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International Karachi, Tuesday, May 10, 2011, Jumadi-ul-Saani 6, Price Rs12 Pages 12

Malik says PML-N brought Osama to Pak Economic Indicators Forex Reserves (30-Apr-11) Inflation CPI% (Jul 10-Apr 11) Exports (Jul 10-Mar 11) Imports (Jul 10 - Mar 11) Trade Balance (Jul 10 - Mar 11) Current A/C (Jul 10- Mar 11) Remittances (Jul 10 - Mar 11) Foreign Invest (Jul 10-Mar 11) Revenue (Jul 10 Mar 11) Foreign Debt (Mar 11) Domestic Debt (Dec 10) Repatriated Profit (Jul- Mar 11) LSM Growth (Jul 10- Feb 11)

GDP Growth FY10E Per Capita Income FY10 Population

229.51 3.93 2.93 2823

Total Portfolio Invest (30-Apr-2011)

(U.S $ in million)

1.86 -1.44 1.04 -0.52 0.30 -1.08 -0.16

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

Close 11932.68 9794.38 23336.00 18528.96 2675.61 2872.46 5944.21 12651.00

Change 52.72 64.82 176.86 10.15 10.10 8.57 32.56 12.26

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

$.Price PKR/Shares 2.60 110.69 13.99 119.11 2.00 42.57 1.70 36.19 10.90 37.11

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)

20-Apr-2011 20-Apr-2011 20-Apr-2011 26-Mar-2011 09-May-2011 09-May-2011 09-May-2011 09-May-2011 09-May-2011 09-May-2011 09-May-2011 09-May-2011 09-May-2011 09-May-2011 09-May-2011

13.25% 13.62% 13.87% 14.00% 12.98% 13.23% 13.58% 14.04% 14.18% 14.00% 14.05% 14.11% 14.45% 14.70% 14.90%

Commodities *Crude Oil (brent)$/bbl 112.94 *Crude Oil (WTI)$/bbl 100.40 *Cotton $/lb 145.50 *Gold $/ozs 1,508.50 *Silver $/ozs 37.20 Malaysian Palm $ 1,078 GOLD (NCEL) PKR 40,756 KHI Cotton 40Kg PKR 9,109 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 91.10 Canadian $ 87.70 Danish Krone 16.10 Euro 122.00 Hong Kong $ 10.80 Japanese Yen 1.035 Saudi Riyal 22.58 Singapore $ 68.50 Swedish Korona 13.50 Swiss Franc 95.00 U.A.E Dirham 23.08 UK Pound 138.60 US $ 85.05

92.10 88.70 16.40 123.40 11.10 1.061 22.78 69.50 13.80 96.00 23.28 140.00 85.35

Inter-Bank Currency Rates Symbols

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Islamabad Karachi Lahore Faisalabad Quetta Rawalpindi

91.60 88.48 16.43 122.53 10.95 1.051 22.69 69.13 13.60 97.15 23.17 139.50 85.33

Max-Temp Min-Temp

37°C 34°C 42°C 41°C 33°C 38°C

17°C 27°C 26°C 24°C 14°C 22°C

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See page 12

Says govt has full trust on military, intel agencies Pak Army to give in-camera briefing on May 13

SCRA(U.S $ in million)

FIPI (9-May-2011) Local Companies (9-May-2011) Banks / DFI (9-May-2011) Mutual Funds (9-May-2011) NBFC (9-May-2011) Local Investors (9-May-2011) Other Organization (9-May-2011)

See page 12

Irsa says water enough for new crops

Gilani pinches US for creating Qaeda

Portfolio Investment

NCCPL

See page 12

Pak, Russia to ink 6 MoUs soon

PM addresses House; regrets US unilateral raids

$17.11bn 14.08% $17.80bn $29.02bn $(11.22)bn $99mn $8.02bn $1.32bn Rs 1012bn $59.54bn Rs 5497.4bn $491mn 0.98% 4.10% $1,051 175.98mn

Yearly(Jul, 2010 up to 6-May-2011) Monthly(May, 2011 up to 6-May-2011) Daily (6-May-2011)

US twists Pak arms over Osama

ISLAMABAD: Prime Minister Yousuf Raza Gilani speaks during a Parliament session in Islamabad. -APP

PC Board sets up panel for FAC

2 groups chosen for OGDC bonds KARACHI: Pakistan has shortlisted two consortia for the sale of bonds exchangeable into Oil and Gas Development Co (OGDCL) shares, with the aim of raising more than $500 million, the privatisation commission said on Monday. The first consortium, which also ranked on top, consists of Citibank, JP Morgan, Credit Suisse and BMA Capital. The privatisation commission has authorised a six-member committee to negotiate with them. The second consortium consists of Barclays Bank, Standard Chartered Bank,

Merrill Lynch/Bank of America and KASB. Privatization Commission (PC) Board, which met under the chairmanship of Ghaus Bux Khan Mehar Federal Minister for Privatization here, constituted two negotiation committees for the appointment of Financial Advisory Consortia (FAC) and issuer's Legal Counsel for the Exchangeable Bonds of Oil & Gas Development Company Limited (OGDCL). The PC board authorised a six-member Committee to See # 11 Page 11

Cameron Munter calls on CM Qaim

Investors keen to tap Pak mkts: US KARACHI: US ambassador to Pakistan Cameron Munter said that Pakistan possesses big opportunities of foreign investment, and investors are keen to come in Pakistan for investment in various sectors. He expressed these views during his meeting with Chief Minister Sindh Syed Qaim Ali Shah at CM House on Monday. He was accompanied by Consul General based at Karachi William Martin and other diplomats. Chief Minister Sindh warmly welcomed the USA

Ambassador and apprised him pace of development in Sindh, keeping in view the rehabilitation and restructuring efforts after heavy floods of last year with the result people has suffered a lot and economy of the province was ruined. He said that the floods were unprecedented and government has initiated rehabilitation and reconstruction of affected people and areas for which different countries had extended full support. He added that there are See # 12 Page 11

Pak takes fall of OBL intel failure JEDDAH: The killing of Osama bin Laden (OBL) in Pakistan has strengthened our resolve to fight the menace of terrorism with renewed vigor, said Pakistan's Interior Minister Rehman Malik here. Speaking to Arab News about the much-talked-about failure of Inter-Services Intelligence (ISI) to locate the terror mastermind who supposedly stayed in his Abbottabad hide-out for five years, the Minister admitted: "It was an intelligence failure. Sometimes

it happens, but I assure our allies that he was not being protected by any government agency." He said that 9/11 also happened due to intelligence failure. "Not only 9/11, I can cite dozens of other incidents the world over in which spy agencies failed to see terrorists' designs, which led to attacks. Malik ruled out the possibility of anyone, either from the political leadership or from the military top brass, stepping See # 13 Page 11

9M: Industrial output up 1.7pc

LSM post 6.75pc growth in March Ghulam Raza Rajani KARACHI: Large Scale Manufacturing has continued to show recovery signs in the month of March 2011 with a growth of 6.75 per cent, according to data from the Federal Bureau of Statistics (FBS).

During the period two subsectors performed well as Ministry of Industries reported 17.01 per cent surge in production and Oil Companies Advisory Committee (OCAC) increased production by 0.39 per cent in petroleum products from refineries. However, See # 14 Page 11

Abbottabad US operation misreported, Kayani says ISLAMABAD: Chief of Army Staff General Ashfaq Parvez Kayani addressed the officers at Rawalpindi, Kharian and Sialkot garrisons on Monday. He discussed one point agenda of Abbottabad incident, says a press release issued by ISPR. He said that Abbottabad incident has been in sharp public focus. Incomplete information and lack of technical details have resulted in speculations and misreporting. Public dismay and despondency has also been aggravated due to insufficient formal response. It is believed that people of Pakistan need to be taken into confidence through their honorable elected representatives. Chief of Army Staff said that he has requested the Honorable Prime Minister Syed Yousuf Raza Gilani to kindly consider convening of a joint session of the Parliament for briefing on security issues as related to Abbottabad incident. Chief of Army Staff said that he has also requested that strength of democracy must be put into effect to develop a consensus on important security issues including war on terror. Articulation of a national response through the Parliament, under the circumstances, is the most effective way to let the World know the historic achievements of Pakistan against al Qaeda and See # 10 Page 11

SBP raises Rs45.80bn thru Sukuks

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani on Monday regretted the "unilateral action" by the United States in Abbottabad and warned any attack on strategic assets would be retaliated with full force. Prime Minister said that his country was not the birthplace of al Qaeda and could not be held accountable alone for the creation of al Qaeda. "Pakistan reserves the right to retaliate with full force," Gilani told the National Assembly in a policy statement over the US attack deep inside Pakistan's territory by a group of its Navy SEALs that killed the 9/11 terrorist mastermind and leader of al Qaeda Osama bin Laden in Abbottabad on May 2. He also informed the Parliament that the US used its technological ability to evade Pakistan's radar system. Gilani said there were risks involved in unilateralism and called for intelligence sharing and an end to the blame-game. Gilani admitted an intelli-

Exports hit $20bn mark in 10-month KARACHI: Country's exports for the first time have crossed the $20 billion mark in the first 10 months of the current financial year. Quoting exports figures, chief executive Trade Development Authority of Pakistan (TDAP) Tariq Iqbal Puri said here Monday that total value of exports grew by 27.9 per cent to $20.18 billion during July-April 2010-11 as against $15.773 billion in the same period last year. He pointed out that Pakistan's exports in the month of April 2011 were higher by 40 per cent to $2.38 billion, than the level of $1.7 billion during

Afaq, Amir bailed out KARACHI: Sindh High Court (SHC) on Monday revoked the life term of Muhajir Qaumi Movement-Haqiqi (MQM-H) leaders Afaq Ahmed and Amir Khan, and ordered their release on bail. A lower court had awarded life term to the MQM-H leaders in a murder case. -NNI

April 2010. Pakistan has been consistently crossing the $2 billion mark for the last 5 months of current financial year, he added. He said that as a result of Prime Minister of Pakistan declaring 2011 as 'Year of Export', the Ministry of Commerce and Trade Development Authority of Pakistan, through coordinated efforts, have succeeded in achieving the landmark figure. Despite the economic slowdown of the western economies, it is all the more significant that Pakistan is on course to set new records of See # 5 Page 11

'10mn pounds Fund would foster innovations'

SBP launches financial fund Staff Reporter

Staff Reporter KARACHI: Pakistan raised Monday Rs45.80 billion by selling Islamic bonds in the domestic market, the central bank said. The cut-off margin will be the six-month Treasury bill weighted average yield, which in the last auction on May 4 was 13.4528 per cent. The issue, known as the Government of Pakistan Ijara Sukuk, is a three-year bond. Settlement for the auction held May 16.

gence failure, not only of Pakistan, but also of global agencies. Gilani said an investigation into the presence of Osama bin Laden in Abbottabad has been initiated to determine the causes leading to the fact that Osama bin Laden managed to allude not only Inter Services Intelligence Agency (ISI), but also all other agencies. He also announced convening of an in- camera joint session of the parliament on May 13 and said the house would formulate a policy and do all to safeguard the country from all threats. Prime Minister Gilani who had "extensive interaction" with President Asif Ali Zardari and the Chief of Army Staff General Ashfaq Parvez Kayani over the issue told the parliament that all state institutions were in complete harmony. "Pakistan will not relent in this national cause and was determined not to let its soil be used for terrorism." The Prime Minister in his comprehensive address revisit-

KARACHI: The Governor State Bank of Pakistan Shahid Kardar Monday launched 10 million pounds Financial Innovation Challenge Fund (FICF) and unveiled the first round of FICF on Government to Person Payments (G2P). 'Banks, public sector institutions, microfinance institutions, government agencies, pension funds, and academic institutions are invited to apply to promote G2P payment

through bank accounts at branchless banking outlets and also provide other financial services to the G2P payments beneficiaries,' he added. Delivering his key note address at the 'Branchless Banking: Government to Person Payments (G2P) Conference 2011' and launching of 'Financial Innovation Challenge Fund' at SBP Learning Resource Centre in Karachi, he said that FICF would provide grants to foster See # 6 Page 11

China to chip in $15b in Pak coal KARACHI: Advisor to the Sindh Chief Minister on Investment, Zubair Motiwala said that a Chinese group has expressed its willingness to invest 15 billion dollars in Thar coal area of Sindh. He was addressing a 'Diplomatic and Foreign Investment Award' organised

here Sunday night by a local monthly magazine. "Chinese Kingho Group has shown keen interest and willing to bring in the foreign investment worth $15 billion in the energy generation sector from the Thar coal area of the Sindh," Motiwala said while See # 7 Page 11

ed the past and spoke on the events leading to invasion by the Soviet Forces of Afghanistan, the birth of the freedom movement with the support of the world and the eventual creation of the al Qaeda terrorist organisation. He questioned who was responsible for the birth of al Qaeda and making the myth of Osama bin Laden. He said Pakistan did not invite Osama to Pakistan or Afghanistan. He termed him the most wanted terrorist of the world and said his death was justice done to the thousands of Pakistanis. "Let there be no doubt Pakistan is a proud nation. Our nation is resilient and our real strength is our people and state institutions." He said Pakistan's foreign policy has always conveyed national ethos. He said Pakistan lost over 30,000 of its men in the war against terrorism and termed its commitment to the cause as a national priority. See # 15 Page 11

Nisar flaks Gilani’s address ISLAMABAD: The opposition Chaudhry Nisar Ali Khan in his speech at the National Assembly said the Prime Minister's statement did not reflect aspirations of the people, and sense of insecurity prevailing in the country. He said Pakistan is a peaceloving nation and wants to live with dignity and honor. He said intrusion of helicopters in the darkness of the night was an attack on our sovereignty and the government should give explanation on this account. He said Pakistan should approach the United Nations in this regard. The Leader of the Opposition said the government frequently talks about supremacy of the parliament but decisions made on its floor are not implemented. He pointed out that the Parliament had adopted a unanimous resolution on national security but it was not implemented. He said this was the most See # 8 Page 11

Us has alternate routes for Nato supply WASHINGTON: The Pentagon has alternatives to the key land routes through Pakistan used to supply U.S. forces in Afghanistan and is not wholly dependent on those routes, a top U.S. official said on Monday. "We're confident that we're not dependent upon any particular single thread, and we can continue to supply the Afghanistan effort," Ashton Carter, undersecretary of defense for acquisition, technology and logistics, told Reuters. More strains have See # 9 Page 11


2

Tuesday, May 10, 2011

Health dept to provide free drugs to thalassemic

KARACHI: Newly appointed Consul General of Qatar Rashid Shafeea S S Al Fehaida called on Governor Sindh Dr Ishratul Ebad Khan at Governor House.-APP

INSEAD conf on economy KARACHI: The conference on Entrepreneurship Revitalizing the Economy was organized by the INSEAD Alumni Association of Pakistan in close collaboration with the Institute of Business Administration in Karachi recently. Ms. Sadia Khan, President of the INSEAD Alumni Association of Pakistan started the proceedings by introducing everyone to the alumni association and then walking them through the day's agenda. INSEAD is one of the leading and largest graduate business schools in the world. With campuses in Europe (France), Asia (Singapore) and Abu Dhabi, INSEAD's business education and research spans three continents. Over 145 renowned Faculty members from 36 countries inspire more than 1,000 degree participants in the MBA, Executive MBA and PhD programs. In addition, more than 9,500 executives participate in INSEAD's executive education programs. Last year, INSEAD celebrated 50 years as a pioneer of international business education based in Europe as well as the 10th Anniversary of the Asia campus in Singapore. The INSEAD Alumni has a diverse network of over 40,000 members who live and work in over 150 countries across all continents. The community may be geographically diverse, but their alumni share the same entrepreneurial streak. Twenty years after graduating, over 40 percent of the MBA graduates own and manage their own businesses and 37 percent are company Chairmen or CEOs.-PR

No decision yet on summer vacations Staff Reporter KARACHI: No decision has been taken yet on summer vacations in the schools in the province. This was stated by the spokesman of the Sindh Chief Minister here on Monday. In a statement here he clarified news published in the press quoting the Sindh Education Department. The spokesman said that the Standing Committee on Education Department has recommended that this year the summer vacations in the schools should be in July and August instead of June and July. However, he further stated, no decision has been made in this regard as yet. The education Department would hold meeting with the representatives of private schools' managements and all the stakeholders on May 11 to incorporate their recommendations as well after which final decision would be made.

PIA officers to get raise in pay KARACHI: The PIA officers are to get salary increase and revision in pay scales soon. This was stated by Managing Director of PIA, Nadeem Khan Yousufzai on Monday. He was addressing PIA officers at a function organised by PIA Senior Staff Association (PIASSA) in honour of the retiring officers at the airline's Head Office here. Yousufzai further stated that the long standing demand of PIASSA for revision in pay scales and increase in the salaries of PIA officers as per the MOU signed between the management and PIASSA will be put forth to the Board of Directors for approval. He said that PIASAA request for confirmed tickets (international routes) for officers after 10 years of service instead of 15 years has been approved. The PIA Managing Director also announced increase in the insurance coverage of officers from Rs600,000 to Rs12,00,000 in case of death of employee during service, employment to immediate family members of PIA employees in case of death as per employees quota, two weekly offs for the officers and staff of CRC

Reservation Section. He also gave directives for speedy work on stuck up promotions of PIA officers, especially in IT Department. Revision in HRB for promotion of officers, another request of PIASSA is also under consideration, he added. Yousufzai stated that the management recognises the difficulties faced by the officers and staff of the airline keeping in view the rise in living costs and expenses. He announced establishment of PIA Foundation which will have projects that will not only generate revenue but also employment opportunities for PIA retired officers and staff. After the successful establishment of PIA Industrial Home where PIA staffs' family members are being benefitted through their contributions in various types of jobs for PIA, another project underway is the establishment of Utility Stores for PIA employees, where they will have the facility to buy goods on credit. He further said that other projects are also in process and will be announced soon. Whereas in the future PIA officers would be allotted houses and plots as well. The PIA Managing Director stressed that con-

DIBP launches cash pick & drop service Staff Reporter KARACHI: Dubai Islamic Bank Pakistan (DIBP) has launched the "Cash Manager Account" facility for corporate customers with a free of cost countrywide pick and drop cash service in a safe manner from their doorstep. According to DIBPL this product will enable the business segment comprising retailers, schools and small and medium size enterprises to manage their payments and collections in an efficient manner, allowing them to give more time to their other business priorities. Junaid Ahmed Chief Executive Officer, DIBP said that with this unique cash pick and drop service, customers can free themselves from the hassle of visiting the branch for making large deposits. The Bank will pick up cash right from the customer's doorstep and deposit it into their account in a safe and

secure manner. Dubai Islamic Bank, the world's first Islamic Bank has earned itself global recognition and reputation since its establishment in 1975. It has provided customers the quality, flexibility and accessibility of fully Shariah complaint financial products through its global presence in UAE, Jordan and Pakistan. Dubai Islamic Bank commenced its operations in Pakistan in 2006 with the commitment to provide world class Shariah complaint products and services through its growing online branch network. With 59 branches in 26 cities across Pakistan, DIBP also has one of the most advanced and state of the art 24/7 alternate distribution channels which include Automatic Teller Machines (ATMs), cash deposit machines (CDMs), phone banking, SMS banking, Internet and mobile Internet banking.

Young doctors strike in Isb ISLAMABAD: Young Doctors Association (Federal Chapter) Monday held protest and complete strike in OPD of Poly Clinic against the government vague policies regarding doctors' jobs. The YDA members from NIH and other hospitals also joined the protest while members from Pakistan Pharmacists Association and nurses' representatives from Federal Government Services Hospital and PIMS were also visible among the protesters proving that problems of all the sections of health ministry employees become the same. However, work in wards, emergency and ICU was going on without any hurdle and patients were feeling easy in various wards. Holding banners inscribed with slogans for acceptance of their demands in clear words, the protesters were chanting slogans against the government. -Online

certed efforts should be made for the betterment of the airline. President of PIA Senior Staff Association, Abid Saleem, thanked Managing Director PIA and PIA Directors present on the occasion and assured PIASSA's full support to the management. President CBA, Amir Shah, also thanked MD PIA and announced full support to the management on behalf of CBA. Director Marketing PIA, Imraan Ahmed Khan, Director Information Technology, Irshad Ghani, General Secretary PIASSA, Asad Sadiq, Deputy General Secretary PIASSA, Dr. Imran Ahsan, Organising Secretary PIASSA, Ch Javed Iqbal and Finance Secretary, Iqbal Awan also spoke on the occasion. Later, during the ceremony, shields and cheques worth Rs10,000 each were presented to the retiring officers on behalf of PIA Senior Staff Association. The ceremony was also attended by Deputy Managing Director PIA, Salim Sayani, Director Human Resources, Shahnawaz Rehman, Director Procurement, Khalid Iftikhar, General Managers, and officers of the airline.-APP

Etihad Airways named leading airline of ME TFD Report KARACHI: Etihad Airways has won four titles at the annual World Travel Awards ceremony for the Middle East, including the coveted title as the Middle East's Leading Airline. The ceremony took place at the Armani Hotel Dubai in the Burj Khalifa, the tallest building in the world, setting the scene for a hugely successful evening for Etihad. The Abu Dhabi-based airline also received the Middle East's Leading Airline First Class award, Middle East's Leading Cabin Staff award and Middle East's Leading Airline In-flight Entertainment award. Peter Baumgartner, Etihad Airways' Chief Commercial Officer, said: "It is truly an honour to win Leading Airline for the Middle East. Our home market is extremely important to Etihad, so I am especially pleased to be recognised by our guests and peers from the region in this way. "We continually aim to deliver exceptional service and superior product and to receive this award demonstrates that the airline industry and our guests believe we are consistent in doing so. I hope this award encourages more and more customers to fly with the best." Etihad's state-of-the art ebox on-demand system won the Middle East's Leading In-flight Entertainment.

KARACHI: Sindh Health department has invited NGOs supporting thalassemic children to get these kids registered with department for free of cost procurement of essential medicine. Responding to public complaints about difficulty in acquiring essential "desferal injection" needed by thalassemia patients a senior health department official told APP Monday that, its substitute in tablet form, is being provided free of cost by the department. "For the sake of judicious use of the medicine we have asked the NGOs to get their patients registered with us," said the official. In reply to a question about non availability of

Electricity shortfall reaches 2995MW ISLAMABAD: The difference between electricity demand and supply reached 2995 megawatt in the country during the last 24 hours. According to an official of the Ministry of Water and Power, the demand of electric power stands at around 15994 megawatt and 12999 megawatt electric power has been distributed among power supply companies in the country, adding that period PEPCO supplied 730 megawatt electricity to Karachi Electric supply company (KESC). He said that at this time, 4768 MW electricity is being generated from Hydel power projects, 1719 MW from Thermal, 6373 from IPPs and 67 MW from rental power projects. Working on power generation projects is speedily going on and after completion of new projects, the electricity condition would be better in the country, he added.-APP

Governor signs three bills KARACHI: Governor of Sindh Dr. Ishrat ul Ebad Khan has given assent to three bills. Speaker Sindh Assembly, Nisar Ahmed Khuhro informed the assembly session here on Monday that three bills including Sindh Public Private Partnership (Amendment) Bill, 2011, Sindh Zakat and Ushr Bill, 2011, and Shahdadpur Institute of Medical Sciences Bill, 2011 has been approved by the Governor.-APP

desferal injection, he said production of it was being gradually curtailed as per policy of the concerned pharmaceutical company. Doctors working for the cause of thalassemic children attributed shortage of the injection a business gimmick of the multinational company that for past 15 years remained sole producer of the drug under copy right act. "They have come forward with a tablet that is much more expensive and beyond the means of large majority of people in need," said Mohammad Iqbal. He said most of the countries are providing absolutely free of cost the essential drugs for tha-

lassemic children and had proper agreement with the concerned MNC making them obligatory to provide these in needed quantities without any interruption. Dr. Ali Ghayyas pointed out that countries like Iran with effective preventive programs have managed to control the number of thalassemic patients and their allocated quota of drugs was smuggled to Pakistan. "This is still being smuggled but at much higher cost while those produced in Pakistan are also in short supply due to deliberate policy of the concerned pharmaceutical company. Two of the stake-holders expressed their reservations that government

owing to resource constraints would be able to meet needs of 25,000 to 30,000 registered thalassemic in Sindh only. The official said Asnura, the tablet substitute for Deferal injection was being provided in limited numbers, though almost free of cost to the department. He, however, assured that the department cognizant of the public plight will ensure that a proper policy is adopted with due stock towards age factor of the patients. He also confirmed that seven thalassemic centers, as announced by the health minister, only recently will be functional soon providing screening facilities to the couples.-APP

To ease traffic problems

LCCI committee demands to set up Education City Staff Correspondent LAHORE: The Convener of LCCI Standing Committee on Infrastructure Ilyas Majeed Sheikh has demanded of the government to establish Education City and all the educational institutions should be shifted there for the sake of the future of the City as the mushroom growth of schools and colleges in every nook and corner is creating multiple problems. According to handout issued here on Monday, the demand was raised in the meeting of LCCI Standing Committee on Infrastructure here the

other day. Ilyas Majid Sheikh said that if the LCCI proposal for Education City is accepted by the government, it would not only help smoothen the flow of traffic in the City but it would also be decreasing load of traffic on roads. Resultantly, the city would not only be presenting a cleaner look but time for transportation of goods would also be decreased. Ilyas Majid Sheikh also urged the authorities to prepare a comprehensive action plan to cope with shopkeepers who have encroached upon government land. He said that

encroachers were not only depriving the genuine businessmen of their due business but also creating undue troubles for commuters. He said that the government should also keep the slow moving traffic from the busy city roads as the slow moving traffic has increased the number of accidents on City roads. The Committee also decided to invite the District Coordination Officer to the Lahore Chamber of Commerce and Industry to share with him the infrastructure-related issues being faced by the business community.

ACCA rated leading global accountancy body Staff Reporter KARACHI: ACCA (the Association of Chartered Certified Accountants) has been rated as the leading global professional accountancy body in reputation, influence and size by employers around the world more frequently than any other professional accountancy body, according to an independent survey of 1,300 employers in 20 countries. This finding shows that ACCA is widely recognised for its global reach

and its leading perspective on issues facing the accountancy profession. This is supported by ACCA's global network of 83 offices and centres, more than 70 global accountancy partnerships, extensive alliances with learning partners and exam centres. ACCA's relevance to employers around the world can be seen in the growth in its global membership, which now stands at over 147,000 members, compared with 140,000 announced last year - an increase of five per cent.

ACCA's worldwide student base has reached 424,000 compared with 404,000 this time last year. Arif Masud Mirza, head of ACCA Pakistan, says: "These results show that professional accountancy adds value to business on a global basis. At a time of continuing economic instability, the role of our members on the business stage is critical. I am especially pleased to note that employers of our members recognise the contribution ACCA is making as a leading global body.


3

Tuesday, May 10, 2011 Top Economic Events

Euro falls for fourth day; S&P downgrades Greece Greek debt worries continue to cloud outlook NEW YORK: The euro fell for the fourth straight day on Monday after a ratings downgrade of Greece kept peripheral euro-zone debt woes in focus and made investors risk averse. Standard and Poor's cut Greece's rating to B from BB-, dragging it further into junk territory over concerns a debt restructuring is increasingly likely. Any changes to Greece's debt structure are also likely to prompt a call for more favorable terms from other nations who are struggling under heavy debt burdens and receiving financial aid, adding to fears about the euro-zone economy. The euro volatility "confirms the whole market skittishness about the viability of the peripheral economies," said Boris Schlossberg, head of

research at GFT Forex. "More draconian measures will be necessary to stabilize the situation with a broader solution as Ireland and Portugal will want more favorable terms if Greece gets them." The euro was down 0.3 per cent at $1.4267, the lowest since April 19, with a cumulative drop of 3.8 per cent in the last four sessions, using Reuters data, the biggest four day drop since May 2010 at current prices. The euro break through technical support at its 50-day moving average of $1.4279 with its session low at

$1.4253. Technical analysts said a sustained break of the 50-day simple moving average could see broader correction lower towards $1.4020/30.

Friday's drop in the euro accelerated after a German news report, which was later denied, suggested Greece had raised the possibility of leaving the euro-zone. Jean-Claude Juncker, head of the group of euro-zone finance ministers,

Asian currencies

S'pore dlr rebounds; euro may keep falling vs Asia SINGAPORE/SYDNEY: The Singapore dollar led gains in other Asian currencies on Monday, with investors taking higher commodity prices as a green light to rebuild bets on regional emerging currencies, which may keep strengthening especially against the euro. The Malaysian ringgit, the South Korean won and the Singapore dollar had major reversals higher against the euro late last week after hitting technical support, indicating they have more rooms to rise further versus the euro. Stretched positioning and worries about Europe's debt problems may keep investors selling the euro against the emerging Asian currencies, whose longerterm economic fundamentals are generally stronger then developed

markets, analysts said. The Singapore dollar rose against the US dollar as interbank speculators and leveraged investors bought it after the weekend's general election kept a ruling party in power. Investors, who had reduced positions in the city-state's currency before the election, started adding the positions again, a US bank dealer in Singapore. The won gained on demand from hedge funds in Singapore and Hong Kong and exporters scooped up the local currency for settlements. Some exporters bought a small amount of the South Korean currency against the euro, dealers said. But the won gave up most of earlier rises as investors covered dollar-short positions with local

Sterling hits near 3wk low vs firmer $ LONDON: Sterling fell to its lowest in nearly three weeks against the dollar on Monday, dragged down by falls in the euro against the US currency as a downgrade of Greece's debt worsened euro-zone debt worries. Traders and analysts expected sterling to stay under pressure on concerns the Bank of England may downgrade its growth forecasts later this

euro-zone at the moment, and sterling/dollar is just getting dragged down with the euro," a trader in London said. The euro was last up 0.2 per cent against the pound at 87.61 pence, with key support at the 55-day moving average around 87.42 pence, which also coincides with the mid-April low. Some analysts said the euro's sell-off against the pound last week was overdone, as the

week and add to expectations that UK interest rates will not rise in the coming months. The pound dipped against the euro, although the single currency stayed well below last week's 13-month high of 90.43 pence. Sterling fell 0.6 per cent to $1.6270 against a firmer dollar, its lowest since April 19. It broke below support at its 55day moving average around $1.6277 and technical analysts said this could pave the way for a move towards the March low of $1.5937. "Everyone is focusing on the

BoE is still seen lagging the European Central Bank in raising interest rates. But technical analysts said the outlook for the euro would remain negative while it stayed below 88.50 pence, the base formed prior to last week's jump higher. Recent softer-than-expected UK data have added to expectations the BoE is unlikely to raise rates before the end of the year, and suggest the bank may give a more downbeat assessment on growth when it issues its latest forecasts on Wednesday. -Reuters

financial markets set to be closed on Tuesday for the Buddha's Birthday. Importers also bought dollars for settlements, traders said. One-month dollar/won nondeliverable forward (NDF) was quoted at 1,083.5, implying it is a bit lower than spot dollar/won given the swap points of 2.35. Euro/ringgit has failed just above the resistance area of 4.3900-4.4100, a series of previous highs going back over the past year, and appears poised to fall further if it sinks below 4.2775 and 4.2825, respectively a previous low on April 18 and the bottom of this year's trend channel. The pair may have room to fall to at least 4.0214, the 76.4 per cent Fibonacci retracement level of the rise between June 2010 and May this year. -Reuters

Swiss franc gains vs dlr ZURICH: The Swiss franc ticked up against the dollar on Monday, paring losses at the end of last week after better-thanexpected US jobs data gave the greenback a brief fillip. Data on Friday showing hiring by US companies quickened at its fastest pace in five years in April lifted the dollar against the franc after a week spent languishing at record lows. But with the Federal Reserve seen unlikely to raise interest rates any time soon there is room for the franc to rise further, analysts said. Interest rate futures for Switzerland show a high chance of a 25 basis point move in September, and fully price in a hike by December. Hettinger said the franc's next test would come on Tuesday when Switzerland published consumer price inflation data for April. The Swiss franc edged higher against the euro after a German news report, later denied, suggested Greece has raised the possibility of leaving the eurozone. The franc was slightly higher against the euro compared to the New York close, trading 1.2584 per euro at 0733 GMT. The franc rose 0.4 per cent against the dollar at 0.8748 francs per dollar. -Reuters

Aussie, NZ dollars gain vs euro, USD SYDNEY/WELLINGTON: The Australian dollar rose against the greenback on Monday, underpinned by prospects of an interest rate rise, while both it and the New Zealand dollar outperformed a euro shaken by heightened sovereign debt worries. The Australian dollar gained around 0.70 per cent to a session high of $1.0779, reversing a portion of last week's 2.5 per cent fall -- its biggest weekly decline since January. The rally was helped by a solid stock market performance in many centres across Asia and a rebound in metal prices such as copper and silver from last week's selloff. "There was a bit of a catch-up today with solid job data in the United States on Friday and with markets now looking for positive employment numbers in Australia," said Nick Socratous, head of global foreign exchange at HSBC. The Aussie, which last week tumbled to a trough of $1.0537 from a 29-year high of $1.1012, has been on the road to recovery after the Reserve Bank of Australia on Friday warned of interest rate rises to contain inflation.

Since then, financial markets have increased the probability of a June hike in the 4.75 per cent cash rate to 33 per cent, up from nothing on Wednesday. Immediate support starts at $1.0662, then $1.0537, with resistance at $1.0831 ahead of a strong barrier at $1.0877. The New Zealand dollar firmed to around $0.7930 in late trade from New York's $0.7909, well-off from last week's 4-week trough of $0.7816. As risk trades recovered, the Aussie also rose to NZ$1.3569 on the kiwi, well off Friday's low of $1.3409, with scope for further gains given their divergent rate views. The euro was last at A$1.3356, having skidded more than 4 per cent in the last two sessions. On the kiwi, it fetched NZ$1.8142 after a 4 per cent fall in the same number of sessions. Against the yen, the Australian and New Zealand dollars marched higher, supported by keen demand from Japanese buyers. This helped reverse last week's fall, which pushed both crosses to one-month lows. The Aussie rose to 86.77 yen, well off 84.20 last week. The New Zealand dollar also edged up to 63.92 yen from 62.49 seen last week. -Reuters

late on Friday dismissed a report in Germany's Spiegel Online magazine that Greece could withdraw from the 17-member euro-zone. The euro was down 0.2 per cent against the yen at 115.15 yen after earlier falling to its lowest since late March. The dollar rose 0.1 per cent against the yen to 80.73 yen, off last week's seven-week low. Commodity currencies were supported on Monday by a rebound in oil prices, after a plunge in oil, silver and other commodities last week. The Australian dollar rose 0.4 per cent to $1.0727, extending gains on Friday after the Australian central bank said rate hikes would be needed in future to contain inflation. -Reuters

Yuan ends higher; PBOC sets record fixing SHANGHAI: The yuan closed little changed on the dollar on Monday as a sharp rebound in the US dollar index raised investor concerns over how much the People's Bank of China may allow the yuan to appreciate in the future. Before trading began, the PBOC fixed the yuan's daily mid-point versus the dollar at a record high but traders said the fixing was not a show of determination to let the yuan rise irregardless of global market conditions. Traders said Monday's fixing appeared to be a goodwill gesture to the United States ahead of the crucial US-China Strategic and Economic Dialogue later in the day in Washington. China, wielding its huge dollar holdings, has pressed Washington to tackle its huge fiscal deficit and said it would raise the issue of discrimination against Chinese investors at the high-level talks. Chinese officials made clear that US demands for Beijing to raise sharply the value of the yuan and to end a crackdown on dissent -- both irritants in ties between the world's two biggest economies -- would gain little ground.

"The market is jittery over the impact of the steep rebound of the dollar on yuan appreciation," said a US bank trader in Shanghai. "That concern offsets the PBOC's record high fixing." Spot yuan closed at 6.4939 versus the dollar, compared with Friday's close of 6.4938. It has appreciated 5.11 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 6.4988 against the dollar, stronger than Friday's 6.5003. The central bank uses the mid-point to express the governments' intention for the yuan's movements. Traders said the latest global market developments may affect the pace of yuan gains but will have little impact on the overall direction of yuan appreciation in 2011. Offshore, one-year nondeliverable forwards (NDFs) were bid at 6.3460, down slightly from 6.3500 at the previous close. Their implied yuan appreciation in a year's time edged up to 2.40 per cent from 2.34 per cent. -Reuters

Indian rupee ends up on inflow hopes MUMBAI: The Indian rupee ended stronger, snapping a two-day losing streak on Monday, underpinned by views a large share offering lined up for this week would spur robust dollar flows. It, however, ended off the day's high as the US unit pared some losses from earlier in the session. The partially convertible rupee ended at 44.72/73 per dollar versus 44.785/795 at last close, after rising to as high as 44.63 during the day. "Dollar could strengthen in coming days and we could see a move to 45," said Ashutosh Khajuria, treasurer at IDBI Bank. Exporters may also now look to sell dollars near 44.90 from around 44.60 level earlier, traders said. India's main stock index provisionally closed just 0.07 per cent higher in see-saw trade on Monday. Demand for the US unit from domestic oil refiners also kept the rupee under pressure, dealers said. The one-month onshore for-

ward premium was at 28.25 points versus 25.75 points at previous close. The threemonth was at 79 points versus 78 points and the one-year was at 299.25 points compared with 299.00 points. The one-month offshore nondeliverable forward contracts were quoted at 44.98, weaker than the onshore spot rate. In the currency futures market , the most traded near-month dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange were at 44.8925, 44.8925 and 44.8875 respectively, with total volume at $8.42 billion. -Reuters

Time 4:01 4:01 6:30 Tentative 12:15 17:30 19:00 19:00

Source GBP GBP AUD CNY CHF USD USD USD

Events BRC Retail Sales Monitor y/y RICS House Price Balance Trade Balance Trade Balance CPI m/m Import Prices m/m IBD/TIPP Economic Optimism Wholesale Inventories m/m

Source

Events

EUR GBP EUR CAD

German Trade Balance Halifax HPI m/m Sentix Investor Confidence Housing Starts

Forecast -22% 0.49B 3.3B 0.5% 1.8% 41.5 1.0%

Previous -3.5% -23% -0.21B 0.1B 0.6% 2.7% 40.8 1.0%

Actual

Forecast

Previous

15.2B -1.4% 10.9 179K

12.5B 0.2% 14.3 183K

Previous Day 11.2B 0.0% 14.2 185K

Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY Gold

As per 22.00 PST Ask High 1.4293 1.4441 0.8781 0.8786 1.6311 1.6405 0.9684 0.9685 1.0733 1.0787 115.37 116.46 0.8765 0.8817 1.2552 1.2628 131.70 132.38 91.96 92.32 1505.06 1510.29

Bid 1.4291 0.8778 1.6306 0.9681 1.0729 115.33 0.8760 1.2548 131.61 91.91 1504.40

Low 1.4274 0.8734 1.6299 0.9606 1.0694 115.15 0.8754 1.2543 131.52 91.81 1489.80

London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 09/05/2011 A USD GBP CAD EUR JPY O/N 0.13225 0.57588 0.96300 0.60000 SN 0.11313 1WK 0.17075 0.58838 1.00917 1.20000 0.12125 2WK 0.18125 0.59750 1.04133 1.20725 0.12625 1MO 0.20185 0.62563 1.08167 1.20750 0.14313 2MO 0.23575 0.70000 1.12867 1.24688 0.16000 3MO 0.26575 0.82188 1.19950 1.37750 0.19563 4MO 0.30900 0.89438 1.27400 1.46188 0.24313 5MO 0.36900 1.00188 1.34217 1.54938 0.29875 6MO 0.42325 1.11063 1.40217 1.66450 0.34563 7MO 0.48075 1.19563 1.49133 1.73738 0.39438 8MO 0.53325 1.28250 1.57333 1.81500 0.44125 9MO 0.58175 1.36375 1.64883 1.89875 0.48688 10MO 0.63525 1.44500 1.74300 1.97625 0.51063 11MO 0.68700 1.51625 1.83283 2.04250 0.53750 12MO 0.74650 1.58344 1.92333 2.11625 0.56188

Major Central Banks Overview Central Bank

Next Meeting

Last Change

Bank of Canada Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia

May 31, 2011 June 9, 2011 May 20, 2011 June 9, 2011 June 22, 2011 June 16, 2011 June 7, 2011

September 8, 2010 March 5, 2009 December 19, 2008 April 7, 2011 December 16, 2008 March 12, 2009 November 2, 2010

Current Interest Rate 1% 0.50% 0.10% 1.25% 0.25% 0.25% 4.75%

Division of National Bank of Pakistan (NBP) KARACHI, May 09,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG KUWAIT MALAYSIA NEWZEALAND QATAR U.A.E. KR WON THAILAND

85.10 139.50 122.53 88.48 97.15 91.60 13.60 1.06 15.47 69.13 16.43 22.69 10.95 309.79 28.53 67.44 23.37 23.17 0.08 2.82

84.90 139.17 122.24 88.28 96.92 91.38 13.57 1.05 15.44 68.97 16.39 22.64 10.92 309.06 28.46 67.28 23.31 23.11 0.08 2.81

84.68 138.79 121.88 88.04 96.66 91.14 13.53 1.05 15.40 68.79 16.35 22.58 10.90 308.25 28.39 67.11 23.25 23.05 0.08 2.81

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for May 09, 2011

KASB 0-7days 12.25 8-15dys 12.35 16-30dys 12.45 31-60dys 12.68 61-90dys 12.98 91-120dys 13.15 121-180dys 13.40 181-270dys 13.50 271-365dys 13.70 2-- years 13.95 3-- years 13.98 4-- years 14.02 5-- years 14.05 6-- years 14.06 7-- years 14.06 8-- years 14.09 9-- years 14.10 10--years 14.10 15--years 14.45 20--years 14.70 30--years 14.90

BMA 12.00 12.20 12.40 12.60 12.95 13.20 13.40 13.55 13.66 13.90 14.00 14.04 14.06 14.07 14.07 14.07 14.08 14.12 14.40 14.65 14.85

ELXIR 12.20 12.38 12.65 12.70 12.98 13.16 13.38 13.48 13.68 13.97 14.01 14.05 14.07 14.10 14.11 14.05 14.04 14.11 14.42 14.68 14.87

GSL 12.25 12.50 12.70 12.90 12.98 13.20 13.40 13.52 13.71 13.90 14.00 14.01 14.03 14.04 14.10 14.08 14.09 14.10 14.50 14.80 15.00

ICSL 12.10 12.20 12.50 12.65 12.85 13.10 13.37 13.45 13.70 13.96 14.00 14.03 14.05 14.07 14.10 14.10 14.09 14.12 14.45 14.70 14.90

JSCM AvgRate 12.10 12.15 12.30 12.32 12.60 12.55 12.70 12.71 12.90 12.94 13.05 13.14 13.35 13.38 13.35 13.48 13.68 13.69 13.94 13.94 14.01 14.00 14.02 14.03 14.06 14.05 14.06 14.07 14.07 14.09 14.08 14.08 14.08 14.08 14.12 14.11 14.45 14.45 14.65 14.70 14.90 14.90

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

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

week month months months year years

0.96 -0.73 0.00 -0.28 -0.84 -0.86

0.72 0.88 0.82 0.39 0.72 0.85

0.06 -0.32 -0.12 -0.30 -0.50 0.22

0.71 0.71 0.39 0.04 -0.13 0.76

EUR/USD GBP/USD 0.52 -0.58 -0.15 -0.33 -0.81 0.10

0.84 -0.60 -0.16 -0.31 -0.87 -0.03

NZD/USD USD/CAD 0.93 -0.63 0.17 -0.07 -0.79 -0.82

-0.89 0.21 -0.10 0.27 0.63 0.75

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)09/05/2011 1WEEK

2 WEEK

1 MONTH

3 MONTH

6 MONTH

9 MONTH

1YEAR

2YEARS

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ABLN 11.90

12.40

12.10

12.60

12.40

12.90

13.00

13.25

13.40

13.65

13.60

14.10

13.70

14.20

13.90

14.40

JSBL

12.00

12.50

12.25

12.75

12.40

12.90

12.90

13.15

13.50

13.75

13.60

14.10

13.70

14.20

13.80

ASK 14.30

ASPK 11.90

12.40

12.25

12.75

12.55

13.05

13.05

13.30

13.35

13.60

13.55

14.05

13.65

14.15

13.80

14.30

CIPK

14.10

11.80

12.30

12.00

12.50

12.30

12.80

12.80

13.05

13.20

13.45

13.30

13.80

13.40

13.90

13.60

DBPK 11.80

12.30

11.80

12.30

12.30

12.80

12.90

13.15

13.35

13.60

13.50

14.00

13.65

14.15

13.75

14.25

FBPK

11.85

12.35

12.15

12.65

12.40

12.90

12.95

13.20

13.30

13.55

13.60

14.10

13.70

14.20

13.90

14.40

FLAH 11.90

12.40

12.25

12.75

12.50

13.00

13.00

13.25

13.35

13.60

13.50

14.00

13.65

14.15

13.75

14.25

HBPK 12.00

12.50

12.15

12.65

12.55

13.05

13.00

13.25

13.35

13.60

13.55

14.05

13.70

14.20

13.80

14.30

HKBP 12.00

12.50

12.10

12.60

12.60

13.10

13.00

13.25

13.35

13.60

13.55

14.05

13.70

14.20

13.80

14.30

NIPK

12.10

12.60

12.30

12.80

12.50

13.00

13.00

13.25

13.20

13.45

13.30

13.80

13.40

13.90

13.50

14.00

HMBP 12.10

12.60

12.25

12.75

12.50

13.00

13.00

13.25

13.35

13.60

13.55

14.05

13.75

14.25

13.85

14.35

SAMB 12.05

12.55

12.20

12.70

12.50

13.00

13.00

13.25

13.35

13.60

13.50

14.00

13.65

14.15

13.75

14.25

MCBK 12.00

12.50

12.30

12.80

12.50

13.00

13.15

13.40

13.45

13.70

13.60

14.10

13.70

14.20

13.80

14.30

NBPK 11.90

12.40

12.30

12.80

12.50

13.00

13.00

13.25

13.30

13.55

13.60

14.10

13.70

14.20

13.80

14.30

SCPK 12.05

12.55

12.25

12.75

12.50

13.00

12.90

13.15

13.25

13.50

13.50

14.00

13.65

14.15

13.80

14.30

UBPL 12.25

12.75

12.40

12.90

12.50

13.00

12.85

13.10

13.25

13.50

13.50

14.00

13.60

14.10

13.90

14.40

AVE

12.47

12.22

12.72

12.48

12.98

12.98

13.23

13.33

13.58

13.54

14.04

13.68

14.18

13.80

14.30

11.97


4

Tuesday, May 10, 2011

The Financial Daily International

Intelligence find may reveal Osams true role

Vol 4, Issue 183

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

Growing apathy The country seems to be plunging deeper into problems from high rate of inflation to precarious law and order situation and from rampant corruption to attacks on country's sovereignty. People see the incidents with colored glasses and try to blame every one else but not being ready to accept their own conduct. It is not the distant past that people considered violating norms of the society a bad thing and violators were not only looked down but interaction with such people was avoided to the most. However, now those violating the norms are considered non-conformists or even revolutionary. Since the value system is dying fast the younger generation takes pride in violating the norms. Every citizen has a long list of complaints but hardly bothers to take into account his/her deeds as well as misdeeds. Every on complains that the country has not given him/her enough but never bothers to find out if he/she is discharging the duties. In this part of the world most the people throw the garbage in front of their neighbor's door. No money will be spent if garbage is thrown at the appropriate place. One sees heaps of garbage only because the janitorial staff of municipal authorities doesn't pick it up every morning. Staff is there, vehicles with drivers are standing in the yard and even diesel is available. However, some pilfer diesel, others take up part time jobs and those responsible for maintaining attendance, mark every one present only for a small share in the salary. Almost on every day market committees issue price lists, but no one knows how these prices are calculated. Though, people are paid to ensure that products are sold according to the price lists, neither the staff bothers to visit the market or make surprise visits but before their arrivals lists are replaced. A few touts are picked up for profiteering but no one is ever produced before the court and fined. On almost all the main roads, signals have been installed, pickets have been created, policemen and even sergeants are deployed but all sorts of violations are common. Motors specially driving luxury cars commit all sorts of violations but no one can dare to stop them. To show that a certain number of tickets are issued everyday, mostly fine is imposed on motorcyclists, rickshaws, mini buses and buses, who refuse to pay 'bhatta'. Any one willing to offer even the smallest amount is let free. Can on say the country does not have police, system is not in place and every one is not paid salary as well as perks? The key factor responsible for the financial crunch of electric utilities is pilferage, hovering around 50 per cent and receivables run into billions. Utilities have staff, laws are there and pilferage is going on in the most naked manners but nothing is done to round up the pilferers. All this is happening only because we believe that 'every thing is fair' for increasing our wealth. Every one points fingers at others but never bothers to look at his/her own deeds. The entire society will change if every individual abides by the good code of conduct.

Disclaimer:

All reports and recommendations have been prepared for your information only. Summary and Analysis are not recommendation to buy or sell. This information should only be used by investors who are aware of the risk inherent in securities trading. The facts, information, data, indicators and charts presented have been obtained from sources believed to be reliable, but their accuracy and completeness cannot be guaranteed. The Financial Daily International and its employees are not responsible for any loss arising from use of these reports and recommendations.

A

l Qaeda documents captured in the raid that killed Osama bin Laden will give Western intelligence a clearer idea of the threat he posed, and may help settle the latest bad-tempered spat between Washington and Islamabad. There was derision in Pakistan last Sunday at a suggestion by an unnamed US official that bin Laden's Abbottabad compound was an "active command and control centre" for al Qaeda. One senior Pakistan security official dismissed that as nonsense. Pakistan's view of bin Laden as an out-of-touch figurehead seems to chime with videos seized at his hideout which show a forlorn figure surfing satellite television, seemingly to check if he still makes the news. But a fuller picture may become known in coming months, for the May 2 assault that killed him also netted computer disks which are expected to provide a trove of intelligence on his role. The investigation into this material has urgent importance because the process of tracing bin Laden's links to his colleagues may give clues to their whereabouts and so help Western efforts to capture or kill them. The probe may also uncover the existence of attack plots under way, and show the extent of bin Laden's relationships with militant groups inside Pakistan that are presumed to have given sanctuary at some point to the global militant figurehead. Definitive answers are not likely to come rapidly. John J. LeBeau, a former CIA senior operations officer, said it was simply too early to say with certainty what bin Laden's role was in his final years. Analysis was a painstaking process. "The information needs to be filtered, vetted and cross-checked before you can say anything with any authority," said LeBeau, now Professor of Security Studies at the George C. Marshall Centre for Security Studies in Germany.

DOUBTS ABOUT BIN LADEN ROLE "Bin Laden didn't intend to simply remain hidden away from the threat of capture. He sought to retain the ability to keep strategic oversight on actitivies," he told Reuters. "But how far he was able to influence actions on a day to day basis, that jury is out." A key unknown is how frequently, if at all, bin Laden was in contact with the head of the core leadership's external operations, variously reported to be Adnan alShukrijumah, a Saudi-born Guyanese in his 30s, Saif al-Adel, an Egyptian al Qaeda veteran, or the Pakistani militant Ilyas Kashmiri. Western intelligence about al Qaeda's senior leadership has been thin and fragmentary for much of the period since the Sept. 11, 2001 attacks, and this is especially true of cells working on operations, the most compartmentalised part of the group. Partly as a result, security experts have tended to react cautiously to categorical-sounding statements about bin Laden in the wake of the raid. Changes to the American account of the attack have only served to deepen such reservations. Pakistani investigators are cultivating their own new sources of information about bin Laden by questioning the people, including one of his wives, held in the raid. AL QAEDA'S WORKINGS REMAIN A PUZZLE Among security analysts there has been a widespread belief, based in part on intercepted communications from al Qaeda supporters, that bin Laden had chafed at the limitations of his enforced hiding and longed to mount another spectacular attack on the United States. Most analysts have suspected that he adapted to this reality by encouraging the creation of allies around the world that operated tactically without him. The captured intelligence is likely to give a fuller picture of core al Qaeda's way of working with these

allies, today found in the Gulf, North Africa, East Africa and the Middle East. How exactly the network functions remains a puzzle. Henry Wilkinson, a senior analyst at London-based Janusian risk advisory group, said the practice of swearing loyalty to Osama bin Laden appeared to obviate, to a degree, the need for a hierarchy that would hand orders down a chain of command. JUMBLED LINES OF AUTHORITY? If bin Laden issued a statement declaring a particular community or group to be a legitimate target, a farflung affiliate was at liberty to attack that target -- for example people of a particular nationality -- if such people were to be found within its geographic area of operation. At times lines of authority seem jumbled. In its Foresight 2011 publication, London-based Exclusive Analysis notes occasions when an affiliate adopted a new target before core al Qaeda endorsed it. An example is the statement by al Qaeda ideological authority Abu Yahia al-Libi in October 2009 in support of Uighur Muslims in China when he condemned China as an enemy of Islam following Uighur riots in July of that year. The statement was published only after rank and file al Qaeda supporters around the world posed questions to forums suggesting al Qaeda should open hostilities against China. Leah Farrall, a leading analyst of al Qaeda's structure, wrote in Foreign Affairs earlier this year that personal ties were influential. "Al Qaeda today is not a traditional hierarchical terrorist organization ... and it does not exercise full command and control over its branch and franchises," she wrote. "But nor is its role limited to broad ideological influence," she said, adding that "levels of command authority are not always clear; personal ties between militants carry weight and, at times, transcend the command structure ..." -Reuters

Sectarian strife tests post-Mubarak rulers gypt's army rulers face a dilemma as a bolder stance adopted by Islamists in the post-Mubarak era is worsening sectarian tension and triggering demands for the kind of crackdown that made the former president so unpopular. Armed clashes between conservative Muslims and Coptic Christians left 12 dead in a Cairo suburb last Saturday, touching off angry protests by some of the capital's residents who called for the army to use an "iron fist" against the instigators. The violence has deepened fear among Christians, who complain of poor police protection and a new tolerance of Muslim extremists, raising the risk of new flashpoints in a country dogged by poverty, soaring prices and a faltering economy. Police deserted their posts during the January and February uprising against Mubarak. Many have returned but many Egyptians say that has failed to stop theft and violent crime spreading as Egypt looks ahead to its first free elections in September. "The softness of the state is a problem right now," said political analyst Issandr El Amrani, who expects the interim military government to restore a tough line against conservative Salafist Islamic groups and others that incite religious hatred. "It's not going to be popular with a segment of the population but a government has to do unpopular things sometimes,"

E

said Amrani. Egypt, which relies on an image of stability to draw millions of tourists, has seen a steady increase in inter-faith violence in recent years, despite a pause during the uprising. Millions of Muslims and Christians massed in Cairo's landmark Tahrir Square in defiance of Mubarak's heavyhanded security apparatus, many waving banners bearing the Islamic crescent and Christian cross entwined. Many Egyptian Muslims condemned the weekend clashes in Cairo's Imbaba neighbourhood, which began when a group of Salafists demanded to look inside a church where they suspected a female convert to Islam was being held against her will. "Why are we distracting ourselves with this idiocy? We should be spending our effort building the country, not protesting and fighting," a veiled woman in her 40s was heard telling a friend in central Cairo on Sunday. "I pray that no strife divides us. If someone converted it's God who judges him, not me or anyone else and in Islam we say 'you have your religion and we have ours'," said Ramadan Habiba, a bearded accountant in a suit outside a mosque. MOB RANSACKS COFFEE SHOP The army has signaled a sterner approach, saying 190 people would be tried in military courts over the Imbaba violence.

The decision marks a shift from past practice, when Mubarak's government often dealt with sectarian strife by asking a religious figure to negotiate a reconciliation. "I think that kind of approach encourages fanatics to escalate their attacks," Mustapha al-Sayyid, political science professor at Cairo University. Although Mubarak's government repressed Islamists, rights groups accused his officials of failing to address sectarian violence head on by hauling in the culprits or punishing those blamed for whipping up such violence. The rights groups blamed this cautious approach on a fear of inciting Islamists further against the state, which fought an Islamist uprising in the 1990s. The army's interim government vowed on Sunday to toughen laws criminalising attacks on places of worship. But analysts said such measures, though welcome, were still not enough. "There's a decision to deal firmly with violations of the law but there is no clear vision of what to do in order to pre-empt a recurrence of these acts," said Sayyid. Witnesses at the scene of Saturday's clashes said the army formed a security cordon near the church targeted by the Salafists when the shooting began, but failed to intervene as a mob ransacked a coffee shop and a bakery owned by a Christian. Another church was gutted by fire in the violence, which left more than 238

people wounded. "All this shows there is a real need to get the police back on the street. The army does not have the policing skills," said Amrani. "Part of the security vacuum since the revolution is that there are no early warning signs. You need to be able to act fast when these rumours propagate." TOUGHER LINE ON FANATICS Last week at the al-Nour mosque in the Cairo district of Abasiyah, Salafists organised a "prayer for the absent" for Osama bin Laden, the al Qaeda leader killed by US special forces in his hideout in Pakistan on May 2. Dozens of military police rushed in to stop the memorial service in the mosque, a symbol of the Salafists' struggle to assert their power, but stood helpless as they proceeded with the prayer under a banner of bin Laden. Salafists have blocked a government-appointed cleric from leading Friday prayers at al-Nour for weeks, in favour of their leader Sheikh Hafez Salameh. The army's softly-softly approach so far when dealing with the Salafists may be aimed at avoiding religious confrontations given Egypt's brittle social balance. Analysts say that tactic showed its limits in Imbaba this past weekend. "In this case, free speech was used to sow hatred against Christians," said Sayyed. "That is not in the spirit of the right to freedom of expression, but I don't think this comes to the minds of members of the (ruling) military council."-Reuters

Effort aside, Europe fails to staunch debt crisis o matter how hard Europe tries, it just can't get a grip on its sovereign debt crisis.

N

Since late 2009, when Greece's vast budget and debt problems first materialised, the European Union has strived to come up with solutions, from fiscal adjustment programmes to labour market reforms and financial bailout packages. In EU terms, seldom have so many multi-billioneuro decisions been taken in so short a time under such pressure. Getting the 17 countries that share the euro, and the broader EU, to agree emergency loans for Greece, Ireland and Portugal, as well as to organise a 440 billion euro temporary bailout mechanism and a 500 billion permanent one, all in the space of a year, is unprecedented in both speed and scope. Despite all that effort -- involving countless latenight euro zone summits, the expending of political capital and the striking of last-minute deals to satisfy one constituency or another -- the crisis shows no signs of slackening. "From the start they have misdiagnosed the problem -- they haven't come clean about what the problem is and hence the medicine is all wrong," said Simon Tilford, chief economist of the Centre for European Reform in London. A combination of miscommunication and second-guessing, with commitments unraveling sometimes only days after being made, has left European leaders scrambling to satisfy voters, financial markets and the EU's institutions -and often failing to keep any of them happy for long. Whenever a decision has been taken, cracks have tended to emerge. This has opened the way for doubts about a nation's resolve or in some cases to "bailout arbitrage" -- with one country perceiving another's terms to be better and wanting to renegotiate its own package.

Perhaps the clearest illustration of Europe's management was a "secret" meeting in Luxembourg last Friday, when the finance ministers of Germany, France, Italy, Spain and Greece got together with the European Central Bank chief and the EU's monetary affairs commissioner for private talks. First, news of the meeting leaked. Then it had to be denied that it was convened to discuss either Greece leaving the euro zone or a restructuring of Greek debt. Then other euro zone member states, including the Netherlands and Austria, expressed irritation at not having been invited. Not surprisingly, financial markets further marked down the value of Greek debt on Monday and questions were raised about what the meeting was meant to achieve, given that it was not a proper forum for taking decisions. As economic commentator Wolfgang Munchau pointed out: "They cannot even organise a private meeting. How, then, can they solve a debt crisis?" NOT ENOUGH STRAIGHT TALKING Some economists argue the EU opened the way for its current fix by not being straight at first about what the crisis meant and trying to talk around the problem. German Chancellor Angela Merkel used to refer to the "euro crisis", but it has never really been about the currency, which today stands at almost exactly the same level against the dollar as it did in December 2009. While it has always been about sovereign debt, it is also about troubled banks, particularly those in France and Germany which have large amounts of Greek, Irish and Portuguese bonds on their books. If a government defaults or the debt is priced down, the repercussions could be huge. It is also not really about "bailouts", which gives the impression that Greece, Ireland and Portugal are being written blank cheques they need not repay.

They are actually getting financing, albeit at interest rates way below what the market would demand -effectively being leant more money to get over their debt problems. "Quite clearly, the problem in the case of Greece, Ireland and Portugal is that investors have justified doubts about the ability of those countries to grow sufficiently quickly to service their debts," said Tilford. "In Portugal, the EU sees this as a liquidity crisis, but it's really a solvency crisis." EU leaders and senior officials may be slowly coming around to speaking more directly about the crisis. A month or so ago, the phrase "debt restructuring" was never uttered, let alone entertained. It is still not accepted as a possibility, but at least it is now being murmured. Irish Prime Minister Enda Kenny was more straightforward on Monday in describing his country's situation. "We carry a heavy burden of debt," he said. "Without strong growth, questions of sustainability will remain." It now seems likely the terms of Ireland's 85 billion euro bailout, agreed in November, will be reworked even though EU officials insisted in recent weeks it is too soon to consider such a move. Greece is also likely to get more time to pay back its 110 billion euros of loans at a lower rate, sources say. Analysts say EU leaders and officials are still not addressing the problem directly, and remain a long way behind financial markets. In that gap rests the EU's credibility. "At the end of the day, I don't think there's any real way around the restructuring of the debts of Greece, Ireland and Portugal," said Tilford, adding that the EU would probably take some time to acknowledge this. "They'll try to push it down the road, there'll be soft restructurings first and then harder ones, but one way or the other, that's what they'll have to end up doing." -Reuters


5

Tuesday, May 10, 2011

South East Asian stocks

Mostly regain some lost ground, led by Thailand KSE-100 Index Opening Closing Change % Change Turnover (mn)

11879.96 11932.68 52.72 0.44 78.65

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

3188.81 3221.89 33.08 1.04 2.63

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

2676.71 2675.82 0.89 0.03 0.03

Major Gainers

Symbol

Close

Change

ULEVER 5100.00 BATA 434.52 PSO 279.32 ENGRO 198.34 PRL 87.51

76.06 20.51 4.71 4.52 4.15

Major Losers

Symbol NESTLE WYETH SAPL FEROZ AGTL

Close

Change

3399.24 800.00 144.67 91.91 224.06

-16.86 -14.89 -4.83 -4.74 -4.67

Top 5 Volume Leaders

Symbol

Close Vol (mn)

LOTPTA ANL JSCL PTC NBP

15.62 5.99 6.75 17.06 52.85

8.18 8.09 7.56 3.08 2.96

Active Issues Plus Minus Unchanged

144 125 85

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)

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

PRICES (Ex-Refinery)

Rs

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

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

European shares drop as debt crisis fears resurface

KSE fails to cross 12k level Nawaz Ali

KARACHI: The week started on a bullish note at Karachi Stock Exchange on Monday as investors took new positions ahead of visit of global lenders visit to Pakistan. However, index failed to close above 12,000 levels due to profit taking at higher levels. The benchmark KSE-100 index was up 52 points to close at 11,932 points, KSE-30 index gained 76 points to close at 11,609 points and KSE allshare index rose by 32 points to close at 8,300 points.

"Investors remained bullish ahead of meetings of Government officials with donors World Bank, IMF & ADB this week leading to expected disbursement of next tranche for Pakistan economic support", said Ahsan Mehanti Director Arif Habib Investments. It should be noted that World Bank team would visit Pakistan this Friday while IMF and ADB are also likely to send their delegations soon. The first session of the week opened with 9 points up into the positive zone. Positive

Indian shares sit tight NEW DELHI: India's main stock index eked out modest gains in flip-flop trading on Monday, with a rebound in commodities markets and global crude oil prices renewing investor worries about the impact of rising interest rates and high inflation. Top mobile carrier Bharti Airtel rose more than 4 per cent and the largest household products and consumer goods maker Hindustan Unilever added 3.2 per cent, leading the gains in the main index. But, shares in Indian lender SKS Microfinance plummeted 18.2 percent on Monday after the company swung to a big quarterly loss and analysts forecast a gloomy outlook for the sector. Commodity prices firmed, bouncing back from their biggest weekly drop since 2008, while crude prices pushed above $112 a barrel after shaving off $16 last week -- its biggest ever decline in dollar terms. "People are watching commodity and crude prices," said K.K. Mital, head of portfolio management at Globe Capital. "The concern is that crude prices may go up from this level and that would put some pressure." The 30-share BSE Index closed 0.05 per cent higher at 18,528.96 points, but the gains were not broad-based as 18 of its components fell. The index had rebounded on Friday after nine sessions of

decline, but posted its biggest weekly loss in more than threeand-a-half months. The index is 9.7 per cent down on the year. The 50-share NSE index index closed 0.01 per cent lower at 5,551.10 points. A ministerial panel is expected to meet on May 11 to decide on a fuel price increase. Diesel and cooking fuel prices are, unlike petrol prices, controlled by the federal government. "Crude prices are the single biggest factor affecting the economy at the moment. A fuel price hike looks quite likely. And this in turn could force interest rates even higher," said Neeraj Dewan, director at Quantum Securities. Shares in Bharti Airtel added 4.1 per cent to 365.20 rupees after losing 8.5 per cent in the previous four sessions. Bharti last Thursday reported its quarterly profit fell more than expected, mainly dragged by its loss-making African operations. Hindustan Unilever gained 8.9 rupees to 284.75 rupees. Earlier, the company reported a 2 per cent fall in quarterly profit, but beat forecasts. Financial stocks fell on worries the increase in lending rates would make loans more expensive and hurt business, after ICICI Bank raised its lending rate by 50 basis points from Saturday, the first among the largest banks to do so. See # 19 Page 11

activities then continued during the remaining part of the day due to continued support by the local and foreign institutions. However volumes remained confined to second tier stocks. Apart from news of visit of representatives of international institutions to Pakistan and rather stable political situation in the country too boosted investor sentiments. The index gains kept on mounting and at about 11:56 a.m. it touched an intra-day high of 12,001 points (+ve 121). However, investors pre-

ferred to book profits at higher levels which reduced the index gains and it failed to close the day above 12,000 points. Volumes witnessed some improvement as 78.6 million shares exchanged hands during the day which was 14 million shares more as compared to a turnover of 64.6 million shares on Friday. Lotte Pakistan was the volume leader with 8.18 million shares followed by Azgard Nine with 8.09 million shares and Jahangir Siddiqui Co. with 7.56 million shares.

Weak banks drag Britain's FTSE lower

Nikkei falls for a second straight session

LONDON: Weak banks weighed on Britain's leading share index on Monday, with the sector hit by their capitulation in a fight over loan insurance mis-selling, and by euro zone debt concerns after S&P cut Greece's credit rating. The British Banking Association said members would not appeal a ruling that they compensate customers wrongly sold payment protection insurance (PPI). Barclays and HSBC said they will take a combined hit of more than $2 billion for the mis-selling. Barclays lost 1.3 per cent, while HSBC fell 0.5 per cent. HSBC also suffered after Europe's biggest bank posted a 14 per cent fall in first-quarter profit, as rising costs offset lower bad debts. The biggest sector faller was Royal Bank of Scotland, off 2.4 percent. RBS said last week it was too early to estimate the possible PPI impact but settling claims could be "material". Euro zone credit concerns were heighted as S&P downgraded Greece's long-term credit rating on an increased risk the country will take steps to restructure debt. At the close, the FTSE 100 was down 34.08 points, or 0.6 per cent, at 5,942.69, giving back some of Friday's one per cent gains made when investors were buoyed by US jobs data. See # 18 Page 11

HK, China shares snap losing streaks HONG KONG/SHANGHAI: Hong Kong shares closed higher on Monday, snapping an eight-session losing streak, boosted by stablizing global crude prices, but gains and turnover were capped by concern over key economic data due from Beijing on Wednesday. The energy and materials sub-indexes outperformed the broader Hong Kong market, gaining 1.9 and 1.5 per cent respectively after Brent crude rose more than $3 on Monday, rebounding from a fall of more than $16 last week as investors fled commodities on worries over slowing global growth. "We have probably seen the worst of the unwinding last week," said Wing Fung Financial Group analyst Mark To. PetroChina Co Ltd provided the biggest support for the Hong Kong benchmark, up 1.7 per cent on the day but only barely nudging the stock out of technically oversold territory after its 14-day relative strength index (RSI) value hit a oneyear low on Friday. The Hang Seng Index finished Monday trade up 0.8 per cent to 23,336.0 but turnover hit a 3-month low, barely hitting HK$57.5 billion (US$7.4

billion), ahead of a market holiday in Hong Kong on Tuesday. "It's too soon to say whether the rebound today is the beginning of an uptrend with people waiting on China inflation data due on Wednesday," To said. China property counters made the biggest percent gains on the benchmark on Monday, with China Resources Land Ltd as the top performer, gaining 5.4 per cent in trading that was 1.6 times its 30-day average volume. Beijing is expected to release April inflation data on Wednesday, with economists polled by Reuters expecting the figure to come in at 5.2 per cent, compared with March's 5.4 per cent, on falling food costs. The March figure was a 32-month high. A downside surprise for April will ease investor concern about the potential for a more prolonged tightening campaign after a selloff over the past three weeks. POLICY CONCERNS Lingering worries over further policy tightening hit banking and insurance shares in China on Monday, with Industrial Bank Co Ltd down 1.5 per cent and China Pacific Insurance (Group) Co Ltd off

1.0 per cent. Turnover in the Shanghai Ashare market on Monday barely hit 94 billion yuan ($14.5 billion), its second-lowest since February 1 and the thirteenth consecutive session it has finished under its 20-day moving average. Analysts expect the index will move in a small range ahead of a series of data, starting with ones the April inflation number. "Now, it's clear that investors take a wait-and-see attitude ahead of the data," said Wen Lijun, an analyst at Nanjing Securities. She said the support level for the index might be around 2,820 points, with some shares garnering support from government policies and with reasonable valuations lending support. Shares related to the construction of high speed trains outperformed after the Ministry of Railway confirmed that China would invest around 750 billion yuan ($115 billion) to build high speed trains. Jinxi Axle , the biggest gainer on the Shanghai market, jumped by its 10 percent daily limit, while GemYear Industrial rose 4.8 percent.-Reuters

TOKYO: Tokyo stocks fell for a second straight session on Monday, dragged down by a plunge in Chubu Electric after Prime Minister Naoto Kan called for the closure of its nuclear plant due to worries that a large earthquake could trigger another nuclear crisis. Kan's surprise announcement late on Friday triggered selling of other utility shares and weighed on overall market sentiment as investors worried that further plant shutdowns would exacerbate power shortages that have already disrupted operations at manufacturers since the earthquake in March. "The news of the Hamaoka nuclear plant clearly was the main factor weighing on Japanese shares today. The market took the news as a big surprise," said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments. "Wariness over nuclear plants has increased as well and investors are looking at this as a risk for Kan's government," Ogawa said. The benchmark Nikkei average closed down 0.7 per cent, or 64.82 points, at 9,794.38. The broader Topix lost 0.4 per cent to 853.21. Japan on Monday lagged other Asian markets, such as Shanghai and Hong Kong, and failed to benefit from a robust US April payrolls report on Friday that unexpectedly showed an increase of 244,000 jobs, the most in 11 months. Chubu Electric, Japan's thirdbiggest power company, is expected to decide later on

JSCL and ANL stayed in limelight over rumors regarding sale of AGTL. Buying also witnessed in ENGRO after ECC's decision to allocate 40mmcfd gas to the fertilizer companies through the network of SNGPL. Foreign investors were mainly on the buying side as according to NCCPL data, offshore investors did a net buying worth $1.86 million on Monday. Out of total 354 active issues; 144 advanced and 125 declined while 85 issues remained unchanged.

Monday to shut its Hamaoka nuclear station, about 200 km (120 miles) southwest of Tokyo, heeding Kan's legally non-binding request to close the plant. The move signals a potential shift in energy policy after the March earthquake and tsunami crippled Tokyo Electric's Fukushima Daiichi plant in northeastern Japan, causing the worst nuclear crisis in a quarter century. Chubu Electric ended down 10.3 per cent at 1,584 yen after plunging as much as 14 per cent to an 11-year intraday low of 1,521 yen at one point in the morning. INVESTOR NERVES The electric power and gas sub-index fell 2.3 per cent, the worst-performing sector. "Foreigners are especially nervous that this could spread to other power companies," said Hideyuki Ishiguro, a supervisor at Okasan Securities. "Uncertainty about power companies is negative for the market as an actual closure of a nuclear plant would mean higher utility fees and costs for consumers and manufacturers." Investors in general were hesitant about taking large positions in risk assets as the market wanted to see more US economic data to determine the outlook for the US and global economies, traders said. The market was also nervous after Wall Street shares fell from their highs due to wariness over Greece's debt problems. See # 17 Page 11

US stocks mid-day

Wall Street up as commodity shares gain NEW YORK: US stocks moved higher on Monday as a bounce back in commodities lifted energy and materials shares, offsetting concerns about European debt. Stocks seesawed for much of the morning between modest gains and losses after Standard & Poor's downgraded Greece's rating into junk territory on doubts Athens can manage its debt without imposing losses on private bondholders. The energy and materials sectors were the best performers on the S&P 500 as the Reuters/Jefferies commodities index jumped 1.7 per cent. The iShares Silver Trust exchange-traded fund rose 6 per cent. Oil futures jumped more than 4 per cent and the S&P energy index advanced 1.6 per cent. The Greece rating cut weakened the euro against the US dollar, shaving gains off commodities and reducing some risk appetite that had lifted futures. "Europe continues to be a regular cloud on the market," dimming the market's bullish mood, said Christian Magoon, chief executive of Magoon Capital in Lisle, Illinois. The Dow Jones industrial average advanced 61.15 points, or 0.48 per cent, at 12,699.89. The Standard & Poor's 500 Index put on 6.84 points, or 0.51 per cent, at 1,347.04. The Nasdaq Composite Index rose 18.03 points, or 0.64 per cent, at 2,845.59. On the S&P 500, key levels are 1,340 and 1,333 that should provide strong support and entice buyers, according to Ryan Detrick, senior technical strategist at Schaeffer's Investment Research. Despite last week's losses, the S&P 500 held above important technical levels, with the week's low just below 1,330 and Friday's close above 1,340. Commodities, stocks and the euro have traded in a similar pattern in recent months as low US interest rates boosted risk appetite. Citigroup Inc, which in recent months accounted for about 6 per cent of total composite volume, fell 2.6 per cent to $44.02 after the company's See # 16 Page 11

Dhiyan

HOPES BEING ATTACHED TO BUDGET Saqib Hussain, Head of Sales, M.M. Securities We expect positive activities to continue moving forward owing to good earnings growth. The index can test a level of 12,200 points. Investors are advised to invest in banking, oil, fertiliser, and refinery stocks. Positive statement by United States over Osama killing issue and arrival of IMF team would trigger the market. Market would be positive today.

Zia Shaafi, Senior Equity Dealer, Pearl Securities Market is likely to stay bullish in the coming days and if the index manages to cross the resistance level of 12,200 points then we might see some more positive activities. Investors are recommended to invest in the blue chip stocks of oil, banking and fertiliser sectors. Steps for the economic revival in the budget can boost the market. Market would remain positive today.


6

Tuesday, May 10, 2011

Market

KSE 100 Index

Symbols

Volume

78,651,655

Value

2,820,959,220

Trades

51,532

Advanced Declined Unchanged Total

Current High Low Change

144 125 85 354

All Share Index

11,932.68 12,003.64 11,879.96 h52.72

Current High Low Change

8,300.21 8,349.70 8,267.31 h32.90

OIL AND GAS

Company

Paid up Cap(mn)

PE

High Low 1,491.84 1,461.70 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.32 32.54

Open

High

Low

Attock Petroleum 691 6.79 376.85 Attock Refinery 853 4.09 124.86 BYCO Petroleum 3921 8.24 Mari Gas Company 735 4.18 101.63 National Refinery 800 4.65 338.51 Oil & Gas Development 43009 9.89 147.08 Pak Petroleum 11950 7.56 206.52 Pak Oilfields 2365 7.19 323.12 Pak Refinery Limited 350 48.89 83.36 P.S.O 1715 3.99 274.61 Shell Gas LPG 226 - 24.00 Shell Pakistan 685 7.45 209.55

379.50 125.90 8.50 103.95 341.89 148.40 209.00 327.35 87.52 282.25 24.70 213.00

375.00 124.60 8.20 101.02 336.04 144.60 206.00 323.00 83.50 275.01 24.00 209.00

Close Chg 375.94 124.77 8.45 102.29 336.83 146.23 206.89 325.94 87.51 279.32 24.00 209.58

-0.91 -0.09 0.21 0.66 -1.68 -0.85 0.37 2.82 4.15 4.71 0.00 0.03

Current High Low Change

KMI 30 Index Current High Low Change

11,609.34 11,652.72 11,532.51 h76.83

20,148.21 20,231.94 20,041.38 h106.83

Last 60 days High Low

Volume 34759 397174 378885 10035 199726 1212267 520873 971149 216282 931885 700 4880

387.98 129.40 10.43 127.50 356.50 170.50 216.50 332.45 110.50 294.49 32.49 217.90

321.00 98.25 7.93 98.50 254.00 128.21 190.10 277.09 81.23 265.00 22.69 186.83

% Change 0.09 5-Day High 1,486.29 5-Day Low 1,446.01

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

2011 Div BR (%) (%)

20B115.00 - 23.43 - 30.00 20B 50.00 -100.00 - 80.00 -

-

CHEMICALS

Company

Paid up Cap(mn)

Open 683.96 Turnover 6,113 P/E (x) 4.87 Company

High Low 692.79 682.70 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.24 25.53

Close 685.22 Listed cap 3,242.17 mn Payout (%) 11.08

Change 1.25 Market cap 11,376.93 mn Div Yield (%) 2.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1092 1321

6.49 7.63

70.48 25.94

71.50 26.10

70.60 25.41

70.60 26.01

4555 1558

76.25 34.70

Pak Int Cont. Terminal PNSC

0.12 0.07

63.00 25.18

PE

Open

High

Low

19.71 165.00 61.84 2.45 7.81 2.53 10.90 199.50 11.65 12.80 140.89 41.93 12.24 154.50 15.75 2.69 1.30 2.40 99.75 18.18 15.79 36.15

18.51 160.10 58.95 2.12 7.46 2.38 10.90 193.99 10.90 12.51 139.00 41.37 11.80 152.05 15.45 2.50 1.30 2.00 98.10 17.55 14.80 36.10

Close Chg 19.02 160.86 61.84 2.31 7.75 2.40 10.94 198.34 11.59 12.54 140.53 41.68 12.05 154.09 15.62 2.51 1.30 2.00 99.54 17.78 15.79 34.76

-0.07 -0.94 2.94 0.05 0.26 0.01 0.04 4.52 0.66 -0.13 1.75 0.19 0.08 1.18 -0.03 -0.14 0.55 -0.11 1.46 0.38 -0.01 0.00

Close 1,827.99 Listed cap 52,251.88 mn Payout (%) 48.81

Last 60 days High Low

Volume 8958 7188 114849 6726 407102 437427 500 2209758 827927 305076 1034020 1272239 89982 126883 8175687 301651 1000 192182 570 745855 3897 310

Change 25.41 Market cap 378,913.97 mn Div Yield (%) 5.56

24.90 206.79 294.00 3.50 9.60 3.24 11.50 238.50 13.95 13.60 154.49 43.89 14.49 172.00 17.36 3.40 1.90 2.99 112.45 19.99 16.00 38.85

18.51 140.00 56.10 2.10 6.00 2.20 9.50 189.00 10.75 10.75 108.00 37.86 10.43 142.00 14.05 2.10 0.75 1.55 90.78 11.81 12.07 34.19

% Change 1.41 5-Day High 1,827.99 5-Day Low 1,788.16

2010 Div BR (%) (%)

2011 Div BR (%) (%)

135 25B 50 300B 15 60 20B - 27.5R 130 25B 45.00 65.5 - 12.50 175 5 25 5B 50 -

-

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,020.87 Turnover 11,298 P/E (x) 4.91 Company

High Low 1,047.16 1,009.18 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.37 7.47

Close 1,022.42 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

707 411

6.56

15.27 37.04

15.50 38.40

14.60 37.41

15.33 0.06 37.04 0.00

10996 302

Century Paper Security Paper

Change 1.54 Market cap 2,821.27 mn Div Yield (%) 5.14

Last 60 days High Low 17.50 39.90

13.85 34.00

% Change 0.15 5-Day High 1,032.16 5-Day Low 1,008.96

2010 Div BR (%) (%) 50

-

2011 Div BR (%) (%) -

Open 1,127.50 Turnover 308,650 P/E (x) 3.80 Paid up Cap(mn)

PE

Open

Atlas Battery 101 5.58 210.00 Atlas Honda 626 8.87 141.01 Baluchistan Wheels Ltd. 133 1.53 32.81 Dewan Motors 1087 1.65 General Tyre 598 4.34 22.60 Ghandhara Nissan 450 3.70 Ghani Automobile Ind 200 6.70 3.03 Honda Atlas Cars 1428 9.13 Indus Motors 786 7.60 219.00 Pak Suzuki XD 823 15.26 67.36 Sazgar Engineering 150 1.20 23.80 Transmission 117 1.25

Company

Paid up Cap(mn)

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

PE

565 1.86 675 555 21.45 1199 18.75 785 25.14

Open 27.50 1.88 11.79 51.91 8.80

High 28.00 1.89 12.39 52.25 8.80

Low 27.50 1.80 12.01 51.50 8.80

Close Chg 27.51 1.82 12.01 51.55 8.80

0.01 -0.06 0.22 -0.36 0.00

Close 1,029.54 Listed cap 3,596.11 mn Payout (%) 30.91

Change -3.79 Market cap 9,604.10 mn Div Yield (%) 9.12

High

High Low 1,140.79 1,126.93 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.96 25.35 Low

Close Chg

Last 60 days High Low

Volume 15779 7002 2301 4037 5102

29.75 2.55 14.90 54.50 9.44

25.67 1.70 11.10 45.81 8.51

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

2011 Div BR (%) (%)

- 20.00 25B 15.00 20B 15.00 -

-

Company

Paid up Cap(mn)

Abdullah Shah Ghazi Sugar 793 AL-Noor Sugar 186 Chashma Sugar 287 Colony Sugar Mills 990 Crescent Sugar 214 Dewan Sugar 365 Habib Sugar 750 Hussein Sugar 121 Ismail Ind 505 J D W Sugar 539 Mirpurkhas Sugar 84 Mirza Sugar 141 Mithchells Fruit 50 National Foods 414 Nestle Pakistan 453 Noon Pakistan 48 Noon Sugar 165 Quice Food 107 S S Oil 57 Sanghar Sugar 119 Shahmurad Sugar 211 UniLever Pakistan 665

PE

Close 1,133.84 Listed cap 6,768.53 mn Payout (%) 20.42

Volume

Change 6.34 Market cap 41,952.59 mn Div Yield (%) 5.37

Last 60 days High Low

Company

Paid up Cap(mn)

Al-Abbas Cement

PE

Open

High

Low

Close Chg

Close 864.15 Listed cap 54,792.74 mn Payout (%) 19.04

Change 7.00 Market cap 62,820.36 mn Div Yield (%) 2.98

Last 60 days High Low

Volume

1828

-

2.55

2.60

2.52

2.60 0.05

3200

3.50

2.15

Attock Cement

866

6.58

51.25

52.99

51.50

52.00 0.75

2780

56.70

48.50

Berger Paints

182

-

14.25

14.75

14.01

14.20 -0.05

5350

19.00

13.55

956 45.48

9.52

982 15.23

Cherat Cement

% Change 0.82 5-Day High 868.68 5-Day Low 838.57

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

2011 Div BR (%) (%) -

-

-

-

-

- 122R

-

-

50

9.55

9.50

9.55 0.03

15423

11.90

8.00

-

-

-

2.00

2.00

1.81

1.98 -0.02

12030

2.24

1.50

-

-

-

Dewan Cement

3891

-

1.54

1.57

1.50

1.52 -0.02

84076

2.19

1.50

-

-

-

-

DG Khan Cement Ltd

3651 30.44

997539

20R

Dadabhoy Cement

-

22.83

23.28

22.70

22.83 0.00

28.60

21.20

-

20R

-

350

-

1.70

1.80

1.80

1.80 0.10

990

3.75

1.70

-

-

-

-

Fauji Cement

6933

7.00

4.04

4.12

4.04

4.06 0.02

247241

4.82

3.97

-

-

-

92R

Fecto Cement

502

5.61

6.40

6.99

6.51

6.51 0.11

5102

8.90

6.10

-

-

-

-

1760

-

1.32

1.45

1.32

1.38 0.06

51521

1.95

1.30

-

-

-

-

EMCO Ind

Flying Cement Ltd Frontier Ceramics

77

-

2.60

2.10

2.02

2.02 -0.58

2000

3.52

0.71

-

-

-

-

4003

-

6.01

6.50

6.05

6.46 0.45

6307

13.50

5.00

-

-

-

-

Haydery Const

32

-

0.40

0.52

0.40

0.40 0.00

129

0.90

0.32

-

-

-

-

Kohat Cement

1288

-

6.31

6.90

6.50

6.75 0.44

20496

7.87

5.11

-

-

-

-

Gharibwal Cement

Lafarge Pakistan Cmt.

2.88

3.09

2.88

3.03 0.15

338573

3.45

2.10

-

-

-

-

Lucky Cement

3234

5.70

69.61

70.75

69.85

70.20 0.59

347805

73.69

59.55

40

-

-

-

Maple Leaf Cement

5261

-

2.07

2.25

2.00

2.13 0.06

552395

2.89

1.92

-

-

-

-

Pioneer Cement

2271

-

4.86

4.75

4.50

4.74 -0.12

60100

6.70

4.50

-

-

-

-

361

-

6.14

6.40

6.11

6.13 -0.01

8087

8.50

5.13

-

-

- 100R

Shabbir Tiles

13126 75.75

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 959.02 Turnover 148,744 P/E (x) 1.90 Company Cherat Papersack

High Low 963.75 955.06 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 0.83 43.91

Close 960.29 Listed cap 3,043.31 mn Payout (%) 15.55

Change 1.26 Market cap 35,597.28 mn Div Yield (%) 8.20

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

115

2.31

46.94

47.99

47.00

230 1067

% Change 0.13 5-Day High 973.87 5-Day Low 959.02

2010 Div BR (%) (%)

2011 Div BR (%) (%)

47.02 0.08

26810

63.50

46.45

20

25B

-

50R

5.49

1.58 53.89

1.65 53.99

1.42 53.11

1.50 -0.08 53.92 0.03

37000 907

2.77 54.50

1.31 49.00

25

10B

-

-

MACPAC Films Merit Pack

389 2.84 47 12.71

13.22 27.97

14.22 28.99

13.25 27.00

14.22 1.00 28.34 0.37

59800 10633

14.70 33.80

3.25 26.50

-

-

-

-

Packages Ltd XD Tri-Pack Films

844 18.17 108.81 300 6.30 162.01

109.05 109.00 109.00 0.19 163.90 160.30 161.48 -0.53

2599 10995

130.75 172.00

103.01 120.70

32.5 100

-

-

-

ECOPACK Ltd Ghani Glass

Company AL-Ghazi Tractor

Paid up Cap(mn) 215

PE

3.87 228.73

Dewan Auto Engineering 214 Ghandhara Ind 213 11.00 Hinopak Motor KSB Pumps XD

124 132

Millat Tractors

366

Open

-

High

Low

231.00 222.00 224.06 -4.67

0.99 9.24

1.09 9.24

0.99 8.31

93.00 40.06

97.45 38.71

97.45 38.06

7.85 515.58

Close Chg

Last 60 days High Low

2010 Div BR (%) (%)

2011 Div BR (%) (%)

199.05

400

-

-

-

688 462

2.00 11.37

0.71 8.20

-

-

-

-

120 692

129.90 62.00

90.00 37.58

12.5

-

-

-

4624

546.75

466.27

650

25B325.00

-

1.15

239.00

Open

High

Open 744.23 Turnover 597,742 P/E (x) 1.89 Company

Paid up Cap(mn)

Low

Close Chg

Close 2,056.41 Listed cap 11,335.33 mn Payout (%) 30.57

Volume

100 50 25 20 150 5 10 -

2011 Div BR (%) (%)

20B 15B 65.00 - 50.00 20B 10.00 -

Change 13.13 Market cap 288,756.72 mn Div Yield (%) 0.64

Last 60 days High Low

265 6.85 4.10 1537 49.50 37.80 2400 10.20 8.00 2003 3.80 2.11 11100 8.30 6.02 1075 3.99 2.60 3378 24.50 20.25 275 12.41 8.00 123 90.00 75.45 325 77.99 68.50 254 53.00 39.60 9926 4.99 2.50 1638 74.50 65.40 750 66.00 52.01 156 3700.00 2891.68 600 27.00 19.75 3677 21.80 10.11 13000 4.00 2.25 1500 6.45 2.60 500 12.70 11.00 500 9.90 8.00 178 5988.18 4005.01

Diamond Ind Hussain Industries Pak Elektron Singer Pak XB Tariq Glass Ind

High Low 787.51 721.76 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.20 10.64

PE

Open

High

Low

90 106 1219 375 127.00 231 1.67

9.73 4.87 7.81 17.47 12.50

9.71 4.40 8.70 17.48 12.79

8.73 4.40 7.70 16.48 12.00

15B -

2010 Div BR (%) (%)

% Change 0.64 5-Day High 2,084.10 5-Day Low 2,042.79 2011 Div BR (%) (%)

50 10 25 25B 17.5 110R 7010B 12.5R 15 20B 10 40 12 750 12 15 10 492 -

-40.49R -

Close Chg 9.73 4.87 8.33 16.51 12.69

0.00 0.00 0.52 -0.96 0.19

Close 761.51 Listed cap 3,763.71 mn Payout (%) 6.27

Volume 300 412 587002 850 9128

Change 17.28 Market cap 4,140.34 mn Div Yield (%) 3.32

Last 60 days High Low

2010 Div BR (%) (%)

11.11 7.00 14.50 24.09 20.60

17.5

7.11 4.25 7.26 16.48 12.00

10B 10B -

% Change 2.32 5-Day High 765.96 5-Day Low 744.23 2011 Div BR (%) (%) - 200R

PERSONAL GOODS

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

42.35

Total Assets (Rs in mn)

MA (10-day)

1.70

Total Equity (Rs in mn)

(747.01)

MA (100-day)

2.03

Revenue (Rs in mn)

1,025.34

MA (200-day)

1.81

Interest Expense

1st Support

1.55

Loss after Taxation

2nd Support

1.46

EPS 10 (Rs)

1st Resistance

1.79

Book value / share (Rs)

2nd Resistance

1.94

PE 11 E (x)

Pivot

1.70

PBV (x)

4,204.55

8.92 (437.50) (4.917) (8.40) (0.20)

DFML closed up 0.05 at 1.70. Volume was 79 per cent above average and Bollinger Bands were 14 per cent narrower than normal. The company's loss after taxation stood at Rs212.713 million which translates into a Loss Per Share of Rs2.39 for the nine months of fiscal year (9MFY11). DFML is currently 6.2 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 DFML at a relatively equal pace. Trend forecasting oscillators are currently bearish on DFML.

IGI Investment Bank Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

41.40

Total Assets (Rs in mn)

8,260.69

MA (10-day)

1.69

Total Equity (Rs in mn)

1,669.86

MA (100-day)

2.25

Revenue (Rs in mn)

MA (200-day)

2.17

Interest Expense

1st Support

1.56

Loss after Taxation

2nd Support

1.49

EPS 10 (Rs)

1st Resistance

1.77

Book value / share (Rs)

844.20 667.45 (199.37) (0.94) 7.87

2nd Resistance

1.91

PE 11 E (x)

9.11

Pivot

1.70

PBV (x)

0.22

IGIBL closed unchanged at 1.70. Volume was 563 per cent above average (trending) and Bollinger Bands were 28 per cent narrower than normal. The company's profit after taxation stood at Rs30.525 million which translates into an Earning Per Share of Rs0.14 for the nine months of fiscal year (9MFY11). IGIBL is currently 21.8 per cent below its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of IGIBL (mildly bearish). Trend forecasting oscillators are currently bearish on IGIBL.

KASB Bank Limited

Open 957.01 Turnover 11,890,464 P/E (x) 5.47 Company

Paid up Cap(mn)

(Colony) Thal Ali Asghar Textile Amtex Limited Artistic Denim Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) XD Brothers Textile Chenab Limited Colony Mills Ltd Crescent Fibres Ltd Crescent Jute Crescent Textile D S Ind Ltd D. Lawrencepur XB Dewan Mushtaq Textile Ellcot Spinning Faisal Spinning Gadoon Textile XD Gulshan Spinning H M Ismail Hira Textile Mills Ltd. Ibrahim Fibres Idrees Textile Ishaq Textile Khalid Siraj Kohinoor Ind Kohinoor Mills Kohinoor Spinning Kohinoor Textile Masood Textile Mohd Farooq Mubarak Textile Nishat (Chunian) Nishat Mills Olympia Textile Pak Leather Pak Synthetic Prosperity Ravi Textile Resham Textile Rupali Poly Saif Textile Salfi Textile Sally Textile Samin Textile Sargoda Spinning Service Ind XD Shahtaj Textile Sunrays Textile Suraj Cotton Tata Textile Thal Ltd Treet Corp Tri-Star Poly ZahidJee Textile Zahoor Cotton

56 222 2594 840 4493 37 76 76 98 1150 2442 124 238 492 600 591 34 110 100 234 222 120 716 3105 180 97 107 303 509 1300 2455 600 189 54 1620 3516 108 34 560 185 250 360 341 264 33 88 267 312 120 97 69 180 173 307 418 215 341 99

PE

Open

1.51 1.00 1.98 6.53 21.00 5.57 0.26 15.26 0.69 16.33 5.11 414.01 0.43 2.24 1.88 1.99 0.68 11.77 0.68 3.80 14.99 1.09 - 36.51 0.20 3.80 0.62 26.00 0.55 40.62 0.76 78.50 0.44 10.50 1.45 0.85 4.25 3.39 47.00 1.66 4.48 0.56 7.00 0.34 1.26 1.19 1.97 0.48 1.50 5.52 4.77 1.62 17.50 0.84 0.56 4.01 25.92 5.23 59.03 0.51 1.90 2.28 18.28 0.96 14.62 0.89 0.87 7.50 2.94 38.41 0.30 8.41 0.28 57.99 0.27 7.30 2.44 4.76 1.49 3.60 3.09 179.64 1.37 24.80 0.85 36.50 0.73 38.21 0.53 40.96 - 99.96 6.18 49.19 0.80 0.61 7.20 0.25

High

High Low 966.13 949.02 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.47 8.64 Low

Close Chg

1.55 1.55 1.55 0.04 1.10 1.10 1.10 0.10 2.09 1.95 2.00 0.02 21.00 20.65 20.65 -0.35 6.20 5.71 5.99 0.42 16.00 15.30 15.30 0.04 17.25 16.35 16.53 0.20 434.71 417.01 434.52 20.51 0.49 0.16 0.43 0.00 2.19 2.00 2.00 -0.24 1.98 1.80 1.80 -0.19 10.78 10.77 11.77 0.00 0.75 0.66 0.67 -0.01 14.26 14.10 14.14 -0.85 1.25 1.03 1.09 0.00 38.00 35.00 37.22 0.71 3.85 3.80 3.80 0.00 26.05 26.00 26.00 0.00 41.00 41.00 40.62 0.00 79.75 76.10 78.61 0.11 10.59 10.48 10.48 -0.02 1.50 1.50 1.50 0.05 4.40 4.24 4.28 0.03 48.50 46.75 47.45 0.45 4.45 4.30 4.33 -0.15 7.00 7.00 7.00 0.00 1.38 1.11 1.24 -0.02 1.25 1.15 1.20 0.01 1.98 1.05 1.05 -0.92 1.58 1.38 1.38 -0.12 4.95 4.43 4.80 0.03 16.92 16.91 17.50 0.00 0.84 0.80 0.82 -0.02 0.55 0.55 0.55 -0.01 26.29 25.98 26.05 0.13 60.00 58.26 58.89 -0.14 0.75 0.69 0.69 0.18 2.00 2.00 1.90 0.00 19.28 17.75 18.25 -0.03 14.85 14.85 14.85 0.23 1.05 0.81 0.98 0.09 8.50 8.50 8.50 1.00 39.00 38.99 39.00 0.59 8.89 8.50 8.50 0.09 60.88 55.10 55.34 -2.65 7.39 6.90 7.00 -0.30 5.39 4.67 5.00 0.24 3.60 3.60 3.60 0.00 186.50 180.00 181.05 1.41 24.50 24.50 24.50 -0.30 38.25 36.01 36.01 -0.49 40.12 37.26 38.01 -0.20 39.20 38.95 38.95 -2.01 101.00 100.00 100.99 1.03 50.20 49.00 49.47 0.28 0.61 0.61 0.80 0.00 7.00 6.40 6.98 -0.22 0.25 0.25 0.25 0.00

Open 958.67 Turnover 53,059 P/E (x) 6.70 Company

Paid up Cap(mn)

Abbott (Lab) XD 979 Ferozsons (Lab) 250 GlaxoSmithKlineXDXB 1963 Highnoon (Lab)XDXB 182 IBL HealthCare Ltd 200 Sanofi-Aventis 96 Searle Pak 306

PE

Open

5.61 91.99 7.61 96.65 10.75 72.28 5.86 25.30 4.25 10.95 - 149.50 5.82 60.00

High

Close 961.31 Listed cap 47,070.70 mn Payout (%) 16.68

Volume 3801 1069 96854 1002 8088033 3801 23700 723 232 7041 4221 147 1089 2008 124774 14455 200 13600 200 43605 4700 4100 57110 50013 4000 758 1601 34290 46001 501 175530 350 610 550 241827 2679412 5000 200 766 500 57730 500 525 7818 2036 10581 5012 500 4650 4000 1300 596 2100 10464 38496 408 4400 500

High Low 977.41 948.90 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.50 22.31 Low

Close Chg

92.75 91.00 91.50 -0.49 93.74 91.90 91.91 -4.74 75.89 72.80 75.28 3.00 25.65 25.25 25.30 0.00 10.50 10.20 10.36 -0.59 149.50 143.50 144.67 -4.83 61.00 59.00 59.61 -0.39

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

45.98

Total Assets (Rs in mn)

59,223.06

MA (10-day)

1.33

Total Equity (Rs in mn)

4,958.87

MA (100-day)

1.73

Revenue (Rs in mn)

MA (200-day)

2.17

Interest Expense

1st Support

1.30

Loss after Taxation

2nd Support

1.26

EPS 09 (Rs)

1st Resistance

Performance of SR Personal Goods Index

% Change -0.03 5-Day High 1,554.39 5-Day Low 1,547.15

0.08 0.00

517.30 513.60 516.73

18495

2010 Div BR (%) (%)

Change 4.30 Market cap 125,649.61 mn Div Yield (%) 3.05

Last 60 days High Low 2.70 1.45 4.05 23.13 11.13 18.41 23.27 686.07 0.99 3.40 2.95 16.09 1.43 17.94 1.85 49.05 5.50 28.74 43.00 102.24 11.68 2.10 5.20 51.55 6.00 8.25 1.79 1.90 3.00 1.98 5.58 19.70 1.69 1.90 29.50 66.75 1.98 3.45 21.21 16.90 1.74 8.50 44.40 11.50 76.43 9.35 7.40 5.01 226.80 26.29 38.30 42.00 44.10 120.88 57.00 1.49 7.74 0.85

0.50 0.61 1.81 18.55 4.40 10.50 13.00 411.00 0.13 1.65 1.50 10.26 0.25 13.00 0.95 35.00 3.02 20.92 35.00 70.01 7.00 0.42 3.50 43.02 3.05 5.00 0.51 1.11 0.67 0.25 3.60 16.70 0.51 0.25 22.30 57.20 0.40 1.50 12.30 13.60 0.40 6.60 37.56 5.38 53.00 3.63 4.10 2.50 154.00 19.05 33.01 35.77 35.05 97.00 44.10 0.23 2.27 0.25

2010 Div BR (%) (%) - 30B 20 - 15B 20 280 10 15 5 15B 35 50 70 10 20B 10 20 10 8 5 15 100R 15 25 45R 30 10 40 25 10 - 100R 5 75 45 30 50 25 80 20B 50 900B -

% Change 0.45 5-Day High 971.04 5-Day Low 955.72 2011 Div BR (%) (%) -

-

Performance of SR Pharma and Bio Tech Index

Change -0.49 Market cap 31,560.40 mn Div Yield (%) 17.00

93.00 0.00 38.24 -1.82

1.07 9.24

180.00 120.30 31.24 1.50 21.08 2.82 3.11 9.00 205.51 60.00 20.50 1.11

% Change 0.56 5-Day High 1,138.15 5-Day Low 1,127.28

PHARMA AND BIO TECH

Close 1,550.91 Listed cap 1,336.62 mn Payout (%) 131.49

Volume

-

HOUSEHOLD GOODS

Performance of SR Industrial Engineering Index High Low 1,555.81 1,540.76 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 2.94 38.02

-

Performance of SR Household Goods Index

INDUSTRIAL ENGINEERING Open 1,551.39 Turnover 25,271 P/E (x) 7.73

7987 216.30 4711 153.93 255 37.99 256834 2.45 5828 26.17 15411 4.99 2426 4.60 4876 11.40 2305 290.00 2002 76.90 5000 25.50 1010 1.98

High Low 2,079.36 2,012.66 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 14.46 30.30

0.98 5.90 6.49 4.90 5.90 0.00 0.99 39.60 41.58 37.80 39.45 -0.15 3.71 9.50 9.50 9.50 9.50 0.00 6.25 2.50 2.89 2.50 2.50 0.00 0.81 7.26 8.10 7.50 8.07 0.81 2.66 2.90 2.60 2.61 -0.05 9.33 23.63 23.75 23.40 23.50 -0.13 2.86 9.94 10.44 10.33 9.94 0.00 12.22 82.13 78.10 78.03 82.13 0.00 1.30 73.50 75.00 75.00 73.50 0.00 2.53 41.66 43.40 39.60 40.41 -1.25 3.00 3.20 3.00 3.07 0.07 8.69 72.00 74.00 73.00 74.00 2.00 11.05 64.10 64.00 64.00 64.00 -0.10 25.81 3416.10 3473.99 3323.01 3399.24 -16.86 5.47 21.09 20.06 20.05 20.06 -1.03 1.78 17.28 17.50 16.31 16.59 -0.69 6.32 2.97 2.80 2.75 2.78 -0.19 0.34 4.65 4.80 4.10 4.80 0.15 2.21 11.81 12.00 11.99 12.00 0.19 3.16 9.25 9.25 9.20 9.24 -0.01 18.86 5023.94 5130.00 4960.01 5100.00 76.06

Performance of SR Construction and Materials Index High Low 875.09 855.41 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.45 7.10

2011 Div BR (%) (%)

-

FOOD PRODUCERS

CONSTRUCTION AND MATERIALS Open 857.14 Turnover 2,761,262 P/E (x) 6.39

212.00 210.00 210.12 0.12 143.00 141.75 142.16 1.15 32.20 31.51 32.81 0.00 1.85 1.61 1.70 0.05 23.73 22.51 22.80 0.20 3.85 3.35 3.60 -0.10 3.55 3.17 3.55 0.52 9.60 9.31 9.44 0.31 220.00 219.00 220.00 1.00 69.60 67.75 67.75 0.39 24.50 24.25 24.50 0.70 1.35 1.35 1.35 0.10

Open 2,043.28 Turnover 55,275 P/E (x) -

-

% Change -0.37 5-Day High 1,045.59 5-Day Low 1,015.81

40 15

Performance of SR Food Producers Index

INDUSTRIAL METALS AND MINING High Low 1,044.19 1,027.34 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.12 33.10

2010 Div BR (%) (%)

Performance of SR Automobile and Parts Index

Performance of SR Industrial Metals and Mining Index Open 1,033.33 Turnover 34,227 P/E (x) 3.39

% Change 0.18 5-Day High 685.22 5-Day Low 682.47

AUTOMOBILE AND PARTS

Company

High Low 1,837.11 1,801.84 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.07 35.00

Agritech Limited 3924 - 19.09 Clariant Pak 341 4.91 161.80 Dawood Hercules 4813 3.59 58.90 Descon Chemical 1996 2.26 Descon Oxychem Ltd. 1020 11.40 7.49 Dewan Salman 3663 2.39 Dynea Pak 94 3.59 10.90 Engro Corporation Ltd 3933 8.86 193.82 Engro Polymer 6635 - 10.93 Fatima Fertilizer 22000 - 12.67 Fauji Fertilizer 8482 8.65 138.78 Fauji Fert. Bin Qasim 9341 6.24 41.49 Ghani Gases Ltd 725 10.13 11.97 ICI Pakistan XD 1388 8.56 152.91 Lotte Pakistan 15142 4.36 15.65 Nimir Ind Chemical 1106 10.91 2.65 Sardar Chemical 60 2.36 0.75 Shaffi Chemical 120 25.00 2.11 Sitara Chem Ind 214 2.47 98.08 Sitara Peroxide 551 5.50 17.40 United Distributors 92 - 15.80 Wah-Noble 90 4.91 34.76

Dewan Farooque Motors Limited

Performance of SR Industrial Transportation Index

Close Change 1,474.95 1.40 Listed cap Market cap 65,194.15 mn 1,093,516.05 mn Payout (%) Div Yield (%) 55.94 5.49

Performance of SR Chemicals Index Open 1,802.58 Turnover 15,958,060 P/E (x) 8.77

Alert ! Unusual Movements

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,473.55 Turnover 4,499,730 P/E (x) 10.19

KSE 30 Index

Close 964.60 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 3430 1312 26622 317 7022 877 13418

97.00 99.49 90.00 33.50 12.80 172.00 66.15

78.59 85.00 68.00 24.50 8.10 134.00 58.05

5,490.40 (4.446)

Book value / share (Rs)

2nd Resistance

1.44

PE 10 E (x)

Pivot

1.35

PBV (x)

5.22 0.25

KASBB closed down -0.04 at 1.31. Volume was 83 per cent above average and Bollinger Bands were 66 per cent narrower than normal. The company's loss after taxation stood at Rs549.366 million which translates into a Loss Per Share of Rs0.58 for the 1st quarter of current calendar year (1QCY11). KASBB is currently 39.6 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into KASBB (mildly bullish). Trend forecasting oscillators are currently bullish on KASBB.

Maple Leaf Cement Factory Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

39.42

Total Assets (Rs in mn)

MA (10-day)

2.16

Total Equity (Rs in mn)

MA (100-day)

2.51

Revenue (Rs in mn)

26,094.94 4,134.21 13,630.51

MA (200-day)

2.78

Interest Expense

1st Support

2.05

Loss after Taxation

2nd Support

1.90

EPS 10 (Rs)

1st Resistance

2.30

Book value / share (Rs)

2,059.48

2nd Resistance

2.40

PE 11 E (x)

Pivot

2.15

PBV (x)

(2,583.96) (6.941) 11.11 0.19

MLCF closed up 0.06 at 2.13. Volume was 150 per cent above average (trending) and Bollinger Bands were 43 per cent wider than normal. The company's loss after taxation stood at Rs1.565 billion which translates into a Loss Per Share of Rs3.26 for the nine months of fiscal year (9MFY11). MLCF is currently 23.5 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of MLCF at a relatively equal pace. Trend forecasting oscillators are currently bearish on MLCF.

BOOK CLOSURES Company

From

To

United Distributors # Capital Assets Leasing (TFC) Saudi Pak easing Biafo Industries (TFC) Orix Leasing Pak Arif Habib Investment # Rafhan Maize Products NIB Bank Packages Ltd # IGI Insurance (TFC) Engro Fertiliser Mybank Ltd. # Pakistan State Oil Fauji Cement Shifa Int Hospitals J.K Spinning Mills Fauji Fertiliser JS Value Fund JS Growth Fund

10-May 10-May 10-May 11-May 12-May 14-May 14-May 14-May 16-May 16-May 17-May 17-May 18-May 20-May 20-May 20-May 23-May 24-May 24-May

16-May 16-May 17-May 25-May 21-May 21-May 21-May 20-May 24-May 30-May 23-May 25-May 26-May 26-May 25-May 29-May 30-May 30-May

D/B/R 5 22(III) 350(I) 154.79(R) 10(I) 30(II) 92(R) 15(II) 10(I) 45(I) 5(I) 7.5(I)

Spot AGM/Date 02-May 03-May 06-May 06-May 06-May 10-May 12-May 16-May

16-May 21-May 20-May 24-May -

INDICATIONS

Change 5.93 Market cap 31,386.41 mn Div Yield (%) 6.65

Last 60 days High Low

1.39

5,061.63 (4,227.75)

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

% Change 0.62 5-Day High 972.04 5-Day Low 955.45 2011 Div BR (%) (%)

20B 12.50 15B 10B -

-

# Extraordinary General Meeting

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

Open 50.1 2.58 102.4 150.06 34.19 95 34.07 14.2 4.42 2.35 38.31 2.79 21.9 3.15

High 51.95 2.63 103 154.85 34 98.5 33.9 14.2 4 2.46 38.8 2.91 22.36 3.29

Low Close 51.95 2.53 101 153 32.49 95.1 33.2 13.3 4 2.31 38.79 2.75 21.8 3

50.1 2.56 101.01 152.56 32.59 95.11 33.2 14.2 4.42 2.31 38.31 2.84 21.88 3.11

Change 0 -0.02 -1.39 2.5 -1.6 0.11 -0.87 0 0 -0.04 0 0.05 -0.02 -0.04

Vol 122 456559 1122 3066 1942 6604 1510 138 365 36353 396 616453 744406 29824


7

Tuesday, May 10, 2011

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 975.38 Turnover 3,283,549 P/E (x) 5.41 Paid up Cap(mn)

Company

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

PE

78 30.21 37740 13.98 3000 2.59 8606 6175 -

Open

High Low 987.28 971.45 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.69 12.84

High

33.07 16.98 1.48 2.05 2.71

Low

34.70 17.14 1.55 2.12 2.80

31.42 16.92 1.46 2.05 2.70

Close Chg 31.42 17.06 1.53 2.07 2.80

Close 980.50 Listed cap 50,077.79 mn Payout (%) 62.56

Volume

-1.65 0.08 0.05 0.02 0.09

30316 3083928 69331 99974 28448

Change 5.12 Market cap 68,600.11 mn Div Yield (%) 11.57

Last 60 days High Low 78.50 19.18 2.35 2.89 3.68

31.42 16.05 1.40 1.94 2.43

% Change 0.52 5-Day High 985.47 5-Day Low 970.88

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

2011 Div BR (%) (%)

- 15.00 -

Ask Gen Insurance XB 280 3.73 Atlas Insurance 443 3.38 Central InsuranceXDXB 391 1.51 Century Insurance XD 457 4.58 EFU General Insurance 1250 12.05 Habib Insurance 450 7.75 IGI InsuranceSPOT 970 5.90 New Jub InsuranceXDXB 989 9.71 Pak Reinsurance XD 3000 5.08 Premier Insurance XD 303 3.65 Reliance Insurance XB 284 4.54 United Insurance XB 496 1.70

9.48 27.20 70.00 8.35 31.53 11.13 72.55 58.16 13.63 8.30 6.48 4.90

Paid up Cap(mn)

Company

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

198 11572 1560 7932 126 8803 3673 3541 191 1367

PE

Open

High

Low

7.42 2.26 5.52 2.94 2.41 6.00 -

0.68 36.99 1.04 2.41 3.05 42.61 16.55 16.88 21.22 1.29

0.65 37.10 1.12 2.45 3.25 43.10 16.83 17.10 22.00 1.36

0.54 36.75 1.01 2.38 2.91 42.53 16.30 16.70 21.25 1.23

Close 1,341.60 Listed cap 95,369.29 mn Payout (%) 104.13

Change 0.43 Market cap 104,919.43 mn Div Yield (%) 7.69

Close Chg

Volume

Last 60 days High Low

0.55 36.97 1.11 2.39 2.91 42.99 16.34 16.87 21.65 1.34

1530 728479 72778 212560 1020 74808 688336 411184 84568 139884

0.85 40.75 1.70 2.90 4.95 44.99 17.00 17.75 22.50 2.08

-0.13 -0.02 0.07 -0.02 -0.14 0.38 -0.21 -0.01 0.43 0.05

0.49 35.90 0.97 2.31 2.11 40.26 14.05 14.85 15.35 1.13

% Change 0.03 5-Day High 1,352.51 5-Day Low 1,329.35

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

Open 757.64 Turnover 48,916 P/E (x) 73.46

-

GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,247.24 Turnover 65,152 P/E (x) 8.07 Paid up Cap(mn)

Company Sui North Gas Sui South Gas

PE

5491 12.91 8390 4.78

Open

High Low 1,285.98 1,233.97 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.92 11.41

High

18.00 21.38

18.70 21.90

Low 17.86 21.10

Close Chg

Close 1,243.53 Listed cap 12,202.80 mn Payout (%) 66.79

Volume

18.07 0.07 21.19 -0.19

10392 54760

Last 60 days High Low 25.83 27.20

17.64 20.52

% Change -0.30 5-Day High 1,262.98 5-Day Low 1,233.40

2010 Div BR (%) (%) 20 15

2011 Div BR (%) (%)

25B

-

-

Open 1,138.53 Turnover 14,510,436 P/E (x) 7.39 Paid up Cap(mn)

Company

Allied Bank Ltd. XDXB 8603 Askari Bank XB 7070 Bank Alfalah 13492 Bank AL-Habib 8786 Bank Of Khyber 5004 Bank Of Punjab 5288 BankIslami Pak 5280 Faysal Bank 7327 Habib Bank Ltd 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 NIB BankSPOT 40437 Samba Bank 14335 Silkbank Ltd 26716 Soneri Bank 6023 Stand Chart Bank 38716 Summit Bank Ltd 7251 United Bank Ltd 12242

PE

Open

6.07 61.56 5.13 11.32 5.29 10.29 6.27 29.70 2.54 5.97 5.10 10.00 3.80 7.44 9.59 7.70 121.04 5.18 18.17 49.00 2.44 1.35 8.28 202.72 6.16 18.21 4.15 52.29 1.82 24.38 1.97 17.31 2.80 3.10 6.24 6.85 8.45 3.00 7.51 62.56

High

Low

Close Chg

Volume

62.50 61.50 61.55 -0.01 11.49 11.00 11.29 -0.03 10.38 10.02 10.05 -0.24 29.70 29.30 29.58 -0.12 5.97 5.46 5.70 -0.27 5.45 5.10 5.30 0.20 3.80 3.60 3.70 -0.10 9.97 9.60 9.82 0.23 123.90 121.00 123.20 2.16 18.38 17.99 18.01 -0.16 2.50 2.40 2.45 0.01 1.40 1.31 1.31 -0.04 205.80 202.51 205.03 2.31 18.05 18.00 18.00 -0.21 53.44 52.30 52.85 0.56 1.95 1.76 1.81 -0.01 1.95 1.95 1.95 -0.02 2.90 2.76 2.77 -0.03 6.30 6.18 6.20 -0.04 8.70 8.21 8.50 0.05 2.97 2.85 2.90 -0.10 63.99 62.20 63.89 1.33

Last 60 days High Low

15448 71.79 413723 16.83 1858199 11.29 369127 37.38 5992 6.25 2859510 8.40 9583 4.18 36033 14.50 574257 131.00 5689 26.50 122298 3.16 547292 1.75 449833 230.80 30584 19.70 2957166 81.78 1289526 2.94 5000 2.20 2752023 2.99 8745 7.00 9603 9.90 568107 3.73 190721 67.25

57.00 10.90 8.75 26.95 3.30 4.51 3.06 9.00 104.16 17.25 2.40 1.16 192.20 16.26 49.57 1.68 1.50 2.02 5.00 6.28 2.36 56.70

% Change 0.76 5-Day High 1,147.18 5-Day Low 1,108.68

2010 Div BR (%) (%)

20R -

NON LIFE INSURANCE Open 709.27 Turnover 1,699,728 P/E (x) 10.33 Paid up Cap(mn)

Company

Adamjee Insurance XD

1237

High Low 727.53 705.17 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.54 5.20

Close 716.33 Listed cap 11,111.34 mn Payout (%) 79.54

Change 7.07 Market cap 44,815.01 mn Div Yield (%) 7.70

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

7.12

65.69

67.35

66.00

66.32 0.63

86500

89.45

62.00

% Change 1.00 5-Day High 716.33 5-Day Low 686.68

2010 Div BR (%) (%) 25

2011 Div BR (%) (%)

-

-

-

Change 9.33 Market cap 8,587.87 mn Div Yield (%) 4.84

Last 60 days High Low

7.48

7.50

7.50

7.48

0.00

100.00

PECO

98.80

97.00

93.90

97.00

-1.80

90.00

STML

20.00

20.00

20.00

20.00

0.00

MYBL

2.26

2.49

2.30

2.26

0.00

PIL

8.08

8.99

7.08

8.08

0.00

64.00 62.00

90.00 84.00

0.00 -14.89

61.00

49.50

51.97

51.97

49.50

0.00

58.00

MUKT

0.40

0.39

0.28

0.40

0.00

% Change 1.23 5-Day High 775.51 5-Day Low 752.13

AASM

22.65

23.78

22.76

22.76

0.11

50.00

LEUL

2011 Div BR (%) (%)

FECM DFSM

54.24 2.58

42703

64.50

50.70

50

-

-

-

6213

54.00

40.85

15

-

-

-

FINANCIAL SERVICES Performance of SR Financial Services Index % Change 5.41 5-Day High 278.50 5-Day Low 235.92 2011 Div BR (%) (%)

40.00

40.00

40.00

40.00

0.00

50.00

ILTM

230.22

220.00

218.71

230.22

0.00

38.00

ZIL

59.74

61.85

58.00

59.74

0.00

30.00

SFL

115.76

110.00

110.00

115.76

0.00

28.00

3.24

2.24

2.24

3.24

0.00

25.00

2.99

3.00

3.00

2.99

0.00

22.00

3.00

3.98

2.50

3.00

0.00

21.00

AZAMT

2.50

BGL

2.50

2.25

2.50

0.00

17.00

2.35

2.57

2.56

2.35

0.00

15.00

IDYM

297.99

312.80

311.95

297.99

0.00

15.00

FZTM

288.95

303.39

274.60

288.95

0.00

14.00

BOC

92.50

93.00

93.00

92.50

0.00

10.00

GVGL

22.00

23.10

23.10

22.00

0.00

10.00

LIBM

67.00

63.66

63.66

67.00

0.00

10.00

MRNS

54.22

56.85

56.85

54.22

0.00

10.00

NPSM

27.00

28.35

28.35

27.00

0.00

10.00

MWMP

1.01

1.18

1.16

1.01

0.00

MSCL

11.99

11.97

10.99

11.97

-0.02

6.00

AGIL

72.53

71.70

71.70

72.53

0.00

5.00

QUET

69.33

67.94

65.87

67.94

-1.39

5.00

IDSM

7.56

8.24

6.66

7.56

0.00

3.00

JVDC

61.37

CWSM

7.00

Paid up Cap(mn)

61.00

61.00

61.37

0.00

3.00

PE

Open

High

Low

Close Chg

1.45

1.25

1.25

1.45

0.00

2.00

FPJM

0.80

1.00

1.00

0.80

0.00

2.00

225

1.10

0.50

0.58

0.41

0.53 0.03

33944

0.93

0.34

-

-

-

-

HAJT

0.45

0.67

0.66

0.45

0.00

2.00

Arif Habib Investments

360

5.74

21.77

22.85

21.75

22.50 0.73

7216

24.97

20.10

-

20B

-

-

JKSM

7.40

7.06

6.50

7.40

0.00

2.00

Arif Habib Limited

450 14.91

13.16

14.16

13.65

14.16 1.00

64031

25.25

12.01

-

20B

-

-

MODAM

1.25

1.33

1.33

1.25

0.00

1479134

26.14

18.75

30

-

-

-

PAKMI

0.78

1.05

1.05

0.78

0.00

Volume

2010 Div BR (%) (%)

51.00

POML

AMZ Ventures

Company

Last 60 days High Low

100.00

5.11

2010 Div BR (%) (%)

Change 14.30 Market cap 13,530.79 mn Div Yield (%) 5.17

100.00 100.00

0.00

800.00

49.00 -2.50

Close 278.50 Listed cap 30,336.44 mn Payout (%) 99.56

Vol

0.00 0.00

7.75

5.39

52.01

High Low 288.09 267.57 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.17 0.91

Change

8.30 66.53

8.75

800.00

49.00

Open 264.20 Turnover 8,457,001 P/E (x) 5.46

Close

8.79 63.21

8.75

5.49

54.24

Volume

Low

8.79 63.21

7.75

WAZIR

BIFO

Close 766.97 Listed cap 2,290.72 mn Payout (%) 355.53

High

8.30 66.53

800.00

49.49

Close Chg

MUCL

5.11

51.66

Low

Open

BTL

814.89

51.50

2.00 2.00

3750

2.96

21.78

22.40

21.76

22.09 0.31

RMPL

2757.79

2785.99

2636.00

2757.79

0.00

Dawood Cap Mangt. XB 150

2.86

1.56

1.80

1.75

1.80 0.24

2001

2.10

1.10

-

-

-

-

UPFL

1350.67

1380.00

1370.00

1350.67

0.00

2.00

250

-

1.36

1.46

1.26

1.44 0.08

3017

2.57

1.06

-

-

-

-

ATFF

6.11

6.11

6.11

6.11

0.00

1.00

First Credit & Invest Bank Ltd 650

-

5.00

5.50

4.30

4.95 -0.05

624723

6.00

2.30

-

-

-

-

KASBSL

3.50

3.50

3.50

3.50

0.00

1.00

Dawood Equities

2.00

First National Equity

575

-

- 140R

KOHE

16.88

16.93

16.93

16.88

0.00

1.00

IGI Investment Bank

2121

8.95

1.70

1.84

1.63

1.70 0.00

200018

2.59

1.61

-

-

-

-

PMRS

40.00

42.00

42.00

40.00

0.00

1.00

600 21.76

7.50

8.05

7.49

8.05 0.55

41690

8.28

5.15

11.5

-

-

-

SMCPL

5.00

5.80

5.80

5.00

0.00

1.00

TSMF

1.10

1.10

1.10

1.10

0.00

1.00

YOUW

1.26

1.30

1.30

1.26

0.00

Invest and Fin Sec

3.60

3.53

3.03

3.41 -0.19

2867

6.34

2.60

-

-

Invest Bank

2849

-

0.40

0.50

0.36

0.40 0.00

9885

1.20

0.30

-

-

-

-

Ist Cap Securities

3166

-

2.85

2.99

2.60

2.81 -0.04

27717

3.67

2.45

-

10B

-

-

Ist Dawood Bank

626

0.63

1.44

1.50

1.40

1.41 -0.03

88302

2.00

1.24

-

-

-

-

7633

-

6.12

6.97

6.46

6.75 0.63

7558249

11.18

4.82

10

-

-

-

Jah Siddiq Co

508

-

2.63

2.90

2.61

2.65 0.02

18.45

19.40

17.50

19.36 0.91

-

NBP-MAY

-

DGKC-MAY

22.96

23.40

22.88

22.92

5.13

5.24 0.06

108522

6.83

4.60

-

-

-

-

ENGRO-MAY 194.49

199.40

194.26

198.46

3.97

712500

5.50 0.01

501

6.45

5.00

-

-

-

-

NML-MAY

59.44

60.30

58.52

58.99

-0.45

395500

Pervez Ahmed Sec

775

5.54

1.59

1.73

1.53

1.55 -0.04

62780

2.49

1.21

-

-

-

-

POL-MAY

323.49

327.40

323.20

326.27

2.78

286500

743000 733000

-

FFBL-MAY

0.10

138500

-

FFC-MAY

139.21

140.90

139.40

140.57

1.36

132000

2.01

2.00

2.00

2.00 -0.01

500

5.90

1.11

-

-

-

-

MCB-MAY

203.24

205.30

203.40

204.77

1.53

111500

1.30

1.30

1.30 -0.40

4000

2.00

0.61

-

-

-

-

PPL-MAY

207.73

209.70

207.10

207.74

0.01

102000

ATRL-MAY

125.22

126.00

125.10

125.36

0.14

64000

6199

2.55

1.50

-

-

0.74 -0.04

1.70

1.89 -0.01

-

53.01

-

1.50

-

52.50

0.32

1.89

1.55

53.48

100

1.90

4.20

52.27

586

-

564

-

Trust Brokerage

363

2.00 -0.01

-

Trust Inv Bank

Security Leasing

2.00

-

Vol

5.50

2.10

-

Change

5.44

2.01

50

Close

5.80

5.00

2.31 16.42

Low

5.18

514

3.98 28.01

High

5.49

Sec Inv Bank

213133

Open

3.33

1000 43.67

21864

Symbols

821

500

5.56

1.00

FUTURE CONTRACTS

Orix Leasing

-

-

EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,486.00 Turnover 1,094,007 P/E (x) 11.24 Company

High Low 1,515.60 1,479.16 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.44 2.21

Close 1,506.34 Listed cap 29,771.58 mn Payout (%) 104.74

Change 20.34 Market cap 19,301.39 mn Div Yield (%) 8.21

PE

Open

High

Low

Close Chg

264

-

1.35

1.55

1.15

1.30 -0.05

7544

2.35

1.15

-

-

-

-

1375

4.46

10.49

10.40

10.30

10.40 -0.09

17787

11.23

8.95

18.5

-

5.00

-

210

2.48

3.70

3.90

3.90

3.90 0.20

1000

3.90

2.85

5

-

-

-

AL-Meezan Mutual F. AL-Noor Modaraba B R R Guardian Mod. Constellation Modaraba

780

2.00

1.92

1.98

1.92

1.92 0.00

Last 60 days High Low

% Change 1.37 5-Day High 1,506.34 5-Day Low 1,476.35

Paid up Cap(mn)

1st Fid Leasing

Volume

9820

2.91

2010 Div BR (%) (%)

1.12

0

2011 Div BR (%) (%)

-

-

2.34

1.25

1.10

1.10

1.10 -0.15

500

1.99

0.90

-

200

4.07

0.57

0.58

0.44

0.57 0.00

105

0.84

0.39

1.2

-

-

-

Equity Modaraba

524

8.16

1.60

1.70

1.55

1.55 -0.05

4813

2.50

1.51

-

-

-

-

First Dawood Mutual F.

581

1.37

2.28

2.29

2.27

2.28 0.00

1001

2.49

1.79

-

-

-

-

Golden Arrow

760

2.23

3.37

3.50

3.25

3.37 0.00

87250

3.95

2.92

17

-

-

-

397

3.70

7.51

7.55

7.55

7.55 0.04

-

-

-

-

-

-

7.25

7.05

7.23 0.20

175393

7.45

4.76

12.5

-

-

-

5.88

6.10

5.61

6.00 0.12

222701

6.68

4.20

10

-

5.00

-

9.25 0.01

8.44

11 21

7.03

0.63

9.25

1125

6.81 6.99

2.48

1186

9.30

7.90 0.21

8.48

1008 3180

9.24

7.87

2000

Habib Modaraba

2.66

7.90

-

JS Growth Fund

1200

7.69

-

JS Value Fund Meezan Balanced Fund

4.09

-

-

65

Crescent St Modaraba

H B L Modaraba

Performance of SR Non Life Insurance Index

High Low 769.41 748.13 Total cos Defaulter cos 4 P/BV (x) ROE (%) 2.83 3.85

High

Symbols ADOS

SSIC

7.62

Open

UPTO 100 VOLUME

WYETH

850

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 -

-

627 13.17

JS Global Cap

Change 8.64 Market cap 684,033.49 mn Div Yield (%) 5.48

-10B 25R 40 20B 25 50B 10 12.5 25 12.5B 30 55B 10.00 20 25B 30 25 - 12.5B - 24B -

EFU Life Assurance

JS Investment

High Low Close 1,158.22 1,131.51 1,147.18 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.03 13.94 40.49

9.25 26.50 61.30 8.00 29.01 11.00 65.10 52.00 12.43 8.01 5.76 4.75

New Jub Life Insurance

JOV and CO

BANKS Performance of SR Banks Index

500 12.49 540 42.90 1823 115.90 2102 10.85 23032 39.99 13747 16.05 45616 103.00 7631 74.90 1501822 20.80 8039 13.27 7800 8.25 450 8.49

PE

Arif Habib Corp

Change -3.71 Market cap 27,700.07 mn Div Yield (%) 8.27

0.52 -0.01 -0.49 -0.10 0.77 0.03 -1.30 -2.89 1.00 -0.13 0.97 0.00

Paid up Cap(mn)

Company

2011 Div BR (%) (%)

- 25.00 7.8R - 30.00 - 10.00 -

10.00 27.19 69.51 8.25 32.30 11.16 71.25 55.27 14.63 8.17 7.45 4.90

Performance of SR Life Insurance Index

-

ELECTRICITY High Low 1,349.79 1,332.60 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.27 9.35

10.00 27.10 69.50 8.06 31.98 11.01 71.00 55.26 13.65 8.10 6.40 5.00

LIFE INSURANCE

Performance of SR Electricity Index Open 1,341.17 Turnover 2,415,148 P/E (x) 13.55

10.00 27.25 72.00 8.44 32.98 11.20 72.78 56.26 14.63 8.44 7.45 5.25

8.12

15.5

Pak Oman Advantage

1000

-

5.75

5.75

5.75

5.75 0.00

24293

9.75

5.75

1.04

PICIC Energy Fund

1000

2.15

7.20

7.30

7.20

7.29 0.09

7001

65033

8.83

9.83

6.92

10

PICIC Growth Fund

2835

16.49

PICIC Inv Fund

-

-

-

-

-

- 10.00

-

-

2.61

12.40

12.75

12.00

12.72 0.32

448720

12.00

20

- 12.50

-

2841

2.28

5.63

5.84

5.60

5.76 0.13

10801

7.95

5.10

10

-

7.50

-

Prud Modaraba 1st

872

1.78

0.94

0.98

0.90

0.98 0.04

4260

1.10

0.80

3

-

-

-

Stand Chart Modaraba

454

5.37

9.75

9.75

9.70

9.72 -0.03

2830

10.63

9.50

17

-

-

-

41.80

42.15

41.70

41.90

LUCK-MAY

69.40

70.59

70.00

70.08

0.68

52500

FFC-MAYB

134.71

137.00

135.50

136.90

2.19

40500

PTC-MAY

17.10

17.25

17.16

17.20

0.10

17000

UBL-MAY

63.00

64.00

63.75

63.79

0.79

14000

37.35

37.00

37.00

37.00

-0.35

500

HUBC-MAY

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

Total Volume 2,499,660 300 54,899 35,000 19,000 97,000 263,000 942,693 62,335 32,000 5,000 3,075,050 10,000 43,700 602,336 425,000 190,000 4,000 44,500 16,000 27,500 68,325 52,065 11,000 8,580,363

Total Value 40,162,642 14,605 459,592 124,617 1,787,960 733,486 4,380,820 137,473,245 1,946,443 892,548 161,391 35,334,518 525,680 6,600,128 22,747,634 8,153,308 8,402,169 425,602 436,725 3,873,237 4,225,414 14,230,406 658,836 509,889 294,260,894

MTS Rate 20 20 21 16 16 16 16 17 16 16 16 16 16 21 16 16 16.34

BOARD MEETINGS

Pakistan Telecommunication Co Ltd

KSE 100 INDEX

Nishat Mills Ltd

National Bank of Pakistan

Company

Date

Time

International Ind Ltd ICI Pakistan Ltd. Reliance Income Fund Honda Atlas Cars

10-May 11-May 14-May 16-May

5:00 9:30 11:00 11:00

TECHNICAL LEVELS Company Al-Abbas Cement

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

53.09

Support 1

11,873.90

MA (5-day)

11,869.65

Support 2

MA (10-day)

11,928.93

Resistance 1

11,997.55

MA (100-day)

11,980.05

Resistance 2

12,062.45

Arif Habib Ltd AKD Securities Ltd TFD Research

Target Price

Recommendations

24.7

Buy

Arif Habib Ltd

23.91

Buy

AKD Securities Ltd

Positive

TFD Research

25.8

Technical Outlook

11,815.10

Technical Analysis

Leverage Position

RSI (14-day) 53.39 MTS Shares `000 52.065 MA (200-day) 11,190.77 Pivot 11,938.75 MA (10-day) 16.98 MTS Rs `000 658.84 18.08 MTS Rate KSE 100 INDEX closed up 52.72 points at 11,932.68. Volume was MA (100-day) MA (200-day) 18.53 ** NOI Rs (mn) 11.00 27 per cent below average and Bollinger Bands were 34 per cent Free Float Shares (mn) 585.02 Free Float Rs (mn) 9,980.50 narrower than normal. As far as resistance level is concern, the marTarget price for Dec-11 & **Net Open Interest in future market ket will see major 1st resistance level at 11,997.55 and 2nd resistPTC closed up 0.08 at 17.06. Volume was 40 per cent above averance level at 12,062.45, while Index will continue to find its 1st support level at 11,873.90 and 2nd support level at 11,815.10. KSE 100 INDEX is currently 6.7 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are currently bullish on INDEX.

age and Bollinger Bands were 19 per cent narrower than normal.

Brokerage House

TFD Research

Recommendations

224

bullish). Trend forecasting oscillators are currently bullish on PTC.

Brokerage House

Buy

*Arif Habib Ltd

195.41

Neutral

AKD Securities Ltd

245.4

Positive

TFD Research

Leverage Position

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

49.48 MTS Shares `000 942.693 195.89 MTS Rs `000 137,473.25 206.44 MTS Rate 16.02 192.91 ** NOI Rs (mn) 134.58 Free Float Shares (mn) 176.98 Free Float Rs (mn) 35,101.79 Target price for Dec-11 & **Net Open Interest in future market

65

Buy

AKD Securities Ltd

60.4

Accumulate

TFD Research

92.3

Positive

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

38.30 52.09 68.59 67.43 Free Float Shares (mn) 398.12

62.20

62.85

61.85

50.65

52.80

53.65

52.15

Arif Habib Corp

39.78

21.75

21.45

22.40

22.70

22.10

Arif Habib Limited

30.65

13.80

13.50

14.35

14.50

14.00

Adamjee Insurance

38.50

65.75

65.20

67.10

67.90

66.55

Askari Bank

30.43

11.05

10.75

11.50

11.75

11.25

Azgard Nine

42.06

5.75

5.50

6.25

6.45

Accumulate

Attock Petroleum

54.35

374.10

372.30

378.60 381.30 376.80

Positive

Attock Refinery

51.89

124.30

123.80

125.60 126.40 125.10

Bank Al-Falah

45.32

9.90

9.80

BankIslami Pak

42.58

Bank.Of.Punjab

39.55

Dewan Cement

37.62

1.50

1.45

1.60

1.65

1.55

D.G.K.Cement

38.36

22.60

22.35

23.20

23.50

22.95

Dewan Salman

40.19

2.35

2.30

2.50

2.60

Dost Steels Ltd

38.61

1.80

1.75

1.90

1.95

Recommendations

71.45 78.6

Technical Outlook

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

Target Price

60.85

51.35

602.336 22,747.63 15.99 94.59 21,040.77

Technical Analysis

Leverage Position

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

30.61 MTS Shares `000 190.00 61.65 MTS Rs `000 8,402.17 64.23 MTS Rate 16.00 57.32 ** NOI Rs (mn) 53.65 Free Float Shares (mn) 175.80 Free Float Rs (mn) 10,352.86 Target price for Dec-11 & **Net Open Interest in future market

Target Price

2.45 1.85

33.40

32.40 53.50

Engro Corp

49.49

195.05

191.75

NBP closed up 0.56 at 52.85. Volume was 13 per cent below average and NML closed down -0.14 at 58.89. Volume was 5 per cent above average

Faysal Bank

39.05

Bollinger Bands were 56 per cent narrower than normal.

Fauji Cement

41.41

Fauji Fert Bin

52.67

41.40

41.10

Fauji Fertilizer

56.27

139.40

138.25

141.30 142.05 140.15

Habib Bank Ltd

56.24

121.50

119.80

124.40 125.60 122.70

Hub Power

43.01

36.80

36.60

ICI Pakistan

43.18

152.60

151.10

155.05 156.00 153.55

Indus Motors

45.52

219.35

218.65

220.35 220.65 219.65

J.O.V.and CO

38.80

2.55

2.45

2.85

3.00

2.70

Japan Power

40.44

1.05

0.95

1.15

1.20

1.10

JS Bank Ltd

38.26

2.40

2.35

2.50

2.55

2.45

Jah Siddiq Co

44.21

6.50

6.20

7.00

7.25

6.75

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

and Bollinger Bands were 22 per cent wider than normal.

forecasting oscillators are currently bullish on NBP.

forecasting oscillators are currently bearish on NML.

Brokerage House

Target Price

Recommendations

Oil & Gas Development Co Ltd

Brokerage House

Hold

Arif Habib Ltd

AKD Securities Ltd

45.52

Accumulate

AKD Securities Ltd

44.25

Neutral

TFD Research

Arif Habib Ltd

42.2

Leverage Position

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

52.66 MTS Shares `000 62.335 41.78 MTS Rs `000 1,946.44 40.30 MTS Rate 15.89 35.22 ** NOI Rs (mn) 52.57 Free Float Shares (mn) 326.94 Free Float Rs (mn) 13,626.80 Target price for Dec-11 & **Net Open Interest in future market

Recommendations

143.2 145 145.25

Technical Analysis

solidating) and Bollinger Bands were 47 per cent narrower than normal.

42.65

9.45 3.95

37.15

57.07

2.35

2.30

2.45

2.50

2.40

15.45

15.30

15.75

15.90

15.60

69.80

69.35

70.70

71.15

70.25

MCB Bank Ltd

50.46

203.10

201.15

Maple Leaf Cement

39.41

2.00

1.90

2.25

2.40

2.15

National Bank

38.30

52.30

51.70

53.40

54.00

52.85

Nishat (Chunian)

39.43

25.95

25.80

26.25

26.40

26.10

Netsol Technologies

39.78

21.65

21.45

22.20

22.55

22.00

38.50 30.63

58.10

57.30

58.38

144.40

142.60

PACE (Pakistan) Ltd.

37.42

2.75

2.65

2.45

1.65 2.40

43.45

36.95

50.51

39.27

43.20

37.30

46.39

Oil & Gas Dev. XD

reflect volume flowing into and out of ENGRO at a relatively equal pace. reflect volume flowing into and out of BAFL at a relatively equal pace. reflect moderate flows of volume into FFBL (mildly bullish). Trend forecast- reflect moderate flows of volume into OGDC (mildly bullish). Trend fore-

4.05 41.65

37.17

Nishat Mills

age and Bollinger Bands were 51 per cent wider than normal.

9.80

4.15 42.20

Lucky Cement

Nimir Ind.Chemical

58.39 MTS Shares `000 4.00 144.33 MTS Rs `000 425.60 155.87 MTS Rate 16.00 153.28 ** NOI Rs (mn) N/A Free Float Shares (mn) 630.61 Free Float Rs (mn) 92,213.51 Target price for Dec-11 & **Net Open Interest in future market

10.15

4.10 41.95

Lotte Pakistan

NIB Bank

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

10.00

K.E.S.C

1.75

42.30

200.55 202.80 197.30

Kot Addu Power

Neutral

Leverage Position

casting oscillators are currently bullish on OGDC.

4.00

Hold

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 the average volatility over the last 10 trading sessions. Volume indicators

ing oscillators are currently bullish on FFBL.

9.65

Accumulate

Technical Outlook

Technical Outlook Technical Analysis

Target Price

displaying an upward trend. Volatility is extremely high when compared to displaying a downward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is extremely high when compared to

Trend forecasting oscillators are currently bearish on BAFL.

5.30

55.75

ENGRO is currently 2.8 per cent above its 200-day moving average and is BAFL is currently 2.6 per cent above its 200-day moving average and is FFBL is currently 18.3 per cent above its 200-day moving average and is OGDC is currently 4.6 per cent below its 200-day moving average and is

Trend forecasting oscillators are currently bullish on ENGRO.

3.70

32.85

TFD Research

and Bollinger Bands were 26 per cent narrower than normal.

5.65

55.00

ENGRO closed up 4.52 at 198.34. Volume was 13 per cent below average BAFL closed down -0.24 at 10.05. Volume was 1 per cent below average FFBL closed up 0.19 at 41.68. Volume was 80 per cent below average (con- OGDC closed down -0.85 at 146.23. Volume was 29 per cent above averand Bollinger Bands were 67 per cent narrower than normal.

3.90

31.40

Positive

45.32 MTS Shares `000 97.00 10.19 MTS Rs `000 733.49 10.52 MTS Rate 9.79 ** NOI Rs (mn) N/A Free Float Shares (mn) 674.58 Free Float Rs (mn) 6,779.51 Target price for Dec-11 & **Net Open Interest in future market

5.45

51.25

Buy

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

3.80

31.85

Buy

Leverage Position

4.95

52.75

261

Technical Analysis

3.50

5.95

10.15

43.09

Fauji Fertiliser Bin Qasim Ltd

Recommendations

5.10

10.50

EFU Life Assurance

305.7 281.35

3.60

10.30

EFU General Insurance 47.24

Technical Outlook

Technical Outlook Technical Analysis

Recommendations

61.20

40.79

pared to the average volatility over the last 10 trading sessions. the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators Volume indicators reflect moderate flows of volume into PTC (mildly reflect volume flowing into and out of NBP at a relatively equal pace. Trend reflect volume flowing into and out of NML at a relatively equal pace. Trend

Bank Al-Falah Ltd

Target Price

Arif Habib Ltd

Brokerage House

Target Price

1st 2nd Pivot Resistance 2.60 2.65 2.55

51.12

Attock Cement

PTC is currently 7.9 per cent below its 200-day moving average and NBP is currently 21.6 per cent below its 200-day moving average and is NML is currently 2.7 per cent above its 200-day moving average and is disis displaying an upward trend. Volatility is relatively normal as com- displaying an upward trend. Volatility is extremely high when compared to playing a downward trend. Volatility is extremely high when compared to

Engro Corporation

AKD Securities Ltd

Brokerage House

RSI 1st 2nd (14-day) Support 45.58 2.50 2.45

Allied Bank Limited

42.85

206.40 207.75 204.45

1.90

2.05

1.85

2.65

2.75

2.55

59.85

60.80

59.05

148.20 150.20 146.40 2.90

3.00

2.85

Pervez Ahmed Sec

40.70

1.45

1.40

1.65

1.80

1.60

P.I.A.C.(A)

35.22

2.25

2.20

2.40

2.50

2.35

Pioneer Cement

18.78

4.55

4.40

4.80

4.90

4.65

Pak Oilfields

52.87

323.50

321.10

327.85 329.80 325.45

Pak Petroleum

45.21

205.60

204.30

208.60 210.30 207.30

Pak Suzuki

45.66

67.15

66.50

P.S.O. XD

58.81

275.45

271.60

P.T.C.L.A

53.37

16.95

16.80

Shell Pakistan

48.43

208.05

206.55

Sui North Gas

35.82

17.70

17.35

18.55

19.05

18.20

Sitara Peroxide

50.11

17.50

17.20

18.15

18.45

17.85

Sui South Gas

33.48

20.90

20.60

21.70

22.20

21.40

1.45

1.40

69.00

70.20

68.35

282.70 286.10 278.85 17.15

17.25

17.05

212.05 214.55 210.55

Telecard

34.21

TRG Pakistan

38.73

2.50

2.45

2.60

2.65

2.55

United Bank Ltd

55.66

62.75

61.55

64.50

1.55

65.15

1.60

63.35

WorldCall Tele

30.49

2.05

2.00

2.15

2.20

2.10

1.50


8

Tuesday, May 10, 2011

Strategy evolved to tackle IMEI issue: PTA POTSDAM: CEO of rail operator Deutsche Bahn Ruediger Grube (L) and CEO of German industrial conglomerate Siemens Peter Loescher arrive for a ceremony to sign a sale contract to acquire up to 300 ICx long-distance trains from Siemens, at the historic "Kaiserbahnhof" (emperor railway station) near Sanssouci castle. -Reuters

Import of mobile handsets on rise ISLAMABAD: The import bill of mobile handsets in the country have increased in the current fiscal year, reaching Rs33.549 billion during first nine months of current fiscal year. There was a tremendous growth in the sale of mobile handsets from July 2010 to March 2011 as against Rs 18.061 billion in the corresponding period of previous fiscal year. There was 85 percent growth in the third quarter of current fiscal year. A news channel while quoting figures released by the Federal Board of Statistics, reported on Saturday that in terms of dollar, the imports of handsets swelled to $392.028 million during July to March that signifies huge spending on them every month at the cost of foreign exchange loss. On average, Rs3.72 billion imports are carried out every month in the period underreview. In the month of March, the handsets imports were

recorded Rs 4.759 billion (US $ 55.766 million), up by 48 percent from last year. The sales of handsets have increased to more than 9 million in the said period if average monthly sales are evaluated at one million in the nine months in accordance with data shared by market experts.\ As per estimate, if one million handsets, having an average cost of Rs4000 are sold every month, it translates into Rs4 billion overall sales. Therefore, imports and sales costs are almost the same. The little difference in number of imports and sales figures shows the high demanding trend in the local market owing to change of technology and introduction of new designed brands of handsets. Market experts said that more than 60 per cent of the market consists of $50 to $100 (around Rs. 4,000 to 9,000) price range. Moreover, Pakistan's market has solid

demand of high cost handsets that limit exceeds to Rs. 50,000 benchmark. The imports and sales are constituted more than 70 percent share of Chinese-made handsets whereas different brands such as Nokia, Sony Ericson, LG and Samsung have retained their 25 -30 percent share in the local markets. Importers and dealers forecast the import and sales may hurt slightly as telecom authority seems to come up with strict regulations, which may slow down the inflow of Chinese-made handsets in the local markets. However, the demand of different brands is likely to increase as a result of imminent opportunity in the market, on the other hand, sales of Chinese brands with International Mobile Equipment Identity (IMEI) numbers are expected to be increased in months to come.-APP

Samsung launches Faster, Thinner GALAXY S-II KARACHI: Samsung Electronics Co, Ltd., a leading mobile phone maker, has announced the launch of GALAXY S-II, its flagship Android™-powered smartphone. The Samsung GALAXY S II succeeds Samsung’s best-selling GALAXY S, which sold a record of 14 million units since last year. The GALAXY S II features a 1.2GHz dual-core processor, HSPA+ connectivity providing data transfer of up to 21Mbps, a 4.3 inch Super AMOLED Plus touchscreen display. At just 8.9mm thick, the new smartphone also presents a powerful evolution in Speed. Samsung Pakistan’s Managing Director, Hee Chang Yee said; “The GALAXY S II would continue the success achieved by Samsung in the smartphone market in 2010, to meet the ever-changing needs of consumers. And take Samsung’s leadership in speed, screen and content to a whole new level.” The GALAXY S II offers exceptional speed in wireless connectivity with the fastest processor using Android™ 2.3 Gingerbread platform, allowing multi-tasking capabilities, high speed video uploads and downloads, with

some powerful 3D gaming performance. It includes; HDPA+ connectivity, which provides three times faster data than the typical 3G network; the next-generation dual-band Wi-Fi access

(2.4GHz/5GHz); Wi-Fi Direct capability, with wireless data transactions of 300Mbps; and Bluetooth 3.0+HS, which transfers data at 24Mbps. It weighs just 121g, with an amazing color gamut and lowest power consumption. The screen has more sub-pixels for crystal-clear viewing

in more vivid colors. New organic materials present more realistic photos, video playback, and longer battery life. Built on Samsung’s next generation TouchWiz UX technology, the GALAXY S II introduces Live Panel, a customizable home-screen for live web and applications aggregated in a Magazine-like layout; Motion UI, in which the screen lays out in perspective depending on a user’s pull and push. It offers easy access to Samsung Apps, Social Hub and Readers Hub, social networking (Facebook & me2day) with a collection of magazines, books and newspapers. The EnterpriseMobility solutions bring the capabilities like; video conferencing, security and virtual workspace.needed for the enterprise users. It also boasts cuttingedge NFC connection (SKT and KT) technologies, an 8 mega-pixel camera and camcorder with 1080p full HD recording and playback, a gyroscopic sensor enabling precise gaming experience, a 1650mAh high capacity battery and the DMB capability. -PR

Singapore's SingTel says Temasek's Israel to become new chairman SINGAPORE CITY: Singapore Telecommunications (SingTel) , Southeast Asia's biggest telecom firm, said its chairman Chumpol NaLamlieng is stepping down and will be replaced by Simon Israel, a senior executive from state investor Temasek . Israel, who will leave his current post as executive director and president of Temasek Holdings in July, will be the second senior executive moving into a senior role in a company controlled by the state investor in the last few weeks. Temasek owns 54 percent of SingTel and Israel has been on its board since 2003. Last month Temasek's senior managing director Ng Yat Chong was named chief executive of the world's seventhbiggest container shipping firm Neptune Orient Lines . Israel's appointment is subject to approval by shareholders, who will meet on July 29 at the company's annual general meeting. He is currently serving as non-executive and nonindependent director of SingTel. SingTel also announced the departure two other non-executive directors, John Bradley and Nicky Tan after the annual general meeting.-Reuters

KT Q1 profit jumps on smart phone user growth SEOUL: KT, South Korea's No.2 mobile carrier after SK Telecom , reported 726 billion won ($671 million) in JanuaryMarch operating profit under new accounting rules adopted this year, versus a 449 billion won profit a year earlier. Net profit jumped 85 per cent to 555 billion won, while sales grew 6 percent to 5.3 trillion won. The operator, which is also South Korea's top fixedline carrier, lost its status as the sole seller of the iPhone in South Korea in March when SK Telecom started to offer the popular smartphone. KT's shares have underperformed SK Telecom and the wider market this year, partly pressured by government moves to cut tariffs to rein in inflation. KT shares have slumped 15 percent and SK Telecom declined 5 percent versus the wider market's 7 percent gain. ($1 = 1081.750 Korean Won).-Reuters

ISLAMABAD: Chairman Pakistan Telecommunication Authority (PTA) Dr Mohammad Yaseen has said that unregistered SIMs would be blocked by May 17 and SIMs verification process through "668 Information System" is in full swing. He was talking at Connect ICT Forum 2011 at Karachi Expo Centre organised in concurrence with 6th edition of Information & Communication Technology ExhibitionConnect. IT & telecom industry experts, academia and media men also attended the Forum. Dr Muhammad Yaseen said that this is final stage of correction of SIM data and operators are receiving 400,000 applications daily in this regard. Responding to a question by journalists, Chairman PTA said that strategy is being evolved to tackle IMEI issue and we are waiting for government directives. He said that there was no type approval of mobile sets which is causing problems and sets having fake IMEIs would be banned in the market. Mobile Tele-density has increased to 66.8 per cent with 5 per cent annual growth because of efforts to advance telecommunication sector through liberalized policies, he added. Broadband is considered as the next big thing to offer a unifying services platform for three converging industrial sectors: competing, communications and broadcasting. Encouraging developments are happening in this sector since mid-2007, Pakistan has emerged as a lucrative market for broadband service providers owing to the huge potential it offers especially in the wireless broadband market. We observed a profound evolution of broadband technologies over the years

with the present subscription base reaching 1.2 million from 0.1 million in 2007. Chairman PTA also highlighted the statistics regarding broadband market. He said that BroadBand Market of Asia is expected to reach $605 billion by 2011: the global BOP market for ICT is $30.5 billion: the amount of mobile payment transaction is expected to reach 300 billion US$ by 2013. He said that government and private sector need to work together to foster an new culture. We at PTA will continue to provide the necessary support to Industry and the other stakeholders. The pace of technological advancement is accelerating and ICT is increasingly becoming a ubiquitous and intrinsic part of people's behaviors and social networks as well as of business practices, government activities and service provision. We expect transformations 2.0 to continue to move human progress forward by further leveraging ICT's positive social, political, and economic impact on governments, enterprise, and civil society alike, he further added. On this occasion Country Head, Pakistan & South Asia, Communications Oracle Corporation Singapore Asif Ijaz, Country Director Presales Pakistan, Afghanistan & Iran Alcatel-Lucent Pakistan Ltd Fouz Sattar, CEO TEXPO UAE & Pakistan Dr. Sarfraz Alam and CEO Augere Pakistan Mobashar Naqvi also made presentations. Chief Guest distributed shields among the key participants. The objectives of the seminar were to offer an interactive platform with top level networking opportunities. Earlier Chairman PTA also visited the ICT Exhibition.APP

PTCL organises HR seminar for employees ISLAMABAD: Pakistan Telecommunication Company Limited (PTCL) Training and Development department, Thursday arranged a one-day HR seminar, titled "Maximizing Organizational Potential through Inclusive HR Practices" here at PTCL Academy. PTCL Management views learning and development of employees as the most significant area in overall Human Resource Management function and thus has made it a strategic focus. Side by side the training campaigns for all tiers, a series of seminars on well thought off and diversified titles have been initiated, said a press release issued here today. The HR professionals and scholars from the top ranking universities like Dr Abbas Ch (Vice Chancellor UET Taxila), Zafar Taji (Senior HR Professional), Prof Amanullah Khan (Riphah University), Athar Hameed (HR Head at NUST), S. J. Raza (HR Director Microsoft), M.Afzal (T&D NBP) and Dr Tahir Masood (Director Management Studies - UCP) presented their views and shared their wisdom about the broad caption of the seminar.

SEVP HR PTCL Syed Mazhar Hussain while acknowledging this achievement, highlighted the pragmatic approach of PTCL and stated that PTCL is Developing Customer Centric Approach in the employees and keeping the pace with the dynamic trends of the telecom industry has always been a priority of the management. He expressed his satisfaction over the initiative and said that it is the utmost priority of PTCL management to maximize the potential of the organization through enhancing skills and competence of peerless HR resource and we will ensure that the training produces visible and desired results. Shahzad Safdar Khan EVP OD &( Training & Career Development) also expressed his views on the occasion and said that we believe PTCL employees have enormous potential that needs to be exploited and have the capability to make PTCL believing telecom operator of the region . He further added that the Training and Development team has been making untiring efforts to turn PTCL into a true corporate entity. -APP

FITCH affirms TCNZ at 'A-' FITCH: Fitch Ratings has today affirmed Telecom Corporation of New Zealand Limited's (TCNZ) Long-Term Issuer Default Rating (IDR) and senior unsecured rating at 'A-', and Short-Term IDR at 'F2'. The Outlook is Negative. The Negative Outlook continues to reflect the significant challenges associated with the growing competition in all the segments in which the company operates, which is largely driven by regulatory change, a heightened risk of structural separation, and a competing governmentfunded fibre-optic infrastructure. TCNZ's rating is under pressure from several areas. Competitive and margin pressures are likely to remain intense as TCNZ continues to lose highly profitable fixedline market share through both competitor action and fixed-to-mobile substitution. With the award of eight of the 33 designated regions of the New Zealand Government's Ultra Fast Broadband (UFB) initiative, representing 11% of the population, to parties other than TCNZ, a clear message has been sent to encourage competition. Positively, TCNZ is listed for priority negotiations for all of the 25 remaining regions. However, to the extent that TCNZ does not ultimately win a material proportion of the overall UFB project, noting that only 5 of the remaining regions have a population of more than 100,000, it is likely to see significantly increased pressure from new UFB fibre competitors. This consideration will materially contribute to TCNZ's future rating outcome. If TCNZ does play a significant part in the UFB project and, as a result, structurally separates, then regulation is likely to be decreased. Indeed TCNZ has said that it is prepared to structurally separate as part of an agreement with the government over UFB. The timing, financial and regulatory impact on TCNZ remain uncertain.-Reuters

Telecom NZ confirms earnings but cuts forecast Full year adjusted net earnings would be in the range of NZNZ$330 million to NZ$370 million as previously advised, but its expected capital expenditure would fall to NZ$900 million to NZ$930 million from NZ$950 million to NZ$1 billion previously forecast, Telecom said in a third quarter update. Telecom also confirmed its third quarter dividend payout at NZ$3.5 cents a share. Telecom has submitted a bid to build the bulk of a government-sponsored National Broadband Network, and will split itself in two if it succeeds. The plan to supply fast Internet to 75 percent of the country by 2019 through fibreoptic cables is one of the government's key policy initiatives to drive economic growth. Telecom has been shortlisted as a top bidder in 25 of the 33 regional tenders, including the largest population centre, Auckland, as well as the capital Wellington. Telecom offered to split itself, with a demerger being the preferred option, after the government said network builders could not also be retail providers of phone services. The government is putting forward NZ$1.5 billion to build the network, with network builders expected to foot the remainder of the bill, with the total cost estimated to be as much as NZ$7.5 billion. Shares in Telecom, New Zealand's second largest listed company, closed on Thursday at NZ$2.185.-Reuters


9

Tuesday, May 10, 2011

Oil up over $2 at $111, helped by bargainers

European vegetable oil prices

Greece credit rating cut by S&P hits euro vs dollar

ROTTERDAM: The following were the Monday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Jun11 870.00, Jul11 870.00, Aug11/Oct11 880.00. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 955.00+15.00, Aug11/Oct11 955.00+20.00, Nov11/Jan12 960.00+20.00, Feb12/Apr12 965.00+25.00. SUNOIL: EU dlrs tonne extank six ports option Jul11/Sep11 1377.50-2.50, Oct11/Dec11 1342.50+2.50. LINOIL: Any origin dlrs tonne extank Rotterdam May11/Jun11 1480.00-35.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam May11 1145.00+17.50, Jun11 1145.00+17.50, Jul11/Sep11 1137.50+12.50, Oct11/Dec11 1127.50+5.00. PALMOIL: RBD dlrs tonne cif Rotterdam Jul11/Sep11 1187.50. PALMOIL: RBD dlrs tonne fob Malaysia Jul11/Sep11 1137.50+10.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Jul11/Sep11 1145.00+7.50, Oct11/Dec11 1120.00+5.00, Jan12/Mar12 1117.50+5.00. PALM STEARIN: Dlrs tonne fob Malaysia May11 1135.00+10.00, Jun11 1135.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam May11/Jun11 2010.00+20.00, Jun11/Jul11 1980.00+20.00, Jul11/Aug11 1960.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Jul11/Aug11 2695.00+0.00. Reuters

LONDON: Oil rebounded by more than $2 on Monday due to bargain hunting after Brent crude lost almost $17 last week, but earlier bigger gains were pared after S&P cut Greece's debt rating and the dollar rallied against the euro. At 1410 GMT Brent crude for June was up by $2.79 to $111.92 a barrel after earlier climbing over $4 to $113.19. US crude rose by $2.37 to $99.55, after reaching an intraday high of $100.69 a barrel, up over $3. Oil climbed higher earlier in the day on the back of dollar weakness but this reversed after ratings agency Standard & Poor's cut Greece's credit rating. The euro fell to a session low while the dollar strengthened. Traders and analysts see the interplay between the two currencies as partly behind some of the moves in the oil markets over the last few days. "You can't split these things out at the moment," said David Morrison, a strategist at GFT. The euro sold off last week due to an apparent delay in European Central Bank tightening when President Jean-Claude

Indian sugar edges up MUMBAI: India's spot sugar prices rose marginally on Monday following increase in demand from north India, though drop in the sweetner's prices in overseas hurt sentiment, dealers said. "Prices of sugar in international market has decreased and that has reduced the demand for exports from India and the effect is also felt in the domestic market," said a member of the Bombay Sugar Merchants Association. The Indian government has approved exports of 91,685 tonnes of sugar as part of planned 500,000 tonnes of overseas sales, government sources said on Monday. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety rose 8 rupees to 2,650 rupees ($59.6) per 100 kg. At 5:10 pm, the most-active sugar for May delivery on the National Commodity and Derivatives Exchange (NCDEX) was down 0.73 per cent to 2,723 rupees per 100 kg. New York raw sugar futures hit eight-month lows last week, as the improving supply outlook in key producers Brazil and Thailand was bearish for the market. India's sugar mills have produced 22.6 million tonnes of the sweetener since the season began on Oct. 1, up 24 per cent from 18.2 million tonnes a year earlier, industry sources said. -Reuters

Trichet failed to use the code words "strong vigilance." The currency's woes were then exacerbated following reports that Greece was seeking a debt restructuring or might even leave the euro. This was denied, but the ratings cut by S&P has put the euro back under pressure. Despite the dollar strength, bargain hunters continued to

support the oil price, traders and analysts said. "Some market participants consider the lower price levels after the sharp drop on Thursday a good buying opportunity," said Carsten Fritsch, an analyst at Commerzbank. But analysts and traders were cautious about the rebound in the oil price. Fritsch said he saw some consolidation in the coming days before the price starts to rise again. "And in the interim we may test the lows from Friday. Technical levels have been broken and it will take some

time for the markets to recover." According to technical charts, Brent futures were expected to revisit Friday's low of $105.15 per barrel, while US crude could head back down to $94.63, said Reuters market analyst Wang Tao. "We had a lot of the long-side speculation knocked out on all these markets. This week it will be interesting to see if we get another leg down," added Morrison. "We might put in a double-bottom and that could set the stage for further gains." This week the market will be looking to see if high price levels have had an impact on oil demand, with Chinese import data for April due on Tuesday and the monthly outlooks from OPEC and the IEA on Wednesday and Thursday respectively. "Possibly we will see a slight downward revision to oil demand growth forecasts for this year and that could also cap price rallies this week," said Fritsch. The market is also eyeing key Chinese inflation data expected this week. -Reuters

Palm rebounds as mkts stabilise after last wk rout KUALA LUMPUR: Malaysian palm oil futures rebounded from six-month lows on Monday, in line with stronger commodity markets, as solid US payrolls data showed the global economy was on track for recovery although fundamentals for the tropical oil remain uncertain. Palm oil has lost nearly 15 per cent so far this year on rising stocks and still weak demand. It also fell to a sixmonth low last week along with a broad sell-off in commodities as traders initially fretted over the state of the US economy and reduced risk taking. "Today everything is up -- not only palm," said a trader. "Last week's commodity sell-off was a bit overdone. "The palm fundamentals are still looking quite good -- we're hearing exports are not as bad as last month." The benchmark July crude palm oil contract on Bursa Malaysia Derivatives closed up 1.4 per cent to 3,238 ringgit ($1,078) a tonne. At the start of the trading session, the contract briefly hit a six-month low of 3,192 ringgit. Traded volume was at 14,584 lots of 25 tonnes each, compared to 19,131 lots on Friday. A Reuters technical analysis

showed the benchmark palm oil contract is expected to bounce into a range of 3,250 to 3,300 ringgit per tonne, as a triangle pattern may fail. Supply concerns stemming from uncertain weather in the Americas also supported the market ahead of key US agriculture data due on Wednesday. The data will give its first estimate of ending stocks for this year's corn and soybean crops. Additionally, it will update global crop production numbers, including corn and soy output in Brazil and Argentina. US soyoil for July delivery rose 0.4 per cent in Asian hours and the most active January 2012 soyoil on China's Dalian Commodity Exchange inched up. "The rebound we see today is a knee jerk reaction. Overall, soyoil is still trading downwards," said an oil analyst with a Shanghai-based local brokerage. "However, supply worries due to expectation of weaker soybean and rapeseed production in the country could continue to support the market." Soybean output in China is expected to fall 2-4 million tonnes in late August as planting intentions have shifted to the lucrative corn crops. -Reuters

Copper ends higher but Greece worries cap move LONDON: Copper ended higher on Monday on a relief rally following steep losses last week, but a downgrade of Greece's credit rating added to global slowdown fears and capped the metal's advance. Copper for three-month delivery on the London Metal Exchange finished at $8,890 versus $8,825 a tonne at Friday's close. The metal used in power and construction had hit $8,657.50 on Friday, its lowest since early December. "The market is still in shock from last week. This relief rally is dominated by relatively thin volumes. The dollar has begun to strengthen ... and the pattern is one to sell the rallies at the moment," said analyst Alex Heath of RBC Capital. "On the whole, the risk remains to the downside ... until we see some clarity out of statistics to indicate that growth is back on line," he said. The euro pared gains after Standard and Poor's cut Greece's rating to B from BB, dragging it further into junk territory over concerns that a debt restructuring is increasingly likely.

Indian non-ferrous metals producer Hindalco Industries said it expected strength in prices and volumes to continue but spiralling input costs were a concern. The firm, part of the diver-

Shanghai copper rebounds Copper prices rebounded technically on Monday helped by a weaker dollar, but investors were eyeing key Chinese data this week, including import and CPI numbers due on Tuesday. The most-active July copper contract on the Shanghai Futures Exchange lifted 1.6 per cent to 66,980 yuan at its close, tracking the rise on the LME and also boosted by a fall in the ShFE's stockpile to a 5-month low. sified Aditya Birla Group, said it expected aluminium demand in India to grow 8-9 per cent in 2011/12. A slew of Chinese and US economic data could keep volatility high again this week, including inflation numbers that will give some indication of how far the monetary tightening cycle has to run in China, the top driver

of commodities demand growth. "The next batch of Chinese economic data due out over the next two days will ... be vital, particularly in terms of trying to gauge the effectiveness of the Chinese tightening measures," said Standard Bank in a note. "A combination of high inflation and lower-thanexpected growth looks like being the worst option and would likely trigger further weakness. Copper, tin and lead inventories in LME warehouses rose, the latest data showed. Nickel stocks fell to their lowest since mid-August, while tin stocks rose to their highest in more than a year, rising 305 tonnes to 21,720 tonnes. Tin finished at $29,795 a tonne from $29,650 at the close on Friday. Aluminium ended $2,612 a tonne versus $2,608. Zinc, used in galvanizing, closed at $2,164 a tonne from $2,140. Battery material lead ended at $2,300 a tonne from $2,280. Nickel closed at $24,375 versus $24,650 a tonne. -Reuters

Tokyo rubber inches higher TOKYO: Key Tokyo rubber futures inched higher on Monday as sentiment improved amid stabilising commodity markets, and investors found price levels attractive after a sell-off late last week. The benchmark TOCOM rubber futures for October delivery settled up 6.5 yen or 1.8 per cent at 367.6 yen per kg. On Friday, the October contract had plunged as much as 8 per cent to an intraday low of 353.2 yen, its lowest since March 16, on heavy stoploss selling triggered by a stronger yen, weaker oil prices and a broad sell-off in other commodities. The selling brought prices to attractive levels for buying, traders said. The most active Shanghai rubber futures contract for September delivery rose 665 yuan to close at 30,955 yuan ($4,767.380) per tonne on Monday. Volume stood at 810,162 lots. ICE Brent crude futures rose $2 to $111.13 a barrel on Monday as the dollar weakened and some traders and investors went bargain hunting after last week's sell-off. The euro bounced back on Monday as some sovereign investors viewed its sell-off late last week on concerns about Greek debt as overdone given still favourable interest rate differentials. -Reuters

LAHORE: Pakistani farmers harvest wheat in a field outside Lahore. -Agencies

Gold rises, silver climbs as $ retreats LONDON: Gold climbed back above $1,500 an ounce on Monday and silver rallied more than 6 per cent as a retreating dollar and rising concerns of euro-zone debt helped the metals recover some ground after last week's hefty losses. Worries over the health of some smaller euro-zone economies was brought back into the spotlight after ratings agency Standard & Poor's downgraded Greece's credit rating. Spot gold was bid at $1,501.99 an ounce at 1359 GMT against $1,494.05 late in New York on

Atkins. "You have competing concerns, with a change in policy rhetoric in the US and mounting concerns over the euro." "It is too hard to have a lot of conviction. That will probably weigh on pricing (for commodities), though maybe gold will outperform in that sort of environment." "Silver has rebounded from the lows, but I think it is very difficult to justify more strength from a fundamental perspective," he added. Among precious metals, silver bore the brunt of last

Friday, having earlier risen as high as $1,510.40. Silver rose more than 6 per cent to a high of $37.94 and was later at $36.80 an ounce versus $35.60. Gold was supported by a rebound in the euro after some investors viewed its sell-off last week as overdone, given the fact interest rate differentials between the euro-zone and the United States remain favourable. Prices briefly eased below $1,500 an ounce as the euro pared gains after the S&P cut, which dragged Greece's rating further into junk territory. However, they quickly recovered as traders digested the news. "The big confusion in the whole picture is what people are going to do with the US dollar," said Macquarie analyst Hayden

week's commodities sell-off, down 25 per cent week on week by late Friday as investors liquidated positions. A retreat in the dollar, which makes dollar-priced assets cheaper for other currency holders, is helping it to recover. However, technical indicators suggest the single currency's recovery could be temporary, while uncertainty over how the euro-zone will tackle the prolonged debt crisis in some peripheral member countries is continuing to worry buyers. From a technical perspective, silver is also looking more vulnerable than gold after last week's rout, analysts said. Among other precious metals, platinum was at $1,783.99 an ounce against $1,781.75, while palladium was at $723.22 against $713.88. -Reuters

Sugar, coffee rise with commodities bounce LONDON: Soft commodity prices bounced higher on Monday, in line with other commodity markets following last week's sharp sell-off. "In the short term, prices are going to remain vulnerable to any moves in external markets, any moves in the US dollar and any sense around risk aversion and risk reduction," said Sudakshina Unnikrishnan, an analyst at Barclays Capital. Sugar futures rose from near eight-month lows following a lead from stronger oil and a weaker dollar, dealers said. ICE July raw sugar futures rose 0.28 cent or 1.4 per cent to 20.75 cents a lb at 1403 GMT, after dipping to an eight-month low of 20.40 cents on Friday. ICE sugar remained down more than 40 per cent from its 30-year peak of 36.08 cents a lb touched on Feb. 2. Liffe August white sugar fell $1.80 or 0.3 per cent to $580.20 per tonne at 1409 GMT, above the eight-month low of $571.90 hit on Thursday. Coffee prices were also stronger, although arabicas' rise outpaced robustas as tight supplies of high quality beans underpinned New York prices. ICE July arabica coffee rose 1.1 cent or 0.4 per cent to $2.8865 per lb at 1417 GMT, while Liffe July robustas were unchanged at $2,598 a tonne. Cocoa prices were swept up in the rise across commodity markets as dealers monitored the first shipments of cocoa coming out of top producer Ivory Coast in months. ICE second-month, July cocoa was up $22, or 0.7 per cent at $3,104 per tonne at 1419 GMT, while London July cocoa traded up 19 pounds or 1 per cent at 1,909 pounds a tonne. -Reuters

National Commodity Exchange Ltd Trading Summary Date

9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-2011 9-May-11

Commodity

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

Contract Date

Price Quotation

Open

High

Low

Close

JU11 JY11 AU11 JU11 JY11 JU11 JY11 AU11 JU11 JY11 AU11 MY11 JU11 JY11 AP11 MY11 MY11 MY11 MON TUE WED THU FRI MON TUE WED THU FRI 12MY11 AP11 AP11 11-Mar 11-Jun

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

97.97 100.10 98.57 34.00 33.98 1480.00 1481.40 1482.60 1483.00 1480.40 1483.30 40190.00 40526.00 40324.00 40269.00 40279.00 46969.00 46969.00 41348.00 41391.00 41405.00 41419.00 41434.00 47571.00 49000.00 48827.00 47653.00 49400.00 3432.00 3436.00 5091.00 86.41 85.34

102.19 102.75 100.80 37.86 37.94 1510.90 1511.30 1511.70 1509.10 1505.40 1510.60 41292.00 41302.00 41320.00 41265.00 41274.00 48130.00 48130.00 42417.00 42359.00 42374.00 42388.00 42403.00 48813.00 49460.00 49200.00 48780.00 49400.00 3432.00 3436.00 5161.00 86.43 85.4

97.20 97.76 98.57 33.85 33.12 1475.90 1477.00 1477.00 1479.80 1480.40 1480.90 40190.00 40306.00 40324.00 40269.00 40279.00 46969.00 46969.00 41348.00 41391.00 41405.00 41419.00 41434.00 47571.00 47620.00 47637.00 47653.00 47670.00 3429.00 3432.00 5091.00 86.41 85.34

99.92 100.46 100.80 37.25 37.25 1504.80 1505.40 1506.00 1504.80 1505.40 1505.40 41292.00 41302.00 41320.00 41265.00 41274.00 48130.00 48130.00 42417.00 42359.00 42374.00 42388.00 42403.00 48813.00 48746.00 48763.00 48780.00 48796.00 3429.00 3432.00 5161.00 86.43 85.4

Traded Volume in lots 287 161 318 265 2,461 3,241 2,813 78 17 14 23 44 4 1 -

Previous Settlement Price 97.71 98.25 98.57 33.85 33.85 1479.80 1480.40 1480.90 1479.80 1480.40 1480.90 40296.00 40306.00 40324.00 40269.00 40279.00 46969.00 46969.00 41348.00 41391.00 41405.00 41419.00 41434.00 47571.00 47620.00 47637.00 47653.00 47670.00 3432.00 3436.00 5091.00 86.41 85.34

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

Current Open Interest Settlement in Lots Price 99.92 46 100.46 12 100.80 37.25 6 37.25 31 1504.80 970 1505.40 1,950 1506.00 1,343 1504.80 7 1505.40 1506.00 1 41292.00 3 41302.00 8 41320.00 41265.00 41274.00 48130.00 48130.00 42417.00 42359.00 3 42374.00 42388.00 42403.00 48813.00 48746.00 46 48763.00 5 48780.00 55 48796.00 1 3429.00 3432.00 5161.00 86.43 85.4 -


LEEDS, ENGLAND Nicholas Ludwell tees off on the 1st hole during the Glenmuir PGA Professional Championship North East Regional Qualifier at Moortown Golf Club

Bereaved Younis to return home back GUYANA: Younis Khan, the Pakistan batsman, will return home from West Indies after his elder brother died in Germany. The PCB has given Younis permission to miss the two-Test series which starts next Thursday. "Younis is returning home today as unfortunately his elder brother, Shamshad Khan, has passed away in Germany," it has been told. There is unlikely to be a replacement for Younis for the first Test because of logistical reasons, but the team management may consider someone for the second Test. The loss of Younis, a 67-Test veteran, will be a big blow for a side that is thin on experience. His absence means there is no one in the Pakistan squad who has played a Test in the West Indies. -Online

One-day series between Pak-Afghan LAHORE: Afghanistan cricket team will arrive here on May 24 to play a series of three one day matches against Pakistan A. "This event was finalised at a recent meeting of Pakistan Cricket Board and Afghanistan Cricket Board under the chairmanship of Amir Nawab, member Board of Governors PCB and Coordinator for Afghan Cricket", said a spokesman of PCB here on Monday. Following is programme of matches, May 25, 1st one day, day and night tie at Faisalabad, May 27, 2nd one day at Rawalpindi May 29, 3rd one day at Abbottabad May 30, departure of the visiting team. PCB has also decided to facilitate ACB for training of their staff in various cricket relating fields. For that a 10 member contingent of ACB will travel to Lahore in near future, he added. -APP

Aqeel wins Sargodha open tennis SARGODHA: Pakistan No 1 Aqeel Khan on Monday won the Sargodha open national ranking tennis tournament. Under the management of Pakistan Tennis Federation (PTF), 22 players of different categories participated in the event from all over the country. In singles final, Pakistan No. 1 Aqeel Khan won the title by beating Jalil Khan. In boys under 14, Muhammad Mudassar defeated Hamza Bin Asif while Muhammad Abid defeated Usman Rafiq in under 18. In doubles Aqeel Khan and Jalil Khan remained victorious. Commissioner Sargodha Jawad Rafiq Malik distributed awards among winners of the tournament. Meanwhile, senior vice president PTF Irshad Bhatti said that PTF would hold tournaments in all over the country and elect 100 children from schools in a talent hunt programme. He said that a match between Aasamul Haq and Ravi Boppana would be held on the Wahga border soon. -APP

10

Tuesday, May 10, 2011

Misbah hundred sets up declaration GEORGE TOWN: An unbeaten century from Misbah-ul-Haq built on a solid platform provided by the openers as Pakistanis declared their first innings on 330 for 7 on day-one of their two-day game against Guyana in Georgetown. Guyana had managed 25 for no loss when bad light stopped play. After choosing to bat, Azhar Ali (57), who was promoted to opener, and Mohammad Hafeez (52) got Pakistanis going with a 92run opening stand. Guyana then struck back with three quick wickets but Misbah was in an uncompromising

mood and slammed seven fours and four sixes in just over three hours as he raced to his hundred. He was particularly severe on offspinner Zaheer Mohamed, hitting him for a four and two sixes off consecutive deliveries as he jumped from 68 to 84 before slog-sweeping legspinner Amir Khan into the Guyana Football Club ground in the next over to bring up his century from 132 balls and prompt the declaration. Misbah added 69 for the fourth wicket with Umar Akmal, who made 26, before his side suffered a mini-slump, losing four

British hockey team beat Pak in Malaysia POH, Malaysia: Britain ended Pakistan's unbeaten run in the Sultan Azlan Shah Cup Sunday with a hard-earned 3-2 victory, leaving the Asian side with a slender lead at the top of the standings. Both teams have six points from three matches, but Pakistan are ahead on goal difference. Britain won their last meeting at the 2008 Beijing Olympics 42 and they again took full points despite coming under pressure in the late stages of the match. Coach Jason Lee said he was satisfied with the win. "It was a much better performance than we played against India the other day. We are here to learn and built on our team. naturally we too would like to win the tournament. The race is still wide open," he said. Robert Moore opened the scoring in the eighth minute from a field attempt. But Pakistan's veteran penalty corner specialist Sohail Abbas levelled in the 31st minute. In the second half Pakistan went on the offensive and came close through Rehan Butt, Shakeel Abbasi and Waqas Akbar only to be denied by inform Britain goalkeeper Nicholas Brothers. Four minutes into the half Britain regained the lead through Jonathan Clarke, heaping pressure on Pakistan to respond. Clarke was again on target in the 63rd minute against the run

of play, scoring from a field attempt after breaking through in a fast counter attack. Pakistan hit back immediately through Abdul Haseem Khan but it was not enough to peg back Britain. In an earlier match, world champions Australia were held to a 1-1 by India thanks to a superb defensive performance against a second-half onslaught from the world's leading team. Both teams now have four points after a win and a draw, but the Indians have played a game more, losing to South Korea. Just six months ago India were thrashed 0-8 by Australia in the Commonwealth Games final in New Delhi and Australian coach Ric Charlesworth said the result was disappointing. "But I am not surprised... India played good hockey but I think we too were responsible as we did not take our chances," he said. In the third match of the day South Korea drew 1-1 with New Zealand. The Kiwis controlled play in the first half but failed to score until the 50th minute through Benjamin Colliers. They were unable to make further headway and the South Koreans then stepped up their attack in the search for the equaliser and were rewarded in the 58th minute when Jang Jong-hyun scored from the penalty corner. -APP

Boxer stripped of gold medal COLOMBO: Disgraced Sri Lankan boxer Manju Wanniarachchi was stripped of his Commonwealth Games gold medal Sunday after he failed a second doping test for a banned steroid. Sean McGoldrick from Wales becomes the bantamweight Games champion as a result. The Commonwealth Games Federation's (CGF) Federation Court said Wanniarachchi has been disqualified from the 2010 Commonwealth Games and his competition results at the Delhi Games be nullified. "The Court has ruled that the

medal awarded to him be forfeited and returned to the CGF," the governing body said in an email statement. "The gold medal in the bantamweight 56 kilo weight division will be awarded to Sean McGoldrick from Wales," it said. Wanniarachchi's urine sample was found to contain 19-Norandrosterone, a banned performance-enhancing substance, the body said. Sri Lanka's National Olympic Committee last year took away Wanniarachchi's medal pending the completion of inquiries. The boxer risks a two-year ban.

wickets for 39 runs. But Misbah found an able ally in Umar Gul, and the pair made merry in an unbroken stand of 86 for the eighth wicket. Misbah ended the innings on 101, while Gul was on 40. It was the spinners who did most of the damage for Guyana. Khan, a member of West Indies Under-19 side, was the most successful bowler, taking 3 for 88, while Mohamed picked up 2 for 68. The match is the only warm-up game for the visitors before the first Test that starts on Thursday at the Guyana National Stadium. -Online

Pakistan face stiff challenge vs Australia MALAYSIA: Three matches will be played today (Monday) in ongoing Azlan Shah Hockey Tournament being held in Malaysian city of IPOH. In the first match of day four, Pakistan will face tournament favorite Australia. The second match will be played between Britain and New Zealand. In the third and last match, India will take on host Malaysia. On Sunday, Pakistan was beaten by Britain by 2-3 but still retained its top positions due to two successive wins in first two matches.

ROME: Maria Jose Martinez Sanchez of Spain returns the ball to Ekaterina Makarova of Russia during their match at the Rome Masters tennis tournament -Reuters

Pak Volleyball Fed gets new KCCA Department cricket quarters officeholders on May 10

KARACHI: Two remaining quarterfinals of KCCA Inter Departmental Cricket League will be played here on May 10, KCCA announced on Monday. KESC will take on Medicam Group at RLCA Ground Gulberg while KPT will meet on Customs in the other quarterfinal at Aga Khan Gymkhana ground. Both the semifinals will be played on May 12. Pakistan Navy will face winners' of KESC/Medicam tie and UBL will be up against the winners of second quarterfinal between KPT/Customs Academy at UBL Sports Complex Ground. -APP

PCB seeks explanation from Afridi LAHORE: Pakistan Cricket Board has taken notice of the statements made by Captain Shahid Afridi in the media about the differences within the tour management in West Indies. According to PCB Media Office, It is a violation of Code of Conduct on part of Mr Afridi and an explanation has been sought from him for the reasons to make such statements publically. PCB will take appropriate action after submission of the tour-report at the conclusion of the tour, it added. -Online

LAHORE: Chaudhary Muhammad Yaqub and Major (R) Mohammad Afzal were unanimously elected President and Secretary of Pakistan Volleyball Federation here on Monday at the general council meeting of the body. Outgoing President,Abdul Khaliq Khan,who was later elected as a vice president,presided over the meeting which elected office bearers for a fresh term of four years. Following were elected: (President), Ch Muhammad Yaqub, (Vice Presidents),Abdul Khaliq Khan,Zafar Abbas Lak and deputy director army sports directorate, director navy sport directorate,director PAF sports directorate,director general wapda sports board and Allama Ghulam Hassan. One lady vice president to be nominated by President PVF. (Secretary), Major retd Mohammad Afzal, (Treasurer), Muhammad Baksh Javed, (Joint Secretary), Shoaib Ahmed Usmani, (Associate Secretaires), Sardar Mohammad Khan, Mohammad Shahid Kamal. (Members of the executive committee), Mohammad Iqbal Khan, Haji Muhammad Ashraf, Mukhtar Ahmed Khan, Shahid Masood, Sohail A Usmani, Khalid Waqar and representative of Railways. The house also elected Faisal Karim Kundi, Deputy Speaker ,National Assembly as the Patron of the PVF and hoped he would extend all out cooperation to supplement the ongo-

ing efforts for the development of the game. The newly elected President while addressing the house pledged to promote volleyball by mobilising all resources and seeking sponsorship from business houses. "Pakistan is rich in volleyball talent and we will continue our ongoing efforts for the further uplift of the game by providing infrastructure and best coaching to our young talent", he said. Ch Yaqub said his specific mandate is to evolve an ambitious activity plan to attract youth to volleyball and to groom it under a long term plan. President,Punjab Volleyball Federation,Zafar Abbas Lak assured the house that maximum volleyball activity will be generated to identify new talent. "We are already organising junior and senior level competitions in all part of the province", he added. PVF chief said Iranian coach Ali Moamary is likely to join the Pakistan team in July on a coaching assignment and it is hoped that under his able guidance the team will produce desired results in the international events. "Our ultimate objective is to qualify our team for the next year's world championship and world league, besides showing good results in Asian championship to be held later this year in Iran". The national junior volleyball championship will be organised from May 16-20 at Gujranwala, he added. -APP

South Asian Judo Championship begins Tuesday ISLAMABAD: Pakistan Judo Federation (PJF) is organising South Asian Judo Championship 2011 from May 10-14 here at Liaquat Gymnasium. Six countries will participate in the event including Pakistan, India, Bangladesh, Nepal, Afghanistan, and Sri Lanka and the event is being organized in collaboration with LXG Marketing. In this regard a media briefing was organised at Dream Land motel on Monday, in which president PJF, Col. Shujat Ali Rana, secretary PJF Masood Ahmed, LXG CEO marketing and other PJF officials were present on the occasion. President PJF said that there will be 8 male and 6 female weights in the event. The male events comprise 60, -66, -73, -81, -90, -100, above 100 and open weight. The female weights include 48, -52, -57, -63, -70, open weight and -100.-APP

Jashan-e-Baharan Polo tournament to begin on Tuesday GILGIT: The Sports and Tourism Department (STD) has finalized all arrangements to hold an ancient traditional free style Polo tournament of Jashan-e-Baharan here from Tuesday (MAY 10). According to official sources around 22 teams are taking part in the tournament. The tournament was scheduled to begin in April but delayed owing to overhauling work of Aga Khan Shahi Polo ground which was under repair. There will be two pools of which official teams would play Pool A while civilian teams would play in Pool B. -APP


Economy & Continuations

Tuesday, May 10, 2011

EU eyes lower rates for Greece, Ireland amid chaos BRUSSELS/ATHENS: The European Union is looking to lower interest rates on bailout loans to Greece and Ireland and working on a second rescue for Athens in a chaotic effort to prevent a disorderly debt restructuring. But ratings agency Standard & Poor's suggested on Monday far more radical measures would be required to make Greece's 327 billion euros ($470.3 billion) debt mountain sustainable, saying Athens may have to reduce the principal by 50 percent or more, implying big losses for investors. S&P downgraded Greece's credit rating further into junk territory -- to B from BB- -hitting Greek bank stocks as investors seeking safer assets fled to German debt. The executive European Commission said it hoped for a decision within weeks on reducing the rate charged to Ireland to make Dublin's debt more sustainable. "The Commission is clearly in favour of a rate cut," a spokesman for EU Economic and Monetary Affairs Commissioner Olli Rehn said. "The Commission is against debt restructuring." Irish Prime Minister Enda Kenny told parliament that without a return of strong economic growth, "questions of sustainability will remain" around his country's debt. "There is no doubt that a reduction in the interest rate on the moneys we are borrowing

from Europe would be a meaningful and appreciated measure," he said, predicting it could be delivered at a euro zone finance ministers meeting next week. The Irish government's bid for lower interest payments has so far been blocked by Germany and France, which want Dublin to drop its veto on harmonising the corporate tax base in Europe in exchange or raise its own low corporate tax rate. Kenny made clear he would not consent to raise corporation tax. In Germany, a senior lawmaker in Chancellor Angela Merkel's conservative party said a further cut in the rate on emergency loans to Greece, already reduced by one percentage point in March, would be justified if it carried out further reforms to reduce its debt risk. Michael Meister, finance policy spokesman of Merkel's Christian Democrats, told German radio he opposed any idea that Athens should restructure its debt or that it should consider leaving the euro zone. The calls for lower interest rates came after a select group of top euro zone policymakers held not-sosecret talks in Luxembourg on Friday evening on how to stem the currency bloc's deepening sovereign debt crisis. One of the German government's economic advisers, Peter Bofinger, told Reuters Insider television that unless there was a comprehensive

solution for all euro zone debt problems, "I'm not sure whether the euro area will remain intact for the next 12 months". The cost of insuring Greek, Irish and Portuguese debt against default rose further as market worries intensified over the risk that Greece may have to restructure its debt. European shares fell amid signs the three euro zone states in intensive care are mounting a bidding war for easier terms by pointing to concessions made to each other. The jitters also followed a report by German magazine Der Spiegel alleging that Greece was considering leaving the euro zone, which drew indignant denials from Athens and EU ministers. Merkel's spokesman said she would meet European Commission President Jose Manuel Barroso, head of the EU's executive arm, and European Council President Herman van Rompuy, who chairs the bloc's regular summits, on Wednesday to review the situation. A Greek exit from the euro had never been under discussion and was not now, he told a news conference. Euro zone and EU finance ministers are due to meet next week to approve a 78 billion euro rescue for Portugal amid lingering uncertainty over whether Finland, which has a caretaker government and has not yet begun talks on a new coalition, will be in a position to give the required agreement. -Reuters

UK house prices post biggest fall in 1-1/2 yrs LONDON: British house prices suffered their biggest annual fall in 1-1/2 years in April as worries about the economic outlook deterred buyers, mortgage lender Halifax said on Monday. The Halifax house price index fell 3.7 percent in the three months to April compared with a year ago, the biggest decline since October 2009, and leaving the average price of a home at 160,395 pounds. On the month, prices were 1.2 percent lower, the biggest fall since September 2010 and confounding forecasts for a 0.1 percent gain. Prices had been flat in March. "Weak confidence amongst households, partly due to uncertainty over the economic outlook, is constraining housing demand and resulting in some downward movement in prices," said Halifax housing economist Martin Ellis. Britain's economy has not grown at all since September, raising concerns that the recovery is stalling even before government spending cuts start to bite. Monday's figures came after a survey from rival mortgage lender Nationwide last week showed house prices fell 0.2 percent in April, for an annual decline of 1.3 percent and are a further indication that Britain's housing market is struggling to gain ground. Analysts reckon that high unemployment, negative real income growth, high debt levels and difficulties in obtaining credit will continue to weigh on the housing market this year. -Reuters

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bin Laden's presence there for six years. They have in their custody all the noncombatants from the compound, including three wives of Osama bin Laden. We've asked for access to those folks," White House National Security Advisor Tom Donilon has said. -Online

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training. Defence Minister Stephen Smith, who met with Wynne, said Bin Laden's death was on the agenda. "General Wynne, like President Zardari, was pleased that Bin Laden had been captured and killed," Smith told the Australian Broadcasting Corporation. "I think we have to be careful not to leap to conclusions about state sponsorship or the efforts made in Pakistan to trace down Bin Laden," he added, when asked if the issue had been raised. Nevertheless, Smith told Wyne more must be done to tackle extremism and terrorism in Pakistan. "We believe that Pakistan has improved its efforts on the counter-terrorism and extremism front, but it does need to do more and I have made that point again to General Wynne," he said. "But if we want Pakistan to do more on that front, there's no point in Australia, there's no point in the United States, there's no point in the international community walking away." -Online

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Kazi, former Secretary Ministry of Petroleum and Natural Resources. -APP

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of Pakistan Steel Mill, he mentioned that an inter-ministerial joint working Group for the expansion of Pakistan Steel Mills has been constituted by M/O Industries & Production. Under which the agreements/ MoUs between Russian Federation and Pakistan on economic and technical cooperation for expansion of iron & steel works (Pakistan Steel Mills) Karachi have been amended for signing during the President's visit to Russia, the statement added. -APP

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exports growth. To build on this landmark achievement, Puri stated, that TDAP is accelerating its efforts and taking out-of- box measures to achieve a possible $24 billion exports by the end of this financial year. He informed that imports during April 2011 were valued at $3.247 billion registering a growth of 7.7 per cent over the level of imports valued at $3.016 billion in April 2010. However, the trade deficit shrunk in April by 34 per cent compared to April last year, which is also a positive sign for our current account. The cumulative value of imports for the period July-April 201011 was $32.263 billion as against $28.123 billion last year, showing a growth of 14.7 per cent over the corresponding period of last year. For the period April-July 2010-11, the trade deficit was marginally reduced by about 2 per cent. -APP

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innovations and test new markets, lower cost of service delivery, enable systems and procedures to be more efficient and provide new ways of meeting the unmet demand for financial services. Kardar said that in Pakistan, Government to Person Payments (G2P) had typically been made at location specific cash payments. 'This system is due to limited options, as recipients lack bank accounts and banks have few accessible branches for cash disbursement, he said and added that with the rise of branchless banking models, there were new technology based payment options, which were convenient, safe, and affordable. He said that despite recent experiments under the Benazir Income Support Program (BISP), Watan Card and World Food Program, there was room for further experimentation. 'Hence, broader and deeper alliances between government agencies and financial service providers would leverage the existing banking and agent networks to engage in the distribution of G2P

payments, these steps will not only make G2P payments easier but, also bring more people under the ambit of the financially served', Kardar added. SBP Governor said that the eventual aim of the G2P Payments challenge round was to leverage an enhanced payment mechanism and attract recipients of government payments into the sphere of banking and financial services. Kardar also highlighted the key benefits of automating G2P payments and said that this would reduce the time lag in delivery and monetary inefficiencies due to leakages and corruption in the system leading to substantial savings and greater government credibility and allow better targeting of subsidies while leveraging national infrastructure for identification and verification; enhance scope of financial inclusion for banks to build financial services on top of payments through basic store of value accounts. 'Besides, the e-payments also assist small businesses such as grocery stores and agents to create new opportunities in existing business infrastructures and enable small business owners to earn commission for providing an automated service point while the additional service helps attract an increased number of customers,' he said. The outcomes will not just be direct but also indirect because of externalities, whose benefits would be difficult to quantify but should be around 1% of GDP, he added. Kardar said that the Microfinance Credit Guarantee Facility under the Financial Inclusion Program (FIP) had been successful linking the wholesale (commercial banks) funding market with the microfinance sector. 'The facility has mobilized Rs. 2.3 billion enabling additional 150,000 microfinance loans to new borrowers. Going forward, the facility is expected to raise additional funding of up to 3 billion,' he added. It may be pointed out that the deadline for submitting an Expression of Interest (EoI) to benefit from FICF is May 30, 2011. EOIs may be submitted electronically on ficf@sbp.org.pk or a hard copy can also be sent to Director Agriculture Credit and Microfinance Department, State Bank of Pakistan, Karachi. The G2P Conference, which is being hosted by the State Bank in collaboration with the UK Aid and World Bank arm, Consultative Group to Assist the Poor (CGAP), has drawn an array of public and private sector speakers and audience including international donors, government agencies, banks, telecoms and solution providers.

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addressing the gathering. Zubair said that this investment would be the highest ever from the friendly country China. He said the Thar coal area which has a good quality of coal can produce 10000MW electricity by year 2020 and hoped that we can also overcome the power shortage. Those who spoke on the occasion were Abdul Qadir Patel MNA and Chairman of NA Standing on Interior, Muhammad Farooq Afzal, Chairman of Pak-Russia Business Council, Asif Haroon Editor Diplomatic Call, Shahid Jawed Qureshi, and President of Pak-Malaysia Friendship Association. On the occasion 25 multinational companies were given awards and as many consuls generals. -Online

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difficult phase in our history after dismemberment of Pakistan in 1971 and thanked China for its support to the country at this juncture. Chaudhry Nisar Ali Khan said if human rights organisations of the world can raise questions over operation against Osama then Pakistan too should talk to the United States in a clear cut manner. -NNI

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emerged in already fragile U.S.-Pakistan ties after U.S. forces killed al Qaeda leader Osama bin Laden at a compound near Islamabad, prompting some concerns about the U.S. military's ability to get supplies to troops fighting in land-locked country of Afghanistan. In an interview, Carter downplayed those concerns, noting that the U.S. military's logistics operation was developed to deal with unexpected hurdles such as devastating floods throughout Pakistan last year. "You've seen when the volcano hit, when the floods in Pakistan hit, when Haiti happened, that our logistics system was resilient enough and had enough diversity that we could shift load from one mode to another," Carter said. -Reuters

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its terror affiliates. This would not have been possible without the active support and invaluable sacrifices of people of Pakistan. At the end, COAS held a very frank Question/ Answer session with the participants. -APP

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negotiate with the top ranking consortia and inform PC Board about the outcome for proceeding. Pakistan is gearing up for its second attempt to launch an offshore exchangeable bond and the deal would mark the country's return to the international capital markets for the first time since 2007. Pakistan was forced to shelve a similar deal in 2008 due to the global financial crisis, huge deficits and political instability but this time it hopes to present a picture of improving credit with a current account surplus in the first nine months of fiscal year 2010/11. The government has a 74.82 per cent stake in OGDC, and the bonds equate to 430 million OGDC shares if fully converted, or about 10 percent of the company's issued share capital. Meanwhile, according to a communiquĂŠ sent by OGDC to KSE here Monday, the company said that Privatization Commission has been requested to send details in this regard. OGDC said these details will be disseminated amongst market participants and investors upon receipt from PC. -Agencies

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increasing opportunities of energy sector while despite rains and floods, there was bumper crop of wheat and Sindh Government had exported big quantity of wheat. Syed Qaim Ali Shah said that Sindh Government was giving full attention towards maintenance of law and order in the province, and concerted efforts are being made to curb the activities of criminals and anti-state elements so as to attract foreign investment in the province. USA Ambassador Cameron Munter said that Pakistan possesses big opportunities of foreign investment, and investors are keen to come in Pakistan for investment in various sectors. He added that there is congenial atmosphere for furtherance of relations between Pakistan & USA, and those relations will further be strengthened. On the occasion, Chief Minister Sindh presented cultural items of Ajrak, Sindhi Cap, Khais to USA Ambassador to Pakistan. He also presented shield of C.M House to him. Furthermore, in an exclusive interview to a private TV channel, the US ambassador Cameron Munter said Pakistan needs to answer the question about existence of Osama in Pakistan and relations between both countries depend on these answers. US ambassador said in unequivocal terms that Pakistan has to take decision wisely whether it would take action against al Qaeda leader Ayman al-Zawahiri and spiritual leader of Taliban Mullah Omar with support of Obama administration or US unilaterally. "We are committed to fight against terrorism. Our friends in Pakistan are committed to do exactly the same thing. The decision from Pakistan has to be can we do this together; can we work together, as we should, as we both are committed. I think it can happen", Cameron said when asked about US another unilateral action in Pakistan like Abbottabad to hunt Zawahiri or Mullah Omar. "I am hoping to work together as we decide to work together. Healthy debate takes Place in Pakistan about how we can and should cooperate", he said, adding that, we should work together to hunt down those people who are challenging our safety. We are facing common challenges. -Agencies

No #13

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down for the "intelligence failure." Why would anyone resign? How many people resigned after 9/11 in the US? No heads will roll in Pakistan in the aftermath of bin Laden's killing in Abbottabad," he said, adding "This is not the time for blame game but rather to be introspective, to find out the holes and plug them." Malik denied reports that ISI chief Shuja Pasha was in the US to meet his counterpart and explain the situation and reassure America about Pakistan's resolve to fight terrorism. "No way, I assure you Shuja Pasha is in Pakistan doing his duty." The minister, however, admitted that there was a trust deficit between the US and Pakistan which sometimes fuels theories. Taking a swipe at the US, the minister said: "Let me ask those who are blaming us for Bin Laden's presence in our country one simple question: Who created bin Laden and sent him to fight Russians? We never invited him to Pakistan. He went there with hundreds of other Arab fighters to wage a jihad against Russian forces, and the world knows who supported those jihadists," he added. Asked about the whereabouts of Indian mafia don, a chief suspect in 1992 Mumbai bomb blasts, Dawood Ibrahim, the minister denied having any information. Earlier, addressing students at the Pakistan International School Malik emphasized that terrorism could not be defeated by military actions alone. "We need to address the root cause and try to de-radicalize our youth by addressing pressing issues and giving them the correct information and opportunities. Malik called Saudi-Pak relations "rock-solid" and said that both the countries cooperate on various issues of mutual interest. Malik met Custodian of the Two Holy Mosques King Abdullah in Riyadh on Saturday. The meeting was attended by Foreign Minister Prince Saud Al-Faisal, Chief of General Intelligence Prince Muqrin, Secretary-General of the National Security Council Prince Bandar Bin Sultan, Minister of State and Commander of the National Guard Prince Miteb Bin Abdullah, Adviser to the King, Prince Abdulaziz Bin Abdullah and Saudi Ambassador to Pakistan Abdulaziz Al-Ghadeer. -Agencies

No #14

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Provincial Bureau of Statistics showed a decline of 7.52 per cent in their production. As per analyst, LSM showing impressive performance mainly due to rising production of sugar and pig iron. That's why, Pakistan's industrial output cumulatively showed a growth of 1.71 per cent in the first nine-month of current fiscal year 2010-11. As per details, Ministry of Industries reported 2.78 per cent increase in industrial production mainly contributed by motor cycles, jeep & cars and sugar which increased 18.73 per cent, 16.14 per cent and 26.46 per cent respectively in July 2010 - March 2011 over the same period of last financial year 2009-10.

No #15

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Gilani said no other nation has met so many challenges as the people of Pakistan. He said the nation has met all challenges. Earlier a meeting between the President Zardari, Prime Minister Gilani on Saturday agreed that Gilani will take the nation into confidence through parliament. -Agencies

No #16

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one for ten reverse stock split and pressured the market. The S&P financial sector index was down 0.4 per cent. In merger news, Hertz Global Holdings Inc fired a new salvo in a 13-month-long battle for Dollar Thrifty Automotive Group Inc, offering nearly $2.1 billion -- almost double what it offered in April last year -- trying to create the No. 2 US car rental group. Dollar Thrifty was up 13 per cent at $78.70, while Hertz Global added 0.3 per cent at $16.89. About 70 per cent of S&P 500 companies that have reported results have beaten expectations.-Reuters

No #17

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"The US jobs data was positive, but the market is still unconvinced, which is limiting gains in share prices in general," Okasan's Ishiguro said. Volume fell to the lowest level since April 26, with 1.7 billion shares changing hands on the Tokyo stock exchange's main board, down from than Friday's 1.91 billion shares. The ongoing strength of the yen also weighed on Japanese shares, traders said. "It may be difficult for the Nikkei to trade above the 10,000 line soon as that's the pre-earthquake level, and there isn't much in the way of good news to lift stocks to that level," said Yutaka Miura, a senior technical analyst at Mizuho Securities.-Reuters

No #18

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Technical analysis for the FTSE 100 index remained cautious. "Conditions are ripe for further downside trading action," said James A. Hyerczyk, analyst at Autochartist, with the key to whether the market stalls or accelerates to the downside how it reacts to the recent main bottom at 5,858.00. "A break through this level is likely to attract fresh selling pressure as it will indicate that short traders are taking control and that trailing stops following the recent strong rally are being executed," Hyerczyk said. British Gas-owner Centrica was the biggest blue-chip faller, shedding 3.8 per cent after saying rising taxes on North Sea oil and gas production would erode profit growth this year and cause it to scale back investments. Killik & Co., however, said: "Despite, the increased uncertainty over the near-term outlook for earnings, we remain positive on (Centrica) shares and would highlight the strong balance sheet and attractive 4.9 per cent dividend yield". Other utilities suffered with Centrica, with United Utilities down 2.1 per cent and Severn Trent down 1.6 per cent. Inmarsat was the top FTSE 100 gainer, up 4.4 per cent, after the satellite operator posted a 23 per cent rise in first-quarter earnings which, while broadly in line with expectations, prompted Investec to put its price target and "hold" rating under review after recent share price weakness. Autonomy rose 3.9 per cent after Numis upgraded its rating on the software group to "add", saying it was well positioned to deliver upgrades on a 12-month view. Blue chip peer Sage Group rose 1.6 per cent, while mid cap software firm Misys added 8.4 per cent as Credit Suisse reinstated its "outperform" rating on the stock.-Reuters

No #19

Continued from page 5

Top lender State Bank of India lost one per cent, HDFC Bank fell 0.8 per cent. ICICI Bank closed 0.1 per cent lower.-Reuters


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Osama kins to be sent home: Pak envoy

KARACHI: US Ambassador to Pakistan Cameron Munter called on Chief Minister Syed Qaim Ali Shah at CM House. -Online

BoI chief to visit Russia soon

Pak, Russia to ink series of agreements ISLAMABAD: Pakistan and Russia are likely to sign six Memorandums of Understanding during the forthcoming scheduled visit of President Asif Ali Zardari to Russia. In this connection, Saleem H Mandviwalla, Chairman, Board of Investment (BOI) is paying a brief visit to Russia to make ahead investment deals before the visit of President Asif Ali Zardari, says a statement issued by the BoI here Monday. The BoI statement said that an MoU between BoI and Russian National Investment Agency is also scheduled to be signed by him along with 5 Memorandums of Understanding with 5 Russian private/public companies including Evraz SA Russia International, Gazprom Russia International, Lukoil Russia

International, Rusal Russia International and Severstal Russia International. Chairman BoI has also issued a special note to media about the sectors of presentment to the Russian investors. The note is describing the projects and the areas of investment to make them viable are Pakistan Steel Mills - Soft Credit for expansion of project from 1.1 million MT up to 3.0 million MT per year production capacity in 3 stages. Oil & Gas Exploration and Production - Supply of equipments/ rigs, mud pump/processing plants - Technology of revival of dead wells- Line pipes projects- Advance technology for gas supplies- LNG storage terminals - LPG storage terminals. Pakistan Railways - Supply of 30,000 MT Rails Tracks - New

and Refurbished LocomotivesRailway signaling system equipped by advance technology- Investment for Trains Operation on Public Private Partnership. WAPDA - Hydel Power production - Technology for wind power - Technology for solar energy. Mining - Thar project for underground gasification Mining of Iron Ore - Mining of Bauxite - Mining of Copper and others. - Supply of Mining Equipment on Credit with soft terms such as Bulldozers. Agriculture sector Manufacturing of TractorsResearch & Development for seeds productionManufacturing of pesticides with modern development.Technology for Modern cultivation. Addressing the expansion See # 4 Page 11

'Power crisis up as demand rises'

Water enough for new harvest: Irsa ISLAMABAD: Chairman of Indus River System Authority (IRSA) Rao Irshad Ali Khan has said that there is no shortage of water for the Rabi crop and all the provinces were being provided water according to their demands. In an interview with INP here Monday, Rao Irshad Ali Khan said that the present storage of water in the reservoirs was double than during this period last year. He said at present 2.3 million acre feet of water is available in the reservoirs as against 1.2 million acre feet last year. He said Punjab is presently getting one lakh fifteen thousand cusecs, Sindh seventy five thousand cusecs, Balochistan five thousand cusecs and KhyberPakhtunkhwa three thousand cusecs.

Chairman Irsa said there is 0.6 million acre feet of water in Tarbela Dam, 1.6 million acre in Mangla and 0.1 million acre feet in Chashma barrage which is enough to meet the requirements of Kharif crop and there is no problem in meeting the demands of the provinces. Meanwhile with mercury shooting up, the electricity crisis has also taken a serious turn and the shortfall has reached 3000MW. Pepco sources said the power generation from all sources was 12999MW on Monday against the demand of 15994 MW. Further elaborating the sources said KESC was generating 730MW, hydel sources 4768MW, thermal 1791MW, IPPs 6373MW and RPPs 67MW.

However they said that the shortfall in May is less than during April and the main reason was recent rains which brought the temperature in upper parts of the country considerably low. There is significant increase in the demand of electricity in the southern Punjab, Sindh and plain areas of KhyberPakhtunkhwa due to rising temperature. At the same time linelosses have also gone up. The sources said eight to ten hours of load-shedding is being done in Punjab cities and twelve to sixteen hours in rural areas. In Sindh, cities are witnessing eight hours while the villages are facing ten to sixteen hours. The worst hit is Balochistan where load-shedding duration is between eight to twenty hours. Agencies

OBL presence not in our favor: Haqqani

'Heads will roll in Osama probe' ISLAMABAD: Pakistan's ambassador to the United States, Husain Haqqani has said that his country would take strict action against anybody in the government, military or intelligence, if found involved with the hiding of Osama bin Laden in the country. "Osama bin Laden's presence in Pakistan was not in Pakistan's advantage. A lot more people have been arrested in Pakistan, -including al Qaeda people -than in any other country. So Pakistan did not have a policy of protecting these people," Fox News quoted Haqqani, as saying. However, he vowed tough

consequences if the investigation reveals any "complicity" inside the government. "Heads will roll once the investigation has been completed. Now, if those heads are rolled on account of incompetence, we will share that information with you. And if, God forbid, somebody's complicity is discovered, there will be zero-tolerance for that, as well. Pakistan wants to put to rest any misgivings the world has about our role," he added. While the US has raised speculations about Pakistan's involvement in hiding bin Laden, Islamabad criticised the

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Obama administration for crossing its borders for the raid without prior information. Obama had earlier said "there had to be some sort of support network for bin Laden inside Pakistan," though he had insisted that US was not sure about what kind of support system he had there. "We don't know whether there might have been some people inside of government, people outside of government, and that's something that we have to investigate and, more importantly, the Pakistani government has to investigate," he added. Online

DUABI: Slain al Qaeda chief Osama bin Laden's detained relatives, including his 29-yearold Yemeni widow, will be repatriated back to their home countries after their initial interrogations are completed, a Pakistani diplomat has said. Bin Laden's Yemeni widow Amal Ahmed Abdul Fattah was with her husband when US Special Forces stormed the house. She was shot in the leg while attempting to defend her husband and is currently being detained in a hospital in Pakistan. "They (bin Laden's relatives) are in safe hands and when initial questions are completed, they will be sent to their home countries," Pakistan's Deputy Ambassador to Yemen Diyar Khan was quoted as saying by the Yemen Times newspaper. The US has also asked Pakistan to provide it access to all noncombatants, including bin Laden's three wives, detained by the Pakistani authorities. "We need to work with them (Pakistan) on assessing all the evidence out of that compound and all of the evidence associated with Osama See # 1 Page 11

Australia urges Pak to do more SYDNEY: Australia said Pakistan must 'do more' to counter terrorism, but cautioned against jumping to conclusions over Islamabad's efforts to track down Osama bin Laden. Pakistan is under intense pressure to explain how the al Qaeda chief had lived within walking distance of the country's key officer training academy in Abbottabad without the knowledge of senior officials. As US commandos swooped on Bin Laden's compound this week, the chairman of Pakistan's Joint Chiefs of Staff Committee, General Khalid Shameem Wyne, was in Australia for top-level defence and security talks. The visit was hosted by Australian defence head Air Chief Marshal Angus Houston as part of defence talks between the two nations, and included meetings with heads of national security agencies. Australia is one of Pakistan's biggest providers of military See # 2 Page 11

OBL died long before US raid: Iran TEHRAN: Iranian Intelligence Minister Heyder Moslehi said that al Qaeda leader Osama bin Laden had died long before the US army raided his compound in Pakistan, the Fars news agency reported. "We have exact information that indicates that bin Laden had died from an illness some time ago," Moslehi said. "Why didn't the White House show his body? Why did they throw it into the sea?" He added that the White House has "released false reports to cast a shadow over the developments in the region." -Online

OGDC gets new head KARACHI: Secretary Ministry of Petroleum and Natural Resources Muhammad Ejaz Chaudhry has been appointed as Director and Chairman of the Board of Oil and Gas Development Authority (OGDC) with immediate effect. According to a communiquĂŠ sent to KSE here Monday, he will replace Imtiaz Hussain See # 3 Page 11

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Probes on about harboring Qaeda leader: White House

US twists Pakistan arms over bin Laden WASHINGTON: The White House has refrained from answering in public on consequences on Pakistan if the American investigations find out that Islamabad harbored al Qaeda chief Osama bin Laden. "I don't want to speculate with a hypothetical at this point. I do want to say something else," White House National Security Advisor Tom Donilon told the NBC news in an interview when asked what will be the consequences if the US finds out that Pakistan harbored bin Laden. "But hold it right there, that's not hypothetical. That is the object, the subject, of your investigation into Pakistan right now," Donilon was asked by the anchor. "I think that we should find the facts first, right? That's the first thing I want to say," Donilon responded. "But will Pakistan be held accountable should, what President Bush alluded to, that they were harboring a terrorist. If that proves to be the case, will they be accountable?" anchor

asked again. "I think that we've indicated that we will act to protect our interests. With respect to Pakistan, I want to put it in perspective. It's really important to do this," Donilon responded. "We've had differences with Pakistan. There was some support network in Abbottabad, Pakistan, which supported bin Laden. We haven't seen evidence that the government knew about that, but they need to investigate that, and they need to provide us with intelligence, by the way, from the compound, that they've gathered, including access to Osama bin Laden's three wives, whom they have in custody," he said. "It is important to underscore here that we need to act in our national interest. We have had difficulties with Pakistan, as I said, but we've also had to work very closely with Pakistan in our counter terror efforts. More terrorists and extremists have been captured and killed in Pakistan than anyplace else in the world," he observed.

"At this point, I can tell you directly that I've not seen evidence that would tell us that the political, the military, or the intelligence leadership had foreknowledge of bin Laden," he said. "At this point, I haven't seen evidence that would indicate they had foreknowledge of this, that's the first point. The second point, though, is the fact, which you are alluding to. It's that Osama bin Laden was in this town for six years, 35 miles away from the capital of Pakistan, Islamabad, in a town that was known as a military town where they had an important military academy. This needs to be investigated," Donilon said. "The Pakistanis have said they're going to investigate it. This is a very big issue in Pakistan right now -- how could this have happened in Pakistan? We need to investigate it, we need to work with the Pakistanis, and we're pressing the Pakistanis on this in the intelligence," he said. Agencies

Syrian officials detain hundreds in fresh raids BEIRUT: Syrian security forces arrested hundreds of activists and anti-government protesters in house-to-house raids across the country Monday, part of an escalating government crackdown aimed at stamping out the nationwide revolt engulfing the country. President Bashar Assad has dispatched army troops and tanks to crush the seven-week uprising that has posed the most serious challenge to his family's 40-year rule. The widening crackdown suggests that Assad's regime is determined to crush the uprising by force and intimidation, despite rapidly escalating international outrage and a death toll that has topped 630 civilians since the unrest began, according to rights groups. Monday's arrests, which zeroed in on the protests' organizers and participants, were focused in four areas — the central city of Homs, the coastal city of Banias, some suburbs of the capital Damascus and villages around the southern flashpoint city of

Daraa, said Rami AbdulRahman, director of the Syrian Observatory for Human Rights. He said the crackle of gunfire could be heard in the Damascus suburb of Maadamiyeh. By early afternoon, scores of women were demonstrating in Banias, demanding the release of hundreds of detained men who were being held at the city's soccer stadium, AbdulRahman said. He added that security officers had promised the women that all men over the age of 40 will be soon freed. In an indication that the regime shows no sign of folding, Assad was quoted as saying in comments published Monday that "the current crisis in Syria will be overcome and that the process of administrative, political and media reforms are continuing." The report, in the private daily AlWatan, which is close to the government, did not elaborate but said Assad made the comments while receiving a local delegation Sunday.

Abdul-Rahman said that more than 250 people had been arrests in Banias, which home to one of Syria's two oil refineries. Special forces backed by tanks entered the city Saturday. Among those arrested was a leading organizer of the demonstrations, along with his father and three brothers. Security forces also detained Firas Khaddam, nephew of former Vice President AbdulHalim Khaddam, who has been living in exile since he left Syria in 2005 and called for the overthrow of the regime, Abdul-Rahman said. Meanwhile, the Al Baath newspaper of Syria's ruling Baath party said "cautious calm" has been restored to Banias. It said the showdown in the city "will end within a few hours." The Al-Watan newspaper said Banias has been under the full control of the Syrian army after "fierce" battles with "armed terrorist" groups. It said the groups used heavy weapons and mortar rounds. -Agencies

EU to revamp trade benefits for emerging mkts India, Pakistan, Ukraine to benefit under new EU scheme BRUSSELS: The European Union executive is set to prune back the number of countries to whom it gives preferential trade treatment, according to a draft law seen by Reuters on Monday. More than 60 countries including economic powerhouses such as Brazil, Argentina and Russia but also much poorer countries such as Ghana, Kenya and Zimbabwe will lose low-tariff access to EU markets, according to the document. The proposal is a first step in the EU's attempts to revamp tariffs designed to help poor countries while protecting its own industrial interests and formalise ties with trading partners. This reform is expected to take until late 2013. Due to be unveiled Tuesday by EU trade chief Karel De Gucht, the reform plan for the so-called Generalised System of Preferences has already

drawn criticism -- from Europe's protectionist camp for extending tariff cuts but also from foreign producers and EU importers. "If adopted, this will cost Saudi, Malaysian, Argentine, Brazilian and Russian exporters millions, as it will their customers in the EU," said Nikolay Mizulin, trade lawyer at international law firm Hogan Lovells. Countries, including many poorer ones, which have already agreed trade agreements with the EU will be excluded from duty breaks. So too will states "classified by the World Bank as a highincome or an upper-middle income country during three consecutive years," according to the draft. For about 85 countries that do qualify -- including India and Pakistan -- lower duties will be extended. The plan raises the limit for

how much a country can export to the EU while still receiving low tariffs -- from 15 percent of EU market share under the scheme to 17.5 percent. For textiles -- a sensitive sector given EU production - the ceiling will rise from 12.5 to 14.5 percent. This benefits India in particular. The plan foresees an emergency brake triggered by sudden import surges, but it is unclear if this will appease EU industry. Last week, senior EU officials called on De Gucht to lower the threshold of imports that would trigger the brake -- a demand that has been only partially met in the proposal seen by Reuters. Most controversially, De Gucht is set to announce wider access to a scheme that grants further tariff cuts to vulnerable countries in exchange for a commitment to international social and environmental laws. -Reuters

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The Financial Daily-Epaper-10-05-2011  

The Financial Daily-Epaper

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