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International Karachi, Saturday, March 19, 2011, Rabi-us-Sani 13, Price Rs12 Pages 12

Libya offers cease-fire after UN no-fly zone vote See on Page 12 Economic Indicators Forex Reserves (12-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

$17.61bn 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% $1,051 175.48mn

Portfolio Investment SCRA(U.S $ in million)

LUCK (1 GDR= 4 Shares) 1.70 HUBC (1 GDR= 25 Shares) 11.04

36.27 37.67

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 18-Mar-2011 18-Mar-2011 18-Mar-2011 18-Mar-2011 18-Mar-2011 18-Mar-2011 18-Mar-2011 18-Mar-2011 18-Mar-2011 18-Mar-2011 18-Mar-2011

13.39% 13.69% 13.86% 14.00% 13.42% 13.52% 13.73% 14.12% 14.25% 13.99% 14.01% 14.00% 14.44% 14.68% 14.88%

Commodities *Crude Oil (brent)$/bbl 114.11 *Crude Oil (WTI)$/bbl 101.00 *Cotton $/lb 198.41 *Gold $/ozs 1,419.60 *Silver $/ozs 35.18 Malaysian Palm $ 1,128 GOLD (NCEL) PKR 38,749 KHI Cotton 40Kg PKR 13,396 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 84.30 Canadian $ 86.35 Danish Krone 15.80 Euro 119.40 Hong Kong $ 10.50 Japanese Yen 1.080 Saudi Riyal 22.63 Singapore $ 66.60 Swedish Korona 13.20 Swiss Franc 91.60 U.A.E Dirham 23.18 UK Pound 137.30 US $ 85.25

85.30 87.35 16.00 120.50 11.00 1.083 22.80 67.60 13.40 92.60 23.38 138.70 85.55

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

84.83 86.85 16.10 120.07 10.93 1.029 22.74 66.54 13.37 94.02 23.22 137.94 85.33

85.03 87.06 16.14 120.35 10.96 1.031 22.80 66.70 13.40 94.24 23.28 138.27 85.52

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MIN

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See on Page 10

‘N’ aims to boo Zardari's address to MPs

See on Page 10

Boiling protest all over Munter

l Munter says would rush to US to convey Pakistan message l Pakistan pulls out of trilateral meet in protest l Don't treat us as a client state, US told l Jirga announces 3-day mourning

ISLAMABAD: In pursuance of the directives of Prime Minister Yousuf Raza Gilani Friday Foreign Secretary Salman Bashir has lodged a NCCPL strong protest with US (U.S $ in million) FIPI (18-Mar-2011) to Pakistan, -8.83 Ambassador Local Companies (18-Mar-2011) Munter over 2.47 Cameron Banks / DFI (18-Mar-2011) indiscriminate 1.87 Thursday's Mutual Funds (18-Mar-2011) -0.85 drone attack that killed a large NBFC (18-Mar-2011) 0.30 number of civilians. Local Investors (18-Mar-2011) 4.82 According to Foreign Office Other Organization (18-Mar-2011) 0.21 Spokesman, Ambassador Munter was categorically told Global Indices that such strikes were not only Index Close Change "unacceptable" but also constiKSE 100 11,606.61 251.66 tuted "a flagrant violation of Nikkei 225 9,206.75 244.08 humanitarian norms and law". Hang Seng 22,300.23 15.80 It was evident that the fundaSensex 30 17,878.81 271.06 mentals of our relations need ADX 2,584.89 15.43 SSE COMP. 2,906.89 9.59 to be revisited, Bashir told FTSE 100 5,732.74 36.63 Munter. *Dow Jones 11,873.35 98.76 "Pakistan should not be taken for granted nor treated as GDR update $.Price PKR/Shares a client state. It was for the Symbols 110.93 White House and the State MCB (1 GDR= 2 Shares) 2.60 Department to hold back those OGDC (1 GDR= 10 Shares) 15.18 129.53 who have been trying to saboUBL (1 GDR= 4 Shares) 2.00 42.67 Total Portfolio Invest (5-Mar-2011)

See on Page 10

SC's say on judges' term to be disputed

Drone attack outrageous & unacceptable, US told

186.08 -9.87 -5.07 2851

Yearly(Jul, 2010 up to 17-Mar-2011) Monthly(Mar, 2011 up to 17-Mar-2011) Daily (17-Mar-2011)

Singh shakes head on MP-buying scam

tage Pakistan-US relationship." Ambassador Munter was also told that under the current circumstances, Pakistan would not be able to participate in the Afghanistan-Pakistan-US Trilateral meeting, proposed by the US in Brussels on March 26, 2011. Ambassador Munter said that he understood clearly that this was not a pro forma demarche. He will rush to Washington to convey Pakistan's message to the US Administration at the highest levels. Meanwhile, Mehsud tribes have strongly condemned the drone attack on tribal Jirga in North Waziristan and announced 3-day mourning besides demanding of the government to have these attacks halted at once. As per media reports elders of the tribes organised a jirga

Planning Comm revised HEIS reaches IPCC

Irrigation plan flows into provinces’ body ISLAMABAD: Planning Commission of Pakistan has forwarded revised PC-1 of High Efficiency Irrigation System (HEIS) to the Inter Provincial Coordination Committee (IPCC). Officials in the commission said Friday that the umbrella project covering all the provinces in the country would cost over Rs17 billion. The cost would be shared by the federal government, foreign aid, provinces, farmers, and some companies. The process took a long time and the irrigation system was conceived in 2005. Nevertheless, the proposal was approved in 2007, Spokesman for Ministry of Food and Agriculture (MINFA) Muhamad Saleh told news agency. But there were several issues when Pakistan Agriculture Research Council (PARC) and other related institutions were

engaged in preparing PC-1 of the project. Its PC-1 was revised several times and amendments were made to it, an official in PARC said. The PC1 first mentioned that the projects would be executed by the provincial governments in their jurisdictions but later on PARC was made responsible for it. And now again in the revised PC-1 the power of execution was shifted to the provinces in the country and PARC would only monitor the project, officials said. PARC in coordination with the provinces sent revised and amended PC-1 to MINFA, which forwarded it to the commission. The commission after studying its various aspects sent the proposal to IPCC few days ago, a senior official said. "The project would introduce modern irrigation systems in accordance with needs and See # 7 Page 11

Fifth session of Pak-Uzbek JMC

Pak-Uzbek pact for greater interaction ISLAMABAD: Pakistan and Uzbekistan have signed a joint protocol of mutual cooperation in the fields of trade, economy, finance, scientific technical cooperation, transportation /transit of goods, bilateral investment, power, food, agriculture, IT, telecom, culture, and environment. This agreement was struck in the fifth session of Pak-Uzbek JMC held here Friday. The session was co-chaired by Syed Naveed Qamar, Minister for Water and Power and Ruziev Zafar Sharipovich, Minister of Agriculture and Water Resources of Uzbekistan. Both the delegations acknowledged deep historical, cultural and political relation between the two countries and hoped that the current momentum in translating excellent political relations

into commercial and economic opportunities would further promote bilateral cooperation. Syed Naveed Qamar, Minister for Water and Power from Pakistan side and Ruziev Zafar Sharipovich from Uzbek side signed the protocol on behalf of their countries. Both sides agreed to facilitate the business community to participate in fairs and exhibitions in both countries. Both sides also agreed to continue their dialogue on visa policy. The sides have discussed the issue of National Bank of Pakistan Rep office in Uzbekistan and agreed to continue the dialogue on this matter. Pakistan and Uzbekistan have also agreed to form a Joint Working Group (JWG) on implementation of joint investment projects. It was also See # 6 Page 11

in the Political Compound at Tank and demanded of the government to mount pressure on US to stop drone attacks forthwith. They said that missile attacks on innocent people were but blatant aggression by US. They urged the government to voice protest over these attacks rather than keeping mum on them. Tribesmen are patriotic Pakistanis and they would not tolerate to be massacred for no reason, they added. Talking to a local TV channel, chief of the tribe Malik Nasrullah Khan demanded of US authorities to pay bloodmoney to the family members of victims of drone attacks. On the other hand, Pakistan Muslim League (N) has submitted the adjournment motion in National Assembly Secretariat against US drone See # 1 Page 11

IMF avoids dating the release of next tranche KARACHI: According to media reports the (International Monetary Fund) IMF has avoided giving Pakistan a final date for the next tranche of the loan. Despite the fact that the government has taken drastic measures to meet the IMF conditions, it has not given a final date for the next tranche of $1.7 billion. In its fortnightly briefing in Washington, IMF's External Relations Department Director Caroline Atkinson appreciated the recent steps taken by the government on the economic front, but she stood back to fix a date for the next mission. She said that the recent economic measures adopted by the authorities were necessary for long term economic stability, and that she was in contact with the Pakistani government. See # 5 Page 11

CAA officers to strike if demands not met KARACHI: Civil Aviation Authority Officers have given three days for the acceptance of their demands failing which would lead to halted operations at all airports of the country. The Officers of Civil Aviation Authority have been protesting for the last three days to get their demands met but the concerned authorities have pulled their ears in. Addressing a protest meeting here on Friday, Civil Aviation Authority Association Officers Association President Ghulam Mustafa Mirani said the Authority is earning Rs7 billion/year but employees' problems persist as they were. He warned that if their demands were not accepted in the next three days, they would halt the operations at all the airports.-Agencies

KARACHI: MQM leadership clapping during the telephonic address of MQM chief Altaf Hussain to mark the 27th Foundation Day at Jinnah Ground.-APP

Muttahida Qaumi Movement’s 27th Foundation Day

Will tell US who’s the boss if came to power: Altaf KARACHI: While telephonically addressing partyworkers on MQM’s 27th Foundation Day Muttahida Qaumi Movement (MQM) Quaid Altaf Hussain Friday said that MQM will not let America boss around if it comes to power. Extremism has devastated Pakistan, it should be checked but not this way, he said. Altaf equivocally said that Pakistan helped America during the Cold War to the full and now it’s Washington’s turn to reciprocate. “US must respect our sacrifices”, MQM chief said. He warned US over indiscriminate Predator attacks saying that if MQM were in power no drone could be found hover-

ing in the Pakistani skies. During MQM government every able-bodied boy/girl would be bound to train as soldier so that they could come handy in the hour of war, he added. He said MQM would hang the honour-killers in public if it was voted to the helms of country’s affairs. He condemned in strongest terms the drone attack in Data Khel area of North Waziristan and asked the US to compensate for the damage they have done. “The US must pay bloodmoney for the victims”, he demanded. Altaf also told police to fall into discipline and stick to their duties. -Agencies

Would have quitted if I were forced to do this: Imran

PM undersigns ‘Davis decision’ Protesters rally against Davis release ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani on Friday while supporting the verdict of the court on the Raymond Davis case, said that it was inappropriate to hold any single institution responsible for it. A statement from the PM House said that the country's leadership, including the opposition, had reached a consensus that the final decision would be taken by the court. "This consensus was also in

line with the public sentiments at large. The court freed Davis and the verdict has been implemented," the statement said. "It is, therefore, inappropriate to hold any single institution responsible for the final outcome of the case," the Prime Minister said. Meanwhile, a protest rally against release of Raymond Davis was held after Friday prayers in Islamabad. Beside others, it was See # 3 Page 11

Pak-Turkish cargo-train project on fast-track KARACHI: The proposed ‘Gul Train’ between Islamabad and Turkey, named after the Turkish president, moved a step forward as a Turkish delegation led by Prof Dr Guven Sak, head of Economic Policy Research Foundation of Turkey called on President Asif Ali Zardari in Bilawal House here on Friday. He informed the President that pre-feasibility study of the project would be completed ahead of President Zardari's forthcoming visit to Turkey in April. Turkish Ambassador in Islamabad Mustafa Babur Hizlan was also present in the meeting. The Pakistan side included Chairman BoI Saleem Mandviwala, Deputy Chairman Planning Commission, Secretary to President Malik Asif Hayat, General Manager See # 2 Page 11

FBR ‘excises’ contractees on Gilani’s command ISLAMABAD: On the directions of the Prime Minister Syed Yousuf Raza Gilani, Federal Board of Revenue (FBR) has terminated the contract appointments. Sardar Ali Masood Raza Qazilbash, Additional Commissioner Income Tax, Mr. Abrar Ahmad Khan, Member, FBR and Muhammad Akram Mian, Superintendent (MCC) are among the terminated.-APP

King Abdullah orders billions of dollars as handouts

SArabia ‘hedging’ against any unrest RIYADH: Saudi King Abdullah announced on Friday billions of dollars in handouts for his people and boosted his security apparatus in a renewed effort to shield the world's top oil exporter from unrest rocking the Arab world. In a rare televised address to the nation, the ageing king made a brief statement congratulating Saudis for their loyalty and national unity before a battery of decrees were read out suggesting he was embracing increasingly conservative policies.

Amongst a wave of new spending, the decrees outlined a boost in welfare benefits, bonuses for public sector workers, including the army,

and a massive drive to build new housing. In addition, the king ordered the creation of 60,000 security jobs within the interior ministry, promised more money for the religious police and, in a sign Saudi's ruling Sunni elite will tolerate no dissent, said the media must respect clerics. Saudi Arabia has mostly avoided the protests seen elsewhere in the region, but dissent has nonetheless built up and some demonstrations have See # 4 Page 11


2 Saturday, March 19, 2011

PEPCO promises relief in load shedding ISLAMABAD: Managing Director, Pakistan Electric Power Company (PEPCO), Rasul Khan Mahsud on Friday said arrangements have been made to ensure maximum relief to power consumers during summer. "The situation would be different as compared to last year. It is projected that there would be shortfall of around 1900MW while previous year it was 4,000MW. I do not say there would be no load-shedding during summer, but I assure that consumers would be given maximum relief," he told a news channel. In an exclusive talk after a

meeting on power situation here, the Managing Director said PEPCO requires around 27,000MT of fuel every day and if gas and fuel is adequately provided we can control load shedding. As far as natural gas is concerned, he said during summer the domestic usage of this commodity is minimum and added this saving would also come to our system. He assured that during the summer, the industry and domestic users would be provided maximum relief as far as power supply is concerned.-APP

ICCI for horticulture products export

CJCSC calls on Turkish commanders

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talking to Federal Ministers, Syed Naveed Qamer, Minister for Privatization, Mian Raza Rabbani, Minister for inter-Provincial Coordination, Dr Zaheeruddin Babar Awan, Minister for Law & Justice and Ex-Ministers Raja Pervez Ashraf and Nazar Muhammad Gondal who called on him at PM’s House -APP

Committee to contact alienated Baloch leaders

Govt determined to develop Balochistan: PM Staff Correspondent ISLAMABAD: Prime Minister Syed Yusuf Raza Gilani while reiterating the policy of reconciliation of the Government has said that the Government is taking all measures to bring normalcy in restive areas of Balochistan. For that matter, he added, all the leaders of the parliamentary parties will be consulted to form a committee. The committee will contact the alienated Baloch leadership to reconcile and will seek their suggestions to

ISLAMABAD: Fruits and vegetables are grown on a large area across the country but Pakistan is not fully utilizing its export potential of horticulture products. Due to insufficient storage, processing facilities and poor value chain horticulture exports were not at their full potential, Mahfooz Elahi, President Islamabad Chamber of Commerce & Industry (ICCI) made these remarks while addressing the exporters of fruit and vegetable at ICCI. He said that foreign exchange earnings through exports of fruit and vegetables stood around $302 million in January 2011. Government should give emphasis on the development of horticulture sector and should take progressive initiatives to venture for the exploitation of export potential and to search more markets like South American countries, North Africa, Central Asian states and South Asian region, he emphasized. ICCI President was of the view that horticulture exports could be increased through deeper penetration into new existing and friendly markets and also simultaneously obtaining higher per unit price through better packaging Staff Reporter and ensuring quality of commodities. Pakistani fruits and vegetables are in demand in almost all over the world so KARACHI: First Ever TDAP should interested exporters to increase exports, he Pakistan Web Awards were held in Karachi at a local maintained.-Online hotel by "The Xeptionalz". Sindh IT Minister Mohammad Raza Haroon was the chief guest. The initiative was supported by IT Department, Government of Sindh, Pakistan Software business community, aca- Export Board (PSEB) and TFD Report City District Government demics, industry profesKarachi (CDGK). KARACHI: As a first step sionals, government offiOn the occasion, the new towards the changing of cials and policy makers, to revamped look of Sindh people's perception about share their love of the land Government Web Portal Pakistan, Old Students' and exchange ideas to and Sindh IT Department's Association of develop a new vision for website were also demonGovernment College of the future of this country. strated. Raza Haroon Aside from highlighting briefed about the enhanceCommerce and Economics (COMMECS), in collabo- many natural and human ment of these websites and ration with Karachi resources of Pakistan, facts appreciated the work. Diamond Award (1st Chamber of Commerce & and figures were also preIndustry (KCCI), organ- sented about various sec- Position) for the best webised "Mera Pakistan tors of business, trade and site in Pakistan went to Conference 2011" in industry as well as the www.satmaptrg.com nomiopportunities available to nated under category Karachi. This conference provid- entrepreneurs and vision- "IT/ITeS". Platinum Award (2nd Position) to www.tribed an opportunity for the aries. une.com.pk in the category "Press & Media". For Gold Award (3rd Position) tie-up occurred and two websites www.ufone.com and www.jazzjazba.com won Gold Award. Both the websites were nominated under category "Cellular / Telecom Companies".

First ever web awards

‘Mera Pakistan’ moot, a success

restore the law and order situation in Balochistan, said the Prime Minister. The Prime Minister expressed these views while talking to Israrullah Zehri, Minister for Food & Agriculture who called on him at Prime Minister's House on Friday. The Prime Minister said that Pakistan is an agrarian economy, therefore, agriculture sector plays a pivotal role in our economy. Due to timely provision of seed and fertilizers, he added, the Government is expecting bumper crops. The

Government, he said, is planning to benefit from the knowledge and technology and expertise of other countries for the training of our growers. The Prime Minister said that the development of Balochistan depends on development of agriculture. He asked the Minister for Food & Agriculture to take all stakeholders on board and formulate a comprehensive programme to help the farmers of Balochistan. The Prime Minister said that the PPP Government

is determined to reduce the sense of deprivation of our Baloch brothrs. The Government, he added, has started implementing 'Agaz-e-haqooq-eBalochistan'. The requisite funds for the development projects are also being released to bring the province at par with other federating units, he added. The Minister apprised the Prime Minister of various projects initiated by his ministry in flood affected areas. He also discussed with him matters pertaining to his ministry.

SC reserves verdict on Railways land scam ISLAMABAD: The Supreme Court on Friday reserved its verdict on the issue of 141 acre Railways land in Lahore, which was leased out during the regime of former president Pervez Musharraf. A two-member bench comprising Chief Justice Iftikhar Muhammad Chaudhry and Justice Ghulam Rabbani reserved its decision after the counsel for parties concluded their arguments. Earlier, the counsel for the Secretary Railways presented the whole record of the transaction and said that his client had clearly directed him to assist the court

22 Indian fishermen held

and place relevant record and facts before it for reaching a just decision. The Auditor General Railways also presented a report saying that the deal had incurred a loss of Rs290 million to the organisation. Makhdoom Ali Khan, counsel for Husnain Construction Company, denied the figures and said that the transaction did not cause any loss to the Pakistan Railways. He said last year the company paid about Rs40 million to the government. Ali Raza, counsel for Royal Palm Golf Club, defended the deal and said

that the deal was done after abiding by all the rules and regulations. Mian Allah Nawaz, counsel for Ishaq Khan Khakwani and Dr Mobashir Hassan, the petitioners, contended that the Railways land was leased out to Royal Palms and Country Golf Club Lahore in a highly objectionable manner in 2001. He claimed that initial area, which was to be leased out, was around 103 acres but later on it was increased to 141 acres, besides, the period of lease was extended to 49 years from 33 years in a shadowy manner. -APP

Early completion of Khi Circular Railway directed

KARACHI: Pakistani Maritime Security agency on Friday arrested 22 Indian fishermen for violating Pakistani territorial waters. Staff Correspondent According to Maritime security agency spokesman the Indian fishermen had ISLAMABAD: Minister violated the Pakistani terri- for Railways Haji Ghulam Ahmed Bilour Friday torial waters. -Online directed Japan International Cooperation Agency and the ministry's concerned formation to expedite work on Karachi Circular Railway project. In a meeting with a sixmember JICA delegation of technical experts, headed by Ken Kato, the railways minister said delay in project has raised serious concerns among the public facing acute transport problems. The Japanese delegation expressed satisfaction on performance of the

Karachi Urban Transport Corporation that has completed maximum of the task assigned to it regarding the circular railway project. The delegation informed the minister that a team of technical experts would reach Pakistan in June this year to survey design of the project that would also comprise its geo-technical investigation. Ken Kato apprised the minister that following the appraisal mission project, Japan would hold detailed discussion on the provision of loan facility and ascertain the time period for the purpose.

Western Union offers free money transfers to Japan KARACHI: The Western Union Company , a leader in global payment services, in cooperation with its Agents, has activated a limited-time "No Transfer Fee" program for money-transfers sent to Japan from participating Agent locations around the world. The "No Transfer Fee" service will allow consumers to send money to help loved ones affected by the devastating earthquake and tsunami that rocked

Japan on March 11. The "No Transfer Fee" program to Japan will be available March 17 through April 17, 2011, and is subject to network, service and currency availability. Consumers sending money to Japan may visit participating Western Union Agent locations to send a money transfer to family and friends in Japan or may do so online at www.westernunion.com. -PR

ISLAMABAD: Chairman Joints Chiefs of Staff Committee (CJCSC), General Kahlid Shameem Wynne, who is on an official visit to Turkey, in a series of meetings called on General Erdal Ceylanoglu Commander Turkish Land Forces and discussed matters of bilateral interest and mutual cooperation. Both leaders emphasized on enhanced military cooperation and need for joint exercises to enable interoperability of land forces, an ISPR press release said on Friday. Later, Chairman called on Admiral Ugur Yigit Commander Turkish Naval Forces. He appreciated

Turkish participation in recently concluded naval exercise; AMAN III hosted by Pakistan Navy and underlined the importance of greater maritime cooperation between both countries. This was followed by a call on General Hassan Aksay Commander Turkish Air Force. General Wynne congratulated General Hassan Aksay on the upcoming centenary celebrations of Turkish Air Force and reiterated that the existing close bondage between the two air forces would continue to prosper. CJCSC also visited ASELSAN Complex and Turkish Aerospace Industries.-APP

‘Govt trying to overcome power crisis’ KARACHI: The Sindh Minister, Ms Shazia Marri, performed the inauguration of a flower exhibition and spring festival. Speaking on the occasion, she said that flowers and greenery are part of nature of human being because these beautify surroundings with natural fragrance and help reduce pollution. Shazia Marri, who holds the portfolio of Electric Power, also said on the occasion that the government is making all out efforts to enhance power generation to fill the gap between availability and utilization of electricity and that `we will ensure to reduce load shedding at minimum possible level'. -APP


3 Saturday, March 19, 2011 Previous Day

G7 steps in to weaken yen; market braces for more Traders bracing for extended intervention campaign NEW YORK: The dollar rose 3 per cent against the yen on Friday after the Group of Seven launched its first coordinated intervention in currency markets since 2000, and traders braced for more efforts to prevent runaway yen gains in the weeks ahead. The Federal Reserve and Bank of Canada said they had sold yen, bolstering European and Japanese efforts to reverse the currency's recent sharp gains and calm markets after Japan's devastating earthquake and tsunami and an unfolding nuclear disaster sparked a week of near panic in world markets. The dollar rose as high as 82.00 yen early in European trade before easing to 81.10 in New York, up about 3 per cent. The yen's plunge to a record low near 76 yen earlier this week had pushed the G7

into action. Hedge funds and other speculative accounts tested official resolve by buying into the yen sell-off, but analysts said authorities were set to fight any attempt to push it back up. "It's evident this is not just a one-day event. The G7 has made an extended commitment that we think will stretch over a number of weeks, and we think it will be successful," said Michael Woolfolk, senior strategist at BNY Mellon in New York. "They've put a floor under dollar/yen at 80 and they will be happy to stabilize it between 80 and 85," he said.

Tokyo market estimates had the Bank of Japan selling some 2 trillion yen ($25 billion) over the course of the day, similar to its a one-day bout of intervention in

September. Nomura Securities, which called the G7 move "a once-in-a-decade event," estimated the European Central Bank intervened to the tune of about 5 billion euros ($7.1 billion). Markets remained on alert for more Fed and Bank of Canada action.

Asian currencies

Won, peso rebound as G7 helps BOJ on FX SINGAPORE: The South Korean won led a rebound in Asian emerging currencies on Friday as an agreement by the Group of Seven to stem the yen's strength prompted investors to reduce dollar holdings, but investors were sceptical that regional currencies could extend their gains. While Friday's intervention by the Bank of Japan alleviated pressure on regional currencies, it does not guarantee more demand for Asian currencies, analysts added. United Overseas Bank economist Ho Woei Chen in Singapore said the intervention might even prompt other Asian central bank to buy dollars to check gains in their currencies. Reflecting that view, the Bank of Thailand was spotted buying

dollars and there was talk of dollar-buying intervention by the Philippines' central bank, dealers said. The won rose against the dollar as investors cleared dollarlong positions and on demand from exporters such as shipbuilders for settlements. The South Korean unit also jumped more than 4.5 per cent as dealers said some offshore players appeared to clear yen-long positions to stop losses. But the local currency failed to strengthen past its previous high of 1,124.0 versus the greenback hit on Monday and Tuesday capped by dollar demand linked to domestic companies' dividend payments to foreign shareholders and importers' dollar bids. The peso tracked other Asian currencies, with investors also

covering dollar-short positions around 43.70 per dollar before the weekend. Dealers said there was a talk of Bangko Sentral Pilipinas' dollar-buying to curb further strength in the local currency around the level. The Singapore dollar strengthened, with investors gunning to test 1.2700 per dollar, a level which Singapore's foreign exchange authorities had been spotted defending previously Investors saw few factors that could push down the Singapore dollar yet, with markets unwilling as yet to challenge the G7 intervention agreement. But the local currency had cut some gains on real money flows around 1.2730 and as investors covered US dollar-short positions. -Reuters

Sterling firm vs yen, but lags against euro

Swiss franc surges 2.54pc vs yen

LONDON: Sterling was firmer on the yen on Friday, with the Japanese currency under broad pressure after the Bank of England intervened in the forex market as part of the coordinated Group of Seven effort to stem its recent surge. The British pound rose to 132.30 yen from around 131.60 just after 0800 GMT when the intervention started. But it gave

is unknown into which exchange markets and how," said Paul Mackel, currency strategist at HSBC. "More BOJ intervention is possible and the BoE will show solidarity with Japan and any further coordinated intervention." Sterling also recouped some of its earlier losses against the dollar and the euro, having come under pressure on dovish com-

up most of those gains to trade at 131.70, although it was still up more than 4 yen on the day, or over 3 per cent. Friday's coordinated intervention came after Japanese Finance Minister Yoshihiko Noda said Japan agreed with central banks of the United States, Britain and Canada as well as the European Central Bank to jointly intervene in the currency market. Traders estimate the intervention by the Bank of England (BOE) could be in the region of 400 million pounds. "It was confirmed that the BoE had joined the intervention, but it

ments from a Bank of England policymaker and data showing a drop in consumer confidence. BoE Deputy Governor Charles Bean was also quoted as saying that Britain has entered into a "hazardous period" and inflation could be above target next year. The pound was up 0.2 per cent on the day at $1.6180 following a brief dip to $1.6059, with sell-stop orders tripped below $1.6100, traders said. Euro/sterling was up 0.6 per cent at 87.41, but off a high of 87.59 pence, its highest level since Nov. 4. -Reuters

ZURICH: The Swiss franc rose sharply against the yen on Friday after the Group of Seven agreed on rare joint intervention to weaken the Japanese currency. There were no signs the Swiss National Bank was selling yen and the SNB declined to comment on whether it was intervening in forex markets. Japanese shares jumped and the yen tumbled after the G7 agreed to intervene to curb the soaring currency and calm markets jittery over Japan's nuclear power plant crisis. The franc was trading 2.5 per cent higher against the yen at 0924 GMT. The Swissie was 0.8 per cent lower against the euro compared to the New York close, and was down 0.5 per cent against the dollar. "Right now it's very difficult to assess the effect on the FX market, but I think these external events will be the main driver for the Swiss franc in the next couple of weeks," You-Na Park, Commerzbank analyst said. The Swiss franc could still benefit versus the euro as a safe haven currency in the short term from events in Japan and political turmoil in the Middle East, if these situations worsen, Park said. -Reuters

Aussie, NZD soar as intervention hits yen SYDNEY/WELLINGTON: The Australian and New Zealand dollars soared about 5 per cent against the yen on Friday after the Group of Seven rich nations agreed to join in rare concerted intervention to restrain a runaway yen. The Australian dollar raced to 81.40 yen, from around 77.50 before the announcement, leaving behind a 6-month trough of 74.98 yen set on Thursday. It last stood at 81.36 yen, still down some 2 per cent for the week. The New Zealand dollar jumped more than 5 per cent at one stage to as high as 59.74 yen. On the week, it was still about 2 per cent lower. Both antipodean currencies performed particularly strongly, having been hammered in the last few days as leveraged players dumped higheryielding currencies in times of market stress. Against the US dollar, the Aussie leapt nearly two cents to $0.9944, having skidded to a threemonth trough at $0.9732 on Thursday. Still, the local currency is down nearly 2 per cent for the week. Tracking its neighbour, the kiwi gained around 1 per cent against the greenback, coming

within a whisker of $0.7300 for the first time in two days. It last traded around $0.7290, still down nearly 2 per cent for the week. The kiwi had earlier hit a near 16-month low against a basket of currencies before clawing back some of its losses. "It was as clear as it could be and it was huge ... Kiwi is just getting carried away," said Westpac senior strategist Imre Speizer. The Australian and New Zealand dollars also made healthy gains on the euro, pound and Swiss franc, although rising alarm over the unfolding disaster in Japan, the world's thirdlargest economy, is likely to weigh on commodity currencies. RBS's Gibbs expects Aussie/yen to fade over the course of next week as the impact of the G7 intervention disappears. "It's still a wait-and-see period due to the high uncertainty in Japan," said Besa Deda, chief economist at St. George Bank. Investors were also keeping a wary eye on events in Libya with French diplomatic sources warning a military action could begin within hours of the Security Council vote. -Reuters

The euro hit a session high around 115.56 yen before easing to 114.63, up about 3.6 per cent. As the dollar rebounded, it became cheaper to hedge against further yen gains. Implied volatility on one-month dollar/yen options stood at 13.5 per cent, from 21 per cent on Thursday. The euro rose to a fourmonth high against the dollar of around $1.4145 after the intervention in euro/yen. The South Korean and Chinese currencies also jumped against the yen. Those exchange rates are of particular interest to Tokyo, as excess yen strength undermines Japanese trade relative to its Asian neighbors. Paresh Upadhyaya, strategist at BofA Merrill Lynch, said it may take a move toward higher interest rates in the United States to sustain downward yen momentum.-Reuters

Yuan up on higher mid-point fixing SHANGHAI: The yuan closed up versus the dollar on Friday after the People's Bank of China fixed a stronger midpoint, just shy of the fixing's record high. But trading was cautious amid signs that the PBOC may not want to be too aggressive in letting the yuan appreciate due to recent global market turmoil sparked by Japan's earthquake and nuclear crisis, traders said. The yen skidded on Friday after the Group of Seven finance ministers agreed to act to limit its strength after the Japanese currency soared to an all-time high versus the dollar a day earlier. "It is a typical PBOC tactic that the more chaotic the global market conditions are, the more the central bank will try to maintain the stability of the yuan," said a senior dealer at a Chinese commercial bank in Shenzhen. "But it is also typical that short-term factors have seldom affected the government's overall long-term strategies. We remain optimistic that the

yuan may rise 5 to 6 per cent for all 2011." China appears to be using the yuan's exchange rate to fight high inflation and help adjust an economic structure heavily reliant on exports, promoting widespread expectations that the currency will appreciate at a much faster pace than last year's 3.6 per cent rise. Spot yuan closed at 6.5691 versus the dollar, up from Thursday's close of 6.5744. The currency has now risen 3.88 per cent since it was depegged in June 2010. Before trading began, the PBOC fixed the yuan's midpoint at 6.5668 to the dollar, stronger than Thursday's 6.5718 and just shy of the fixing's record high of 6.5651 set on March 7. Benchmark one-year dollar/yuan non-deliverable forwards (NDF) were bid at 6.4460 in late trade on Friday, down from 6.4540 at Thursday's close. Their implied yuan appreciation in a year's time rose to 1.87 per cent from 1.74 per cent. -Reuters

Indian rupee up on strong euro MUMBAI: The Indian rupee closed higher on Friday on the back of the euro's gain against the dollar, but negative domestic shares and high oil prices checked a sharper rise. The partially convertible rupee ended at 45.13/14 per dollar, 0.1 per cent stronger than its previous close of 45.18/19. It had moved in a range of 45.0500-45.1475 intra-day. The euro was at $1.4125, firmer than Thursday's close of $1.4016. "The rupee will continue to be rangy in the near term. I largely see it in a range of 45.00-45.50," said Ashtosh Raina, head of foreign exchange trading at HDFC Bank in Mumbai. "There are inflows in the market that is supporting the rupee, but dollar demand from oil importers is also high," he said. Indian shares declined for a second week in a row, shedding 1.5 per cent on Friday. The one-month onshore forward premium was at 33.50

Source

Events

Actual

Forecast

Previous

GBP EUR CHF EUR EUR GBP EUR CAD CAD

Nationwide Consumer Confidence German PPI m/m PPI m/m Current Account Italian Trade Balance Prelim Mortgage Approvals Trade Balance Core CPI m/m CPI m/m

38 0.7% 0.2% -0.7B -6.56B 43K -3.3B 0.2% 0.3%

48 0.7% 0.4% -10.6B -1.98B 47K -2.0B 0.5% 0.4%

48 1.2% 0.1% -12.5B -2.78B 46K -1.1B 0.0% 0.3%

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 1.4133 1.4146 0.9056 0.9088 1.6172 1.6191 0.9850 0.9862 0.9940 0.9946 114.5500 115.5500 0.8742 0.8760 1.2792 1.2790 131.0800 132.4900 89.5600 90.6500 1421.0300 1423.6500

Bid 1.4130 0.9053 1.6168 0.9846 0.9936 114.5000 0.8739 1.2787 131.0300 89.4900 1420.3400

Low 1.3984 0.8964 1.6064 0.9806 0.9783 110.5600 0.8680 1.2572 127.2300 87.8300 1402.4100

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 18/03/2011 A USD GBP CAD EUR JPY O/N 0.20550 0.55688 0.96250 0.65000 SN 0.14375 1WK 0.23870 0.57750 1.00083 0.72938 0.15375 2WK 0.24470 0.58375 1.03533 0.77938 0.16500 1MO 0.25350 0.61438 1.07917 0.84500 0.16125 2MO 0.28400 0.68375 1.13167 0.98313 0.17375 3MO 0.30900 0.80563 1.20167 1.12250 0.20000 4MO 0.35050 0.88813 1.26833 1.21750 0.24563 5MO 0.40800 0.99313 1.32583 1.31500 0.30000 6MO 0.46000 1.10875 1.38250 1.43563 0.34625 7MO 0.51100 1.19250 1.46583 1.50750 0.39625 8MO 0.56125 1.27750 1.54583 1.58063 0.44438 9MO 0.61075 1.36125 1.61750 1.65813 0.49000 10MO 0.66000 1.44188 1.70333 1.73313 0.51688 11MO 0.71300 1.51188 1.78500 1.80188 0.54375 12MO 0.77050 1.57938 1.86333 1.87250 0.57125

Major Central Banks Overview Central Bank

Next Meeting

Last Change

Bank of Canada April 12, 2011 September 8, 2010 Bank of England April 7, 2011 March 5, 2009 Bank of Japan April 7, 2011 December 19, 2008 Swiss National Bank December 15, 2011 March 12, 2009 The Reserve Bank of Australia April 5, 2011 November 2, 2010 Federal Reserve January 1, 2001 December 16, 2008 European Central Bank 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 18,2011 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

85.50 138.27 120.35 87.06 94.24 85.03 13.40 1.04 15.23 66.70 16.14 22.80 10.96 13.01 307.48 27.90 61.81 23.48 23.28 0.08 2.82

85.30 137.94 120.07 86.85 94.02 84.83 13.37 1.04 15.19 66.54 16.10 22.74 10.93 12.98 306.76 27.84 61.66 23.42 23.22 0.07 2.81

85.05 137.51 119.68 86.63 93.77 84.60 13.33 1.04 15.15 66.36 16.06 22.68 10.90 12.95 305.95 27.77 61.50 23.36 23.16 0.07 2.80

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for March 18, 2011

points, higher than 31.00 on Thursday, while the threemonth premium rose to 83.25 points from 83.00 and the oneyear climbed to 288.50 points from 284.50. The one-month offshore nondeliverable forward contracts were quoted at 45.46, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange were all at 45.2075, with the total traded volume at about $7.34 billion. -Reuters

KASB 0-7days 13.15 8-15dys 13.10 16-30dys 13.10 31-60dys 13.22 61-90dys 13.28 91-120dys 13.45 121-180dys 13.54 181-270dys 13.72 271-365dys 13.75 2-- years 13.95 3-- years 14.00 4-- years 14.02 5-- years 14.02 6-- years 14.05 7-- years 14.05 8-- years 14.04 9-- years 14.00 10--years 14.00 15--years 14.40 20--years 14.60 30--years 14.80

BMA 13.10 13.05 13.10 13.14 13.25 13.32 13.48 13.64 13.68 13.95 14.00 13.97 14.00 14.04 14.04 14.03 14.03 13.99 14.40 14.70 14.85

ELXIR 13.09 13.07 13.05 13.15 13.25 13.40 13.52 13.62 13.70 13.92 13.98 13.99 14.00 14.06 14.08 14.02 14.00 13.99 14.45 14.70 14.90

GSL 13.10 13.00 13.00 13.10 13.25 13.30 13.50 13.60 13.70 13.90 14.00 14.00 14.02 14.05 14.05 14.04 14.03 14.01 14.50 14.80 15.00

ICSL 13.15 13.00 13.10 13.15 13.23 13.40 13.55 13.66 13.70 13.90 14.00 14.00 14.00 14.05 14.06 13.95 14.00 14.00 14.35 14.55 14.80

JSCM AvgRate 13.10 13.12 13.05 13.05 13.07 13.07 13.14 13.15 13.23 13.25 13.45 13.39 13.50 13.52 13.65 13.65 13.70 13.71 13.90 13.92 13.98 13.99 14.00 14.00 14.01 14.01 14.05 14.05 14.06 14.06 14.03 14.02 13.98 14.01 13.99 14.00 14.40 14.42 14.60 14.66 14.90 14.88

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

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

week month months months year years

-0.27 0.16 0.41 0.27 0.84 0.07

-0.22 -0.20 0.66 0.59 -0.20 0.55

0.89 0.90 0.59 0.77 0.63 0.63

-0.56 0.55 0.92 0.82 0.32 0.71

0.05 0.16 0.88 0.75 0.82 0.79

-0.17 -0.82 -0.21 0.17 0.74 0.12

USD/CAD USD/CHF 0.54 -0.74 -0.73 -0.16 -0.72 0.07

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)18/03/2011 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 12.85

13.35

12.85

13.35

12.85

13.35

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 12.95

13.45

12.95

13.45

12.95

13.45

13.30

13.55

13.50

13.75

13.60

14.10

13.75

14.25

13.85

14.35

CIPK

12.90

13.40

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 12.90

13.40

12.75

13.25

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 13.10

13.60

13.00

13.50

12.95

13.45

13.25

13.50

13.55

13.80

13.70

14.20

13.80

14.30

13.90

14.40

FLAH 13.00

13.50

12.95

13.45

12.90

13.40

13.30

13.55

13.50

13.75

13.60

14.10

13.75

14.25

13.85

14.35

HBPK 12.95

13.45

12.95

13.45

12.95

13.45

13.25

13.50

13.45

13.70

13.65

14.15

13.75

14.25

13.85

14.35

HKBP 12.90

13.40

12.90

13.40

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

13.00

13.50

13.00

13.50

13.10

13.60

13.25

13.50

13.40

13.65

13.50

14.00

13.55

14.05

13.65

14.15

HMBP 12.95

13.45

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 13.00

13.50

13.00

13.50

12.95

13.45

13.20

13.45

13.35

13.60

13.65

14.15

13.75

14.25

13.85

14.35

MCBK 13.00

13.50

13.00

13.50

12.90

13.40

13.25

13.50

13.50

13.75

13.60

14.10

13.70

14.20

13.80

14.30

NBPK 12.90

13.40

12.90

13.40

12.90

13.40

13.30

13.55

13.50

13.75

13.70

14.20

13.80

14.30

13.90

14.40

SCPK 13.00

13.50

13.00

13.50

12.95

13.45

13.20

13.45

13.45

13.70

13.60

14.10

13.70

14.20

13.80

14.30

UBPL 12.90

13.40

12.90

13.40

12.90

13.40

13.20

13.45

13.40

13.65

13.60

14.10

13.60

14.10

13.85

14.35

AVE

13.46

12.95

13.45

12.92

13.42

13.27

13.52

13.48

13.73

13.62

14.12

13.75

14.25

13.85

14.35

12.96

-0.73 -0.87 -0.74 -0.36 -0.78 -0.32


4 Saturday, March 19, 2011

The Financial Daily International Vol 4, Issue 132

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

Against many odds At a time many bad stories ranging from tsunami and subsequent blasts at Japanese nuclear plant to unrest in Bahrain on the international front and from rising oil prices to growing political uncertainty make investors jittery, many of the good news fail to have a positive impact on the equities market. Lately, foreign fund managers were seen offloading their holding in the Asian as well as Pakistani markets. While FDI inflows remain inconspicuous, IMF related funding has not arrived in Pakistan since May 2010. Resistance posed by the opposition as well some of the coalition partners forced the government to impose new taxes through presidential orders. One of the most satisfying factors has been the country's external account depicting relatively very comfortable position. The current account deficit (CAD) in 8MFY11 reduced to US$98 million, which is minuscule when compared with 8MFY10 deficit of US$3 billion. In February this year country attained a US$53 million surplus as against US$132 million deficit recorded in January. Trade deficit also reduced by 5 per cent YoY in 8MFY11 due to strong growth in exports, up by 24 per cent outpacing import growth of 13 per cent during this period. On top of every thing remittances played a key role in reducing the CAD with cumulative growth of 20 per cent YoY to US$7 billion, raising its share in total current account inflows to a significant of 24 per cent. Spiraling cotton prices pushed Pakistan's textile exports during 8MFY11 by 21 per cent YoY to US$8 billion. Textile exports in February grew by 4 per cent MoM to US$1.1 billion, as global cotton prices increased by 19 per cent MoM. However, global cotton prices as measured by Cotlook A index had peaked in the first week of March, 2011 to US$2.4/pound, have started to tread back, and are currently down by 12 per cent from their peak level to US$2.1/pound. Sharp fall in cotton prices pose a huge risk for textile exports as well as profitability. The real point of concern is rising oil import bill up 70 per cent MoM to US$1.3 billion as the impact of surging crude prices following the Middle East unrest has became more visible in February import figures. Going forward, if crude oil prices hover around US$100/barrel can pose significant risk to the current account. Raymond Davis has flown out of Pakistan but has opened a Pandora's Box. Some unorganised demonstrations have been staged after the announcement of the court verdict. However, silence of political parties enjoying significant number of seats in the legislative is adding to the anxiety of general public.

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.

Syria's Charming Offensive It is a truth universally acknowledged that a dictator who wants to be accepted by polite Western society should look for a charming, glamorous wife. That, at least, is what the world's autocrats are learning from the example of Bashar al-Assad, the president of Syria. First, his wife, Asma al-Assad, was the subject of a glowing profile in the March issue of the US edition of Vogue, which described this ''rose in the desert'' as ''the freshest and most magnetic of first ladies'' and reported on the ''wildly democratic principles'' that govern family life chez Assad. Now, the Harvard Arab Alumni Association has organised an event in Damascus, ''under the patronage'' of Mrs. Assad, who was scheduled to deliver a keynote address. But, the day before the planned Harvard alumni event, security officers beat and detained a group of non-violent demonstrators who gathered to call for the release of the estimated 3,000 to 4,000 political prisoners in the country. On its Web site earlier this week, the Harvard Arab Alumni Association highlighted its connection with the dictator's wife: ''We are greatly honored to hold our Arab World Conference under the esteemed patronage of Her Excellency Mrs. Asma al-Assad, The First Lady of Syria, and are privileged that Her Excellency will deliver the conference's keynote address. A thought-provoking, inspiring and tireless leader and advocate, the First Lady's address will certainly be the highlight of our event.'' The Web site was enthusiastic about Mrs. Assad's role in Syrian national life and the connection between her work and that of her husband's regime: ''In her role as Syria's first lady, Her Excellency Asma al-Assad applies her experience, energy and influence to her country's social and cultural development. Her role reflects the significant economic, political and social change that is happening in Syria today. Asma al-Assad's work supports that of President Bashar al-Assad by fostering the emergence of a robust, independent and self-sustaining civil society.'' According to a Human Rights Watch report released in January last, the Syrian authorities were among the worst violators of human rights in the

world in 2010, torturing their opponents, imprisoning lawyers and violently repressing ethnic Kurds. Human Rights Watch said it had ''credible reports that security agencies arbitrarily detained dissidents and criminal suspects, held them incommunicado.'' It also said that those detained were subjected to ''ill- treatment and torture.'' Nadim Houry, the senior researcher on Syria and Lebanon for Human Rights Watch, said the prominent role for Mrs. Assad was ''part of a general charm offensive.'' He took particular issue with the Harvard Arab Alumni Association Web site's reference to the first family's support for independent civil society. ''This is definitely crossing the line,'' he said. ''There is nothing independent and nothing self-sustaining about what the government is doing with civil society in Syria.'' Richard N. Haass, president of the Council on Foreign Relations, said he was surprised that Syria - which effectively occupied Lebanon for almost 30 years, allied itself with Iran and aided groups like Hamas - had faced less scrutiny than other local dictatorships. ''It is ironic that it has escaped, for the most part, criticism,'' Dr. Haass said. The Harvard Arab Alumni Association's Web site includes a disclaimer describing itself as an independent, not-for-profit organisation and stating: ''Nothing that is published by the HAAA should be taken to represent the opinions or endorsement of Harvard University, the President and Fellows of Harvard College, or the Harvard Alumni Association.'' According to the programme, six people with Harvard affiliations were scheduled to speak at or moderate sessions at the daylong event, including the ''Harvard Guest Address,'' one of three keynote speeches, to be delivered by Jorge Dominguez, Harvard's vice provost for international affairs. In an e-mail, John Longbrake, a Harvard spokesman, said that the Harvard Arab Alumni Association was an independent organisation but that ''we are supportive of any alumni group that hosts a conference encouraging open dialogue and the exploration of ideas.'' ''In his talk, Prof Dominguez will be highlighting Harvard's engage-

ment in the Arab world and discussing the value of freedom of inquiry and why liberty of the mind builds a democratic society,'' Longbrake wrote. The positive references to the Syrian government in a conference with Harvard involvement provoked intense debate among US political scientists this week, with one e-mailing a colleague to say it was ''shocking and disgusting.'' But others said the event highlighted how hard it was to strike precisely the right balance between engaging authoritarian regimes and appearing to legitimise them. ''To me, the real challenge is to navigate simultaneously working with governments and civil society,'' said AnneMarie Slaughter, a professor of politics and international affairs at Princeton University. Dr. Slaughter, who has been a dean and has just completed a stint as director of policy planning for the US State Department, has been a strong advocate of a no-flight zone over Libya. However, she argued: ''It can't be either/or. You can't just abandon the government and focus on the protesters. The world doesn't work that way. The question is on which side of the line does this fall.'' UPDATE: I had e-mailed Harvard Professor Jorge Dominguez on Wednesday asking for his thoughts on the Harvard Arab Alumni Association event, but my deadline passed before we had an opportunity to connect. Subsequently Professor Dominguez sent me the following e-mail outlining the subject of his keynote speech. What follows is not a response to my column since he has not yet had a chance to read it, but rather a bit of supplementary information. "I spoke this morning on several themes. One is Harvard's long engagement with the Arab world, which started with the teaching of the Arabic language sporadically since the late 17th century and regularly since an endowment for that purpose was established 75 years ago. Similarly, Harvard's library resources in Arabic are approximately 270,000 volumes, which makes it the largest research university library collection in Arabic materials in the world. Moving closer to the present, I

noted that we've increased the number of students from the Arab world from 47 to 96 over the past decade, and discussed how the University's admissions and financial aid policies span the world. Harvard is the best university in the world for a poor person. "I went on to discuss the meaning of education. Some examples are casebased student-focused learning of the type evident in case discussions in our professional schools (business, law, public policy). There is no right or wrong answer to such discussions but, rather, a vigorous analysis of varying approaches. "Then, I illustrated my own understanding of a "liberal education" in terms of a course I teach, in which in each lecture I present an argument and deliver it as persuasively as I can, only to have it contradicted in subsequent lectures where the lecture is also delivered as persuasively as I can. I noted that in exams and papers I never ask for the "right" answer because each student must be able to formulate two answers. I described how competition between ideas and interpretation is a key to free inquiry in any society, and how the liberty of the mind, open to the world, is both the most effective way to learn about citizenship as well as professional life, and to construct a democratic society. Finally, I turned to research in various endeavors that Harvard faculty and students carry out in various parts of the Arab world. "I closed by praising the Harvard Arab Alumni Association for bringing the discussion to a city in the Arab world, to build on the value of freedom of inquiry and competition between ideas and interpretations through the manner in which they built the conference program. There were several panelists per panel and a vigorous moderator who kept the dynamics going and prevented ossified speeches. Each session had a good chunk of time for many questions and comments where, of course, the recent developments across the Arab world were raised and addressed. The HAAA deserved praise, therefore, for bringing vigorous debate to a discussion in an Arab city about problems in the Arab world, presumably a value many of your readers may share as well."-Reuters

Sometimes there is no bright side If rebuilding after tragedies is actually good for the global economy, someone clearly forgot to tell investors. In the days after Japan's earthquake and tsunami and its still unfolding nuclear disaster, global stock markets have fallen sharply, as have bond yields and even energy prices, all indicators that someone, presumably someone with quite a bit of money, thinks this all will not end well. While replacing broken windows will flatter GDP, it does not do a whole heck of a lot to increase productive capacity. The contrary argument, of course, is that Japan is suffering from a surfeit of savings and that these funds will finally be given something worthwhile to do in rebuilding. Perhaps demand from Japan will do someone some good, but the idea that we can all grow rich by rebuilding our ruined houses seems little better than the old canard that we'll all get rich buying each other's houses. Both theories rest on employing more debt and both, therefore, present considerable risks. Even beyond the idea that Japan's plight will somehow provoke a bond crisis, of which there is no evidence yet, two factors may explain why mar-

kets are so scared; the nuclear risk and the spreading unrest in oil-producing nations in the Middle East and North Africa. First, the events at the Fukushima nuclear plant are as unpredictable as they are frightening. Reports are confused and attempts to control the situation, such as a failed bid to dump water by helicopter, evoke images of the kind of movie happy endings we all view as far fetched. This brings fear and that kryptonite of risk markets, uncertainty. This cuts a much wider swath than just Japan, where nuclear power represents 29 percent of electrical generating capacity. The truth is that nuclear power, one of the most important sources of electricity in many markets around the world, now has a very uncertain longterm and immediate future. That could have a nasty impact on energy prices, and in turn on growth and inflation. The impact is spreading quickly; European Union energy officials agreed last Tuesday to apply new stress tests on plants across the 27nation bloc and Germany moved to switch off seven older reactors. China's cabinet said it will suspend approvals for nuclear power stations to

allow for a revision in safety standards, while Switzerland put on hold renewal of three of its atomic stations. This is significant; nuclear power represents a third of Japanese electrical generating capacity, 20 percent in the U.S. and 75 percent in France. OIL ON TROUBLED WATERS Oil prices initially fell after the earthquake, operating on the assumption that immediate demand in Japan will fall. Prices rose last Wednesday, as fears of nuclear power rose and people worked through the implications. This is all made even harder to predict by the unfolding path of revolts and protests in the Middle East. Libyan forces supporting Muammar Gaddafi were predicting the fall of rebel stronghold Benghazi within 48 hours, a development that, while ghastly, would actually help to suppress oil prices if it came to pass. That, ladies and gentlemen, is your global economy, 2011 edition, left hoping for the restitution of a vicious dictator. Developments in the gulf state of Bahrain, which used tanks and helicopters to drive protesters from the streets on Wednesday, added to uncertainty. Bahrain has brought in troops from fellow Sunni-ruled Saudi Arabia,

Qatar, Kuwait and the United Arab Emirates as it seeks to put down a largely Shi'ite-led protest movement, risking retaliation from Shi'ite-dominated Iran. There is simply no way to know how this will work out, but financial markets look to be pricing in elevated energy prices for an extended period. It is possible, of course, that protest is stifled, that nuclear doubts are damped and that the price of oil sinks rapidly, in which case you can expect a massive rally of risk assets and for the Federal Reserve to resume making noises about the transition away from quantitative easing. If not, and if energy prices remain high or rise, they will be a tax on growth and consumption, all the while fanning the flames of inflation in food and energy. It is worth noting that U.S. producer prices spiked last month, with finished foods rising 3.9 percent, the highest rate since November 1974, when President Gerald Ford was attempting to lead a "Whip Inflation Now" movement. Tension in the Middle East, oil spikes, inflation and nuclear fears; It is all looking a bit 1970s now, and that is not something to be nostalgic about.-Reuters

No ‘Lota’ Holds Water Dr. Hasnat Nabi It is unfortunate that the rulers who are in power because of the votes of masses have failed to provide them any relief. People are hard pressed because of the price hike., energy crises , lawlessness and people are doing suicides still politicians are so arrogant that they are not ready to listen any one indicating their inefficiency. I was amazed on the reaction specially the PMLN's member national assembly on the statement of Gen Ather Abass who asked " if the budget allocated to the civilian departments not misused". I don't know it had become our national trait to criticize those segments that are patriotic and honest and never hesitant to even give their lives for the defence of the motherland. If our politicians are so egotistical that they can't even bear out a comment like General Ather gave that too as passing remark then they should be upright in all aspects. They must not do malpractice and avoid corruption. From up to downwards everyone is busy in kickbacks. They are like termites to the nation. Our country is becoming weaker and weaker because of these corrupt leaders. A few politicians who are honest are sidelined by their leadership. During his first tenure as CM Shahbaz Sharif relaxed the rules and approved license of only one Sugar mill and that was 'Hamza sugar mill". Soon after the approval of the license the ban was re-imposed. None of the political parties can claim that they are fair and clean. They are all

engulfed in the percentages. Some one is 10 percent and the other is 100 percent. Even the religious affairs minister was involved in Hajj scam. May be it is due to the upright judiciary that he has been arrested and sent to the jail. Obviously his party and the people who were 'party' with him in the Hajj corruption will go all out to get him released. It is unfortunate at the part of our army that it had to fight with the enemy, sacrifice lives for the country and then at the end of the day had to face the criticism regarding defence budget. The budget which is being provided to the army is for peace time but right now our army is at war with enemy who are backed by the super powers like America. After witnessing the death of Col Imam it should not be secret for the nation that the people involved in suicidal attacks in the country who really they are? India has raised its budget by 12 percent during the current budget. So Pakistan which is already fighting a war has to be alert and prepared. Our politicians are least pushed about the country as everyone is busy in plundering and looting the funds of the poor masses. They don't have the time to think for the people. They only have expertise in purchasing and selling "lotas". Now lota culture has been graduated to the level of "Muslim showers" as the most of the political lotas are from Muslim league. Nawaz Sharif himself was the first ever lota of the modern Pakistani politics as he was the one who deceived Junejo and preferred to sit in Gen Zia's lap. After hugging the lotas of the Q-league they are

again claiming to be doing politics of principles. What to talk of "Principals" they are in fact "Masters of lotaism". Election Commission of Pakistan must play its role by canceling the membership of those who are of the habit of changing the affiliations. They were given the votes for that specific party. They must contest election on the ticket of new party. Ironically the PML-N is appreciating the members those have joined them and is criticising those who have taken side of PPP. It is an 'open contradiction' if we say it in the Sohail Warraich's pet style "Kia yeh khula tazad nahi hai" (Is it not an open contradiction). It was a treat for me to watch Khawaja Saad Rafique criticising Ather Abbas's statement that too just for nothing. PML has emerged as an anti to everything party.. They are anti army and anti civil servants too. When the federal government announced to double the salaries of the employees, the only CM who opposed it was Shahbaz Sharif. It depicts he is not aware of the real miseries of the government servants that what sort of difficulties they face to manage their expenditures. PMLN should at least accept that Mr. Zardari has successfully played game with them. They have been used like anything and their recent move to purchase lotas' of the Q-league has left them nowhere. Our political parties instead of promoting the people who can sit on TV channels and can make hue and cry for their parties in TV current affairs shows should hire some sober, decent and professional politicians.


5

Saturday, March 19, 2011

South East Asian stocks

European shares edge up on G7, Libya ceasefire KSE-100 Index Opening Closing Change % Change Turnover (mn)

11,858.27 11,606.61 -251.66 -2.12 125.13

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

3,595.50 3,533.88 -61.62 -1.71 4.33

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

2,755.95 2,673.05 -82.90 -3.01 0.06

Major Gainers

Symbol

Close

Change

PSEL SIEM IDYM CICL TRIPF

157.50 980.00 311.62 92.94 133.67

7.50 5.00 3.53 3.26 2.90

Major Losers

Symbol

Close

Change

NESTLE 3,227.50 RMPL 2,578.54 ULEVER 4,942.52 COLG 773.54 BATA 514.61

-126.65 -116.45 -106.73 -35.45 -9.36

Top 5 Volume Leaders

Symbol

Close Vol (mn)

LOTPTA PTC NCL NBP NML

15.72 16.83 28.55 76.81 64.07

39.16 9.48 7.73 5.74 5.18

Active Issues Plus Minus Unchanged

90 163 90

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

Mostly rebound but vols remain low; resources lead

Selling robs KSE of 251 points Nawaz Ali KARACHI: Heavy selling by foreign investors and panic selling on tensions between Pakistan and the US on recent drone attack kept Karachi Stock Exchange under sever pressure on Friday which plunged the benchmark index by more than 2 per cent. The benchmark KSE-100 index shed 251 points - 2.12 per cent to close at 11,606 points, KSE-30 index dropped by 211 points - 1.84 per cent to close at 11,303 points and KSE all-share index fell by 163 points - 1.98 per cent to close at 8,082 points. "Due to heavy selling pressure by foreign funds, the market remained volatile and witnessed minor correction during first session. However, second session proved to be very tough as heavyweights came under intense selling pressure due to political uncertainty coupled with fear of rise in oil prices in the global markets led by possible attack on Libya", said Tariq Hussain Khan, COO at United Capital Securities. According to NCCPL data, offshore investors did a net selling worth $8.8 million on Friday that totaled to a net selling of $16.41 million during the week. After opening the day with 20 points up, market saw some mix activities during the initial half an hour with index moving on both sides and the gains didn't go beyond 38 points. Thereafter, selling kept the index in the bearish zone during the remaining part of the day. Index closed the first session with a loss of 37 points. Selling pressure intensified

during the second session and losses entered into triple digits and touched a lowest level of the day of 11,593 points (-ve 264) and finally the day closed near its lowest levels. Jawad Khan, equity dealer at JS Global Capital said that there were loud whispers of foreign funds selling in key Oil, Banking & Fertilizer stocks today keeping locals largely sidelined. OGDC underwent massive battering, after OGRA released flattish gas wellhead prices for 2HFY11. POL and PPL also came under selling pressure, declining by 1.2 per cent and 2.3 per cent respectively after remaining in the limelight yesterday. Apart from heavy selling by the foreign investors, the reaction of Pakistani authorities over the recent Drone attack by the US in Datta Khel killing several tribal people and protest across the country on release of the US citizen Raymond Davis too was the factor that kept the market under bearish pressure. About 125.1 million shares traded during the day which is 8.1 million shares more from 117 million shares exchanged hands a day earlier. Lotte Pakistan was the volume leader with 39.16 million shares after the news of PTA plant shut down in China due to disaster in Japan. Other volume leaders included Pakistan Telecommunication with 9.48 million shares and Nishat Chunian with 7.73 million shares exchanging hands. Out of total 343 active issues; 163 declined and 90 advanced while 90 issues remained unchanged.

Hong Kong, China shares up marginally

Wall St gains after G7 yen action, oil's dip

NEW YORK: Lucky Charms' Lucky The Leprechaun visits the New York Stock Exchange.-Reuters

Seoul stocks jump on refiners, brokerages SEOUL: Seoul shares rose on Friday lifted by firm gains in brokerages and construction firms, but persistent fears about Japan's nuclear crisis and Middle East unrest weighed. The Korea Composite Stock Price Index (KOSPI) ended up 1.13 per cent or 22.1 points at 1,981.13 points. "Investors are growing a bit more optimistic about the outcome of the nuclear crisis in Japan, and the focus appear to be back on recovery and reconstruction efforts," said Lee Kyung-soo, a market analyst at Shinyoung Securities. Foreign investors were buyers of a net 134.9 billion won ($119 million) worth of stocks, purchasing shares for a third consecutive session. Japanese engineers conceded on Friday that burying a crippled nuclear plant in sand and concrete may be the only way to prevent catastrophic radiation release, the method used to seal huge leakages from Chernobyl in 1986. "I expect caution to pervade as the Middle East turmoil escalates. This weekend will also be critical in determining the scale of Japan's nuclear crisis," Lee added. Construction issues rallied, with Daewoo Engineering & Construction up 4.7 per cent and Hyundai Engineering & Construction up 4.3 per cent. Steelmakers also rose amid expectations of higher demand and tighter supply due to production shutdowns in Japan. Shares in POSCO surged 3.2 per cent and Hyundai Steel advanced 3 per cent. Crude oil refiners also advanced as demand for nonnuclear energy sources was seen rising. Shares in GS Holdings, the holding firm of the country's No.2 crude oil refiner, climbed 1.7 per cent. -Reuters

tightening measures in China. Analysts said its strong earnings report gave fresh trading impetus after two recent blows, from Hong Kong banks beginning to raise mortgage rates and the Japan's earthquake. Other property counters also rose, including China Resources Land Ltd, up 6.46 per cent, and Henderson Land Development Co Ltd, up 4.06 per cent after 2010 net profit rose to HK$15.82 billion from HK$15.47 billion. But the Hang Seng Index failed to break its 200-day moving average of about 22,300 for a second consecutive day after briefly trading above that level at midday. Traders said a closing above this level and good trading volume are needed to encourage buyers to return to the market. But they expect the benchmark to hover between 22,000 and 22,800 until the Japan nuclear situation stablises. Turnover fell to its lowest level on the Shanghai Composite Index since February 14 as investors remained wary of bold moves. Analysts said the most important influence on the index remains China's next step on tightening monetary policy. Japan's crisis sparked worries in some sectors but would not change the index's trend in the longer term, they said. TOKYO: Japan's benchmark Reuters Nikkei average closed up 2.72 per cent at 9,206.75 on Friday, ANNOUNCEMENT while the broader Topix gained Period Div/Bon/Right PAT (Rs in mn) EPS(Rs) 2.42 per cent to 830.39. Reuters Yearly 10% 109.631 2.4

HONG KONG/SHANGHAI: Hong Kong and China stocks closed marginally higher in thin Friday trade, as investors continued to worry about Japan and largely shrugged off a global move to help Tokyo restrain a soaring yen. The benchmark Hang Seng Index ended up 0.07 per cent at 22,300.23 points, but 6 per cent lower on the week, with China property issues leading gainers. China's main stock index, the Shanghai Composite closed up 0.3 per cent at 2,906.9 points on Friday after a 1.1 per cent fall on Thursday. For the week, that index fell 0.9 per cent. Early Friday by Asian time, the Group of Seven rich nations announced joint intervention to keep the yen from being too strong. That helped the Nikkei gain 2.7 per cent. But the Hang Seng's highest point Friday was only 0.75 up, and in the afternoon shares slipped as concern remained about Japan's nuclear crisis in the wake of the March 11 earthquake and tsunami. In Hong Kong, China Overseas Land & Investment Ltd, the country's largest developer by market value, climbed 6.5 per cent, nearing a five-week high after announcing a strong net profit for the second half of 2010 and unveiling a plan to increase spending despite property Company Century Insurance

US Stocks late-morning

Nikkei up 2.72pc

Yen intervention helps FTSE extend rally LONDON: Britain's top share index extended gains on Friday from a technically oversold position as intervention by G7 countries to stabilise the yen boosted sentiment. The FTSE-100 was up 22.02 points, or 0.4 per cent, at 5,718.13. The index is down more than 4 per cent in March. The FTSE relative strength index is trading around 36, from 29 on Thursday, with London's blue-chip index having rallied 120 points, or more than 2 per cent, in the last two trading days. The FTSE All Share Index has bounced off its 200-day moving average at around 2904, which it neared earlier this week. Peter Dixon, economist at Commerzbank said equities markets were receiving a welcome lift after European authorities joined an international effort to help curb the strength of the Japanese yen. "If you look at how far we have fallen in the last couple of weeks a rebound was

inevitable, and the decision by the G7 has given us reason for some confidence," he said. Energy-related stocks were among the top gainers as Credit Suisse raised energy utilities to a small "overweight" from "underweight", in a global strategy note, saying they had underperformed relative to the oil price. The broker highlighted Centrica, up 3.2 per cent, and said it stayed "overweight" on regulated utilities such as National Grid, up 4.4 per cent, viewing them as cheap indexlinked bond proxies and an inflation hedge. Credit Suisse, however, reduced its weightings in cyclicals to a marginal "underweight" from "benchmark", but said among cyclicals it remained "overweight" on cheap corporate spend plays, such as software, advertising and autos. OIL CONUNDRUM Brent crude oil remained near multi-year highs at around See # 8 Page 11

NEW YORK: US stocks rose on Friday as the Group of Seven nations moved to calm markets amid Japan's crisis and as Brent oil slipped, but investors are likely to stay cautious heading into the weekend. In a move to reassure markets anxious about the nuclear crisis in quake-ravaged Japan, the Bank of Japan bought billions of dollars to restrain a soaring yen and was followed by US and European central bank purchases. Brent crude was down 51 cents at $114.39 a barrel in volatile trading after Libya announced a ceasefire and agreed to halt military action against rebels after a UN resolution. Investors were relieved by the news about Libya and by the yen intervention, said Subodh Kumar, chief investment strategist at Subodh Kumar & Associates on Toronto, but Friday's gains could be short-lived. "I don't think this is the kind of market where people want to leave positions open with the weekend coming up," Kumar said, citing the crisis in Japan and potential for further unrest in the Middle East and North Africa. The Dow Jones industrial average was up 100.39 points, or 0.85 per cent, at 11,874.98. The Standard & Poor's 500 Index was up 8.82 points, or 0.69 per cent, at 1,282.54. The Nasdaq Composite Index was up 10.27 points, or 0.39 per cent, at 2,646.32. The iShares MSCI Japan Index Fund was up 1.2 per cent. Friday also marks the quarterly expiration and settlement of March equity options and futures, which could add more caution to the market. The Standard & Poor's 100 index has more expiring in-themoney put open interest than call open interest, so "there could be a slight negative bias to option expiration," according to Larry McMillan, president of McMillan Analysis Corp in a report. Bank shares jumped as the Federal Reserve announced it will allow some of the largest US banks to boost or restart dividend payments this year but will restrict the amounts to 30 per cent or less of the company's anticipated earnings. Wells Fargo and Co and JPMorgan Chase immediately announced dividend increases. Well Fargo shares rose 2.3 per cent to $32.10, while JPMorgan's shares jumped 2.6 per cent at $45.71. Reuters

Indian shares down for 2nd straight week MUMBAI: Indian shares declined for the second week in a row, shedding 1.5 per cent on Friday, dragged by index heavyweight Reliance Industries as a source said gas output next year at key fields in its main producing block may drop 12 percent from current levels. Dealers expect the market to trade in a narrow range until quarterly earnings announcements, which would begin next month. Reliance has written to the upstream regulator indicating gas output from the D1 and D3 fields in the Krishna-Godavari basin KGD6 block may fall to 38 million standard cubic meters per day (mscmd) during 2012-13 from 42-43 mscmd now, the source, with knowledge of the letter, said on Friday. After market hours, Reliance said in a statement the figures were "purely provisional and indicative," adding projections on gas output

could vary. The stock was the fourthmost traded on the National Stock Exchange. A total of 11.1 million shares changed hands on the BSE and NSE, nearly twice times the 90-day average daily volume. The 30-share BSE index declined 1.49 per cent or 271.06 points to 17,878.81, taking its losses for the week to 1.6 per cent, with 28 of its components closing in the red. "Weakness in Reliance Industries weighed on the market today," said Gajendra Nagpal, CEO of Unicon Financial. "The market should trade in a tight range in the near term. There is no immediate trigger. The next big trigger is quarterly earnings," he said, adding, he sees the 50-share Nifty trading in a range of 5,250-5,500 points next week. Foreign funds have trimmed their exposure to emerging markets such as India on infla-

tionary concerns and rising borrowing cost. They have sold $1.7 billion worth of Indian shares this year until March 16, dragging the main index down 12.8 per cent. Japan's devastating earthquake and tsunami last Friday and worsening nuclear crisis have also prompted investors to shun riskier bets and opt for safe-haven assets. Investors pulled $2.2 billion from emerging stocks in the days following the Japanese quake as emerging debt funds received small net inflows, investment banks said on Friday, citing data from EPFR Global. In the broader market, losers beat gainers in the ratio of 1.8:1, while 251 million shares changed hands on the BSE, lower than their 30-day average volume of 276 million shares. The 50-share NSE index declined 1.3 per cent to 5,373.70 points. Reuters


6

Saturday, March 19, 2011

Market Volume

125,132,041

Value

KSE 100 Index

Symbols

5,818,906,189.53

Trades

63,558

Advanced Declined Unchanged Total

Current High Low Change

90 163 90 343

All Share Index

11606.61 11897.13 11589.97 i251.66

Current High Low Change

8082.05 8271.23 8073.73

i163.67

OIL AND GAS

Company

Paid up Cap(mn)

Attock Petroleum Attock Refinery BYCO Petroleum Mari Gas Company XD National Refinery Oil & Gas Development Pak Petroleum Pak Oilfields Pak Refinery Limited P.S.O XD Shell Gas LPG Shell Pakistan

High Low 1,476.35 1,420.19 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.23 32.54

PE

Open

High

Low

691 6.37 853 4.89 3921 735 7.55 800 6.00 43009 9.54 11950 7.47 2365 7.34 350 1715 4.66 226 685 10.52

351.02 123.88 9.35 107.66 291.52 146.54 209.18 322.40 103.88 280.44 26.07 205.73

357.50 124.45 9.55 110.99 294.90 147.20 209.50 324.90 103.50 281.50 26.20 210.00

347.10 119.60 9.22 105.11 285.00 139.55 203.00 318.00 101.50 274.00 25.25 204.20

Close Chg 352.29 120.08 9.33 108.70 289.48 141.06 204.34 318.57 101.70 275.40 26.00 205.15

1.27 -3.80 -0.02 1.04 -2.04 -5.48 -4.84 -3.83 -2.18 -5.04 -0.07 -0.58

Current High Low Change

KMI 30 Index Current High Low Change

11303.01 11545.97 11275.32 i211.86

19521.43 19939.56 19484.16 i364.54

Last 60 days High Low

Volume 243367 1028499 569843 10989 117490 2117531 883587 2219177 25750 884111 2548 3546

401.00 146.90 12.24 141.65 335.00 185.00 229.80 341.50 122.22 317.79 35.74 222.00

321.00 98.25 8.20 99.46 254.00 139.55 190.10 277.09 83.00 265.00 24.66 186.83

% Change -2.53 5-Day High 1,497.77 5-Day Low 1,431.60

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 -

-

CHEMICALS

Company

Paid up Cap(mn)

Open 687.01 Turnover 2,795 P/E (x) 5.00 Company

High Low 698.89 666.74 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.28 25.53

Close 673.07 Listed cap 3,242.17 mn Payout (%) 11.08

Change -13.94 Market cap 11,482.82 mn Div Yield (%) 2.22

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1092 1321

6.44 8.33

68.86 29.76

69.75 30.90

66.46 29.50

66.99 -1.87 30.00 0.24

983 1812

75.72 39.45

Pak Int Cont. Terminal PNSC

63.00 29.35

Bawany Air BOC (Pak) Clariant PakXDXB Dawood HerculesSPOT 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 Lotte Pakistan XD Mandviwala Nimir Ind Chemical Shaffi Chemical Sitara Chem Ind Sitara Peroxide United Distributors

75 250 341 1203 1996 1020 3663 3933 6635 22000 8482 9341 384 725 1388 15142 74 1106 120 214 551 92

Open

High

Low

8.25 9.24 5.14 15.84 10.79 10.85 7.85 7.37 2.82 9.49 9.35 5.78 28.50 8.83 7.13 -

7.80 89.70 145.59 286.11 2.81 8.28 2.79 199.11 12.01 13.10 130.01 39.54 45.42 10.80 168.37 15.50 1.01 2.94 2.41 103.50 17.15 14.08

8.80 90.03 149.00 287.00 3.00 8.57 2.87 202.50 12.24 13.24 130.80 39.75 44.00 11.00 168.90 16.18 1.08 3.12 2.43 105.00 17.26 14.20

7.99 89.53 143.05 281.05 2.76 8.02 2.75 196.00 11.85 12.70 126.81 38.90 43.15 10.75 162.55 15.55 0.85 2.81 2.30 104.00 16.41 13.20

Close Chg 8.74 90.02 143.54 282.91 2.81 8.20 2.80 197.51 11.88 12.76 127.63 39.07 43.92 10.82 163.56 15.72 0.93 2.85 2.41 104.74 16.53 14.20

0.94 0.32 -2.05 -3.20 0.00 -0.08 0.01 -1.60 -0.13 -0.34 -2.38 -0.47 -1.50 0.02 -4.81 0.22 -0.08 -0.09 0.00 1.24 -0.62 0.12

Close 1,742.54 Listed cap 52,251.88 mn Payout (%) 48.81

Change -22.30 Market cap 373,081.26 mn Div Yield (%) 5.24

Last 60 days High Low

Volume 13234 925 9773 110840 78702 1500237 877774 3902382 319097 3379464 2996232 1676974 945 29452 395247 39157537 10009 378240 255 2079 436889 700

10.15 103.94 213.30 294.00 3.58 9.60 3.47 238.50 15.87 13.30 157.90 43.99 52.00 13.07 170.75 16.80 2.45 3.34 2.78 131.90 18.45 14.99

6.11 82.00 142.00 186.00 2.34 6.00 2.26 189.00 11.75 9.16 108.00 34.75 41.66 10.43 138.00 13.12 0.57 1.62 1.55 90.78 11.81 8.76

% Change -1.26 5-Day High 1,776.37 5-Day Low 1,737.51

2010 Div BR (%) (%) 5 10R 60 135 25B 50 300B 60 20B - 27.5R 130 25B 65.5 20 175 5 25 5B -

2011 Div BR (%) (%) -

-

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,038.17 Turnover 143,179 P/E (x) 5.32 Company

High Low 1,067.56 1,032.81 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.40 7.47

Close 1,065.91 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

707 50 411

8.53 6.86

15.51 36.08 38.36

16.51 37.00 38.50

15.55 35.50 38.00

16.51 1.00 37.00 0.92 38.39 0.03

138758 2640 1781

Century Paper Pak Paper Product Security Paper

Change 27.74 Market cap 2,939.48 mn Div Yield (%) 4.75

Last 60 days High Low 19.69 48.90 47.70

14.50 35.17 34.00

% Change 2.67 5-Day High 1,065.91 5-Day Low 1,007.56

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

Open 1,096.85 Turnover 671,064 P/E (x) 3.69 Paid up Cap(mn)

High Low 1,114.72 1,077.88 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.93 25.35

PE

Open

High

Low

Agriautos Ind 144 4.75 Atlas Battery 101 5.06 Atlas Engineering Ltd 247 21.91 Atlas Honda 626 9.46 Bela Automotive 58 6.67 Dewan Motors 890 Exide (PAK) 56 4.41 General Tyre 598 4.47 Ghani Automobile Ind 200 5.36 Honda Atlas Cars 1428 Indus Motors XD 786 9.09 Pak Suzuki 823 11.56 Sazgar Engineering XD 150 4.18

72.46 191.21 36.00 136.89 1.00 2.27 179.23 22.40 3.62 9.95 212.08 64.15 23.00

70.99 193.00 35.50 137.90 1.00 2.39 187.99 23.00 4.30 10.00 218.00 65.00 23.45

70.10 190.10 35.50 135.25 1.00 2.06 180.00 22.50 4.25 9.85 208.00 63.00 22.50

Company

Paid up Cap(mn)

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

PE

Open

High

Low

565 2.77 675 555 431.00 1199 18.91

26.63 2.05 12.99 52.00

26.70 2.42 13.00 52.60

26.30 2.05 12.62 51.16

785 40.82

9.00

9.00

8.60

Close Chg 26.51 2.05 12.93 52.00

-0.12 0.00 -0.06 0.00

8.98 -0.02

Close 1,031.68 Listed cap 3,596.11 mn Payout (%) 30.91

Change -1.70 Market cap 9,742.69 mn Div Yield (%) 9.88

Company

Paid up Cap(mn)

AL-Noor Sugar Bawany Sugar Crescent Sugar Dewan Sugar Habib Sugar Habib-ADM Ltd Haseeb Waqas Kohinoor Sugar Mirpurkhas Sugar National Foods Nestle PakistanSPOT Noon Sugar Premier Sugar Quice Food Sakrand Sugar Shahmurad Sugar UniLever PakistanSPOT

186 87 214 365 750 200 324 109 84 414 453 165 38 107 223 211 665

PE

Close Chg

Last 60 days High Low

Volume

2010 Div BR (%) (%)

3230 5002 500 25053

31.00 2.98 16.51 62.20

25.67 1.80 12.56 45.81

30 40

8550

10.70

8.51

7.5

-

-

Open 859.45 Turnover 3,789,337 P/E (x) 6.13 Company

Paid up Cap(mn)

High Low 872.83 832.50 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.44 7.10

Change -22.42 Market cap 60,412.58 mn Div Yield (%) 3.11

Volume

Last 60 days High Low

2.50 50.50 16.04 9.15

2.60 50.78 16.50 9.25

0.10 0.17 0.00 -0.25

1505 19697 255 37012

3.88 63.50 24.16 11.50

2.15 48.50 14.72 8.00

1.70 1.30 1.88 23.70

1.52 1.30 1.68 23.02

1.70 1.30 1.70 23.20

0.10 -0.20 -0.08 0.15

5887 2200 479722 475430

2.05 3.49 2.49 32.30

1.50 1.25 1.50 21.20

-

4.25 1.50

4.33 1.54

4.10 1.32

4.11 -0.14 1.38 -0.12

142550 23728

5.35 1.99

3.97 1.30

2.29 6.21

2.00 6.00

2.00 5.80

2.00 -0.29 6.21 0.00

945 150

3.40 8.80

0.71 4.70

Open

High

Low

Al-Abbas Cement Attock Cement Berger Paints Cherat Cement

1828 866 6.43 182 956 38.54

2.50 50.61 16.50 9.50

2.70 51.55 16.50 9.50

Dadabhoy Cement Dandot Cement Dewan Cement DG Khan Cmt. Ltd XR

982 13.08 948 3891 3651 10.04

1.60 1.50 1.78 23.05

Fauji Cement Flying Cement Ltd

6933 1760

5.71 -

Frontier Ceramics Gharibwal Cement

77 4003

-

% Change -2.61 5-Day High 873.72 5-Day Low 837.02

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

2011 Div BR (%) (%) -

-

20R

-

20R

-

-

-

92R -

-

-

-

-

581 1288

-

59.70 5.82

57.00 6.00

56.72 5.85

57.19 -2.51 5.85 0.03

800 12555

64.52 6.95

56.17 5.11

-

-

-

-

13126 3234

5.76

3.16 67.49

3.20 68.50

3.10 64.12

3.10 -0.06 64.13 -3.36

439531 1951595

3.88 78.00

2.65 59.55

40

-

-

-

Maple Leaf Cement Pioneer Cement

5261 2271

-

2.35 6.00

2.39 6.29

2.25 5.65

2.30 -0.05 5.95 -0.05

178515 17246

3.05 7.45

1.92 5.17

-

-

-

-

Safe Mix Concrete

200

-

5.21

5.88

5.50

5.21 0.00

111

7.95

5.21

-

-

-

-

Lafarge Pakistan Cmt. Lucky Cement

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 923.27 Turnover 43,897 P/E (x) 2.58

High Low 935.22 908.81 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.13 43.91

Close 930.07 Listed cap 3,043.31 mn Payout (%) 15.55

Change 6.80 Market cap 34,934.16 mn Div Yield (%) 6.03

% Change 0.74 5-Day High 930.07 5-Day Low 920.58

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

Cherat Papersack

115

2.35

51.50

52.50

51.00

51.23 -0.27

3576

80.90

47.80

20

25B

-

50R

ECOPACK Ltd

230

-

2.17

2.31

2.12

2.17 0.00

8629

2.99

2.03

-

-

-

-

1067

5.37

51.65

52.50

51.20

51.65 0.00

404

56.45

48.62

25

10B

-

-

389

2.01

7.29

47 16.19

28.59

Company

Ghani Glass MACPAC Films Merit Pack Packages Ltd Siemens Engineering Tri-Pack Films XD

844

- 114.00

82

9.94 975.00

300

8.11 130.77

8.15

2.50

Company

2010 Div BR (%) (%)

Paid up Cap(mn)

Pak Elektron Singer Pak Tariq Glass Ind

2011 Div BR (%) (%)

7.70

7.35

7.39 0.10

6503

-

-

-

-

29.98

28.75

29.15 0.56

8536

33.80

22.00

-

-

-

-

115.00 114.01 114.98 0.98

3478

143.00

105.02

32.5

-

-

-

980.00 930.00 980.00 5.00

200

1290.00

915.00

900

-

-

-

134.58 129.75 133.67 2.90

12571

144.80

119.10

100

-

-

-

Close 1,089.28 Listed cap 6,768.53 mn Payout (%) 20.42

Volume

Company

Paid up Cap(mn)

PE

Open

66

7.12

9.75

Ados Pak AL-Ghazi Tractor XD

215

Dewan Auto Engineering 214

4.64 208.79 8.32

1.07

Ghandhara Ind

213

Hinopak Motor

124

KSB Pumps

132

7.42

Millat Tractors

366

7.85 517.05

9.35

- 111.91 61.69

High

Low

Close Chg

Change -7.57 Market cap 40,174.99 mn Div Yield (%) 5.54

Last 60 days High Low

10.70

9.10

9.40 -0.35

208.00 204.00 206.50 -2.29 1.39 9.69

1.13

62.00

9.41 59.00

Last 60 days High Low

2011 Div BR (%) (%)

17.71

9.10

-

-

-

-

244.95

199.05

400

-

-

-

1.88

0.74

-

-

-

-

-

-

-

-

-

-

-

-

-

25B325.00

-

9.49

0.14

3700

13.50

8.25

101

138.60

106.51

0.29

2010 Div BR (%) (%)

3159 14209

61.98

High

High Low 2,047.68 1,918.20 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 13.85 30.30 Low

Close Chg

Close 1,949.56 Listed cap 11,335.33 mn Payout (%) 30.57

Volume

2010 Div BR (%) (%) 90 100 50 60 20 150 5 10

2011 Div BR (%) (%)

20B 15B - 50.00 20B 10.00

Change -42.41 Market cap 274,348.82 mn Div Yield (%) 0.67

Last 60 days High Low

700 54.00 40.85 4000 6.50 4.07 1000 7.15 5.05 12562 4.20 2.52 20380 33.95 20.25 7000 12.85 10.85 505 23.62 11.15 36608 6.14 2.45 1071 55.00 44.13 1709 75.50 52.01 301 3695.00 2312.94 106 13.40 9.00 200 51.35 34.25 37000 4.00 2.10 5000 3.26 1.60 2828 12.25 8.00 216 5214.99 4005.01

High Low 1,000.07 983.91 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.25 10.64

Close 989.94 Listed cap 3,763.71 mn Payout (%) 6.27

Open

High

Low

Close Chg

Volume

13.15 19.14 13.34

13.24 19.00 13.85

13.02 19.00 13.01

13.11 -0.04 19.14 0.00 13.13 -0.21

35127 371 24092

-

2010 Div BR (%) (%) 50 25 40 10 15 12 750 10 10 492

25B 20B -

% Change -2.13 5-Day High 1,999.31 5-Day Low 1,949.56 2011 Div BR (%) (%) -

-

Change -3.16 Market cap 4,790.40 mn Div Yield (%) 2.62

-

1153

64.43

54.05

-

35800

568.40

466.27

650

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

55.47

Total Assets (Rs in mn)

MA (10-day)

9.92

Total Equity (Rs in mn)

MA (100-day)

10.67

Revenue (Rs in mn)

MA (200-day)

10.47

Interest Expense

1,151.84 852.00 206.65 0.00

1st Support

9.80

Loss after Taxation

(69.96)

2nd Support

9.35

EPS 09 (Rs)

(1.53) 18.63

1st Resistance

10.60

Book value / share (Rs)

2nd Resistance

10.95

PE 10 E (x)

6.43

Pivot

10.15

PBV (x)

0.55

CENI closed up 0.48 at 10.28. Volume was 923 per cent above average (trending) and Bollinger Bands were 16 per cent wider than normal. The company's profit after taxation stood at Rs54.776 million which translates into an Earning Per Share of Rs1.20 for the nine months of current calendar year (9MCY10). CENI is currently 2.1 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 very strong flows of volume into CENI (bullish). Trend forecasting oscillators are currently bullish on CENI.

Century Paper & Board Mills Ltd

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

62.02

Total Assets (Rs in mn)

14,069.28

MA (10-day)

15.29

Total Equity (Rs in mn)

4,894.56

MA (100-day)

16.42

Revenue (Rs in mn)

9,702.31

MA (200-day)

17.52

Interest Expense

1,141.10

1st Support

15.89

Profit after Taxation

42.32

2nd Support

15.24

EPS 10 (Rs)

0.599

1st Resistance

16.85

Book value / share (Rs)

69.25

2nd Resistance

17.16

PE 11 E (x)

Pivot

16.20

PBV (x)

0.24

CEPB closed up 1.00 at 16.51. Volume was 112 per cent above average and Bollinger Bands were 35 per cent narrower than normal. The company's loss after taxation stood at Rs26.703 million which translates into a Loss Per Share of Rs3.16 for the half year of current fiscal year (1HFY11). CEPB is currently 5.8 per cent below 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 volume flowing into and out of CEPB at a relatively equal pace. Trend forecasting oscillators are currently bullish on CEPB.

Chenab Limited

Last 60 days High Low

2010 Div BR (%) (%)

15.88 24.09 24.00

17.5

12.07 17.55 12.51

10B -

% Change -0.32 5-Day High 1,004.45 5-Day Low 989.94 2011 Div BR (%) (%) - 200R

PERSONAL GOODS Open 986.03 Turnover 17,423,063 P/E (x) 6.42 Paid up Cap(mn)

(Colony) Thal Amtex Limited Artistic Denim Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Chenab Limited Colgate Palm Colony Mills Ltd Crescent Jute D S Ind Ltd Dawood Lawrencepur Dewan Khalid Textile Dewan Mushtaq Textile Ellcot Spinning Gadoon Textile XD Gillette Pakistan Gulistan Spinning Gulshan Spinning H M Ismail Hira Textile Mills Ltd. Ibrahim Fibres Idrees Textile Indus Dyeing Ishaq Textile Janana D Mal Khalid Siraj Kohat Textile Kohinoor Ind Kohinoor Spinning Mohd Farooq Moonlite (PAK) Mukhtar Textile Nishat (Chunian) Nishat Mills Pak Synthetic Ravi Textile Reliance Weaving Rupali Poly Saif Textile Sally Textile Samin Textile Sargoda Spinning Service Ind Shahpur Textile Suraj Cotton Tata Textile Thal Limited Treet Corp Yousuf Weaving Zahoor Cotton Zil Limited

56 2594 840 133 4493 33 76 76 1150 316 2442 238 600 514 57 34 110 234 192 146 222 120 716 3105 180 181 97 48 107 208 303 1300 189 22 145 1617 3516 560 250 308 341 264 88 267 312 120 140 180 173 307 418 400 99 53

High Low 995.24 972.27 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.56 8.64

PE

Open

High

Low

Close Chg

6.97 0.44 0.18 0.50 4.47 24.60 2.02 21.81 0.22 0.14 0.59 0.80 22.35 0.32 0.37 0.91 3.51 2.35 2.69 1.41 0.31 0.19 0.38 0.48 4.39 5.69 2.92 0.62 3.81 0.39 0.23 4.56 1.15 6.53 0.42 0.76 0.51 5.27 5.82 0.58 4.77

1.80 2.67 19.37 2.40 9.07 15.35 17.09 523.97 2.67 808.99 2.30 1.00 1.56 44.33 2.00 4.05 26.05 80.18 54.99 8.00 10.03 1.00 4.59 47.12 4.23 308.09 6.50 14.40 1.05 1.20 1.44 1.19 0.99 15.93 0.40 28.06 64.67 18.36 1.02 12.54 42.16 8.20 5.93 6.39 4.05 194.01 0.37 38.92 41.91 110.34 47.43 1.24 0.68 65.30

1.74 2.87 19.65 2.74 9.24 15.45 17.95 545.00 2.92 844.99 2.73 1.06 1.70 44.95 2.00 4.24 27.20 83.00 52.26 8.00 10.00 1.00 4.75 48.99 4.49 320.99 7.50 15.25 1.10 1.00 1.78 1.20 1.69 16.45 0.50 29.25 65.70 18.88 1.23 12.75 42.50 8.70 6.35 6.40 4.74 197.00 0.65 40.00 40.00 111.00 48.30 1.88 0.50 65.25

1.74 2.60 19.25 2.60 8.91 14.40 16.40 512.00 2.50 768.55 2.40 0.71 1.45 42.25 2.00 4.00 26.00 81.18 52.25 7.65 9.51 1.00 4.41 44.77 4.25 292.71 6.25 14.30 0.92 1.00 1.50 1.20 0.81 16.45 0.27 27.99 63.80 17.36 0.54 12.00 40.75 8.00 6.05 5.65 3.60 190.00 0.30 39.99 40.00 105.70 47.25 1.11 0.50 65.10

1.74 -0.06 2.64 -0.03 19.37 0.00 2.73 0.33 9.08 0.01 14.50 -0.85 17.51 0.42 514.61 -9.36 2.54 -0.13 773.54-35.45 2.30 0.00 0.99 -0.01 1.48 -0.08 42.52 -1.81 2.00 0.00 4.00 -0.05 26.00 -0.05 81.44 1.26 54.99 0.00 7.65 -0.35 9.97 -0.06 1.00 0.00 4.52 -0.07 48.49 1.37 4.27 0.04 311.62 3.53 6.50 0.00 14.40 0.00 1.00 -0.05 1.20 0.00 1.50 0.06 1.19 0.00 0.84 -0.15 16.45 0.52 0.46 0.06 28.55 0.49 64.07 -0.60 18.26 -0.10 1.03 0.01 12.01 -0.53 41.00 -1.16 8.00 -0.20 6.10 0.17 6.39 0.00 3.83 -0.22 190.76 -3.25 0.30 -0.07 38.92 0.00 40.00 -1.91 106.18 -4.16 47.41 -0.02 1.24 0.00 0.50 -0.18 65.25 -0.05

Open 911.32 Turnover 25,522 P/E (x) 6.60

% Change -1.21 5-Day High 1,647.84 5-Day Low 1,566.31

12940

0.26

114.00 106.51 111.35 -0.56

66.45 174.00 16.00 118.74 1.00 1.50 170.11 21.00 3.71 9.52 208.00 60.00 19.90

Close 976.22 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change -9.81 Market cap 132,206.54 mn Div Yield (%) 2.60

Last 60 days High Low

2000 1.80 312759 4.68 323 24.59 2023 3.00 3643935 12.84 1100 16.60 15254 17.95 1006 700.00 118926 3.50 123 1020.00 101 2.97 5506 1.43 29610 2.04 15585 49.05 4000 3.20 2001 8.90 1134 27.66 802 91.00 122 62.70 12470 9.23 2402 11.00 353 1.49 50218 5.20 2002 55.00 37600 4.95 300 339.99 266 8.70 350 18.00 23062 1.69 150 2.50 10001 1.98 242 1.74 5085 1.79 2000 17.50 1842 0.88 7732714 29.25 5176998 71.89 33925 19.90 1108 1.80 7125 13.79 15405 44.40 4620 11.50 64450 7.94 107 7.40 3901 4.74 3488 253.00 7741 0.95 201 41.95 1000 44.10 20132 132.00 24039 63.30 102 1.99 20000 0.87 1065 87.90

2010 Div BR (%) (%)

% Change -0.99 5-Day High 992.61 5-Day Low 976.22 2011 Div BR (%) (%)

0.50 2.35 - 30B 19.05 20 1.86 7.5 8.05 9.50 - 15B 12.76 20 493.50 280 2.05 768.55 135 15B 2.00 0.32 1.20 35.00 5 15B 1.50 3.30 19.31 35 65.00 70 52.25 5.02 10 6.56 10 20B 0.42 3.31 10 37.56 20 3.01 10 188.01 50 - 50.00 6.25 8 13.15 0.25 0.85 0.75 0.30 5 0.60 4.50 0.13 21.95 15 57.20 25 45R 8.90 0.40 8.60 25SD 35.25 40 3.90 3.63 10 4.55 - 100R 1.75 5 186.00 0.15 35.00 50 32.41 25 100.51 80 20B 44.10 1.08 0.25 50.50 35 -

-

Performance of SR Pharma and Bio Tech Index

Change -19.21 Market cap 31,380.10 mn Div Yield (%) 16.93

1.33

518.50 509.00 509.95 -7.10

82.63 205.00 43.26 143.80 2.25 2.54 217.44 26.74 5.49 12.87 309.73 74.80 24.25

% Change -0.69 5-Day High 1,108.28 5-Day Low 1,089.28

PHARMA AND BIO TECH

Close 1,566.31 Listed cap 1,336.62 mn Payout (%) 131.49

Volume

340 9712 500 3892 500 584560 3779 3840 2301 26570 18045 7309 9716

PE

Performance of SR Industrial Engineering Index High Low 1,593.08 1,557.98 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 2.95 38.02

0.00 -0.48 -0.50 -0.73 0.00 0.03 0.85 0.13 0.24 0.05 -2.08 -1.15 0.14

1219 3.30 341 21.51 231 1.73

INDUSTRIAL ENGINEERING Open 1,585.52 Turnover 71,077 P/E (x) 7.77

-

Performance of SR Personal Goods Index

Company

Close Chg

PE

Javedan Cement Kohat Cement

Close 837.02 Listed cap 54,792.74 mn Payout (%) 19.04

Open

Open 993.10 Turnover 59,590 P/E (x) 2.39

-

Performance of SR Construction and Materials Index

-

HOUSEHOLD GOODS

-

CONSTRUCTION AND MATERIALS

2011 Div BR (%) (%)

Performance of SR Household Goods Index

2011 Div BR (%) (%)

- 10.00 25B 15.00 20B 15.00

72.46 190.73 35.50 136.16 1.00 2.30 180.08 22.53 3.86 10.00 210.00 63.00 23.14

1.09 45.74 43.48 43.46 43.46 -2.28 5.50 5.25 5.25 5.25 -0.25 0.71 6.25 7.00 6.99 7.00 0.75 3.10 3.50 3.16 3.25 0.15 8.69 21.90 22.28 21.90 21.90 0.00 6.74 11.00 11.40 11.05 11.06 0.06 - 12.15 13.00 11.15 13.00 0.85 3.40 3.40 2.80 3.00 -0.40 2.81 46.46 45.30 45.00 45.00 -1.46 9.62 55.00 55.00 55.00 55.00 0.00 35.59 3354.15 3475.00 3187.00 3227.50 -126.65 1.28 11.95 12.48 11.50 11.95 0.00 - 37.93 38.00 38.00 37.93 0.00 7.09 3.20 3.20 3.00 3.12 -0.08 1.75 1.75 1.75 1.75 0.00 3.03 8.90 9.90 8.75 8.86 -0.04 20.09 5049.25 5214.99 4826.01 4942.52 -106.73

-

% Change -0.16 5-Day High 1,033.38 5-Day Low 1,020.39

-

FOOD PRODUCERS Open 1,991.96 Turnover 131,479 P/E (x) 45.71

INDUSTRIAL METALS AND MINING High Low 1,043.77 1,015.30 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.04 33.10

40 15

Performance of SR Food Producers Index

Performance of SR Industrial Metals and Mining Index Open 1,033.38 Turnover 42,335 P/E (x) 3.13

2010 Div BR (%) (%)

AUTOMOBILE AND PARTS

2011 Div BR (%) (%) -

% Change -2.03 5-Day High 696.89 5-Day Low 673.07

Performance of SR Automobile and Parts Index

Company

High Low 1,783.90 1,730.65 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.26 35.00

PE

Century Insurance Company Ltd

Performance of SR Industrial Transportation Index

Close Change 1,431.60 -37.20 Listed cap Market cap 65,194.15 mn 1,061,050.94 mn Payout (%) Div Yield (%) 55.94 5.64

Performance of SR Chemicals Index Open 1,764.84 Turnover 51,818,891 P/E (x) 9.32

Alert ! Unusual Movements

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,468.80 Turnover 7,536,595 P/E (x) 9.91

KSE 30 Index

Company

Paid up Cap(mn)

Abbott (Lab) XD Ferozsons (Lab)SPOT GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Otsuka Pak Sanofi-AventisSPOT Searle Pak

979 250 1707 165 200 100 96 306

PE

Open

6.91 83.67 6.18 91.34 15.97 81.78 7.26 26.20 4.33 10.77 7.91 30.75 6.68 155.07 5.22 61.50

High

High Low 922.01 900.43 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.47 22.31 Low

Close Chg

86.00 83.00 83.00 -0.67 91.50 89.89 91.49 0.15 82.82 81.00 81.14 -0.64 26.40 25.60 26.20 0.00 11.44 10.31 11.00 0.23 32.28 32.20 32.28 1.53 160.40 156.50 155.07 0.00 60.60 59.55 59.71 -1.79

Close 903.75 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 4018 1993 10429 102 5163 600 101 3116

Change -7.57 Market cap 29,897.73 mn Div Yield (%) 6.74

Last 60 days High Low 112.50 98.00 89.98 30.48 11.44 35.70 174.00 69.00

78.59 85.00 68.00 24.50 7.16 29.50 134.00 58.05

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

% Change -0.83 5-Day High 911.32 5-Day Low 900.29 2011 Div BR (%) (%)

20B 12.50 15B 15 -

-

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

44.41

Total Assets (Rs in mn)

MA (10-day)

2.67

Total Equity (Rs in mn)

MA (100-day)

3.02

Revenue (Rs in mn)

MA (200-day)

3.30

Interest Expense

1st Support

2.38

Loss after Taxation

2nd Support

2.23

1st Resistance

19,386.32 556.88 8,857.80 1,308.78 (2,027.97)

EPS 10 (Rs)

2.80

(17.635)

Book value / share (Rs)

2nd Resistance

3.07

PE 11 E (x)

Pivot

2.65

PBV (x)

4.84 0.52

CHBL closed down -0.13 at 2.54. Volume was 76 per cent above average and Bollinger Bands were 66 per cent wider than normal. The company's loss after taxation stood at Rs1.687 billion which translates into a Loss Per Share of Rs14.68 for the half year of current fiscal year (1HFY11). CHBL is currently 23.0 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 moderate flows of volume into CHBL (mildly bullish). Trend forecasting oscillators are currently bullish on CHBL.

Azgard Nine Limited

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

42.89

Total Assets (Rs in mn)

38,525.22

MA (10-day)

9.11

Total Equity (Rs in mn)

18,469.71

MA (100-day)

10.41

Revenue (Rs in mn)

11,737.86

MA (200-day)

10.63

Interest Expense

2,424.42

1st Support

8.96

Profit after Taxation

60.53

2nd Support

8.77

EPS 09 (Rs)

0.003

1st Resistance

9.29

Book value / share (Rs)

37.85

2nd Resistance

9.43

PE 10 E (x)

Pivot

9.10

PBV (x)

0.24

ANL closed up 0.01 at 9.08. Volume was 31 per cent below average and Bollinger Bands were 22 per cent narrower than normal. The company's loss after taxation stood at Rs1.395 billion which translates into a Loss Per Share of Rs3.13 for the year ended CY10. ANL is currently 14.6 per cent below its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of ANL at a relatively equal pace. Trend forecasting oscillators are currently bearish on ANL.

BOOK CLOSURES Company

From

To

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 Shabbir Tiles & Ceramics Pakistan Gum & Chemicals # Unilever Pakistan Samba Bank First UDL Modaraba

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 22-Mar 22-Mar 22-Mar 22-Mar 22-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 28-Mar 28-Mar 29-Mar 28-Mar 28-Mar

D/B/R

Spot AGM/Date

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 100(R) 14-Mar 314(F) 14-Mar 7.5(I) -

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

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols Johnson & Philips Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Shezan International Pak Tobacco Shifa Int.Hospitals Media Times LtdXR P.I.A.C.(A) Pak Services AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies Pak Telephone

Open 10.55 53 3.13 100.97 1.1 137.61 93.6 30.67 20.44 2.87 150 39.89 3.2 22.3 2.09

High 10.5 53.75 3.21 104.49 1.5 136 98 31.75 20.89 2.99 157.5 40.98 3.24 22.4 2.43

Low Close 9.55 52 3.05 103.98 1.39 130.73 88.92 31.28 20.89 2.75 157.5 38.6 3 22 1.75

9.55 52 3.07 100.97 1.5 135.79 92.43 31.71 20.89 2.75 157.5 39.89 3.03 22.08 1.9

Change -1 -1 -0.06 0 0.4 -1.82 -1.17 1.04 0.45 -0.12 7.5 0 -0.17 -0.22 -0.19

Vol 2595 5650 137852 250 49000 1750 146527 2500 863 105522 700 315 567678 187732 3166


8

Saturday, March 19, 2011

Abhishek for a decent gap between his new releases

T

here are as many as 20 films scheduled to release in April and Abhishek Bachchan will star in two of them - Game (April 1st) and Dum Maaro Dum (April 22). The promotions of both films are on in full swing. When asked if it was a good thing to have two films releasing one after the other, Abhsishek said, "The audience will decide if it's a good move to have two releases back-toback. When my films release, is not in my hand. I just act." Abhishek further said that he would have preferred to have a decent gap between his two films. "In an ideal world, I would have not liked my films to come so close to each other. Ritesh (Sidhwani) and Farhan (Akhtar) have decided when Game should release and Rohan (Sippy) has decided when Dum Maaro Dum should release. Whether it's good or bad, we'll come to know when the films release," said the actor at the Videocon d2h HD and

M

onths before 'Munni Badnaam Hui' and 'Sheila Ki Jawaani' became household talks, there was immense buzz created around how Malaika Arora Khan and Katrina Kaif would be creating something extra special for their respective item numbers. On her part though the usually media savvy Mallika Sherawat chose to keep quiet for most of the time period even though she was having her own 'Razia' (for Thank You) up her sleeves. "This time around Mallika wanted to adopt a different strategy. Rather than tom-tomming about the item number that she has done for the Akshay Kumar starrer, she chose her work to speak for itself", says a close associate,

"Hence, even though the makers did give a hint about a song called 'Razia Gundon Mein

Phas Gayi' in the making, Mallika didn't paint the town

red with what she had actually done with the song." The results are there to be seen as Mallika has taken a route which is an ideal mix of mass as well as class appeal. The song is on the air and Mallika has made people stand up and notice her act all over again. "In one stroke, Mallika would make people move on from Malaika and Katrina", continues the source, "Frankly, everyone was looking forward to something new and with 'Razia', Mallika is throwing an open challenge to Malaika as well as Katrina and announcing it loud and clear that she still has the best X factor between them all." Is that the case? Well, a few more days and the buzz would clearly indicate which way the wind is blowing eventually.

Gibson gets Foster’s bow for “Beavering” J odie Foster premiered the quirky but dark movie "The Beaver" at the South by Southwest Film Festival on Wednesday night, saying she's grateful for the performance by troubled actor and friend Mel Gibson. The film follows a depressed toy company executive who picks up a hand puppet beaver and uses it to separate himself from the negative aspects of his personality that are destroying his family and career. Foster directed the movie and plays Gibson's wife. "I can't imagine anybody else doing it. He has such a deep, struggling soul that really understood the part of the movie that's about a man in a spiritual crisis," Foster said on the red carpet before the screening. Gibson, who recently was sentenced to 36 months of probation and ordered to attend 52 weeks of domestic violence counseling after pleading no contest to a misdemeanor charge of spousal battery on former girlfriend Oksana Grigorieva, did not attend the premiere.

The battery charge was another blow to Gibson's reputation, which took a major hit after his 2006 arrest for drunken driving. A deputy's report leaked to the celebrity website TMZ revealed the action star had used antiSemitic and sexist slurs. Foster, who has remained a steadfast friend of Gibson, acknowledged the battery charge made release of the film tricky. "There were all sorts of things that were beyond our control," she told the audience after the movie, "It's been difficult. In the last six months there hasn't been any real audience (for the film). I think we all made the wise decision we should keep the film in some ways private and under wraps until we were ready to release." Foster said she has no regrets about having Gibson in the movie. "I feel incredibly grateful to have Mel's performance in this movie and I wouldn't change anything. For anybody who's ever worked with Mel Gibson, he's the most beloved actor probably in the film business, at least

of the ones I've worked with," Foster said. "Obviously all sorts of stuff happened after the film finished that threw our release into a

crazy pattern, but I certainly have no regrets about him being in the film or his performance." "The Beaver" is only the second major film that Gibson has starred in since 2002. It is scheduled to open in select theaters May 6. Joining Foster at the premiere were actor Anton Yelchin, who plays Foster's son, and writer Kyle Killen.

N

ow Dia Mirza wants to direct

After deciding to turn producer, actress Dia Mirza wants to earn another title. And this time, it's about her wish to

direct films. The former beauty queen who is known for her oomph factor has expressed her desire

3D launch. He further added, "If your film is good, people will watch it. If it's bad, it can be releasing alone for the next six months and it won't work. So you have to make a good product to entertain the audience."

A Novel perfume, Attimo up for wearing Staff Reporter

C

afe Flo was the launch of the new Salvadore Ferragamo perfume, Attimo. This exclusive event was hosted by Catalyst PR and Marketing and managed by the talented Catwalk production team. The guest list consisted of celebrities and socialites including; Ayesha Omer, Anoushay Ashraf, Matira, Deepak Perwani, Amin Guljee, Maria Wasti and many more. Attimo has been launched by Beaute' Pakistan International (BPI') BPI is an exclusive distributor of globally renowned brands of perfumes, handbags, luggage, and watches in Pakistan. Its huge brand portfolio comprises of brands like Bvlagari, Versace, Burberry, Elizabeth Arden, John Richmond and many more in perfumes, handbags & sandals by Guess, Armani, DKNY, Fossil, Nixon in watches and TUMI in Luggage. The night started with guest coming and mingling with one another, then speeches from Mehmood Sarwar, the regional sales manager Ghadeer Trading, then Abdul Samad Zeeshan, marketing manager of Beaute' Pakistan International, the speeches ended with a few words from Frieha Altaf, the CEO of Catwalk production and Catalyst PR and Marketing. After the speeches, the guests enjoyed a mini fashion show where the models were holding the Attimo perfume and wearing gowns by Sadaf Malaterre. The night was full of glamour and elegance, and enjoyed by all.

to direct films. It must be mentioned that Dia Mirza along with actor Zayed Khan earlier launched their own film production banner under the name Born Free Entertainment. They will be producing and acting in their first joint venture Love, Breakups, Zindagi. One of the many reasons why Dia and Zayed decided to launch their own production was the increasing realization on their part that they have been underutilised as actors. Now, with their film production in place, Dia wants to take control of her film career. So, taking things to another level, Dia has decided to turn director in the due course of time. Says the actress, "I have always wanted to direct films. In fact this realisation happened much before I chose to produce films. Now, I am waiting for the right script to come my way before this dream turns into reality."

Who’ll give 5 crore to Madhuri?

M

KARACHI: Model Koni catwalking during the launching Ceremony of Crescent Lawn at a local hotel.-Staff Photo

Mallika gears up to pip Katrina, Malaika

Mirza wants to direct now

adhuri Dixit wants Rs 5 crore for a film... the price commanded by reigning divas Kareena Kapoor, Katrina Kaif and Priyanka Chopra Antara Mali acted in a film called Main Madhuri Dixit Banna Chahati Hoon (2003). Now Madhuri seems to be saying Main Kat/Bebo/PC banna chahati hoon. Mads, on the wrong side of 40, has been demanding the same price as the current princesses of B-Town. Her last hit Devdas was eight years ago and let's not forget, it also starred Aishwarya Rai and Shah Rukh Khan. No doubt Mrs Nene is a huge name even today, she has a huge fan following, also there is a great deal of nostalgia attached to her name, but no filmmaker in his right mind will pay her so much. Another deterrent is that her comeback film Aaja Nachle (2007) had bombed. It is learnt that the Ek Do Teen girl has quoted the fancy sum to at least four filmmakers who approached her with scripts and is in no mood to negotiate. Her manager Rikku confirms, "Yes, Madhuri has asked for five crores. We feel she is definitely worth the price she is quoting. She is a superstar with an enviable fan following even today. So, why shouldn't she ask for

what she deserves? We are sure the filmmakers will gain from the fact that Madhuri Dixit is making a film with them." However, the industry isn't reacting too kindly. Asks a trade analyst, "Who will give Madhuri five crores now? Though she does have the fan

base, she isn't a top actress anymore. She has been out of the industry and the kind of roles she can do are limited. The roles that she has been approached to play are either sister or mother characters, which she is not too keen to play. She should learn from Amitabh Bachchan. A superstar, who still has roles specially written for him, isn't demanding that his pay cheque match that of Aamir, Salman, Akshay or SRK. Madhuri needs a reality check. In case someone has a particular script in which only she fits, perhaps she will get the high price."

Balan woos Ali Zafar

B

ollywood actress Vidya Balan has proposed Pakistani singer Ali Zafar in Melbourne, Australia. Ali Zafar has millions of fans in Pakistan and India. He attracted millions of fans after the release of his first song.

In a film festival in Australia, Vidya Balan proposed Ali Zafar who got surprised but covered his confusion with a smile. When Vidya knew about the marriage of Ali Zafar, they didn't discuss the issue again.

SRK avoids internet social networks

S

hah Rukh Khan refrains from social networking site to avoid embarrassing comments.

Shah Rukh Khan refrains from social networking site to avoid embarrassing comments and weird questions. He said that people posts embarrassing questions and he had no option other than putting up a smiling face and replying to the questions even if he was upset or angry.

Ranvir, Konkona parents of a baby boy

R

anvir Shorey and Konkona Sen Sharma are ecstatic after the birth of their first child. Konkona delivered a baby boy.

KARACHI: Models Iraj Mumtaz, Monica, and others during the launching ceremony of the new Salvadore Ferragamo perfume, Attimo at local hotel.-Staff Photo

Actor Rahul Bose posted on a social networking site, "Massive congratulations to Konkona and Ranvir! A boy it is. With those genes, the dynasty is secure." Vivek Oberoi and Ken Ghosh also congratulated the couple. Ranvir and Konkona tied the knot last year in Mumbai.


9

Saturday, March 19, 2011

Oil volatile on Libya truce uncertainty France, Britain cautious about ceasefire announcement NEW YORK: Oil prices seesawed on Friday in volatile trading on uncertainty after Libya's government said it would halt military action to comply with a UN resolution authorizing a no-fly zone and attacks on forces loyal to Libyan leader Muammar Gaddafi. Both Brent and US crude futures pulled back several dollars and turned lower after Libya's government declared a unilateral ceasefire in its offensive against rebels. Uncertainty about the stability of any ceasefire limited the price drop amid reports that Gaddafi's forces continued to fire at rebel-held towns. Total US and Brent crude trading volumes were heavy,

already surpassing 350,000 lots, after prices jumped nearly 4 per cent on Thursday in light volume as the market weighed the potential impact of Libya's conflict, Middle East tensions and Japan's nuclear crisis. Brent crude futures for May delivery fell 40 cents to

Indian sugar declines

Palm climbs over 3pc on easing Japan worries

MUMBAI: Spot prices of sugar in India fell on Friday after two days of gain due to higher supplies coupled with lower demand, traders and dealers. "Demand is yet to pick up and supply is more than demand. Besides this, summer in north India is also delayed," said Ashok jain, president, Bombay Sugar Merchant Association. Demand for the sweetener from makers of ice-cream and cold-drinks typically goes up during the summer. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety closed flat at 2,695 rupees ($59.8) per 100 kg. Sugar contract for April delivery on India's National Commodity and Derivatives Exchange (NCDEX) closed lower by 0.96 per cent at 2,785 rupees per 100 kg. "Traders and millers were expecting the government decision on export of sugar but that didn't happened and it also added to sentiment," said Jain. -Reuters

$114.50 a barrel by 1514 GMT, off an earlier $117.29 peak. US crude futures for April delivery fell 20 cents to $101.22 a barrel, off its high of $103.66, but having bounced off a $100.32 low. "This does not mean we near a resolution of the situation in

JAKARTA: Malaysian palm oil futures rose more than 3 per cent on Friday, as physical buying and investor fears eased over the impact of the nuclear crisis in quake-hit Japan. The benchmark May 2011 crude palm oil contract on Bursa Malaysia Derivatives closed up 3.2 per cent at 3,446 Malaysian ringgit ($1,128) a tonne, off an earlier high of 3,450 ringgit. Volatile prices of the vegetable oil, used in products such as food, cosmetics, tyres and biofuels, hit a near fourmonth low of 3,250 on Tuesday but have gained more than 2 per cent this week. "There is a lot of activity in the physical market -- bargain hunting is going on," said one dealer. "External markets are a lot better than a few days ago." "Concern about Japan is subsiding," he added. "This

Libya. We may be facing the possibility of an entrenched status quo between pro and anti Gaddafi groups," said Harry Tchilinguirian, analyst at BNP Paribas. "This only maintains the uncertainty in terms of when we will eventually have a full resumption of production in Libya." L i b y a n authorities must comply with all elements of the United Nations resolution on the end of hostilities, UN Secretary-General Ban Ki-moon said at a news conference in Madrid. France said it remained cautious as the threat on the ground in Libya had not been lifted and Britain said Gaddafi would be judged by his actions rather than his words. -Reuters

week, the downside was a bit overdone, as the Japan situation does not affect palm oil consumption too much." Traded volume on the Malaysian benchmark stood at 10,488 lots of 25 tonnes each, compared with 12,847 lots on Thursday. ICDX's May CPO futures contract was at 10,125 rupiah per kg, compared to 9,870 rupiah per kg when it opened. Market volume was 222 lots of 10 tonnes each. In comparable vegetable oil markets, the most-active September 2011 soyoil on the Dalian Commodity Exchange traded at 9,982 yuan versus 9,970 yuan at the open. Palm oil is seen heading for record highs in 2011 on expectations for costly crude oil to bolster biodiesel demand and offset better harvests, participants at a conference in Malaysia said this month. -Reuters

Copper eases on China's tightening; eyes on Libya LONDON: Copper eased on Friday as China took monetary tightening measures that could affect demand for industrial metals, but a ceasefire in Libya and a G7 intervention to calm market nerves helped boost risk appetite. Three-month copper on the London Metal Exchange closed at $9,510 a tonne, down from Thursday's close of $9,565. China's central bank raised lenders' required reserves for the sixth time in a cycle of monetary tightening. "This is definitely taking the sheen off the market," said Standard Bank analyst Stephen Reece. "The fact that this is the sixth time that China's bank intervenes is more important than the fact that it is a 0.50 point increase only." But some said the impact of Chinese tightening measures would be moderate in the longer term. "China is taking some moderate measures to cool down the economy. This may have a negative impact in the near term, but we don't think it will derail China's growth in terms of base metals," Credit Suisse analyst Stefan Graber said. "China's metals demand will continue to grow robustly this year." News that Libya declared a

ceasefire in the country to comply with a United Nations resolution passed overnight boosted market confidence. "The ceasefire in Libya provided some sort of support to

Shanghai copper rallies Shanghai copper was holding onto near 3 per cent gains secured earlier on Friday, helped by renewed Chinese buying that eased the impact of panic caused by Japan's earthquake and nuclear crisis, and catching up with Thursday's London rises. Shanghai's most-active copper futures contract rose by nearly 3 per cent at 71,820 yuan a tonne, on course for a 3.6 per cent gain from a week earlier, while zinc rallied 2.9 per cent at 18,310 yuan a tonne. the market and certainly there has been a lift," said Daniel Major, an analyst at RBS. "In the near term less military action is always taken as positive. In Asia, traders cited renewed Chinese buying. Investors have lamented a

dearth of buying by China as the world's top copper consumer has dashed market hopes by not returning to the market as expected after its New Year holiday in February. Stocks of copper in LME warehouses last rose 850 tonnes to 429,650 tonnes, data showed. "Large inflows in inventories in Shanghai clearly show that there is plenty of unreported inventory of copper in China and outside China," Major said. "This indicates that maybe the copper market is not as tight as some had previously thought." Aluminium finished at $2,560 from $2,523 a tonne. LME stocks of the metal used in transport and packaging last fell 6,575 tonnes to 4,612,825 tonnes, but a record-high 4,640,750 tonnes hit in January 2010 remains within reach. Lead, untraded in rings was bid at $2,675 from $2,651 a tonne. Tin closed at $29,400 from $29,375 a tonne. Zinc ended at $2,325 from $2,333 a tonne. Nickel finished at $26,750 from $25,925 a tonne. -Reuters

LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for March 17 2011 POLYPROPYLENE(PP)

LINEAR LOW (LL)

Cash & Settlement

1310

1255

December (3rd Wednesday)

1310

1260

January (3rd Wednesday)

1310

1260

LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for March 17 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

2370 2390 2350 2370 2350 2360 2350 2360

2475 2475.5 2507 2507.5 2588 2593 2650 2655

9439 9440 9450 9455 9400 9410 9100 9110

2688 2690 2666 2667 2607 2612 2570 2575

25925 25950 25925 25930 25070 25170 24170 24270

TIN

ZINC NASAAC

29275 2313 2480 29300 2313.5 2480.5 29345 2336.5 2500 29350 2337 2505 29220 2395 2550 29270 2400 2560 2398 2605 2403 2615

Arabicas, sugar up on MEast tensions LONDON: Robusta coffee futures eased from a fresh three-year high, while arabica coffee, sugar and cocoa jumped on investor buying on Friday, fanned by increased tensions in the Middle East and North Africa. London second-month robusta coffee futures eased after surging to a new three-year high of $2,672 per month basis second-month on investor buying, pressured by a shortage of deliverable supplies. London second-month, May robustas eased back from the peak to stand at $2,608 per tonne, down $7 or 0.3 per cent, in moderate volume of 3,511 lots at 1514 GMT. ICE arabica futures rallied, underpinned by low global stocks and a shortage of highquality beans. ICE May arabica coffee traded up 4.25 cents or 1.6 per cent at $2.7515 per lb at 1514 GMT, below the 34-year high of $2.9665 a lb touched last week. ICE raw sugar futures bounced above resistance at 27 cents a lb, driven higher by the tensions in the Middle East and the nuclear crisis in Japan. ICE May raw sugar futures traded up 0.67 cent or 2.5 per cent at 27.41 cents a lb at 1515 GMT, below last month's 30-year high of 36.08 cents. London May white sugar was up $18.60 or 2.7 per cent at $704.80 per tonne in thin volume of 2,444 lots at 1516 GMT. ICE cocoa futures edged up as violence in top producer Ivory Coast intensified. The conflict has underpinned cocoa futures at near 32-year highs. ICE May cocoa rose $22, or 0.7 per cent, at $3,304 a tonne at 1518 GMT, below the 32year peak hit earlier this month of $3,775. London May cocoa traded down 4 pounds, or 0.2 per cent, at 2,122 pounds a tonne. -Reuters

Tokyo rubber extends gains BANGKOK: Tokyo rubber futures ended 3 per cent higher on Friday due to supply concerns after Thai moves to halt exports, supported by firmer crude oil prices. But prices came off their highs after the benchmark failed to test resistance at 430 yen and some operators sold to reduce risk over the weekend. The benchmark rubber contract on the Tokyo Commodity Exchange for August delivery rose 11.7 yen, or 3 per cent, to settle at 408.6 yen ($5.05) per kg. It went as high as 425.5 yen, the highest since March 10, the day before the devastating earthquake in Japan. TOCOM rubber hit a record high in mid-February but began to fall in early March due to unrest in the Middle East. The most active Shanghai rubber contract for May delivery rose 1,000 yuan to settle at 35,335 yuan ($5,377) per tonne. Dealers said TOCOM prices should stay at firm levels, supported by limited supply due to a slowdown in exports from Thailand. -Reuters

VIETNAM: A farmer walks in a coffee field, as flowers bloom in Vietnam's central highland Di Linh district. -Reuters

European vegetable oil prices

Gold gains, supported by Libya crisis LONDON: Gold rose on Friday on lingering concerns about the economy and oil prices despite Libya's announcement of a ceasefire, while investors looked to an intervention in the yen as a move that could calm markets. Bullion remained underpinned by market uncertainty as France said it was still cautious about the ceasefire, and with Britain on Friday preparing warplanes for

to gold as a safe haven from inflationary pressures, Brent crude oil prices reversed earlier gains to trade below $115 an ounce after the ceasefire announcement. US investment bank Goldman Sachs forecast, however, gold prices would rally to a new high of $1,480 an ounce in three months on declining US real interest rates. Gold hit a record

action. Gold was at $1,420.10 an ounce at 1536 GMT from $1,402.40 late in New York on Thursday. Earlier the metal was little changed after China's central bank raised lenders' required reserves by 50 basis points. The metal earlier hit a session high of $1,423.70 an ounce, supported by the UN's approval of military action to contain Gaddafi, while unrest in Bahrain and Yemen has also unnerved investors. "If that (the ceasefire) actually stands and is sustained, then concerns soften in regard to the wider implications for the whole region," said Carl Firman, an analyst at Virtual Metals. "If the MENA (Middle East and North Africa) region stabilises ... we'll see confidence return," he added. Also curbing investors' flight

$1,444.40 on March 7. Japan's battle with a nuclear crisis after Friday's earthquake and tsunami has also shaken confidence in global markets this week. In the wake of the crisis, Japan bought billions of dollars to restrain a soaring yen, and traders reported intervention by European central banks, kicking off joint action by the world's richest nations to calm markets. "When everything turns into risk (aversion) mode, no one stays clear of that and the same thing happened for precious metals," Hansen said. Joining the rally, spot silver was at $35.04 an ounce from $34.18, but it came off a session high of $35.36. Platinum was at $1,714.99 an ounce from $1,697.49 and palladium traded at $729.00 an ounce from $704.50. -Reuters

ROTTERDAM: The following were the Friday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Mar11 915.00+15.00, Apr11 918.00+15.00, May11/Jul11 921.00+15.00. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 1000.00+20.00, Aug11/Oct11 945.00+20.00, Nov11/Jan12 950.00+20.00, Feb12/Apr12 955.00+20.00. SUNOIL: EU dlrs tonne extank six ports option Apr11/Jun11 1385.00+35.00, Jul11/Sep11 1385.00+35.00, Oct11/Dec11 1345.00+35.00. LINOIL: Any origin dlrs tonne extank Rotterdam Apr11/May11 1505.00+0.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Afloat 1180.00, Mar11 1180.00, Apr11 1180.00, May11/Jun11 1180.00+30.00, Jul11/Sep11 1170.00+30.00, Oct11/Dec11 1160.00+30.00. PALM OLEIN: RBD dlrs tonne fob Malaysia May11/Jun11 1190.00+27.50, Jul11/Sep11 1155.00+20.00, Oct11/Dec11 1145.00+22.50. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Mar11 1980.00, Apr11/May11 1950.00+80.00, May11/Jun11 1920.00+70.00, Jun11/July11 1900.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam May11/Jun11 2695.00+0.00. Reuters

American cotton closes up, rebounds from 3-wk low NEW YORK: US cotton futures finished up by their daily limit on Thursday as commercial and trade buying lifted the market off the previous session's three-week low. With the weekend coming up, dealers said players would be keeping a wary eye on Japan's nuclear crisis. The key May cotton contract on ICE Futures US rose by the 7-cent limit to close at $1.9212 per lb, with the session low at $1.85. Open interest, an indicator of investment exposure,

totaled 173,403 lots as of March 16, still near the lowest since late July 2010, data from ICE Futures US showed. Volume traded stood at 17,600 lots, over 50 per cent below the 30-day norm, Thomson Reuters preliminary data showed. 'The outside markets took cotton right up,' said Mike Stevens, an independent analyst in Louisiana. He said the market received an initial boost from firmer Chinese cotton prices, with the

September cotton contract on the Zhengzhou Commodity Exchange last done at 29,535 yuan per tonne, up 545 yuan. The upbeat tone of outside markets aside, cotton players said they would be digesting how badly the situation in Japan eventually hits cotton demand. 'There will be some hesitation in taking an aggressive position in most markets going into the weekend because there is a degree of uncertainty about what may happen in Japan,' a dealer said. -Reuters

National Commodity Exchange Ltd Trading Summary Date

Commodity

18-Mar-2011 CRUDE100 18-Mar-2011 CRUDE100 18-Mar-2011 CRUDE100 18-Mar-2011 SILVER - SL500 18-Mar-2011 SILVER - SL500 18-Mar-2011 GOLD 01oz 18-Mar-2011 GOLD 01oz 18-Mar-2011 GOLD 01oz 18-Mar-2011 GOLD 100oz 18-Mar-2011 GOLD 100oz 18-Mar-2011 GOLD 100oz 18-Mar-2011 GOLD 18-Mar-2011 GOLD 18-Mar-2011 GOLD 18-Mar-2011 KILOGOLD 18-Mar-2011 KILOGOLD 18-Mar-2011 TOLAGOLD50 18-Mar-2011 TOLAGOLD100 18-Mar-2011 MINIGOLD 18-Mar-2011 MINIGOLD 18-Mar-2011 MINIGOLD 18-Mar-2011 MINIGOLD 18-Mar-2011 MINIGOLD 18-Mar-2011 TOLAGOLD 18-Mar-2011 TOLAGOLD 18-Mar-2011 TOLAGOLD 18-Mar-2011 TOLAGOLD 18-Mar-2011 TOLAGOLD 18-Mar-2011 IRRI6W 18-Mar-2011 RICEIRRI - 6 18-Mar-2011 RBD PALMOLEIN 18-Mar-2011 KIBOR3M 18-Mar-2011 KIBOR3M

Contract Date

Price Quotation

Open

High

Low

Close

MA11 AP11 MY11 AP11 MY11 AP11 MY11 JU11 AP11 MY11 JU11 AP11 MY11 JU11 AP11 MY11 AP11 AP11 MON TUE WED THU FRI MON TUE WED THU FRI 17MA11 MA11 MA11 11-Mar 11-Jun

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

99.96 100.76 101.55 34.49 34.31 1402.70 1404.10 1404.10 1401.00 1404.00 1405.00 38625.00 38594.00 38611.00 38666.00 38567.00 44972.00 44972.00 39630.00 39673.00 39688.00 39703.00 39615.00 46107.00 46216.00 45628.00 45644.00 46591.00 3323.00 3358.00 5256.00 86.42 85.93

103.64 104.50 104.78 35.09 35.10 1419.00 1419.90 1420.50 1419.00 1419.70 1420.60 39001.00 39011.00 39028.00 38974.00 38984.00 45458.00 45458.00 40037.00 40081.00 40096.00 40111.00 40126.00 46700.00 46596.00 46104.00 46121.00 46695.00 3330.00 3358.00 5355.00 86.45 85.94

99.76 100.70 101.55 34.12 34.30 1397.00 1398.10 1398.80 1401.00 1404.00 1403.00 38584.00 38594.00 38611.00 38557.00 38567.00 44972.00 44972.00 39630.00 39673.00 39688.00 39703.00 39615.00 45561.00 45611.00 45628.00 45644.00 45544.00 3323.00 3357.00 5256.00 86.42 85.93

103.14 104.13 104.78 35.09 35.10 1419.00 1419.70 1420.30 1419.00 1419.70 1419.70 39001.00 39011.00 39028.00 38974.00 38984.00 45458.00 45458.00 40037.00 40081.00 40096.00 40111.00 40126.00 46036.00 46087.00 46104.00 46121.00 46138.00 3330.00 3357.00 5355.00 86.45 85.94

Traded Volume in lots 437 250 420 31 703 1,317 1,390 4 21 27 1 7 9 3 -

Previous Settlement Price 102.93 103.86 104.47 34.72 34.72 1409.40 1410.10 1410.70 1409.40 1410.10 1410.70 38749.00 38759.00 38775.00 38722.00 38731.00 45164.00 45164.00 39782.00 39826.00 39840.00 39855.00 39870.00 45738.00 45789.00 45806.00 45822.00 45839.00 3323.00 3358.00 5256.00 86.42 85.93

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

Current Open Interest Settlement in Lots Price 103.14 58 104.13 42 104.78 35.09 47 35.10 10 1419.00 907 1419.70 1,514 1420.30 868 1419.00 7 1419.70 1420.30 3 39001.00 95 39011.00 39028.00 38974.00 38984.00 45458.00 45458.00 40037.00 40081.00 40096.00 40111.00 40126.00 46036.00 10 46087.00 33 46104.00 46121.00 46138.00 3 3330.00 3357.00 5355.00 86.45 85.94 -


Niall O'Brien is watched by Netherland wicketkeeper Atse Buurman as he runs between the wickets in WC 2011

10

Saturday, March 19, 2011

BCCI trashes reports of Srikkanth, Dhoni meet NEW DELHI: The Indian Cricket Board (BCCI) on Friday rubbished reports that Chairman of selector K Srikkanth and skipper Mahendra Singh Dhoni were involved in a heated debate over team selection during a meeting in Chennai. Media reports had claimed that Srikkanth met Dhoni to talk about the playing XI and the two exchanged heated words due to difference of opinion but BCCI said no such meeting took place. The reports had also said that secretary N Srinivasan was also present at the meeting. "This is with reference to reports in some newspapers about a `meeting` having taken place between the Indian captain and Chairman of Selectors in Chennai on Thursday, at which the BCCI Secretary was also present. "Apparently some `harsh` words were exchanged, and the captain `urged` to change the playing XI. The BCCI would like to clarify that these reports are baseless. No such meeting took place," Srinivasan said in a release. Dhoni has been facing criticism for some of his decisions in the ongoing World Cup, the most prominent being his preference for Piyush Chawla in the XI despite a flop show from the leg-spinner. -Online

Tendulkar eyes ton of tons in group finale CHENNAI: Sachin Tendulkar can complete another landmark on Sunday by hitting his 100th international hundred as India tackle West Indies in the World Cup's final group match. Both sides have yet to make sure of their quarter-final places, although the qualifying picture from Group B will become a lot clearer after South Africa, who are already through, face hopefuls Bangladesh in Dhaka on Saturday. As well as the qualification picture, most of the 38,000 fans at the Chidambaram Stadium will be anticipating Tendulkar's 100th international hundred. The India star moved to 99 centuries (51 in Tests and 48 in one-day internationals) with a majestic innings of 111 in his side's previous group match against South Africa. However, even a 'Sachin special' was not enough to prevent a three-wicket defeat by South Africa where India, on a belting batting pitch in Nagpur, contrived to lose their last nine wickets for just 29 runs as they slumped from 267 for one to 296 all out. "When you hit those big shots, you tend to forget that you are playing for the country and not for the crowd," India captain Mahendra Singh Dhoni said. Runs are set to be harder to come by in Chennai, where no batsman managed a fifty on a typically bowler-friendly pitch during England's nailbiting 18run win over the West Indies on Thursday. The good news for India is that West Indies have no equivalent of Proteas' fast bowler Dale Steyn. But their batsmen, who will be expected to bat far more sensibly in the powerplay after collectively losing their heads against South Africa, will do well not to under-estimate a youthful Windies attack that troubled England. Leg-spinner Devendra Bishoo took three wickets on his one-day international debut while lively seamer Andre Russell almost produced a match-winning all-round performance with four wickets and a dashing 49. -Online

ICC cricket WC match against Aussies

Got a surprise up my sleeve: Afridi MUMBAI: New Zealand bowler Nathan McCullum celebrates with teammates Brendon McCullum , Tim Southee and Martin Guptill after taking a catch off Sri Lankan batsman Mahela Jayawardene in World Cup 2011 tournament.-Reuters

Ireland call it a WC on a ‘note to remember’ KOLKATA: All-rounder Paul Stirling cracked a 72-ball 101 as Ireland completed their World Cup campaign on a winning note despite their group stage exit with a six-wicket win over Netherlands on Friday. The Dutch had posted a competitive 306 from their 50 overs on the back chiefly of 106 from Ryan ten Doeschate and 84 from skipper Peter Borren. But their innings dramatically ran out of steam with their last four wickets falling in successive balls, all from run-outs, as they chased valuable extra runs in the final over from Kevin O'Brien. From early in the Irish innings it was clear that the Dutch total would probably be found wanting on a batsman's delight of a wicket. Stirling and captain William Porterfield (68) put on 177 for the first wicket and all their batsmen went on to make useful contributions before Kevin O'Brien lofted a huge six over long-off to overhaul the Dutch

total with 14 balls to spare. Stirling won man-of-thematch honours but was so badly stricken with cramp afterwards he was unable to leave the dressing room to collect his prize. Porterfield accepted it for him and reflected on a campaign which had promised much for his team, especially after a shock win over England in Bangalore on March 2. Losing to Bangladesh in their first game on Feb. 25, however, had proved a fatal blow. "We are pretty happy with the way we've played and what we've done in preparation. We've gone out there and experienced a lot of stuff," he said. "We're slightly disappointed with a couple of games there, we're confident that on another day we could have got through them and got another two wins." His opposite number Borren had the consolation of a few cricket lessons learned rather a victory from the tournament. "These experiences for us we'll never forget but also we've learned an awful

lot," he said. "We've learned again today that on these kind of wickets if you don't get it quite right with the ball you'll go for plenty of runs. It was a low point for the consistently impressive ten Doeschate to finish his World Cup campaign as he joined a select band to score his second century at this World Cup. The powerful Dutchman slammed a superb 106, including 13 fours and a six, to join South African AB De Villiers and India's Sachin Tendulkar as the only players so far to score two hundreds in this tournament. The Dutch had gone into the match without a win from their previous five matches but after a dreadful start in which they lost Eric Szwarczynski (1) and Tom Cooper (5) with only 12 on the board, ten Doeschate rebuilt their innings. After he departed, caught by John Mooney off spinner Stirling, Borren carried on the assault on the Irish bowlers with 84, including 10 fours off 82 balls. -Reuters

BD tigers honing teeth for SA lions DHAKA: Bangladesh will not be easily pushed aside when they take on powerful South Africa in a must-win World Cup match on Saturday, skipper Shakib Al Hasan said. "We go into the match after two consecutive wins against England and the Netherlands, so the confidence and morale of the team is high," Shakib said ahead of the day match at the Sher-e-Bangla stadium. "If we stick to our plans and execute them well, I think we have a very good chance to beat South Africa. "They are obviously a very strong team, but we won't be found wanting." England's dramatic win over the West Indies in Chennai on Thursday ruined Bangladesh's hopes of easing into the knockout rounds without having to contend with South Africa's firepower. They now face a make-orbreak battle to determine their future in the tournament in

front of 25,000 fanatical supporters inside the stadium in Dhaka and millions outside it. South Africa are the only team in Group B to have qualified for the quarter-finals, with four others -- India, West Indies, Bangladesh and England -- vying for the remaining three berths over the weekend. Bangladesh are tied with the West Indies on six points, India and England are on seven each and group leaders South Africa are on eight. If Bangladesh lose to South Africa, their poor net run-rate (currently -0.765) will almost certainly lead to their exit, unless India defeat the West Indies by a huge margin in Chennai on Sunday. Shakib appeared irritated when asked repeatedly by demanding Bangladeshi reporters about his strategy for Saturday's game. "The plan is simple," he said. "If we bat first we must put up a good score and then restrict

them for a lower total. "If we field first, we will have to score one run more than what they put up." Unlike millions of Bangladeshi supporters, who stayed up late on Thursday night cheering for the West Indies against England, Shakib said he preferred to watch a Bollywood movie. "I watched (Chris) Gayle's batting and then switched to the movie," he said. "As far as I am concerned we have to win tomorrow if we want to qualify." Shakib said it was not easy to get huge totals on Bangladeshi wickets. "So far only (Virender) Sehwag and (Virat) Kohli have got hundreds in the five matches we have played," the captain said. "Our wickets are slower than what you get in India and it is not so easy for batting. So I am pleased that we have batted well enough to win three matches." -Online

COLOMBO: Pakistan captain Shahid Afridi has vowed to unleash a surprise assault on defending champions Australia in their eagerlyanticipated World Cup Group A clash on Saturday. Both teams have a chance to top the group and face a relatively weaker team from Group B in their quarterfinals, with Pakistan on eight points from five matches and Australia nine from five. Depending on the finishing positions, Pakistan could even end up facing archrivals India in Ahmedabad in the quarter-finals. But Afridi refused to be drawn in the possible permutations, saying he has a definite plan to beat Australia who are on an unbeaten 34match World Cup streak stretching back to 1999. "We have made some plans against them because they are very strong mentally and physically, so you will see in the game we will do something new against these guys," said Afridi on Friday. "We know that this game is very important for us to end

swing, especially when Brett Lee comes back and Shaun Tait as well. "They know how to use these condition as well. But we know our strengths too, we know how to tackle and deal with these guys so we are well-prepared," added Afridi, the leading wickettaker in the tournament with 16. Afridi hinted Pakistan might bring in Umar Akmal, who has recovered from a finger injury which forced him to miss the team's last match against Zimbabwe, in place of misfiring opener Ahmed Shahzad. Shahzad has managed just 51 runs in five innings. "We have a settled combination, but we can make one change. Umar is available for selection as he has recovered from injury," said Afridi, who would not be drawn on whether retiring paceman Shoaib Akhtar would play. Akhtar on Thursday announced he will retire from international cricket after the World Cup. -APP

in a good position in the group. If we win, we will go into quarters with a win and a good, positive attitude, which is more important," said Afridi. Pakistan were the last team to beat Australia in a World Cup match, their 10-run win coming in the 1999 tournament at Leeds. Afridi admitted Australia was a strong team. "They are very professional, they are a good batting and bowling side as well. They know how to bowl reverse

Kamran, Shoaib are cool: skipper COLOMBO: Pakistan captain Shahid Afridi swatted away suggestions that pace bowler Shoaib Akhtar had come to blows with Kamran Akmal after the wicketkeeper dropped catches off him in their World Cup match against New Zealand. Media reports in Pakistan said Shoaib had angrily kicked his team mate after Akmal dropped Ross Taylor twice in the space of three deliveries in a Group A match 10 days ago. Taylor went on to score a

SL on top of group with 112-run win over Kiwis MUMBAI: Sri Lanka warmed up in style for the World Cup quarter-finals with a thumping 112-run victory over New Zealand in their final Group A match on Friday at the Wankhede Stadium. The win catapulted the cohosts, who were playing away from home for the first time in the tournament, to the top of the group but their final position will be determined only after Saturday's match between Australia and Pakistan. Captain Kumar Sangakkara (111) scored his maiden World Cup century to rescue his team after some early jitters and set New Zealand a 266-run target. But the Sri Lankan spinners, led by the wily Muttiah Muralitharan (4-25), never allowed the New Zealand batsmen to stage a fitting reply and skittled them for 153 in 35 overs. -Reuters

whirlwind 131 not out as New Zealand thrashed Pakistan by 110 runs. "Nothing happened between Shoaib Akhtar and Kamran Akmal. Nothing serious," Afridi told reporters in Colombo before trying to switch the topic of conversation to their final round-robin match against champions Australia on Saturday. Not satisfied with the skipper's answer, another journalist tried to quiz Afridi further. "I don't want to give you any breaking news," Afridi added

as his final word on the subject. The 35-year-old Shoaib, who said on Thursday that he would retire from international cricket following the World Cup, was overlooked for Pakistan's last match against Zimbabwe and Afridi refused to confirm whether he would return for Saturday's clash with Australia. "If we need him we will definitely give him a chance," he said. "I think he is enjoying himself whether he is playing or not." -Reuters

GROUP A Teams

Mat Won Lost Tied N/R Pts Net RR

Sri Lanka

6

4

1

0

1

9

2.582

Australia

5

4

0

0

1

9

1.693

New Zealand

6

4

1

0

0

8

Pakistan

5

4

1

0

0

8

0.729

Zimbabwe

5

1

4

0

0

2

-0.669

Canada

6

1

5

0

0

2

-1.987

Kenya

5

0

5

0

0

0

-3.005

1.135

GROUP B Teams

Mat Won Lost Tied N/R Pts Net RR

South Africa

5

4

1

0

0

8

1.606

India

5

3

1

1

0

7

0.768

England

6

3

2

1

0

7

West Indies

5

3

2

0

0

6

1.65

Bangladesh

5

3

2

0

0

6

-0.765

Ireland

6

1

4

0

0

4

-0.696

6

0

6

0

0

0

-2.045

Netherlands

0.072

RECORD BOARD Most Runs Players

Mat

Runs

HS

Ave

SR

Sangakkara(SL)

6

363

111

121.00

88.75

Trott(Eng)

6

336

92

56.00

82.55

Strauss(Eng)

6

329

158

54.83

97.33

Most Wickets Players

Mat

Wkts

BBI

Ave

Econ

Shahid Afridi(Pak)

5

16

5/16

10.06

3.50

Tim Southee(NZ)

6

14

3/13

15.07

3.95

Kemar Roach(WI)

5

13

6/27

12.00

3.8


International & Continuation

Saturday, March 19, 2011

China tightening marches on with 6th reserve rate rise Many had expected tightening pause after Japan disaster BEIJING: China raised banks' required reserves again in a decision on Friday, the latest installment in its monetary tightening cycle that many had thought would be put on hold after Japan's devastating earthquake. Its persistance with a campaign to rein in prices that has cooled hopes for the scale of world growth showed that the People's Bank of China views inflation, not an economic slowdown resulting from Japan's disaster, as the bigger risk. China's announcement came just hours after the Group of Seven rich nations said they would jointly intervene to calm markets unnerved by Japan's nuclear crisis and to rein in the rising yen. The 50-basis-point increase in required reserves was the third this year and lifts the mandatory ratio for the country's biggest banks to a record 20.0 percent. The increase in reserves will lock up about 350 billion yuan ($53 billion) of cash that banks would otherwise have been able to lend in the world's second largest economy, making it an important tool for slowing money growth and dampening inflation. "It's clear evidence that tightening is still on," said Stephen Green, an economist with Standard Chartered in Shanghai. "An interest rate rise in these circumstances (following the earthquake) is difficult, but it looks like they're dealing with liquidity again," he said. While markets have long expected more tightening by China, the timing of the move was surprising after several prominent economists predict-

ed this week that the central bank would wait to gauge the impact of Japan's earthquake and tsunami. Japan bought billions of dollars in the market on Friday followed by other central banks, kicking off a rare round of concerted intervention by the G7 nations seeking to moderate the impact on markets of Japan's nuclear disaster. A source told Reuters Japan would leave the yen it sold during intervention in the banking system rather than mopping it up, adding to the ample liquidity in the system -- which could run the risk of boosting inflation. Juxtaposed against that, China's decision to mop up more funds gave a clear idea of the central bank's priorities. "This move ... is another sign that the tragic events in Japan are unlikely to have a significant impact on policy decisions elsewhere in Asia," said Brian Jackson, economist with Royal Bank of Canada in Hong Kong. "This decision clearly indicates that curbing price pressures is the key economic priority for Beijing right now." European stocks and copper prices dipped after the reserve ratio increase, but market reaction was otherwise muted with many risky assets holding steady. Chinese consumer price inflation was unchanged from January at 4.9 percent in February and it is likely to tick up in the coming months because of a lower base of comparison. China's top leaders have declared that their most important task this year is to control inflation. So far, complaints about rising prices

have amounted to little more than grumbles, but serious inflation has sparked social unrest in China in the past. To meet the official goal of keeping inflation to a 4 percent average this year, the government has raised interest rates three times and banks' reserve requirements six times since October, while also using a series of direct controls to cap price rises. There are signs that the government has started to make progress. The central bank on Monday reported sharply lower bank lending growth last month, which will help reduce inflationary pressure. "Companies are finding it difficult to get money from the banks. So I think there is a very aggressive monetary policy tightening in China. That's the main story, so inflation should start to come down," said Paul Cavey, economist with Macquarie Securities in Hong Kong. In a short statement posted on its website, the People's Bank of China said the increase will be effective March 25. The required reserve increase announced on Friday was also seen as surprising against a background of apparently weaker capital inflows. Excess cash stemming from China's vast trade surplus has been a root cause of the country's run-up in prices, but it had a combined trade deficit of $890 million in the first two months of the year. What's more, aggressive open market operations by the central bank had led people to believe that it could afford to delay its next does of tightening.-Reuters

Europe trade deficit widens in January BRUSSELS: Countries using the euro reported a wider trade deficit in January than a year earlier although trading activity continued to grow, according to figures published on Friday. The European Union's statistics office Eurostat said the 17 countries using the euro had a trade deficit of 14.8 billion euros ($20.7 billion) in January as imports outweighed exports, compared with a comparative gap of 9.7 billion euros a year earlier and 0.5 billion in December. A Reuters poll of economists had forecast a deficit of -11.5 billion euros. The data showed a 27 percent growth in exports by euro zone countries, counterbalanced by an even stronger jump in imports of 29 percent. The European Union as a whole recorded its strongest increases in exports to the United States, as well as some of the major emerging economies. Trade with China jumped 37 percent and 30 percent with India. Brazil recorded a 45 percent rise in trade activity with the EU. The biggest surplus last year 152.4 billion euros was recorded by the European Union's top economy, Germany. Ireland, struggling to contain problems in its banking system which forced it to seek an EU bailout, also recorded a surplus of just more than 43 billion euros. Non euro zone EU member Britain, however, had the biggest deficit of 115.5 billion euros, followed by France at 64.1 billion. Reuters

CONTINUATION No #1

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No #5

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attack on Tribal Jirga on Thursday. According to the IMF, if the petrol prices stay at the present As per details, PML took stance in adjournment motion that level for a long time, it will adversely affect the world econoPakistani is deeply hurt over large scale of killing in drone attack and my.-Agencies whole nation condemns the drone attack. Continued from page 1 No #6 Adjournment motion was submitted by PML (N) members of National Assembly Raja Arshad, Malik Shakir Awan, Nehgat Perveen decided to consider the possibility of extending cooperation in oil Syed, Nisar Tanveer and Rana Muhmood Ul Hassan.-Agencies and gas, leather, pharmaceuticals and other sectors of economy. Both sides agreed to up cowork between the institute of Genetics and Continued from page 1 No #2 Experimental Biology of Plants of the Academy of Sciences, Railways and Spokesperson to the President Farhatullah Babar. Uzbekistan and Pakistan Central Cotton Committee (PCCC) for Briefing journalists the spokesperson to the President said Guven Research and Development. A Cultural Exchange Programme for Sak who had already held meetings with the Board of Investment, the next four years (2011-2015) was also agreed. The Pakistani side had forwarded a proposal to the Uzbek side for railway officials, private entrepreneurs and the stock exchange ahead of meeting the President described the project as "doable". establishing optic fiber link from Pakistan to Uzbekistan, engineerThe President said that equity for the project maybe raised ing consultancy service of National Engineering Service of Pakistan through the stock exchange and leading international companies of (NESPAK), establishing of citizen's database, consultancy, and repute in the business of infrastructure development. He said that training service in this regard. Both sides agreed to hold the 6th session of the Joint Ministerial during his visit to Japan he found out that Japanese entrepreneurs Commission in Tashkent in 2013 on mutually agreed dates.-Online were keen to consider participation in the project. The President said that he had suggested to the Turkish President Continued from page 1 No #7 that we will name the project as Gul Train. peculiar geography of the local of farms. All systems including He said that the project will boost trade between Europe, Middle sprinkling, dripping and other systems would be established," said East and Pakistan subsequently to be extended to other countries the spokesman. of Central Asia. Farhatullah Babar said that the President also He said that project would not only avert dangers of floods but suggested that stock exchange and the Chamber of Commerce of would also increase efficiency of irrigation and productivity. Turkey may negotiate with the stock exchange in Pakistan on the In Pakistan per capita water availability is falling for the last 10 platform of ECO Secretariat for establishment of a holding compa- years and if the project is implemented the shortfall would be covny and subsequently the setting up of joint ventures to take over the ered.-Online commercial management of the cargo train.-APP

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attended by workers of Jamaat-e-Islami and Tehreek-e-Insaaf. Addressing the participants, Chairman Pakistan Tehreek-e-Insaaf Imran Khan condemned his and vowed to protect the sovereignty and dignity of the country. "Time has come for change and the rulers should understand that the people of Pakistan will get their freedom from US yoke", Khan said. He said the life and property of the people from drone attacks be protected. Earlier, while talking during a talkshow on a private news channel, Imran Khan said, "Had army or anybody else got done this by force from me, I would have resigned." He said he had met the family members of the deceased and they were categorical that they wanted justice and not money.-Agencies

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taken place -- especially in the east where many Shi'ite Muslims live. Riyadh sent 1,000 troops to neighbouring Bahrain this week to help contain pro-democracy protests led by majority Shi'ites that the Sunni monarchy on the island broke up by force. King Abdullah last month announced an economic package worth an estimated $37 billion in an initial move to ease social tensions. Friday's measures are significantly more costly, with plans for a building spree set to cost $66.7 billion alone. With more than $400 billion in foreign reserves, Saudi Arabia is in a more comfortable position than many neighbours to alleviate social pressures such as high youth unemployment. But it was not clear if financial measures and boosting the security apparatus will silence critics within the kingdom. Reformers have been hoping for a move towards democracy such as new elections to municipal councils, or even elections to the Shura Council -- an advisory body of appointees. The kingdom has been slow to carry out reform promises in the conservative state since Abdullah came to power in 2005. Diplomats say the king faces opposition to political openings from some senior princes and clerics.-Reuters

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$114.40 a barrel as political-related violence continued across the Arab world. BP rose 1 per cent on high volumes. Companies that service energy firms also benefited, with Petrofac rising 2.2 per cent. Peer Amec added 1.5 per cent, also supported by Investec Securities initiating coverage of the stock with a "buy" rating. The troubles in the Middle East and North Africa and the ongoing nuclear crisis in Japan, however, meant investors were unlikely to rush back into equities, with some saying they still looked expensive. "People had become over-confident; we were due a correction on valuation grounds, and the events in North Africa, Japan and Bahrain are just triggers for selling," said Charles Morris, manager of the $2.5 billion HSBC Absolute Return fund. ARM Holdings fell 4.2 per cent, with traders pointing to a note from Matrix that recommended reducing holdings of the designer of chips. Analysts also said Japanese supply problems after last week's massive earthquake there made it vulnerable. According to Thomson Reuters data, ARM trades on more than 50 times forward earnings, compared with a sector average of around 25 times. Clothing retailer Next shed 0.6 percent, weighed down by a note from BofA Merrill Lynch that cut its rating. Reuters

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checkpoint near the eastern town of Sultan. Western powers faced pressure to act quickly as Gadhafi's forces gained momentum. "We're extremely worried about reprisals by pro-government forces and security agents in Libya. No one knows what's going on in the towns recaptured, and what's going on in prisons and other state security premises across the country," said Rupert Colville, spokesman for the UN Office of the High Commissioner for Human Rights. "We are very concerned that the government could resort to collective punishment and we have no illusions about what this regime is capable of."-Reuters

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Central banks move to weaken yen, calm markets G7 surprises by pledging joint intervention to weaken yen TOKYO/NEW YORK: Japan bought billions of dollars to restrain a soaring yen on Friday, backed by action from European central banks as the world's richest nations moved to calm markets made nervous by Japan's nuclear crisis. The moves are the first joint intervention in currency markets by the Group of Seven leading powers since they came to the aid of the newly launched euro in 2000, and signal the weight of concern about the wider impact of events in Japan. The U.S. dollar surged two full yen to as much as 81.98 yen in response, up from a record low of 76.25 hit on Thursday, with traders estimating the Bank of Japan bought more than $25 billion. A series of European central banks confirmed they were intervening and stock markets surged, although dealers said the initial intervention had been much smaller in scale than the Bank of Japan's and the impact in European time was more limited. Ahead of North American market openings, the Federal Reserve and Bank of Canada confirmed that they had joined the intervention as well -- a show of resolve to market participants that the whole G7 was solidly behind Japan. No figures were available for how much they may have committed but analysts said the point was to show unity. "It's going to have a very huge resonating effect on the market," said Kathy Lien, director of currency research at GFT in New York. "Because the only type of intervention that actually works is coordinated intervention and it shows the solidarity of all central banks in terms of the severity of the situation in Japan." The decision by the G7 came as a surprise to many because Tokyo had indicated it was looking only for moral support for its attempts to assuage markets rather than joint action. Japan's Nikkei share index climbed close to

3 percent, recouping some of the week's stinging losses as Japan reeled from an earthquake, tsunami and the nuclear power plant crisis. The market's losses for the week are 10 percent. A source told Reuters the BOJ would also leave the yen it sold in the banking system rather than mopping it up, thus adding to the vast amount of liquidity it had already provided to support its domestic markets. Central banks will often issue bonds to soak up any extra cash in the economy that results from currency intervention for fear that the additional liquidity could fuel inflation. G7 financial leaders may be worried that a surge in yen repatriation could create a crisis of confidence in markets already struggling in the face of Europe's debt problems and the impact of unrest in the Middle East. President Barack Obama underlined the concern in Washington by saying on Thursday the United States would do all it can to help Japan recover while playing down fears a drifting cloud of radiation could reach the U.S. West Coast. Japan's triple disaster, unprecedented in a major developed economy, is already disrupting global manufacturing. Makers of equipment for mobile telephones to car makers and chipmakers have warned of a squeeze on their businesses given Japan's crucial role in many supply chains that keep global commerce ticking over. "I think the world economy is going to go right down, and it has happened at a time when financial markets are still fragile," said a G7 central banker who declined to be named. The yen's surge this week was driven by speculation that Japanese firms would repatriate some of their huge foreign assets to help meet insurance claims and pay for reconstruction.-Reuters

Canada inflation cooling off; no rate hike pressure OTTAWA: Inflation in Canada eased in February, bucking the trend in many other countries and removing some pressure from the Bank of Canada to start raising interest rates again soon. Statistics Canada said on Friday that core inflation, which excludes gasoline and other volatile items, slipped to 0.9 percent year-on-year in February. That was the lowest level since Statscan began recording 12-month rates in January 1985 and is explained mainly by a plunge in hotel rates compared with February 2010, when they spiked during the Winter Olympics in Vancouver. Overall consumer prices rose 0.3 percent in the month, the same increase as the previous month, for a 2.2 percent annual inflation rate. That was down from 2.3 percent in January and just below the consensus forecast of 2.3 percent. The docile price environment gives the central bank more reason to stay put on rates for now, but analysts said strong domestic growth and an expected easing of global tensions will eventually pressure prices and prompt a rate increase this year. "I think that this is one month

of low inflation at the core measure. It doesn't change the world as we see it," said Dawn Desjardins, assistant chief economist at Royal Bank of Canada. "So we still think the bank will be back in rate-hike mode in the months ahead, but not April," she said. The Bank of Canada, which targets 2 percent inflation, has kept its benchmark rate on hold at 1.0 percent since September, pending more evidence of a sustained recovery. Market players are divided in their views on the timing of the next hike. A Reuters poll in February showed they thought May 31 was the most likely bet, and that the bank was unlikely to move at its next decision date on April 12. "If the bank is worried about global economic growth, (the inflation data) gives them a scope to pause," said Sheryl King, chief economist in Canada at Banc of America Merrill Lynch. "Rates are going to continue to rise. They may not rise as aggressively as I expected," she said, adding that "markets (are) still probably underestimating how much policy normalization the bank has to do." The Canadian dollar was lit-

US econ growth gauge falls in latest week-ECRI NEW YORK: A measure of future U S economic growth fell in the latest week, but the index's growth rate rose to a 43week high, a research group said on Friday. The Economic Cycle Research Institute, a New York-based independent forecasting group, said its Weekly Leading Index fell to 130.4 in the week ended March 11 from 130.9 in the previous week, originally reported at 130.8. The index's annualized growth rate rose to 7.1 percent from 6.8 percent a week earlier. That was the highest since May 14, 2010, when it was 9.4 per cent. -Reuters

tle changed after the inflation data, holding at around C$0.9828 to the U.S. dollar, or $1.0175, while bond prices firmed. Overnight index swaps, which trade based on expectations for the key central bank rate, showed traders have scaled back their bets for Bank of Canada rate hikes in the coming months. The Reuters calculation of the swaps shows traders see a 96.8 percent chance the bank will hold rates steady on April 12. Gasoline and restaurant food costs were the biggest contributors to inflation in the year to February. They were partially offset by a sharp drop in traveler accommodation The drop in hotel rates along with lower passenger vehicle prices explained the weak core inflation rate, Statscan said. Large gains in food and energy costs have propelled global inflation rates higher for the past few months. The Canadian figures contrast with data showing U.S. consumer prices increased at their fastest pace in more than 1-1/2 years in February and euro zone inflation jumped well above the European Central Bank's target. -Reuters


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Libya downs arms as UN flexes muscle

NEW YORK: Permanent Representative of Pakistan to the United Nations, Ambassador Abdullah Hussain Haroon speaking during a debate on Afghanistan here at the UN Security Council. -APP

Malik got even by Moonis arrest: ‘Q’ LAHORE: PML-Q has registered strong protest against the arrest of Chaudhry Moonis Elahi, declaring it as a personal vendetta of federal interior minister Rehman Malik. Moonis Elahi is the son of former CM, Punjab and PML-Q top leader Chaudhry Pervez Elahi. PML-Q registered its strong protest during the Friday session of the provincial assembly, when Speaker Assembly admitted that FIA (Federal Investigation Agency) had, against the rules, not intimated him regarding the arrest. He assured that FIA would be accounted for its irresponsible behavior. Chaudhry Zaheeruddin informed the House that PML-Q had supported the PPP-led government in order to discourage turncoats and

encourage democracy; while a meeting between PML-N and PPP, to discuss this very PML-Q's support for PPP, was mistakenly touted as a support for this case against Moonis Elahi, which was a totally wrong notion. He said that Moonis was a scion of a political hierarchy, and as such was bound to be indicted often, declaring the issue a result of personal grudge between additional director FIA and interior minister Rehman Malik. The PML-Q members raised slogans against interior minister and additional director FIA, which were duly returned by PPP MPAs. The resulting pandemonium continued unabated for 10 minutes. Speaking on behalf of PPP, Chaudhry Ashraf Sohna said that Moonis was arrested over High Court's rejection

of bail, citing an earlier arrest of PPP minister, and even investigations from PM's very own son, as well. After a severe spat between women MPAs of PPP and PML-Q, PPP assured PML-Q to raise the issue in front of its leadership. Meanwhile talking on a point-of-order, PPP MPA, Sajida Mir reminded that as previous Speaker Assembly, (the current PM) Syed Yousuf Raza Gilani, issued production orders of Sheikh Rasheed Ahmad and countless others; hence production orders of Moonis should also be produced. MPAs including Javed Asghar, Qamar Hayat Kathia, Majida Zaidi and others, while lauding Moonis for his courage, demanded that speaker assembly should issue immediate production orders.-Online

Singh shakes head on MP-buying scam NEW DELHI: Indian Prime Minister Manmohan Singh Friday denied allegations made by website WikiLeaks that the Congress-led coalition government purchased some Members of Parliament (MPs) for a trust vote in 2008. The prime minister said that neither he had "authorized anybody" to purchase votes of some MPs nor was he involved in any such "transactions," a day after the country's Opposition parties demanded his resignation over the WikiLeaks claims. "I have no knowledge of any such purchases and I am absolutely categorical, I have not authorized anyone to purchase any votes. I am not aware of any acts of purchase

of votes," Singh said. "I am absolutely certain in asserting that I am not at all, I think, involved in any of these transactions." Indian opposition parties from both right and left Thursday demanded the ruling United Progressive Alliance government's immediate resignation over the WikiLeaks exposure that the Congress had paid money to buy some MPs ahead of a vote of confidence over Indian-US nuclear deal in 2008. The WikiLeaks cable, published by The Hindu newspaper and allegedly coming from a US diplomat in India dated 2008, suggested that ahead of a vote of confidence

for Prime Minister Manmohan Singh over the Indian-US nuclear deal, the Congress party had bought the votes of Ajit Singh-led Rashtriya Lok Dal party. The cable claimed that US diplomats were told by an aide of Congress senior official Satish Sharma that four MPs from Ajit Singh's party were paid 100 million rupees (2 million US dollars) each by Congress to ensure that they voted for the nuclear deal in Parliament on July 22, 2008. The Manmohan Singh government narrowly won the vote of confidence in the Lok Sabha with 275 MPs voting in favor of the UPA and 256 against it.-NNI

PM tells AG to file review plea against SC verdict

SC’s say on judges’ term to be disputed ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has directed Attorney General to file review petition regarding Supreme Court decision on annulment of Parliamentary committee recommendations about rejection of six judges' appointment. Parliamentary Committee (PC) sources said Friday that apex court had annulled PC decision on the rejection of extension in the service tenure of six Lahore High Court and Sindh High Court judges

against which the committee recommended the Prime Minister (PM) to file a review appeal. Certain ministers opposed this decision but the PM accepted PC recommendations and directed Attorney General to file a review appeal. The appeal is likely to be filed on Saturday whereby government will take plea that apex court verdict runs contrary to the powers vested with parliamentary committee as per 18th Amendment.

On the other hand PC chairman senator Nayyar Hussain Bokhari said Supreme Court's (SC) detailed decision would be sent to senate chairman and national assembly speaker as soon as it would be announced. They both would be requested to put it to debate as parliament could hold debate on any decision of the court, he added. He went on to say committee would devise its strategy in the light of decision of the parliament.-Online

President to address MPs under hard guard Special Correspondent ISLAMABAD: An all-important meeting of Law Enforcement Agencies to discuss security and other issues with regard to President Zardari's address to the joint sitting of the parliament will be held on Saturday (today). The meeting will be formally presided over by Secretary NA Karamat Niazi and attended by Secretary Senate, Secretary Interior, Chief Commissioner, Deputy Commissioner, IG Security, Director IB and other security officials. During the meeting approval for a fool-proof security plan would be given for the president's address to joint sitting. NA Secretariat spokesman said that no compromise will be made on security. Moreover a special shuttle service will be ran on the day from Parliament lodges to the Parliament to avoid any untoward incident on the historic day. The members of the Parliament will not be allowed to park their vehicles inside the premises while guests will also not be issued special passes.

New reforms will steady economy: Firdous Special Correspondent ISLAMABAD: Federal Minister for Information and Broadcasting Dr Firdous Ashiq Awan said Friday that new economic measures and reforms process would bring in durable economic stability. The minister said that the additional budgetary measures worth Rs173 million, Rs120 billion reductions in allocated expenditures, and Rs53 billion additional taxes have come about with the full cooperation of all state institutions including the armed forces. The coalition partners have also supported the government in taking difficult economic decisions to control expenditures and increase resources, she added. The minister said that the additional taxes and spending cuts are expected to provide a cushion of Rs120 billion to the government and help it restrict fiscal deficit to less than 5.5 per cent of GDP from the projected 8 per cent or above. She said that these steps have been taken to secure public finances as part of the People's government commitment to stabilise economy and pursue its economic reforms agenda.

TRIPOLI: Libya declared an immediate cease-fire Friday, trying to fend off international military intervention after the UN authorised a no-fly zone and "all necessary measures" to prevent the regime from striking its own people. A rebel spokesman said Moammar Gadhafi's forces were still shelling two cities. The United States said a cease-fire announcement was insufficient, calling on the regime to pull back from eastern Libya, where the onceconfident rebels this week found themselves facing an overpowering force using rockets, artillery, tanks, warplanes. Eastern Libya has the majority of Libya's oil reserves - the largest in Africa. Oil prices slid after the cease-fire announcement, plunging about $2.50 in the first 15 minutes of New York trading. By midday, they stood at $101. Mustafa Gheriani, a spokesman for the rebels, said attacks continued well past the announcement, which came after a fierce government

attack on Misrata, the last rebel-held city in the western half of the country. A doctor said at least six people died. "He's bombing Misrata and Adjadbiya from 7 a.m. this morning until now. How can you trust him?" Gheriani said. The UN Security Council resolution, which passed late Thursday, set the stage for airstrikes, a no-fly zone and other military measures short of a ground invasion. Britain announced that it would send fighter jets, Italy offered the use of its bases, and France made plans to deploy planes. The U.S., which has an array of naval and air forces in the region, had yet to announce its role. With the international community mobilising, Libyan Foreign Minister Moussa Koussa said the government would cease fire in line with the resolution, although he criticised the authorisation of international military action, calling it a violation of Libya's sovereignty. "The government is opening channels for true, serious dia-

Talks set for June this year

Pakistan, China to size up bigger FTA ISLAMABAD: Pakistan and China will discuss expansion of Free Trade Agreement (FTA) in the June this year with an aim to boost bilateral trade. "We will discuss the issues of eliminating the tariffs and prepare a comprehensive package for the implementation of the second phase of the FTA," a top official of the Ministry of Commerce told new agency. The first phase of the FTA is scheduled to end on December 31, 2012, which will be followed by the second phase from January 2013, the official added. The respective organisations of the two governments have finalised the modalities for the negotiations for the implementation of second phase of the FTA during a two-day session held in Islamabad in the second week of this month. According to Ministry of Commerce sources, both the countries will eliminate tariffs on around 90 per cent products, both in terms of tariff lines and trade volume within a reasonable period of time on the basis of consultation and accommodation of the concerns of both the countries. Meanwhile, Joint Secretary Commerce Rehmatullah Khan said that during the upcoming discussions on FTA, efforts

would be made to minimise the trade gap between the two countries. According to trade data, the overall trade between the two countries in 2010 was $8.67 billion, showing an increase of 28 per cent. Chinese exports to Pakistan stood at $6.9 billion, showing an increase of 36 per cent while its imports from Pakistan were recorded at $1.78 billion, showing boost of 37 per cent, he added. "During the recent negotiations, both the sides have realised that the growing trade gap needs to be minimised," Rehmatullah remarked. He said that China is a huge economy and having trade surplus with all partner countries, adding that the FTA proposals would be formulated in a way to help Pakistan boost exports to China to minimise the gap. He said that enhancing trade volume between the two countries was a healthy sign, adding that negotiations for the second phase would also deal with this particular issue. It is pertinent to mention here that Pakistan and China signed Free Trade Agreement in June 2006 which came into effect from July 2007. The FTA was aimed at reducing tariffs on each other's imports in two phases.-APP

Plan to stage protest in President’s speech to MPs

‘N’ set to boo Zardari’s talk LAHORE/ISLAMABAD: PML-N has decided to voice strong protest during President Asif Zardari address to a joint session of parliament on March, 22. The decision was taken in a meeting of PML-N leaders, which was presided over by the opposition leader in the National Assembly Chaudhry Nisar Ali Khan. Nisar alleged president Zardari had landed the country in crisis and every party was protesting against illconceived policies being pursued by the government. In the prevailing situation PML-N stands with the people, he said adding his party will protest strongly against rampant inflation, release of

Raymond Davis, non implementation of courts decisions, drone attacks and Swiss banks accounts issue during President Zardari address to the joint session of parliament. He said a strategy has been evolved in this respect and all the legislators of PML-N have been directed to ensure their presence in the House on Tuesday. Chaudhry Nisar said voicing protest was their democratic right and they would raise people's voice in the House. According to sources, some lawmakers would bring placards reading slogans against President Zardari in the House. -Online

logue with all parties," he said during a news conference in Tripoli, the capital. He took no questions. In Washington, Secretary of State Hillary Clinton said that the first goal of international action is to end the violence in Libya and protect civilians. Clinton said government forces, which have advanced along the Mediterranean coast in recent days, must pull "a significant distance away from the east." A large crowd in the Benghazi, the city where the uprising started on Feb. 15, watched the UN vote on an outdoor TV projection and burst into cheers, with green and red fireworks exploding overhead. In Tobruk, another eastern city, happy Libyans fired weapons in the air to celebrate. "We think Gadhafi's forces will not advance against us. Our morale is very high now. I think we have the upper hand," said Col. Salah Osman, a former army officer who defected to the rebel side. He was at a See # 9 Page 11

Army’s 110 cols promoted brigadiers ISLAMABAD: A three day Army Promotion Board meeting concluded at GHQ Rawalpindi on Friday in which 110 Army colonels were promoted to brigadier rank. Chief of Army Staff General Ashfaq Pervez Kayani presided over the high-level meeting. According to military sources, all respected Corps Commanders, Principal Staff Officers and high ranking officers participated in the meeting. Sources told that in these meetings cases of promotions of more than 400 army officers of 1989 batch were discussed at length. It must be mentioned here that the officers who are waiting for promotions belong to Armoured, Infantry, Artillery, Engineers, Defence, Aviation and others Corps. During the three-day meeting the recommendations of regional promotional boards were also discussed. Keeping in view the vacant posts 110 colonels were promoted to the rank of brigadier while more than hundred Lt colonels were made full colonels. The promotions have been made on the basis of performance, seniority, operational and professional capabilities.Online

Court sends Moonis on three-day remand LAHORE: The Pakistan Muslim League-Quaid (PML-Q) leader and member of Punjab Assembly Moonis Elahi was handed over to the Federal Investigation Agency (FIA) on a three-day remand on Friday. The FIA presented Moonis Elahi in the court in Lahore and requested for a sevenday remand. A large number of PML-Q workers and lawyers were present in the court during the hearing. The FIA revealed that Moonis Elahi still had 32 million rupees which his manager had transferred to two separate accounts.APP

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The Financial Daily-Epaper-19-03-2011