Exchange (NCDEX) was down by 0.14 per cent at 2,820 rupees per 100 kg. India has kept its sugar output forecast unchanged at 24.5 million tonnes for the 2010/11 season that began in October. -Reuters

Oil rebounds on ME; Japan fears on the rise Violent clashes in Bahrain, Yemen, Syria support prices LONDON: Oil prices jumped on Wednesday due to escalating violence in the Middle East and worries about oil supply from the region but retreated later on fears Japan's nuclear crisis was spinning out of control. Brent crude retreated after rising by more than $3 earlier in the session after the European Union E n e r g y Commissioner said the situation at the troubled Japanese reactor was effectively out of control and potentially catastrophic. "In the coming hours there could be further catastrophic events, which could pose a threat to the lives of people on the island," Guenther Oettinger told the European Parliament. Brent for April was up $2.21 at $110.73 a barrel by 1630 GMT, rebounding from a three-week low on Tuesday. US crude futures were up 95 cents at $98.13 a barrel around the same time, off highs of $99.6 a barrel. "The cooling systems did not work, and as a result we are

somewhere between a disaster and a major disaster," Oettinger said. Escalating violence in the Middle East redirected the focus of attention on the oilproducing region on Wednesday, supporting oil prices. A crackdown on protesters in Bahrain, where Saudi troops

have intervened, resulted in at least four deaths, according to hospital sources, while clashes intensified in the streets of Yemen, Syria and Algeria. Iran also chimed in with President Mahmoud Ahmadinejad quoted by state television condemning Bahrain's crackdown on mainly Shi'ite protesters as unjustifiable. "Saudi is not happy about what is going on in Bahrain ... The situation in Bahrain is potentially destabilising for

Saudi Arabia," said David Morrison, a strategist at GFT. Muammar Gaddafi's advance in Libya added to uncertainty on Wednesday, as traders speculated whether the West would take measures resulting in prolonged loss of Libyan oil supplies. "The question is, if the government is regaining power what should the West do that is putting some geopolitical risk back in," said R o b Montefusco, an oil trader at S u c d e n Financial. US crude oil futures gained after a larger-than-expected gasoline stockdraw reported by the US Energy Information Administration (EIA) pulled gasoline inventories to the lowest level since the week to Jan. 7. But the build in crude oil stocks exceeded forecasts, with inventories rising by 1.75 million barrels according to the EIA report, compared to a 1.3 million-barrel gain expected by analysts. -Reuters

US cotton closes limit down on Japan's crisis NEW YORK: US cotton futures finished limit down for the second straight session Tuesday as fears over Japan's disasters and nuclear crisis on the global economy took their toll on fiber, analysts said. It was the market's fifth fall in six sessions. "Everything is in concert with Japan," said Mike Stevens, an independent cotton analyst in Mandeville, Louisiana. "You've got wholesale retrenchment in every asset class today." The key May cotton contract on ICE Futures US dropped its 7-cent

limit to finish at $1.9094 per lb, with the session top at $1.9957. Last week, the market lost 3.7 per cent, the first weekly loss for cotton futures in 9 weeks. Volume traded stood at 18,000 lots, over 50 per cent above the 30-day norm, Thomson Reuters preliminary data showed. Japan, the world's third largest economy, scrambled to head off a meltdown at a stricken nuclear plant, and Stevens said the cost of clean-up and recovery in the country's quake and tsunami-hit areas will hit

global economies. The next bit of information which will provide direction for cotton futures would be the USDA's potential plantings data on March 31. That is the first government survey of likely plantings for major row crops like cotton, corn, soybeans and wheat in 2011. Open interest in the market, an indicator of investment exposure in cotton, stood at 172,588 lots as of March 14, compared with 174,908 lots in the previous session, data from ICE Futures US showed. -Reuters

Gold rises as markets stabilise; focus on Japan LONDON: Gold rose on Wednesday as investors took advantage of the previous day's 2 per cent price drop to buy the metal and as the extreme risk aversion that prompted a flight to liquidity on Tuesday eased. Spot gold was last up 0.7 per cent at $1,403.85 an ounce at 1435 GMT, while US gold futures for April delivery rose 0.8 per cent to $1,403.80. Prices fell 2.3 per cent on Tuesday in their biggest oneday drop since January. They have since steadied as markets await news from Japan, where experts are working to avert a meltdown at a nuclear power plant. "Now that the dust has settled a little bit and that we've had particularly a recovery in energy and other commodities, that's given a tailwind to gold," said HSBC analyst James Steel. "If the focus ceases to be entirely on Japan, and the Middle East again gets some headlines, then the geopolitical risk levels will come back in and support gold," he said. Other traditional safe-haven assets also rallied, with the Swiss franc hitting a record high against the dollar and benchmark US Treasury yields touching their lowest in three months after housing data highlighted the fragility of the

US economic recovery. Unrest that swept the Middle East and North Africa earlier this year, a key factor pushing gold to a record $1,444.40 an ounce last week, continues to simmer. The Libyan army closed in on the opposition bastion of Benghazi on Wednesday, while in Bahrain forces fired tear gas in a crackdown on protesters. "Gold may recover and stabilise, but there could be more downward pressure," said

Quantitative Commodity Research consultant Peter Fertig. "It all depends on how tactical people are in managing the situation at the Fukushima nuclear power plant. "It is currently all eyes on Japan, but also have an eye on the situation in the Middle East, which has been eclipsed by the developments in Japan," he added. "The twin shocks of Middle Eastern political upris-

ings and the largest earthquake ever to hit Japan have increased downside risks to global growth and metals prices in the short term," said Barclays Capital in a note. Interest in gold exchange-traded funds remained lacklustre, with holdings of the largest, New York's SPDR Gold Trust, edging down by another 0.9 tonnes on Tuesday to a 10month low, continuing a trend seen throughout this year. Holdings of the US based palladium exchangetraded product declined by 4.3 per cent on Tu e s d a y, meanwhile. Platinum and palladium prices also recovered on Wednesday, but buyers remain nervous on fears the earthquake in Japan could hurt demand for the metals used in auto catalysts. Platinum was last up 1.1 per cent at $1,719.49 an ounce against $1,700, while palladium was at $715.00 against $704.50. Silver was bid at $34.89 an ounce against $34.29. -Reuters

LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for March 15 2011 POLYPROPYLENE(PP)

LINEAR LOW (LL)

Cash & Settlement

1310

1250

December (3rd Wednesday)

1310

1260

January (3rd Wednesday)

1310

1260

LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for March 15 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

2365 2375 2345 2355 2340 2350 2340 2350

2473 2474 2508 2509 2588 2593 2645 2650

8975 2489.5 8980 2490 8990 2465 8991 2470 8980 2418 8990 2423 8725 2380 8735 2385

25075 25080 25125 25130 24335 24435 23435 23535

TIN

ZINC NASAAC

28090 2234.5 28095 2235 27900 2266 27905 2267 27765 2323 27815 2328 2328 2333

2485 2490 2505 2515 2560 2570 2615 2625


Vodacom Bulls captain, Victor Matfield attends a Vodacom Bulls press conference at Loftus Versfeld Stadium

10

Thursday, March 17, 2011

Kamran may open vs Australia KARACHI: Pakistan captain Shahid Afridi has indicated that blundering wicketkeeper Kamran Akmal may open the innings in place of Ahmed Shahzad in the team's last league match of the ICC Cricket World Cup against Australia on Saturday. Young Ahmed Shahzad has been off-colour in the prestigious event so far, according to a report published on the website of an international sports channel on Wednesday. "Ahmed is a talented kid but he has not really learnt from his mistakes. We have been showing faith in his abilities but Ahmed Shahzad has failed to give us a single good start and now we are thinking about going into the match against Australia with a new opening pair," Afridi said. The flamboyant player further said that the best replacement of Ahmed Shahzad seemed to be the experienced wicketkeeper-batsman Kamran Akmal, who has played as an opener with some success in the past. Ahmed Shahzad couldn't fulfill his pre-World Cup promise, failing for the fifth time in the tournament when he scored just eight runs in Pakistan's penultimate Group A match against Zimbabwe on Monday. Coach Waqar Younis was not pleased either with the way Ahmed threw his wicket away against the African side in an attempt to hit the ball out of the ground. "It was a rash shot from Shahzad. It wasn't really required at the time. But don't forget he is a youngster, he is only 21 and brand new in this arena," Pakistan coach commented. Even though the men-ingreen didn't get off to an ideal start, another World Cup debutant Asad Shafiq played a responsible knock of 78 not out, guiding his side to a berth in the quarter-finals. The Pakistan captain was impressed with the performance of the Karachi-based youngster, who, he hoped, would continue to bat at number three for the team in the remainder of the tournament. Pak-Aussies last league "A" tie will be an important game for both teams, as the outcome will determine their quarterfinal opponents. -APP

Wapda cyclist wins 8th stage of tour de Pak LAHORE: Wapda's ace cyclist,Haroon Rashid won the 8th stage of tour of de Pakistan cycle international race here on Wednesday. Haroon returned a timing of 3H.44M.01S to cross the finish line at Lahore after starting the 178 kilometre long stage from Sahiwal. Altogether 46 riders set off on a strenuous journey and Haroon maintained an average of 47.68.KM/H and exhibited superior technique and stamina to leave behind all the riders ahead the finish line with visible lead. Behind him was SSGC's Farooq with a timing of 3H.44M.11S.Sabi from Wapda was at third place clocking 3H.44M.21S. At fourth place was Afghanistan's Hashmat U l l a h 3H.44M.31S.Mohammad Rafiq from Army and SSGC's Sultan Aftab were at fifth and sixth places. After a days rest tomorrow, Thursday the cyclists will resume their journey for Gujrat. -APP

Aussies walk over Canada BANGALORE: Australia's openers put on an emphatic display to follow the performance of their bowlers as they crushed Canada by seven wickets in their World Cup Group A match Wednesday. It took Australia's unbeaten run in the World Cup to 34 matches stretching back to 1999. They go top of the group. Having already booked a place in the quarter-finals, Australia first ripped out Canadafor 211 after some initial resistance, and then openers, Shane Watson (94) and Brad Haddin (88) chased down the majority of those runs. Watson and Haddin saw out the initial overs and took the score to 94 in 21 overs and then cut loose after taking the batting powerplay. Watson, dropped in the second over by Rizwan Cheema, was the more aggressive after the powerplay, hammering nine fours and four huge sixes

in his 90-ball knock. Haddin rode his luck and matched Watson shot-for-shot in his 84-ball innings until his luck finally ran out in the 29th over when he was caught behind off the bowling of John Davison, who retired from international cricket after this match. Four balls later Watson was caught on the boundary off the bowling of Harvir Baidwan trying to reach his century with another six. Earlier, Canada could not capitalise on opener Hiral Patel's whirlwind half-century as the Australian pace bowlers put on a fearsome display of bowling to run though the North American's middle and late order batting. Opting to bat after winning the toss, 19-year-old Patel slammed a 45-ball 54, including one six each off Brett Lee, Shaun Tait and Mitchell Johnson in his hour-long stay

at the crease. Canada blazed 77 in 10 overs and Patel eventually fell trying to whack the fourth of the Australian pace quartet, Watson, for a six. After Patel's exit, Canada's run rate slowed dramatically as their captain Ashish Bagai(39) and Zubin Surkari (34) rebuilt the innings and took the score to the 150 mark in the 29th over, before both fell to Tait. The Aussie speedsters then took over and Canada crumbled from a comfortable 150-2 to 161-6 in the space of 19 deliveries and barely crawled over the 200 mark. Lee finished with four for 46, Tait picked up two for 34 while Johnson chipped in with one. A low point for Australia was the failure again of captain Ricky Ponting with the bat. He mistimed a pull and was caught for seven off Henry Osinde. "You could say I am due, See # 15 Page 11

Wright retires from Aus first-class cricket MELBOURNE: Damien Wright, the Victoria fast bowler, has announced his retirement from Australian first-class cricket. Wright was part of the Australian first-class circuit for 15 years since his debut for Tasmania in 1997-98. He's been part of three of the last four Sheffield Shield-winning teams, for Tasmania in 2006-07 and twice for Victoria, where he moved to in 2008-09. He joined Worcestershire in January this year and will be part of their domestic season starting April. "I guess I wanted to go out on my own terms whilst feeling satisfied and happy," said Wright, who picked up 375 wickets in 116 first-class games. Victoria's final Sheffield Shield game of the

season, against Queensland, was also his last. "When our match against Queensland finished, I realised it was my time and the right moment for me to go out. I've been really lucky to be a part of several titles and achieve what I have during my career; it's been an amazing journey and a ride I've really enjoyed." Wright said he was grateful to Greg Shipperd, his coach at Tasmania and Victoria, for his mentoring. "I've been very lucky to have Shippy as a coach throughout my career in both Tasmania and now in Victoria," Wright said. "He's provided me with many opportunities, he started my firstclass career off and now ironically I'll finish it under him. I'm extremely fortunate to have

him as a mentor - he is someone who has played a huge role in my career and I thank him for that." Apart from his skills as a pace bowler, Wright was also an effective batsman in the lower order. He averaged 24.08 with the bat and among his allround highlights was his performance for Tasmania in their Sheffield Shield win in 2006-7, where he claimed eight wickets and contributed 67 and 47 with the bat in the final. In 2009-10, he overcame injury after missing Victoria's first five games to play a significant role with the ball in his team's eventual success. He's also Victoria's bowling coach and hopes to continue that role.-Online

Greenshirts upbeat to wolf down Kangaroos PALLEKELE: Pakistan might have eased into the quarter-finals of the World Cup but the 1992 champions are aiming to top Group A with a victory over world champions Australia in their final league match on Saturday. According to PTI, Pakistan defeated Zimbabwe by seven wickets in a rain-curtailed match to secure the fourth and final quarter-final spot from Group A with eight points from five games. "We will definitely play well against Australia. It`s a match which we`ll take very seriously," Afridi said. "It would be another day and a new game. We know how important that match is and we hope to give our best." Asked whether pacer Umar Gul, who won the man-of-the-match award for his three for 34 runs spell, would continue to bowl with the new ball for the remainder of the tournament, Afridi said, "It depends on the opposition and conditions. "Today it was overcast and that`s why we opted to bowl him with the new ball. Maybe we`ll change the combination for the next game," he added. Man-of-the-match Gul echoed similar sentiments to that of his captain and said they are ready to take on Australia in Colombo on Saturday.

"We are looking forward to the big game against Australia and will do the home work for them," Gul said in the post-match press conference. He said he was happy to have got back his rhythm. "I`m back in my form and rhythm. I tried to bowl wicket to wicket. I looked at the pitch before the match, I was happy to bowl first. We are looking forward to the game against Australia. We have done our homework, we will do our best," he said. Although Gul has generally come in as first change for Pakistan in this competition, today he shared the new ball with Abdul Razzaq and troubled the Zimbabweans from the word go. The loss meant Zimbabwe are out of the competition with one game left and captain Elton Chigumbura admitted his side did not have enough runs on the board to challenge Pakistan. "We lacked runs. We lost too many wickets and when that happens it`s hard to come back to the game. With the rain we lost momentum towards the end," he said. "After this, we are going to work on our batting, especially in the first 10 overs. I thought Craig Ervine played pretty well. I`m happy with the bowling also, the spinners with old ball bowled good lines," he added. -Online

BANGALORE: Shane Watson of Australia batting watched by wicketkeeper Ashish Bagai of Canada during the Group A ICC World Cup match between Australia and Canada at M Chinnaswamy Stadium.-Reuters

Pollard aims to silence doubters CHENNAI: West Indies entered the World Cup ranked No. 9, below Bangladesh for the first time, and without a win against a Test nation in 20 months. Not surprisingly, they didn't feature too high in most lists of favourites, a fact which hasn't pleased their allrounder Kieron Pollard. "We have a lot of things that are driving us at the moment," Pollard told reporters in Chennai on Tuesday. "One of the things is that we were actually written off when we came here from the start, something that's at the back of our minds, we are just using that as a motivating factor to go forward." West Indies and Pollard have bounced back strongly after the opening defeat to South Africa in which the allrounder was shot out for a golden duck by Dale Steyn. West Indies have reeled off three comfortable victories, while Pollard has showed off his brand of powerhitting with two match-transforming half-centuries. There was further good news for West Indies with their experienced and explosive opener Chris Gayle recovering from the abdominal strain that kept him out of the game against Ireland on Friday. "Chris is coming along pretty good," Pollard said. "He should be fit for the game against England, so we should have a full squad of 15 guys the team management will have to choose from." England need a victory on Thursday against West Indies to remain in the race for the quarter-finals, but will have the added disadvantage of coming up against Ottis Gibson, who now mentors West Indies after relinquishing his job as England bowling coach just over a year ago. "It will be useful for us [having Gibson on board], the information he can pass on to us, because he was the bowling coach for them," Pollard said. "But doesn't matter how much information he passes, it's a matter of going out there and executing whatever he says."-Reuters

Aisam-Rohan in Paribas Open QF LAHORE: Pakistan tennis star Aisam ul-Haq together with India's Rohan Bopanna forced their way into the quarter final beating Indian Leander Paes and Mahesh Bhupathi in Indian Wells, California on Wednesday. In a tightly contested match between the current runners up of the Australian Open and the US Open, it was the Indo-Pak duo who came out on top 6-3, 6-4,said the information made available here. Momentum swung from one side of the net to the other in this nerve wracking encounter, where the first set saw a total of three breaks of serve. Aisam and Rohan broke early, only for their opponents to break back immediately. Having converted the 2 break point chances they themselves had created, Aisam and Rohan found themselves with a chance to serve out the first set at 5-3, 40-15. However, a string of 5 back to back fault serves gave Paes and Bhupathi a chance to break back once more. Calming their nerves, Aisam and Rohan made it 4 break points saved out of 5 for the first set, to eventually win it. Paes and Bhupathi have years of experience over the Indo-Pak Express, and this told in the way they fought back in the second set, carving out three break points in the very first service game. However, Aisam and Bopanna remained unnerved in the face of this onslaught, and took their points one at a time to take the game. Mirroring the events of the first set, Aisam and Bopanna forged an opportunity to break in the very next game, racing to 0-40 on Paes's serve.-Reuters

GROUP A Teams

Mat Won Lost Tied N/R Pts Net RR

Australia New Zealand Pakistan Sri Lanka Zimbabwe Canada Kenya

5 5 5 5 5 6 5

4 4 4 3 1 1 0

0 1 1 1 4 5 5

0 0 0 0 0 0 0

1 0 0 1 0 0 0

9 8 8 7 2 2 0

1.693 1.957 0.729 2.705 -0.669 -1.987 -3.005

GROUP B Teams

Mat Won Lost Tied N/R Pts Net RR

South Africa India West Indies Bangladesh England Ireland Netherlands

5 5 4 5 5 5 5

4 3 3 3 2 1 0

1 1 1 2 2 4 5

0 1 0 0 1 0 0

0 0 0 0 0 0 0

8 7 6 6 5 2 0

1.606 0.768 2.206 -0.765 0.013 -0.881 -2.386

RECORD BOARD Most Runs Players

Mat

Runs

HS

Ave

SR

Virender Sehwag(India)

5

327

175

65.40

125.28

Sachin Tendulkar(India)

5

324

120

64.80

100.30

AB de Villiers(SA)

4

318

134

106.00 111.18

Most Wickets Mat

Wkts

BBI

Ave

Econ

Shahid Afridi(Pak)

5

16

5/16

10.06

3.50

Sulieman Benn(WI)

Players

4

12

4/18

12.50

4.43

Zaheer Khan(India)

5

12

3/20

16.41

4.31


American inflation pressures bubbling, homebuilding dives n

Housing starts dive 22.5 pct, largest fall in 27 years

WASHINGTON: U.S. producer prices surged in February at their fastest pace in 1-1/2 years, data showed on Wednesday, a day after the Federal Reserve said it had a watchful eye on inflation pressures it expects to subside. In another reminder on Wednesday of the headwinds facing the economy, the government said groundbreaking for new homes posted the biggest drop in 27 years, and permits for future building reached a record low. Economists said the jump in food and energy costs that drove the U.S. producer price index higher last month would likely steal from other spending and slow growth. "I don't believe that this is a general rise in prices across the board, it's not the stuff of an inflationary spiral, but you

are starting to have some pricing pressures," said Brian Levitt, an economist at OppenheimerFunds in New York. The data and the escalating nuclear emergency in Japan pulled down U.S. stocks. Investors were still trying to come to grips with what impact the devastating earthquake and tsunami could have on the global economy. Economists believe the U.S. economy should be able to withstand the shock from the oil price spike and any spillover effects from the devastation in Japan. Bond prices rose as traders saw the surge in prices and drop in housing starts as likely to impede the recovery, but the data had little impact on currencies. The PPI, which measures prices received by farms, factories and refineries, jumped 1.6 per cent last month, the

largest increase since June 2009, the Labor Department said. The gain was more than double economists' expectations. In the 12 months to February, producer prices were up 5.6 per cent, the biggest rise since March 2010. Economists said given the lofty level of U.S. unemployment and lack of wage-driven price pressures, they did not expect the strong producer prices to pass through to consumers on a large scale. "You are seeing inflation on the goods side, you don't see it on the service side. This is a service economy and inflation will be driven more by wages and to this point wages are reasonable," said Levitt. "But on Main Street, you will certainly feel the shock whether it is at the gas pump or the supermarket." -Reuters

UK jobless hits highest since 1994 before budget LONDON: The number of Britons out of work rose to its highest since 1994 in January, official data showed on Wednesday, prompting calls from business and unions for measures to boost jobs in next week's annual budget. Financial markets got a boost from figures showing unemployment benefit claims fell last month, but public attention focused on record youth unemployment and the highest overall unemployment rate in 10 months. The total number of unemployed rose by 27,000 to 2.529 million in the three months to January, a number last seen when Britain was emerging from recession in late 1994. An unexpected 10,200 fall in the number of people claiming unemployment benefit in February offered only limited comfort, and wage growth remained well below the levels that

would make the Bank of England want to raise interest rates. "With the government's austerity plan likely to result in further cuts in public sector jobs ... total unemployment is likely to increase to 2.65 million over the next 12-15 months before it starts declining," said David Kern, chief economist for the British Chambers of Commerce (BCC). Conservative finance minister George Osborne has little scope for more spending to boost job creation or slow the pace of public sector cuts, if he wishes to stick to a five-year plan to largely eliminate Britain's 11 percent budget deficit. The BCC said that the government should use the budget to ease employment regulation, especially for smaller firms, while the Trades Union Congress said there should be more funding to help the unemployed get back to work.-Reuters

Strong Canada factory sales boost rate hike talk OTTAWA: Canadian manufacturing sales leaped far higher than expected in January, prompting some analysts to speculate the Bank of Canada might be tempted to raise interest rates sooner than the market expects. The 4.5 percent month-onmonth increase dwarfed analysts' predictions of a 1.0 percent rise. Statistics Canada said on Wednesday that sales in January hit C$47.7 billion ($48.7 billion), the highest level since October 2008. The Bank of Canada has held its target overnight lending rate at 1 percent since September after three increases last year. It has expressed caution about the timing of the next hike, citing the strong Canadian dollar and poor productivity as risks to economic recovery. According to Thomson Reuters calculations, investors think the central bank will not raise rates until October. Yet the factory sales prompted predictions of healthy gross domestic product growth in the first quarter and spurred suggestions that the central bank might be tempted to move on rates earlier in the year, especially since the volume of sales rose 5.5 percent. "This is consistent with our expectations for a strong first quarter, which suggests a May rate hike is not off the table just yet," said Krishen Rangasamy of CIBC World Markets. Sales of motor vehicles jumped 26.0 percent on large producttion increases at a number of plants following seasonal slowdowns as well as production difficulties caused by severe winter weather in southern Ontario, home to much of Canada's auto industry. Aerospace sales were up 25.2 percent.-Reuters

CONTINUATION No #1

Continued from page 12

He said that subject matter fell within the executive domain as per mandate of the Constitution and it did not come within the ambit of judicial power or jurisdiction under Articles 184 or 199 of the Constitution. He said the decision was taken by the Federal Government after evaluating their performance and the instant proceedings would amount to sitting on appeals against the exercise of the executive authority of the Federal Government. Making a request to the bench, the counsel said "A committee constituted on the directive of the Prime Minister may be permitted to determine the cases of all such officers, fairly, justly and with procedural propriety." -Agencies

No #2

Continued from page 12

Other nuclear plants have been installed at Chashma which is out of earthquake zone and this site was selected after detailed study regarding safety of nuclear plants. Dr Mubarak said Pakistan has adopted sufficient safety steps for its nuclear reactors. -Agencies

No #3

Continued from page 12

The ordinances would come into force at once and taxes imposed through these ordinances would stand imposed on taxpayers of the country with immediate effect. -Online

No #4

Continued from page 12

Syed Naveed Qamar Minister of Privatisation, Water & Power further said that the Protocol signed at Dushanbe this month during the 4th Pak-Tajik JMC provided vast opportunities for bilateral cooperation in various fields including agriculture, education, trade, energy, health, sports, tourism, industry, investment, banking, transport, communications, culture and combating drugs. -APP

No #5

11

International & Continuation

Thursday, March 17, 2011

Continued from page 1

services and have developed a network of over 14000 agents across the country providing branchless banking services. He observed that while branchless/ mobile banking in Pakistan is still at its infancy, the results have been encouraging and people have become believers that their banking needs may be fulfilled via a nearby general store or mobile balance load shop or a petrol pump or a neighborhood grocery store. He said that a number of different stakeholders in Pakistan are ready to play their part in branchless banking as the central bank is encouraging innovative products and services in the financial sector in line with its financial inclusion program. He said that the strong economic growth of Pakistan's economy during the last decade witnessed two sectors that reported strongest growth rates: banking and telecom. Both these sectors attracted significant foreign direct investment in Pakistan. He observed that the advancements in Information & Communications Technology that have transformed our lives over the past ten-twelve years, also have the powerful potential to change the lives of Pakistan's poor people. 'Technology has the potential to serve the financial needs of the unbanked poor,' he added. SBP Deputy Governor pointed out that there are also challenges attached with this emerging package of mobile banking. In e-Banking, the number of ATMs in the country has reached 4750. Of the 10,300 branches nationwide, nearly 7100 bank branches are offering real time online banking, he said, added number of plastic cards has now reached 13.2 million in circulation.

No #6

Continued from page 1

President Zardari said that it has been a practice in the past to divide the political forces and parties and taking advantage from their mutual bickering democracy was undermined by undemocratic elements. The political forces must be cautious against a repetition of the past. He said that he was aware of the difficulties faced by the Punjab PPP MPs in respect of their development funds and project after their exit from the provincial government. The President said that in consultation with the Prime Minister he will set up a committee of the Party MPs to look into their problems and suggest measures for the continuation of their development projects with the help of federal government, if needed.

No #7

Continued from page 1

fields. She said Kyrgyzstan was mounting efforts for improvement of communication, transportation and road links with Pakistan for access to international markets via the Gwadar port. Gilani congratulated President Otunbayeva for her sagacious leadership in effectively running a parliamentary democracy in Kyrgyzstan. Furthermore, Minister of State for Foreign Affairs Hina Rabbani Khar Wednesday said Pakistan and Kyrgyzstan have the potential to benefit from the transit routes of Central Asia to boost their bilateral trade. Talking to APP, Khar who is also the State Minister for Economic Affairs, said Pakistan offered a diverse market for the Central Asian countries and said Kyrgyzstan could get benefit of Pakistan's seaports for its trade. She said in view of Kyrgyzstan's surplus power, Pakistan was considering working on the modalities of buying electricity from the Central Asian Republic. She urged the international donors to invest in power projects primarily in electricity generation and development of their transit facilities, to enable implementation of CASAREM. -Agencies

No #8

Continued from page 1

Rs10,000 on Cuore variants and Rs20,000-30,000 on Hilux variants. The spokesman said the industry had been absorbing the ever-increasing input costs for many months but it is difficult to bear the extra burden of FED which IMC had to pass on to the customers. He said that the local car sales have already been dwindling for past two years and now the recent decision by the government will have an adverse effect on sales of local cars. He clarified that as the FED has been imposed on every sale from March16, the customers taking delivery of their units from now on will have to pay the additional cost even if they booked their vehicles before the decision. Principally whenever Indus Motors increases car prices it charges only from booking of vehicle but since the excise duty is to be charged on every sale IMC is bound to charge the same on every delivery. According to the statement, in wake of increase in input costs and appreciation of foreign exchange, prices of variants of Daihatsu Cuore have been raised by Rs35000-Rs55000 while prices of Hilux 4X2 and Hilux 4X4 have been raised by Rs20000 and Rs25000 respectively.

Economic hit from Japan quake seen up to $200bn n GDP

seen shrinking in Q2 before reconstruction-led rebound

TOKYO: Japan's devastating earthquake and deepening nuclear crisis could result in losses of up to $200 billion for the world's third largest economy but the global impact remains hard to gauge five days after a massive tsunami battered the northeast coast. As Japanese officials scrambled to avert a catastrophic meltdown at a nuclear plant 240 km (150 miles) north of the capital Tokyo, economists took stock of the damage to buildings, production and consumer activity. The disaster is expected to hit Japanese output sharply over the coming months, but economists warned it could result in a deeper slowdown if power shortages prove significant and prolonged, delaying or even scotching the "v-shaped" recovery that followed the 1995 Kobe earthquake. Most believe the direct economic hit will total between 1016 trillion yen ($125-$200 billion), resulting in a contraction in second quarter gross domestic product (GDP) but a sharp rebound in the latter half of 2011 as reconstruction investment boosts growth.

No #9

"The economic cost of the disaster will be large," economists at JP Morgan said. "There has been substantial loss to economic resources, and economic activity will be impeded by infrastructure damages (like power outages) in the weeks or months ahead." Japanese stocks suffered their worst two-day rout since the 1987 crash on Monday and Tuesday, losing a whopping $626 billion in value, before rebounding 5.7 percent on Wednesday as hedge funds rushed to cover short positions. But traders remained skittish, swayed by each new development at the stricken Fukushima power plant and alert to signs Japanese companies and insurers could sell sizeable foreign assets and repatriate funds to cover the costs of the nuclear crisis, quake and tsunami. High-yield bonds and U.S. Treasuries top the list of vulnerable assets should the triple disaster of earthquake, tsunami and nuclear breakdown prompt Japanese investors to bring overseas funds back home, analysts say. Although the damage to infra-

structure has been severe, some of the biggest risks to the economy may come from indirect market consequences of the disaster, such as a rise in the Japanese yen. The yen surged to an all-time high against the dollar after the Kobe earthquake in 1995 as Japanese firms pulled funds home. The dollar has fallen 3 percent against the yen since the disaster and is now close to the low hit after Kobe. The direction of the yen could have a big impact on Japanese carmakers like Toyota Motor Nissan Motor and Honda Motor which build between 22 and 38 percent of their cars at home. HSBC Chief Economist Stephen King said it was still too early to put a figure on the economic costs as the scale of the disaster was not yet clear. The area of Japan affected by the tsunami produces around 4.1 percent of the country's GDP, suggesting first-round economic effects could be limited, he said. But with the fate of the Fukushima nuclear reactors still unclear, Japan may not have felt the full force of the disaster yet.Reuters

Continued from page 1

improve revenue to curtail fiscal deficit at 5.5 per cent of GDP. Similarly, outstanding stock of government borrowing from SBP has reduced to Rs1.34 trillion by 5th March, 2011 against Rs1.5 trillion in mid-December 2010. On the other hand, Consumer Price Index (CPI) rose 12.91 per cent in February but their growth declined comparing January 2011 at 14.19 per cent from a year ago. However, increasing in electric tariff along with imposition of sales tax on fertiliser would increase the inflation in next months.

No #10

Continued from page 1

Saeed did not have any choice and defended his case himself. Special Judge Central (SJC) Sohail Nasir on Tuesday had rejected the bail of former minister in the infamous Hajj corruption scandal. Upon rejection of his bail, Kazmi was immediately arrested by the FIA officers from the courtroom. It is pertinent to mention that Kazmi was sacked for allegedly being involved in Hajj corruption scam of billions of rupees. Azam Swati, an ex-fellow federal minister, alleged Kazmi of making money in last Hajj operation and cheating thousands of Hajj pilgrims. -Agencies

No #11

Continued from page 1

all charges, he said. Talking to media, Rana Sanaullah said David case was heard before Sessions judge and he was indicted under section 302. However legal heirs of Faizan and Fahim appeared before the court and confirmed they had received Diyat and pardoned the culprit. Responding to a question Rana Sanaullah told Davis was already on bail in illegal arms case, therefore, he was released. Counsel of the deceased families, Asad Manzoor Butt told media that kin of two men were forced to accept blood-money from US authorities, and that they were being pressurised to sign the monetary compensation documents to pardon the shooter. He claimed that he was detained for more than five hours in the jail and the family of Faizan, killed by Davis in Lahore, was compelled to sign the document. On the other hand, Shah Mehmood Qureshi says his stance on Raymond Davis vindicated Former foreign minister said that the release of Raymond Davis under Diyat Law has vindicated the stand he and the Foreign Ministry had taken in the case. In an interview with a private TV channel on the release of American CIA contractor, former foreign minister said the nation must be taken into confidence the circumstances that led to the release of the American national. He said if the heirs of the deceased voluntarily pardoned Raymond Davis then that were perfectly right. He said the nation wants to know the facts and if these were hidden from the people, he feared then there would be reaction. Qureshi said he and the Foreign Ministry had been stating from day one that Raymond Davis does not enjoy diplomatic immunity and their stance has been vindicated.

No #12

Continued from page 5

Lotte Pakistan stood as the volume leader with 14.48 million shares followed by Nishat Chunian with 13.1 million shares and Fauij Fertiliser Bin Qasim with 6.77 million shares. Out of total 342 active issues, 143 declined, 105 climbed, and 94 went nowhere.

No #13

Continued from page 5

this year, it looks like Indian shares are at least fairly priced right now. Most of the negative news flow is already discounted," said Diwan. He said Japan 's devastating earthquake and tsunami did not have big direct impact on Indian companies. The benchmark BSE index is down 10.5 per cent year-to-date, with foreign funds pulling out around $1.7 billion from Indian stocks from the start of 2011 to March 14. Its other BRIC peers have fared relatively better. Brazil's Bovespa is down 3.3 per cent in 2011, while Russia's RTS Index and China's Shanghai Composite Index have gained 9.2 per cent and 4.4 per cent, respectively. Japan's nuclear crisis appeared to be spinning out of control after workers withdrew briefly from a stricken power plant because of surging radiation levels, and investors watched out for further developments. Meanwhile, business sentiment at Asia's top companies rose in the first quarter to its highest level in eight quarters, with global economic uncertainty seen as the biggest risk to the positive outlook, a Reuters survey showed on Wednesday. Chinese and Indian firms were the most upbeat about their business outlook, with the majority of companies either positive or very positive about the outlook, the survey showed. -Retuers

No #14

Continued from page 5

Investors were spooked by comment from Europe's energy chief that warned of a further catastrophe at the Japanese site in the coming hours, although his spokeswoman said he had no specific or privileged information on the situation. Weak banks took the most points off the index after Moody's overnight cut Portugal's sovereign debt rating by two notches and said it may have to downgrade again. Global lender HSBC (HSBA.L) shed 3.6 per cent, with the stock trading ex-dividend together with insurer Standard Life and real estate investment trust Land Securities. Rising oil prices also knocked sentiment, with Brent crude futures up over $2 to $110.75 a barrel on the Japan fears and renewed concern over unrest in the Middle East. Bahrainis were warned by officials to avoid gathering in public areas for their own safety, while demonstrations in Yemen and Syria were violently dispersed by security forces.-Reuters

No #15

Continued from page 10

would have been nice to be not out, but maybe I am saving it up for the big games," he said. Overall he was reasonably satisfied with the performance against a team which were not really in the same class as the world No 1 side. "Things went not too bad. They caught us on the hop a little bit with the way they started. I thought their top four or five batted really well," he said. "They got themselves a reasonable total but then the boys played really well and Watson and Haddin were outstanding. "We haven't fully been tested yet. We know we're going to be tested against Pakistan in a couple of days in Colombo (Friday) and we look forward to it."


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Rethink rehiring rules, SC to govt Urges body to keep digging on contract jobs cases

ISLAMABAD: Federal Minister for Finance, Dr Abdul Hafeez Sheikh and Federal Minister for Information & Broadcasting, Dr Fidous Ashiq Awan talking to media persons.-APP

CASA-1000 project to uplift regional economies ISLAMABAD: Central Asia South Asia Regional Energy & Trade (CASA-1000) Project will further strengthen and improve the bilateral economic ties between Pakistan and Tajikistan. Syed Naveed Qamar Federal Minister for Privatisation, Water & Power said during a meeting with Tajikistani Envoy to Pakistan Dr Zubaydullo N Zubaydov, who called on him. CASA-1000 project will transmit 1000 MW of surplus electricity from Tajikistan and Kyrgyzstan to Pakistan with power transit through Afghanistan. The total length of transmission line is 750 KM while the project is planned to be on Public Private Partnership basis with the support of WB, IFC, ADB and IDB. The Project cost is estimated around $865 million. The Minister stated that the Pakistan was committed to carry out all projects leading to overcome the electricity shortage in the country and stressed the need to further explore new avenues by private sector of both the countries for mutually beneficial cooperation in all fields particularly in the domain of economy, energy, trade and infrastructure. The respect and love for Pakistan expressed by the Tajik President Emomali Rahman, which was visible during his recent visit to Pakistan, would further cement the existing relations between the two countries, he added. See # 4 Page 11

Judges Appointment Case

Govt, Committee differ in opinion ISLAMABAD: Differences have cropped up between the Government and Parliamentary Committee on judges appointment over filing of the review petition against the decision of the Supreme Court in the 'Judges Appointment' case Earlier Supreme Court bench had rejected the recommendation of the parliamentary commission and ordered for issuing notification for extension of four judges of LHC and two of the SHC on the recommendation of Judicial Commission. Parliamentary committee sources told Online that some ministers have advised Prime Minister not to file review peti-

tions on the verdict of SC, and instead review petitions should be filed against the appointment of 6 judges of Lahore High Court and Sindh High Court as any appeal against the SC decision could deteriorate the situation with Judiciary. While on the other hand PC is demanding an immediate filing of appeal and in this regard PC chairman Nayyar Hussain Bokhari has telephoned Assistant Attorney General KK Agha and instructed him to file an appeal against SC decision at the earliest. While KK Agha has advised that matter is with PM and soon as he approves, the appeal would be filed. -Online

PML-N files adjournment in NA

In-House debate on tax Ord urged ISLAMABAD: Pakistan Muslim League-N has filed adjournment motion in the National Assembly on Wednesday against the Presidential Ordinance, which has allowed the federal government to impose taxes worth Rs120 billion. The motion was filed by PMLN members Sherry Arshad, Haneef Abbasi and others. PML-N adopted the stance in the motion that increase in federal excise duty from one per cent to 2.5 per cent would place an extra burden of Rs53 billion on the masses. They were of the stance that issuance of Presidential Ordinance for imposing taxes is illegal and violation of consti-

tution, furthermore it would lead to more unemployment. They said that this matter is of utmost importance and thus should be immediately debated on the floor of the House. The federal government Tuesday imposed a 15 per cent income tax surcharge, increased federal excise duty from one per cent to 2.5 per cent. General Sales Tax (GST) exemption on tractors has been withdrawn and 17 per cent GST has been imposed on tractors with immediate effect. In this regard, President Zardari has promulgated three ordinances, which have allowed the federal government to impose these taxes. See # 3 Page 11

IAEA's safety measures on for N-plants: Pakistan ISLAMABAD: Pakistani scientist and Chairman Pakistan Atomic Energy Commission Dr Samar Mubarak Mand Wednesday said Pakistan takes all safety measures under the safeguards of IAEA's for its nuclear reactors. Talking to VOA, he said the cooling system of Japan's nuclear reactor is continuously out-of-order because of constant closure of power generators and backup diesel generators. Owing to which, the reactors are getting warm, he added. He said radiation is leaking which is very dangerous and the solid nuclear waste will flow in ocean or will spread on earth and will make it useless for years. To a question about the safety measure of nuclear reactors in Pakistan, he said that Kanupp is sole nuclear plant which is situated in the coastal area. See # 2 Page 11

Drone kills 5 in Datta Khel PESHAWAR: At least four persons were killed in a missile attack in Datta Khel, an area of North Waziristan Agency on Wednesday. According to a private TV, the drone targeted a vehicle in the area. At least three missiles were fired on the vehicle. As a result, four persons were killed while the vehicle completely destroyed in the incident. -NNI

ISLAMABAD: The Supreme Court of Pakistan Wednesday directed the government to take steps on cases of those reemployed on cadre posts (permanent posts) in violation of Section 14 of the Civil Servant Act 1973 after attaining age of superannuation and submit a progress report. It also directed a three-member committee formed on directive of the Prime Minister to continue its process of reexamining cases of all such persons including the Director General Federal Investigation Agency (FIA). A four-judge bench comprises Chief Justice Iftikhar Muhammad Chaudhry, Justice Javed Iqbal, Justice Raja Fayaz Ahmed and Justice Ghulam Rabbani issued the directive after conducting pro-

ceedings on a suo moto case related to the Hajj arrangements scam. The apex court also ordered that since serious allegations had been leveled against sitting ministers and ministers of state, besides others, therefore, the FIA investigation team headed by Assistant Director General Syed Javed Hussain Bokhari should continue its task without being influenced by anyone whosoever he might be. The bench said that the pace of investigation into the Hajj scam should be accelerated. The bench in its order also accepted request of Abdul Hafeez Pirzada, counsel for the Federation, seeking time for preparation of the case on contract employment and adjourned the case for April 8. Secretary Establishment

PSO to pay Rs138.6bn against Rs136bn credit

State Oil payable passes receivable Fuel supply to PIA restored on assurance ISLAMABAD: Largest public sector entity in oil distribution, Pakistan State Oil has also emerged amongst the organisations facing loss. As the company owes Rs138.541 billion compared to the receivable amount Rs136.200 billion. Different national institutions including power generation as well distribution companies have to pay the amount Rs138.541 billion to Pakistan State Oil (PSO) on March 15, out of which payment of Rs117.494 million has become due. According to the source in PSO, Wapda, Hubco, Kapco, PIA, OGDC and KESC have to repay the debt to Pakistan State Oil. The sources told this news agency that Wapda has to pay Rs38.370 billion out of which Rs26.556 billion has become due. Similarly Hubco has to pay Rs66.903 billion to PSO out of which payment of Rs62.586 billion has turned matured. Kapco is also among the list of debtors which has to payback Rs26.651 billion which has become due. Likewise KESC has the outstanding amount of Rs2 billion but the same was not payable yet. National Airliner PIA owes Rs1.583 billion to Pakistan State Oil which has also turned out to

be payable. Similarly OGDC has to pay Rs333 million out of which Rs118 million is overdue. On the other hand the liabilities of PSO have also reached to Rs138.541 billion out of which Rs87.945 billion has become due. Pakistan State Oil has to pay Rs27810 million to Parco, Rs11834 million to Pak Refinery Limited, Rs9190 million to National Refinery Limited, Rs34073 million to Attock Refinery Limited. PSO has to make payments of Rs4694 million to Bosicor while others payments including LC payment to Karachi Port Trust which the PSO has to repay stands at Rs50528 million. However after settling down the issues of audit price differential claims and price differential claims PSO might earn the profit of Rs11065 million as per account statement issued by the company on 15 March. Meanwhile, Pakistan State Oil has restored petrol supply to PIA once again on Wednesday. 50 per cent of supply was cut down due to the nonpayment of arrears on Tuesday. Talking to the Online, PSO's spokesperson said that PIA was facing problems due to reduction in oil supply. On assurance of payment, PSO restored the full supply of petrol to PIA from Wednesday morning. -Online

Abdul Rauf Chaudhry was also directed to furnish and submit a certificate testifying that the list of re-employed employees was final and no other person was working on contract on cadre posts after his retirement. During course of proceedings, the counsel for the Federation read out preliminary objections over the contractual employment aspect of the case. "The rights of serving government servants are available to them in individual capacity and under the provisions of Civil Servants laws and rules," he added. He said that no fundamental right was available to a government servant for demanding promotion rather it was the entitlement to be considered for promotion. See # 1 Page 11

Reference regarding Unification Bloc rejected LAHORE: A defection reference against 9 Unification Bloc members was rejected on Wednesday. Rejecting the reference, Speaker Punjab Assembly Rana Muhammad Iqbal said that the members, against whom the reference was filed, could not be disqualified under the Article 63 of the Constitution. According to media reports, the speaker said that 46 out of 81 members of Pakistan Muslim League-Quaid (PMLQ) had elected Dr Tahir Ali Javed as their parliamentary leader so Zaheeruddin did not have the majority to exercise the rights of a parliamentary leader. Any PML-Q member neither deserted his party nor voted for another party's candidate, the speaker added. PML-Q parliamentary leader in the Punjab Assembly, Chaudhry Zaheeruddin, on Thursday filed a defection notification against 9 members of the Unification Bloc with the speaker. The nine members against whom the defection reference was filed are, Dr Tahir Ali Javed, Mian Ata Muhammad Maneka, Tariq Mehmood, Chaudhry Arshad Jutt, Naseem Lodhi, Saba Sadiq, Farhana Afzal, Ayesha Javed and Joyce Rufin. -Online

Printed & Published by Amir Abbas Ashary at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.

The Financial Daily-Epaper-17-03-2011  

The Financial Daily Epaper

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