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International Karachi, Saturday, May 21, 2011, Jumadi-ul-Saani 17, Price Rs12 Pages 8

Pak sacrifices are more than any other: UK See on Page 8 Economic Indicators

Foreign Debt (Mar 11) Domestic Debt (Mar 10) Repatriated Profit (Jul- Mar 11) LSM Growth (Mar)

GDP Growth FY10E Per Capita Income FY10 Population SCRA(U.S $ in million)

244.94 Yearly(Jul, 2010 up to 19-May-2011) Monthly(May, 2011 up to 19-May-2011) 19.37 1.22 Daily (19-May-2011) 2772 Total Portfolio Invest (7-May-2011)

ISLAMABAD: President Zardari and President of ICBC of China Yang Kaisheng cutting the ribbon during the opening ceremony. -Online

(U.S $ in million)

FIPI (20-May-2011) Local Companies (20-May-2011) Banks / DFI (20-May-2011) Mutual Funds (20-May-2011) NBFC (20-May-2011) Local Investors (20-May-2011) Other Organization (20-May-2011)

-2.21 0.65 1.58 2.21 -0.19 -1.24 -0.81

Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones

Close 11,973.38 9,607.08 23,199.39 18,326.09 2,654.82 2,858.46 5,948.59 12,517.64

Change 94.57 13.74 36.01 184.69 4.88 1.12 7.40 87.68

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 2.60 111.54 16.42 140.89 2.00 42.90 1.70 36.47 10.80 37.05

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)

18-May-2011 18-May-2011 18-May-2011 26-Mar-2011 20-May-2011 20-May-2011 20-May-2011 20-May-2011 20-May-2011 20-May-2011 20-May-2011 20-May-2011 20-May-2011 20-May-2011 20-May-2011

13.21% 13.60% 13.84% 14.00% 13.55% 13.38% 13.69% 14.08% 14.20% 13.99% 14.05% 14.09% 14.46% 14.70% 14.90%

Commodities *Crude Oil (brent)$/bbl 109.22 *Crude Oil (WTI)$/bbl 96.28 *Cotton $/lb 152.42 *Gold $/ozs 1,488.70 *Silver $/ozs 34.36 Malaysian Palm $ 1,083 GOLD (NCEL) PKR 41,497 KHI Cotton 40Kg PKR 9,109 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 91.80 Canadian $ 89.00 Danish Krone 16.30 Euro 123.20 Hong Kong $ 10.90 Japanese Yen 1.050 Saudi Riyal 23.05 Singapore $ 69.60 Swedish Korona 13.40 Swiss Franc 96.00 U.A.E Dirham 23.55 UK Pound 140.00 US $ 86.80

92.80 90.00 16.60 125.00 11.25 1.052 23.35 70.60 13.70 97.00 23.85 141.70 87.50

Inter-Bank Currency Rates Symbols

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

Buying

Selling

TT Clean

TT & OD

91.44 88.64 16.44 122.64 11.02 1.036 22.85 69.35 13.71 97.12 23.33 139.08 85.80

91.65 88.85 16.48 122.93 11.05 1.063 22.91 69.51 13.74 97.34 23.39 139.40 85.99

Weather Forecast Cities

Islamabad Karachi Lahore Faisalabad Quetta Rawalpindi

Max-Temp Min-Temp

41°C 35°C 46°C 46°C 37°C 42°C

23°C 28°C 28°C 28°C 18°C 26°C

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See page 8

US vows pursuit despite Pak alarm

See page 8

Pak, China target $15bn trade in 2yr

Portfolio Investment

NCCPL

See page 8

Act against terrorism, India to Pak

Our role in WoT should be recognized: Gilani

$16.97bn 14.08% $20.15bn $32.26bn $(12.11)bn $748mn $9.05bn $1.53bn Rs 1012bn $59.54bn Rs 5463bn $491mn 6.75% 4.10% $1,051 176.09mn

Forex Reserves (14-May-11) Inflation CPI% (Jul 10-Apr 11) Exports (Jul 10-Apr 11) Imports (Jul 10 - Apr 11) Trade Balance (Jul 10 - Apr 11) Current A/C (Jul 10- Mar 11) Remittances (Jul 10 - Apr 11) Foreign Invest (Jul 10-Apr 11) Revenue (Jul 10 Mar 11)

Gaddafi regime doomed: Obama

Export Finance Facility

Banks told to clear mark-up subsidies Staff Reporter KARACHI: The State Bank of Pakistan on Friday advised the banks/ DFIs to make 40 per cent payment of 2nd installment of mark-up subsidy for the period from March 01, 2010 to August 31, 2010 under the schemes of Export Finance Mark-Up Rate Facility and Mark up Rate Support for Textile Sector against Long Term Loans. It has also advised that after making payments of Mark-up Rate Subsidy to the extent of 40 per cent of Total Subsidy, the disbursing branches of banks/ DFIs may seek its reimbursement from the concerned offices of the SBP-BSC on submission of duly completed claims as per prescribed claim forms. Each claim should invariably

be accompanied with a duly attested copy of Ministry of Textile Industry's Registration Certificate. It may be pointed out that the Ministry of Textile Industry has released necessary budget to make payment of 2nd installment of mark-up subsidy for the period from 01-03-2010 to 31-08-2010 under above mentioned schemes, says IH&SMEFD Circular Letter No 09 of May 20, 2011. However, budgetary allocation is not sufficient to clear 100 per cent claims under both the schemes for six months period. Therefore, it has been decided in consultation with the Ministry of Textile Industry that claims of banks/ DFIs may be cleared to the extent of 40 per cent under these schemes, the Circular Letter added.

HEC selling-off on back burner ISLAMABAD: The Privatisation Commission has extended the dates for receiving the expression of interest (EOI) and Statement of Qualification (SOQ) for the privatisation of 88 per cent shares of Heavy Electrical Corporation (HEC) on, as-is where-is basis. The PC has received EOIs from various parties and in order to respond to the interest of the prospective parties and to have more competition through maximum participation the dates for EOI and SOQ have been extended, said a statement issued here on Friday. The Request for Statement of Qualification (RSOQ) will now be dispatched on June 11. PC has asked the interested parties that Statement of Qualification (SOQ) must be submitted to the

ISLAMABAD: President Asif Ali Zardari has said that the initiative taken by Industrial and Commercial Bank of China, by opening its branches in Pakistan, would be the beginning of a new era of cooperation in the banking sector of the two countries and would take the economic relations between the two countries to new heights. This he said while addressing the gathering on the occasion of formal opening ceremony of Industrial & Commercial Bank of China (ICBC) branches in Pakistan here at Aiwan-e-Sadr Friday. According to the prepared text of speech, the President said that by opening bank in Pakistan our Chinese friends have shown confidence in the financial sector of Pakistan. He said that when the world was passing thorough a difficult economic phase and the investors were not readily coming forward to make investments, the initiative taken by ICBC was most commendable and we welcome it. He hoped that ICBC's investment in Pakistan would prove to be profitable and the bank would play a prominent role in chanalizing bilateral investments. The President said that Government of Pakistan and the State Bank of Pakistan would extend every possible assistance to facilitate ICBC operations in Pakistan. Agencies

PC not later than July 02, 2011 during the office hours. Information Memorandum, Bid Documents and Time Frame for the Pre-Bid Conference and Bidding Date will be provided to pre-qualified parties only. The parties are required to submit EOIs (in duplicate) together with a non-refundable processing fee of US$ 5,000 or Rs 25,000 payable in form of a bank draft(s) or pay order(s) in favour of Privatisation Commission. All the parties, which shall submit EOI, would be sent Request of Statement of Qualification (RSOQ) for response, which shall form the basis of pre-qualification. The GUJRAT: PML-N Chief Nawaz Successful Bidder shall Sharif has reiterated that See # 7 Page 11 Pakistanis would not ask for charity and would not endanger self-respect, media reported on Friday. Addressing workers convention in Gujrat, Nawaz said those responsible for Abbottabad incident would be held accountable, adding that this incident could and solid waste management," not be forgotten. said Rana Sanaullah, Law PML-N Chief said no one Minister of Punjab, the coun- would be allowed to disgrace try's most populated province Pakistani honorable nation. and its political nerve centre. He demanded an independent "We have conveyed their commission on Abbottabad inciconcerned departments about dent, saying that truth could be our decision. This is our protest made public so that such inciagainst the Abbottabad inci- dents could not be repeated. dent." Investigation through an indeThe Pakistan Muslim League pendent commission would let (PML-N) opposition party, the world know that this is a sovwhich rules Punjab, has called ereign nation and its sovereignty for a review of the country's could not be challenged, he said ties with Washington, urging and added that any hurdle by the the central government to government would be defended reduce reliance on foreign aid. in this regard. A PML-N spokesman said PML-N Quaid termed the Punjab had been expected to issue of loadshedding as the get 20 billion rupees major issue that could not be See # 8 Page 11 resolved in 63 years. -Agencies

Punjab scratches Rs20bn US pacts LAHORE: Pakistan's biggest province - Punjab --has cancelled six aid agreements with the United States in protest over the secret US raid that killed Osama bin Laden, its law minister said on Friday. Pakistan hailed bin Laden's death as a big step against militancy but was incensed by the raid in the garrison town of Abbottabad, saying it was a violation of sovereignty. The operation has severely strained ties between the United States and Pakistan, whose cooperation is needed to stabilise Afghanistan. "We have cancelled six MoUs with the United States in the fields of health, education

Zardari inaugurates Chinese bank in Pakistan

BEIJING: The world should recognise the sacrifice and contribution Pakistan has made in its anti-terrorism war, visiting Pakistani Prime Minister Syed Yousuf Raza Gilani said here Friday. He also urged the world to help Pakistan build up its capacity for fighting terrorism. Pakistan has been a frontline state in fighting the war against terrorism and extremists, and the war has been very difficult, said Gilani during an exclusive interview with Xinhuanet.com. The country has made great sacrifices since a huge number of its soldiers and policemen, as well as innocent civilians, were killed in the fight against terrorism, said Gilani, who pays an official visit to China from Tuesday to Friday at the invitation of Chinese Premier Wen Jiabao. "Thirty thousand innocent children, women and others have been martyred; 5,000 brave solders have been martyred," Gilani said, adding that personnel with the law enforcement agents like police and

China to give 50 jets soon BEIJING: China has agreed to expedite the delivery of 50 fighter jets to Pakistan, a Pakistani government minister confirmed on Friday, as Islamabad tries to deepen ties with Beijing as an alternative to increasingly fragile relations with the United States. Prime Minister Yousuf Raza Gilani has been holding talks with Chinese leaders during a visit that comes as ties with the U.S. have faltered after the killing of Osama bin Laden in Pakistan this month. Defence Minister Ahmad Mukhtar told media that his country was aiming to receive "50 aircraft in six months" from China at between $20 million and $25 million per See # 1 Page 11 frontier corp. have been killed, tified by Pakistan," he noted. with an equal number being "There are also 248 other terdisabled. rorists and al-Qaeda activists "Therefore, I think there is a arrested with the help of huge price," he noted, "The Pakistan." world should recognize that "Now everybody has started this is the price we have paid." realizing that this is the contriIn addition to its huge sacri- bution of Pakistan," he noted. fice, Pakistan also contributed "So the world should, instead to the anti-terrorism war by of criticizing Pakistan, underarresting terrorists by itself or stand there is a price we have exchanging information with paid," he pointed out. "They other countries, he said. should help Pakistan to build "We have assisted the United the capacity to fight terrorism States, and we have assisted the and extremists." CIA in exchange of informaThe Prime Minister suggesttion," he said. ed that Pakistan and China "Many high value targets should put more emphasis on have been under arrest or idenSee # 2 Page 11

Leaks says Pak Army seeks drone help

Never demanded drone backup: Pak RAWALPINDI: A spokesman of ISPR has contradicted a news item published in section of press with regard to Army Chief wanted more drone support in year 2008. In a statement issued here Friday, the Spokesman said that in the past, there has only been sharing of technical intelligence in some areas. "No armed drone attack support has ever been asked for our operations which have been conducted using own resources", he said. He further clarified, that during Swat-Malakand Operation Rah-e-Rast in 2008-09, and South Waziristan Agency operation Rah-e-Najat in 2009-10, not even outside technical support was asked for. These operations were jointly conducted by Pakistan Army and Pakistan Air Force, the Spokesman concluded.

Meanwhile, newly released Wikileaks cables revealed that US military's drone strikes programme within Pakistan had more than just tacit acceptance of the country's top military brass, despite public posturing to the contrary. The cables state that the country's military was requesting the US for greater drone back-up for its own military operations as long ago as January 2008. According to cables, the US account of Kayani's request for "Predator coverage" does not make clear if mere air surveillance were being requested or missile-armed drones were being sought. According to the report of the meeting sent back to Washington by Patterson, Admiral Fallon "regretted that he did not have the assets to See # 3 Page 11

Pakistan's Federal Budget for the year FY12 has been put off until first week of June, sources said Friday. According to sources, Federal

of June, which was otherwise to be announced on May 28. It was also revealed the ECC meeting which was to be held today has also been deferred to a later date.

Sharif says Pak won't Budget now in 1wk of June Qutubuddin Government has declared to trade respect KARACHI: Annoucement of announce the budget in first week

Could lead to more progress

Pakistan, India discuss estuary ISLAMABAD: Pakistan and India began talks Friday to resolve a border dispute over a river estuary, as the nucleararmed rivals make efforts to revive a peace process derailed by the 2008 Mumbai attack. The South Asian neighbors conducted a survey of the Sir Creek estuary in 2007 as part of a peace process begun in 2004, before the Mumbai attack by Pakistan-based militants, that killed at least 166 people, brought the process to a halt. The two sides agreed to resume the process in February and held trade talks last month on boosting economic ties.

They last held talks on Sir Creek in 2007, officials said. "The talks were held in a very cordial atmosphere and there has been progress," said a Pakistani official familiar with the talks, who declined to be identified. The two sides are expected to meet again on Saturday and issue a joint statement, the official said. The dispute over the 100-km estuary has hampered exploration for oil and gas and led to the detention of hundreds of fishermen from the two countries when they stray across the See # 5 Page 11

WikiLeaks

Shahbaz halfhearted to restore CJ WASHINGTON: According to a fresh leak by the international whistleblower WikiLeaks, Chief Minister Punjab Shahbaz Sharif had agreed on temporary restoration of Chief Justice Iftikhar Muhammad Chaudhry just for the sake of face saving. The WikiLeaks in its latest disclosure, revealed the account of a meeting between the then US consul general Brian De Hunt and Shahbaz Sharif. This meeting was held in March 2009 when the government of Shahbaz Sharif had been suspended while Nawaz Sharif was all set to go on a long march for the restoration of judges the very next day. The leak said that Shahbaz Sharif had agreed that talks could be held on the issue if the Chief Justice was to be restored only symbolically. He said his party could not take the risk of backtracking from its stance on the Chief Justice's restoration. He had admitted that Justice Iftikhar Muhammad Chaudhry See # 4 Page 11

6 killed in NWA drone hit MIRANSHAH: A US drone strike destroyed a vehicle in North Waziristan district on the Afghan border, killing six suspected militants on Friday, local officials said. The two missiles struck the Tappi area, 10 kilometres east of Miranshah, the main town of North Waziristan, where US officials want Pakistan to launch an offensive against networks fighting in neighboring Afghanistan. "A US drone targeting militants' vehicle fired two missiles killing four militants," a security official told AFP on condition of anonymity. Another local security official confirmed the strike and casualties, saying the identity of those See # 6 Page 11


2

Saturday, May 21, 2011

Move to shift consulates out of city KARACHI: Home Department Sindh has recommended to move all foreign consulates out of the city in a Diplomatic Enclave due to security concerns. Advisor to Provincial Home Minister Sharaf-udDin Memon said that for the securities of the diplomats construction of ISLAMABAD: Famous Cartoonist Maxim draws the sketch of a girl during a Enclave in necessary. He ceremony at Terrace Cafe at Marriott Hotel. -Online added that securities of the consulates has been beefed up in Karachi whereas strength of police contingents for the security of the diplomat' families is very low that is why rangers and FC contingents are called for help. After the cracker attack on Saudi Consulate and the murder of one of its diplomats, Home Department Sindh suggested to move Staff Reporter regulators, officials and companies in this regard. consulates in a Diplomatic mobile companies. While Saeed Shafiq stated that Enclave out of the city.KARACHI: Muhammad SIMs blocking by PTA was Rehman Malik Federal Online Saeed Shafiq, President, not the case to implement Interior Minister in a meetKarachi Chamber of any input from Interior ing held at Governor House Commerce & Industry Ministry to block unregis- on 14th April, 2011, on (KCCI) expressed deep con- tered/fake SIMs rather it was insistence of Siraj Kassam cern over news item appear- to streamline/ clean the data Teli, Chairman, ing in press today where of subscribers. As per Businessmen Group undermobile phone operators offi- mobile phone official's state- took the responsibility to cials stated that the ment, no plan was underway control law & order situaannouncement of Federal to introduce mechanism for tion in Karachi and its Interior Minister to ban the delivery of new SIM monitoring on daily basis. sale of cell-phone connec- through courier/ registered Interior Minister also KARACHI: The Karachi tions SIMs in open market post at purchaser's address apprised the Chairman Electric Supply Company was "wrong" and no such according to CNIC. The BMG, President and has received positive proposal from interior min- news item also denies any KCCI's delegation that for response from many istry was under considera- input from interior ministry implementation of KCCI's employees on strike who tion between the operators, to PTA and mobile phone demands. individually contacted the

Chamber seeks implementation of SIMs decision

KESC's employees returning to work

Pak Post to expand EMS ISLAMABAD: Pakistan Post has signed a Memorandum of Understanding (MOU) expanding ambit of External Mail Service (EMS) from and to Azerbaijan as from June 1, 2011. Senders may send EMS item up to 30 kg paying Rs.1600 for first 500 grams and Rs100 for every additional 500 grams. EMS items booked will be dispatched four times a week to Baku from Karachi, said senior

officials of Pakistan Post. He said that Pakistan post will also receive EMS items from Azerbaijan for delivery in Pakistan. Pakistan Post has also signed a MoU expanding ambit of EMS from and to Ukraine as from June 1, 2011. Senders may send EMS item up to 30 kg paying Rs2200 for first 500 grams and Rs250 for every additional 500 grams. EMS items booked will be dispatched thricea-week to Tirana from

Karachi. Pakistan post will also receive EMS items from Albania for delivery in Pakistan. Similarly Pakistan Post has signed a MOU expanding ambit of EMS from and to Bulgaria, senders may send EMS item up to 30 kg paying Rs1700 for first 500 grams and Rs200 for every additional 500 grams. EMS items so booked will be dispatched daily to Sofia from Karachi.-APP

ISLAMABAD: Chairperson Benazir Income Support Programe (BISP). Ms. Farzana Raja and Shahid Aziz Siddiqi, Chairman, State Life Insurance Corporation Pakistan signing an MoU for provision of health insurance facility to BISP beneficiaries in BISP Secretariat.

Dawlance emerges as 2nd best brand

EPCL facilitates flood affectees TFD Report KARACHI: As part of its long-term commitment towards flood victims, Engro Polymer & Chemicals Ltd (EPCL) continues to instill a new sense of hope among peo-

ple whose lives were completely devastated last year by the most catastrophic flood disaster in the history of Pakistan. EPCL recently initiated its agriculture rehabilitation program in the areas worst affected by the floods.

KARACHI: Nielsen has compiled an exclusive Top 10 brands report offering insights into Pakistan's consumer base whereby Dawlance emerged as the 2nd best brand of Pakistan while Nokia was ranked the top brand. While in Household Appliances category, Dawlance leads the charge as the top brand known for its reliability. According to The Nielsen Company's research, conducting faceto-face interviews with On the occasion of Defense Day of United Arab consumers across 22 cities in four provinces in Emirates, Etihad Airways, the national airline of the the month of April 2011, United Arab Emirates, announced the winner for the return ticket to Abu Dhabi. Picture shows Ahmed Dawlance bagged the 2nd slot in Pakistan's top ten Zahoor, Manager Sales Etihad Airways, presenting brands space. -PR ticket to the lucky winner.-Staff Photo

management to express their support and solidarity with the cause of normalizing all outstanding complaints and faults. Tabish Gauhar, CEO of KESC, had issued a call on Wednesday to the inactive employees to return to their duties and serve the customers. The employees who came back to work in response to CEO's call during the past couple of days mainly include the field staff and technicians whose work is vital to the rectification of local faults. They have expressed full commitment to the public service role of the utility and joined their colleagues in clearing the backlog of public complaints and local faults. These employees have been working for extensive hours to rectify as much local faults as possible against the continuing threats from CBA Union, claimed a press release of KESC. Meanwhile, Online adds: Electricity crisis continues in various areas of Karachi due to the differences between KSC and CBA labour union. The masses in the areas of Karachi including Shirin Jinnah Colony, Ranchore Lines, Pak Colony, North Nazimabad, New Karachi, Godhara Camp, Abul Hassan Asfahani Road, Saddar and Jodia Bazar have strongly protested against long hours of electricity and water load shedding. Masses were forced to protest; they burnt tires and blocked traffic. According to citizens due to the differences between KSC and CBA labour union, they are facing a lot of difficulties. The spokesperson of KESC has said that the long hours of electricity load shedding are due to the cable faults and the delay in removing these faults is due to the intervention of Labour union.

Samsung’s 3D TV KARACHI: For the year 2011 Samsung has introduced their significantly advanced latest top of the line LED 3D Smart TV series - the D8000. The D8000 series feature Samsungs new 5mm ultrathin Smart TV bezel that has been made possible through the company's extensive design research and their innovative and proprietary new panel technology and signal processing technology. -PR

Economy Watch demands

New IMF chief should be from developing world ISLAMABAD: The Pakistan Economy Watch (PEW) on Friday said new managing director of International Monetary Fund (IMF) should be from the developing world. This most important international institution has been facing credibility issues due to selection of politicians to run the show, it said. The new MD should not be a politician as there are many widely respected technocrats and governors of the central banks who would serve without political considerations, said Dr. Murtaza Mughal, President, PEW. The process of selection of new

MD should be transparent with all stakeholders on board as decisions taken behind closed doors are seldom welcomed; he said adding that international community should be taken on board, as whole world is a stakeholder in this critical issue. Many MDs of IMF have been blamed for taking decisions based on desire for popularity and pleasing electorate that has jeopardised development process in many countries, he said. Such a mindset must be changed as it has not helped reduce poverty in the world, Dr. Murtaza Mughal demanded. Failure of IMF at various occasions should serve as be a revelation

for those who pick candidate silently, he said. World doesn't need a IMF's chief who prefer popularity over merit and his future political considerations keep him busy. The concept of a European leading IMF and an American ruling World Bank needs to be altered as some Asian countries have also emerged on the global economic scene that cannot be ignored anymore. Majority of European leaders want to keep it that way which can force emerging economies to think for alternatives whom demands for greater representation at the IMF have been falling on deaf ears, said Dr. Mughal.-Online

EC Bill to punish production of poor electronic items KARACHI: The Energy Conservation (EC) Bill, which has been tabled in the National Assembly, will make the manufacturing and use of inefficient electrical appliances, equipments and machinery a"cognizable offence". This was stated by the former minister for environment and chairman Intellectual Property Rights Organisation (IPRO) Hameedullah Jan Afridi while speaking at a conference on "Energy Conservation and Efficiency" with the theme "save energy for tomorrow".

The conference was organised on the 5th anniversary of Energy Update magazine. He said that things will be better after the implementation of this law, which is aimed at replacing old electrical equipment and machinery with energy efficient gadgets. He pointed out that ENERCON which will come under WAPDA, will be the agent of change with the help of quality certification institutions like PSQCA and Engineering Development Board. -APP

Bus turns turtle: 1 dead KARACHI: One passenger died and ten including two women got injured as an over speeded passenger bus turned turtle near Lasbella Bridge here on Friday. According to details, the age of the ill-fated dead passenger is said to be 70 years, who could not be identified yet. The names of the injured are Qasim 25, Munir Ahmad 45, Noman 15, Abdul Majeed 24, Qadir 24, Munir Muhammad 38, Muhammad Arshad 14, Asif 35, Samina 24 and Abida 25. -Online

ACCA warns

Audit changes must be meaningful Staff Reporter KARACHI: ACCA, in a policy paper Audit under fire: a review of the post-financial crisis inquiries, addresses the issues which have been raised during investigations by the UK House of Lords, the European Commission and the US senate. In Singapore and elsewhere,

regulators are also actively engaged in stakeholder consultations to assess how audit can be enhanced. The EC has promised legislative changes by the end of 2011. Arif Masud Mirza, Head of ACCA Pakistan said: "Audit is under unprecedented scrutiny in the UK, Brussels and the US, following the global financial crisis.

KARACHI: SSGC was conferred the 'Best Corporate Booth' Award at the 9th Pakistan Oil & Gas Exhibition and Conference (POGEE). Ms. Nasreen Hussain, Dy. General Manager (Corporate Communications), SSGC receiving the award from Wing Cdr. Akhtar Shahzad, General Manager (Operations) of Pegasus Consultancy.-Staff Photo


3

Saturday, May 21, 2011

South East Asian stocks

Mostly retreat amid selling in resources KSE-100 Index Opening Closing Change % Change Turnover (mn)

Hopes bring back investors at KSE

11,878.81 11,973.38 94.57 0.80 44.37

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

3,179.58 3,195.63 16.05 0.50 1.80

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

2,661.64 2,689.38 27.74 1.04 0.012

Major Gainers

Symbol

Close

Change

ULEVER 5,279.90 NESTLE 3,559.81 BATA 476.86 SAPL 150.99 AGTL 235.13

65.20 18.93 17.83 4.60 3.06

Major Losers

Symbol

Close

Change

WYETH SHEZ BAFS PAKT BOC

816.00 145.69 46.03 91.56 95.81

-37 -6.87 -2.42 -2.14 -1.79

Top 5 Volume Leaders

Symbol BAFL PAKRI LOTPTA JSCL ENGRO

Close Vol (mn) 10.55 17.14 14.93 7.10 191.57

7.93 4.57 3.65 3.09 1.66

Active Issues Plus Minus Unchanged

154 74 108

Sector Updates FERTILISER 000 tonnes

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

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

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

HONDA ATLAS CAR Production (July 10 to Feb 11) 10,834 Sales (July 10 to Feb 11) 10,444 Production (Feb 11) Sales (Feb 11)

1,555 1,665

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

186 133 0 20

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

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

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

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

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

European stocks weaken on Fitch's downgrade of Greece

Nawaz Ali KARACHI: Hopes of no change in discount rates and rumors that small investors would be exempted from Capital Gains Tax (CGT) in the upcoming budget allowed the Karachi Stock Exchange to experience bullish activities on Friday, pushing the index beyond 11,900 levels despite selling by foreigners. The benchmark KSE-100 index increased by 94 points to close at 11,973 points, KSE-30 index rose by 50 points to close at 11,590 points and KSE all-share index grew by 62 points to close at 8,325

points. "Optimistic investors took fresh positions on the expectations that there will be no major change in the policy rate. Monetary policy statement will be issued in the back drop of current account enjoying surplus", said Samar Iqbal, equity dealer at Topline Securities. The State Bank of Pakistan is scheduled to issue monetary policy statement for the next two months today (Saturday). Most of the analysts think that the key interest rate would be left unchanged at 14 per cent. On Friday trading started with 5 points up, after that

HK, China shares move sideways HONG KONG: Hong Kong shares inched higher on Friday but were susceptible to declines next week if weakness in large caps and persistently low turnover send the benchmark below the 200-day moving average, a support level that has largely held firm this year. The trading debut of Glencore on Wednesday will probably be the highlight of next week and could draw more investors back to the market and halt an extended slump in volumes. The Hang Seng rose 0.2 per cent on Friday largely because of a jump in China Unicom shares. The index fell 0.3 per cent on the week and is down 2.2 per cent in May as volatility in commodity prices threatens to end a two-month gaining streak. On the mainland, the Shanghai Composite let early gains slip to finish flat on Friday and down on the week as turnover hit a fresh four-month low as investors stayed on the sidelines. Mild gains in heavyweight financials and energy counters supported the broader market with PetroChina Co Ltd and China Citic Bank Corp Ltd the biggest support on the benchmark Shanghai Composite. "In the near term, the market will remain range-bound at least in the run up to the release of May economic data," said Cao Xuefeng, head of research at Huaxi Securities. "Limited liquidity will compound the situation." Until then, market conviction is likely to remain weak. On Friday, A-share turnover hit a second four-month low in three days, barely hitting RMB 83.7

billion, some 36 per cent below its 2011 daily average, now at RMB 131.7 billion. Bucking the low volume trend were material stocks, boosted on Friday after Beijing said on Thursday it will crack down on the smuggling of rare earths and impose quotas for exports of rare earth alloy products as part of its campaign to reform the sector. GLENCORE LISTING EYED Turnover on the Hong Kong exchange slipped below HK$60 billion for only the third time this year as market players shied away from making big bets. The market though held firm above its 200-day moving average, a level that has acted as good support for the benchmark over the past two months. "We believe that trading over the near term will remain volatile as investors lack conviction", said analysts from Daiwa Capital Markets in a note. "The cocktail of a widening EU sovereign-debt problem, rising core inflation globally, mixed economic data from both the US and China, and the end to the US Federal Reserve's QE2 programme would conspire to keep investors on the sidelines," said the analysts. One catalyst that could lift Hong Kong's turnover out of its extended slump is the trading debut of commodities trader Glencore, which is expected to start trading next Wednesday. Glencore shares listed in London were trading near their IPO price on Friday after ending its lukewarm debut day on Thursday unchanged at 530 pence. Reuters

Australia shares close lower SYDNEY: Australian stocks closed 0.5 per cent weaker on Friday after easing commodity prices dragged down the mining sector although the sentiment remained positive following solid gains for the week. BHP Billiton and Rio Tinto fell 1.7 per cent and 1.1 per cent respectively after prices for gold, oil and base metals all fell overnight after a mixed bag of US data spooked investors. The session was a sharp contrast to Thursday's 1.3 per cent gains following a rally in commodity prices. "There's no significant catalyst overnight to justify ongoing strength on the back of yesterday's improvements, so we're just seeing markets trade a bit sideways," said Shaw Stockbroking senior dealer Jamie Spiteri. The benchmark S&P/ASX 200 index closed down 24.21

points at 4,732.2, according to the latest available data. New Zealand's benchmark NZX 50 index continued the rally which has seen it push to a three-year high, gaining 8.4 points to 3,577.443, after domestic markets generally approved of the government's budget delivered on Thursday, which promised to return to surplus by 2014/15 amid forecasts of faster growth over the next few years. Qantas shares were little impacted by news one of its aircraft returned to Bangkok after an engine was shut down. The stock closed 0.5 per cent lower at A$2.11. Virgin Australia fell 1.6 per cent. New Zealand retirement village operator Ryman Healthcare posted a second day of healthy gains, rising 3 per cent to NZ$2.76 after reporting a record profit on Thursday. Reuters

market witnessed lackluster activities during the first session with index remaining mostly in the negative zone due to lack of investors' interest. The index touched the lowest level of the day, 11,840 points (-ve 38) and he first half closed with a loss of 2 points only. However, the second half was much impressive as investors took positions mainly in the oil, banking and fertiliser stocks over the hopes of no change in interest rates and rumors that the small investors would be exempted from payment of CGT in the upcoming budget. Positive news regard-

Nikkei slips on utilities TOKYO: The Nikkei stock average edged lower in thin trade on Friday and many investors moved to the sidelines saying the benchmark may stay stuck in recent narrow ranges while a furious debate over the future of Japan's power industry hangs over the market. Shares of banks have been hit as the market speculates how the government will structure Tokyo Electric Power's fund to compensate victims of the crisis at its Fukushima Daiichi plant, hurt in particular by comments about co-operation on loans from the government's top spokesman. Other utilities, which will be called on to contribute to the compensation scheme, have been further battered by concerns that power generation and distribution could be split in a rethink of the nation's energy policy. Weakness in these two sectors pushed the Nikkei to a 0.4 per cent decline this week and market players say the index may trade between 9,500-9,800 for the next few weeks. "We're stuck today and we'll probably stay stuck in the recent range in the mid-term," said Shoji Yoshigoe, deputy general manager at Mitsubishi UFJ Morgan Stanley Securities. "The majority of serious players have been spooked by the political risk posed by the comments from the government about banks and utilities," he said. The benchmark Nikkei average closed down 0.1 per cent at 9,607.08 on Friday while the broader Topix shed 0.5 per cent to 827.77. Trade was thin, with 1.59 billion shares changing hands on the Tokyo stock exchange's main board, the lowest since April 26. The Nikkei's immediate resistance level is seen at its 25day moving average of 9,676, while support lies at the top of its daily Ichimoku cloud at 9,574.29, analysts said. After the bell, Tokyo Electric Power Co reported a net loss of $15 billion on Friday to account for the disaster at its Fukushima nuclear power plant, the biggest corporate loss in Japan outside of the financial sector. Spreads on Tepco's five-year credit default swaps, or contracts insuring its five-year debt against default, reached an alltime high of 762 basis points as of late Thursday. Tepco's CDS spreads have more than tripled since last week as tensions over a possible credit event heightened after Chief Cabinet Secretary Yukio Edano said the government's rescue scheme for the power company would not likely gain public support unless banks helped ease the utility's loan burden. Reuters

ing oil and gas sector too fueled buying. Index consolidated gains gradually and just before ringing of closing bells touched an intra-day high of 11,983 points (+ve 104) and finally close the session near those levels. Jawad Khan, equity dealer at JS Global Capital said that the E&P sector led the pack in the second half on news that Ministry of Petroleum accorded approval to the tight gas policy with 30 to 40 per cent increase in prices specified in the 2009 Petroleum Policy. Though market ended higher, but offshore investors were mainly on the selling side as

according to NCCPL data, foreign investors did a net selling worth $2.2 million. Volumes were marginally higher as 44.3 million shares traded during the day which is 4.3 million shares more as compared to a turnover of 40 million shares on Thursday. Bank Alfalah emerged the volume leader with 7.93 million shares followed by Pakistan Reinsurance with 4.57 million shares and Lotte Pakistan with 3.65 million shares. Out of total 336 active issues; 154 advanced and 74 declined while 108 issues remained unchanged.

Seoul shares bounce back SEOUL: Seoul shares rebounded on Friday after sharp falls in the previous session, but a seventh straight session of foreign selling capped gains. Foreign investors were net sellers of 117.2 billion won ($107.9 million) worth of stocks, setting their longest selling streak in nearly a year. "Smart, short-term money which flowed in March and April is withdrawing. I am getting a sense that a lot of it is European," said Chung Yunsik, a chief investment officer at ING Investment Management, adding that the pullback could be linked to ongoing debt issues and the fragility of the banking sector in Europe. "Uncertainty around the direction the US Fed will take is another thing making investors edgy. They are sensing the end of quantitative easing and liquidity measures is near," said Kim Hyoung-ryoul, a market analyst at NH Investment & Securities. Chung added, however, that foreign selling momentum was peaking and that he expected it to slow by June. The Korea Composite Stock Price Index finished up 0.76 per cent at 2,111.50 points.

Banks and construction plays underperformed after South Korea's financial supervisor said additional real estate project financing loans might go sour due to the prolonged slump in the property market. Shares in Woori Finance Holdings fell 0.4 per cent and Shinhan Financial Group slipped 0.42 per cent. Hyundai Engineering & Construction lost 1.3 per cent and Joongang Construction ended flat. Hana Financial Group bucked the banking sector trend, rising 4.2 per cent after news it and US buyout fund Lone Star were weighing extending the deadline for Hana's $4.1 billion takeover deal of Korea Exchange Bank. Defensive plays outperformed, with Lotte Confectionary rising 1.7 per cent and Orion Corp, a snacks maker, climbing 2.4 per cent The market drew support from a rebound in automakers. Shares in Hyundai Motor advanced 3.2 percent and Kia Motors climbed one per cent. KOSPI 200 June futures gained 1.55 points to 278.50 and the KOSPI 200 spot index ended up 2.12 points to 278.59. The junior Kosdaq market ended down 0.16 per cent at 486.24. Reuters

US stocks late-morning

Wall Street falls led by energy NEW YORK: US stocks fell on Friday, led by energy and commodity-related shares as the market fell in tandem with the euro in a dance driven by the euro zone's debt problems. While commodity shares were the hardest hit, the overall broader market reflected investors' concerns with more than two stocks falling for every one that rose on the New York Stock Exchange. "Euro -- it's all about the euro. Across the board, your commodity stocks aren't doing well. But keep in mind, your other problem out there is that as the dollar strengthens, your multinational dollar-sensitive, large cyclical companies go down also," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont. "The euro disintegrates here and the market disintegrates." The euro lost nearly one per cent over disagreements on how to handle debt problems in Greece and ahead of a Spanish regional election, pulling U.S. crude oil prices down 0.9 per cent. Ahead of options expiration at Friday's close, traders exchanged about 194,000 contracts on the S&P 500 as puts outpaced calls by a ratio of 3.33:1 by 10:43 a.m. EDT, according to options analytics firm Trade Alert. That is higher than the 22day moving average of 1.67 for the SPX put-to-call ratio. The Dow Jones industrial average dropped 92.78 points, or 0.74 per cent, to 12,512.54. The Standard & Poor's 500 Index lost 9.35 points, or 0.70 per cent, to 1,334.25. The Nasdaq Composite Index fell 22.71 points, or 0.80 per cent, to 2,800.60. The S&P 500 was on track for its third straight weekly decline, down 0.3 per cent for the week. Retailers also weighed the broader market as clothing chain Gap Inc plummeted 17.5 per cent to $19.21 after slashing its fullyear profit outlook late Thursday, saying higher price tags will not be enough to offset rising cotton costs. But Barnes & Noble Inc shares jumped 31.8 per cent to $18.59 after John Malone's Liberty Media Corp proposed buying the company for $1.02 billion. The largest US bookstore chain put itself up for sale nine months ago. The Morgan Stanley retail index fell one per cent. Reuters

Indian shares end week down MUMBAI: India's main share market index gained one per cent on Friday to post its biggest gain in a week, bolstered by strong global markets, but lingering worries about surging inflation and interest rates are seen weighing on sentiment in the near term. The market ended the week down 1.1 per cent despite the day's gains as investors had dumped stocks earlier on disappointing earning reports from some index heavyweights and expectations of a further rise in interest rates in Asia's thirdlargest economy. Larsen & Toubro was the biggest gainer in the main index, rising as much as 4.7 per cent to 1,670 rupees on Friday, bolstered by brokerage upgrades a day after the company posted a 17 per cent rise in quarterly profit. The benchmark 30-share BSE index ended the day up 1.02 per cent, or 184.69 points, at 18,326.09, after having risen as much as 1.6 per cent during the day on value buying in beaten down stocks. All but three of its components closed in the positive zone. The index has fallen about 11 per cent this year, with foreign funds turning net sellers of

Indian shares worth $1.66 billion in this month to Wednesday. The Reserve Bank of India raised interest rates in early May for the ninth time since March 2010 by a sharper-than-expected 50 basis points, and said fighting inflation was its priority, even at the expense of some short-term growth. The wholesale price index, the main gauge of prices in India, rose 8.66 per cent annually in April and the prospect of higher energy prices will keep pressure on the central bank to raise interest rates in June and maintain a hawkish stance. Shares in financials such as ICICI Bank and HDFC Bank rose 1.3 per cent and 1.8 per cent, respectively, on value buying at lower levels. The ICICI Bank stock had fallen 4 per cent in the last four sessions. Banking shares have been beaten down in recent sessions on fears that the series of rate hikes would hit demand for loans by corporate houses and retail borrowers, and put pressure onasset quality. Larsen & Toubro's stock closed up 3.6 per cent at 1,652.25 rupees, extending its gains of 5.9 per cent in the previous session, after the company posted a 17 per cent rise in

fourth-quarter net profit and gave a strong outlook. RBS raised its rating on L&T to "buy" from "hold" and raised the stock's price target, calling it the "best play on the road-based longer-term Indian capex story". Goldman Sachs also raised its target on L&T to 2,006 rupees from 1,987 rupees. State-run explorer Oil and Natural Gas Corp fell 1.4 per cent to 273.95 rupees after the company said that the additional subsidy burden imposed on it by the government would impact its earnings and share sale plans. An industry source told Reuters that Indian upstream firms will compensate state-run fuel retailers for about 38.7 per cent of their revenue losses on subsidised sales for the fiscal year ended in March up from 33.33 per cent earlier. The broader 50-share NSE index ended up 1.07 per cent at 5,486.35 points. In the broader market, gainers led losers in the ratio of 1.4:1 on total volume of over 509 million shares. World stocks and oil prices rose on Friday as the dollar lost ground broadly, after weak US economic data reinforced the view that the Federal Reserve will be slow to raise interest rates. Reuters


4

Saturday, May 21, 2011

The Financial Daily International

60 GOLDEN YEARS OF PAK-CHINA RELATIONS

Vol 4, Issue 193

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

S. Muneer Hussain Rizvi

Asim Abbas Ashary, CPA

Khurram Shehzad, CFA

Akhtar M. Zaidi, FCA

Prof. Zakaria Sajid (KU)

Dr. A. Hadi Shahid, FCA

Zahid Bukhari SVP HBL (retd)

Muhammad Arif

Ismat Sabir Head office

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

Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com

New Monetary Policy turns a non-event With federal budget 2012 scheduled to be announced in first week of June, announcement of Monetary Policy Statement due on May 21 has been reduced to a non-event. Now the business community is more concerned about what new taxes will be imposed and how many of the existing taxes may see further hike, especially because there seems not even the remotest possibility of imposition of tax on income from agriculture. It is also evident that the Government of Pakistan has the option to cut down its extravaganzas but political will is completely missing. Having exploited the conventional banks, the government is now adamant at mopping up the 'over following liquidity' of the Islamic banks and other financial institutions offering Shariah compliant products and services. In a very brief period the GoP has already mobilized Rs225 billion from various tranches of Sovereign Ijara Sukuk. To attract a larger investors' fraternity this Sukuk has been declared 'tradable' and its coupon rate is comparable with the average weighted cutoff yield of 6-month Treasury Bills. Some of those responsible for defining Monetary Policy, knowing the fact that the country suffers from cost-pushed inflation has stuck to the stance 'keeping interest rate high can help in containing inflation'. The irony of the fate is that they are just not ready to accept the fact that keeping interest rate high has caused more damage to the economy and also failed in bringing down the inflation rate in the country. It may me pertinent to remind them that higher global price of commodities (including crude oil and food products) and persistent hike in electricity and gas tariffs have been fueling inflation in the country. Shahid Kardar, the new incumbent governor of the central banks has been resisting the pressure by keeping the discount rate unchanged during last two reviews. Analysts strongly believe that even this time the central bank will most probably keep the rate unchanged. The key factor supporting this view is the CPI inflation having stabilized around 13% YoY. Added to this has been improvement in Pakistan's current account, posting a surplus $748 million for the first ten months of the ongoing financial year, providing major support in keeping exchange rate stable. Some experts have raised eyebrows on the hike in cutoff yields at the most recent auction of Treasury Bills and termed it an indicator of potential hike is discount rate. However, they ignore the fact that the hike in borrowing was to ease the circular debt issue plaguing the entire energy sector and the biggest hurdle in keeping the industries working at optimum capacity utilization, containing cost of production, maintaining Pakistani exporters competitive in global markets and above all producing exportable surplus. Cognizant of the fact that the IMF wants Pakistan to bring down budget deficit to 4 per cent of GDP, the time has come that the central bank follow policies focusing on supply side of the economy. Tax collection will automatically go up with increase in import of plant and machinery and raw material. Sales Tax collection will increase with the rise in consumption, an outcome of improvement in disposable income of the masses.

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.

Syed Ali Nawaz Gilani

S

ince establishment of diplomatic ties between the two countries in May 1951, China and Pakistan have developed an allseason friendship which is based on equality, brotherhood and overall cooperation. In the past 60 years, the two countries have carried out multidimensional cooperation in varied fields. Despite unstable international situation, the China-Pakistan friendship remained strong and vibrant. This is only because both the countries enjoy high respect and trust over each other. Recent years have witnessed a frequent exchange of visits between the leadership of the two countries which further promoted and bonded cooperation in almost every area of the relationship. Being considered as the world's most booming economy, China has shown phenomenal growth in every sector of the economy and is moving in the right direction. It is therefore envisaged that China can play an extremely important role in building regional stability. In the early years of establishment of the Sino-Pakistan diplomatic relations, Pakistan remained inactive as it was an ally of the West. The period between 1957 and 1969 witnessed an important phase in the history of the Sino-Pakistan relations. During this period, historical changes took place in the bilateral relations, which changed the lukewarm attitude of Pakistan, and warm feelings were conveyed to China. This gesture opened a new chapter in the relationship and in the 1970s; steady developments were made to strengthen friendly cooperation between the two governments and their people. Since 1990, drastic changes have taken place on the international horizon, however, instead of being affected by the changing situations, the time-tested friendship and cooperation between China and Pakistan has further developed. China and Pakistan have witnessed steady growth in mutual investments in recent years. In the last few years, China invested more than USD1.3 billion in Pakistan. A large number of Chinese companies are presently working in Pakistan in different sectors viz. Oil and Gas, IT and Telecom, Power Generation, Engineering, Automobiles, Infrastructure and Mining. These include names like, ZTE, Huawei

Technologies Company Ltd., China National Machinery Imp/Exp Corporation, Metallurgical Construction Corporation of China, China International Water and Electric Corporation, China Petroleum, and Haier. Chinese goods are very much in demand in the Pakistani markets. Their experience of growth in trade is positive due to convenient trade flows and openness measures. China has become one of the top five Import sources of Pakistan. Major imports from China are machinery, chemicals, garments and other textile products, stationery, construction materials like tiles, sanitary wares and crockery. Machinery and electrical appliances are the major parts of overall imports. Bilateral trade had reached around USD7 billion in 2008 and is on the rise all the time. The balance is, however, in favour of China due to lesser exports by Pakistan. Tensions between the US and Pakistan over the presence of Osama bin Laden in Pakistan, and a speedy US withdrawal from Afghanistan are likely to reinforce Pak-China ties further. China is the only country that has taken a supportive stand for Pakistan after the Bin Laden operation. The Soviet invasion of Afghanistan in 1979 opened a new chapter of consultation and collaboration between China and Pakistan. The two countries were in total agreement that the Soviet military presence in Afghanistan posed a great threat to the security of the entire region and prepared to co-ordinate their policies to face the challenge. Support to Pakistan's security was the major feature of China's Afghan policy because they wanted to honour their often repeated commitments. In the face of international opinion, India did not condemn the Soviet invasion of Afghanistan; as a reward, the flow of sophisticated Soviet arms to India increased many times. Regarding recent developments in Afghanistan, China and Pakistan have a close understanding of each other's point of view. China made it clear that US military strikes in Afghanistan should be target-specific, to avoid civilian casualties. President Jiang Zemin was quoted as saying that peace and stability in Afghanistan meant a great deal to China and Pakistan, as both

shared borders with Afghanistan. Pakistan and China have consulted with each other and co-operated closely since the September 11 terrorist attacks on the United States. Both have played a constructive role in promoting a just and reasonable solution to the Afghan issue. China hopes that peace in Afghanistan will be achieved as soon as possible, a desire shared equally by Pakistan. In the recent past, a 100-member youth delegation of Pakistan visited China for a week long visit aimed at boosting exchanges between the two friendly nations and marking the 60th anniversary of their diplomatic ties. In November 2006, Chinese President Hu Jintao invited 500 young people from Pakistan to visit China within five years, when he paid a state visit to Pakistan. In response, the Pakistani Government also invited 500 Chinese youths to Pakistan. Being launched in 2007, the youth exchange program is aimed at increasing mutual understanding between the people of the two countries, especially in the Pakistan-China Friendship Year 2011 which indeed is a very good step towards boosting educational ties. However, it is very ironic to know that there is no proper Chinese language teacher in Pakistan which is very surprising. Understanding Chinese language is very important for the people of Pakistan because China is going to be the world`s biggest market in the near future. Chinese language has already become a necessity for most of the developed countries of the world in order to enhance bilateral trade and development. Although the Chinese language is considered to be difficult, however, we need to send our scholars and students to China for learning it, and then teaching it to others. This is high time to properly utilize the services of various groups of Friends of China in Pakistan who are serving for the cause since decades selflessly and whose efforts are acknowledged by both Pakistani and the Chinese side. In order to increase awareness for this friendly relationship among the youth of both countries, the vital role played by Pakistan-China Friendship Association, Listeners of Urdu Services from China Radio, International-official Broadcasting Institution of China having Urdu Service since more than 45 years and also the role played by Urdu Department of Peking University

must be appreciated for their result oriented efforts and to use these informal channels for further awareness. The Chinese People's Association for Friendship with Foreign Countries (CPAFFC) established in 1954 by the Chinese Government to promote people to people interaction is having very cordial working relationship with their Pakistani counterparts especially with this Province since more then three decades and this relationship will be further strengthened during forthcoming visit of CPAFFC President to Pakistan shortly. As a part of 60th Anniversary of Pakistan-China Diplomatic Relations, the Pakistan-China Friendship Association - Khyber Chapter organized many events to highlight the importance of the occasion as the whole year is declared as Year of Friendship - 2011. The special events started from January, 2011 when PCFA organized a speech competition whereas later on Radio China Listener's Club organized a colourful event of school children which was also attended by CRI representatives in Pakistan. Chinese Ambassador in Pakistan Liu Jian was Chief Guest at a special interaction luncheon arranged by PCFA in Islamabad. The Chinese Counselor for Culture, Sports, Education and Social-interaction visited Peshawar for meeting with Friends of China. All these events depict better understanding of both the countries for enhancing the friendship. The Pakistani Ambassador to China, Masood Khan is playing a vital role in promoting people to people interaction. Such efforts are essential for promoting social, as well as economic relationship between the two countries, which needs more attention specially in this critical hour of need for Pakistan. There is a lot of potential for trade between Pakistan and China. The reciprocal cooperation of Pakistan and China can lead both the countries towards progress and prosperity for strong Sino-Pak relations which have always been important. In the present geo-political and geo-strategic dynamics, Pakistan and China need each other more than ever. (The writer is Head Marketing in a bank, Secretary-General PakistanChina Friendship Association Khyber Puktunkhwa & President Radio China Listener's Club.)

Loss of OBL adds to Qaeda money woes D

eprived of Osama bin Laden's fundraising starpower, al Qaeda's commanders face the prospect of a cash crunch that would complicate the task of evading capture by their U.S. pursuers. The likely successor to Osama bin Laden is Ayman al-Zawahri, an Egyptian who lacks the former Saudi-born figurehead's depth of contacts among potential donors in the Gulf, a region seen in the West as an important funding source for militant groups. Counter-terrorism officials caution that it does not take much money to launch terrorist attacks, and that for much of al Qaeda's network, donations appear less important. Crime and kidnap, for example in Iraq, Yemen, Mali and Niger, have proven lucrative funding sources for al Qaeda locally. But for the core leaders of al Qaeda, believed to be sheltering in Pakistan, donations remain key, and so a large fall in revenues could threaten their ability to pay for and maintain safe houses and networks of discreet support. While a strike on the West directed by al Qaeda's central leadership might inspire fresh donations, it is survival, rather

than new operations, that is likely to be the commanders' top short-term priority, counter-terrorism officials say. Mustafa Alani, a security analyst at the Gulf Research Center based in Dubai, said there were two sorts of donors in the Gulf who habitually gave to bin Laden. There were those motivated by ideology to support armed action against the West, and those who gave "because of a personal connection, because they trusted or admired bin Laden". "The latter category is going to dry up, definitely." London-based journalist Abdel-Bari Atwan, who interviewed bin Laden in 1996, said he understood that most of the donations received by al Qaeda still came from the Gulf, where the widespread use of cash makes tracing illegal payments hard. "But now he is gone, it will not be flowing as it was." Zawahri is viewed with caution by some militants in the Gulf, partly because he is Egyptian and partly because he is seen, rightly or wrongly, as secretive and conspiratorial. "Bin Laden had appeal for them, Zawahri doesn't," Saudi businessman Hani Yamani

told Reuters. Yamani, a board member of Saudi-based charity the International Islamic Relief Organisation, said Gulf charities had cracked down on the diversion of relief money to al Qaeda. As a result, he said, al Qaeda's leaders had probably had to ask for money from their offshoot groups, who had income from crime. QAEDA TRAINERS NOW DEMAND FEES A decade ago, things were very different. Al Qaeda's fund-raising provided an estimated annual budget of $30 million at the time of the 2001 attacks on U.S. targets. According to U.S. military documents provided to media organisations by the website WikiLeaks, a Pakistani detainee at the Guantanamo Bay prison called Saifullah Paracha arrested in 2003 received at one point for "safekeeping" between $500,000 and $600,000 from Khaled Sheikh Mohammed, the operational planner of the Sept. 11 attacks. It would be surprising to see such large sums nowadays in dealings among al Qaeda core commanders, not least because they have made no

secret of their money worries. Al Qaeda has made repeated public appeal for donations to its followers in online statements. Adding to the picture of financial strain, al Qaeda trainers in Pakistan have demanded up front payments to cover expenses and "tuition fees" from would be-fighters arriving from overseas to learn guerrilla warfare and bombing skills, according to testimony court from captured militants. Most analysts speculate the decline in revenues is driven in part by tighter curbs on charities in the Arab world that have prevented the diversion of relief funds for violent ends. The raid that killed bin Laden made this bad financial situation even worse. The trove of information seized in the assault is likely to provide "a starburst" of connections and clues shedding light on al Qaeda's support networks, when powerful data mining tools are applied, says former U.S. counter-terrorism official Fred Burton, now vice president at risk consultancy Stratfor. QAEDA SUPPORT NETWORK "Tracing the money trail

will play an active role in showing ... a web of safe houses, travel and bank accounts," he said. Zawahri, who worked as a doctor at one point in Saudi Arabia, is not totally without appeal in the Gulf. Anna Murison, head of jihad forecast at Exclusive Analysis, Murison pointed out that in at least one case al Qaeda's Yemen based Gulf branch had raised money in the region using a message by Zawahri that was saved to a fundraiser's mobile phone, "suggesting his endorsement does carry some weight". But overall his funding potential is seen as poor. Richard Barrett, head of the U.N. al Qaeda and Taliban sanctions committee, said there might be a brief increase in donations "as a sort of sympathy vote" after bin Laden's death. But the loss of a man who inspired broad support meant the group's leaders would probably now struggle for funds, he said. Also, "donors may now wonder where al Qaida is headed under a new leadership. Saudi donors may, for example, be less interested in giving to al Qaeda if its focus will be on Egypt."-Reuters


5

Saturday, May 21, 2011

Market

KSE 100 Index

Symbols

Volume

44,371,740

Value

2,037,395,327

Trades

31,798

Advanced Decline Unchanged Total

Current High Low Change

154 74 108 336

All Share Index

11,973.38 11,982.89 11,840.03 h94.57

Current High Low Change

8,325.66 8,333.62 8,240.01 h62.19

OIL AND GAS

Paid up Cap(mn)

Company

PE

Open

High

High Low 1,489.91 1,462.19 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.32 32.54 Low

Close Chg

Last 60 days High Low

Volume

% Change 1.02 5-Day High 1,485.68 5-Day Low 1,470.64

2010 Div BR (%) (%)

2011 Div BR (%) (%)

691

6.83 375.05

378.00 374.50 377.70

2.65

69988

387.98

321.00

300

Attock Refinery

853

4.03 122.47

123.35 121.80 122.93

0.46

165123

129.40

98.25

-

-

-

-

8.07 -0.03

124143

10.43

7.93

-

-

-

-

- 23.43

-

-

-

3921

-

8.10

8.19

8.00

Mari Gas Company

735

4.18 101.31

102.84 101.50 102.09

0.78

2243

113.95

98.50

31

National Refinery

800

4.54 326.04

330.90 323.50 328.84

2.80

192720

356.50

254.00

200

Oil & Gas Development 43009 10.04 146.48 Pak Petroleum Pak Oilfields Pak Refinery Limited P.S.O XD Shell Pakistan

20B115.00

-

-

149.00 145.21 148.38

1.90

1526010 159.70

128.21

55

- 30.00

-

11950

7.52 203.44

205.97 203.01 205.72

2.28

601608

216.50

190.10

90

20B 50.00

-

2365

7.25 325.89

329.50 325.03 328.89

350 47.04

83.51

84.39

83.50

3.00

736022

332.45

277.09

255

84.20

0.69

11913

110.50

81.23

-

1715

4.03 282.11

282.75 279.75 282.40

0.29

218507

294.49

265.00

80

685

7.62 213.00

215.00 212.50 214.25

1.25

14100

217.90

186.83

120

-100.00

-

-

-

-

- 80.00

-

-

-

-

Company

High Low 1,834.96 1,809.94 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.03 35.00

Close 1,828.89 Listed cap 52,251.88 mn Payout (%) 48.81

Change 11.81 Market cap 373,901.57 mn Div Yield (%) 5.64

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

3924

-

18.94

19.40

18.02

18.02 -0.92

501

24.55

97.60

97.42

95.00

95.81 -1.79

Agritech Limited BOC (Pak)

250

7.21

Clariant Pak

341

4.91 161.00

Dawood Hercules

-

-

99.80

82.00

60

-

-

-

10519

201.40

140.00

135

25B

-

-

307561

294.00

56.10

3.67 -

2.17

2.43

2.00

2.11 -0.06

25202

3.23

2.00

-

-

-

-

7.52

7.68

7.50

7.55 0.03

74833

9.60

6.00

-

-

-

-

2.30

2.13

2.22 0.07

887214

50 300B

2.11

-

-

188.55

60

20B

-

-

- 27.5R

-

-

-

-

130

25B 45.00

-

- 12.50

-

-

-

-

10.77

11.08

10.76

11.05 0.28

59101

13.95

10.70

22000

-

12.35

12.40

12.20

12.40 0.05

149101

13.60

10.75

-

139.56 138.50 139.10 0.87

921522

145.21

108.00

Fauji Fertilizer XD

8482

8.56 138.23

Fauji Fert. Bin Qasim

9341

6.28

41.68

41.98

41.53

41.94 0.26

536634

43.89

37.86

65.5

725 10.05

11.66

12.00

11.60

11.96 0.30

123563

14.49

10.43

-

ICI Pakistan

1388

Ittehad Chemical Lotte Pakistan Mandviwala

8.60 152.05

155.25 151.50 154.77 2.72

360

4.41

30.00

30.35

30.10

30.31 0.31

15142

4.17

14.73

15.00

14.64

14.93 0.20

74

875404

-

-

-

172.00

142.00

175

-

-

-

1500

30.50

20.11

5

-

5

-

3646596

17.36

14.05

5

-

-

-

-

1.00

1.25

0.28

0.78 -0.22

30081

1.40

0.18

-

-

-

-

2.40

2.48

2.26

2.35 -0.05

226441

3.40

2.10

-

-

-

-

Shaffi Chemical

120 28.75

2.29

2.35

2.01

2.30 0.01

559

2.99

1.55

-

-

-

-

Sitara Peroxide

551

18.09

17.61

17.79 0.08

19.99

11.81

-

-

-

-

5.51

17.71

304539

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

28.28

29.00

28.25

28.50

2328

33.45

FORESTRY AND PAPER High Low 1,116.76 1,088.06 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.42 7.47

Close 1,089.49 Listed cap 1,186.83 mn Payout (%) 25.28

Change -5.40 Market cap 3,005.67 mn Div Yield (%) 4.50

PE

Open

High

Low

Close Chg

Volume

707

-

16.99

17.19

16.75

16.78 -0.21

18321

17.50

13.85

-

-

-

-

Security Paper

411

6.90

Last 60 days High Low

2010 Div BR (%) (%)

39.00

39.90

39.00

39.00 0.00

665

39.90

34.00

50

-

-

-

Total Assets (Rs in mn)

12,372.62

Total Equity (Rs in mn)

6,785.66

AUTOMOBILE AND PARTS

MA (100-day)

16.98

Revenue (Rs in mn)

2,170.95

Performance of SR Automobile and Parts Index

MA (200-day)

16.09

Interest Expense

1st Support

16.66

Profit after Taxation

2nd Support

16.21

EPS 09 (Rs)

1st Resistance

17.40

Book value / share (Rs)

2nd Resistance

17.69

PE 10 E (x)

5.95

Pivot

16.95

PBV (x)

0.76

101 626

PE

Open

5.56 210.00 9.12 146.62

Company

Paid up Cap(mn)

Crescent Steel

565

Dost Steels Ltd Huffaz Pipe XD International Ind

PE

Open

High

Low

Close Chg

1.80 23.42 2.90

1.51 22.01 2.79

Ghani Automobile Ind Honda Atlas Cars

200 1428

6.47 -

3.46 9.15

3.65 9.90

3.20 9.15

786 7.61 221.06 823 15.28 67.83

2010 Div BR (%) (%)

27.50

27.00

27.50 0.50

9098

29.75

25.67

30

- 20.00

-

675 555 20.54 1199 9.03

1.67 11.51 50.05

1.83 11.78 51.99

1.70 11.42 50.00

1.80 0.13 11.50 -0.01 50.48 0.43

180756 1053 296282

2.42 14.90 54.50

1.62 11.05 45.81

40

25B 15.00 20B 15.00

-

CONSTRUCTION AND MATERIALS Performance of SR Construction and Materials Index

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

1828

-

2.52

2.89

2.52

2.62 0.10

Attock Cement

866

6.71

52.78

53.48

51.52

Balochistan Glass Ltd

858

-

2.00

2.35

1.81

-

14.48

15.48

14.51

15.21 0.73

Company Al-Abbas Cement

Berger Paints

182

Dadabhoy Cement

982 15.38

Close 851.90 Listed cap 54,792.74 mn Payout (%) 19.04

Change 2.76 Market cap 61,961.46 mn Div Yield (%) 3.30

Last 60 days High Low

Volume

% Change 0.33 5-Day High 851.90 5-Day Low 847.88

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

2011 Div BR (%) (%)

2099

3.50

2.15

53.00 0.22

9830

56.70

48.50

50

-

-

-

2.20 0.20

2012

2.90

1.81

-

-

-

-

6151

17.40

13.55

- 122R

-

-

-

-

1.99

2.15

1.90

2.00 0.01

47000

2.24

1.50

-

-

-

-

-

1.46

1.50

1.44

1.50 0.04

18512

2.19

1.41

-

-

-

-

DG Khan Cement Ltd

3651 29.11

21.60

21.95

21.50

21.83 0.23

911851

26.44

21.20

-

20R

-

20R

Fauji Cement XR

6933

6.97

4.09

4.12

4.01

4.04 -0.05

591147

4.69

3.97

-

-

-

92R

Dewan Cement

3891

Fecto Cement

502

5.43

6.70

6.90

6.10

6.30 -0.40

3551

8.90

6.10

-

-

-

-

Flying Cement Ltd

1760

-

1.31

1.55

1.30

1.30 -0.01

19369

1.84

1.26

-

-

-

-

Gharibwal Cement

4003

-

6.60

7.00

6.61

6.60 0.00

286

13.50

5.00

-

-

-

-

1288

-

6.27

6.25

6.25

6.25 -0.02

1500

7.87

5.12

-

-

-

-

13126 70.25

2.80

2.85

2.80

2.81 0.01

79058

3.45

2.10

-

-

-

-

Kohat Cement Lafarge Pakistan Cmt. Lucky Cement

3234

5.69

69.72

70.24

69.55

69.99 0.27

117487

73.69

59.55

40

-

-

-

Maple Leaf Cement

5261

-

2.07

2.11

2.05

2.08 0.01

36614

2.89

1.92

-

-

-

-

Pioneer Cement

2271

-

5.03

5.38

4.90

4.91 -0.12

13396

6.40

4.50

-

-

-

-

Safe Mix Concrete

200

-

5.48

5.13

4.56

5.00 -0.48

3005

7.25

4.41

-

-

-

-

Thatta Cement

798

-

17.94

17.99

17.05

17.97 0.03

4002

19.19

16.27

-

50R

-

-

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 961.07 Turnover 37,373 P/E (x) 2.72 Company Cherat Papersack Ghani Glass

High Low 978.13 948.78 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.20 43.91

Close 966.11 Listed cap 3,043.31 mn Payout (%) 15.55

Change 5.04 Market cap 35,589.02 mn Div Yield (%) 5.71

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

115

2.49

50.83

51.25

50.15

50.77 -0.06

19059

56.90

54.00

54.81 0.81

12.00

12.54 -0.23

6294

46.45

56.07

Close 1,135.29 Listed cap 6,768.53 mn Payout (%) 20.42

Volume

Last 60 days High Low

100 50

1.50 21.85 2.16

20 -

-

-

-

3.43 -0.03 9.50 0.35

14006 42166

4.60 10.88

2.90 9.00

-

-

-

-

9610 137

242.80 76.90

205.51 60.00

150 5

- 50.00 -

-

221.00 219.06 220.18 -0.88 68.50 66.02 67.83 0.00

High Low 2,132.96 2,076.42 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 13.77 30.30

Close 2,118.86 Listed cap 11,335.33 mn Payout (%) 30.57

Change 15.37 Market cap 297,536.57 mn Div Yield (%) 0.67

Open

High

Low

AL-Noor Sugar Baba Farid Bawany Sugar Chashma Sugar Colony Sugar Mills Fecto Sugar Habib Sugar

186 95 87 287 990 146 750

1.20 3.60 6.98 4.18

45.80 48.45 7.97 8.28 2.79 38.00 23.50

48.09 46.03 7.75 9.28 2.99 39.49 23.70

48.05 46.03 7.75 9.00 2.89 38.00 23.32

48.09 46.03 7.75 9.21 2.79 38.00 23.48

2.29 -2.42 -0.22 0.93 0.00 0.00 -0.02

550 984 18563 1204 151 337 18673

48.09 60.00 9.25 10.20 3.80 50.00 24.50

37.65 46.03 5.25 8.00 2.11 34.16 20.25

50 10 25

-

-

Habib-ADM Ltd J D W Sugar Mehran Sugar Mirpurkhas Sugar

200 539 157 84

4.92 1.36 1.94 2.66

12.20 76.03 57.19 43.39

12.44 77.00 59.70 44.99

12.10 75.02 56.05 42.06

12.20 76.77 59.55 42.54

0.00 0.74 2.36 -0.85

393 1001 509 5772

13.00 77.99 60.49 51.99

10.80 68.50 50.12 39.51

40 7010B 12.5R 35 20B 7.50 15 20B -

-

Mirza Sugar National Foods Noon Sugar Sakrand Sugar Shahtaj Sugar Shakarganj Mills Tandlianwala

141 414 165 223 120 695 1177

11.45 1.58 4.57 0.46 28.49

3.00 65.05 15.60 2.66 68.15 6.40 51.80

3.00 68.00 14.75 2.35 68.50 6.90 52.00

2.53 65.00 14.65 2.35 68.00 5.86 51.00

2.96 66.29 14.71 2.35 68.15 6.40 51.00

-0.04 1.24 -0.89 -0.31 0.00 0.00 -0.80

800 7527 4400 1500 311 103 1250

4.18 68.89 21.80 3.00 68.90 7.49 54.49

2.50 52.01 10.11 1.60 59.72 4.01 39.00

10 12 -

-

Close Chg

Volume

Last 60 days High Low

Open 728.47 Turnover 48,432 P/E (x) 1.33 Company

49.00

% Change 0.52 5-Day High 966.11 5-Day Low 956.09

2010 Div BR (%) (%) 20

25B

25

10B

2011 Div BR (%) (%) -

50R

High Low 762.32 707.68 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.14 10.64

Close 738.61 Listed cap 3,763.71 mn Payout (%) 6.27

Open

High

Low

Close Chg

Volume

7.85

8.38

7.60

7.89 0.04

6529

14.50

Last 60 days High Low 7.26

-

10B

-

375 127.38 231 1.58

15.56 11.98

16.56 12.21

14.71 11.65

16.56 1.00 12.00 0.02

4406 37497

22.23 18.49

14.71 11.20

17.5

10B -

- 200R

Open 955.31 Turnover 2,420,632 P/E (x) 6.31 Company

Paid up Cap(mn)

Amtex Limited Artistic Denim Ashfaq Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Chakwal Spinning Chenab Limited Colony Mills Ltd Crescent Jute D S Ind Ltd Dar-es-Salaam Dawood Lawrencepur XB Dewan Farooque Spin. Dewan Mushtaq Textile Ellcot Spinning Gadoon Textile XD Gul Ahmed Textile Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres ICC Textile Idrees Textile Int Knitwear Khalid Siraj Kohinoor Ind Kohinoor Textile Maqbool Textile Masood Textile Mian Textile Mukhtar Textile N P Spinning Nagina Cotton Nishat (Chunian) Nishat Mills Pak Leather Pak Synthetic Prosperity Ravi Textile Sally Textile Samin Textile Service Ind XD Suraj Cotton Thal Ltd Treet Corp Tri-Star Poly Zephyr Textile Ltd

2594 840 70 4493 37 76 76 400 1150 2442 238 600 80 591 978 34 110 234 635 222 716 3105 300 180 32 107 303 2455 168 600 221 145 147 187 1620 3516 34 560 185 250 88 267 120 180 307 418 215 594

PE

Open

1.98 6.96 22.56 1.93 5.00 5.56 0.25 15.25 0.80 18.55 5.61 459.03 0.60 1.49 1.85 1.96 1.81 0.61 1.15 2.00 - 35.75 1.35 2.91 0.22 4.31 0.58 25.00 0.69 68.99 3.16 50.40 0.44 10.60 0.80 4.00 3.24 45.45 0.70 1.65 4.30 7.68 0.34 1.20 1.17 5.03 4.11 2.00 9.26 1.62 17.33 0.37 0.30 3.71 26.00 0.57 15.00 3.68 23.88 5.15 57.51 2.00 2.45 19.22 0.95 14.64 0.94 0.27 7.00 2.45 5.00 2.99 175.68 0.71 37.00 - 97.99 6.71 53.05 0.54 4.22 3.25

-

High

High Low 963.60 952.98 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.55 8.64 Low

Close 958.93 Listed cap 47,070.70 mn Payout (%) 16.68

Close Chg

Volume

2.19 1.95 1.95 -0.03 22.00 22.00 22.00 -0.56 5.05 5.05 5.05 0.05 5.78 5.53 5.64 0.08 15.40 15.00 14.95 -0.30 19.22 18.40 19.06 0.51 481.98 460.11 476.86 17.83 1.54 1.50 1.49 0.00 2.18 1.80 2.15 0.30 1.93 1.74 1.88 0.07 0.95 0.65 0.61 0.00 1.21 1.04 1.16 0.01 2.79 2.00 2.50 0.50 35.85 35.50 35.75 0.00 3.00 2.01 2.05 -0.86 4.50 4.50 4.31 0.00 25.85 24.25 24.25 -0.75 70.98 66.00 70.98 1.99 50.05 50.01 50.01 -0.39 10.50 10.50 10.50 -0.10 4.11 3.92 4.02 0.02 45.50 44.11 45.43 -0.02 0.99 0.70 0.99 0.29 4.61 4.25 4.30 0.00 7.00 6.68 7.00 -0.68 1.24 1.00 1.24 0.04 1.20 1.03 1.16 -0.01 4.44 4.00 4.38 0.27 9.26 9.26 9.26 0.00 18.25 17.50 17.52 0.19 0.40 0.40 0.40 0.03 0.59 0.16 0.35 0.05 27.30 26.40 27.30 1.30 14.50 14.10 14.10 -0.90 24.25 23.41 23.94 0.06 58.27 57.32 58.01 0.50 2.20 1.90 2.00 0.00 20.22 18.25 19.60 0.38 14.50 14.50 14.64 0.00 0.97 0.71 0.97 0.03 7.25 6.90 6.95 -0.05 5.49 4.60 5.03 0.03 177.98 174.50 175.22 -0.46 37.00 37.00 37.00 0.00 98.00 97.00 98.00 0.01 54.25 51.95 53.68 0.63 0.79 0.60 0.65 0.11 4.00 2.25 3.25 0.00

78806 2500 500 926331 950 8318 663 112 5463 828 261 169701 1021 225 25261 200 5001 3311 501 49889 136326 1646 4385 1002 300 1845 2858 52985 500 1360 1190 3012 2600 4598 239623 564211 118 3605 400 5319 6303 5021 576 246 20541 62361 17501 109

Change 3.62 Market cap 124,254.99 mn Div Yield (%) 2.64

Last 60 days High Low 3.25 23.13 5.98 9.79 18.41 23.27 603.00 2.20 3.40 2.85 1.43 1.85 4.00 49.05 5.00 5.40 28.74 102.24 53.65 11.68 5.20 50.74 2.00 6.00 9.88 1.79 1.90 5.58 10.00 18.89 0.75 0.77 28.35 17.95 29.50 66.75 2.85 21.21 16.90 1.74 9.35 7.40 215.44 42.00 117.40 54.25 1.49 4.80

-

-

-

PHARMA AND BIO TECH

-

-

Performance of SR Pharma and Bio Tech Index

Tri-Pack Films

300

166.90 165.10 166.24 0.76

6719

172.00

126.51

100

-

-

-

Open 956.34 Turnover 72,412 P/E (x) 6.50

INDUSTRIAL ENGINEERING Performance of SR Industrial Engineering Index

Ghandhara Ind

213

9.73

Millat Tractors

366

8.23 539.63

8.17

8.45

8.10

15926

8.17

0.00

378

543.00 536.00 541.79

2.16

54495

Last 60 days High Low 239.00

Pakistan Int Airline Corp Ltd

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

41.81

Total Assets (Rs in mn)

160,013.18

MA (10-day)

2.32

Total Equity (Rs in mn)

(20,772.84)

MA (100-day)

2.54

Revenue (Rs in mn)

MA (200-day)

2.40

Interest Expense

1st Support

2.30

Loss after Taxation

2nd Support

2.21

EPS 09 (Rs)

(2.72)

1st Resistance

2.44

Book value / share (Rs)

(8.92)

2nd Resistance

2.49

PE 10 E (x)

Pivot

2.35

PBV (x)

94,563.77 9,243.77 (5,822.43)

(0.26)

PIAA closed up 0.04 at 2.33. Volume was 59 per cent below average (consolidating) and Bollinger Bands were 35 per cent narrower than normal. The company's loss after taxation stood at Rs4.244 billion which translates into a Loss Per Share of Rs1.71 for the 1st quarter of current calendar year (1QCY11). PIAA is currently 3.1 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of PIAA at a relatively equal pace. Trend forecasting oscillators are currently bearish on PIAA.

Dewan Salman Fibre Limited

199.05

2010 Div BR (%) (%) 400

10.84

8.01

-

547.70

487.01

650

2011 Div BR (%) (%)

-

-

-

High Low 976.20 950.31 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.45 22.31

Close 957.44 Listed cap 3,904.20 mn Payout (%) 44.54

Change 1.10 Market cap 31,129.74 mn Div Yield (%) 6.85

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

Abbott (Lab) XD

979

5.62

91.78

92.00

90.49

91.66 -0.12

11002

94.00

GlaxoSmithKline

1963

10.53

Company

73.28

Highnoon (Lab)XDXB

182

6.02

25.81

Otsuka Pak

100

11.06

30.88

-

Sanofi-Aventis

-

-

Searle Pak

306

5.76

25B325.00

-

Wyeth Pak

142

8.83 853.00

96

- 146.39 59.00

76.00

49988

90.00

2011 Div BR (%) (%) -

40

15B

25.85

26.00

0.19

2392

25

10B

-

-

32.42

1.54

7650

33.89

29.50

-

-

15

-

4.60

401

168.00

134.00

100

-

-

-

0.00

358

66.15

58.05

30

-

-

-

859.00 812.21 816.00 -37.00

620

1050.00

800.00

10

-

-

-

24.50

-

-

29.54

33.50

68.00

-

26.00

59.00

0.40

-

% Change 0.12 5-Day High 973.72 5-Day Low 956.34

2010 Div BR (%) (%) 50

-

32.42

58.80

73.68

78.59

2011 Div BR (%) (%)

153.70 150.99 150.99 59.97

73.00

2010 Div BR (%) (%)

Fundamental Highlights As on Jun 30, 2010

Technical Analysis

-

% Change 0.38 5-Day High 958.93 5-Day Low 955.03

1.81 - 30B 18.55 20 4.41 4.40 10.90 - 15B 13.00 20 411.00 280 0.77 5 1.65 1.50 0.25 0.95 1.30 34.50 5 15B 1.81 3.02 24.01 35 66.00 70 34.00 12.5 7.00 10 20B 3.50 10 43.02 20 0.63 3.05 10 6.68 6 0.71 1.01 3.60 7.85 22.5 16.70 15 100R 0.31 0.16 23.75 20 14.10 20SD 22.30 15 56.80 25 45R 1.01 12.50 13.60 30 0.40 4.40 10 4.10 - 100R 154.00 75 35.77 50 97.00 80 20B 44.10 50 900B 0.23 2.25 -

-

% Change 0.41 5-Day High 1,618.74 5-Day Low 1,563.78

2011 Div BR (%) (%)

Performance of SR Personal Goods Index

-

Change 6.68 Market cap 32,854.81 mn Div Yield (%) 17.47

2010 Div BR (%) (%)

PERSONAL GOODS

32.5

Volume

PAKRI closed up 0.90 at 17.14. Volume was 322 per cent above average (trending) and Bollinger Bands were 5 per cent narrower than normal. The company's profit after taxation stood at Rs214.513 million which translates into an Earning Per Share of Rs0.72 for the 1st quarter of current calendar year (1QCY11). PAKRI is currently 6.6 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into PAKRI (mildly bullish). Trend forecasting oscillators are currently bearish on PAKRI.

% Change 1.39 5-Day High 738.61 5-Day Low 723.17

-

3.55

3.06

-

PE

103.01

Close Chg

-

1219

15.21

Low

25B

2011 Div BR (%) (%)

Paid up Cap(mn)

124.50

High

2010 Div BR (%) (%)

Change 10.14 Market cap 4,086.34 mn Div Yield (%) 4.70

4689

236.00 232.85 235.13

0.90 22.62

Performance of SR Household Goods Index

582

Open

% Change 0.73 5-Day High 2,118.86 5-Day Low 2,090.45

PE

110.00 104.10 106.75 0.66

PE

15B

Paid up Cap(mn)

Company

54.00

4.06 232.07

20B 15B 65.00

0.00 269.91

FOOD PRODUCERS Open 2,103.48 Turnover 64,355 P/E (x) 45.43

12.77

215

2011 Div BR (%) (%)

180.00 120.30

5.58

Paid up Cap(mn)

2010 Div BR (%) (%)

2.45 26.17 4.50

2.50

AL-Ghazi Tractor

% Change 0.03 5-Day High 1,137.72 5-Day Low 1,132.87

216.30 153.93

389

Company

-

665 7166

844 17.79 106.09

Close 1,618.74 Listed cap 1,336.62 mn Payout (%) 131.49

-

24864 14831 18702

1067

High Low 1,622.16 1,602.34 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 2.86 38.02

-

0.03 1.09 0.01

1.58 23.40 2.81

MACPAC Films

Open 1,612.06 Turnover 70,804 P/E (x) 7.53

15

Change 0.34 Market cap 42,162.48 mn Div Yield (%) 5.32

Packages Ltd

6.48 165.48

54.90 13.34

25.18

Performance of SR Food Producers Index

2011 Div BR (%) (%)

27.00

High Low 862.92 842.81 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.41 7.10

Close Chg

210.00 209.00 209.55 -0.45 147.00 146.00 146.21 -0.41

1.55 22.31 2.80

% Change 1.13 5-Day High 1,015.93 5-Day Low 1,004.02

1.86

Open 849.14 Turnover 1,863,980 P/E (x) 5.77

Low

4.46 -

Singer Pak XB Tariq Glass Ind

Change 11.32 Market cap 9,403.40 mn Div Yield (%) 10.00

Last 60 days High Low

Volume

High

0.22

High Low 1,139.93 1,121.61 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.97 25.35

1087 598 450

Pak Elektron

Performance of SR Industrial Metals and Mining Index Close 1,015.93 Listed cap 3,596.11 mn Payout (%) 30.91

Fundamental Highlights As on Dec 31, 2009

Technical Analysis 58.66

Dewan Motors General Tyre Ghandhara Nissan

2011 Div BR (%) (%)

INDUSTRIAL METALS AND MINING High Low 1,043.70 999.26 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.02 33.10

2011 Div BR (%) (%)

15.64

% Change -0.49 5-Day High 1,094.90 5-Day Low 1,070.40

Paid up Cap(mn)

Open 1,004.62 Turnover 487,193 P/E (x) 3.09

2010 Div BR (%) (%)

MA (10-day)

Paid up Cap(mn)

Indus Motors Pak Suzuki

% Change 0.13 5-Day High 698.84 5-Day Low 681.84

HOUSEHOLD GOODS

Century Paper

Company

Pakistan Reinsurance Co Ltd

RSI (14-day)

Performance of SR Forestry & Paper Index Open 1,094.90 Turnover 19,030 P/E (x) 5.62

Change 0.92 Market cap 11,767.43 mn Div Yield (%) 2.18

-

1106 10.22

Nimir Ind Chemical

Close 698.84 Listed cap 3,242.17 mn Payout (%) 11.08

8.36

Open 1,134.95 Turnover 132,172 P/E (x) 3.84 Company

High Low 707.24 693.87 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.30 25.53

1321

-

3.10

3933 6635

Ghani Gases Ltd

-

1663519 238.50

Engro Corporation Ltd Engro Polymer Fatima Fertilizer

192.00 188.55 191.57 0.74

20,296.86 20,313.76 20,122.02 h155.47

Paid up Cap(mn)

PNSC

-

4813

2.15

Company

2011 Div BR (%) (%)

1996

-

63.31 1.15

-

1020 11.10

8.56 190.83

62.15

2010 Div BR (%) (%)

18.02

Descon Chemical

3663

63.95

615

% Change 0.65 5-Day High 1,828.89 5-Day Low 1,817.09

Descon Oxychem Ltd. Dewan Salman

62.16

162.89 159.05 160.85 -0.15

Open 697.92 Turnover 2,331 P/E (x) 5.07

Atlas Battery Atlas Honda

CHEMICALS Performance of SR Chemicals Index Open 1,817.09 Turnover 9,670,828 P/E (x) 8.65

Current High Low Change

11,590.95 11,601.81 11,469.64 h50.21

Alert ! Unusual Movements

Performance of SR Industrial Transportation Index

Close Change 1,485.68 15.05 Listed cap Market cap 65,194.15 mn 1,101,932.62 mn Payout (%) Div Yield (%) 55.94 5.48

Attock Petroleum

BYCO Petroleum

Current High Low Change

KMI 30 Index

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,470.64 Turnover 3,538,312 P/E (x) 10.20

KSE 30 Index

-

RSI (14-day)

36.97

Total Assets (Rs in mn)

15,343.38

MA (10-day)

2.28

Total Equity (Rs in mn)

(7,218.97)

MA (100-day)

2.76

Revenue (Rs in mn)

MA (200-day)

2.31

Interest Expense

1st Support

2.10

Loss after Taxation

2nd Support

2.03

EPS 10 (Rs)

(4.176)

1st Resistance

2.27

Book value / share (Rs)

(19.71)

2nd Resistance

2.37

PE 11 E (x)

Pivot

2.20

PBV (x)

137.50 125.73 (1,529.67)

(0.11)

DSFL closed up 0.07 at 2.22. Volume was 23 per cent below average and Bollinger Bands were 0 per cent wider than normal. The company's loss after taxation stood at Rs738.311 million which translates into a Loss Per Share of Rs2.02 for the nine months of fiscal year (9MFY11). DSFL is currently 3.9 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of DSFL at a relatively equal pace. Trend forecasting oscillators are currently bearish on DSFL.

Hira Textile Mills Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

33.89

Total Assets (Rs in mn)

3,356.84

MA (10-day)

4.19

Total Equity (Rs in mn)

1,312.24

MA (100-day)

4.22

Revenue (Rs in mn)

3,116.91

MA (200-day)

4.09

Interest Expense

263.53

1st Support

3.89

Profit after Taxation

248.83

2nd Support

3.81

EPS 10 (Rs)

3.478

1st Resistance

4.08

Book value / share (Rs)

18.34

2nd Resistance

4.19

PE 11 E (x)

0.80

Pivot

4.00

PBV (x)

0.22

HIRAT closed up 0.02 at 4.02. Volume was 1 per cent above average and Bollinger Bands were 11 per cent wider than normal. The company's profit after taxation stood at Rs269.197 million which translates into an Earning Per Share of Rs3.76 for the nine months of fiscal year (9MFY11). HIRAT is currently 1.7 per cent below its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of HIRAT at a relatively equal pace. Trend forecasting oscillators are currently bearish on HIRAT.

BOOK CLOSURES Company

From

To

(TFC) Telecard Shams Textile Mills # Gharibwal Cement # Fauji Fertiliser JS Value Fund JS Growth Fund Shakarganj Mills # Pakistan Telephone Cables Haydari Construction # Fazal Cloth Mills # Nimir Ind Chemicals Thatta Cement Sapphire Fibres Sapphire Textile Mills Habib ADM # Cherat Papersacek # Husein Sugar Mills # MCB Bank Shaheen Insurance # Ittehad Chemicals # (TFC) Engro Fertiliser

21-May 21-May 22-May 23-May 24-May 24-May 24-May 25-May 26-May 27-May 27-May 28-May 28-May 28-May 29-May 30-May 31-May 02-Jun 03-Jun 04-Jun 04-Jun

27-May 28-May 30-May 29-May 30-May 30-May 31-May 30-May 02-Jun 02-Jun 02-Jun 03-Jun 03-Jun 03-Jun 04-Jun 06-Jun 06-Jun 09-Jun 10-Jun 10-Jun 17-Jun

D/B/R 45(I) 5(I) 7.5(I) 25(R) 30(I) -

Spot AGM/Date 13-May 16-May 16-May 25-May -

28-May 30-May 31-May 30-May 02-Jun 30-May 04-Jun 06-Jun 06-Jun 10-Jun 10-Jun -

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols Climax Eng. Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shezan International Grays of Cambridge Pak Tobacco Co. Media Times LtdXR P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies Pak Telephone

Open 2.34 49.52 2.53 107.5 152.56 32.34 93.7 13.94 2.29 38 2.72 20.51 3.01

High 1.51 50 2.7 111 152 33.95 93.6 14.92 2.4 38.65 2.95 20.84 3.5

Low Close 1.51 49.6 2.51 107.5 144.94 32.55 91.55 14.92 2.26 36.5 2.69 20.3 3.05

1.51 49.95 2.53 108.99 145.69 33.95 91.56 14.92 2.33 38 2.87 20.56 3.01

Change -0.83 0.43 0 1.49 -6.87 1.61 -2.14 0.98 0.04 0 0.15 0.05 0

Vol 500 763 237981 9527 348 1453 4026 501 154538 412 367246 112867 101


6

Saturday, May 21, 2011

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 970.43 Turnover 675,732 P/E (x) 5.36 Paid up Cap(mn)

Company

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

PE

78 29.33 37740 13.80 3000 2.83 8606 6175 -

Open

High Low 981.08 966.71 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.69 12.84

High

30.50 16.83 1.64 2.08 2.54

Low

30.00 16.93 1.76 2.21 2.69

29.00 16.76 1.66 2.08 2.48

Close Chg 30.50 16.83 1.67 2.13 2.50

0.00 0.00 0.03 0.05 -0.04

Close 972.29 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 325 226661 229208 219538 22257

66.49 18.39 2.35 2.89 3.50

29.00 16.05 1.40 1.94 2.41

280

3.88

9.98

10.79

10.20

10.41 0.43

3700

12.49

9.15

Central Insurance

391

1.49

68.00

69.95

67.00

68.62 0.62

5530

115.90

65.00

457

4.63

8.34

8.38

8.37

8.34 0.00

200

10.85

1250 12.31

32.59

33.50

32.30

32.98 0.39

7922

38.90

Century Insurance

Change 1.86 Market cap 67,633.27 mn Div Yield (%) 11.67

Last 60 days High Low

Ask Gen Insurance XB

% Change 0.19 5-Day High 972.29 5-Day Low 962.39

2010 Div BR (%) (%) 80 17.5 1 -

2011 Div BR (%) (%)

- 15.00 -

EFU General Insurance

Paid up Cap(mn)

Company

Genertech Hub Power Japan Power KESC Kohinoor Energy Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Sitara Energy Ltd Southern Electric

198 11572 1560 7932 1695 8803 3673 3541 191 1367

PE

Open

High

Low

7.47 5.13 5.50 2.93 2.40 6.09 -

0.60 36.95 1.25 2.33 16.75 42.60 16.07 16.33 22.39 1.34

0.75 37.30 1.25 2.37 17.00 43.09 16.35 16.85 22.50 1.39

0.58 36.80 1.13 2.31 16.75 42.56 16.06 16.30 21.50 1.26

Close 1,342.39 Listed cap 95,369.29 mn Payout (%) 104.13

Change 9.13 Market cap 104,661.74 mn Div Yield (%) 7.74

Close Chg

Volume

Last 60 days High Low

0.62 37.21 1.16 2.32 16.99 42.82 16.28 16.79 22.00 1.28

605 457161 39074 34043 1000 30275 133126 416917 4329 49566

0.85 40.75 1.70 2.89 18.50 44.99 17.00 17.75 23.26 1.98

0.02 0.26 -0.09 -0.01 0.24 0.22 0.21 0.46 -0.39 -0.06

0.49 35.90 0.97 2.25 15.41 40.26 14.05 14.85 15.35 1.13

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

7.8R -

2011 Div BR (%) (%) 25.00 10.00 30.00 10.00 -

8.00

10

-

-

-

Symbols

29.01

12.5

-

-

-

HUSS MUCLR BUXL SGLL NESTLE ULEVER SITC SFL BAPL UPFL ATIL ALQT PPP SAPT NBF SIEM MYBL SAIF HWQS AGIL PAKMI JDMT FECM IDYM RUPL SNAI TREI BILF MFTM DWSM COLG EMCO IGIBL YOUW CHCC STCL ECOP STPL UDPL FEM HAJT COTT PMPK DWAE PICT MFFL MODAM SCLL DKTM IDSM OLTM SHSML TSPL MERIT HADC FDMF CSM DCM SIBL FZTM GUTM JKSM KOHTM OLSM

450

7.76

11.40

11.50

11.10

11.18 -0.22

2175

16.05

11.00

25 12.5B

-

-

5.90

70.50

72.10

70.98

71.25 0.75

29920

103.00

65.10

30

55B 10.00

-

New Jub InsuranceXDXB 989 10.30 Pak Reinsurance XD

57.49

60.36

55.16

58.61 1.12

15403

74.90

51.16

20

25B

-

-

3000

5.95

16.24

17.24

16.50

17.14 0.90

4565816

20.80

12.43

30

-

-

-

PICIC Ins Ltd

350

8.90

9.79

10.79

10.45

10.68 0.89

1624

13.00

7.08

-

-

-

-

Premier Insurance XD

303

3.58

8.13

8.11

8.02

8.03 -0.10

17548

13.27

8.00

25

-

-

-

Silver Star Insurance XB 291

0.90

5.30

5.97

4.92

5.12 -0.18

5002

7.51

4.56

-

15B

-

-

United Insurance

1.86

5.03

5.40

5.01

5.36 0.33

2599

8.49

4.75

-

24B

-

-

496

LIFE INSURANCE Performance of SR Life Insurance Index Open 811.87 Turnover 4,771 P/E (x) 5.32

High Low 826.77 806.29 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.37 3.85

Close 824.76 Listed cap 2,290.72 mn Payout (%) 355.53

Change 12.88 Market cap 9,203.17 mn Div Yield (%) 4.06

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

500 850

6.20 8.36

16.12 58.09

16.19 59.60

15.65 58.99

16.12 0.00 59.52 1.43

300 2342

17.98 64.50

14.02 50.70

50

-

-

-

New Jub Life Insurance

627 13.99

51.87

52.25

49.55

52.03 0.16

2129

54.00

42.01

15

-

-

-

Company

Paid up Cap(mn)

Company Sui North Gas Sui South Gas

Change 8.29 Market cap 28,447.95 mn Div Yield (%) 8.06

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 13.21 8390 4.92

18.31 21.73

18.55 21.90

18.39 21.61

18.50 0.19 21.80 0.07

98977 5956

21.87 26.15

Paid up Cap(mn)

Allied Bank Limited Askari Bank XB Bank Alfalah Bank AL-Habib Bank Of Khyber Bank Of Punjab BankIslami Pak Faysal Bank Habib Bank Ltd

8603 7070 13492 8786 5004 5288 5280 7327 11021 Habib Metropolitan Bank XB 10478 JS Bank Ltd 8150 KASB Bank Ltd 9509 MCB Bank Ltd 8362 Meezan Bank XB 8030 National Bank 16818 Network Mic Bank 300 NIB Bank XR 40437 Samba Bank 14335 Silkbank Ltd 26716 Soneri Bank 6023 Stand Chart Bank 38716 Summit Bank Ltd 7251 United Bank Ltd 12242

PE

% Change 0.65 5-Day High 1,276.43 5-Day Low 1,268.15

2010 Div BR (%) (%)

2011 Div BR (%) (%)

Open 280.47 Turnover 3,538,346 P/E (x) 11.56

High Low 290.90 274.59 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.18 0.91

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

225

0.94

0.45

0.46

0.40

0.45 0.00

Close 284.89 Listed cap 30,336.44 mn Payout (%) 99.56

Change 4.42 Market cap 13,766.46 mn Div Yield (%) 4.88

Last 60 days High Low

Volume

1237

6.97

22.18 0.18

2190

24.97

20.40

-

-

-

20B

14.65

14.79

14.41

14.76 0.11

3501

22.80

12.01

-

20B

-

-

21.40

21.10

21.26 0.03

221295

26.14

18.75

30

-

-

-

441

-

2.00

2.25

1.71

2.00 0.00

4232

3.00

1.60

-

-

-

-

First Credit & Invest Bank Ltd 650

-

4.90

5.00

4.30

4.96 0.06

70388

6.00

2.30

-

-

-

-

First National Equity

575

-

2.41

2.86

1.61

2.64 0.23

825

5.80

1.56

-

-

- 140R

-

215

-

2.90

-

600 21.59

3.00

3.00

2.90 0.00

379

4.00

1.34

-

-

-

7.99

7.96

7.56

7.99 0.00

207

9.29

5.15

11.5

-

-

-

-

0.33

0.39

0.30

0.35 0.02

11005

1.20

0.22

-

-

-

-

3166

-

2.70

2.85

2.66

2.75 0.05

27513

3.67

2.45

-

10B

-

-

Performance of SR Banks Index

Ist Dawood Bank

626

0.65

1.50

1.49

1.40

1.45 -0.05

27547

2.00

1.24

-

-

-

-

Jah Siddiq Co

7633

-

6.94

7.18

6.80

7.10 0.16

3093362

10.05

4.82

10

-

-

-

JOV and CO

508

-

2.67

2.75

2.63

2.69 0.02

195541

3.98

2.31

-

-

-

-

JS Global Cap

500

6.01

19.95

20.95

18.96

20.91 0.96

13662

27.00

16.42

50

-

-

-

JS Investment

1000 43.75

5.23

5.45

5.05

5.25 0.02

30756

6.43

4.53

-

-

-

-

ENGRO-MAY 191.44

KASB Securities

Open

High

High Low Close 1,152.70 1,128.95 1,144.88 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.02 13.94 40.49 Low

Close Chg

61.85 61.00 61.55 0.06 11.90 11.35 11.82 0.51 10.60 10.27 10.55 0.17 28.55 28.26 28.46 0.09 5.75 5.54 5.72 -0.01 5.15 5.00 5.07 0.05 3.90 3.61 3.75 -0.06 9.49 9.03 9.26 -0.02 121.90 116.89 118.87 1.52 17.89 17.09 17.32 0.24 2.54 2.30 2.33 0.00 1.41 1.35 1.40 -0.05 208.00 205.20 207.79 1.73 17.50 16.60 17.50 0.00 51.70 51.00 51.55 0.36 2.64 1.70 2.59 0.15 1.61 1.50 1.58 0.03 1.95 1.90 1.90 -0.03 2.98 2.83 2.86 -0.09 6.19 6.00 6.03 -0.07 8.45 8.21 8.41 -0.03 2.83 2.67 2.76 0.03 64.00 63.40 63.95 -0.01

Volume

25B

Change 8.03 Market cap 676,495.99 mn Div Yield (%) 5.54

Last 60 days High Low

12215 70.00 653293 14.90 7932749 11.20 290020 36.95 7386 6.25 275546 7.60 5673 4.18 117940 14.44 71712 131.00 23700 25.00 70925 3.16 45456 1.69 534913 230.80 2101 19.70 596252 81.78 112803 3.49 1260786 2.70 56150 2.20 630547 3.00 2422 6.99 1700 9.90 514074 3.58 127035 67.25

20 15

57.00 10.90 8.75 26.95 3.30 4.51 3.18 9.00 104.16 17.00 2.06 1.16 192.20 16.26 49.57 0.76 1.50 1.50 2.02 5.00 6.28 2.36 56.70

-

-

% Change 0.71 5-Day High 1,144.88 5-Day Low 1,132.06

2010 Div BR (%) (%)

2011 Div BR (%) (%)

40 10B - 10B 20 20B - 20B 65 10B - 20B - 33R -105.16R 115 10B 30.00 - 15B 75 25B -154.79R -63.46R - 311R 6 50 -

20R -

Open 64.88

High 65.25

High Low 744.94 723.77 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.55 5.20 Low 64.56

Close Chg 64.98 0.10

Close 737.43 Listed cap 11,111.34 mn Payout (%) 79.54

Volume 149441

Change 10.66 Market cap 45,838.14 mn Div Yield (%) 7.52

Last 60 days High Low 83.40

62.00

% Change 1.47 5-Day High 737.43 5-Day Low 720.40

2010 Div BR (%) (%) 25

2011 Div BR (%) (%)

-

-

-

Grays Leasing

22.00

2011 Div BR (%) (%)

21.23

Escorts Bank

22.95

-

2.85

450 15.54

Arif Habib Corp

22.00

-

2849

Open 726.76 Turnover 4,806,930 P/E (x) 10.58

Adamjee Insurance XD

5.66

2010 Div BR (%) (%)

0.34

3750

Arif Habib Limited

360

0.93

Ist Cap Securities

17.64 20.52

Performance of SR Non Life Insurance Index

PE

Arif Habib Investments

61066

9.94 0.09 7.40 22.92 3540.88 5214.70 102.00 118.00 7.31 1399.22 26.99 11.53 41.40 123.89 4.50 1024.06 2.10 8.04 11.25 72.24 0.73 13.89 2.99 294.76 38.51 37.43 1.40 1.09 1.00 2.51 725.00 1.60 1.75 1.31 9.16 6.12 1.36 9.02 15.50 1.40 0.62 2.03 221.06 1.03 71.00 74.00 1.25 2.52 1.74 6.98 0.50 8.41 0.95 28.62 0.40 1.92 0.58 1.50 2.00 300.00 20.00 6.05 1.50 1.70

Invest Bank

6.07 61.49 5.37 11.31 5.55 10.38 6.03 28.37 2.55 5.73 5.02 10.14 3.81 7.02 9.28 7.42 117.35 4.98 17.08 46.60 2.33 1.45 8.40 206.06 5.99 17.50 4.05 51.19 2.44 1.55 23.75 1.93 17.88 2.95 3.02 6.10 6.78 8.44 2.73 7.51 63.96

Paid up Cap(mn)

AMZ Ventures

% Change 1.58 5-Day High 292.23 5-Day Low 280.47

Open

BANKS

NON LIFE INSURANCE

Company

2011 Div BR (%) (%)

FINANCIAL SERVICES

Company

Close 1,276.43 Listed cap 12,202.80 mn Payout (%) 66.79

PE

Open 1,136.85 Turnover 12,831,347 P/E (x) 7.31 Company

High Low 1,281.17 1,266.95 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.95 11.41

2010 Div BR (%) (%)

Performance of SR Financial Services Index

Performance of SR Gas Water and Multiutilities Index Open 1,268.15 Turnover 104,933 P/E (x) 8.29

% Change 1.59 5-Day High 824.76 5-Day Low 802.27

American Life EFU Life Assurance

-

GAS WATER AND MULTIUTILITIES

-

970

-

% Change 0.69 5-Day High 1,342.39 5-Day Low 1,330.29

-

Habib Insurance

Performance of SR Electricity Index High Low 1,348.47 1,328.10 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.26 9.35

-

50B

IGI Insurance XD

ELECTRICITY Open 1,333.25 Turnover 1,166,098 P/E (x) 13.45

-10B 25R

UPTO 100 VOLUME

-

25

Invest and Fin Sec

High 10.90 0.69 7.50 22.91 3598.00 5280.00 97.52 123.90 7.50 1400.00 26.35 11.41 43.30 130.08 4.60 1025.00 2.30 8.20 12.25 71.06 1.07 14.00 3.00 302.75 39.49 38.50 1.40 1.48 0.91 3.24 710.00 2.19 1.94 1.62 10.15 6.48 1.50 9.98 15.75 1.75 0.99 2.15 224.99 1.37 71.79 77.00 1.40 2.79 1.10 7.00 0.37 9.30 1.00 29.00 0.57 2.20 0.59 1.35 2.44 315.00 20.86 6.89 0.52 0.71

Low

Close

10.90 0.69 7.50 22.91 3432.01 5175.50 97.15 123.90 7.50 1400.00 26.35 10.53 41.01 130.00 4.10 1005.01 2.10 7.40 12.25 71.05 1.05 13.00 3.00 302.75 39.49 38.50 1.11 1.48 0.91 2.16 710.00 2.19 1.75 1.15 9.20 5.37 1.37 8.57 15.75 1.50 0.08 1.06 224.99 1.00 70.51 77.00 1.40 2.79 1.10 6.00 0.35 8.07 1.00 28.99 0.35 2.20 0.59 1.35 2.44 315.00 20.86 6.89 0.52 0.71

9.94 0.09 7.40 22.92 3559.81 5279.90 102.00 118.00 7.31 1400.00 26.99 11.41 41.40 123.89 4.50 1024.06 2.10 8.04 11.25 72.24 0.73 13.89 2.99 294.76 38.51 37.43 1.40 1.09 1.00 2.51 725.00 1.60 1.75 1.31 9.16 6.12 1.36 9.02 15.50 1.40 0.62 2.03 221.06 1.03 71.00 74.00 1.25 2.52 1.74 6.98 0.50 8.41 0.95 28.62 0.40 1.92 0.58 1.50 2.00 300.00 20.00 6.05 1.50 1.70

Change

Vol

0.00 0.00 0.00 0.00 18.93 65.20 0.00 0.00 0.00 0.78 0.00 -0.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

100 100 100 78 73 67 62 60 60 55 50 50 44 41 29 24 23 20 20 15 14 11 10 10 10 9 9 5 5 5 5 5 4 4 4 4 4 4 4 3 3 3 3 3 3 3 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1

FUTURE CONTRACTS Symbols

Open

High 192.30

Low

Close

189.00

191.98

Change 0.54

Vol 456500

1000

-

3.30

3.50

3.25

3.27 -0.03

942

4.97

3.10

-

-

-

-

DGKC-MAY

21.57

22.00

21.45

21.79

0.22

381000

Orix Leasing

821

3.21

5.28

5.48

5.27

5.30 0.02

4418

6.40

5.00

-

-

-

-

NBP-MAY

51.32

51.75

51.07

51.65

0.33

220000

Pervez Ahmed Sec

775

5.82

1.68

1.70

1.60

1.63 -0.05

60692

2.49

1.21

-

-

-

-

Trust Brokerage

100

-

2.75

2.75

2.75

2.75 0.00

200

5.90

1.11

-

-

-

-

Trust Inv Bank

586

0.34

1.38

1.40

1.40

1.38 0.00

300

2.00

0.61

-

-

-

-

EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,489.69 Turnover 765,896 P/E (x) 20.06 Paid up Cap(mn)

Company 1st Fid Leasing

PE

Open

High Low 1,514.14 1,483.64 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.44 2.21

High

Low

Close Chg

Close 1,499.79 Listed cap 29,771.58 mn Payout (%) 104.74

Change 10.10 Market cap 19,216.10 mn Div Yield (%) 8.11

Last 60 days High Low

Volume

2010 Div BR (%) (%)

2011 Div BR (%) (%)

264

-

1.25

1.50

1.50

1.25 0.00

2.35

1.15

-

-

-

-

1375

4.52

10.47

10.58

10.41

10.54 0.07

51437

11.20

8.95

18.5

-

5.00

-

Atlas Fund of Funds

525

1.73

6.55

6.50

6.50

6.50 -0.05

63000

6.97

5.00

2.2

-

-

-

B R R Guardian Mod.

780

2.24

2.01

2.43

1.41

2.15 0.14

4907

2.91

1.12

0

-

-

-

AL-Meezan Mutual F.

Constellation Modaraba

102

% Change 0.68 5-Day High 1,499.79 5-Day Low 1,484.89

65

3.13

1.47

1.98

1.47

1.47 0.00

1590

1.99

0.90

-

-

-

-

760

2.19

3.19

3.32

3.21

3.30 0.11

80224

3.95

2.92

17

-

-

-

Habib Modaraba

1008

4.02

7.60

7.75

7.75

7.75 0.15

500

8.44

6.99

21

-

-

-

JS Growth FundSPOT

3180

2.49

7.15

7.28

7.15

7.25 0.10

172860

7.45

4.76

12.5

-

-

-

JS Value FundSPOT

1186

0.63

6.00

6.10

5.92

6.02 0.02

96211

6.68

4.20

10

-

5.00

-

Meezan Balanced Fund

1200

2.73

9.25

9.50

9.50

9.50 0.25

500

9.83

8.12

15.5

-

-

-

59

5.65

10.00

10.48

9.99

10.34 0.34

880

10.48

8.05

18

-

-

-

PICIC Energy Fund

1000

2.14

7.10

7.40

7.15

7.25 0.15

1951

8.50

6.92

10

- 10.00

-

PICIC Growth Fund

2835

2.64

12.92

12.85

12.77

12.85 -0.07

20100

13.80

12.00

20

- 12.50

-

PICIC Inv Fund

2841

2.21

5.60

5.65

5.59

5.60 0.00

250092

6.56

5.10

10

-

7.50

-

Prud Modaraba 1st

872

1.53

0.96

0.94

0.80

0.84 -0.12

12700

1.10

0.80

3

-

-

-

Punjab Modaraba

340

-

0.68

1.00

0.90

0.68 0.00

332

1.99

0.50

1

-

-

-

Stand Chart Modaraba

454

5.52

9.50

10.00

9.76

9.99 0.49

4450

10.50

9.50

17

-

-

-

Tri-Star 1st Modaraba

212 50.00

0.64

1.00

0.81

1.00 0.36

4000

2.20

0.20

-

-

-

-

Golden Arrow

Paramount Modaraba

POL-MAY

326.05

NML-MAY

57.69

FFC-MAYB

138.32

328.50

325.30

58.30

57.21

139.27

138.10

328.23

2.18

197500

58.10

0.41

152500

0.59

124500

138.91

PPL-MAY

203.88

206.38

203.50

206.06

2.18

MCB-MAY

206.41

207.60

205.50

207.25

0.84

68000 52000

FFBL-MAY

41.80

42.02

41.72

42.00

0.20

48000

ATRL-MAY

122.88

123.51

122.11

123.25

0.37

48000

UBL-MAY

64.20

64.20

64.19

64.20

0.00

24000

LUCK-MAY

70.00

69.99

69.50

69.99

-0.01

10500

ABLTFC2

97.00

97.00

9.42

6000

98.50

98.50

100.00

0.00

4000

100.00

87.58

101.25

101.25

100.00

0.00

4000

16.85

17.00

16.99

16.99

0.14

3000

ENGROTFC 100.00 EFLTFC PTC-MAY

97.00

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

Total Volume 668,576 3,050 52,649 195,200 39,100 1,060,347 483,090 109,862 80,251 6,500 15,000 3,750 3,368,540 25,154 47,700 587,848 410,000 130,986 16,000 275,200 30,592 49,500 83,580 26,500 9,125 7,778,100

Total Value 10,490,311 148,359 448,440 803,137 3,604,718 8,299,412 7,834,408 15,815,386 2,508,156 676,926 415,260 120,605 37,592,048 1,318,278 7,309,763 22,371,758 7,328,880 5,660,518 1,761,161 3,387,497 7,562,818 7,592,117 17,428,517 333,648 425,996 171,238,117

MTS Rate 17 18 19 16 20 16 16 15 15 16 18 20 16 19 16 15 16 16.25

BOARD MEETINGS

Bank Al-Falah Ltd

KSE 100 INDEX

Oil & Gas Development Co Ltd

Engro Corporation

Company

Date

Time

Fateh Ind Ltd Mitchell Fruit Farms Ltd Mirza Sugar Mills Ltd Sakrand Sugar Mills Ltd Adam Sugar Mills Ltd Faran Sugar Mills Ltd Emco Ind Ltd Shell Gas LPG (Pak) Al- Abbas Sugar Mills Ltd Fecto Sugar Mills Ltd Mirpurkhas Sugar Mills Mari Gas Company Ltd

23-May 23-May 23-May 23-May 24-May 24-May 25-May 25-May 25-May 25-May 26-May 01-Jun

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

TECHNICAL LEVELS Company

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

54.09

Support 1

MA (5-day)

11,913.83

Support 2

11,789.25

MA (10-day)

11,947.98

Resistance 1

12,024.15

11,881.30

MA (100-day)

11,989.54

Resistance 2

12,074.95

MA (200-day)

11,259.36

Pivot

11,932.10

Arif Habib Ltd

Target Price

Recommendations

11.6

Hold

Arif Habib Ltd

Accumulate

AKD Securities Ltd

AKD Securities Ltd

11.75

TFD Research

14.01

Positive

Brokerage House

TFD Research

Technical Outlook Technical Analysis

Leverage Position

Brokerage House

Target Price

Recommendations

224

Buy

Arif Habib Ltd

Neutral

AKD Securities Ltd

195.41 245.4

145.25

Sell Neutral Neutral

Leverage Position

53.93 MTS Shares `000 1,060.347 10.42 MTS Rs `000 8,299.41 10.49 MTS Rate 20.00 9.84 ** NOI Rs (mn) N/A Free Float Shares (mn) 674.58 Free Float Rs (mn) 7,116.80 Target price for Dec-11 & **Net Open Interest in future market

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

BAFL closed up 0.17 at 10.55. Volume was 295 per cent above average (trending) and Bollinger Bands were 41 per cent narrower than normal. BAFL is currently 7.3 per cent above its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into BAFL (mildly bullish). Trend forecasting oscillators are currently bearish on BAFL.

ENGRO closed up 0.74 at 191.57. Volume was 25 per cent below average OGDC closed up 1.90 at 148.38. Volume was 60 per cent above average

Fauji Fertiliser Co

Dera Ghazi Khan Cement Co Ltd

Brokerage House

Target Price

Recommendations

Brokerage House

Target Price

Recommendations

Free Float Shares (mn) 176.98

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

and Bollinger Bands were 66 per cent narrower than normal.

reflect volume flowing into and out of ENGRO at a relatively equal pace. erate flows of volume into OGDC (mildly bullish). Trend forecasting oscilTrend forecasting oscillators are currently bearish on ENGRO.

Brokerage House

Arif Habib Ltd

254.9

Neutral

TFD Research

246.65

Buy Buy

AKD Securities Ltd

322.42

36.45

Positive

TFD Research

363.65

Positive

Leverage Position

Technical Analysis

Leverage Position

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

35.38 MTS Shares `000 483.09 22.14 MTS Rs `000 7,834.41 25.82 MTS Rate 15.97 26.37 ** NOI Rs (mn) 153.34 Free Float Shares (mn) 200.80 Free Float Rs (mn) 4,383.56 Target price for Dec-11 & **Net Open Interest in future market

Target Price

Hold

30.1 28.72

TFD Research

Arif Habib Ltd

Technical Outlook

Brokerage House

Recommendations

359

Arif Habib Ltd AKD Securities Ltd

Neutral

46.36 MTS Shares `000 6.50 141.65 MTS Rs `000 676.93 138.09 MTS Rate 15.00 123.78 ** NOI Rs (mn) 27.34 Free Float Shares (mn) 466.49 Free Float Rs (mn) 64,888.39 Target price for Dec-11 & **Net Open Interest in future market

Pakistan Petroleum Ltd

Target Price

Hold Reduce

Technical Analysis

lators are currently bullish on OGDC.

Pakistan Oilfields Ltd

129.4

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

and Bollinger Bands were 26 per cent narrower than normal.

the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect mod-

120.7

Technical Outlook

58.75 MTS Shares `000 16.00 147.74 MTS Rs `000 1,761.16 154.02 MTS Rate 153.16 ** NOI Rs (mn) N/A Free Float Shares (mn) 630.61 Free Float Rs (mn) 93,569.32 Target price for Dec-11 & **Net Open Interest in future market

displaying a downward trend. Volatility is extremely low when compared to displaying an upward trend. Volatility is high as compared to the average

TFD Research

144

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

ENGRO is currently 0.8 per cent below its 200-day moving average and is OGDC is currently 3.1 per cent below its 200-day moving average and is

AKD Securities Ltd

Arif Habib Ltd

109.862 15,815.39 15.85 175.74 33,903.65

Technical Analysis

KSE 100 INDEX closed up 94.57 points at 11,973.38. Volume was 51 per cent below average (consolidating) and Bollinger Bands were 60 per cent narrower than normal. As far as resistance level is concern, the market will see major 1st resistance level at 12,024.15 and 2nd resistance level at 12,074.95, while Index will continue to find its 1st support level at 11,881.30 and 2nd support level at 11,789.25. KSE 100 INDEX is currently 6.3 per cent above its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are currently bearish on INDEX.

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

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

145

Recommendations

Technical Outlook

Leverage Position

39.06 195.13 206.42 193.16

143.2

TFD Research

Positive

Technical Outlook Technical Analysis

Target Price

Technical Analysis

Leverage Position

57.21 MTS Shares `000 30.592 326.69 MTS Rs `000 7,562.82 320.95 MTS Rate 15.59 283.79 ** NOI Rs (mn) 156.32 Free Float Shares (mn) 107.94 Free Float Rs (mn) 35,501.36 Target price for Dec-11 & **Net Open Interest in future market

Buy Positive

Technical Outlook

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

Recommendations

Technical Analysis

Leverage Position

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

46.91 MTS Shares `000 49.50 204.97 MTS Rs `000 7,592.12 210.23 MTS Rate 15.25 203.49 ** NOI Rs (mn) 82.62 Free Float Shares (mn) 247.66 Free Float Rs (mn) 50,949.50 Target price for Dec-11 & **Net Open Interest in future market

FFC closed down -3.63 at 139.10. Volume was 60 per cent below average DGKC closed up 0.23 at 21.83. Volume was 63 per cent below average POL closed up 3.00 at 328.89. Volume was 55 per cent below average (con- PPL closed up 2.28 at 205.72. Volume was 27 per cent below average and (consolidating) and Bollinger Bands were 77 per cent narrower than normal.

(consolidating) and Bollinger Bands were 9 per cent narrower than normal. solidating) and Bollinger Bands were 79 per cent narrower than normal.

Bollinger Bands were 22 per cent narrower than normal.

FFC is currently 12.4 per cent above its 200-day moving average and is DGKC is currently 17.2 per cent below its 200-day moving average and is POL is currently 15.9 per cent above its 200-day moving average and is PPL is currently 1.1 per cent above its 200-day moving average and is disdisplaying a downward trend. Volatility is relatively normal as compared to displaying a downward trend. Volatility is relatively normal as compared to displaying a downward trend. Volatility is extremely low when compared to playing a downward trend. Volatility is low as compared to the average the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume reflect volume flowing into and out of FFC at a relatively equal pace. Trend reflect volume flowing into and out of DGKC at a relatively equal pace. reflect moderate flows of volume into POL (mildly bullish). Trend forecast- flowing into and out of PPL at a relatively equal pace. Trend forecasting forecasting oscillators are currently bearish on FFC.

Trend forecasting oscillators are currently bearish on DGKC.

ing oscillators are currently bearish on POL.

oscillators are currently bearish on PPL.

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

RSI 1st 2nd (14-day) Support 47.87 2.45 2.30 50.41 61.10 60.60 51.07 51.85 50.70 41.07 14.50 14.25 39.35 21.10 20.95 37.60 64.60 64.25 51.15 11.50 11.15 41.54 5.50 5.40 56.39 375.45 373.25 46.72 122.05 121.15 53.93 10.35 10.15 45.92 3.60 3.45 37.13 5.00 4.90 43.86 1.45 1.40 35.38 21.55 21.30 36.99 2.15 2.05 44.44 1.75 1.65 50.27 32.35 31.75 59.65 59.15 58.75 39.07 189.40 187.25 29.92 9.05 8.80 42.35 4.00 3.95 54.79 41.65 41.35 46.37 138.55 138.00 45.39 116.55 114.20 50.13 36.90 36.60 49.08 152.45 150.10 48.42 219.15 218.15 46.07 2.65 2.55 47.32 1.10 1.05 39.00 2.25 2.15 51.36 42.55 42.30 39.57 2.30 2.25 49.31 69.60 69.25 56.45 206.00 204.20 41.80 2.05 2.00 37.02 51.15 50.70 32.30 23.50 23.05 32.21 20.30 20.05 29.53 1.50 1.45 34.97 2.25 2.15 35.69 57.45 56.90 58.74 146.05 143.75 48.06 2.75 2.60 49.04 1.60 1.55 41.83 2.25 2.20 43.87 4.75 4.60 57.21 326.10 323.35 46.91 203.85 201.95 46.01 66.40 64.95 59.67 280.50 278.65 47.74 16.75 16.65 62.49 212.85 211.40 46.28 18.40 18.30 50.09 17.55 17.35 43.85 21.65 21.50 52.03 1.65 1.60 41.96 2.45 2.40 54.05 63.55 63.20 43.70 2.05 2.00 44.21 6.90 6.65 39.03 14.70 14.50

1st

2nd

Resistance 2.85 3.05 61.95 62.30 53.80 54.65 14.90 15.05 21.40 21.55 65.30 65.60 12.05 12.25 5.75 5.90 378.95 380.25 123.60 124.25 10.65 10.80 3.90 4.05 5.15 5.20 1.55 1.60 22.00 22.20 2.30 2.40 1.85 1.90 33.55 34.15 59.75 60.00 192.85 194.15 9.50 9.70 4.10 4.15 42.10 42.25 139.60 140.10 121.55 124.25 37.40 37.60 156.20 157.60 221.10 222.00 2.75 2.80 1.25 1.30 2.50 2.65 43.10 43.35 2.40 2.45 70.30 70.60 208.80 209.80 2.15 2.20 51.85 52.10 24.35 24.70 20.85 21.10 1.60 1.65 2.45 2.60 58.40 58.80 149.85 151.30 3.00 3.10 1.70 1.75 2.40 2.45 5.20 5.55 330.60 332.30 206.80 207.85 68.90 69.95 283.50 284.65 16.90 17.00 215.35 216.40 18.55 18.65 18.05 18.30 21.95 22.05 1.75 1.80 2.65 2.75 64.15 64.40 2.20 2.25 7.25 7.40 15.10 15.20

Pivot 2.70 61.45 52.65 14.65 21.25 64.95 11.70 5.65 376.75 122.70 10.45 3.75 5.05 1.50 21.75 2.20 1.80 32.95 59.35 190.70 9.25 4.05 41.80 139.05 119.20 37.10 153.85 220.10 2.70 1.20 2.40 42.80 2.35 69.95 207.00 2.10 51.40 23.85 20.55 1.55 2.35 57.85 147.55 2.85 1.65 2.35 5.05 327.80 204.90 67.45 281.65 16.85 213.90 18.50 17.85 21.75 1.70 2.60 63.80 2.15 7.05 14.85


US crude falls below $97 as dollar jumps OPEC unlikely to increase output targets, analysts say LONDON: Oil fell sharply on Friday with US light crude tumbling more than $2 towards $96 per barrel as the dollar rose and investors worried about the outlook for global growth and about the health of the euro-zone. The euro fell against the dollar as wariness about disagreements on how to tackle Greece's debt and ahead of a Spanish regional elections caused investors to cut back bullish euro bets before the weekend. US light crude oil futures for June, which were due to expire later on Friday, were trading around $96.40 per barrel, down $2.04 by 1400 GMT, after hitting an intra-day high of $99.60. Brent crude for July dropped $2.12 to $109.30. The West's energy watchdog, the International Energy

Indian rupee edges down MUMBAI: The Indian rupee ended a tad lower on Friday after moving in a tight band, as the dollar's gains overseas and importers' demand for the greenback offset positive local shares. The partially convertible rupee ended at 45.0100/0200 per dollar, marginally weaker than Thursday's close of 44.97/98. It traded in a narrow range of 44.8875-45.0225 during the day. Persistent dollar demand for defence and oil payments also weighed on the local unit. The one-month onshore forward premium was at 22.50 points from the previous 23.50. The one-month offshore non-deliverable forward contracts were quoted at 45.16, weaker than the onshore spot rate. In the currency futures market , the most traded nearmonth dollar-rupee contracts on the National Stock Exchange the MCX-SX and United Stock Exchange were at 45.0725, 45.0725 and 45.0900, respectively, with the total volume at $7.18 billion. Reuters

7

Forex & Continuations

Saturday, May 21, 2011

Agency (IEA), on Thursday urged OPEC to increase oil production to protect the global economy and appeared to suggest its members could release emergency stockpiles if OPEC failed to act. But analysts say the Organization of the Petroleum Exporting Countries is extremely unlikely to raise output. National Australia Bank commodities economist Ben Westmore said OPEC was unlikely to change its output targets at its meeting in Vienna on June 8. "The relative abundance of crude stocks on the international market would be justification enough for (OPEC) to leave production quotas unchanged," he said. "All things considered, no change to OPEC production

quotas appears to be the most likely outcome from the upcoming discussions." Oil prices have surged this year in part due to concerns that unrest will spread from Libya and Syria to other countries that are major oil exporters, just at a time when demand from emerging nations such as China and India continues to rise. "The risk premium... is expected to persist through 2011 with an orderly near-term resolution of the conflict in Libya difficult to envisage," Westmore said. Investors awaited data from the New York-based Economic Cycle Research Institute (ECRI), which was due to publish its weekly index, a measure of future US growth, at 1430 GMT. -Reuters

Pound Sterling

holds steady LONDON: Sterling was supported versus the dollar on Friday after a strong UK retail sales reading the previous day, but its upside was limited due to concerns that the economy is still struggling even as inflation stays high. Key technical resistance stood in the way of a rise in the pound against the dollar, while the UK currency was on the back foot against the euro, which managed to cling on to gains made against its US counterpart this week. Sterling ends the week largely unchanged against the dollar, unable to gain upward traction despite data showing rising UK inflation and a surge in retail sales in April due to holiday-related demand and good weather. At best, the figures do little to change expectations that UK interest rates will not rise until late this year. At the same time, some analysts argue last month's rise in consumer demand was

unsustainable, and that a rate rise this year may derail the economy's fragile recovery. Such concerns would keep investors wary of getting too excited about the pound, reducing the chances of significant gains in the near term. In London trading, sterling was flat on the day at $1.6230, hovering below $1.6283, its 55-day moving average which traders said was providing upside resistance. The euro was little changed at 88.30 pence. Market participants expect the euro to stay supported against the dollar as investors become more focused on US fiscal problems, and that this would boost the pound versus the dollar. For the moment, some traders said they were interested in buying sterling at $1.6170/80 and selling on a rise to $1.6240/50, which may keep sterling hemmed in a near-term range. -Reuters

Copper up, investors see China demand LONDON: Copper rose on Friday, regaining ground after losses in the previous session, as investors looked to positive signals from top consumer China. Three-month copper on the London Metal Exchange closed at $9,071 a tonne from $8,950 at Thursday's close, registering the biggest weekly gain in five weeks. Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 14.6 per cent from last Friday, the exchange said. However, copper's recovery is in doubt as patchy US data, a debt crisis in the euro-zone and persistent concerns about global economic growth mean commodities will remain under pressure. At LME warehouses, rising copper inventories have put pressure on the metal. The latest data shows stocks fell, but total inventories are within 1 per cent of 10-month highs and are still up nearly one quarter this year. LME stocks of aluminium fell by 1,075 tonnes, off a record high level of 4.71 million tonnes hit on Wednesday. Cash aluminium to the threemonth contract is now in a $17.50 a tonne contango, or discount, that could discourage deliveries to LME warehouses. Aluminium closed at $2,500 from $2,499 a tonne. "Aluminium looks finely balanced, with strong demand growth being met by even stronger supply growth in 2011. A rising supply surplus means stronger price gains should be capped," ANZ said in a note. "However, a potential rebound in oil prices and a developing energy supply squeeze in China could create a tighter supply backdrop." Nickel finished at $23,540 -having touched its lowest since December -- from $23,555 a tonne on Thursday. "While nickel has been the only metal to exhibit consistent weekly stock draws on the London Metal Exchange since the start of 2011, nickel inventories remain very high by historical standards," National Australia Bank said in a note. Battery material lead ended at $2,507 a tonne from $2,473 a tonne. Zinc closed at $2,151 from $2,135 a tonne and tin at $27,750 from $28,250 a tonne. -Reuters

Euro down after 4-days of gains; Spain weighs NEW YORK: The euro fell against the US dollar on Friday after four straight days of gains, on worries about the outcome of Spain's regional elections this weekend and an uncertain Greek debt situation. Traders said the market will be focused on Friday's close for the euro, which has ended each day higher this week. A close below Thursday's would stall the euro's retracement rally from the sevenweek low hit last Monday, suggesting the market may have seen the top in the single currency for now. Spain's Socialist government, faces major losses to the centerright opposition Popular Party and analysts are wary that there could be the potential for unearthing of unknown financial problems. In early New York trading, the euro was last at $1.4169, down 1 per cent on trading platform EBS, although on the week it was still up 0.6 per cent. It hit a session low of $1.4161 after earlier hitting a session high at $1.4345. A weekly close below the euro's 55-day average around $1.4301 could push it toward that seven-week trough at $1.4048.

The Greece debt crisis remains a prominent background factor in the market, with the European Central Bank firm in its opposition to a debt restructuring. The ECB notes that the country can pay back its debt by sticking to the EU/IMF plan without resorting to a restructuring. ECB Governing Council member Marko Kranjec said as much on Friday, adding that he knew of no discussion from any country ever having wanted to exit the euro. The euro also gave ground gains against the yen, to trade 0.3 per cent down on the day at 116.41 yen, although it stayed well above a recent two-month low near 113.40 yen. The dollar recovered earlier falls to trade up 0.3 per cent at 75.345 against a basket of currencies, though it stayed below its recent peak of 76.00 struck earlier this week. The dollar was up 0.1 per cent at 81.70 yen. The Bank of Japan kept policy unchanged, holding interest rates steady in a zero to 0.1 per cent range on Friday. But in surprise move, Deputy Governor Kiyohiko Nishimura dropped a proposal to loosen policy further. -Reuters

Yuan ends higher SHANGHAI: The yuan strengthened for a third day against the dollar on Friday after China set a firmer midpoint, fuelling expectations that the Chinese currency could reach another record high soon. Dealers said the yuan was strongly poised to break through resistance at 6.49 in the near term as the yuan's downward correction was expected to end. Dealers said the yuan had potential to rise 5-6 per cent this year as China needs to use the yuan's exchange rate to help fight consumer inflation, which in April eased a touch to 5.3 per cent from a 32-month high in March of 5.4 per cent. Spot yuan ended at 6.4926 versus the dollar compared with Thursday's 6.5039. The Chinese currency has now appreciated 5.14 per cent since it was depegged from the dollar in June 2010, and 1.47 per cent since the start of this year. Before trade began, the PBOC set the yuan's daily mid-point at 6.4983 against the dollar, stronger than Thursday's 6.5048. Offshore, one-year non-deliverable forwards (NDFs) were bid at 6.3640, almost flat from 6.3650 at Thursday's close. Their implied yuan appreciation in a year's time inched up to 2.11 per cent from 2.09 per cent. -Reuters

Gold declines as dollar climbs on euro worries LONDON: Gold dipped on Friday as the euro fell against the dollar on worries about the outcome of Spain's regional elections and an uncertain Greek debt situation, while options expiry next week also kept prices in a tight range. Bullion has dropped about 5 per cent since rallying to a lifetime high near $1,575 an ounce in early May. Spot gold fell to $1,486.95 before steadying at $1,495.05 at 1441 GMT from $1,491.60 late in New York on Thursday. Silver traded at $34.68 from $34.95, well below a record at $49.51 an ounce in April. "Gold was swept down with the euro," said Tom Kendall of Credit Suisse. "If the dollar is coming stronger in the short

term, then gold will trade as a currency and physical buys will lag." On the charts, gold appears to be breaking out to the upside, said fund manager Dennis Gartman of industry newsletter TheGartmanLetter in a note. "Gold's been given every opportunity to break this week, and it has refused to do so, and now it appears in the process of breaking out to the upside instead. We are much impressed‌enough so to add to our gold positions," he said. Silver has been supported by retail investor interest, but following recent losses some investors are still choosing to cut their losses, said FastMarkets in a note.

"The drop in iShare silver holdings yesterday again implies speculative investors are opting to improve their cash positions following recent volatility and margin increases, and suggests rallies will continue to prompt bouts of long liquidation, with broad range trade to continue ahead of the next round of key economic data indicators." Holdings of the largest silver-backed exchange-tradedfund (ETF), New York's iShares Silver Trust, dropped 2.32 per cent on Thursday from Wednesday. In other metals, platinum traded at $1,759.74 an ounce from $1,762.50, while palladium changed hands at $728.25 from $724. -Reuters

CONTINUATIONS No #1

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aircraft. As the pressure mounts in Washington, Gilani has courted "best friend" China, its biggest arms supplier, during the four-day visit that ended on Friday. Pakistan's already strained ties with the U.S., a major donor, were battered after US forces on May 2 killed al Qaeda leader Osama bin Laden in a garrison town near Islamabad. The fact that bin Laden was found in Abbottabad, and had been living there for years, has prompted many in Washington to call for a review of the billions of US civilian and military aid that Pakistan receives. The Wall Street Journal originally quoted an unnamed high-ranking Pakistani Air Force spokesman, in Beijing with Gilani, as saying the jointly developed JF-17 jets would be in addition to another batch of the same aircraft that is currently being assembled in Pakistan. The JF-17 "Thunder" programme dates back to 1999 and is aimed at reducing Pakistan's dependence on Western companies for advanced fighters. The jets are a single-engine, multi-role combat aircraft, that Mukhtar said are being jointly produced between China and Pakistan. "There was a loan given for starting the manufacturing of this because the Chinese will also buy these aircraft," he said on Chinese financing for the order. The Pakistani Air Force has ordered 150 "Thunders", which it may increase to 250. The 50 mentioned in the report are likely part of the larger order. In February 2010, Pakistan fielded its first JF-17 squadron with 14 aircraft. The close ties between China and Pakistan reflect long-standing shared wariness of their common neighbor, India, and a desire to hedge against US influence across the region. Premier Wen Jiabao assured Gilani on Wednesday of China's "all-weather friendship" and said Pakistan had made "huge sacrifices" in the international struggle against terrorism. "China-Pakistan strategic cooperative relations have infused the two countries' relationship with new force and vitality," President Hu Jintao told Pakistan's President Asif Ali Zardari during a phone call on Friday to celebrate 60 years of relations, Xinhua news reported. Those comments contrasted sharply with the US Congressmen's criticism of Pakistan's failure to know bin Laden's whereabouts and insinuations that its powerful military was in some way complicit in hiding the al Qaeda leader. For its part, Pakistan is furious at the US for violating its sovereignty by staging the secret raid that killed the world's most wanted man. -Reuters

No #2

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economic cooperation while maintaining the all-dimensional relationship. Gilani expressed that in light of the all-dimensional relationship, economic cooperation should be further enhanced. He proposed to target for a bilateral trade volume of 15 billion US dollars within two years. "Our trade at the moment is nine billion US dollars, we want to enhance it to 15 billion US dollars with the expansion of two years, and this is doable. "But I feel that there should be more emphasis on one issue and that is economy," he said, adding Pakistan should be economically stable as it is fighting an anti-terrorism war for which Pakistan pays dear. Recalling the Pakistan-China Entrepreneurs Forum held the previous day, Gilani expressed again there is still great potential to explore in bilateral economic cooperation. At the forum, he also said though China-Pakistan all-weather friendship has "Beat the test of time," their corporate sectors should work together to "inject new dynamics into their partnership and lead the process to take the friendship to new heights." He said that whatever the conditions are, whether nationally or internationally, the two countries focused on and protected each other's core interests. Gilani said China is the first country to make an open statement to show its respect for Pakistan's sacrifices for and contribution to the war against terrorism after Osama bin Laden was killed in a U.S. operation in Pakistan. Gilani, who is in China for a four-day visit, said that it is his fourth visit here, but the first formal official visit. He said that this demonstrated the friendship between the two countries and that the Pakistani people were grateful for the leadership and people of China. This year marks the 60th anniversary of the establishment of diplomatic ties between China and Pakistan, and is also the China-Pakistan Friendship Year. Gilani's four-day visit to China is part of a series of celebration activities. The Prime Minister said that the exchange of youth will promote people-to-people contacts between China and Pakistan. He expressed the hope that there should be more exchanges of youth in the future. Earlier in a speech delivered in Peking University, Gilani said he would like to encourage the university's faculty and students to give special attention to broadening collaboration with Pakistani universities and academia. At present, 6,000 Pakistani students are studying at different universities in China and the number would rise to 10,000 in the next few years. What's more, 500 scholarships will be exchanged in three years. Gilani is on an official visit to China from May 17 to May 20, at the invitation of Chinese Premier Wen Jiabao, as this year marks the 60th anniversary of the establishment of diplomatic relations between the two nations. -Agencies

No #3

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support this request" but offered trained US Marines (known as JTACs) to coordinate air strikes for Pakistani infantry forces on ground. General Kayani "demurred" on the offer, pointing out that having US soldiers on ground "would not be politically acceptable." As reported earlier in The Express Tribune, WikiLeaks cables revealed that Prime Minister Yousaf Raza Gilani allowed drone strikes in the tribal areas of Pakistan, saying they would protest the attacks in the National Assembly and then ignore them. According to a leaked cable published on NDTV, in an earlier meeting on January 9, 2008 with Codel Lieberman, Chief of Army Staff (COAS) Kayani agreed that increased training and exercises with the US would be of great value, but urged that US-Pakistan military engagement remain low-key for domestic political reasons. Lieberman underscored need for Pakistan to hold free, fair elections in February. They also discussed the need to add a humanitarian aspect to Pakistan's counterinsurgency strategy. Kayani noted four areas in which the Army was requesting technical assistance. -Agencies

No #4

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was a man who could create problems and that his (CJ's) powers needed to be carefully clipped. He said Chaudhry Iftikhar had also taken oath under Provisional Constitutional Order (PCO) and later on he could be removed if legislation was made in the light of the provisions of Charter of Democracy (CoD). Shahbaz Sharif also proposed formation of a constitutional court having representatives from the two major parties to block implementation on the decisions coming from the CJ. He also agreed that after the restoration of Chief Justice, President may set up benches and curtail the powers of CJ in connection with taking suo moto notices. In another revelation, WikiLeaks said that Nawaz Sharif and Shahbaz Sharif had decided to give all out support to the lawyers movement for restoration of deposed judges following the decision of the Supreme Court in which they were declared ineligible to participate in elections. The leak further disclosed that before the SC decision PML-N leader Chaudhry Nisar while talking in the US embassy said 95 percent of the members of PML-N were against becoming part of the lawyers' movement. But after the SC verdict, PML-N had no other choice but to support this movement. -Agencies

No #5

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poorly demarcated border. The Sir Creek issue is one of the more easily resolved issues between India and Pakistan, analysts say, and could lead to progress on more contentious disputes. One is the Siachen, the world's highest battlefield in Kashmir, where thousands of troops are holed up in freezing temperatures that have killed more soldiers than fighting. But the broader dispute over Kashmir in the Himalayan region, divided between the two countries and claimed in full by both, is by far the most complicated issue lying at the heart of decades of hostility. Pakistan and India have fought three wars, two of them of Kashmir, and came dangerously close to a fourth in 1999 and 2002. -Agencies

No #6

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killed in the attack was not immediately known. Friday's attack was the seventh to be reported in Pakistan's tribal areas near the Afghan border since US commandos killed Osama bin Laden in a secret raid in the Pakistani city of Abbottabad on May 2. Agencies

No #7

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continue to operate company's manufacturing facility as going concern. However, 12 percent shares are allocated for employees of HEC through Benazir Employees Stock Option Scheme (BESOS). HEC is one of the industrial units of State Engineering Corporation engaged in the manufacturing of power transformers of different types (total annual capacity 3000 MVA) with primary voltage rating of 66 and 132 KV. In addition, HEC undertakes repairs and refurbishment of old and damaged power transformers up to 500 KV. The HEC was incorporated as a private limited company in 1991 and commenced commercial operations in 1997. It is located in Hattar Industrial Estate about 65 Km from Islamabad. The HEC has six main manufacturing shops namely Machine shop, Winding shop, Insulation shop, Core shop, Fabrication shop and Assembly shop. In addition HEC has an oil purification shop, high voltage test laboratory equipped with overhead traveling cranes. HEC can diversify its manufacturing range by including other products such as instrument transformers, high voltage circuit breakers and other grid stations equipment for meeting demand of the products in domestic and foreign markets. -APP

No #8

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($232.55 million) for welfare projects in the next three years from the United States. Bin Laden's presence in Pakistan has led to calls by some US congressmen to cut aid to the country, which is heavily dependent on American financial assistance. US Navy SEALs killed bin Laden on May 2, not far from the capital Islamabad. The United States says there is no evidence Pakistan's leadership was aware he was in their country, and top US defence officials, speaking in Washington this week, cautioned against any action that could harm ties with Islamabad. -Reuters


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Gaddafi regime to fall soon: US

PESHAWAR: Policemen inspecting the site after a blast on Jamrud Road in Peshawar. -Online

Chasing high-valued targets

US vows more raid despite Pak dismay WASHINGTON: Despite Pakistan's warnings that it would not tolerate another US raid, the US has made clear that it would go after the al Qaeda leadership anywhere in the world. "We've made it clear to people around the world that if we locate someone who has been part of the al Qaeda leadership, then you get him or we will get him," US Secretary of State Hillary Clinton said in an interview with CBS News here the other day. Asked if after the killing of al Qaeda leader Osama bin Laden, she would recommend more unilateral US raids if it knew the whereabouts of other key al Qaeda figures in Pakistan, she declined "to comment on any "hypotheticals". "But I think it should be sufficient

to say that the United States has made it clear from the very moment we were attacked that we would go after those who had attacked us. "Bin Laden was our primary target. The president made a gutsy decision. We were very pleased that the operation succeeded," Clinton said. Asked what the US was going to do about Pakistan, Clinton said that as Defence Secretary Robert Gates had noted, "we believe that it was not proven that anybody at the top of the government in Pakistan knew where bin Laden was, but it seems likely that somebody did know". But Clinton recalled that the first time she went to Pakistan, she had told the Pakistanis: "It's hard to believe that somebody in your government somewhere - and it could

be some very low-level person doesn't know where he is." "We've had good cooperation on many important strategic interests of the United States with Pakistan, and we have supported them in their own fight against the extremists who are killing and threatening their people. But we expect more," she said. The US was now "having very candid conversations with our Pakistani partners", Clinton said, "about what more we can do together". Asked about her plans to go to Pakistan, she said: "Well, we'll see how the conversations go." US special representative to Afghanistan and Pakistan Marc Grossman was there now, following up on some of the areas of concern, Clinton said. -Online

WASHINGTON/ TRIPOLI: Only Muammar Gaddafi's exit from power will allow Libya a democratic transition and the clock is ticking on his four-decade rule, US President Barack Obama said. NATO said on Friday it had sunk eight of Gaddafi's warships as military and diplomatic pressure builds on the Libyan leader, whose departure Obama described as "inevitable." Obama was speaking in an address on the Middle East and North Africa where uprisings this year have toppled authoritarian rulers in Tunisia and Egypt and inspired the Libyan revolt. "Time is working against Gaddafi. He does not have control over his country. The opposition has organized a legitimate and credible Interim Council," Obama said in Washington. "When Gaddafi inevitably leaves or is forced from power, decades of provocation will come to an end and the transition to a democratic Libya can proceed," he said, defending his decision to take military action against the Libyan leader's government. Three months into the unrest, rebels control eastern Libya and pockets in the west but the conflict has reached a stalemate as rebel attempts to advance on Tripoli have stalled.

Obama's comments echoed NATO Secretary-General Anders Fogh Rasmussen who said military and political pressure was weakening Gaddafi and would eventually topple him. "Obama is still delusional," Libyan government spokesman Mussa Ibrahim said. "He believes the lies that his own government and media spread around the world. It's not Obama who decides whether Muammar Gaddafi leaves Libya or not. It's the Libyan people." Tripoli however reiterated a ceasefire offer, saying forces were ready to withdraw from cities if the rebels laid down arms. But the rebels have rejected all advances so far, saying they cannot trust Gaddafi and insisting on his departure. A series of apparent high-level defections suggest Gaddafi is struggling to hold his inner circle together. Libya's top oil official Shokri Ghanem has left and not been heard from for days although his name has appeared on a list on a flight to Vienna. Tripoli says he is on an official visit to Europe but Tunisian and rebel sources say he has defected. Senegal late on Thursday recognized Libya's Benghazi-based rebels

as the legitimate opposition and said they should be given international support to lead transition to democratic elections. Acting under a UN mandate, NATO allies including France, Britain and the United States are conducting air strikes that aim to stop Gaddafi using military force against civilians. NATO aircraft sank eight warships in overnight attacks on the ports of Tripoli, Al-Khums and Sirte, the alliance said. Libyan officials took journalists to Tripoli port where a small ship spewed smoke and flames, and cast doubt on whether boats targeted by NATO had been involved in fighting. Mohammad Ahmad Rashed, general manager of Tripoli's port, said six boats had been hit by missiles. The boats, five belonging to the coastguard and a larger naval vessel, had been undergoing maintenance since before the start of the fighting, he told reporters, adding that the port was still functional and capable of handling commercial traffic, It also showed footage of Gaddafi meeting a Libyan politician in Tripoli. Government spokesman Ibrahim said the politician had been in a delegation that met Russian officials in Moscow to explore possibilities for a ceasefire. -Reuters

Act against terrorism, India to Pak NEW DELHI: India's defense minister says Pakistan must take strong action against terrorist outfits operating from its soil to improve ties between the two countries which have fought three wars since 1947.

Defense Minister AK Antony says there are elements in Pakistan's "structures"' that are supporting terrorists. Antony told reporters Friday: Pakistan must "destroy all terrorist

outfits on its soil" if it wants to sincerely improve relations with India. He was speaking after addressing a meeting of Indian army commanders. -Online

India rejects recalling wanted-list from Pak NEW DELHI: The Indian Government Friday ruled out recalling the '50 most wanted' list given to Pakistan after two more fugitives figuring in it were traced in India but said the document is being reviewed. "The entire list is being reviewed. We have no plan to recall the list from Pakistan," Secretary, Internal Security in the Home Ministry, U K Bansal told reporters here. While referring to the CBI's action to suspend and transfer some officials responsible for the goof up, he said responsibility has been fixed and action has been taken. "The responsibility has been fixed as it is a matter of internal importance. The issue is being probed," he said. Bansal also said that the Home Ministry will conduct an exercise to ensure that there is no such mistake in the future. In another major embarrassment for the Government, two more

'fugitives' in India's most wanted list handed over to Pakistan were found to be in the country, following which a CBI inspector was suspended and two of its senior officials --SP and Deputy SP -- transferred. CBI Director A P Singh has ordered a complete review of the Interpol-wing and the most wanted list will be thoroughly scrutinised in consultation with state police and other agencies. India's list of '50 most wanted' has the name of Feroz Abdul Khan, alias Hamza, 51, an accused in 1993 Mumbai blast case, who was arrested from a village in Navi Mumbai in February last year and was handed over to the CBI for further investigation. The CBI had issued an Interpol Red Corner Notice against Khan in 1994 but the notice was not withdrawn even after the agency has got his custody. "The CBI has conveyed to the

Home Ministry that the lapse was on the agency's part. When the CBI forwarded the list to the MHA, they forgot to delete the name of this person," a Home Ministry spokesperson said. Khan is alleged to have facilitated transport and distribution of arms and ammunitions during the blast and subsequently. Mumbai Police had alleged that following Dawood Ibrahim's instructions, Khan arranged for landing of arms allegedly used in the blast. In the second instance, the name of Raj Kumar Meghen, a United National Libration Front leader, figures in the list. He is now in the custody of the National Investigation Agency. His name continues to figure on the Interpol watch-list for terrorism, use of explosives and organised crime. Earlier, Wazhur Kamar Khan, whose name had also figured in India's most wanted list, was traced in Mumbai. -Online

In War Against Terrorism

Pak sacrifices more than others: Britain ISLAMABAD: Former UK foreign secretary David Miliband on Friday called on the President Asif Ali Zardari and exchanged views on UK-PAK ties, post Abbottabad operation situation and other matters of mutual interest. Well-placed sources told Online President Zardari said during the meeting that Pakistan highly valued its relations with UK which would be further strengthened. President held terrorists had no borders and Pakistan would continue its efforts to eliminate terrorism. "We will succeed at every cost to cleanse the country from terror-

ists", he underlined. No other country has rendered more sacrifices than Pakistan in war against terrorism and his country is passing through critical juncture of its history due to this war, President noted. "We all including people, armed forces and government is united to combat the menace of terrorism", he asserted. UK former foreign secretary David Miliband while acknowledging the sacrifices given by Pakistan in war against terrorism stressed international community would have to play its role to steer Pakistan out of straits. -Online

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