Page 1

International Karachi, Thursday, April 7, 2011, Jumadi-ul-Awwal 3, Price Rs12 Pages 12

HEC devolution to heighten edu crisis, says Musharraf

World Health Day today

See Page 12

UN condemns desecration of Holy Quran

See Page 12

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) 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% $1,051 175.67mn

Portfolio Investment SCRA(U.S $ in million)

176.58 0.50 0.86 2668

Yearly(Jul, 2010 up to 05-Apr-2011) Monthly(Apr, 2011 up to 05-Apr-2011) Daily (05-Apr-2011) Total Portfolio Invest (26-Mar-2011)

NCCPL (U.S $ in million)

FIPI (06-Apr-2011) Local Companies (06-Apr-2011) Banks / DFI (06-Apr-2011) Mutual Funds (06-Apr-2011) NBFC (06-Apr-2011) Local Investors (06-Apr-2011) Other Organization (06-Apr-2011)

-0.83 1.05 -3.53 1.04 0.02 2.40 -0.14

Global Indices

GDR update

36.25 37.36

Money Market Update 06-Apr-2011 06-Apr-2011 06-Apr-2011 29-Nov-2010 06-Apr-2011 06-Apr-2011 06-Apr-2011 06-Apr-2011 06-Apr-2011 06-Apr-2011 06-Apr-2011 06-Apr-2011 06-Apr-2011 06-Apr-2011 06-Apr-2011

13.25% 13.66% 13.83% 14.00% 13.61% 13.54% 13.75% 14.12% 14.23% 14.00% 14.03% 14.10% 14.44% 14.68% 14.90%

Commodities *Crude Oil (brent)$/bbl 122.58 *Crude Oil (WTI)$/bbl 108.66 *Cotton $/lb 208.06 *Gold $/ozs 1,457.50 *Silver $/ozs 39.47 Malaysian Palm $ 1,115 GOLD (NCEL) PKR 39,978 KHI Cotton 40Kg PKR 13,396 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 87.90 Canadian $ 88.00 Danish Krone 16.70 Euro 121.00 Hong Kong $ 10.50 Japanese Yen 0.009 Saudi Riyal 22.60 Singapore $ 67.10 Swedish Korona 14.00 Swiss Franc 93.50 U.A.E Dirham 23.12 UK Pound 138.00 US $ 85.10

88.90 89.00 16.90 122.30 11.00 1.984 22.80 68.10 14.30 94.50 23.32 139.30 85.40

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 $

Three Gorges Corporation delegation meets Shaikh

China to invest $15bn in Pak energy projects The President of the Three Gorges Project Corporation briefed the Minister about his Company's desire to work closely with Pakistan for the development of Energy Sector and in this regard showed the Chinese interest for investing $10 to $15 billion for the immediate development objective. In this regard the President of the Company said that they have the required strong means and capability for investment to

develop power projects in Pakistan. The Federal Minister for Finance welcomed the Chinese offer and said that this is a beginning of a new era of cooperation between Pakistan and China, and he is looking forward to have a consensus on all issues including the problem of equity of all stakeholders of the Pakistan state craft in this manner. See # 10 Page 11

SBP ups yield on all papers

Pak-UK captives swap draft ready

Gilani meets Sharif in London

Ghulam Raza Rajani

ISLAMABAD: Interior Minister Rehman Malik said on Wednesday that a draft has been prepared for the agreement on exchange of prisoners between Pakistan and Britain and dialogue was taking place between officials from both countries regarding the agreement. While speaking to the media in the Parliament House, Malik said that the court has issued non-bailable arrest warrants against former president Pervez Musharraf. If no action is taken

regarding these warrants, the court will make a decision itself. Interpol has also issue a red warrant for the arrest of Musharraf, Malik stated. Furthermore, Interior Minister Rehman Malik made it clear that draft concerning extradition treaty between Pakistan and UK has been formally prepared urging no military action will be launched in Balochistan. Interior Minister Rehman Malik expressed thee views See # 12 Page 11

LONDON: Prime Minister Syed Yousuf Raza Gilani arrived here on Wednesday on a four-day private visit by a commercial flight of the national airlines. According to a press release of Pakistan High Commission, the Prime Minister flew to Britain in connection with the See # 11 Page 11

Change 31.81 31.18 134.47 74.62 1.44 33.95 33.23 33.30

Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) 1.70 HUBC (1 GDR= 25 Shares) 10.95 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)

ISLAMABAD: Finance Minister Dr Abdul Hafeez Shaikh in a meeting with Chinese delegation led by Cao Guangjing Chairman, China Three Gorges Project Corporation.-APP

ISLAMABAD: The head of Chinese Three Gorges Corporation Cao Guangjing here on Wednesday expressed the desire of his company to work closely with Pakistan for the development of Energy Sector. "In this regard showed the Chinese interest for investing $.Price PKR/Shares up to $15 billion for the immediate development objective", 2.60 110.87 16.62 141.74 he said at a meeting with 2.00 42.64 Minister for Finance and

Index Close KSE 100 11,933.18 Nikkei 225 9,584.37 Hang Seng 24,285.05 Sensex 30 19,612.20 ADX 2,591.58 SSE COMP. 3,001.36 FTSE 100 6,040.29 *Dow Jones 12,427.20 *Last Updated 20:00 PST

Buying TT Clean

Selling TT & OD

88.28 88.48 16.28 121.43 10.95 1.997 22.71 67.56 13.47 91.95 23.18 139.10 85.17

88.49 88.68 16.32 121.72 10.98 1.999 22.76 67.72 13.50 92.17 23.24 139.43 85.35

KARACHI: The State Bank of Pakistan on Wednesday surged the cut-off yields on all the Treasury Bills. SBP accepted bids worth Rs184.72 billion in T-bills auctions against the target of Rs200 billion, receiving bids worth Rs278 billion. Central bank increased the cutoff yield on 3-month T-bill by 5bps to 13.30 per cent and raised an amount of Rs1.07 billion. See # 16 Page 11

Sharjeel Memon named Sindh Info Minister

ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI

MAX-TEMP

25°C 36°C 30°C 28°C 25°C 26°C

Mirza departs on sick leave

MIN

10°C 21°C 17°C 15°C 10°C 12°C

Subscribe now Tel: 92-21-5311893-6 Fax: 92-21-5388428 Email: editor@ thefinancialdaily.com

www.thefinancialdaily.com

Malik Iqbal becomes new DG FIA

Director General FIA calls it a day

TFD Report KARACHI: Sharjeel Inam ISLAMABAD: Prime Memon on Wednesday took Minister Syed Yousuf Raza Gilani on Wednesday appointed Malik Muhammad Iqbal, Inspector General Balochistan as Director General Federal Investigation Agency with immediate effect. Earlier, Director General FIA Waseem Ahmed resigned from his post. Sources told that Supreme Court had expressed its reseroath as Provincial Minister at vation over the role of Waseem Governor House. See # 15 Page 11 Total exports stand

Weather Forecast CITIES

Economic Affairs, Dr Abdul Hafeez Shaikh here Wednesday. According to a statement of the Ministry of Finance, the ten-member delegation headed by Cao Guangjing, the head of Three Gorges Corporation, the Chinese state owned corporation dealing with construction of power infrastructure met here with the Minister for Finance and Economic Affairs, Dr Abdul Hafeez Shaikh.

KARACHI: Sindh Home Minister, Zulfiqar Ali Mirza has gone on sick leave, indefinitely. The Sindh Chief Minister, Qaim Ali Shah will be assuming all duties of Mirza till the time the Home Minister is well enough to return. See # 14 Page 11

Ahmed as DG FIA and had directed the government to remove him from this post. However, Waseem Ahmed continued to perform his services and also represented Pakistan in the recently held Pak-India talks. Sources told Online that Waseem Ahmed in his resignation sent to the PM Gilani had adopted the stance that the situation between two important See # 13 Page 11

at 2.73mn T in 9M

Rice exports fall in July-March ‘11 KARACHI: Pakistan's total rice export has crossed 2.734 million tonnes mark during nine months of current fiscal year, showing a decline of 772,928 tonnes over last year's 3.314 million tons. According to rice exports statistics released by QRC Inspection Cell here Wednesday, that the value of rice exports has slipped by $123 million to $1.507 billion during July-March 2011 compared with $ 1.630 billion same period last year. The export of Basmati rice

surged by 14 per cent in volume to 786,902 tonnes and 12 per cent in value to $655.606 million during nine months of 2010-2011. However, there is a decline of 26 per cent in the export of non-Basmati rice in volume to 1.947 million tonnes while the value also dropped 18 per cent to $ 851.840 million. The major chunk of exports (2.527 million tons) was shipped from Karachi followed by Quetta (184,190 tons) and Lahore (22,490 tons). -APP

See Page 2

Bill Gates telephones President Zardari

Pak inflation a major risk to economy, ADB says Inflation may reach 16pc; GDP at 2.5pc this fiscal; delay in reforms adds to fiscal deficit MANILA: Asian Development 2011 released here said that the Bank (ADB) Wednesday said escalating global crude prices

March CPI reaches 13.16pc, FBS data say ISLAMABAD: Pakistan's consumer price index (CPI) rose 13.16 per cent in March from a year ago, the Federal Bureau of Statistics said on Wednesday. The CPI was up 1.48 per cent from February. February's CPI rose 12.91 per cent year on year. Pakistan's wholesale price index (WPI) rose 25.41 per cent in March from a year earlier, and was up 3.34 per cent over February, according to the bureau. Central bank governor said inflation likely to reach 15 per cent by end of fiscal year 2010/11 (July-June). Talking to the foreign news agency, Khalid Iqbal Siddiqui, Director At Invest & Finance Securities Ltd, said "There is no major surprise here but going forward it would be interesting to see how fuel, food and commodities prices play out especially See # 9 Page 11

Pakistan economy is facing fundamental challenges---the financial deficit is mounting due to inordinate delay in increasing the income, while it could see inflation of 16 per cent, the maximum in the region. ADB in its Outlook Report-

and the enhancement of power tariffs would intensify the inflationary pressure---the rate of inflation in the current fiscal year would be around 16 per cent, while the volume of subsidies would See # 17 Page 11


2

Thursday, April 7, 2011

President tells employees

KARACHI: Senator Haji Ghulam Ali, President FPCCI inaugurating the 1st meeting of FPCCI Standing Committee on Tourism, Chaired by Salman Javed at FPCCI Head Office. -Staff Photo

‘True potential of NBP to be explored’ Staff Reporter

LAHORE: Women shopping from a stall during Gypsy Mela & Women Expo 2011 at Children Complex organised by Distract Officer social welfare women development and Bait-ul-Mall.-INP

KARACHI: The President NBP, Qamar Hussain has said that NBP's most valuable asset is the performance of its competent and professional workforce. With right focus and attitude of its employees, NBP can reach its true potential which is yet to be explored and which can take the Bank to new heights of performance. Qamar Hussain shared these views in a function

organised by NBP Employees to welcome him as President of the Bank. On the occasion, Gulfaraz Ahmed Khan, Secretary General NBP Officers Federation said that in the last 10 years NBP has taken major strides on the road of success which only became possible due to the dedication of its workforce. With continuity of its capable leadership, this trend is likely to continue. On behalf of Officers

FPCCI supports promotion of tourism Staff Reporter

KARACHI: Didier Boschung, Consul General of Switzerland paid a visit to Dawlance Manufacturing facility in Karachi. Seen in picture are: (From L to R) Hasan Jamil - Head of Marketing, Tariq Quddusi, Director Manufacturing, Raja Adeel-Head of Sales & Supply Chain, Col. Fazl-Ur-Rehan-VP Employee Relations, Rashid Jamil-Head of Quality & Adnan Nazir - VP Design & Development. -Staff Photo

KARACHI: A lady Health Worker giving polio drops to a child on the inauguration of polio eradication campaign.-Online

LAHORE: The Institute of Chartered Accountants of Pakistan organised a CFO Conference at Pearl Continental on the theme "Scaling New Heights, Facing New Challenges".-Staff Photo

KARACHI: Former president KCCI Khalid Firoz jointly cutting the ribbon along with French Commercial Counselor Francis Widmer and Turkish Commercial Attache Fisun Aktug to inaugurate 8th PLATIC & PACK Pakistan 2011and IFTECH Pakistan 2011 at Karachi Expo Centre . Chairman Pegasus Consultancy Aasim A Siddiqui and Managing Director Pegasus Consultancy Aamir Khanzada are also seen in the picture. Staff Photo

KARACHI: The first meeting of FPCCI Standing Committee on Tourism was held at Federation House here attended by senior stakeholders, academia, prominent businessmen and professionals of tourism sector. Senator Haji Ghulam Ali, President FPCCI in his inaugural address, stressed on the importance of tourism, which is an engine of growth and for representing the real soft image of Pakistan in the world. He pointed out that tourism being a labourintensive industry supports for employment generation and national integration. Further he indicated that, there is a lot of potential for tourism in Pakistan if it is properly tapped, particular its rich culture, archaeological sites, mountains and tracks and natural her-

itage, the country possesses. Tourism is also a very potential source of foreign exchange. President FPCCI pledged all support for promotion of Tourism in Pakistan, particularly for the problems being created due to the vacuum caused by the devolution of tourism from federal to provincial level. He assured the participants that the issues highlighted in the meeting would be taken up at all levels. Senator Haji Ghulam Ali asked the participants to come up with the resolution of the problems identified and not to be deterred by the negative prevailing circumstances. He further stressed to join hands to promote the tourism products of Pakistan which comprise a very diverse, year round tourism products to which value can be added through research and development.

ICCI condemns govt decision to devolve HEC Staff Correspondent ISLAMABAD: Higher Education Commission( HEC) has played a key role in organising the Higher Education Sector in Pakistan which has the lowest literacy rate in the region. HEC programs improved the working of Universities in Pakistan and also significantly increased the number of PhD's in the country. The decision of devolving the HEC to the provinces will be extremely damaging for Pakistan and will have a negative impact on the over all educational structure of the country and eventually lead it towards disaster in the education sector of the country. Mahfooz Elahi, President Islamabad Chamber of Commerce & Industry (ICCI) has said, reading on the poor decision of the Government. He said that government's decision is not only disappointing, but also discouraging for the future growth of the country. The country in the current dismal eco-

nomic scenario needs the highly qualified scientists, researchers and economist to drive the economy forward and the dissolution of HEC would stop that process and push Pakistan backwards, he added. President ICCI said that spending in education sector is very low as a result of which education level in the country is going down and this decision would further put a big dent on the fragile and weak education system. He was of the view that Pakistan must develop a big pool of PhD's who could contribute in developing future roadmap and strategy for the economic uplift, but such adverse decision of the government would force the people to leave the country and use their potentials in other economies of the world. Before the establishment of HEC, number of PHD students was around 50 since 1947, but practical measures being undertaking by HEC for the improvement of higher education, this number has increased to 600, he added.

Federation he assured full support to the management in making NBP the most commercially viable financial institution in the country. President NBP assured the employees that the bank would continue to look after their genuine interests. He expressed confidence that the employees of NBP would double their efforts to keep NBP the flag bearer of Pakistan's banking industry.

Naveed Qazi to head FMFB TFD Report KARACHI: Naveed Qazi has been appointed as the President/CEO of The First MicroFinanceBank Pakistan (FMFB-P). Naveed, who earlier this year joined FMFB as Advisor to the Chairman has taken over as the President. Naveed brings with him over 26 years of extensive banking experience covering corporate banking, commercial banking, consumer and retail banking, operations and treasury, says a press release.

Int’I LPG Conf & Expo opens today ISLAMABAD: The 5th International LPG conference and exhibition "LPG Exp Con 2011" will be held in Islamabad today (Thursday), at local hotel. The event is organised by LPG Association of Pakistan (LPGAP), Publicity Channel and Energy Update. -PR

Zindagi Trust clarification TFD Report KARACHI: There appears a deliberate effort by miscreants to discredit the Zindagi Trust by starting a false and fake 'help the poor' scheme. False messages have been sent using the name of Zindagi Trust through SMS and emails inviting the poor children to get free books, shoes and clothes from Zindagi Trust. Supporters of Zindagi Trust, unaware of the motives of the miscreants, forwarded this message to others to help Shehzad Roy's trust.

Corrigendum KARACHI: In the advertisement of Town Local Government published in The Financial Daily of March 29, some typographical errors occurred in serial nos:1,4,6,7 and 8 and in terms and conditions's para 2. The errors are regretted.

World Health Day today

President, PM pledge fight for healthier future ISLAMABAD: President Asif Ali Zardari and Prime Minister Syed Yousaf Raza Gilani on Wednesday underlined that we are renewing our strong commitment to fight against the diseases for a healthier and happier future. President and PM expressed these views in their separate messages on World Health Day falling on 7th April (today). President in his message said we live in an era of medical breakthrough with new 'wonder drugs' available to treat conditions that a few decades ago would have proved fatal. Provision of quality health-care to the people especially the under-served and marginalised is a key element of the social sector agenda of the present

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

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

Government. Inspired by the vision of Shaheed Mohtarma Benazir Bhutto who introduced revolutionary programs during her tenure as Prime Minister, we remain committed to ensuring that health-care is available at the door steps of the masses. The World Health Organisation has titled this year's World Health Day as "Combat Antimicrobial Resistance: No Action Today, No Cure Tomorrow". The emergence of antimicrobial resistance is a complex problem that involves a range of stakeholders. Today, the global community is calling for action to raise awareness both amongst the health providers and the masses to

Haier ranked as leading, innovative co TFD Report KARACHI: According to the report of People's Daily Online, Haier was selected as one of the world's Top 10 innovative companies issued by USA Newsweek website in the world's home appliance enterprises at the end of last year. Since Haier continued to create a first brand of the world's white household appliances, it has been recognised in the world again. Simultaneously, Haier has also been ranked among the world's one of the Top 10 Innovative Companies in Home Appliance Enterprises. It reported that the innovation ultimately included two parts, i.e. creation of something and encouragement for people to want it.

Euromonitor International, the world's leading independent provider of business intelligence on industries, countries and consumers has lately ranked Haier for the second consecutive year as the number one brand of Major Appliances in the world with 6.1% retail volume market share in 2010. Haier extends its global brand market share by almost 20% from 2009. Haier also tops Euromonitor International's ranking in three product categories, expanding its market leadership in each of them year on year. Elaborating on the ranking, the Haier Group reiterated Haier's position as the number one manufacturer of Refrigeration Appliances in the world.

NRSP Microfinance Bank launched Staff Reporter

Time Programmes

KARACHI: Mr & Mrs Noman Abid Lakhani gave a reception in honour of British Deputy High Commissioner Robert W. Gibson. Picture shows Rossalis R Adenon, Consul General Indonesia, Dieter Freund, Khalid Tawab , Rashid Hashmi. -Staff Photo

ISLAMABAD: Chairman senate Farooq H Naek, Syed Khurshid Ahmed Shah, Federal minister for religious affairs and labour & manpower, Syed Nayyer Hussain Bukhari, leader of house in the senate inaugurating the newly furnished cafeteria at Parliament House. -INP

KARACHI: The National Rural Support Programme (NRSP), the largest microfinance organisation in Pakistan to focus on rural, agricultural markets has launched a fully regulated, deposit taking, privately owned microfinance bank. The Bank has been awarded license by the State Bank of Pakistan to operate nationwide. NRSP has partnered with Acumen Fund, International Finance Corporation and Kreditanstalt fur Wiederaufbau (KfW) as share holders in NRSP Microfinance Bank. The Bank's mission is to reduce poverty by providing low income rural farmers with timely access to essential financial services such as crop and livestock loans on simple and

affordable terms, as well as deposit products to encourage savings, enabling economic wellbeing. "This $1.9 million investment is the latest in Acumen Fund's expanding Pakistan portfolio and signals our continued commitment in the country to building transformative businesses that serve the poor for the long-term," said Aun Rahman, Country Director of Acumen Fund Pakistan. "Acumen Fund continues to focus on scalable, innovative methods for providing resources, dignity and hope to the poor." Pakistan's financial sector remains inaccessible to the majority of low income Pakistanis - an estimated 86% of the adult population has no access to formal financial services.

combat drug resistance through a six-point policy package: joint planning; surveillance; drug regulation; rational use of medicines; infection prevention and control; innovation and research. The President urged the Federal and Provincial Governments, industry and stakeholders including masses to answer the call for global health security and save millions of lives that are at risk. PM in his message said By joining hands with the world, our government expresses its commitment to implement the policies and practices needed to prevent and counter the emergence of highly resistant microorganisms by utilizing all the possible resources. -Online

Fehmida for better healthcare set up ISLAMABAD: Dr Fehmida Mirza, Speaker National Assembly has stressed for integration of prompt healthcare services in the disaster management strategy in order to provide prompt medical care to the disaster stricken people. She said that it was imperative to make the hospital safe heavens for disaster stricken people instead of becoming disaster zones themselves. She said this in her message on the World Health Day, being observed today (Thursday). Fehmida Mirza said that this day serves us an opportunity as a wakeup call for nations to be fully prepared for the emergencies. She said that when disaster strikes, well-prepared and functioning medical services are necessary in order to provide medical care to affectees. -NNI

TMA for strong lobby among EU members KARACHI: Chairman, Pakistan Towel Manufacturers Association of Pakistan (TMA), Syed Usman Ali has strongly urged the government to create a strong lobby among the European Union members to receive trade concessions announced by EU to Pakistan. TMA Chief said that EU had announced to allow tariff relief for Pakistan in view of devastation of flood last year on which towel sector was also included. The value-added textile sector has been waiting eagerly for its early implementation since then. Unfortunately, this offer of concession was vetoed by few countries including India, Bangladesh, Paraguay, etc. -PR


3

Thursday, April 7, 2011 Top Economic Events

Euro rises to more than 14-month peak; ECB eyed Carry trade revival hurts yen, BOJ policy loose NEW YORK: The euro climbed against the dollar to its highest in more than a year ahead of an expected ECB rate hike, while the yen slid on Wednesday to an 11-month low against the euro and a six-month low against the dollar. More losses were expected for the yen as investors such as macro hedge funds add to bearish bets, with the Bank of Japan looking set to lag other central banks in tightening policy. In contrast, the European Central Bank is widely anticipated to raise its benchmark rate by 25 basis points on Thursday, its first hike since July 2008, and follow that with other rate hikes later in the year. The euro rose as high as $1.4350,

according to Reuters data, its highest since late January 2010, with traders reporting steady buying by Asian central banks. Large option barriers cited at $1.4350 and $1.4400 could cap gains in the near term, however. It last traded up 0.9 per cent at $1.4342. "The euro (move) is all on interest rate expectations," said John Doyle, strategist at Tempus Consulting in Washington. "It looks more like a series of interest rate hikes." The expectation for higher euro-zone interest rates also contrasted with

uncertainty in the United States over when the Federal Reserve may begin to tighten policy. The US economy remains too fragile for the Federal

Reserve to begin raising interest rates, the president of the Atlanta Fed, Dennis Lockhart, said on Wednesday. The struggling Japanese currency was in danger of breaching key long-term support levels against most currencies,

Asian currencies

Move to fight inflation spurs further gains SINGAPORE: Asian currencies enjoyed gains on Wednesday with the South Korean won reaching a 2-1/2year high against the dollar, fueled by expectation of more steps to contain inflation in the region after China's latest rate hike and by inflows into stock markets. The won, the Singapore dollar and the Taiwan dollar hit their strongest levels against the yen in more than 10 months on a sustained appetite for higher yields from emerging Asian currencies as Japan's central bank is expected to show readiness to further ease policy. Earlier on Wednesday, the Asian Development Bank said some of the region's emerging economies were showing signs of overheating, underscoring the need for further policy tightening and more flexible

foreign exchange rates to tackle growing inflationary pressures. Foreign exchange authorities from Asian countries such as South Korea, Singapore, Malaysia and Indonesia tried to slow gains in their currencies but not reverse the trend, dealers said. The won hit a fresh 2-1/2 year high against the dollar on demand from offshore funds such as macro funds and as foreign investors extended to 16 days a streak of sessions in which they have been net stock buyers in Seoul. Some offshore funds built up yen-short positions versus the won, while exporters such as shipbuilders also chased it for settlements. The South Korean currency strengthened to as firm as 1,083.8 per dollar, the strongest since Sept. 10, 2008

Sterling weakens on weak UK data LONDON: Sterling slipped on Wednesday as data showing a surprise fall in UK industrial output cast a shadow over the economy's growth prospects and reduced the chances for a nearterm rise in UK interest rates. The Office for National Statistics said that industrial output contracted by 1.2 per cent in February after downwardly revised growth of 0.3 per cent in

rise in British services sector activity. The chances of a rate hike as early as June were pushed back slightly after Wednesday's data to 81 per cent, with a rise in July still fully priced in. "Given many of the MPC members have very explicitly linked their hike decision to economic activity in the UK, a series of bad economic data is likely to

January. The narrower measure of factory output -- which does not include utilities or oil and gas extraction -- was also worse than forecast and stalled in February, after January's downwardly revised growth of 0.9 per cent. The pound fell over half a cent on the data and later hit a session low at $1.6257, while the euro rose around 40 pips to 87.90 pence before easing to 87.77 to stand up 0.6 per cent on the day. The figures point to a weaker rebound in broader economic output in the first quarter of 2011, wobbling market expectations of a May rate hike which had been boosted by a surprisingly robust

keep them on the sidelines for longer," said Elsa Lignos, currency strategist at RBC Capital Markets. Other economists, however, cautioned that the data was volatile, and may not prove decisive on the BoE. The sector only accounts for about 13 per cent of Britain's GDP, so its impact on overall output and the direction of BoE policy is limited. Sterling had earlier been within sight of a 14-month high of $1.6403, and had also traded at its highest levels in 11-months against a broadly weaker yen. It was last 0.1 per cent lower on the day against the dollar at $1.6280.-Reuters

and to as strong as 12.6800 versus the yen, the firmest since May 20, 2010. The peso touched a fivemonth high against the dollar, helped by demand from momentum funds and breakout players. Foreign investors sharply increased their net stock purchases on Tuesday to $220 million from $21.6 million in the prior session. On Wednesday, the Philippine central bank was initially spotted buying the dollar at 43.30, a level it had been defending, but allowed the peso to strengthen more, dealers said. The peso strengthened to as firm as 43.15, its strongest since early November last year. The peso has risen 1.6 percent against the dollar so far this year, lagging a 4.4 percent See # 1 Page 11

Swiss franc at 4-mth low against euro ZURICH: The Swiss franc hit its lowest level this year against the euro in early trading as traders bought euros and sold francs on expectations the European Central Bank could raise interest rates on Thursday. "Resistance levels have been broken, and the carry trade is coming into play again with investors borrowing francs and buying euros or dollars," one trader said. The franc fell 0.4 per cent against the euro compared to the New York close, trading at 1.3207 francs per euro at 0643 GMT having earlier hit 1.3236, its lowest mark since late November. Swiss National Bank board member Jean-Pierre Danthine also on Wednesday appeared to steer markets away from a near-term interest rate rise in a newspaper interview. "For the whole economy, the monetary conditions are appropriate at the moment," Germany's Boersen-Zeitung quoted Danthine as saying in an interview. But the SNB was also facing a dilemma and the central bank would hike interest rates if it were to look solely at the country's real estate market or the domestic economy, Danthine was quoted as saying. The franc was 0.1 lower per cent against the dollar at 0.9259 francs per dollar. -Reuters

Aussie & NZ dlrs surge vs yen; dragged up on USD SYDNEY/WELLINGTON: The Australian and New Zealand dollars soared to multi-month highs against a broadly weaker yen on Wednesday, buoyed by a revival in carry trades and risk appetite. The Aussie tore to a 2.5-year high of 88.68 yen as investors sought higher-yielding assets using the Japanese unit as a funding currency. The Australian dollar, at 88.33 yen in late local trading and up 0.7 per cent on the day, has seen a huge turnaround from a trough near 75 yen plumbed on March 17, before the G7 intervened to curb yen strength. Traders said the cross is heading towards highs last seen in September 2008 at 89.35, and possibly even 95 to 100 yen, as carry trades are coming back with a vengeance. The yen slid across the board with the kiwi, euro and sterling all hitting an 11-month peak. The New Zealand dollar climbed to a session

high of 65.88 yen, up nearly one per cent on the day, a long way from a trough of 55 just three weeks ago. The rush into Aussie/yen in turn dragged the local dollar up on its US counterpart to around $1.0370, from $1.0327 in New York. The Australian dollar has gained 6 per cent since mid-March, scaling new 29-year peaks over the past few sessions. Support is from $1.0315 and resistance at around $1.0422, then $1.0500. The NZ dollar also inched up to $0.7718, a whisker away from a two-month high of $0.7727 struck earlier. Support is now seen at $0.7645, and resistance around $0.7721. The Aussie lost steam against its neighbour and fell below major support at NZ$1.3440 in offshore trade. It recovered at NZ$1.3417, well away from a 19-year high of NZ$1.3794 struck on March 7. -Reuters

Yuan hits record high as China ups inflation fight versus the dollar, up from last Friday's close of 6.5479. Markets were closed on Monday and Tuesday for the Tomb Sweeping Day holiday. It hit a record high of 6.5438 late in the session, having risen 4.31 per cent since it was depegged in June 2010, and 0.70 per cent so far this year. Before trading began, the PBOC fixed the yuan's midpoint at a record high of 6.5496, stronger than Friday's historical high of 6.5527. One-year yuan/dollar onshore options implied volatilities of 3.11 per cent bid in 12 months late on Wednesday, down from 3.2 per cent at the previous close. Implied volatilities in oneyear offshore options were quoted a 3.55 per cent bid from 3.85 per cent. Offshore dollar/yuan forwards implied more yuan appreciation on Wednesday, taking cues from the onshore spot yuan market, traders said. One-year non-deliverable forwards were bid at 6.4000 late on Wednesday, down from 6.4080 at the previous close. Their implied yuan rise in a year's time rose to 2.33 per cent from 2.20 per cent implied at their previous close. -Reuters

Indian rupee climbs; strong euro aids MUMBAI: The Indian rupee climbed to its highest level in 5-1/2 months on Wednesday, tracking the euro's gains against the dollar and as foreign funds stepped up purchases of Indian equities. The partially convertible rupee ended at 44.16/17 per dollar, after touching 44.1425 -- its strongest since Oct. 15. It had closed at 44.42/43 on Tuesday. "43.90 will be the bottom I feel. USD/INR has got good support at 43.90-44.00. This is the key level to watch. I expect this level to hold..." said Vikas Chittiprolu, a senior forex dealer with Andhra Bank. "I expect a quick bounce to 44.50 before 43.90 level is taken off," he said. Foreign funds have bought $2.8 billion of Indian shares since the start of March, after being net sellers in the first two months of the year. Traders said strong Asian peers also aided the rupee. The one-month onshore forward premium was at 26.25 basis points, down from 27.50

Source AUD AUD JPY EUR GBP GBP EUR USD

Events Employment Change Unemployment Rate Overnight Call Rate German Industrial Production m/m Asset Purchase Facility Official Bank Rate Minimum Bid Rate Unemployment Claims

Source

Events

AUD GBP GBP GBP EUR EUR CAD GBP USD

Home Loans m/m Halifax HPI m/m Manufacturing Production m/m Industrial Production m/m Final GDP q/q German Factory Orders m/m Ivey PMI NIESR GDP Estimate Crude Oil Inventories

Forecast 22.7K 5.0% <0.10% 0.6% 200B 0.50% 1.25% 385K

Previous -10.1K 5.0% <0.10% 1.8% 200B 0.50% 1.00% 388K

Actual

Forecast

Previous

-5.6% 0.1% 0.0% -1.2% 0.3% 2.4% 73.2 0.7% 2.0M

-2.6% 0.2% 0.6% 0.4% 0.3% 0.6% 65.1

Previous Day

having already fallen to a 2-1/2 year low against the Australian dollar. The yen has slid since the first G7 intervention in a decade last month, stirring talk of a carry trade revival -- a strategy of selling low-yielding currencies to fund investment in currencies with higher interest rates. The euro was up 1.3 per cent at 122.35 yen, having earlier touched an 11-month peak, with stop-loss buying earlier in the session adding to its rise. The dollar was up 0.5 per cent at 85.30 yen. The high-yielding Australian dollar surged to 89.28 yen, its highest since September 2008, with 90 yen seen as the next possible target. The dollar fell 0.9 per cent against the Swiss franc to 0.9166 francs. -Reuters

SHANGHAI: The yuan closed just two pips shy of its intraday record trading peak to the dollar on Wednesday as the People's Bank of China fixed its daily mid-point at an alltime high after an interest rate hike, in the latest sign that the government is going all out to fight high inflation. As yuan appreciation prospects in the medium term appear to have become clearer, volatilities implied in both onshore and offshore yuan/dollar options dropped on Wednesday. The PBOC on Tuesday announced an increase in benchmark one-year lending and deposit rates by 25 basis points each, the fourth official rate rise since October, which has come on top of other tightening steps such as six rises in bank required reserves in the same period. While the central bank is taking monetary tightening steps, it has also fixed a slew of record high yuan/dollar midpoints, indicating the government may be using the currency's exchange rate as part of its weaponry to fight high inflation, partly driven by high global commodity prices. Spot yuan closed at 6.5440

Time 6:30 6:30 Tentative 15:00 16:00 16:00 16:45 17:30

basis points on Tuesday, the three-month was at 79.75 basis points versus 80.00 basis points and the one-year at 301.25 basis points versus 295.25 basis points. The one-month offshore nondeliverable forward contracts were quoted at 44.37, 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 44.3425, 44.3400 and 44.3475 respectively, with the total volume at about $6.3 billion. -Reuters

-6.3% -0.9% 0.9% 0.3% 0.3% 3.1% 69.3 0.1% 2.9M

1.3M

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 1.4350 1.4347 0.9166 0.9294 1.6327 1.6361 0.9577 0.9639 1.0445 1.0450 122.5000 122.4900 0.8788 0.8789 1.3147 1.3244 139.4600 139.6600 93.2600 93.2300 1459.9300 1462.0500

Bid 1.4347 0.9162 1.6322 0.9573 1.0441 122.4600 0.8784 1.3143 139.3700 93.2200 1459.1000

Low 1.4212 0.9132 1.6258 0.9569 1.0318 120.7300 0.8722 1.3071 138.1500 91.7400 1451.6600

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 06/04/2011 A USD GBP CAD EUR JPY O/N 0.16280 0.56563 0.95750 0.54375 SN 0.11438 1WK 0.20825 0.58438 1.00000 0.75500 0.12438 2WK 0.21800 0.59188 1.03483 0.86750 0.13313 1MO 0.23350 0.62625 1.07750 0.96000 0.15000 2MO 0.26475 0.70188 1.13483 1.07438 0.16125 3MO 0.29263 0.82375 1.20000 1.21938 0.19813 4MO 0.33750 0.90813 1.27433 1.31500 0.24563 5MO 0.39800 1.01563 1.33850 1.41250 0.30000 6MO 0.45450 1.13375 1.40517 1.53250 0.34625 7MO 0.50825 1.21563 1.49017 1.60063 0.39625 8MO 0.56000 1.30750 1.56750 1.67813 0.44313 9MO 0.61125 1.39000 1.65083 1.76250 0.48750 10MO 0.66525 1.47063 1.74333 1.83625 0.51563 11MO 0.72050 1.54188 1.83333 1.91063 0.54250 12MO 0.77825 1.61188 1.91800 1.98313 0.56625

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 May 3, 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, April 06,2011 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 KUWAIT MALAYSIA NEWZEALAND QATAR U.A.E. KR WON THAILAND

85.35 139.43 121.72 88.68 92.17 88.49 13.50 2.00 15.61 67.72 16.32 22.76 10.98 307.96 28.21 65.87 23.44 23.24 0.08 2.82

85.15 139.10 121.43 88.48 91.95 88.28 13.47 2.00 15.58 67.56 16.28 22.71 10.95 307.23 28.14 65.72 23.38 23.18 0.08 2.81

84.93 138.72 121.09 88.24 91.71 88.05 13.44 1.99 15.54 67.39 16.24 22.65 10.93 306.43 28.07 65.55 23.32 23.12 0.08 2.80

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for April 06, 2011

KASB

BMA

ELXIR

GSL

ICSL

13.35 13.25 13.25 13.30 13.35 13.44 13.60 13.64 13.80 13.95 14.00 14.03 14.06 14.06 14.07 14.08 14.10 14.12 14.40 14.65 14.90

13.30 13.25 13.30 13.33 13.30 13.36 13.62 13.64 13.80 13.85 14.00 14.00 14.02 14.04 14.05 14.07 14.07 14.10 14.40 14.65 14.85

13.34 13.25 13.22 13.28 13.32 13.40 13.62 13.73 13.80 13.95 13.98 14.04 14.06 14.10 14.12 14.09 14.08 14.10 14.45 14.70 14.90

13.40 13.25 13.28 13.32 13.36 13.40 13.62 13.72 13.80 13.90 13.98 14.00 14.00 14.05 14.05 14.04 14.06 14.08 14.50 14.80 15.00

13.30 13.25 13.25 13.30 13.32 13.40 13.55 13.62 13.75 13.90 14.05 14.00 14.04 14.05 14.06 14.04 14.05 14.10 14.45 14.65 14.85

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

JSCM AvgRate 13.35 13.30 13.27 13.32 13.31 13.45 13.62 13.69 13.80 13.92 14.01 14.01 14.02 14.04 14.06 14.06 14.05 14.10 14.45 14.65 14.90

13.34 13.26 13.26 13.31 13.33 13.41 13.61 13.67 13.79 13.91 14.00 14.01 14.03 14.06 14.07 14.06 14.07 14.10 14.44 14.68 14.90

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

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

week month months months year years

0.93 -0.32 0.47 0.41 0.86 0.22

0.86 -0.26 0.48 0.29 -0.57 0.23

0.58 -0.39 0.39 0.24 0.29 0.18

EUR/USD NZD/USD

0.91 -0.05 0.69 0.74 0.01 0.45

0.94 0.24 0.77 0.76 0.88 0.82

USD/CAD USD/CHF

0.96 -0.39 -0.40 0.08 0.81 0.26

-0.91 0.11 -0.57 -0.54 -0.71 -0.07

0.55 -0.40 -0.60 -0.45 -0.91 -0.50

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)06/04/2011 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

13.30

13.55

13.55

13.80

13.65

14.15

13.70

14.20

13.90

14.40

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

ASPK 13.25 CIPK

JSBL

13.75

13.20

13.70

13.20

13.70

13.30

13.55

13.50

13.75

13.65

14.15

13.75

14.25

13.85

14.35

13.20

13.70

13.10

13.60

13.00

13.50

13.20

13.45

13.50

13.75

13.60

14.10

13.75

14.25

13.80

14.30

DBPK 13.00

13.50

13.00

13.50

13.00

13.50

13.20

13.45

13.45

13.70

13.50

14.00

13.60

14.10

13.75

14.25

FBPK 13.25

13.75

13.20

13.70

13.10

13.60

13.25

13.50

13.50

13.75

13.65

14.15

13.80

14.30

13.90

14.40

FLAH 13.15

13.65

13.10

13.60

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

13.15

13.65

13.30

13.55

13.50

13.75

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

13.10

13.60

13.20

13.70

13.30

13.80

13.40

13.65

13.50

13.75

13.60

14.10

13.70

14.20

13.80

14.30

HMBP 13.25

13.75

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

SAMB 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

MCBK 13.30

13.80

13.10

13.60

13.00

13.50

13.30

13.55

13.50

13.75

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

13.50

13.75

13.60

14.10

13.70

14.20

13.80

14.30

SCPK 13.25

13.75

13.10

13.60

13.15

13.65

13.25

13.50

13.45

13.70

13.60

14.10

13.70

14.20

13.80

UBPL 13.20

13.70

13.15

13.65

13.15

13.65

13.30

13.55

13.55

13.80

13.65

14.15

13.80

14.30

13.90

14.40

AVE

13.70

13.13

13.63

13.11

13.61

13.29

13.54

13.50

13.75

13.62

14.12

13.73

14.23

13.83

14.33

13.20

14.30


4 Thursday, April 7, 2011

The Financial Daily International Vol 4, Issue 150

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

Going beyond gas load management It is beyond any doubt that even during summer the country in general and Punjab in particular continues to face load shedding of gas. It is estimated that shortfall touches 1000mmcfd and unless imported gas is injected into the system meeting gas requirement of industrial units will not be possible. The present gas load management being followed in Punjab does not allow industries; particularly textiles and clothing units work at optimum capacity utilisation as being propagated by All Pakistan Textile Mills Association (APTMA). According to Gohar Ijaz, Chairman APTMA, presently all 225 of its member units remain closed for three days due to non availability of gas. The incentives given by the government to enhance textile exporters would go in vain, if gas supplies to the industries remain disrupted for several days a week. Gohar had also said that the textile industry was geared up to earn US$4 billion during the last quarter but with the current volume of gas supply, exports would barely touch $2 billion in this period. Since probability of completion of either of the gas pipeline projects and LNG project is very low, many of the industry experts are suggesting allowing the private sector to take the lead and establish a LNG terminal at the earliest. It is encouraging the APTMA is willing to contribute its share in the project. Experts are of the firm view that LNG import is an expensive alternative but seems justified on the basis of opportunity cost. It is choice of the private sector to face closure of production facilities for days or keep it running by paying a little extra for gas. The proposal to allow the private sector establish LNG terminal in phases seem workable. In the first phase a floating terminal should be established and work on on-shore terminal should start immediately. The off-shore facility will inject the imported LNG into the existing gas transmission and distribution network of gas marketing companies, which in turn will supply it to the end consumers. Some of the quarters are showing skepticism about the viability of the proposed system and capacity of the private sector to undertake this project. However, they tend to forget that Pakistan already imports LPG in bulk and requisite facilities have been operating very efficiently. If the private sector can handle import of LPG in bulk why it can't handle LNG import? However, it is necessary to point out that nearly 300mmcfd gas is pilfered. Therefore, prior to embarking on LNG import efforts should be made to stop this. If contained, this quantity of gas is enough to keep some of the fertilizer manufacturing units running through out the year. A closer monitoring of CNG stations operating in Punjab can help in overcoming this menace 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.

China ups rates 4th time C

hina's central bank increased interest rates on Tuesday for the fourth time since October, raising suspicions that data next week may show inflation rose more than expected in March. China's rate rise adds to six official increases in bank reserves since October and underlines Beijing's determination to clamp down on inflation, which leaders have declared as their most important task this year to keep the world's fastest growing major economy on track. The increase comes before the European Central Bank is expected to raise its rates on Thursday for the first time since the global financial crisis, showing how inflation is rising to the top of the global policy agenda. "The March inflation figures must be very high," said Xu Biao, economist with China Merchants Bank in Shenzhen. "It is an aggressive move, and the central bank is acting more aggressively than the market had expected. The latest interest rate rise, although at only one quarter point, may hurt investor confidence and the real economy quite significantly. More importantly, it is not the end of China's monetary policy tightening." Benchmark one-year deposit and lending rates were lifted by 25 basis points to 3.25 percent and 6.31 percent respectively, the People's Bank of China said in a statement on its website. The rises take effect from April 6, when financial markets in China reopen following public holidays on Monday and Tuesday. China is due to report the March consumer price index on April 15.

Economists expect the data to show that consumer inflation rose to 5.1 percent in March, matching a 28month high seen in November. Inflation was 4.9 percent in February, unchanged from January. Beijing is aiming for inflation to average 4 percent this year. Metals and crude prices eased after the news of China's rate rise on fears tighter policy will restrict the country's demand for commodities. The Australian dollar, a proxy currency for commodities, also fell. "We did expect a rate hike in April so it's not a complete surprise," said Allan von Mehren, chief analyst at Danske Bank in Copenhagen. "They are raising rates to stem the inflationary pressures in the economy. We expect another two hikes of 25 basis points each this year. We are already seeing a slowdown in the Chinese economy but they need to raise rates a couple more times. "They will still use reserve requirement increases but they also need to raise rates. I think they will use different tools (to tackle inflation)." INFLATION PRESSURES Food prices have been the main driver of China's inflation. Although monetary policy has little affect on food prices, since people have to eat, the tightening reflects concerns that price pressures will spread to other parts of the economy and so raise inflation expectations. Underscoring those worries, consumer goods giants Procter & Gamble and Unilever had both planned to raise prices for detergent and soap by 15 percent this month, local media reported on March 28. Unilever agreed to comply with a

request from authorities to postpone its price rises, the Financial Times reported. Sharply rising commodities prices, including international crude prices that are hovering around their highest levels in more than two years, are another inflation threat. The economy, which grew more than 10 percent in 2010, is vacuuming up commodities globally to satisfy the drive for growth. Analysts have said they expect inflation in China to peak around the middle of the year. "This rate hike suggests that the March CPI that is to be released early next week may have surprised to the upside. Our current CPI forecast is 5.2 percent y/y for March," said Qing Wang, an economist with Morgan Stanley in Hong Kong, in a note to clients. "It also suggests that Chinese authorities are confident in the sustainability of underlying growth momentum." There are some signs that the raft of monetary tightening, which has been accompanied with prices controls, is starting to take effect. Indeed, the central bank drained 300 billion yuan ($46 billion) in cash from money markets in March through open market operations after injecting cash in January and February, to add to the tightening. A central bank survey released in March showed more households were satisfied with current price levels and saw less chance of rising inflation. Purchasing managers' surveys last week also showed price pressures were easing. GLOBAL CONCERN Most central banks in emerging

markets in Asia and Latin America have raised interest rates as the regions emerged strongly from the global financial crisis. But major central banks in the developed world are now showing signs of starting to catch up. The European Central Bank is expected to raise interest rates on Thursday by 25 basis points to 1.25 percent after inflation rose above its target. Comments from some Federal Reserve policymakers have raised market expectations that the U.S. central bank is moving toward a tighter policy. So far, complaints among Chinese about rising prices have amounted to little more than grumbles, but serious inflation has sparked social unrest in China in the past. "This is ultimately good news because it reduces the risk of policy error in China that markets were getting nervous about," Benoit Anne, head of emerging markets strategy at Societe General, said of the rate rise. "It reduces the danger of Chinese policymakers being too dovish and shows them addressing the mounting inflation risk which is a massive tail risk for emerging markets. We will see a few more hikes as China needs more monetary tightening." The central bank boosted bank reserves, or the amount of cash that banks have to put aside, by 50 basis points to 20 percent on March 18. The move locks up cash that banks could otherwise lend out and potentially fuel inflation. Excess cash stemming from China's vast trade surplus has been a root cause of the country's inflation.Reuters

Japan plans extra budget for relief

J

apan will not issue new debt to fund an initial extra budget of more than $35 billion for disaster relief, the Asahi newspaper said, in a sign the government is wary of alarming bond investors by adding too much to Japan's already huge debt pile. But after the first extra budget, which will focus on funding immediate cleanup and repair work from last month's devastating earthquake and tsunami, the government will likely spend far more in subsequent emergency budgets and may need to issue new bonds to cover the costs, analysts say. The more than 3 trillion yen ($35 billion) in the supplemental budget will pay for repairing roads, ports and schools, as well as helping those in quake-hit regions in Japan's northeast find new jobs, the Asahi reported on Wednesday. "To maintain (market) trust, the government will not use bonds as a source of revenue and therefore will not issue additional bonds," the draft of the extra budget said, according to the paper. The government will instead cover the costs by reviewing some of the spending pledges by the ruling Democratic Party, such as payouts to households with children, and tapping about 2.5 trillion yen from reserves in special accounts, it said.

Japan is facing its worst crisis since World War Two after a 9.0 magnitude earthquake and a tsunami towering more than 10 meters battered its northeast coast, leaving nearly 28,000 dead or missing and rocking the world's third-largest economy. COSTLIEST DISASTER The government estimates the material damage alone could top $300 billion, making it by far the world's costliest natural disaster. But the cost will be much higher as power supply shortages, triggered by a nuclear plant crisis, and supply chain disruptions hit factory output and business sentiment. The Bank of Japan will likely stand pat on monetary policy at a meeting on Thursday but will revise down its economic assessment and signal its readiness to ease further when necessary to support the economy. Prime Minister Naoto Kan has said he hoped to submit the first extra budget to parliament for debate by the end of this month, and has not ruled out tax hikes to pay the costs. Japan does not face a Greek-style debt crisis because its public debt is held almost entirely by domestic investors. But markets are keeping a close eye on whether

disaster relief costs will force the government to issue new bonds. That would add to Japan's huge public debt which, at twice the size of its $5 trillion economy, is the worst among major industrialised nations. Analysts say the government will probably need two more extra budgets, with total spending on supplemental budgets likely to reach a combined 10 trillion yen or more. Deputy Finance Minister Mitsuru Sakurai also last week signaled that Japan may eventually need to spend more than 10 trillion yen on emergency budgets, with a portion possibly covered by new taxes. Some analysts believe the total bill could escalate to 20 trillion yen, however, given the extent of the disaster, with accurate estimates hard to come by as Japan is still struggling with the nuclear safety crisis and a potential power supply crunch while about 160,000 people remain homeless. Bond strategists said they were closely watching the debate about the size and financing of extra budgets, but so far the figures suggested by officials and floated in the media were broadly in line with market expectations and did not warrant any sharp reaction.-Reuters

Portugal sees "irreparable damage" in debt cost

P

ortugal's caretaker government, fighting to avoid a bail out, said Wednesday last that political crisis had caused "irreparable damage" after borrowing costs rocketed as it sold a billion euros in short-term debt. The sale of 6- and 12-month treasury bills brought some temporary relief for a country grappling with soaring rates, political uncertainty, rating downgrades and a warning by local banks they may no longer be able to buy government debt. But the yield on 12-month T-bills spiked to 5.902 percent from 4.311 percent three weeks ago, and on sixmonth bills to 5.117 percent from 2.984 percent, highlighting the financial pressure ahead of big redemptions this month and in June. "I suspect that as far as the market is concerned, funding at these levels can only be viewed as a temporary measure," said Peter Chatwell, rate strategist at Credit Agricole. Portugal's cost of credit has leapt since the minority Socialist government resigned last month after a parliamentary defeat on tougher austerity measures, casting the country into political limbo. An early general election is set for June 5. The finance ministry said the auction was a confirmation of the deterioration caused by the rejection of the austerity plan and promised to take all measures necessary to ensure liquidity and financing for the economy. But it denied talking with the

European Union about how to meet borrowing needs. "Current interest rates make it possible to conclude that the damage caused by the rejection of the austerity plan is irreparable," a ministry statement said. The government has previously held out hope that by steadily meeting budget goals and cutting spending it could regain investor confidence. It admitted last week that the 2010 budget deficit had hit 8.6 percent of gross domestic product, far above its 7.3 percent target, but said this year's goal of 4.6 percent would be met. Local banks delivered an unprecedented warning to the government last Monday to seek a short-term emergency loan to sooth market concerns ahead of the election, saying that under current conditions they cannot continue buying government debt. "There has been a very important signal from the banks for the future," said BNP Paribas analyst Ioannis Sokos. "Portugal can still make it through April, but probably won't get to June without a bailout." MOODY'S DOWNGRADES BANKS Adding pressure on banks, Moody's rating agency followed up a onenotch sovereign downgrade and cut the creditworthiness of seven local banks by one or more notches, citing concerns over the banks' own situation and the government's ability to support them. EU finance ministers meeting in

Budapest at the end of this week will try to clarity from the caretaker administration on what sort of support, if any, it can seek ahead of the election. The European Commission said on Wednesday there were no discussions about releasing aid because Lisbon has not applied for assistance. The caretaker has said it will resist any bailout or a loan as they would impose tough conditions on the country. It has also said that as a caretaker administration it lacks the power and legitimacy to seek outside help -- a point hotly disputed by opposition politicians. Lisbon's partners are anxious lest the financing problems reach a point of no return before a new government is in place, sapping confidence in the euro zone, but they cannot force Prime Minister Jose Socrates' hand. IMF Managing Director Dominique Strauss-Kahn told Spanish daily El Pais on Wednesday the country needs to show it is taking the right steps. "The situation is in the hands of the Portuguese government, it has to prove to its creditors that it is taking the right steps," Strauss-Kahn said. Two business newspapers said the public social security fund has been selling overseas financial assets in the last few days to help finance the state by buying sovereign debt at auctions. Jornal de Negocios and Diario Economico said the Social Security Financial Stabilisation Fund planned to buy T-bills in Wednesday's auction.

But a Labour Ministry spokesman denied the fund bought any treasury bills at the auction. Analysts say the high yields, which are higher than 10 percent for fiveyear bonds, are unsustainable. The fall in the value of the bonds also undermines its banks, who have been substantial buyers of government debt. "The rating actions follow the downgrade of Portugal's debt ratings and also reflect the weakened standalone credit profile of most Portuguese banks," Moody's said in a statement. The banks concerned included Caixa Economica Montepio Geral, Caixa Geral de Depositos, Banco Comercial Portugues, Banco Espirito Santo, Banco BPI, Banco Santander Totta and Banco Portugues de Negocios. Portugal has to repay over 4.2 billion euros in maturing bonds on April 15, and then another 4.9 billion euros in June. Including coupon payments and deficit financing, its requirements until June are put at 12 to 15 billion euros. "From the pure cash perspective, April should be OK, even with coupons and deficit financing, but then if the domestic bid disappears, there's not much room for maneuver," said David Schnautz, debt strategist at Commerzbank. Portugal's benchmark 10-year bond yield hit a euro lifetime high of over 9 percent on Tuesday.-Reuters


5

Thursday, April 7, 2011

South East Asian stocks

Bank shares bounce helps Europe stocks extend rally KSE-100 Index Opening Closing Change % Change Turnover (mn)

11,901.37 11,933.18 31.81 0.27 88.30

Profit taking clips gains Nawaz Ali

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

3,339.74 3,339.31 0.43 0.01 4.28

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

2,592.14 2,584.63 7.51 0.29 0.14

Major Gainers

Symbol

Close

Change

ULEVER 5,703.03 UPFL 1,338.30 COLG 680.00 RMPL 2,404.74 IDYM 305.46

271.57 55.44 28.76 19.34 11.91

Major Losers

Symbol

Close

Change

FZTM TRIPF MTL INDU AICL

369.97 159.19 528.69 226.69 69.51

-19.47 -8.32 -6.46 -5.15 -2.18

Top 5 Volume Leaders

Symbol BAFL LOTPTA JSVFL DGKC ENGRO

Close Vol (mn) 10.75 15.86 5.73 25.39 205.23

7.93 5.20 3.71 3.45 3.38

Active Issues Plus Minus Unchanged

161 95 102

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

Mostly up amid concern about rising inflation

KARACHI: Karachi Stock Exchange ended on a positive note on Wednesday as buying on hopes of strong corporate results and visit of British Prime Minister boosted investors' sentiments. However, late profit taking didn't allow the index to end with major gains. The benchmark KSE-100 index increased by 31 points to close at 11,933 points, KSE-30 index ended up by 1

point at 11,568 points and KSE all-share index rose by 20 points to close at 8,310 points. "Bullish activity was witnessed in blue chip scrips ahead of quarter end earnings announcements", said Ahsan Mehanti, Director Arif Habib Investments. Trading activities started on a positive 12 points up after that market remained in the positive zone throughout the day due to continued buying in cement and fertiliser stocks

Nikkei low on concerns over output growth TOKYO: Japan's Nikkei stock average fell to a one-week closing low, losing ground for a second straight day on Wednesday as concerns grew about mounting production losses for quake-hit manufacturers. The benchmark index has regained more than half the losses it posted since the March 11 devastating earthquake and tsunami but market players said the rebound driven mainly by foreign investors appeared to have run its course. Although the dollar hit a sixmonth high of 85.52 yen in Asia trade, the impact of a weaker yen, normally supportive for Japanese exporters, was limited as worries over bottlenecks and disruptions to supply chains prevailed. "The market is increasingly getting concerned that manufacturers may not be able to raise production to full capacity for a long time despite a series of announcements that they will resume operations," said Toru Hashizume, chief investment officer at Stats Investment Management. Analysts said the market has started pricing in disruptions in production for blue-chip exporters such as Sony Corp and Toyota Motor Corp ahead of earnings announcements for the business year that ended on March 31. The benchmark

Nikkei average finished the day down 0.3 per cent or 31.18 points at 9,584.37, the lowest close since March 29. The broader Topix closed down 0.9 per cent or 7.55 points at 839.61, the lowest close since March 18. Although some said immediate support for the Nikkei laid around 9,500, others said it could break that level easily. "The Nikkei is heading for a second dip after the quake, and will likely hit a double bottom between April and June as operating losses for that period, particularly among automakers and electronics firms, are going to be severe," said Masayuki Kubota, a senior fund manager at Daiwa SB Investments Ltd. "Japanese firms, unlike their European and US peers, issue annual earnings forecasts, and with so many uncertainties they'll either show very conservative estimates or none at all," he said. Shares in Tokyo Electric Power Co plunged more than 16 per cent, at one point hitting an all-time low of 292 yen on concerns the utility will face huge damages payments due to the ongoing crisis at its stricken nuclear power plant. Analysts said that with options prices settling this Friday -- the first time since the quake -- Tokyo stocks will likely come under more selling pressure in the See # 8 Page 11

and also in banking stocks in anticipation of strong quarter end corporate result announcements. Further the visit of British PM too had a positive impact on the market. The index touched an intraday high of 11,994 points (+ve 92). However, some profit taking was witnessed during the last few hours due to which index ended the day with clipped gains. Mujtaba Barakzai, equity dealer at JS Global Capital said that David Cameron's

FTSE hits 7-week closing high LONDON: Banks helped drive Britain's top shares to a near seven-week high on Wednesday following a Portuguese debt auction, while Marks & Spencer rose on better-than expected sales, lifting sentiment in retailers. The FTSE 100 ended up 34.07 points, or 0.6 per cent, at 6,041.13, its highest closing level since Feb. 18. Lex van Dam, hedge fund manager at Hampstead Capital, is bullish on the FTSE 100's prospects in 2011, seeing "an enormous switch out of bonds into equities". "The big issue at the moment is the worry about inflation and the search for yield, and there's a lot of people who own lots and lots of bonds -- they are starting to get really worried about it because it's just not a great asset class to hold when there's inflation coming in." Banks were in favour, notching up a 4.1per cent rise this month in the wake of March's 6.2 per cent decline, as the sale in Portugal of 6 and 12-month treasury bills brought some temporary relief for a country fighting to avoid a bailout. But the yield on 12-month Tbills spiked to 5.902 per cent from 4.311 per cent three weeks ago, and on six-month bills to 5.117 per cent from 2.984 per cent, highlighting the financial pressure ahead of big redemptions this month and in June. Lloyds Banking Group led the sector higher, firming 3.9 per cent, with traders citing expectations that it will avoid a call for a break-up of its business by the Independent Commission on Banking.-Reuters

China financials rise after Beijing rate hike SHANGHAI/HONG KONG: China's stock indexes rose on Wednesday, led by financial shares after Beijing's fourth rate increase since October was seen benefiting lenders by widening its margins. All 16 banking shares listed on the Shanghai and Shenzhen markets rose, led by Bank of Communications, which was among the most active issues on the Shanghai market, up 4.3 per cent. Hua Xia Bank rose 4.3 per cent. "The (Shanghai) index was boosted by bank shares," said Nanjing Securities analyst Wen Lijun. "But we think blue chips may also face correction pressure in the near term as they have risen for a quite long time."The Shanghai Composite Index breached the key 3,000 resistance level, closing up 1.1 per cent to 3001.4, its highest level since March 9, extending a 1.3 per cent rise last Friday. The markets were closed on Monday and Tuesday for the Tomb Sweeping Festival. Following the strong banking shares, the shares of securities houses also outperformed, as the Industrial

Securities jumped to its 10 per cent daily limit and Haitong Securities rose 2.3 per cent. An official with the Chinese central bank said on Wednesday that liquidity in the country's financial markets remained excessive, making its fight against inflation difficult. But some analysts said that investors were still concerned over high inflation, which was expected to hit 6 per cent in the coming month, preventing any relaxation of monetary tightening. "The March inflation figure must be very high, for which the central bank has to increase interest rates." said Xu Biao, economist with China Merchants Bank in Shenzhen. "More importantly, it is not the end of China's monetary policy tightening." PROFIT TAKING ON HK MAJORS Hong Kong's benchmark Hang Seng Composite Index finished up 0.6 per cent to 24,285.1 on Wednesday, extending a four-session winning streak as it climbed to levels last seen in January, although trading remained range bound. "This rate rise

didn't come as a surprise. Market sentiment remains quite bullish," said Wing Fong Financial Group analyst Mark To. "People are not going to dump their stocks now; they are waiting for further upside." Analysts expect trading to be range-bound this week, citing 24,800, the Hang Seng's January peak, as the next resistance point, with support seen at 23,400. Some analysts said a low dollar and yen would encourage fund flows into Hong Kong, something they have noticed, with the Hong Kong dollar strengthening steadily since March 30. HSBC Holdings Plc, Bank of China Ltd and Chinese insurers, China Life Insurance Co Ltd and Ping An Insurance (Group) Co of China Ltd were among leading gainers in Hong Kong on Wednesday. "With around 80 percent of total investment assets invested in interest rate sensitive products, such as bonds...bank deposits and cash, the life insurers are well positioned to benefit from rate rises," Barclays Capital said in a research note sent on Wednesday.-Reuters

visit to Pakistan accompanied by pledges of 650 million pounds for education and to increase bilateral trade to 2.5 billion pounds by 2015 had a positive impact on investors' sentiments. Though, volumes remained thin but some improvement was witnessed on daily basis to 88.3 million shares exchanging hands during the day which was 14.2 million shares more as compared to a turnover of 74.1 million shares a day earlier.

Bank Al-Falah was the volume leader with 7.93 million shares followed by Lotte Pakistan with 5.2 million shares and JS Value Fund with 3.71 million shares. Foreign investors however were mainly on the selling side as according to NCCPL data. Offshore investors did a net selling of around $0.83 million. Out of total 358 active issues; 161 advanced and 95 declined while 102 issues remained unchanged.

Indian shares slip on profit taking MUMBAI: Indian shares dropped 0.4 percent on Wednesday as investors took profits after a sharp rally seen since last month, with fears of a spike in inflation fuelled by higher global oil prices also weighing on sentiment. Banking stocks led the losses, after a central bank deputy governor indicated on Tuesday that interest rates may keep on rising as the Reserve Bank of India tries to control inflation. The 30-share BSE index ended 74.62 points lower at 19,612.20, with 20 of its components closing in the red. "Some profit-taking is happening after the recent run-up in shares and there have been good inflows from foreign portfolios," said Neeraj Dewan, director at Quantum Securities. Lenders ICICI Bank and HDFC Bank shed 0.9 per cent and 0.6 per cent, respectively, while the sector index fell 0.4 per cent after rising more than 12 per cent in just over a month. "Banks are down on worries about inflation and the steps the Reserve Bank of India will take to contain this," Dewan said. But, Citigroup said it believes the March quarter would be another healthy three-month period for banks, supported by continued healthy credit growth and low base a year ago. "Overall, the impact of tougher macro conditions (rates, liquidity and inflation) should largely be offset by high credit growth and stable asset quality," Citigroup analysts said in a

note on Tuesday. Oil prices stayed near a 2-1/2 year peak on Wednesday, supported by widespread unrest in the Middle East and North Africa and dollar weakness ahead of European central bank's rate decision on Thursday. India imports about 80 per cent of the oil it consumes and the global price spiral could add to New Delhi's woes of tackling high food and fuel inflation. Oil explorer Cairn India fell nearly 4 per cent ahead of a cabinet decision on whether to let Vedanta Resources take control of the firm in a $10 billion deal that would give the UKlisted miner its first taste of oil Telecom stocks Bharti Airtel and Reliance Communications fell 1.9 and 1.2 per cent, respectively, on concerns over an investigation into a multi-billion dollar telecoms graft scandal that has rocked the country's political and business establishment. Police accuse Reliance Telecom, a unit of Reliance Communications, and three Reliance ADA officials, of conspiring to set up Swan Telecom as a front company to gain valuable radio spectrum. The benchmark stock index rose 9.1 per cent in March, its biggest monthly gain in six months, but is down 4.5 per cent in the year to date. Data from the market regulator showed foreign funds bought $2.5 billion of shares since the start of March, after being See # 7 Page 11

US stocks mid-day

Wall St dances in place ahead of earnings NEW YORK: The S&P 500 wavered near a seven-week high on low volume on Wednesday as investors refrained from making big bets before the start of earnings season next week provides the next catalyst for stocks. Signs of a strengthening economy plus merger and acquisition activity have pushed the S&P 500 close to 1,344, the highest level since June 2008. A meaningful breach of that level could lead to a stocks breakout, pushing prices higher. "There is really no significant news that is going to drive stocks until earnings comes out," said Jack Ablin, chief investment officer of Harris Private Bank in Chicago. "Next week it kicks off and that to me is a wild card. Costs have gone up and analysts continue to ratchet profit expectations higher." Stocks got another lift from the president of the Atlanta Fed, Dennis Lockhart, who said the Fed will complete its $600 billion bond-buying plan as scheduled at the end of June. He said he does not see any reason to cut the program short. The Dow industrials hit their highest intraday level since 2008 but gains were capped in what was set to be another low volume day. The Dow Jones industrial average added 9.95 points, or 0.08 per cent, to 12,403.85. The Standard & Poor's 500 Index inched down 0.91 of a point, or 0.07 per cent, to 1,331.72. The Nasdaq Composite Index dipped 1.14 points, or 0.04 per cent, to 2,790.05. The percentage of US stock market bulls rose to the highest level in nearly four months as equities continue to recover from their recent fall, according to a weekly survey of advisers by Investors Intelligence. Bullish advisers rose to 57.3 per cent in the latest week, compared with 51.6 per cent in the previous week and a recent low of 50.6 per cent just before that. The reading was the highest since the middle of December, when it hit 58.8 per cent. See # 6 Page 11

Dhiyan

MARKET TO REMAIN RANGE BOUND Salman Naqvi, Head of Sales, Aba Ali Habib Securities In the absence of triggers and unfavorable law and order and political situation market would continue to witness some range bound activities moving forward. However, some decline could result in a rebound in the market. Investors are advised to sale with the wind and invest in oil, fertiliser and selective banking and cement stocks. Relaxation in tough conditions of Margin Trading System (MTS) and improvement in law and political situation would trigger the market. Market would be dull today.

Muhammad Ahsan Rasheed, Director Research & Marketing, AMJ Growth Over the upcoming local and regional political issues with lacking interest of foreigners we expect some pressure in the market with the index having a support level at 11,800 points. However if index manages to cross 12,100 levels then we could see some bullish activities ahead. Investors are therefore advised to adopt a 'buy on dips' and 'sell on strength' strategy and invest in fertiliser and oil sectors. The dull activities are likely to continue today.


6

Thursday, April 7, 2011

Market

KSE 100 Index

Symbols

Volume

88,303,884

Value

3,825,872,215

Trades

54,308

Advanced Decline Unchanged Total

Current High Low Change

161 95 102 358

All Share Index

11933.18 11994.45 11901.37 h31.81

Current High Low Change

8310.25 8354.24 8289.45 h20.79

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 Shell Gas LPG Shell Pakistan XD

High Low 1,436.65 1,416.24 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.19 32.54

PE

Open

High

Low

691 6.65 853 5.10 3921 735 7.57 800 6.61 43009 9.14 11950 7.61 2365 7.43 350 1715 4.58 226 685 10.67

368.13 124.02 9.12 108.61 317.19 135.22 209.92 322.31 91.48 271.71 24.97 209.94

373.50 126.74 9.39 109.60 323.80 136.25 211.48 325.40 93.15 273.25 25.00 211.00

366.25 124.60 9.12 108.00 317.75 134.75 207.50 321.05 89.00 270.00 24.31 208.00

Close Chg 368.16 125.27 9.30 109.01 318.70 135.03 208.20 322.31 89.85 270.54 24.75 208.04

0.03 1.25 0.18 0.40 1.51 -0.19 -1.72 0.00 -1.63 -1.17 -0.22 -1.90

Current High Low Change

KMI 30 Index Current High Low Change

11568.17 11653.9 11553.65 h0.81

20153.21 20301.11 20122.23 h26.66

Last 60 days High Low

Volume 112937 1771335 361586 21123 269970 127587 562054 1267190 283437 1072891 945 9377

401.00 146.90 12.24 141.65 335.00 179.24 229.80 341.50 122.22 317.79 34.25 222.00

321.00 98.25 8.20 99.46 254.00 134.51 190.10 277.09 83.00 265.00 24.31 186.83

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

% Change -0.28 5-Day High 1,436.80 5-Day Low 1,420.39 2011 Div BR (%) (%)

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

-

Open 724.39 Turnover 8,660 P/E (x) 5.33 Company

High Low 730.46 716.71 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.36 25.53

Close 716.88 Listed cap 3,242.17 mn Payout (%) 11.08

Change -7.52 Market cap 12,148.53 mn Div Yield (%) 2.08

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1092 1321

6.92 8.58

73.25 30.31

73.70 30.90

71.99 30.88

72.00 -1.25 30.90 0.59

7834 826

76.25 38.90

Pak Int Cont.Terminal PNSC

63.00 29.35

Paid up Cap(mn)

PE

Open

High

Low

Bawany Air 75 BOC (Pak)SPOT 250 Clariant Pak 341 Dawood HerculesXDXB 4813 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Dynea Pak 94 Engro Corporation Ltd 3933 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer 8482 Fauji Fert.Bin Qasim 9341 Gatron Ind 384 Ghani Gases Ltd 725 ICI Pakistan 1388 Leiner Gelatine 75 Lotte Pakistan XD 15142 Mandviwala 74 Nimir Ind Chemical 1106 Shaffi Chemical 120 Sitara Chem Ind 214 Sitara Peroxide 551 United Distributors 92 Wah-Noble 90

7.29 9.73 5.04 4.08 11.86 5.56 11.28 8.54 7.84 3.12 10.92 9.48 5.83 31.00 9.19 8.30 5.38

7.73 95.42 141.35 73.63 2.74 8.99 2.76 10.35 204.67 12.94 13.22 137.36 41.32 48.26 12.06 165.88 21.01 15.87 1.15 3.00 2.14 109.62 18.80 14.70 36.11

7.99 95.90 142.50 74.25 2.90 9.15 2.89 10.10 207.49 13.59 13.40 139.30 41.86 49.50 12.90 168.39 22.06 16.07 1.18 3.17 2.38 109.50 19.75 14.75 36.10

7.60 94.26 140.00 72.70 2.70 8.95 2.79 10.10 204.51 12.90 13.13 137.59 41.39 47.35 11.80 165.51 20.40 15.81 1.01 3.00 2.37 109.00 18.95 13.75 34.31

Close Chg 7.73 94.75 140.95 72.83 2.73 9.01 2.81 10.35 205.23 13.28 13.16 138.82 41.56 48.61 12.45 165.95 21.17 15.86 1.18 3.10 2.37 109.00 19.26 14.60 34.95

0.00 -0.67 -0.40 -0.80 -0.01 0.02 0.05 0.00 0.56 0.34 -0.06 1.46 0.24 0.35 0.39 0.07 0.16 -0.01 0.03 0.10 0.23 -0.62 0.46 -0.10 -1.16

Close 1,846.58 Listed cap 52,251.88 mn Payout (%) 48.81

Last 60 days High Low

Volume 2248 4842 9176 91835 32039 1189551 823750 300 3381843 2248496 731962 2043962 2220981 1236 1382354 174320 682 5195390 1716 2062617 603 21476 2159117 4050 5150

Change 11.65 Market cap 391,921.30 mn Div Yield (%) 5.41

9.21 103.00 213.30 294.00 3.58 9.60 3.40 11.98 238.50 15.70 13.60 157.90 43.99 52.00 12.95 170.75 22.06 16.80 2.45 3.34 2.50 125.88 19.75 15.44 41.99

6.11 82.00 140.00 72.70 2.34 6.00 2.26 10.00 189.00 11.56 10.70 108.00 37.86 43.15 10.43 138.00 9.15 14.05 0.57 1.62 1.55 90.78 11.81 8.76 34.31

2010 Div BR (%) (%) 5 10R 60 135 25B 50 300B 15 60 20B - 27.5R 130 25B 65.5 20 175 5 25 5B 50 -

% Change 0.63 5-Day High 1,848.60 5-Day Low 1,830.22 2011 Div BR (%) (%) -

-

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,067.18 Turnover 6,515 P/E (x) 5.46 Company

High Low 1,090.66 1,055.83 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.41 7.47

Close 1,064.54 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

707 50 411

8.81 6.79

16.72 38.00 38.00

17.50 38.25 38.20

16.50 37.21 37.71

16.59 -0.13 38.24 0.24 38.02 0.02

743 5010 762

Century Paper Pak Paper Product Security Paper

Change -2.64 Market cap 2,936.11 mn Div Yield (%) 4.63

Last 60 days High Low 19.69 46.20 45.00

14.50 35.17 34.00

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

% Change -0.25 5-Day High 1,067.49 5-Day Low 1,064.54 2011 Div BR (%) (%) -

Open 1,173.48 Turnover 136,808 P/E (x) 4.01 Paid up Cap(mn)

PE

Open

Agriautos Ind 144 4.75 71.50 Atlas Battery 101 5.49 206.40 Atlas Honda 626 9.78 141.63 Dewan Motors 890 2.16 General Tyre 598 4.64 23.40 Ghandhara Nissan 450 3.86 Ghani Automobile Ind 200 5.32 4.09 Honda Atlas Cars 1428 - 10.12 Indus Motors 786 9.81 231.84 Pak SuzukiSPOT 823 13.58 72.00 Sazgar Engineering XD 150 4.24 23.50 Transmission 117 1.30

High

High Low 1,188.67 1,156.14 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 1.02 25.35 Low

Close Chg

Company

Paid up Cap(mn)

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

PE

565 2.88 675 555 425.67 1199 19.15 785 40.91

Open 27.45 2.01 12.79 52.80 8.87

High 27.50 2.24 13.15 53.25 9.00

Low 27.16 2.04 12.75 52.15 8.90

Close Chg 27.50 2.10 12.77 52.65 9.00

0.05 0.09 -0.02 -0.15 0.13

Close 1,049.59 Listed cap 3,596.11 mn Payout (%) 30.91

Change 1.00 Market cap 9,862.98 mn Div Yield (%) 9.65

Last 60 days High Low

Volume 7201 22906 1700 457251 15550

31.00 2.98 16.00 61.00 10.70

25.67 1.80 12.26 45.81 8.51

2010 Div BR (%) (%) 30 40 7.5

2011 Div BR (%) (%)

- 10.00 25B 15.00 20B 15.00 -

Company

Paid up Cap(mn)

Adam Sugar AL-Noor Sugar Bawany Sugar Chashma Sugar Colony Sugar Mills Crescent Sugar Dewan Sugar Habib Sugar Habib-ADM Ltd Mehran Sugar Mirza Sugar National Foods Nestle Pakistan XD Rafhan Maize XD S S Oil Shahmurad Sugar Shakarganj Mills Sind Abadgar UniLever Pakistan XD

58 186 87 287 990 214 365 750 200 157 141 414 453 92 57 211 695 104 665

PE

Close 1,167.61 Listed cap 6,768.53 mn Payout (%) 20.42

Volume

Company

Paid up Cap(mn)

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

PE

Open

High

Low

1828 866 6.95 858 182 956 43.21 982 13.85 108 948 3891 3651 10.99 6933 6.25 502 2.51 1760 77 32 581 1288 13126 3234 6.17 5261 2271 200 798 873.00

2.82 54.65 2.48 16.42 9.80 1.86 17.77 1.66 1.70 25.24 4.40 7.80 1.55 2.50 0.41 60.00 7.02 3.18 67.55 2.45 5.99 5.00 18.44

2.99 55.18 2.47 16.84 10.70 1.92 17.38 1.70 1.76 25.88 4.54 8.40 1.59 2.55 0.58 60.00 7.29 3.30 69.33 2.57 6.16 5.73 17.99

2.89 54.10 2.15 16.45 9.20 1.55 16.77 1.65 1.70 25.25 4.39 7.70 1.40 2.45 0.42 58.50 6.82 3.19 67.80 2.45 5.94 4.42 17.45

Close 896.11 Listed cap 54,792.74 mn Payout (%) 19.04

Change 10.51 Market cap 64,091.33 mn Div Yield (%) 2.90

Close Chg

Volume

Last 60 days High Low

2.93 54.90 2.25 16.49 10.37 1.80 16.89 1.70 1.70 25.39 4.50 8.27 1.42 2.49 0.41 60.00 7.13 3.25 68.67 2.49 6.00 5.10 17.46

16899 39416 15569 7111 133123 104698 601 5300 60601 3445125 466888 33469 48102 7554 470 2002 62054 173808 1839931 220407 6695 1006 599

3.70 63.35 3.00 22.25 11.50 2.05 22.00 3.00 2.45 32.30 5.35 8.50 1.95 3.40 0.99 64.52 7.30 3.88 78.00 2.90 7.45 7.95 19.19

0.11 0.25 -0.23 0.07 0.57 -0.06 -0.88 0.04 0.00 0.15 0.10 0.47 -0.13 -0.01 0.00 0.00 0.11 0.07 1.12 0.04 0.01 0.10 -0.98

2.15 48.50 1.99 14.72 8.00 1.50 16.77 1.25 1.50 21.20 3.97 6.30 1.30 0.71 0.25 56.72 5.11 2.65 59.55 1.92 5.17 4.41 16.20

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

2011 Div BR (%) (%) -

20R 92R -

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 989.09 Turnover 1,156,612 P/E (x) 2.82 Company

Paid up Cap(mn)

Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages LtdSPOT Tri-Pack Films

PE

Open

115 2.52 52.35 230 1.60 1067 5.50 51.91 389 3.43 11.63 47 17.05 29.99 844 - 118.16 300 9.65 167.51

High

High Low 1,004.00 976.58 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.24 43.91 Low

Close Chg

54.96 53.00 54.96 1.94 1.57 1.78 53.50 51.05 52.95 12.63 11.80 12.63 31.10 30.15 30.69 118.99 117.18 118.00 172.00 159.14 159.19

2.61 0.18 1.04 1.00 0.70 -0.16 -8.32

Close 987.73 Listed cap 3,043.31 mn Payout (%) 15.55

Volume 83140 826002 3875 102861 4006 7222 129441

Change -1.36 Market cap 37,151.66 mn Div Yield (%) 5.52

Last 60 days High Low 80.90 2.98 56.45 12.63 33.80 143.00 172.00

47.80 1.53 49.00 2.50 22.00 105.02 120.70

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

25B 10B -

% Change -0.14 5-Day High 989.09 5-Day Low 971.23 2011 Div BR (%) (%) -

50R -

INDUSTRIAL ENGINEERING

Company

Paid up Cap(mn)

Ados Pak AL-Ghazi Tractor Dewan Auto Engineering Ghandhara Ind KSB Pumps Millat Tractors Pak Engineering

66 215 214 213 132 366 57

PE

Open

6.46 8.59 4.66 206.51 1.27 8.96 10.26 6.54 49.83 8.14 535.15 - 94.04

High

High Low 1,614.78 1,582.38 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 2.93 38.02 Low

Close Chg

8.70 8.40 8.53 209.00 206.50 207.06 1.17 1.16 1.16 10.60 10.13 10.21 49.90 49.00 49.43 538.90 528.00 528.69 98.50 94.15 95.06

-0.06 0.55 -0.11 -0.05 -0.40 -6.46 1.02

Close 1,585.68 Listed cap 1,336.62 mn Payout (%) 131.49

Volume 4805 2861 8244 9802 510 34360 5037

17.70 244.95 2.00 13.50 63.89 568.40 216.05

8.40 199.05 0.74 8.25 49.00 466.27 93.01

-

Change -5.87 Market cap 42,990.86 mn Div Yield (%) 5.09

Last 60 days High Low 82.63 213.89 144.00 2.45 26.74 5.36 5.49 12.87 309.73 75.00 24.35 2.00

66.45 180.00 120.30 1.50 21.08 2.82 3.60 9.52 205.51 60.00 20.13 1.11

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

% Change -0.50 5-Day High 1,173.48 5-Day Low 1,117.03 2011 Div BR (%) (%)

20B 15B - 50.00 20B 10.00 -

-

High

Low

Close Chg

Close 2,190.51 Listed cap 11,335.33 mn Payout (%) 30.57

Volume

Change 56.75 Market cap 300,180.43 mn Div Yield (%) 0.61

Last 60 days High Low

1000 20.50 13.55 1900 54.00 39.50 2000 8.24 5.00 2201 11.45 8.00 3442 4.25 2.30 2628 7.50 5.40 4161 4.10 2.52 49674 33.00 20.25 4450 12.60 10.80 242 60.00 50.12 2022 6.45 2.65 6281 61.50 52.01 852 3695.00 2440.00 129 3016.00 2021.55 1000 5.10 2.50 8533 11.70 8.00 996 7.20 4.01 985 11.15 6.97 171 5703.03 4005.01

% Change 2.66 5-Day High 2,190.51 5-Day Low 2,010.88

2010 Div BR (%) (%)

2011 Div BR (%) (%)

25 50 10 25 40 35 10 12 750 1150 10 10 492

7.50 -

25B 20B -

-

Company

Paid up Cap(mn)

Gauhar Engineering Ltd 22 Pak Elektron 1219 Tariq Glass Ind 231

PE

Open

High

2010 Div BR (%) (%)

Paid up Cap(mn)

Ali Asghar Textile Amtex Limited Artistic Denim Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Bilal Fibres Chenab Limited Colony Mills Ltd Crescent Textile D M Textile D S Ind Ltd Dawood Lawrencepur Dewan Mushtaq Textile Fazal Textile Gadoon Textile XD Ghazi Fabrics Gillette Pakistan Gulistan Spinning Hira Textile Mills Ltd. Ibrahim Fibres Idrees Textile Indus Dyeing XD Khurshid Spinning Kohinoor Textile Mohd Farooq Nishat (Chunian) Nishat Mills Olympia Textile Pak Synthetic Prosperity Quetta Textile Ravi Textile Redco Textile Regent Textile Reliance Cotton Rupali Poly Saif Textile Sajjad Textile Sally Textile Salman Noman Samin Textile Sana Ind Saritow Spinning Service Ind Shahpur Textile Shahzad Textile Thal Limited Treet Corp ZahidJee Textile Zil Limited

222 2594 840 4493 33 76 76 141 1150 2442 492 31 600 514 34 62 234 326 192 146 716 3105 180 181 132 1455 189 1617 3516 108 560 185 130 250 213 48 103 341 264 213 88 42 267 55 133 120 140 180 307 418 341 53

Low

Close Chg

Close 1,038.29 Listed cap 3,763.71 mn Payout (%) 6.27

Volume

Change -10.20 Market cap 4,979.07 mn Div Yield (%) 3.52

400 12.5 650 100

25B325.00 -

-

61.67

Total Assets (Rs in mn)

4,857.42

MA (10-day)

9.76

Total Equity (Rs in mn)

2,245.97

MA (100-day)

10.54

Revenue (Rs in mn)

3,469.11

MA (200-day)

10.52

Interest Expense

160.92

1st Support

9.50

Loss after Taxation

(13.76)

2nd Support

8.60

EPS 10 (Rs)

(0.144)

1st Resistance

11.00

Book value / share (Rs)

23.50

2nd Resistance

11.60

PE 11 E (x)

43.21

Pivot

10.10

PBV (x)

0.44

CHCC closed up 0.57 at 10.37. Volume was 931 per cent above average (trending) and Bollinger Bands were 8 per cent narrower than normal. The company's profit after taxation stood at Rs11.268 million which translates into an Earning Per Share of Rs0.12 for the half year of current fiscal year (1HFY11). CHCC is currently 1.5 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into CHCC (mildly bullish). Trend forecasting oscillators are currently bullish on CHCC.a

Kohinoor Power Company Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

39.49

Total Assets (Rs in mn)

447.19

MA (10-day)

3.10

Total Equity (Rs in mn)

409.02

MA (100-day)

4.20

Revenue (Rs in mn)

747.92

MA (200-day)

4.82

Interest Expense

1st Support

3.10

Profit after Taxation

25.37

2nd Support

2.80

EPS 10 (Rs)

2.013

1st Resistance

3.85

Book value / share (Rs)

32.46

1.24

2nd Resistance

4.30

PE 11 E (x)

2.67

Pivot

3.55

PBV (x)

0.11

KOHP closed up 0.12 at 3.42. Volume was 967 per cent above average (trending) and Bollinger Bands were 70 per cent wider than normal. The company's profit after taxation stood at Rs8.084 million which translates into an Earning Per Share of Rs0.64 for the half year of current fiscal year (1HFY11). KOHP is currently 32.9 per cent below its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into KOHP (bullish). Trend forecasting oscillators are currently bearish on KOHP.

Samba Bank Limited

Last 60 days High Low

2010 Div BR (%) (%)

% Change -0.97 5-Day High 1,048.49 5-Day Low 1,034.04 2011 Div BR (%) (%)

Total Assets (Rs in mn)

23,734.13

MA (10-day)

1.71

Total Equity (Rs in mn)

7,075.66

MA (100-day)

1.86

Revenue (Rs in mn)

1,878.63

MA (200-day)

1.97

Interest Expense

1,208.86

PERSONAL GOODS

1st Support

1.82

Loss after Taxation

(593.05)

Performance of SR Personal Goods Index

2nd Support

1.74

EPS 09 (Rs)

1st Resistance

1.93

Book value / share (Rs)

2nd Resistance

1.96

PE 10 E (x)

Pivot

1.85

PBV (x)

3.53 1.75

0.90 14.28 13.04

1.19 14.50 13.40

0.25 13.96 12.81

0.61 -0.29 14.02 -0.26 13.25 0.21

2500 479081 35331

High Low 985.11 973.11 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.59 8.64

2.35 15.88 24.00

0.25 12.07 12.00

Close 976.27 Listed cap 47,070.70 mn Payout (%) 16.68

PE

Open

High

Low

Close Chg

Volume

7.50 0.22 0.61 4.56 0.89 1.93 2.55 23.06 0.14 3.45 0.91 0.58 22.85 0.32 0.87 3.53 3.10 2.64 7.76 4.31 5.68 3.06 1.17 1.04 2.35 73.08 0.65 3.85 0.44 0.28 0.66 4.29 3.11 0.40 6.57 0.56 0.51 5.40 6.21 0.99 4.64

1.15 2.45 20.00 8.31 17.19 20.60 523.42 1.17 2.58 2.48 14.85 3.76 1.35 44.97 4.00 389.44 91.01 4.75 56.21 7.72 4.30 48.30 5.62 293.55 1.80 4.22 0.65 27.98 64.47 1.00 19.32 14.70 55.87 1.09 0.55 19.00 33.25 40.51 9.00 1.00 7.08 3.00 6.00 40.00 2.00 179.50 0.36 6.25 109.48 50.51 5.00 63.00

1.45 2.54 20.99 8.58 17.45 21.63 527.99 1.00 2.87 2.45 14.50 3.76 1.45 45.28 4.05 394.40 93.00 4.40 54.05 7.76 4.39 48.98 6.00 307.90 0.80 4.68 0.82 28.69 64.99 1.25 19.34 14.99 58.25 1.23 0.54 19.00 32.00 41.65 9.03 1.00 7.28 3.01 6.50 41.39 1.98 181.90 0.40 6.25 111.99 51.70 5.50 64.00

1.10 2.45 19.90 8.30 17.45 21.01 518.10 1.00 2.70 2.20 13.85 3.76 1.28 44.00 3.85 369.97 92.00 4.21 54.00 7.75 4.33 48.00 5.51 300.00 0.80 4.50 0.70 27.90 63.80 1.00 18.86 14.70 55.00 1.09 0.40 19.00 31.75 41.00 9.00 0.96 7.28 3.00 5.41 40.25 1.85 179.00 0.40 6.25 108.60 50.50 5.50 63.50

1.45 0.30 2.53 0.08 20.86 0.86 8.31 0.00 17.19 0.00 21.47 0.87 525.19 1.77 1.17 0.00 2.70 0.12 2.20 -0.28 13.85 -1.00 3.76 0.00 1.39 0.04 44.97 0.00 4.05 0.05 369.97-19.47 92.40 1.39 4.40 -0.35 56.21 0.00 7.75 0.03 4.33 0.03 48.84 0.54 5.65 0.03 305.46 11.91 0.80 -1.00 4.50 0.28 0.82 0.17 28.04 0.06 64.05 -0.42 1.00 0.00 19.13 -0.19 14.83 0.13 57.81 1.94 1.18 0.09 0.40 -0.15 19.00 0.00 31.75 -1.50 41.42 0.91 9.00 0.00 0.96 -0.04 7.28 0.20 3.00 0.00 6.00 0.00 41.10 1.10 1.98 -0.02 179.20 -0.30 0.40 0.04 6.25 0.00 108.95 -0.53 50.55 0.04 5.50 0.50 63.51 0.51

17506 74233 13903 1173186 150 45394 505 110 2510 42880 19125 1000 14156 254 2001 217 2614 1500 226 1000 21500 15105 38606 300 500 5080 1038 910945 1373606 3500 11400 900 2134 5364 13000 25000 701 32835 4023 3009 700 3874 121 720 2004 2965 1313 2472 17750 64711 1000 3060

Open 963.27 Turnover 89,549 P/E (x) 7.18 Company

Paid up Cap(mn)

Abbott (Lab) XD 979 GlaxoSmithKlineSPOT1707 Highnoon (Lab) 165 IBL HealthCare Ltd 200 Sanofi-Aventis XD 96 Searle Pak 306

Fundamental Highlights As on Dec 31, 2009

Technical Analysis 58.14

10B -

Change 2.83 Market cap 129,648.36 mn Div Yield (%) 2.45

Last 60 days High Low 1.45 4.49 24.50 12.84 18.41 23.27 686.07 1.95 3.40 2.97 22.50 4.00 1.96 49.05 8.90 454.50 102.24 7.50 62.50 9.23 5.20 55.00 6.00 327.80 1.80 5.80 1.69 29.50 71.89 2.20 20.49 15.01 58.25 1.70 0.99 26.25 43.30 44.40 11.50 3.74 7.94 6.35 7.40 49.66 2.50 253.00 0.95 7.98 131.89 61.95 6.80 87.90

17.5

0.61 2.35 18.55 8.05 10.01 13.00 493.50 0.75 2.05 2.00 13.85 1.99 1.03 35.00 3.02 369.97 66.50 3.01 51.61 5.02 3.31 43.02 3.01 188.01 0.80 3.60 0.60 22.30 57.20 1.00 9.00 13.10 39.00 0.40 0.31 19.00 31.75 36.55 4.10 0.15 3.63 2.75 4.45 38.00 1.00 171.76 0.15 5.50 100.51 44.10 2.27 50.50

2010 Div BR (%) (%)

- 200R

% Change 0.29 5-Day High 976.27 5-Day Low 972.54 2011 Div BR (%) (%)

- 30B 20 - 15B 20 280 15 5 15B 100 70 10 10 10 20 10 50 - 50.00 15 25 45R 30 20 20 40 10 5B - 100R 60 75 5 80 20B 50 900B 35 -

-

Performance of SR Pharma and Bio Tech Index

% Change -1.04 5-Day High 1,610.57 5-Day Low 1,555.30 2011 Div BR (%) (%)

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

RSI (14-day)

Open 973.45 Turnover 3,982,175 P/E (x) 6.80 Company

High Low 1,061.26 1,031.93 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.19 10.64

PHARMA AND BIO TECH

Change -16.74 Market cap 31,633.70 mn Div Yield (%) 17.09

Last 60 days High Low

-

HOUSEHOLD GOODS

Performance of SR Industrial Engineering Index Open 1,602.42 Turnover 65,719 P/E (x) 7.70

Open

Open 1,048.49 Turnover 516,912 P/E (x) 1.78

-

% Change 1.19 5-Day High 896.11 5-Day Low 883.48

2011 Div BR (%) (%)

Performance of SR Household Goods Index

Performance of SR Construction and Materials Index High Low 908.65 882.33 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.47 7.10

2000 3350 1646 14005 150 5003 1703 3001 18948 82965 2976 1000

High Low 2,191.61 2,155.66 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 15.22 30.30

4.17 14.00 14.01 14.00 14.00 0.00 1.05 40.02 42.00 42.00 42.00 1.98 7.56 7.75 7.75 7.75 0.19 3.52 9.00 9.00 8.90 9.00 0.00 7.15 3.00 3.00 2.60 2.86 -0.14 0.71 7.00 7.00 7.00 7.00 0.00 3.10 3.29 3.10 3.10 0.00 9.39 23.82 24.00 23.55 23.67 -0.15 7.40 12.43 12.40 12.05 12.14 -0.29 1.73 53.00 53.95 52.56 53.00 0.00 3.02 3.20 3.00 3.00 -0.02 10.46 57.00 59.85 56.00 59.85 2.85 39.33 3560.50 3578.00 3489.00 3567.07 6.57 12.08 2385.40 2494.95 2380.00 2404.74 19.34 0.28 4.28 4.49 4.49 4.49 0.21 3.10 9.00 9.24 9.00 9.05 0.05 0.43 5.98 6.60 6.00 6.00 0.02 8.00 8.00 8.00 8.00 0.00 23.18 5431.46 5703.03 5642.00 5703.03 271.57

CONSTRUCTION AND MATERIALS Open 885.61 Turnover 6,690,434 P/E (x) 6.55

-

FOOD PRODUCERS

-

% Change 0.10 5-Day High 1,053.27 5-Day Low 1,044.13

72.85 72.00 72.49 0.99 207.50 206.50 206.67 0.27 141.89 140.80 140.80 -0.83 2.13 2.04 2.04 -0.12 23.90 23.50 23.40 0.00 4.15 3.90 4.05 0.19 4.00 3.72 3.83 -0.26 10.29 10.02 10.05 -0.07 233.00 225.51 226.69 -5.15 75.00 71.00 73.99 1.99 23.63 23.00 23.50 0.00 1.60 1.60 1.60 0.30

Open 2,133.76 Turnover 92,805 P/E (x) 50.22

INDUSTRIAL METALS AND MINING High Low 1,058.26 1,038.73 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.06 33.10

40 15

Performance of SR Food Producers Index

Performance of SR Industrial Metals and Mining Index Open 1,048.59 Turnover 504,608 P/E (x) 3.20

2010 Div BR (%) (%)

Performance of SR Automobile and Parts Index

Company

High Low 1,861.21 1,834.58 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.16 35.00

% Change -1.04 5-Day High 731.20 5-Day Low 716.88

AUTOMOBILE AND PARTS

Performance of SR Chemicals Index

Company

Cherat Cement Company Limited

Performance of SR Industrial Transportation Index

Close Change 1,420.39 -3.96 Listed cap Market cap 65,194.15 mn 1,043,422.18 mn Payout (%) Div Yield (%) 55.94 5.71

CHEMICALS Open 1,834.94 Turnover 23,025,695 P/E (x) 9.02

Alert ! Unusual Movements

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,424.34 Turnover 5,498,846 P/E (x) 9.79

KSE 30 Index

PE

Open

7.05 84.28 17.18 87.76 7.34 31.46 4.59 11.90 6.63 151.99 5.68 65.99

High

High Low 964.85 952.61 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.60 22.31 Low

Close Chg

85.00 84.00 84.71 0.43 88.00 86.81 87.26 -0.50 31.50 31.16 31.25 -0.21 12.25 11.56 11.67 -0.23 154.00 152.00 153.92 1.93 66.00 64.51 65.00 -0.99

Close 959.91 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 1255 62414 6502 11800 546 7030

108.75 89.50 32.85 12.80 174.00 69.00

78.59 68.00 24.50 7.70 134.00 58.05

8.07 0.23

SBL closed up 0.09 at 1.85. Volume was 47 per cent above average and Bollinger Bands were 18 per cent narrower than normal. The company's loss after taxation stood at Rs119.594 billion which translates into a Loss Per Share of Rs0.10 for the year ended CY10. SBL is currently 6.0 per cent below its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of SBL (mildly bearish). Trend forecasting oscillators are currently bullish on SBL.

TRG Pakistan Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

46.38

Total Assets (Rs in mn)

1,072.73

MA (10-day)

3.00

Total Equity (Rs in mn)

1,015.70

MA (100-day)

3.43

Revenue (Rs in mn)

MA (200-day)

3.71

Interest Expense

1st Support

2.96

Loss after Taxation

2nd Support

2.88

EPS 10 (Rs)

1st Resistance

3.13

Book value / share (Rs)

2nd Resistance

3.22

PE 11 E (x)

Pivot

3.05

PBV (x)

0.72 0.07 (1,616.83) (4.195) 2.64 1.14

TRG closed up 0.02 at 3.00. Volume was 61 per cent above average and Bollinger Bands were 54 per cent narrower than normal. The company's loss after taxation stood at Rs41.79 million which translates into a Loss Per Share of Rs0.12 for the half year of current fiscal year (1HFY11). TRG is currently 19.1 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 volume flowing into and out of TRG at a relatively equal pace. Trend forecasting oscillators are currently bullish on TRG.a

BOOK CLOSURES Company

From

To

BOC Pak Pak Gum & Chemicals Philip Morris Pak Pak Suzuki Motor Packages Ltd Glaxosmithkline Kohinoor Textile Mills # Askari General Insur Soneri Bank Al-Abbas Cement ind Mustehkam Cement Bestway Cement Piac (Consolidated) IGI Insur Bata Pak Mobile Communications Sapphire Textile Mills # Kasb Securities Pak Tobacco New Jubilee Insur

09-Apr 11-Apr 12-Apr 12-Apr 12-Apr 13-Apr 14-Apr 14-Apr 15-Apr 15-Apr 15-Apr 15-Apr 15-Apr 15-Apr 15-Apr 15-Apr 15-Apr 16-Apr 16-Apr 16-Apr

22-Apr 18-Apr 21-Apr 18-Apr 20-Apr 20-Apr 20-Apr 20-Apr 22-Apr 22-Apr 21-Apr 21-Apr 30-Apr 26-Apr 21-Apr 28-Apr 21-Apr 23-Apr 22-Apr 23-Apr

D/B/R

Spot AGM/Date

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 100(R) 20,35(B) 07-Apr 280(F) 07-Apr 21(F) 08-Apr 20,25(B) 08-Apr

22-Apr 18-Apr 21-Apr 18-Apr 20-Apr 20-Apr 20-Apr 20-Apr 22-Apr 18-Apr 18-Apr 30-Apr 21-Apr 21-Apr 23-Apr 22-Apr 23-Apr

INDICATIONS

Change -3.35 Market cap 31,447.25 mn Div Yield (%) 6.20

Last 60 days High Low

(0.676)

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

15B 10B -

% Change -0.35 5-Day High 963.27 5-Day Low 955.65 2011 Div BR (%) (%) -

-

# Extraordinary General Meeting

OTHER SECTORS Symbols

Open

High

Climax Eng. Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Grays of Cambridge Pak Tobacco Shifa Int.Hospitals Media Times LtdXR P.I.A.C.(A) Pace (Pak) Ltd. Netsol Technologies Pak Telephone

4 52.52 2.98 98.02 1.31 44.59 101 30 18.5 2.61 3.96 24.16 1.9

4 54 3.14 100.5 2 46.5 103 31.5 17.5 2.7 4.07 24.45 2.19

Low Close 4 53.98 2.97 100.5 1.75 46.44 102 31.4 17.5 2.56 3.67 23.9 1.8

4 52.52 3 100.5 2 44.59 103 31.45 18.5 2.68 3.72 23.98 2.13

Change 0 0 0.02 2.48 0.69 0 2 1.45 0 0.07 -0.24 -0.18 0.23

Vol 6000 362 2619588 2000 14500 176 3563 1029 340 7361 3005013 682870 5044


7

Thursday, April 7, 2011

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 989.85 Turnover 1,745,722 P/E (x) 5.37 Paid up Cap(mn)

Company

High Low 1,004.39 984.61 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.69 12.84

PE

Open

High

Low

Close Chg

Pak Datacom XD 78 5.18 Pakistan Telecomm Co A 37740 11.14 Telecard 3000 1.24 WorldCall Tele 8606 Wateen Telecom Ltd 6175 -

47.70 16.72 1.93 2.65 3.00

48.00 16.90 1.99 2.80 3.09

46.50 16.67 1.86 2.61 2.98

47.70 16.71 1.88 2.65 3.00

0.00 -0.01 -0.05 0.00 0.00

Close 988.46 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 305 573082 120448 1051887 39942

Change -1.39 Market cap 68,134.48 mn Div Yield (%) 11.65

% Change -0.14 5-Day High 1,007.31 5-Day Low 988.46

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 EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Pak Gen Insurance Premier Insurance Reliance Insurance Shaheen Insurance Silver Star Insurance United Insurance Universal Insurance

255 4.94 11.50 443 4.34 28.31 279 6.21 109.29 457 6.26 10.01 1250 - 33.27 400 7.14 14.73 718 8.63 100.79 791 12.51 70.91 3000 50.85 18.83 250 37.11 8.00 303 5.40 10.37 252 3.62 7.25 200 - 13.01 253 4.50 6.76 400 2.67 7.75 263 2.50

Paid up Cap(mn)

Company

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

PE

3426 11572 1560 7932 126 8803 3673 3541 191 1367 150

2.90 6.86 2.67 5.29 3.15 2.49 4.73 -

Open

High

9.99 37.93 1.33 2.63 3.30 41.11 15.84 16.83 16.00 1.70 0.81

9.25 38.00 1.40 2.87 4.00 41.50 15.95 17.24 16.29 1.70 0.74

9.00 37.26 1.31 2.63 3.25 41.05 15.61 16.72 15.50 1.65 0.63

Close Chg 9.00 37.48 1.34 2.69 3.42 41.20 15.71 17.00 15.52 1.70 0.81

-0.99 -0.45 0.01 0.06 0.12 0.09 -0.13 0.17 -0.48 0.00 0.00

Close 1,352.44 Listed cap 95,369.29 mn Payout (%) 104.13

Volume 13303 369770 93761 2345494 110702 115529 25398 168041 19532 24215 202

Change -11.38 Market cap 104,522.55 mn Div Yield (%) 7.31

Last 60 days High Low 11.45 41.20 1.89 3.28 4.95 45.85 18.01 18.70 19.25 2.35 1.31

9.00 35.90 1.25 2.31 2.45 40.26 14.05 14.85 15.50 1.41 0.31

% Change -0.83 5-Day High 1,363.82 5-Day Low 1,351.18

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

2011 Div BR (%) (%)

- 25.00 7.8R - 30.00 -

-

Open 772.89 Turnover 14,873 P/E (x) 5.48 Paid up Cap(mn)

PE

Open

High

Low

Close Chg

500

-

1.50

1.95

1.90

1.93 0.43

EFU Life Assurance New Jub Life Insurance

850 14.57 627 19.66

61.36 47.01

62.50 46.00

61.00 45.02

62.23 0.87 46.00 -1.01

Paid up Cap(mn)

Company Sui North Gas Sui South Gas

Close 1,418.92 Listed cap 12,202.80 mn Payout (%) 66.79

Change 16.63 Market cap 31,640.68 mn Div Yield (%) 7.31

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 12.06 8390 3.66

20.05 24.23

20.60 24.45

20.01 24.06

20.51 0.46 24.29 0.06

277725 30263

29.39 27.90

19.11 21.41

% Change 1.19 5-Day High 1,429.03 5-Day Low 1,392.74

2010 Div BR (%) (%) 20 15

2011 Div BR (%) (%)

25B

-

-

BANKS Performance of SR Banks Index Open 1,169.78 Turnover 21,033,758 P/E (x) 7.52 Paid up Cap(mn)

Company

PE

Open

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

8603 5.72 60.01 7070 6.01 12.53 13492 7.96 10.35 8786 6.00 29.04 5004 3.72 4.19 5288 6.61 5280 44.33 3.95 7327 6.86 11.10 11021 7.62 121.46 Habib Metropolitan Bank XB 10478 6.11 20.16 JS Bank Ltd 8150 2.70 KASB Bank Ltd 9509 1.39 MCB Bank LtdXDXB 8362 9.31 207.80 Meezan Bank XB 8030 7.57 17.56 Mybank Ltd 5304 2.10 National BankXDXB 16818 4.97 57.17 NIB Bank 40437 2.09 Samba Bank 14335 1.76 Silkbank Ltd 26716 2.15 Soneri Bank 6023 29.38 6.22 Stand Chart Bank XD 38716 8.89 8.11 Summit Bank Ltd 7251 2.71 United Bank Ltd XD 12242 7.58 64.02

High

High Low Close 1,187.25 1,162.67 1,171.81 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.05 13.94 40.49 Low

Close Chg

61.00 60.12 60.64 0.63 12.75 12.60 12.62 0.09 10.90 10.30 10.75 0.40 29.80 29.00 29.52 0.48 4.24 4.18 4.20 0.01 6.87 6.42 6.47 -0.14 4.00 3.90 3.99 0.04 11.39 11.05 11.18 0.08 123.20 119.25 121.97 0.51 20.48 19.99 19.99 -0.17 2.79 2.70 2.70 0.00 1.45 1.35 1.40 0.01 209.02 206.25 206.63 -1.17 18.15 17.10 17.87 0.31 2.20 2.06 2.06 -0.04 57.59 56.88 56.96 -0.21 2.16 2.10 2.10 0.01 1.88 1.77 1.85 0.09 2.19 2.15 2.15 0.00 6.26 6.16 6.17 -0.05 8.45 8.20 8.45 0.34 2.85 2.65 2.71 0.00 65.50 64.00 64.51 0.49

Volume

Change 2.03 Market cap 694,838.31 mn Div Yield (%) 5.38

Last 60 days High Low

53300 74.00 146497 19.25 7928842 11.99 994994 39.49 12742 4.65 3205283 9.93 57313 4.50 321104 16.40 309450 131.00 249677 29.10 82002 3.16 29299 2.60 756120 250.48 1142711 19.74 8552 3.40 1357380 81.78 1775133 3.20 236465 2.12 714888 2.97 38429 7.90 46532 9.90 212981 4.63 1567045 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 0.17 5-Day High 1,171.81 5-Day Low 1,151.29

2010 Div BR (%) (%)

-

20R -

NON LIFE INSURANCE

Paid up Cap(mn)

Company Adamjee Insurance

-10B 25R 40 20B 25 50B 10 12.5 25 12.5B 30 55B 20 25B - 10B 25 - 12.5B - 15B - 24B -

-

25R -

High Low 766.95 743.74 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.68 5.20

Close 752.72 Listed cap 11,111.34 mn Payout (%) 79.54

Change 2.17 Market cap 48,454.65 mn Div Yield (%) 6.12

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1237 16.59

71.69

72.95

68.11

69.51 -2.18

1177882

96.40

68.11

% Change 0.29 5-Day High 758.36 5-Day Low 750.21

2010 Div BR (%) (%) 25

2011 Div BR (%) (%)

-

-

-

Close 776.93 Listed cap 2,290.72 mn Payout (%) 355.53

Change 4.04 Market cap 9,070.39 mn Div Yield (%) 4.10

Last 60 days High Low

Volume 501 13361 1001

% Change 0.52 5-Day High 776.93 5-Day Low 772.89

2010 Div BR (%) (%)

2011 Div BR (%) (%)

2.99

1.50

-

10R

-

-

79.80 49.50

51.31 39.05

50 15

-

-

-

FINANCIAL SERVICES Open 324.01 Turnover 2,280,633 P/E (x) 11.45 Paid up Cap(mn)

Company

AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Equities First National Equity Grays Leasing IGI Investment Bank Invest and Fin Sec Invest Bank Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Pervez Ahmed Sec Saudi Pak Leasing Stand Chart Leasing

High Low 334.95 321.15 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.21 0.91

PE

Open

High

Low

225 1.13 360 3.74 450 16.40 3750 4.82 250 523.33 575 215 2121 9.09 600 5.09 2849 3166 626 0.82 7633 508 812.50 500 6.47 1000 1000 6.74 775 4.08 452 978 3.84

0.51 22.25 20.02 24.41 1.51 4.45 3.00 1.95 6.32 0.55 3.58 1.52 8.16 3.30 22.00 5.51 4.21 1.90 0.84 2.51

0.56 22.75 20.70 25.15 1.64 4.40 3.00 2.11 6.77 0.73 3.59 1.68 8.41 3.40 23.00 5.90 4.25 1.99 0.62 2.85

0.46 22.00 19.66 24.45 1.50 4.35 3.00 2.00 6.31 0.50 3.25 1.51 8.15 3.22 22.10 5.60 4.07 1.83 0.62 2.55

2011 Div BR (%) (%)

40 10B - 10B 20 20B - 20B 65 10B - 20B - 33R -105.16R 115 10B - 15B 75 25B -154.79R -63.46R - 311R 6 50 -

Performance of SR Non Life Insurance Index Open 750.55 Turnover 1,750,650 P/E (x) 13.00

9.51 26.60 61.30 8.90 32.25 11.72 88.11 56.00 13.80 6.20 10.00 6.20 8.85 6.01 5.50 1.68

Performance of SR Financial Services Index

GAS WATER AND MULTIUTILITIES High Low 1,426.82 1,395.69 Total cos Defaulter cos 2 P/BV (x) ROE (%) 1.04 11.41

High Low 781.50 759.10 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.34 3.85

East West Life

Company

Performance of SR Gas Water and Multiutilities Index Open 1,402.30 Turnover 307,988 P/E (x) 9.14

11.80 42.90 115.90 11.75 45.00 15.50 102.44 71.48 19.83 10.00 13.27 8.25 14.00 8.20 8.49 4.00

Performance of SR Life Insurance Index

High Low 1,375.00 1,344.06 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.33 9.35 Low

101 3300 168 150104 21794 81823 10505 1171 194206 23847 62224 4118 3097 8952 5151 2100

LIFE INSURANCE

ELECTRICITY Performance of SR Electricity Index Open 1,363.82 Turnover 3,285,950 P/E (x) 14.24

11.49 11.48 11.50 0.00 28.50 28.17 28.50 0.19 112.00 111.00 109.29 0.00 10.15 10.00 10.01 0.00 34.40 33.75 33.99 0.72 15.00 14.56 14.99 0.26 100.80 99.15 100.50 -0.29 71.48 69.51 71.21 0.30 19.83 19.83 19.83 1.00 7.99 7.00 7.05 -0.95 10.90 10.40 10.80 0.43 7.45 7.25 7.45 0.20 13.10 13.00 13.10 0.09 6.80 6.58 6.62 -0.14 7.90 7.85 7.90 0.15 2.70 2.55 2.55 0.05

Close Chg 0.54 22.02 20.01 24.66 1.57 4.45 3.00 2.00 6.31 0.50 3.25 1.56 8.20 3.25 22.53 5.61 4.11 1.96 0.62 2.84

0.03 -0.23 -0.01 0.25 0.06 0.00 0.00 0.05 -0.01 -0.05 -0.33 0.04 0.04 -0.05 0.53 0.10 -0.10 0.06 -0.22 0.33

Close 323.07 Listed cap 30,336.44 mn Payout (%) 99.56

Volume 49843 1317 28406 1409477 8898 200 721 15502 515 1518 113898 21127 1697535 120965 7905 48269 2453 151442 5000 5092

Change -0.94 Market cap 15,485.28 mn Div Yield (%) 4.31

% Change -0.29 5-Day High 329.83 5-Day Low 323.07

Last 60 days High Low

2010 Div BR (%) (%)

0.93 24.86 28.00 30.20 2.75 8.44 3.95 2.98 8.98 1.09 3.79 2.00 12.80 4.49 31.50 7.40 5.25 2.49 0.95 3.00

30 11.5 10 50 -

0.43 17.55 18.31 18.75 1.06 4.00 0.87 1.90 5.15 0.31 2.90 1.24 8.01 2.58 20.80 5.00 3.75 1.21 0.41 1.67

2011 Div BR (%) (%)

20B 20B 10B -

-

-

UPTO 100 VOLUME Symbols CSIL HINO SFWF SRSM TRPOL TSMF COLG SIEM EXIDE UPFL KOHTM PSEL MEHT JOPP ILTM GLAT ISIL SIBL SAPT FRSM KOIL ALICO BUXL FECS SANSM SHJS DSML FZCM BAFS MIRKS PMPK PIL CJPL IDSM TSBL ESBL GENP KSTM MODAM MUKT ATEL BFMOD BHAT DCM ELSM FEROZ FPJM GAMON GATM GWLC KOHE MFFL MOON NAGC REWM SFAT SHEZ WYETH

Paid up Cap(mn)

Company

PE

1st Fid Leasing 264 AL-Meezan Mutual F.XD 1375 4.15 AL-Noor Modaraba 210 1.83 Atlas Fund of Funds 525 1.84 B R R Guardian Mod. 780 1.80 Constellation Modaraba 65 1.69 Crescent St Modaraba 200 1.27 Elite Cap Modaraba 113 3.65 Equity Modaraba 524 1.02 Golden Arrow 760 1.62 Habib Modaraba 1008 6.30 Imrooz Modaraba 30 15.69 JS Growth Fund 3180 2.58 JS Value Fund 1186 1.38 Meezan Balanced Fund 1200 2.66 NAMCO Balanced Fund 1000 2.28 Pak Modaraba 125 1.67 Paramount Modaraba 59 5.68 PICIC Energy Fund 1000 3.14 PICIC Growth Fund 2835 3.79 PICIC Inv Fund 2841 3.08 Prud Modaraba 1st 872 1.83 Stand Chart Modaraba 454 5.04 U D L Modaraba XD 264 2.33

Open

High

1.30 10.30 3.30 6.75 1.69 1.20 0.61 2.95 1.61 3.30 7.60 59.85 6.50 5.51 9.05 4.34 0.90 8.73 7.28 12.35 5.34 0.89 9.81 6.69

1.64 10.33 3.45 6.90 1.69 1.40 0.60 2.99 1.74 3.58 7.65 62.75 7.45 6.00 9.25 4.92 1.10 8.75 7.60 13.00 6.00 0.99 10.10 6.69

High Low 1,572.16 1,469.57 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.43 2.21 Low

Close Chg

1.35 10.10 3.15 6.70 1.51 1.20 0.52 2.95 1.67 3.25 7.31 60.00 6.09 5.59 9.25 4.92 0.80 8.75 7.25 12.30 5.22 0.90 9.75 6.00

1.30 10.30 3.15 6.90 1.66 1.25 0.56 2.99 1.67 3.54 7.31 62.75 6.72 5.73 9.25 4.92 0.90 8.75 7.59 12.65 5.67 0.95 9.88 6.47

0.00 0.00 -0.15 0.15 -0.03 0.05 -0.05 0.04 0.06 0.24 -0.29 2.90 0.22 0.22 0.20 0.58 0.00 0.02 0.31 0.30 0.33 0.06 0.07 -0.22

Close 1,517.62 Listed cap 29,771.58 mn Payout (%) 104.74

Change 33.98 Market cap 19,390.81 mn Div Yield (%) 8.27

Last 60 days High Low

Volume 110 77695 8386 288500 5537 5637 19171 2300 4285 396543 35025 101 1313140 3714703 10000 10000 129 583 135605 225166 342843 6501 1933 3937

2.35 11.50 3.50 6.97 1.89 1.99 0.80 3.39 2.98 3.89 7.94 65.60 7.45 6.61 10.24 5.28 1.49 9.90 8.83 16.49 7.95 1.20 10.63 7.25

1.16 8.51 2.85 4.35 1.12 0.90 0.39 2.12 1.56 2.92 6.67 56.86 4.65 4.20 7.31 2.92 0.80 8.21 6.70 12.00 5.10 0.80 9.25 5.67

% Change 2.29 5-Day High 1,517.62 5-Day Low 1,460.56

2010 Div BR (%) (%) 18.5 5 2.2 0 1.2 5 17 21 76 5 10 15.5 15 3 18 10 20 10 3 17 12.5

2011 Div BR (%) (%)

- 5.00 - 10.00 - 12.50 - 7.50 - 7.50

-

Low

Close

3.78 107.00 7.88 4.25 0.74 1.01 680.00 1051.00 196.99 1301.00 1.20 142.19 59.00 8.93 211.00 7.50 78.03 2.50 117.00 19.24 1.49 15.01 9.74 35.96 11.80 62.38 3.02 55.00 55.10 41.01 233.01 12.00 0.50 8.00 4.00 2.49 0.56 1.03 1.29 0.31 33.75 4.60 254.00 1.15 26.95 93.50 1.40 1.98 47.90 5.85 17.99 69.11 15.00 16.50 12.98 2.80 144.49 921.00

3.40 110.20 7.00 4.20 0.73 1.03 680.00 1051.00 193.01 1338.30 1.51 149.63 59.63 7.93 210.50 8.50 82.13 2.55 111.52 18.55 1.53 15.99 9.00 37.85 12.20 65.56 3.83 56.75 58.00 41.79 245.19 11.90 0.97 8.56 3.02 2.07 0.60 1.18 1.05 0.44 35.50 5.00 250.00 1.30 26.50 93.87 1.48 1.11 46.01 5.80 17.59 70.00 16.00 16.20 12.15 3.80 140.50 950.00

Change

Vol

0.00 0.00 0.00 0.00 0.00 0.00 28.76 0.00 0.00 55.44 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

100 100 100 100 100 70 68 65 60 60 49 45 40 35 26 21 20 20 16 11 11 10 10 10 10 10 9 9 8 8 8 7 5 4 4 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Open

High

Low

Close

Change

Vol

25.48

26.00

25.45

25.64

324.91

327.90

324.00

324.96

0.05

581000

ENGRO-APR 206.57

208.70

206.50

206.94

0.37

513500

POL-APR

41.60

42.05

41.40

0.16 1496000

41.75

0.15

422500

NBP-APR

57.69

57.95

57.35

57.46

-0.23

232000

FFC-APR

138.47

139.90

138.10

139.48

1.01

217000

68.16

69.60

68.25

69.09

0.93

160000

LUCK-APR

Open 1,483.64 Turnover 6,608,004 P/E (x) 19.68

High 3.78 107.00 7.88 4.25 0.74 1.29 680.00 1051.00 197.00 1347.00 1.20 144.00 59.00 8.93 219.99 9.50 78.07 2.50 117.00 19.25 1.60 16.70 9.74 35.96 11.80 62.38 3.02 55.00 55.10 42.99 244.00 12.20 0.70 9.56 4.00 3.00 0.73 1.18 1.29 0.48 33.75 4.60 254.00 1.15 26.95 93.50 1.40 1.98 47.90 5.85 17.99 69.11 15.00 16.50 12.98 2.80 144.49 921.00

FUTURE CONTRACTS Symbols DGKC-APR

FFBL-APR

EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index

Open 3.40 110.20 7.00 4.20 0.73 1.03 651.24 1051.00 193.01 1282.86 1.51 149.63 59.63 7.93 210.50 8.50 82.13 2.55 111.52 18.55 1.53 15.99 9.00 37.85 12.20 65.56 3.83 56.75 58.00 41.79 245.19 11.90 0.97 8.56 3.02 2.07 0.60 1.18 1.05 0.44 35.50 5.00 250.00 1.30 26.50 93.87 1.48 1.11 46.01 5.80 17.59 70.00 16.00 16.20 12.15 3.80 140.50 950.00

PPL-APR

210.20

211.84

208.60

209.07

-1.13

120500

MCB-APR

208.15

209.00

207.20

207.63

-0.52

110500

ATRL-APR

125.11

127.40

125.65

126.18

1.07

89000

NML-APR

65.00

65.50

64.41

64.65

-0.35

67000

UBL-APR

64.58

65.90

64.50

65.00

0.42

39000

HUBC-APR

38.51

38.25

37.85

37.85

-0.66

7500

PTC-APR

16.91

16.90

16.85

16.87

-0.04

6000

ABL-CAPRW1 60.13

0.00

0.00

60.73

0.60

0.00

MTS LEVERAGE POSITION Symbol AHCL AKBL ATRL BAFL DGKC ENGRO FFBL FFC LOTPTA LUCK MCB NBP NCL NML PAKRI POL PSO PTC UBL TOTAL

Total Volume 696,250 12,000 149,267 100,000 106,991 834,195 425,500 102,500 3,245,000 197,000 20,847 52,255 150,000 5,500 50,000 114,250 500 461 300,000 6,562,516

Total Value 12,762,816 110,970 13,551,200 776,250 2,025,160 128,054,132 13,165,077 10,528,031 38,598,828 9,761,649 3,251,888 2,236,775 3,126,375 263,966 708,750 27,428,111 102,188 5,778 14,512,500 280,942,542

MTS Rate 21.63 21.00 16.72 16.82 18.71 16.03 16.00 17.00 17.99 17.23 16.93

BOARD MEETINGS

Bank Al-Falah Ltd

KSE 100 INDEX

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

Brokerage House

Leverage Position

55.67

Support 1

11,891.55

11,880.60

Support 2

11,849.90

11,762.24

Resistance 1

11,984.65

MA (100-day)

11,841.43

Resistance 2

12,036.10

MA (200-day)

10,958.07

Pivot

11,943.00

Arif Habib Ltd

Target Price

Recommendations

11.8

Buy

Arif Habib Ltd

Buy

Arif Habib Ltd

Accumulate

AKD Securities Ltd

28.72

Accumulate

AKD Securities Ltd

Positive

TFD Research

36.45

Positive

TFD Research

AKD Securities Ltd TFD Research

11 14.01

Technical Analysis

Leverage Position

RSI (14-day) 66.42 MTS Shares `000 100 MA (10-day) 9.96 MTS Rs `000 776 10.39 MTS Rate KSE 100 INDEX closed up 31.81 points at 11,933.18. Volume was MA (100-day) MA (200-day) 9.65 ** NOI Rs (mn) N/A 30 per cent below average and Bollinger Bands were 9 per cent narFree Float Shares (mn) 674.58 Free Float Rs (mn) 7,251.71 rower than normal As far as resistance level is concern, the market Target price for Dec-11 & **Net Open Interest in future market will see major 1st resistance level at 11,984.65 and 2nd resistance BAFL closed up 0.40 at 10.75. Volume was 197 per cent above level at 12,036.10, while Index will continue to find its 1st support average (trending) and Bollinger Bands were 9 per cent wider level at 11,891.55 and 2nd support level at 11,849.90. KSE 100 INDEX is currently 8.9 per cent above its 200-day moving than normal. average and is displaying an upward trend. Volatility is extremely low BAFL is currently 11.4 per cent above its 200-day moving average when compared to the average volatility over the last 10 trading ses- and is displaying an upward trend. Volatility is low as compared to sions. Volume indicators reflect moderate flows of volume into the average volatility over the last 10 trading sessions. Volume indiINDEX (mildly bullish). Trend forecasting oscillators are currently cators reflect very strong flows of volume into BAFL (bullish). Trend forecasting oscillators are currently bullish on BAFL. bullish on INDEX.

Brokerage House

Target Price

Recommendations

Brokerage House

54.81 24.86 27.85 26.78 Free Float Shares (mn) 200.80

Leverage Position MTS Shares `000 MTS Rs `000 MTS Rate ** NOI Rs (mn) Free Float Rs (mn)

Neutral Positive

Technical Outlook 107 2,025 108.75 5,098.43

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

Technical Analysis

Leverage Position

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

45.53 MTS Shares `000 834 203.76 MTS Rs `000 128,054 203.36 MTS Rate 16.72 190.84 ** NOI Rs (mn) 195.21 Free Float Shares (mn) 176.98 Free Float Rs (mn) 36,321.17 Target price for Dec-11 & **Net Open Interest in future market

DGKC closed up 0.15 at 25.39. Volume was 11 per cent below average ENGRO closed up 0.56 at 205.23. Volume was 25 per cent above average and Bollinger Bands were 20 per cent narrower than normal.

and Bollinger Bands were 122 per cent wider than normal.

DGKC is currently 5.2 per cent below its 200-day moving average and is ENGRO is currently 7.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of DGKC at a relatively equal pace. Trend forecasting flowing into and out of ENGRO at a relatively equal pace. Trend forecastoscillators are currently bullish on DGKC.

ing oscillators are currently bearish on ENGRO.

United Bank Ltd

Lucky Cement Ltd

Arif Habib Ltd

97.1

Buy

Arif Habib Ltd

72.5

Buy

AKD Securities Ltd

87.61

Buy

AKD Securities Ltd

67.5

Accumulate

Neutral

TFD Research

86.15

Positive

TFD Research

44.25

Neutral

TFD Research

129.4

Leverage Position

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

Buy

245.4

Reduce

TFD Research

55.99 MTS Shares `000 426 41.09 MTS Rs `000 13,165 38.72 MTS Rate 16.82 33.59 ** NOI Rs (mn) 72.21 Free Float Shares (mn) 326.94 Free Float Rs (mn) 13,587.56 Target price for Dec-11 & **Net Open Interest in future market

Technical Analysis

Recommendations

224 195.41

Buy

120.7

Technical Analysis

Technical Outlook

Target Price

Recommendations

AKD Securities Ltd

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

Brokerage House

144

Arif Habib Ltd

Accumulate

Brokerage House

Technical Outlook

Technical Outlook

Recommendations

Target Price

Sell

45.52

37

Target Price 30.1

Fauji Fertiliser Co

AKD Securities Ltd

Arif Habib Ltd

Brokerage House

Technical Outlook

Fauji Fertiliser Bin Qasim Ltd

Engro Corporation

Dera Ghazi Khan Cement Co Ltd

Technical Analysis

Leverage Position

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

60.32 MTS Shares `000 103 135.03 MTS Rs `000 10,528 129.96 MTS Rate 118.43 ** NOI Rs (mn) 43.73 Free Float Shares (mn) 466.49 Free Float Rs (mn) 64,757.77 Target price for Dec-11 & **Net Open Interest in future market

Target Price

Recommendations

Brokerage House

Technical Analysis

Leverage Position

56.97 MTS Shares `000 197 66.88 MTS Rs `000 9,762 71.50 MTS Rate 69.96 ** NOI Rs (mn) 161.90 Free Float Shares (mn) 129.35 Free Float Rs (mn) 8,882.46 Target price for Dec-11 & **Net Open Interest in future market

78.44

Recommendations

Positive

Technical Outlook

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

Target Price

Technical Analysis

Leverage Position

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

61.85 MTS Shares `000 300 61.70 MTS Rs `000 14,513 63.57 MTS Rate 17.23 59.18 ** NOI Rs (mn) 112.03 Free Float Shares (mn) 306.04 Free Float Rs (mn) 19,742.96 Target price for Dec-11 & **Net Open Interest in future market

FFBL closed up 0.24 at 41.56. Volume was 66 per cent below average FFC closed up 1.46 at 138.82. Volume was 13 per cent below average and LUCK closed up 1.12 at 68.67. Volume was 29 per cent above average UBL closed up 0.49 at 64.51. Volume was 28 per cent above average and (consolidating) and Bollinger Bands were 24 per cent wider than normal.

Bollinger Bands were 46 per cent narrower than normal.

and Bollinger Bands were 7 per cent narrower than normal.

Bollinger Bands were 31 per cent wider than normal.

FFBL is currently 23.7 per cent above its 200-day moving average and is FFC is currently 17.2 per cent above its 200-day moving average and is LUCK is currently 1.9 per cent below its 200-day moving average and is UBL is currently 9.0 per cent above its 200-day moving average and is disdisplaying an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is extremely low when compared to displaying an upward trend. Volatility is extremely low when compared to playing an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect modflowing into and out of FFBL at a relatively equal pace. Trend forecasting reflect moderate flows of volume into FFC (mildly bullish). Trend forecast- reflect moderate flows of volume into LUCK (mildly bullish). Trend forecast- erate flows of volume into UBL (mildly bullish). Trend forecasting oscillators oscillators are currently bullish on FFBL.

ing oscillators are currently bullish on FFC.

ing oscillators are currently bullish on LUCK.

are currently bullish on UBL.

Company

Date

Time

Atlas Income Fund Al-Noor Sugar Mills Ltd Pak Elektron Ltd The Ittefaq General Insur Co Ltd Bank Al Habib Ltd Otsuka Pak Ltd Packages Ltd Shabbir Tiles & Ceramics IGI Insur Ltd Shell Pak Ltd Kot Addu Power Comp Ltd Bawanyair Products Ltd Unilever Pak Ltd BOC Pak Ltd Fauji Fertilizer Bin Qasim Shabbir Tiles & Ceramics Ltd Tri-Pack Films Ltd Towellers Ltd Unilever Pak Foods Ltd

07-Apr 07-Apr 09-Apr 09-Apr 12-Apr 19-Apr 19-Apr 19-Apr 19-Apr 19-Apr 20-Apr 21-Apr 22-Apr 22-Apr 25-Apr 25-Apr 26-Apr 27-Apr 27-Apr

12:00 10:30 11:30 12:00 12:00 10:30 11:30 11:30 2:00 2:00 12:30 3:00 10:00 7:12 2:00 11:30 11:30 2:30

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 58.07 2.90 2.85 46.51 60.20 59.70 69.62 54.30 53.65 54.57 24.35 24.05 40.51 19.55 19.10 31.86 67.45 65.35 33.27 12.55 12.50 35.35 8.20 8.10 57.44 365.10 362.05 58.65 124.35 123.40 66.35 10.40 10.05 65.34 3.90 3.85 42.54 6.30 6.15 44.37 1.65 1.60 54.73 25.15 24.90 51.69 2.80 2.75 50.00 2.00 1.95 39.76 33.70 33.40 57.69 61.30 60.40 45.57 204.00 202.75 35.28 11.05 10.85 65.55 4.40 4.35 56.00 41.35 41.15 60.36 137.85 136.85 60.57 119.75 117.50 45.07 37.15 36.85 60.25 164.85 163.75 51.07 223.80 220.90 50.79 3.20 3.10 42.75 1.30 1.25 46.75 2.70 2.65 44.21 8.10 8.00 44.45 41.00 40.80 54.06 2.60 2.50 51.38 15.75 15.65 56.86 67.85 67.05 46.03 205.60 204.55 60.26 2.45 2.40 26.55 56.70 56.45 54.74 27.75 27.40 59.55 23.75 23.55 42.49 2.05 2.00 64.24 3.00 2.90 49.06 63.55 63.10 27.17 134.45 133.85 65.58 3.55 3.40 53.21 1.85 1.75 49.65 2.60 2.50 49.32 5.90 5.80 53.67 320.45 318.55 50.68 206.65 205.10 71.83 71.65 69.35 38.73 269.25 268.00 32.17 16.60 16.55 48.83 207.00 206.00 46.57 20.15 19.80 68.53 18.90 18.50 48.48 24.10 23.90 41.78 1.85 1.80 46.33 2.95 2.85 61.75 63.85 63.15 54.12 2.60 2.50

1st

2nd

Resistance 3.00 3.05 61.05 61.45 55.35 55.80 25.05 25.45 20.60 21.15 72.25 75.05 12.70 12.80 8.50 8.70 372.35 376.55 126.50 127.70 11.00 11.25 4.00 4.05 6.75 7.05 1.75 1.80 25.75 26.15 2.90 2.95 2.20 2.35 34.35 34.70 62.80 63.40 206.95 208.70 11.35 11.55 4.55 4.65 41.80 42.05 139.55 140.30 123.70 125.40 37.90 38.30 167.75 169.50 231.30 235.90 3.35 3.45 1.40 1.45 2.80 2.85 8.35 8.50 41.45 41.70 2.85 2.95 16.00 16.15 69.40 70.15 208.35 210.05 2.55 2.60 57.40 57.85 28.50 29.00 24.30 24.65 2.15 2.20 3.20 3.25 64.75 65.45 135.95 136.85 3.95 4.20 2.05 2.10 2.75 2.80 6.10 6.25 324.80 327.25 210.60 213.05 75.65 77.35 272.50 274.50 16.85 17.00 210.00 212.00 20.75 20.95 19.70 20.10 24.50 24.65 1.95 2.05 3.10 3.20 65.35 66.15 2.75 2.90

Pivot 2.95 60.60 54.75 24.75 20.10 70.20 12.65 8.40 369.30 125.55 10.65 3.95 6.60 1.70 25.50 2.85 2.15 34.05 61.90 205.75 11.20 4.50 41.60 138.55 121.45 37.60 166.60 228.40 3.30 1.35 2.75 8.25 41.25 2.75 15.90 68.60 207.30 2.50 57.15 28.20 24.10 2.10 3.10 64.30 135.35 3.80 1.95 2.65 6.05 322.90 209.05 73.35 271.25 16.75 209.00 20.35 19.30 24.25 1.90 3.05 64.65 2.70


8

Thursday, April 7, 2011

No Boeing aircraft being grounded

PIA says no wrongdoing in Umrah tickets

MANILA: Members of the Philippine Airlines Employees Association (PALEA) march in the streets with placards in Manila. Reuters

Kingfisher slashes debt to raise funds Loan recast brings down debt to 60bn rupees MUMBAI: Kingfisher Airlines has brought down its debt as part of a debt restructuring process and would prefer to wait for crude prices to stabilise before raising fresh funds for expansion, a top group official told Reuters.. "The fact of the matter is markets are a bit volatile. The Middle-East situation has caused an unexpected spurt in crude prices which is not structural in nature, but as long as it is there markets are a little spooked," said Ravi Nedungadi, Chief Financial Officer of UB Group, which controls Kingfisher. Oil prices rose to their highest since 2008 on Monday, with Brent surging above $121 a barrel as Nigerian election delays and a short-lived strike in Gabon joined a list of geopolitical supply concerns. Libya's ongoing civil war and the latest signs of unrest in Yemen also affected the European market more intensely. "It is unwise for us to go and raise capital when market conditions are like that, but we are all set to go and the moment there is a window of opportunity we will," Nedungadi said. The airline has restructured its debt by converting almost 12 billion rupees of loans into equity and its current debt stands at about 60 billion rupees, he added. Kingfisher Chairman Vijay Mallya had last year announced

plans to raise $250 to $350 million through global depositary receipts. Last September, the airline received board approval to raise up to $1 billion through various means including rights issue, preferential issue or GDRs. "The debt restructuring and conversion of debt into equity has happened, so the balance sheet is restructured. So there is no desperate urgency to test the market appetite in such uncertain conditions," Nedungadi said. On March 31, the airline had issued 116.3 million shares to a consortium of 13 banks led by State Bank of India , after conversion of compulsory convertible preference shares at 64.48 rupees a share. Kingfisher also allotted shares to founder entities United Breweries (Holdings) Ltd and Kingfisher Finvest India. PROFITS ON COURSE Loss-making Kingfisher, India's second largest airline by market share, has seen buoyant passenger traffic in Asia's third largest economy and expects to breakeven and make a "small profit" in FY12, its first since it listed on the bourses. "As far as Indian conditions are concerned there is no slowdown. Passenger traffic is growing between 15 and 20 percent and the pace is accelerating," Nedungadi said. "This is linked more to the level of economic activity and

growth because 90 percent of (air) travel in India is non-discretionary. People are travelling on work." The airline plans to add eight leased aircraft to its fleet by October, it had said in January. Also, re-induction of several A320 aircraft which were grounded due to technical issues last year would mean an effective increase in capacity of more than 20 percent, Nedungadi said. "For the last 12-14 months we have had a number of our planes sitting on ground for technical reasons. Those have now come back. So we have an effective increase in capacity of around 20-23 percent," he said. As a result, Kingfisher plans to increase frequency mainly on domestic routes and also some nearby international destinations like Middle East, Thailand and Sri Lanka, he said. "Our primary focus is on reconnecting certain routes which we had taken off and increasing frequency on some routes where frequencies had been reduced". He also said yields have improved despite the rise in crude as the airline was able to raise fuel surcharge to meet expenses. At 12:29 p.m., Kingfisher shares were up 2.37 percent at 45.3 rupees in a weak Mumbai market. They had risen as much as 4.6 percent earlier in the day. -Reuters

Qantas to offload aging Boeing 737s SYDNEY: Australian carrier Qantas has decided to offload its ageing Boeing 737-400 planes, but the airline insisted it was part of an overall fleet modernisation and not a "garage sale". News that 21 of its Boeing 737-400s would be on the market from this year comes less than a week after the airline said capacity and jobs would be slashed as it grapples with natural disasters and rising fuel costs. "This has been part of our fleet strategy all along," a Qantas spokesman told AFP. "It's not like we are having a garage sale." He said the sales, which would continue over the next few years, would allow

Qantas to replace the 737-400s, known as the workhorse of the skies, with the more modern and efficient 737-800s. Qantas would not speculate on how much the sales would earn, but reports said each plane could fetch as much as Aus$20 million ($20.8 million) thanks to interest from low-cost Indian and Southeast Asian carriers. Sales would boost cash flow for Qantas, which last month said the combination of recent natural disasters and rocketing fuel prices had created the airline's "most serious challenge" since the global downturn. Announcing the cuts, Qantas chief executive Alan Joyce said there had "never been a time when the world faced so many

natural disasters", with earthquakes in Japan and New Zealand, and Australia devastated by floods and cyclones. Record floods in Australia's tourism destination Queensland prompted $82.5 million in cancellations and other costs while New Zealand's deadly earthquake wiped $15 million from the bottom line. Japan's massive 9.0 magnitude quake and tsunami brought another $45 million in losses. News of the Qantas sale comes two days after United States carrier Southwest Airlines cancelled hundreds of flights to inspect 79 of its Boeing 737 aircraft after a hole in a fuselage forced an emergency landing. Agencies

Airline performance better for third year WASHINGTON: Two budget and one smaller airlinecompany took the top three rankings for overall performance last year, according to research released. AirTran led the pack in the newest annual Airline Quality Rating report, switching places with last year's leader Hawaiian. JetBlue remained at third while Alaska jumped to fourth from eleventh in the ranking. Southwestranked fifth. Overall performance of leading U.S. air carriers has improved for the third straight year, the report found. The number of customer complaints was up, the only one of four major areas which saw a deterioration in quality. The annual Airline Quality Rating report showed gains in the three other areas: on-time performance, baggage handling and involuntary denied boarding. Among the three biggest airlines in terms of traffic, No. 2 Delta made the biggest improvement, leaping to seventh from 15th -- the largest movement in the list of 16 airlines. No. 1 carrier United ranked 12th and No. 3 American 11th, with its regional carrier American Eagle finishing last at 16th. US Airways notched up to sixth from eighth. "It is clear that the low-fare carriers have a better philosophy about execution and better employee engagement in that execution than most of the other airlines," Dean Headley, an associate professor at Wichita State who worked on the study, told Reuters by telephone. The overall score for the industry was the third best in 20 years of tracking, a statement from Wichita State University and Purdue University said. The Airline Quality Rating is a joint project funded as part of faculty research activities at the two schools. Regarding the higher number of customer complaints, Headley linked it to busier air travel. "As the system adjusts to higher demand for air travel, more things are not going to go as planned for travelers," Headley said. The release of the report coincidentally came on a day when one major carrier, Southwest Airlines, canceled 70 flights as it continued to inspectBoeing 737 planes following the emergency landing on Friday of a jet with a hole in its fuselage.-Reuters

ISLAMABAD: PIA spokesperson has denied any favouritism being practiced with regards to Umrah ticket allocations as reported in a section of the press. The news story has quoted TAAP Chairman through his sources who allegedly stated that PIA Director Marketing is taking commission on every Umrah ticket. This is not only false but tantamount to defame a high official of PIA who does not only manage Umrah Sales but total Sales of PIA of over Rs 100 billion. In order to put the facts in true perspective Umrah Sales were shifted to RM (Revenue Management) in order to increase yield. It was due to introduction of transparent policy on Jeddah Flights that PIA was able to carry 25,000 more passengers in 2010 as compared to 2009. The flights were made open to all agents and those who could not get sufficient first seats due to their own inefficiencies are making false allegations of favouritism which are baseless and misleading. Meanwhile, The Pakistan International Airlines (PIA) has not grounded Boeing aircraft as they are fit and being flown regularly, said PIA Spokesperson M Tajur. He contradicted a news broadcast by a private news channel that Boeing aircraft of PIA were being grounded. "No Boeing is being grounded as they are fit and being flown according to normal schedule. All aircraft in the PIA fleet, including Boeing, are going through normal inspections", the spokesman told a news channel. "Our Civil Aviation airwor-

thiness department is very active and we do not have any issue regarding the inspections of planes," he added. He said," the airworthiness department of Civil Aviation certifies PIA aircraft and until a plane is cleared by the airworthiness department, it cannot fly. All the recommendations of the authorities concerned are fulfilled accordingly in this regard." To a question he said that PIA have mix type of fleet including Boeing, Airbus planes and others. To another question about contact with the Boeing company, he said,"it is an on-going process and also part of our routine as PIA remains in touch with all the aircraft manufacturers, included in its fleet". He clarified that the PIA did not receive any type of urgent notification from the Boeing Company and presently there was no severe complaint especially about the Boeings' performance. On the other hand Pakistan International Airlines (PIA) posted a loss of Rs20.78 billion during the year ended December 31, 2010. The loss is 320 percent higher than the Rs4.94 billion loss that the airline suffered in 2009. Financial results sent to the Karachi Stock Exchange on Monday revealed that the airline booked this huge loss because of adjustment of deferred taxes of over Rs11 billion. â&#x20AC;&#x153;The deferred tax charges resulted from significant decline in the fair value of aircraft as of December 21, 2010,â&#x20AC;? the company in a notice to the exchange. Agencies

US emergency landing

Southwest Airline cancels 300 flights WASHINGTON: Southwest Airlines canceled hundreds of flights Saturday to inspect 79 of its Boeing 737 aircraft a day after a hole in a fuselage forced an emergency landing. Flight 812 from Phoenix to Sacramento was diverted Friday to Yuma, Arizona, in the midst of what the airline described as a sudden "depressurization event," bringing a safe end to a harrowing trip for 118 passengers and five crew. "Southwest expects to cancel approximately 300 flights today to accommodate the inspections," the airline said in a statement, specifying 79 planes were grounded, not the previously announced 81. "Those aircraft will be inspected over the course of the next several days at five locations." Southwest said the inspections, being conducted with Boeing, are focusing on "aircraft skin fatigue." The National Transportation Safety Board and the Federal Aviation Administration are investigating what caused the fuselage to rip open at 36,000 feet (10,970 meters). "The safety of our customers and employees is our primary concern, and we are grateful there were no serious injuries," Southwest chief operating offi-

cer Mike Van de Ven said in a statement. A flight attendant and at least one passenger were treated for minor injuries, according to the airline. Passengers told US media they heard a loud bang like a gunshot, then felt wind rush through the cabin. "My husband and I looked up, you could see blue sky, you could see the wiring, the cabling," passenger Debbie Downey told CNN. "We looked at each other and thought -- this is not a good sign." The plane went into a steep nosedive, and oxygen masks were deployed. FAA spokesman Ian Gregor described it as a "rapid, controlled descent" before the plane landed in Yuma. Shawna Redden said her "heart was pounding out of my chest" in the disorienting first minutes of the incident, and she had begun to think that "this is it," but then managed to stay calm and try to help other scared passengers. Redden told Fox News she used her cell phone to text a possible farewell message to her husband, then found herself taking the hand of the stranger next to her "and just praying that we were going to make it down okay."

FAA to order emergency checks of older 737s WASHINGTON: The government will order emergency checks of some Boeing Co 737s for the kind of fatigue cracks that prompted Southwest Airlines Co to ground dozens of planes and cancel hundreds of flights after a hole opened in one of its jets. The Federal Aviation Administration directive on 737300, 400, and 500 fuselage inspections, expected on Tuesday, will apply to the most frequently flown models. It involves a time consuming and repetitive electromagnetic check not previously required for the area of the plane in question. "This action is designed to detect cracking in a specific part of the aircraft that cannot be spotted with visual inspection," FAA Administrator Randy Babbitt said in a statement on Monday. Boeing promised its own bulletin similar to the FAA order and will detail steps for inspecting joints in the fuselage that bond layers of aircraft skin. The National Transportation Safety Board (NTSB), which is investigating Friday's incident in which a 5-foot (1.52 meter) hole opened on Southwest Flight 812 at 36,000 feet, will look to see if there is a wider problem. But safety board member Robert Sumwalt said investigators believe the FAA and Boeing actions should take care of it. "We have no reason to believe there are deficiencies in the fleet," Sumwalt told reporters at a news conference in Yuma, Arizona, near the military base where the stricken Southwest jet heading from Phoenix to Sacramento landed safely. The FAA said most of the 80 jets needing new checks in the United States are flown by Southwest that have accumulated high numbers of takeoffs and landings. Overseas regulators are expected to adopt the FAA order for 95 additional planes. Southwest grounded planes and launched its own inspections of 79 jets over the weekend. The company said in a statement late on Monday that it had completed most of the inspections and returned 64 jets to service. Subsurface fuselage cracks were found on three other jets that will stay grounded until they are repaired. Southwest said it believes the steps it has taken so far will meet the requirement of the pending FAA order. "We expect to complete the inspections and be able to launch a full operation on Tuesday," the airline said. Southwest canceled 600 flights over the weekend and another 70 on Monday. Southwest has had fatigue cracks on older aircraft in its all737 fleet, which safety experts and other insiders attribute to the aggressive way it uses those planes. "We all know that Southwest has rapid turnarounds and short hops. It's a different type of use, so you have different types of maintenance and oversight," said Jim Hall, a former NTSB chairman. Friday was the second time in two years that a Southwest plane experienced a fuselage rupture. The other plane also landed safely. Additionally, Southwest paid a $7.5 million FAA fine for operating 737s without required fuselage inspections in the 2006-2007 period. Southwest said the location of cracks on Flight 812 was a problem it had not seen before. That plane entered service 15 years ago and had almost 40,000 takeoffs and landings. The NTSB also will take a fresh look at Southwest's maintenance practices, FAA oversight of the carrier, and Boeing's service recommendations, safety experts said. "They are going to be pushed very hard on this," said one safety expert familiar with the thinking of transportation investigators. -Reuters


9

Thursday, April 7, 2011

Oil hits fresh peaks on Middle East, weak dollar

European vegetable oil prices

OPEC members say can do little to control prices

ROTTERDAM: The following were the Wednesday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Apr11 935.00-5.00, May11 935.005.00, Jun11 945.00-5.00, Jul11 945.00-5.00, Aug11/Oct11 950.00-5.00, Nov11/Jan12 955.00-5.00, Feb12/Apr12 960.00-5.00. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 1020.00+0.00, Aug11/Oct11 965.00+0.00, Nov11/Jan12 970.00+0.00, Feb12/Apr12 980.00+2.00. SUNOIL: EU dlrs tonne extank six ports option May11/Jun11 1405.00+10.00, Jul11/Sep11 1415.00+10.00, Oct11/Dec11 1375.00+10.00, Jan12/Mar12 1400.00. LINOIL: Any origin dlrs tonne extank Rotterdam Apr11/May11 1505.00+12.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Afloat 1155.00, Apr11 1155.00+5.00, May11/Jun11 1155.00+5.00, Jul11/Sep11 1145.00+0.00, Oct11/Dec11 1142.50+2.50. PALMOIL: RBD dlrs tonne cif Rotterdam May11/Jun11 1217.50, Jul11/Sep11 1202.50. PALMOIL: RBD dlrs tonne fob Malaysia May11/Jun11 1162.50+5.00, Jul11/Sep11 1147.50+7.50. PALM OLEIN: RBD dlrs tonne fob Malaysia May11/Jun11 1170.00+2.50, Jul11/Sep11 1155.00+5.00, Oct11/Dec11 1145.00+5.00. PALM STEARIN: Dlrs tonne fob Malaysia Apr11 1145.00+5.00, May11 1140.00+5.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Mar11/Apr11 2090.00+0.00, Apr11/May11 2050.00+0.00, May11/Jun11 2000.00+0.00, Jun11/Jul11 1980.00-10.00, Jul11/Aug11 1960.00-10.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Jun11/Jul11 2695.00. -Reuters

LONDON: Oil prices hit fresh peaks on Wednesday, rising to their highest since August 2008, buoyed by unrest in the Middle East and North Africa and dollar weakness ahead of an expected European Central Bank interest rate rise. Brent crude rose $1 to breach $123 a barrel, its highest since August 2008, and US crude rose to its highest since September 2008 above $109. Both contracts pared gains later in the day after a US oil data release, trading mostly flat versus Tuesday's close. The ECB is expected to raise interest rates by 0.25 per cent on Thursday in the first hike since the 2008 financial crisis. The expectations have propelled the euro to a 14-month high while the dollar index was down 0.34 per cent at 1450 GMT. "Central bankers will always claim that they have no influence on oil prices but recent history has repetitively shown that in the new world, where commodities are a global asset, central bankers can have a greater influ-

Tokyo rubber inches down TOKYO: Key Tokyo rubber futures inched lower on Wednesday despite a weaker yen and a rise in oil and other commodities, as investors grew cautious about the recent rapid pace of price increases and closed positions. The key Tokyo Commodity Exchange rubber contract for September delivery settled at 457.9 yen per kg, down 0.2 yen from Tuesday's settlement of 458.1 yen. It rose as high as 464.9 yen in early trade, just below Tuesday's high of 466.8 yen, its highest since March 7. The Shanghai rubber market resumed trading after a two-day holiday earlier this week. The most active Shanghai rubber contract for September delivery rose 1,305 yuan to close at 35,940 yuan ($5,494) per tonne on Wednesday. Volume stood at 597,070 lots. Brent crude edged down to $122 a barrel on Wednesday, but prices stayed within a dollar of a 2-1/2 year peak as widespread unrest in the Middle East and North Africa raised worries over supply. Reuters

ence on oil prices than OPEC," said Olivier Jakob from Petromatrix. Members of the Organization of the Petroleum Exporting Countries said on Wednesday they could do little to control prices driven by speculators betting on "worst case scenarios" and said the market had all the oil it needed. The rally in the

euro took place even though Moody's rating agency cut several Portuguese banks and the country paid higher costs at a Tbill auction. Analysts said a return of risk appetite amid expectations of strong recovery in the United States had outweighed yet another increase in China's interest rates on Tuesday, the fourth since October, to tame inflation. Also on Wednesday, China raised retail gasoline and diesel prices by 5.0-5.5 per cent but the country's battle with inflation

prompted analysts to suggest the government may refrain from announcing bigger rises. A Reuters poll showed on Wednesday China was expected to raise interest rates only once more this year as it is heading for a pause in its cycle of monetary tightening. Singapore-based Serene Lim of ANZ said the impact from the hike would be mitigated by the turmoil in Libya. In Libya, the head of the rebel army said NATO had been too slow to order air strikes to protect civilians. In Bahrain, firms have fired hundreds of mostly Shi'ite Muslim workers who went on strike to support pro-democracy protesters, an opposition group said on Tuesday, in what appeared to be part of a government crackdown. US Energy Information Administration data was in line with expectations showing oil stocks rose slightly more than forecast and gasoline stocks fell slightly less than forecast. Reuters

Palm up on rising discount to soyoil KUALA LUMPUR: Palm oil futures edged up on Wednesday as the discount of the tropical oil to competing soyoil widened, raising hopes of stronger demand, although there was caution over the impact of China's rate hike. The benchmark June crude palm oil contract on the Bursa Malaysia Derivatives Exchange settled up 0.3 per cent, or 10 ringgit, to trade at 3,376 ringgit ($1,115) a tonne after see-sawing in choppy trade. Overall traded volume rose to 23,473 lots of 25 tonnes each, compared to the usual 15,000 lots. Some traders said the big planters and refiners in Malaysia and Indonesia were on the sidelines to watch external markets before taking positions. Technicals are turning more positive. Reuters analyst Wang Tao said palm oil is accumulating strength for a rise towards 3,470 ringgit per tonne, as it has broken above a trendline resistance at 3,365 ringgit.

After benchmark palm oil futures lost 12 per cent in the first quarter on expectations of stronger production, cash palm olein prices are trading at a $200 discount to soyoil from Argentina -- the world's largest exporter. Palm oil's supply scenario may further weigh on prices. Malaysian production could hit double digit growth in March, traders said. Reuters will issue Malaysia's March production, stocks, and export poll on Thursday. US soyoil for May delivery gained 0.4 per cent, reversing earlier losses notched on the China rate hike move and the incoming South American soy crop. China's most active Sept 2011 soyoil on the Dalian Commodity Exchange ended up nearly 1 per cent on Wednesday, playing catch up with overseas markets after domestic markets were closed for the two-day Qingming, or tomb sweeping festival. -Reuters

ALLAHABAD - INDIA: Farmers transport wheat crop on camels at Pipalgaon village on the outskirts of the northern Indian city of Allahabad. -Reuters

Cocoa up; Arabica coffee falls back LONDON: ICE cocoa futures rose on Wednesday as the market consolidated following a recent slide and a prolonged conflict between presidential rivals in top grower Ivory Coast appeared close to a conclusion. ICE July cocoa was up $33 or 1.1 per cent at $3,026 a tonne at 1513 GMT. "The market is trying to consolidate, we've come down a fair amount," a London-based broker said. Liffe July cocoa rose 5 pounds or 0.3 per cent to 1,916 pounds a tonne. Sugar futures were lower with May raws on ICE falling 0.64 cent a lb to 26.91 cents, as strong technical resistance at around 28 cents a lb remained, while May whites on Liffe eased $11.90 to $710.40 a tonne. A bigger than expected Thai crop and talk that India could authorise more sugar exports weighed on prices, dealers said. Modest volumes of activity made the market vulnerable to choppy trade, dealers added. Arabica coffee futures on ICE fell after surging by nearly 5 per cent on Tuesday. May arabicas were down 2.5 cents or 0.9 per cent to $2.6575 per lb, while July traded down 2.6 cents at $2.6835 a lb. The May contract had fallen from a peak of $2.9665 on March 9 to a low of $2.5405 on Tuesday before a pick-up in roaster demand helped to stem the decline and helped to trigger both trade and fund short covering. Robusta coffee futures on Liffe also fell. May robusta coffee futures fell $49 or 2 per cent to $2,449 a tonne while July eased $13 to $2,385. -Reuters

Copper rises as dollar falls, outlook betters LONDON: Copper rose to a one-week peak on Wednesday, supported by non-US investors as the euro hit its highest in more than a year versus the dollar and on prospects of better commodity imports data from top consumer China. Three-month copper on the London Metal Exchange closed at $9,605 per tonne, up from a close of $9,390 on Tuesday, when it shrugged off an interest rate hike in China. The metal, up about 2 per cent, was on track for its biggest daily percentage gain in two weeks. Supporting sentiment, policymakers signalled the European Central Bank will raise rates on Thursday. "There are expectations of a rate hike by the ECB, which is positive for the metal's price because it's priced in dollars," Carl Firman, an analyst at Virtual Metals, said. China's central bank raised interest rates on Tuesday for the fourth time since October in an effort to battle inflation. "A new mood of optimism seems to be in the air following Chinese officials' comments indicating that inflation was

under control and that tightening of monetary policy may not be so marked," Fairfax said in a note. The market expected China's copper, iron ore and coal

Shanghai copper gains Shanghai copper futures jumped more than 1 per cent on Wednesday when the market re-opened after a two-day holiday during which Beijing tightened the monetary policy screws with a 25-point hike in interest rates. The most-active copper futures contract on the Shanghai Futures Exchange rose 1.5 per cent to 71,480 yuan, while aluminium ended 0.5 per cent up in Shanghai. imports in March to rebound, with March shipments of refined copper expected to rise from February's 27-month low. Aluminium rose to $2,685 a tonne, its highest since September 2008. It later closed

at $2,670 versus Tuesday's $2,641 close, partly lifted by strong energy prices. Oil stuck near a 2-1/2 year peak on unrest in the Middle East and North Africa. Energy accounts for about 40 per cent of the cost of producing aluminium. Open interest on aluminium LME contracts are near their highest since the middle of January. Aluminium was later at $2,656 per tonne. Latest data showed inventories of the metal in LME warehouses were down 4,175 tonnes at 4,589,000, but remained consistently high and within reach of a record high 4,640,750 tonnes hit in January last year. Nickel was at $26,425 per tonne from $25,405 and tin was at $32,100 a tonne from $31,605. Lead was at $2,820 a tonne from $2,790 and zinc was at $2,450 a tonne from $2,425. -Reuters

LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for April 05 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 April 05 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

2350 2360 2345 2355 2335 2345 2335 2345

2592 2593 2626 2626.5 2710 2715 2770 2775

9251 9251.5 9271 9272 9230 9240 8990 9000

2776 2778 2720 2723 2665 2670 2618 2623

25145 25150 25175 25200 24630 24730 23830 23930

TIN

ZINC NASAAC

31495 2391 31500 2391.5 31400 2411 31450 2412 31300 2463 31350 2468 2480 2485

2510 2515 2540 2550 2600 2610 2655 2665

Gold hits new record high as dlr slides LONDON: Gold hit a record high for a second straight session on Wednesday, powered by investor demand for safe-haven assets and a slide in the dollar in anticipation of a euro-zone rate hike, while silver hit fresh 31year peaks. Unrest across the Arab world and unease over the euro-zone's debt finances have also encouraged inflows of cash into gold, which has risen by more than 2 per cent this week.

assets like gold, pressure on the dollar resulting from the move is expected to outweigh that. The minutes from the US Federal Reserve's most recent meeting, released on Tuesday, did not contain anything to suggest the central bank would end its $600 billion bond buying programme ahead of time, which some had mooted. Record-high food prices and rising oil prices have stoked inflationary pressures around

Spot gold hit a record $1,461.91 an ounce and was bid at $1,460.60 an ounce at 1422 GMT, against $1,450.60 late in New York on Tuesday. US gold futures for June delivery rose $9.60 an ounce to $1,462.10. "We have been seeing frenzied buying as markets scythed through the all-time high levels," said Pradeep Unni, senior analyst at Richcomm Global Services. "Fundamentals are still bullish, with geopolitical instability supporting the markets substantially." The focus this week is on Thursday's three central bank policy meetings, at which the European Central Bank is seen almost certain to raise rates, while the Bank of Japan and the Bank of England are expected to hold their fire. The euro hit its strongest in over a year versus the dollar in anticipation of an ECB rate hike. While hikes usually pressure non-interest bearing

the world, adding to the case for owning gold, which can help mitigate the impact of rising price pressures on an investment portfolio. Reflecting the pick-up in investor demand for gold was the first inflow of metal into the SPDR Gold Trust, the world's largest exchange-traded fund, since March 16. Holdings of silver in the world's largest ETF, the iShares Silver Trust are at a record 11,162.45 tonnes, having risen by more than 240 tonnes so far this year. Silver has reaped the benefits of investor demand for safe-haven assets and protection from inflation and on Wednesday rose to its highest level since January 1980. Spot silver was last at $39.67 an ounce, having risen earlier by more than 1 per cent to $39.75. Spot platinum was last up 1.2 per cent at $1,806.99 an ounce, while palladium was up 0.7 per cent at $791.63. -Reuters

US cotton ends higher in volatile trade NEW YORK: Benchmark US cotton futures ended up 2.8 per cent on Tuesday, on position juggling in heavy, indecisive trade before the release of a government crop report at the end of the week, brokers said. Much of the business was in spreads, as players traded the difference between spot May and the new-crop December cotton contracts. They also played the July-December spread. The key May cotton contract on ICE Futures US increased 5.51 cents to close at $2.0106 per lb, having ranged from down the 7-cent limit down at $1.8885 to up the daily limit at $2,0255. The new-crop December cotton contract gained 1.67 cents to end at $1.3776.

Total volume traded in the cotton market was around 41,500 lots, over two-thirds above the 30-day norm, Thomson Reuters preliminary data showed. Reflecting the high level of investor interest, open interest in cotton futures stood at 193,264 lots as of April 4, a 6-1/2 week high, according to ICE Futures US figures. 'The market is gyrating like this before the report,' said Keith Brown, president of commodity firm Keith Brown and Co. in Moultrie, Georgia. The US Agriculture Department releases its April supply/demand report on Friday. Traders said the focus was on any adjustments in consumption and stock levels. -Reuters

Indian sugar drops MUMBAI: India's spot sugar prices fell on Wednesday as a few millers offered sugar at lower prices, while futures ended steady supported by bargain-buying, dealers said. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety closed down 1 per cent at 2,650 rupees ($60) per 100 kg. "Some millers lowered prices in tenders. They want to sell sugar and generate money for cane payment," said a member of Bombay Sugar Merchants Association (BSMA). Mills usually pay farmers a large chunk of the cane price immediately after harvesting or within a fortnight of harvesting. India has made available 1.7 million tonnes of non-levy sugar for April including 100,000 tonnes of unsold stocks from last month, little changed from 1.684 million tonnes for March. The most active sugar for April delivery on the National Commodity and Derivatives Exchange (NCDEX) provisionally closed at 2,640 rupees per 100 kg, down 0.45 per cent. -Reuters

National Commodity Exchange Ltd Trading Summary Date

6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011 6-Apr-2011

Commodity

CRUDE100 CRUDE100 CRUDE100 SILVER - 500oz SILVER - 500oz GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD KILOGOLD KILOGOLD TOLAGOLD50 TOLAGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD IRRI6W RICEIRRI - 6 RBD PALMOLEIN KIBOR3M KIBOR3M

Contract Date

Price Quotation

Open

High

Low

Close

MY11 JU11 JY11 MY11 JY11 MY11 JU11 JY11 MY11 JU11 JY11 AP11 MY11 JU11 AP11 MY11 AP11 AP11 MON TUE WED THU FRI MON TUE WED THU FRI 07AP11 AP11 AP11 11-Mar 11-Jun

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

107.98 108.83 109.04 38.30 38.38 1434.00 1435.30 1436.00 1439.30 1435.00 1434.40 39458.00 39272.00 39400.00 39292.00 39980.00 45829.00 45829.00 40408.00 40454.00 40363.00 40378.00 40393.00 46470.00 48000.00 47969.00 48000.00 46452.00 3315.00 3325.00 5204.00 86.09 85.16

108.63 109.22 109.47 39.69 39.59 1461.50 1462.00 1462.20 1460.50 1460.50 1459.40 39986.00 40024.00 40011.00 39959.00 39980.00 46607.00 46607.00 41068.00 41114.00 41129.00 41037.00 41052.00 47239.00 48000.00 47975.00 48029.00 47222.00 3315.00 3325.00 5204.00 86.10 85.17

107.70 108.46 109.04 38.30 38.33 1431.20 1431.90 1432.70 1433.20 1433.70 1434.40 39319.00 39272.00 39300.00 39292.00 39301.00 45829.00 45829.00 40408.00 40454.00 40363.00 40378.00 40393.00 46470.00 46522.00 46417.00 46435.00 46452.00 3314.00 3324.00 5203.00 86.09 85.16

108.28 108.92 109.47 39.57 39.59 1458.90 1459.40 1460.10 1458.90 1459.40 1459.40 39986.00 39996.00 40011.00 39959.00 39968.00 46607.00 46607.00 41068.00 41114.00 41129.00 41037.00 41052.00 47239.00 47293.00 47310.00 47204.00 47222.00 3314.00 3324.00 5203.00 86.10 85.17

Traded Volume in lots 239 43 313 68 3,215 3,257 2,430 18 42 20 10 6 1 21 47 9 -

Previous Settlement Price 107.86 108.49 109.05 39.32 39.34 1457.00 1457.50 1458.20 1457.00 1457.50 1458.20 39969.00 39978.00 39994.00 39941.00 39951.00 46587.00 46587.00 41051.00 41097.00 41113.00 41020.00 41035.00 47219.00 47273.00 47290.00 47184.00 47201.00 3315.00 3325.00 5204.00 86.09 85.16

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

Current Open Interest Settlement in Lots Price 108.28 164 108.92 18 109.47 39.57 62 39.59 19 1458.90 1,331 1459.40 2,096 1460.10 1,430 1458.90 8 1459.40 6 1460.10 39986.00 90 39996.00 9 40011.00 8 39959.00 39968.00 1 46607.00 46607.00 41068.00 41114.00 41129.00 41037.00 41052.00 47239.00 47293.00 53 47310.00 47 47204.00 61 47222.00 8 3314.00 3324.00 5203.00 86.10 85.17 -


Japan's Nagoya Grampus midfielder Naoshi Nakamura (R) fights a high ball against South Korea's FC Seoul.

10

Thursday, April 7, 2011

PCB announces squad for West Indies tour

Jayawardene has quit as vice-captain COLOMBO: Veteran Sri Lankan batsman Mahela Jayawardene has quit as vicecaptain, a day after Kumar Sangakkara stepped down as one-day and Twenty20 skipper, while three selectors resigned en masse after their World Cup final loss. "I think it's time to move on, give the reins to someone younger in the team," Jayawardene said. Jayawardene, 33, was named vice-captain for the 2011 World Cup, where Sri Lanka lost to India by six wickets in the final in Mumbai last week despite his impressive century. Sri Lanka Cricket chairman D. S. de Silva said the governing body had accepted Jayawardene's resignation. "The selectors will sit down in the next two to three days to choose a captain and vice-captain," de Silva told reporters. Jayawardene, who has scored 9,527 runs in Tests and 9,423 in one-day internationals, quit as Sri Lanka's captain in February 2009. -Agencies

New hockey stadium to be operational soon ISLAMABAD: The Hockey Stadium constructed at Muslim School Ground here at Saidpur Road, is all set to host its first ever tournament at the end of this month Olympian Shahnaz Sheikh told APP on Wednesday. He said that the work at the stadium is 60 per cent work complete and only the boundary wall remains to be raised. He said, he met MNA Haneef Abbasi Thursday to discuss the details of the remaining construction work at the ground. Earlier last year, MNA Haneef Abbasi had announced his plan to convert the Muslim School ground at Saidpur Road into a full-fledged hockey stadium with an astro-turf pitch to be laid at this facility. Abbasi stated this after an inspection of Muslim School Ground, just opposite Municipal Football Stadium. Accompanying him were the former Pakistan hockey stars Shahnaz Sheikh and Shehbaz Sr. Sheikh said the changing rooms at the ground are built and just the boundary wall is under construction which will be complete within a few weeks. "We are expected to host first-ever national hockey tournament at this stadium later this month." He said Abbasi has been taking regular visits to the site to watch the progress. "I am quite certain that increase in playing facilities would help revive the national game of hockey", Sheikh said adding that Pakistan's Asian Games title victory was beginning to generate interest among the youth for this game. "As soon as the boundary walls get complete, we will start the evening training session so that the players can get trained well before the start of the tournament." He said the proposed Stadium at the Muslim School Ground is given to Rawalpindi District Hockey Association (RDHA) for supervision. Sheikh said a lot of other indoor games can also be played in the stadium once it is ready for use. Sheikh said the proposed stadium would become the first ever hockey stadium in the middle of this city and it has all what it needs to host even international events once it gets completed. "The security issues have kept the youth away from sports but once the stadium is ready, I believe, a lot of hockey lovers would come here to play."-Reuters

WIndies tour: Board axe Younus, Kamran & Razzaq

LAHORE: Former Pakistani cricket captain Imran Khan presenting a gold crown to Umpire Aleem Dar on his performance. -Online

Axed players given break: chief selector ISLAMABAD: Chief Selector of National Cricket Team, Mohsin Khan on Wednesday said Kamran Akmal has been given a break because his wicketkeeping was not up to the mark during the World Cup. Selectors dropped wicketkeeper Kamran Akmal from the one-day and Twenty20 squad for this month's tour of the West Indies and rested senior players. The 29-year-old was criticized for dropping crucial catches during the World Cup,

where Pakistan lost in the semifinals to arch rival and host India. Mohsin Khan, also a former Test cricketer told a news channel that the tour gives Pakistan an opportunity to test new players. Pakistan will play a Twenty20 international, five one-day games and two Tests on the month-long tour, starting from April 18. He said the team has been chosen with a plan to try some youngsters who can serve the country in the future.

Khan said Younis Khan and Umar Gul have been rested while Abdul Razzaq could not fit into the team. One-day skipper Shahid Afridi had hinted that senior players would be rested to give younger team members a chance, prompting Younis Khan, Abdul Razzaq and Umar Gul - all part of the World Cup squad - to be left out. Afridi will not be part of the Test team after retiring from the longer version of the game last year.

Samsung sponsors Punjab Olympics in Lahore KARACHI: Samsung Electronics Company Limited, a global leader in home appliances and mobile-phones, is bringing a range of exciting sports activities at the Punjab Stadium-Lahore, from the 7th to 9th of April, 2011. This extravaganza of sports and athletics is titled as the "71st Samsung Punjab Olympics". Out of the 26 competitive events planned during the 71st Samsung Punjab Olympics, 19 events will feature sportsmen and 8 events will feature female competitors. Hundreds of well trained athletes hailing from eight different zones of the Punjab province will be participating in these games to win popularity and valuable prizes.

The Managing Director of Samsung Pakistan, Mr. Yee commented on the benefits and enthusiasm of the Punjab Olympics by saying; "The youth of Pakistan have proved their competitive talents and excellence in numerous sports and athletics. By sponsoring the Punjab Olympics, Samsung aims to bring out the raw talent and enrich the performance of these youngsters for a higher level of sports and international athletics. It is delightful to see their passionate participation in this event. Such events play a critical role in channeling the energies of the youth towards positive and healthy activities. Over the years, Samsung has also been sponsoring the glob-

al Olympic Games regularly and extending passionate support to numerous other sporting activities. As a continuation of this tradition, this year, Samsung's sponsorship for the Punjab Olympics is worth over 7 million Rupees. The Punjab Olympics have been held regularly for over seven decades now. Therefore, it has steadily evolved into a healthy social event and a provincial festival, where hundreds of sports enthusiasts converge annually to demonstrate their competitive talents and share their skills and successes. Thus, it also brings an opportunity for the Pakistani sportsmen and women to gather onto one interactive platform and learn from each other. -PR

BOA halt court action 2012 in cash row LONDON: The British Olympic Association shelved court action against London 2012 organisers on Wednesday, a day after the country's sports minister called their cash dispute an embarrassment. A BOA spokesman said the Swiss-based Court of Arbitration for Sport (CAS) had been asked to suspend indefinitely a request for it to rule on the division of any surplus from the 2012 Games. LOCOG chairman Sebastian Coe told the Sportaccord international convention that new talks were planned. "It is a distraction but the BOA have suspended their activity with CAS this morning, they will be meeting us at the end of the week with a proposal and our door has always been open," he said. The dispute has hung over a visit to London by IOC officials, with IOC president Jacques Rogge and

his executive board in town this week. The IOC has backed LOCOG in the dispute, insisting there is one budget for both the Olympics and Paralympics and saying that the CAS has no jurisdiction over the case. The BOA, facing a funding shortfall, wants their share of any surplus money to be calculated before the Paralympics are taken into account. Coe last week dubbed the dispute "spurious." "It is an embarrassment and we need to get it sorted out," Olympics Minister Hugh Robertson said Tuesday at a Question Time event organised by Britain's Sports Journalists Association. "But the key point about this is that it's not central to the delivery of the Games. Nothing that happens in this row will stop our athletes being brilliantly prepared and our Olympic Park being built on time and to budget."-Reuters

LAHORE: Pakistan Cricket Board (PCB) has announced the squad for the upcoming tour of the West Indies. The team was announced only for one -day series and T-Twenty. Senior players such as Younis Khan, Abdul Razzaq, Umar Gul and Kamran Akmal have been dropped for the tour. Shahid Afridi remains the captain; the other players include Misbah ul Haq, Taufiq Umar, Ahmed Shahzad, Umar Akmal, Usman Salahuddin, Aizaz Cheema, Asad Shafiq, Abdul Rehman, Saeed Ajmal, Tanveer Ahmed, Wahab Riaz, Junaid Khan, Hammad Azam and Mohammad Salman. Salman will be replacing Kamran Akmal who has been dropped for bad performance behind the wickets. Razzaq and Younis were also dropped for performing poorly. Chief selector Mohsin Khan told the media that Younis and Gul have been given rest

Crowe quits NZ Cricket Committee WELLINGTON: Former New Zealand captain Martin Crowe has resigned from the New Zealand board's cricket committee citing conflicts of interest, but said his decision was not linked to NZC's delay in naming Daniel Vettori's successor as the team's captain. "It's got nothing to do with indecision [on the part of NZC]," Crowe told New Zealand Herald. "There's just a few conflicts of interest there and it's just not the right timing for me." Crowe joined in December as a non-Board member of the committee that was established to provide advice and make recommendations to the NZC in the aftermath of the 0-4 drubbing in the ODI series in Bangladesh. The committee also includes Shane Bond, Gerard Gillespie and NZC board members Stephen Boock, Chris Moller, Rob Hart and Sir John Hansen. "There seems to be a little bit of bad luck with regards to my best mate Mark Greatbatch last December, and now Ross Taylor who is a great friend,"Crowe said. "I'm just best being on the outer I think." Greatbatch was replaced by John Wright as New Zealand coach in December. Crowe had previously worked with Greatbatch as a batting advisor for the national side and had also been part of programme in which players chose their own mentors, and worked with Taylor among others in that capacity. NZC is yet to name a successor to Vettori though Taylor, who is the current vice-captain, and former captain Brendon McCullum are believed to be the frontrunners for the post.

Cricket: Warne denies India coach talk NEW DELHI: Australian spin legend Shane Warne on Wednesday denied media reports that he was interested in coaching World Cup champions India. "Just got told on bus - apparently I put my hand up to coach India. Wow - first I have heard of it - Sorry to disappoint but never said that!!!" Warne tweeted. Leg-spinner Warne, 41, is in the country to take part in the Indian Premier League where he leads the Rajasthan Royals franchise in the lucrative Twenty20 competition, starting on Friday. Local media reports earlier Wednesday said Warne had shown interest in the job. "It is a very difficult job to be India coach, it is never easy," Warne was quoted as saying in the Mail Today newspaper. -APP

while Akmal and Razaq have been dropped. He said new players such as Usman Salahuddin and Aizaz Cheema will be given chance in the tour. NNI

Tour programme:

April 18 aOne-day warm-up match - St Lucia April 21 a Twenty20 International - St Lucia April 23 a First one-day International - St Lucia April 25 a Second one-day International - St Lucia April 28 a Third one-day International - Barbados May 1 a Fourth one-day International - Barbados May 5 a Fifth one-day International - Guyana May 8-9 a Two-day match - Guyana May 12-16 a First Test - Guyana May 20-24 a Second Test - St Kitts

Simmons lashes out at â&#x20AC;&#x2DC;despicableâ&#x20AC;&#x2122; ICC LONDON: Ireland's coach Phil Simmons has joined the clamour of condemnation following the decision to limit the 2015 World Cup to just the ten Test-playing nations, describing the move as "despicable", and adding that the announcement on Monday had been "a dark day for cricket but a great day for greed and fear". Ireland's players and administrators have reacted with undisguised disgust to the decision from the sport's governing body, with the team captain William Porterfield and the chief executive Warren Deutrom leading the outcry. The team is currently ranked 10th in the world, above Zimbabwe, and lived up to their growing reputation by beating England in a thrilling run-chase at Bangalore during the recent World Cup. However, they have been given no opportunity to build on a series of performances that captured the public imagi-

nation during the recent tournament, despite confirming the progress of a close-knit team following their spectacular victory over Pakistan at the 2007 World Cup. "It is a dark day for cricket but a great day for greed and fear!" said Simmons, the former West Indies opening batsman. "It is hard to find words to describe this despicable decision made by some who want to keep things among themselves and some who fear us." "There can be no cricketing reasons for this decision, as we answered the cricket question, the television rating question, and we are 10th ranked nation in the world - so what else is needed? "I`m afraid the next World Cup will be like the American World Series - you are crowned World Champions but the world did not take part - congratulations to India on winning the last real World Cup."

Pak Suzuki holds rally KARACHI: Pak Suzuki Motor Co. Ltd. brings a unique experience for all Swift owners - The first ever Swift Treasure Hunt Rally 2011. An innovative on-ground experience bringing to life the thrill and excitement among the Karachiites. This event was especially arranged for the Swift lovers who were able to participate in the rally and witnessed the experience. Swift Treasure Hunt Rally 2011 is truly an engaging concept with an interesting mix of a timed rally and a treasure hunt, the rally comprised of 50 Swift cars who were given a route map covering 17 pit-stops (Pak Suzuki authorized dealerships) to reach the final destination; local hotel in Karachi.


Internaional & Continuations

Thursday, April 7, 2011

High oil price harming economic growth-IEA

China tightening cycle nears end, bubble risk BEIJING: China's latest interest rate increase puts it near the end of a sustained campaign of monetary tightening, a shift in policy stance that will support economic growth this year but lay the groundwork for asset bubbles down the road. The steady drip-drip of actions to tame inflation since October has succeeded in reining in money growth and slowing the upward momentum of price pressures. Base effect dictates that consumer price inflation should fade quickly in the second half after reaching a forecast 32-month high of 5.2 percent in the year to March and possibly as high as 6 percent in June. That will give officials the confidence to slowly take their feet off the monetary brakes, especially given their worries about

the economic impact of Japan's disaster and Europe's debt crisis. "Generally speaking, the inflation rate is stabilising. And that, together with some signs of growth moderation, means that they don't need to tighten so much anymore," said Ken Peng, an economist with Citigroup in Beijing. So runaway price increases are not on the cards. The far bigger worry is that with inflation stabilising, officials will feel little urgency to raise interest rates much higher -- and that low real rates for an extended period will greatly increase the risks of overinvestment and a property bubble in China. To be sure, no one is forecasting a relaxation of monetary policy, just a gradual phasing out of tightening moves. Economists polled by Reuters

expect only one more interest rate increase this year after four in the past six months and they see three more reserve requirement increases after six since November. The central bank may also slightly loosen its grip on lending by commercial banks, a crude control measure that is China's most important monetary policy tool. "Our view is that the central bank may have a brief period of policy pause, amidst the growth slowdown and better-behaving lending activities," Dong Tao, an economist with Credit Suisse, said in a note. "The pause is unlikely to be publicly announced, in our view, but the authorities may have more tolerance towards lending activities," he added.Reuters

ABU DHABI: The current price of oil is harming global economic growth and is a mounting concern for consuming nations, the deputy executive director of the International Energy Agency (IEA) said on Wednesday. Oil has surged to its highest since 2008, boosted by strong demand growth, worries over the stability of major crude producers in the Middle East, and tighter supplies that are cutting into inventories, Richard Jones said in an interview. "Oil at $120 or more has an effect on economic activity. We have seen similar levels during times of economic slowdown if not recession," Jones said. Policymakers in the United States and other major oil consuming countries have warned that higher gasoline prices will slice into consumers' budgets, which could dampen growth. -Reuters

CONTINUATIONS No #1

Continued from page 3

jump in the won and a 4.1 percent rise in the rupiah. The Taiwan dollar, after market closures on Monday and Tuesday for local holidays, caught up with Asian peers, hitting a near two-month high against the US dollar. The gains were fueled by demand from exporters and foreign investors. Still, some dealers expect the Taiwanese central bank to buy US dollars to defend T$29 in near term. The rupiah hit its highest point in nearly four years against the dollar a day after the country saw strong demand for government bonds. The rupiah strengthened to as firm as 8,645 per dollar, the strongest since May 2007. It is seen having a major resistance at 8,640, the dollar's low that month. -Reuters

No #2

Continued from page 12

The main campus of the institute will be in Lahore with its campuses planned in Karachi and Islamabad. The proposed institute will offer an advanced curriculum in accordance with the needs of Pakistan's and world's textile and fashion sector. Since textile is one of the largest sectors of Pakistan's economy, the institute will fulfill present market demand for trained fashion designers and merchandiser in domestic and international markets. It will also help the textile export sector in its effort for branding and producing high quality fashion apparel. -Agencies

No #3

Continued from page 12

The meeting was told that the all agreements have been signed with Iran regarding IP gas pipeline. Iran has completed pipeline from the source gas filed to just 250 KM away from Pakistan Border in her own area. The targeted gas flow in the pipeline would be 2014. The committee was told that as far as TAPI pipeline is concerned the first flow of gas is likely in 2016. Gas Sales Purchase Agreement (GSPA) is yet to be signed between four countries. The agreement was scheduled to be inked in current month but it is expected that the accord could be signed by July this year. On the occasion MD Hydro Carbon Institute of Pakistan gave briefing about the performance of his department. -Online

No #4

Continued from page 12

related resolutions, stressing the urgency to improve the situation for civilians in Libya and the need for a true and verified ceasefire in conformity with the resolutions. They pointed out that efforts to find a political solution to the Libyan crisis should be enhanced through an open and broadly based national dialogue. South African International Relations Minister Maite NkoanaMashabane told reporters on Tuesday in Pretoria that forces of the North Atlantic Treaty Organization (NATO) should stop their bombings to allow an African Union delegation to visit Libya to mediate a peaceful solution. Russian Foreign Minister Sergei Lavrov warned on Tuesday that Russia could oppose any new resolution by the UN Security Council to use military force without clarification. Lavrov said that Moscow did not consider UN Security Council Resolution 1973 on Libya as a precedent, insisting that the frameworks of the use of military force in conflicts would be determined more clearly in the future. "We would not like the Security Council to decide on anything like that again, and we would like the text to be as specific as possible on who will use military force and how it will be used," Lavrov was quoted by the Interfax news agency as saying. The Libyan government said Tuesday it was ready to negotiate reforms, but refused any talk of Gaddafi's stepping down, according to Al-Arabiya TV. "What kind of political system is implemented in the country is negotiable, we can have anything, elections, referendums Gaddafi's future was non-negotiable," said Libyan Information Minister Moussa Ibrahim. "We think he (Gaddafi) is very important to lead any transition to a democratic and transparent model," Ibrahim said. Fierce fighting continued on Tuesday in Libya and opposition fighters launched a new attempt to recapture the oil refinery town of Brega. -Agencies

No #5

Continued from page 12

The ambassador requested the UN Secretary General to take lead in ensuring peace and harmony among peoples of the world. He said OIC has full confidence in the UN's leadership and hoped that it would take a principal role in fighting such tendencies and promoting inter -cultural and inter-faith harmony that is basic to coexistence of mankind. Ambassadors of Tajikistan (OIC Chair), Iran, Egypt and Morocco (OIC Coordinator for Human Rights) noted that the OIC being a strong proponent of inter-faith harmony has been constructively engaging and contributing on all forums devoted to this cause including the Alliance of Civilizations. The ambassadors informed the Secretary General that OIC has recently presented a resolution in the Human Rights Council on combating intolerance, negative stereotyping and stigmatization and discrimination, incitement to violence and violence against persons based on their religion or belief which has been adopted by consensus. They have called for a more active role of the UN towards protecting all the religions. On March 22, Ambassador Haroon had also written a letter to the UN Secretary General, in which he drew UN attention towards this despicable act of desecration of the Holy Qur'an by Wayne Sapp under the supervision of Pastor Terry Jones. The controversial and fundamentalist pastor oversaw the burning of a copy of the holy Quran at his small Florida

church after the Islamic revered book was put on trial, found guilty and condemned for execution. Last fall, Jones who heads a church of 50 followers, stoked international alarm with his claim he would light a bonfire with the holy Qur'an on the anniversary of September 11th. He gave up the move after the Obama administration intervened. -APP

No #6

Continued from page 5

In earnings news, global agribusiness Monsanto said net income jumped about 15 per cent in the second quarter on strong sales of corn seed for spring planting and improved profit margins. But its stock fell 4.1 per cent to $70.28 as some analysts expressed irritation the company did not raise full-year guidance.-Reuters

No #7

Continued from page 5

net sellers in January and February. In the broader market, gainers led losers in a ratio of 1.5:1, on a volume of 416.3 million shares. The broader 50-share NSE index closed down 0.3 per cent at 5,891.75 points.-Reuters

No #8

Continued from page 5

near term as difficulties in forecasting prospects for the economy were increasingly sending investors to the sidelines. "Investors have pulled out from Japanese stocks as they can't tell what will happen in the future. I'm especially concerned about the way retail investors have pulled out from the market in recent weeks," said a senior trader at a foreign brokerage house. Oil-related shares such as Japan's largest oil and gas developer, Inpex Corp, and trading houses such as Mitsui Co succumbed to profit-taking after oil prices rose on Tuesday to their highest since 2008 on supply concerns. Inpex fell 1.2 per cent to 635,000 yen after having advanced more than 15 per cent in March, while Mitsui Co was 1.3 per cent lower at 1,479 yen.-Reuters

No #9

Continued from page 1

since there is a rise in these in international markets." Sayem Ali, Economist at Standard Chartered Ltd told, "This is in line with expectations and it seems like not just Pakistan but the entire world is in for a cycle of high inflation as international oil prices and commodity prices are on the rise." -Reuters

No #10

Continued from page 1

He said that he will have words with the Law and Water and Power Divisions to have a considerate view on it. He briefed the Chinese delegation about the prevalent rules and laws for bidding in Pakistan and will ensure that bidding for the many projects shall be made in a transparent manner. He also assured the delegation that he will talk to the Law Division also to have a final word on it. The projects that were discussed in the meeting were Kohala Hydro Power, Bhunji, Bhasha, Dashu in Upper Indus Valley, and other Hydro Power projects in lower Indus valley. The Minister apprised the delegation of the Government of Pakistan's initiatives and resolve to have Chinese cooperation in the development of power sector and in this regard, he said, that their offer has been discussed at length in the Economic Coordination Committee of the Cabinet meeting in the recent past. He hoped that the projects indicated by the Chinese Corporation would certainly be started with the same Chinese firm, and added that only after the fulfillment of the procedural headways. -APP

No #11

Continued from page 1

expected surgery of his son Haider Gilani who is under going treatment at a London hospital. Meanwhile, it is learnt here that PM Gilani has met with PMLN Leader Mian Nawaz Sharif here and inquired him regarding his health. It is relevant to note here that Mian Nawaz Sharif had recently went under heart surgery.

No #12

Continued from page 1

while talking to host of journalists outside Parliament House on Wednesday. He said that we are talking with Prime Minister Gilani on thorny HEC matter. Replying to a question he said that government is taking gigantic efforts for improving law and order situation in the country. No military operation will be launched in Balochistan, he stressed. He said that undoubtedly Balochistan Liberation Army is killing innocent people while government is taking down to earth steps for the safeguard of people living in Balochistan. He said that Pakistan shares significance importance to its relations with UK while extradition treaty draft between UK and Pakistan has been prepared hence talks will begin soon. -Online

No #13

Continued from page 1

pillars of state has become controversial on his matter and such a situation is in no way in the country's interest as on one side the SC has ordered that he should be removed while on the other hand the federal government is using his services. He said that he does not want to see clash between two pillars thus he is relinquishing his responsibilities. He said that in his own career he respected judiciary and he handled all cases in an amicable way and never succumbed to any pressure. Sources said Waseem Ahmed who was serving on contract basis after his retirement from police also informed Interior Minister Rehman Malik of his resignation. On the other hand Federal govt accepting the resignation of Waseem Ahmed has appointed IG Balochistan Malik Iqbal as new DG FIA and issued a formal notification in this regard. -Online

No #14

Continued from page 1

The Home Minister takes his leave at time when there were growing skirmishes between his office and the MQM on a number of issues, including the People's Amn Committee (PAC) and a shake up in the provincial cabinet. Zulfiqar Mirza had been at odds with the MQM after admitting the PPP had links with the People's Amn Committee active in Lyari and Malir areas of the city. MQM had repeatedly accused the PAC for indulging in criminal activities including extortion and having patronage from the Home Minister. A federal intervention to the matter was required to keep MQM in the coalition government. Earlier Wednesday, before the announcement of Mirza departing on leave, the President Asif Ali Zardari also intervened in continuing frictions between the PPP led government and the MQM by ordering the formation of a committee to monitor extortion in the city and file reports with both, the provincial and the federal governments. -Agencies

No #15

Continued from page 1

Governor Sindh Dr Ishrat ul Ibad Khan administered oath to him. He will head Ministry of Information. Chief Minister Sindh Syed Qaim Ali Shah and his cabinet attend the oath taking ceremony.

No #16

11

Continued from page 1

Similarly, cut-off yield on 6-month T-bill rose by 5bps to 13.689 per cent and raised an amount Rs130.4 billion, likewise, 12-month T-bill increased by 6bps to 13.86 per cent and raised an amount Rs53.26 billion.

No #17

Continued from page 1

shoot up to Rs200 billion due to flawed planning, the report forecast. The report further said that Pakistan's economy would grow by 2.5 per cent during the current fiscal year. ADB report further said that the Pakistan economy severely hit by the last year flood devastations facing myriad problems and the failure of the government in expanding the tax net swelling the financial deficit. "The region's outlook, however, is for continued strong growth in 2011- 2012, but with the threat of inflation looming closer," the ADB said. The ADB report revealed Pakistan's economy faces considerable challenges, and though recently falling, it's still high inflation may well accelerate and would pose many risks to its economy. In its annual economic publication- Asian Development Outlook 2011- the ADB noted that last year's unprecedented floods in Pakistan hit the agricultural output hard and inflicted widespread damage on transport and communication in the country. "Fiscal developments are worrisome: the rollback in recent oil price rises, a partial increase in electricity tariffs, delays in carrying out revenue-increasing measures, broad tax exemptions for residents of flood-affected areas, and continued heavy fiscal support to state-owned enterprises add to pressures on the fiscal deficit," the report said. "The current account balance is improving, but capital and financial inflows continue to decline. Still, despite devastation and economic distress, growth will likely stay positive," it added. The report noted that the current expenditure in the country was under pressure due to a 50 per cent wage increase for government workers, "exacerbated by government failure to budget adequately for subsidies needed to cover the gap between notified and cost-recovery electricity tariffs." Referring to development challenges being faced by Pakistan, the report said that the current pattern of lower imports, lower development spending and exploding unproductive current outlays "undermines domestic and external confidence in the economy's prospects and deters investment." "Pakistan therefore needs to develop a systematically transparent revenue policy, and operate it effectively," it stated, adding that it will also be critical to design and implement policies that bring the energy sector to financial viability. The ADB said there were two important challenges for Asia to sustain growth that would cut poverty: the need to tackle rising inflation and foster new sources of growth. "High and volatile oil and food prices will in particular reverberate through the world economy, and they are likely to stay that way in 2011-2012. They will thus be a significant source of global inflation, especially in developing countries where recovery is firmly under way." Asia's strong recovery from the global financial crisis has seen its central banks raise interest rates to try to stem inflationary pressures. On Tuesday, China raised interest rates for the fourth time since October. The share of world merchandise trade among countries in the South more than doubled in less than two decades, from 7% in 1990 to 17% in 2009, the ADB said. A surge in inflation, particularly food price inflation, could pull down those who are currently just above the poverty line, making it a social as well as economic concern. The report said recent estimates showed a 10 percent rise in domestic food prices would raise the number of poor in developing Asia by about 64 million, or more than 7 percent. "High inflation is a direct threat to stable and inclusive growth since rising domestic prices can lead to social tensions," the ADB said, singling out Vietnam as among the most at risk from rising prices. Inflation in Vietnam could reach 13.3 percent this year, the second highest in the region after Pakistan, which could see inflation of 16 percent, the ADB said. But tackling inflation driven by global and supply-side factors can put policymakers in a difficult position. -Agencies


www.asharys.net

For Subscription

Manager Circulation Ahmad Omer

1.Classic News Agency Abdul Mutalib Ph: 0333 -230 07 66 2. E-mail at subscribe@thefinancialdaily.com, 3.SMS us at 0322-260 2 838 4. Contact Phone: 35 31 18 93 - 6

Italian Kitchens Karachi

Lahore

tel: 92(21)5860794-5

tel: 92(42)5694061-2

12

RIAZ NEWS AGENCY Cell # 0333-5373137

Thursday, April 7, 2011

Senate passes Institute of Fashion, Design Bill 2010

No new sector found in 3yrs, Senate told

VATICAN CITY: Paul Bhatti (C), brother of Pakistan's Minister for Minorities Shahbaz, who was assassinated last month, shakes hands with Pope Benedict XVI during the Pope's weekly audience in Saint Peter's Square at the Vatican. -Reuters

US doubts Pak ability to counter insurgency WASHINGTON: Pakistan's government has made little progress in the past year in battling militants, and there is "no clear path toward defeating the insurgency" in the country, according to a White House report that comes as the US struggles to build it's often shaky relationship with Islamabad. While sections of the report tout military gains in Afghanistan, it says the security situation in parts of Pakistan's border regions has deteriorated since fighting resumed in the last part of 2010. And it raises concerns about ongoing political and economic problems on which Pakistan's government cannot make progress. US officials agree that Pakistan is critical to U.S. efforts to defeat al-Qaida, since the terror group's leaders - including Osama bin Laden -

are believed to be hiding in safe havens along the country's mountainous border. And the Pentagon has worked to bolster the Pakistani government's counterinsurgency program with money and training, and to encourage cross-border cooperation with Afghanistan. Persistent efforts by US leaders, including repeated visits to the country by the chairman of the Joint Chiefs of Staff, Adm. Mike Mullen, have improved relationships between the two nations. The report describes recent setbacks, including the recent detention of CIA contractor Raymond Davis, but notes that efforts to overcome them have been somewhat successful. Davis, who was arrested for shooting and killing two Pakistani men in the city of Lahore, was freed eventually after $2.3 million in "blood-

money" was paid to the families of the deceased. The report concludes that much more cooperation between Afghanistan and Pakistan is needed in order to eliminate insurgent safe havens and more definitively degrade al Qaeda and other terror groups there. And it points to Pakistan's failure to set up long-promised border control centers, much like Afghanistan has on its side of the border. Using as an example efforts to clear the Brekhna region of militants, the report notes this is the third time the Pakistan military has tried to take control of that area. But the military has been hindered by bad weather, a stubborn insurgency and the discovery of large caches of explosives, and has been unable to hold onto its gains or build on them. -Agencies

Int'l community urges Libya peace TRIPOLI: Countries and regional organisations in the world are calling for immediate ceasefire and political solution in Libya, where forces loyal to Libyan leader Muammar Gaddafi and anti-Gaddafi rebels chased each other in the UN-mandated no-fly zone. Algeria's Maghreb and Africa Affairs Minister Abdel Kader Messahel Tuesday reiterated, "We endorse an immediate cease fire, as proposed by the African Union in its road map." "We believe that political option remains the best remedy for the Libyan crisis," Messahel told a press conference in Algiers after meeting visiting British Minister for Middle East and North Africa Affairs

Alistair Burt. Messahel stressed that "the use of force would only delay the restoration of stability in this brotherly country, and there will certainly be repercussions on stability and security of the region." Italian Foreign Minister Franco Frattini met with visiting African Union (AU) Commission Chairperson Jean Ping in Rome on Tuesday to discuss the situation in Libya and Cote d'Ivoire. Frattini and Jean Ping both agreed on an urgent need to end the violence in Libya through an "effective and verifiable ceasefire" to protect civilians and create conditions for a political solution which

involves an inclusive process of national reconciliation. Frattini and Jean Ping agreed to stay in close contact to exchange views and to work together for a political solution to the crisis in Libya. The foreign ministers of Finland, Sweden, Denmark, Norway and Iceland met in Helsinki on Tuesday to discuss matters of common interest in foreign affairs and security policy. They called for a political solution to the Libyan crisis through national dialogue. The foreign ministers of five Nordic countries expressed strong support for the full and immediate implementation of the UN Security Council's See # 4 Page 11

Pak to talk Iran on power import ISLAMABAD: A high-level Pakistani delegation comprising officials from Ministry of Water and Power will visit Iran this month for holding meeting on import of 50MW electricity. Replying to a point of order in the Senate, Minister for Privatization and Water and Power Syed Naveed Qamar on Wednesday apprised the House that the government will try to make deal with the Iranian officials on import of electricity. He added Managing Director Pakistan Electric Power Company (PEPCO) has been directed in this regard. He said there is a tariff issue which he expressed the hope that it will be resolved with Iranian officials. Earlier, Senator Ismail Buledi on point of order sought details of the Iranian offer to provide 50MW electricity to Pakistan to resolve the power shortage problem of far-flung areas of Balochistan. He said timely start of the project is essential as due to weak supply of electricity to far-flung areas of Balochistan, people of the area are facing severe problems. Minister of State for Foreign Affairs Ms. Hina Rabbani Khar replying to a question apprised the House that no write off of agricultural or other loans has been announced by the government for the flood affected areas including Chitral. She however said that other fiscal reliefs so far announced by the government have been extended to the flood affected including those of Chitral. She said the Economic Coordination Committee (ECC) of the Cabinet has approved relief package for the flood affected areas. According to package, land owners up to 25 acres or equivalent holding will be eligible for the assistance of package while the crops other than wheat will also be eligible for inclusion in the package, she added.-Agencies

ISLAMABAD: Minister for Law, Justice and Parliamentary Affairs Dr Babar Awan on Wednesday informed the Upper House of the Parliament that the Capital Development Authority had not developed any new sector during last three years. "However, development of old sectors i.e. G-13 and D-12 launched in 2004 and 2005 respectively was completed in 2009 and the process of handing over physical possession of plots to the allottees is in progress," he said. During the question-hour session, the minister said seven new residential sectors namely C-13, C-14, C-15, C-16, D-13, E-13 and F-13 besides I-17 and H-16 Industrial sectors were being planned, for which land acquisition process was underway. "The Built up Property of these sectors still remains to be acquired. The Development work will be initiated after completion of the acquisition process," he said. Replying to a question, Babar Awan said the CDA had allotted 18 commercial plots of different size to successful bidders in open and transparent auction in 2008. "Allotment of commercials plots is made through open auc-

tion as required under CDA's Land Disposal Regulation 2005," he maintained. Furthermore, The Upper House of the Parliament on Wednesday unanimously passed Pakistan Institute of Fashion and Design Bill 2010 without any amendments. Leader of the House Syed Nayyar Hussain Bukhari moved the bill in the House to provide for reconstitution of the Pakistan Institute of Fashion and Design Lahore (The Pakistan Institute of Fashion and Design Bill 2010) on behalf of Minister for Commerce Makhdoom Muhammad Amin Fahim. The statement of objects and reasons of the billed stated that this bill is to establish a federal high quality national degree awarding institute of fashion and design (Pakistan Institute of Fashion and Design). There are many professional institutes in Pakistan in other disciplines such as medicines,engineering,agriculture, management studies, education and information technologies, but Pakistan has a dearth of reputable and recognized fashion training institute. This degree awarding institute will fill the need of market in term of fashion education. See # 2 Page 11

Gas deficit seen rising next decade ISLAMABAD: The country is facing the shortfall of 2.09 billion cubic feet per day of gas which would be extended to 6 bcfd by 2020 whereas on the other hand the gas reserves of the country are falling down constantly. This was told to the Standing Committee of National Assembly on Petroleum and Natural Resources. The committee was also informed that current demand of gas in the country is almost 63 billion cubic feet per day, which would touch the figure of 116 bcfd in 2022 if the country progress with 4.5 per cent GDP growth rate. The committee meeting was headed by MNA Sheikh Waqas Akram , which was held at the committee room of OGDCL here on Wednesday, which was attended by high officials of Ministry of Petroleum and Natural Resources , OGRA, OGDC, SNGPL, and SSGCL. The Standing Committee has given the approval to extend two separate agreements between Jamshoro Joint Venture Limited (JJVL) and British Petroleum with Sui

Southern Gas Company Limited (SSGCL). After the extension the SSGCL is allowed to continue gas supply for the next six months commencing from February 20011 to both the companies including British Petroleum and JJVL. The committee was told that process regarding bidding of international tenders to import liquid natural gas LNG could take approximately two years further in completing all the legal requirements. The committee also suggested to lay down the proper rules and regulation for LPG distributors. The members also showed resentment over the corruption in SNGPL and SSGCL and instructed the relevant quarters to take appropriate measures in this regard. Standing Committee was briefed about the developments made so far in two gas pipe line international agreements including Iran Pakistan (IP) Pipeline, and Turkmenistan, Afghanistan, Pakistan and India (TAPI) Pipeline. See # 3 Page 11

SHAKIL NEWS AGENCY Cell # 0333-4400472

Bill Gates telephones Zardari ISLAMABAD: Bill Gates, Chairman of Microsoft Corporation telephoned President Asif Ali Zardari and talked about health related issues in Pakistan particularly the progress made on the polio eradication campaign. Spokesperson to the President Farhatullah Babar said the President appreciated the Melinda and Bill Gates Foundation for providing generous contribution and support to the government of Pakistan for the noble cause of polio eradication and making Pakistan a polio free country. President Zardari said the government of Pakistan had launched National Emergency Action Plan 2011 for Polio Eradication and informed Bill Gates that he has directed health department for vigorous implementation of the Plan in all parts of the country particularly the tribal areas to make Pakistan a polio-free country. The President said he was pleased that the country's entire leadership had endorsed the new National Emergency Plan and were fully geared to take forward the emergency action plan on polio. The President assured there will be strict oversight of the plan at the national and provincial levels through monitoring cells. The President said that government is taking all possible steps to working on a fast track emergency plan with the support of security forces to ensure access to children and households in the security sensitive areas so that not even a single child is left without polio vaccination in the country. Bill Gates thanked the President for the firm commitment of the democratic government towards polio eradication in the country and assured all out support of Melinda and Bill Gates Foundation in the anti-polio drive and complete eradication of polio from Pakistan. The President thanked Bill Gates for the gesture and expressed the hope that his Foundation will continue to work in Pakistan for the social welfare and uplift of the downtrodden people of Pakistan. -Agencies

Bomb kills 4 children in Kohat KOHAT: At least four children were killed in a bomb explosion on Wednesday in Jarma village of Kohat, sources said. The bomb device was kept in a bag near a village pond. The bomb blast killed four children while two kids were injured in the incident. The injured have been transferred to nearby hospital. -Agencies

United Nations condemns desecration of Holy Quran UNITED NATIONS: UN Secretary General Ban Kimoon has strongly condemned recent act of desecration of the Holy Qur'an in Florida, stressing that "such actions cannot be condoned by any religion." In a meeting with a group of ambassadors representing Member States of the Organization of Islamic Conference (OIC) to the United Nations, Ban said: "The recent burning of a copy of the Qur'an in the United States and similar actions anywhere else contradict the efforts of the United Nations to promote tolerance, intercultural understanding and mutual respect between cultures and religions." The Secretary General termed the despicable act of burning of Islam's Holy Book as unacceptable and said he

supported the UN High Representative of the Alliance of Civilizations, Jorge Sampaio, who noted in a statement on Sunday that the "desecration of the Koran as of any holy text should be vehemently repudiated." The burning of the Holy Qur'an sparked widespread protests in Afghanistan in recent days, and resulted in the killing of three UN staff members and four Nepalese guards at the UN compound in the city of Mazar-e-Sharif on Friday. The Secretary-General thanked the ambassadors for their condemnation of and condolences for the attack on UN staff in Afghanistan. He said such an attack cannot be justified under any circumstances. Ban and the OIC diplomats also discussed issues related to

NEW YORK: A group photograph of OIC Ambassadors with the UN Secretary General in his office. The OIC Ambassadorial Group met the Secretary General and conveyed OICâ&#x20AC;&#x2122;s strong condemnation of the burning of Holy Quraan by the pastor of Baptist Church in Gainesville, Florida.-APP

the work of the UN Relief and Works Agency for Palestine Refugees (UNRWA) and the Middle East peace process, as well as the evolving situation in the Middle East and North Africa.

The OIC Group of Ambassadors, comprising Tajikistan (OIC Chair), Morocco (OIC Coordinator for Human Rights), Pakistan, Iran and Egypt, Palestine and

Permanent Observer of OIC, conveyed OIC's strong condemnation of this act and requested the Secretary General to assume the leadership role to address the issue.

The OIC ambassadors also expressed their strong condemnation of the unfortunate killing of UN staff at Mazar-eSharif Afghanistan and offered their condolences to the bereaved families. Voicing strong condemnation of the burning of the Holy Qur'an, Permanent Representative of Pakistan to the UN, Ambassador Abdullah Hussain Haroon, who was amongst the OIC ambassadors, met the Secretary General and expressed his profound concern at the increasing acts of Islamophobia and growing trend of intolerance. He said the Holy Qur'an is not merely a book; it was indeed the word of Allah, and it included scriptures from all faiths, including Christianity and Judaism. He expressed OIC's grave concern that the

despicable act had severely hurt the feelings of 1.5 billion Muslims around the world. The Pakistani ambassador said such provocative acts are the work of extremists and fanatics guided by their hatred and intolerance for other cultures, religions and societies. These are designed to provoke dissent and discord among communities and peoples across the world, and also go against the very concept of inter-faith harmony and threaten the multicultural fabric of the societies. Refuting Samuel Huntington's notion of clash of civilizations, Ambassador Haroon underlined the need to bolster the United Nations and Muslim-led effort to promote worldwide inter-faith and intercultural harmony. See # 5 Page 11

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-07-04-2011  

The FinancialDaily Epaper

Advertisement
Read more
Read more
Similar to
Popular now
Just for you