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International Karachi, Monday, March 21, 2011, Rabi-us-Sani 15, Price Rs12 Pages 12

PML-Q to stay out of the Parliament See on Page 12 Economic Indicators Forex Reserves (12-Mar-11) Inflation CPI% (Jul 10-Feb 11) Exports (Jul 10-Feb 11) Imports (Jul 10-Feb 11) Trade Balance (Jul 10-Feb 11) Current A/C (Jul 10- Jan 11) Remittances (Jul 10 - Feb 11) Foreign Invest (Jul 10-Feb 11) Revenue (Jul 10 Jan 11) Foreign Debt (Dec 10) Domestic Debt (Dec 10) Repatriated Profit (Jul- Jan 10) LSM Growth (Jan 11)

GDP Growth FY10E Per Capita Income FY10 Population

$17.61bn 14.33% $15.33bn $25.60bn $(10.27)bn $(81)mn $6.96bn $1.23bn Rs 765bn $58.39bn Rs 5497.4bn $338.2mn 0.83% 4.10% $1,051 175.49mn

Portfolio Investment SCRA(U.S $ in million)

183.82 -12.12 -2.25 2912

Yearly(Jul, 2010 up to 18-Mar-2011) Monthly(Mar, 2011 up to 18-Mar-2011) Daily (18-Mar-2011) Total Portfolio Invest (12-Mar-2011)

NCCPL (U.S $ in million)

FIPI (18-Mar-2011) Local Companies (18-Mar-2011) Banks / DFI (18-Mar-2011) Mutual Funds (18-Mar-2011) NBFC (18-Mar-2011) Local Investors (18-Mar-2011) Other Organization (18-Mar-2011)

-8.83 2.47 1.87 -0.85 0.30 4.82 0.21

Global Indices Index KSE 100 Nikkei 225

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11,606.61

251.66

9,206.75

244.08

Hang Seng

22,300.23

15.80

Sensex 30

17,878.81

271.06

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2,906.89

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11,858.52

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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 2.60 110.87 17.00 144.99 2.00 42.64 1.70 36.25 11.04 37.65

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

09-Mar-2011 09-Mar-2011 09-Mar-2011 29-Nov-2010 19-Mar-2011 19-Mar-2011 19-Mar-2011 19-Mar-2011 19-Mar-2011 19-Mar-2011 19-Mar-2011 19-Mar-2011 19-Mar-2011 19-Mar-2011 19-Mar-2011

13.39% 13.69% 13.86% 14.00% 13.43% 13.53% 13.73% 14.12% 14.24% 13.99% 14.01% 14.00% 14.42% 14.66% 14.88%

Commodities Crude Oil (brent)$/bbl 113.93 Crude Oil (WTI)$/bbl 101.07 Cotton $/lb 199.12 Gold $/ozs 1,416.10 Silver $/ozs 35.06 Malaysian Palm $ 1,128 GOLD (NCEL) PKR 38,749 KHI Cotton 40Kg PKR 13,396 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 84.40 Canadian $ 86.10 Danish Krone 15.90 Euro 120.20 Hong Kong $ 10.50 Japanese Yen 1.080 Saudi Riyal 22.63 Singapore $ 66.50 Swedish Korona 13.30 Swiss Franc 91.70 U.A.E Dirham 23.18 UK Pound 137.60 US $ 85.25

85.40 87.10 16.10 121.30 11.00 1.083 22.80 67.50 13.50 92.70 23.38 139.00 85.55

Inter-Bank Currency Rates Symbols

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

Buying TT Clean

Selling TT & OD

84.93 86.63 16.20 120.88 10.93 1.059 22.73 66.96 13.58 94.60 23.21 138.41 85.29

85.13 86.84 16.24 121.16 10.96 1.061 22.79 67.11 13.61 94.82 23.26 138.73 85.47

Weather Forecast CITIES

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MAX-TEMP

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MIN

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Yemen President dissolves government China affirms open-up policies India beat WI to meet Aus

See Page 12 See Page 9

Over 100 dead in US, allies’ air strikes

Gaddafi vows to strike back Dozens of Libyan military vehicles destroyed

US claims success; Arab League criticises action TRIPOLI/CAIRO: At-least hundred people have reportedly been killed and 200 others wounded in the air raids carried out by western forces since Saturday, Libya's health officials said on Sunday. Fighter jets of Western forces bombed civilian targets in Tripoli, causing the casualties, the state television reported. Many fuel tanks were also hit, it said. Libyan leader Moammar Qaddafi called the Western attacks as "a crusader war" against the Libyan people, saying that the air strikes were designed to "terrify the Libyan people" and were "terrorist means." Gaddafi vowed to snatch a victory over Western forces, which began on Saturday to launch air strikes against his troops, saying the western forces would be defeated. All the Libyan people were united and have been given weapons, "ready for a long war" in the country, he said in a brief audio message carried out by Libya's state television. The world's major powers, Britain, the United States and France, started to launch strikes from the air and sea against

6 more dead as Karachi violence goes on KARACHI: At least six more people, most of them political workers, were shot dead on Sunday in ongoing violence spree in the city, bringing the dead toll in politically-motivated killings to 17 in past 48 hours, media reported. The unrest has gripped Kharadar, Lyari, Orangi Town, Gulistan-e-Jauhar, Gulshan-eIqbal, Liaqat Abad, Burns Road and others areas of the city after a week-long incidents of shootout. Though, three policemen have been targeted by miscreants in the city, but the police force and law enforcement agencies are seemed to be helpless before the ghost attackers who easily target people and flee from the scene successfully. On Sunday, unknown attackers riding a bike opened fire on two people in Kharadar area, killing one of them on the spot while the other died on way to hospital. A MQM worker, Shehzad was gunned down near Mosmiat area at Gulistan-eJohar. In the same area, police found dead body of a man from a nullah. He was not identified. Meanwhile, in Gulshan-eIqbal, two people were killed and at least four injured when unidentified armed men targeted them on a shop. In another incident, unknown bikers hurled a hand grenade on local office of the Muttahida Qaumi Movement at Aram Bagh area, but it did not explode. Police said the grenade had already been defused. -Agencies

Gaddafi's forces after the UN Security Council had passed a resolution to impose a no-fly zone over Libya and protect civilians in Libya. France carried out initial four air strikes, while the US military said 112 Tomahawk cruise missiles were fired from American and British ships and submarines at more than 20 Libyan coastal targets. Nineteen US planes, including three B2 stealth bombers, took part in dawn raids on targets in Libya. In the biggest Western intervention in the Arab world since the 2003 US-led invasion of Iraq, American warships and a British submarine fired at least 110 Tomahawk cruise missiles into Libya on Saturday, the US military said. Admiral William Gortney told reporters at the Pentagon the cruise missiles "struck more than 20 integrated air defense systems and other air defense facilities ashore." The action came two days after a UN Security Council resolution with Arab backing authorised military action to prevent Gaddafi's forces from crushing an uprising against his

41-year autocratic rule. Libya's foreign ministry said that following the attacks, it regarded as invalid the UN resolution ordering a ceasefire by its forces and demanded an urgent meeting of the Security Council. The attacks on Libya "threaten international peace and security," the ministry said. "Libya demands an urgent meeting of the UN Security Council after the FrenchAmerican-British aggression against Libya, an independent state member of the United Nations," it said. On Thursday, the Security Council passed Resolution 1973, which authorised the use of "all necessary means" to protect civilians and enforce a ceasefire and no-fly zone against Gaddafi's forces. Meanwhile, Arab League chief Amr Moussa criticized on Sunday international coalition force's bombing against Libya. "What has happened in Libya differs from the goal of imposing a no-fly zone and what we want is the protection of civilians and not bombing other civilians," said Moussa. See # 5 Page 11

Sindh to buy 11mn gunny bags this yr KARACHI: The Sindh Food Department has started purchasing wheat to meet its target of purchasing 11 million wheat bags this year. The official rate of per 40-kg wheat bag is retained at Rs95 this year. The wheat growers told INP that there is 35 per cent more yield this year as compared to the last year's crop which was damaged by the floods. The provincial food department purchased 13 million wheat bags last year, but the target for this year is reduced to 11 million bags due to bumper

crop in the province. Forty-two centres have been established in Mirpurkhas for purchase of wheat. District Food Controller (DFC) Mirpurkhas Sarang Ram said one million wheat bags will be purchased in the district this year. He said payment to wheat growers will be made through banks. On the other hand, Chairman Formers Association Javed Junejo said the growers could not get gunny bags at the centres. He said the gunny bags are being sold at Rs100 to Rs150 per piece. -Agencies

Offshorers turn sellers last week Foreigners eject $16.42mn from KSE Ahmed Siddique KARACHI: Flight of foreign portfolio investment continue as Libya crisis along with Japan devastation kept the redemption in global funds causes net withdrawal of $16.42 million by the offshore investors in the last week as per the National Clearing Company of Pakistan Limited (NCCPL) data. On the other hand, fall in global indices kept the local market under intense pressure as KSE 100-Index plunged 3.6 per cent or 438.64 points at 11,606.61. During the week, foreign investors remained on the selling-side as they offloaded shares worth $33.47 million and bought share valuing $17.05 million. Offshore investor remained net-seller throughout the week as on the first trading of the last week; offshore investors ejected $1.20 million. This trend continued as

the foreign investors withdrew another $2.69 million on Tuesday. Likewise, foreign investors continue to offload their holdings with an outflow of $2.49 million, $1.21 million on Wednesday and Thursday respectively. Similarly, largest outflow during the week witnessed on Friday as $ 8.83 million recorded. Furthermore, Mutual Funds remained on the selling side with shares worth $14.40 million. On the other hand, biggest weekly buying was witnessed from banks which invested $41.13 million of shares in the local bourse against the selling of $21.71 million, thus turning the net buying worth of $19.43 million. Moreover, Individuals, companies and other organization also joined banks trend as they net invested $7.36 million, $3.05 million and $1.07 million respectively.

TRIPOLI: Vehicles belonging to forces loyal to Libyan leader Muammar Gaddafi explode after an air strike by coalition forces, along a road between Benghazi and Ajdabiyah. -Reuters

MQM holds Zardari, Mirza liable for Khi killings KARACHI: Muttahida Qaumi Movement (MQM) has blamed criminal elements of Peoples Aman Committee for targeting its workers, alleging Pakistan Peoples Party for backing the group. Addressing a press conference here Sunday, MQM Coordination Committee's Deputy Convener Farooq Sattar said dozens of MQM workers had been targeted by the criminals belong to the Aman Committee. He said his faction had presented before Zardari the evidences on criminal elements in Aman Committee, adding that he was assured by the president about stern action against such elements. "But we saw no progress on this issue", he said. "Now ultimately the responsible are President Zardari and Sindh Home Minister Dr Zulfiqar Mirza who had not controlled the situation," he said. PPP's Sindh Home Minister had initially announced his support for the group, before Sindh government's decision to close all the offices of the organization in the province following President Asif Ali Zardari's high-level talks with MQM leadership. At least six more people, most of them political workers, were shot dead on Sunday in ongoing violence spree in the city, bringing the dead toll in politically-motivated killings to 17 in past 48 hours. The unrest has gripped Kharadar, Lyari, Orangi Town, Gulistan-e-Jauhar, Gulshan-eIqbal, Liaquat Abad, Burns Road and others areas of the city after a week-long incidents of shootout. See # 6 Page 11

Coalmine blast kills 7 in Quetta QUETTA: At least seven miners were killed and forty-three others trapped inside a coalmine when a Methane gas explosion caused collapse of a portion of the mine in Surang area some thirty-five kilometers from Quetta on Sunday. Chief Mines Inspector Balochistan Iftikhar Ahmed told media said seven bodies have been retrieved and rescue operation is underway to take out the remaining miners trapped in the coalmine. -NNI

8M services trade gap narrows 44pc Aamir Abidi KARACHI: Pakistan services trade deficit squeezed 43.6 per cent in first eight-month of fiscal year 2011 over the same period of previous year. Trade deficit in services stood at $927.1 million in JulyFebruary 2010 -11 over $1.64 billion in the corresponding period of previous fiscal, according to State Bank of Pakistan (SBP). The main reason of decline in service deficit was higher service export proceed received by the government. Services export increased 34.2 per cent to $3.79 billion in 8MFY11 against $ 2.83 billion in the identical period of last fiscal. The imports of services hiked

5.6 per cent to $4.72 billion in the said period against $4.47 billion in the same period of previous year. During the period, country has generated through services export worth of $1.83 billion on account of government services, $911 million from transportation services, $213 million from travel, $162 million from communication services and $140 million from computer & information services. On the flip side, Pakistanis paid $2.52 billion for transportation, $692 million for other business services, $630 million for travel, $113 million for communication services, $99 million for insurance services and $96 million for computer & information services.

8M: Food group up 72pc; textiles 75pc

Import bill rises across-the-board Ghulam Raza Rajani KARACHI: Pakistan imports of mostly all the sectors surged during the first eight-month of fiscal year 2010-11, as import bill increased 17.3 per cent to $25.59 billion during the JulyFebruary, 2011 compared to $21.82 billion in the same period of last year. The main reason was the surge in commodity prices in international market along with higher demand of cotton, sugar and palm oil. According to the sector-wise trade data, oil import bill increased almost 14.43 per cent to $7.21 billion in 8MFY11 against $6.30 billion in the corresponding period last year. The major surge was witnessed in import of crude oil which was hiked 24.33 per cent to $2.85 billion versus $2.29 million in 8MFY10.

Similarly, imports of manufactured petroleum product rose by 8.77 per cent to $4.36 billion against $4.01 billion witnessed in 8MFY10. Then again, food group import registered phenomenal growth of 72 per cent to $3.55 billion in 8MFY11 in which sugar import ballooned by 392 per cent, palm oil by 59.9 per cent, spices 63 per cent and soybean oil 5.7 times. While wheat un-milled import bill decreased 77.56 per cent mainly due to ample wheat stock available. Furthermore, textile group import bill increased 74.81 per cent to $1.84 billion against $1.06 billion over the previous year same period. The major hike in this sector witnessed from raw cotton and synthetic fiber which swell by 112 per cent and 53 per cent respectively.

Punjab textilers stand against ST FAISALABAD: Textile Sizing Industry Faisalabad, on the call of All Pakistan Textile Sizing Industry, has begun strike against imposition of Sales Tax resulting supply of raw material to Power Looms is halted, media reported on Sunday. It is pertinent to mention here that the government had exempted Textile Industry from

sales tax in 2007, but it is again imposed since March 16, 2011 as a result textile industry would pay 17 per cent tax. Due to this strike, supply of raw material to power looms is halted. Power looms industry owners have also shut their industries in support the strike. See # 7 Page 11


2

Monday, March 21, 2011

UAE remains committed to Pak: Al-Khoory 'Law & order, insecurity not an issue for UAE investors'

KARACHI: The Director General of the office of HH Sheikh Nahyan Bin Zayed Al-Nahyan Bin Zayed Al-Nahyan, Mohammed Abdul Khaleq Al-Khoory hosted a dinner at Falcon House. Photo shows former Nazim Mustafa Kamal, Consul General of UAE, Sohail, with other prominent guests.

Staff Reporter KARACHI: Mohammed Abdul Khaleq Al-Khoory, Director General of Office of His Highness Sheikh Nahyan Bin Zayed Al-Nahyan has said that law and order situation and insecurity was not an issue for UAE investors in Pakistan. The negative perception about Pakistan, which is being portrayed abroad, is totally contrary to what the ground realities are. "We fearlessly move to various places, we go shopping without any hesitation, and we frequently visit several rural areas of the country. I don't see any trouble, instead we find people of Pakistan extremely loving, caring and hos-

pitable", Mohammed Abdul Khaleq Al-Khoory said. Talking to this correspondent at a reception hosted here at the office of Shaikh Nahyan Bin Zayed Al-Nahyan, the Director General pointed out that Pakistan and UAE enjoy extremely strong and close relations, founded on deeprooted cultural affinities, shared faith and traditions, as also geographic proximity and identity of interests. He pointed out that the relations between Pakistan and UAE date back to the UAE's formation and since evolved into wide-ranging cooperation in various fields. UAE has been a major donor of economic assistance to Pakistan and has

remained at the forefront whenever Pakistan suffered from any natural calamities, particularly last year's devastating floods and the earthquake in northern areas of the country, he added. "We have been supporting Pakistan and we will continue to do so in future as well", Mohammed Abdul Khaleq Al-Khoory reiterated. Mohammed Abdul Khaleq Al-Khoory pointed out that over the years, UAE has emerged as one of Pakistan's major economic and trading partners which helped in generating the much-needed employment opportunities in Pakistan whereas a large number of Pakistani expatriates are also employed in UAE.

Polio eradication top priority, says Sagheer KARACHI: Sindh Minister for Health Dr Sagheer Ahmed said that action would be taken against the concerned officers of health department who fail to achieve the coverage target in their respective areas, during Polio Campaigns. This he said while addressing at the Polio session arranged by the Rotary International Pakistan here on Saturday. He said that a total number of 27 Polio cases were reported from Sindh in 2010, while Pakistan had 144 cases, the highest number collectively from all the Polio endemic countries. Dr Sagheer Ahmed further said that Polio cases gained alarming heights in Sindh after the devastating floods that wrecked havoc in 2010, causing much devastation and displacement of close to one million people. Entire towns and villages were destroyed, causing families to find safer grounds, he observed. Provincial Minister further said that mass migration caused hardship to families with little food and water; giving rise to malnutrition and poor sanitation conditions. The floods caused widespread water contamination in inaccessible Districts, and were one of the causes of highest number of Polio cases, he opined. He said that President of Pakistan keeping in view the same has declared 2011 for the year of eradiation of Polio from Pakistan. He while taking note of the rise in Polio cases, declared a National Emergency and launched the National Emergency Action Plan January this year, he added.-APP

FBR issues notice

Drive against non tax-payers begins

Staff Reporter KARACHI: The Federal Board of Revenue (FBR) has decided to issue notices on Monday (today) to 0.7 million non-taxpayers, which were earlier identified by the revenue body, a senior official said. In a meeting with the members of the Karachi Association for Trade and Industry (KATI), FBR Chairman Salman Siddique said that the issues pertaining to five zero-rated sectors, which are facing difficulties after the promulgation of presidential orders for imposition and revision of taxes. He said that the finance minister and his team

would discuss the matter with the industry and finally issue clarification in this regard. On March 15, the president issued three ordinances to curtail the budget deficit by announcing tax measures, including 15 percent surcharge on income tax and removing various exemptions for zero-rated sectors, besides levying 17 percent sales tax on various products used for agriculture. "There are issues in the zero-rated sectors, commercial importers and other value chain and it would be resolved in the meeting, which is likely to be chaired by Finance

Minister Dr Hafeez Sheikh in Karachi," he said. About the current year's revenue collection target, he said that the revenue body is focusing on broadening the tax base. "Achieving budget is not the prime object of the FBR," he added. He said for broadening the tax base, the FBR had identified 2.3 million people, who are rich and living a luxury life, but their contribution is almost nil. Therefore, the revenue body shortlisted 700,000 persons who are not paying even a single penny to the exchequer, he added.

Chhipa launches "Provide Food - Save Humanity" campaign KARACHI: The deserving and the poor have rushed at the free food service stalls of the Chhipa Welfare Association being established across the city. According to a press release sent by Chhipa Welfare Association, the Social Worker Founder & Chairman of the CWA "Ramzan Chhipa" has launched a campaign to meet their feeding requirements. In this regard, he has just kicked off "Provide food Save Human" move in the city as he expects that the citizens and the philanthropists would as their precedence come forward for the help of the deserving and the poor fraternity. It is pertinent to mention that the "CWA" ensures at least two times free meal to the deserving human, which is an additional philanthropic duty that the CWA has taken up along with providing ambulance service to lift and deliver the injured and the ailing to nearest healthcare facility. -PR

EDB starts writing budget proposals ISLAMABAD: The Engineering Development Board (EDB) started budget exercise and has formed several sect oral committees on engineering and allied sectors to provide proposals for the upcoming budget of fiscal year 2011- 12. A separate committee on auto sector has also been constituted, having members of sub-committee of Auto Industry Development Committee (AIDC) on Fiscal Issues and Indigenization. These committees will finalize the budget proposals related to their sector, which would be consolidated and examined for discussion in the final meeting scheduled on the third week of next month. The final tariff proposals will be forwarded to the concerned quarters by the end of next month, said EDB press statement. These committees include prominent experts, manufacturers, consumers and representatives

from Ministry of Industries and Production, Commerce, Federal Board of Revenue (FBR) and the tariff experts of the relevant fields. Each committee is headed by an experienced and renowned industrialist as its convener and an officer of the Board as Coordinator. Several invitations for budget proposals have also been sent to industrial stakeholders, associations, chambers, manufacturers of engineering and allied products and consumers of such product through mail. The committees are assigned to redress the tariff and other related issues of concerned sector affecting their competitiveness, further expansion and entrance into global market. The board has placed the information regarding constitution of committees, their term of References (TORs) guiding principle, list of active SROs on its website. -APP

CIMA-qualified demand rising

KARACHI: The outgoing British Deputy High Commissioner Robert G Gibson hosted a farewell reception at his residence. Picture shows Speaker Sindh Assembly Nisar Ahmed Khuhro, Minister Raza Haroon, UK deputy head of mission, Sheharyar Khan Niazi, UAE Consul General and Dean of Diplomatic Corp, Suhail and diplomats from Saudi Arabia, Oman, Qatar with other guest. -Staff Photo

KARACHI: The Consul General of Saudi Arabia Faleh Mohammed Al Ruhaily, hosted a dinner at his residence in honor of Saudi Navy Delegation headed by Rear Admiral Ibrahim Bin Usman Al Deljan. Photo shows host Saudi Navy Officers and Arif Suleman, with other guests. -Staff Photo

LAHORE: In its most recent Global Employers survey, CIMA sought to better understand the challenges faced by medium and large-scale companies all over the world. The independent survey, commissioned by CIMA in June 2010, focused on the skills desired by these employers in the short and medium-term. Validating the Institute's rigorous future-ready curriculum and its emphasis on developing management accountants, the Global Employers survey revealed that the current economic climate and cost control were the key challenges faced by organisations around the world. As a result, the majority of these companies believed in the need for management accountants, rather than accountants of the sort produced by other

professional institutes. The current economic climate, cited by surveyed employers as the most critical challenge facing them in the next 18 months, has spurred an increase in their demand for a unique skill set, one best delivered by the CIMA. Believing that their employees need to possess leadership skills, as well as excellence in reporting and analysis, global employers have increasingly turned to the CIMA members, who have the business planning, implementation, forecasting, and verbal communication skills needed to drive revenue growth. Indeed, the newest CIMA syllabus, developed with the needs of global employers in mind, is more focused on the 'soft' skills of leadership, decisionmaking, and project management than other accounting qualifications. -PR

Indonesia CG welcomes Naval war game with Pak KARACHI: Indonesian Consulate General in Karachi held an Indonesian Cultural Performance to welcome the Indonesian Navy's Ship, Sultan Iskandar Muda (SIM)-367, to participate in the multinational naval Exercise AMAN-11, held in the waters of the Arabian Sea in March 2011. Indonesian Ambassador to Pakistan, Ishak Latuconsina, accompanied by Indonesian Consul General in Karachi, Rossalis R. Adenan, and the Indonesian Navy's

Efforts on to promote Sindhi

95,000 patents registered

culture: Qaim

K A R A C H I : T h e Intellectual Property Organisation of Pakistan (IPO) has so far registered 95,000 patents while about 200,000 applications are pending for legal requirements. This was stated by the Chairman IPO Mir Shahjahan Khetran while talking to journalists at a seminar of Pakistan Pharmaceutical Manufacturers Association (PPMA) on IPR. He said that local entrepreneurs do not pay attention toward the registration of patents for their products while foreign companies are very keen to get patent registration. "We receive on an average about 100 to 110 applications for patents from foreign entities every month while only 10 to 15 local companies apply for such registration", he added.-PR

LARKANA: Sindh Chief Minister Syed Qaim Ali Shah has said that present government is trying best to enhance Sindhi Culture, Civilization, heritage and Music. "Asan-jo-Larkano Shahar-e-Benazir Mega Festival 2011" is vital example of it. He congratulated district administration and local PPP Leaders to arrange wonder full Mega Musical Night in the end of the Festival. This he said while talking to thousands of people KARACHI: Vice Consul General of Kingdom of Saudi Arabia in Karachi Anwar gathered in concluding A Mirza paid a courtesy visit to the office of TAAP. Picture was taken at the time ceremony and Mega of giving away the token of appreciation to Anwar A Mirza from Chairman Musical Show at TAAP Yahya Polani. Flanked by Anwar Mirza & members of TAAP Tafseer-ul Municipal Stadium Islam, Shahid Perwez, Saeed Ahmed Qureshi, Naeem Sharif and Secretary Larkana, in which thouGeneral TAAP Saleem Ahmed also seen in the picture. -Staff Photo sands of younger, older

age peoples, women and children enjoyed the music program first time in the history of Larkana. Chief Minister added that the festivals are being held in Sukkur and Khairpur also, but the Larkana Festival is very ideal in comparison with other districts. He said that Municipal Stadium is a historic ground in which our leader Shaheed Mohtarma Benazir Bhutto addressed to millions of peoples last time in November 2007 and she took promise from us to serve these peoples after the wining of election, but unfortunately she assassinated and we have lost our leader.

Ship Commanding Officer, Navy Commander Agus Hariadi in his speech gave warm welcome to the Commanding Officer and crews of Indonesian Navy's Ship, Sultan Iskandar Muda (SIM)-367 to Pakistan, and expressed gratitude and appreciation. More than 250 people, consists of the Sindh Provincial Government officials, the Consul Generals and the Honorary Consul Generals in Karachi, including the Consul Generals of the United

States, Russia, Malaysia, Thailand, Korea, Japan, Vietnam, Iran, France, Switzerland, Turkey, Sri Lanka and Bangladesh, the businessmen (members of Karachi Chamber of Commerce and Industry/ KCCI), and the Federation of Pakistan Chamber of Commerce & Industries/ FPCCI), the friends of Indonesia, academicians and members of Civil Society in Karachi, as well as journalists from local media, attended the event.


3 Monday, March 21, 2011

Forex market weekly outlook

Yen falls after G7 intervenes, traders eye 80 level Traders bracing for extended intervention campaign NEW YORK: Investors betting on a sustained decline in the Japanese currency could be disappointed after the Group of Seven on Friday launched its first coordinated currency market intervention since 2000 and pledged to do more if needed to rein in a soaring yen. Both the Federal Reserve and Bank of Canada said they had sold yen, bolstering European and Japanese efforts to weaken the currency and calm markets after Japan's devastating earthquake, tsunami and unfolding nuclear crisis. The dollar rose nearly 4 per cent to 82.00 yen on trading platform EBS in European trade, but hedge funds and other speculative accounts tested official resolve by buying into the yen sell-off. The dollar last traded at 80.58 yen, though still up 2.4 per

Specs up net yen long contracts, CFTC says NEW YORK: Currency speculators boosted bets in favor of the Japanese yen in the latest week, data from the Commodity Futures Trading Commission showed on Friday. Data showed net yen longs rose to 30,230 contracts from last week's 16,656. The value of the dollar's net short position fell to $27.07 billion in the week ended March 15 from $34.9 billion a week earlier, according to CFTC and Reuters calculations. One of the biggest shifts in positioning was in sterling contracts, which reversed to a net short of 225 contracts from net long trades of 33,906 the previous week. Sterling net positions have fallen by nearly 53,000 contracts since mid-February. -Reuters

Cbot corn gains nearly 4pc in week CHICAGO: US grain futures soared on Friday as investors regained their appetite for risk, with corn posting a two-day gain of nearly 11 per cent as concerns eased about the market impact of the crisis in Japan. On the week, nearby US corn futures ended 3.7 per cent higher, soybeans up 2.7 per cent and wheat up 4.0 per cent. Funds helped bolster bullish momentum, buying an estimated 30,000 corn contracts on Friday, in addition to 8,000 soybean futures and 4,000 wheat contacts, sources at the Chicago Board of Trade said. May wheat ended 12-3/4 cents a bushel higher at $7.23, and May corn up 37 cents at $6.83-1/2 after rising by the 45cent expanded daily trading limit. May soybeans rose 271/4 cents to $13.62-1/2. Traders said sentiment had improved after the announcement of a ceasefire in Libya and on a stabilization of the situation in Japan, which had depressed grain markets amid concerns over the quake's impact on demand.-Reuters

cent on the day. "We still think that there will be appreciation pressure on the yen," said David Mann, head of research, Americas, at Standard Chartered in New York. "I would expect strong defense of 80. We can't rule out testing below that and then seeing intervention push it back higher again." C.J. Gavsie, director of FX sales at BMO Capital Markets in Toronto, said since North American trading hours began, there had been "straightforward pressure to be buying yen and selling dollars, which is exactly the opposite" of what central banks were trying to achieve. As a result, the dollar quickly retreated below 81 yen. Tokyo market estimates had the Bank of Japan selling some 2 trillion yen ($25 billion) over the course of the day. Nomura Securities estimated the European Central Bank intervened to the tune of about 5 billion euros ($7.1 billion). The Bank of Canada was estimated to have spent around C$100 million to C$150 million ($101.5 million to $152.3 million), according to BMO Capital. Expectations that Japanese retail and corporate investors would start bringing money home for rebuilding after the disaster drove the yen up this past week. So did heavy selling by margin traders who were forced to unwind positions funded with cheaply borrowed yen as risk aversion spiked. While official yen-selling could continue for weeks, analysts emphasized that the main goal of intervention is to reduce volatility but not necessarily to weaken a currency. Central banks "want to make sure the speculative element is at a minimum," said David Watt, senior currency strategist at RBC Capital Markets in Toronto. "And they want to make sure that operationally, the market will always have another side."

Net yen long positions rose to 30,230 contracts from last week's 16,656 contracts, data from the Commodity Futures Trading Commission showed on Friday. Analysts expect yen longs to drop after Friday's intervention. Technical analysts noted upside targets around Monday's peak of 82.45, followed by the 100-day moving average of 82.61 and 83.30, the intraday high from last Friday. Nomura currency strategists said the 82.70-83.00 range would be an "ideal level" for computer-driven model accounts to buy dollars. Giuseppe Manieri, principal of Premium Currency Advisors, said Friday's closing level is important. "If it is on the higher side of the weekly bar," it might mean a reversal. "For now on the long-term side nothing has changed, the trend is still heavily downwards," he said. Zurich-based Premium Currency Advisors has $875 million under management. Paresh Upadhyaya, strategist at BofA Merrill Lynch, said it may require a move toward higher interest rates in the United States to sustain downward yen momentum. "For intervention to be successful, it needs to be followed by policy action," he said. "If the Fed starts openly debating exiting quantitative easing, that would move interest rate differentials sharply in favor of the dollar against the yen." As the dollar rebounded, it became cheaper to hedge against further yen gains. Implied volatility on one-month dollar/yen options stood at 13.15 per cent, down from 21 per cent on Thursday. The euro hit a session high around 115.56 yen before easing to 114.36, up about 3.4 per cent. The euro rose to a four-month high against the dollar of around $1.4185 after the intervention in euro/yen. -Reuters

Cocoa slips; Sugar firm on supply crunch NEW YORK/LONDON: Cocoa futures sank in a late selling spree on Friday on talk that Ivory Coast incumbent Laurent Gbagbo may be willing to step down and end a bitter power struggle in the world's leading producer of cocoa, analysts said. New York's May cocoa contract slid $155 or by 4.7 per cent to close at $3,127 per tonne, having dropped late in the session by 5.7 per cent to a session low at $3,095. London's Liffe May cocoa futures tumbled 123 pounds or by 5.8 per cent to close at 2,003 pounds a tonne, having traded as low at 1,999 pounds. The New York cocoa market's May contract finished below the 100-day moving average at $3,114 and could take aim at the 200-day moving average at $2,994. Sugar futures climbed as thin supplies and a revival in cash demand stoked the market higher. Robusta coffee hit a new

three-year high in London before ending lower on the day. Investors were skittish going into the weekend because of unrest in the Middle East and that Japan's nuclear crisis may worsen over the weekend. New York's May raw sugar contract on ICE Futures US jumped 0.97 cent to end at 27.71 cents per lb. London's May white sugar futures soared $24.40 to close at $710.60 per tonne. In coffee, London's May robusta futures hit a new threeyear high of $2,672 per tonne but fell $19 to end at $2,596 per tonne. New York's May arabica coffee contract though rose 5.30 cents to trade at $2.762 a lb. The premium of May robusta over July robusta backed away from the $200 per tonne hit on Thursday, but ended Friday at $160 which is an indication of how tight the deliverable supply situation is, dealers said. Reuters

US cotton closes limit up on global worries NEW YORK: US cotton rose the 7-cent limit on Friday for the second day in a row on protective short covering amid worries about the situation in Libya and the potential for further mishap in Japan this weekend, brokers said. With a 3.6 per cent gain, the active May cotton contract on ICE Futures closed at $1.9912 per lb, extending the gain from Wednesday, when the market settled at a three-week low of $1.8512. Still, for the week, the market is down 2.84 per cent. Open interest, an indicator of

investment exposure in cotton, stood at 172,925 lots as of March 17, a level that is still near the lowest since late July 2010, data from ICE Futures US showed. Volume traded was estimated at 17,000 lots, the lowest level since Feb. 28 and almost 50 per cent below the 30-day norm, Thomson Reuters preliminary data showed. "It's a helter-skelter thing, with everything going on around the world," said Mike Stevens, an independent analyst in Louisiana. He said the market got a boost from firmer Chinese cotton

prices, with the September cotton contract on the Zhengzhou Commodity Exchange last done at 30,540 yuan per tonne, up 1,125 yuan on the day. Strong stock markets and grains futures encouraged investors to pile into cotton, mitigating somewhat concerns about how much the disasters in Japan will impact cotton demand. On a technical level, the May contract finished above the 20day moving average at $1.9815 and this could mean a push to clear strong resistance over $2 going next week, analysts said. Reuters

Sterling falls vs euro for 4th week LONDON: The pound slid against the euro for a fourth week, the longest run of declines since October, as investors bet the Bank of England will be slower to raise rates than its euro-region counterpart. Implied yields on short-sterling futures dropped after a report showed UK consumer confidence fell to a record low. Sterling gained versus the dollar and UK government debt rose as Fitch Ratings said the UK should keep its top credit rating, citing government efforts to reduce the budget. The pound weakened 1.1 per cent in the week to 87.38 pence per euro as of 4:42 p.m. in London. That's the biggest decline this month. Sterling strengthened 0.8 per cent against the dollar. A gauge of UK sentiment dropped to 38 last month, the lowest since records began in 2004, Nationwide Building Society said. Implied yields on short-sterling futures dropped 11 basis points in the week as traders scaled back bets the Bank of England will raise interest rates. Data on Tuesday is expected to show UK inflation probably accelerated to the fastest pace since October 2008 in February, which may sharpen the divide among Bank of England policy makers on whether to raise rates to tame price pressures. The BOE publishes minutes of its March 9 policy meeting on Wednesday. Sterling has gained 1.8 per cent this year. It trails behind the euro's 3.9 per cent advance, the Swedish krona and Norwegian krone. The pound has lost 1.9 per cent against the 17-nation European currency since Dec. 31. The yield on the benchmark 10-year government bond fell 12 basis points to 3.51 per cent in the week, with two-year note yields 10 basis points lower at 1.19 per cent. Gilts made 1.08 per cent this month, while German government securities lost 0.05 per cent, according to Bank of America Merrill Lynch indexes. The FTSE 100 Index of stocks fell 4.3 per cent in the period. -Agencies

Copper ends lower NEW YORK/LONDON: Copper failed to extend gains into a third day Friday, ending lower, as further tightening moves in China, Middle East unrest and Japan's nuclear crisis kept investor risk at a minimum. Still, prices of the metal managed to post their best weekly performance since the first week of February, snapping back from initial panic-led liquidation pressures stemming from last Friday's devastating earthquake in Japan. London Metal Exchange (LME) three-month copper shed $55 to close at $9,510 a tonne, still down about 7 per cent from its record at $10,190 in February. COMEX copper for May delivery eased 0.50 cent to settle at $4.3390 per lb in lighter-than-usual volume. According to Thomson Reuters preliminary data, COMEX volume traded stood just above 30,100 lots, over 40 per cent below the 30-day norm. Copper prices initially came off after China's central bank raised lenders' required reserves for the sixth time in an ongoing cycle of monetary tightening to fight inflation. But the market digested the widely expected move, expecting the impact of Chinese tightening measures to be moderate in the longer term. News that Libya declared a cease-fire in the country to comply with a United Nations resolution passed overnight gave a further boost to the market's confidence. Earlier, the Group of Seven agreed on joint intervention to curb the soaring yen and calm markets over Japan's nuclear power plant crisis. LME copper stocks added another 850 tonnes overnight, boosting inventories to their highest level since last July, at 429,650 tonnes. Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 12.1 per cent from last Friday. Aluminium ended up $37 at $2,560 a tonne. LME stockpiles saw an outflow of 6,575 tonnes, leaving levels at 4,612,825 tonnes. They hit a record-high at 4,640,750 tonnes in January 2010. -Reuters

Asian currencies

Mostly log gains for wk, led by Indonesian rupiah TAIPEI: Thailand's baht and Indonesia's rupiah gained the most this past week among Asian currencies as the Group of Seven nations agreed to sell yen to calm currency markets roiled in the aftermath of Japan's biggest earthquake. "Markets are reacting positively to the intervention news and signs of support from the G7 is reassuring investors," said Brian Jackson, an emergingmarkets strategist at Royal Bank of Canada in Hong Kong. "We see risk appetite coming back, not just in the currencies but in equities as well." Thailand's baht strengthened 0.5 per cent this past week to 30.32 per dollar in Bangkok. The rupiah advanced 0.3 per cent to 8,773 and India's rupee rose 0.2 per cent to 45.1425. "At the request of the Japanese authorities, the US, the UK, Canada, and the

European Central Bank will join with Japan, on March 18, in concerted intervention in exchange markets," the G-7 said in a statement said. Thailand's baht advanced as the nation's yield premium over developed economies spurred overseas investors to add to holdings of its debt. Global funds bought $109 million more local bonds than they sold this week through to March 17, according to data from the Thai Bond Market Association. The nation's 2.5 per cent benchmark interest rate compares with a maximum of 0.25 per cent in Japan and the US. Indonesia's rupiah climbed, trading near the strongest level in almost four years, on speculation the central bank will allow the currency to gain to tackle inflation. Offshore funds increased holdings of Indonesia's government debt by 2.6 per cent to

205.7 trillion rupiah ($23.4 billion) this month through March 16, according to official data. The Philippine peso dropped to a six-week low on March 17 on concern political tension in the Middle East will spur an exodus of Filipino workers from the region, hurting remittances. The currency declined for a second week. The peso declined 0.1 per cent this past week to 43.705 per dollar, according to Tullett Prebon Plc. It touched 44.01 on March 17, the weakest level since Feb. 2. Elsewhere, Taiwan's dollar was little changed this past week at NT$29.60. South Korea's won and Malaysia's ringgit both dropped 0.2 per cent to 1,126.65 and 3.0530 respectively. China's yuan gained 0.1 per cent to 6.5691 and Singapore's dollar retreated 0.2 per cent to S$1.2766. -Agencies

C$ gains fade vs yen, little changed against USD TORONTO: The Canadian dollar finished little changed against the greenback on Friday, and the early gains it made against the yen on G7 central bank intervention faded a bit as the session wore on. The currency took tame domestic inflation data in stride, and attracted only muted attention for most of the day. Traders were focused instead on the move by Group of Seven central banks, including the Bank of Canada, to sell the yen, which had risen to record highs against some currencies due to anxiety over the crisis in quake-ravaged Japan. The Bank of Canada's participation will be reflected in the country's foreign reserves report in early April, a central bank spokesman said. The Canadian dollar had

weakened against the yen, with one Canadian dollar buying as little as 78.03 yen on Thursday, a level not seen since April 2009. It jumped as high as 83.34 yen immediately after the Bank of Canada confirmed it was intervening, but by session's end, had eased to around 81.85 yen. Analysts said it was not important how much the G7 central banks may have spent but the show of unity was the point. TD Securities noted that Canada's yen reserves are relatively small, $252 million as of March 3, and that any movement in the yen versus the Canadian unit is more likely to be dictated by US Federal Reserve action than by that of the Canadian central bank. The Canadian currency had a lackluster session against the US currency, finishing at C$0.9861 to

the US dollar, or $1.0141, little changed from Thursday's North American session close at C$0.9863 to the US dollar, or $1.0139. It finished a volatile week -- during which it fell more than 2-1/2 cents to hit its weakest point since Feb. 11 -- down 1.5 per cent. Data on Friday showed Canada's annual inflation rate in February cooled to 2.2 per cent from 2.3 per cent in January, just below the consensus forecast of 2.3 per cent, and the core rate fell to its lowest level on record at 0.9 per cent. The docile price environment suggested the Bank of Canada can hold off on raising interest rates, and a Reuters poll showed more primary dealers now say the first rate hike of 2011 will come in the second half of the year rather than the first. -Reuters

Western naval, airforces strike at Libya

Libya, Mid East in focus, seen driving up oil risks SINGAPORE: UN-sanctioned aerial and naval attacks on Libyan air defence and ground forces at the weekend are likely to see oil prices vault higher this week, overcoming demand-side jitters stemming from Japan's earthquake and Chinese monetary tightening. French planes fired the first shots in what is the biggest international military intervention in the Arab world since the 2003 invasion of Iraq, destroying tanks and armoured vehicles in the region of the rebels' eastern stronghold, Benghazi. On Monday, Brent crude, which closed at $113.93 a barrel on Friday, could target a February peak of $119.79 a barrel. US crude, which closed at $101.42 a barrel on Friday may also extend last week's 4.2 per cent gain, adding to concerns about inflation around the world. "The Middle East and North Africa are a powder keg attached to a slow-burning fuse. The

attacks on Libya and naval blockade, the troubles in Bahrain which are causing tension between Saudi Arabia and Iran, could cause the whole thing to blow up," said Jonathan Barratt, managing director of Commodity Broking Services. "The key is really how Saudi and Iran play out. Cool heads need to prevail. It's contained at the moment but if things worsen, you see a Mid East premium very quickly. If they start exchanging fire, it could easily drive the market above the record high." Simmering tensions in North Africa and the Middle East, sparked by a revolt in Tunisia in January that spread to other nations including Egypt, Yemen, Bahrain and Libya have helped drive up oil prices by around 20 per cent so far this year. Brent crude traded at almost $120 a barrel, its highest since a spike to just below $150 in mid2008. So far in March, Brent has

risen just 2 per cent on expected lower demand following the Japan earthquake and eased on Friday after two days of gains, as Libya declared a ceasefire, easing the threat of further damages to oil facilities. Oil production in the nation, the world's twelfth biggest exporter, has fallen dramatically since the unrest started -- down from around 1.6 million barrels per day to around 400,000 barrels. Oil exports have slowed to a trickle, but they will likely dry up as military action continues. Weighing on oil and other commodities on Friday was another increase in China's rate reserve requirements and uncertainty about near-term demand from Japan as it comes to terms with the deadly earthquake and tsunami of a little over a week ago that may have killed thousands and its continuing battle to prevent a nuclear disaster at a stricken power plant. -Reuters

Gold up as Libya ceasefire fails to calm tension NEW YORK: Gold rose for a third straight day on Friday after a unilateral ceasefire declared by Libyan leader Muammar Gaddafi failed to calm investor nerves as political tensions remained elevated across the Arab world. Bullion also benefited from a weaker dollar as traders braced for more official action after the G7 countries coordinated to intervene on the yen, and as fresh political unrest was reported in Yemen, Syria and Bahrain. "It's the concern about what would happen in Libya. Will Gaddafi really stick up to the ceasefire? That's probably the only reason why gold's being bid up at all," said Dennis Gartman, author of the Gartman Letter, an investment newsletter. Recently weaker volume sug-

gested, however, gold could lack the conviction to rise further, and Friday's gains were largely driven by the drop in the dollar, Gartman said. Spot gold rose 1.1 per cent to $1,418.10 an ounce by 1858 GMT. The US April contract settled up $11.9 at $1,416.10. Total COMEX trade was about 15 per cent lower than its 30-day average. Lower-than-usual turnover during gold's gains prompted some traders to doubt the metal had momentum to rise further. In Asian trade, the market largely ignored news that China's central bank raised lenders' required reserves by 50 basis points, a move viewed by some as a confirmation of gold's inflation-hedge appeal. The metal ended the week flat after dropping 1 per cent last week,

as Japan's earthquake, tsunami and nuclear crisis sent some investors to the sidelines with global equity and commodity markets still reeling from heavy losses. Noncommercial net long positions, or bullish bets, fell about 9 per cent in the week to March 15 as prices weakened, according to the Commitments of Traders report by the US Commodity Futures Trading Commission. Spot silver rose 2.5 per cent to $35.02 an ounce, with volume about one-third lower than its 30-day norm. Platinum rebounded after the market fretted about a loss of demand due to car plant closures in Japan earlier this week. Platinum gained 1.1 per cent to $1,716.49 an ounce and palladium climbed 3.3 per cent to $727.97 an ounce. -Reuters


4 Monday, March 21, 2011

The Financial Daily International

A STUDY OF THE AMATORY VERSE IN THE PRISON CULTURE OF PATRIARCHY

Vol 4, Issue 133

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

S. Muneer Hussain Rizvi

Asim Abbas Ashary, CPA

Khurram Shehzad, CFA

Akhtar M. Zaidi, FCA

Prof. Zakaria Sajid (KU)

Dr. A. Hadi Shahid, FCA

Zahid Bukhari SVP HBL (retd)

Muhammad Arif

Ismat Sabir Head office

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

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Motive behind Libya attack Military action against Libyan leader Moammar Gadhafi from the brainstorming stage to the actual assault moved at a stunning speed. French President Nicolas Sarkozy hastily gathered 22 high-powered guests for a lunch summit on Saturday that included UN Secretary General Ban Ki-moon, British Prime Minister David Cameron, US Secretary of State Hillary Clinton, Arab League Secretary General Amr Moussa, and top officials from around Europe and Arab countries. After lunch, Sarkozy announced that the political leaders had agreed to launch military action and ninety minutes later, French military officials reported their first strike. Things to watch are: 1) the cascade of quick, weighty decisions was unusual about this dramatic operation, 2) this time the assault has been initiated by the French, who opposed the US-led invasion of Iraq in 2003, 3) it has the backing of the Arab League, which has balked at other interventions in the Arab world. This was all very different from the past protracted/divisive UN debates over military intervention. In 2002-2003, France especially was vehemently opposed to the action in Iraq, and Britain was forced to withdraw a UN resolution authorising force against Saddam Hussein. The United States then organised a coalition without UN approval. The Organisation of the Islamic Conference (OIC) representing 57 Muslim nations, called on member states to help implement the UN resolution and to establish contacts with the Libyan opposition but several countries remained cautious or openly critical about the risky operation. Russia's foreign ministry said it noted the launch of operations “with regret” and noted that the UN resolution authorising them was “hastily approved”. Venezuelan President Hugo Chavez, enjoying longstanding ties with Gadhafi, said the US and its allies simply want to "seize Libya's oil" and that the United Nations has "infringed on its fundamental principles." Nato was divided over whether it should take a leading role or just provide support to air forces already engaged in the mission. In Brussels, Nato’s top decision-making body appeared poised to decide on Sunday “if and how the alliance will join" the effort, said Martin Povejsil, the Czech Republic's envoy to Nato. However, late news indicate that US and British ships and submarines have launched the first phase of a missile assault on Libyan air defence clusters and a senior American defence official said it was believed substantial damage has been inflicted. In the strikes, 112 Tomahawk cruise missiles were fired at more than 20 coastal targets to clear the way for air patrols to ground Libyan air force. The US has at least 11 naval vessels in the Mediterranean, including three submarines, two destroyers, two amphibious warfare ships and the USS Mount Whitney, a command-and-control vessel that is the flagship of the Navy's 6th Fleet. The only reason for the massive assault seems that toppling regime did not succeed and Libya didn't prove Tunisia and Egypt. The GCC military is busy in crushing demonstrators in Bahrain and the fears of proxy war have already been expressed. It seems that the entire Muslim ummah is going through a bid of turmoil in the name of democracy. One needs to find the reply to this question, ‘Has toppling the regime in Iraq brought any good to the people living there?

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.

A Bright Dream in Prison W

hile discussing the amatory verse (Ghazal) as a genre, only few people have cared the fact that the poets, artists have been continuously suffering from the feeling of incapacity in the clutches of Salah Uddin Haider the brutal property relations for the last many centuries As the codes, values of the property system never did accept the awareness for the social change, the poets, lyrists got shelter in the voice of the harassed leap of deer. According to Allama Shibili, when tradition of the tribal fervour was synthesized with the culture and tradition of the Persian Court, the entire Arabian culture was transformed and the Arabian poetry got absorbed in the Persian tradition. That was the era, when along with the memories of youth and beauty, the condemnation of the ascetic preacher, praise for wine and winter and the topics of mortality, suffering for love and death were flourishing in the genre of ghazal. The culture of property and monarchy was illuminating. But the lives of the poets, scholars were also at the mercy of the same class. So instead of confronting directly, the poets would refute the institution of the mohtasib (censor) the preacher, monitor and their hypocrisy in the content. Sometimes they would try to cross the limit of the unified property discipline by using the passing references to the old stories like the Shirin Farhad, Azra Vamak, Lyla Majnoon, or would like to portray the sensual masochistic pleasure. They would try to find shelter in the beauty of the beloved on the imaginative level. They would declare the blandishment and grace of the beloved as killer and also would be feeling injured by her playful coquetry. Large pitchers of wine of beloved’s eyes or the understanding of God (Maarfat) would be spilled too. These similes, metaphors and the references to the old stories could be traced in the form of ghazal even in the 20th --also in the 21st century. The question of the importance of the genre of ghazal and its utility came under the discussion after the failure in the war of independence in 1857. The subcontinent was now under the direct jurisdiction of the British Empire. The poets, scholars of this land, leaving behind the experiences of the incapacity and drowsiness learnt the meaning of alienation through their social experience. The alienation inevitably penetrates among the working classes and oppressed people in the capitalist system and it emerges at the highest stage of the slavery. So the old matrix of the monarchic, unified culture, and manners was shaken in this way. Maulana Hali perceived the better future in beautifying the features of this decaying relic known as the ghazal. He was of the view that the centuries old repetition of the content in this form must be retired. Secondly, the genre maybe used for preaching the topics of the social reforms. In fact he wanted to put an end to the old similes, metaphors and references to the old stories but at the same time he was also an eulogist of the tradition. So keeping in view the ghazal as an impressive form in his book entitled "Mukdma-e-Sher-o-Shairi" (preface to the verse and poetry), he suggested the reforms in the genre but on the other hand also praised the tradition of the mystic resistance in this genre. As the lamps of the culture of delight of the Mughal court were going to be extinguished after the last blaze in Dehli, there was some justification for the content of ghazal of Amir Meenai, in the sequence of the charming mysteries of the past. On the other hand the Indian sub-continent oppressed by the trade of the East India Company was going to be subdued in the clutches of the rising capitalist patriarchy of the 19th century. The Indian cloth industry was destroyed due to the systematic ban on exports. A hefty tax was imposed on the Indian goods and the East India Company got the property rights for all the products. The condition of the collective social life slowly penetrates in the trends of the fine arts and literature. If the society is going towards decline, the ghazal reciter would be harassed like a deer. When the delightful culture of Baghdad was bleeding due to the invasions of Genghis Khan and Halakoo, the poets found escape in the masochistic and withered pleasures. While confronting their ego, they synthesised the poetic images in the form of ghazal and so the voice of the harassed antelope intentionally got the psychological justification. The culture of ghazal got justification passing the centuries. There was no progressive change in the social conditions during the era of Meer, Ghalib, Momin etc. The society had been subdued before the ego of the omnipotent rulers and invaders. So, up to the era of Fani, one remains in the state of confusion. PHIR KOI VAHSHI AA POHANCHA YA KOI QAIDI CHOOT GIA Has some savage arrived again or a prisoner’s been set free? The prison, the gallows, the chain, the cages, the hunter, the lover, the florist (who enjoys the close company of a beauty), the place of execution, the hunting ground, the killer, and the victim, are the similes which represent the social life and its subjective reflection in the culture of the ode or ghazal. This state of affairs was prevailing in the culture of the sub-continent in the 20th century as well. Some ground was leveled in the favour of the romantic expression in contrast to the social life of the mercantile class flourishing in the 19th century in the developed world. On the other hand the dejected souls were portraying the sufferings of the social life in accordance with the oriental tradition. Thirdly, the fire suddenly burnt in the powder magazine of the colonialism when the World War I started. The poets were suddenly in an extremely agitated state of mind. Sigmund Freud in his introductory lectures on the topic of the psychoanalysis attached a painting entitled the "Prisoner’s Dream". It was painted by Schwind and was decorated in the art gallery of Munich. The dreams of children were discussed by the writer with reference to the painting. In this picture a lunatic prisoner is shown staring at the figments of his imagination in the light coming through the window. The ghazal reciter,

dreaming the freedom in the prison entered the 20th century in the same way. His struggle against the constraints of prison entered in the new era. Allama Iqbal said: TAMASHAI SHIGAFE DAR SAY HAIN SADIYOON KAY ZINDANEE The specters watching through a crack in the door are the centuries old prisoners. Maulana Hasrat Mohani, Jigar Muradabadi, Fani Badaeuni, Shad Azeemabadi, Yas Yagana Changezi, were the prisoners who loved their dreams. In the passing storms of the history the prisoners of dreams were dejected and angry during this century, so in the serial essays entitled "contemporary world and reciting Urdu odes (ghazals) ) Daure Hazir Aur Urdu Ghazal Gooe) Andaleeb Shadani reviewing the similes of ghazals with impressive references opined that the content of the ghazal was generally without grace. He criticised the poetry of Fani, Jigar, Asghar, Hasrat, Shad with the satirical remarks but on the whole he did praise the poetry in the form of the ghazal as a picture gallery. While studying these essays it appears that Shadani is disgusted from the odes due to some personal reasons. The fact is that ghazal is neither a museum nor picture gallery it is rather close to the prison from where the paintings and other wonderful things can be seen through the windows. When a human being knowing the cause at the sensual level feels helpless under oppression, this state of affairs can be called the vigilance. The poet of the ghazal remained self-vigilant but the oppressed people of the history were knocking the doors and windows of the oppression during the 20th century. Now their vigilance was in search of a way in the dialectics of history. Firak Gorakh Puri did not employ the slogan of revolution instead he found a new melody in the form of ghazal when he recited "no ritual mourning of the dead" but this new melody was firstly applied by Allma Iqbal. The day of the simple labour had been converted into the long night of the slavery in that period. The blood of the working class was used as Grease in the process of formation of the industrial capital in Europe. Iqbal did revolt against this anarchy and destruction. He introduced the revolutionary content with the new similes and metaphors in the genre of ghazal. He did revolt against the old metaphysical and traditional mystic meanings with reference to the 'new era and gave the new unified enthusiasm to bring an end to the difference between "me" and "you". He refuted the topic of the negation of the self, mortality and indifference with the cultural action. The aesthetic values of the lower middle class of a colonised society were changed to some extent due to his poetry. In the era of the imperialist wars, the Russian revolution became the source of inspiration for the oppressed people of the world. Iqbal in his Zarbe Kalim, Pyame Mashriq, Zaboor-e-Ajam, warned about the deep sound sleep. His amatory verse (ghazal) crossed the culture of the prison of dream in the 20th century. But the dream in fact was a desire to change the existing social reality. The progressive writers launched the resistance movement so the genre of ghazal was challenged repeatedly in this regard. In an article entitled "Ghazal Goee" Josh Malehabadi declared it as the jugglery of the words. Glancing over Urdu poetry, Kalim-Uddin Ahmad called it a "semi savage" form of poetry. Dr Akhtar Hussain Roy Puri in his collection of articles entitled "Adab aur Inqlab" (literature & revolution) viewed the ghazal reciters as indifferent and misinformed about the social life. Majnoo Gorakh Puri was also of the view that the genre lacked the interest in the contemporary life. So, keeping in view all the above said remarks about the ghazal reciters it can be concluded that majority of the poets had the dejected souls in the era of monarchy and the colonial discipline. Discussing the background of Urdu Ghazal, Khawaja Manzoor Hussain traced the roots of the ghazal in the historical experiences. He also traced the abstractions of social relations in the similies, metaphors of renowned poets’ ghazals. It appears that the poetic pleasures of ghazal reciters were disturbed due to the objective factors of the invasions of the oppressors and the colonial exploitation as well. Hasrat Jigar, Fani, Yas, Shad were the victims of the tradition of their particular social conditions. Their resistance in the prison culture resembled with the dream of the child. The dream was a symbol of love in the unfavourable social conditions. So the metre of ghazal was harmonious for the advancement of the progressive forces of history in the 20th century. The poets of ghazal were psychologically living in the culture of prosperity of the past elite. The metric of ghazal was in fact a process of resistance against the patriarchal social oppression. Hasrat Mohani continued his struggle against the political oppression in the freedom movement. He endured the hardships of imprisonment for a long time. But the pleasure of creative work always inspired him to find a way for hope. Ranj Ko Mehve Rukhe Janan Kar Lain Hum Agar Chaheen To Zindan Ko Gulistan Kar Lain The pain must be observed in the beauty of beloved I can convert the prison into a garden, if I wish (Collected workS HasrAtMohani Vol.5 Page l52) Mohani was kept in confinement due to his political views but he recited the ghazal against the whole system of the prison. Tracing the ingredients of history in the personality of Hasrat, Mumtaz Hussain viewed his poetry as his own story. In every couplet of his ghazal we find his tale of love. In the same way we can't ignore the fact that the failure in searching the dream culture caused the extreme frustration among the poets of fantasy and dream culture. The social relations do not penetrate directly in a poet’s dream culture instead a process of brewing continues, generally. In the words of Faiz Ahmad Faiz the brewing of loving heart is free. This is for the fact that the culture of ghazal always remains at a long distance from the utilitarian society. According to the research of Morgan F Engels and William Retch, the early matriarchal society and its morality ultimately disappeared in the process of change in the productive

relations and the world marched towards the patriarchy. The pictures of resistance against the codes of the patriarchy can be seen in many fields of the literature and fine arts. The colours of ghazal at the dream level have seeped into the desire of freedom. In the 20th century, when the progressive movements with revolutionary fervour had given a hope for change in the property relations, the ghazal reciters yet believed the dejection and death as permanent values in their creative art. Prof Nazeer Siddiqi was of the view that the longing for death was not something new in poetry but the way in which Fani portrayed the death in his ghazal was in fact the mystification and wishful liking for death. The wishful desire of death is not restricted to Fani, instead it did already penetrate as a concept of life in Urdu ghazal during the medieval period. Hasti Kay Mat Faraib Main Ajaeo Asad Alam Tumam Halka-e-Dame Khyal Hay (Mirza Ghalib) Asad don’t let the illusion of life ensnare you All the word is a circle of a spell of imagination Fasale Gul Jane Ko Hai, Daure Khizan Ane Ko Hai Ye Chaman, Yeh Bulbalainn, Yey Naghrna Khawani, Phir Kahan

(Akhtar Sherani) The spring has gone, the Autumn is on Will there ever be these gardens, nightingales, and the melody again? Ay Maut, Bashar Ki Zindagi Aaj, Beemar Ki Rat Ho Gai Hay (Firak Gorakh Puri) 0, death! The life of human being Has become the night of a sick The genre of ghazal is not in accordance with the temperament and tradition of the common people. The poet of ghazal keeps the culture and the people’s way of life at a respectable distance. He never comes close to the common people like the poets of Kafi and Geet (Song). The reciter of ghazal keeps the experiences of life and universe alive in his sensations at a respectable distance. So in this way he always remains arrested in the culture of prison and also remains aware about the human nature like an innocent child. While confronting the centuries old wall of the censor and patriarchy it is not his temperament to be free with the imagery of the freedom and friendship. The innocence of the style of speech in the staggering of the amatory poetry (ghazal) appears with some sort of madness of love in the poetry of Jigar Muradabadi. While confronting the cruelty of instinct and oppressions Jigar's poetry finds way in the clean waters of the mystic tradition. The distance from beloved appears to be charming due to the poet’s scholarly wisdom. Reviewing the criticism on the amatory poetry of Jigar, Rasheed Ahmad Siddiqi said, “Jigar has never desired to purchase the love in any case instead he is convinced of the magnificence of this forsakenness and distance from the beloved. Apart from the efforts of the Jigar, Hasrat, Fani, Asghar, Yagana, Aziz, Arzoo, Wahshat, Calcutvi, Seemab Akbar Abadi, Shad Azeem Abadi, if we glance over in the field of amatory poetry, we find Iqbal, Josh and Firak wandering optimistically with revolutionary fervor. The diction of Iqbal’s poetry is in fact a synthesis of the delightful lyricism of Ghalib and to some extent resistance against the rise of conservative sociopolitical vision of Akbar Allah Abadi. Due to the study of English poetry and the consciousness of Indian poetic tradition, the magical imagery in the ghazal of Firaq Gorakh Puri grasped the attention of the reader.

The Faiz Factor Faiz, along with the revolutionary theme of Ghalib’s and Iqbal’s poetry was also aware of the phonetical uniqueness of their style. But only these factors do not determine the style and theme of Faiz’s poetry. The flame of his romantic temperament was flared up by the Russian revolution as the romantic English poets were inspired by the French revolution. So keeping in view the tradition of Hasrat and Iqbal, the laws of the change of social history were placed in his poetry after a deep consideration. It did not happen suddenly. At the early stage, he did stay in the valley of romanticism. But soon after, he learnt that the illusion of fantasy was also reflection of the complex social realities. According to Hegel’s idealism, the dialectics of ideas was the essence of the history. Hegel was the eulogist of the ingredients of the beauty of subcontinent’s women, which was also portrayed by the ghazal reciters in their works. One can conclude that he was even one step ahead. Appreciating the beauty of women in the subcontinent he opined that the unearthly beauty reaches the climax when a beautiful woman of the subcontinent becomes pregnant. For him, the flow of culture from the Arabia was cruel and brutal. Discussing the German poetry he concluded that it was beautiful because the poets like Goethe were inspired by the oriental tradition.Faiz was also a eulogist of the beauty of beloved but: Ja Baja Biktay Huay Koocha O Bazaar Main Jism Khak Main Lithray Huay Khoon Main Nehlaey Huay

The bodies are for sale everywhere in the streets and markets Bedraggled with dust and bathed in the blood. So, he was forced to look at the miseries around him. He was also aware that apart from the consciousness of material relations, the creative symbols were also necessary in the field of fine arts. So, the similies, images, and the metaphors reflecting the consciousness of history manifest in the rhyming order of the genre ghazal in such a way that the discourse of culture brings bright colours and shades on the canvass of the movement of life and the reader is captivated by the magic of his art. The style of his poetry penetrates in the world of love like a magic through the eloquence of his images. These are the excerpt from the doctoral thesis entitled "Faiz Ahmad Faiz Personality & Works" The writer himself rendered from Urdu to English.


5

Monday, March 21, 2011

Egypt PM sees bourse announcement very soon

EU stocks log largest weekly drop since July on Japan quake Weekly Review

Khi bourse becomes bearland last week

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

12,045.25 11,606.61 438.64 3.64 562.22

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

3,637.54 3,416.71 220.83 6.07 20.51

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

2,850.15 2,673.05 177.10 6.21 0.28

Major Gainers

Close

Change

ULEVER 4,942.52 IDYM 311.62 ILTM 210.50 UPFL 1,178.90 CICL 92.94

Symbol

182.68 43.95 28.59 27.90 12.97

Nawaz Ali

Major Losers

Symbol

Close

Change

RMPL 2,578.54 NESTLE 3,227.50 CPL 143.54 COLG 773.54 ENGRO 197.51

-238.34 -190.94 -56.01 -45.25 -37.89

Top 5 Volume Leaders

Symbol

Close Vol (mn)

LOTPTA NCL DOL NICL LPCL

15.72 28.55 8.20 2.85 3.10

68.35 40.71 31.61 24.00 23.51

Active Issues Plus Minus Unchanged

141 222 74

Sector Updates FERTILISER

TOKYO: A pedestrian wearing a face mask looks at a screen displaying stock prices.-Reuters

000 tonnes

Urea Offtake (Jan to Dec 10) Urea Offtake (Dec 10) Urea Price (Rs/50 kg) DAP Offtake (Jan to Dec 09) DAP Offtake (Dec 10) DAP Price (Rs/50 kg)

6,123 626 1,020 1,317 90 3,143

AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Jan 11) 47,153 Sales (July 10 to Jan 11) 45,113 Production (Jan 11) 6,698 Sales (Jan 11) 6,793

INDUS MOTOR CO Production (July 10 to Jan 11) Sales (July 10 to Jan 11) Production (Jan 11) Sales (Jan 11)

29,078 28,293 5,596 5,885

HONDA ATLAS CAR Production (July 10 to Jan 11) 9,279 Sales (July 10 to Jan 11) Production (Jan 11) Sales (Jan 11)

8,779 1,511 1,904

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

186 113 0 23

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

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

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

PRICES (Ex-Refinery)

Rs

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

51.74 49.41 4.72% 58.28 55.01 5.94% 58.51 55.24 5.92% 61.80 58.55 5.55% 55.32 53.46 3.48% 47,931 45,947

Wall Street weekly outlook

Beware of wild intraday swings NEW YORK: Cataclysmic events, including a nuclear disaster in Japan, uprisings in the Middle East and North Africa and the possibility of more currency market intervention will keep investors reacting to headlines. "This is an extremely newsdriven market. Investors are on the edge, and they are reacting to every headline they see," said Randy Frederick, director of trading and derivatives at the Schwab Center for Financial Research in Texas, Austin. Many investors said the sudden increase in uncertainty had caused a corresponding rise in trading based on emotion rather than facts or fundamentals. "Considering how the market's been moving recently, I wouldn't be surprised to see the S&P moving 1 to 1 1/2 per cent both up and down in less than couple hours this week. That's how much volatility there is," said Ryan Detrick, senior technical analyst at Schaeffer's Investment Research in Cincinnati, Ohio. The volatility on Wednesday caused the S&P 500 to erase its gains for the year and then rebound more than 1 per cent on Thursday. Besides global developments this week, markets will get to respond to economic data on US housing, gross domestic product and durable goods orders, but these may be relegated to second place behind traders' reaction to the latest headlines. The CBOE Volatility Index VIX, Wall Street's so-called fear gauge, shot up nearly 30 per cent on Wednesday when equities swooned after confusing statements from officials on the situation in Japan.

The gauge rose nearly 60 per cent above its 50-day moving average, which has happened only a handful of times in the past 20 years. Despite the 21 per cent rise in the VIX for the week, traders bet the fear gauge would move higher. Call buying outpaced put buying on Friday, with about 232,000 calls and 111,000 puts,

and that increases the downside risk." Some market participants said the uncertainty was even more dramatic than the "flash crash" in May or the 2008 financial crisis. Wall Street ended higher on Friday, but indexes finished lower for the week. The Dow ended down 1.5 per cent, its biggest weekly decline sine

KARACHI: Despite improving PAK-US relations after the release of Raymond Davis and commencement of Margin Trading System (MTS), Karachi Stock Exchange (KSE) was a bear country last week. It fell by more than 400 points due to selling by foreign investors following tumbling global capital markets after Japan crisis weighed on them hard. The benchmark KSE 100Index lost 438 points -3.64 per cent-- to close at 11,606 points while it touched the lowest level of the week at 11,589 points. 30-Index fell by 500 points 4.24 per cent-- to finish at 11,303 points and All Share Index by 274 points -3.28 per cent -- to close at 8,082 mark. According to NCCPL data, foreign investors net-sold $16.5 million stocks last week. Sana Hanif, analyst at JS Global Capital said that the market endured another bearish week, similar to regional markets due to the catastrophe in Japan (and the nuclear radiation crisis emerging thereof). Moreover, the launch of the much awaited leverage product and the release of Raymond Davis failed to alleviate the sentiments. Additionally, the government's decision to impose new taxation measures to curtail the fiscal deficit at 5.3 per cent (as agreed with the IMF) further acted as a dampener, she added. Despite the commencement of much awaited MTS the week started with some lackluster activities on Monday and

the index ended flat as investors remained cautious on uncertain political situation and selloff in global stock markets. Thereafter bears held sway on the market where apart from a decline in global stock markets and foreign selling, the imposition of new taxes by the government too hampered sentiments in spite of some positive news from the political front. A 17 per cent sales tax on fertilisers, agricultural tractors, pesticides, plants, machinery and equipment including its parts and a 15 per cent flood surcharge was imposed on corporate and individuals while special excise duty (SED) was raised from 1 to 2.5 per cent last week. However, some recovery did take place on Thursday due to buying after the release of Raymond Davis. Davis was released by the court last day after the payment of "bloodmoney" thus ending tensions between US and Pakistan. It should be noted that Davis murdered two Pakistani nationals on Jan 28 this year which gave rise to estrangement between the two countries. Out of total 437 active issues; 222 declined and 141 advanced while 74 issues remained unchanged. Volumes were on the higher side as 562 million shares traded during the week which is 120 million more as compared to a turnover of 442 million a week earlier. Average daily turnover stood at 112 million shares increasing by 24 million from an average volume of 88 million last week.

Gulf stock markets

Mostly rally on Saudi spending plan cheer DUBAI: Most stock markets in the Gulf rallied on Sunday as investors cheered Saudi Arabia's latest round of multibillion-dollar handouts aimed at shielding the kingdom from political unrest roiling the Arab world. Saudi King Abdullah, head of the world's largest oil exporter, said Friday that he was introducing a spate of new measures including a minimum wage and unemployment benefit for Saudi nationals and addressing a chronic housing shortage with a building drive. "[This is] likely to have a positive short-term effect on equities," said a Riyadh-based trader at Credit Suisse. "The main driver of sentiment locally for the next few days at least will be the $91 billion worth of benefits announced by the Saudi king over the weekend." The Saudi market's benchmark Tadawul index paced a region-wide stocks rally, finishing 4.5 per cent higher at 6343.79 Sunday. Dubai's stock market jumped 2.6 per cent to 1509.82; Abu Dhabi's main gauge of stocks closed up 0.7 per cent at 2602.26; Qatar's QE Index added 2.6 per cent to 8395.02; and Oman's stock market advanced 1.3 per cent to 6353.64. Bahraini shares fell 1.6 per cent to 1391.81 on light volumes; while Kuwait's market slipped 0.2 per cent to 6251.60. While most regional investors Sunday set aside worries over growing unrest in Bahrain and Libya to bid stocks higher, the markets largely remain cautious on fears of wider regional tensions. "While the ever-expanding Saudi welfare state announcements are what are grabbing the economic headlines, it would seem there is now an expectation out there that the GCC equity markets will not be allowed to fall precipitously," noted investment bank Al Mal Capital's Dubai-based Mena strategist Akram Annous. "This is precisely because of what going on in Yemen, Syria, Bahrain and Libya."-Agencies

Dhiyan

RED CLOUD WITH GREEN-LINING Khurram Shehzad, Head of Research InvestCap Following the improved political situation, bettering Pakistan-US ties after Raymond Davis’ acquittal, better economic situation and hopes of no change in key discount rate, the outlook of the market is positive. Investors can take positions in oil stocks followed by fertiliser, power and to some extent cement stocks. Market may open negative today; however buying would be seen at lower levels.

although both were below their average daily volume, according to options analytics firm Trade Alert. The VIX, which often moves inversely to the S&P 500, measures the cost of hedges or protection investors are willing to pay against a fall in the S&P 500. The heavy call volume suggests expectations for more anxiety in the future. "What makes this so difficult is that these issues are beyond the expertise of the market," said Russ Koesterich, investment strategist at BlackRock Inc, which oversees $3.56 trillion. "It's hard to say how severe the situation in Japan will get or how stable things will become in the Middle East,

August. The S&P fell 1.9 per cent and the Nasdaq lost 2.6 per cent. "The stock market broke down last week, violating support levels and generally turning the technical indicators bearish," said Larry McMillan, president of McMillan Analysis Corp in a report. The equity-only put-to-call ratios McMillan tracks have confirmed sell signals and remain bearish. Economic reports this week will include existing home sales and new home sales due on Monday and Wednesday, respectively. Durable good orders and jobless claims are due on Thursday and GDP is due on Friday. -Reuters

Faisal Dhedhi, Deputy Head of Sales Al-Habib Capital Markets

Tone of the trade is now in the foreign investors’ hands, which offloaded their holdings like crazy during most of the last week. Investors are therefore advised to adopt 'wait and see' stance if foreigners continue with their selling; however if they return to buying then investors can go for oil and fertiliser stocks. Moreover, ICI Pakistan is a groovy bargain at the moment.


6

Monday, March 21, 2011

Market

KSE 100 Index

Symbols

Volume

562,219,107

Value

25,570,779,122

Trades

332,721

Advanced Declined Unchanged Total

141 222 74 437

Current High Low Change

All Share Index

11,606.61 12,099.43 11,589.97 i438.77

Current High Low Change

OIL AND GAS

Paid up Cap(mn)

Company Attock Petroleum Attock Refinery BYCO Petroleum

PE

Open

High

High Low 1,515.04 1,420.19 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.23 32.54 Low

Close Chg

691

6.37 356.86

358.50 338.18 352.29 -4.57

853

4.89 118.87

125.25 115.00 120.08

3921

-

9.41

9.76

8.92

1.21

9.33 -0.08

Last 60 days High Low

Volume

1287853 401.00

321.00

5693270 146.90

2010 Div BR (%) (%) 300

2011 Div BR (%) (%)

20B115.00

98.25

-

-

-

-

12.24

8.20

-

-

-

-

- 23.43

-

-

-

-

7.55 111.59

112.75 105.11 108.70 -2.89

103771

141.65

99.46

31

National Refinery

800

6.00 289.28

294.90 277.25 289.48

424605

335.00

254.00

200

Oil & Gas Development 43009

9.54 154.44

155.85 139.55 141.06 -13.38

3777471 185.00

139.55

55

- 15.00 20B 50.00

Pak Petroleum

11950

7.47 210.77

2365

7.34 318.72

350

- 101.39

1715

4.66 282.00

Pak Oilfields P.S.O XD Shell Gas LPG

226

Shell Pakistan

685 10.52 208.28

-

26.53

213.00 203.00 204.34 -6.43

3977856 229.80

190.10

90

324.90 307.50 318.57 -0.15

12771235 341.50

277.09

255

105.60

245779

83.00

-

98.00 101.70

0.31

285.25 273.19 275.40 -6.60 27.10

24.66

26.00 -0.53

210.00 201.00 205.15 -3.13

-

5032071

735

Pak Refinery Limited

122.22

2640234 317.79

265.00

80

-

-

- 50.00

35.74

24.66

-

-

-

-

222.00

186.83

120

-

-

-

CHEMICALS

Paid up Cap(mn)

Bawany Air

75

PE

Open

8.25

7.00

High

Low

Close Chg

8.80

7.30

8.74 1.74

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

Change % Change -23.89 -1.35 Market cap 200-Day High 373,081.26 mn Div Yield (%) 200-Day Low 5.24 -

Last 60 days High Low

Volume

2010 Div BR (%) (%)

2011 Div BR (%) (%)

27056

10.15

6.11

5

10R

9.24 89.15 5.14 199.55

93.40 89.05 90.02 0.87 201.40 142.00 143.54-56.01

6142 153969

103.94 213.30

82.00 142.00

60 135

25B

-

-

Dawood HerculesSPOT 1203 15.84 274.34 Descon Chemical 1996 2.63

294.00 274.01 282.91 8.57 3.23 2.58 2.81 0.18

2255360 294.00 3325737 3.58

186.00 2.34

50 300B -

-

-

BOC (Pak) Clariant PakXDXB

250 341

8.20 0.22

31614483

9.60

6.00

Dewan Salman 3663 2.77 Dynea Pak 94 5.54 10.92 Engro Corp. LtdXDXB 3933 10.85 235.40 Engro Polymer 6635 - 12.04 Fatima Fertilizer 22000 - 12.33

Descon Oxychem Ltd.

1020 10.79

3.00 2.60 2.80 0.03 11.00 10.30 10.30 -0.62 237.35 189.00 197.51-37.89 12.75 11.85 11.88 -0.16 13.30 12.05 12.76 0.43

10749292 6000 20419858 2166421 22678345

3.47 11.98 238.50 15.87 13.30

2.26 10.06 189.00 11.75 9.16

Fauji Fertilizer Fauji Fert.Bin Qasim XD Ghani Gases Ltd ICI Pakistan Ittehad ChemicalSPOT

7.85 134.06 7.37 43.31 9.49 10.79 9.35 157.14 6.09 28.99

134.89 125.60 127.63 -6.43 40.50 37.86 39.07 -4.24 11.17 10.75 10.82 0.03 170.75 156.05 163.56 6.42 28.49 26.34 27.64 -1.35

12724400 21701189 188813 3388497 12101

157.90 43.99 13.07 170.75 36.00

108.00 34.75 10.43 138.00 23.07

130 65.5 175 5

15142 5.78 15.86 74 0.88 1106 28.50 2.70 120 2.37 214 8.83 104.50 551 7.13 15.73

16.18 15.33 15.72 -0.14 1.39 0.81 0.93 0.05 3.34 2.62 2.85 0.15 2.50 2.05 2.41 0.04 105.00 102.60 104.74 0.24 18.45 15.80 16.53 0.80

68350822 16.80 94345 2.45 24003597 3.34 51431 2.78 16512 131.90 6208389 18.45

13.12 0.57 1.62 1.55 90.78 11.81

5 25 -

Lotte Pakistan XD Mandviwala Nimir Ind Chemical Shaffi Chemical Sitara Chem Ind Sitara Peroxide

8482 9341 725 1388 360

7.98

9.60

7.92

-

-

-

-

-

-

15 60 20B - 27.5R -

-

-

25B -

5

-

5B -

-

-

Company

High Low 1,067.56 999.82 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.40 7.47

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

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

707 50 411

8.53 6.86

15.22 37.77 37.95

16.51 38.90 38.50

14.70 35.50 37.00

16.51 1.29 37.00 -0.77 38.39 0.44

197073 7990 9031

Century Paper Pak Paper Product Security Paper

Change % Change 38.46 3.74 Market cap 200-Day High 2,939.48 mn Div Yield (%) 200-Day Low 4.75 -

Last 60 days High Low 19.69 48.90 47.70

14.50 35.17 34.00

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

-

Open 1,019.09 Turnover 197,569 P/E (x) 3.13 Company

High Low 1,043.77 1,007.78 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.04 33.10

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

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

565

2.77

26.50

27.00

26.20

26.51 0.01

16852

675

-

Crescent Steel XD Dost Steels Ltd

2.15

2.42

2.01

2.05 -0.10

Change % Change 12.59 1.24 Market cap 200-Day High 9,742.69 mn Div Yield (%) 200-Day Low 9.88 -

Last 60 days High Low 31.00

35605

25.67

2.98

2010 Div BR (%) (%) 30

1.80

-

-

-

14.07

13.48

12.56

12.93 -1.14

11711

16.51

12.56

-

25B 15.00

-

50.90

52.60

50.00

52.00 1.10

54395

62.20

45.81

40

20B 15.00

-

CONSTRUCTION AND MATERIALS Performance of SR Construction and Materials Index

Company

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

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

1828

-

2.51

2.70

2.45

2.60 0.09

229869

866

6.43

Attock Cement

51.98

52.30

49.22

50.78 -1.20

Change % Change -33.96 -3.90 Market cap 200-Day High 60,412.58 mn Div Yield (%) 200-Day Low 3.11 -

Last 60 days High Low 3.88

104637

2.15

63.50

48.50

Balochistan Glass Ltd

858

-

2.25

2.60

2.01

2.30 0.05

359828

4.24

2.01

Berger Paints

182

-

16.65

16.99

16.00

16.50 -0.15

24946

24.16

14.72

Cherat Cement

956 38.54

Dadabhoy Cement

982 13.08

9.24 1.80

10.89 1.90

9.15 1.52

9.25 0.01 1.70 -0.10

85269

11.50

24124

8.00

2.05

1.50

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

2011 Div BR (%) (%) -

-

-

-

-

-

- 122R

-

-

-

-

-

-

50

-

-

-

Dewan Cement

3891

-

1.85

1.99

1.68

1.70 -0.15

2474420

2.49

1.50

-

-

-

-

DG Khan Cmt. Ltd XR

3651 10.04

25.17

25.49

22.81

23.20 -1.97

6028152

32.30

21.20

-

20R

-

20R

EMCO Ind Fauji Cement Flying Cement Ltd

350

-

2.01

2.60

1.90

2.35 0.34

22036

4.00

1.70

-

-

-

-

6933

5.71

4.21

4.39

4.10

4.11 -0.10

474392

5.35

3.97

-

-

-

92R

1760

1.99

1.30

Haydery Const

32

-

0.50

0.90

0.44

0.47 -0.03

7286

0.99

0.25

-

-

-

-

Kohat Cement

1288

-

6.00

6.74

5.71

5.85 -0.15

42890

6.95

5.11

-

-

-

-

Lafarge Pakistan Cmt.

-

1.57

1.65

1.32

1.38 -0.19

122630

-

-

-

-

13126

-

2.92

3.45

2.85

3.10 0.18

23508754

3.88

2.65

-

-

-

-

Lucky Cement

3234

5.76

68.43

69.00

64.12

64.13 -4.30

4608753

78.00

59.55

40

-

-

-

Maple Leaf Cement

5261

-

2.18

2.43

2.20

2.30 0.12

719424

3.05

1.92

-

-

-

-

Pioneer Cement

5.94

6.29

5.65

5.95 0.01

2271

-

Safe Mix Concrete

200

-

5.55

5.99

5.21

5.21 -0.34

5732

7.95

5.21

-

-

-

-

Thatta Cement

798 938.00

18.96

18.95

17.76

18.76 -0.20

17060

115578

19.19

7.45

16.20

5.17

-

-

50R

-

-

-

-

-

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 921.27 Turnover 311,652 P/E (x) 2.58 Company

Paid up Cap(mn)

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

PE

Open

115 2.35 53.02 230 2.33 1067 5.37 51.75 389 2.01 6.42 47 16.19 29.01 844 - 114.00

High

High Low 935.22 907.62 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.13 43.91 Low

Close Chg

53.00 50.15 51.23 2.38 2.12 2.17 52.75 50.00 51.65 7.95 6.16 7.39 29.98 28.50 29.15 116.00 110.50 114.98

-1.79 -0.16 -0.10 0.97 0.14 0.98

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

Volume 33568 59401 44489 90367 18523 23495

High

Low

Close Chg

Volume

Last 60 days High Low

69.00 30.92

69.90 31.00

66.03 29.35

66.99 -2.01 30.00 -0.92

9208 16344

75.72 39.45

Open 1,110.89 Turnover 2,480,736 P/E (x) 3.69 Company

Paid up Cap(mn)

Change % Change 8.80 0.95 Market cap 200-Day High 34,934.16 mn Div Yield (%) 200-Day Low 6.03 -

Last 60 days High Low 80.90 2.99 56.45 8.15 33.80 143.00

47.80 2.03 48.62 2.50 22.00 105.02

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

25B 10B -

PE

2011 Div BR (%) (%) -

50R -

Company

Paid up Cap(mn)

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

66 215 214 213 132 366

PE

Open

7.12 10.46 4.64 230.87 0.85 8.32 9.41 7.42 55.70 7.85 539.10

High

Low

Close Chg

Volume 18561 35127 29305 28036 8639 229888

2011 Div BR (%) (%) -

-

Open

High

High Low 1,126.21 1,077.88 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.93 25.35 Low

Close Chg

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

Volume

Change % Change -21.61 -1.95 Market cap 200-Day High 40,174.99 mn Div Yield (%) 200-Day Low 5.54 -

Last 60 days High Low

2010 Div BR (%) (%)

2011 Div BR (%) (%)

144 101

4.75 70.58 5.06 191.00

72.99 70.10 72.46 1.88 194.50 189.00 190.73 -0.27

10836 26187

82.63 205.00

66.45 174.00

90 100

20B

-

-

9.46 134.57 1.78 4.41 184.90

138.00 132.07 136.16 1.59 2.39 1.86 2.30 0.52 190.00 179.00 180.08 -4.82

14745 143.80 2065246 2.54 5718 217.44

118.74 1.50 170.11

50 60

15B -

-

-

General Tyre Ghandhara Nissan

598 450

4.47 -

23.20 3.60

21.00 3.05

20 -

-

-

-

200 1428

5.36 -

4.24 10.39

-

-

-

- 50.00 20B 10.00

-

Ghani Automobile Ind Honda Atlas Cars Indus Motors XD Pak Suzuki Sazgar Engineering XD

786 9.09 227.01 823 11.56 61.98 150 4.18 23.10

Transmission

117

-

1.52

23.49 3.68

22.40 3.40

22.53 -0.67 3.64 0.04

4.48 10.25

3.82 9.65

3.86 -0.38 10.00 -0.39

230.00 208.00 210.00 -17.01 65.10 60.10 63.00 1.02 23.50 22.00 23.14 0.04 1.71

1.30

1.30 -0.22

13433 16137

26.74 5.36

22740 65975

5.49 12.87

3.71 9.52

-

56634 309.73 147035 74.80 14039 24.25

208.00 60.00 19.90

150 5 10

1.30

-

19501

2.20

-

-

9.10 199.05 0.74 8.25 54.05 466.27

400 650

2011 Div BR (%) (%)

25B325.00

-

57.16

Total Assets (Rs in mn)

MA (10-day)

8.13

Total Equity (Rs in mn)

MA (100-day)

7.47

Revenue (Rs in mn)

MA (200-day)

6.05

Interest Expense

1st Support

7.93

Loss after Taxation

2nd Support

7.70

EPS 10 (Rs)

1st Resistance

8.48

Book value / share (Rs)

2nd Resistance

8.80

PE 11 E (x)

Pivot

8.25

PBV (x)

3,117.65 555.18 709.67 288.07 (289.41) (2.837) 5.44 10.79 1.51

DOL closed up 0.22 at 8.20. Volume was 49 per cent above average and Bollinger Bands were 72 per cent wider 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 35.5 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 volume flowing into and out of DOL at a relatively equal pace. Trend forecasting oscillators are currently bullish on DOL.

Lafarge Pakistan Cement Ltd

-

Open 1,953.63 Turnover 529,006 P/E (x) 45.71 Company

Paid up Cap(mn)

PE

Open

High

High Low 2,053.70 1,912.55 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 13.85 30.30 Low

Close Chg

Volume

Fundamental Highlights As on Dec 31, 2009

Technical Analysis

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

Change % Change -4.07 -0.21 Market cap 200-Day High 274,348.82 mn Div Yield (%) 200-Day Low 0.67 -

Last 60 days High Low

2010 Div BR (%) (%)

2011 Div BR (%) (%)

RSI (14-day)

52.44

Total Assets (Rs in mn)

19,704.24

MA (10-day)

3.05

Total Equity (Rs in mn)

9,763.73

MA (100-day)

3.17

Revenue (Rs in mn)

MA (200-day)

3.04

Interest Expense

1st Support

3.10

Loss after Taxation

2nd Support

3.05

EPS 09 (Rs)

1st Resistance

3.20

Book value / share (Rs)

8,129.96 1,230.81 (1,278.96) (0.974) 7.44

Crescent Sugar

214

0.71

6.75

7.00

6.05

7.00

0.25

17850

7.15

5.05

-

-

-

-

2nd Resistance

3.25

PE 10 E (x)

Dewan Sugar

365

-

3.20

3.50

3.01

3.25

0.05

72897

4.20

2.52

-

-

-

-

Pivot

3.15

PBV (x)

Habib Sugar

750

8.69

21.62

22.28

21.60

21.90

0.28

125574

33.95

20.25

25

25B

-

-

LPCL closed up 0.18 at 3.10. Volume was 81 per cent below average (consolidating) and Bollinger Bands were 1 per cent narrower than normal. The company's loss after taxation stood at Rs1.045 billion which translates into a Loss Per Share of Rs0.80 for the nine months of current calendar year (9MCY10). LPCL is currently 2.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into LPCL (bullish). Trend forecasting oscillators are currently bullish on LPCL.

Habib-ADM Ltd

200

6.74

11.19

11.40

10.95

11.06

J D WSugar

539

1.31

74.00

75.99

71.71

74.00

-0.13

35671

12.85

10.85

40

0.00

8461

92.50

68.00

7010B 12.5R

-

-

-

-

-

Kohinoor Sugar

109

-

3.40

3.40

2.52

3.00

-0.40

36821

6.14

2.45

-

-

-

-

Mirza Sugar

141

-

3.73

3.75

3.36

3.40

-0.33

8861

6.70

2.65

10

-

-

-

9.62

54.95

55.00

55.00

75.50

52.01

12

14876 3695.00 2312.94

750

National Foods

414 453

57.24

0.05

35.59 3418.44 3590.00 3187.00 3227.50 -190.94

7020

-

-

-

Noon Sugar

165

1.28

11.73

12.48

10.90

11.95

0.22

16298

13.40

9.00

-

-

-

-

Quice Food

107

7.09

2.90

3.20

3.00

3.12

0.22

89500

4.00

2.10

-

-

-

-

57

0.26

4.14

223

-

1.99

S S Oil Sakrand Sugar

4.50

4.00

4.20

0.06

35500

4.75

2.50

-

-

-

-

1.99

1.75

1.75

-0.24

27500

3.26

1.60

-

-

-

-

0.42

Nishat Chunian Power Ltd

HOUSEHOLD GOODS Performance of SR Household Goods Index Open 1,007.09 Turnover 289,641 P/E (x) 2.39

High Low 1,016.42 979.28 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.25 10.64

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

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Gauhar Engineering Ltd 22 Pak Elektron 1219 Tariq Glass Ind 231

3.30 1.73

0.80 13.30 13.25

2.35 13.45 14.00

0.80 13.01 13.01

1.05 0.25 13.11 -0.19 13.13 -0.12

28000 188856 68285

Change % Change -17.15 -1.70 Market cap 200-Day High 4,790.40 mn Div Yield (%) 200-Day Low 2.62 -

Last 60 days High Low

2010 Div BR (%) (%)

2.35 15.88 24.00

17.5

0.50 12.07 12.51

10B -

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

PERSONAL GOODS Performance of SR Personal Goods Index Open 987.25 Turnover 67,241,678 P/E (x) 6.42 Company

Paid up Cap(mn)

(Colony) Thal Amtex Limited Artistic Denim Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Chakwal Spinning Chenab Limited Colony Mills Ltd Crescent Jute D S Ind Ltd Dawood Lawrencepur Dewan Farooque Spin. Dewan Mushtaq Textile Ellcot Spinning Gadoon Textile XD Gulistan Spinning Gulshan Spinning Hajra Textile Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Khalid Siraj Kohinoor Ind Kohinoor Textile Mohd Farooq Mukhtar Textile Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Prosperity Quetta Textile Ravi Textile Redco Textile Reliance Cotton Reliance Weaving Rupali Poly Saif Textile Sally Textile Salman Noman Sargodha Spinning Saritow Spinning Service Ind Shahpur Textile Shahtaj Textile Thal Limited Treet Corp Yousuf Weaving Zahoor Cotton Zephyr Textile Ltd Zil Limited

56 2594 840 133 4493 33 76 400 1150 2442 238 600 514 600 34 110 234 146 222 138 716 3105 99 180 107 303 1455 189 145 1617 3516 560 174 185 130 250 213 103 308 341 264 88 42 312 133 120 140 97 307 418 400 99 594 53

PE

Open

1.20 2.86 6.97 19.50 0.44 2.70 9.06 0.18 15.30 0.50 15.87 0.63 1.17 2.75 2.02 2.48 1.00 1.59 21.81 44.50 4.66 4.20 0.14 4.62 0.59 25.75 0.80 84.54 0.32 8.30 0.37 10.69 0.59 0.91 4.88 3.51 47.06 0.99 9.69 2.35 4.15 0.19 1.39 1.56 7.90 4.55 1.00 0.45 4.39 27.72 5.69 64.18 2.92 19.29 0.66 14.50 1.15 14.01 0.91 49.06 1.12 3.29 0.60 0.85 41.49 0.62 13.09 3.81 43.50 0.39 9.03 0.23 6.87 0.66 4.75 1.15 3.50 0.36 2.00 6.53 187.99 0.42 0.37 1.39 21.84 5.27 108.26 5.82 47.16 0.58 1.40 0.30 5.33 3.90 4.77 64.52

High

High Low 1,003.67 972.27 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.56 8.64 Low

Close Chg

1.80 1.20 1.74 0.54 2.91 2.60 2.64 -0.22 20.00 19.05 19.37 -0.13 2.78 2.40 2.73 0.03 9.25 8.81 9.08 0.02 15.45 14.40 14.50 -0.80 17.95 15.62 17.51 1.64 1.97 1.00 1.20 0.03 2.94 2.50 2.54 -0.21 2.85 2.22 2.30 -0.18 1.14 0.71 0.99 -0.01 1.70 1.45 1.48 -0.11 49.05 42.25 42.52 -1.98 5.00 3.20 3.54 -0.66 4.99 3.86 4.00 -0.62 27.20 24.80 26.00 0.25 86.70 80.00 81.44 -3.10 8.44 7.65 7.65 -0.65 10.68 9.51 9.97 -0.72 0.74 0.40 0.50 -0.09 5.14 4.41 4.52 -0.36 48.99 44.77 48.49 1.43 10.68 8.50 9.57 -0.12 4.49 4.01 4.27 0.12 1.39 0.92 1.00 -0.39 1.78 1.40 1.50 -0.06 5.24 3.60 4.58 0.03 1.69 0.81 0.84 -0.16 0.50 0.27 0.46 0.01 29.25 26.90 28.55 0.83 65.70 62.35 64.07 -0.11 19.90 17.36 18.26 -1.03 14.39 12.51 13.35 -1.15 15.01 14.55 14.60 0.59 51.51 47.93 50.45 1.39 1.28 0.40 1.03 -0.09 0.65 0.56 0.56 -0.04 42.00 40.00 42.00 0.51 13.79 12.00 12.01 -1.08 44.40 40.75 41.00 -2.50 8.70 7.45 8.00 -1.03 7.23 5.80 6.10 -0.77 4.25 3.00 3.00 -1.75 4.74 3.14 3.83 0.33 2.25 1.66 1.80 -0.20 197.00 186.00 190.76 2.77 0.65 0.30 0.30 -0.07 22.90 21.25 22.00 0.16 111.00 103.00 106.18 -2.08 48.48 46.25 47.41 0.25 1.88 1.11 1.24 -0.16 0.68 0.37 0.50 0.20 3.99 3.02 3.20 -0.70 67.00 64.05 65.25 0.73

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

Volume

Change % Change -11.03 -1.12 Market cap 200-Day High 132,206.54 mn Div Yield (%) 200-Day Low 2.60 -

Last 60 days High Low

44381 1.80 1024544 4.68 19528 24.59 15573 3.00 10978656 12.84 10481 16.60 133542 17.95 5689 2.20 164429 3.50 21542 2.97 6347 1.43 164137 2.04 315720 49.05 6629 5.00 85979 8.90 5346 27.66 11363 91.00 34873 9.23 22613 11.00 88885 1.10 314524 5.20 8677 55.00 6888 10.90 85567 4.95 139238 1.69 97071 1.98 18222 5.95 82905 1.79 39724 0.88 40713930 29.25 11511777 71.89 169356 19.90 14512 15.49 9470 15.44 12354 51.51 80802 1.80 27500 0.99 16381 43.30 28050 13.79 29022 44.40 82995 11.50 124809 7.94 28670 6.35 24420 4.74 10521 2.89 16572 253.00 7741 0.95 10382 22.90 60082 132.00 147523 63.30 45205 1.99 26000 0.87 9003 4.50 9948 87.90

2010 Div BR (%) (%)

0.50 2.35 19.05 20 1.86 7.5 8.05 9.50 12.76 20 0.77 5 2.05 2.00 0.32 1.20 35.00 5 3.10 3.30 19.31 35 65.00 70 5.02 10 6.56 10 0.25 3.31 10 37.56 20 4.56 3.01 10 0.25 0.75 3.60 0.60 0.13 21.95 15 57.20 25 8.90 8.50 10 13.10 30 34.35 20 0.40 0.40 35.00 20 8.60 25SD 35.25 40 3.90 3.63 10 2.99 1.75 5 1.00 186.00 0.15 18.50 45 100.51 80 44.10 1.08 0.25 2.56 50.50 35

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

2011 Div BR (%) (%) -

-

Performance of SR Pharma and Bio Tech Index

2010 Div BR (%) (%)

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

FOOD PRODUCERS Performance of SR Food Producers Index

Change % Change -78.24 -4.76 Market cap 200-Day High 31,380.10 mn Div Yield (%) 200-Day Low 16.93 -

Last 60 days High Low 17.71 244.95 1.88 13.50 64.43 568.40

-

PHARMA AND BIO TECH

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

10.70 9.10 9.40 -1.06 230.00 199.05 206.50 -24.37 1.39 0.86 1.33 0.48 9.83 9.17 9.49 0.08 62.00 56.89 61.98 6.28 544.50 504.35 509.95 -29.15

40 15

626 890 56

INDUSTRIAL ENGINEERING High Low 1,658.53 1,544.57 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 2.95 38.02

2010 Div BR (%) (%)

Agriautos Ind Atlas Battery

Performance of SR Industrial Engineering Index Open 1,644.55 Turnover 351,860 P/E (x) 7.77

63.00 29.35

Atlas Honda Dewan Motors Exide (PAK)

-

555 431.00 1199 18.91

Al-Abbas Cement

Open

-

Huffaz Pipe XD

High Low 888.72 832.50 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.44 7.10

PE 6.44 8.33

2011 Div BR (%) (%)

- 10.00

Change % Change -19.91 -2.87 Market cap 200-Day High 11,482.82 mn Div Yield (%) 200-Day Low 2.22 -

Performance of SR Automobile and Parts Index

Company

International Ind

Open 870.98 Turnover 38,986,957 P/E (x) 6.13

Descon Oxychem Limited

AUTOMOBILE AND PARTS

-

Performance of SR Industrial Metals and Mining Index

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

1092 1321

2011 Div BR (%) (%)

INDUSTRIAL METALS AND MINING

High Low 700.51 662.68 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.28 25.53

Paid up Cap(mn)

Pak Int Cont. Terminal PNSC

Nestle PakistanSPOT

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,027.45 Turnover 214,094 P/E (x) 5.32

Company

-

8232 36375

Open High Low 1,766.43 1,792.11 1,697.36 Turnover Total cos Defaulter cos 204,157,101 36 6 P/E (x) P/BV (x) ROE (%) 9.32 3.26 35.00

Open 692.98 Turnover 25,552 P/E (x) 5.00

-

-100.00 -

Performance of SR Chemicals Index

Company

11,303.01 11,838.34 11,275.32 i500.45

Performance of SR Industrial Transportation Index

Close Change % Change 1,431.60 -70.36 -4.68 Listed cap Market cap 200-Day High 65,194.15 mn 1,061,050.94 mn Payout (%) Div Yield (%) 200-Day Low 55.94 5.64 -

Mari Gas Company XD

0.20

Current High Low Change

8,082.05 8,394.17 8,073.73 i274.45

Alert ! Unusual Movements

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,501.96 Turnover 30,966,681 P/E (x) 9.91

KSE 30 Index

Open 898.78 Turnover 801,582 P/E (x) 6.60

High Low 922.01 885.04 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.47 22.31

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

Change % Change 4.97 0.55 Market cap 200-Day High 29,897.73 mn Div Yield (%) 200-Day Low 6.74 -

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Abbott (Lab) XD

979

6.91

85.37

89.00

83.00

83.00 -2.37

25618

112.50

78.59

50

-

-

-

GlaxoSmithKline Highnoon (Lab)

1707 165

15.97 7.26

80.17 25.50

83.25 26.45

78.50 25.05

81.14 26.20

0.97 0.70

291769 16067

89.98 30.48

68.00 24.50

40 -

15B -

-

-

200 306

4.33 5.22

10.65 60.52

11.44 61.75

10.00 58.05

11.00 0.35 59.71 -0.81

32122 429559

11.44 69.00

7.16 58.05

30

-

-

-

Company

IBL HealthCare Ltd Searle Pak

Last 60 days High Low

2010 Div BR (%) (%)

2011 Div BR (%) (%)

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

55.98

Total Assets (Rs in mn)

22,703.03

MA (10-day)

15.23

Total Equity (Rs in mn)

3,649.33

MA (100-day)

15.30

Revenue (Rs in mn)

MA (200-day)

12.74

Interest Expense

1st Support

15.71

Loss after Taxation

2nd Support

15.41

EPS 10 (Rs)

1st Resistance

16.40

Book value / share (Rs)

9.93

0.00 0.00 (7.76) (0.021)

2nd Resistance

16.79

PE 11 E (x)

3.20

Pivot

16.10

PBV (x)

1.60

NCPL closed up 1.31 at 15.94. Volume was 18 per cent below average and Bollinger Bands were 17 per cent narrower than normal. The company's profit after taxation stood at Rs914.231 million which translates into an Earning Per Share of Rs2.489 for the half year of current fiscal year (1HFY11). NCPL is currently 25.2 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 moderate flows of volume into NCPL (mildly bullish). Trend forecasting oscillators are currently bullish on NCPL.

Byco Petroleum Pakistan Ltd

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

45.32

Total Assets (Rs in mn)

32,148.52

MA (10-day)

9.52

Total Equity (Rs in mn)

(8,068.95)

MA (100-day)

10.72

Revenue (Rs in mn)

41,097.71

MA (200-day)

10.70

Interest Expense

2,335.66

1st Support

9.15

Loss after Taxation

2nd Support

9.02

EPS 10 (Rs)

(4.122)

1st Resistance

9.48

Book value / share (Rs)

(1,616.35) (20.58)

2nd Resistance

9.68

PE 11 E (x)

Pivot

9.35

PBV (x)

(0.45)

BYCO closed down -0.08 at 9.33. Volume was 61 per cent below average (consolidating) and Bollinger Bands were 17 per cent wider than normal. The company's loss after taxation stood at Rs915.924 billion which translates into a Loss Per Share of Rs2.34 for the half year of current fiscal year (1HFY11). BYCO is currently 12.8 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into BYCO (mildly bullish). Trend forecasting oscillators are currently bullish on BYCO.

BOOK CLOSURES Company

From

To

Rafhan Maize Prod Summit Bank ICC Textiles # DG Khan Cement (Consolidated) Crescent Jute Products # Bank Alfalah Olympia Textile Mills # Pak Datacom Ittehad Chemicals # MCB Bank Nestle Pakistan Shabbir Tiles & Ceramics Pakistan Gum & Chemicals # Unilever Pakistan Pakistan Services # Samba Bank First UDL Modaraba Network Microfinance Bank NIB Bank Sanofi-Aventis Pakistan Husein Sugar Mills # Askari Bank JS Bank Shell Gas LPG # New Jubilee Life Insurance Diamond Industries # Mirpurkhas Sugar Mills # Standard Chartered Bank National Bank Of Pakistan Al-Meezan Mutual Fund Silkbank Noon Sugar Mills #

21-Mar 21-Mar 21-Mar 21-Mar 21-Mar 22-Mar 22-Mar 22-Mar 22-Mar 22-Mar 22-Mar 22-Mar 22-Mar 22-Mar 22-Mar 22-Mar 22-Mar 23-Mar 23-Mar 23-Mar 23-Mar 23-Mar 23-Mar 23-Mar 22-Mar 24-Mar 24-Mar 24-Mar 24-Mar 24-Mar 24-Mar 24-Mar

29-Mar 29-Mar 29-Mar 28-Mar 27-Mar 28-Mar 30-Mar 29-Mar 28-Mar 31-Mar 28-Mar 28-Mar 28-Mar 29-Mar 28-Mar 28-Mar 28-Mar 29-Mar 30-Mar 29-Mar 30-Mar 29-Mar 29-Mar 29-Mar 30-Mar 31-Mar 30-Mar 30-Mar 30-Mar 31-Mar 30-Mar 31-Mar

D/B/R

INDICATIONS # Extraordinary General Meeting

Spot AGM/Date

550(F) 11-Mar 20(R) 11-Mar 15(I) 14-Mar 5(I) 14-Mar 30(F),10(B) 14-Mar 300(F) 14-Mar 100(R) 14-Mar 314(F) 14-Mar 7.5(I) 14-Mar 100(F) 15-Mar 10(B) 15-Mar 15 14-Mar 6 15-Mar 75,25(B) 15-Mar 5(I) 15-Mar -

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


7

Monday, March 21, 2011 Ask Gen Insurance

FIXED LINE TELECOMMUNICATION

Atlas InsuranceSPOT

Performance of SR Fixed Line Telecommunication Index Open 1,040.89 Turnover 19,506,737 P/E (x) 5.38 Paid up Cap(mn)

Company

High Low 1,054.25 984.86 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.69 12.84

PE

Open

High

Low

Close Chg

Pak DatacomSPOT 78 5.04 Pakistan Telecomm Co A 37740 11.22 Telecard 3000 1.29 WorldCall Tele 8606 Wateen Telecom Ltd 6175 -

47.29 17.81 2.03 2.39 3.00

48.00 17.95 2.09 2.68 3.09

45.50 16.71 1.91 2.30 2.83

46.40 16.83 1.96 2.60 2.96

-0.89 -0.98 -0.07 0.21 -0.04

Close 993.98 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 9168 13863337 871700 4762532 539005

255

Last 60 days High Low

2010 Div BR (%) (%)

82.39 20.65 2.48 3.11 4.65

80 17.5 1 -

45.50 16.71 1.60 2.15 2.80

369

Central Insurance XB EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance

2011 Div BR (%) (%)

- 15.00 -

PICIC Ins Ltd

11.00

11.80

40.26

40.40

79.97

94.16

Paid up Cap(mn)

Company

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

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

PE

Open

High

Low

6.87 7.39 2.77 5.26 3.20 2.48 5.18 -

0.67 39.48 1.48 2.72 17.48 3.47 41.05 14.63 15.60 17.74 1.83 0.79

0.75 40.05 1.54 2.79 17.49 3.80 41.30 16.50 17.70 18.39 1.89 0.84

0.65 37.30 1.30 2.57 16.50 3.47 40.26 14.30 15.45 17.00 1.70 0.63

Paid up Cap(mn)

Sui North Gas Sui South Gas

Volume

Last 60 days High Low

10715 7437396 268894 1837672 18711 22311 1781950 12686046 11742363 61807 379246 37523

1.17 41.20 2.00 3.55 22.85 5.38 45.85 18.01 18.70 19.25 2.39 1.31

0.56 35.90 1.25 2.31 16.00 3.30 39.80 14.05 14.85 16.40 1.41 0.50

Close 1,379.95 Listed cap 12,202.80 mn Payout (%) 66.79

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

21.11 24.72

21.35 25.70

19.88 23.45

19.92 -1.19 23.65 -1.07

824032 1781415

29.39 27.90

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

2011 Div BR (%) (%)

- 25.00 7.8R - 10.00 - 30.00 -

Paid up Cap(mn)

PE

Open

8603 5.61 58.85 6427 6.46 14.14 13492 6.90 9.28 8786 5.56 28.00 5004 3.73 4.20 5288 7.21 5280 39.11 3.44 7327 4.09 13.31 11021 6.77 127.84 Habib Metropolitan BankSPOT 8732 6.88 23.74 JS Bank Ltd 8150 2.80 KASB Bank Ltd 9509 1.53 MCB Bank LtdSPOT 7602 9.74 225.20 Meezan Bank XB 8030 7.20 18.64 Mybank Ltd 5304 2.10 National BankSPOT 13455 6.71 78.90 NIB Bank 40437 2.05 Samba Bank 14335 1.72 Silkbank Ltd 26716 2.19 Soneri Bank 6023 29.14 6.31 Stand Chart BankSPOT 38716 9.47 9.14 Summit Bank Ltd 7251 3.00 United Bank Ltd XD 12242 6.81 64.79

19.71 20.02

High

High Low Close 1,153.44 1,090.19 1,101.42 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.07 13.94 40.49 Low

Close Chg

60.90 57.10 59.43 0.58 14.10 13.50 13.57 -0.57 9.71 9.01 9.32 0.04 28.40 26.95 27.37 -0.63 4.37 4.10 4.21 0.01 7.29 6.85 6.92 -0.29 3.69 3.41 3.52 0.08 13.90 12.61 12.68 -0.63 128.50 105.50 108.33 -19.51 24.00 22.50 22.50 -1.24 2.90 2.50 2.75 -0.05 1.59 1.42 1.46 -0.07 228.40 213.62 216.23 -8.97 19.70 16.26 16.99 -1.65 2.29 2.01 2.03 -0.07 79.90 76.12 76.81 -2.09 2.18 1.99 2.03 -0.02 1.89 1.69 1.80 0.08 2.29 2.14 2.18 -0.01 6.49 6.05 6.12 -0.19 9.20 8.86 9.00 -0.14 3.09 2.85 2.90 -0.10 65.50 56.70 57.92 -6.87

74.00 19.25 11.99 39.49 4.65 10.23 4.50 16.47 131.00 29.28 3.16 2.62 250.48 20.30 3.40 81.78 3.35 2.12 3.05 8.48 9.90 4.63 70.65

270311

11.99

8.90

-

-

-

-

99503

45.40

32.25

-

-

-

-

400

3.02

718

8.50

13.07

14.00

97.97

100.00

Paid up Cap(mn)

Company Adamjee Insurance

12.25

12.70 -0.37

96.78

98.98 1.01

23610

15.50

19562

102.44

11.72

-

-

-

-

88.11

30

55B

791 11.42

61.50

65.00

62.00

64.98 3.48

21558

65.00

56.00

35

25B

-

-

3000 45.51

17.71

18.48

17.26

17.75 0.04

4800443

19.40

13.80

-

-

-

-

51795

13.00

6.30

12316

12.93

10.10

-

-

-

-

-

350 85.57

11.99

12.99

11.08

11.98 -0.01

303

6.02

11.50

12.34

11.06

11.14 -0.36

4.41

6.90

7.50

6.90

7.19 0.29

90902

7.50

6.20

-

-

-

-

4.11

7.00

6.97

6.45

6.61 -0.39

51185

8.20

6.01

-

-

-

-

United Insurance

400

2.47

7.70

7.87

6.75

7.53 -0.17

16677

7.90

5.50

-

-

-

-

-

-

-

Symbols AGL BIFO GATI LPGL PGCL WAHN MSCL BWCL BUXL DADX DNCC FECTC FRCL GAMON GWLC JVDC MLCFPS MUCL STCL HACC SIEM JOPP AKGL BCL HINO PECO ATEL BWHL BELA INDF AGSML ADAMS ALNRS ANSS BAFS BAWS CHAS CLOV CSUML FRSM FECS HWQS HUSS ISIL MRNS MIRKS MFFL NOPK PNGRS PMRS RMPL SANSM SHSML SHJS SGMLPS SGML SASML TSML TICL ULEVER UPFL WAZIR AASM DIIL HUSI SING TOWL GRAYS AWTX ALQT ARUJ BATA BHAT BILF BTL BROT COLG CFL CRTM DMTX DSML DKTM DINT FASM FTHM FZTM GLPL GATM GUTM HMIM ICCT IDYM ISTM ILTM JATM JKSM JDMT KOHTM KOSM LMSM LATM LEUL MQTM MSOT MTIL MOON NATM NAGC NSRM OLSM OLTM PRET SFAT SJTM SALT SMTM SNAI SFL SAPT SERF SHDT SHCM SZTM SCL SUTM SURC TAJT TATM TRPOL ZAHT FEROZ OTSU

-

Paid up Cap(mn)

2010 Div BR (%) (%) 20 15

-

57.10 12.55 8.75 26.95 3.75 6.40 3.06 10.69 105.50 22.50 2.30 1.40 195.55 15.30 2.00 66.01 1.90 1.50 2.06 5.00 6.28 2.85 56.70

2010 Div BR (%) (%)

-

Close 756.85 Listed cap 11,111.34 mn Payout (%) 79.54

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

58.95

64.50

56.00

61.38 2.43

88871

79.80

51.31

-

-

-

-

47.56

44.10

47.49 1.51

86734

49.30

39.05

15

-

-

-

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

80.07

82.15

77.00

77.85 -2.22

1017809

96.40

71.55

2010 Div BR (%) (%) 10

-

-

2010 Div BR (%) (%)

2011 Div BR (%) (%)

High Low 357.50 334.93 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.22 0.91

PE

Open

High

Low

225 1.15 360 3.95 450 17.58 3750 4.78 250 493.33 First Credit & Invest Bank Ltd 650 IGI Investment Bank 2121 9.09 Invest and Fin Sec 600 4.81 Invest Bank 2849 Ist Cap Securities 3166 Ist Dawood Bank 626 0.76 Jah Siddiq Co 7633 JOV and CO 508 770.00 JS Global Cap 500 6.83 JS Investment 1000 KASB Securities 1000 Orix Leasing 821 4.28 Pervez Ahmed Sec 775 4.15 Sec Inv Bank 514 11.56 Stand Chart Leasing 978 3.99

0.61 23.75 21.92 23.43 1.84 3.25 2.09 6.04 0.55 3.10 1.60 9.16 3.25 25.51 5.54 4.65 6.15 2.11 3.30 2.65

0.69 24.50 22.75 25.33 1.85 3.28 2.20 6.79 0.60 3.28 1.93 9.39 3.44 26.30 5.69 4.74 6.35 2.18 4.20 2.95

0.52 23.25 21.00 23.11 1.43 3.25 2.00 5.65 0.33 3.03 1.50 8.83 3.00 23.04 5.00 4.45 5.61 1.94 2.61 2.45

Close Chg 0.55 23.25 21.45 24.46 1.48 3.26 2.00 5.97 0.47 3.10 1.45 8.89 3.08 23.76 5.45 4.46 6.17 1.99 2.89 2.95

-0.06 -0.50 -0.47 1.03 -0.36 0.01 -0.09 -0.07 -0.08 0.00 -0.15 -0.27 -0.17 -1.75 -0.09 -0.19 0.02 -0.12 -0.41 0.30

Close 338.73 Listed cap 30,336.44 mn Payout (%) 99.56

Volume 323565 107397 178606 21711996 9755 104625 131411 11206 20522 77261 14731 8061301 495222 10318 371123 59471 8627 782750 7989 8422

Change % Change -9.30 -2.67 Market cap 200-Day High 16,209.01 mn Div Yield (%) 200-Day Low 4.05 -

Last 60 days High Low

2010 Div BR (%) (%)

0.93 24.86 28.00 30.20 2.75 4.00 3.90 8.98 1.09 3.84 2.00 12.80 4.49 31.50 7.40 5.43 7.09 2.49 4.99 3.00

30 11.5 10 -

0.33 16.85 18.31 18.75 1.06 2.15 1.90 5.65 0.31 2.90 1.24 8.01 2.58 20.80 5.00 3.75 5.25 1.21 2.27 1.67

2011 Div BR (%) (%)

20B 20B 10B -

-

-

EQUITY INVESTMENT INSTRUMENTS

-

Performance of SR Equity Investment Instruments Index Open 1,453.58 Turnover 11,505,023 P/E (x) 18.63 Paid up Cap(mn)

Company

2011 Div BR (%) (%)

-

Paid up Cap(mn)

Company

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

Change % Change -1.97 -0.26 Market cap 200-Day High 48,031.24 mn Div Yield (%) 200-Day Low 6.24 -

1237 22.57

Change % Change 24.97 3.37 Market cap 200-Day High 9,027.57 mn Div Yield (%) 200-Day Low 4.21 -

850 34.88

Open 348.03 Turnover 10,689,766 P/E (x) 11.50

2011 Div BR (%) (%)

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

Close 765.57 Listed cap 2,290.72 mn Payout (%) 355.53

Performance of SR Financial Services Index

2011 Div BR (%) (%)

25B

High Low 793.85 715.04 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.25 3.85

FINANCIAL SERVICES

NON LIFE INSURANCE High Low 779.00 744.40 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.66 5.20

-

10.28 0.35 36.26 -0.75

New Jub Life InsuranceSPOT62720.29 45.98

Performance of SR Non Life Insurance Index Open 758.81 Turnover 6,575,434 P/E (x) 12.75

-

9.65 35.00

252

Company

Change % Change -36.43 -3.20 Market cap 200-Day High 666,902.33 mn Div Yield (%) 200-Day Low 5.29 -

Last 60 days High Low

Volume 246447 833536 3390543 607969 114264 9073345 361706 386395 732578 515514 546039 248311 4198814 204589 97272 23237417 5890506 833930 2186582 92688 292902 879487 3949370

20B 10B

10.50 37.50

253

EFU Life Assurance

-

Performance of SR Banks Index

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

10

9.93 37.01

Open 740.60 Turnover 178,644 P/E (x) 5.46

BANKS

Company

35.47 61.30

UP TO 5000 VOLUME

-

LIFE INSURANCE

Change % Change -71.69 -4.94 Market cap 200-Day High 30,779.77 mn Div Yield (%) 200-Day Low 7.44 -

5491 11.72 8390 3.56

Open 1,137.84 Turnover 58,040,975 P/E (x) 7.65

94.16

-

-

GAS WATER AND MULTIUTILITIES

Company

42.90

21188

-10B 25R

6.43

Change % Change 16.20 1.21 Market cap 200-Day High 104,235.84 mn Div Yield (%) 200-Day Low 7.58 -

0.66 37.53 1.41 2.60 17.00 3.55 41.01 15.94 16.99 17.00 1.70 0.79

High Low 1,490.05 1,372.40 Total cos Defaulter cos 2 P/BV (x) ROE (%) 1.02 11.41

49508

9.51

Reliance Insurance XB

Performance of SR Gas Water and Multiutilities Index Open 1,451.64 Turnover 2,605,447 P/E (x) 8.98

38.89 -1.37 92.94 12.97

12.00

Performance of SR Life Insurance Index

Close 1,350.36 Listed cap 95,369.29 mn Payout (%) 104.13

Close Chg -0.01 -1.95 -0.07 -0.12 -0.48 0.08 -0.04 1.31 1.39 -0.74 -0.13 0.00

38.87 81.90

22865

457

Performance of SR Electricity Index High Low 1,371.02 1,317.88 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.28 9.35

11.49 0.49

1250

ELECTRICITY Open 1,334.16 Turnover 36,286,184 P/E (x) 13.73

10.50

Silver Star Insurance

Premier Insurance

-

5.92

279 10.56

Century Insurance

Change % Change -46.91 -4.51 Market cap 200-Day High 68,533.44 mn Div Yield (%) 200-Day Low 11.63 -

4.93

-

High Low 1,484.29 1,409.92 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.41 2.21

PE

Open

High

Low

1st Fid Leasing 264 AL-Meezan Mutual F.SPOT 1375 4.06 Atlas Fund of Funds 525 1.60 B R R Guardian Mod. 780 1.55 Crescent St Modaraba 200 1.05 Equity Modaraba 524 1.02 First Dawood Mutual F. 581 0.65 Golden Arrow 760 1.47 Habib Modaraba 1008 6.47 JS Growth Fund 3180 2.34 JS Value Fund 1186 1.30 Meezan Balanced Fund 1200 2.59 Mod Al-Mali 184 17.90 Nat Bank Modaraba 250 5.95 PICIC Energy Fund XD 1000 3.06 PICIC Growth Fund XD 2835 3.64 PICIC Inv Fund XD 2841 2.85 Prud Modaraba 1st 872 1.58 Punjab Modaraba 340 Stand Chart Modaraba 454 5.08 Trust Modaraba 298 2.32 U D L ModarabaSPOT 264 2.55

1.50 10.12 6.48 1.69 0.55 1.75 2.12 3.22 7.25 6.04 5.23 9.00 1.16 5.77 7.46 12.50 5.30 1.00 1.33 9.91 1.99 6.36

2.35 10.20 6.49 1.84 0.62 2.00 2.39 3.40 7.50 6.30 5.50 9.20 1.84 6.25 7.55 12.65 5.43 1.10 1.80 10.00 2.25 7.10

1.40 9.80 5.66 1.33 0.42 1.67 1.79 3.18 7.00 5.41 4.91 8.80 1.15 5.00 7.01 12.05 5.11 0.80 1.23 9.52 1.75 6.90

Close 1,442.50 Listed cap 29,771.58 mn Payout (%) 104.74

Change % Change -11.08 -0.76 Market cap 200-Day High 18,548.55 mn Div Yield (%) 200-Day Low 8.73 -

Close Chg

Volume

Last 60 days High Low

2010 Div BR (%) (%)

1.42 10.06 6.00 1.43 0.46 1.68 1.89 3.21 7.50 6.08 5.40 9.00 1.79 5.00 7.40 12.16 5.25 0.82 1.36 9.95 1.95 7.09

13113 175661 41003 32929 64442 8748 70312 141919 7670 7794428 413512 847614 5453 527500 189099 829165 224970 29971 9906 30823 8991 20873

2.35 11.50 6.97 2.79 0.87 2.98 2.57 3.89 7.50 6.43 6.61 10.24 2.50 7.58 8.83 16.49 7.95 1.20 2.00 10.63 2.49 7.25

18.5 2.2 0 1.2 17 21 5 10 15.5 10 10 20 10 3 1 17 5 12.5

-0.08 -0.06 -0.48 -0.26 -0.09 -0.07 -0.23 -0.01 0.25 0.04 0.17 0.00 0.63 -0.77 -0.06 -0.34 -0.05 -0.18 0.03 0.04 -0.04 0.73

1.16 7.81 3.84 1.12 0.40 1.30 1.61 2.92 6.64 4.61 4.20 7.20 1.15 4.85 6.21 12.05 5.10 0.80 0.85 9.07 1.16 5.90

2011 Div BR (%) (%)

- 5.00 - 10.00 - 12.50 - 7.50 - 7.50

-

Open 22.36 47.98 45.42 16.46 17.42 37.15 13.51 10.67 9.00 19.60 1.75 6.90 2.02 1.06 6.99 59.70 4.26 12.58 7.54 6.60 975.00 10.55 5.00 50.91 115.98 139.85 36.53 35.59 1.00 0.45 5.50 14.25 45.74 5.50 58.00 5.50 8.50 56.41 3.57 18.92 36.91 14.00 9.04 82.13 52.67 48.31 68.79 22.00 4.00 39.50 2816.88 11.99 8.90 65.56 3.75 5.25 8.00 42.00 59.20 4759.84 1151.00 6.14 24.52 10.00 6.09 19.76 8.08 45.96 90.00 10.80 4.60 542.26 259.00 0.95 60.00 0.30 818.79 15.10 15.91 3.99 2.10 2.00 33.41 36.75 113.00 409.93 54.99 43.00 20.35 1.00 1.03 267.67 6.50 181.91 2.90 6.99 15.06 1.20 1.10 1.50 6.11 2.10 7.85 17.81 0.50 15.99 19.96 16.20 16.00 1.70 1.01 30.24 5.50 0.50 68.50 6.30 41.00 102.87 111.52 0.35 14.00 13.90 6.99 90.00 36.23 40.00 0.15 41.91 0.55 4.00 90.75 30.75

High 23.20 48.30 46.60 16.44 18.38 37.20 13.99 12.50 9.98 18.77 1.76 7.15 2.44 1.99 6.95 59.70 5.25 12.53 8.00 6.70 980.00 10.75 6.00 50.91 120.70 143.90 38.35 35.59 1.00 0.50 6.47 14.49 45.74 5.55 60.00 5.85 9.50 59.23 3.07 19.90 38.75 13.00 9.00 82.13 53.00 49.80 71.80 23.10 5.08 39.43 2932.00 12.29 9.90 68.83 3.01 5.99 9.00 42.00 62.00 5214.99 1204.00 6.14 25.74 10.00 5.75 19.89 9.00 47.00 94.50 10.80 4.99 555.00 258.40 1.30 59.05 0.50 844.99 16.09 16.40 4.00 2.10 2.00 31.85 36.00 118.65 389.44 57.19 44.70 21.36 1.00 1.39 320.99 7.50 220.98 2.90 6.99 15.25 1.20 1.21 1.50 6.11 2.90 8.00 18.48 0.65 16.45 19.96 17.15 17.00 2.22 1.01 31.75 5.50 1.50 68.00 6.40 41.00 110.25 114.00 0.40 14.00 13.90 6.25 94.45 36.23 40.00 0.20 41.91 0.89 5.80 91.90 32.28

Low

Close

21.25 46.48 43.15 13.44 17.42 37.15 12.51 11.66 8.02 18.76 1.30 6.50 2.00 1.28 5.80 56.72 3.52 12.50 7.00 6.60 930.00 9.55 5.00 48.38 106.51 132.86 35.50 33.82 1.00 0.45 4.53 14.25 43.46 5.50 55.10 5.25 8.50 56.41 2.67 18.11 35.08 11.15 8.10 78.05 50.30 45.00 68.79 21.00 4.00 37.53 2568.01 11.51 8.75 62.55 2.90 4.35 8.00 39.61 59.20 4650.56 1078.02 5.60 24.52 9.90 4.90 18.15 8.08 44.60 89.00 9.80 4.00 512.00 233.80 0.84 58.00 0.50 768.55 15.10 15.28 3.76 1.30 1.99 30.00 36.00 107.35 389.44 52.25 42.00 20.35 1.00 1.05 267.05 6.25 190.98 2.00 6.95 14.15 1.00 1.01 1.50 5.50 1.71 7.85 17.50 0.50 15.93 18.96 16.20 15.00 1.10 1.00 30.24 3.00 0.50 65.35 5.05 40.50 105.00 111.52 0.40 13.75 12.90 5.50 81.23 34.42 38.05 0.20 40.00 0.55 4.67 87.10 30.75

22.22 46.48 43.92 13.44 17.42 37.15 13.92 11.66 9.00 18.77 1.30 6.60 2.00 1.99 6.21 57.19 4.26 12.50 7.54 6.70 980.00 9.55 5.00 48.55 111.35 139.85 35.50 35.59 1.00 0.50 5.50 14.25 43.46 5.55 58.00 5.25 8.50 56.41 3.57 18.92 36.91 13.00 8.95 82.13 51.41 45.00 69.00 22.00 4.08 37.93 2578.54 12.29 8.86 65.56 2.90 5.25 8.00 42.00 59.20 4942.52 1178.90 6.14 24.63 10.00 5.00 19.14 8.08 45.96 90.00 9.80 4.60 514.61 257.17 0.90 58.00 0.50 773.54 15.10 15.60 4.00 1.55 2.00 30.22 36.00 107.35 409.93 54.99 43.00 20.35 1.00 1.07 311.62 6.50 210.50 2.90 6.99 14.40 1.20 1.19 1.50 6.11 2.10 7.90 17.81 0.55 16.45 19.96 16.20 16.00 1.70 1.00 30.24 3.80 1.35 65.35 6.39 41.00 110.25 111.52 0.40 13.75 13.90 6.25 85.50 36.23 38.92 0.20 40.00 0.55 5.00 91.49 32.28

Change

Vol

-0.14 -1.50 -1.50 -3.02 0.00 0.00 0.41 0.99 0.00 -0.83 -0.45 -0.30 -0.02 0.93 -0.78 -2.51 0.00 -0.08 0.00 0.10 5.00 -1.00 0.00 -2.36 -4.63 0.00 -1.03 0.00 0.00 0.05 0.00 0.00 -2.28 0.05 0.00 -0.25 0.00 0.00 0.00 0.00 0.00 -1.00 -0.09 0.00 -1.26 -3.31 0.21 0.00 0.08 -1.57 -238.34 0.30 -0.04 0.00 -0.85 0.00 0.00 0.00 0.00 182.68 27.90 0.00 0.11 0.00 -1.09 -0.62 0.00 0.00 0.00 -1.00 0.00 -27.65 -1.83 -0.05 -2.00 0.20 -45.25 0.00 -0.31 0.01 -0.55 0.00 -3.19 -0.75 -5.65 0.00 0.00 0.00 0.00 0.00 0.04 43.95 0.00 28.59 0.00 0.00 -0.66 0.00 0.09 0.00 0.00 0.00 0.05 0.00 0.05 0.46 0.00 0.00 0.00 0.00 -0.01 0.00 -1.70 0.85 -3.15 0.09 0.00 7.38 0.00 0.05 -0.25 0.00 -0.74 -4.50 0.00 -1.08 0.05 -1.91 0.00 1.00 0.74 1.53

1119 2 1506 13 10 10 1100 600 305 35 4201 4578 2569 1003 2372 801 434 0 11 0 207 2728 1001 625 583 95 2002 8 500 4000 35 800 701 500 13 4916 2 195 6 68 394 3805 3020 21 860 1890 28 1523 603 1342 179 640 2828 97 640 553 6 3840 115 2257 354 1 300 6 1001 3198 1 111 20 1000 3 1928 2215 3394 1801 1000 154 2 4699 2652 2731 4400 1355 500 508 36 272 740 89 353 1111 2170 1266 1548 1 50 3350 150 2520 100 10 22 200 101 1501 2000 1 4 53 2 1950 1 2430 2509 952 3661 100 1000 10 3000 0 10 572 55 10 2302 1000 1000 257 4749 4012 600

BOARD MEETINGS

National Bank of Pakistan

KSE 100 INDEX

Engro Corporation

Fauji Fertiliser Bin Qasim Ltd

Company

Date

Time

Pakistan Gum & Chemicals Ltd KSB Pumps Company Ltd Karim Silk Mills Limited Philip Morris Bestway Cement Limited Mustehkam Cement Limited Adamjee Insurance Co Ltd. Quice Food Ind Ltd KASB Securities Ltd Fauji Fertiliser Bin Qasim Central Insur Comp Ltd

21-Mar 21-Mar 21-Mar 21-Mar 22-Mar 22-Mar 22-Mar 24-Mar 24-Mar 25-Apr 25-Mar

11:00 11:30 11:30 11:00 11:30 12:30 11:00 11:00 11:00 7:12 10:00

TECHNICAL LEVELS Company

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position 11,498.65

Target Price

Recommendations

85

Hold

Arif Habib Ltd

Neutral

AKD Securities Ltd

45.52

TFD Research

44.25

Arif Habib Ltd AKD Securities Ltd

75.5

TFD Research

92.3

Brokerage House

39.31

Support 1

MA (5-day)

11,826.81

Support 2

MA (10-day)

11,934.78

Resistance 1

11,805.85

MA (100-day)

11,715.90

Resistance 2

12,005.05

Technical Analysis

MA (200-day)

10,825.91

Pivot

11,697.90

RSI (14-day)

50.93

MTS Shares

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

78.66 72.73 69.08

MTS Rs MTS Rate ** NOI Rs (mn)

1,670,675 168.76

Free Float Rs (mn)

24,463.82

11,390.75

KSE 100 INDEX closed down -438.77 points at 11,606.61. Volume was 1 per cent above average and Bollinger Bands were 15 per cent wider than normal. As far as resistance level is concern, the market will see major 1st resistance level at 11,805.85 and 2nd resistance level at 12,005.05, while Index will continue to find its 1st support level at 11,498.65 and 2nd support level at 11,390.75. KSE 100 INDEX is currently 7.3 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 INDEX at a relatively equal pace. Trend forecasting oscillators are currently bearish on INDEX.

Brokerage House

AKD Securities Ltd

29,001

RSI (14-day)

40.54

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

41.22 37.54 32.74 Free Float Shares (mn) 326.94

Brokerage House

MTS Rate ** NOI Rs (mn)

Free Float Shares (mn) 176.98

13,200 1,954,350 21.06 201.63

Free Float Rs (mn)

34,954.90

Nishat Mills Ltd

Fauji Fertiliser Co

131.3

Sell

AKD Securities Ltd

AKD Securities Ltd

120.7

Reduce

TFD Research

Positive

TFD Research

129.4

Neutral

Brokerage House

Technical Outlook

Technical Outlook

Free Float Shares (mn) 585.02 Free Float Rs (mn) 9,845.95 Target price for Dec-11 & **Net Open Interest in future market

MTS Shares MTS Rs

200.29 189.26

Arif Habib Ltd

363.65

PTC closed down -0.98 at 16.83. Volume was 346 per cent above average (trending) and Bollinger Bands were 46 per cent wider than normal. PTC is currently 10.6 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of PTC at a relatively equal pace. Trend forecasting oscillators are currently bearish on PTC.

36.86 221.60

MA (100-day) MA (200-day)

Neutral

TFD Research

N/A 7.08

Positive

Leverage Position

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

Hold

Positive

N/A N/A

65,950 1,953,769 47.04 12,773.49

Recommendations

322.42

Leverage Position

MTS Shares

339

AKD Securities Ltd

MTS Rate ** NOI Rs (mn)

245.4

Technical Outlook Technical Analysis

Target Price

Arif Habib Ltd

MTS Shares MTS Rs

Neutral

ENGRO closed down -37.89 at 197.51. Volume was 50 per cent above average and Bollinger Bands were 168 per cent wider than normal. ENGRO is currently 4.3 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into ENGRO (mildly bullish). Trend forecasting oscillators are currently bearish on ENGRO.

Buy

18.94 18.83

195.41

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

Buy

30.58 17.68

Sell

TFD Research

Positive

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

Recommendations

224

FFBL closed down -4.24 at 39.07. Volume was 74 per cent below average (consolidating) and Bollinger Bands were 42 per cent wider than normal. FFBL is currently 19.3 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of FFBL at a relatively equal pace. Trend forecasting oscillators are currently bearish on FFBL.

Recommendations

Technical Analysis

AKD Securities Ltd

Target Price

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

24.7

MA (100-day) MA (200-day)

Accumulate

Technical Analysis

Pakistan Oilfields Ltd

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

Arif Habib Ltd

NBP closed down -2.09 at 76.81. Volume was 25 per cent above average and Bollinger Bands were 118 per cent wider than normal. NBP is currently 11.2 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NBP at a relatively equal pace. Trend forecasting oscillators are currently bullish on NBP.

23.91 25.8

Sell

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

Target Price

TFD Research

Recommendations

37

Technical Outlook

Leverage Position

Free Float Shares (mn)318.50

Pakistan Telecommunication Co Ltd

Arif Habib Ltd

Positive

Technical Outlook

Brokerage House

Target Price

Technical Analysis RSI (14-day)

53.05

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

318.03 295.65

MA (200-day) 261.07 Free Float Shares (mn) 107.94

Leverage Position

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

Recommendations

Brokerage House

67,000 15,963,960 19.00 466.27 34,387.39

Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Free Float Shares (mn)

44.82 130.32 126.88 116.66 466.49

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

Target Price 71.45 78.6

Recommendations Accumulate Positive

Technical Outlook

Technical Outlook

MTS Shares MTS Rs MTS Rate

Target Price

1,000 95,723 78.86 59,537.78

Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Free Float Shares (mn)

51.32 64.02 61.69 54.19 175.80

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

2,100 99,915 21.37 66.86 11,263.50

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 down -0.15 at 318.57. Volume was 1 per cent below average and Bollinger Bands were 20 per cent wider than normal. POL is currently 22.0 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 POL at a relatively equal pace. Trend forecasting oscillators are currently bullish on POL.

FFC closed down -6.43 at 127.63. Volume was 34 per cent above average and Bollinger Bands were 57 per cent wider than normal. FFC is currently 9.4 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 FFC at a relatively equal pace. Trend forecasting oscillators are currently bearish on FFC.

NML closed down -0.11 at 64.07. Volume was 15 per cent above average and Bollinger Bands were 5 per cent narrower than normal. NML is currently 18.2 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 NML (mildly bullish). Trend forecasting oscillators are currently bullish on NML.

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

RSI 1st 2nd (14-day) Support 40.69 75.95 74.00 47.41 2.50 2.40 36.34 58.95 58.50 57.97 24.05 23.65 46.05 21.00 20.55 33.08 13.40 13.20 42.69 50.35 49.90 46.05 347.10 341.90 52.54 118.30 116.55 42.98 8.90 8.75 38.24 9.05 8.75 36.95 6.85 6.80 47.51 3.40 3.25 33.68 22.90 22.65 39.58 1.60 1.55 50.48 2.75 2.70 40.89 1.90 1.80 45.35 35.90 35.55 54.62 59.40 57.45 36.95 194.85 192.15 35.84 4.05 3.95 40.67 38.75 38.40 44.93 126.00 124.40 42.58 12.55 12.40 33.86 106.90 105.45 40.42 37.20 36.90 60.91 161.10 158.65 15.44 206.00 202.00 40.77 3.00 2.90 44.21 8.75 8.65 44.46 1.35 1.30 49.30 2.70 2.65 44.41 2.55 2.50 39.44 40.75 40.45 51.86 15.45 15.20 39.25 62.65 61.20 45.44 2.25 2.15 46.33 212.55 208.90 50.90 75.60 74.45 44.96 21.90 21.75 31.37 2.00 1.95 56.73 2.75 2.60 64.12 27.95 27.35 51.27 63.35 62.60 25.09 138.00 134.95 52.74 2.65 2.60 42.05 272.45 269.45 30.64 16.45 16.05 55.87 2.95 2.85 53.01 316.10 313.60 44.77 201.70 199.10 48.11 62.35 61.65 51.71 1.95 1.85 47.46 5.65 5.30 49.57 202.90 200.65 65.55 16.20 15.90 27.44 19.85 19.75 42.54 23.25 22.90 44.71 1.95 1.90 48.15 3.00 2.95 34.62 57.30 56.70 55.03 2.50 2.40

1st

2nd

Resistance 80.80 83.80 2.70 2.80 60.15 60.90 25.10 25.75 22.20 22.95 13.85 14.15 51.40 52.00 357.50 362.70 123.15 126.25 9.25 9.40 9.65 10.00 7.00 7.10 3.65 3.80 23.60 24.00 1.80 1.95 2.85 2.95 2.30 2.55 36.75 37.25 63.90 66.45 201.35 205.15 4.25 4.40 39.60 40.10 130.00 132.40 12.90 13.15 110.40 112.45 37.90 38.30 167.45 171.35 216.00 222.00 3.25 3.40 9.10 9.30 1.50 1.55 2.80 2.85 2.65 2.75 41.25 41.50 16.10 16.45 67.05 69.95 2.35 2.45 221.35 226.45 78.50 80.20 22.30 22.55 2.10 2.15 3.05 3.25 29.20 29.85 65.25 66.40 145.65 150.25 2.90 3.05 279.95 284.45 17.50 18.15 3.20 3.35 323.00 327.40 208.20 212.10 64.35 65.65 2.10 2.25 6.25 6.60 208.70 212.25 17.05 17.60 20.05 20.20 24.25 24.80 2.05 2.10 3.15 3.25 58.85 59.75 2.70 2.75

Pivot 78.90 2.60 59.70 24.70 21.75 13.70 50.95 352.30 121.40 9.10 9.40 6.95 3.55 23.30 1.75 2.80 2.15 36.40 61.95 198.65 4.20 39.25 128.40 12.75 108.95 37.60 165.00 212.00 3.15 8.95 1.45 2.75 2.60 40.95 15.80 65.60 2.30 217.70 77.30 22.15 2.05 2.95 28.60 64.50 142.60 2.85 276.95 17.10 3.10 320.50 205.60 63.65 2.05 5.95 206.45 16.75 19.95 23.85 2.00 3.10 58.20 2.60


Brokers say Japan quake to hurt insurers’ capital 8

Monday, March 21, 2011

AIG’s Q1 calamity red ink at $1bn Taiwan regulator to rule on AIG Taiwan unit sale in H1

WASHINGTON: US Treasury Secretary Timothy Geithner listens as Federal Deposit Insurance Corporation Chairman Sheila Bair asks a question during a meeting of the Financial Stability Oversight Council at the Treasury Department in Washington.-Reuters

Risk co figures Japan insured loss up to $25bn TOKYO: Risk modelling firm Eqecat has predicted insured losses from the Japanese earthquake of between $12bn and $25bn (£15.5bn). According to the firm, between $2bn and $4bn will be ceded to Japan Earthquake Reinsurance Pool, which will reduce the losses to the non-life property insurers in the country. This loss estimate encompasses the effects of earthquake shaking, ensuing tsunami and fires, and losses to automobiles, marine, life, and personal accident insurance lines. The earthquake is expected to cause losses of between $8bn and $15bn, with 25 per cent ceded to JERP, losses for automobiles is expected to be up to $1bn and losses for personal accident pegged at $1bn to $2bn. In addition, marine losses have predicted to reach between $1bn and $3bn and life losses at $2bn to $3bn. Eqecat said in its report:

"The Fire and Disaster Management Agency said the number of buildings completely or partially destroyed by the earthquake had reached 75,000 as of 11:00pm JST Monday. This is an early tally. By comparison total number of buildings partial or completely destroyed by the 1995 Great Hanshin Earthquake was 500 000. "The standard auto policy excludes earthquake coverage. This cover can be purchased, but is usually done for fleets or dealerships. Although a large number of cars were damaged in the aftermath of the earthquake by the raging tsunami waves, few of these cars will have earthquake coverage. It is estimated that as low as 10 000 cars and as high as 50 000 cars will be affected by the earthquake. "Marine includes an estimate of losses to ships, piers, wharves including equipment attached to piers and wharves. There are reports of 90

large commercial vessels, and thousands of smaller vessels that have been pushed far inland by the tsunami. No adjustment has been made to account for access restrictions due to the evacuation zones around the Fukushima nuclear plants. "At least 10 000 people are currently confirmed dead or missing. This number will likely grow. The average life insurance policy limit is about $360 000. If 100 per cent of those confirmed dead or missing are insured, it is expected that life insurers will be liable for as much as $3bn." "Personal accident insurers will compensate those who are injured from this event. Tallies are currently being assessed, but a large portion of the displaced population has been exposed to potential injuries. As of 14 March, an estimated 450 000 people were living in emergency shelters." -Agencies

Metlife Taiwan hot among bidders TOKYO: Competition has heated up in Metlife Inc's second attempt to sell its Taiwan life insurance unit, with at least three local financial firms submitting bids, two sources close to the situation have revealed. Chinatrust Financial, Taiwan's top credit card issuer, has turned in its bid for the life insurance unit, said one of the sources. Mercuries Life Insurance, a unit of retailer Mercuries , will do so later in the day, said the other source. Taishin Financial , which counts private equity fund Newbridge and billionaire investor George Soros as major investors, said it will

bid. Metlife's first attempt to sell the asset in a $112 million deal last year was blocked by regulators, amid concern the-then buyer, Waterland Financial , was not financially solid. The planned sale would mark the latest exit by a foreign firm out of the island's $52 billion saturated insurance market after AIG inked a $2.2 billion deal in January to sell its Nan Shan Life unit. "We understand why these foreign firms are pulling out of Taiwan. For one thing, it is the very low interest rates here," said Taishin President Lin Keh-Hsiao. "So, we're trying to get a

bargain out of this to discount any surprises that we might not have spotted during checking of its financial books," said Lin, declining to say how much Taishin would offer. Yuanta Financial , parent of Taiwan's biggest brokerage, was also interested in the unit, a source told Reuters in February. It was not immediately clear if Yuanta was still in the race. Friday is the deadline for all potential buyers to submit their bids, said one of the sources. All of the firms except Taishin declined to comment. Reuters

California watchdog goes against top drugmaker NEW YORK: California's insurance regulator has thrown its weight behind a lawsuit accusing Bristol Myers Squibb Co of dishing out kickbacks to doctors who prescribe its drugs. The whistleblower lawsuit, brought by former employees of the pharmaceutical giant and previously under seal, accuses Bristol Myers Squibb of resorting to bribes to try to ramp up sales in the country's wealthiest state. "Bristol-Myers Squibb believes this lawsuit has no merit and the company will defend itself vigorously," company spokeswoman Laura Hortas said. The California Department of Insurance, intervening in the case, says it will seek hefty penalties for the damage done to a private health insurance sector that ultimately paid for the drugs. The agency will pursue monetary penalties and the disgorgement of millions of dollars in "unlawful profits" made as a result of kickbacks, plus treble damages, it said in a statement. This sort of fraud has long plagued our health insurance system, leading to billions of dollars annually in added health care costs nationally," Commissioner Dave Jones said in a statement. According to the Department of Insurance, the lawsuit brought by two former employees alleges that Bristol Myers Squibb instructed salespeople to court doctors with sports tickets, fancy meals, allexpense-paid trips and gifts. Pharmaceutical firms are grappling with higher costs from U.S. healthcare reform as well as pressure from governments and insurers to curb prices. In January, Bristol-Myers Squibb reported a disappointing quarterly profit and forecast roughly flat earnings this year instead of the 3 per cent growth Wall Street had expected. The whistleblower case in Superior Court of California, County of Los Angeles is The People of the State of California et al v. Bristol Myers Squibb Inc. et al, BC 367873.Reuters

NEW YORK: Bailed-out insurer American International Group said it would post an estimated $1 billion in pre-tax catastrophe losses in the first quarter, mostly from exposure to the March 11 earthquake in Japan. AIG said its exposure would be about $900 million aftertax. The losses apply to its Chartis unit, one of the largest property insurers in Japan and the world. About 70 per cent of the pretax loss comes from Japan, the company said, with the rest from flooding in Australia, U.S. winter storms, an earthquake in New Zealand, a cyclone and flooding in Brazil. AIG said the loss figure would change as its exposure to the Japanese Earthquake Reinsurance Co becomes clearer. JERC, as it is known, is the sole provider of earthquake insurance for homes and their contents in Japan. AIG said it already had taken catastrophe reserves of $500 million in Japan for claims via JERC, and said the maximum pretax loss it could incur for such claims was $575 million. Catastrophe modeling companies estimate the earthquake and subsequent fire and tsunami will cause the global insurance industry anywhere from $12 to $35 billion in losses. The shares have fallen 4.2 per cent since the earthquake and about 20 per cent since late January, when the company closed a recapitalization deal with the Federal Reserve and

the U.S. Treasury Department. At current levels, the Treasury stands to make a profit of more than $10 billion on its AIG stake, which it is expected to begin selling in May. The Treasury owns 92 per cent of the company, which received a $182 billion bailout. Meanwhile, Taiwan's financial regulator said it will make a decision on American International Group Inc's sale of local unit Nan Shan Life Insurance Co in 1HCY11. The Financial Supervisory Commission (FSC) had asked Ruen Chen Investment, the group planning to buy Nan Shan Life, to submit all additional paperwork it requested by March 24, FSC Chairman YC Chen said during a parliamentary session. "We will make a decision on the case by the end of the first half, hopefully sooner" Chen told legislators. Bailed-out AIG's second attempt to sell Nan Shan has been stalled for more than a year, with the regulator acutely sensitive to the fate of Nan Shan's 4 million policyholders, representing a sixth of Taiwan's population. Shareholders of the buyer group, comprised of Ruentex Industries Ltd, property affiliate Ruentex Development Co Ltd and shoemaker Pou Chen Corp approved the $2.16 billion bid last week, paving the way for a full regulatory review.-Reuters

Japan quake to deal AIG $700mn blow WASHINGTON: Insurer AIG has said that Japan's massive earthquake and tsunami disaster would cost its Chartis subsidiary $700 million in the first quarter of 2011. AIG said the property casualty insurance unit would be hit with another $200 million in pre-tax insurance losses from other disasters, including the January New Zealand earthquake, and huge floods in Australia and Brazil. The preliminary Chartis loss estimates from the Japan disaster excluded AIG's general insurance operations in Japan, it said. It said the maximum loss it could incur from those operations would be $575 million, mainly from its participation in the Japanese government's earthquake insurance pool for private homes, which holds about $500 million in AIG reserves. On home losses, it said, "the industry loss remains unquantified at this time." "The catastrophe in Japan has affected people, their homes, infrastructure, and businesses both in and outside of Japan, and our industry is working hard to quantify the complex impact of the devastation, a process that will take some time," said AIG chief executive Robert H. Benmosche in a statement. "As a result, our preliminary loss estimate will change as the industry losses from (the government insurance pool) for earthquake damage to personal dwellings become known and other information becomes available as the situation in the quarter evolves." -Agencies

Century Insurance reports profit

KARACHI: Century Insurance Company Ltd has reported a profit after tax of Rs 109.631 million during the year ending December 31, 2010 against a loss of Rs 69.958 million in 2009. According to result dispatched to KSE here, the pretax profit of the company went up to Rs 121.062 million as during 2HCY10 mainly due to earning per share stood at Rs floods, and 3) lower invest- 2.40 compared to a loss per ment income. share of Rs 1.53 last year. -APP The risk retention is estimated to be at 58 per cent in CY10 against 66 per cent in CY09. Claims arising from floods are expected to enhance the claim ratio by 500bps YoY to 70 per cent for the period under review. Despite favourable equity market conditions in 4QCY10 (and likely realisation of gains), a high base effect last LONDON: Billionaire investor year due to impairment rever- Warren Buffett will travel to sal is likely to lower investIndia next week to launch his ment income by 67 per cent. firm's insurance selling portal and will meet policyholders at an event in New Delhi, according to information on the company's website. Earlier this month, Berkshire Hathaway Inc , the firm run by shares. Central Insurance was Buffett tied up as a corporate the top gainer of the week as it agent for India's Bajaj Allianz increased by Rs12.97 to close General Insurance, marking its entry into the insurance sector in at Rs92.94 followed by New Asia's third-largest economy. Jubilee Insurance up by Berkshire India, which will Rs3.48 to close at Rs64.98. sell general insurance products On the losers’ side, Adamjee through its Insurance was down by Berkshireinsurance.com online Rs2.22 to close at Rs77.85 and distribution portal has invited all Atlas Insurance by Rs1.37 to policyholders to register for the close at Rs38.89 to be the March 25 event at New Delhi's major losers of the week. Taj Palace Hotel.-Reuters

AIC may post Rs500mn PAT Shabbir Kazmi KARACHI: Adamjee Insurance Company (AIC) is scheduled to announce its CY10 full year results on Tuesday (tomorrow). According to a report by ADK Securities AIC's earnings are expected to decline by a hefty 79 per cent to Rs500 million (EPS: 4.04) as against profit after tax of Rs 2,434 million (EPS: Rs19.68) for CY09. The decline in bottomline has been attributed to a number of factors that include: 1) lower risk retention, 2) higher claims

Local listed insurers see many trends in wk TFD Report KARACHI: Insurance stocks at Karachi Stock Exchange (KSE) saw many trends last week with more than 6.7 million shares traded altogether in life and non-life sectors. Pak Reinsurance was the volume leader with 4.8 million shares followed by Adamjee Insurance with 1 million

Buffett due in India to start his co’s insurance arm


Nadal of Spain tosses the ball up before serving to Juan Martin Del Potro of Argentina during the semifinals of the BNP Paribas Open

9

Monday, March 21, 2011

Zimbabwe coach glad to be back to Test game COLOMBO: Alan Butcher, Zimbabwe's coach, has said the team's return to Test cricket, scheduled for August 2011, after six years of self-imposed exile will be "massive" for the team. "Our return to Test cricket is happening in August against Bangladesh," Butcher told on the eve of Zimbabwe's last match of the on-going World Cup. "I think after that Pakistan and New Zealand come to Zimbabwe to play one Test each and some ODIs. That's going to be a massive thing for Zimbabwe." After withdrawing from Tests in September 2005, Zimbabwe have struggled in ODIs, having won only 32 out of 107 matches in that time, with just five of those victories coming against Test playing nations apart from Bangladesh. Butcher said he was aware it would not be an easy road back into Test cricket for his side. "No doubt you might be wondering if we are going to be up for the challenge and the answer to that, honestly, is probably no. The only place to learn to play Test cricket is by actually doing that. There is no other place that can prepare you. So obviously we will be doing all that we can but I will be surprised if we can come out of it without some beatings in the initial stages. But I hope the players can learn from the experience." Zimbabwe have struggled in the World Cup so far, having lost four out of their five matches. They take on Kenya in their final match on Sunday, at Eden Gardens, and Butcher is hoping for an improved performance. He had earlier pointed to Zimbabwe's exile from Tests as one of the reasons his batsmen were struggling to play long innings and continued to stress that batting had been the team's weakness "Our spin bowling has done a fantastic job, but our batting has been a disappointment. -Agencies

India end WIndies CHENNAI: Yuvraj Singh scored his maiden World Cup century and took two wickets as India beat the West Indies by 80 runs on Sunday to set up a quarter-final against defending champions Australia. West Indies, set 269 to win, finished on 188 all out with seven overs left. India's victory in the last match of the group phase means they will face Australia, bidding for a fourth straight World Cup title and fifth in total, in Ahmedabad on Thursday. Advertisement: Story continues below West Indies, whose run of one-day international defeats against leading nations was extended to 18 by this reverse, will face Pakistan in Bangladesh in their last eight clash on Wednesday. While Devon Smith, doing his best to compensate for the absence of injured fellow lefthanded opener Chris Gayle, was making 81 the West Indies were in the hunt. But Smith's exit sparked a collapse that saw the last eight wickets lost for 34 runs as the Caribbean slumped from 154

for two. When Zaheer Khan returned to the attack Smith looked uncomfortable and he was bowled by a fine ball from the left-arm quick that cut in a touch. India's spinners then took over. Big-hitting Kieron Pollard tried launching Harbhajan Singh only to find Yusuf Pathan at long-on. West Indies, on the ground where just days earlier they had surrendered a winning position in an 18-run defeat by England, then saw Devon Thomas stumped by wicketkeeper and India captain Mahendra Singh Dhoni off a well-flighted delivery from left-arm spinner Yuvraj, who took two for 18. And West Indies captain Darren Sammy was then run out before Yuvraj dismissed Andre Russell for a duck. Earlier, Yuvraj's 113 was the cornerstone of India's 268 but the host nation lost their last six wickets for just 36 runs. Ravi Rampaul marked his World Cup debut with a careerbest five for 51 including the prized wicket of Sachin

Tendulkar. That surpassed the fast bowler's 4-37 against India in Kingston in June 2009 -- the last time the West Indies beat a top nation in a one-dayer. Yuvraj's innings revived a 38,000 capacity Chidambaram Stadium crowd stunned into silence by the early loss of Sachin Tendulkar for two. Yuvraj and Virat Kohli (59) shared a third-wicket stand of 122 after India were reduced to 51-2 following an early double strike by Rampaul, in for Kemar Roach. Yuvraj faced 123 balls and hit two sixes and 10 fours in an innings that ended when he was caught and bowled by Pollard. India were already in the quarter-finals and many fans hoped to see Tendulkar score his 100th international century. But Rampaul had Tendulkar, undone by a lifting delivery, caught behind off the last ball of the first over. Australia umpire Steve Davis rejected Rampaul's appeal but Tendulkar walked off anyway.-Reuters

Afridi credits bowlers COLOMBO: Pakistan Cricket Team Captain Shahid Afridi said that the winning streak against Aussies will continue adding credit goes to bowlers. Speaking to the media men here in Colombo on Sunday, Afridi said that the team will try to remove previous mistakes in the quarterfinal phase and would enter in the ground with winning spirit & zeal. In the Yesterday’s match all players showed a fantabulous performance against the

Australian team. It proved that the team has the capability to defeat any team even in the tense situation, he maintained. “At present the performance of each player is satisfied while Umer Gul, Abdul Razzaq and Abdul Rehman played very well in bowling and foiled the Aussies’ targets of high scores”, said Afridi. We made strategy against the Aussies in yesterday’s match, no player disappointed and all players did well job. Responding to a

question regarding Asad Shafique, Afridi said that he played well in both matches in the field of batting. Afridi said that he played wrong shot against the Australia and went to the pavilion, however, “next time I will try to play in a responsible way”, he maintained. The real target at present is to win match in the quarterfinal and for this purpose the team is united and ready to play in winning zeal, he said. Agencies

CHENNAI: India batsman Yuvraj Singh plays a shot as West Indies wicketkeeper Devon Thomas watches during the Cricket World Cup match between India and West Indies at the M A Chidambaram Stadium in Chennai. -Reuters

Murali not unstrung by pulled hamstring MUMBAI: Muttiah Muralitharan will use the gap between Sri Lanka's last group match and their quarter-final to rest and recover from the hamstring trouble he faced during the game against New Zealand in Mumbai. "He [Murali] banged his knee and got bruising on it and a slight hamstring niggle," Kumar Sangakkara said. "In the next few days we got to pay as much attention as we can to Murali's injury and get him on his feet for the next game. Going back to Sri Lanka for him is going to be important in that sense." Murali, who will retire after the World Cup, said the injury wouldn't hinder his participation in the rest of the tournament. "I have been carrying this hamstring injury for some time and it's not a problem. -APP

GROUP A Teams

Mat Won Lost Tied N/R Pts Net RR

Pakistan Sri Lanka Australia New Zealand Zimbabwe Canada Kenya

6 6 6 6 6 6 6

5 4 4 4 2 1 0

1 1 1 2 4 5 6

0 0 0 0 0 0 0

0 1 1 0 0 0 0

10 9 9 8 4 2 0

0.758 2.582 1.123 1.135 0.03 -1.987 -3.042

GROUP B Teams

Mat Won Lost Tied N/R Pts Net RR

South Africa India England West Indies Bangladesh Ireland Netherlands

6 6 6 6 6 6 6

5 4 3 3 3 2 0

1 1 2 3 3 4 6

0 1 1 0 0 0 0

0 0 0 0 0 0 0

10 9 7 6 6 4 0

2.026 0.9 0.072 1.066 -1.361 -0.696 -2.045

RECORD BOARD Most Runs Players

Mat

Runs

HS

Ave

SR

Kumar Sangakkara(SL)

6

363

111

121

88.75

Jonathan Trott(Eng)

6

336

92

56

82.55

Andrew Strauss(Eng)

6

329

158

54.83

97.33

BBI

Ave

Econ

Most Wickets Players

Mat

Wkts

Shahid Afridi(Pak)

6

17

38853 11.47

3.54

Zaheer Khan(India)

6

15

38796 14.86

4.31

Robin Peterson(SA)

6

14

38819

4.02

13.5

Kangaroos caught on the hop, what now? R

icky Ponting's men would have woken up on Sunday nursing their bruised egos, scratching their heads and wondering what went wrong -- barring the skipper himself none of them knew what it felt like to lose a World Cup match. That reality would have hit them, and hit them hard, after they were outwitted, outclassed and outplayed by Pakistan on Saturday in a Group A showdown. After such a huge blow, Ponting faces perhaps the most testing days of his captaincy as he tries to lift the morale of his team going into next week's knockout phase. "We are good enough to get

out of this. We have to learn from this result," Ponting

said moments after the loss. All rounder Steve Smith was a nine-year-old school boy the last time the Australians lost a match in the showpiece event -- and that was 12 years ago after which the world champions stitched together a 34-match unbeaten streak. They will live to fight another day since Saturday's defeat was in a round-robin match which did not have much riding on it and they had already qualified for the quarter-finals. Ponting wanted to emphasise this point rather than dwell on his first Cup defeat as captain. "To be honest, the loss

hurts us a lot but we hadn't lost a game in the last 34

matches. So we haven't done badly," said the 36-year-old, who is the only survivor from the team that went down to Pakistan in the 1999 Cup defeat. 'LEARN QUICKLY' They returned from that setback to win the trophy and the two in 2003 and 2007 that followed. "We found ourselves in some tough situations. We have to learn quickly. If you look at our team, it's reasonably well balanced." While Ponting chose to underline how his team are capable of bouncing back, Australians back home will be scrutinising how their aura of invincibility was

finally shattered. There are so many questions which need rapid answers. Was it the tactics? Was it fatigue? Overconfidence, or a combination of those things? Why pick Smith instead of the more experienced David Hussey if the 21-year-old's services as a leg-spinner would not be required? Are the team running out of steam after a hectic few months in which they lost the Ashes, hammered England 6-1 in a ODI series back home followed immediately by the World Cup? Were Ponting's men simply too complacent since they

had not lost a Cup match for so long? Whatever the cause, the captain knows he has to address the problems -- and quickly -- as one more slipup and they will be out of the competition. The last time they failed to reach a World Cup final was 1992. Whereas once people thought there were more chances of Australia enjoying a white Christmas than Ponting's men being stretched by a second-tier nation -- that myth was busted over the past week. As if allowing Kenya to pile up 264-6 against them was not bad enough,Australia's formida-

ble pace trio of Shaun Tait, Brett Lee and Mitchell Johnson were knocked for a six -- literally -- by a 19year-old batsman who represents a team made up of an engineer, taxi driver and insurance agent. Canada's Hiral Patel is unlikely to become the next Sachin Tendulkar but for 58 breathtaking minutes last Wednesday he taught more experienced batsmen a thing or two about how raw pace should be dealt with during his whirlwind 45-ball 54. Although Australia beat Kenya and Canada, the signs of their dwindling powers were often exposed by those World Cup also-runners and a fired-up Pakistan were only too willing to expose those frailties further. Top of the list would have been Ponting's own failures with the bat, He has now gone 17 ODI innings without hitting a century and has not even hit a 50 since June last year. His desperation to prove himself was evident on Saturday when he attempted to cut a ball which was not wide enough for the shot and edged it right into the hands of wicketkeeper Kamran Akmal. "It's just the way things are happening for me at the moment. I am trying my best as hard as ever," said Ponting.

"I will keep doing the right thing, hopefully that big score will come. Big games are coming up and I hope for a better performance." The absence of a lethal spinner in their ranks has also been hurting Australia on the sub-continent's placid pitches. The World Cup's list of leading wicket-takers is headed by spinners Shahid Afridi (17) of Pakistan and South Africa's Robin Peterson (14). With a haul of just five scalps, Australia's Jason Krejza does not even make it into the event's top 40 list. When quizzed about their lack of success with Krejza and whether his team have any plan B when it comes to spinners, Ponting had more success batting away the awkward question than he has had hitting boundaries in this tournament. "We will have to think of it over the next couple of days. We don't know who we are going to play ... we need to see who we are going to play and what the wicket is going to be before making our minds make up," he said, opting to ignore the query. Ignorance might be bliss for Ponting in a tricky news conference but it is not going to win Australia a record fifth World Cup. -Reuters


International

10

Monday, March 21, 2011

ALLIED ATTACK TESTS GADDAFI INSIDERS LOYALTY * ATTACK MAY LEAD TO A CLOSING OF RANKS IN LIBYA LEADERSHIP * DEFECTIONS ARE A POSSIBILITY IF IMMUNITY IS OFFERED * THOSE COMPLICIT IN ABUSES MAY FIGHT FOR THEIR LIVES

F

ight to the end for Muammar Gaddafi? Or defect and save your skin? The second question may not occur to most in Gaddafi's inner circle, committed to Libya's longtime leader by blood ties, ideology, business interest or complicity in repression, analysts say. Senior security officials, many of them relatives, are more likely to close ranks now that an allied assault has begun, believing they can hold on to at least parts of Libya. But other insiders who helped forge detente with the West in recent years may be weighing their options, especially those with children and second homes in Europe and the United States. Whether those options would include mounting a coup, or attempting to persuade Gaddafi to step aside, is hard to assess given the lack of reliable information about the activities of senior members of Gaddafi's entourage. Diplomats say that in normal times Libya's leadership is a fractious community of officials and relatives whose business and ideological rivalries were apparently encouraged by Gaddafi, a skilful, instinctive practitioner of divideand-rule. Many of these rifts appear to have have been put aside in the common interest of survival since the start of a popular uprising in mid-February, political analysts say. DOUBTS "OPENLY EXPRESSED" But experts do not rule out the possibility that the string of defections Gaddafi has suffered in his army and diplomatic corps in the weeks since a popular uprising began may encourage others higher up in the hierarchy to follow

suit. "Some officials worked so hard to get Libya back into the international mainstream, and now it's back to square one," said Noman Benotman, who led a guerrilla uprising against Gaddafi in the 1990s and now works for the British think-tank Quilliam. "Instead of enjoying their retirement, they are having to run for their lives. They will do everything possible to get rid of him (Gaddafi)," he said. Benotman said he believed some officials close to Gaddafi, including Foreign Minister Moussa Koussa, had begun openly to express doubts about the leadership's handling of the revolt. There was no independent confirmation of such dissent by Koussa. Diplomats tracking the Libyan crisis say the loyalty of some insiders may depend on the international coalition's actions. For example if a credible offer of immunity from prosecution is made to senior officials and members of his Gaddadfa clan, in return for their defection, some may turn against him. MILITARY BALANCE MAY TEST LOYALTIES Events on the battlefield may increase the prospects of a coup attempt, since Gaddafi's prospects of achieving even a stalemate look grim, said Faysal Itani, of the London-based Exclusive Analysis consultancy. "His ability to sustain that stalemate is now much more limited, increasing the likelihood that he will be removed by an internal coup involving his inner circle and/or his tribal support base, and that a deal is then done with the rebels. "We think it highly unlikely that a negotiated settlement can be

reached so long as Gaddafi is not removed from power," Itani said. "However... we think this will probably happen, opening the way for dialogue." Some insiders accused by human rights groups of being implicated in killings of Libyans over many years will feel they have no option but to fight because their lives are on the line. US-based Libyan political scientist Mansour El-Kikhia said he believed some insiders would flee if they had the chance. But Gaddafi's consistent strategy over four decades had been to delegate acts of repression to close associates in order to implicate them, he said. "They live or die with him. And if they disown him, no one would believe that they had a sincere change of heart. They are too bloodstained," he said. But officials who defected in the early stages of the revolt were in a "much stronger position". Saad Djebbar, a London-based expert who acted as an intermediary in talks with Libya over the Lockerbie aircraft bombing, said he suspected loyalties in the leadership were under new strain since the start of the allied air campaign. FAMILY "ON A DIFFERENT PLANET" An "outer circle" of the top leadership comprising ministers and political activists, including longtime colleagues who participated in the 1969 coup that brought Gaddafi to power, may not be as loyal as direct family members, Djebbar suggested. "Most of Gaddafi's entourage have realised that the family is operating on a different planet," he said. Many of these senior officials were at Gaddafi's main family compound in Tripoli, in effect

under collective house arrest, Djebbar said, adding that he suspected there was a real degree of disaffection. "He's keeping most of them very close to him to keep an eye on them." Key members of the family believed to be involved in defending Gaddafi against the uprising include Saif al-Islam, a onetime liberal reformist,Muatassim, national security adviser, Khamis, a senior military leader, and Saadi, a businessman.

Other important players include: -- Abdulkader Youssef Dibri, head of Gaddafi's personal security -- Bashir Saleh, chief of staff -- Ahmed Ibrahim, a cousin of Gaddafi, senior member of revolutionary committees -- Bouzaid Dordah, Director, External Security Organisation -- Mohammed Gaddaf al-Dam, a cousin of Gaddafi. In the 1980s, was involved in a campaign of assassination of dissidents in Europe, according to the United Nations

-- Abdullah Sanussi, Gaddafi's brother-in-law and senior security official -- Services, Housing and Utilities Minister Maatoug Mohammed Maatoug. Has a history of involvement in suppression of dissent -Al-Baghdadi Ali alMahmoudi, Libya's prime minister -- Gen. Abu Bakr Younus Jaber, Defence Minister -- Moussa Koussa, foreign minister and former director, External Security Organisation. -Reuters

British budget to focus on recovery amid cuts Britain's government unveils its annual budget Wednesday, expected to focus on nurturing economic growth in the face of deep spending cuts and tax hikes aimed at slashing the nations' huge deficit. Finance minister George Osborne unveils his 2011/2012 tax and spend plans amid fears that his drastic belt-tightening measures could tip Britain back into recession. Prime Minister David Cameron's ConservativeLiberal Democrat coalition, which rose to power in May 2010, has sought to slash a record public deficit that it inherited from the previous Labour administration. Chancellor of the Exchequer Osborne wasted

no time in delivering economic pain, via an emergency budget last year amid intense concern on global markets over sky high levels of debt in the eurozone. Although Britain is not a member of the eurozone, much of its trade is with members of the single bloc. "Last year's emergency budget was a rescue mission, bringing us back from the brink of fiscal disaster and we will stick to the course that we have set out," Osborne said earlier this week. "The mission of this year's budget will be to move from rescue to reform, because if we want Britain to succeed in the new global economy and we want to create the high-

quality jobs of the future, then we need to overcome some of the deep rooted and long-standing weaknesses of the British economy." He added: "We have already made a strong start, with reform of education, welfare and energy; new investment in science; and setting out a clear path towards a more competitive tax system. "Next week's budget will mark the next phase of our plan for growth. The foundation of that plan must be fiscal responsibility." Ahead of the budget, Osborne was comforted by supportive data and praise from the Organisation for Economic Cooperation and Development (OECD) and Fitch Ratings over his swift

action to slash state borrowing. However, some economists remain sceptical over Osborne's ability to focus on growth in this week's budget. "We would expect that the budget will be packaged as a 'Budget for Growth'," said Investec economist Philip Shaw. "Whether it contains any measures that make a material difference is debatable. "I would imagine that the government got the bad news out of the way early (last year) and would want to avoid any further tightening, especially given the extent of the clawback over the next five years. "I am sceptical that this will be a great reforming budget although what the

chancellor announces (regarding) a fuel stabiliser will be interesting," he added. Speculation is mounting that Osborne could introduce a "fuel stabiliser" measure, whereby petrol taxation would be proportionate to the level of global oil prices which remain elevated amid Middle East unrest. Other economists also cast doubt on whether Osborne would have enough room to get the recovery back on track. "With room for fiscal manoeuvre seriously constrained, any efforts aimed at stimulating economic growth will necessarily have to come from reform," said Howard Archer at IHS Global Insight. Questioned about the pos-

sibility of more austerity measures, he added: "I think the previous budget and spending review removed the sting. He will stick to the course set out keep with the spending cuts announced and the tax measures announced." Britain's independent fiscal watchdog, the Office for Budget Responsibility, will also publish the latest official forecasts for UK economic growth and state borrowing on Wednesday. Under last November's predictions, the OBR forecasts gross domestic product growth of 2.1 per cent this year, 2.6 per cent in 2012 and 2.9 per cent in 2013. Public state borrowing, meanwhile, was predicted to drop from 148.5 billion

pounds in 2010, to just 18 billion pounds by 2015. However, the UK economy shrank by a worse than expected 0.6 per cent in the fourth quarter of 2010. That stoked fears that austerity measures could help push the economy back into a "double dip" or second phase of recession, after a record downturn that ended in late 2009. But recent data indicated the British economy is improving compared with the final quarter. Manufacturing output expanded in January at the fastest annual rate for 16 years, while the nation's trade in goods deficit narrowed by more than expected as exports hit a record high.-Reuters

Handouts Dash Saudi King's ‘Reformer’ Reputation

T

his week's announcement by Saudi KingAbdullah of lavish social handouts and a boost to security and religious police, but no political change, leaves his prized reputation as a reformist in tatters, analysts say. Saudis on the streets of Riyadh after the king announced $93 billion in social handouts reflected the divide in society. "There is no other king in the world who would give us what King Abdullah gives us," said Fahad alDosri, a 37-year-old bank official as he drove his car slowly through thick traffic of Saudis honking their horns in joy over theking's largesse.

But Abdul-Ahmed Ibrahim, a 35-year-old businessman watching from the sidewalk was not buying it. "No, it's not enough," he said despondently. "We want a change to the system. We want change because of the huge corruption." The king, believed to be 87, has carefully crafted an image as a cautious reformer in a country ruled by a single generation of his brothers as absolute monarchs for nearly six decades. But faced with unrest rocking much of the Arab world, he is playing the old game of buying support from key sectors of society to keep family rule as it is.

In a rare TV address to the nation on Friday, the king announced the new spending but gave no concessions on rights in a country where public space is dominated by the royal family, political parties are banned and there is no elected parliament. There was no word either on a much anticipated reshuffle of a cabinet whose main posts are held by senior princes, some of whom have been in their jobs for more than four decades in the key US ally and world's top oil exporter. "I was expecting perhaps a cabinet reshuffle but unfortunately he focussed on paying money and he has increased the role of the religious estab-

lishment," said Tawfiq alSaif, a leading intellectual among minority Saudi Shi'ite Muslims. "He is returning to the policy of the late King Fahd in the 1980s when money and religion was the only tool of the government," he said. Measures to raise benefits for the unemployed, add jobs and increase the minimum wage were accompanied by the creation of 60,000 security positions and more money for the religious police who keep a firm grip on personal behaviour. And in a sign Saudi's ruling elite will not tolerate dissent, Abdullah said the media must respect the Sunni clerics who oversee

the application of sharia law in the Islamic state. NO CONCESSIONS With a wave of unrest toppling the governments of Egypt and Tunisia and spreading to neighbouring Yemen, Bahrain and Oman, the ruling family appears to have ruled out any big concessions, said Sam Ciszuk, senior analyst at IHS Global Insight. "The Saudi regime wants to demonstrate stability now. They do not do anything under pressure. Handing out money 'from the bounty' is their traditional role anyway, so that in itself is no concession," Ciszuk said. "They want to make sure that nothing they do looks like a concession to their

citizens and in the region, hence no cabinet reshuffle and a lot of security jobs and buttressing of the religious police," he added. The one concession to criticism appeared to be the creation of a new body with a large budget to fight corruption. All this contrasts with the image of a reformer that King Abdullah's supporters and Saudi media had built up since he ascended the throne in 2005 when US pressure was still strong because of presence of Saudis among the Sept. 11 attackers. That year Riyadh held its first municipal elections in four decades and theking stated his support for "cautious reform".

Since then political openings have dried up, while the country has continued to liberalise sections of its economy, attract foreign investment and outflank religious hardliners who were seen as encouraging al Qaeda militancy. For all these efforts the country won praise from Western allies, accepting Riyadh's argument that the ruling dynasty was a bulwark against extremist religious forces who could take over if political reform moved too fast. It is far from clear if the government's bet that there is not a critical mass of young Saudis prepared to fight for more rights will pay dividends in the longer term. -Reuters


International & Continuation

Monday, March 21, 2011

Gold miners under threat in Kyrgyzstan BISHKEK: What started out as a protest quickly descended into a rampage of looting and arson by marauders on horseback. The victim of the attack was a South African-run gold exploration concession in the economically depressed Talas province in western Kyrgyzstan. A mob of young men threatened workers and raided offices, smashing furniture and throwing equipment out of windows before setting a medical clinic alight. This former Soviet nation, which hosts U.S. and Russian military air bases, has been struggling to put its economy back on track since last year's violent overthrow of widely reviled former President Kurmanbek Bakiyev and a spate of ethnic killings in the south. But further such incidents paired with the country's rocky recent history could scare off more foreign investment. Unlike Central Asian neighbors Kazakhstan and Uzbekistan, Kyrgyzstan has little oil or gas. It does have an estimated 2,500 tons of gold, however. It is reliant on foreign investment and expertise to tap that potential. Seasoned mining workers grumble privately that tensions with local people are a common feature of doing business in Kyrgyzstan, but they are wary of airing their grievances for fear of souring ties with the communities among which they work. Askar Shabdanov, an assistant to the Talas governor, confirmed the attack this month on the exploration site and said that it was only official intervention that stopped the violence from spreading to other sites in the province. "We had information that destructive elements had plans to carry out similar actions at other mines," Shabdanov said. On March 10, 200 demonstrators turned up at miner

Talas Copper Gold's premises near the village of Aral demanding a change in what they say are unfair hiring practices, employees recalled, speaking on condition of anonymity because of company policy. The ill-tempered gathering soon turned violent as a mob of young men, some of them drunk and on horseback, charged through the miners' main gates, smashing offices and torching the medical clinic, witnesses said. Workers said looting only stopped momentarily when the mob took a break to eat hot food left behind by cooks who had fled the violence. A female employee returned to the onsite living quarters in the hope of saving her belongings only to find a young man rooting through her underwear, worker said. Several hours later, local government officials arrived in the hope of restoring calm, but to no avail. No one was seriously injured, but a Talas Copper Gold employee calculated total damage to equipment and other material at around $1 million. City legislature deputies estimate a lower figure of $150,000 at most. The Talas Copper Gold site employs around 40 people, around half of them from Aral. The company's policy of hiring locally has still not appeased everybody. Kinship and tribal ties are highly important in Kyrgyz society and community leaders seek to maintain their influence by securing jobs for relatives and acquaintances — a cultural subtlety that foreign companies often fail to acknowledge. While condemning the attack on Talas Copper Gold, Shabdanov said the miner's recruitment policies had divided the community. "They divided the town into two camps," he said. The company, a joint venture

operated by South African miner Gold Fields and part owned by London-based Orsu Metals, is now holding lowkey talks with the government in the hope of securing its future in the country. "These kind of events, specifically in the mining sector, are deteriorating the investment climate in Kyrgyzstan, which was already not attractive after last year's events," said Aktilek Tungatarov, executive director of the International Business Council, which represents the interests of foreign companies. Talas Copper and Gold project manager Julian Woodcock said he could not comment on the situation, citing an ongoing government investigation. A potentially larger problem may be brewing around the foreign-operated Kumtor mine, the country's largest gold field. Residents near the mine in eastern Kyrgyzstan say they want more revenue from Kumtor, which is jointly controlled by the government and Canada-based Centerra Gold, to go to funding public amenities in the region. Critics of the mine also say it poses severe environmental risks to the surrounding area. Fifteen mining companies are registered with the International Business Council, but Kumtor is by far the most important to the Kyrgyz economy. Although mining companies provide much-needed employment, training and amenities to residents in frequently remote spots in the country, local authorities complain about a perceived lack of consultation. In an effort to avoid that, the government is working on laws requiring mining companies to work more closely with local authorities. Many foreign investors believe only largescale projects truly have a chance of surviving in Kyrgyzstan. -Reuters

President’s own tribe bent on his ouster in Yemen SANAA: The Yemeni president's own tribe has called on him to step down after a deadly crackdown on protesters, robbing the embattled U.S.backed leader of vital support in a society dominated by blood ties. Some of the country's most important religious leaders joined in the call for President Ali Abdullah Saleh's resignation, and his human rights minister announced she was quitting as tens of thousands joined a burial procession for some of the more than 40 protesters slain by government gunmen Friday. The massive crowds flooded into Sanaa University's square in the capital and huge solidarity demonstrations were held across the country in regions including Aden, Hadramawt, Ibb, Al-Hudaydah, Dhamar and Taiz. "We hail with all respect and observance, the position of the people at the (Sanaa University) square," Sheik Sadiq al-Ahmar, head of Saleh's Hashed tribe, said in a joint statement with the religious leaders issued after a meeting at his home late Saturday. Opposition parties taking part in the procession said they had have changed their position from demands for political reforms to calls for Saleh's removal. "Our only choice now is the removal of the regime soon. We stand by the people's demand," opposition leader Yassin Said Numan told The Associated Press. Human Rights Minister Huda al-Ban said she was stepping down to protest the government's "horrible, coward and perfidious crime." -Reuters

CONTINUATION No #1

Continued from page 12

12th Five-Year Plan and the Social Insurance Law set to take effect in July. Nevertheless, the President urged increased budget support to ensure universal and equal access to social benefits. The PRC needs to end the two-track system that currently differentiates between citizens registered as rural or urban residents, which makes life difficult for migrant workers. The PRC should also increase the minimum levels of salaries, pensions and disability and health insurance against the backdrop of a rapid aging in the PRC's vast population. Introduction of a broader social security system would also boost domestic consumption. "This in turn would play a key role in rebalancing economic growth away from excessive dependence on export-led growth strategies," said Kuroda. -Agencies

No #2

Continued from page 12

No #6

Continued from page 1

Though, three policemen have been targeted by miscreants in the city, but the police force and law enforcement agencies are seemed to be helpless before the ghost attackers who easily target people and flee from the scene successfully. -Agencies

No #7

Continued from page 1

Daily wages employees are facing severe problems owing to halt of production in the industries. -Agencies

Obama gives modest backing for Brazil's UN ambition

The 12th China Development Forum runs from March 19 to 21 WASHINGTON: President in Beijing and its theme this year is "The Ongoing Transformation Barack Obama applauded Brazil's "extraordinary rise" of China's Growth Pattern." -APP on the world stage but stopped short of backing its bid for a Continued from page 12 No #3 He also prayed for his early recovery. Nawaz Sharif thanked permanent seat on the United Chaudhry Shujat and told him that he would contact him after Nations Security Council. At the start of a five-day trip gaining complete health. -Online to Latin America, Obama Continued from page 12 No #4 signed a series of trade and and a potential physical supply squeeze from Japan. energy deals with Brazilian But the geopolitical and economic headwinds developing may President Dilma Rousseff on Saturday and said his visit was undermine industrial raw materials and grains. The recovery in risk appetite on Friday that sent U.S. grain a historic opportunity to futures soaring may reverse. On the week, nearby CBOT corn strengthen U.S. ties with the futures ended 3.7 percent higher after a 37 cent surge on Friday to region's largest economy. "Brazil's extraordinary rise, $6.83- a bushel. Madam President, has capWheat rose 4.0 percent after leaping 12- cents a bushel to $7.23. tured the attention of the May soybeans rose 27- cents Friday to $13.62-1/2. world," he told Rousseff. "Put London Metal Exchange three-month copper shed $55 Friday to simply, the United States close at $9,510 a tonne, but ended the week 3.5 percent firmer. doesn't simply recognize "There is still a lot of worry in the market about demand in Brazil's rise. We support it enthusiasticalJapan and China. The Japan story is getting easier to see and we don't have longer ly."Deadly crises in Libya and term worries about demand there. China is causing a bit of disqui- Japan threatened to overshadow the visit, but Obama is et. Inflation-busting policy moves could depress consumption," eager to build trade ties and said a Singapore based trading source. ensure a bigger U.S. share in "The situation in Libya is a non-story as far as the fundamentals Latin America's robust ecogo. It will feed into risk sentiment across a range of markets and nomic growth.Boosting U.S. weigh on prices, but it won't last long." -Reuters exports helps create jobs back home and will aid Obama's Continued from page 1 No #5 He also called for an emergency Arab League meeting to dis- 2012 presidential re-election cuss the situation in Libya. On March 12, the Arab League urged hopes. Rousseff said she sees an the United Nations to impose a no-fly zone. expanded trade and strategic The world's major powers, the United States, the UK and partnership with the United France, started earlier on Saturday to launch strikes from the air States as a way to continue and sea against Gaddafi's forces after the UN Security Council Brazil's recent success in passed a resolution to impose a no-fly zone and protect civilians pulling millions out of poverin Libya. ty. France said it carried out initial air strikes, while the US miliHowever, Rousseff also tary said 112 Tomahawk cruise missiles were fired from struck a confrontational tone American and British ships and submarines at more than 20 and barely looked at Obama as she detailed a list of grievcoastal targets. -Agencies

ances including U.S. trade and U.S. monetary policies, an indication that the two countries have still not fully moved beyond disputes that chilled the relationship in recent years.Rousseff, a pragmatic leftist who took office January 1, called for a "relationship of equals" and told Obama that Brazil's growing economic clout had earned it a bigger role in global bodies, including the United Nations.In a joint statement, the two leaders recognized the need to reform the United Nations and Obama "expressed appreciation for Brazil's aspiration" to become a permanent member of the Security Council. Yet he did not explicitly support Brazil's bid, as he did for India when visiting New Delhi in November.Rousseff's predecessor, Luiz Inacio Lula da Silva, alienated Washington by seeking close ties with Iran, Venezuela and other antiAmerican governments in recent years. Obama is also aware that support for Brazil's U.N. bid could offend other allies, including Mexico.Obama told a group of business leaders from both countries that the United States saw huge potential in Brazil's recently discovered offshore oil fields, which could turn it into one of the world's biggest energy exporters in the next decade."We want to be one of your best customers," Obama said. -Online

11

Haiti choosing president amid uncertainty, anger PORT-AU-PRINCE: One candidate is a musician with a badboy past. The other is a former first lady with a long political resume. Haiti's voters will choose one of them Sunday to lead a country where anger with the government runs deep and nearly a million people are living on the streets. The election, already delayed by a political crisis, is also clouded with uncertainty over the return of ousted former President Jean-Bertrand Aristide, a popular but divisive figure whose mere presence was considered by the U.S. government and others as a possible threat to the vote. Mirlande Manigat, the former first lady, and Michel "Sweet Micky" Martelly, a star of Haitian compas music, emerged as the top two finishers in a firstround vote in November with 18 candidates that was marred by fraud and disorganization. Lines formed before dawn Sunday outside polling stations as many people sought to cast ballots before church. As usual in Haiti, many polling stations opened late and workers could be seen setting up past the scheduled 6 a.m. start time. Enso Jodin, a 36-year-old construction worker, was among the early-risers in Petionville, in the hills above the capital. He wouldn't say which candidate had his support, expressing only frustration with the current government. "We're here to change our country so that our kids can go to school and people can get out from under the tents," Jodin

said. Whoever wins will face major challenges, including a Senate and Chamber of Deputies controlled by the party of outgoing President Rene Preval, who was barred by the constitution from running for re-election. They may also face a surge in cholera once the rainy season starts and anger over the fact that 800,000 people are still in what were once optimistically labeled "temporary settlement camps" after the January 2010 earthquake. "Everybody is waiting for these elections to be done and nobody wants to make a move until they are," said Yves Colon, a Haitian-born journalism professor at the University of Miami. "Haitians are looking for someone who can take them out of this hole they're in." The two candidates have similar agendas, promising to make education universal in a country where only half the children attend school, to build homes and to foster economic growth. Both have said they want to restore Haiti's armed forces, eliminated by Aristide in 1995 after a long history of abuses. Their backgrounds could not be more distinct: Manigat is a 70-year-old university administrator and former senator; Martelly is a 50-year-old pop star who has no college degree and a history of crude onstage antics. Some view his outsider status as an attribute in a country where the government has failed to provide basic services. "We want to start with somebody who's new, somebody who

hasn't been in politics before," said Robenson Naval, a 34-yearold unemployed plumber who lives in a camp across from the ruined National Palace. "We've been trashed by the previous political leaders. They took our votes and dragged them in the ground." Ebert Cineus, a 28-year-old elementary school teacher, said he was concerned over Martelly's lack of experience. "Martelly says he will send all children to school for free, but that's an impossible dream," Cineus said. Manigat "is someone who knows how to negotiate. She can get the international community to help this country change." One of Martelly's most highprofile supporters, hip-hop star Wyclef Jean, was treated at a hospital for a gunshot wound to his hand late Saturday, a spokesman said. The details surrounding the shooting were unclear. What remains a mystery is what effect, if any, Aristide might have on the race. The former president, who was ousted in a 2004 rebellion, made a triumphant return from exile Friday — two days before the election, sparking feverish speculation over his motivations and intentions, even though his party was barred from the ballot. His endorsement, if he offered one, could be a boon for one of the two candidates. If he told followers to boycott the election, it could disrupt the vote and add an influential voice to critics who say it lacks legitimacy. -Reuters

Saudis gather to demand release of prisoners RIYADH: Dozens of Saudi men gathered outside the Interior Ministry in the capital Riyadh on Sunday to demand the release of jailed relatives, amid a heavy police presence. Some were seen arguing with police but were not shouting slogans or holding protest signs. At least 50 police cars surrounded the ministry, and three men were seen by a Reuters witness being put into police cars. "We have seen at least three or four police vehicles taking people away," said an activist there who declined to be named. "Security have arrested around 15 people. They tried to go into the ministry to go and ask for the freedom of their loved ones." Dozens of men in traditional white robes and red headdresses gathered outside while a large number of police and security forces watched.

Saudi Arabia, which practices the puritanical Wahhabi school of Islam and has no elected parliament, has warned those seeking reform that protests will not be tolerated, as they violate the Koran's teachings. The men gathered at the interior ministry two days after Saudi Arabia's ruler, King Abdullah, offered $93 billionworth of wage increases, jobs and construction projects, but gave no political concessions. Interior Ministry spokesman Mansour al-Turki could not confirm the arrests. "There are many people who come to the ministry to see different officials for different reason," he told Reuters. DISSENT BUILDING Saudi Arabia, a U.S. ally, has not seen the kind of mass uprisings that have rocked the Arab world this year, but dissent has built up as unrest has taken root

in neighboring Yemen, Bahrain and Oman. Saudi Arabia has a fast-growing population, and two thirds of its 25 million citizens are under 30. "It is a human rights issue and unless it is sorted out the gatherings will continue," said a Saudi-based political analyst who declined to be named. "These Saudis do have issues with their relatives being held for a number of years... we need more transparency on this. "I never expected to see a mass movement in Saudi Arabia. People accept the system but people want a better system." Protests planned earlier this month did not materialize amid a heavy police crackdown that appeared to have intimidated most potential protesters. Shi'ites have staged marches in Eastern Province, however, where most of the kingdom's oil fields are located. -Reuters

Saudi Aramco to supply crude to new PetroChina refinery BEIJING: Saudi Arabia's said on Sunday it has signed a memorandum of understanding to supply crude to a planned refinery in southwest China, where Beijing is building an oil and gas pipeline that slices through Myanmar. Aramco Overseas Company, a subsidiary of Saudi Aramco, said it had signed the MOU this week with PetroChina Company Ltd. , a subsidiary of China's state-owned oil giant CNPC , for the "planned development"of a 10 million metric tonnes per annum "grassroots full conversion refinery " in Yunnan, the Chinese province that borders on Myanmar. "Saudi Aramco will supply the project company with up to 200,000 barrels per day of Arabian crude via a long-term contract," said a press release issued by Aramco executives in Beijing. The announcement did not say how the oil would be delivered to land-locked Yunnan. But it appears likely the oil could ultimately come through Myanmar, formerly called Burma. CNPC is building the China-Myanmar oil and gas pipelines, intended to bring energy supplies overland from the Middle East, via a crude oil port in Myanmar, which CNPC is also building. This pipeline would make the Saudi crude very competitive because it would slash the journey time through the congested Malacca Strait that links Asia with the Middle East. The deal also underscores China's efforts to secure oil and gas supplies from the Middle East, even as uprisings across the region and fighting in Libya cast uncertainty over pricing and security of supply. China, the world's No. 2 oil user, is passing the United States as Riyadh's largest crude oil buyer

with volumes poised to touch an average of 1 million barrels per day this year, or roughly one-fifth of China's total crude imports. "We don't consider ourselves simply sellers of oil to China, but rather strategic partners," Khalid Al-Falih, the president and CEO of Aramco, said in the press release about the Yunnan refinery. The deepening of China-Saudi ties comes as Saudi Arabia's military intervention in Bahrain has exposed diplomatic rift between Riyadh and Washington. Chinese President Hu Jintao on Friday met with a special envoy for the Saudi King Abdullah to discuss the situation in the Gulf and the wider Middle East, a region China has limited influence in but is a big oil buyer. Aramco, the world's top crude oil exporter, said this week it had signed an MOU with China's Sinopec Group to jointly build a $10-billion Yanbu refinery on the Saudi Red Sea coast. The proposed Yunnan refinery will produce ultra low-sulphur gasoline, diesel and other refined products, said the announcement. Aramco has already partnered with Sinopec, another Chinese oil giant, at a joint venture Fujian plant in southeast China. As the kingdom locks in future oil demand through refinery joint ventures in China, China has in turn secured big contracts in Saudi Arabia. A Chinese firm has built a light rail system to ferry pilgrims from Mecca to holy sites. Yet despite China's growing energy and trade ties with Saudi Arabia and other Middle Eastern states, Beijing lacks the will and means to take on a strong political and security role in the region, analysts say.- Reuters


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TURKEY: Chairman Joint of Staff Committee, General Khalid Shameem Wyne meeting with Prime Minister of Turkey, Rajep Tayyip Erdogan during his visit.-APP

CNG body to protest closure ISLAMABAD: All Pakistan Compressed Natural Gas (CNG) Association has decided to launch series of protests across the country from Monday against two-day weekly closure of gas supply to CNG stations. While reports, several filling stations have been found refiling despite two day weekly holidays, flouting and challenging the SNGPL gas loadshedding plan. However, the association's spokesman said, in first phase of the plan, protest would be held on March 21 (Monday) in front of Sui Northern Gas Company Limited Islamabad office. "Despite assurances and commitment on the part of the Prime Minister Syed Yousuf Raza Gilani to end gas loadshedding from March 15, the closure continues to the commuters' sufferings", the spokesman adds. He said the CNG association had tried its level best to resolve the issue through negotiations but the authorities were making only promises. He claimed the country had sufficient gas reserves and there was no gas crisis but poor policy and mismanagement of authorities concerned were responsible for the prevailing situation. He said that at present over 3.5 million vehicles were using CNG as fuel, besides CNG stations were providing direct and indirect employment to thousands of poor people, thus the gas load shedding for CNG sector was depriving thousands of poor people from their livelihood. -APP

Gen Wyne attends Turk Martyrs Day ISLAMABAD: Chairman Joint Chiefs of Staff Committee General Khalid Shameem Wynne during his official visit to Turkey attended Canakklae Naval Victory and Martyrs Day, said a message received here on Sunday. The 96th anniversary of Canakklae battles which took place on March 18, 1915 during World War-I was celebrated with traditional enthusiasm. The ceremony was organized at the Soldiers Monument overlooking Straits of Dardanelles. Rajep Tayyip Erdogan, Prime Minister of Turkey was the chief guest. General Khalid Shameem Wynne met the Turkish Prime Minister at the ceremony and laid flowers on martyr's graves. The ceremony ended with an impressive display by Turkish Navy and Air force. Agencies

Japan victims top 20k amid N-crisis KAMAISHI: Workers were close to restoring power to a nuclear plant's overheating reactors on Sunday as the toll of dead or missing from Japan's worst natural disaster in nearly a century passed 20,000. In the sea of devastation left on the northeast coast by a March 11 quake and tsunami, police reported an astonishing tale of survival with the discovery of an 80-year-old woman and her 16-year-old grandson alive under the rubble. "Their temperatures were quite low but they were conscious. Details of their condition are not immediately known. They have been already rescued and sent to hospital," a spokesman for the Ishinomaki Police Department said. But with half a million tsunami survivors huddled in threadbare and chilly shelters and the threat of disaster at the Fukushima No. 1 nuclear plant stretching frayed nerves, the mood in the world's thirdbiggest economy remains grim. Food contaminated with radiation has cropped up for the first time outside Japan -where milk and spinach have already been tainted by a plume from Fukushima -- as Taiwan detected radioactivity in a batch of imported Japanese fava beans.

The discovery of traces of radioactive iodine in Tokyo tap water, well to the southwest of the crippled atomic power plant on the Pacific coast, compounded public anxiety but authorities said there was no danger to health. The Fukushima plant was struck on March 11 by a massive earthquake and tsunami which, with 8,133 people confirmed killed, is Japan's deadliest natural disaster since the Great Kanto quake levelled much of Tokyo in 1923. Another 12,272 are missing, feared swept out to sea by the 10-metre (33-foot) tsunami or buried in the wreckage of buildings. In Miyagi prefecture on the northeast coast, where the tsunami reduced entire towns to splintered matchwood, the official death toll stood at 4,882. Miyagi police chief Naoto Takeuchi, however, told a task force meeting that his prefecture alone "will need to secure facilities to keep the bodies of more than 15,000 people", Jiji Press reported. Cooling systems that are meant to protect the Fukushima plant's six reactors from a potentially disastrous meltdown were knocked out by the tsunami, and engineers have been battling ever since to control rising temperatures. A spokesman for Japan's

nuclear safety agency said electricity had apparently reached the power distributor at the No. 2 reactor, which in turn would feed power to the No. 1 reactor. Fire engines earlier aimed their water jets at the reactors and fuel rod pools, where overheating is an equal concern, dumping in thousands of tonnes of seawater from the adjoining Pacific. Six workers at the Fukushima plant have been exposed to high levels of radiation but are continuing to work and have suffered no health problems, TEPCO said. According to the charity Save the Children, around 100,000 children were displaced by the quake and tsunami, and signs of trauma are evident among young survivors as the nuclear crisis and countless aftershocks fuel their terror. "We found children in desperate conditions, huddling around kerosene lamps and wrapped in blankets," Save the Children spokesman Ian Woolverton said after visiting a number of evacuation centres in Japan's northeast. At shelters, some grandparents are telling children stories of how they overcame hardships in their own childhood during and after World War II, which left Japan in ruins. Reuters

Libya, ME in focus, seen raising oil risks SINGAPORE: UN-sanctioned aerial and naval attacks on Libyan air defense and ground forces at the weekend are likely to see oil prices vault higher this week, overcoming demand-side jitters stemming from Japan's earthquake and Chinese monetary tightening. French planes fired the first shots in what is the biggest international military intervention in the Arab world since the 2003 invasion of Iraq, destroying tanks and armored vehicles in the region of the rebels' eastern stronghold, Benghazi. On Monday, Brent crude, which closed at $113.93 a barrel on Friday, could target a February peak of $119.79 a barrel. US crude, which closed at $101.42 a barrel on Friday may also extend last week's 4.2 percent gain, adding to concerns about inflation around the world. "The Middle East and North Africa are a powder keg attached to a slow-burning fuse. The attacks on Libya and naval blockade, the troubles in Bahrain which are causing tension between Saudi Arabia and Iran, could cause the whole thing to blow up," said Jonathan Barratt, managing

director of Commodity Broking Services. "The key is really how Saudi and Iran play out. Cool heads need to prevail. It's contained at the moment but if things worsen, you see a Mid East premium very quickly. If they start exchanging fire, it could easily drive the market above the record high." Simmering tensions in North Africa and the Middle East, sparked by a revolt in Tunisia in January that spread to other nations including Egypt, Yemen, Bahrain and Libya have helped drive up oil prices by around 20 percent so far this year. Brent crude traded at almost $120 a barrel, its highest since a spike to just below $150 in mid-2008. So far in March, Brent has risen just 2 percent on expected lower demand following the Japan earthquake and eased on Friday after two days of gains, as Libya declared a ceasefire, easing the threat of further damages to oil facilities. Oil production in the nation, the world's twelfth biggest exporter, has fallen dramatically since the unrest started -down from around 1.6 million barrels per day to around 400,000 barrels. Oil exports have slowed to a

trickle, but they will likely dry up as military action continues. Weighing on oil and other commodities on Friday was another increase in China's rate reserve requirements and uncertainty about near-term demand from Japan as it comes to terms with the deadly earthquake and tsunami of a little over a week ago that may have killed thousands and its continuing battle to prevent a nuclear disaster at a stricken power plant. On Sunday, Saudi Aramco said it expected global oil and gas demand to rise slightly in the medium term, driven by a rise in consumption from Japanese industry and regional energy producers, but is will not have a significant impact on global markets. Out of China, the nation's Vice Premier Li Keqiang said it will stay focused on stifling inflation even as global economic uncertainties multiply. "We will make stabilizing the overall level of prices the primary task of macro-economic adjustment," said Li, who is likely to succeed Wen Jiabao as premier two years from now. Away from oil, gold markets were also likely to be well-bid supported by safe haven buying See # 4 Page 11

ISLAMABAD: Pakistan has offered help to Japan in controlling radioactivity emission after 8.9 magnitude quake followed by tsunami hit northern part of the country. Talking to Online Pakistan Foreign Office Spokesperson Tehmina Janjua said Sunday that Pakistan has offered help to Japan, hit by natural disaster. However, Janjua rebuffed the news published in section of media claiming that Japan appealed Pakistan to help in controlling the radioactivity and a team of Pakistani nuclear

Oman refineries workers protest MUSCAT: About 200 workers at two refineries staged demonstrations on Sunday, demanding higher wages, as a series of concessions by Oman's veteran ruler Sultan Qaboos bin Said have failed to quell discontent and unrest. The protesters, along with those working in an oil field went on strike last week, have complained that they are among the least-paid oil workers in the Gulf. "We want higher pay, better pension, training, regular promotions and more Omanis in the management team," Mohamed Al-Harthi, one of the protesters at the Muscat refinery, said. The normally tranquil oilproducing nation at the mouth of the Gulf was stunned by protests last month that left at least one person dead in the industrial city of Sohar. Oman produces about 800,000 barrels per day of oil, which accounts for more than 70 percent of the sultanate's income. The two affected refineries are the Muscat refinery, with an output of 85,000 barrels per day, and the Sohar refinery, producing 120,000 barrels per day. The government has already declared it would double monthly welfare payments and increase pension benefits for citizens. On March 10, other Gulf Arab oil producers launched a $20 billion job-generating aid package for Bahrain and Oman, as both face anti-government protests inspired by uprisings across the Arab world. Qaboos has fired 12 ministers since the protests against his rule began, and so far has offered to cede some legislative powers to the partly elected Oman Council, an advisory body. -APP

Govt to complete its tenure, says Awan LAHORE: Minister for Law and Parliamentary Affairs Dr Babar Awan has said that the Pakistan Peoples Party government will complete its fiveyear constitutional tenure. Talking to newsmen here on Sunday, he said the policy of reconciliation is according to the vision of Benazir Bhutto. To a question, he said court verdicts should be respected and taking out protest rallies against any verdict is not a good thing to do. He said the protection of all state institutions is the responsibility of the government. NNI

scientists would soon leave for Japan. She said, "Any such request or appeal could only be made through International Atomic Energy Agency (IAEA) in accordance with the Vienna convention, and no country can directly appeal to any other country in this issue." Janjua said that Pakistan offered humanitarian help to Japan and would surely support and consider any other appeal in line with the international laws. She categorically denied consideration of any proposal of

sending nuclear scientists' team at this stage. It is pertinent to mention that a powerful blast badly hit Japan followed by 20-meter high tsunami that invaded northeastern coastal areas affecting four nuclear facilities including Fukushima nuclear plant. Radioactivity was reported in the affected areas and emergency was declared after nuclear power plants explosions in Fukushima. So far, over 20,000 deaths were declared due to the disaster and increase in death toll is feared. -Agencies

China needs to bolster social security: ADB

Beijing urged to plug income gap BEIJING: The Peoples Republic of China should broaden, deepen, and standardise its social security system to address growing income inequalities in the country and set the country on the path to long-term economic growth, Haruhiko Kuroda, President of the Asian Development Bank (ADB), said. Kuroda was speaking at the China Development Forum gathering of senior PRC government officials, international experts and academics in Beijing, PRC. Over the past 30 years, the income gap between the rich and the poor in the PRC has steadily increased and is now among the widest in the world. The central and western regions, in particular, lag

behind the eastern parts of the country in terms of social and economic development, and urban incomes are now almost three and a half times higher than those in rural areas. "Income redistribution policies and social protection need to be strengthened to close the inequality gap and ensure inclusive and sustainable growth over the long term," Mr. Kuroda said. Typically, economies around the world that have suffered wide income disparities have posted slower growth over the long-term than their counterparts that have enjoyed narrower income disparities. He noted recent efforts by the PRC government to reduce the income gap, including initiatives in the recently approved See # 1 Page 11

China reaffirms open-up policies Says new policies impetus to global growth BEIJING: China's opening-up policy in the coming five years will provide a new impetus to global growth, Minister of Commerce Chen Deming said here Sunday. "China will continue to strengthen its engagement with the world with greater courage and determination as the country's opening-up policy in the past decades has generated huge opportunities for both China and the rest of the world," Chen said at the China Development Forum 2011. China will continue its policies to make it more attractive to foreign investment while encouraging local enterprises to "go global" in the 12th FiveYear Plan period (2011-2015), Chen said. "China always welcomes foreign investment to play a constructive role in its development

and share its prosperity," he said. He said the elimination of favorable tax breaks for foreign companies was aimed at creating a level playing field for all companies. He also promised transparency and fairness in its market policies for foreign companies to encourage innovative competition. With more Chinese enterprises going overseas, Chen urges foreign governments to improve investment environment and provide equal market access to the Chinese. "In 2010, China's outbound direct investment hit 59 billion US dollars, which equals to 60 percent of the foreign direct investment in China. In the next five to 10 years, China will gradually strike a balance on the capital flow," he said. See # 2 Page 11

During New Session

PML-Q to stay out of the Parliament LAHORE: As a protest against Davis release, PML-Q has decided to boycott the upcoming session of the parliament and urged other political parties to do so on the occasion of presidential address. An urgently called meeting of Pakistan Muslim League (Q) was held to adopt the policy regarding joint session of the parliament with its president Chaudhry Shujat Hussain on the chair. Among others Chaudhry Pervez Elahi, Mushahid Hussain, Amir Muqam, Ghaus Baksh Mehar, Faisal Saleh Hayat, Kamil Ali Agha, Dr Khalid Ranjha, SM Zafar and Nilofar Bakhtiar attended the meeting. The meeting decided to not only boycott from the session of the parliament but also to

hold protest outside national assembly against the release of Raymond Davis as well as drone attacks. President Asif Ali Zardari would address the joint session of the parliament, which would be commenced from 22 March. After the meeting Chaudhry Shujat Hussain contacted Altaf Hussain and Maulana Fazl-urRehman and requested them for not participating the next parliament session. Both the leaders assured him that they would consult the matter with their parties about the joint session. On the occasion Chaudhry Shujat Hussain also telephoned leader of PML (N) Mian Nawaz Sharif and inquired about his health. See # 3 Page 11

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The FinancialDaily-Epaper-21-03-2011