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International Karachi, Monday, April 11, 2011, Jumadi-ul-Awwal 7, Price Rs12 Pages 12

President reaches Turkey to bolster strategic ties See Page 12

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

$17.64bn 14.20% $17.80bn $29.02bn $(11.22)bn $(98)mn $6.96bn $1.23bn Rs 875bn $58.39bn Rs 5497.4bn $386.3mn 0.83% 4.10% $1,051 175.69mn

208.88 32.80 0.26 2738

NCCPL (U.S $ in million)

FIPI (08-Apr-2011) Local Companies (08-Apr-2011) Banks / DFI (08-Apr-2011) Mutual Funds (08-Apr-2011) NBFC (08-Apr-2011) Local Investors (08-Apr-2011) Other Organization (08-Apr-2011)

-0.33 1.83 -2.50 3.33 -0.21 -1.30 -0.81

Global Indices Index

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Change

KSE 100

11,905.87

57.03

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177.15

Hang Seng

24,396.07

114.27

Sensex 30

19,451.45

139.73

SSE COMP.

3,030.02

22.11

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6,055.75

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12,380.05

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

$.Price PKR/Shares 2.60 110.29 15.99 135.65 2.00 42.42 1.70 36.06 10.92 37.06

Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)

06-Apr-2011 06-Apr-2011 06-Apr-2011 29-Nov-2010 09-Apr-2011 09-Apr-2011 09-Apr-2011 09-Apr-2011 09-Apr-2011 09-Apr-2011 09-Apr-2011 09-Apr-2011 09-Apr-2011 09-Apr-2011 09-Apr-2011

13.25% 13.66% 13.83% 14.00% 13.62% 13.53% 13.76% 14.13% 14.23% 14.01% 14.04% 14.11% 14.44% 14.68% 14.90%

Commodities Crude Oil (brent)$/bbl 126.65 Crude Oil (WTI)$/bbl 112.79 Cotton $/lb 202.97 Gold $/ozs 1,474.10 Silver $/ozs 40.61 Malaysian Palm $ 1,122 GOLD (NCEL) PKR 39,967 KHI Cotton 40Kg PKR 13,396 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 89.10 Canadian $ 88.30 Danish Krone 16.70 Euro 122.00 Hong Kong $ 10.50 Japanese Yen 0.988 Saudi Riyal 23.03 Singapore $ 67.00 Swedish Korona 14.00 Swiss Franc 93.50 U.A.E Dirham 23.03 UK Pound 138.00 US $ 84.90

90.10 89.30 16.90 123.20 11.00 1.013 23.23 68.00 14.30 94.50 23.23 139.20 85.20

Inter-Bank Currency Rates Symbols

Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $

Buying TT Clean

Selling TT & OD

89.53 88.60 16.45 122.73 10.91 0.995 22.60 67.42 13.69 93.54 23.07 138.86 84.84

89.74 88.81 16.49 123.02 10.93 0.998 22.65 67.58 13.72 93.76 23.13 139.19 85.02

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See Page 12

Gilani says had no option but to raise POL prices Political leaders united to steer country out of crisis

SCRA(U.S $ in million)

Total Portfolio Invest (2-Apr-2011)

See Page 12

People vacate Jawakai on threats

Council formed for energy needs

Portfolio Investment Yearly(Jul, 2010 up to 08-Apr-2011) Monthly(Apr, 2011 up to 08-Apr-2011) Daily (08-Apr-2011)

See Page 12

Nato jets pound Gaddafi Forces

Gilani inaugurates Pakistan Energy Conference

Economic Indicators Forex Reserves (2-Apr-11) Inflation CPI% (Jul 10-Mar 11) Exports (Jul 10-Mar 11) Imports (Jul 10 - Mar 11) Trade Balance (Jul 10 - Mar 11) Current A/C (Jul 10- Feb 11) Remittances (Jul 10 - Feb 11) Foreign Invest (Jul 10-Feb 11) Revenue (Jul 10 Feb 11)

Japan nuclear crisis weakens PM further

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani addressing the inaugural session of the three-day Energy Conference 2011. -APP

Investments up 5pc to Rs2.2trn

Banks deposits dip 1pc 1QCY11 Ahmed Siddique KARACHI: State Bank of Pakistan has released the combined balance sheet of all scheduled banks in Pakistan as of April 1, 2011. According to the data, total investments in the first quarter CY11 (January to March), surged 4.8 per cent QoQ to Rs2.20 trillion compared with Rs2.10 trillion at the end of last year. The deteriorating quality of assets and high interest rates remained the major concerns during the last two years due to which banks preferred to grow their investment portfolio rather than lending the money to borrowers. Furthermore, IDR ratio surged to 43.32 per cent from

41.01 per cent in CY10. On the other hand, total deposit of all scheduled bank declined 1 per cent to Rs5.08 trillion comparing with Rs5.12 trillion in CY10. Similarly, gross advances continued their sluggish run dipping by 0.5 per cent to Rs3.47 trillion against Rs3.49 trillion. However, provisioning grew 5.4 per cent to Rs358 billion against Rs339 billion on CY10. That's why net advances dipped 1.1 per cent to Rs3.12 trillion from Rs3.15 trillion last year. Furthermore, overall balance sheet size of the sector fall by 0.8 per cent as total assets reached Rs6.73 trillion in 1QCY11 from Rs6.78 trillion last year.

Refiners sales fall 6pc in 9M Aamir Abidi KARACHI: Country's refineries offtake witnessed a decline of 5.8 per cent to 5.78 million tonnes in 9MFY11 against 6.13 million tonnes recorded in same period last year, as per the latest OCAC data. As per details of different products available, Furnace oil production declined 5 per cent to 1.78 million tonnes against 1.87 million tonnes. Similarly, High Speed Diesel (HSD) supplies remained down by 2 per cent to 2.32 million tonnes against previous year's same period of 2.37 million tonnes. Likewise, petrol sales declined 6.3 per cent to 939k tonnes in 9MFY11. However, better performance was witnessed during 3QFY11 as refinery sales improved 3.8 per

cent QoQ and 5.2 per cent YoY. During Mar-11, refinery sales showed a healthy growth of 5.8 per cent MoM, although this was principally due to better sales witnessed by PRL 24 per cent MoM and Parco 14 per cent MoM, both of which together shared 63 per cent of total domestic sales against 57 per cent share in Feb-11. According to Investcap research analyst, despite lower sales witnessed in Mar-11 by refineries like ATRL and NRL, improved yields of Mogas and HSD would likely support the same in terms of gross refinery margins (GRMs). White oil yield for NRL improved 30 per cent MoM in Mar-11, which is expected to improve its profitability from refinery operations during the See # 7 Page 11

Shaikh-led-delegation leaves for US today

Pak to talk tax, goals with IMF ISLAMABAD: Pakistani delegation led by Federal Minister for Finance Abdul Hafeez Shaikh would leave for Washington to hold talks with IMF and US officials. According to details, in their talks with IMF, the Pakistani officials would discuss issues like tax exemption for five sectors including textile, corporate, sports goods, leather and surgical goods. They would highlight details of SRO issued on April 1, its

effects and also take the IMF into confidence over the target revenue of Rs1588 billion set by FBR. Budget deficit, GDP and some other issues would also be discussed, sources said. In their talks with US officials' improvement of bilateral relations, access of Pakistani goods to US market, and reconstruction opportunity zones in the areas along Afghan border would come under discussion. -Online

ANP gives ultimatum to Sindh Govt Staff Reporter KARACHI: The Awami National Party Sindh chapter has given an ultimatum of one month to the Sindh government for acceptance of its demands otherwise it will separate from the provincial government. A meeting of the Sindh ANP executive committee was held here Sunday with the party's provincial president Shahi Syed in the chair. Addressing a press conference after the meeting, Shahi Syed said the ANP was trying its best to make the reconciliation policy successful. He said the performance of the Sindh government was not satisfactory as it failed to give any development scheme to the ANP. He said the federal government time and again assured the ANP to remove its reservations in Sindh but no practical action has been taken yet. The ANP leader said the urban government has also been failed to provide security to Pakhtuns in Sindh. "We don't want any ministries, but we want security for Pakhtuns; we want exposing of killers of Pakhtuns; and we want construction of government hospitals in Pakhtun areas." Shahi Syed said the ANP reserves the right to separate from Sindh government and other options if its demands were not met within a month.

DG ISI leaves for US today ISLAMABAD: Director General Inter-Services Intelligence (ISI) Lt Gen Ahmed Shuja Ahmed Pasha would visit Washington from April 11 (today) to iron out differences emerging between prime intelligence agencies -ISI and CIA. Sources told Online, that the purpose of Pasha's visit is to remove some misunderstandings between ISI and CIA, which appeared on the issue of Raymond Davis between two agencies. The sources said that General Pasha would also raise the issue of drone attacks on tribal areas of Pakistan. DG ISI has been invited by CIA chief Leone Panetta. The two personalities are in constant touch for the restoration of the confidence, the sources added. -Agencies

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani said on Sunday that in the next 15 years, there are indications that the difference between the demand and supply of energy in Pakistan will be doubled. Speaking at the Pakistan Energy Conference in Islamabad, Gilani said that energy is essential for the growth of the country's economy. Prime Minister Gilani said to achieve accelerated GDP growth, the economy needs reliable, uninterrupted, and affordable supply of energy. He said Pakistan today was facing the overwhelming task of bridging its energy demand and supply gap that was likely to double in the next 15 years unless attended urgently by all the stakeholders, including the private sector and the government. Gilani said that the government cannot solve the energy crisis on its own. He said the

government has already added 1700MW in the national electricity grid during last three years and many more power projects were at various stages of development. He said the government was struggling to keep up with an increasing energy import bill which has adversely affected country's trade deficit and pointed that it was difficult for the government to pass on the full impact of the rising international oil prices to the people. "Being an elected government, we are walking a tightrope, balancing the public's expectations and the economic rationale of reducing subsidies on energy." He said development of local energy sources, including hydel projects and the Thar coal-fields, also remains a high priority for this government. The prime minister asked the Pakistan Energy Conference to suggest ways to the government to tackle the crisis.

Prime Minister said government had already given a subsidy of Rs35 billion on the petroleum products and had no option but to raise their prices in view of global hike. Prime Minister announced formation of a GovernmentIndustry Energy Council to address country's energy issues and make far-reaching recommendations for the government. Gilani said the government cannot tackle the energy related issues single handedly and needs assistance of the industry to move forward. Gilani while endorsing Petroleum Institute of Pakistan's role as a permanent member of this council, urged the major players of the industry to come forward and play a befitting role in country's development and economic prosperity. He said a team effort was required for a mutually rewarding and strategic partnership See # 8 Page 11

Muttahida Qaumi Movement sets its foot in Punjab

Altaf terms 'jalsa' onset of revolution MQM to bring positive changes in country, says Altaf LAHORE: Muttahida Qaumi Movement (MQM) Quaid Altaf Hussain Sunday said that through a peaceful revolution he wanted to bring positive changes in Pakistan for prosperity of the nation. In an attempt to garner political support in Punjab, the MQM held a mass gathering at football ground near Qaddafi Stadium in Lahore. Score of people, carrying party flags, poured in the football enclosure to attend the procession, a show of power in stronghold of Pakistan Muslim League-Nawaz. In his telephonic address from London to the participants of the moot, the MQM chief said "No force, including the political establishment can halt the way of our party in Punjab."

"No more dictation will be accepted now for prosper and peaceful country. MQM has landed in Punjab and will be strengthened from now. I'm not a leader but amongst you people", he added. He said MQM would quit the power if other political forces in country and foreign powers halted its way. And then a mass revolt and a bloody revolution would take place, but MQM don't want any such situation, we just wish for a peaceful change". After coming into power, he said, the MQM would enforce a uniform education system to repeal the already existing double education standards. "Our government will provide free education till metric level," he announced. Altaf vowed that "MQM will

During Last Week

Offshorers pour $3.4mn into KSE Ghulam Raza Rajani KARACHI: Offshore investors remained active in local bourses as foreign fundmangers once again emerged as net-buyer in Pakistan equity market with $3.41 million worth of buying in the last week as per National Clearing Company of Pakistan Limited (NCCPL) data. Furthermore, foreign investment hiked 15 per cent WoW compared with $2.97 million witnessed during the week ended on 1st April 2011. On the other hand, KSE 100Index ended higher in the last week with thin volumes as investors remained sideline. KSE 100-Index marginally rose 0.2 per cent or 20.23 points at 11,905.87. Weekly average volume decreased 6.4

per cent to 73.13 million shares against 78.12 million shares traded week before last. Foreign investors deciding for buying fresh position as they bought shares worth $15.95 million and sold $12.94 million, resulting in net buying of $3.41 million during the last week. Furthermore, mutual funds, companies, local individuals and NBFC remained on the buying side with shares worth $4.76 million, $3.90 million, $1.81 million and $0.44 million respectively. On the other hand, biggest weekly selling was witnessed from banks which sold $31.56 million of shares in the local bourse against the buying of $18.30 million, thus turning the net selling worth of $13.26 million.

free the nation form the clutches of IMF," adding foreign invasion in the country would not be tolerated. "How is Pakistan a free country as drone attacks take place here daily," Altaf questioned. MQM will suggest a law to punish those involved in forcing children for labor, he said, adding that unemployment allowance would be granted to jobless people, if MQM came into power. MQM chief said, "The Constitution will be amended to turn the country into a real democratic state and to end feudalism from the country." Altaf called upon youths, especially students, to support him in bringing change and eradicating corruption from the society. He said that his party See # 6 Page 11

Reconciliatory policy to be pursued: Sharjeel Staff Reporter KARACHI: Sindh Information Minister, Sharjeel Inam Memon said the policy of reconciliation will be pursued in the light of the directives of President Asif Ali Zardari. In a statement issued here on Sunday, the provincial Information Minister said Awami National Party (ANP), is a coalition partner of the government and PPP intends to take along all the coalition partners. Sharjeel Inam Memon said the reservations of the ANP had been removed in the past. We will remove the misunderstandings of ANP Sindh again if any, he said.


2 Monday, April 11, 2011

Smeda journal identifies trade issues KARACHI: Small and Medium Enterprises Development Authority (SMEDA) is all set to launch its first research journal on Monday (today) at a local hotel in a gathering of eminent economists, academicians, researchers and policy-makers. The Research Journal being unveiled is edited by Anwar A Khan former CEO Smeda, Bakhtiar Khan and Nadia Jahangir Seth Smeda officials who have highlighted the impact of SME entrepreneur's education on quality of doing business.-Agencies

Secy Gen Fathimath calls on Nayyar Bokhari

Saarc greater role urged for progress

ISLAMABAD: Leader of the House in Senate Syed Nayyar Hussain Bokhari has underlined the need to make Saarc more vibrant and dynamic with a view to resolve all the outstanding issues among member states and work for regional prosperity. He expressed these views while talking to Secretary General Saarc Fathimath Dhiyana Saeed, who called on him here Sunday. Leader of the House in Senate said that the Saarc was an important forum and member states needed to utilise it to its full potential. They also exchanged views SAsian Accounting Experts

on matters of mutual interests. Nayyar Bokhari also informed the visiting secretary general about the working and performance of the Senate and the role it had played in legislation and promoting harmony among federating units. He called for more interaction and people to people contacts among the Saarc countries with a view to achieve commonality opinion of issues and to enhance Parliamentary exchanges. The Saarc secretary general agreed with the views of the leader of the house. She said that role of Saarc is of utmost importance. -Agencies

OUP launches book on Pak energy crisis

Challenges KARACHI: The English Speaking Union of Pakistan held a reception in honor of the Ambassador of Brazil Alfredo Leoni, at local hotel. Picture shows President ESUP Barrister Shahida Jamil, VP, Abdul Kadar Jaffar, Honorary Consul of Brazil, Adil Jaffar, Akhtar Alvi, Majyd Aziz, and Yaqoob Karim, with other prominent guests.-Staff Photo

Envoy highlights Brazilian success TFD Report KARACHI: "The economic success of Brazil is the result of its 'Real Plan' introduced in 1994, which aimed at taming the inflation, stabilising the economy and promoting development." This was stated by Brazil Ambassador to Pakistan Alfredo Leoni in his speech on 'Brazil's Economic Success', at a programme organised by the English Speaking Union, here. The ambassador pointed out that inflation in Brazil was 40 per cent when the 'Real Plan' was introduced. Half a year later, the inflation rate came down to 6 per cent a year, and now the inflation rate in Brazil is at 4.4 per cent, he added. Leoni said that Brazil, which is one of the fastest growing economies in the world, has become the

Karachi violence claims 5 more lives KARACHI: Five people were gunned down in various areas of Karachi on Sunday while two others were injured in a gang fight. According to police sources, unidentified gunmen shot dead Abdul Wahid, Atique Khan and Shera in Gulistan-e-Johar area. The situation got tense in the area after the incident and law enforcement agencies also started patrolling. Unidentified man gunned down a 40-yearold, Mehar Ali, near old truck terminal and another man, who was not identified, in Docs area. Two people were injured in a shootout between two gangs in Clifton area. The police arrested two men after the incident. -INP

largest commercial partner of Pakistan in Latin America. "Our balance of trade has increased to $400 million," he added. The major Brazilian exports to Pakistan include sugar, cotton, plastic, iron and steel while major imports from Pakistan include textile items, surgical items, soccer balls and manicure instruments. He said that the Brazilian exports reached $201 billion during the year 2010 while its imports stood at $181 billion. He pointed out that the present economic situation of Brazil is also due to its foreign reserves of $297 billion, which equals its foreign debt. He said that since 2008, Brazil has become a net external debtor. The Ambassador said that unemployment rate in Brazil is 7 per cent and lit-

eracy rate is 92 per cent while the literacy rate in younger generation is 98 per cent. The growth rate is 4.5 per cent while GDP per capita is $10,530. "Besides these economic achievements, Brazil is a fully established democracy," he said. In the last government, under President Lula da Silva, Brazil created and enlarged important social programs to lessen the differences between the rich and the poor, perhaps the major social problem of Brazil. As result of these programs, 30 million Brazilians were taken out of poverty; the Ambassador said adding that more than 50 per cent of the Brazilian population is in the middle class. He said that Brazil contributed $1.2 million in cash to the flood victims of

Pakistan last year. He pointed out that tourism plays an important role in the economy of Brazil, as 7.8 million tourists visited Brazil in 2010 and this number is expected to grow. Brazil will host the Football World Cup in 2014 and Rio de Janeiro will host the Olympic Games in 2016, he informed. Leoni said that Brazil is a country of continental size, with the fifth largest territory in the world. With its vast territory, Brazil has borders with almost all South American countries. Brazilian population is 190 million, the sixth largest in the world and its GDP is $2 trillion, eighth largest in the world. Barrister Shahida Jamil, President of English Speaking Union, Senior Vice-President Abdul Kader Jaffer and Treasurer Tariq Rangoonwala also spoke on the occasion.

of global fiscal crisis deliberated KARACHI: The accounting professionals and financial experts from the South Asian countries, including India, Bangladesh and Sri Lanka, gathered at an International Conference, organised by the Institute of Cost and Management Accountants of Pakistan (ICMAP), had a common feeling that the developing countries should take immediate concrete measures to meet the financial and economic challenges. They also deliberated on preparing a new regulatory financial framework, as well as a contingent plan to address regional economic challenges.-PR

RCCI demands end of gas shortfall

RAWALPINDI: Spokesperson of Rawalpindi Chamber of Commerce and Industry Khalid Farooq Qazi on Sunday said that Federal Government should announce suspension of CNG load-shedding. Khalid Farooq Qazi, Spokesperson of Rawalpindi Chamber of Commerce and Industry, said that two day CNG load-shedding resulted in the closing of ten CNG stations of Rawalpindi permanently whereas people related to CNG stations and public transport remain Pakistan in Jamshoro was unwaged eight days of a among the best in the month.-INP world and exported to Europe, UK, Canada, China and Africa. He also said the company had received a Corporate Excellence Award from Karachi Stock Exchange as acknowledgement of their services. KARACHI: Recognizing The SGS Cotecna needs of stakeholders and Managing Director, with the aim of supporting Farrukh Mazhar, technological innovations announced on the occasion for microfinance sector, that he would pay for the Pakistan Poverty rebuilding another five Alleviation Fund (PPAF) houses in the village. and Pakistan Microfinance Mazhar was present at the Network (PMN) have ceremony along with joined hands to launch an Yasmeen Pirmohammad of Swiss Airways as repre- online platform which will sentatives of the Swiss allow microcredit lenders and other stakeholders to Business Council (SBC). The Swiss Consul assess competitive situation General in Karachi, in their specific markets. Didier Boschung also An agreement to this effect spoke on the occasion was signed between by and appreciated Clariant CEO/ MD PPAF Qazi Pakistan efforts to help in Azmat Isa and CEO PMN flood relief efforts in the Mohsin Ahmad at PPAF head office here.-PR country.

Clariant rebuilds flood-hit houses Staff Reporter KARACHI: Nine families of Chakar Khan Village in Jamshoro whose houses were destroyed by the floods last year had smiles on their faces as they became the owners of nine brand new houses constructed for them through the efforts of the staff and management of Clariant Pakistan Limited. Speaking at a simple handing over ceremony, the Chief Executive Officer of Clariant Pakistan Ltd, Mujtaba Rahim, said the nine houses and a water filtration plant catering to the needs of nearly 3000 people had been constructed through the efforts and funds generated by the company's staff and management in Pakistan and abroad. He said the people of Chakar Khan Village and Jamshoro had worked alongside the company

personnel in rebuilding the houses, laying a clean water pipeline from the Clariant factory in Jamshoro to the village, and setting up a water filtration plant that had been obtained from Switzerland. Vice President Clariant and General Manager of the Region, Thomas Winkler who had specially flown to Pakistan was also present at the handing over ceremony. The Clariant CEO said that the company would run and bear the expenses of operating the plant, and help train some of the villagers to operate the plant. He further said that Clariant Pakistan Limited was also engaged in constructing 28 houses in Aliabad in collaboration with Pakistan Navy Women's Association. Mujtaba Rahim said that the output of the factory operated by Clariant

KARACHI: Consul General Russian Federation Andery Demidov Russian Centre of Science and Culture inaugurating the exhibition regarding 50th anniversary of Russia in space. -Staff Photo

ISLAMABAD: Oxford University Press will launch its latest publication "Energy crisis in Pakistan: origins, challenges, and sustainable solutions," written by Muhammad Asif here on April 11. The book aims to educate various stakeholders of society on the subject of energy by presenting a comprehensive analysis of the factors that underlie the present energy crisis in Pakistan, says a press release issued here Sunday. Khwaja Muhammad Asif, Mushahid Hussain Syed, Syed Talat Hussain, Dr Samar Mubarak Mand, Shams-ul-Mulk, Jehangir Badar and Ameena Saiyid would also address the participants. -APP

ISLAMABAD: Abdul Kader Jaffer President, and S Nakagawa Senior Vice President, Pakistan Japan Business Forum called on the Ambassador of Japan, at Islamabad and presented a farewell memento to His Excellency Atsumi. Standing from Left to right: His Excellency the Ambassador Atsumi, Abdul Kader Jaffer and S Nakagawa. -Staff Photo

PMN, PPAF join hands

KARACHI: The Clariant Pakistan Ltd held a ceremony to hand over houses of flood-hit village at its premises. Picture shows Didier Boschung, Consul General of Switzerland, Mujtaba Rahim, CEO, Clariant, Thomas Winkle, V P and General Manager Clariant, with other guests and houses recipients. -Staff Photo

'Exhibitions plays key role to put country's economy on track'

First Lahore Shopping Festival concludes LAHORE: Over 0.1 million people belonging to all walks of life, including politicians, bureaucrats, business women and young entrepreneurs, visited a wide-range 200 stalls during the three-day First Punjab Expo at Expo Centre. The Lahore Shopping Festival is a joint initiative of the Punjab Government and Lahore chamber of Commerce & Industry. The weeklong Lahore Shopping Festival, concluded on Sunday, had in its fold a number of events that generated around Rs150 million economic activity. The big success of the Lahore Shopping Festival makes the point that the private sector has

both the ability and the potential to bring the country out of economic mire. Though the visitors showed keen interest in all the products put on display at the First Punjab Expo but Indonesian and Iranian products were great attractions for the visitors. Provincial Finance Minister Sardar Zulfiqar Ali Khan Khosa was the Chief Guest while DCO Ahad Cheema was the guest of honor. LCCI President Shahzad Ali Malik, Senior Vice President Shaikh Mohammad Arshad, Vice President Sohail Azhar, Executive Committee Members also spoke on the occa-

sion. Speaking on the occasion Sardar Zulfiqar Ali Khan Khosa said that the Chief Minister Punjab Mian Mohammad Shahbaz Sharif's vision to turn the province into a hub of economic activities would bear fruit soon. He said that all energies are being spent for the welfare of the masses facing deep troubles due to fast escalating prices of daily use items. He reassured the LCCI officebearers of Punjab government's full support in all such upcoming events. He said that Mian Mohammad Shahbaz Sharif was having meetings with potential foreign investors to

attract investment in the province of Punjab. He said that country is faced with multiple internal and external challenges and we all should fulfill our respective responsibilities to cope with these challenges. "If we are really sincere and serious about getting out of present economic logjam, we will have to chalkout an elaborate action plan aimed at reducing our dependence on external assistance and learn to rely on available resources, even sacrificing some of the comforts in the process to achieve our long term goal of progress and prosperity." "We, I strongly believe, today hold the utmost responsibility to deliver."

While appreciating the LCCI for arranging Lahore Shopping Festival, Sardar Zulfiqar Khosa said that such activities are absolutely necessary to tell the world that Pakistanis as a nation are determine to get their right place in the global market and they would continue their struggle for the economic revival of the country. He said it is not only the education which is on the priority list of the Chief Minister Punjab but he is equally worried about the fast widening gap between the rich and the poor and taking appropriate measure to bridge this gap. The Provincial Finance Minister said that the LCCI initiative of

Lahore Shopping Festival was not only a step in right direction would help promote the business and economic activities in the province. He said that the Punjab Government would continue to supplement the LCCI efforts in the larger interest of the country. In their address, the LCCI President Shahzad Ali Malik, Senior Vice President Sheikh Mohammad Arshad and Vice President Sohail Azhar said that the Lahore Shopping Festival was aimed at promoting economic activities in the Province of Punjab and the Lahore Chamber of Commerce and Industry has achieved the goal in a winsome manner.-Agencies


3 Monday, April 11, 2011

US dollar weekly outlook

Asian currencies

Expectations of rising rates to lift euro higher Australian dollar at new post-float high Greenback weighed by looming govt shutdown Bets against yen biggest in nearly a year: CFTC NEW YORK: Expectations interest-rate differentials will widen further in Europe's favor should buoy the euro against the dollar this week, while investors will closely watch US inflation data that could help shape Federal Reserve monetary policy. The euro rose to a 15month peak versus the dollar on Friday, on pace for a gain of 1.7 per cent this past week. The prospect of a US government shutdown, which would idle about 800,000 federal government workers and put a crimp in the economic recovery, weighed on the dollar. The European Central Bank raised rates by 25 basis

points on Thursday, its first hike since the 2008 financial crisis, and signaled it's ready to tighten further if needed. Expectations of higher rates boosted the euro even as Portugal became the third euro-zone country to request a bailout. "The market is ignoring all of Europe's fiscal and banking troubles and trading off a single indicator -- interest differentials," said Avery Shenfeld, chief economist at CIBC World Markets in Toronto. The euro was last up 1.1 per cent at $1.4459, climbing to a session high of $1.4465 on Reuters data after taking out reported option barriers at $1.4450.

Specs boost bets against yen, in favor of Aussie NEW YORK: Speculators cut bets in favor of the yen this past week, going short the Japanese currency by the biggest margin in nearly a year, data showed on Friday, and built up a record long position in the Australian dollar. The data, released by the Commodity and Futures Trading Commission, also showed speculators' net short US dollar position totaled $25.18 billion in the week to April 5. That was below the $27.77 billion net short seen the prior week. The slight improvement in dollar sentiment came mostly at the expense of the yen. Speculators went short the currency to the tune of 43,231 contracts. That was the first net short yen position in six weeks and the biggest since May 2010. Speculators' net long Aussie position rose to 90,938 contracts, the biggest on record, according to CFTC data. To be short a currency is to bet it will decrease in value, while being long a currency is a bet that its value will rise. The Reuters calculation for the aggregate US dollar position is derived from the net positions of International Monetary Market speculators in the yen, euro, British pound, Swiss franc, Canadian and Australian dollars. -Reuters

Wheat, Corn up for wk; Soy flat KANSAS CITY/CHICAGO: Grain futures surged on Friday in tandem with a broad commodities rally as the dollar fell, and corn shrugged off a US government stocks report to bounce back from two straight days of losses. Corn, hovering near a record high set this week on extremely thin stocks in the top exporter, the United States, posted its fourth straight week of gains and has climbed nine out of the past 10 weeks. The surge in corn prices has led to some livestock feeders switching to wheat, and corn drew additional support from US oil rising past $112 per barrel, which would help margins at ethanol producers using corn as feedstock. For the week, corn was up 4.3 per cent, wheat up 5.5 per cent and soy nearly flat. Chicago Board of Trade corn for May delivery closed up 9 cents per bushel at $7.68, May soy up 28-3/4 cents at $13.92-1/4 and May wheat up 24-1/4 at $7.97-1/2. Chicago corn has risen more than 15 per cent since March 31, when the release of a US government report showing critically low corn stocks as of March 1 sparked a rally that catapulted corn prices to record levels. -Reuters

The level also marks the 61.8 per cent retracement of the move from the euro's record high above $1.6000 hit in 2008 to the 2010 low of $1.1876. Traders cited further upside targets of $1.4500 and the January 2010 high around $1.4580. "At this point, the euro has been on a one-way ticket north and pretty easily could break $1.45 this week," said John Doyle, strategist at Tempus Consulting in Washington. US INFLATION The dollar was pressured as the White House and Congress worked frantically to break a US budget deadlock by the end of the day in order to avoid a government shutdown. A shutdown would be farreaching, since among other actions it would stop payment of government suppliers and possibly close private enterprises reliant on government operations. The lost wages and spending would ripple through to other areas of the economy at a time of uncertain economic growth, though some analysts noted that any impact would be short-lived and government spending for the year would be the same. Investors will watch March US retail sales data this week to gauge the strength of consumer spending. A round of inflation readings, including consumer and pro-

Cocoa, sugar decline; Arabica edges higher NEW YORK/LONDON: ICE cocoa futures closed lower in rangebound but heavy dealings on Friday as the European Union eased sanctions on top grower Ivory Coast, increasing hopes exports would soon resume. ICE arabica coffee futures rose, supported by a weak dollar, tight supplies of high-quality beans and chart-based buy signals. Sugar extended losses, with a focus on a larger-thanexpected harvest in Thailand and news of bookings of Thai sugar for Russia. The US markets saw strong volume as the May/July roles were in full swing, dealers said. ICE July cocoa dropped $17 to settle at $2,985 a tonne. Total volume rose above 39,000 lots, the highest since Jan. 21, preliminary Thomson Reuters data showed. ICE cocoa futures prices have fallen by one-fifth since hitting a 32-year high at $3,775 per tonne a month ago. Liffe July cocoa dropped 25 pounds to settle at 1,889 pounds per tonne. The International Cocoa Organization (ICCO) said in its latest monthly market review the political crisis in Ivory

Coast continued to make market participants nervous. Arabica coffee futures on ICE edged higher, confirmed Tuesday's key reversal higher with support from the weakening dollar. Chart-based buy signals also helped lift the market after two sharply higher sessions this week gave the market a bullish feel as funds added positions. The arabicas market is underpinned by tight global supplies of high-quality beans. ICE July arabica coffee rose 2.15 cents to close at $2.7495 per lb, while Liffe July robustas climbed $4 to settle at $2,447 a tonne. Dealers focused on news of bookings of Thai sugar for Russia, undercutting traditional supplier Brazil. Raw sugar futures on ICE fell, underpinned by the Thai news, signaling less congestion at Brazilian ports later this year. ICE May raw sugar futures extended losses as the dollar dropped against a basket of currencies, tumbled 0.84 cent or 3.2 per cent to settle at 25.66 cents per lb. London May white sugar finished down $8 at $699.70 per tonne. -Reuters

US cotton drops-down in USDA profit-taking pull NEW YORK: US cotton futures lost 2.5 per cent of the value by the close on Friday, as price momentum stalled following a near 30cent rally in front of the government's final estimate of 2010/2011 crop. "Why the hell were we up in the first place?," asked Jobe Moss of MCM Inc in Lubbock, Texas. "There's nothing about the old crop that we don't know." The US Department of Agriculture's monthly supply/demand report cut the estimate of the US cotton crop by 215,000 (480-lb) bales to 18.1 million bales, while raising

domestic consumption by 100,000 bales. These adjustments dropped ending stocks to an all-time low at 1.6 million bales, equivalent to 8 per cent of total usage, Mike Stevens, an independent analyst in Louisiana said in a daily market comment. "This just reinforces the fact that we are out of cotton. It also keeps us aware that should production problems develop most anywhere, prices could explode once again," he said. The key May cotton contract on ICE Futures US tumbled 5.25 cents or 2.5 per cent to settle at

$2.0297 per lb, near the lower half of its $2.0125 to $2.1240 session range. Dealers cited profit-taking from the near 30-cent run-up in prices this week. The new-crop December cotton contract edged up 0.14 cent to $1.3808. Total volume traded in the cotton market was around 27,700 lots, about 16 per cent above the 30-day norm, Thomson Reuters preliminary data showed. The level of investor interest remained firm, poking above 200,000 lots for the first time since early February, ICE Futures US data showed. -Reuters

ducer prices, will also be scrutinized and a pick-up in inflationary pressures could see investors bring forward expectations of US rate hikes, which would lift the dollar. Against the yen, the dollar slipped 0.1 per cent to 84.76, still within striking distance of a six-month high hit this past week. Market players said the yen could weaken further on expectations the Bank of Japan will keep monetary policy stimulative for much longer following the country's massive earthquake and nuclear crisis. Speculators cut bets in favor of the yen this past week, going short the Japanese currency by the biggest margin in nearly a year, data showed on Friday, and built up a record long position in the Australian dollar. The data, released by the Commodity and Futures Trading Commission, also showed net short US dollar position fell slightly to $25.18 billion in the week to April 5. The Australian dollar rose to $1.0552, its highest level versus the greenback since it was floated in December 1983. The aussie has benefited from strong domestic economic growth, staving off the malaise of the rest of the developed world in recent years, fueled in large part by exports of raw materials to China. -Reuters

Copper up on inflation fears NEW YORK/LONDON: Copper ended up over 2 per cent on Friday, posting its biggest weekly advance since early December, as the dollar weakened and investor demand for the metal increased with inflation fears mounting. The gains ran far and wide in the base metals complex, with another record tin price, a threeyear peak in the price of lead and aluminum touching its loftiest level since August 2008. London Metal Exchange (LME) three-month copper rallied $205 to close at $9,875 per tonne, near a session peak of $9,896 -its highest in more than a month. COMEX May copper surged 8.50 cents, or 1.9 per cent, to settle at $4.5015 per lb. For the week, prices were up about 5.7 per cent -- their largest weekly gain since the first week of December 2010. Looking ahead, all eyes will be on Chinese import data on Monday, which should show the metal-consuming giant's appetite for copper, iron ore and coal imports in March rebounded from multi-month lows posted in February, a holiday-shortened month. Reinforcing the near-term sluggishness in demand, stocks of copper saw another 1,800 tonnes flow into LME warehouses on Thursday, bringing total levels to 444,175 tonnes, their highest since July 2010. But a big 4.8 per cent withdrawal in copper inventories in warehouses monitored by the Shanghai Futures Exchange pointed to healthier demand prospects into the seasonally better second quarter. In other metals, aluminum peaked at $2,715 per tonne, its highest since August 2008, before ending up $41 at $2,713. Tin extended gains after the close to a fresh record at $33,100 per tonne, It closed the kerb up $500 at $33,050. Lead hit a three-year high of $2,870, and closed up $60 at $2,850. -Reuters

Mostly higher for 3rd week on growth outlook BANKOK: Asian currencies strengthened for a third week, the longest run of gains since October, as overseas investors added to holdings of regional assets to benefit from the world's fastest economic growth. "Asian currencies are still benefiting from a positive risk environment for the moment," said Christopher Gothard, head of foreign exchange at Brown Brothers Harriman (Hong Kong) Ltd. "The growth outlook remains pretty strong, while some central banks look to be making efforts to get to grips with rising inflation." The Taiwan dollar appreciated 1.1 per cent to NT$28.991 against the greenback this past week, according to Taipei Forex Inc. India's rupee gained 1.2 per cent to 44.0790, the Philippine peso advanced 0.9 per cent to 43 and the Thai baht climbed 0.8 per cent to 30.04. Emerging-market economies in Asia will expand 8.4 per cent

this year, compared with 2.5 per cent growth in advanced countries, according to estimates released by the International Monetary Fund in January. Benchmark interest rates in Indonesia and India are 6.75 per cent and China's oneyear lending rate is 6.31 per cent, compared with a maximum of 0.25 per cent in the US and Japan. China's yuan strengthened for a fourth week, the longest run of gains this year. The People's Bank of China should consider letting the currency appreciate to help temper prices and improve the balance of international payments, Zhu Baoliang, chief economist at the State Information Center, wrote in a commentary published on April 7 in the Shanghai Securities News. "There are a lot of policy makers urging PBOC to use renminbi strength to help curb imported inflation," said Ho Woei Chen, an economist at United Overseas

Bank Ltd. in Singapore. The yuan rose 0.19 per cent from a week ago to 6.5354 per dollar, according to the China Foreign Exchange Trade System. It touched 6.5350 on Friday, the strongest level since the country unified official and market exchange rates at the end of 1993. Taiwan's dollar had its biggest weekly advance in three months. The consumer price index climbed 1.41 per cent in March from a year earlier. South Korea's won rose for a third week, climbing 0.8 per cent to 1,083.03 per dollar. Policy makers will let the currency gain to curb inflation, Barclays Capital said ahead of an interestrate review on April 12. Elsewhere, Indonesia's rupiah added 0.6 per cent this past week to 8,648 per dollar. The Singapore dollar rose 0.4 per cent to S$1.2570 and Malaysia's ringgit gained 0.3 per cent to 3.0165. -Agencies

Jobs, commodities lift C$ to 3-1/2 year high TORONTO: The Canadian dollar hit its highest level in more than three years against a broadly weaker US dollar on Friday, marking its third weekly gain, as commodity prices rallied and jobs data provided some upbeat economic news. Though Canada surprisingly lost 1,500 jobs in March, a huge jump in full-time positions suggested solid economic growth and bolstered expectations the central bank will raise interest rates later this year, likely in July. Surging oil and gold prices remained key drivers of the commodity-linked currency, as well as a broadly weaker greenback. The currency cut some of its gains however heading into the close after US stocks fell as high

oil prices revived investor worries about inflation and the economic recovery. The Canadian dollar ended the North American session at C$0.9574 to the US dollar, or $1.0445, up from Thursday's close of C$0.9585 to the US dollar, or $1.0433. It rose for the ninth time in the past ten sessions and was up 0.7 per cent for the week -- its third weekly gain. "Obviously, the upward trend in CAD is still quite strong And it's not just Canada, we've seen a whole host of currencies reach new highs today and that just speaks to the broad US dollar move as opposed to being a CAD specific move," said Camilla Sutton, chief currency strategist at Scotia Capital.

"Markets have caught wind that globally central banks are hiking rates and the (US Federal Reserve) is not. Higher rates are also expected in Canada later this year despite the weak headline number on the jobs report. The Bank of Canada is expected to make its first interest rate hike of 2011 in July, as it balances rising economic growth against tame inflation and a high-flying Canadian dollar, according to a Reuters poll on Thursday. Following the jobs data, the currency touched a high of C$0.9526 to the US dollar, or $1.05, its strongest since late 2007. The next resistance levels from there are big round numbers leading to the modern-day high of $1.10, said Sutton.-Reuters

Brent surges $4 as dollar fall stirs commods funds Investors worry about supply ahead of Nigerian elections NEW YORK: Oil prices surged the most in three weeks on Friday, with Brent jumping $4 a barrel to a 32-month high as a sinking dollar triggered a fresh rush of fund buying across the commodities spectrum. US crude topped $113 but trailed Brent, which closed out its best weekly gain since February. Deepening violence in Libya and concerns about unrest in Saudi Arabia and Nigeria lent new impetus to a rally that is threatening to crimp global growth and add to growing inflation concerns. Analysts said Friday's sharp gains in oil, wheat, copper and gold -- while stocks slipped -stemmed from a big wave of second-quarter investment. Oil drew extra support from fears that the war in Libya was starting to inflict lasting damage on the oil sector. "Troubles in Libya mean Gaddafi has caused damage to

the Sirte basin, which has about two-thirds of their oil. There's dollar weakness and some very large fund action piling into the market in oil and base metals," said Rob Montefusco, an oil trader at Sucden Financial. ICE Brent crude for May rose $3.98 to settle at $126.65 a barrel, highest settlement since July 2008. It reached $126.91 in postsettlement trading. US crude rose $2.49 to settle at $112.79. It reached $113.20 post-settlement, the highest intraday price since September 2008. "New investment flows at the start of the quarter are driving oil and gold this morning, with the strong rise over the past week attracting trend followers and more fund money," said Michael Guido, director of hedge fund energy sales at Macquarie Bank in New York. "The uptrend is still very much intact, with key technical levels

being taken out." US gasoline and heating oil futures and ICE gas oil futures all posted strong performances as crude surged. US crude trading volumes above 600,000 lots neared the 30-day average, rebounding from late March when activity hit the lowest this year. In addition to the Libyan conflict, investors eyed protests in top oil exporter Saudi Arabia and unrest in Syria, Yemen and attacks intended to interfere with elections in OPEC-member Nigeria, which produces 1.9 million barrels per day of oil. Libya's civil war has cut the normal output of 1.6 million barrels per day (bpd) by 80 per cent to between 250,000 and 300,000 bpd, according to a senior government official. NATO leaders have acknowledged the limits of their air power, with analysts predicting a drawn-out conflict. -Reuters

Gold hits record, silver soars on dollar decline NEW YORK: Gold rose to a record high for a fourth straight day and silver surged on Friday, as a weaker dollar, the prospect of a US government shutdown and inflation worries lifted precious metals in a broad commodities rally. Gold notched its biggest weekly gain in four months, drawing support from renewed euro-zone sovereign debt fears amid Portugal's financial crisis and inflation jitters as crude oil and corn hit new highs this week. Bullion broke above key resistance on technical charts and could target above $1,500 an ounce. The metal has risen more than 10 per cent since late January when political unrest began to flare in the Middle East and North Africa.

"With the expected future inflation being higher in this low interest rate environment, investors are more inclined to have some contributions to commodities as an inflation hedge," said Hakan Kaya, commodities portfolio manager at Neuberger Berman, which manages about $190 billion client assets. Spot gold rose as high as $1,474.60 an ounce and was later up 1 per cent at $1,471.74 an ounce by 1853 GMT. Bullion gained 2.5 per cent this week for a fourth straight weekly gain. US gold futures for June delivery settled up 1 per cent to $1,474.10. Gold remained far below its all-time inflation-adjusted high, estimated at almost $2,500 an ounce set in 1980, an era of Cold War tension, oil shocks and

hyperinflation. US futures activity was sharply below average for a second day, but analysts said low volume was not detrimental to the metal's bull run. Silver rose 2.4 per cent to $40.50 an ounce, just off the session high of $40.73. The gold-to-silver ratio -- the number of silver ounces needed to buy an ounce of gold -- fell to a 28-year low toward 35 on Friday. "One would expect silver to outperform in this environment because it bears a higher risk than gold on a volatility basis," Kaya said. Among other precious metals, platinum gained 1.3 per cent to $1,803.74 an ounce, while palladium jumped 2.2 per cent to $791.97. -Reuters


4 Monday, April 11, 2011

The Financial Daily International Vol 4, Issue 154

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: 92-21-35388427 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

No room for complacency According to the data released by the Ministry of Commerce, Pakistan's exports got close to $17.8 billion, registering a growth of 26.5 per cent, whereas the imports were slightly more than $29 billion, growing at 15.57 per cent. The overall trade deficit reduced to $11.2 billion during first nine months of the current financial year. The most remarkable achievement was exports of March 2011 registering over 41 per cent growth when as compared with March 2010. Imports grew to $3.417 billion from $3.287, 2010registering a growth of 4 per cent. This was despite substantial hike in Pakistan's oil import bill during this period. The second landmark achievement was that overseas Pakistani workers remitted $1.052 billion in March, 2011, as against $763.72 million of March 2010, showing a tremendous jump of $289.16 million, or almost 38 percent. This is the first time in the country's history that workers' remittances have crossed $1 billion figure in a month. The previous highest amount remitted in a month was $933.06 million in August 2010. The cumulative quantum of remittances sent home by Pakistanis during the first nine months of the current fiscal year has crossed $8 billion mark against a full year target of around $9 billion. Another positive point was that during JulyFebruary Pakistan's Current Account deficit reduced to $98 million only, against $3,027 million for the corresponding period during FY10. Strong dollar denominated export growth of exceeding 20 per cent on the back of high cotton prices, sluggish manufacturing & consumer demand reflected by lower than expected imports growth and record remittances had contributed to this remarkable achievement. Having counted the achievements one just can't ignore the emerging grim situation mainly from country facing enormous shortage of electricity and gas, added to is the fear of country heading towards drought like situation. Over the coming months electricity load shedding spells may hover around 12 hours due to water dropping to dead level at Tarbela. Unless immediate corrective steps are taken achieving production target of 15 million cotton bales will not be possible and a similar situation may emerge for sugarcane. Ironically, hardly any thing could be done to contain load shedding and overcoming gas shortage due to closure of Bhit gas field for annual turn around. One of the silver linings is commencement of trial run of Chashma nuclear power plant having an installed capacity to produce 325MW. The intensity of electricity and gas load shedding can be minimized if every consumer, individual, commercial and industrial voluntarily curtails consumption by20 per cent. This is achievable simply by containing wastage.

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.

Japan fails to stop radioactive discharge into ocean Japanese nuclear power plant operator Tokyo Electric Power Company (TEPCO) expects to stop pumping radioactive water into the ocean on Monday, days later than planned, a step that would help ease international concern about the spread of radiation from a smashed nuclear plant. Prime Minister Naoto Kan's Democratic Party was likely to be punished at Sunday's local polls for his handling of the massive earthquake and tsunami that ravaged Japan's northeastern coast on March 11, killing 13,000 and triggering the world's worst nuclear accident since the 1986 Chernobyl disaster. China and South Korea have also criticized Japan's handling of the nuclear crisis, with Seoul calling it incompetent, reflecting growing international unease over the month-long atomic disaster and the spread of radiation. Japan is struggling to regain control of the Fukushima Daiichi nuclear plant that was damaged by the magnitude 9 quake and 15 meter tsunami. The nuclear plant's operator TEPCO, has been pumping sea water into the reactors to cool the nuclear core, and then discharging the water, after it has become contaminated, back into the Pacific Ocean. TEPCO had planned to stop the discharge on Saturday, but work was interrupted by a powerful aftershock late on Thursday. The firm then pushed the target back to Sunday, a goal it failed to meet. "We are making checks on remaining water, and the final check is scheduled for tomorrow," a company spokesman told a press briefing late on Sunday. TEPCO was forced to start pumping sea water into the power plant after failing to restart the reactors' cooling systems after the quake. It has been pumping in nitrogen to cool the core, but officials say they are

unsure of what to do next. "We cannot say what the outlook is for the next stage," Hidehiko Nishiyama, a deputy director-general of the Nuclear and Industrial Safety Agency (NISA) said on Sunday. "As soon as possible we would like to achieve stable cooling and set a course toward controlling radiation." Japan is also grappling with a major humanitarian and economic crisis and facing a damages bill as high as $300 billion, the world biggest for any natural disaster. Japanese who voted in local elections on Sunday were expected to shun Kan's ruling party, further weakening him and bolstering opponents who will try to force his resignation once the crisis ends. Results of the vote are expected on Monday. Unpopular Prime Minister Kan was already under pressure to step down before the disaster, but analysts say he is unlikely to be dumped during the nuclear crisis, which is set to drag on for months.

Radiation from Japan spread around the entire northern hemisphere in the first two weeks of the nuclear crisis, according to the Vienna-based Preparatory Commission for the Comprehensive Nuclear-Test-Ban Treaty Organization. ANTI-NUCLEAR PROTESTS In Tokyo, around 5,000 people took to the streets in two separate anti-nuclear protests on Sunday. Some carried placards reading 'No More Fukushima' and 'No Nukes'; others danced and played musical instru-

ments. One group of demonstrators marched to the offices of the operator of the stricken plant, which has apologized to Japan, and neighboring countries, for the crisis. Radiation from Japan spread around the entire northern hemisphere in the first two weeks of the nuclear crisis, according to the Vienna-based Preparatory Commission for the Comprehensive Nuclear-Test-Ban Treaty Organization. Japan's economy, the world's third largest, is reeling from the triple disaster and several countries have banned or restricted food imports after detecting radiation. More critically, the nuclear crisis and power shortages have disrupted Japan's manufacturing and electronics global supply chains, hitting computer and automakers in particular. Power blackouts and restrictions, factory shutdowns, and a sharp drop in tourists have hit the world's most indebted nation. Efforts to regain control of six reactors hit by the tsunami, which caused partial meltdowns to some reactor cores after fuel rods were overheated, has been hindered by 60,000 tonnes of radioactive water. NISA said efforts to restore cooling systems were not making clear progress. TEPCO wants to start moving some of the highly contaminated water out of the reactors and into a condenser, a key step toward restoring the critical cooling system. "We may be able to use (electric) systems that are currently functioning for cooling, and that may speed up the cooling restoration. But there is no concrete and clear option," said NISA's Nishiyama. "It is one step forward, one step backwards." Reuters

Gulf leaders meet to review Yemen mediation Gulf Arab foreign ministers met in Saudi Arabia on Sunday to see whether an offer to mediate in Yemen's political crisis can succeed after a war of words between President Ali Abdullah Saleh and Qatar. Saleh initially accepted an offer by Saudi Arabia and other Gulf Arab states including Qatar, as part of the Gulf Cooperation Council (GCC), to hold talks with opposition parties after two months of protests against his 32-yearlong rule. But on Friday Saleh, long regarded by the West as a vital ally against al Qaeda militants reacted angrily to comments from Qatar's prime minister saying the mediation would lead to him standing down. "We don't get our legitimacy from Qatar or from anyone else ... We reject this belligerent intervention," Saleh told tens of thousands of supporters in the capital. On Saturday Yemen said it would withdraw its ambassador from Doha. Sunday's meeting in Riyadh was to evaluate the official response of Saleh and Yemen's opposition coalition to a Gulf mediation effort that Yemen has viewed positively because it is spearheaded by its Saudi ally. A Gulf diplomat said Yemen wanted assurances that the GCC would only mediate and not dictate any outcomes. Yemen is not part of the six-member council, which groups Bahrain, Kuwait,

Oman, Qatar, Saudi Arabia and the United Arab Emirates. "If there is a meeting it will be under the auspices of the GCC secretariat under one condition that the GCC will not get involved in the final decision," he said. "The Yemenis won't agree to the talks in Saudi unless they get a promise from the GCC that they won't get involved." Yemen's foreign minister said on Saturday Qatar had spoken out of line by saying the talks were about removing Saleh, who has talked of his desire for a "dignified exit." The Qatari comments "gave the

Saudi Arabia is a key financier of the Yemeni government as well as many Yemeni tribes on its border. Concerned about any deals under the Gulf mediation plan that would delay Saleh's departure, tens of thousands of protesters marched in Sanaa on Sunday. "No, no to compromise," chanted the crowd as they marched in the streets surrounding a weeks-long sit-in near Sanaa University. SAUDI HELP SOUGHT Saleh has sought Saudi mediation for some weeks, but analysts say that both Saudi Arabia and United States are now keen to arrange a quick exit for him.

A Gulf diplomat said Yemen wanted assurances that the GCC would only mediate and not dictate any outcomes. Yemen is not part of the six-member council, which groups Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. impression that the issue had already been resolved," Abubakr al-Qirbi was quoted as saying by Saba, Yemen's official news agency. "He has announced personally that the Yemeni government is studying the Gulf initiative and has not declared any rejection of it," he said. Qatar hosts the leading pan-Arab broadcaster Al Jazeera, whose Yemen correspondents had their credentials had revoked for what Sanaa calls bias.

Diplomats and opposition sources say he is maneuvering to ensure that he and his sons do not face the threat of prosecution, the fate of the deposed rulers of Tunisia and Egypt, and the Saudi mediation could give him that guarantee. Saleh, a veteran political survivor, has warned of civil war and the break-up of Yemen if he is forced to leave power before organizing new parliamentary and presidential elections over the next year. He has seen a succession of gener-

als, diplomats and tribal leaders announce their opposition to him but also have organized large public displays of support in recent weeks. But the killing of more than 100 protesters by security forces has begun to convince countries of the region that Saleh is now an obstacle to stability in a country that overlooks a shipping lane where over 3 million barrels of oil pass daily. Some 40 per cent of Yemen's 23 million people live on less than $2 a day and one-third face chronic hunger. Exasperation with state repression and rampant corruption has poured fuel on the fire of the pro-democracy movement. Even before the protests Saleh was struggling to quell a separatist rebellion in the south and a Shi'ite Muslim insurgency in the north -- violence that has given the Arabian Peninsula branch of al Qaeda more room to operate. Violent clashes have continued almost daily over the past week, with at least 27 people killed, with security forces using live ammunition and tear gas to rout protesters. In continued unrest, seven civilians were wounded when they were caught in the crossfire as army units fought Islamic militants who have taken control of several areas in the restive southern province of Abyan, a local official said. Reuters

Assad loyalists fire at Sunni Muslims Irregular forces loyal to Syrian President Bashar alAssad fired at a group of people guarding a mosque in Banias on Sunday, two witnesses said, after pro-democracy unrest flared in the conservative coastal city. Once-unthinkable mass protests challenging Assad's 11-year authoritarian rule have spread across Syria despite his attempts to defuse resentment by making gestures toward reforms and reaching out to minority Kurds and conservative Sunni Muslims. Intensifying a crackdown on popular dissent now in its fourth week, security forces fanned out in tanks overnight near the Banias oil refinery, one of two in Syria near the Alawite district of Qusour, where its main hospital is located. Gunfire could be heard across the city on Sunday. Reuters could not confirm if there were any casualties. At least 90 people have been killed in the demonstrations, which first erupted in March to demand the release of school children who scrawled pro-democracy graffiti on school walls in the southern city of Deraa, and later progressed to calling for greater freedoms and an end to Assad's rule. Widespread instability in Syria would have wider repercussions because it lies at the heart of the Middle East conflict, maintaining an anti-Israel alliance with Iran and supporting the militant Hezbollah and Hamas movements. The West has condemned Syria's use of violence but it is unlikely the strategic country, bordered by Jordan, Israel, Turkey, Lebanon and Iraq, will face the kind of foreign intervention seen in Libya. A doctor and a university professor said a group was guarding Banias's Sunni Abu Bakr al-Siddiq mosque with sticks during morning prayers when irregulars from Syria's ruling Alawite minority, known as "shabbiha," fired at them with automatic rifles from speeding cars. MINORITY OF THUGS The attack followed a demonstration of some 2,000 people in Banias on Friday when protesters shouted "the people want the overthrow of the regime", the rallying cry of the Egyptian and Tunisian revolutions that have

inspired growing protests across Syria against decades of Alawite domination. "Four people were hit in the feet and legs. The fifth sustained the most serious injury, an AK-47 bullet that went through his left chest lateral," said the doctor, who was at the scene. "The regime is trying to show that this is a SunniAlawite issue, but the Sunni people of Banias know that only a minority of thugs are cooperating with them," said the other witness.

Assad has said the protests are serving a foreign conspiracy to sow sectarian strife, similar language his father, the late President Hafez al-Assad, used when he crushed leftist and Islamist challenges to his rule in the 1980s, killing thousands. "Banias is a city of 50,000 people. We all know each other, and for sure we would know if there were infiltrators," he said, adding Syrian state television was the only media allowed in Banias, similar to other flashpoints across the country. In the Houla area of the central province of Homs, north of Damascus, buses were also seen unloading security personnel. A decision by Assad several days ago to sack the governor of Homs has failed to placate protesters. Syria has blamed the unprecedented unrest in the tightly-controlled country on "armed groups" firing randomly at citizens and security forces. The official SANA news agency said funerals were held for five policemen who died in the unrest. Witnesses said on Saturday security forces had used live ammunition and tear gas to scatter thousands of mourners in Deraa after a mass funeral for protesters killed on Friday. The mourners had assembled near the old Omari mosque in the old quarter of Deraa, a mostly Sunni city where resentment against minority Alawite rule smol-

ders. Protesters have destroyed statues of Assad's family members and set fire to a building belonging to the Baath Party, in power since 1963. A Syrian rights group said 26 protesters were killed in Deraa on Friday and two in Homs. It also provided the names of 13 people arrested over the last 10 days. Syria has prevented news media from reporting from Deraa and mobile phones lines there appeared to be cut. EMERGENCY LAW STAYS Assad, a member of the Alawite sect that comprises 10 percent of Syria's population, has used the secret police, special police units, irregular loyalist forces and loyalist army units to counter the extraordinary grassroots revolt. He has blended the use of force, activists and witnesses say his forces have fired at unarmed demonstrators, killing dozens with gestures such as a pledge to replace an emergency law in force for five decades with an antiterrorism law. Emergency law has given free rein to security organs to stamp out public protests, ban all opposition and justify arbitrary arrests. SANA quoted Abboud Sarraj, head of a panel drafting the anti-terrorism legislation, as saying the body was working on ending the "state of emergency in Syria," not the emergency law. "If the state of emergency has ended, the law stays on the side without being enforced ... and if the need arises one of these days like if there is war, or an earthquake ... there's no problem for emergency law to be present in any country." Assad has said the protests are serving a foreign conspiracy to sow sectarian strife, similar language his father, the late President Hafez al-Assad, used when he crushed leftist and Islamist challenges to his rule in the 1980s, killing thousands. In a meeting with the Bulgarian foreign minister, Assad said Syria was "on the path of comprehensive reform and was open to benefit from the expertise and experiences of European countries," according to the official SANA news agency.-Reuters


5

Monday, April 11, 2011

Asian stocks log gains for week on economic outlook

European stocks gain for 3rd week as banks Rally

Weekly Review

Corporates’ good-result hope keeps KSE alive

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

11,885.64 11,905.87 20.23 0.17 365.64

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

3,350.34 3,345.40 4.94 0.15 16.46

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

2,617.89 2,591.05 26.84 1.03 0.24

Nawaz Ali

Major Gainers

Symbol ULEVER RMPL UPFL NESTLE WYETH

Close

Change

5,160.46 2,400.00 1,302.12 3,517.88 995.53

233.96 178.00 101.91 77.49 45.53

Major Losers

Symbol

Close

Change

FZTM COLG IDYM MTL DAWH

335.89 676.81 290.30 515.00 67.10

-53.55 -43.19 -18.70 -13.98 -8.00

Top 5 Volume Leaders

Symbol

Close Vol (mn)

LOTPTA BAFL BOP PAKRI DGKC

15.84 11.08 6.40 19.96 25.92

23.75 19.40 12.00 11.57 10.97

Active Issues Plus Minus Unchanged

190 173 78

Sector Updates FERTILISER

NEW YORK: Trader Fred Demarco, right, works on the floor of the New York Stock Exchange.-Reuters

000 tonnes

Urea Offtake (Jan to Feb 11) 807 Urea Offtake (Feb 11) 413 Urea Price (Rs/50 kg) 1,195 DAP Offtake (Jan to Feb 11) 128 DAP Offtake (Feb 11) 69 DAP Price (Rs/50 kg) 4,041

AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Feb 11) 53,036 Sales (July 10 to Feb 11) 52,067 Production (Feb 11) 5,883 Sales (Feb 11) 6,954

INDUS MOTOR CO Production (July 10 to Feb 11) 33,832 Sales (July 10 to Feb 11) 32,991 Production (Feb 11) 4,754 Sales (Feb 11) 4,698

HONDA ATLAS CAR Production (July 10 to Feb 11) 10,834 Sales (July 10 to Feb 11) Production (Feb 11) Sales (Feb 11)

10,444 1,555 1,665

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

186 133 0 20

BANKING SECTOR Scheduled bank (Rs in mn) Deposit (March 25,11) 5,046,487 Advances (March 25,11) 3,118,444 Investments (March 25,11) 2,202,311 Spread (Feburay 11) 7.51%

OIL MARKETING CO (000 tons) MS (Jul 10 to Jan 11) MS (Jan 11) Kerosene (Jul 10 to Jan 11) Kerosene (Jan 11) JP (Jul 10 to Jan 11) JP (Jan 11) HSD (Jul 10 to Jan 11) HSD (Jan 11) LDO (Jul 10 to Jan 11)) LDO (Jan 11) Fuel Oil (Jul 10 to Jan 11) Fuel Oil (Jan 11) Others (Jul 10 to Jan 11) Others (Jan 11)

1,300 183 96 14 795 129 4,044 614 38 5 5,007 680 98 15

PRICES (Ex-Refinery)

Rs

MS (1 Apr 11) MS (1 Mar 11) MS % Chg Kerosene (1 Apr 11) Kerosene (1 Mar 11) Kerosene % Chg JP-1 (1 Apr 11) JP-1 (1 Mar 11) JP-1 % Chg HSD (1 Apr 11) HSD (1 Mar 11) HSD % Chg LDO (1 Apr 11) LDO (1 Mar 11) LDO % Chg Fuel Oil (1 Apr 11) Fuel Oil (1 Mar 11)

59.35 53.88 10.15% 68.95 63.31 8.91% 70.88 63.54 11.55% 75.02 66.53 12.76% 65.27 60.96 7.07% 56,777 53,252

Wall Street weekly outlook

Will earnings justify gains? NEW YORK: Investors will look to corporate profits and outlooks this week for confirmation the S&P 500 has another leg to its rally as the earnings season gets under way. Dow component Alcoa will launch the earnings season after the closing bell on Monday in what is expected to be another solid round of corporate results. The aluminum producer is expected to report quarterly earnings of 27 cents per share on revenue of $6.07 billion, according to Thomson Reuters estimates. Some top financial names are also expected to report this week, including JPMorgan Chase & Co and Bank of America Corp. Google Inc is also due to report. "Earnings are what the market is all about. Earnings are critical in here, guidance is critical in here, the conference calls are critical in here," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont. "In terms of earnings and sectors, you basically want to be with those people who have the ability to raise prices or are participating in the commodity price increases," he said. "And you really don't want to be in those people who have the input costs increases and are going to see their margins squeezed by rising commodity prices. Market analysts have found encouragement for a strong earnings season from the relatively light amount of company preannouncements, leading to the belief that surging commodity costs have yet to compress margins and impact corporate profits. The Reuters/Jefferies CRB index rose 8 per cent in the first quarter and is up 2.6 per cent so far in April, and hit its highest level since September 2008. The S&P 500 has recouped all of the losses suffered in the wake of the Japanese earthquake on March 11 but has been unable to convincingly muscle past the 1,333.58 level, a technical resistance point representing double the 12-year low hit on March 9, 2009.

The benchmark index was relatively flat for the week, down 0.3 per cent, as the prospect of a government shutdown kept the rally at bay. Investors braced for a possible government shutdown as the White House and Congress scrambled on Friday to break a budget impasse ahead of a midnight deadline. But analysts said that while a US government shutdown, which would idle hundreds of thousands of federal workers, would be short-term negative, the market had managed to rally even ahead of the looming deadline. "There is an intellectual concern of what it means to shut down the government and there is the uncertainty of how long does the government get shut down and how much of a (hit) do we take on GDP growth," said Phil Orlando, chief equity market strategist, at Federated Investors, in New York. Many traders circled short-term puts on the SPDR S&P 500 Trust as the prospect of a shutdown loomed. Shares of the exchange-traded fund, also called the Spyders, fell 0.3 per cent to $132.86 in afternoon trading on Friday. The fund's Weekly $133 puts traded more than 96,000 contracts, surpassing their open interest. Frederic Ruffy, a strategist at WhatsTrading.com, said the positions likely reflected hedges against weakness due to fears of a shutdown. Investors will also eye a batch of economic data this week, providing more insight into the economic recovery, including the consumer and producer prices indexes, the Reuters/University of Michigan consumer sentiment index and the Federal Reserve's Beige Book of economic activity. "The inflation numbers will certainly be important -- producer price index and consumer price index -- the expectation is inflation will be higher than the Federal Reserve will feel comfortable with," said Hugh Johnson, chief investment officer of Hugh Johnson Advisors LLC in Albany, New York.-Reuters

IFC provides $30mn to Engro Fertilizers Shabbir Kazmi KARACHI: International Financial Corporation (IFC), a member of the World Bank Group has approved to provide US$30 million equivalent to Rs2,580 million loan to Engro Fertilizers Limited, a whollyowned subsidiary of Engro Corporation, to help the Company with an expansion plan that will more than double production and create new job opportunities. This loan was proposed in November 2010. Engro has previously availed US$50 million loan from IFC in 2009. IFC's investment will help Engro increase production of urea fertilizer, the most important nitrogenous fertiliser, from 0.9 million tons per year to 2.20 million tons per year, supporting Pakistan's important agriculture sector. The loan will also help Engro become a larger, regional player in the fertilizer industry, and help Pakistan become self sufficient in urea fertilizer production. See # 9 Page 11

KARACHI: Some dreary activities were seen at the Karachi Stock Exchange last week with low volumes as investors stayed on the sidelines mainly due to absence of positive triggers. However some buying was witnessed on the hopes of better corporate result and on visit of UK Prime Minister to Pakistan. The benchmark KSE-100 index gained 20 points to close at 11,905 points - with a highest and a lowest level of 11,994 and 11,813 points respectively. KSE-30 index was down by 16 points before closing at 11,613 points while KSE all-share index was up 17 points to close at 8,294 points. "Investors preferred to stay on sidelines as reflective from average daily volumes", said Sana Hanif, analyst at JS Global Capital. News flows on the corporate front remained muted, while on the macro front movers and shakers included; 1) ADB cutting this year's GDP target for Pakistan to 2.8 per cent, 2) March CPI soaring to 14.2% from 12.9% in February, and 3) David Cameron's Pakistan visit creating hopes for improved relationship, she added. Average daily turnover stood at 73 million shares during the week was lower by 5 million shares from an average volume of 78 million shares during the previous week. Investors preferred to stay away from the market mainly due to absence of positive news that can trigger the market and also over the deteriorating security situation in the country. Apart from it, report released by Asian Development Bank (ADB) too mentioning weak economic

position of Pakistan shattered investors' sentiments. However some buying was witnessed in fertiliser and cement stocks on hopes of strong corporate results while on Friday oil stocks also stayed in limelight due to rising international oil prices. The ADB on Wednesday said Pakistan's economy was facing fundamental challenges-the financial deficit on the rise due to inordinate delay in increasing the income, while the country could see inflation of 16 per cent, the maximum in the region. ADB in its Outlook Report2011 said the escalating global crude prices and the enhancement of power tariffs would fuel the inflationary pressure. The report further said that Pakistan's economy would grow by 2.5 per cent during the current fiscal year. The report further said that the Pakistan economy severely hit by the last year flood devastations face myriad problems and the failure of the government in expanding the tax net could swell the financial deficit. Investors' participation remained thin throughout the week as 365 million shares exchanged hand which was 25 million shares less as compared to a turnover of 390 million shares a week earlier. Foreign investors were on the buying side evident from NCCPL data, foreigners' net buying was $3.4 million during the week. Out of total 441 active issues; 190 advanced and 173 declined while 78 issues remained unchanged. Yawar-uz-Zaman analyst at InvestCap said in the coming weeks, we expect the equity market to show some positive activity as the corporate result season, for January-March quarter, looks all set to begin.

Gulf stocks mkt

Saudi banks weigh; Dubai at 7-wk high DUBAI: Saudi Arabia bank stocks fall as Riyad Bank's earnings fail to excite, weighing on the kingdom's index, but petrochemicals hit a 12-week high. Riyad Bank drops 0.8 per cent after it posted an 8.3 per cent rise in first-quarter profit. Banque Saudi Fransi falls 2.2 per cent and Al-Rajhi Bank sheds 1.6 per cent. The index slips 0.03 per cent to 6,607 points. Saudi Basic Industries Corp (SABIC) climbs 0.7 per cent and Saudi Arabian Fertilizers Co (SAFCO) adds 1.3 per cent. The petrochemicals index rises 0.8 per cent to its highest finish since Jan. 17. Egypt's main index declines 1 per cent following violence at a protest by thousands of Egyptians demanding that ousted President Hosni Mubarak and former officials be put on trial, traders say. All but four stocks on the 30company index fall, with Egyptian Resorts down 5.6 per cent and real estate developer Palm Hills declining 4.8 per cent. Private equity firm Citadel Capital gains 1.9 per cent. Dubai's index hits a sevenweek closing high and Abu Dhabi's measure also gains as the UAE's safe haven regional status draws in buyers, while speculators also eye index compiler MSCI's June review. Dubai Investment Co climbs 2.9 per cent and Emaar Properties rises 1.3 per cent, while builder Arabtec -- which accounts for a quarter of all Dubai shares traded -- adds 0.6 per cent. "We are seeing interest returning to the UAE as a safe haven from regional turmoil people are also accumulating positions ahead of a possible MSCI upgrade," says Matthew Wakeman, EFG-Hermes managing director for cash and equity-linked trading. Index compiler MSCI will announce in June whether it will raise the UAE and Qatar to emerging markets. Both countries are currently rated as frontier markets, but have failed to meet key requirements to be upgraded, while low trading volumes and regional unrest are also dampening prospects, some traders say.-Reuters

Dhiyan

IN ANTICIPATION OF GOOD RESULTS Tariq Hussain Khan, COO, United Capital Securities Outlook of the market for this week is bullish and the index can gain 400-500 points with improved volumes. The reason for the bullish outlook hinges on good corporate result expectation of renewed interest of foreign buyers. Cement and oil sectors would lead the rally therefore investors are recommended to invest in these sectors. Market would be positive today.

STA launched Staff Reporter KARACHI: Keeping in view the importance of technical analysis in trading of stocks, a group of technical analysts has formed Society of Technical Analysts (STA) and elected its governing body. The office bearers elected are Ovais Ahsan (President); Faran Rizvi (General Secretary); Adnan Muzamil Khan (Vice President); Khalil Usmani (Treasurer); Faheem Raza (Joint Secretary) and Jawad Hussain (Executive Member). Talking on the occasion, Ovais Ahsan, President of Society, said technical Analysis is the basic need of every See # 10 Page 11

Faisal Shaji, Head of Research, Standard Capital Securities Some positive activities are expected during the week with the index touching 12,200 level. Scrips belonging to oil, banking and IPPs are sectors likely to perform well due to rising international oil prices and increase in earnings of banks. Investors are advised to take positions in oil, banking and IPP stocks. Positive development in meetings with IMF, rise in international oil price and reasonable growth in corporate earnings could trigger the market. Market would be bullish today.


6

Monday, April 11, 2011

Market

KSE 100 Index

Symbols

Volume

365,638,522

Value

15,678,018,353

Trades

244,101

Advanced Decline Unchanged Total

190 173 78 441

Current High Low Change

All Share Index

11,905.87 11,994.45 11,813.33 h 20.23

Current High Low Change

OIL AND GAS

Paid up Cap(mn)

Company

PE

Open

High

High Low 1,444.58 1,405.40 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.16 32.54 Low

Close Chg

Last 60 days High Low

Volume

2010 Div BR (%) (%)

691

6.78 367.93

378.00 360.90 374.98

7.05

636474

401.00

321.00

300

Attock Refinery BYCO Petroleum

853 3921

5.20 122.93 9.25

129.10 122.40 127.74 9.67 9.03 9.42

4.81 0.17

7164138 146.90 2897256 12.24

98.25 8.20

-

735 800

7.61 108.57 6.81 313.53

110.50 108.00 109.61 1.04 330.10 313.51 328.54 15.01

52260 141.65 1212390 335.00

99.46 254.00

31 200

2011 Div BR (%) (%)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

73.36

74.30

69.10

73.48

0.12

41216

76.25

63.00

40

-

-

-

-

-

PNSC

1321

8.51

31.00

31.00

29.40

30.62 -0.38

51775

38.90

29.35

15

-

-

-

- 23.43 -

-

-

132.10

55

- 15.00

-

Pak Petroleum Pak Oilfields

11950 2365

7.73 211.01 7.62 325.21

212.20 206.50 211.40 331.85 319.20 330.62

0.39 5.41

2524872 229.80 8449168 341.50

190.10 277.09

90 255

20B 50.00 -100.00

-

350 1715

- 93.61 4.65 276.21

95.48 85.36 89.50 -4.11 277.25 270.00 274.60 -1.61

1331083 122.22 2438702 317.79

83.00 265.00

80

-

26.95

26.75

23.75

23.85 -3.10

211.90 203.00 210.78 -4.49

- 50.00

-

17377

34.25

23.75

-

-

-

-

103013

222.00

186.83

120

-

-

-

Company

Paid up Cap(mn)

PE

High Low 1,861.93 1,811.11 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.13 35.00

Open

High

Low

Agritech Limited 3924 22.15 22.17 Bawany Air 75 8.35 7.73 BOC (Pak) XD 250 9.44 94.95 Clariant Pak 341 5.15 143.20 Dawood Hercules 4813 3.76 75.10 Descon Chemical 1996 2.79 Descon Oxychem Ltd. 1020 11.86 9.00 Dewan Salman 3663 2.69 Engro Corporation Ltd 3933 11.25 205.48 Engro Polymer 6635 - 13.01 Fatima Fertilizer 22000 - 13.32 Fauji Fertilizer 8482 8.48 139.21 Fauji Fert.Bin Qasim 9341 7.80 41.28 Ghani Gases Ltd 725 11.55 12.16 ICI Pakistan 1388 9.63 165.54 Leiner Gelatine 75 - 20.02 Lotte Pakistan XD 15142 5.82 16.03 Mandviwala 74 1.00 Nimir Ind Chemical 1106 31.70 2.93 Sardar Chemical 60 1.71 1.50 Sitara Chem Ind 214 8.97 106.92 Sitara Peroxide 551 8.38 18.75 Wah-Noble 90 5.40 36.26

23.20 9.00 96.49 144.40 75.39 2.99 9.15 2.89 207.50 13.59 13.44 139.95 41.86 13.75 169.00 23.13 16.11 1.40 3.20 1.79 110.00 19.75 37.00

21.05 7.60 91.25 140.00 66.01 2.67 8.60 2.63 201.71 12.75 12.98 135.60 40.90 11.30 164.60 19.02 15.67 0.91 2.89 1.00 104.50 17.40 34.31

Close Chg 22.15 8.85 91.98 144.00 67.10 2.94 9.01 2.79 204.80 13.10 13.23 137.83 41.33 13.17 168.45 23.06 15.84 1.29 3.17 1.20 106.40 19.44 35.10

-0.02 1.12 -2.97 0.80 -8.00 0.15 0.01 0.10 -0.68 0.09 -0.09 -1.38 0.05 1.01 2.91 3.04 -0.19 0.29 0.24 -0.30 -0.52 0.69 -1.16

Close 1,836.66 Listed cap 52,251.88 mn Payout (%) 48.81

Last 60 days High Low

Volume 102116 12967 21810 35292 1185755 450104 3147479 3092595 10537529 3558263 2790673 6862731 6682761 4071772 1129349 5178 23750951 118614 4435761 36000 22497 5690745 6786

Change % Change -11.95 -0.65 Market cap 200-Day High 388,456.41 mn Div Yield (%) 200-Day Low 5.46 -

26.73 9.21 102.50 213.30 294.00 3.58 9.60 3.40 238.50 15.70 13.60 157.90 43.99 13.75 170.75 23.13 16.80 1.87 3.34 1.90 125.88 19.75 41.99

21.05 6.11 82.00 140.00 66.01 2.34 6.00 2.26 189.00 11.56 10.70 108.00 37.86 10.43 138.00 9.15 14.05 0.57 1.62 0.92 90.78 11.81 34.31

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

2011 Div BR (%) (%) -

-

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,067.43 Turnover 41,119 P/E (x) 5.46 Company

High Low 1,090.66 1,049.19 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.41 7.47

Close 1,065.58 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

707 50 411

8.82 6.70

16.73 38.00 38.00

17.50 38.80 38.74

16.25 36.55 37.50

16.93 0.20 38.29 0.29 37.50 -0.50

22972 12512 5635

Century Paper Pak Paper Product Security Paper

Company

Change % Change -1.85 -0.17 Market cap 200-Day High 2,939.00 mn Div Yield (%) 200-Day Low 4.63 -

Last 60 days High Low 19.10 46.20 45.00

14.50 35.17 34.00

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

2011 Div BR (%) (%) -

Open 1,123.00 Turnover 1,609,272 P/E (x) 4.03 Paid up Cap(mn)

PE

Company

Paid up Cap(mn)

Crescent Steel Dost Steels Ltd Huffaz Pipe XD International Ind

PE

Open

High

Low

565 2.91 675 555 436.67 1199 19.44

27.33 2.05 12.89 53.17

28.40 2.36 13.29 54.50

26.90 1.96 12.70 52.02

Close Chg 27.85 2.10 13.10 53.45

0.52 0.05 0.21 0.28

Close 1,063.51 Listed cap 3,596.11 mn Payout (%) 30.91

Last 60 days High Low

Volume

137445 31.00 88911 2.98 14438 16.00 1783021 61.00

25.67 1.80 12.26 45.81

2010 Div BR (%) (%) 30 40

2011 Div BR (%) (%)

- 10.00 25B 15.00 20B 15.00

4.62

2.05 23.50

2.19 24.00

2.00 23.11

450 200 1428

5.56 -

3.96 3.95 9.95

4.15 4.40 10.35

3.86 3.55 9.90

Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors Pak SuzukiSPOT

786 9.65 212.14 823 14.02 70.00

Sazgar Engineering

150

4.19

23.35

Transmission

117

-

1.30

Company

Paid up Cap(mn)

Al-Abbas CementSPOT Attock Cement Balochistan Glass Ltd Berger Paints Cherat Cement Dadabhoy Cement Dandot Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Gharibwal Cement Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Maple Leaf(Pref) Mustehkam Cement Pioneer Cement Safe Mix Concrete Thatta Cement

PE

Open

High

Low

1828 866 7.09 858 182 956 43.92 982 13.15 948 3891 3651 11.22 350 6933 6.26 502 2.42 1760 77 4003 1288 13126 3234 6.32 5261 541 2.79 417 2271 200 798 916.50

3.02 53.50 2.38 16.50 10.00 1.79 1.66 1.68 25.28 1.92 4.25 7.94 1.58 2.50 5.80 6.76 3.24 68.40 2.40 3.55 10.48 5.98 5.02 18.44

3.23 56.30 2.70 17.39 11.20 1.93 1.70 1.83 26.38 2.25 4.65 8.50 1.59 3.00 6.00 7.50 3.38 70.87 2.62 3.95 10.48 6.19 5.73 18.45

2.82 53.10 2.15 15.80 9.20 1.50 1.50 1.65 25.00 1.92 4.18 7.50 1.40 2.20 5.61 6.60 3.16 67.25 2.25 2.59 8.48 5.90 4.42 17.45

Close 912.77 Listed cap 54,792.74 mn Payout (%) 19.04

Close Chg

Volume

Last 60 days High Low

2.92 56.02 2.47 16.49 10.54 1.71 1.70 1.71 25.92 2.02 4.51 8.00 1.50 2.20 6.00 7.48 3.29 70.37 2.53 3.80 9.79 6.08 4.93 18.33

140772 255703 64476 14161 560317 144688 5400 368654 10966059 16780 1453686 168910 203000 9556 7064 374065 2219228 9478952 972787 6639 54468 61956 6498 11840

3.50 63.35 3.00 22.25 11.50 2.05 2.70 2.45 32.30 4.00 5.35 8.50 1.95 3.40 8.40 7.50 3.88 78.00 2.90 5.31 15.34 7.45 7.95 19.19

-0.10 2.52 0.09 -0.01 0.54 -0.08 0.04 0.03 0.64 0.10 0.26 0.06 -0.08 -0.30 0.20 0.72 0.05 1.97 0.13 0.25 -0.69 0.10 -0.09 -0.11

2.15 48.50 1.99 14.72 8.00 1.50 1.25 1.50 21.20 1.70 3.97 6.30 1.30 0.71 4.70 5.11 2.65 59.55 1.92 2.59 8.48 5.17 4.41 16.20

2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 - 210R - 50R

2011 Div BR (%) (%) -

20R 92R -

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 972.89 Turnover 2,858,498 P/E (x) 2.34 Company

Paid up Cap(mn)

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

PE

Open

115 2.47 50.75 230 1.72 1067 5.56 51.56 389 3.93 10.51 47 17.22 29.68 844 - 118.37

High

High Low 1,009.13 952.96 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.03 43.91 Low

Close Chg

56.90 49.35 53.80 1.94 1.53 1.81 53.50 51.02 53.50 14.60 10.95 14.48 31.40 27.37 30.99 118.99 115.00 118.66

3.05 0.09 1.94 3.97 1.31 0.29

Close 989.86 Listed cap 3,043.31 mn Payout (%) 15.55

Volume

Change % Change 16.98 1.75 Market cap 200-Day High 37,153.22 mn Div Yield (%) 200-Day Low 6.64 -

Last 60 days High Low

368920 79.40 1245770 2.98 15660 56.45 924246 14.60 11462 33.80 49080 143.00

47.80 1.53 49.00 2.50 22.90 105.02

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

25B 10B -

2011 Div BR (%) (%) -

50R -

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

6.29 8.73 4.52 207.90 1.27 8.89 10.72 6.26 49.83 7.93 528.98 - 99.44

High

Low

Close Chg

Volume 14851 11581 12606 24214 9989 251421 15659

17175

213.89

180.00

100

20B

-

-

183518 7281

2.45 26.74

1.50 21.08

20

-

-

-

4.00 4.00 10.19

61008 13316 21285

5.36 5.49 12.87

2.82 3.55 9.52

-

-

-

-

660136 309.73 603393 76.60

205.51 60.00

150 5

- 50.00 -

-

20B 10.00

-

0.04 0.05 0.24

23.23 -0.12 1.55

0.25

26865

24.35

20.50

10

7003

2.00

1.11

-

-

-

8.25 199.05 0.74 8.25 46.96 466.27 92.00

High Low 2,273.74 2,011.77 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 14.97 30.30

Close 2,078.23 Listed cap 11,335.33 mn Payout (%) 30.57

Change % Change 67.35 3.35 Market cap 200-Day High 290,467.23 mn Div Yield (%) 200-Day Low 0.62 -

Open

High

Low

Adam Sugar Ansari Sugar Bawany Sugar Chashma Sugar

58 244 87 287

3.87 3.59

14.00 6.00 7.56 9.00

14.75 6.00 8.24 9.70

12.61 5.99 7.00 8.90

13.00 6.00 7.02 9.20

-1.00 0.00 -0.54 0.20

16814 8500 5006 7501

20.30 6.00 8.24 11.30

12.61 4.95 5.00 8.00

25 10

-

-

Colony Sugar Mills Crescent Sugar Dewan Sugar Habib Sugar Habib-ADM Ltd J D WSugar Mehran Sugar Mirza Sugar National Foods

990 214 365 750 200 539 157 141 414

6.55 0.72 9.43 6.88 1.31 1.74 11.01

3.01 7.00 3.06 23.30 12.00 74.51 53.32 3.06 57.00

3.69 7.98 3.29 24.00 12.55 74.20 54.89 3.20 65.98

2.30 7.00 3.05 23.05 11.13 71.75 52.05 2.71 55.86

2.62 7.10 3.05 23.76 11.29 74.00 53.50 3.11 63.00

-0.39 0.10 -0.01 0.46 -0.71 -0.51 0.18 0.05 6.00

21947 23729 22238 277286 12649 31085 6024 8057 22108

4.25 7.98 4.10 31.30 12.60 92.40 60.00 6.45 65.98

2.30 5.40 2.52 20.25 10.80 68.00 50.12 2.65 52.01

25 25B 40 7010B 12.5R 35 20B 7.50 10 12 -

-

Noon Pakistan Noon Sugar Quice Food S S Oil Shahmurad Sugar

48 165 107 57 211

5.57 1.48 6.89 0.26 3.25

22.03 15.20 2.86 5.10 9.00

23.09 15.00 3.40 5.00 9.57

20.00 13.75 2.80 4.16 8.85

20.29 13.75 3.03 4.25 9.50

-1.74 -1.45 0.17 -0.85 0.50

32467 9647 81000 23000 65549

27.00 16.00 4.00 5.10 11.70

20.00 9.21 2.70 2.50 8.00

12 10

-

-

-

Shakarganj Mills Tandlianwala

695 1177

0.45 24.58

5.75 45.20

6.75 45.20

5.85 44.00

6.34 44.00

0.59 -1.20

43525 9500

7.20 47.52

4.01 38.00

-

-

-

-

Close Chg

Volume

Last 60 days High Low

2010 Div BR (%) (%) -

2011 Div BR (%) (%)

400 12.5 650 100

2011 Div BR (%) (%)

25B325.00 -

-

12,372.62

MA (10-day)

18.85

Total Equity (Rs in mn)

6,785.66

MA (100-day)

16.96

Revenue (Rs in mn)

2,170.95

MA (200-day)

16.33

Interest Expense

1st Support

19.72

Profit after Taxation

2nd Support

19.53

EPS 09 (Rs)

1st Resistance

20.19

Book value / share (Rs)

22.62

2nd Resistance

20.47

PE 10 E (x)

11.41

Pivot

20.00

PBV (x)

0.00 269.91 0.90

0.88

PAKRI closed up 1.71 at 19.96. Volume was 153 per cent above average (trending) and Bollinger Bands were 26 per cent wider than normal. The company's profit after taxation stood at Rs526.253 million which translates into an Earning Per Share of Rs1.75 for the year ended CY10. PAKRI is currently 22.2 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into PAKRI (mildly bullish). Trend forecasting oscillators are currently bullish on PAKRI.

Meezan Bank Limited

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

54.38

Total Assets (Rs in mn)

MA (10-day)

17.33

Total Equity (Rs in mn)

MA (100-day)

17.51

Revenue (Rs in mn)

124,181.73

MA (200-day)

16.20

Interest Expense

4,969.92

1st Support

17.56

Profit after Taxation

1,025.35

2nd Support

17.13

EPS 09 (Rs)

1st Resistance

18.43

Book value / share (Rs)

2nd Resistance

18.87

PE 10 E (x)

7.63

Pivot

18.00

PBV (x)

1.30

9,184.46 10,102.06

1.71 13.81

MEBL closed up 0.80 at 18.00. Volume was 82 per cent below average (consolidating) and Bollinger Bands were 52 per cent wider than normal. The company's profit after taxation stood at Rs1.649 billion which translates into an Earning Per Share of Rs2.36 for the year ended CY10. MEBL is currently 11.1 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into MEBL (bullish). Trend forecasting oscillators are currently bullish on MEBL.

Ghani Glass Limited

HOUSEHOLD GOODS Performance of SR Household Goods Index Open 1,034.04 Turnover 1,892,657 P/E (x) 2.11 Company

High Low 1,065.46 1,006.12 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.22 10.64

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

1219 231

3.45 1.82

14.12 12.90

14.50 14.47

13.41 12.00

13.69 -0.43 13.83 0.93

Pak Elektron Tariq Glass Ind

Close 1,028.09 Listed cap 3,763.71 mn Payout (%) 6.27

Volume

Change % Change -5.94 -0.57 Market cap 200-Day High 4,991.99 mn Div Yield (%) 200-Day Low 2.97 -

Last 60 days High Low

1342330 15.88 545939 24.00

12.07 12.00

2010 Div BR (%) (%) 17.5

10B -

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

PERSONAL GOODS Open 974.06 Turnover 20,720,987 P/E (x) 6.96 Company

Paid up Cap(mn)

Ali Asghar Textile AL-Qadir Textile Amtex Limited Artistic Denim Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Chenab Limited Colony Mills Ltd Crescent Jute Crescent Textile D S Ind Ltd Dar-es-Salaam Dawood Lawrencepur Dewan Khalid Textile Dewan Mushtaq Textile Gadoon Textile Ghazi Fabrics Gulistan Spinning Gulshan Spinning Hajra Textile Hira Textile Mills Ltd. Ibrahim Fibres Idrees Textile Janana D Mal Kohinoor Spinning Kohinoor Textile Leather Up Mohd Farooq Mukhtar Textile Nishat (Chunian) Nishat Mills Pak Synthetic Ravi Textile Redco Textile Regent Textile Rupali Poly Saif Textile Sally Textile Salman Noman Samin Textile Sargoda Spinning Saritow Spinning Service Ind Suraj Cotton Thal Limited Treet Corp ZahidJee Textile Zahoor Cotton Zil Limited

222 76 2594 840 133 4493 37 76 1150 2442 238 492 600 80 514 57 34 234 326 146 222 138 716 3105 180 48 1300 1455 60 189 145 1617 3516 560 250 213 48 341 264 88 42 267 312 133 120 180 307 418 341 99 53

PE

Open

0.99 9.75 2.59 7.44 19.50 0.37 2.95 8.41 0.21 16.68 0.61 21.39 2.58 1.93 2.48 0.97 2.57 15.00 1.35 3.55 22.47 43.99 0.18 1.53 0.14 3.80 0.91 95.00 0.72 4.75 0.31 7.99 0.37 10.40 0.70 0.93 4.64 3.51 48.72 3.00 5.50 0.37 16.51 0.51 1.25 7.76 4.23 6.78 1.72 0.80 0.40 4.29 28.40 5.68 64.86 3.13 19.23 1.01 2.00 0.35 73.08 19.32 3.85 42.36 0.44 9.01 0.26 7.09 0.64 3.00 4.29 5.45 1.20 4.30 0.37 1.94 6.58 179.22 0.73 39.26 5.34 108.46 6.11 49.35 1.08 6.00 0.70 4.65 63.00

High

High Low 985.17 965.99 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.60 8.64 Low

Close Chg

1.45 1.00 1.34 0.35 11.70 9.75 11.70 1.95 2.63 2.40 2.40 -0.19 21.90 19.50 20.68 1.18 2.98 2.03 2.30 -0.65 8.65 8.11 8.15 -0.26 17.45 16.50 16.90 0.22 22.40 20.01 21.70 0.31 2.89 2.51 2.53 -0.05 2.80 2.10 2.20 -0.28 1.40 0.50 0.75 -0.22 14.85 13.31 14.00 -1.00 1.47 1.23 1.29 -0.06 3.90 2.70 3.83 0.28 45.92 43.50 43.82 -0.17 1.75 1.51 1.60 0.07 4.25 3.02 4.05 0.25 95.50 89.66 92.70 -2.30 5.50 4.21 5.49 0.74 8.50 7.30 7.50 -0.49 11.15 10.13 10.13 -0.27 0.80 0.01 0.75 0.05 4.85 4.15 4.65 0.01 49.00 47.05 48.46 -0.26 6.00 5.26 5.46 -0.04 17.20 16.21 17.20 0.69 1.26 1.25 1.25 0.00 4.69 4.13 4.50 0.27 2.72 1.72 2.71 0.99 1.20 0.65 0.76 -0.04 0.77 0.24 0.21 -0.19 28.69 27.69 27.90 -0.50 65.48 63.50 64.06 -0.80 20.02 18.13 19.60 0.37 1.25 1.00 1.08 0.07 0.55 0.34 0.34 -0.01 19.32 19.00 19.00 -0.32 42.00 40.50 41.44 -0.92 9.25 8.90 8.91 -0.10 7.75 6.87 6.92 -0.17 3.01 2.75 2.90 -0.10 6.50 5.11 6.00 0.55 4.60 3.80 4.00 -0.30 2.00 1.80 1.81 -0.13 183.00 178.50 179.46 0.24 39.26 37.05 37.33 -1.93 112.19 107.00 107.64 -0.82 51.81 49.00 49.71 0.36 7.00 5.00 5.99 -0.01 0.70 0.41 0.42 -0.28 65.44 62.51 63.58 0.58

Close 970.64 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change % Change -3.42 -0.35 Market cap 200-Day High 129,371.44 mn Div Yield (%) 200-Day Low 2.40 -

Last 60 days High Low

41557 1.45 6002 11.70 410133 4.49 226418 24.50 49333 3.00 8262063 12.84 39397 18.41 144123 23.27 21570 3.40 80819 2.97 10960 1.43 40547 21.25 161325 1.96 5317 4.00 14034 49.05 19003 2.95 29126 8.90 9677 102.24 32400 7.50 253573 9.23 81217 11.15 8667 1.50 698743 5.20 41216 55.00 105424 6.00 11303 18.00 18501 1.74 16512 5.58 5010 3.10 23268 1.69 8063 0.81 4465327 29.50 4113830 71.89 94241 20.49 202284 1.70 27000 0.99 100000 26.25 82818 44.40 8573 11.50 96976 7.94 25389 6.35 5528 7.40 17420 5.01 20109 2.50 7242 253.00 6101 41.95 139736 131.89 294087 61.95 9287 7.00 17000 0.87 19560 87.90

0.61 5.61 2.35 18.55 1.95 8.05 10.01 13.00 2.05 2.00 0.25 13.31 1.03 1.20 35.00 1.41 3.02 66.50 3.01 5.02 6.56 0.01 3.31 43.02 3.01 13.15 0.80 3.60 1.00 0.60 0.13 22.30 57.20 9.00 0.40 0.31 19.00 36.55 4.10 3.63 2.75 4.45 2.30 1.37 171.76 35.77 100.51 44.10 2.27 0.25 50.50

2010 Div BR (%) (%) 10 - 30B 20 7.5 - 15B 20 15 5 15B 70 10 10 10 20B 10 20 10 5 15 25 45R 40 10 5B - 100R 5 75 50 80 20B 50 900B 35 -

2011 Div BR (%) (%) -

-

Open 957.58 Turnover 1,633,464 P/E (x) 7.34

High Low 979.53 948.38 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.64 22.31

Close 967.16 Listed cap 3,904.20 mn Payout (%) 44.54

Change % Change 9.58 1.00 Market cap 200-Day High 31,670.27 mn Div Yield (%) 200-Day Low 6.07 -

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Abbott (Lab) XD

979

7.03

85.00

85.94

83.00

84.50 -0.50

10932

108.00

78.59

-

-

Ferozsons (Lab)

250

6.32

91.00

94.00

91.16

93.50

2.50

6490

98.00

85.00

-

20B 12.50

-

GlaxoSmithKlineSPOT1707

17.45

88.18

90.00

86.50

88.63

0.45

626927

90.00

68.00

40

15B

-

25

10B

Company

Highnoon (Lab)

165

7.47

31.80

32.50

31.00

31.81

0.01

68712

Last 60 days High Low

32.85

24.50

2010 Div BR (%) (%) 50

-

2011 Div BR (%) (%)

-

-

IBL HealthCare Ltd

200

4.57

11.51

12.48

10.85

11.60

0.09

79515

12.80

7.70

-

-

-

-

Searle Pak

306

5.66

63.30

66.00

63.76

64.80

1.50

839523

69.00

58.05

30

-

-

-

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

68.18

Total Assets (Rs in mn)

1,284.11

MA (10-day)

12.03

Total Equity (Rs in mn)

645.57

MA (100-day)

11.63

Revenue (Rs in mn)

MA (200-day)

10.98

Interest Expense

1st Support

12.95

Loss after Taxation

(64.20)

2nd Support

12.70

EPS 10 (Rs)

(0.886)

1st Resistance

Performance of SR Personal Goods Index

Performance of SR Pharma and Bio Tech Index

2010 Div BR (%) (%)

Total Assets (Rs in mn)

-

PE

Company

Change % Change -43.91 -2.76 Market cap 200-Day High 30,845.67 mn Div Yield (%) 200-Day Low 17.32 -

Last 60 days High Low 17.70 244.95 2.00 13.49 63.89 568.40 181.00

2011 Div BR (%) (%)

PHARMA AND BIO TECH

Close 1,546.18 Listed cap 1,336.62 mn Payout (%) 131.49

9.00 8.25 8.30 -0.43 210.00 201.00 201.08 -6.82 1.39 1.16 1.21 -0.06 10.60 10.10 10.13 -0.59 51.98 46.96 47.30 -2.53 542.75 512.90 515.00 -13.98 103.99 92.00 95.08 -4.36

2010 Div BR (%) (%)

Paid up Cap(mn)

INDUSTRIAL ENGINEERING High Low 1,627.16 1,539.40 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 2.89 38.02

1.30

Open 2,010.88 Turnover 748,510 P/E (x) 49.41

Performance of SR Industrial Engineering Index Open 1,590.09 Turnover 342,112 P/E (x) 7.59

23.00

1.60

Last 60 days High Low

2.04 -0.01 23.28 -0.22

233.75 211.00 222.84 10.70 76.60 69.05 76.42 6.42 24.30

Volume

Change % Change 40.95 3.65 Market cap 200-Day High 42,837.39 mn Div Yield (%) 200-Day Low 5.06 -

67.34

Performance of SR Food Producers Index

-

Change % Change 24.62 2.77 Market cap 200-Day High 65,258.26 mn Div Yield (%) 200-Day Low 2.89 -

Close Chg

210.00 203.25 204.73 -6.00

Close 1,163.95 Listed cap 6,768.53 mn Payout (%) 20.42

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

FOOD PRODUCERS

CONSTRUCTION AND MATERIALS High Low 926.10 875.20 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.47 7.10

Low

5.44 210.73

890 598

Performance of SR Construction and Materials Index Open 888.15 Turnover 27,571,651 P/E (x) 6.58

High

101

Dewan Motors General Tyre

-

Change % Change 10.24 0.97 Market cap 200-Day High 9,996.18 mn Div Yield (%) 200-Day Low 9.59 -

Open

High Low 1,188.67 1,115.99 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 1.02 25.35

Atlas Battery

INDUSTRIAL METALS AND MINING High Low 1,082.55 1,034.61 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.07 33.10

2011 Div BR (%) (%)

Performance of SR Automobile and Parts Index

Performance of SR Industrial Metals and Mining Index Open 1,053.27 Turnover 2,076,035 P/E (x) 3.22

2010 Div BR (%) (%)

AUTOMOBILE AND PARTS

Company

CHEMICALS Performance of SR Chemicals Index Open 1,848.60 Turnover 74,556,725 P/E (x) 8.94

Change % Change -0.63 -0.09 Market cap 200-Day High 12,273.10 mn Div Yield (%) 200-Day Low 2.11 -

7.07

177.75

685 10.81 215.27

Close 727.53 Listed cap 3,242.17 mn Payout (%) 11.08

1092

849372

226

High Low 735.67 687.42 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.34 25.53

Paid up Cap(mn)

137.50 132.10 134.50 -2.44

Shell Pakistan XD

Open 728.16 Turnover 92,991 P/E (x) 5.24

Pak Int Cont.Terminal

9.10 136.94

Shell Gas LPG

Pakistan Reinsurance Co Ltd

-

20B115.00

Oil & Gas Development 43009

Pak Refinery Limited P.S.O

11,613.96 11,677.77 11,471.00 i16.16

Performance of SR Industrial Transportation Index

Close Change % Change 1,434.37 -2.42 -0.17 Listed cap Market cap 200-Day High 65,194.15 mn 1,049,343.81 mn Payout (%) Div Yield (%) 200-Day Low 55.94 5.77 -

Attock Petroleum

Mari Gas Company National Refinery

Current High Low Change

8,294.78 8,354.24 8,231.98 h17.33

Alert ! Unusual Movements

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,436.80 Turnover 24,778,849 P/E (x) 9.70

KSE 30 Index

13.60

270.62 34.57

Book value / share (Rs)

2nd Resistance

14.00

PE 11 E (x)

Pivot

13.35

PBV (x)

8.91 11.55 1.48

GGL closed up 1.01 at 13.17. Volume was 510 per cent above average (trending) and Bollinger Bands were 122 per cent wider than normal. The company's profit after taxation stood at Rs41.174 million which translates into an Earning Per Share of Rs0.57 for the half year of current fiscal year (1HFY11). GGL is currently 19.9 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into GGL (bullish). Trend forecasting oscillators are currently bullish on GGL.

Descon Oxychem Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

61.43

Total Assets (Rs in mn)

MA (10-day)

8.88

Total Equity (Rs in mn)

MA (100-day)

7.91

Revenue (Rs in mn)

MA (200-day)

6.27

Interest Expense

159.61

1st Support

8.86

Loss after Taxation

(53.39)

2nd Support

8.76

EPS 10 (Rs)

(0.268)

1st Resistance

9.10

Book value / share (Rs)

2nd Resistance

9.24

PE 11 E (x)

Pivot

9.00

PBV (x)

2,061.40 569.18 2,383.95

2.85 11.86 3.16

DOL closed up 0.01 at 9.01. Volume was 46 per cent below average and Bollinger Bands were 30 per cent narrower than normal. The company's profit after taxation stood at Rs38.471 million which translates into an Earning Per Share of Rs0.38 for the half year of current fiscal year (1HFY11). DOL is currently 43.6 per cent above 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 into DOL (mildly bullish). Trend forecasting oscillators are currently bullish on DOL

BOOK CLOSURES Company

From

To

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 Habib Insur Ksb Pumps Singer Pak Security Investment Bank Shabbir Tiles & Ceramics Al Meezan Mutual Fund # Efu Life Assur Efu Gen Insur American Life Insur Premier Insur ICI Pak Dawood Lawrencepur

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 18-Apr 19-Apr 19-Apr 19-Apr 19-Apr 20-Apr 20-Apr 20-Apr 20-Apr 20-Apr 20-Apr 20-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 30-Apr 26-Apr 29-Apr 25-Apr 25-Apr 27-Apr 27-Apr 27-Apr 26-Apr 29-Apr 27-Apr 28-Apr

D/B/R

INDICATIONS # Extraordinary General Meeting

Spot AGM/Date

25 04-Apr 5(F) 04-Apr 32.5 04-Apr 40(F),15(B) 05-Apr 10(B) 06-Apr 100(R) 07-Apr 20,35(B) 07-Apr 280(F) 07-Apr 21(F) 08-Apr 20,25(B) 08-Apr 25,12.5(B) 08-Apr 12.5(F) 11-Apr 10(B) 11-Apr 100(R) 11-Apr 50(F) 12-Apr 12.5 12-Apr 25(F) 12-Apr 120(F) 12-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 30-Apr 26-Apr 29-Apr 25-Apr 27-Apr 27-Apr 27-Apr 26-Apr 29-Apr 27-Apr 28-Apr


7

Monday, April 11, 2011 Ask Gen InsuranceSPOT Atlas InsuranceXDXB Central Insurance XB Century Insurance EFU General Insurance Habib Insurance IGI InsuranceSPOT New Jub Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance Reliance Insurance Silver Star Insurance United Insurance Universal Insurance

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,007.31 Turnover 7,567,603 P/E (x) 5.32 Paid up Cap(mn)

Company

High Low 1,014.61 974.33 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.68 12.84

PE

Open

High

Low

Close Chg

Pakistan Telecomm Co A 37740 11.06 Telecard 3000 1.24 WorldCall Tele 8606 Wateen Telecom Ltd 6175 -

17.02 1.89 2.75 2.95

17.08 1.99 2.89 3.20

16.50 1.84 2.56 2.80

16.59 -0.43 1.88 -0.01 2.76 0.01 3.02 0.07

Close 985.08 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 2710230 734616 4120556 1161167

Change % Change -22.23 -2.21 Market cap 200-Day High 67,786.58 mn Div Yield (%) 200-Day Low 11.76 -

Last 60 days High Low

2010 Div BR (%) (%)

20.65 2.48 3.11 4.65

17.5 1 -

16.50 1.60 2.15 2.65

2011 Div BR (%) (%)

-

-

-

255 4.91 10.94 443 4.33 27.78 279 6.17 111.28 457 6.25 10.37 1250 - 34.03 400 7.49 13.99 718 8.56 100.00 791 12.72 70.49 3000 11.41 18.25 250 36.84 9.00 350 76.79 11.60 303 5.34 11.79 252 3.63 7.49 253 4.49 6.61 400 2.71 7.81 263 3.00

Paid up Cap(mn)

Company

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

3426 198 11572 1560 7932 1695 126 8803 3673 3541 191 1367 150

High Low 1,383.41 1,333.13 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.33 9.35

PE

Open

High

Low

2.91 6.79 7.88 2.73 5.28 3.14 2.46 4.78 -

9.00 0.60 38.00 1.32 2.60 17.25 3.30 41.24 15.97 17.08 16.95 1.79 0.64

10.00 0.74 38.50 1.43 2.87 18.24 4.00 41.50 16.00 17.75 16.94 1.80 0.85

9.00 0.52 36.84 1.31 2.52 17.30 3.00 41.00 15.47 16.71 15.35 1.60 0.62

Close 1,341.44 Listed cap 95,369.29 mn Payout (%) 104.13

Open 773.97 Turnover 139,787 P/E (x) 5.54

Change % Change -21.89 -1.61 Market cap 200-Day High 103,883.80 mn Div Yield (%) 200-Day Low 7.35 -

Volume

Last 60 days High Low

9.01 0.70 37.09 1.32 2.63 18.13 3.49 41.15 15.64 16.80 15.67 1.65 0.70

29956 8010 2993052 211599 3298621 33137 114653 699304 872854 506172 123979 327871 27468

11.45 0.98 41.20 1.89 3.28 20.03 4.95 45.85 18.01 18.70 19.25 2.35 1.31

9.00 0.52 35.90 1.25 2.31 16.00 2.45 40.26 14.05 14.85 15.35 1.41 0.31

2010 Div BR (%) (%) 50 25 50 20 -

Paid up Cap(mn)

Company

2011 Div BR (%) (%)

- 25.00 7.8R - 10.00 - 30.00 -

EFU Life Assurance New Jub Life Insurance

-

Paid up Cap(mn)

Company Sui North Gas Sui South Gas

Close 1,412.56 Listed cap 12,202.80 mn Payout (%) 66.79

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

20.17 24.96

20.89 25.24

19.70 24.00

20.37 0.20 24.23 -0.73

512478 108459

29.39 27.90

19.11 21.41

20 15

-

-

BANKS Performance of SR Banks Index

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 5.71 59.67 7070 6.11 12.56 13492 8.21 9.90 8786 6.20 29.37 5004 3.72 4.16 5288 5.98 5280 43.78 3.93 7327 6.85 11.10 11021 7.67 117.25 Habib Metropolitan Bank XB 10478 6.12 19.98 JS Bank Ltd 8150 2.84 KASB Bank Ltd 9509 1.41 MCB Bank Ltd 8362 9.37 208.53 Meezan Bank XB 8030 7.63 17.20 Mybank Ltd 5304 2.00 National BankXDXB 16818 4.97 57.47 NIB Bank 40437 2.10 Samba Bank 14335 1.76 Silkbank Ltd 26716 2.17 Soneri Bank 6023 29.19 6.30 Stand Chart Bank XD 38716 9.00 8.30 Summit Bank Ltd 7251 2.80 United Bank Ltd 12242 7.55 63.15

High

High Low Close 1,187.86 1,152.14 1,179.75 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

61.10 59.35 60.49 0.82 12.99 12.45 12.84 0.28 11.20 9.80 11.08 1.18 30.60 28.96 30.49 1.12 4.24 4.06 4.20 0.04 6.87 6.15 6.40 0.42 4.13 3.76 3.94 0.01 11.39 10.80 11.16 0.06 123.20 116.70 122.73 5.48 20.50 19.62 20.00 0.02 3.00 2.66 2.81 -0.03 1.54 1.32 1.40 -0.01 210.10 204.50 207.99 -0.54 18.44 17.00 18.00 0.80 2.50 2.01 2.30 0.30 57.70 56.56 56.92 -0.55 2.16 2.03 2.07 -0.03 2.00 1.72 1.99 0.23 2.19 2.06 2.12 -0.05 6.99 6.06 6.13 -0.17 9.20 8.10 8.55 0.25 3.00 2.61 2.72 -0.08 65.50 62.51 64.22 1.07

Change % Change 14.60 1.25 Market cap 200-Day High 698,403.11 mn Div Yield (%) 200-Day Low 5.37 -

Last 60 days High Low

Volume 277947 1707794 19398195 8020129 57263 11997874 1440029 601958 920810 1374387 373598 207695 3081851 9107118 800376 5566092 4168596 1066715 3249753 1015613 135323 1211028 3116038

74.00 19.25 11.99 39.00 4.65 9.93 4.50 16.40 131.00 29.10 3.16 2.60 250.48 19.74 3.40 81.78 3.20 2.12 2.86 7.89 9.90 4.63 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

2010 Div BR (%) (%)

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 -

-

Paid up Cap(mn)

Company Adamjee Insurance

Close 756.80 Listed cap 11,111.34 mn Payout (%) 79.54

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

74.32

74.90

68.11

70.02 -4.30

1783715

96.40

68.11

2010 Div BR (%) (%) 25

-

Low

Close Chg

Volume

Last 60 days High Low

64.50 50.26

60.00 45.02

63.69 2.78 48.00 0.00

97421 40529

79.80 50.26

High Low 336.31 314.82 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.21 0.91

PE

Open

High

Low

225 1.17 360 3.74 450 16.07 3750 4.84 150 1.29 250 556.67 441 First Credit & Invest Bank Ltd 650 Grays Leasing 215 IGI Investment Bank 2121 9.09 Invest and Fin Sec 600 5.77 Invest Bank 2849 Ist Cap Securities 3166 Ist Dawood Bank 626 0.84 Jah Siddiq Co 7633 JOV and CO 508 777.50 JS Global Cap 500 6.55 JS Investment 1000 KASB Securities 1000 6.80 Orix Leasing 821 4.10 Pervez Ahmed Sec 775 3.92 Saudi Pak Leasing 452 Sec Inv Bank 514 19.16 Stand Chart Leasing 978 3.39 Trust Inv Bank 586 0.44

0.54 22.10 20.09 25.11 1.29 1.55 2.07 3.50 3.00 2.00 6.00 0.50 3.29 1.59 8.39 3.24 22.00 5.72 4.50 5.91 1.91 0.84 2.55 2.51 2.00

0.69 22.75 20.98 25.38 1.74 1.69 3.00 4.96 3.00 2.17 8.00 0.73 3.67 1.89 8.54 3.40 23.10 6.00 4.80 5.95 1.99 0.84 4.00 2.89 1.99

0.46 21.45 19.53 24.19 1.15 1.42 1.65 3.31 3.00 1.90 6.20 0.35 3.13 1.50 8.00 3.05 22.00 5.30 4.07 5.31 1.74 0.61 2.50 2.50 1.57

Paid up Cap(mn)

Company

2011 Div BR (%) (%)

-

High

60.91 48.00

Open 1,474.42 Turnover 17,499,481 P/E (x) 19.30

Change % Change -1.37 -0.18 Market cap 200-Day High 48,661.29 mn Div Yield (%) 200-Day Low 6.08 -

1237 16.71

Open

51.31 39.05

2010 Div BR (%) (%) 50 15

2011 Div BR (%) (%)

-

-

-

Close Chg 0.56 22.00 19.61 24.77 1.34 1.67 2.00 4.96 3.00 2.00 7.15 0.45 3.24 1.60 8.03 3.11 22.79 5.64 4.15 5.90 1.88 0.61 3.64 2.51 1.57

0.02 -0.10 -0.48 -0.34 0.05 0.12 -0.07 1.46 0.00 0.00 1.15 -0.05 -0.05 0.01 -0.36 -0.13 0.79 -0.08 -0.35 -0.01 -0.03 -0.23 1.09 0.00 -0.43

Close 319.60 Listed cap 30,336.44 mn Payout (%) 99.56

Volume 417806 53309 110593 7387118 13553 31448 101503 394224 5721 45196 1606871 25606 793065 131851 9704601 531074 30930 471422 37772 5067 373485 5551 93023 26917 5497

Change % Change -7.96 -2.43 Market cap 200-Day High 15,382.68 mn Div Yield (%) 200-Day Low 4.22 -

Last 60 days High Low

2010 Div BR (%) (%)

0.93 24.86 28.00 30.20 2.10 2.57 3.80 4.96 3.95 2.95 8.98 1.09 3.79 2.00 12.80 4.49 31.50 7.40 5.25 6.75 2.49 0.95 4.20 3.00 2.00

30 11.5 10 50 -

0.43 17.55 18.31 18.75 1.10 1.06 1.55 2.30 0.87 1.90 5.15 0.31 2.90 1.24 8.00 2.58 20.80 5.00 3.75 5.25 1.21 0.41 2.27 1.67 0.61

2011 Div BR (%) (%)

20B 20B 10B -

-

-

Performance of SR Equity Investment Instruments Index

NON LIFE INSURANCE High Low 767.03 739.95 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.68 5.20

Symbols QUET PRWM ATLH KOIL COTT SHCI CSIL SHNI PASM STCL SNAI GATM YOUW OLTM GAEL SZTM TRPOL FPJM TRSM FNBM HADC SJTM TSMF PNGRS TAJT UNIM RMPL AKDCL AGIL MQTM JVDC BATA GATI KOHTM PAKD ELSM ALNRS GUTM GAMON KML DMTX ULEVER JUBS GRAYS RCML PAKMI NESTLE FZCM ISTM EWLA JKSM NAGC BCL KOHS GLPL SHTM SAPL MSOT HWQS BTL SALT PHDL NMBL DATM SKRS NPSM STJT MTIL OLSM SASML MIRKS ICL QUAT SGMLPS EXIDE PMRS SING TATM FHBM CLOV IDYM DADX MFFL COLG REWM CWSM KHSM ARM HMIM FZTM MDTL FNEL ALICO HINO DYNO MOON BWCL TSBL FFLM PIAB UPFL FIBLM FIMM DINT ICCT BILF WAZIR KSTM BWHL TOWL KASBM SGPL SFWF FTSM SIEM ISIL ILTM SAPT PSEL BUXL BHAT MEHT JOPP WYETH AASM FRSM SHJS GLAT PGCL BROT OTSU FECS IDSM ZTL

EQUITY INVESTMENT INSTRUMENTS

20R -

Performance of SR Non Life Insurance Index Open 758.17 Turnover 14,794,388 P/E (x) 13.08

UPTO 5000 VOLUME

-

Change % Change 24.43 3.16 Market cap 200-Day High 9,323.42 mn Div Yield (%) 200-Day Low 3.99 -

PE

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

2011 Div BR (%) (%)

25B

Close 798.39 Listed cap 2,290.72 mn Payout (%) 355.53

850 14.92 627 20.51

Paid up Cap(mn)

Company

2010 Div BR (%) (%)

High Low 819.56 759.10 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.43 3.85

Open 327.56 Turnover 14,622,550 P/E (x) 11.44

Change % Change -16.47 -1.15 Market cap 200-Day High 31,513.47 mn Div Yield (%) 200-Day Low 7.25 -

5491 11.98 8390 3.65

Open 1,165.16 Turnover 77,686,157 P/E (x) 7.53

-

Performance of SR Financial Services Index

GAS WATER AND MULTIUTILITIES High Low 1,442.93 1,383.87 Total cos Defaulter cos 2 P/BV (x) ROE (%) 1.05 11.41

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

FINANCIAL SERVICES

Performance of SR Gas Water and Multiutilities Index Open 1,429.03 Turnover 620,937 P/E (x) 9.22

9.51 26.60 61.30 8.90 32.25 11.72 88.11 56.00 13.80 6.20 8.02 10.00 6.20 6.01 5.50 1.68

Performance of SR Life Insurance Index

Close Chg 0.01 0.10 -0.91 0.00 0.03 0.88 0.19 -0.09 -0.33 -0.28 -1.28 -0.14 0.06

6766 11.80 7411 42.90 12288 115.90 211977 11.47 138431 45.00 463603 15.75 68147 102.44 18202 74.80 11574633 20.80 29968 10.00 16715 13.00 307906 13.27 21400 8.25 30697 8.20 71287 8.49 22700 3.85

LIFE INSURANCE

ELECTRICITY Performance of SR Electricity Index Open 1,363.32 Turnover 9,246,776 P/E (x) 14.17

11.50 11.00 11.45 0.51 28.90 27.51 28.43 0.65 115.00 107.01 108.53 -2.75 10.59 9.92 10.00 -0.37 35.00 33.02 34.68 0.65 15.75 14.03 15.73 1.74 100.80 95.01 99.62 -0.38 74.80 68.50 72.36 1.87 20.80 18.05 19.96 1.71 9.00 6.36 7.00 -2.00 12.60 10.75 10.75 -0.85 11.10 10.00 10.67 -1.12 7.50 7.00 7.47 -0.02 7.00 6.58 6.60 -0.01 8.01 7.71 8.01 0.20 3.00 2.50 2.50 -0.50

-

High Low 1,572.16 1,460.29 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.43 2.21

PE

Open

High

Low

AL-Meezan Mutual F. XD1375 4.17 AL-Noor Modaraba 210 2.03 Atlas Fund of Funds 525 1.78 B F Modaraba 75 1.42 B R R Guardian Mod. 780 1.64 Constellation Modaraba 65 1.99 Crescent St Modaraba 200 1.27 Elite Cap Modaraba 113 3.65 Equity Modaraba 524 0.98 First Dawood Mutual F. 581 0.68 Golden Arrow 760 1.71 Habib Modaraba 1008 6.72 JS Growth Fund 3180 2.57 JS Value Fund 1186 1.44 Meezan Balanced Fund 1200 2.67 Mod Al-Mali 184 12.50 NAMCO Balanced Fund 1000 1.85 Paramount Modaraba 59 5.68 PICIC Energy Fund 1000 3.15 PICIC Growth Fund 2835 3.81 PICIC Inv Fund 2841 3.13 Prud Modaraba 1st 872 1.83 Stand Chart Modaraba 454 5.04 U D L Modaraba XD 264 2.34

10.20 3.46 6.71 4.30 1.87 1.20 0.61 2.75 1.61 2.16 3.30 7.65 6.19 5.45 9.07 1.06 4.34 9.36 7.35 12.20 5.35 1.03 9.95 5.87

10.40 3.49 6.94 5.00 1.70 1.90 0.65 3.39 1.96 2.39 3.95 7.90 7.45 6.04 9.40 1.35 4.92 9.36 7.63 13.00 6.00 1.00 10.14 6.70

10.10 3.01 6.70 4.50 1.35 1.20 0.47 2.76 1.60 1.85 3.20 7.25 6.00 5.40 9.05 1.05 4.00 8.22 7.23 12.22 5.22 0.80 9.56 6.00

Close 1,515.37 Listed cap 29,771.58 mn Payout (%) 104.74

Change % Change 40.95 2.78 Market cap 200-Day High 19,425.71 mn Div Yield (%) 200-Day Low 8.43 -

Close Chg

Volume

Last 60 days High Low

2010 Div BR (%) (%)

10.33 3.49 6.71 5.00 1.51 1.47 0.56 2.99 1.60 2.00 3.72 7.80 6.68 5.98 9.30 1.25 4.00 8.75 7.63 12.71 5.75 0.95 9.87 6.50

349047 55334 304462 179073 28556 18225 20055 5877 78331 131184 4644640 97318 3976717 4105807 1661633 12536 10500 15624 302555 664735 652104 125456 30439 8997

11.50 3.50 6.97 5.00 1.89 1.99 0.80 3.39 2.98 2.57 3.95 7.94 7.45 6.61 10.24 2.25 5.28 9.90 8.83 16.49 7.95 1.20 10.63 7.25

18.5 5 2.2 0 1.2 5 17 21 5 10 15.5 15 18 10 20 10 3 17 12.5

0.13 0.03 0.00 0.70 -0.36 0.27 -0.05 0.24 -0.01 -0.16 0.42 0.15 0.49 0.53 0.23 0.19 -0.34 -0.61 0.28 0.51 0.40 -0.08 -0.08 0.63

8.51 2.85 4.50 3.30 1.12 0.90 0.39 2.12 1.56 1.79 2.92 6.72 4.65 4.20 7.31 1.00 2.92 8.21 6.70 12.00 5.10 0.80 9.25 5.67

2011 Div BR (%) (%)

- 5.00 10B - 10.00 - 12.50 - 7.50 - 7.50

-

Open 53.44 14.70 141.20 1.53 2.03 2.40 4.40 13.98 13.35 7.54 40.78 46.01 1.20 1.00 1.05 6.25 0.87 1.36 1.50 6.17 0.40 1.00 1.01 4.31 0.30 0.25 2222.00 39.63 71.01 8.15 60.50 510.16 46.54 1.55 47.09 26.56 40.02 19.50 1.20 1.52 4.00 4926.50 3.60 45.93 33.25 0.90 3440.39 59.70 6.00 1.50 7.50 16.20 46.50 3.00 56.21 0.36 146.00 17.80 13.73 61.99 64.50 31.89 1.49 0.45 1.75 26.00 22.50 0.50 1.70 8.00 41.79 25.79 14.25 2.90 193.40 37.93 19.58 40.00 8.10 59.03 309.00 17.77 70.00 720.00 13.00 1.25 1.80 18.49 1.00 389.44 18.50 4.45 15.99 110.20 10.35 17.40 12.66 3.02 1.30 4.25 1200.21 1.62 59.85 31.36 1.07 1.17 6.14 1.18 36.50 8.08 2.98 0.60 7.00 0.80 1051.00 82.13 210.50 111.52 149.63 9.00 250.00 59.63 7.93 950.00 25.50 18.55 65.56 8.50 16.42 0.45 33.89 37.85 8.56 3.99

High 60.63 14.99 142.79 1.60 2.00 2.43 4.00 14.00 14.25 8.00 41.89 49.19 1.54 1.25 1.19 6.25 1.10 1.50 2.18 6.00 0.80 1.06 1.88 4.68 0.35 0.50 2494.95 41.24 72.85 9.25 60.50 551.00 49.50 1.51 48.00 27.00 42.00 20.50 1.98 2.34 4.00 5988.18 3.01 47.70 34.90 1.20 3700.00 59.58 6.90 2.49 8.00 16.50 48.78 4.35 56.50 0.40 155.00 18.80 14.00 61.99 61.75 33.00 2.45 0.45 2.20 27.00 22.50 0.74 1.70 8.00 43.87 26.50 14.90 3.90 197.00 37.93 21.29 41.99 8.48 64.25 307.99 17.77 73.00 749.00 13.00 1.49 1.80 18.49 1.00 394.40 18.95 5.20 16.99 111.00 11.00 17.00 13.50 4.00 1.72 5.25 1380.00 1.62 62.75 32.92 1.50 1.17 7.00 1.40 37.99 9.00 3.94 0.70 7.88 1.80 1102.09 82.13 221.02 117.09 149.63 10.00 254.00 59.63 8.93 997.50 26.77 19.25 68.00 9.50 16.99 0.54 33.89 39.74 9.56 3.99

Low

Close

50.77 14.00 140.00 1.40 1.70 2.06 3.11 12.50 14.00 6.90 40.00 45.00 1.20 1.00 0.25 6.10 0.70 0.70 1.50 5.45 0.32 0.28 0.96 3.95 0.30 0.25 2140.00 37.00 70.20 8.23 57.58 500.01 46.54 1.20 45.50 25.90 40.02 19.50 1.00 1.52 3.76 4900.00 3.01 43.30 30.25 0.75 3472.00 55.00 6.00 1.90 7.50 16.00 42.70 3.00 53.40 0.36 149.00 16.81 13.00 60.00 60.05 32.99 0.80 0.45 1.75 26.00 22.50 0.50 1.70 8.00 40.60 25.79 14.25 2.90 190.01 36.04 19.41 38.10 7.50 58.27 290.19 16.06 69.11 650.00 12.15 1.10 0.80 18.49 1.00 335.50 17.50 3.61 15.01 107.00 9.54 15.00 12.00 3.00 1.35 4.25 1250.00 1.50 59.00 29.80 1.07 0.75 6.00 1.00 34.68 8.00 2.98 0.60 7.00 0.80 1020.00 78.03 200.00 111.52 142.15 8.40 237.50 59.00 7.93 920.09 24.76 18.55 62.38 7.50 15.50 0.45 32.20 35.96 7.60 2.99

60.63 14.25 140.15 1.50 1.70 2.39 3.70 13.10 14.00 7.55 41.10 49.19 1.20 1.00 0.61 6.10 0.70 1.01 1.50 5.45 0.42 0.96 1.26 3.96 0.35 0.25 2400.00 38.21 72.49 9.00 59.90 512.96 48.61 1.51 47.44 25.90 42.00 20.50 1.00 2.00 3.76 5160.46 3.01 45.53 30.50 0.75 3517.88 56.75 6.90 2.00 8.00 16.07 44.94 3.75 54.40 0.40 149.00 17.95 13.00 60.01 61.53 33.00 1.45 0.45 1.75 27.00 22.50 0.74 1.70 8.00 42.05 26.50 14.90 3.42 193.01 36.04 20.38 40.00 7.50 61.22 290.30 16.89 70.00 676.81 12.15 1.25 0.80 18.49 1.00 335.89 18.50 4.45 15.99 110.20 10.35 16.00 12.66 3.02 1.30 4.25 1302.12 1.62 62.75 31.36 1.07 1.17 6.14 1.18 36.50 8.08 2.98 0.60 7.00 0.80 1051.00 82.13 210.50 111.52 149.63 9.00 250.00 59.63 7.93 995.53 25.50 18.58 65.56 8.50 16.42 0.45 33.89 37.85 8.56 3.99

Change

Vol

7.19 -0.45 -1.05 -0.03 -0.33 -0.01 -0.70 -0.88 0.65 0.01 0.32 3.18 0.00 0.00 -0.44 -0.15 -0.17 -0.35 0.00 -0.72 0.02 -0.04 0.25 -0.35 0.05 0.00 178.00 -1.42 1.48 0.85 -0.60 2.80 2.07 -0.04 0.35 -0.66 1.98 1.00 -0.20 0.48 -0.24 233.96 -0.59 -0.40 -2.75 -0.15 77.49 -2.95 0.90 0.50 0.50 -0.13 -1.56 0.75 -1.81 0.04 3.00 0.15 -0.73 -1.98 -2.97 1.11 -0.04 0.00 0.00 1.00 0.00 0.24 0.00 0.00 0.26 0.71 0.65 0.52 -0.39 -1.89 0.80 0.00 -0.60 2.19 -18.70 -0.88 0.00 -43.19 -0.85 0.00 -1.00 0.00 0.00 -53.55 0.00 0.00 0.00 0.00 0.00 -1.40 0.00 0.00 0.00 0.00 101.91 0.00 2.90 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 45.53 0.00 0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

4854 4810 4692 4565 4501 4494 4369 4173 4002 3726 3724 3630 3503 3501 3500 3472 3450 3448 3446 3410 3357 3200 3175 3123 3000 3000 2979 2702 2647 2601 2433 2302 2271 2251 2201 2170 2100 2015 2001 2001 2000 1905 1891 1877 1717 1652 1573 1550 1520 1505 1500 1486 1469 1403 1375 1313 1310 1305 1301 1200 1170 1010 1003 1001 1000 1000 1000 999 990 985 905 900 900 854 842 842 752 723 704 688 657 623 605 567 551 505 500 500 496 485 441 392 332 322 313 307 302 297 238 213 202 201 201 177 135 131 123 118 110 104 101 100 100 100 95 82 81 80 50 48 42 40 35 35 32 31 26 21 20 20 20 18 18 15

BOARD MEETINGS

Bank Al-Falah Ltd

KSE 100 INDEX

Engro Corporation

Dera Ghazi Khan Cement Co Ltd

Company

Date

Time

Metropolitan Steel Corp Ltd Bank Al Habib Ltd First Credit And Invest Bank Ltd New Jubilee Life Insur Comp Ltd Fateh Textile Mills Ltd Nestle Pak Ltd Baluchistan Wheels Habib Bank Ltd Lucky Cement Ltd Sigma Leasing Corp Ltd Namco Balanced Fund

11-Apr 12-Apr 12-Apr 12-Apr 12-Apr 15-Apr 15-Apr 15-Apr 16-Apr 16-Apr 18-Apr

3:30 12:00 11:00 10:00 1:30 10:00 10:30 9:30 11:30 10:00 12:00

TECHNICAL LEVELS Company

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position 11,846.10

Target Price

Recommendations

11.8

Buy

Arif Habib Ltd

Accumulate

AKD Securities Ltd

28.72

TFD Research

36.45

Arif Habib Ltd AKD Securities Ltd

11

54.01

Support 1

MA (5-day)

11,892.51

Support 2

MA (10-day)

11,826.08

Resistance 1

11,962.05

MA (100-day)

11,859.64

Resistance 2

12,018.25

Technical Analysis

MA (200-day)

10,980.23

Pivot

11,902.30

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

TFD Research

11,786.30

KSE 100 INDEX closed up 20.23 points at 11,905.87. Volume was 45 per cent below average and Bollinger Bands were 21 per cent narrower than normal. As far as resistance level is concern, the market will see major 1st resistance level at 11,962.05 and 2nd resistance level at 12,018.25, while Index will continue to find its 1st support level at 11,846.10 and 2nd support level at 11,786.30. KSE 100 INDEX is currently 8.5 per cent above 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 INDEX at a relatively equal pace. Trend forecasting oscillators are currently bullish on INDEX.

Target Price

70.35 10.21

MTS Shares `000 MTS Rs `000

MA (100-day) 10.41 MTS Rate MA (200-day) 9.67 ** NOI Rs (mn) Free Float Shares (mn)674.58 Free Float Rs (mn)

Brokerage House

58.42

MTS Shares `000

MA (10-day) MA (100-day)

25.32 27.77

MTS Rs `000 MTS Rate

MA (200-day) 26.79 Free Float Shares (mn)200.80

258

115.77 5,204.86

245.4

Positive

Technical Analysis RSI (14-day)

45.37

MA (10-day) MA (100-day)

204.59 203.81

Leverage Position MTS Shares `000

969

MTS Rs `000 MTS Rate

MA (200-day) 191.11 Free Float Shares (mn)176.98

148,757 16.98

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

203.88 36,245.07

Recommendations Buy

Arif Habib Ltd

Neutral

AKD Securities Ltd

120.7

Neutral

TFD Research

129.4

86.15

Positive

TFD Research

363.65

Brokerage House

Technical Outlook

Technical Outlook

Technical Analysis RSI (14-day)

61.91

MA (10-day)

324.51

MA (100-day) 306.40 MA (200-day) 268.48 Free Float Shares (mn)107.94

MTS Shares `000

96

MTS Rs `000

23,584 16.02 408.11 35,688.10

Brokerage House

Target Price

Target Price

Recommendations

144

Buy

Arif Habib Ltd

Reduce

AKD Securities Ltd

45.52

Neutral

TFD Research

44.25

Technical Analysis RSI (14-day) 58.12 MA (10-day) 136.70 MA (100-day) 130.51 MA (200-day) 118.76 Free Float Shares (mn)466.49

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

37

Recommendations Sell Accumulate Neutral

Technical Outlook

Technical Outlook

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

Fauji Fertiliser Bin Qasim Ltd

Fauji Fertiliser Co

359

TFD Research

LUCK closed up 1.97 at 70.37. Volume was 19 per cent below average and Bollinger Bands were 8 per cent wider than normal. LUCK is currently 0.5 per cent above 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 very strong flows of volume into LUCK (bullish). Trend forecasting oscillators are currently bullish on LUCK.

Neutral

Technical Outlook 5,004 17.00

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

Target Price

322.42

270 14,255 16.64

TFD Research

Positive

Leverage Position

RSI (14-day)

195.41

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

AKD Securities Ltd

MTS Shares `000 MTS Rs `000 MTS Rate

84 655 18.00 N/A 7,474.33

Buy

ENGRO closed down -0.68 at 204.80. Volume was 34 per cent below average and Bollinger Bands were 74 per cent wider than normal. ENGRO is currently 7.2 per cent above its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of ENGRO at a relatively equal pace. Trend forecasting oscillators are currently bearish on ENGRO.

Arif Habib Ltd

62.27 67.94 71.35

AKD Securities Ltd

Recommendations

224

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

Buy

MA (200-day) 70.03 ** NOI Rs (mn) 159.61 Free Float Shares (mn)129.35 Free Float Rs (mn) 9,102.36 Target price for Dec-11 & **Net Open Interest in future market

Accumulate

Target Price

DGKC closed up 0.64 at 25.92. Volume was 63 per cent below average (consolidating) and Bollinger Bands were 11 per cent narrower than normal. DGKC is currently 3.2 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of DGKC at a relatively equal pace. Trend forecasting oscillators are currently bullish on DGKC.

Buy

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

Arif Habib Ltd

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

97.1

Leverage Position

Buy

BAFL closed up 1.18 at 11.08. Volume was 3 per cent below average and Bollinger Bands were 47 per cent wider than normal. BAFL is currently 14.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into BAFL (bullish). Trend forecasting oscillators are currently bullish on BAFL. Momentum oscillator is currently indicating that BAFL is currently in an overbought condition.

87.61

Technical Analysis

Recommendations

30.1

Technical Analysis

Pakistan Oilfields Ltd

Recommendations

Brokerage House

Target Price

Technical Outlook

Leverage Position

AKD Securities Ltd

Arif Habib Ltd

Positive

Technical Outlook

Lucky Cement Ltd

Brokerage House

14.01

Brokerage House

75 7,709 0.00 45.70 64,295.95

Technical Analysis RSI (14-day) 53.89 MA (10-day) 41.38 MA (100-day) 38.88 MA (200-day) 33.73 Free Float Shares (mn)326.94

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

373 11,516 18.00 67.06 13,512.37

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

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

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

POL closed up 5.41 at 330.62. Volume was 120 per cent above average and Bollinger Bands were 50 per cent narrower than normal. POL is currently 23.1 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of POL at a relatively equal pace. Trend forecasting oscillators are currently bullish on POL.

FFC closed down -1.38 at 137.83. Volume was 59 per cent below average (consolidating) and Bollinger Bands were 42 per cent narrower than normal. FFC is currently 16.0 per cent above 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 FFC at a relatively equal pace. Trend forecasting oscillators are currently bullish on FFC.

FFBL closed up 0.05 at 41.33. Volume was 82 per cent below average (consolidating) and Bollinger Bands were 1 per cent wider than normal. FFBL is currently 22.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of FFBL at a relatively equal pace. Trend forecasting oscillators are currently bullish on FFBL.

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 55.80 2.80 2.75 46.01 60.10 59.75 74.43 55.25 54.45 55.36 24.55 24.35 37.59 19.40 19.25 33.73 69.75 69.50 40.10 12.60 12.35 32.85 8.00 7.85 62.47 367.30 359.65 62.57 126.90 126.10 70.28 10.90 10.75 61.29 3.80 3.65 41.72 6.35 6.25 46.12 1.65 1.60 58.34 25.60 25.30 50.58 2.70 2.65 50.23 2.05 1.95 44.89 34.25 33.85 62.49 62.50 61.30 45.41 203.50 202.15 35.43 11.10 11.00 62.72 4.45 4.35 53.91 41.10 40.90 58.16 137.20 136.55 61.18 120.50 118.25 41.77 36.90 36.70 64.48 167.15 165.90 46.80 218.85 214.85 44.81 3.05 2.95 40.82 1.30 1.25 53.00 2.70 2.55 44.21 7.95 7.85 44.43 41.05 40.95 49.56 2.60 2.55 50.96 15.75 15.65 62.14 70.00 69.60 48.35 205.85 203.70 61.95 2.50 2.45 26.58 56.75 56.55 53.08 27.70 27.45 59.96 23.80 23.60 40.47 2.00 1.95 66.48 3.10 3.00 49.30 63.70 63.35 30.06 132.70 130.90 62.43 3.55 3.45 47.92 1.80 1.75 50.55 2.60 2.55 52.34 6.00 5.90 61.86 325.15 319.65 56.26 208.50 205.55 75.45 74.40 72.40 45.86 272.85 271.10 30.14 16.50 16.40 53.53 209.90 209.00 45.59 20.15 19.95 67.97 18.85 18.30 47.92 24.10 24.00 42.76 1.85 1.80 43.77 2.95 2.90 59.83 63.55 62.90 59.22 2.65 2.50

1st

2nd

Resistance 3.10 3.25 60.95 61.45 56.55 57.05 25.00 25.20 19.90 20.20 70.35 70.65 13.05 13.25 8.40 8.65 380.30 385.65 128.60 129.50 11.20 11.35 4.05 4.15 6.50 6.55 1.80 1.90 26.30 26.70 2.80 2.85 2.15 2.25 35.05 35.45 64.70 65.70 206.15 207.50 11.30 11.40 4.65 4.75 41.65 42.00 138.80 139.75 124.00 125.25 37.35 37.60 169.35 170.30 229.10 235.35 3.25 3.35 1.40 1.45 3.00 3.15 8.20 8.35 41.25 41.40 2.70 2.75 15.95 16.05 70.80 71.25 209.30 210.60 2.60 2.65 57.20 57.45 28.20 28.55 24.45 24.90 2.10 2.15 3.20 3.30 64.50 64.95 135.70 136.90 3.75 3.85 1.95 2.05 2.80 2.85 6.15 6.25 334.00 337.35 213.15 214.90 77.50 78.60 276.00 277.40 16.70 16.80 211.80 212.80 20.75 21.10 19.85 20.30 24.35 24.50 1.95 2.00 3.05 3.10 64.80 65.40 2.90 3.00

Pivot 3.00 60.60 55.75 24.75 19.70 70.05 12.80 8.25 372.65 127.80 11.05 3.90 6.40 1.75 26.00 2.75 2.10 34.65 63.50 204.85 11.20 4.55 41.45 138.15 121.75 37.15 168.10 225.10 3.15 1.35 2.85 8.10 41.15 2.65 15.85 70.45 207.15 2.55 57.00 28.00 24.25 2.05 3.15 64.15 133.90 3.65 1.90 2.70 6.10 328.50 210.25 75.50 274.25 16.60 210.90 20.55 19.30 24.25 1.90 3.00 64.15 2.75


QBE 2011 insurance profit to grow 30pc 5

Monday, April 11, 2011

Mideast, Japan debt insurance costs jump * Bahrain is quarter's worst performer * Egypt, Lebanon join top 10 riskiest credits * Greece tops riskiest sovereign credit list for Q2

Hong Kong: AIA advertising on a building in the Central Business District in Hong Kong. -Reuters

US insurance shares dip after new Japan quake WASHINGTON: Shares of US-listed insurance companies fell broadly after a large earthquake struck Japan, an apparent aftershock of a bigger temblor that hit about four weeks ago. The magnitude-7.4 quake shook northeastern and eastern Japan and prompted a tsunami warning. It rocked much the same area as the March 11 magnitude-9.0 quake, which has left nearly 30,000 people dead or missing. The S&P insurance index GSPINSC was down 0.4 percent about 40 minutes after the quake was first reported. It had been up fractionally when the quake hit. Broader markets also fell on the news. Insurers with exposure to Japan were down as well, including Prudential Financial which fell 0.9 percent; MetLife, down 0.7 per cent; Aflac, off 0.6 per cent; and American International Group, which was some 1.0 per cent lower. Industry estimates of insured losses from the March 11 quake range from $12 billion to $30 billion. Already more than a dozen publicly traded insurers have forecast substantial losses due to that quake. -Reuters

Open to bid from rival Tower: AMI LONDON: AMI insurance, New Zealand's second-largest residential insurer, said it would consider a takeover offer from rival Tower Ltd, but would prefer a cornerstone investor as it looks to plug a potential funding shortfall from two devastating earthquakes. AMI does not want to be "swallowed up" Chief Executive John Balmforth said, after fund manager and smaller insurance rival Tower said it was interested in a takeover bid. Mutually-owned by its policyholders, AMI struck a deal with the government to provide capital if necessary, as it faces a potential funding shortfall from insurance payouts over the Sept. 4 and Feb. 22 earthquakes in Christchurch, where it is has the largest exposure of any insurer. "We have a desire to stay as a mutual if at all possible, and we can stay as a mutual in the sense that we could have a keystone shareholder," Balmforth told Reuters. He said Tower's offer was "one of the options" for raising capital, adding the certainty offered by the government guarantee meant the company would not rush any decision. AMI is the third-largest

insurer in New Zealand, with the two largest players both Australian-owned, AIG and Suncorp . Neither AIG nor Suncorp have expressed interested in AMI, however smaller Australian rivals QBE and the privately held Progressive Direct might be interested in bidding, a banking source said. Tower Chief Executive Rob Flannagan said it had been seeking growth opportunities and AMI was a good fit, however the company was not interested in taking a minority stake. "It's not an investment decision....we want control," Flannagan said. One of the difficulties facing bidders is that it will take a few months for AMI to finalise the cost from the Feb 22 earthquake, which will indicate how much, if any, capital the company will need to raise. This also meant it was difficult to put a current value on the business, Balmforth said. Tower's Flannagan also declined to put a figure on what he thought AMI was worth. At June 2010, AMI had assets of NZ$543 million ($424 million), and had a net profit last year of NZ$31 million. -Reuters

KARACHI: EFU Life Assurance and Askari Bank launced Bancassurance and Co-Brand Credit Card through bancassurance. -PR

NICL ex-boss provided copy of case Staff Reporter KARACHI: Federal AntiCorruption Court (FACC) presided over by Judge Shaukat Ali has provided copies of case to Ayyaz Khan Niazi, former chairman of National Insurance Company Limited (NICL). The accused will be indicted on next hearing. On the other hand arrest warrants of Amin Qasim Dada, prime accused in the case have again been issued. Both Ayyaz Khan Niazi and Amin Qasim Dada are allegedly involved in embezzlement of assets of NICL valuing billion of rupees. FIA had registered cases against the accused persons. Meanwhile, a division bench of the Lahore High Court sought record from Federal Investigation Agency against Muhammad Malik, manager of a firm owned by PML-Q leader Moonis Elahi, allegedly involved in National Insurance Corporation Limited (NICL) Scam. The bench comprising Chief Justice Ijaz Ahmad Chaudhry and Justice Ijaz-ul Ahsan issued the order on a bail plea filed by Muhammad Maalick adjourning the matter till April 12. Muhammad Maalick in his bail application pleaded the court to grant him bail as he was innocent and involved in the matter with malafide intentions. Muhammad Maalik, the manager of one of the companies run by Moonis Elahi, was arrested by FIA on charges of opening accounts using fake particulars and withdrawing Rs 320 million, money transferred from NICL scam. FIA accused Muhammad Maalick and others including former federal minister Habibullah Warraich and his son Mohsin Warraich, of misappropriating NICL's funds on account of land purchase.

LONDON: Egypt and Lebanon joined the ranks of the top 10 riskiest sovereign debtors in the first quarter of 2011 as unrest in the Middle East took its toll, while Japan's triple disaster weighed on its debt insurance costs, CMA Datavision said. Greece pipped Venezuela as the world’s riskiest sovereign for the second quarter in a row, after Moody's downgraded its rating at the start of March, while countries in the Middle East saw their debt insurance costs rise most sharply in the five-year credit default swap market. "As the Middle East enters a turning point in its history, the cost of debt insurance widened out this quarter as bond investors move to the sidelines, waiting for the unrest to pass," the data provider said in a report. The first quarter's worst performer was Bahrain, whose CDS widened to 320.1 bps from 183.9 bps -- a rise of 74.1 percent -- as the island-state saw the worst sectarian clashes between its Shi'ite majority population and the Sunni-ruled security forces since the 1990s. It was followed by Saudi Arabia, whose CDS widened to 125.4 bps from 75.4 bps, a jump of more than 66 percent, while Tunisian and Egyptian debt insurance costs rose more than 40 percent as widespread demonstrations toppled their dictators. Tunisia's CDS widened to 171.2 bps, a move of 51.5 bps, while Egypt's CDS widened to 339.5 bps from 238 bps. Japan's CDS also rose almost 40 percent after the country's earthquake, tsunami and

nuclear disaster fuelled an initial jump in the price of protection to 120 basis points. The CDS are now 28.3 basis points wider compared with the start of the year. The rankings are based on CMA's calculations, which include the cumulative probability of default. The cost of insuring Spanish debt against default fell 33 percent, making it the quarter's fifth-best performer, thanks to the recapitalisation of its state banks and bondholder support from China and Japan, CMA said. Spain dropped to 13th from 7th on the list of most risky sovereigns, while Hungary also exited the top 10. There was no change to the top six riskiest credits, which included three peripheral euro zone states -- Greece, Ireland and Portugal. Portugal's caretaker Prime Minister Jose Socrates announced on Wednesday that Lisbon would seek financial assistance from the European Union, saying the economic risks had become too great to go it alone after borrowing rates soared. Among the least risky sovereigns, Norway, Sweden and Finland topped the ranks again but Saudi Arabia and Australia both fell out of the top 10 as their debt insurance costs rose. Chile was a new entrant to the group, coming in at 10th place and making it the only emerging market in the list. Spain's improving debt insurance costs also brightened the debt risk profile of the Netherlands and Germany, which saw CDS tighten 22 bps and 13 bps respectively. Reuters

Pakistan Gen Insurance declares 10pc bonus

Pakistan Reinsurance gives 30pc dividend Staff Reporter KARACHI: Pakistan Reinsurance Co Ltd has posted a profit after tax of Rs526.253 million during 2010 and declared a final cash dividend of Rs 3 per share. According to financial results of the re-insurance company despatched to Karachi Stock Exchange, the profit before tax improved to Rs650.503 billion as earning per share also increased to Rs

1.75 during the period ending December 31, 2008. Meanwhile, Pakistan General Insurance Ltd has posted a lower profit after tax of Rs4.826 million during the year ending December 31, 2010, and declared 10pc bonus share. According to the results despatched to Karachi Stock Exchange, the pre-tax profit declined to Rs6.483 million as earning per share dropped to Rs0.19 during the period under review.

Mix activities witnessed at KSE TFD Report KARACHI: Mix activities were witnessed at the insurance stocks last week at the Karachi Stock Exchange with improved volumes as around 15 million shares traded together in life and non-life insurance sectors. Pak Reinsurance was the volume leader with 11.57 million shares followed by Adamjee Insurance with 1.78 million shares. Top gainers include EFU Life Assurance which increased by Rs2.78 to close at Rs63.69 and New Jubilee Insurance which was up by Rs1.87 to close at Rs72.36 while Adamjee Insurance fell by Rs4.3 to close at Rs70.02 and Central Insurance was down by Rs2.75 to close at Rs108.53 to be the major losers of the week.

MAA to sell stake in insurance unit for $396mn JAKARTA: Malaysia's MAA Holdings Bhd has reached a deal to sell a 70 per cent stake in its insurance subsidiary to Zurich Insurance Co Ltd for about 1.2 billion ringgit ($396 million), Business Times newspaper reported on Wednesday quoting an unnamed source. The deal to sell the stake in Malaysian Assurance Alliance to Zurich Insurance, a unit of Zurich Financial Services, excludes MAA's Islamic insurance business, although the parties could consider the takaful operations later, the report said. “It is well known that Zurich Financial Services has been planning to reposition its operation here since early 2009,” the report quoted a source as saying. “It has considered several options, including acquiring an alternative licence and gaining control of another insurer such as MAA.” MAA declined to comment on the report. The company had said in December it was in talks to sell a stake in Malaysian Assurance Alliance to Zurich Insurance. Reuters

Irish Life pulls bid for AIB's asset management arm BERLIN: Irish Life & Permanent has pulled a bid to acquire AIB Investment Managers , after stress tests revealed Irish Life needed to raise 4 billion euros ($5.7 billion) additional capital, the bancassurer said. Irish Life Investment Managers (ILIM), the group's asset management arm, had been chosen as preferred bidder for the subsidiary of stateowned Allied Irish Banks (ALBK.I) and was expected to pay 20-25 million euros for its rival, a source familiar with the deal told Reuters. A spokesman for the group, which is set to fall under full state ownership having previously been the only domestic lender to avoid a bailout, said it was concentrating on other transactions, including the sales of its prized insurance arm. "The group has decided not to proceed with it at this time because of the very busy corporate agenda over the next couple months and that's where our priority and focus is," the spokesman told Reuters on Friday. Ireland's central bank told Irish Life & Permanent to raise 4 billion euros as part of fresh stress tests that showed the country's four remaining lenders needed to recapitalise to the tune of 24 billion euros. ILIM is Ireland's biggest fund manager with assets of 32 billion euros under management and is about three times the size of AIBIM which Allied Irish Banks was ordered to sell last year under a restructuring agreement with the European Commission. AIB needs to raise another 13.3 billion euros after the latest stress tests and is also required to reduce its balance sheet by 19.4 billion euros as part of a huge sector-wide deleveraging process announced last week. Swiss asset manager Bellevue Group and Irish stockbroking firm Bloxham were among the bidders for AIBIM and may now renew their interest in the business, the Irish Times reported. -Reuters


Lotus Formula One team principal Tony Fernandes poses with Air Asia flight attendants before the Malaysian F1 Grand Prix

Vettel wins F1 Malaysian Grand Prix SEPANG: Sebastian Vettel powered to victory in the Malaysian Grand Prix on Sunday, the German registering his second pole-to-flag win in as many races to start his Formula One title defence. McLaren’s Jenson Button drove a composed race to take second place, ahead of a spirited Nick Heidfeld, who capitalised on a brilliant start to round off the podium places in his Renault. “Fantastic job. In the heat we kept our heads cool. Thank you,” Vettel told his Red Bull team over the team radio after winning his fourth race in a row. “A pleasure every weekend to be with you. I’m loving it.” Vettel’s team mate Mark Webber did well to claim fourth place after a poor start as both Red Bulls ditched the KERS boost system mid-race after suffering reliability issues. The Ferraris of Felipe Massa and Fernando Alonso took the next two places, with Lewis Hamilton claiming seventh in the other McLaren after he and Alonso’s challenge was compromised following a collision when they were fighting for third place late on. Sauber’s Kamui Kobayashi, Mercedes’ Michael Schumacher and Force India’s Paul di Resta were the final three points scorers in a race highlighted by a flurry of pit stops but spared significant rain that was forecast for the weekend. -Reuters

Giving Tendulkar Bharat Ratna would require change of rules NEW DELHI: The calls for bestowing Sachin Tendulkar with the 'Bharat Ratna' may have got louder after India's World Cup triumph but giving the country's highest civillian honour to the batting icon would require tweaking of the criteria that have been laid down for the coveted award. The 'Bharat Ratna' was started in 1954 and has so far been given to 41 eminent personalities, none of whom are sportspersons, the reason being the criteria for the coveted honour. Constitutional expert Subhash Kashyap says given the current rules "Tendulkar does not qualify for the honour and giving the award to him would require a change in the rules." According to the criteria at present, the award is given for exceptional contribution in the fields of art, literature, science and social service. The criteria do not have any mention of sports. Kashyap says the government has to decide whether it wants to include sports in the criteria for the award. The sports ministry will have to present such a proposal for cabinet approval. "Once the cabinet gives its approval, the home ministry can bestow this honour on not just Sachin Tendulkar but any other athlete," he said. Indian cricket team's prominent players such as Mahendra Singh Dhoni, Harbhajan Singh, Yuvraj Singh and Virender Sehwag have all asked for the honour to be bestowed on Tendulkar after the side's World Cup win. Reuters

9

Monday, April 11, 2011

Threats to Zulqarnain and his family

Malik assures full protection LONDON: Federal Interior Minister Rehman Malik has assured to provide complete security to the family of former Pakistani cricket team keeper Zulqarnain Haider who has taken political asylum in UK after receiving life threats. Zulqarnain Haider called on the interior minister who is on official visit to UK and informed him in detail about the situation he faced and reasons behind his sudden disappearance during cricket series with South Africa in UAE. Rehman Malik assured the former Pakistani wicketkeeper that a thorough investigation would be conducted into his case and complete protection would be given to him and his family residing in Pakistan. Malik said that it was the duty of the government to provide security to Pakistani players and other people who represent country in the world.

Meanwhile, talking to the media persons, Malik said that Zulqarnain told him about the threats he had received and considering the sensitivity of this issue, a thorough investigation would be conducted into the matter. Zulqarnain said that he was desirous to reside in Pakistan and play for his country and if

the government assures that he and his family would be safe, he was ready to go back. It should be mentioned here that Zulqarnain Haider suddenly disappeared in Dubai during Pakistan-South Africa one-day cricket series claiming that he and his family would be in danger, if he stayed with the team. -Online

Shoaib’s career termed memorable ‘No doubt that Shoaib left an impact on the team’ KARACHI: Pakistan coach Waqar Younis has paid rich tribute to the fast bowler Shoaib Akhtar and said it would be difficult to find an ideal replacement for the enigmatic pacer, who retired after the World Cup. According to PTI, "Shoaib was a big name in Pakistan cricket and there is no doubt that he left an impact on the team. It is never easy to replace such players but I guess every player has to sometime call it a day," Waqar said during an interaction with the media in the city. Akhtar had announced his retirement after the World Cup match against New Zealand in which he was bludgeoned for 28 runs in one over by the Kiwi batsmen. The tour selection committee did not play Akhtar after that match although they were calls for him to be included in the team for the semi-final against India. Waqar said that the tour selection committee took the best possible decision, keeping in mind the requirements of the team. "No one doubts that Shoaib has given some great

service to Pakistan cricket and it will be hard to find a replacement for him but it is also a fact that every cricketer has to call it a day sometime in his career," Waqar added. The Chairman of the Pakistan cricket Board Ijaz Butt said this week that it was a shame that there was no culture in Pakistan for senior players to retire at the right time. "In Pakistan, we have an issue where senior players can't decide themselves when it is time for them to call it a day and unfortunately the board than has to take this decision,"

Butt had said. Shoaib since returning from the World Cup has maintained a low profile despite reports now emerging that majority of the players in the team wanted the management to select him for the semi-final against India that Pakistan lost by 29 runs. Waqar also spoke about the forthcoming tour to the West Indies and admitted that since both teams had announced new players in their squads it should be a relatively easier series. "The World Cup is a benchmark for teams and normally after a World Cup the idea is to rebuild the team and introduce new players while giving rest to seniors or dropping some of them. "It will be a challenge for me to oversee the introduction of these new players into international cricket and to guide them on how to adjust and perform to this top level of the sport," the former Test captain said. The Pakistan coach said that it was a good opportunity for the new players to impress in the coming series and cement their places in the national team. Online

SL stick to law before naming new coach COLOMBO: Sri Lanka will not name a successor to head coach Trevor Bayliss until after the tour of England which starts next month. Sri Lanka Cricket interim committee chairman DS de Silva said because of the time factor they had appointed Stuart Law as interim coach for the England tour. Law was assistant to Bayliss, who quit as head coach after four years at the end of the World Cup, where the Sri Lankans lost to hosts India in a dramatic final earlier this month. Law, a former Australian cricketer, is one of four coaches short-listed by Sri Lanka Cricket to succeed Bayliss. "We've given Law a chance to handle the team on the England tour and see whether he is going to fit into the scene," said De Silva. The other three coaches in the running for the top job are former coach Tom Moody, former assistant coach Trevor Penney and Mathew Maynard, the former England cricketer presently director of cricket at Glamorgan. "We knew about two months ago that Trevor Bayliss was leaving so we advertised in the web and papers as well both internationally and locally. Nine responded from which we shortlisted five persons," said De Silva. "Everybody showed interest to undertake the head coach position. We already interviewed two of them on the phone. One of the nine was (former Australian coach) John Buchanan. "We wrote to Buchanan and he gave his terms but we cannot afford it. We have dropped him from the list," he added. "Moody is due to come back to us. When he was here we had a long chat with him and he showed some interest in the job." De Silva said that Penney and Maynard would be invited shortly to come to Sri Lanka and make a presentation. Former Sri Lanka captain Marvan Atapattu has also been approached by Sri Lanka to become the national team's batting coach. "We'll take a decision on Monday whether to appoint Marvan as the batting coach for the England tour," said De Silva. Sri Lanka play a series of three tests and five one-day internationals on the tour of England. -Agencies

Hamilton demoted to eighth after penalty

TURIN: Juventus' Luca Toni celebrates with his team mates Alberto Aquilani and Alessandro Matri after scoring against Genoa during their Italian Series A soccer match at the Olympic stadium in Turin. -Reuters

SEPANG: McLaren's Lewis Hamilton was demoted one place to eighth at the Malaysian Grand Prix on Sunday after being given a 20second drive-through penalty by organisers. The 2008 world champion was given the penalty two hours after he finished the race in seventh when International Automobile Federation (FIA) stewards deemed he had made more than one change of direction while defending his position. Ferrari's Fernando Alonso was also given a 20-second penalty by FIA stewards after colliding with Hamilton when attempting to overtake the Briton for third place, but the Spaniard retained his sixthplace finish. -Reuters

NEW DELHI: Malinga celebrates after claiming his fourth wicket during the Indian Premier League cricket match against Delhi Daredevils in New Delhi. Reuters

Torrents terminate COAS tennis tournament PESHAWAR: Heavy down pour Sunday halted most of the fixture of the ongoing 30th Chief of Air Staff Tennis Championship here at PAF Office Mess Courts with only a match each of under-14 and under-18 played. Due to rain right from early morning the organiser shifted the matches to hard court of Qayyum Sports Complex from grass courts of PAF Officer Mess but it too stopped as the rain continued. Two matches of the main round disrupted when Pakistan No 1 and top seed of the championship Aqeel Khan and Aftab Anwar were asked by the referee to stop their tie, resulting the match ended unfinished on the hard court. Aqeel was leading by a set 61 while the second match played between Hamid-ul-Haq

and Sikander Hayat was also called off by the referee Inayat Ullah due to heavy down pour. Hamid was in lead of a set 6-2. Both the matches would be rescheduled soon after the rain, event in-charge Wakeel Khan told APP. If the rain continues by today (Monday) the matches would be shifted to the hard courts of Qayyum Sports Complex and Civil Services Mess Courts, he added. Earlier, eight players comprising Aftab Anwar, Sikandar Khan, Hidayatullah, Sanaullah, Ijaz Khan, Amjad Khan, Mubariq Shah and Iftikhar took berth in the main round after recording victories in the qualifying round. In the Under-14 category Asad beat Yasir Khan by 4-2 and 4-1 while Imtiaz Khalil beat Tahir Ullah in the Under-18 category by 6-2 and 6-4. -APP

IPL: Mumbai beat Delhi by 8 wickets MUMBAI: Mumbai Indians produced a dominating performance to beat Delhi Dareveils by eight wickets in the Indian Premier League on Sunday. Mumbai Indians bowled out the home team for 95 in 17.4 overs, courtesy Lasith Malinga's fiery bowling (5-13). Mumbai captain Sachin Tendulkar scored an unbeaten 46 while Rohit Sharma made 27 not out to complete the chase in 16.5 overs. -Reuters

KENYA: Wilson Chebet and Philes Ongori of Kenya pose with their trophies after the award ceremony of the 2011 Rotterdam Marathon. -Reuters


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TOKYO NEEDS QUAKE PLAN RETHINK AFTER DISASTER * SCENARIO NEEDS TO BE REVISED AFTER LATEST QUAKE * CURRENT SCENARIO BASED ON 7.3 MAGNITUDE QUAKE * MAJOR COMPANIES UNLIKELY TO MOVE OUT OF CAPITAL

M

ore than 10,000 people dead, hundreds of thousands injured, nearly one million buildings destroyed, millions forced to evacuate and a fifth of Japan's economy wiped out. That's the scenario forecast if a huge magnitude 7.3 earthquake hits Japan's capital of Tokyo, a disaster experts say has a 70 percent risk of occurring over the next 30 years. Tokyo planners have been working for decades to mitigate the damage from a quake of that scale and the country has some of the world's strictest quake-resistance building standards. But a month after a magnitude 9.0 earthquake -- the biggest in Japan's recorded history -- and huge tsunami devastated northeast Japan, some say it's time to prepare for far worse. Tokyo had a tiny taste of what would happen when the March 11 quake, its epicentre about 300 km (180 miles) northeast, halted trains, stranded commuters, snarled phone communication, caused power shortages and within hours saw stores stripped of daily necessities such as bread and milk. "Many people said what happened was beyond expectations, but I believe it's the responsibility of government to prepare for the unexpected," said Hideo Higashikokubaru, who is running as an independent in Sunday's election for Tokyo governor. Experts agree Tokyo needs to

rethink its plans, including what to do if disaster strikes nuclear power plants located even closer to the capital than the crippled Fukushima plant 240 km (150 miles) away, where engineers are trying to contain the world's worst nuclear disaster in 25 years. "If a bigger earthquake strikes Tokyo, we might face a catastrophe," said Takaaki Kato, a professor at the University of Tokyo's International Center for Urban Safety Engineering and a member of a government advisory panel on disaster plans. "Preparation still isn't enough for a magnitude 7.3 quake. Although there would be damage and people would suffer, it would be possible to recover," he said. "But we need to revise policies so even if there is a quake of about magnitude 8.0, we can limit the damage and confusion." The last major earthquake to strike Tokyo was the 1923 magnitude 7.9 tremor that killed more than 140,000 people and devastated much of the capital and nearby Yokohama. A magnitude 7.3 earthquake would be bad enough, since Tokyo and nearby urban areas are now home to 35 million of Japan's 128 million people and about one-third of its economy. A government report has forecast that a quake of that scale directly under Tokyo would kill up to 11,000 people, injure about 210,000, force 7 million to evacuate and cost the $5 trillion economy around $1 trillion in damages -

- three times the estimate for damage from the March 11 disaster. WANTING TO FLEE Reconstruction costs would be a huge burden on a nation already staggering under public debt equal to about twice GDP. "Japan has enough savings surplus to fund reconstruction of (the quake-hit northeast) ... but if you had to multiply the costs for Tokyo, Japan would become dependent on foreign funds," said Jesper Koll, director of equities research at JP Morgan in Tokyo. One question is how Tokyo would cope with a nuclear crisis closer to the capital, such as at Chubu Electric Power's Hamaoka plant 200 km to the southwest. "There is no plan for a case in which the entire area becomes contaminated with radiation," Kato said. "People would want to flee, but they couldn't all at once. If that happens, we may have to evacuate children as was done during the war." The spectre of disaster in the capital has prompted an advisor to Prime Minister Naoto Kan to propose creating a shadow government in another part of Japan. "We need to think about either dispersing government functions or creating a backup system in western Japan," Hosei University professor Takayoshi Igarashi told Reuters. Others say that is impractical given the huge cost. And while Tokyo-based companies are reviewing business continuity

plans (BCP) in light of the recent disaster, a major dispersal of economic activity would be difficult. "You have to understand the dynamics of what makes cities like Tokyo grow and why compa-

nies take the risk. It's because ... the decision-making process is there," said Fouad Bendimerad, head of the Earthquakes and Megacities Initiative, a scientific group that promotes better disaster

preparedness. "At the end of the day, taking risk will just be part of doing business," he said. "There is no place in Japan that is safe from earthquakes." -Reuters

NOTE TO US REGULATORS: DON'T KILL IPO * SEC

REVIEWS RULES ON SHARES OF PRIVATE COMPANIES BEING EXAMINED

A

s U.S. regulators review rules on shares issued by private companies, they must not make it too easy for hot Internet companies such as Facebook or Twitter to avoid the scrutiny that goes along with an initial public offering. Privately held companies are bound by the 500-shareholder rule, which states that once a company has that many shareholders of record -- and at least $10 million in assets -- it must make the same financial disclosures as a public company. As it stands now, the rule effectively forces a company to go public when it has too many investors: the 500 limit was one of the reasons Google Inc decided to launch its IPO in 2004, and why Facebook is expecting to go public next year. The U.S. Securities and Exchanges Commission is considering whether to raise the 500

limit, as part of a move to update decades-old regulations and revitalize U.S. capital markets which have been outshone by fastergrowing emerging markets. Allowing a company to remain private for longer means it can sacrifice near-term profitability for the long-term health of the business, which is hard for a public company struggling to meet quarterly earnings targets. Remaining private can also protect business secrets from competitors. But companies that grow as large as Facebook without disclosing information go against a growing trend for greater disclosure, and represent a change of course for a regulator that has stepped up a campaign against insider trading. "In this regulatory age that we live in, of Sarbanes-Oxley, DoddFrank, etc., generally the direction of regulation has been to be stricter -- so it would be a surpris-

* TOO

* 500-SHAREHOLDER THRESHOLD FOR IPO MARKET, SAY EXPERTS

DISCLOSURE

LAX RULES CAN DERAIL

ing 180 degree turn to suggest loosening things up and having less transparency," said Richard Truesdell, co-head of the global capital markets group at law firm Davis Polk & Wardwell LLP. The SEC has not indicated which direction it will go in its broad review. It is also considering revising another rule on special purpose vehicles (SPVs) that could greatly restrict the number of investors in privately traded companies. An SPV, such as the one Goldman Sachs set up to invest in Facebook, counts as one shareholder even though it contains money from multiple investors. SEC Chairman Mary Schapiro said on Friday the review was to update outdated rules. The SEC is wrestling with the needs of private companies to raise capital against the investing public's need to make informed decisions. The issue has jumped into the

spotlight as Wall Street banks and electronic markets offer investors a chance to buy and actively trade stakes in hot Internet companies such as Facebook, Twitter, Groupon and Zynga before they go public. RETAIL INVESTORS EXCLUDED The growth of private exchanges, such as SecondMarket, have delayed IPOs, analysts and bankers say. These private markets have rules that limit who can buy or sell shares, but there are no standards that govern information disclosure. These markets typically require hundreds of thousands in annual income or minimum net worth of more than $1 million, high barriers for ordinary retail investors. "These private markets are correctly restricting purchasers to institutions and accredited individuals. That excludes 95 percent of the investing population," said

Jay Ritter, a finance professor at the University of Florida. "If it is easier to raise money or get liquidity without the company formally going public, it will postpone some companies going public." Any move that affects the U.S. IPO market, which was estimated at nearly $40 billion in 2010, would have an impact on venture capital firms, which invest in startups in the hope of cashing out when they go public. The National Venture Capital Association said it was not taking a position on the 500-shareholder rule, but that it is important for the economy to have more companies go public. "We continue to support proposals that allow private companies to have better access to temporary liquidity as they approach an ultimate exit," NVCA President Mark Heesen said in a statement. "But an environment where companies

remain private indefinitely will have a long term negative impact on the economy, innovation and the VC industry." The SEC's review comes as regulators are sharpening their focus on enforcement, with a string of insider trading investigations. "If you are allowing lots of investors to make investments in companies that are not required to make the same disclosures that public companies are required to make, then there is some risk those investors get wrapped up in offerings that are fraudulent or illadvised," said a New York-based capital markets lawyer who spoke on condition of anonymity. "It's hard to forecast how you would limit opening up this part of the market without freeing a bunch of fraudsters. On the other hand I'm not sure the 500holder limit really stops fraudsters anyway," the lawyer said. Reuters

Brazil And The Finance Minister Who Cried Wolf B

razilian Finance Minister Guido Mantega's off-the-cuff approach to currency strategy is costing him credibility and encouraging markets to brush aside his attempts to hold back the real. Mantega hit the headlines for declaring a "currency war" last year, but now he seems to be signaling a retreat. The minister has tried to stop the real's relentless surge with a series of measures, including taxes on foreign loans and other capital controls, announced in a piecemeal fashion and sometimes as often as one a week. In between, Mantega and his team have threatened further action in an apparent campaign to keep markets on their toes. Now, that strategy looks

like a failure. The real <BRBY> has hit a two-year high against the dollar, boosted by Brazil's strong growth and the low returns available in rich countries. It jumped almost 2 percent on Thursday alone, just hours after the announcement of the latest currency measure -- an extension of taxes on foreign loans. With inflation close to breaching the government's target, traders see less to fear from policymakers who are shifting their focus to high inflation rates rather than the currency. Given that change, analysts say the real will likely keep on strengthening, especially as a strong currency will help curb inflation by making imports cheaper. Mantega himself was quoted as saying on Friday that a

strong currency would slow inflation. Barclays this week revised its forecast for the real to as low as 1.5 to the dollar, a level not seen in 12 years. The bit-by-bit strategy to brake the real "just reinforces the view ... that the FX strategy thus far has been a failed one," said RBS Securities analyst Flavia CattanNaslausky. "They've reached the limit of what they can do about it." "The market is testing the monetary authorities," said Miriam Tavares, currency director at brokerage AGK Corretora in Sao Paulo. "I think it's inexorable," she said of a further strengthening of the real. DAZED AND CONFUSED Brazil's economy is set to grow around 4 percent this year, less than the 7.5 percent

surge of last year but still better than much of the developed world. The investment-grade nation has some of the world's highest interest rates, with its benchmark rate at 11.75 percent. That is in stark contrast to the euro zone's 1.25 percent, even after a rate hike by the European Central Bank on Thursday.

There is still easy money to be made in Brazil, but the wave of speculative cash is hurting industry by encouraging cheap imports and making exports more expensive. Rumors have circulated in markets that Mantega might be close to the end of his fiveyear tenure in the job. However, President Dilma Rousseff has given no sign

she wants Mantega out. The finance ministry declined to comment on Thursday and a report in newspaper Valor Economico on Friday called Mantega one of Rousseff's closest ministers. High inflation rates have backed Brazil's policymakers into a corner. Annual inflation has hit 6.3 percent, within a whisker of the top of the government's target range. Mantega, speaking to reporters in Brasilia on Thursday, insisted inflation would slow soon. That same inflation keeps the central bank from cutting interest rates, which would discourage yield-chasing global investors from pouring speculative money into Brazil. Similarly, clamping down further on inflows could hamper long-term

investment, which the country desperately needs to beef up flagging infrastructure. Other government ministers are resisting the use of more foreign exchange measures, a government source told Reuters, as inflation worries take center stage. All told, Brasilia has few cards to play, and some government sources have admitted as much. [ID:nN01172691] Another government source told Reuters earlier this year that Mantega was willing to create false expectations in the market, if it helps keep the real from appreciating. "It is a credibility hit so far," said Win Thin, global head of emerging markets currency strategy at Brown Brothers Harriman. "They're definitely testing the market's patience." -Reuters


More than 1,000 defy Egypt army order to quit square

SANA: Anti-government protesters shout slogans during a rally to demand the ouster of Yemen's President Ali Abdullah Saleh outside Sanaa University. -Reuters

African leaders fly in to seek end to Libya conflict TRIPOLI: A high-ranking African Union delegation was on its way to Libya on Sunday to present a blueprint for a ceasefire. On the ground, Nato destroyed key ammunition stockpiles and armoured vehicles in air strikes across the country, while heavy fighting continued around the key crossroads town of Ajdabiya. African Union mediators left Mauritania for Libya, where they were to attempt to negotiate a ceasefire. Presidents Mohamed Ould Abdel Aziz of Mauritania, Amadou Toumani Toure of Mali, Denis Sassou Nguesso of Congo and Jacob Zuma of South Africa, left mid-morning and were travelling separately to Tripoli, and then on to the opposition stronghold of Benghazi. "They have just left, each in his own plane," an official Mauritanian source told foreign media. The delegation also includes Ugandan Foreign Minister Henry Oryem Okello, representing Yoweri Museveni, the

fifth head of state making up the AU panel. Earlier on Sunday, the mediators reiterated their appeal for "an immediate end to all hostilities" and proposed a transition period to adopt reforms in the insurrection-hit country. They were due to meet Libyan leader Moamer Kadhafi in Tripoli and leaders of the rebellion in Benghazi. Loud explosions rocked the battleground town of Ajdabiya for a second day Sunday, as rebel fighters advanced cautiously after suffering a major reverse at the hands of loyalists. A correspondent in rebelheld territory east of the town heard some 10 massive blasts in the space of minutes as the two sides disputed the strategic road junction on the east's coastal and desert highways. "There is intense shelling of the town from the west," resident Hafeth Zwai told foreign media by telephone. He said he had no idea what casualties or damage the artillery bombardment by forces loyal to Kadhafi was causing as he was

afraid to leave his home. On Saturday, after advancing towards the oil refinery town of Brega, some 80 kilometres further west on the central coast, rebel forces ran into a loyalist counter-offensive that saw them pushed all the back to the eastern edge of Ajdabiya. The town itself was turned into a battlefield between the rival fighters. Nato aircraft struck ammunition stockpiles east of Tripoli that were being used to resupply Kadhafi's forces which the alliance said had been involved in shelling innocent civilians in the besieged third city of Misrata, the rebels' last major bastion in the west. Nato said it continued to target forces who fired on civilians despite the loyalists' tactic of shielding themselves or their weapons behind bystanders. "In addition to hitting their supplies, our aircraft successfully destroyed a significant percentage of the Libyan governmentâ&#x20AC;&#x2122;s armoured forces," General

Charles Bouchard said in the statement. "Some of these armoured forces also were involved in the indiscriminate shelling of Misrata," he added. The mission to protect civilians was being made difficult by the use of women and children as human shields by government troops striking at rebel fighters in the heart of communities, Nato said. "We have observed horrific examples of regime forces deliberately placing their weapons systems close to civilians, their homes and even their places of worship," said Bouchard. "Troops have also been observed hiding behind women and children. This type of behaviour violates the principles of international law and will not be tolerated," he added. Kadhafi's deputy foreign minister, Khaled Kaaim, said late Saturday in Tripoli that two rebel helicopters violating the no-fly zone were shot down in the Brega region.- Agencies

CAIRO: More than 1,000 protesters ignored an army order to leave Cairo's main square Sunday, extending their calls for a quick move to civilian rule and a deeper purge of corrupt officials into a third day. Barbed wire blocked roads into Tahrir Square, the epicenter of the protests that toppled President Hosni Mubarak on February 11 and a major thoroughfare in the traffic-choked capital. Protesters cried "revolution, revolution" and brandished an effigy of Field Marshal Mohamed Hussein Tantawi, who heads the military council now ruling Egypt and is also defense minister, as he was under Mubarak for many years. "What is wanted is a civilian council," read one slogan. "The people demand that the field marshal be toppled," the protesters cried. A dozen armored personnel carriers full of troops waited near the square but out of sight. Egypt's army rulers have enjoyed broad support since taking control on February 11, but complaints against them are growing -- although they have promised free, fair elections for a new parliament in September. Hundreds of thousands packed into Tahrir Square Friday in one of the biggest demonstrations since Mubarak was ousted. A hard core of protesters say the army is colluding with remnants of Mubarak's network and thwarting popular demands for more of his lieutenants to face trial. Medical sources said 13 men were wounded by gunfire and two had died late Friday. Soldiers and police used tasers and batons to try to drive out the protesters. The army backed out of Tahrir Square after failing to remove all of them. It later announced that the square would be cleared Saturday night. "But nothing happened," said Ahmed el-Moqdami, 25, who said he was in a group representing the youth of Upper Egypt. "We will continue the sit-in until our demands are met," he said. "First of all, the field marshal must go. Mubarak must be put on trial and a civilian council must be formed for the transition period." -Agencies

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other rail and road projects crisscrossing the ECO region. Afghanistan is expected to figure prominently in the talks and both sides will resolve to continue playing a pivotal role in maintaining peace and stability in Afghanistan. They were in the forefront to establish an ECO Fund for reconstruction of Afghanistan. During the visit, the President will be awarded highest Turkish State Order Medal Devlet Nishan at a special investiture ceremony and he will pay his respects at the mausoleum of Mustafa Kemal Ataturk, the founder of modern Turkey. The President will also hold meetings with Turkish businessmen and members of think tanks, academia and media. -APP

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Chernobyl. Observers expect the Democratic Party to lose seats on Sunday, with a heavy loss likely to be blamed on Kan. "Depending on how badly the Democrats are defeated, the issue of Kan's responsibility could emerge," said Tomoaki Iwai, political science professor at Nihon University. "Since Kan's departure is said to be a precondition for a grand coalition, such talk could gradually surface." In Tokyo, exit polls suggested incumbent Shintaro Ishihara, a conservative known for his criticism of China as well as of elite bureaucrats at home, was set to win a fourth term. He was forced to apologize last month after calling Japan's twin disasters last month "divine punishment" for Japanese being egoistic. Ishihara told national broadcaster NHK he wanted to encourage Tokyo to conserve energy after problems at the tsunamistricken Fukushima Daiichi nuclear plant led to a power shortage in the capital and rolling blackouts. Ishihara ran as an independent but is known for his close ties to the main opposition Liberal Democratic Party (LDP). Results for prefectural assemblies and city assemblies, expected later in the day or on Monday, could offer more clues on voter sentiment for Kan and his Democratic Party. Kan saw his voter support slump to around 20 percent and his grip on power weaken even before the March 11 earthquake, due to policy changes and perceived missteps in diplomatic rows with China and Russia. His ratings have risen to around 30 percent since the March 11 disasters but a majority of voters are unhappy with his handling of the nuclear disaster. Kan is unlikely to be forced out during the nuclear crisis, say analysts. The crisis could last months as engineers struggle to regain control of the crippled nuclear reactors at the Fukushima Daiichi plant north of Tokyo. Kan's Democrats have a big majority in parliament's lower house but need opposition help in the upper chamber. Before the crisis, opposition parties in the upper house were blocking budget bills to try and force a snap election. -Reuters

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NATO air strikes have also sought to take out ammunition bunkers and lines of communications to help fulfill a United Nations mandate to protect civilians and enforce a no-fly zone during a rebellion against Gaddafi's four-decade rule. "One recent strike cratered the road leading to Ajdabiya, west of Brega, where his fuel and ammunition is being moved forward on large trucks. Further west we hit two more storage bunkers where the ammunition is coming from." At Ajdabiyah's hospital, a group of rebels stood over the body of what they said was an Algerian who had fought for Gaddafi. It was not clear whether this body was of the sniper who shot himself. The mostly untrained rebels have tried to re-organise and re-equip but were unable to hold their ground last week against Gaddafi's better-armed and trained forces in the oil terminal of Brega, 70 km further west. Ajdabiyah is the last major town on the Mediterranean coastal road before Benghazi and the major oil terminal of Tobruk further east. Keeping Tobruk is vital for the insurgents to be able to export crude to fund their uprising. -Reuters

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member at Institute of Development Economics Dr Zafar Mehmood said the irrigated lands fulfill needs of the country but never give so much wheat that could cause surplus. He also mentioned another reason as harbinger for enhanced production of the crop. Dr Mehmood said that floods always cause fertility in the affected areas and last year major portion of Pakistan was hit by it. Flooding increases per acre yields, he said. -Agencies

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Balochistan. The two provinces completed work on the ongoing projects but needed the funds for other projects. The meeting also decided that out of the contingency plan 4.5 per cent would be allotted to AJK, 2 per cent to Islamabad Capital territory and 4.5 per cent to Gilgit-Baltistan for various projects in this connection. Additional Secretary Khizar Hayat Khan, project directors from all the provinces, AJK, and Gilgit-Baltistan and other officials were present on this occasion. -Agencies

Israelis, Palestinians present Gaza ceasefire plan JERUSALEM: Israeli and Palestinian officials floated a ceasefire on Sunday to end an upsurge of violence in Gaza, as Israel warned of a still stronger response if rocket fire from the coastal strip continues. Speaking shortly after a rocket fired from Gaza struck near the southern city of Ashkelon, Prime Minister Benjamin Netanyahu warned that any further attacks would be dealt with harshly. "If the criminal attacks against the Israeli military and civilians continue, Israel will respond with even more force," he told reporters at the beginning of the weekly cabinet meeting. But both Israeli and Palestinian officials expressed support for a potential ceasefire, after days of rocket fire and retaliatory Israeli air raids that killed at least 18 people in Gaza. The flare-up came after an anti-tank missile fired from Gaza hit an Israeli school bus on Thursday, wounding two people, one of them critically. Defence Minister Ehud Barak said that Israel was ready to end the confrontation, if Hamas and other armed groups stopped firing. "If they cease firing, we'll cease firing," he said, reacting to reports that the political

wing of the Islamist group Hamas, which controls Gaza, was ready for a truce. "We will act along the lines of what happens on the ground," added Barak, who indefinitely postponed a trip to Washington as violence escalated around the territory where Israel fought a devastating 22-day conflict in December 2008-January 2009. It was the first time that an Israeli minister had floated the possibility of a ceasefire since deadly clashes with the Palestinians broke out. Hamas and other armed groups in Gaza had previously announced a unilateral truce that unravelled before it had a chance to take hold, with militants firing dozens of rockets and mortar rounds into southern Israel. But on Saturday, a senior Israeli security official said Hamas's political wing had asked Israel for a ceasefire. Hamas spokesman Sami Abu Zuhri said on Sunday that the group would be willing to stop firing if Israel announced a ceasefire. "We are not interested in escalation and the Palestinian factions are defending themselves and the Palestinian people in the face of Israeli escalation," he said. Reuters

respectively in Mar-11. Correspondingly, Apr-11 GRMs look further improved by $1.75/bbl and $1.1/bbl for NRL and ATRL respectively on the back of 10 per cent MoM increase in crude price and mechanism of deemed duty.

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abetween the government and the energy sector as he firmly believed that the industry was capable of turning the tide and delivering results. Gilani also expressed the hope that the foreign investors and participants would facilitate technology transfer, form international joint ventures, and bring foreign investment to Pakistan's energy industry. Prime Minister said "Fuelling the Future" therefore requires finding new oil and gas reserves through aggressive exploration activities, optimising production from existing fields by applying cutting-edge technology, enabling gas imports from across the borders via regional pipelines and LNG shipments. He said the Government was encouraging foreign investments in energy infrastructure development and in a broader context, development of alternate sources of energy and energy conservation, for a sustainable energy supply. Meanwhile, talking to reporters after inaugurating a three-day energy conference here, the Prime Minister said, "The government can give subsidy, but the matter has to be discussed with the Finance Minister as the fuel prices have sharply increased the world over and the country has been facing serious economic challenges." Prime Minister said that the government would take all its allies and political parties into confidence while preparing the next year's budget and try to incorporate their proposals. He said that the Pakistan Peoples Party government would continue to pursue the policy of reconciliation as it respected the mandate of all political parties and its leadership was sincere in resolving all issues. About his meetings with Pakistan Muslim League (N) leader Mian Mohammad Nawaz Sharif and Muttahida Qaumi Movement chief Altaf Hussain in London, the Prime Minister said that the political leadership was united and unanimous in facing grave economic and security challenges confronting the country. Regarding the issue of devolution of the Higher Education Commission (HEC), the Prime Minister said that the government had the ability to address all challenges as there was "no wrong without a remedy." About a statement made by former interior minister of Sindh Zulfiqar Mirza, Gilani said those were his personal views. Regarding the issue of a private sports television channel, the Prime Minister refused to comment saying that the matter was subjudice. Answering questions, the Prime Minister replied that the government provided best incentives for the agriculture sector where seventy per cent farmers live in the villages and now they are leading a happy life. -Agencies

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Guy Ellena, IFC Regional Industry Director for Europe, Middle East and North Africa, said, "IFC's financing package will have a positive impact on Pakistan's crops industry, which was severally will make a sovereign foreign policy. The Kashmir Issue would be resolved, he promised. damaged by the 2010 floods. Engro's expansion project will supThe MQM chief further said that there would be uniform education system in the country. "We'll not take dictation from anyone. The international powers should look at the public meeting port local business activity and economic growth in rural areas of Pakistan." and judge that the people of Pakistan support MQM." Engro and IFC's relationship spans more than 18 years. IFC preAltaf Hussain after starting his address said 'one two three' in his typical style that worked like a spell, sending thousands of cheering MQM supporters and workers present in the stadium complete- viously financed the company's fertiliser, polymers, and energy businesses. ly silent. "The display of silence is a loud announcement of Altaf Hussain's arrival in the Punjab," the MQM Continued from page 5 No #10 Chief said, adding, today's rally is the beginning of the revolution for changing the fate of the person involved in the trading of stocks. The Society of Pakistan. Earlier, the procession was scheduled to be held on the road outside the Gaddafi Stadium. However, the city district government requested the MQM management to alter the venue in order Technical Analysts will help raising the level of awareness among the stock market participants about theory and practice of technito prevent a traffic crisis outside the stadium.Organisers of the rally accepted the request. The MQM had extended a formal invitation to Pakistan Peoples Party (PPP) workers to attend the cal analysis. This society will set and execute the standard certifirally at Punjab Stadium during a meeting party leader Jehangir Badar in Lahore. cation and professional ethics for the Technical Analysts, he Badar thanked the MQM leaders for the invitation and said that the meeting would help bridge added. divides and strengthen the democratic system in the country. -Agencies Syed Faran Rizvi, General Secretary STA said fruitful trading is always proportional to technical analysis and one must have thorContinued from page 1 No #7 ough knowledge of all the pros and cons of the market indicators period, he said. before getting into this business. Meanwhile, ATRL's yield also improved 5 per cent MoM, while it continued to remain the highHe revealed that the STA was seeking affiliation with the est in the industry, owing to superior yields of Mogas and HSD. International Federation of Technical Analysts (IFTA) and once it The said pattern is expected to reflect positively on individual refinery's GRMs. is confirmed the society will start offering technical analysis He estimates NRL's and ATRL's GRM to have improved by USD0.94/bbl and USD0.13/bbl MoM courses in collaboration with the Federation.

No #6

Continued from page 1


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President reaches Turkey to bolster strategic ties

New impetus to Pak-Turkey ties

LAHORE: Muttahida Quami Movement (MQM) leaders join their hands during public meeting at Punjab Stadium. APP

PML-Q popularity rising day-by-day

Musharraf arrest, no way: Mushahid LARKANA: Pakistan Muslim League-Quaid (PML-Q) secretary general Mushahid Hussain Syed said on Sunday that former president General (Retd) Pervez Musharraf gave resignation under a deal and he would not be arrested. Talking to media persons at Larkana Press Club, Mushahid Hussain Syed said some foreign powers were also involved in providing safe passage to Musharraf. He said the UN report on the assassination of Benazir Bhutto was not satisfactory as it also pointed out involvement of some PPP leaders in the murder. He demanded that details about Benazir Bhutto's

murder should be brought before the public. To a question, Mushahid said the US took a wrong step by attacking Iraq after Afghanistan. "The attack on Iraq deteriorated situation in Afghanistan for which the US is blaming Pakistan," he said. Mushahid said 30,000 people, including 8,000 security forces personnel, have been killed since the 9/11 incidents. He said the US would provide $12.5 billion aid to Pakistan during the last five years, which is equal to the amount spent in Afghanistan and Iraq in three weeks. To another question, the PML-Q leader said those who branded the

Q-League as 'Qatil-League' are now requesting for its support and offering ministries in exchange. He said the popularity of the PMLQ is on the rise. He said the victory of the PML-Q candidates in the recently held by-elections in Shangla and Dera Ghazi Khan is a proof of the Q-League's popularity among the masses. He said the hanging of PPP founder Zulfiqar Ali Bhutto was a political murder, which should be thoroughly investigated. The PML-Q leader also expressed concern over deteriorating law and order situation in Sindh, saying as many as 87 people were kidnapped during the last one month. -Agencies

Rebels clear eastern town of Gaddafi loyalists

Nato jets pound Gaddafi Forces AJDABIYAH: Nato aircraft hit six vehicles carrying Libyan government soldiers during an assault on the eastern town of Ajdabiyah on Sunday, killing at least 15. The strikes appeared to have helped break an assault by forces loyal to Muammar Gaddafi on Ajdabiyah, a strategic town 150 km south of the rebel stronghold of Benghazi. In Brussels, Nato said it had destroyed 25 government tanks in air strikes during the day -- 11 near Ajdabiyah and 14 on the outskirts of Misrata, the only rebel bastion in western Libya that has been under siege for six weeks. "The situation in

Ajdabiyah, and Misrata in particular, is desperate for those Libyans who are being brutally shelled by the (Gaddafi) regime," said Canadian LieutenantGeneral Charles Bouchard, who commands NATO's Libya operations. A Reuters' reporter saw 15 charred bodies scattered around burned and overturned vehicles in two separate sites about 300 metres apart on the western outskirts of Ajdabiyah, which Gaddafi's forces had been attacking all day. The rebel-held town had come under sustained artillery and rocket attack since morning and there were clashes between rebels and Gaddafi loyalists

Japan N-crisis weakens PM further TOKYO: An outspoken incumbent looked certain to win a fourth term as Tokyo governor despite a gaffe in which he said a deadly earthquake and tsunami in Japan's northeast last month was "divine punishment," media exit polls showed on Sunday. In the first round of results for nationwide local elections, a pro-nuclear governor was also set to keep his post in Japan's west despite a crisis at a nuclear power plant hit by the tsunami and leaking radiation into the air and sea. Both are independents but other election results, to be finalized later on Sunday or Monday, could be bad news for Prime Minister Naoto Kan, under fire for his handling of the nuclear crisis, and a boost for rivals who want to seek his resignation once the crisis ends. The unpopular Kan was already under pressure to step down before the massive earthquake and tsunami struck on March 11, leaving his government to cope with the worst crisis to hit Japan since World War Two. Many Japanese believe Kan's Democratic Party government should form a "grand coalition" with the main opposition Liberal Democratic Party to deal with the tens of thousands left homeless, a reeling economy and the worst nuclear crisis since See # 2 Page 11

ANKARA: President Asif Ali Zardari will arrive in Turkish capital Ankara on Monday (today) on a four-day official visit to give fresh impetus to the growing ties with Turkey and discuss infrastructure, communication and energy projects with top Turkish leadership. President Zardari will hold talks with Turkish President Abdullah Gul and Prime Minister Recep Tayyip Erdogan to follow up on the progress already made by the two sides to strengthen bilateral ties. According to Foreign Office Spokesperson Tehmina Janjua recent developments in the Middle East, North Africa and the Gulf are also expected to be discussed in consultations between leadership of the two countries. Ties between the two countries are now marked by frequent contacts at the highest level with the deepening desire to translate the fraternal bonds into a broad strategic partnership with the aim to create economic growth and promote political and social stability at regional level. Going beyond symbolism, since 2008 the leadership of the two countries have visited each other with strong trade delegations, marked clear trade targets and signed numerous agreements for enhancing cooperation in multifarious areas of econ-

omy activity. Showing its generous side, Turkish government is helping Pakistan in post-flood rehabilitation efforts by constructing schools, hospitals and destroyed infrastructure in affected areas. Turkey has carved an important role for itself by facilitating leadership of Pakistan and Afghanistan to hold regular meetings to build trust and mutual understanding and form a joint strategy against terrorism to secure lasting peace and regional stability. President Zardari will look for ways to strengthen the institutional arrangements including the High Level Cooperation Council (HLCC), which according to Turkish Prime Minister Erdogan is a forum for direct interaction between cabinets of the two countries. During earlier meetings, leaders of the two countries have reached agreements for enhancing cooperation in areas of transport, agriculture, health, housing, telecommunication, energy, education and media. With a strong defence industry, Turkey has shown interest in expanding defence cooperation with Pakistan. Turkey has remarkable manufacturing capacity in unmanned aerial vehicles, armoured personnel carri-

ers and sea vessels and is eyeing to begin production of attack helicopters by 2013. Both countries are eager to expand their trade volume to two billion dollars by year 2012 and working on plans to create Free Trade Area in the ECO region, which besides Pakistan and Turkey comprises Iran, Afghanistan and Central Asian States of Azerbaijan, Tajikistan, Turkmenistan, Kazakhstan, Kyrgyzstan and Uzbekistan. Pakistan had decided to give 30 day visa to all Turkish nationals who possess valid US, UK or Schengen visas. The two countries plan to conclude a Visa Abolition Agreement for businessmen of Turkey and Pakistan. The two countries realize that regional connectivity is the way forward and leaders of Pakistan and Turkey will be looking at prospects for early and efficient implementation of the regional road and rail projects. During the talks, progress will be assessed on the Islamabad-TehranIstanbul freight train, whose regular service covering 6500 kilometers in a fortnight, can cut time and costs for transportation of goods linking markets from South Asia to Europe. The train is an important component of See # 1 Page 11

People vacate Jawakai on threats KOHAT: Thousands of tribal people have started migrating towards Kohat from semi-tribal area FR Jawakai after receiving threats from the militants, media reported on

Sunday. According to the sources, FR Jawakai, an area of nearly 50000 inhabitants has been targeted by the militants for several weeks. Tribal people said their houses

were being targeted with rockets by the militants as a result several people have been killed and injured. Security forces have started operation in the area. -Agencies

who penetrated the town centre. But by early afternoon the rebels looked back in control and seemed to have cleared the town. They commanded key intersections and fired six rockets towards the west. "One of the snipers, who was Algerian, was crouching here in the corner when we surrounded him and he shot himself in the neck," Ahmed said. The rebels accuse Gaddafi of using foreign mercenaries to fight the revolt. Gaddafi forces including snipers thrust into Ajdabiyah when the government assault began on Saturday. ISLAMABAD: The fresh See # 3 Page 11 rains in various parts of Pakistan could result in high production of wheat in the country, experts said Sunday. Agrarian and head of agriculture extension department in Arid Agriculture pace of the work on the University, Muhammad Ali, mega project of the water- told Online that the fresh courses with total cost of intermittent rains in parts of Rs66 billion started in the country could result in increase wheat production 2003-04. The committee was also by 20-38 per cent as comreminded the figures that pare to the last year. out of the total cost 77 per He said that Daska, including cent (Rs51 billion) was pro- Potohar Jhelum, vided by the government of Rawalpindi, Pakistan, 21 per cent (Rs14 Chakwal and arid areas in billion) by farmers, and the Balochistan as well as other provinces provided 2 per- parts of the country are the cent (1 billion in rupees) of areas where the production is massively affected by the total cost. It was also noted that 74 rains. per cent funds were Experts varies over the released against the alloca- magnitude of increase in tions to the provinces. production of wheat, howevAfter a long deliberation, er, they agreed that a surplus the steering committee production is apparent as the decided to apportion 39 current need of Pakistan percent out of the 912 mil- stands at about 23 million lion contingency plan fund tonnes of wheat per year. to KP and 50 per cent to Analyst and faculty See # 5 Page 11 See # 4 Page 11

Fresh rain to enhance Pak wheat output

Work on KP, B'stan watercourses done ISLAMABAD: Keeping in view losses of water resources, brick-lining of 25000 watercourses in Khyber-Pakhtunkhwa and Balochistan has been completed that marked achievement of targets by Minfa. This was revealed the other day in the meeting of the 'Federal Steering Committee on National Programme for Improvement of Watercourses in Pakistan' here in the Ministry of Food and Agriculture (MINFA). The committee which met under chairmanship of agriculture Shafqat Hussain Naghmi, was told that in KP, construction work on about 11819 watercourses was completed while in Balochistan 13299 water-

courses were constructed that massively improved irrigation system by stopping losses and absorption of water in clayed courses. While, in Sindh work on 19000 out of the set target 29000 and in Punjab on 21,000 out of 30000 watercourses target was achieved. The concerned directors of the projects in the two provinces and other officials agreed that the remaining construction work in Punjab and Sindh is near to complete as only 30 per cent and 33 per cent watercourses respectively remain in the provinces and work on it is in progress rapidly. On this occasion, the secretary agriculture showed his satisfaction over the

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The FinancialDaily-Epaper-11-04-2011  

The FinancialDaily Epaper