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International Karachi, Friday, April 1, 2011, Rabi-us-Sani 26, Price Rs12 Pages 12

SC dismisses review petition in Musharraf attack case

Foreign Debt (Dec 10) Domestic Debt (Dec 10) Repatriated Profit (Jul- Feb 11) LSM Growth (Jan 11)

GDP Growth FY10E Per Capita Income FY10 Population

$17.95bn 14.33% $15.33bn $25.60bn $(10.27)bn $(98)mn $6.96bn $1.23bn Rs 875bn $58.39bn Rs 5497.4bn $386.3mn 0.83% 4.10% $1,051 175.61mn

SCRA(U.S $ in million)

176.69 -19.25 2.42 2756

Total Portfolio Invest (30-Mar-2011)

NCCPL (U.S $ in million)

FIPI (31-Mar-2011) Local Companies (31-Mar-2011) Banks / DFI (31-Mar-2011) Mutual Funds (31-Mar-2011) NBFC (31-Mar-2011) Local Investors (31-Mar-2011) Other Organization (31-Mar-2011)

1.86 -0.09 -2.55 0.39 -0.51 0.82 0.07

Global Indices Index Close KSE 100 11,809.54 Nikkei 225 9,755.10 Hang Seng 23,527.52 Sensex 30 19,445.22 ADX 2,607.12 SSE COMP. 2,928.11 FTSE 100 5,908.76 *Dow Jones 12,344.78

Change 0.93 46.31 76.09 155.04 25.80 27.66 39.54 5.83

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

$.Price PKR/Shares 2.60 110.87 14.00 119.40 2.00 42.64 1.70 36.25 11.14 38.00

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)

22-Mar-2011 22-Mar-2011 22-Mar-2011 29-Nov-2010 31-Mar-2011 31-Mar-2011 31-Mar-2011 31-Mar-2011 31-Mar-2011 31-Mar-2011 31-Mar-2011 31-Mar-2011 31-Mar-2011 31-Mar-2011 31-Mar-2011

13.25% 13.61% 13.77% 14.00% 13.59% 13.52% 13.73% 14.13% 14.25% 13.98% 14.02% 14.08% 14.43% 14.65% 14.87%

Commodities *Crude Oil (brent)$/bbl 116.82 *Crude Oil (WTI)$/bbl 105.92 *Cotton $/lb 197.83 *Gold $/ozs 1,438.30 *Silver $/ozs 37.69 Malaysian Palm $ 1,098 GOLD (NCEL) PKR 39,053 KHI Cotton 40Kg PKR 13,396 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 87.50 Canadian $ 87.05 Danish Krone 16.40 Euro 119.40 Hong Kong $ 10.50 Japanese Yen 1.040 Saudi Riyal 22.62 Singapore $ 67.00 Swedish Korona 13.70 Swiss Franc 93.20 U.A.E Dirham 23.15 UK Pound 135.80 US $ 85.15

88.50 88.05 16.60 120.80 11.00 1.066 22.80 68.00 14.00 94.20 23.35 137.80 85.50

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

87.78 87.54 16.12 120.20 10.92 1.042 22.68 67.44 13.45 92.68 23.16 136.83 85.22

87.99 87.74 16.16 120.48 10.95 1.045 22.73 67.60 13.48 92.90 23.21 137.15 85.40

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See Page 2

Legal cover to oil, gas pacts assured

See Page 12

Talks only way for Pak, India: Zardari

Portfolio Investment Yearly(Jul, 2010 up to 30-Mar-2011) Monthly(Mar, 2011 up to30-Mar-2011) Daily (30-Mar-2011)

See Page 2

APNS elects new office bearers

PM calls on President, briefs about India visit

Economic Indicators Forex Reserves (26-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- Feb 11) Remittances (Jul 10 - Feb 11) Foreign Invest (Jul 10-Feb 11) Revenue (Jul 10 Feb 11)

New media policy by June

LAHORE: A large number of motorcyclist getting their fuel tank filled from a fuel station due to shortage of petrol in the city. -Online

LPG's Aramco price surges $ 890 per tonne

12 killed

LPG goes dearer by Rs five per kg

Fazl escapes attack again

ISLAMABAD: Liquefied Petroleum Gas (LPG) prices have been increased by Rs5 per kilogram on Thursday. According to private TV, LPG Association Chairman Irfan Khokhar told the media that the new LPG price will be Rs115 in Kohat, Rs105 in Multan and Sialkot, Rs120 in Murree, Rs100 in Karachi and Lahore, Rs115 in Islamabad and Rawalpindi. The price change will be implemented from April 3. On the other hand, the international price of liquefied petroleum gas (LPG) has jumped by $37 to $890 per tonne for April 2011 due to crisis in the Middle East, raising its import price by Rs3750 to Rs89000 per tonne in the country.

This was stated by the chairman of FPCCI Standing Committee on LPG and All Pakistan LPG Distributors Association (APLDA) Abdul Hadi Khan here Thursday. He said Saudi Armco Contract Price (CP) has surged to $890 per tonne for April 2011 due to disturbed political situation in the Middle East. The price of propane has jumped by $55 to 875 per tonne while butane is up by $30 to $885 per tonne. He, urged the local producers not to raise domestic prices and maintain LPG prices at the level of March 2011 in the national interest and for the cause of country's LPG industry. The sale of LPG has already See # 10 Page 11

NA body probes sugar scam

TCP head refuses to unmask mafia ISLAMABAD: Chairman Trading Corporation of Pakistan (TCP) has refused to disclose names of sugar mafia during meeting of National Assembly Standing Committee on Trade. Committee met here Thursday under its chairman Dastgir in Parliament House to review hike in the prices of sugar and urea. Chairman TCP Anjum Bashir said if he makes public names of these elements, it will create problem for him. He told the committee TCP was holding reserves of 400,000 tonnes of sugar, which was sufficient till the next crushing season. The members of committee raised the question if sugar was

available in surplus then as to why its price is increased again and again and who is responsible for it. Some members including Shireen Arshad disclosed that many trucks loaded with sugar had gone missing on the way before reaching utility stores. Some government officers were involved in this scam, they added. Chairman TCP agreed to it saying he was not responsible for it and controlling sugar prices was not his mandate. It was responsibility of provinces to check the prices of sugar. Chairman TCP told subsidy amounting to over Rs7.50 billion had been provided to farming community in urea prices. -Online

CHARSADDA: At least 12 persons, including an SHO, were killed and 29 others got injured in another suicide attack on convoy of JUI-F near DC office on Thursday, while its chief Maulana Fazlur Rehman remained unhurt. According to media reports, most of injured were in critical condition after the attack whereas two guards of Maulana Fazl were also injured in the attack. However Maulana and other leaders remained safe in the attack. Suicide bomber blew himself up with explosives near mobile van parked at DCO office which caused the death of SHO Charsadda Police station Jamrud Khan including 12 other persons, while 29 sustained injuries. Activists of JUI-F stated that Maulana had come to address a procession here when suicide attacker tried to target him, however he did not succeed in his plan. After suicide attack, Maulana informed that he is safe and he would not be scared by such terrorist elements. At a rally after the attack, the See # 9 Page 11

OGRA hikes petroleum prices Monitoring Desk ISLAMABAD: Oil and Gas Regulations Authority (OGRA) has hiked the prices of petroleum products by nine to 13 percent late Thursday night. According to sources, the

FX reserves near record $18billion Staff Reporter KARACHI: Country's foreign exchange reserves rose to a record $17.95 billion in the week ending on March 26, from $17.50 billion the previous week, a senior central bank official said on Thursday. Reserves held by the State Bank of Pakistan (SBP) rose to $14.54 billion from $14.09 billion a week ago, while those held by commercial banks were flat at $3.41 billion, said SBP chief spokesman Syed Wasimuddin. "The jump in reserves is largely due to higher export

proceeds as well as record inflow of remittances," said Wasimuddin. Remittances rose by 20 per cent to $6.96 billion in the first eight months of the 2010/11 (July-June) fiscal year, compared to the same period the previous year, according to central bank data. Foreign exchange reserves were boosted in January by more than $633 million when the United States provided funds military and logistical support for a campaign against a Taliban insurgency. In May 2010, Pakistan See # 11 Page 11

price of petrol has been raised by Rs. 6.98 and high-speed diesel by Rs. 10.67 per liter. Light diesel has been raised by Rs. 9.07 and kerosene oil by RS. 9.65 per liter. OGRA will formally issue a notification in this regard later today. OGRA's Senior Executive Director Finance Jawwad Nasim will formally announce the raise in prices of petroleum products.

ISLAMABAD: President Asif Ali Zardari Thursday said dialogue between Pakistan and India was the only way forward to address all outstanding issues between the two countries. He was talking to Prime Minister Syed Yousuf Raza Gilani here at the President House after his return home, from a day-long visit to India to witness the cricket semifinal and meeting his counterpart Dr Manmohan Singh. Prime Minister briefed the President about his visit and his discussion with Prime Minister Manmohan Singh and Sonia Gandhi and also about the talks in New Delhi between the interior secretaries of the two countries. They expressed satisfaction over the resumption of talks. The President welcomed the meeting of Prime Minister Gilani with the Indian leadership and termed it "a positive development" for the region. He expressed the hope that it would provide further impetus to the efforts for a meaningful dialogue between the two countries on all outstanding issues. The President also appreciat-

President takes notice of extortion in Karachi ISLAMABAD: President Asif Ali Zardari taking notice on reports of extortion in Karachi has directed Interior Minister Rehman Malik to take measures against this menace in coordination with the provincial government. The President also directed for the submission of a detailed report about extortion in Karachi. It may be mentioned here that a large number of shopkeepers of various markets of Saddar area in Karachi on Thursday staged a protest demonstration against See # 12 Page 11 ed Prime Minister Manmohan visit Pakistan. Singh for extending invitation The President hoped that to the Pakistani leadership to such visits and resumption of visit India. talks will serve as important He said regular interaction at confidence building measure. all levels would not only proThe President greeted both vide a solid platform to resolve the teams for a good game and mutual issues but would also said winning or losing a match help obviate and reduce mis- was not really important. perceptions and mistrust. "It was the sportsman spirit The President said the two and effort of our boys in the countries need to resolve all field, and the fact that the event issues so as to concentrate on provided an opportunity for the welfare of their respective peo- leadership to meet and enterples by addressing the prob- tainment the people that was so lems of hunger, disease and important and appreciable." poor infrastructure. The President also hosted a Gilani informed the lunch for the Prime Minister. President that he had also Senator A Rehman Malik, extended invitation to both Federal Minister for Interior Prime Minister Manmohan was also present during the Singh and Sonia Gandhi to lunch. -Agencies

Average volume stays at 123mn

KSE 1Qtr ends with 213pt less Ghulam Raza Rajani KARACHI: After showing a significant gain of 26 per cent in calendar year 2010, Karachi Stock Exchange has shown a dismissal performance in the previous three months as its key index lost 1.8 per cent or 213 points during the first quarter of calendar year 2011 (1QCY11) ending at 11,810 levels. In the above mentioned period, 12,768 point was the highest-level, which index touched on January 18, 2011. Reluctant buying by the offshore investors was the major factor that empowered bulls and bears during the period under review. According to the figures of National Clearing Company of Pakistan Limited (NCCPL), there was a net foreign buying

of $52.4 million during 1QCY11. However, flight of foreign portfolio investment was seen in last month (March) with net withdrawal of $16.2 million by offshore investors mainly due to Middle East and Africa crisis which kept the redemption in global funds. As far as market turnover is concerned, average 123 million shares were traded in the overall market from January to March compared to 124 million shares in October to December 2010. Market capitalisation declined to Rs3.147 trillion on March 31, 2011 as compared to Rs3.268 trillion at the start of the period. As per research analyst of Topline Securities, global equities measured by MSCI World See # 18 Page 11

During 8MFY11

Domestic debt up at Rs5.34tn Ahmed Siddique KARACHI: Pakistan's outstanding stock of domestic debt and liabilities has soared by 12.4 per cent or Rs608 billion during the first eight months of current fiscal year (8MFY11), according to the State Bank of Pakistan (SBP). Domestic debt and liabilities recorded at a historical level of Rs5.502 trillion during the period, from Rs4.89 trillion on June 30, 2010, due to a significant rise in budget deficit. Similarly, domestic debt alone rose Rs691 billion at Rs5.34 trillion in 8MFY11 as against Rs4.65 trillion in June 2010. As per TFD research analyst, expectation of higher fiscal deficit of 5.5 per cent of GDP along with no IPO or SPO in

public sector companies have mainly contributed in double digit growth of domestic debt. The floating debt during the period under review rose by Rs436 billion to Rs2.83 trillion during the 8MFY11 comparing to Rs2.39 trillion in June 2010, while the unfunded debt increased by Rs121.7 billion to Rs1.58 trillion as compared to Rs1.46 trillion. Furthermore, permanent debt rose by Rs135.3 billion in 8MFY11 to Rs930 billion during the period under review. Within the floating debt category, government borrowed Rs348 billion through market treasury bills. Similarly, it further borrows Rs88 billion through MTBs for replenishment.

Court doesn’t care Generals, says CJP ISLAMABAD: The SC ordered to give the name of that general who made a fun of the court. During the hearing of review petitions filed by convicts of former president Pervez Musharraf’s attack case, Chief Justice of Pakistan (CJP) Iftikhar Muhammad Chaudhry remarked that public representatives had made fun of courts on roads. He also stated that the court did not care generals and it would continue to work under the constitution. The court should be informed in writing if any general had made fun of the court, he said. Earlier, the counsel for the convicts claimed that the convicts had not been given an opportunity to prove their innocence during Musharraf’s regime. -Agencies

Gilani to invite Pak cricketers ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani will invite the members of Pakistan's cricket team, on their return to Pakistan, to commend them on their performance in the Cricket World Cup for reaching the semi-final and encourage them for even better results in the future. PM House spokesman added that semi final match in Mohali provided a very useful opportunity to the leadership of Pakistan and India to get together and discuss the whole gamut of bilateral relations. Prime Minister has termed his interaction with the Indian leadership as milestone on the way of opening up a new chapter of good neighborly relations and cooperation between the two countries. -Agencies


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Friday, April 1, 2011

Afghans want implementation of APTTA Staff Correspondent ISLAMABAD: Afghan Parliamentarians have offered Pakistan Business Community to consider sizeable investment in the reconstruction phase of Afghanistan and have sought technical assistance in the mutually interested areas to deepen further economic cooperation. A 30member group of Afghan Parliamentarians led by Syed Ishaq Jilani was invited at an exclusive dinner meeting by Iftikhar Ali Malik, Vice President SAARC Chamber of Commerce and Industry (SAARC CCI). The meeting was coordinated and moderated by Jahangir Bader, Secretary General, Pakistan Peoples Party. Engr. Abdul Ghaffar, member of Afghanistan Parliamentarian said that Pakistan has always helped Afghanistan in time of need particularly shelter to Afghan refugees and requested to the bsuiness community of perceived that Afghanistan-Pakistan Transit Trade Agreement (APTTA) would help further promoting economic

cooperation between two countries. Responding to his address Tariq Sayeed, immediate Past President SAARC CCI and Vice President CACCI said that the private Sector of Pakistan would request the Government of Pakistan to implement APTTA in true spirit. He said that the Agreement will help channelise legal trade and expand scope of economic cooperation. He also requested the leadership of Afghanistan to integrate Afghanistan Chamber of ISLAMABAD: SEVP, PTCL Naveed Saeed receiving Corporate Communication Commerce and Industry as and PR Excellence Award from President Asif Ali Zardari during 21st APNS a member of SAARC Advertising Award Ceremony.-Online Chamber of Commerce and Industry. Govt-Press relations discussed at AGM Iftikhar Ali Malik, Vice President said that Afghanistan has unique topography and has been serving as one of the oldest trade route connecting Central Asian with Persia and Central Asia. Both countries have been enjoying amicable relations and stand firm in time of need. election of the Executive Roohani Digest Monthly Qutubuddin He further said that the Committee for the year (Karachi) News & News accession of Afghanistan to Periodical SAARC will help econom- KARACHI: The Annual 2011-12. Following were Comments (Punjab / KPK): Nikhar elected un-opposed: Meeting of the APNS ic development of Karachi Daily Seats: Weekly (Islamabad) News General Council held on Afghanistan. News Comments March 31, 2011 has elected Aghaz, Deyanat, Jurat, & (Sindh / the Executive Committee Kainat, Millat & Qaumi Periodical Balochistan): Economic for the year 2011-12 which Akhbar. Monthly Lahore Daily Seats: Outlook unanimously elected Hameed Haroon as Business Recorder, Dawn, (Karachi) News & News Periodical President, Mehtab Khan as Jang, Khabrain, Nawa-i- Comments & Pakistan (General): Dastak Monthly Senior Vice President, Waqt Sarmad Ali as Secretary R a w a l p i n d i / I s l a m a b a d (Karachi) The President General, Umer Mujib Daily Seats: Al Akhbar elect nominated Qudsia K. Shami as Vice President, (Rawalpindi) and Ausaf Khan on woman - publishucts will be around 14.00 Rameeza Majid Nizami as (Islamabad) Balochistan ers seat. million tons against the Joint Secretary and S.M. Daily The APNS Council conSeats: Awam supply of around 10 mil- Munir Jilani as Finance (Quetta) and Balochistan sidered the Govt.-Press lion tons in the year 2015. Secretary of the Society. Times (Quetta) Khyber relations, the state of It was emphasised that The AGM held under the Pakhtoon Khwa Daily newspaper industry as Kalabagh is a natural site Chairmanship of Hameed Seats: Mashriq (Peshawar) well as the problems faced for establishment of a steel Haroon, President for the and Wahdat (Peshawar) by member publications. mill by virtue of availabili- year 2010-11, unanimously Sindh excluding Daily The General Council in a ty of necessary raw materi- approved the report of the Karachi: Kaleem (Sukkur) special resolution noted als like iron ore, coal, Executive Committee for and Kawish (Hyderabad) with concern that the dolomite etc. within in 13 the preceding year as well Punjab (excluding Federal as well as provinKM radius. as the Annual Accounts of Lahore/Rwp/Ibd.): Aftab cial governments are The proven reserves of the Society. government (Multan), Business Report denying iron ore at Kalabagh are The General Council, (Faisalabad) and Paigham advertising to majority of around 350 millions tons. attended by 138 members (Faislabad). genuine publications and The delegation asked from across the country, General Seats stressed that the governsearching questions formed Dailies): ment advertisement data an Election (Metropolitan about infrastructure Commission headed by Asas (Islamabad) and should be released on available at Kalabagh Younus Riaz, . Usman Pakistan Observer website of the PID and including availability of Arab Saati and Ms. (Islamabad) General Seats provincial information fuel and energy. Rukhsana Seham Mirza as (Regional Dailies): Ibrat departments to ensure It was agreed that a tech- members. At this stage, 19 (Hyderabad) and Tijarat transparency in the release nical team of the firm will member publications left (Sargodha) Periodicals of government advertiselater on visit Kalabagh in the meeting and did not Seats: Cricketer Monthly ments. The members also order to assess feasibility participate in the election (Karachi), Naya Rukh urged upon the Federal of establishing a steel mill process. The Election Monthly (Karachi), Naey Government to make it there. See # 8 Page 11 Commission conducted the Ufaq Monthly (Karachi) The details of iron ore mines in Pakistan along with reserves and iron ore grades were also provided to the visitors. -APP

Hameed, Sarmad re-elected President, Secy Gen of APNS

New media policy by Jun, Senate told ISLAMABAD: Minister for Information and Broadcasting Dr Firdous Ashiq Awan on Thursday informed Senate that new media policy is being formulated and efforts are underway to give it a legal cover before June this year. Replying to supplementary questions during the question hour, she said that it has been decided that members of both the parliamentary committees on information and broadcasting, representative of media, civil society and all stakeholders would be taken on board for their inputs in the new policy. "We are trying to table a complete document in the parliament without any deficiencies or lapses to give it a legal cover before next budget". She said that when the media policy was formulated the media was not vibrant at that time adding

that the new policy would cover all aspects of electronic and print media. She said that the new policy would help ensure the supremacy of national interests by media and further improve image of the country across the globe. She said the government would have to engage private channels into partnership to ensure media access to required information. To another question Dr. Firdous informed the House that the private channels were not following code of conducts absolutely and stressed for empowerment of Pakistan Electronic Media Regulatory Authority (PEMRA). She said that under the rules no television channel can exceed advertisements above 12 minute per hour but the code is being violated by electronic media. Moreover, every TV channel is bound to submit five

Taj, Sharjeel to appear in SC today

Korean firm keen to set up steel mill at Kalabagh ISLAMABAD: A Korean firm, POSCO, global player in steel, energy and IT sectors Thursday showed interest in investment in Pakistan. A six-member delegation of the firm has detailed discussion with CEO, Engineering Development Board (EDB), Aitazaz A. Niazi, here on Thursday. The visitors were given in-depth presentation on steel sector of Pakistan. A case for establishment of steel mill at Kalabagh was presented to them. They were told that the total installed capacity of long-products in steel sector is around 4 million tons while that of flat products is 1.19 million tons per annum, against demand of more than 6 million tons, said a press release issued here Thursday. The gap between demand and supply is met through imports. It is expected that the demand for steel prod-

Shabbir Tiles opens Stile Emporium

TFD Report KARACHI: STILE, the brand name of "Shabbir Tiles & Ceramics Limited" (STCL) is well known for manufacturing Italian quality tiles in Pakistan. It is producing Ceramic as well as Porcelain tiles for all sorts of wall and floor applications. With the vast dealerKARACHI: Former chairman ABAD Engr Farooq uz Zaman ship network the company Khan, KEDA President Idress Memon inaugurating First is now targeting the direct Nokia Concept Outlet (Feel and Look) at Electronics Market. Seen In the picture are Rizwan Majeed,Ibrahim, Arif Shafique, end consumers like architects and builders through Sheeraz Saeed and others.-Staff Photo its direct sales. To facilitate these customers, Stile has opened 10 company operated outlets in all major cities of Pakistan offering variety and convenience.

Synergy gets APNS award KARACHI: Iftkhar Ali Malik, Vice President, SAARC CCI presenting SAARC CCI official Crest to Syed Ishaq Jilani, Member Parliament, Government of Afghanistan. Others seen in the picture include Senator Jahangir Bader, Senator Ghulam Ali, President FPCCI, Tariq Sayeed, Immediate Past President, SAARC CCI, Sheikh Imtiaz, President Jehlum Chamber, Adnan Jali, EC Member, SAARC CCI, Fazal Elahi, VP-FPCCI Mian Akram Fareed and Hamyun Sayeed.-Staff Photo

KARACHI: The Bangladesh Deputy High Commissioner Ruhul Alam Siddique, hosted a reception on the occasion of their National and Independence day at a local hotel. Picture shows Deputy Speaker of the Sindh Assembly Shehla Raza, along with other diplomats cutting the cake.-Staff Photo

KARACHI: The jury of All Pakistan Newspapers Society (APNS) once again judged Synergy Advertising the best in Product Ad category for the 21st APNS Awards. The Awards function was held at Islamabad. Asif Ali Zardari, President of Pakistan gave away the awards to the recipients. Synergy was recognised with an award for an international brand Lana, antibacterial hand gel, distributed by Astor International. "We are honoured to be recognised on this national level and are very proud of our creative team for the exceptional work they do for our clients," explained Ali Mandviwalla, COO Synergy.-PR

KARACHI: Kaleem Siddiqui, President Byco Petroleum, Marketing business, receiving a memento from the Consul General Suhail Bin Matar Al-Ketbi of the UAE on the occasion of dinner in honour of UAE companies.-Staff Photo

KARACHI: Chief Executive Trade Development Authority of Pakistan (TDAP), Tariq Puri called on Governor Sindh Dr. Ishratul Ebad Khan at the Governor House on Thursday. Puri briefed him about the role of TDAP in increasing the exports and development of trade sector of Pakistan. He briefly highlighted the various trade policy initiatives being offered by Government of Pakistan for promotion of exports.-APP

KARACHI: At least five persons were killed in different firing incidents in the city during the last 24 hours, police said. According to details, a 50year-old Maulana Qamar Ashrafi was gunned down by unidentified people in Orangi Town. He was killed while he was going back home after offering prayers. Former councilor Riaz Ahmed Alwi, 30, was shot dead in Gulbahar area. Agha Siraj Durrani's chief security officer fell prey to gunmen in Azizabad. Mauj Ali was killed in Sharafi Goth and a bullet riddled body was found in Baldia Town.- NNI

OICCI budget proposals KARACHI: Mustafa Kamal, ex-city nazim Karachi cutting the ribbon to open the Annual Carnival ‘Community Focus’ held at Defence Authority Public School (O&A Levels).-Staff Photo

KARACHI: A group photo taken at lunch of Col Zeeshan, editor, monthly “Hilal” at Anjuman Taraqqi-e-Urdu Pakistan’s office. shows Professor Ali Hyder Ali Malick, Professor Hasan Akbar Kamal, Prof. Shahida Hasan, Dr Mumtaz A Khan, Professor Zafar Rizvi, Syed Sohail Hasan, Nadeem Hashmi and Ahmer Umer Sharif.-Staff Photo

ISLAMABAD: Pakistan People's Party (PPP) leaders Taj Haider and Sharjeel Memon would appear before the Supreme Court today on notice of contempt of the court. The two leaders had called for the March 17 strike in Sindh against the apex court's decision regarding the appointment of Deedar Hussain Shah as Chairman National Accountability Bureau.-NNI

TDAP chief PN hands over command of CTF-151 to Singapore Navy calls on Commodore Abdul Aleem of Pakistan Governor ISLAMABAD: Navy handed over the command of CTF-151 to Rear

Five gunned down in city

KARACHI: Nauman Durrani (R), Operator Relation manager, Nokia Near East and Usman Javaid (L), Director Marketing, Telenor Pakistan shaking hands at a ceremony whereby Nokia’s Ovi Store will host new local apps published by Telenor.-Staff Photo

per cent of their gross income into national exchequer but no payment was being made despite the fact that they were collecting this money from their clients. She said that the non payment of this money was resulting in lose of billions of rupees to the national kitty. The minister said that PRMRA is not playing an effective role of a regulator as it has been put under the purview of the ministry. "Everywhere in the world a regulator functions independently but in Pakistan they have been put under the purview of the ministries. We have to make PEMRA an autonomous body so that it could take action against any violators without making sense that the government is behind it. Minister for Information and Broadcasting Dr. Firdous Ashiq said that See # 7 Page 11

Staff Reporter KARACHI: A significant percentage of the economy remains undocumented and operates outside the tax net. Not only does this act as an impediment towards broadening the tax net, it discourages honest tax payers. Mandatory documentation of all segments of the economy is therefore essential if the government intends to broaden the tax base and reduce burden on already taxed. These came as part of the recommendations made by the Overseas Investors Chamber of Commerce and Industry (OICCI) for the Budget 2011-12.

Admiral Harris Weng Yip Chan, of Republic of Singapore Navy after an eventful period of four months. The change of command took place onboard HMS Cornwall alongside the USS Mason, the command ship for the incoming CTF-151, in Djibouti. Combined Task Force 151 (CTF 151) is the multinational task force operating as Counter Piracy (CP) segment of Combined Maritime Forces Headquarters at Bahrain.-Online


3

Friday, April 1, 2011 Top Economic Events

Euro thrives on rate views, 2nd quarter hurdles abound ECB rate hike seen next week but future pace questioned NEW YORK: The euro has put in a banner performance in 2011 but the second quarter will be challenging, with euro-zone debt issues moving back to the forefront and perhaps a shift in expectations for Federal Reserve policy. Portuguese government bond yields hit fresh highs on Thursday, highlighting debt issues in peripheral euro-zone member countries are far from over. Portugal's IGCP debt agency said on Thursday it will hold an extraordinary auction on Friday of up to 1.5 billion euros ($2.13 billion) of 2012 bonds because of demand for that issue. "Peripheral debt issues have taken a backseat to monetary policy for most of

this year, but that should change in the coming months," said Vassili Serebriakov, currency strategist at Wells Fargo in New York, who sees the euro drifting slightly lower to $1.40 by the end of June. "May will be a big month for Spain in terms of its debt, while June is an important month for Portugal," he said. The euro gained nearly 6 per cent against the dollar and 8 per cent against the yen in the first quarter, largely due to the outlook the European Central

Bank would raise rates well before the US Federal Reserve. Stronger-than-expected euro-zone

inflation data on Thursday reinforced forecasts of an ECB rate hike next week. The euro was last up 0.4 per cent at $1.4184 and against the yen was up 0.3 per cent at 117.41. Futures markets see 125 basis points

of ECB tightening over the next 12 months from a record low 1.0 per cent. While the euro remains volatile, Friday's US payrolls report could be the most likely catalyst for either a break above the November 2010 highs or a drop below the recent trading range, Wells Fargo's Serebriakov said. The dollar rose to a three-week high of 83.21 yen before running into selling by Japanese banks and foreign players along with some fiscal year-end yen demand from Japanese exporters. It last traded at 82.76. The Australian dollar hit a fresh 29year high of $1.0362 after favorable retail sales and credit growth data. Reuters

Won leads other Asian Yuan at record high, currencies higher as Q1 ends onshore fwds tumble Intervention from SKorea, Taiwan, Malaysia, S'pore spotted SINGAPORE: The South Korean won rose to a 2-1/2year high on Thursday, leading other emerging Asian currencies higher, on the back of sustained inflows into the Seoul stock market which will probably spell further gains for the won in the coming quarter. The won was the biggest gainer among regional currencies in the first three months of the year, advancing 3.6 per cent against the dollar, followed by the Indonesian rupiah and the Taiwan dollar. The dollar's tumble below 1,100 won late in the session spilled over to other currencies such as the Thai baht and Singapore dollar, causing foreign exchange authorities in South Korea, Taiwan and Malaysia to intervene to slow their currencies' gains, dealers said.

Regional currencies are expected to strengthen further in the second quarter, with foreign equity flows to the region rebounding after a selloff earlier in March following a massive earthquake and tsunami in Japan. The won's gains have been bolstered by a 12-day long Korean equity buying spree by foreign investors -- the longest streak since October 2010. One-year dollar/rupiah nondeliverable forwards (NDF) slid to 9,080, its weakest since June 2007 as speculative investors bet on the rupiah's further appreciation. In the spot market, the rupiah, which had earlier suffered from dollar-short covering, tested 8,700, beyond which would be the strongest since May 2007. The Taiwan dollar rose as

Stg slips vs euro as rates in focus LONDON: The euro rose to a five-month high against sterling on Thursday, boosted by expectations that interest rates in Europe will rise faster than in the UK and talk of month-end demand from central banks. The euro rose to a high of 88.485 pence, up 0.6 per cent on the day with offers seen at 88.50/60 pence, traders said. Analysts say markets may now

try to push the common currency towards last October's high of 90 pence as investors focus on growing interest rate differentials between the euro-zone and UK and concerns about a fragile British economy. "The market will find it hard to resist going to see how euro/sterling trades around 90 pence, because the trading breaks this year haven't been the most profitable thing to do, but it doesn't mean people won't try," said Paul Robson, currency strategist at RBS Global Banking. "Further gains look likely while the market embraces the

more positive aspects of the euro area periphery story, ECB tightening and softening UK data," he said. The euro was broadly firmer as above-forecast euro-zone inflation on Thursday cemented the case for higher interest rates from the European Central Bank (ECB). Markets see the tightening cycle starting in April. Traders said month-end and

quarter-end flows are building up on banks' order-books, with most volumes likely to kick in around the 1500 GMT fix, particularly for the euro. "We have an Asian central bank order to buy euros at 1500 GMT and it looks like we are not alone," said a trader in London. Sterling was up 0.07 per cent against the dollar at $1.6085, holding above a two-month low of $1.5937 hit earlier this week. A sustained break and close above the 55-day moving average around $1.6100 would signal a re-test of the $1.6180/90 area.-Reuters

exporters bought it for settlements, but its gains were capped as the central bank was spotted buying dollars, especially around T$29.45 and T$29.55, dealers said. Market players also stayed cautious ahead of the central bank's rate-setting meeting later in the day where it is widely expected to raise interest rates by 12.5 basis points to 1.75 per cent. The peso started local trade at 43.35 per dollar but cut some gains as local banks sold the Philippine currency on behalf of domestic companies. The Singapore dollar hit a fresh record high of 1.2590 per dollar on broad weakness in the US dollar and as the firmer won caused investors to keep chasing the Singapore currency. -Reuters

Swiss franc declines ZURICH: The Swiss franc ticked down against the euro on Thursday as markets' expectations of an imminent rate increase by the European Central Bank continued to support the common currency. However, ongoing concerns about risks for the global economy from the disaster in Japan and the turmoil in the Middle East limited the franc's fall. "The euro-franc continues to centre on 1.30 and is reasonably bid still on yield differentials and expectations of an ECB hike in April," Informa Global Markets analyst Tony Nyman said. "That's been the dominating story for some time." The franc fell 0.2 per cent against the euro compared with the New York close, trading at 1.2996 francs per euro at 0738 GMT. The euro received fresh support from recent ECB policy maker comments. ECB Executive Board member Lorenzo Bini Smaghi said on Thursday the central bank's policy is to gradually raise interest rates, while another board member, Juergen Stark, said rates are exceptionally low, cementing expectations for an April interest rate hike. But analysts said the franc was unlikely to weaken sharply anytime soon. The franc rose 0.2 per cent against the dollar at 0.9167 francs per dollar. -Reuters

Australian dollar climbs new peaks, NZ$ rests SYDNEY/WELLINGTON: The Australian dollar soared to a 29-year high on the US dollar on Thursday, the fifth day in six it has made a new peak, while the kiwi paused near a fiveweek top as softer business confidence prompted profit-taking. The Australian dollar rose as high as $1.0348, helped by slightly firmer-than-expected retail sales and credit growth data, before steadying at $1.0323. The currency has now gained more than 6 per cent from its low of $0.9732 on March 17, defying a horde of naysayers who keep calling for a correction back towards parity. The explosive surge has been fuelled by a combination of factors including persistent talk of M&A flows, solid demand for higher-yielding currencies, firm equity markets and resilient iron ore prices. A trader also attributed the latest gains to Queensland's insurance payouts and repatriation of funds from Australian miners to help fund royalty payments to State governments. While solid support is seen at $1.0289, there is

talk of a strong option barrier barring the way at $1.0350. A break there which would open the way to $1.0400, and then $1.0500. The local currency has made even greater strides on a weakening yen as G7 intervention earlier in the month convinced investors it was safe to borrow in yen to fund carry trades in higher yielding assets like the Aussie. As a result the Aussie hit a fresh 10-month peak of 85.99 yen, having gained nearly 15 per cent since the G7 intervened to weaken the yen mid-March. It stood at 85.50 in late local trade. Overall, the day's mixed bag of data did not change market expectations for the Reserve Bank of Australia (RBA) to remain sidelined on rates for some months longer. In New Zealand, the kiwi slipped to $0.7593, off a five-week high of $0.7638, as business confidence was hit by the Christchurch earthquake. The kiwi also touched a five-week high of 63.38 yen, a long way from this month's low around 55.00, before edging back to 62.80 in late local trade. -Reuters

SHANGHAI: The yuan closed up against the dollar on Thursday, hitting a record intraday trading high, after the People's Bank of China fixed its daily mid-point at an all-time high and the foreign exchange regulator tightened rules in a move traders said will pave the way for more yuan rises. In response to the new regulations, onshore dollar/yuan forwards tumbled in intraday trading to reflect expectations of reduced activities in the future. The spread of the one-year onshore forwards against the offshore one-year non-deliverable forwards (NDFs) briefly entered negative territory for the first time since last July but rebounded late in the session. The State Administration of Foreign Exchange said late on Wednesday that it would reduce corporate short-term foreign debt quotas so as to control risks from cross-border capital flows, a move that will make it more difficult for firms to do arbitrage trading to speculate on yuan appreciation, traders said. Under SAFE's new rules, Chinese banks that had dollarshort positions of $2 billion or more as of Nov. 8 must reduce them by 60 per cent. Banks with

short positions of $2 billion or less must cut these in half. The yuan closed at 6.5485 versus the dollar, up from Wednesday's close Of 6.5559. It hit an all-time trading high of 6.5478 in late trade, having risen 4.25 per cent since it was depegged in June 2010, and 0.63 per cent so far this year. Before trading began, the PBOC fixed the yuan's midpoint at a record high of 6.5564, stronger than Wednesday's 6.5586 and toppling the previous record of 6.5580 set last Friday. While spot yuan trading remained relatively stable, oneyear dollar/yuan onshore forwards staged a volatile session, slumping as low as 6.4059 bid from 6.4508 at the close on Wednesday. They rebounded to 6.4500 in late trade. In intraday trading, the onshore forwards scored a rare premium for the yuan in one year's time versus the benchmark one-year NDFs. One-year NDFs tumbled late in the session to 6.4140 bid from 6.4280 at Wednesday's close, with their implied yuan appreciation jumping to 2.22 per cent in 12 months, up from 1.99 per cent they implied at Wednesday's close. -Reuters

Indian rupee jumps; weak $, inflows aid MUMBAI: The Indian rupee jumped to a four-and-halfmonth peak on Thursday as sharp losses in the dollar versus major currencies and inflows on the last day of the current fiscal year more than offset the demand for the greenback from oil importers. Traders said gains in domestic shares also aided the sentiment for the local unit. The partially convertible rupee closed at 44.59/60 per dollar, its highest since Nov. 12 and 0.3 per cent stronger than its previous close of 44.745/755. It had traded in a range of 44.5175-44.7250 intraday. "44.60 is a crucial level; if we close below this, we could see the rupee strength continuing for a while," said Ananth Narayan G., head of fixed income, currencies and commodities at Standard Chartered Bank. The rupee could strengthen to 44.20 in the near-term, he said. "In the medium terms though, with oil prices remaining stubborn and capital/portfolio flows not picking up as

yet, we could eventually see the rupee weakening to 46.00 by June 2011." The one-month onshore forward premium was at 25 points, down from 25.25, the three-month premium at 77.00 points versus 78.25 and the one-year at 286.75 points from 288.00. The one-month offshore nondeliverable forward contracts were quoted at 44.82, 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 at 44.7576, 44.7475 and 44.7625 respectively, with the total volume at about $6.5 billion. -Reuters

Time 4:50 6:00 12:15 13:00 13:30 14:00 17:30 17:30 17:30 19:00 19:00

Source JPY CNY CHF EUR GBP EUR USD USD USD USD USD

Events Tankan Manufacturing Index Manufacturing PMI Retail Sales y/y Final Manufacturing PMI Manufacturing PMI Unemployment Rate Non-Farm Employment Change Unemployment Rate Average Hourly Earnings m/m ISM Manufacturing PMI Construction Spending m/m

Source

Events

GBP EUR GBP EUR EUR CAD USD USD USD

GfK Consumer Confidence German Retail Sales m/m Nationwide HPI m/m German Unemployment Change CPI Flash Estimate y/y GDP m/m Unemployment Claims Chicago PMI Factory Orders m/m

Forecast 6 54.6 -0.8% 57.7 60.7 9.9% 191K 8.9% 0.2% 61.1 0.2%

Previous 5 52.2 -2.6% 57.7 61.5 9.9% 192K 8.9% 0.0% 61.4 -0.7%

Actual

Forecast

Previous

-28 -0.3% 0.5% -55K 2.6% 0.5% 388K 70.6 -0.1%

-29 0.4% -0.1% -23K 2.4% 0.5% 379K 70.1 0.7%

Previous Day -28 0.4% 0.7% -54K 2.4% 0.5% 394K 71.2 3.3%

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 1.4192 1.4234 0.9154 0.9195 1.6047 1.6149 0.9715 0.9727 1.0355 1.0360 117.5900 117.9000 0.8847 0.8852 1.2992 1.3024 132.9900 133.8200 90.5600 90.6600 1437.8600 1439.2300

Bid 1.4190 0.9150 1.6042 0.9712 1.0352 117.5400 0.8842 1.2988 132.9000 90.5100 1437.3000

Low 1.4119 0.9128 1.6017 0.9685 1.0313 116.7700 0.8778 1.2936 132.5300 90.0200 1420.7600

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 31/03/2011 A USD GBP CAD EUR JPY O/N 0.18450 0.56063 0.95517 0.86063 SN 0.11250 1WK 0.22380 0.58000 1.00167 0.74600 0.12875 2WK 0.23305 0.58750 1.03633 0.80913 0.13875 1MO 0.24345 0.62063 1.07817 0.91625 0.15000 2MO 0.27400 0.69375 1.13617 1.03750 0.16250 3MO 0.30300 0.81813 1.20083 1.18000 0.20000 4MO 0.34550 0.90063 1.27083 1.27563 0.24563 5MO 0.40500 1.00813 1.33617 1.37813 0.30000 6MO 0.45950 1.12688 1.39933 1.50063 0.34625 7MO 0.51150 1.21000 1.48333 1.57500 0.39625 8MO 0.56300 1.29750 1.56300 1.64688 0.44313 9MO 0.61375 1.37875 1.64333 1.72750 0.48750 10MO 0.67150 1.46000 1.73000 1.80750 0.51563 11MO 0.72550 1.53000 1.81667 1.87750 0.54250 12MO 0.78250 1.59875 1.90083 1.94750 0.56875

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 European Central Bank April 7, 2011 May 7, 2009 Federal Reserve April 27, 2011 December 16, 2008 Swiss National Bank December 15, 2011 March 12, 2009 The Reserve Bank of Australia April 5, 2011 November 2, 2010

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

Division of National Bank of Pakistan (NBP) KARACHI, March 31,2011 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

85.25 137.15 120.48 87.74 92.90 87.99 13.48 1.03 15.30 67.60 16.16 22.73 10.95 13.01 307.43 28.17 64.69 23.41 23.21 0.08 2.82

85.05 136.83 120.20 87.54 92.68 87.78 13.45 1.03 15.27 67.44 16.12 22.68 10.92 12.98 306.71 28.11 64.54 23.36 23.16 0.08 2.81

84.83 136.46 119.86 87.31 92.43 87.55 13.42 1.03 15.23 67.27 16.08 22.62 10.89 12.94 305.90 28.03 64.37 23.29 23.10 0.08 2.80

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for March 31, 2011

KASB

BMA

ELXIR

GSL

ICSL

13.35 13.30 13.30 13.35 13.30 13.40 13.60 13.65 13.78 13.95 14.00 14.05 14.05 14.07 14.08 14.08 14.09 14.09 14.45 14.60

13.40 13.30 13.35 13.36 13.27 13.36 13.58 13.64 13.77 13.85 14.03 14.00 14.04 14.04 14.05 14.06 14.06 14.08 14.40 14.65

13.33 13.28 13.28 13.30 13.33 13.42 13.59 13.66 13.78 13.94 13.99 14.00 14.01 14.06 14.07 14.04 14.05 14.07 14.45 14.70

13.40 13.33 13.30 13.30 13.28 13.38 13.58 13.64 13.78 13.90 13.98 14.00 14.00 14.05 14.05 14.04 14.06 14.08 14.50 14.80

13.50 13.35 13.30 13.20 13.18 13.40 13.55 13.60 13.70 13.90 13.90 14.00 14.05 14.05 14.06 13.95 14.00 14.07 14.35 14.55

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

JSCM AvgRate 13.40 13.35 13.35 13.37 13.32 13.45 13.57 13.67 13.73 13.92 13.95 13.98 13.99 14.02 14.03 14.00 14.02 14.07 14.40 14.60

13.40 13.32 13.31 13.31 13.28 13.40 13.58 13.64 13.76 13.91 13.98 14.01 14.02 14.05 14.06 14.03 14.05 14.08 14.43 14.65

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

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

week month months months year years

0.95 0.04 0.34 0.00 0.42 -0.20

0.92 -0.01 0.04 0.47 0.27 0.64

0.64 0.24 0.58 0.60 0.67 0.68

-0.66 0.80 0.81 0.79 0.68 0.68

-0.97 -0.52 0.30 0.20 0.23 0.13

USD/CAD USD/CHF

0.95 0.08 -0.46 -0.16 0.27 -0.19

-0.59 0.59 -0.36 0.18 -0.45 0.30

0.87 -0.62 -0.85 -0.28 -0.27 0.10

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)31/03/2011 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 13.15

13.65

13.00

13.50

13.00

13.50

13.35

13.60

13.60

13.85

13.70

14.20

13.80

14.30

14.00

14.50

JSBL

13.25

13.75

13.25

13.75

13.20

13.70

13.30

13.55

13.60

13.85

13.70

14.20

13.80

14.30

13.90

14.40

ASPK 13.20

13.70

13.20

13.70

13.15

13.65

13.30

13.55

13.50

13.75

13.65

14.15

13.75

14.25

13.85

14.35

CIPK

13.20

13.70

13.10

13.60

13.00

13.50

13.15

13.40

13.35

13.60

13.50

14.00

13.70

14.20

13.80

14.30

DBPK 13.00

13.50

12.95

13.45

12.90

13.40

13.20

13.45

13.30

13.55

13.50

14.00

13.60

14.10

13.75

14.25

FBPK 13.25

13.75

13.25

13.75

13.10

13.60

13.25

13.50

13.50

13.75

13.70

14.20

13.80

14.30

13.90

14.40

FLAH 13.20

13.70

13.15

13.65

13.10

13.60

13.30

13.55

13.50

13.75

13.60

14.10

13.75

14.25

13.85

14.35

HBPK 13.20

13.70

13.15

13.65

13.10

13.60

13.25

13.50

13.45

13.70

13.65

14.15

13.75

14.25

13.85

14.35

HKBP 13.15

13.65

13.10

13.60

13.10

13.60

13.25

13.50

13.45

13.70

13.60

14.10

13.70

14.20

13.80

14.30

NIPK

13.20

13.70

13.30

13.80

13.40

13.90

13.50

13.75

13.60

13.85

13.70

14.20

13.80

14.30

13.90

14.40

HMBP 13.15

13.65

13.10

13.60

13.05

13.55

13.25

13.50

13.50

13.75

13.60

14.10

13.75

14.25

13.85

14.35

SAMB 13.10

13.60

13.10

13.60

13.05

13.55

13.20

13.45

13.40

13.65

13.65

14.15

13.75

14.25

13.85

14.35

MCBK 13.25

13.75

13.10

13.60

13.00

13.50

13.15

13.40

13.45

13.70

13.60

14.10

13.70

14.20

13.80

14.30

NBPK 13.20

13.70

13.15

13.65

13.15

13.65

13.30

13.55

13.45

13.70

13.60

14.10

13.70

14.20

13.80

14.30

SCPK 13.20

13.70

13.10

13.60

13.10

13.60

13.25

13.50

13.45

13.70

13.60

14.10

13.70

14.20

13.80

UBPL 13.15

13.65

13.10

13.60

13.15

13.65

13.35

13.60

13.55

13.80

13.65

14.15

13.80

14.30

13.90

14.40

AVE

13.69

13.13

13.63

13.09

13.59

13.27

13.52

13.48

13.73

13.63

14.13

13.75

14.25

13.85

14.35

13.19

14.30


4 Friday, April 1, 2011

The Financial Daily International Vol 4, Issue 144

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

Trading with India Recently, Indian High Commissioner to Pakistan Sharat Sabharwal met Secretary of Ministry of Commerce, Zafar Mahmood to discuss a possible minimum agenda for the next round of trade talks at the secretary level. A delegation headed by Indian Secretary Commerce, Gopal Krishna, Pillai is scheduled to visit Pakistan this month to strengthen trade relations between the two countries. During the meeting various trade-related issues will be discussed. Commerce Ministry has scheduled an inter-ministerial meeting on April 7 under the chairmanship of Commerce Secretary to finalise a comprehensive and focused strategy for the talks. It has also requested the private sector to send its suggestions in this regard. The proposed meeting has become more crucial after India refused to support EU trade package in the aftermath of devastating floods in Pakistan. Commerce Ministry in its letter to various trade bodies, chambers and associations has sought details on non tariff barriers that need to be discussed with Indian Secretary Commerce. Keeping in view that the two countries are immediate neighbours and also members of SAARC trade relations are much below the desired minimum level. There is substantial scope for expansion of bilateral trade which would have positive effects on economies of both the countries and also help in reducing poverty levels. From the Indian perspective the delay in granting it Most Favoured Nations (MFN) status is a crucial issue to be resolved amicably at the earliest. While India has granted Pakistan MFN status way back, Pakistan has allowed import of about 1950 items from India and this list continues to expand every year. Recently, a panel of economists held a meeting in the Planning Commission and proposed the government to grant MFN status to India. However, their recommendations were not considered. The other key issue is that Indian is requesting Pakistan to allow its exports to Afghanistan through land route but Pakistan has linked this to resolving outstanding political issues, including Kashmir. Over the years critics have been saying that trade between the two countries has not flourished because of the presence of hawks on both the sides. While India continues to blame Pakistan for cross border terrorism, Pakistan's point of view is that unless the core issue of Kashmir is resolved India should not be given MFN status. Kashmir dispute has resulted in three wars between the two countries. Over the years the two countries have been spending huge amounts of the procurement of conventional and non-conventional armaments leaving little to spend on the welfare of public by undertaking developmental projects One also needs to be watchful of groups having vested interest. While formal trade has remained low, informal trade has increased in laps and bonds. It is not a secret that if free trade is allowed between the two countries these groups would be hard hit. However, the issue has to be resolved in the greater interest of both the countries that too at the earliest.

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.

Living in Tokyo no more a health risk

F

rench President Nicolas Sarkozy called on Thursday for the creation of new global nuclear regulations by the end of 2011 during a first visit by a foreign leader to Japan since the earthquake and tsunami that triggered its atomic disaster. Group of 20 Chairman, Sarkozy said France wanted to host a meeting of the bloc's nuclear officials in May to fix new norms in the wake of the crisis at Japan's Fukushima Daiichi plant. "We must address this anomaly that there are no international safety norms for nuclear matters," he said. The world's worst atomic crisis since Chernobyl in 1986 is proving hard to contain and has forced an international rethink on the benefits and safety of nuclear power. U.N. body the International Atomic Energy Agency (IAEA) sets standards and recommendations, but they are not legally binding and safety is primarily the responsibility of member states. Japanese Prime Minister Naoto Kan backed the French proposal for a global nuclear review. "In order to avoid recurrence of such an accident, it is our duty to accurately share with the world our experience," Kan said at a joint news conference. The nuclear drama at the Fukushima Daiichi plant has piled on the agony for Japan after the quake and tsunami left nearly 28,000 people dead or missing and caused damage that may top $300 billion. First data on the economic impact of the March 11 disaster showed manufacturing suffered its biggest drop on record this month as factories shut and supply chains were disrupted, especially in the car and technology sectors for which Japan is renowned.

France, the world's most nucleardependent country, is taking a lead in assisting Japan. "Dear Japanese friends, know that in this appalling catastrophe, the world is watching and admiring you," Sarkozy said during his visit to Tokyo. As well as his show of solidarity by his personal presence, Paris has flown in experts from state-owned nuclear reactor maker Areva. "Consider me your employee," Areva Chief Executive Anne Lauvergeon told Japanese officials. The United States and Germany have weighed in too, offering robots to help repair the damaged nuclear plant. In an alarming development in Switzerland, a parcel bomb exploded in the offices of the national nuclear lobby, injuring two female employees. It was not known who sent it. Switzerland has frozen the approvals process for three new nuclear stations pending a safety review after Japan's disaster. Pressure has been growing on Japan to expand the evacuation zone around the Fukushima Daiichi plant where radiation hit 4,000 times the legal limit in the sea nearby and hindered the battle to contain the crisis. Both the U.N. nuclear watchdog and Japan's own nuclear safety agency have advised Kan to consider widening the 20-km (12-mile) zone round the plant on the northeast Pacific coast. High radiation was detected twice that distance away. Government officials are pleading for Japanese, and the world, to avoid overreacting to what they say are still low-risk levels of radiation away from the plant. EVACUATION CONTROVERSY More than 70,000 people have been

evacuated from the 20-km ring. Another 136,000 who live in a 10-km (6-mile) band beyond that have been encouraged to leave or to stay indoors. The IAEA, said radiation at Iitate village, 40 km (25 miles) from the plant, exceeded a criterion for evacuation. Consistently high levels of radiation found in the sea near the complex could mean radiation is leaking out continuously, Japan's nuclear watchdog said. The source is still unknown, adding to the headaches for engineers on the site. Radioactive iodine in seawater near drains running from the plant was 4,385 times more than the legal limit, the highest recorded so far during the crisis. In a sign of the extraordinary times Japan is living, one newborn baby's first medical appointment was not with a paediatrician but a Geiger counter. "I am so scared about radiation," Misato Nagashima said as she took her baby Rio, born four days after the earthquake and disaster, for a screening at a city in Fukushima prefecture. Concern over radiation beyond Japan grew further after Singapore detected radiation nine times the limit in cabbages from Japan, while the United States reported "minuscule" levels of radiation in milk samples on its west coast. Several countries have banned milk and produce from areas near the damaged nuclear plant, 240 km (150 miles) north of Tokyo. Japan has itself stopped exports of vegetables and milk from there. Contaminated milk was one of the biggest causes of thyroid cancer after the 1986 nuclear accident in Chernobyl because people near the plant kept

drinking milk from local cows. LENGTHY BATTLE Experts say the battle to control Fukushima's six reactors could take weeks, if not months, followed by a clean-up operation that may drag on for years. Plant operator Tokyo Electric Power Co could face compensation claims of up to 11 trillion yen ($133 billion) -nearly four times its equity -- if the nuclear crisis drags on for two years, an analyst at Bank of America Merrill Lynch said. Experts said the continued lack of a permanent cooling system was hindering efforts to stop fuel rods overheating. Workers have been forced to pump in seawater to cool the rods, but this in turn creates contaminated water flows. Radiation readings around the evacuation zone vary widely. Daily readings published by the government show that 30 km (19 miles) northwest of the reactors levels are climbing up to 42 microsieverts per hour, about six times the cosmic radiation experienced during a Tokyo-New York flight. Elsewhere at that distance around the reactor it is just 1.0-1.2 microsieverts per hour. A Reuters reading in downtown Tokyo on Thursday last showed a radiation level of 0.18 microsieverts per hour. This is still quite low by global standards as Japan has lower levels of natural background radiation than other places. "All the experts agree that living in Tokyo now does not represent a health risk," Sarkozy said during a meeting with French residents at the ambassador's residence in the capital.-Reuters

Volatile Asia a concern for China

C

hina said on Thursday it faced an increasingly "volatile" Asian region where the United States has expanded its strategic footprint, maintaining that better military ties between Beijing and Washington rested on respect for each other's interests. China's People's Liberation Army (PLA) spelled out its concerns about U.S. intentions in a policy paper setting out broad priorities for Beijing's growing military forces. The "white paper" said that while China wants to avoid military confrontation and focus on growing its economy, it sees potential security challenges across the region, many of them bound up with Washington's web of alliances and military forces across Asia, including on the tense Korean peninsula. "Profound changes are taking shape in the AsiaPacific strategic landscape. Relevant major powers are increasing their strategic investment," said China's defense white paper for 2010 which, despite its date, was released only on Thursday. "The United States is reinforcing its regional military alliances and increasing its involvement in regional security affairs," it said. "Suspicion about China, interference and countering moves against China from the outside are on the increase." U.S. weapons sales continue to Taiwan, the selfruled island that Beijing claims as an illegitimate breakaway province, hampering the peaceful development of cross-Strait relations, the paper added. It also singled out the Korean peninsula and Afghanistan as sources of worry. "Asia-Pacific security is becoming more intricate and volatile," the paper said. "International military competition remains fierce." Last year, Beijing and Washington wrangled over North Korea, a long-time ally of China, which ignited regional alarm by torpedoing a South Korean navy ship, killing 46 sailors, and later shelling a South Korean island, killing four people. North Korea denied downing the ship, and China refused to join other countries in condemning

Pyongyang over that or the November shelling of the island. Instead, Beijing chided the United States for holding joint military exercises with South Korea in seas across from China's coast. "RESPECT" PLEASE A PLA officer, Geng Yansheng, said Beijing nonetheless wants better military ties with Washington, and that a senior Chinese commander, the PLA Chief of General Staff Chen Bingde, would visit the United States in May, following on from U.S. Defense Secretary Robert Gates' visit to Beijing

"Profound changes are taking shape in the Asia-Pacific strategic landscape. Relevant major powers are increasing their strategic investment," said China's defense white paper for 2010 which, despite its date, was released only on Thursday. in January. Gates' visit and then a Washington summit between Presidents Barack Obama and Hu Jintao marked an easing of tensions between the two big powers after a string of disputes in 2010, including Chinese anger over U.S. arms sales to Taiwan. Still, Senior Colonel Geng, a spokesman for China's Defense Ministry, indicated China's concerns about Taiwan and other issues it calls "core" strategic interests have not eased altogether. "There remain some difficulties and challenges in China-U.S. military relations," he said, adding that defusing them required, "in particular, respecting

each other's core interests and major security concerns." Geng said China had been working hard to reduce military tensions with Taiwan, though the island still claims China is aiming missiles at it despite a substantial warming in ties over the past few years. "At an appropriate time, both sides can have contacts and exchanges on military issues and look at setting up a cross-Strait military security mechanism," he added. China has made similar offers before, though nothing has come of it. China says its defense white papers are intended to ease concerns abroad about where the country's military modernization is headed. The last such document was released in 2009. But neither the paper nor the accompanying news conference shed much light on what China intends to do with its growing military budget. Geng did not directly answer questions about whether the PLA Navy intends to launch the country's first aircraft carrier as a stepping stone to a bigger ocean presence. Chinese military and political sources say Beijing could launch its first aircraft carrier in 2011, a year earlier than U.S. military analysts had expected. Earlier this month, China unveiled a 12.7 percent rise in its 2011 defense budget, in a return to doubledigit spending increases that have stirred regional unease. The 2011 defense budget is 601.1 billion yuan, up from 532.1 billion yuan last year. The budget went up by just 7.5 percent in 2010, after a long period of double-digit hikes. Many experts believe China's actual spending on the 2.3 million-strong People's Liberation Army (PLA) is far higher than what the government reports. China, now the world's second-largest economy, often points out that its defense spending pales in comparison with the United States and that its military upgrades are for defensive purposes. The Pentagon in February rolled out a record base budget for fiscal year 2012 of $553 billion, up $22 billion from the level enacted for 2010.-Reuters

ME: After politically frantic first quarter, what next? A

fter a first quarter in which seismic political upheaval in the Middle East has pushed oil prices up some $20 a barrel, investors and companies are struggling to gauge the political risks for the rest of 2011. While global equities look to be finishing the quarter in positive territory on robust growth hopes, many market players and corporate planners admit that politics is likely to determine how the rest of the year will play out. In the last week, daily moves on oil and cocoa markets have been driven by the ebb and flow of new civil wars in Libya and Ivory Coast. Company contingency plans have been tested to their limits by Libya, the wider "Arab Spring" and Japan's earthquake. The rejection of austerity measures by Portugal's parliament this month shows the euro zone debt crisis is far from over. And political attempts to tackle it have been potentially further dented by Chancellor Angela Merkel's defeat in important state polls as her opponents benefited from Japan's nuclear crisis. In the background, a host of potent geopolitical issues -- from growing strains between Israel and neighbours to Korean peninsula confrontation and perhaps Western-China tensions -- simmer at a higher temperature than in previous years. Veteran market players say they have not seen such a wide range of political

market drivers since the early 1990s, when the collapse of communism, first Gulf War and European exchange rate crisis followed in quick succession. Such events often frustrate economic and market models, they say, and many market players are too young to have experience handling them. "Financial markets are very, very bad at dealing with political risk," said Paul Donovan, chief global economist at UBS. "Not that many traders recall what (it) is all about." While a handful of economists and market analysts have tried to build models to predict revolutions or otherwise begin to numerically quantify political dangers, others are simply scanning the news more closely to react quickly to events. Ultimately, it might never be possible to predict that the self-immolation of a vegetable seller in Tunisia would spark uprisings in half a dozen states and war in Libya -- or that the Japanese quake could influence election results in Germany. Charles Robertson, chief global economist for Renaissance Capital, said some in markets were turning to one variable they could roughly model -- weather -- as a guide to the immediate future on the streets of the Middle East. WATCHING THE WEATHER? "There's a consensus developing that. politics will cool down as the temperature heats up, so May-September will be

calmer," he said -- but in the longer term he believed regional unrest would return. With elections coming up next year in the U.S., France, Russia and a change of key leadership positions due in China, many politicians are likely to be focused on domestic issues -- making global coordination to tackle issues much harder. Political risk consultancies such as Eurasia Group say they have seen an uptick in demand for their services as investors try to assess which crises could spiral out of control and which might peter out. "That's where expertise really comes in," said Eurasia Group president Ian Bremmer. "There are risks you need to watch closely but there are also some that are overstated." Bremmer said he believed the oil-rich rulers of the Gulf -- particularly number one global producer Saudi Arabia -- were stronger than some have suggested and should withstand ongoing protest relatively intact. The "fat tail" fringe risk of wider conflict in the Middle East remained small, he said. Nonetheless, the danger had risen sharply with heightened IsraeliPalestinian tensions and with rulers in Syria and Iran under growing domestic pressure, which could drive them to take a tougher anti-Israeli line. He said Europe could expect more street unrest such as that seen in London last weekend -- again, some of the worst in

two decades -- but with relatively little policy impact. NORTH KOREA, CYBER THREATS While North Korea had been relatively quiet this year after a lethal cross-border artillery exchange with South Korea and warship sinking last year, he said it remained a major danger to the global economy ahead of a likely leadership transition. The rise of cyber attacks could also have unpredictable consequences, he said. A growing number of countries have complained of mounting hacking attempts and other attacks often blamed on China, although security experts say proving direct state involvement is often impossible. Overall, it was the growing rivalry between emerging powers such as China and developed states led by the U.S. that would have the greatest impact on currency, commodity and other assets in the months and years ahead, Eurasia's Bremmer said. "It's the global rebalancing and aftermath of the (financial) crisis that is really driving this rising political risk," he said. For some reeling from the events of the recent months, the main lesson is simply to expect the unexpected. One oil executive said all the expertise in the world only got one so far: "My main take-away here is that nobody seems capable of forecasting the actual events."-Reuters


5

Friday, April 1, 2011

South East Asian stocks

Mostly climb at end of soft quarter

European stocks end lower on renewed eurozone fears

US stocks mid-day

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

11,808.61 11,809.54 0.93 0.01 68.53

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

3,338.40 3,342.56 4.16 0.12 2.47

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

2,615.86 2,605.38 10.48 0.40 0.11

Major Gainers

Symbol

Close

Change

NESTLE 3,437.97 ULEVER 4,940.67 NRL 311.42 APL 367.10 MTL 515.25

72.33 35.81 5.55 3.68 3.66

Wall Street flat Index remains flat on profit taking on quarter end Nawaz Ali

KARACHI: Some range bound activities were witnessed at the Karachi Stock Exchange on Thursday with index ending flat as intra-day gains over-buying in cement and fertiliser stocks were eroded due to late profit taking. The benchmark KSE-100 index was up by 0.93 point to close at 11,809 points while KSE-30 index grew by 18 points to close at 11,561 points

and KSE all-share index remained unchanged at 8,225 points. "Positive close witnessed on institutional and foreign interest in blue chip scrips amid thin volumes at the quarter end close today", said Ahsan Mehanti, Director Arif Habib Investments. The day began with 15 pints into the positive zone after which market managed to stay in the green territory as investors took positions in fertiliser and cement stocks in

anticipation of strong corporate results. The index at about 11:45 a.m. touched an intraday high of 11,887 points (+ve 78). Positive outcome of the meeting of the Indo-Pak Prime Ministers too supported the market. Samar Iqbal, equity dealer of Topline Securities said that cements and fertilizer sectors continued to remain in the limelight on handsome earning expectations. LOTPTA remained the volume leader on the back of better margins and

RMPL COLG PECO PRL SHEZ

Close

Change

2,282.12 729.00 104.54 93.56 142.39

-114.82 -30.0348 -4.22 -4.16 -3.64

First fall in more than two years

Top 5 Volume Leaders

Symbol

Close Vol (mn)

LOTPTA FFBL NBP AHCL LUCK

16.14 41.42 57.02 25.42 67.48

14.67 3.01 2.72 2.48 2.43

Active Issues Plus Minus Unchanged

111 173 87

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) Production (Jan 11) Sales (Jan 11)

8,779 1,511 1,904

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

186 113 0 23

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

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

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

PRICES (Ex-Refinery)

Rs

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

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

basis as 68.5 million shares traded during the day which was 16.2 million shares more as compared to a turnover of 52.3 million shares on Wednesday. Lotte Pakistan was the volume leader with 14.67 million shares followed by Fauji Fertiliser Bin Qasim with 3.01 million shares and National Bank with 2.72 million shares. Out of total 371 active issues; 173 declined and 111 advanced while 87 issues remained unchanged.

Indian shares drop in March quarter

Major Losers

Symbol

higher than expected 1st quarter earnings. However profit taking at higher levels gradually wiped out the gains and during the final hour of the session it went down into the red zone to test the lowest level of the day of 11,794 points (-ve 14). Foreign investors returned as net buyers. According to NCCPL data they did a net buying of $1.85 million on Thursday. Volumes remained thin but saw some increase on daily

SANTIAGO: Jose Antonio Martinez, general manager of Santiago Stock Exchange, answers a question during an interview as part of the Reuters Latam Summit. -Reuters

Nikkei falls 5pc in Jan-Mar Qtr TOKYO: Japan's Nikkei average fell 5 per cent in the January-March quarter, hit by this month's devastating earthquake, and investors said the market may remain weak and volatile until late summer with earnings weak and possible power shortages looming. The benchmark managed a modest 0.5 per cent gain on the quarter's final day of trade, however, while fund managers are shifting into construction stocks and smelters and away from domestic-demand shares on expectations of heavy spending on reconstruction, with the government possibly spending $120 billion. Portfolio managers also said the benchmark index would likely recover to pre-quake levels by the end of 2011 with for-

eign investors seen targeting blue chip exporters with cheap valuations as they rebuild their supply chains and the world economy picks up steam. "In the April-June quarter, we may see construction firms going even higher on increased spending on infrastructure and rebuilding," said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments. Building-related shares spiked in the final quarter of the Japanese business year, with Komatsu Ltd, the world's No.2 construction machinery maker with both global exposure and reconstruction expertise, adding 10 per cent after the quake. "Property and retailers, department stores are facing See # 15 Page 11

PICIC AMC announces interim payouts Staff Reporter KARACHI: PICIC Asset Management Company Limited (PICIC AMC) has announced interim payouts in PICIC Income Fund (PICICIF) and PICIC Cash Fund (PICIC-CF). A bonus of Rs2.7000 per unit (2.6984 per cent on the opening Ex-NAV as on December 28, 2010) has been announced in PICIC-IF for the period from January 01, 2011 to March 25, 2011. An investor holding 100 units as of March 25, 2011 will get 2.6963 units on ex-bonus price of Rs100.1362 per unit, the proportionate will apply to actual holdings. See # 14 Page 11

Hong Kong shares up

Blue chip selling weighs on China SHANGHAI/HONG KONG: Hong Kong shares ended up on Thursday, supported by real estate firms, as cheaper valuations attracted investors, while China's benchmark index dipped on profit-taking in key blue chip stocks. Property counters in Hong Kong rose, led by China Resources Land Ltd and Henderson Land Development Co Ltd and analysts expect the rally to continue on expectations of demand in second and third tier Chinese cities. "Going into the second quarter, the valuations of China property counters are very attractive," said Lee Wee-Liat, Regional Head of Property at Samsung Securities (Asia) Ltd. "There are many who believe that second- and third-tier cities are going to affect their net margins, but that hasn't been the case," he added. The benchmark Hang Seng Index finished Thursday up 0.3 per cent at 23,527.5 and up 2.1 per cent on the first quarter. Analysts expect Hong Kong's main stock index to be rangebound for the next quarter

unless a fresh macroeconomic trend emerges. The Hang Seng's property sub-index is up 0.19 per cent on the quarter, underperforming the main index. China's main stock index, the Shanghai Composite finished down 0.9 per cent on the day to 2,928.1 but up 4.3 per cent in the first quarter, rebounding from last year's 14 percent fall. Fund managers expect Shanghai shares to rise further this year, recouping most of the losses logged in 2010, though concerns over monetary tightening could lead to a temporary dip next quarter. They recommend a higher exposure to Chinese financial and property stocks. However, unstable global markets and the impact from the Japan earthquake have increased uncertainties for the Chinese market, so investors may remain cautious in the second quarter, said Cheng Yi, an analyst at Xiangcai Securities in Shanghai. Both China's and Hong Kong's main stock indices out-

performed the Nikkei, down 5 per cent for the quarter and Taipei's TAIEX, down 3.22 per cent. Seoul's KOSPI finished up 2.7 per cent for the first quarter. BLUE CHIPS DOWN The Chinese markets witnessed a bout of short-selling in blue chip stocks such as Inner Mongolia Baotou Steel Union and Guizhou Chitianhua Co, which had outperformed the benchmark in recent weeks. Inner Mongolia, the most active stock and the secondbiggest loser on the Shanghai market, tumbled 9 per cent, after a 56 per cent rise since March 14. However, the outlook for the Chinese stock market will clearly depend on liquidity, as determined by the monetary policy, analysts say. "Liquidity is really ample for now, meaning there is a strong probability the central bank will tighten monetary policy again (in the second quarter)," said Cao Xuefeng, head of research at Huaxi Securities in Chengdu.-Reuters

MUMBAI: Indian shares posted a decline in the March quarter, its first such fall since December 2008, which also made it rank as the worst performing major market in Asia, hurt by sticky inflation and corruption scandals. But investors believe things could get better from here. Dealers say the worst may be behind them, as shares have gained 9.1 per cent in March, their highest monthly rise since September 2010. Foreign institutional investors (FIIs) have bought $1.3 billion in Indian equities this month, after pulling out a net $2.2 billion in the first two months. The 30-share BSE index closed 0.8 per cent or 155.04 points higher at 19,445.22, its eighth straight day of gains and its longest winning streak in at least two years, with 23 of its components advancing. The index has declined 5.2 per cent in the quarter, as foreign funds pulled out a net

$900 million from Indian stocks. "I think things are looking up from here. The market should post positive returns in June quarter,' said Rakesh Rawal, head of private wealth management at brokerage Anand Rathi. Rawal expects March-quarter earnings to be "healthy", and said the guidance for fiscal year 2012 will provide more cues. "FIIs obviously cannot ignore India. There are very few countries with this kind of growth. They were bound to return." Real estate has been the worst performing sector in this quarter, with the sector index tumbling more than 18 percent as rising interest rates and high prices dented demand. The banking sector index fared better than the other sectors and was down only 0.6 per cent this quarter, outperforming the broader market, on optimism surrounding India's economic growth story. See # 13 Page 11

FTSE snaps 6-day rally LONDON: British bank shares fell on further concerns about the state of finances in the peripheral euro zone countries, dragging the country's top shares lower by the close on Thursday and ending a six-day winning run. Ireland said its four remaining banks require another 24 billion euros ($34.1 billion) to enable them to withstand potential losses from a worsening of the economy. The blue chip index closed down 39.54 points, or 0.7 per cent, at 5,908.76 by 1050 GMT, having risen 0.3 per cent on Wednesday. See # 17 Page 11

ANNOUNCEMENTS Company United Insur.XB Cres.Star Insurance

Period Yearly Yearly

Div/Bon/Right 24%(B) -

PAT (Rs in mn) 118.39 3.74

EPS(Rs) 2.96 0.31

NEW YORK: US stocks were little changed on Thursday as a middling reading on jobless claims failed to dent expectations about Friday's US payrolls report for March as the quarter quietly draws to a close. Initial claims for unemployment benefits slipped to 388,000 last week, compared with the 380,000 that economists had expected. But the government's data showed the trend of labour market improvement is intact. The data comes a day after an encouraging ADP private-sector jobs report and precedes Friday's closely watched monthly employment report from the US Labour Department. Economists polled by Thomson Reuters estimate that non-farm payrolls added 190,000 jobs in March. "Non-farm payrolls tomorrow is big 200,000 to 205,000 is probably the level that is being priced in right now," said Max Bublitz, chief investment strategist at SCM Advisors in San Francisco. "We all freak out over the first number and kind of ignore the revisions but the fact is it is a very noisy number, and it's a little bit of a crapshoot." See # 16 Page 11

ABL AMC announces quarterly payouts Staff Reporter KARACHI: ABL Asset Management Company Limited (ABL AMC) has approved distribution of interim dividend for three of its funds namely, ABL Income Fund (ABL-IF), ABL Cash Fund (ABL-CF), and ABL Islamic Cash Fund (ABL-ICF) for the quarter ended March 31, 2011. Interim distribution of Rs0.2906 per unit (2.906 per cent of the par value of Rs10) is announced for ABL-IF. On ABL-CF, interim distribution of Rs0.2943 per unit (2.943 per cent of the par value of Rs10) has been announced. While ABL-ICF has announced interim distribution of Rs0.2567 per unit (2.567 per cent of the par value of Rs10).

Dhiyan

RESULTS TO DRIVE SENTIMENTS Sajid Bhanji, VP Capital Markets- Arif Habib Limited Current security and political situation may keep market under pressure and index also come down to 11,600 points. However earnings season is about to begin and companies are expected to announce good corporate results which should boost investors' sentiments. Investors are advised to gradually and smartly accumulate fundamentally strong stocks at dips of fertiliser followed by oil & gas exploration and banking stocks. Market would be positive today however some selling pressure can be seen at higher levels as it is the last trading day of the week.

Faran Rizvi, Technical Analyst, Invisor Securities

Some pressure can be seen in the market moving forward where the index may slide below 11,700 points. I recommend traders to take positions at the support level of 11,682 points in stocks that belong to oil, textile and cement sectors. Market would be negative today.


6

Friday, April 1, 2011

Market

KSE 100 Index

Symbols

Volume

68,525,783

Value

3,720,058,606

Trades

50,483

Advanced Declined Unchanged Total

Current High Low Change

111 173 87 371

All Share Index

11,809.54 11,887.29 11,795.48 h0.93

Current High Low Change

8,225.91 8,276.78 8,217.43 i0.17

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 PakistanSPOT

High Low 1,451.33 1,425.44 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.20 32.54

PE

Open

High

Low

691 6.63 853 5.04 3921 735 7.56 800 6.46 43009 9.18 11950 7.73 2365 7.49 350 1715 4.70 226 685 11.04

363.42 124.96 9.36 108.96 305.87 136.86 209.80 326.78 97.72 278.71 26.79 215.71

369.99 126.21 9.43 111.00 317.00 137.69 213.30 329.00 99.25 281.49 26.95 217.90

363.15 123.20 9.27 108.50 305.89 135.30 209.75 324.25 92.84 276.50 26.00 214.00

Close Chg 367.10 123.72 9.31 108.81 311.42 135.67 211.41 325.09 93.56 277.51 26.95 215.22

3.68 -1.24 -0.05 -0.15 5.55 -1.19 1.61 -1.69 -4.16 -1.20 0.16 -0.49

Current High Low Change

KMI 30 Index Current High Low Change

11,561.50 11,647.37 11,542.31 h18.63

20,063.68 20,215.01 20,040.19 h23.49

Last 60 days High Low

Volume 262707 935369 330583 14356 380433 707426 1407753 1528875 174455 657794 1200 17107

401.00 146.90 12.24 141.65 335.00 185.00 229.80 341.50 122.22 317.79 34.89 222.00

321.00 98.25 8.20 99.46 254.00 134.85 190.10 277.09 83.00 265.00 24.66 186.83

% Change -0.24 5-Day High 1,435.92 5-Day Low 1,413.83

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

Open 730.54 Turnover 75,115 P/E (x) 5.32 Company

Paid up Cap(mn)

Pak Int Cont.Terminal PNSC

1092 1321

PE 7.09 8.61

Open 73.83 30.67

High 76.25 31.00

High Low 751.26 715.99 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.36 25.53 Low 72.01 30.67

Close Chg 73.74 -0.09 31.00 0.33

Close 731.20 Listed cap 3,242.17 mn Payout (%) 11.08

Volume 70964 4151

Change 0.66 Market cap 12,351.67 mn Div Yield (%) 2.08

Last 60 days High Low 76.25 38.90

63.00 29.35

PE

Open

High

Low

Agritech Limited 3924 BOC (Pak) 250 Clariant PakXDXB 341 Dawood HerculesXDXB 4813 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Dynea Pak 94 Engro Corp.LtdXDXB 3933 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer 8482 Fauji Fert.Bin Qasim XD 9341 Gatron Ind 384 Ghani Gases Ltd 725 ICI Pakistan 1388 Leiner Gelatine 75 Lotte Pakistan XD 15142 Mandviwala 74 Nimir Ind Chemical 1106 Sitara Chem Ind 214 Sitara Peroxide 551 United Distributors 92 Wah-Noble 90

22.99 9.70 5.13 4.17 11.64 5.56 11.31 8.48 7.82 2.92 9.79 9.44 5.93 29.30 9.02 8.07 5.58

22.67 93.20 141.82 75.20 2.68 8.72 2.77 10.50 205.76 13.62 13.43 135.28 41.62 43.92 11.50 166.24 18.21 16.17 1.00 2.76 107.01 18.54 14.87 37.00

23.00 95.55 146.99 75.89 2.94 8.92 2.83 10.35 208.40 13.80 13.59 138.75 42.09 45.60 11.40 167.26 19.21 16.47 1.18 3.15 107.00 19.08 14.50 36.25

22.50 93.30 142.99 74.20 2.65 8.62 2.69 10.35 205.25 12.95 13.30 135.11 41.26 45.00 11.11 165.00 18.00 16.10 0.90 2.75 103.50 18.35 13.87 36.25

Close Chg 22.99 94.51 143.22 74.50 2.80 8.85 2.70 10.35 205.78 13.03 13.38 137.88 41.42 45.60 11.16 165.18 19.21 16.14 0.90 2.93 107.01 18.73 14.45 36.25

0.32 1.31 1.40 -0.70 0.12 0.13 -0.07 -0.15 0.02 -0.59 -0.05 2.60 -0.20 1.68 -0.34 -1.06 1.00 -0.03 -0.10 0.17 0.00 0.19 -0.42 -0.75

Close 1,842.14 Listed cap 52,251.88 mn Payout (%) 48.81

Last 60 days High Low

Volume 2401 3017 18738 142659 109807 852231 689146 1895 1909582 1300150 1336115 2420628 3014224 700 85421 87401 28398 14672263 6920 2257821 220 534787 2000 500

Change 12.90 Market cap 392,929.50 mn Div Yield (%) 5.44

26.73 103.94 213.30 294.00 3.58 9.60 3.45 11.98 238.50 15.87 13.60 157.90 43.99 52.00 13.07 170.75 19.21 16.80 2.45 3.34 128.45 19.65 14.99 41.99

21.25 82.00 140.00 72.92 2.34 6.00 2.26 10.00 189.00 11.56 10.70 108.00 36.69 43.15 10.43 138.00 9.15 14.05 0.57 1.62 90.78 11.81 8.76 35.11

% Change 0.71 5-Day High 1,842.14 5-Day Low 1,768.01

2010 Div BR (%) (%) 60 135 25B 50 300B 15 60 20B - 27.5R 130 25B 65.5 20 175 5 25 5B 50 -

2011 Div BR (%) (%) -

-

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,059.50 Turnover 73,279 P/E (x) 5.46 Company

High Low 1,076.29 1,056.51 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.41 7.47

Close 1,067.49 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

707 50 411

8.83 6.88

16.78 36.90 37.51

16.75 38.50 38.50

16.32 36.90 38.10

16.42 -0.36 38.32 1.42 38.50 0.99

2886 68778 1615

Century Paper Pak Paper Product Security Paper

Change 7.99 Market cap 2,944.25 mn Div Yield (%) 4.63

Last 60 days High Low 19.69 46.48 47.19

14.50 35.17 34.00

% Change 0.75 5-Day High 1,075.32 5-Day Low 1,059.50

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

Open 1,122.74 Turnover 392,500 P/E (x) 3.53 Paid up Cap(mn)

PE

Open

Atlas Battery 101 5.57 210.00 Atlas Honda 626 9.84 142.00 Dewan Motors 890 2.07 General Tyre 598 4.68 24.46 Ghandhara Nissan 450 3.50 Ghani Automobile Ind 200 5.15 4.20 Honda Atlas Cars 1428 - 10.10 Indus Motors 786 9.10 210.35 Pak Suzuki 823 12.75 70.81 Sazgar Engineering XD 150 4.19 23.50

High

High Low 1,138.90 1,103.68 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.89 25.35 Low

Close Chg

Company

Paid up Cap(mn)

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

PE

Open

High

High Low 1,064.66 1,038.31 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.15 33.10 Low

Close Chg

Close 1,047.44 Listed cap 3,596.11 mn Payout (%) 30.91

Last 60 days High Low

Volume

% Change -0.41 5-Day High 1,051.76 5-Day Low 1,026.38

2010 Div BR (%) (%)

Company

27.00 2.00 13.00

27.40 2.09 13.20

26.80 2.00 13.00

27.00 0.00 2.07 0.07 13.05 0.05

202 4602 5693

31.00 2.98 16.51

25.67 1.80 12.26

30 -

- 10.00 25B 15.00

-

1199 19.24 785 40.95

53.34 9.00

53.99 9.05

52.50 8.85

52.91 -0.43 9.01 0.01

18155 1047

61.00 10.70

45.81 8.51

40 7.5

20B 15.00 -

-

CONSTRUCTION AND MATERIALS

Abdullah Shah Ghazi Sugar 793 Adam Sugar 58 AL-Abbas Sugar 174 AL-Noor Sugar 186 Bawany Sugar 87 Chashma Sugar 287 Crescent Sugar 214 Faran Sugar 217 Habib Sugar 750 Habib-ADM Ltd 200 Hussein Sugar 121 Mirpurkhas Sugar 84 Mirza Sugar 141 Mithchells Fruit 50 National Foods 414 Nestle Pakistan XD 453 Noon Sugar 165 Quice Food 107 Rafhan Maize XD 92 S S Oil 57 Shahmurad Sugar 211 Shakarganj Mills 695 Tandlianwala 1177 UniLever Pakistan XD 665

Company

Paid up Cap(mn)

High Low 899.36 872.87 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.46 7.10

PE

Open

High

Low

Al-Abbas Cement 1828 Attock Cement 866 6.64 Balochistan Glass Ltd 858 Berger Paints 182 Cherat Cement 956 41.08 Dewan Cement 3891 DG Khan Cmt. Ltd XR 3651 11.14 EMCO Ind 350 Fauji Cement 6933 5.89 Fecto Cement 502 2.38 Flying Cement Ltd 1760 Frontier Ceramics 77 Gharibwal Cement 4003 Haydery Const 32 Kohat Cement 1288 Lafarge Pakistan Cmt. 13126 Lucky Cement 3234 6.06 Maple Leaf Cement 5261 Pioneer Cement 2271 Safe Mix Concrete 200 Thatta Cement 798 918.50

2.68 52.28 2.10 16.35 9.86 1.70 25.80 2.30 4.23 8.01 1.52 2.50 6.00 0.50 7.00 3.24 68.03 2.40 6.06 5.02 18.31

2.70 52.89 2.35 16.50 10.15 1.75 26.18 2.30 4.31 8.49 1.57 2.49 6.29 0.47 7.20 3.29 68.55 2.48 6.24 5.41 18.40

2.54 52.00 2.10 16.45 9.51 1.61 25.62 1.91 4.17 7.50 1.46 2.01 5.85 0.40 6.76 3.06 67.15 2.35 6.00 5.40 17.31

Close 883.48 Listed cap 54,792.74 mn Payout (%) 19.04

Change -5.07 Market cap 63,254.80 mn Div Yield (%) 2.95

Close Chg

Volume

Last 60 days High Low

2.54 52.44 2.10 16.35 9.86 1.69 25.73 1.92 4.24 7.84 1.50 2.40 5.90 0.40 7.10 3.11 67.48 2.42 6.08 5.40 18.37

1011 27957 4599 250 203 69428 1012240 31694 152864 6480 3187 6299 5010 13300 70708 172602 2433812 124408 10802 1001 6699

3.70 63.35 3.19 23.25 11.50 2.45 32.30 4.00 5.35 8.49 1.95 3.40 8.40 0.99 7.24 3.88 78.00 2.99 7.45 7.95 19.19

-0.14 0.16 0.00 0.00 0.00 -0.01 -0.07 -0.38 0.01 -0.17 -0.02 -0.10 -0.10 -0.10 0.10 -0.13 -0.55 0.02 0.02 0.38 0.06

2.15 48.50 1.99 14.72 8.00 1.50 21.20 1.70 3.97 6.30 1.30 0.71 4.70 0.25 5.11 2.65 59.55 1.92 5.17 4.41 16.20

% Change -0.57 5-Day High 888.55 5-Day Low 844.38

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

2011 Div BR (%) (%) -

20R 92R -

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 980.19 Turnover 151,492 P/E (x) 2.76 Company

Paid up Cap(mn)

PE

Open

High

High Low 1,008.41 958.38 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.21 43.91 Low

Close Chg

Close 971.23 Listed cap 3,043.31 mn Payout (%) 15.55

Volume

Change -8.96 Market cap 36,524.77 mn Div Yield (%) 5.63

Last 60 days High Low

% Change -0.91 5-Day High 980.19 5-Day Low 947.90

2010 Div BR (%) (%)

2011 Div BR (%) (%)

Cherat Papersack

115

2.34

51.69

52.75

49.33

51.00 -0.69

30198

80.90

47.80

20

25B

-

ECOPACK Ltd Ghani Glass MACPAC Films

230 1067 389

5.38 2.58

2.00 51.56 10.03

2.15 52.00 10.00

1.88 51.25 9.51

1.91 -0.09 51.76 0.20 9.51 -0.52

67116 2980 11402

2.99 56.45 10.40

1.56 49.00 2.50

25 -

10B -

-

50R -

Merit Pack Packages Ltd

47 15.71 28.28 844 - 119.96

29.49 27.00 28.28 0.00 124.50 117.01 117.91 -2.05

415 35877

33.80 143.00

22.00 105.02

32.5

-

-

-

Tri-Pack Films XD

300

155.00 151.50 152.00 -2.99

3502

156.50

120.70

100

-

-

-

9.22 154.99

PE

Close 1,117.03 Listed cap 6,768.53 mn Payout (%) 20.42

Volume

Change -5.71 Market cap 41,354.92 mn Div Yield (%) 5.79

Last 60 days High Low

Company

Paid up Cap(mn)

Ados Pak AL-Ghazi Tractor XD

66 215

PE

Open

6.61 8.80 4.62 202.68

Dewan Auto Engineering 214 Ghandhara Ind 213

9.21

Millat Tractors Pak Engineering

7.93 511.59 - 108.76

366 57

1.26 10.50

High

Low

Close Chg

9.00 8.70 8.73 -0.07 206.00 202.68 205.50 2.82 1.30 10.50

1.27 10.01

1.27 10.50

5497 9484

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

2011 Div BR (%) (%)

20B 15B - 50.00 20B 10.00

-

Open

High

Low

Close Chg

Close 2,017.91 Listed cap 11,335.33 mn Payout (%) 30.57

Volume 1000 2500 304 102 13123 2000 60000 505 32266 3879 291 4500 4901 413 1192 102 1961 41000 343 2000 4500 1973 201 874

Change 16.29 Market cap 282,091.47 mn Div Yield (%) 0.64

8.50 199.05

Open 1,030.75 Turnover 162,966 P/E (x) 2.53 Paid up Cap(mn)

High Low 1,050.06 1,028.55 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.27 10.64

PE

Open

High

Low

AL-Abid Silk 134 2.95 Gauhar Engineering Ltd 22 Pak Elektron 1219 3.56 Singer Pak 341 22.44 Tariq Glass Ind 231 1.71

24.76 1.15 14.19 19.00 12.86

25.50 1.15 14.30 20.00 13.50

25.50 0.51 14.10 19.12 12.85

Last 60 days High Low 7.00 4.51 20.50 13.55 102.89 88.41 54.00 39.50 7.54 4.07 12.99 8.00 7.50 5.25 21.68 17.25 33.55 20.25 12.60 10.80 12.41 8.00 55.00 43.02 6.50 2.65 89.90 65.40 65.00 52.01 3695.00 2332.50 16.00 9.00 4.00 2.50 3016.00 2021.55 4.75 2.50 11.70 8.00 7.20 4.01 47.52 34.30 5214.99 4005.01

2010 Div BR (%) (%) 25 50 50 10 25 25 40 15 10 40 12 750 1150 10 492

2011 Div BR (%) (%)

25B 20B -

-

-

Close Chg 25.50 1.15 14.15 19.97 12.96

0.74 0.00 -0.04 0.97 0.10

Close 1,039.06 Listed cap 3,763.71 mn Payout (%) 6.27

Volume 500 3000 137295 1336 20835

Change 8.31 Market cap 4,962.04 mn Div Yield (%) 2.48

400

0.01 0.00

11275 3501

2.00 13.50

0.74 8.25

-

516.00 510.50 515.25 3.66 114.19 103.33 104.54 -4.22

31044 3889

568.40 252.00

466.27 103.33

650 100

2011 Div BR (%) (%)

-

-

-

-

-

-

25B325.00 -

-

4.52

Total Equity (Rs in mn)

MA (100-day)

3.58

Revenue (Rs in mn)

MA (200-day)

3.74

Interest Expense

1,837.29

1st Support

5.00

Profit after Taxation

31.59

2nd Support

4.30

EPS 10 (Rs)

1.750

1st Resistance

6.05

Book value / share (Rs)

19.29

2nd Resistance

6.40

PE 11 E (x)

3.13

Pivot

5.35

PBV (x)

0.30

348.08 1,237.40 112.40

IDRT closed up 0.99 at 5.69. Volume was 2,230 per cent above average (trending) and Bollinger Bands were 87 per cent wider than normal. The company's profit after taxation stood at Rs16.502 million which translates into an Earning Per Share of Rs0.91 for the half year of current fiscal year (1HFY11). IDRT is currently 50.8 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into IDRT (bullish). Trend forecasting oscillators are currently bullish on IDRT. Momentum oscillator is currently indicating that IDRT is currently in an overbought condition.

Saritow Spinning Mills Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

47.65

Total Assets (Rs in mn)

MA (10-day)

1.80

Total Equity (Rs in mn)

MA (100-day)

2.19

Revenue (Rs in mn)

520.47

MA (200-day)

2.05

Interest Expense

39.64

1st Support

1.71

Profit after Taxation

48.15

2nd Support

1.56

EPS 10 (Rs)

3.627

1st Resistance

2.05

Book value / share (Rs)

3.82

2nd Resistance

2.24

PE 11 E (x)

0.37

Pivot

1.90

PBV (x)

0.48

50.76 716.58

SSML closed up 0.02 at 1.84. Volume was 1,494 per cent above average (trending) and Bollinger Bands were 50 per cent narrower than normal. The company's profit after taxation stood at Rs32.817 million which translates into an Earning Per Share of Rs2.47 for the half year of current fiscal year (1HFY11). SSML is currently 11.3 per cent below its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of SSML at a relatively equal pace. Trend forecasting oscillators are currently bearish on SSML.

KASB Bank Limited

% Change 0.81 5-Day High 1,039.06 5-Day Low 986.32

Last 60 days High Low

2010 Div BR (%) (%)

40.00 2.35 15.88 24.09 24.00

-20B 20R - 10B 17.5 -

23.33 0.50 12.07 17.55 12.50

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

PERSONAL GOODS Performance of SR Personal Goods Index Open 977.27 Turnover 3,693,134 P/E (x) 6.98 Paid up Cap(mn)

Amtex Limited Artistic Denim Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Bilal Fibres Blessed Tex Mills Brothers Textile Chenab Limited Colony Mills Ltd Crescent Jute Crescent Textile D S Ind Ltd Dar-es-Salaam Dawood Lawrencepur Dewan Farooque Spin. Dewan Khalid Textile Din Textile Faisal Spinning Gadoon Textile XD Gillette Pakistan Gul Ahmed Textile Gulistan Spinning Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres Idrees Textile J K Spinning Janana D Mal Jubilee Spinning Khalid Siraj Kohat Textile Kohinoor Ind Kohinoor Spinning Kohinoor Textile Leather Up Mehmood Textile Mian Textile Mohd Farooq Moonlite (PAK) Nishat (Chunian) Nishat Mills Pak Synthetic Ravi Textile Redco Textile Regent Textile Reliance Cotton Reliance Weaving Rupali Poly Saif Textile Sally Textile Salman Noman Sana Ind Sargoda Spinning Saritow Spinning Service Ind Shahpur Textile Shahtaj Textile Thal Limited Treet Corp Tri-Star Poly Yousuf Weaving Zil Limited

2594 840 133 4493 33 76 141 64 98 1150 2442 238 492 600 80 514 978 57 204 100 234 192 635 146 222 716 3105 180 184 48 325 107 208 303 1300 1455 60 150 221 189 22 1617 3516 560 250 213 48 103 308 341 264 88 42 55 312 133 120 140 97 307 418 215 400 53

PE

Open

2.52 7.01 19.40 0.40 2.41 8.76 0.22 16.41 0.60 22.17 0.89 0.95 0.80 60.90 0.59 2.58 2.18 2.48 0.97 2.88 14.70 1.35 3.19 22.21 44.24 4.61 3.54 0.18 1.79 0.80 31.49 0.77 36.75 0.93 98.39 22.85 56.21 3.23 46.01 0.33 8.25 0.38 10.40 0.93 4.49 3.56 49.00 3.13 4.70 0.91 7.99 0.37 16.40 2.65 0.23 1.20 0.41 1.20 1.58 0.51 1.19 7.36 4.55 4.30 2.10 1.05 59.00 0.40 0.91 - 16.44 4.41 28.81 5.77 65.50 3.10 19.55 1.00 2.06 0.56 78.19 21.40 0.71 35.25 0.64 12.80 3.92 42.69 0.43 9.00 0.27 7.03 0.66 3.25 3.08 40.78 1.36 4.45 0.37 1.82 6.53 177.82 0.50 0.45 1.42 22.50 5.33 107.34 6.17 50.97 0.52 0.57 1.20 4.64 65.00

% Change 0.56 5-Day High 1,555.30 5-Day Low 1,546.64

2010 Div BR (%) (%)

MA (10-day)

% Change 0.81 5-Day High 2,017.91 5-Day Low 1,915.06

High

High Low 984.97 968.38 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.60 8.64 Low

Close Chg

2.54 2.43 2.44 -0.08 19.65 19.50 19.50 0.10 2.88 2.50 2.50 0.09 8.80 8.60 8.63 -0.13 17.41 17.10 17.41 1.00 23.27 21.07 21.17 -1.00 1.50 0.98 1.17 0.22 63.94 61.99 61.99 1.09 0.35 0.35 0.35 -0.24 2.79 2.55 2.58 0.00 2.42 2.20 2.48 0.00 0.99 0.25 0.97 0.00 15.70 14.50 15.67 0.97 1.40 1.25 1.35 0.00 3.50 3.20 3.30 0.11 44.60 43.11 43.30 -0.94 3.50 3.50 3.50 -0.04 1.65 1.50 1.61 -0.18 33.06 31.00 31.36 -0.13 38.50 37.90 38.50 1.75 100.99 94.40 94.85 -3.54 56.64 55.10 56.21 0.00 45.98 44.00 46.01 0.00 8.25 7.86 7.87 -0.38 10.40 10.40 10.40 0.00 4.80 4.55 4.63 0.14 49.80 47.61 49.18 0.18 5.70 4.65 5.69 0.99 7.50 7.50 7.50 -0.49 17.40 17.00 17.07 0.67 3.65 3.00 3.60 0.95 1.23 1.05 1.19 -0.01 1.48 1.30 1.30 0.10 1.69 1.35 1.48 -0.10 1.31 1.06 1.25 0.06 4.80 4.26 4.27 -0.28 1.99 1.70 1.72 -0.38 60.00 59.00 59.28 0.28 0.75 0.50 0.50 0.10 0.95 0.73 0.80 -0.11 17.40 17.00 17.40 0.96 29.12 28.60 28.66 -0.15 66.19 64.57 64.99 -0.51 19.99 18.75 19.41 -0.14 1.00 0.91 0.96 -0.04 0.40 0.31 0.35 -0.21 20.33 20.33 20.33 -1.07 35.00 35.00 35.00 -0.25 12.50 12.25 12.36 -0.44 42.50 42.00 42.17 -0.52 9.34 8.50 8.75 -0.25 7.34 7.00 7.00 -0.03 3.01 3.00 3.00 -0.25 41.98 40.01 40.78 0.00 5.01 4.51 4.51 0.06 2.09 1.75 1.84 0.02 185.90 176.21 178.01 0.19 0.36 0.35 0.36 -0.09 22.10 22.10 22.50 0.00 108.30 106.03 107.48 0.14 53.51 50.00 50.20 -0.77 0.90 0.90 0.89 0.37 1.50 1.08 1.20 0.00 66.39 63.31 63.51 -1.49

Close 972.54 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change -4.73 Market cap 131,984.52 mn Div Yield (%) 2.39

Last 60 days High Low

82167 4.64 4500 24.50 4310 3.00 397864 12.84 17788 17.41 139895 23.27 1702 1.95 13519 63.94 1355 0.99 351 3.40 127 2.97 330 1.43 6538 23.50 50713 1.96 47847 4.00 3037 49.05 1000 5.00 58500 2.95 702 33.69 597 38.50 16133 102.24 107 62.68 258 46.02 6605 9.23 3001 11.00 61204 5.20 82502 55.00 280611 5.70 2000 8.80 23777 18.00 170700 4.19 5726 1.69 14000 2.50 22404 1.98 20901 1.74 21915 5.95 600 3.10 1772 70.30 8758 0.75 7575 1.75 804 17.50 316771 29.50 1079162 71.89 73407 20.49 77918 1.70 58500 0.99 500 26.25 1000 43.30 3500 13.79 4600 44.40 8360 11.50 5858 7.94 500 6.35 210 49.66 3860 5.01 158003 2.50 4355 253.00 1000 0.95 493 22.90 18859 131.95 269313 62.40 600 1.29 408 1.88 21450 87.90

2010 Div BR (%) (%)

2.35 18.55 20 1.86 7.5 8.05 9.50 13.00 20 0.84 47.25 50 0.13 2.05 2.00 0.25 14.50 15 1.03 1.20 35.00 5 3.10 1.41 25.10 20 33.00 50 65.25 70 51.61 26.37 12.5 5.02 10 6.56 10 3.31 10 41.00 20 3.01 10 5.20 20 13.15 2.25 0.25 0.85 0.75 0.80 5 3.60 1.00 53.68 60 0.25 0.60 8.39 22.30 15 57.20 25 9.00 0.40 0.31 20.33 35.00 20 8.60 25SD 36.50 40 3.90 3.63 10 3.00 38.00 60 2.25 5 1.00 171.76 75 0.15 18.50 45 100.51 80 44.10 0.33 1.08 50.50 35

30B 15B 15B 10B 20B 5B 45R 5B 20B -

% Change -0.48 5-Day High 977.27 5-Day Low 970.71 2011 Div BR (%) (%) -

-

Performance of SR Pharma and Bio Tech Index

Change 8.66 Market cap 31,160.09 mn Div Yield (%) 17.14

Last 60 days High Low 17.70 244.95

180.00 120.30 1.50 21.08 2.82 3.70 9.52 205.51 60.00 20.07

% Change -0.51 5-Day High 1,122.74 5-Day Low 1,101.49

PHARMA AND BIO TECH

Close 1,555.30 Listed cap 1,336.62 mn Payout (%) 131.49

Volume

3484 213.89 9039 144.00 26801 2.54 3010 26.74 107206 5.36 25012 5.49 1090 12.87 7343 309.73 207191 74.80 2298 24.35

High Low 2,045.60 1,994.18 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 14.52 30.30

0.87 5.50 5.25 5.25 5.25 -0.25 4.17 14.03 14.50 14.00 14.00 -0.03 7.40 97.60 98.00 98.00 98.00 0.40 1.00 40.02 40.10 40.10 40.02 0.00 6.54 7.54 7.00 7.54 1.00 3.32 8.75 8.50 8.50 8.50 -0.25 0.70 7.10 7.00 6.99 6.99 -0.11 1.50 19.00 18.61 18.55 18.55 -0.45 9.19 23.41 23.50 23.10 23.16 -0.25 7.32 11.60 12.02 11.85 12.00 0.40 2.57 8.95 8.00 8.00 8.95 0.00 2.73 43.27 44.00 43.49 43.72 0.45 3.21 3.40 3.25 3.35 0.14 8.22 69.00 70.00 69.50 70.00 1.00 10.36 58.68 59.99 58.02 59.24 0.56 37.91 3365.64 3498.00 3371.00 3437.97 72.33 1.63 15.21 16.00 14.60 15.20 -0.01 6.48 2.87 2.86 2.85 2.85 -0.02 11.47 2396.94 2350.00 2277.10 2282.12 -114.82 0.25 4.20 4.10 4.10 4.10 -0.10 3.08 9.00 9.78 8.99 9.00 0.00 0.41 6.27 7.20 5.75 5.79 -0.48 25.25 45.20 45.20 43.10 45.20 0.00 20.08 4904.86 4998.98 4879.01 4940.67 35.81

INDUSTRIAL ENGINEERING High Low 1,563.91 1,542.72 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 2.92 38.02

-

Total Assets (Rs in mn)

HOUSEHOLD GOODS

Performance of SR Industrial Engineering Index Open 1,546.64 Turnover 64,790 P/E (x) 7.67

-

79.39

Performance of SR Household Goods Index

Company

Performance of SR Construction and Materials Index Open 888.55 Turnover 4,153,744 P/E (x) 6.45

Paid up Cap(mn)

2011 Div BR (%) (%)

565 2.82 675 555 435.00

-

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

FOOD PRODUCERS

Company

Change -4.32 Market cap 9,880.35 mn Div Yield (%) 8.92

213.50 209.00 209.69 -0.31 143.00 140.00 141.75 -0.25 2.05 2.00 2.02 -0.05 24.23 23.60 23.60 -0.86 4.24 3.42 3.81 0.31 4.00 3.70 3.71 -0.49 10.00 9.95 9.95 -0.15 214.00 205.51 210.30 -0.05 72.90 69.30 69.47 -1.34 23.49 23.10 23.21 -0.29

Open 2,001.62 Turnover 180,111 P/E (x) 47.92

INDUSTRIAL METALS AND MINING Open 1,051.76 Turnover 29,699 P/E (x) 3.47

40 15

2011 Div BR (%) (%)

Performance of SR Food Producers Index

-

Performance of SR Industrial Metals and Mining Index

2010 Div BR (%) (%)

Performance of SR Automobile and Parts Index

2011 Div BR (%) (%) -

% Change 0.09 5-Day High 731.20 5-Day Low 673.61

AUTOMOBILE AND PARTS

Company

High Low 1,863.36 1,821.66 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.14 35.00

Paid up Cap(mn)

Company

Idrees Textile Mills Limited

Performance of SR Industrial Transportation Index

Close Change 1,432.44 -3.48 Listed cap Market cap 65,194.15 mn 1,051,736.74 mn Payout (%) Div Yield (%) 55.94 5.68

Performance of SR Chemicals Index Open 1,829.24 Turnover 28,031,103 P/E (x) 8.98

Alert ! Unusual Movements

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,435.92 Turnover 6,087,475 P/E (x) 9.84

KSE 30 Index

Open 965.43 Turnover 127,281 P/E (x) 7.19 Company Abbott (Lab) XD Ferozsons (Lab) XD GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Sanofi-Aventis XD Searle Pak

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

PE

Open

7.07 85.94 6.22 91.90 17.20 88.50 7.51 30.91 4.53 11.80 6.28 149.13 5.59 64.99

High

High Low 975.72 952.49 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.60 22.31 Low

Close Chg

87.98 85.00 85.00 -0.94 92.40 91.98 92.03 0.13 89.50 86.91 87.40 -1.10 32.20 31.05 32.00 1.09 11.99 11.40 11.51 -0.29 146.00 146.00 146.00 -3.13 65.00 64.00 64.00 -0.99

Close 956.52 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 4905 1928 34918 28577 583 851 55509

Change -8.92 Market cap 31,355.72 mn Div Yield (%) 6.19

Last 60 days High Low 110.20 98.00 89.50 32.20 12.80 174.00 69.00

78.59 85.00 68.00 24.50 7.60 134.00 58.05

2010 Div BR (%) (%) 50 40 25 100 30

% Change -0.92 5-Day High 965.43 5-Day Low 917.06 2011 Div BR (%) (%)

20B 12.50 15B 10B -

-

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

33.58

Total Assets (Rs in mn)

59,223.06

MA (10-day)

1.44

Total Equity (Rs in mn)

4,958.87

MA (100-day)

2.05

Revenue (Rs in mn)

MA (200-day)

2.44

Interest Expense

1st Support

1.31

Loss after Taxation

2nd Support

1.23

EPS 09 (Rs)

1st Resistance

1.48

Book value / share (Rs)

2nd Resistance

1.57

PE 10 E (x)

Pivot

1.40

PBV (x)

5,061.63 5,490.40 (4,227.75) (4.446) 5.22 0.26

KASBB closed down -0.11 at 1.34. Volume was 27 per cent above average and Bollinger Bands were 51 per cent narrower than normal The company's loss after taxation stood at Rs1.571 billion which translates into a Loss Per Share of Rs2.20 for the nine months of current calendar year (9MCY10). KASBB is currently 45.1 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of KASBB at a relatively equal pace. Trend forecasting oscillators are currently bearish on KASBB.

Soneri Bank Limited

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

51.26

Total Assets (Rs in mn)

95,310.27

MA (10-day)

6.08

Total Equity (Rs in mn)

7,803.20

MA (100-day)

7.03

Revenue (Rs in mn)

9,337.28

MA (200-day)

6.81

Interest Expense

6,602.78

1st Support

5.99

Profit after Taxation

2nd Support

5.69

EPS 09 (Rs)

1st Resistance

6.65

Book value / share (Rs)

15.55

2nd Resistance

7.01

PE 10 E (x)

29.90

Pivot

6.35

PBV (x)

145.35 0.29

0.40

SNBL closed up 0.26 at 6.28. Volume was 284 per cent above average (trending) and Bollinger Bands were 28 per cent narrower than normal. The company's profit after taxation stood at Rs125.44 million which translates into an Earning Per Share of Rs0.21 for the year ended CY10. SNBL is currently 7.8 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into SNBL (mildly bullish). Trend forecasting oscillators are currently bullish on SNBL.

BOOK CLOSURES Company

From

To

Sajjad Textile Mills # Balochistan P Board # Indus Dyeing & Mfg Yousuf Weaving Mills # Kohinoor Spinning Mills # Chakwal Spinning Mills # IBL Healthcare # Quice Food Industries # First Credit & Invest Bank # Ruby Textile Mills # Hala Enterprises # Shell Pak BOC Pak Pak Gum & Chemicals Philip Morris Pak Pak Suzuki Motor Packages Ltd Glaxosmithkline Kohinoor Textile Mills # Askari General Insur Piac (Consolidated) Soneri Bank IGI Insur

01-Apr 01-Apr 01-Apr 01-Apr 01-Apr 01-Apr 02-Apr 04-Apr 04-Apr 04-Apr 05-Apr 05-Apr 09-Apr 11-Apr 12-Apr 12-Apr 12-Apr 13-Apr 14-Apr 14-Apr 15-Apr 15-Apr 15-Apr

08-Apr 08-Apr 07-Apr 08-Apr 08-Apr 08-Apr 08-Apr 11-Apr 12-Apr 11-Apr 12-Apr 19-Apr 22-Apr 18-Apr 21-Apr 18-Apr 20-Apr 20-Apr 20-Apr 20-Apr 30-Apr 22-Apr 26-Apr

D/B/R

Spot AGM/Date

50(I) 24-Mar 80 (F) 28-Mar 45 (F) 01-Apr 25 04-Apr 5 (F) 04-Apr 32.5 04-Apr 40(F),15(B) 05-Apr 10(B) 06-Apr 33.25 (R) 20, 35 (B) -

08-Apr 08-Apr 08-Apr 08-Apr 08-Apr 08-Apr 11-Apr 12-Apr 11-Apr 12-Apr 19-Apr 22-Apr 18-Apr 21-Apr 18-Apr 20-Apr 20-Apr 20-Apr 20-Apr 30-Apr -

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Shezan International Pak Tobacco Shifa Int.Hospitals P.I.A.C.(A) Pace (Pak) Ltd. Netsol Technologies

Open 52.83 3.01 101 1.5 146.03 93.04 29.25 2.57 3.19 24.02

High 53 3.09 102.98 1.5 150.97 95.01 30.71 2.69 3.29 24.45

Low Close 52.85 2.98 96 1.45 138.73 94.9 30.71 2.55 3.06 23.99

53 3.01 99.06 1.5 142.39 95 29.25 2.61 3.14 24.02

Change 0.17 0 -1.94 0 -3.64 1.96 0 0.04 -0.05 0

Vol 1588 153731 5334 12500 41939 2055 111 46015 964009 449586


7

Friday, April 1, 2011

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,002.28 Turnover 926,715 P/E (x) 5.45 Paid up Cap(mn)

Company

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

High Low 1,013.83 994.31 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.70 12.84

PE

Open

High

Low

Close Chg

78 5.24 37740 11.33 3000 1.22 8606 6175 -

49.45 17.00 1.87 2.59 2.97

49.90 17.15 2.00 2.64 3.00

48.00 16.94 1.80 2.47 2.85

48.23 17.00 1.85 2.54 2.85

-1.22 0.00 -0.02 -0.05 -0.12

Close 1,000.25 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 1951 361271 317212 246281 10219

Change -2.03 Market cap 69,036.82 mn Div Yield (%) 11.48

% Change -0.20 5-Day High 1,003.36 5-Day Low 994.86

Last 60 days High Low

2010 Div BR (%) (%)

82.39 20.65 2.48 3.11 4.65

80 17.5 1 -

45.05 16.61 1.60 2.15 2.65

2011 Div BR (%) (%)

- 15.00 -

-

Ask Gen Insurance Atlas InsuranceXDXB Central Insurance XB Century Insurance Crescent Star Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Premier Insurance Reliance Insurance XB Shaheen Insurance Silver Star Insurance United Insurance XB Universal Insurance

255 4.70 11.00 443 4.22 28.14 279 6.32 110.86 457 6.41 10.30 121 12.90 4.24 1250 - 34.92 400 6.60 13.93 718 8.59 100.00 791 12.28 68.04 3000 46.95 18.46 303 6.34 11.99 252 3.64 8.00 200 - 12.99 253 4.63 7.17 400 2.60 6.70 263 2.24

Paid up Cap(mn)

Company

Genertech Hub Power XD Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power XD Nishat Chunian Power Ltd Nishat Power Ltd Sitara Energy Ltd Southern Electric Tri-star Power XD

198 11572 1560 7932 1695 126 8803 3673 3541 191 1367 150

Open

High

Low

6.89 7.62 2.54 5.29 3.16 2.50 5.18 -

0.65 37.83 1.37 2.53 17.92 3.00 41.10 15.99 17.17 17.00 1.68 0.72

0.65 38.35 1.42 2.59 17.90 3.89 41.45 16.18 17.45 17.00 1.77 0.66

0.60 37.56 1.30 2.50 17.19 3.20 41.00 15.71 17.10 17.00 1.64 0.66

Close 1,351.18 Listed cap 95,369.29 mn Payout (%) 104.13

Change -6.92 Market cap 104,318.13 mn Div Yield (%) 7.41

Close Chg

Volume

Last 60 days High Low

0.61 37.64 1.30 2.50 17.52 3.25 41.18 15.76 17.12 17.00 1.64 0.66

8550 668408 171311 197113 2220 14879 279825 127552 220504 500 32309 2000

0.98 41.20 1.89 3.52 20.99 5.38 45.85 18.01 18.70 19.25 2.39 1.31

-0.04 -0.19 -0.07 -0.03 -0.40 0.25 0.08 -0.23 -0.05 0.00 -0.04 -0.06

9.51 26.60 61.30 8.90 3.11 32.25 11.72 88.11 56.00 13.80 10.10 6.20 8.85 6.01 5.50 1.68

0.55 35.90 1.25 2.31 16.00 2.45 40.26 14.05 14.85 16.40 1.41 0.31

% Change -0.51 5-Day High 1,358.10 5-Day Low 1,333.92

2010 Div BR (%) (%) 50 15 50 20 -

2011 Div BR (%) (%)

- 25.00 7.8R - 10.00 - 30.00 -

Open 769.04 Turnover 5,128 P/E (x) 5.47 Paid up Cap(mn)

Company EFU Life Assurance

PE

850 14.29

Open 60.36

High 61.45

High Low 779.49 767.79 Total cos Defaulter cos 4 P/BV (x) ROE (%) 1.86 3.85

Company Sui North Gas Sui South Gas

Low 59.99

Close Chg 61.00 0.64

Change 5.13 Market cap 9,062.85 mn Div Yield (%) 7.37

Last 60 days High Low

Volume 5118

79.80

High Low 1,417.88 1,385.78 Total cos Defaulter cos 2 P/BV (x) ROE (%) 1.04 11.41

Close 1,392.74 Listed cap 12,202.80 mn Payout (%) 66.79

Change -16.56 Market cap 31,146.94 mn Div Yield (%) 7.36

PE

Open

High

Low

Close Chg

Volume

5491 11.67 8390 3.64

20.20 24.30

20.37 24.40

19.75 24.01

19.84 -0.36 24.14 -0.16

115330 102954

29.39 27.90

19.11 21.16

% Change -1.17 5-Day High 1,409.30 5-Day Low 1,392.74

2010 Div BR (%) (%) 20 15

2011 Div BR (%) (%)

25B

-

-

BANKS Performance of SR Banks Index

Paid up Cap(mn)

Company

PE

Open

Allied Bank Ltd.XDXB Askari Bank XB Bank Alfalah Bank AL-HabibXDXB Bank Of Khyber Bank Of Punjab BankIslami Pak Faysal Bank Habib Bank LtdXDXB

8603 5.61 60.74 7070 5.96 12.33 13492 7.27 9.85 8786 5.90 29.32 5004 3.72 4.23 5288 5.99 5280 41.22 3.77 7327 6.65 11.50 11021 6.98 109.13 Habib Metropolitan Bank XB 10478 6.02 19.67 JS Bank Ltd 8150 2.72 KASB Bank Ltd 9509 1.45 MCB Bank LtdXDXB 8362 9.35 205.71 Meezan Bank XB 8030 7.20 17.00 Mybank Ltd 5304 1.91 National BankXDXB 16818 4.98 57.36 NIB Bank 40437 2.03 Samba Bank 14335 1.67 Silkbank Ltd 26716 2.11 Soneri Bank 6023 29.90 6.02 Stand Chart Bank XD 38716 8.74 8.46 Summit Bank Ltd 7251 2.55 United Bank Ltd XD 12242 7.23 61.24

High

High Low Close 1,165.10 1,138.26 1,151.29 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.02 13.94 40.49 Low

Close Chg

60.50 59.02 59.43 -1.31 12.58 12.17 12.52 0.19 10.05 9.70 9.82 -0.03 29.90 28.90 29.03 -0.29 4.20 4.15 4.20 -0.03 6.13 5.96 5.99 0.00 3.79 3.71 3.71 -0.06 11.55 10.65 10.84 -0.66 112.74 108.12 111.67 2.54 19.80 19.50 19.70 0.03 2.85 2.70 2.80 0.08 1.49 1.32 1.34 -0.11 208.50 205.70 207.54 1.83 17.25 17.00 17.00 0.00 2.10 2.00 2.10 0.19 57.95 56.95 57.02 -0.34 2.15 2.01 2.09 0.06 1.71 1.68 1.71 0.04 2.15 2.07 2.09 -0.02 6.71 6.05 6.28 0.26 8.49 8.15 8.30 -0.16 2.98 2.50 2.91 0.36 61.70 60.80 61.50 0.26

Volume

Change 4.91 Market cap 675,448.98 mn Div Yield (%) 5.56

Last 60 days High Low

230826 74.00 558374 19.25 1156687 11.99 578544 39.49 12947 4.65 665367 10.23 34719 4.50 362646 16.40 416712 131.00 20504 29.10 179308 3.16 346574 2.60 853056 250.48 89678 20.30 41506 3.40 2721309 81.78 1469310 3.35 20779 2.12 493827 3.05 472965 8.00 21947 9.90 647525 4.63 223403 70.39

57.00 12.13 8.75 26.95 3.30 5.95 3.06 10.65 104.16 18.50 2.30 1.32 192.20 16.26 1.70 54.85 1.90 1.50 2.02 5.00 6.28 2.36 56.70

% Change 0.43 5-Day High 1,151.29 5-Day Low 1,111.46

2010 Div BR (%) (%)

-

-

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 760.20 Turnover 2,911,320 P/E (x) 12.99 Paid up Cap(mn)

Company Adamjee Insurance

High Low 772.80 753.38 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.68 5.20

Close 758.36 Listed cap 11,111.34 mn Payout (%) 79.54

Change -1.85 Market cap 48,545.64 mn Div Yield (%) 6.12

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1237 17.78

74.55

75.24

73.82

74.51 -0.04

809933

96.40

68.92

% Change -0.24 5-Day High 760.20 5-Day Low 739.14

2010 Div BR (%) (%) 25

2011 Div BR (%) (%)

-

-

-

Symbols BUXL

51.31

2010 Div BR (%) (%) 50

Paid up Cap(mn)

PE

Open

High

High Low 338.42 327.49 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.22 0.91 Low

Close Chg

Volume

AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Equities

225 1.06 360 3.85 450 16.67 3750 4.96 250 506.67 First Credit & Invest Bank Ltd 650 IGI Investment Bank 2121 9.09 Invest and Fin Sec 600 4.85 Invest Bank 2849 Ist Cap Securities 3166 Ist Dawood Bank 626 0.83 Jah Siddiq Co 7633 JOV and CO 508 767.50 JS Global Cap 500 6.41 JS Investment 1000 KASB Securities 1000 7.49 Orix Leasing 821 4.10 Pervez Ahmed Sec 775 3.85 Saudi Pak Leasing 452 Sec Inv Bank 514 13.42 Stand Chart Leasing 978 3.39 Trust Inv Bank 586 0.56

0.60 23.49 20.87 25.82 1.52 3.25 2.00 6.40 0.50 3.09 1.52 8.72 3.10 22.03 5.85 4.67 5.90 1.84 0.94 2.65 2.87 2.00

0.59 23.59 21.20 25.94 1.90 3.37 2.14 6.10 0.67 3.15 1.68 8.70 3.32 22.31 6.00 4.88 6.09 1.89 0.87 2.55 2.84 2.00

0.50 22.61 20.30 25.30 1.46 3.32 2.00 6.00 0.40 3.01 1.58 8.55 3.05 22.00 5.66 4.50 5.60 1.81 0.60 2.50 2.51 2.00

0.51 22.61 20.34 25.42 1.52 3.33 2.00 6.01 0.50 3.06 1.58 8.56 3.07 22.31 5.77 4.57 5.91 1.85 0.84 2.55 2.51 2.00

-0.09 -0.88 -0.53 -0.40 0.00 0.08 0.00 -0.39 0.00 -0.03 0.06 -0.16 -0.03 0.28 -0.08 -0.10 0.01 0.01 -0.10 -0.10 -0.36 0.00

128117 15513 5368 2476046 5230 9000 9785 7905 11882 30162 23000 528426 52528 6982 127334 10712 1647 20514 716 798 8502 1500

0.93 24.86 28.00 30.20 2.75 4.45 2.99 8.98 1.09 3.79 2.00 12.80 4.49 31.50 7.40 5.43 6.75 2.49 0.97 4.20 3.00 2.00

0.33 17.55 18.31 18.75 1.06 2.30 1.90 5.15 0.31 2.90 1.24 8.01 2.58 20.80 5.00 3.75 5.25 1.21 0.41 2.27 1.67 0.61

30 11.5 10 -

Paid up Cap(mn)

Company

PE

1st Fid Leasing 264 Allied Rental 600 4.11 AL-Meezan Mutual F.XD 1375 4.10 AL-Noor Modaraba 210 2.01 Asian Stocks 900 1.14 Atlas Fund of Funds 525 1.78 Constellation Modaraba 65 1.62 Crescent St Modaraba 200 1.34 Equity Modaraba 524 1.01 First Capital Mutual F. 300 5.30 First Dawood Mutual F. 581 0.74 Golden Arrow 760 1.46 H B L Modaraba 397 3.67 Habib Modaraba 1008 6.51 JS Growth Fund 3180 2.40 JS Value Fund 1186 1.30 KASB Modaraba 283 1.86 Meezan Balanced Fund 1200 2.66 Mod Al-Mali 184 10.60 NAMCO Balanced Fund 1000 2.01 Nat Bank Modaraba 250 6.88 Pak Modaraba 125 1.67 PICIC Energy Fund XD 1000 3.02 PICIC Growth Fund XD 2835 3.70 PICIC Inv Fund XD 2841 2.84 Prud Modaraba 1st 872 1.85 Punjab Modaraba 340 Stand Chart Modaraba 454 5.04 Tri-Star Mutual 50 0.77 U D L Modaraba XD 264 2.11

Open 1.41 18.19 10.25 3.25 3.50 6.79 1.20 0.52 1.80 2.12 2.10 3.29 7.92 7.53 6.06 5.50 2.96 9.16 1.30 4.74 5.93 0.90 7.35 12.40 5.39 1.00 1.36 9.95 1.01 6.50

High 1.70 18.50 10.32 3.48 4.50 6.71 1.47 0.59 1.89 3.05 2.28 3.28 8.00 7.55 6.25 5.54 2.98 9.25 1.39 4.95 6.18 1.09 7.39 12.40 5.40 1.00 1.39 9.89 1.19 6.70

Low 1.30 18.49 10.15 3.31 4.50 6.70 1.20 0.39 1.62 3.00 1.86 3.15 7.32 7.50 6.20 5.40 2.98 9.20 1.06 4.02 5.00 0.90 7.26 12.35 5.19 0.95 0.50 9.60 1.00 5.70

Close Chg 1.30 18.49 10.16 3.46 3.50 6.70 1.20 0.59 1.65 2.12 2.16 3.18 7.48 7.55 6.25 5.40 2.98 9.24 1.06 4.34 5.78 0.90 7.30 12.36 5.23 0.96 1.36 9.87 1.15 5.87

-0.11 0.30 -0.09 0.21 0.00 -0.09 0.00 0.07 -0.15 0.00 0.06 -0.11 -0.44 0.02 0.19 -0.10 0.02 0.08 -0.24 -0.40 -0.15 0.00 -0.05 -0.04 -0.16 -0.04 0.00 -0.08 0.14 -0.63

Close 1,460.56 Listed cap 29,771.58 mn Payout (%) 104.74

Last 60 days High Low

Volume 5641 501 9761 3936 301 67001 6010 8405 1555 300 3001 19740 6920 6110 109910 55198 1000 25164 1716 60105 7000 8384 71128 8000 24003 8976 157 17427 1610 600

2.35 18.50 11.50 3.50 5.50 6.97 1.99 0.80 2.98 5.10 2.57 3.89 9.00 7.79 6.47 6.61 3.50 10.24 2.50 5.28 7.00 1.49 8.83 16.49 7.95 1.20 1.99 10.63 1.93 7.25

1.16 15.00 8.26 2.85 3.00 4.25 0.90 0.39 1.44 1.95 1.79 2.92 6.81 6.65 4.65 4.20 1.52 7.31 1.00 2.92 4.80 0.85 6.60 12.00 5.10 0.80 0.50 9.25 0.60 5.67

22.5 18.5 5 8.2 2.2 1.2 17 11 21 5 10 2.8 15.5 15 10 3 10 20 10 3 1 17 12.5

100

0.00

100

0.00

100

HINO

110.20

115.58

113.00

110.20

0.00

HAJT

0.50

0.80

0.60

0.50

0.00

81

39.63

41.59

39.71

39.63

0.00

66

2.75

3.13

3.00

2.75

0.00

61

AKDCL FECM

94

JOPP

7.93

7.69

7.69

7.93

0.00

60

ISIL

82.13

84.17

78.10

82.13

0.00

55

PIL

11.60

11.60

11.60

11.60

0.00

51

MSOT

18.80

18.21

18.21

18.80

0.00

49

JVDC

60.50

60.98

57.50

60.50

0.00

48

STCL

7.54

7.00

7.00

7.54

0.00

43

0.40

0.00

114.00

112.23

111.52

0.00

27

196.00

194.99

193.41

0.00

26

BATA

510.00

515.00

507.10

510.00

0.00

21

ELSM

26.56

27.69

27.69

26.56

0.00

20

2011 Div BR (%) (%) -

-

2011 Div BR (%) (%)

20B 20B 10B -

-

-

% Change -0.50 5-Day High 1,467.91 5-Day Low 1,448.41

2010 Div BR (%) (%)

Vol

0.00

9.38

111.52

% Change -1.49 5-Day High 334.83 5-Day Low 329.01

Change -7.35 Market cap 18,764.59 mn Div Yield (%) 7.59

Change

9.00 65.56

193.41

Performance of SR Equity Investment Instruments Index High Low 1,495.65 1,455.88 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.47 2.21

Close

9.00 68.50

EXIDE

EQUITY INVESTMENT INSTRUMENTS Open 1,467.91 Turnover 539,723 P/E (x) 21.45

9.69

9.00

2011 Div BR (%) (%)

- 5.00 - 10.00 - 12.50 - 7.50 - 7.50

-

0.40

0.43

0.31

27

IDSM

9.25

9.50

8.30

9.25

0.00

MDTL

19.00

19.99

18.00

18.50

-0.50

SMTM

5.45

6.30

4.45

5.45

0.00

11

COLG

759.03

729.00

721.08

729.00

-30.03

10

EWLA

1.50

1.90

1.90

1.50

0.00

10

IDYM

309.00

322.49

322.49

309.00

0.00

10

OLSM

SJTM

2010 Div BR (%) (%)

Low

9.69 68.50

SANSM

Last 60 days High Low

High

9.38 65.56

SAPT

-

Change -5.00 Market cap 15,745.91 mn Div Yield (%) 4.19

9.00

SHJS

OLTM

Close 329.83 Listed cap 30,336.44 mn Payout (%) 99.56

Open

FPRM

TICL

Open 334.83 Turnover 996,622 P/E (x) 11.48

2011 Div BR (%) (%)

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

UPTO 100 VOLUME

% Change 0.67 5-Day High 774.17 5-Day Low 766.99

Performance of SR Financial Services Index

Company

Last 60 days High Low

Open 1,146.38 Turnover 10,970,988 P/E (x) 7.28

25R -

MUKT

Close 774.17 Listed cap 2,290.72 mn Payout (%) 355.53

Performance of SR Gas Water and Multiutilities Index

Paid up Cap(mn)

-

FINANCIAL SERVICES

-

GAS WATER AND MULTIUTILITIES Open 1,409.30 Turnover 218,284 P/E (x) 9.08

-10B 25R - 20B 25 50B 12.5 25 12.5B 30 55B 35 25B - 12.5B - 15B - 24B -

Performance of SR Life Insurance Index

High Low 1,375.87 1,347.47 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.31 9.35

PE

1300 11.80 6618 42.90 3091 115.90 18756 11.99 501 6.30 10510 45.00 154775 15.50 9355 102.44 1614 70.70 1803611 19.40 37356 13.27 792 8.25 6321 14.20 1680 8.20 29723 7.90 15333 4.00

LIFE INSURANCE

ELECTRICITY Performance of SR Electricity Index Open 1,358.10 Turnover 1,725,175 P/E (x) 14.06

10.95 10.90 10.94 -0.06 28.00 27.75 27.75 -0.39 115.90 111.00 111.31 0.45 10.48 9.75 10.25 -0.05 4.48 4.00 4.00 -0.24 35.10 34.02 34.10 -0.82 14.84 13.75 13.87 -0.06 102.00 99.62 99.99 -0.01 70.00 69.80 69.88 1.84 18.84 18.20 18.31 -0.15 12.40 11.33 11.72 -0.27 7.74 7.41 7.49 -0.51 13.99 13.25 13.98 0.99 6.80 6.75 6.80 -0.37 7.70 7.30 7.70 1.00 3.24 2.50 2.93 0.69

1.70

1.70

1.70

12 11

1.70

0.00

10

1.00

1.25

1.25

1.00

0.00

10

12.20

11.91

11.91

12.20

0.00

10

1.00

1.88

1.88

1.00

0.00

10

59.20

62.15

62.15

59.20

0.00

10

950.00

941.00

940.00

950.00

0.00

10

46.50

46.00

46.00

46.50

0.00

5

FZTM

389.44

369.97

369.97

389.44

0.00

5

PMPK

245.19

245.00

233.03

245.19

0.00

3

ALTN

9.00

9.00

9.00

9.00

0.00

2

DWSM

3.25

3.22

3.15

3.25

0.00

2

FIBLM

1.62

1.50

1.50

1.62

0.00

2

GRAYS

45.93

47.00

46.99

45.93

0.00

2

ILTM

210.50

221.02

221.02

210.50

0.00

2

SGPL

0.60

1.00

0.52

0.60

0.00

2

SHCM

13.90

14.51

12.90

13.90

0.00

2

SIEM

1051.00

UPFL

WYETH BCL

1099.00

1025.01

1051.00

1200.21

1199.00

1142.09

1200.21

0.00

2

ZTL

3.99

3.99

3.20

3.99

0.00

2

ALQT

9.75

8.90

8.90

9.75

0.00

0.00

1

2

CSUML

3.01

2.60

2.60

3.01

0.00

1

DCM

1.29

1.75

1.75

1.29

0.00

1

FECS

37.85

39.74

39.74

37.85

0.00

1

KSBP

49.83

51.95

51.95

49.83

0.00

1

PASM

13.35

14.00

14.00

13.35

0.00

1

PGCL

16.42

16.79

16.79

16.42

0.00

1

TATM

40.00

42.00

42.00

40.00

0.00

Symbols

Open

1

FUTURE CONTRACTS High

Low

Close

Change -0.45

Vol

NBP-APR

57.96

58.49

57.41

57.51

POL-APR

329.41

331.00

327.20

327.92

-1.49

537500

FFBL-APR

41.88

42.25

41.60

41.72

-0.16

752500 500000

FFC-APR

136.39

139.75

135.88

139.00

2.61

324000

ENGRO-APR 208.03

209.70

207.30

207.74

-0.29

312500

DGKC-APR

26.05

26.39

25.80

25.95

-0.10

204000

MCB-APR

207.13

208.85

207.50

207.89

0.76

161500

LUCK-APR

68.82

69.44

67.71

68.00

-0.82

159500

PPL-APR

210.71

213.50

210.50

212.05

1.34

140500

ATRL-APR

126.18

127.00

124.55

124.88

-1.30

87000

NML-APR

66.02

66.25

65.30

65.49

-0.53

67500

UBL-APR

61.50

62.10

62.00

62.01

0.51

19000

HUBC-APR

37.84

37.84

37.84

37.84

0.00

12000

17.20

17.20

17.10

17.10

-0.10

4000

PTC-APR

MTS LEVERAGE POSITION Symbol AHCL AKBL ANL ATRL DGKC ENGRO FFBL FFC LOTPTA LUCK MCB NBP NML OGDC PAKRI POL PPL PTC SSGC TOTAL

Total Volume 202,000 12,000 101,100 150,767 2,000 577,800 518,300 17,000 2,914,000 258,800 10,000 31,905 20,070 500 1,000 200,400 10,000 25 90,000 5,117,667

Total Value 3,769,613 110,970 661,895 13,781,076 38,520 88,966,724 16,110,844 1,695,739 34,909,826 12,890,179 1,555,500 1,365,370 972,020 50,738 12,773 48,553,781 1,567,875 316 1,638,225 228,651,981

MTS Rate 20 19 20 21 17 18 18 17 15 15 18 18 15 17.49

BOARD MEETINGS

Fauji Fertiliser Bin Qasim Ltd

KSE 100 INDEX

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

Brokerage House

Leverage Position

50.97

Support 1

11,774.25

11,692.94

Support 2

11,738.95

11,635.70

Resistance 1

11,866.05

MA (100-day)

11,794.33

Resistance 2

11,922.60

MA (200-day)

10,907.05

Pivot

11,830.75

Target Price

Recommendations

37

Sell

Arif Habib Ltd

Accumulate

AKD Securities Ltd

60.4

Neutral

TFD Research

92.3

Arif Habib Ltd AKD Securities Ltd

45.52

TFD Research

44.25

Leverage Position

RSI (14-day) 55.07 MTS Shares 518,300 MA (10-day) 40.19 MTS Rs 16,110,844 38.33 MTS Rate 17.54 KSE 100 INDEX closed up 0.93 points at 11,809.54. Volume was 42 MA (100-day) MA (200-day) 33.28 ** NOI Rs (mn) 75.44 per cent below average and Bollinger Bands were 6 per cent narrowFree Float Shares (mn)326.94 Free Float Rs (mn) 13,541.79 er than normal. As far as resistance level is concern, the market will Target price for Dec-11 & **Net Open Interest in future market see major 1st resistance level at 11,866.05 and 2nd resistance level FFBL closed down -0.20 at 41.42. Volume was 54 per cent below at 11,922.60, while Index will continue to find its 1st support level at average (consolidating) and Bollinger Bands were 39 per cent wider 11,774.25 and 2nd support level at 11,738.95. than normal. KSE 100 INDEX is currently 8.3 per cent above its 200-day moving FFBL is currently 24.4 per cent above its 200-day moving average average and is displaying a downward trend. Volatility is extremely and is displaying a downward trend. Volatility is high as compared to low when compared to the average volatility over the last 10 trading the average volatility over the last 10 trading sessions. Volume indisessions. Volume indicators reflect moderate flows of volume into cators reflect volume flowing into and out of FFBL at a relatively INDEX (mildly bullish). Trend forecasting oscillators are currently equal pace. Trend forecasting oscillators are currently bearish on bearish on INDEX. FFBL.

Brokerage House

Brokerage House

Target Price

Recommendations

144

Buy

Arif Habib Ltd

Reduce

AKD Securities Ltd

Neutral

TFD Research

AKD Securities Ltd

120.7

TFD Research

129.4

Technical Analysis

Leverage Position

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

60.18 MTS Shares 17,000 131.05 MTS Rs 1,695,739 128.77 MTS Rate 117.75 ** NOI Rs (mn) 47.88 Free Float Shares (mn)466.49 Free Float Rs (mn) 64,319.28 Target price for Dec-11 & **Net Open Interest in future market

Recommendations

224

TFD Research

86.15

Positive

Technical Outlook

Leverage Position

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

25.42 62.82 72.13 68.88 Free Float Shares (mn)398.12

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

31,905 1,365,370 15.00 111.94 22,700.94

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

Technical Analysis

NBP is currently 17.2 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect

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

53.54 MTS Shares 258,800 65.48 MTS Rs 12,890,179 71.67 MTS Rate 17.12 69.84 ** NOI Rs (mn) 162.43 Free Float Shares (mn)129.35 Free Float Rs (mn) 8,728.54 Target price for Dec-11 & **Net Open Interest in future market

age and Bollinger Bands were 5 per cent narrower than normal. LUCK is currently 3.4 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average

volume flowing into and out of NBP at a relatively equal pace. Trend fore- volatility over the last 10 trading sessions. Volume indicators reflect modcasting oscillators are currently bearish on NBP. Momentum oscillator is cur- erate flows of volume into LUCK (mildly bullish). Trend forecasting oscillarently indicating that NBP is currently in an oversold condition.

Brokerage House

tors are currently bullish on LUCK.

Pakistan Petroleum Ltd

Brokerage House

Target Price

Target Price

Recommendations

359

Buy

Arif Habib Ltd

254.9

Neutral

TFD Research

246.65

Arif Habib Ltd AKD Securities Ltd

322.42

245.4

Positive

TFD Research

363.65

Positive

Leverage Position

Leverage Position

NBP closed down -0.34 at 57.02. Volume was 41 per cent below average LUCK closed down -0.55 at 67.48. Volume was 73 per cent above averand Bollinger Bands were 297 per cent wider than normal.

Neutral

45.54 MTS Shares 577,800 201.00 MTS Rs 88,966,724 202.32 MTS Rate 16.62 190.26 ** NOI Rs (mn) 152.74 Free Float Shares (mn)176.98 Free Float Rs (mn) 36,418.51 Target price for Dec-11 & **Net Open Interest in future market

Buy

AKD Securities Ltd

Positive

Buy

Technical Analysis

Buy

Arif Habib Ltd

Accumulate

195.41

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

Recommendations

97.1 87.61

Buy

Pakistan Oilfields Ltd

Target Price

Target Price

Recommendations

68

Technical Analysis

Technical Outlook

Technical Outlook

Brokerage House

Target Price

Technical Outlook

Engro Corporation

Fauji Fertiliser Co

Arif Habib Ltd

Brokerage House

Technical Outlook Technical Analysis

Lucky Cement Ltd

National Bank of Pakistan

Technical Analysis

Leverage Position

56.85 MTS Shares 200,400 320.88 MTS Rs 48,553,781 301.96 MTS Rate 18.00 265.15 ** NOI Rs (mn) 333.67 Free Float Shares (mn)107.94 Free Float Rs (mn) 35,091.18 Target price for Dec-11 & **Net Open Interest in future market

Buy Positive

Technical Outlook

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

Recommendations

Technical Analysis

Leverage Position

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

56.97 MTS Shares 10,000 206.02 MTS Rs 1,567,875 208.40 MTS Rate 15.00 200.24 ** NOI Rs (mn) 40.60 Free Float Shares (mn)247.66 Free Float Rs (mn) 52,358.71 Target price for Dec-11 & **Net Open Interest in future market

FFC closed up 2.60 at 137.88. Volume was 4 per cent above average and ENGRO closed up 0.02 at 205.78. Volume was 28 per cent below average POL closed down -1.69 at 325.09. Volume was 32 per cent below average PPL closed up 1.61 at 211.41. Volume was 20 per cent above average and Bollinger Bands were 43 per cent narrower than normal.

and Bollinger Bands were 154 per cent wider than normal.

and Bollinger Bands were 58 per cent narrower than normal.

Bollinger Bands were 38 per cent narrower than normal.

FFC is currently 17.1 per cent above its 200-day moving average and is ENGRO is currently 8.2 per cent above its 200-day moving average and is POL is currently 22.6 per cent above its 200-day moving average and is PPL is currently 5.6 per cent above its 200-day moving average and is disdisplaying an upward trend. Volatility is extremely low when compared to displaying a downward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is extremely low when compared to playing an upward trend. Volatility is extremely low when compared to the the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect mod- the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into FFC (mildly bullish). Trend forecast- erate flows of volume into ENGRO (mildly bullish). Trend forecasting oscil- reflect moderate flows of volume into POL (mildly bullish). Trend forecast- reflect moderate flows of volume into PPL (mildly bullish). Trend forecasting oscillators are currently bullish on FFC.

lators are currently bearish on ENGRO.

ing oscillators are currently bullish on POL.

ing oscillators are currently bullish on PPL.a

Company

Date

Time

Premier Insur Ltd Babri Cotton Mills Ltd Pak ReInsur Comp Ltd The Universal Insur Co Ltd Janana De Mal Ltd Bannu Woollen Mills Ltd Asian Insur Comp Ltd Salman Noman Enterprises Ltd Kasb Bank Ltd Shaheen Insur BMA Savings Fund BMA Cash Fund Pak ReInsur Comp Ltd Pak Oman Advantage Pak Oman Advantage Pak Oman Advantage Pak Oman Advantage Fund Al-Noor Sugar Mills Ltd Atlas Income Fund

01-Apr 02-Apr 02-Apr 02-Apr 02-Apr 02-Apr 04-Apr 04-Apr 04-Apr 05-Apr 05-Apr 05-Apr 05-Apr 05-Apr 05-Apr 05-Apr 05-Apr 07-Apr 07-Apr

11:00 4:00 2:00 11:30 2:30 3:00 11:00 2:30 11:30 10:00 11:30 11:30 2:00 12:15 12:15 12:15 12:15 10:30 12:00

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

RSI 1st 2nd (14-day) Support 47.39 2.50 2.45 41.25 58.80 58.15 55.38 52.00 51.55 61.16 25.15 24.90 42.50 20.00 19.70 41.59 73.80 73.10 29.49 12.25 12.00 38.89 8.55 8.50 57.94 363.50 359.90 56.23 122.55 121.35 50.46 9.65 9.50 55.54 3.70 3.65 24.14 5.95 5.85 42.88 1.60 1.55 58.16 25.50 25.30 45.09 2.65 2.60 46.30 2.00 1.95 37.31 33.70 33.35 53.58 60.15 59.35 45.58 204.55 203.35 29.63 10.45 10.10 49.88 4.15 4.10 55.08 41.10 40.75 60.24 135.75 133.60 44.97 108.95 106.20 46.33 37.35 37.05 59.40 164.35 163.55 23.34 205.90 201.45 42.42 3.00 2.90 37.80 1.25 1.20 51.67 2.70 2.65 44.21 8.50 8.45 43.76 40.95 40.75 40.36 2.50 2.45 57.74 16.00 15.85 53.41 66.90 66.35 47.00 206.00 204.45 55.63 2.35 2.30 25.46 56.65 56.30 61.29 28.45 28.25 61.76 23.85 23.70 41.20 2.00 1.95 58.45 2.75 2.55 54.66 64.30 63.65 25.74 134.75 133.85 56.59 3.05 2.95 45.71 1.80 1.75 46.31 2.55 2.50 52.36 6.00 5.85 56.81 323.20 321.35 56.88 209.70 207.95 63.31 68.20 66.95 47.24 275.50 273.50 37.04 16.90 16.80 65.42 213.50 211.80 36.67 19.60 19.35 70.85 18.35 18.00 47.20 23.95 23.80 36.99 1.75 1.70 46.32 2.95 2.90 50.42 60.95 60.45 49.49 2.45 2.40

1st

2nd

Resistance 2.65 2.75 60.30 61.15 52.90 53.35 25.80 26.20 20.90 21.50 75.20 75.95 12.65 12.85 8.75 8.90 370.35 373.60 125.55 127.40 10.00 10.20 3.80 3.85 6.10 6.20 1.75 1.80 26.05 26.40 2.80 2.90 2.10 2.15 34.80 35.50 61.65 62.25 207.70 209.65 11.35 11.90 4.30 4.40 41.90 42.40 139.40 140.90 113.55 115.45 38.15 38.65 166.60 168.05 214.35 218.45 3.25 3.40 1.40 1.45 2.85 2.95 8.65 8.75 41.40 41.65 2.60 2.65 16.40 16.60 68.30 69.15 208.80 210.05 2.50 2.55 57.65 58.30 29.00 29.30 24.30 24.60 2.15 2.20 3.15 3.35 65.95 66.85 137.15 138.60 3.25 3.40 1.90 1.95 2.70 2.75 6.20 6.35 327.95 330.85 213.25 215.05 71.80 74.15 280.50 283.50 17.10 17.25 217.40 219.60 20.25 20.60 19.10 19.45 24.35 24.55 1.95 2.10 3.10 3.15 61.85 62.25 2.65 2.70

Pivot 2.60 59.65 52.45 25.55 20.60 74.50 12.40 8.70 366.75 124.40 9.85 3.75 6.05 1.70 25.85 2.75 2.05 34.40 60.80 206.50 11.00 4.25 41.60 137.25 110.85 37.85 165.80 209.95 3.15 1.35 2.80 8.60 41.20 2.55 16.25 67.75 207.25 2.40 57.30 28.80 24.15 2.10 2.95 65.25 136.20 3.15 1.85 2.60 6.10 326.10 211.50 70.55 278.50 17.05 215.70 20.00 18.70 24.20 1.90 3.05 61.35 2.55


8

Friday, April 01, 2011

Taiwan Central Bank Raises Key Interest Rates 12.5bps

China's Agricultural Bank says 2010 profit $14.6bn

Meezan Bank holds 15th AGM

Al Meezan announces dividend

Shabbir Kazmi KARACHI: The 15th Annual General Meeting (AGM) of Meezan Bank was held at Karachi. The shareholders approved issue of 15 per cent bonus shares. This will increase the Bank's paid up capital to Rs8 billion, the minimum paid up capital requirement set by State Bank of Pakistan's minimum capital requirement for CY11, a year in advance. Irfan Siddiqui (President and CEO) chaired the meeting. Representatives of major shareholders of Meezan Bank i.e. Noor Financial Investment Company Kuwait, Pakistan Kuwait Investment Company and Islamic Development Bank, Jeddah, were also present. Irfan Siddiqui informed the shareholders that Meezan Bank recorded 61per cent growth in its profit after tax for CY10 to Rs1,650 million (EPS: RS2.36) compared to Rs1,025 million (EPS: Rs1.62) for the previous year. The performance of the Bank remained outstanding in all the areas of its business activities especially deposits that grew to Rs131 billion from Rs 100 billion, growth of 31 per cent. The growth in deposits can be attributed to aggressive branch expansion plan initiated since 2008. Meezan Bank now operates 222 branches across 63 cities of Pakistan.

NIB Bank, Western Union ink agreement for home remittance Staff Reporter

Staff Reporter

MANAMA: People use an ATM marchin in the traditional souq an hour before curfew starts in Manama. -Reuters

BAFL posts Rs5.6bn pre-tax profit for 2010 Ghulam Raza Rajani KARACHI: Bank Alfalah Limited (BAFL) has posted a profit before provision and taxation of Rs5.604 billions during 2010. This announcement was made at the 19th AGM (Annual General Meeting) of the bank held at PC Hotel, Karachi. The meeting was chaired by Abdullah Khalil Al Mutawa in the absence of Sheikh Hamdan Bin Mubarak Al Nahayan. Other Board members who attended were Khalid Mana Saeed Al Otaiba, Ikram Ul Majeed Sehgal, Nadeem Iqbal Sheikh, and Sirajuddin Aziz (C.E.O). Amongst the Executive staff of the bank, Hamid Ashraf, Company

Secretary and Zahid Ali H. Jamall - Chief Financial Officer were present on the occasion. The deposit base grew by 9.01 per cent to Rs354.015 billion as compared to the previous year. The gross advances figure stood at Rs18.432 billion. The foreign trade figures stood at Rs254.705 billion for imports and Rs132.277 billion for exports as of December 31st 2010. Bank Alfalah opened 65 new branches, including 14 subbranches, in 2010 taking the total network to 386 branches including 18 sub-branches. Besides Pakistan, bank has branches in Afghanistan, Bangladesh, a WBU in Bahrain and a Representative Office in

UAE. Bank's ATM network includes 315 state-of-the-art ATMs across the network. The Islamic Banking business recorded an increase of 38.26 per cent in profit before tax to Rs969.953 million from Rs701.548 million in 2009. Currently, there are 17 players in the market including dedicated Islamic Banks and Islamic Banking windows of Commercial Banks. The Islamic Banking operation of Bank Alfalah Ltd is now the second largest in Pakistan. Bank Alfalah has also launched Bancassurance Services at selected branches in Karachi, Lahore, Rawalpindi, Islamabad, Peshawar, Abbottabad and Sargodha.

SCB-CDC plans to support AMCs integrated end-to-end electronic platform across cash, trade, foreign exchange and securities services. It offers a single point of access for transactions, hedging and information needs, allowing customers to streamline their workflow processes. Straight2bank is scalable according to customer need for product simplicity or sophistication, and can be adapted for a corporation or financial institution Commenting on this occasion, Mohsin Nathani, Chief Executive, SCB said, "Standard Chartered, consistent with our brand promise of being Here for good for our clients, offers banking solutions and products that greatly enhance our clients' operational efficiency. The bank is keen on building long term partnerships with its clients by offering banking solutions

KARACHI: Al Meezan Investment Management (Al Meezan) has announced the third interim dividends for its three fixed income funds namely Meezan Sovereign Fund (MSF), Meezan Islamic Income Fund (MIIF) and Meezan Cash Fund (MCF). The payouts are in the form of Bonus Units to the Growth Unit holders and Cash Dividend to the Income Unit holders. A Growth Unit holder having 100 units of MSF as at March 28, 2011 will get 4.1992 additional units at the ex-dividend NAV of Rs50.01 while an Income Unit holder will get Cash Dividend of Rs2.10 per unit. MSF is the first Shariah compliant open end government securities fund in Pakistan. The annualized return for the period from January 01 to March 28, 2011 was 11.77 per cent. The current net assets of MSF are Rs10,159 million. A Growth Unit holder having 100 units of MIIF as at March 28, 2011 will get 3.486 additional units at the ex-dividend NAV of Rs50.20 while an Income Unit holder will get Cash Dividend of Rs1.75 per

National Bank eyeballs NPLs KARACHI: National Bank of Pakistan (NBP) will focus on the reduction of non-performing loans (NPLs) and technology upgradation. This was stated by the acting president NBP Qamar Hussain while speaking in the 62nd annual general meeting (AGM) held here. Highlighting the future strategies of NBP, he said that the bank will also focus on low cost deposits and increase in fee based income "There are a number of projects in the pipeline to upgrade the IT infrastructure of the bank", he added. The financial controller said that NBP has become the first Pakistani bank to surpass the Rs 1 trillion

that help add value to their businesses. We believe that this product offering to CDC will go a long way in helping CDC further streamline their business operations through efficient and secure cash management solutions" Commenting on the agreement, Muhammad Hanif Jakhura, Chief Executive Officer, CDC said, "This is yet another leap towards providing efficient solutions to our clients by passing the advantage of automation and straight-through-processing. I congratulate both Standard Chartered and CDC teams who have really worked hard to accomplish this landmark achievement. I hope that this agreement between our two TFD Report organisations will further strengthen our relationship enabling us to provide even KARACHI: In order to pay better & efficient solutions tribute to the legendary poet Faiz Ahmed Faiz on his 100th for our clients." Birth Anniversary, KASB Bank Limited has taken another initiative of releasing the second album of his poetry. The first album was released in 1975, about 36 years ago. The new album contains 17 ghazals and poems of Faiz sung by famous female vocalist Nayyara Noor while famous musician Arshad Mahmood has composed the music. Both artistes are also famous for rendering Faiz's poetry in a befitting manner. A few ghazals and poems, in the voice of Faiz Sahib are also part of the album. The ceremony was held at KARACHI: (L-R) Nadeem Iqbal Sheikh, Ikram ul Majeed Sehga, Abdullah Khalil Al Mutawa, Pearl Continental Hotel. CEO Bank Alfalah Sirajuddin Aziz, Zahid Ali, H. Jamal and Hamid Ashraf seet at the Muneer Kamal, Vice Chairman, KASB Finance and 19th Annual General Meeting of Bank Alfalah Limited. -Staff Photo Qutubudding

KARACHI: Bank has signed an agreement with Western Union, a worldwide leader in money transfer services for fast transfer of home remittances. According to NIB Bank here on Thursday, the alliance will allow the bank to provide the Western Union Money Transfer SM Service through its 179 branches in 60 cities of Pakistan. The agreement will enable NIB Bank to take full advantage of Western Union's money transfer network for fast delivery of home remittances in Pakistan within minutes from more than 200 countries and territories around the world NIB Bank is focused on enhancing market share in the home remittance business by providing prompt services to beneficiaries in Pakistan and boost country's home remittances from official channels.

KARACHI: Standard Chartered Bank Pakistan (SCB) and Central Depository Company of Pakistan (CDC), have jointly launched a new and unique initiative that offers automated, standardised processing of securities settlement for Asset Management Companies (AMCs) across Pakistan. SCB has successfully integrated its state of the art electronic banking channel Straight2bank (Access) with Central Depository Company's Fund Management System (FMS) providing a dynamic platform with a number of possibilities and opportunities for AMCs by offering operational efficiency, reduced risk, lowered cost and improved transparency. Straight2Bank is a fully

unit. MIIF is the first and the largest Shariah compliant open end income fund in Pakistan. The annualized return for the period from January 01 to March 28, 2011 was 13.69 per cent. The current net assets of MIIF are Rs2,792 million. A Growth Unit holder having 100 units of MCF as at March 28, 2011 will get 2.699 additional units at the ex-dividend NAV of Rs50.02 while an Income Unit holder will get Cash Dividend of Rs1.35 per unit. MCF is the first Shariah compliant open end money market fund in Pakistan. The annualized return for the period from January 01 to March 28, 2011 was 11.43 per cent. The current net assets of MCF are Rs6,357 million. Al Meezan is the largest private sector asset management company in Pakistan, with AM2 Management Quality Rating. It has Rs29 billion assets under management. Due to its prudent fund management, Al Meezan has not only been able to retain its existing investors but also managed to increase the investor base. This success is reflective of the confidence and trust of both individual and institutional investors.

benchmark with an impressive increase in deposits of Rs.105 billion or 14 per cent. He pointed out that bank's capital and reserves increased from Rs 119 billion to Rs128 billion, the highest amongst all Pakistani banks. The share holders approved dividend payout of 75 per cent cash dividend and 25 per cent bonus shares as recommended by the board of directors on March 1, 2011. On behalf of the bank's management and the board of directors, he appreciated the efforts and contribution made by the former President Syed Ali Raza during his tenure of ten and a half year as president of the bank. -APP

KASB Bank releases Faiz's poetry album Mohammad Aftab Manzoor, President & CEO-KASB Bank, who had also taken special interest in preparation of the album, were also present at the occasion. Both also expressed their confidence that the new album will receive an overwhelming response from Faiz lovers. KASB Bank, which is known to be active partner in promotion of art, literature, sports and other social activities throughout the country, is proud to be associated with celebrations of Faiz Ahmed Faiz 100th Birth Anniversary. KASB Bank is serving its clients through 104 Branches across Pakistan, with a bundle of innovative products and services which have been significantly enhancing the overall customer experience by matching emerging technology to their aspirations and needs.

IFSB adopts two new guidance notes KARACHI: The 18th meeting of the Council of the Islamic Financial Services Board (IFSB), chaired by H E Faris A Sharaf, Governor of the Central Bank of Jordan, was held in Amman, Jordan. The meeting was hosted by the Central Bank of Jordan, and was attended by Governors of Central Banks and representatives of supervisory and regulatory authorities from among the IFSB member organisations. The Council meeting was followed by the IFSB General Assembly and the Third Islamic Financial Stability Forum. The 18th Meeting of the Council approved the adoption of two Guidance Notes: 1) Guidance Note in Connection with the IFSB Capital Adequacy Standard: The Determination of Alpha in the Capital Adequacy Ratio for Institutions (other than Insurance Institutions) offering only Islamic Financial Services (GN-4). The GN-4 complements the IFSB Standard on Capital Adequacy for Institutions offering Islamic Financial Services (IIFS) (IFSB-2), which was issued in December 2005. IFSB-2 proposes two methods to calculate capital adequacy ratios of IIFS. This Guidance Note aims to: a) provide a methodology to estimate the value of "alpha" to be used in the supervisory discretion formula in calculating capital adequacy ratio of IIFS; and b) demonstrate how to measure the displaced commercial risk, that is the additional risk that IIFS shareholders may assume in order to cushion the returns payable to investment account holders against variations in asset returns. 2) Guidance Note on the Recognition of Ratings by External Credit Assessment Institutions (ECAIs) on Takaful and ReTakaful Undertakings (GN-5). The objective of GN-5 is to facilitate the emergence of generally accepted criteria for the recognition by national supervisory authorities and the wider financial community of credit ratings on Takaful and ReTakaful undertakings. It aims to: a) facilitate greater use of credit ratings on Takaful and ReTakaful undertakings; b) provide supervisory authorities with minimum standards and criteria for their recognition of ECAIs; c) foster convergence among supervisory authorities supervising Takaful and ReTakaful undertakings and d) facilitate discussion on the appropriate role, if any, which ratings by ECAIs on Takaful and ReTakaful undertakings might play as part of a wider supervisory process; and promote further discussion about ECAI methodologies and enhance the transparency of those methodologies. The Council also admitted three new members into the IFSB membership. These are: 1) Bank of Zambia, Zambia (Associate Member); 2) Faisal Islamic Bank, Sudan (Observer Member) and 2) Zurich Financial Services, Switzerland (Observer Member) and upgraded the Islamic Corporation for the Insurance of Investment and Export Credit from Observer to Full Member. -PR


9

Friday, April 1, 2011

European vegetable oil prices

BANKOK: A shopkeeper evaluates gold chains sold by a customer in Bangkok's Chinatown. -Reuters

Indian sugar closes flat MUMBAI: Indian spot sugar prices ended flat in low volume trade on Thursday as lesser demand from consumers was offset by limited supply by mills, analysts and traders said. "Market will remain closed for three continous days from April 2 and traders are also waiting for the April non-levy quota," said Harakhchand Kanji Vora, a dealer based in Vashi spot market near Mumbai. India has made available 1.684 million tonnes of nonlevy sugar for March, including 350,000 tonnes of unsold stocks from February, the government said in a statement on Feb. 25. Traders are expecting prices to rise in near future as India is likely to export 500,000 tonnes of sugar in April and rising summer temperature will create a demand for sweetener. Demand for the sweetener from ice cream makers and cold drink makers usually goes up in summer. India will begin shipping half a million tonnes of sugar for export from endApril, an industry official said on Tuesday. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety declined marginally to 2,676 Indian rupees ($59.960) per 100 kg. Sugar contract for April delivery on India's National Commodity and Derivatives Exchange (NCDEX) closed down 0.29 per cent at 2,690 rupees per 100 kg. India has kept its sugar output forecast unchanged at 24.5 million tonnes for the 2010/11 season that began in October. -Reuters

Gold recovers as dlr drops, ME simmers LONDON: Gold was set for a tenth straight quarterly gain on Thursday, rising by nearly 1 per cent as the dollar weakened and concern over euro-zone sovereign debt and unrest across the Middle East encouraged buying. Low real interest rates and high liquidity left by the world's central banks' quantitative easing programmes have been major drivers for gold, although its performance this quarter is set to be its weakest since the third quarter of 2008, before the financial crisis took hold. The prospect of monetary

tightening in the United States and the euro-zone has undermined some of the appeal for gold, which has seen a net outflow 2.18 million ounces of metal, or 3.5 per cent, from the major exchange-traded funds so far this year. Spot gold was bid at $1,437.50 an ounce at 1401 GMT, against $1,423.38 late in New York on Wednesday. US gold futures for June delivery rose $14.30 to $1,439.70. "Gold just managed by a whisker to produce another positive quarter, the tenth in a row. Overall, the performance was not impressive amid the multi-

tude of uncertainties that the world had to deal with during the first three months of 2011," said Ole Hansen, senior manager at Saxo Bank. "A cessation (in quantitative easing programmes) could reduce the investor demand even further, but inflation is currently rising faster than expected and ... the market always moves six months ahead of the event ... a prolonged fear of inflation will have investors looking at gold again." Investors are awaiting a report on US non-farm payrolls for March due Friday, consid- LONDON: Cocoa prices fell to a 2-1/2 month low on Thursday as the advance of forces loyal to Alassane Ouattara in Ivory Coast was seen potentially opening the door for a resumption of exports from the world's top grower. Arabica coffee futures were slightly lower but still underpinned by tight supplies while sugar also registered modest ered a key indicator of the losses as the outlook for Brazil's harvest improved. health of the US economy. Prices have fallen about 8 per Silver was bid at $37.89 an ounce against $37.44. Silver is cent since Ouattara's forces on track for a ninth consecutive began to seize towns in the western cocoa belt early this week. quarterly gain, with a 22 per cent increase in the first three May cocoa on ICE fell $31 or months of the year, benefiting 1.0 per cent to $2,956 a tonne by from gains in gold and expecta- 1459 GMT after touching tions that industrial demand $2,936, the lowest level for the front month since mid-January. will improve. For the first quarter, the front The gold:silver ratio dropped to its lowest since 1983 on month ICE cocoa contract is Thursday at 37.8 as silver out- heading for small loss of about 2 per cent. performed gold. July cocoa on Liffe fell 28 Platinum was at $1,775.74 an ounce against $1,765.85, while pounds to 1,920 pounds a tonne. palladium was at $766.97 For the first quarter, the second month Liffe contract is heading against $751.78. -Reuters for a loss of around 6 per cent. Arabica coffee prices were slightly lower with the market looking to consolidate. A prolonged climb to a 34-year peak earlier this month has been followed by a significant setback. Dealers said the market continued to be underpinned by growth in our view. As a result tight supplies of high quality inventories should fall, provid- arabica coffee, exacerbated by ing cyclical support for prices." crop concerns in key producer The metal used in transport, Colombia. packaging and construction ICE May arabica coffee fell has been underpinned by high- 0.60 cent or 0.2 per cent to er energy costs which lifted $2.6420 per lb. For the first prices to a 2-1/2-year high of quarter, the front month con$2,656 earlier this week. tract is heading for a gain of Zinc ended at $2,362 a tonne about 10 per cent. from $2,338. Robusta coffee futures on Dowa Mining Holdings Co Liffe rose with May up $6 at said it plans to resume opera- $2,530 a tonne. For the first tions of its 200,000 tonnes-a- quarter, the second month Liffe year Akita zinc smelter in north- contract is heading for a gain of eastern Japan in early April. 21 per cent. The Akita plant is Japan's Raw sugar futures on ICE biggest zinc smelter, account- were slightly lower with the ing for nearly 30 per cent of market's focus on the harvest Japan's total production. outlook in top producer Brazil. Nearly 65 per cent of Japan's ICE May raw sugar futures production capacity of zinc has fell 0.02 cent to 27.19 cents a been suspended since the lb. For the first quarter, the March 11 earthquake. front month contract is heading Battery material lead closed for a loss of about 15 per cent, at $2,695 a tonne in the rings weighed by an improving supfrom a last bid of $2,655 a ply outlook. Liffe May white tonne, tin at $31,800 a tonne sugar was unchanged at from a close of $31,250, and $707.80 per tonne. For the first nickel at $26,095 a tonne from quarter, the front month con$26,030 on Wednesday. - tract is heading for a loss of Reuters about 9 per cent. -Reuters

Copper rises on softer dollar, but China a worry LONDON: Copper rose on Thursday as dollar weakness attracted non-US buyers after earlier hitting a two-week low on worries about soft Chinese demand. Copper for three-months delivery on the London Metal Exchange (LME) closed in the rings at $9,430 a tonne versus Wednesday's close of $9,381. Earlier on Thursday, it touched $9,332 a tonne, its lowest since March 17. The metal used in power and construction is heading for its first quarterly loss since the second quarter of last year. Base metals have been knocked this year by turmoil in the Middle East and North Africa, which has boosted oil prices and stoked inflation concerns, and by the earthquake, tsunami and nuclear disaster in Japan. Copper was down 8 per cent from a record high of $10,190 in mid-February as high prices have cooled China's buying interest for the metal used in power.

Compounding concerns about weak physical demand, stocks of copper in LME warehouses rose again on Wednesday, up 125 tonnes to total 439,850 tonnes after steadily climbing since

Shanghai copper falls The most-active copper futures contract on the Shanghai Futures Exchange fell 0.8 per cent to 70,700 yuan. December. Since Japan's earthquake and tsunami, copper has gained some support from investors shifting their focus to the country's need to rebuild infrastructure. Aluminium ended at $2,645 a tonne in the rings from $2,629. "In terms of supply and demand dynamics, Chinese output picked up earlier this year, as the government-imposed power restrictions were eased once again," Credit Suisse said of the metal in a note. "However, supply growth is unlikely to match demand

ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill May11/Jul11 950.00+22.00, Aug11/Oct11 955.00+22.00. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 1025.00+20.00, Aug11/Oct11 975.00+20.00, Nov11/Jan12 980.00+20.00, Feb12/Apr12 990.00+25.00. SUNOIL: EU dlrs tonne extank six ports option May11/Jun11 1370.00+15.00, Jul11/Sep11 1380.00+20.00, Oct11/Dec11 1355.00+20.00. LINOIL: Any origin dlrs tonne extank Rotterdam Apr11/May11 1500.00+0.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Apr11 1160.00+20.00, May11/Jun11 1160.00+20.00, Jul11/Sep11 1157.50+20.00, Oct11/Dec11 1152.50+20.00. PALMOIL: RBD dlrs tonne cif Rotterdam May11/June11 1220.00-2.50, Jul11/Sep11 1200.00+0.00. PALMOIL: RBD dlrs tonne fob Malaysia May11/June11 1165.00, Jul11/Sep11 1145.00. PALM OLEIN: RBD dlrs tonne fob Malaysia May11/June11 1175.00+22.50, July11/Sept11 1155.00+22.50, Oct11/Dec11 1145.00+20.00. PALM STEARIN: Dlrs tonne fob Malaysia Apr11 1155.00+20.00. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Apr11 810.00-10.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Mar11/Apr11 2050.00+100.00, Apr11/May11 2000.00+100.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam May11/Jun11 2695.00+0.00. Reuters

Sugar, coffee down; Cocoa lower

Oil rises, set for big Q1 gains on supply worries Brent set for 23pc qtrly gain, biggest since Q2 2008 NEW YORK: Oil prices rose on Thursday on the last day of the quarter, with Brent heading for its second biggest quarterly rise as Middle East protests and unrest and Libya's conflict kept threats to supply in focus. US crude prices rallied to within 18 cents, but failed to push above, its 2-1/2 year peak of $106.95 from March 7 and also headed to a double-digit quarterly gain. Oil prices built on early gains when a US government report showed jobless claims fell last week, the report arriving a day before the closely watched March nonfarm payrolls report. Adding support, the Institute for Supply Management-Chicago said its employment index in March hit the highest level since December 1983, though its overall business barometer dipped in February. Oil prices continue to be

supported by geopolitical supply risks and economic growth after the most turbulent and volatile quarter for the oil market since the end of 2008, analysts said. Brent crude for May rose $2.01 to $117.14 a barrel by 1613 GMT, having jumped earlier to $117.70. May Brent must push above a $118.42 contract high ahead of the frontmonth 2-1/2-year high near $120 struck on Feb. 24. Brent had fallen below $108 in the aftermath of

Japan's March 11 earthquake and tsunami, but was on course to finish the quarter up over 23 per cent. US crude rose $1.93 to $106.20, having earlier hit $106.77 and on track for a near 16 per cent quarterly gain.

Palm oil firm as mkts await data JAKARTA: Malaysian palm oil futures rose to a one-week high in a thin trading session on Thursday, as investors positioned themselves ahead of a key plantings report in the United States due later. The benchmark June crude palm oil contract on Bursa Malaysia Derivatives was 0.4 per cent higher at 3,326 Malaysian ringgit ($1,098) a tonne. Earlier, the contract touched 3,343 ringgit, its highest level since March 23. "Up a little," said one palm oil analyst. "Perhaps due to (possible) news that less soybean will be planted, and hence positive for soy oil and palm oil." The US plantings report due on Thursday may help reverse the market's declines this year. A Reuters poll showed the US soybean area plantings for 2011 will be 76.870 million acres, down 534,000 acres from the 2010 figure. By the end of the first

Trading volumes remained tepid, but neared 300,000 lots traded for both Brent and US crudes. The prospect of a protracted conflict in Libya remained as forces loyal to Muammar Gaddafi took back oil ports at Ras Lanuf and Brega. Rebels massed for a counterattack in eastern Libya on Thursday, both encouraged by and wary of news of covert US support and the defection of Gaddafi's foreign minister. Investors also eyed Bahrain, where dozens were missing and more than 300 w e r e detained after a crackdown targeting activists and Shi'ites, the opposition said. The conclusion of Friday prayers has been a favored time for protests in the region. Protests and unrest in Syria and Yemen have also been part of the geopolitical risk premium. -Reuters

Tokyo rubber strengthens

quarter, palm oil prices slipped 12 per cent, having tracked other commodities lower as unrest in the Middle East and an earthquake in Japan sent investors scrambling for perceived safe-haven assets. Traded volume stood at 16,826 lots of 25 tonnes each, down from 19,561 lots on Wednesday. In other data, exports of Malaysian palm oil products for March fell 0.5 per cent to 1,105,440 tonnes from 1,110,672 tonnes shipped in February, cargo surveyor Intertek Testing Services said. ICDX's June CPO futures contract was at 9,625 rupiah per kg, compared to 9,610 rupiah per kg when it opened. Market volume was 652 lots of 10 tonnes each. In related markets, the most active September soyoil in China's Dalian Commodity Exchange was at 10,124 yuan versus 10,140 yuan at the open. Reuters

BANGKOK: Tokyo rubber futures ended higher on Thursday, rebounding from early losses, on supply concerns as floods delayed shipments from Thailand, the world's biggest exporter, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for September delivery rose 2.1 yen to settle at 432.2 yen ($5.21) per kg. The benchmark contract recovered from the session's low of 432.5 yen as supply concerns triggered speculative buying. The most-active Shanghai rubber contract for September delivery was down 205 yuan to finish at 34,895 yuan ($5,322) per tonne on Thursday. Severe flooding in southern Thailand has delayed at least 50,000 tonnes of rubber shipments from the world's biggest producer and exporter, a senior official said on Thursday, predicting further possible delays. TOCOM rubber was expected to rise further on Friday, with the 430 yen level was seen as a strong support level, dealers said. However, profittaking could limited the rises, they added. -Reuters

US cotton slightly up as USDA report looms NEW YORK: US cotton futures ended slightly higher Wednesday on investor buying as players braced for tomorrow's release of a keenly awaited government plantings report, analysts said. The US Agriculture Department will release its annual potential plantings data on Thursday at 1230 GMT. The USDA report is the first government survey of likely plantings for major row crops in 2011. The key May cotton contract on ICE Futures US fell 1.21 cents to conclude at $1.9367 per lb, dealing from $1.9223 to $1.9993. Total volume traded in the cotton market was around 24,600 lots, about 5 per cent below the 30-day norm, Thomson Reuters preliminary data showed.

The level of investor interest hit a 6-week high as it stood at 182,719 lots as of March 29, ICE Futures US data showed. "We're just waiting for the report," said Jobe Moss, broker and merchant for MCM Inc. in Lubbock, Texas. Most players put in last-minute tweaks on their positions ahead of the data. He said the market will not probably react if the USDA estimate for 2011 cotton sowings comes in around 13 to 13.2 million acres. A Thomson Reuters survey showed US cotton sowings are expected to reach a 5-

year high of around 13.21 to 13.24 million acres, up almost 20 per cent from the 11.04 million acres planted in 2010. The recent rally in cotton prices to record highs may also not be enough to push US cotton sowings beyond a 5-year high set in 2006. Moss said there would be a sharper reaction in cotton futures if rain finally falls in drought-stricken Texas, the top growing area in the United States. The state is expected to plant over 6 million acres to cotton in 2011, nearly half of all cotton grown in the US. -Reuters

LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for March 30 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 30 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

2375 2395 2365 2385 2360 2370 2360 2370

2594.5 2595.5 2631 2632 2707 2712 2765 2770

9519 9519.5 9534 9535 9530 9540 9300 9310

2695 2700 2661 2662 2598 2603 2553 2558

26245 26250 26270 26275 25690 25790 24800 24900

TIN

ZINC NASAAC

31400 2337 31425 2337.5 31395 2356.5 31400 2357 31265 2415 31315 2420 2437 2442

2540 2541 2570 2580 2625 2635 2685 2695


PHOENIX: Vince Carter #25 of the Phoenix Suns drives to the basket against James Harden #13 of the Oklahoma City Thunder during the NBA game at US Airways Center

Players, politicians hail Pak team KARACHI: Shahid Afridi's men should be given a heroes' welcome when they touch down in Pakistan despite their loss to India in the World Cup semi-finals, urged a number of former players Thursday. A few years ago, Pakistan cricketers would have expected anger and backlash following a defeat by their traditional foes but former captain Javed Miandad said the class of 2011 should be lauded as they had exceeded expectations. "We need to support this team and appreciate their performance. They made mistakes and dropped catches in the semifinal and that cost them the match," former captain Miandad told Reuters. "But to reach the last-four stage was in itself a big achievement. They were not the subject of any controversy and played competitive cricket. The future is good for Pakistan cricket." Advancing to the last four appeared to be an impossible dream for Pakistan less than two months ago. The team had lost three of their most talented players -Salman Butt and pace duo Mohammad Asif and Mohammad Amir -- to corruption bans and two weeks before the tournament they did not even know who their captain would be. But once Afridi was appointed skipper, he united the squad and directed his men with a single minded focus that helped them top their group in the first round. They then went on to humiliate West Indies by 10 wickets in the quarter-finals. It is these kinds of memories that Pakistanis should hold on to, and not the ones where the team dropped four catches that let Sachin Tendulkar off the hook time and again Wednesday, said a host of former players. "The team fought well and had it not dropped the catches offered by Tendulkar the result could have been different," said Inzamam-ul-Haq. Former wicketkeeper-batsman, Rashid Latif added: "Any other team would have succumbed to the pressures that came with the spot-fixing and disciplinary scandals. But our boys showed lot of grit and Shahid Afridi led them very well."-Online

SLankan president flying to India to watch final COLOMBO: Sri Lankan President Mahinda Rajapaksa will fly to Mumbai to watch Kumar Sangakkara's men take onIndia in the World Cup final on Saturday. Rajapaksa urged all Sri Lankans to rally around the national cricket team "as it is the best way to pay tribute to Muttiah Muralitharan." The offspinner will be playing his last international match on Saturday. "The ICC had invited the president. The Indian government is looking forward to his arrival and is making arrangements," presidential spokesmanBandula Jayasekara said. Rajapaksa's visit will not carry any of the heavy political overtones of Wednesday's IndiaPakistan semi-final. The prime ministers of the nuclear-armed rivals sat side-by-side to watch the match in what was dubbed "cricket diplomacy". Muralitharan, 38, the sole survivor from Sri Lanka's 1996 champion side, is the leading wicket-taker in both test and one-day cricket. National carrier Sri Lankan Airlines said on Thursday it will operate an additional flight to Mumbai on Saturday to transport cricket fans, on top of its usual daily service.-Reuters

10

Friday, April 1, 2011

Pak Cricket Board stumped Kamran, career maybe over

MUMBAI: Muttiah Muralitharan and Kumar Sangakkara of Sri Lanka have a chat with former player Aravinda Da Silva during the Sri Lanka nets session at the Wankhede Stadium .-Reuters

Murli and Sachin:

A farewell battle MOHALI: The match will pit two of the modern game's greats - Sachin Tendulkar and Muttiah Muralitharan - against each other in their World Cup swansongs. For Murali it is a chance to bow out of international cricket with a second World Cup winner's medal after Sri Lanka's success in 1996. But for India supporters, the focus will be on Tendulkar. After more than two decades at the top and records and statistics which are second only to Don Bradman, the World Cup - which India last won in 1983 - is Tendulkar's last great ambition in the game. At 37, he is unlikely to play in another World Cup and the stage is set for a fairytale farewell to a tournament he first graced as an 18-year-old in 1992. Not only is Tendulkar searching for an

unprecedented 100th international century, he is playing in his home city and at the Wankhede Stadium, where he watched his first World Cup game as a 14-year-old ball boy in 1987. For a while yesterday, the Little Master looked like he was set for his 100th ton but fell short when he was caught by Shahid Afridi off Saeed Ajmal for 85. Pakistan had dropped Tendulkar a remarkable four times before that and did well to restrict India's powerful batting line-up to 260, with seamer Wahab Riaz the stand-out bowler with five for 46. In reply, Pakistan lost wickets at regular intervals and fell behind the rate as Misbah Ul-Haq accumulated 56 in 76 balls and India's bowlers clinched the win to set up Sachin's final shot at glory -Online

Dhoni’s blunder helps overcome bowling woes MOHALI: It took a selection blooper for India to make sure they had ticked all the boxes before they locked horns with Sri Lanka in Saturday's World Cup final in Mumbai. For a team that has peaked at the right time, India's thin pace resource has been exposed in most of the matches and Zaheer Khan has had to shoulder the burden in the absence of an able new ball partner. Against Australia and West Indies, off-spinner Ravichandran Ashwin was harnessed to share the new ball with Zaheer in a ploy that was necessitated partly by India's near-empty pace cupboard. Ashish Nehra has been India's best bowler in the death overs for a while until he conceded 16 runs off the final four deliveries in the group-stage defeat by South Africa and was dropped from the side. As luck would have it, India captain Mahendra Singh Dhoni misread the pitch at the Punjab Cricket Association Stadium and felt the track would assist seam bowlers more than spinners in Wednesday's semi-final against Pakistan.

So Nehra was preferred to Ashwin and the lanky left-arm seam bowler turned out to be the most economic bowler in India's pace department, conceding 33 runs in his tidy 10 overs to finish with two scalps. Dhoni admitted he could not read the wicket when opting for a three-pronged seam attack. "It was not a typical Mohali track, it was turning. We read the wicket wrong and that's why we went with three seamers," Dhoni said. "But in the end the seamers bowled really well. "It is interesting that a few game earlier, Nehra was criticised a lot. It's good to see him come back and do really well for us." SOAK PRESSURE Almost equally heartening was Harbhajan Singh's form in the match as the off-spinner, who looked happy with the containing job so far in the tournament, struck two blows to derail Pakistan's chase. At a crucial juncture, Harbhajan dismissed the dangerous looking Umar Akmal and captain Shahid Afridi to

put India in command. The other positive India drew from the high-octane semifinal was their ability to soak in the pressure that some of their opponents could not. The unflappable Dhoni, aided by coach Gary Kirsten and other support staff, seemed to have succeeded in instilling a quiet confidence in his team mates, who showed nerves of steel in the semi-final. With a billion dreams resting on their shoulders and the 'cricket diplomacy' initiatives surrounding it, the Indian players went about their job with a business-like attitude. While their opponents got overwhelmed by the occasion and spilled catch after catch, the co-hosts never panicked even after settling for a score that looked to be short of a winning total. With little to choose between the teams skill-wise at this level, mental toughness often makes the difference in close matches and India would fancy having an edge against Sri Lanka on Saturday, having passed the biggest test against Pakistan in Mohali.

KARACHI: Experienced Pakistani wicketkeeper Kamran Akmal may have played his last international match after his disappointing performance in the World Cup semifinal against India in Mohali. A reliable source close to the national selection committee told PTI that the selectors had decided before the match that if he didn''t perform in the crucial game they would start looking for replacements. "The fact is that the selectors had decided before the World Cup that Kamran would no longer be playing Test matches. But they had backed him to perform in the tournament so that he could be considered for limited over cricket," the source said. According to the source if Kamran had performed in the semi-final he would have remained in contention to continue playing limited over cricket. "But now according to what the selectors have decided his Pakistan career is virtu-

Pakistan team emerge strong depite WC loss MOHALI: Shahid Afridi arrived for the World Cup with a "rag-tag bunch of players" and in the space of six short weeks turned them into a strong Pakistan outfit. India beat Pakistan in the semi-finals to dash their hopes of a second title but Afridi's men can return home with their heads held high after putting on a great show in the sub-continent despite their tumultuous run-up to the showpiece event. Unable to play international matches at home and tainted by a spot-fixing scandal that robbed them of the services of three of their best players --Salman Butt, Mohammad Asif and Mohammad Amir -- Pakistan cricket had been in disarray. But Afridi took it upon himself to prove the team can create headlines on the pitch and not just off it. "It has been a difficult 10 months for us," Afridi admitted after bowing out of the Cup on Wednesday. "We had a rag-tag bunch of players coming into the World Cup and considering that it has been a good performance." The World Cup was a chance of redemption for Afridi's men and thecaptain was proud of their exploits. "In my opinion we have played better than 2003 and 2007 when our teams were much better. Nobody was expecting anything from this team. I am proud of this team," Afridi said. They beat Sri Lanka in their own back yard by 11 runs before pulling off a feat that no one had achieved in 12 years -- beating Australia in the World Cup. The flamboyant Afridi, the highest wicket-taker in the tournament, was not disappointed. "The boys have really done a great job in this competition. Some of the youngsters are very promising. We played as a unit so I'm very happy as acaptain," he said. -Agencies

ally over as they are not happy with either his keeping or batting at this level," the source said. "For a player who has been around since 2002, there appears to be no consistency or improvement in his keeping or batting and the selectors now believe it is time to find a replacement for him and move on," the source said. Kamran, 29, has played 53 Tests, 137 ODIs and 38 T20 internationals but in recent times his wayward keeping abilities and inconsistent batting has disappointed the selectors as well as his fans. The source said the selectors would definitely not be picking Kamran for the forthcoming tour to the West Indies for either format of the game. "The selectors will rely on Adnan Akmal and Sarfaraz Ahmed for the West Indies tour that is now decided after the semi final today (Wednesday)," the source said. Kamran's repeated follies behind the stumps, including

some vital dropped catches, have cost Pakistan team a lot and again yesterday his keeping was untidy while he scored just 19 runs opening the innings. "The selectors will now also decide on the future of some senior players in the limited over teams as they now plan to blood more new players in one-day and T20 cricket on the West Indies tour," the source added. Enigmatic fast bowler, Shoaib Akhtar has already announced his retirement from international cricket after the World Cup and the Pakistan team management also didn't play him in the last four matches of the tournament. Ironically Shoaib's ouster from the playing eleven also involved Kamran who had dropped two catches in one over from Shoaib against New Zealand leading to an argument between them in the dressing room and eventual disciplinary action against the temperamental fast bowler. -Online

Former cricketers see India as next World Champion MUMBAI: A day after India vanquished Pakistan in an emotionally-charged World Cup semifinal, top yesteryear cricketers exuded confidence that the Mahendra Singh Dhoni and his men would end the 28-year-old jinx to lift the coveted trophy on April 2 here. Disciplined bowling and a fortune-tinged 85 by Sachin Tendulkar saw India beat Pakistan by 29 runs at the Punjab Cricket Association (PAC) stadium in Mohali last night to set-up a summit clash against co-hosts Sri Lanka at the Wankhede Stadium here. "The way they are playing, India will definitely beat Sri Lanka. I will make it 60:40 in India's favour," said Dilip Vengsarkar, former captain, ex-chief selector and member of the 1983 World Cup winning team led by Kapil Dev. "I feel India have the edge over Sri Lanka. As you have seen the Indian side is improving match by match. The victory over Pakistan, I think, is more difficult than playing against Sri Lanka. We have crossed the stiffest hurdle, stiffer than (four-time winners) Australia," said former Test leftarm spinner Bapu Nadkarni. "Our batting has still not clicked fully, not performed to its potential despite having got great starts. Yesterday too (against Pakistan) the start was good but the team could not capitalise on it. If the batting fulfills its potential, Sri Lanka would have no chance," he said. Former middle-order Test batting mainstay and ex-chief selector Chandu Borde, who was on the selection panel that picked the 1983 Cup-winning squad, also gave India a slight edge over the Lankans because of home advantage.

"I suppose playing at home will be to our advantage over Sri Lanka, but you cannot take them lightly. They were one of the pre-tournament contenders for the Cup. These two teams have come through trial by fire, winning some and losing some matches to reach the final. Both the teams would be mentally and physically well prepared," he said. About yesterday's highoctane clash against the archfoes, won by India by 29 runs after Shahid Afridi's men fell short of the 261-run target set by the home team, Vengsarkar said he expected a closer match while anticipating an Indian victory. "I knew India will win but I thought it would be tighter finish. The team that handled pressure better won and India handled it really well while Pakistan struggled. They also dropped a lot of catches. We also bowled really well," he pointed out. Vengsarkar was also full of praise for young Suresh Raina, whose crucial 39-ball 36 towards the end brought India back into the game after the dismissal of skipper Dhoni. "I was very impressed by the way Raina played. He batted exceptionally well at a very crucial stage. It was very, very important that he stayed till the end for the total India raised," gushed the batsman, who has played in over a 100 Tests. Asked about what composition the team should go in with against the Lankans, who are also striving to clinch their second world crown after the 1996 heroics by Arjuna Ranatunga's men, Vengsarkar said it depends on the type of wicket that will be provided for the summit clash.-Agencies


US jobless claims fall, Midwest hiring jumps n Chicago PMI dips in March, jobs gauge hits 27yr high

WASHINGTON: The number of Americans claiming jobless benefits fell last week and factory employment in the U.S. Midwest hit a 27-year high in March, more signs that an improvement in the labor market is under way. Initial claims for state unemployment benefits slipped 6,000 to a seasonally adjusted 388,000 the Labor Department said on Thursday, a day before the government releases the more closely watched U.S. payrolls data. Separately, the Institute for Supply Management-Chicago's employment index hit the highest level since December 1983, jumping to 65.6 in March from just under 60 the month before. Its overall business barometer dipped to 70.6 from 71.2 in February but remained in expansion mode. The government revised the claims series back to 2006 to account for new seasonal factors and showed slightly higher claims for recent prior weeks than previously estimated. Still, the downward shift remained intact and economists said the revisions did not change their views that the labor market was firming. "The trend is still clearly downwards. There is every reason to expect that to continue as the return of bank credit to small businesses allows them to hold onto people who might otherwise have been laid off," said Ian Shepherdson,

chief U.S. economist at High Frequency Economics in Valhalla, New York. "The drop in claims has already been reflected in a clear acceleration in private payrolls in recent months, and we think there is more to come." The claims data falls outside the survey period for the government's closely watched employment report for March, which is scheduled for release on Friday. Nonfarm payrolls are expected to have increased a solid 190,000 after rising 192,000 in February, according to a Reuters survey, with the unemployment rate seen holding steady at a near twoyear low of 8.9 per cent. Data on on Wednesday showed private employers added 201,000 jobs in March, welcomed by economists as a sign of momentum in the labor market. The labor market is strengthening even though economic growth slowed early in the year, held back by bad weather and rising energy prices, after a brisk fourth quarter. That moderation in the growth pace was confirmed by the pull back in Midwest manufacturing activity this month and a dip in orders received by U.S. factories in February. A report from the Commerce Department showed new orders for manufactured goods fell 0.1 per cent after rising 3.3 per cent in January.

Stocks on Wall Street opened flat, while government debt prices rose. The U.S. dollar fell broadly. Economists had forecast claims would fall to 380,000. The four-week moving average of unemployment claims -- a better measure of underlying trends rose 3,250 to 394,250. Claims have held below the 400,000 level associated with steady job growth for three weeks in a row, with the fourweek average below that mark for the fifth straight week. "The continued downward trend in claims gives us confidence that the labor market is on the cusp of accelerating," said Joseph LaVorgna, chief U.S. economist at Deutsche Bank in New York. The number of people still receiving benefits under regular state programs after an initial week of aid dropped 51,000 to 3.71 million in the week ended March 19, the lowest level since October 2008. Economists had expected so-called continuing claims to fall to 3.70 million. The number of people on emergency unemployment benefits dropped 38,838 to 3.59 million in the week ended March 12, the latest week for which data is available. A total of 8.77 million people were claiming unemployment benefits during that period under all programs. Reuters

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Gilani has invited the Pakistan cricket team for a reception. She said the Pakistan team played really well in the world cup and defeated very good teams in the competition. "Instead of mourning the loss, we should prepare for the next battle," she said. She said minister-level talks have been started between Pakistan and India in which discussions would be held on eight issues. Firdaus said issues relating to security, water, defense, information technology, and economic affairs will be discussed in the talks. "All the bilateral issues could be solved only through talks," she said. To a question, she said Prime Minister Gilani has invited his Indian counterpart Manmohan Singh and Congress party leader Sonia Gandhi to visit Pakistan. She said hopefully they will accept the invitation. She said the Indian team will be invited to Pakistan after improvement in security situation. -Agencies

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compared to 352 during January 2010 and production of buses stood at 36 units as compared to 56 units during last January. The production of tractors stood at 5,860 units during January 2011 as against the production of 5,815 units last January, showing a slight increase of 0.77 per cent. -APP

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unconstitutional piece of legislation. The vires of the NRO were questioned by Dr Mubashhir Hassan. The Chief Justice also constituted a Shariah Appellate Bench to hear Criminal Shariah Appeals, petitions, Jail Shariah petitions, Criminal Shariah review petitions and Civil Shariah Appeals from March 25. However, the composition of the Bench will be announced later. -APP

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Economy & Continuations

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machineguns, as well as other vehicles, had massed. Italy said defections by Gaddafi's closest associates rather than Western military action would oust the Libyan leader. "It is not through actions of war that we can make Gaddafi leave, but rather through strong international pressure to encourage defections by people close to him," Foreign Minister Franco Frattini told Canale 5 television. FIGHTING The leader of Qatar, the only Arab state to have recognized Libyan rebels and the first to have contributed planes to police the no-fly zone, underlined that the conflict was an internal matter in a statement, highlighting its sensitivity among Arabs. "The Libyan question is a humanitarian issue to protect civilians and nothing else. So it is the Libyan people who will decide their future," the emir Sheikh Hamad bin Khalifa Al Thani said in comments to Qatari pan-Arab TV station Al Jazeera. The towns of Nawfaliyah, Bin Jawad and Ras Lanuf to the east have fallen in quick succession to the lightning government counter-strike. The army ambushed the rebels outside Gaddafi's home town of Sirte, then outflanked them through the desert. Britain said it was focusing on Misrata in the west, a rebel stronghold which has been under siege for weeks. Rebels said Gaddafi's forces killed 18 civilians on Tuesday in the town, but lost control of the port. The U.S. Navy said it attacked three ships to stop them firing at merchant vessels. "Right now, we are concentrating on Misrata and on how to prevent more attacks and violence from occurring in that region," a British Foreign Office spokesman told al Jazeera. The ramshackle rebel forces lack training, discipline and leadership. There are many different groups of volunteers and decisions are often made only after heated arguments. "We are seeking weapons that will be able to destroy the heavy weapons they are using against us such as tanks and artillery," rebel spokesman Colonel Ahmad Bani said. "We thought it better to make a tactical withdrawal until we can think of better tactics and a strategy to face this force."

Nayyar Hussain Bokhari said a session of Parliamentary Committee has been called on April 7 to review the decision for Continued from page 2 the appointment of judges and its report would be tabled to the No #7 Senate. PEMRA issued show-cause notices to TV channels for violating He added that a review petition has been submitted in the SC for rules, they secured stay order from the court of laws and cases are a review of the decision. -Agencies pending before the learned courts for the past three years. "We want to take action against those channels that are violatContinued from page 12 No #5 ing code of conducts, but we cannot do anything due to stay order. thereafter reproduce the currency note with same number is not We are ready to take action against violators but we need support correct, he clarified. of political parties." He said security features, such as see through, security threads, She informed Senate that PEMRA received as many as 2,495 watermarks (Quaid-e-Azam Mohammed Ali Jinnah's portrait), complaints from across the country and 135 show-cause notices latent image, anti-copy/ anti-scanning line patterns in our new were issued to the channels in this regard. currency note series are in place to minimise the chances of proReplying to another question she told in a written reply that as ducing or printing of counterfeiting by unscrupulous elements. per PEMRA rules and license terms and conditions, 90 per cent of The prime responsibility to prevent the circulation of counterfeit the contents must be indigenous Pakistani and the remaining 10 currency notes rests with Law Enforcing Agencies such as FIA, per cent provision is available to all TV channels for foreign conPolice, NAB, etc. tent. The minister said that PEMRA has issued license to 85 Moreover, commercial banks have been provided posters con- Pakistani satellite TV channels out of which 47 are entertainment taining security features of all new design bank notes with the channels. She stressed the need for self regulatory mechanism advice to display the same at prominent places at their branches within the media and said the all stakeholders including owners of for the awareness of general public and account holders etc. channels, members of channels associations should sit together with government and frame mechanism in this regard. Continued from page 12 No #6 The minister said that license were being issued to cable operawill advance no matter what," said Muneim Mustafa, a fighter tor through opening bidding and advertisements, comprehensive with an AK-47 rifle slung over his shoulder. and transparent mechanism was also being evolved for renewal of DEFECTION They were also wary of any attempt by Koussa, a former spy licenses, she added.-APP chief, to negotiate immunity, saying Gaddafi and his entourage Continued from page 2 No #8 must be held accountable for its crimes: "We want to see them compulsory for a publication to be included in the Central brought to justice, so this is a non-negotiable item," senior rebel Media List. Nation Council official Abdel Hameed Ghoga told Reuters. The General Council urged upon the Federal and provincial British Foreign Secretary William Hague said Koussa, a former spy chief, was not being offered immunity but encouraged others governments to stand by their commitments for freedom of press and refrain from victimizing the newspapers that do not follow the around Gaddafi to follow suit. "Gaddafi must be asking himself who will be the next to aban- officials dictates. The members based in Khyber Pakhtoon Khwa don him," Hague told a London news conference. Libyan officials and Balochistan have also reported to the Council that the have denied Koussa's defection and official media have ignored Information Departments of the provinces have adopted discrimhis departure. A government spokesman dismissed talk of more inatory approach while releasing government advertisements departures, saying Gaddafi and all his sons would stay "until the which are being distributed to irregular publications while the senior and genuine publications were being completely ignored. end." Rebel spokesman Gheriani said Koussa's defection was impor- This has resulted in the acute financial crunch to the newspaper tant. "Gaddafi trusted him almost more than his kids. He is a industry in the province. Daily Azadi, Swat briefed the members that the Federal and provincial governments have not so far honmajor person to defect," he told Reuters in Benghazi. Analysts agree Koussa's defection is significant but note ored their commitments to compensate the publication for the loss Gaddafi's inner circle consists of family members who may now incurred due to terrorist attacks and military action resulting in damages to their office premises. resort to more violence to stay in power. The General Council was addressed by Hameed Haroon, Syed Rebels on Thursday still controlled Ajdabiyah, about 140 km (90 miles) southwest of Benghazi and were massing at a forward Faseih Iqbal, Dr. Jabbar Khattak, Jamil Ather, Khushnood Ali Khan, Mumtaz A. Tahir, Mumtaz Sadiq, Qudsia K. Khan, point further west, outside the oil town of Brega. "There were clashes with Gaddafi's forces around Brega at Fauzia Shaheen, Mukhtar Aqil, Amir Mahmood, Danish Iftekhar, dawn," said rebel fighter Rabia Ezela, waiting about 10 km (6 Abdul Rashid Ghazi, Ilyas Shakir and other members from across miles) outside Brega where scores of pick-up trucks mounted with the country.

Eurozone inflation up ahead of ECB rate rise BRUSSELS: Euro zone inflation defied expectations of a small decline and rose in March, an estimate showed on Thursday, a week before the European Central Bank is expected to raise interest rates to stem price growth. The European Union's statistics office Eurostat estimated that consumer prices in the 17 countries using the euro jumped 2.6 percent year-on-year in March, up from 2.4 percent in February. Economists polled by Reuters had expected 2.3 percent. "The fact that euro zone consumer price inflation rose more than expected to 2.6 percent... effectively rubber stamps an ECB interest rate hike from 1.00 to 1.25 percent at its 7 April meeting,"

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sad Howard Archer, economist at IHS Global Insight. "The ECB is determined to send out the message that it will be tough on inflation despite the still difficult economic situations in many euro zone countries and the global economic uncertainties resulting from events in Japan and the Middle East and North Africa." Central bank policymakers, tasked with keeping inflation below, but close to 2 percent, signalled in early March that they could raise its main refinancing rate in April in reaction to the fast rise of commodity prices. Economists expect, however, that consumer inflation will remain above the ECB target in 2011 and markets expect an April rate rise to be just the first of

several this year. "We expect one 25 basis point interest rate hike in the second quarter, followed by two further modest increases in the remainder of the year, to bring rates to 1.75 percent at year-end," said Daniele Antonucci, economist at Morgan Stanley. The Eurostat estimate does not contain a monthly figure or a more detailed breakdown, but rising prices of oil and clothes were likely behind the increase, economists said. "A large positive base effect on energy and the late Easter should have helped to contain, at least in part, the strong upward pressures stemming from surging oil prices," said Chiara Corsa, economist at Unicredit. Reuters

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JUI Secretary General Maulana Abdul Ghafoor Haidri blamed the CIA and Blackwater for the attack, as well as Pakistan's government for giving them "free reign" in the northwest. According to security officials, windowpanes of nearby buildings were smashed due to blast. After the blast rescue teams reached the scene whereas security agencies have besieged the area and rescue operations has been launched. Police mobile van was destroyed completely while rescue teams shifted 10 injured persons to Lady Reading Hospital immediately. Interior Minister Rehman Malik strongly condemned suicide attack on Maulana Fazlur Rehman's convoy in Charsadda and constituted a joint investigation team to conduct an inquiry. -Agencies

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decreased by 40 per cent due to high prices and may further decline by 20 percent if local producers adjusted their prices according to Saudi Aramco CP of April 2011, he added. Hadi noted that LPG users have grown to more than 50 million in the country due to higher prices of petroleum products and it is now consumed by automobiles, commercial and domestic consumers. He pointed out that local consumption of LPG has reduced to 1300 per tonne per day, as its demand has drastically declined due to high prices. The local producers have also accumulated huge stock of unsold LPG because of depressed market, he added. Hadi has appealed to the local producers to announce a reduction, instead of increasing prices of locally produced LPG. -Agencies

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received $1.13 billion in the fifth tranche of an $11 billion International Monetary Fund (IMF) bailout programme.

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threats hurled to them by extortionist mafia. The shopkeepers closed their shops and took to streets for recording their protest. They blocked the main MA Jinnah Road by burning tyres and chanted slogans against the extortion threats.Agencies

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Rawal expects banking, technology, consumer goods and infrastructure sectors to drive the market in the June quarter. He said he would avoid telecoms stocks for now, as fierce competition and corruption scandal weigh. Alleged corruption in a 2007-08 telecoms licence allocation has damaged confidence in the ruling Congress government, led to calls for the resignation of Prime Minister Manmohan Singh and worried investors in Asia's third-largest economy. The oil and gas sector also did not interest Rawal due to a lack of clarity on policy issues.-Reuters

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In PICIC-CF, a bonus of Rs0.8500 per unit (0.8496 per cent of the Ex-NAV of February 26, 2011) has been announced for the period from February 26 to March 25, 2011. An investors holding 100 units as on March 26, 2011 will get 0.8495 units on the ex-bonus price of Rs100.0590 per unit, the proportionate will apply to actual holdings. PICIC AMC is a wholly owned subsidiary of NIB Bank Limited with an authorized capital of Rs5,000 million and paid-up capital of Rs3,000 million. The company has been rated AM3 by JCRVIS which means that the asset manager meets good investment management industry standards and benchmarks. Currently, PICIC AMC is managing three closed-end funds and two open ended funds with an investor base of around 40,000 and total assets under management of around Rs15.118 billion as of February 28, 2011.

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very hard times as domestic demand will probably go down with so many people struggling after the disaster," Ogawa said. The real estate sector tumbled 12 per cent after the quake and more downside is expected for the shares. Takashimaya Co, a major department store chain, has fallen nearly 20 per cent since the quake, reflecting worries over falling demand. The benchmark Nikkei average ended Thursday trade at 9,755.10, while the broader Topix advanced 0.4 per cent to 869.38, pushed higher by year-end window-dressing. Trading volume, at 2.7 billion shares on the Tokyo Stock Exchange's first section, softened compared with the first two weeks after the quake, as many investors held to the sidelines on the last day of the business year. -Reuters

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The week has been marked by some of the year's lowest volumes as traders opt to ride the quarter's gainers, pushing the S&P 500 up 5.5 per cent in the quarter. But the benchmark S&P has been unable to hold gains around 1,330, a level that the index has been unable to break through despite several attempts in the past month. "We are bouncing off that 1,332 level, which was kind of a double off the (March 2009) lows. We've struggled with it at times and it's been kind of a grind here," Bublitz said.-Reuters

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After a week of low volumes, trading was robust at 126 per cent of the average of the last 90 trading days. The Irish announcement came as markets closed, but the index fell sharply at the closing auction where traders settle outstanding trades for the day. "We saw equity markets suddenly slide very rapidly towards the close with the banking sector slipping back quite considerably," said Michael Hewson, market analyst at CMC Markets. "What we have seen in the closing auction (in the FTSE 100) is an early indication of what the market thinks of it." Fears about the state of finances in some poorer euro zone countries had already been heightened when it was revealed that Portugal's deficit was more than a percentage point above target at 8.6 per cent of GDP. Europe's largest banks HSBC fell 2.3 percent while Barclays fell 2.3 per cent and insurer Prudential fell 2.1 per cent. Firmer commodity prices lifted some miners and energy firms, preventing heavier losses. West African-focused gold miner Randgold Resources was the top gainer, up 8.8 per cent after it said it is sticking with the production forecast for 2011 which it gave early last month, even though the unrest in the Ivory Coast, home to its newest mine, has since worsened. Shares in Vedanta Resources added 2.8 per cent after a press report raises hopes of a green light for its planned buy of a stake in Cairn Energy's Cairn India unit. Chip designer ARM Holdings climbed 2.2 per cent per cent, boosted by a Bank of America Merrill Lynch upgrade. -Reuters

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Index posted a first quarterly rise with a gain of 3.9 per cent. Global stocks have now recovered all the losses from a sharp sell-off after disaster struck Japan earlier this month mainly due to gain in the US stocks. But when compared to other Frontier markets, Pakistan market performed better than the average decline of 6.5 per cent as defined by MSCI Frontier markets which tracks 26 countries. Amongst Asian Frontier markets, Bangladesh remained the worst performing market with negative return of 23 per cent. However, MSCI Emerging Markets Index posted a slight gain of 0.7 per cent with India remaining the worst performing by posting negative return of 5.2 per cent amongst the Asian emerging markets.


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Pak says Mohali spirit was-win for both nations

Wants decisive India talks: FO

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani called on President Asif Ali Zardari at Aiwan e Sadr. -APP

Inflexible currencies are biggest problem: US NANJING: Tightly controlled exchange rate regimes are the main flaw in the international monetary system and the solution is simple, US Treasury Secretary Timothy Geithner told a G20 meeting on Thursday. In a thinly veiled swipe at the Chinese hosts of the seminar of the Group of 20 wealthy and developing economies, Geithner said that countries should have flexible exchange rates and permit free flows of capital to be major players in the global currency order. He also used his speech to call for a stronger International Monetary Fund and to defend US policies, acknowledging that past failures had caused much damage but saying the government was aiming to stabilize debt levels to avoid future problems. The G20 seminar was spearheaded by France, which is pushing a bold reform agenda in its year-long presidency of the group, and was meant to be focused on ills in the monetary system. Geithner offered a straightforward diagnosis. While major currencies moved freely and most emerging economies were well along that path, there were still some with little exchange rate flexibility and extensive capital controls, he said. This asymmetry fueled inflation risks in the economies whose exchange rates are undervalued, magnified currency appreciation in others and also generated protectionist pressures, he added. "This is the most important problem to solve in the international monetary system today. But it is not a complicated problem to solve," he said, according to the prepared text of his remarks. -Reuters

Petroleum delegation calls on Qamar

Legal cover to oil, gas pacts assured ISLAMABAD: Syed Naveed Qamar, Federal Minister for Privatisation Water and Power assured the body that all contractual obligations made with the Petroleum Exploration & Productions companies would be protected in accordance with the law. He was addressing a meeting of the members of the Executive Committee of Pakistan Petroleum Exploration & Production Companies Association (PPEPCA) here Thursday. The meeting discussed the matters pertaining to the implementation of 18th Constitutional Amendment 2010 regarding Oil & Gas sector in view of the new clause 172 (3) introduced in the Constitution whereby mineral

oil and natural gas within any province or the territorial waters adjacent thereto has been vested jointly and equally with that Province and the Federal Government. The Minister said that the new constitutional arrangements would ensure that the provinces wouldn't be treated as colonies anymore and the people of the respective provinces would benefit from their resources. The Provinces would be partners in all future transactions, however, before finalisation of a body and mechanism to replace the existing arrangements for future transactions, a summary for Council of Common Interests (CCI) was being moved in its upcoming meeting next month for placing

interim arrangements with transparent timeline, he added. Qamar being among the authors of 18th Constitutional Amendments informed PPEPCA body that the Federal Government couldn't unilaterally take decisions, however, the channel for information flow would remain the same. The new body being envisaged would have one representative from each province, he said. Imtiaz Kazi Secretary Petroleum, Dr Elmar Colins Chairman PPEPCA (BPP), Mazhar Farooq General Secretary PPEPCA, Anwar Moin of OPL and representatives of ENI, POPH, OMV, GHPL and the Director General Petroleum Concession were present during the meeting. Agencies

SBP tells banks to issue quality notes

Rs183bn soiled notes shredded Staff Reporter KARACHI: State Bank of Pakistan (SBP) destroyed soiled currency notes worth Rs183 billion during the financial year 2009-10. "Around 1.1 billion pieces valuing Rs183 billion of soiled notes of various denominations during the financial year (200910) were shredded," said chief spokesperson of the central bank here on Thursday. Talking to APP he said soiled notes are first canceled and

then destroyed through shredding machines under CCTV surveillance. General public can exchange their soiled notes with good quality notes from any commercial bank or designated offices of SBP, he added. SBP has issued instructions to commercial banks under the Clean Note Policy (CNP) to issue good quality bank notes to the general public/ stakeholders etc. Commercial banks are also required to deposit the soiled

notes received from general public/ stakeholders to the nearest field office of SBP or Chests branch of National Bank of Pakistan. Referring to a question about reports of circulation of counterfeit currency, he said counterfeiting of currency notes is a global issue and Pakistan is also no exception to this. The understanding that currency-dealers collect soiled notes and note down the numbers of the currency notes See # 5 Page 11

US help may buoy Libya rebels NEAR BREGA/BENGHAZI: Libyan rebels massed for a counter-attack against Muammar Gaddafi's forces in the east on Thursday, both buoyed by and wary of news of covert U.S. support and his foreign minister's defection. "We are beginning to see the Gaddafi regime crumble," rebel spokesman Mustafa Gheriani said in the eastern town of Benghazi, while stopping short of welcoming fugitive foreign minister Moussa Koussa, a former spy chief, into the rebel fold. Analysts agreed the defection of Koussa, who flew to London on Wednesday, was a blow to Gaddafi and belied the advantage his forces have gained on the ground in recent days. It did not, however, reduce the risk of greater government violence. Despite almost two weeks of Western air strikes, Gaddafi's troops have used superior arms

and tactics in the past few days to push back rebels trying to edge westward along the coast from their eastern stronghold of Benghazi toward the capital Tripoli. News that U.S. officials told Reuters that President Barack Obama had authorized covert operations in Libya raised the prospect of greater support for the rebels. Experts assume special forces are on the ground "spotting" targets for air strikes. But public confirmation from Washington may indicate a willingness for greater involvement with the rebel side. The rebels, whose main call is for weapons -- not authorized yet by Washington because of a UN arms embargo which Nato says it is enforcing -- said they knew nothing about Western troops in Libya and conceded too big a foreign role could be damaging. "It would undermine our

credibility," Gheriani said. UN RESOLUTION Obama's order is likely to further alarm countries already concerned that air strikes on infrastructure and ground troops by the United States, Britain and France go beyond a UN resolution with the expressed aim only of protecting civilians. The top Vatican official in the Libyan capital cited witnesses on Thursday saying at least 40 civilians had been killed in Western airstrikes on Tripoli. Nato said it was investigating but had no confirmation of the report. Libya's state news agency, citing military sources, said Western air strikes had hit a civilian area in the capital overnight, but did not mention casualties. The rebels fighting Gaddafi's 41-year-old rule say they desperately need more arms and ammunition to supplement sup-

plies grabbed from government depots. The United States, France and Britain have raised the possibility of arming them, but stress that no decision has yet been taken. Nato, which took over formal command of the air campaign on Thursday, said it would enforce a UN arms embargo on all sides: "We are there to protect the Libyan people, not to arm the people," Nato chief Anders Fogh Rasmussen said in Stockholm. More Western military help may strengthen the rebels on the battlefield but at the price of a propaganda boost for Gaddafi, quick to portray his foes as lackeys of the West. Rebels on the front line were keen to stress they would fight on with or without Western help. "God willing there will be more air strikes today, but we See # 6 Page 11

ISLAMABAD: Pakistan says that Mohali was a win-win for the Pakistan-India process of engagement and Islamabad looks forward to meaningful progress in the ongoing dialogue. Briefing newsmen in Islamabad, Foreign Office spokesperson Tehmina Janjua said that they do not underestimate the difficulties but have faith and confidence in a bright future for the people of the region. She said Pakistan is committed to a constructive, sustained and result-oriented process of engagement with India. "The dialogue is the only way forward to move towards the goal of establishing good neighborly and cooperative relations" the spokesperson emphasised. Pakistan wants to move towards a comprehensive and broad-ranging engagement with India on the basis of equality, mutual trust, mutual interest and mutual respect. The spokesperson said Pakistan is looking forward to the series of meetings that are envisaged between now and July.

These will culminate in the meetings of the Foreign Secretaries and the Foreign Ministers of the two countries in New Delhi to take stock of the progress achieved. Tehmina Janjua pointed out that there are longstanding issues, including the issue of Jammu and Kashmir, that needed to be addressed earnestly, with a view to finding a solution that accords with the aspirations of the Kashmiri people. Replying to a question she said the full spectrum dialogue would consist of all the eight segments forming composite dialogue process. Foreign Secretaries of the two countries would discuss peace and security, Jammu and Kashmir, cultural exchanges and people-to-people contacts. To another question the spokesperson said the Judicial Committee dealing with prisoners would meet next month. She said Pakistan has expressed its readiness to entertain visit by Indian Judicial Commission on reciprocal basis in connection with Mumbai attacks. Dates for visit of the Judicial Commission from Pakistan to

India would be worked out through diplomatic channels. Responding to a question she said the issue of burning of the Holy Quran by an American priest has been taken up at the highest level with the international community. Apart from telephonic conversation between Presidents of Pakistan and Turkey, Pakistan's permanent representative at UN has taken up the issue with the UN Secretary General. The spokesperson confirmed that an Indonesian national, suspected to be involved in Bali bombing, has been arrested. To a question she said invitation of President Karzai to Prime Minister Gilani to visit Afghanistan has been received and preparations are underway to finalise the dates. Furthermore, Federal Minister for Information and Broadcasting Dr Firdaus Ashiq Awan said that although Pakistan lost cricket match against India, but a diplomatic match was also played between the two countries which is not a one-day match but a series. Talking to media persons, the minister said Prime Minister See # 1 Page 11

Judges appointment

Heavy vehicles manufacturing declines

SC rufusal ends House supremacy

7M light-vehicle sales rise by 15pc

ISLAMABAD: Awami National Party (ANP) leader Senator Zahid Khan said Supreme Court of Pakistan insulted the Parliament by rejecting the recommendations of its committee about the appointment of the judges. Talking on point of order in Senate, ANP's leader and Senator Zahid Khan said Parliamentary Committee is representing the parliament, which is supreme and just through a stroke of the pen court has ended its value. He added it's our appeal to dissolve the committee and hand the issue of judges' appointment over to the Supreme Court. He said that judiciary must give due respect to Parliament, which is independent and it has power to legislate. Senator Sabir Baloch said that the recommendations tabled by parliamentary committee were according to the constitution. He added Parliamentary Committee had formulated the proposals as per recommendations of the chief justices of all high courts. Leader of the Senate, Senator See # 4 Page 11

ISLAMABAD: Production of cars and jeeps surged by 15.10 per cent during the first seven months of the current fiscal year as compared to the same period of last year. As many as 75,537 cars and jeeps were produced during July-January (2010- 11) compared to the production of 65,626 units last year, according to data provided by Federal Bureau of Statistics. The production of cars and jeeps witnessed increase of 8.52 per cent during January 2011 as compared to the same month of last year. Production of cars and jeeps was recorded at 12,081 units during January 2011 as compared to production of 11,133 units during January 2010, the data revealed. On the other hand production of Light Commercial Vehicles (LCV) surged by 21.18 percent and 26.33 percent during JulyJanuary (2010-11) and January 2011 respectively as compared to the same period of last year. LCV production during JulyJanuary (2010-11) was recorded at 10,746 units as compared to 8,868 units last year. Similarly LCV production during January 2010 stood at 1,785 units as compared to 1,413 units during last January.

Production of motorcycles during the first seven months of current year also grew by 17.98 percent by increasing from 776,369 units last year to 915,961 units this year. Motorcycle production during January 2011 was recorded at 147,060 units as compared to 122,375 units last year, showing an increase of 20.17 per cent. However, production of tractors, trucks and buses decreased by 3.30 percent, 12.20 percent and 26.06 percent respectively during JulyJanuary (2010- 11) as compared to corresponding period of last year. Production of trucks during the period under review stood at 38,609 units as compared to 39,925 units last year. Similarly production of trucks stood at 1,620 units as compared to 1,845 units while production of buses was recorded at 278 units as compared to 376 units last year. Production of trucks and buses fell by 46.59 percent and 35.71 per cent during January (2010-11) while the production of tractors witnessed slight increase of 0.77 per cent. Production of trucks during January stood at 188 units as See # 2 Page 11

Full bench constituted for NRO case

PIA profits to take off soon: Mukhtar

ISLAMABAD: Chief Justice of Pakistan Iftikhar Muhammad Chaudhry has constituted a 17-member larger bench to hear an appeal seeking review of certain aspects of its verdict over the annulled National Reconciliation Ordinance from April 11. The bench headed by the Chief Justice and comprising all the available judges of the apex court will also resume hearing of a set of pleas challenging various amendments made in the Constitution through 18th Amendment from April 18. Notices have been issued to all the parties concerned. The NRO review had been moved by the Federation. A larger bench in the December 2009 had declared the NRO as void ab initio and See # 3 Page 11

ISLAMABAD: Minister for Defense Chaudhry Ahmad Mukhtar Thursday apprised the Senate that government would utilise all available resources to make Pakistan International Airlines (PIA) a profitable airlines by the end of this year. Replying to supplementary questions during the Question Hour, the Minister said that there was no agreement between the Turkish Airline and the PIA for route selling or adjustment. He said that steps were being taken to enhance performance of the national airline and hoped that it would be turned into a profitable organisation by the end of year. He said MD PIA and Chief Executive Officer of Turkish Airlines had signed a record of discussions, which had no legal validity.

To another question the minister said there were 42 airports in the country out of which 25 were operational. He said that some airports were closed due to law and order situation, adding Saidu Sharif airport would be opened next month. The minister said the newly Islamabad airport would be completed in 2012 at a cost of Rs50-55 billion. Earlier, Rs25 billion were estimated for the construction of the airport. However, he said that the construction cost had surged to Rs55 billion due to delay in the construction of the airport. To another supplementary question, the minister said that the Prime Minister had sanctioned over Rs80 million for Sialkot airport, out of which Rs25 million had already been released. -APP

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


The FinancialDaily-Epaper-01-04-2011