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International Karachi, Tuesday, July 12, 2011, Shaban-ul-Muazzam 9, Price Rs12 Pages 12

Pakistan can produce 6.7 million tonne sugar: Fahim See on Page 2 Economic Indicators $18.25bn 13.92% $22.45bn $36.55bn $(14.11)bn $205mn $10.10bn $1.74bn Rs 1598bn $59.54bn Rs 5873bn $725mn 0.88% 4.10% $1,051 176.57mn

Forex Reserves (02-July-11) Inflation CPI% (Jul 10-Jun 11) Exports (Jul 10-May 11) Imports (Jul 10 - May 11) Trade Balance (Jul 10 - May 11) Current A/C (Jul 10- May 11) Remittances (Jul 10 - May 11) Foreign Invest (Jul 10-May 11) Revenue (Jul 10-Jun 11) Foreign Debt (Mar 11) Domestic Debt (May 11) Repatriated Profit (Jul- Apr 11) LSM Growth (Apr 11)

GDP Growth FY10E Per Capita Income FY10 Population

Portfolio Investment

Govt committed to protect citizens: President

See on Page 12

Expats remit $11bn in FY11, NA panel told

See on Page 12

MQM record its worries thru talks: Malik

See on Page 12

Gilani urges PPP workers to promote govt policies

Soaring population affecting GDP growth: PM

SCRA(U.S $ in million)

1.85 1.85 0.79 2822

Yearly(Jul, 2011 up to 8-Jul-2011) Monthly(Jun, 2011 up to 8-Jul-2011) Daily (8-Jul-2011) Total Portfolio Invest (25-Jun-2011)

NCCPL (U.S $ in million)

FIPI (8-Jul-2011) Local Companies (8-Jul-2011) Banks / DFI (8-Jul-2011) Mutual Funds (8-Jul-2011) NBFC (8-Jul-2011) Local Investors (8-Jul-2011) Other Organization (8-Jul-2011)

-0.14 0.27 0.00 -0.68 0.04 0.51 0.01

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

Close 12390.12 10137.73 22726.43 18858.04 2797.77 5990.58 12657.20

Change 51.28 66.59 196.25 220.26 3.51 63.97 62.29

GDR update $.Price PKR/Shares Symbols 111.55 MCB (1 GDR= 2 Shares) 2.60 165.69 OGDC (1 GDR= 10 Shares) 19.31 42.90 UBL (1 GDR= 4 Shares) 2.00 36.47 LUCK (1 GDR= 4 Shares) 1.70 38.61 HUBC (1 GDR= 25 Shares) 11.25

Money Market Update T-Bills (3 Mths) 29-Jun-2011 T-Bills (6 Mths) 29-Jun-2011 T-Bills (12 Mths) 29-Jun-2011 Discount Rate 20-May-2011 Kibor (1 Mth) 09-Jul-2011 Kibor (3 Mths) 09-Jul-2011 Kibor (6 Mths) 09-Jul-2011 Kibor (9 Mths) 09-Jul-2011 09-Jul-2011 Kibor (1 Yr) 09-Jul-2011 P.I.B (3 Yrs) 09-Jul-2011 P.I.B (5 Yrs) 09-Jul-2011 P.I.B (10 Yrs) 09-Jul-2011 P.I.B (15 Yrs) 09-Jul-2011 P.I.B (20 Yrs) 09-Jul-2011 P.I.B (30 Yrs)

13.49% 13.74% 13.91% 14.00% 13.64% 13.55% 13.79% 14.13% 14.23% 13.97% 14.02% 14.06% 14.25% 14.34% 14.46%

Commodities Crude Oil (brent)$/bbl Crude Oil (WTI)$/bbl Cotton $/lb Gold $/ozs Silver $/ozs Malaysian Palm $ GOLD (NCEL) PKR KHI Cotton 40Kg PKR

118.33 96.20 113.88 1,541.60 36.54 1,023 42,436 7,288

Open Mkt Currency Rates Symbols

Buy (Rs)

Sell (Rs)

Australian $ 91.85 92.85 Canadian $ 88.60 89.60 Danish Krone 16.15 16.55 Euro 122.60 123.80 Hong Kong $ 10.60 11.10 Japanese Yen 1.041 1.067 Saudi Riyal 22.85 23.05 Singapore $ 69.80 70.80 Swedish Korona 13.20 13.50 Swiss Franc 97.80 98.80 U.A.E Dirham 23.35 23.55 UK Pound 137.80 139.00 US $ 86.00 86.30 Inter-Bank Currency Rates Symbols

Buying

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TT Clean

TT & OD

Australian $ 92.07 92.28 Canadian $ 89.14 89.35 Danish Krone 16.38 16.42 Euro 122.03 122.32 Hong Kong $ 11.00 11.02 Japanese Yen 1.054 1.057 Saudi Riyal 22.83 22.88 Singapore $ 70.12 70.29 Swedish Korona 13.42 13.45 Swiss Franc 102.26 102.50 U.A.E Dirham 23.31 23.36 UK Pound 137.34 137.66 US $ 85.81 85.99 Weather Forecast Cities

Islamabad Karachi Lahore Faisalabad Quetta Rawalpindi

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ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has said that high population growth rate was undermining country's economic progress and called for steps to check it to increase availability of goods and services for the people. Addressing a function marking the World Population Day the Premier said it was very important to plan and balance population growth with country's resources, equitably and prudently. Pakistan was the sixth most populous country in the world with the highest population growth rate at 2.03 per cent among the Saarc countries, resulting in annual addition of 3.6 million people, he said, adding that, it was projected to reach 210.13 million by the year 2020, and would double in next 34 years. Gilani said at the same time, socio-economic gains already accomplished, were largely diluted by the increase in population. He said it has allowed little progress in the field of social services such as food, security, health, education, housing, energy, transport, clean water and proper sanitation etc. He said if the population

grows faster than economic development, the country would never be able to meet people's needs for economic and social services and every one will suffer especially the poorest. "Arresting the population growth rate will, therefore, serve the twin objectives of increasing the nation's capacity to save and invest and simultaneously improve the per capita availability of goods and social services," he said. He said it was possible to invest wisely even within the scarce resources, in right type of jobs and educational facilities. "We know that these investments will produce returns that will double or triple, with the passage of time." He pledged to create opportunities for employment for both young men and women, and also to ensure that they have the skills to match these jobs. Gilani said fewer children and better spaced families were a key to good health. The health sector especially the departments of health and the lady health worker program, were best placed to deliver birth spacing services as it has the greater spread of services, the

Back to magistracy

Commissioners, DCs posted in Sindh KARACHI: Sindh Government appointed commissioner of Karachi division and deputy commissioners for five districts of Karachi on Monday, as commissionerate system has been restored in the province. The notification, issued from CM House, stated that according to the Sindh Revenue Ordinance, Karachi division included district South, Malir, Central, East and West districts. The provincial government appointed Muhammad Hussain Syed as new commissioner of Karachi division. Kanwar Laghari has been assigned as deputy commissioner of West district while Jamal Mustafa Qazi appointed as deputy commissioner of South district, Jan Muhammad Qazi as deputy commissioner of Malir district, Matanat Ali as deputy commissioner of Central district and Mushtaq Ahmed appointed as deputy commissioner of East district. Hyderabad has been given a status of division and has been divided into five districts. These districts included Hyderabad, Badin, Thatta,

Jamshoro and Dadu. Mirpurkhas division has been divided into four districts that included Mirpurkhas, Tharparkar, Umerkot and Sanghar. Districts of Sukkur division included Sukkur, Ghotki, Khairpur, Naushero Feroz and district Benazirabad, while Larkana division included district Larkana, Qambar/Shahdadkot, Shikarpur, Jacobabad and Kashmore. Every division has been divided into its old district format as at the time of commissionerate system in place before Sindh Local Government Ordinance 2001. Another notification of the Sindh Government stated that DCOs appointed at divisional headquarters of Karachi, Larkana, Hyderabad, Mirpurkhas and Sukkur divisions would assume temporary charge of the commissioner. Meanwhile, Muttahida Qaumi Movement (MQM) has rejected the revival of the commissionerate system in Sindh by the government and decided to challenge the decision in courts. - Online

mandate and the know-how. He said both in the public and the private sector birth spacing services would be provided free of cost throughout the country, through all levels of health facilities or on nominal charges. "Only then we will be able to increase access to birth spacing services," he said. He said the young population was in search of positive avenues and said opportunities would be provided to them. Gilani said the country has the potential for another turnaround by giving its young girls and women a chance of realizing their full potential, and added "we know that women change the fate of families and of nations, once given the opportunity." Gilani called for using national resources strategically and thoughtfully to immediately start planning for the current needs of the youthful population and to the emerging needs of the 60 million children who are within the 0-15 years agegroup. The Prime Minister said he would take this debate to parliament to discuss a vision for the future of Pakistan's See # 1 Page 11

Blasts hit army depot; soldier killed ISLAMABAD: At least three blasts ripped through a Pakistan Army arms depot on the outskirts of Islamabad on Monday, killing an army man and injuring three others. The blasts, which occurred, around 10.30 am at the arms depot in Sihala area which is located nearly 20 km from the garrison city of Rawalpindi. The blasts dashed two buildings to grounds, besides triggering a fire at Sihala army depot on the highway near Kok Pul, Army troops and Policemen cordoned off the area and prevented people and the media from approaching the arms depot. Rescue service and fire brigades managed to extinguish the fire. Police officials claimed the short circuit was the reason behind the blasts. The dead and wounded were rushed to nearby hospitals No further details were immediately available. Several government buildings, including a Police training centre are located in the Sihala area which is heavily guarded. Federal interior minister Rehman Malik also claimed See # 2 Page 11

NEW DELHI: Smt Meira Kumar, Speaker LoK Sabha receiving Dr Fehmida Mirza, Speaker National Assembly of Pakistan in Sansad Bhavan.-APP

Pak, India parliamentary bosses meet

Dialogue termed only way for Pak-India ties ISLAMABAD: Speaker National Assembly, Dr Fehmida Mirza on Monday said the recent secretaries' level meeting between Pakistan and India yielded encouraging results as dialogue was the only way forward in improving bilateral ties. She was talking to Madam Meira Kumar, Speaker of Indian Lok Sabha in a meeting held in Sansad Bhavan. Both the speakers discussed issues of mutual interest. Dr Fehmida stressed the need for enhanced parliamentary interaction between Pakistan and India for building bridges of understanding and friendship between the two countries, said a message received here from Indian Capital New Delhi. The Speaker believed that frequent parliamentary interactions would be helpful in addressing various issues between the two countries.

Dr Fehmida Mirza, who is on an official visit to India, said, "Though terrorism and violence is a common threat to all of us, however, Pakistan has suffered most as more than 30,000 of its civilian population and 5,000 personnel of law enforcement agencies have lost their lives in combating terrorism." Both the countries will share their experiences in various fields to meet the challenges by exploiting the untapped potential, she hoped. Referring to the Mumbai incident, Dr Fehmida Mirza said Pakistan too had its concerns on the Samjhota Express incident. She also extended invitation to Madam Meira Kumar to attend 7th Women Speakers' Conference to be held in Pakistan from November 15-17 this year. Welcoming Dr Fehmida, the Speaker Lok Sabha said

that relationship between Pakistan and India were not confined to politics and trade alone, rather those were also based on emotional and cultural grounds. She informed her Pakistani counterpart that India had also formed India-Pakistan Parliamentary Friendship Group following Pakistan's pattern. She was confident that interaction between parliamentarians of both the countries would yield positive results. Later, Dr Fehmida also held separate meetings with Speakers of other Saarc countries including Sri Lanka, Bangladesh and Afghanistan. During the meetings, they exchanged views on issue of mutual interests, particularly in the context of Saarc Speaker and Parliamentary Forum for strengthening ties among the parliaments of Saarc countries. - APP

Bank deposits grow 10pc Investment up 15.7pc Ahmed Siddique KARACHI: Total bank deposits in the second quarter of current year (2QCY11 April to June), increased by 10.1 per cent quarter on quarter basis (QoQ) to Rs5.59 trillion as compared to Rs5.08 trillion at the end of previous quarter (1QCY11- Jan to Mar). State Bank of Pakistan has released the combined balance sheet of all scheduled banks in Pakistan as of June 30, 2011 which was the last weekend of the outgoing year. Collectively, in the first half of the calendar year (1HCY11) the deposits surged by 9.3 per cent as compare to same period of last year

In sharp contrast to the deposit performance, gross advances also showed marginal growth of 0.8 per cent to Rs3.50 trillion on June 30, 2011 against Rs3.48 trillion in 1QCY11. However, provisioning grew by 2.2 per cent to Rs366 billion versus Rs358 billion in 1QCY11. That's why net advances steadily up by 0.6 per cent to Rs3.14 trillion from Rs3.11 trillion during the period. Cumulative Advances to Deposit Ratio (ADR) of all scheduled banks reduced to 62.6 per cent on June 30, 2011 versus. 68.4 per cent in the preceding quarter of this year (1QCY11). Likewise, total investments of all scheduled banks in the

second quarter of current year (April to June) surged by 15.7 per cent QoQ to Rs2.54 trillion as compared to Rs2.20 trillion at the end of first quarter of current year. The deteriorating quality of assets and high interest rates continued to remain the major concerns during the last two years due to which banks preferred to grow their investment portfolio rather than lending the money to borrowers. Furthermore, IDR ratio surged to 45.5 per cent from 43.3 per cent in 1QCY11. Moreover, overall balance sheet size of the sector improved by 8.4 per cent as total assets reached Rs7.30 trillion in 1QCY10 from Rs6.73 trillion at 1QCY11.

US aid stoppage not to affect army operation: Pak official

Refusal to aid Pak seen weakening US sway ISLAMABAD: The decision to suspend more than one-third of American military aid to Pakistan could end up hurting Washington more than Islamabad as the US seeks to navigate an end to the Afghan war and defeat al Qaeda, former Pakistani officials and analysts warned Monday. Holding back the $800 million in aid is unlikely to pressure Pakistan to increase coop-

eration with the US and could strengthen those in the government who argue that Washington is a fickle ally who can't be trusted, they said. "If you still need the relationship, which clearly the United States does, then it really doesn't make sense to take action at this time because it leaves the United States with less, not more, influence with the Pakistani military," said

Maleeha Lodhi, a former Pakistani ambassador to the US "Cooperation cannot be coerced by punitive actions." Despite billions of dollars in American aid since the attacks on Sept. 11, 2001, the relationship has long been tense because of Pakistan's reluctance to target Taliban militants on its territory who stage crossborder attacks against Nato troops in Afghanistan.

The relationship took a nose dive on May 2 when US commandos staged a covert raid to kill al Qaeda chief Osama bin Laden in a Pakistani garrison town not far from Islamabad. The raid humiliated the Pakistani military, which ordered US trainers out of the country and reduced bilateral cooperation. The lack of trainers means that planned US equipment

cannot be put into service, which reduces some of the needed aid. Also, about $300 million from the trimmed aid was intended to reimburse Pakistan for the cost of deploying troops along the Afghan border. But US officials claim that Pakistan has not lived up to pledges to uproot and disrupt Taliban militants and suspected al Qaeda factions in the border

region. President Barrack Obama's chief of staff, William Daley, said Sunday that the US was suspending $800 million in aid to the Pakistani military until the two countries can patch up their relationship. But Tariq Fatemi, another former Pakistani ambassador to the US, said he thought the American strategy to pressure See # 3 Page 11


2 Tuesday, July 12, 2011

Information Ministry delegation leaves for China

Pak mediamen to learn China skills ISLAMABAD: A four-member delegation of Ministry of Information and Broadcasting left Pakistan for Beijing on a five-day official visit to China to study state administered radio, film, and television (SARFT). The visit is part of the 60th year celebration of diplomatic relations between Pakistan and China. The delegation headed by Shah Zaman Khan, Additional Secretary, during its stay in China, will study research and development facilities, publicity and video creation policies, laws and regulations; development of radio, film and television management regulations, career development planning and supervision and management of radio, TV and satellite TV programs. The delegation will also hold meetings with Vice Minister of the

SARFT and the top management of China Central Television, Communication University of China, China Radio International and Spokesman of the Ministry of Foreign Affairs, China. In addition, the delegation will also visit Shanghai Media Group, the new media industry site and will hold meetings with the top officials of Shanghai Municipal Administration of Culture Radio and TV. The knowledge so acquired by the Pak delegation will be used to further improve the media environment and to augment government's efforts for the development and growth of free and fair media in the country. The fully sponsored visit is undertaken at the invitation of Liu Jian, the Ambassador of China to

Pakistan. The members of the delegation include Mobashshrah Nighat Bajwa, Director General, Information Services Academy, Samina Parvez, Director General External Publicity and Faisal Ilyas, Assistant Director. The State Administration of Radio, Film, and Television SARFT is an executive branch under the State Council of the People's Republic of China. Its main task is the administration and supervision of stateowned enterprises engaged in the television, radio, and film industries. It directly controls state-owned enterprises at the national level such as China Central Television, China National Radio, China Radio International, as well as movie and television studios and other nonbusiness organizations. -APP

Minister urges all to play role for peace KARACHI: Federal Law Minister, Maula Bux Chandio, has said that the protection of lives and properties of the citizens is the prime duty of the government. However, for this purpose, all the segments of the society and the political forces will have to step forward and take concerted efforts for ensuring maintenance of peace in the society by pinpointing the miscreants. He said this in his message broadcast by Radio Pakistan with a special reference to the need of establishing peace in Karachi city, where some areas remained affected by violence by the miscreants since July 5. The Minister stated that the enemies of peace are the enemies of the stability of Pakistan and the stability of Karachi is

necessary for the stability of economy of the country. He said, we shall have to differentiate between our friends and foes so as to foil the machinations of those who use Karachi for destabilising Pakistan. The Federal Law Minister said that we shall have to work for the promotion and stability of democracy and democratic institutions for solving of all of our problems, like other nations, which have successfully moved towards their political, democratic and economic stability. He called upon the elders, intellectuals, political leaders and all others to join hands and play their role in making the city a citadel of peace and the country prosperous. -APP

SSUET IT park project KARACHI: Engr. Yusuf Siddiqui has been appointed as the project director for the 200 acre land of the Sir Syed University of Engineering and Technology (SSUET) at the Education City here. An announcement on Monday said that the appointed has been made by the Chancellor of SSUET, Z.A. Nizami. It said that the appointment was made at a meeting to review the progress achieved so in the project which involves the establishment of an IT Park besides a campus for the University. The SSUET was allotted this land in the Education City project along with some other reputed organizations like ZABIST, Agha Khan University etc. The University has allocated Rs 6.50 million in the 2011-12 budget as it is expected that the planning and paper work will be completed soon where after the physical work will be taken in hand. The project of IT Park is in the planning stage and a number of options were being explored by the experts. -APP

ISLAMABAD: Principal Mrs. Shagun Irfan distributing prizes among the position holder students during closing ceremony of Scholympiad-11 four days Mega Event at The City School, Capital Campus on Sunday. APP

During Shab-e-Barat

Multi-layer security for Sindh ordered KARACHI: IGP Sindh, Wajid Ali Durrani has ordered special security measures across the province during Shab-eBaraat falling on the night between 16th and 17th of this month. According to a statement of Police Head Office issued here on Sunday, the IGP directed

the high ups of the police to keep a vigil and take extra-ordinary measures to prevent any untoward incident in their respective measures during that period. He asked the CCPO Karachi and RPOs of Hyderabad and Sukkur region to ensure the safety of people by deputing

extra-forces at all religious places of congregations including mosques and Imambargahs while visitors at the graveyards should also be provided full security. Durrani also called for utilisation of all intelligence resources to tackle any act of sabotage during the period. -APP

KARACHI: Muhammad Yousuf Adil Chairman APMF-Education Board presenting crest to Arif Habib, the Chairman Arif Habib Investment at the YLDP session at the National Museum.-Staff Photo

Minister urges to speed up pro-women projects KARACHI: The pace of the projects run by the government of Sindh and aimed at the welfare of the women should be speeded up. This was stressed by the Sindh Minister for Women Development, Tauqeer Fatima Bhutto. She was presiding over a meeting of senior official in her office here on Monday. The Minister also directed that hindrance in the way of running the Benazir Bhutto Shaheed Youth Development Programme should be removed. She instructed that the training of the women selected on the basis of merit should be started immediately and the letters in this regard be issued. Tauqeer Fatima Bhutto ordered that the Shaheed Benazir Bhutto Complaint Centre of Hyderabad, Karachi and Jacobabad be dissolved and new committees be constituted. -APP

FUUAST Evening exams from 12th KARACHI: The Evening Programme examinations of Federal Urdu University of Arts, Science and Technology (FUUAST) will commence from July 12 at its Gulshan-e-Iqbal Camps here. An official of the institution said here on Monday that the examination schedule is available at the respective teaching departments. The students have been directed to bring with then the admit cards. -APP

ISLAMABAD: President FPCCI Senator Haji Ghulam Ali talking to Federal Minister for Law Maula Bux Chandio. -Online

Old edu system restored in Sindh: Haq KARACHI: Sindh Education Minister, Pir Mazhar ul Haq said that the old system has been restored at the Sindh Education Department. He was presiding over a meeting of the official of the education Department here on Monday. The Minister said that after the restoration of the Commissionerate System, instead of Executive District Officers (EDOs), the directorates would function. He stated that the office of the Director General Colleges has been abolished and now there will be Director of Colleges in every district. Pir Mazhar said that the administration of the schools of the education Department would now be with the Sindh government. He further stated that as part of the policy of the PPP no one would be made jobless. The Minister said that the PPP believes in clean and principled politics. He further pointed out that PPP would continue the politics of reconciliation. -APP

Pakistan can produce 6.7MT sugar: Fahim ISLAMABAD: Pakistan has the potential to produce more than 6.5 million tonnes of sugar per annum and "we need to utilize our maximum resources by curtailing its import and increasing export". This has been stated by Senior Minister of Commerce Makhdoom Amin Fahim in his message to the Pakistan Society of Sugar Technologists (PSST) for the new Edition of Pakistan Sugar Book, 2011. The Minister commended the work done for the past 55 years. He said that the large number of workshops, seminars and conventions conducted by PSST for promotion of sugarcane agriculture and sugar

technology have been very useful. He further said in view of the changing global scenario, the New Year Book can help the country meet future challenges. Keeping in mind the sugar potential of the country to grow, the minister said the PSST would play its role in introducing new varieties of sugarcane, which would contribute to the national economy. The Minister congratulated and complimented the Pakistan Society of Sugar Technologists for its achievements and hoped that it would continue to play their role in a positive manner. It may be noted that the last Sugar Year Book was published in 2006. -APP


3

Tuesday, July 12, 2011

Euro sinks as Italy hurt by debt contagion apprehensions Dollar up but debt ceiling talks could check gains NEW YORK: Fear that the euro-zone's debt crisis could spill over into Italydrove the euro to a record low against the Swiss franc on Monday as policy-makers tried to come up with a plan for a second round of Greek aid. The currency also tumbled to a fourmonth low against the yen and a sixweek trough against the dollar. A Financial Times report that some European leaders would consider letting Athens default on some of its bonds added to market anxiety. Fear that a default on Greek or other government debt would ripple through Europe's banks and put new strains on other countries' public finances has sparked heavy selling of Italian assets in recent sessions. The spread between yields on 10-year Italian and German government debt widened further on Monday. Italy is the euro-zone's third-largest economy and after Greece has the highest debt-tooutput ratio among the 17 countries that use the euro.

"Italy would be a challenge that makes Greece look miniature by comparison," said Karl Schamotta, senior strategist at Western Union Business Solutions in Calgary. "We have a wideranging contagion issue here -- or at least the perception of one -- and that's making people very nervous." The euro slid to $1.3984, its lowest in six weeks. It was last down 1.6 percent at $1.4035, its worst one-day slide since June 15. Commerzbank said near-term targets include $1.3968, the May 23rd low, and $1.3907, the 200-day moving average. The European Union will release results of new bank stress tests on Friday. The euro also hit a four-month low of 112.37 yen and a record low of 1.1672

Swiss francs. Investors see more gains ahead, particularly after the country's central bank chairman said prices were stable and there was no reason to curb franc strength. "We have been overweight Swiss franc versus euro for quite a while. This

is working out in our favor and it's a position we want to keep," said Stephane Monier, head of fixed-income and currencies at Lombard Odier Investment Managers, which has $36 billion in assets under management. Schamotta said the Swiss franc was looking stretched and favored shorting

the euro against sterling and the greenback, which does well when the global outlook darkens and investors cut risky trades financed with cheaply borrowed dollars. A weak US employment report last week increased fears that a slower US economy could curb world growth. "The picture looks bad right now, with slowing growth in China, commodity imports slowing and very deep economic uncertainty in Europe and the United States," he said. Against a basket of major currencies, the dollar was up 1 percent, its best day since mid-June. But against the yen, the dollar slipped 0.3 percent to 80.37 yen. The looming threat of a US debt default may check the greenback's gains. President Barrack Obama and congressional leaders were in highstakes talks to break the impasse over raising the debt ceiling by Aug. 2. The White House says failure to do so could result in a default. -Reuters

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SHANGHAI: The yuan was little changed versus the dollar on Monday, guided by a stable mid-point set by the People's Bank of China, with traders taking a wait-and-see attitude until a clear sign emerges on further appreciation. Dealers said the market did not have clear direction from the central bank, while the domestic economy was showing signs of a slowdown and there were persistent worries over hot money. Central bank chief Zhou Xiaochuan said in comments published on Monday that China would further improve the yuan formation mechanism and keep the currency basically stable. Spot yuan was trading at 6.4658 on Monday afternoon, slightly weaker than Friday's close of 6.4650. It has now appreciated 5.57 percent since it was depegged from the dollar in June 2010 and 1.92 percent so far this year. Before trade began the PBOC fixed the yuan's mid-point at 6.4709

against the dollar, little changed from 6.4705 previously. "Now most of us have lowered our expectations of yuan appreciation after China's economy shows slowdown," said a dealer at a Chinese bank in Shanghai. "We will just follow the central bank's fixing and wait for its next guidance." Indeed, a poll of 36 strategists and analysts, taken mostly before the PBOC raised interest rates for the third time this year on Wednesday, showed the yuan trading at 6.40 in three months, 6.30 in six and 6.20 in 12 months. People walk past a money exchange in Hong Kong displaying photos of yuan (R) and US Most China-based dealers in dollar. -Reuters the first quarter of this year forecast it would rise 6 percent Asian currencies to 6.20 for all 2011. Offshore, benchmark oneyear dollar/yuan non-deliverable forwards (NDFs) were bid at 6.3890, up slightly from 6.3800 at Friday's close. Their implied yuan appreciation in a year's time fell slightly to 1.28 percent from 1.42 percent. - SINGAPORE: The baht led investments in Thailand yet, in the longer term, adding: "tarReuters Asian currencies lower on although short term players are get still at 30.00". Monday on short-dollar cover- bullish, they added. The baht is also expected to ing by interbank traders A Bangkok-based dealer said strengthen against Asian peers, although easing political worries foreign investors are still short in such as the Singapore dollar, the and expectations of a rate South Korean stocks and inflows Indonesian rupiah and the won. increase by the Thai central bank to the country may help the won The Philippine peso suffered lent some support. appreciate more. as interbank speculators covered Bank of Thailand may raise The dealer added a rate hike dollar-short positions. Brussels, and the single currenStill, the peso is seen finding cy may be set for more losses. interest rates on Wednesday, expectation has been factored in The euro was at $1.4088 at while Bank Indonesia and Bank the market. The one-year Thai some support, around 43.00 per the close of domestic forex of Korea, which will also review interest rate swaps on Friday dollar, which the central bank trade, while the index of the rates this week, are likely to rose to 3.45 percent, the highest allowed the local currency to since Nov. 2008. strengthen past last week, dealdollar against six major curren- leave rates unchanged. The Thai currency, which so The baht dipped but offshore ers said. cies was up 0.81 percent at far was the region's worst per- banks continued to buy it, limit"Probably, (we will see) range75.789 points. The euro was at $1.4255 at former in 2011, turned around ing impact of dollar-short cover- trading for the week," said a European bank dealer in Manila, the end of local currency trade and was last week's biggest gain- ing. The Thai currency is seen adding worries about the euroon Friday, while the dollar er after the result of the general index had been at 75.290 election on July 3 eased worries staying firm against the dollar, zone's debt crisis would not be about the country's political probably heading to 30.10, the able to weaken the peso softer points. 76.4 percent Fibonacci retrace- than 43.00. Foreign funds have poured uncertainty. Still, some dealers and ana- ment of its weakening during Last week, the central bank did over $2.57 billion in local equinot intervene when dollar/peso ties over the last 12 sessions lysts said countries such as May and June. Another trader in Bangkok breached 43.00, helping it hit a until Friday, the latest data South Korea and Indonesia may from the Securities and still attract more funds than said the baht may come under two-month low, although it was Exchange Board of India Thailand. Longer-term investors near-term pressure from dollar- spotted buying dollars lower levshowed. In the currency futures have not shown signs of fresh short covering, but he is bullish els, such as 42.75.-Reuters market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange were at 44.6075, 44.6050 and 44.6150, respectively. The total volume was at $9.74 billion. WELLINGTON/SYDNEY: risk concerns, the strategy is to half a US cent from late in Reuters The New Zealand dollar rose be long the fiscally-sound cur- New York on Friday to last to a six-month high versus the rencies, versus short the fiscal- stand at $1.0714. Immediate euro on Monday while the ly-challenged ones," said Sue support was seen at $1.0670, Australian dollar held near Trinh, strategist at RBC the 55-day moving average, two-month peaks, but both Capital Markets in Hong ahead of $1.0655, the July 6 Antipodean currencies slipped Kong. trough. Below there is the 100"On that note, Aussie and day moving average at at St. Galler Kantonalbank said on the greenback as concerns about Europe's debt crisis hit kiwi are finding very strong $1.0490. in a note. demand relatively to the likes "If European concerns flareSwitzerland's economy is risk appetite. Safe-haven government of sterling and euro." up further we will likely see still very solid although the But both Antipodean curren- the downside support come strong Swiss franc starts bonds rallied as a result, with weighing on the country's Australia's three-year bond cies lost ground against the US into play first. Alternatively, if futures climbing 0.14 points to dollar, which normally benefits things settle down across export industry. The Swiss franc has shot 95.360 and the 10-year con- when the euro comes under peripheral Europe in coming from one record to another tract gaining 0.135 points to pressure. This was despite the days, the AUD/USD could danger of a looming debt well test previously sticky against the euro and the dollar 94.890. Top European officials will default as US politicians were resistance at $1.0780/00," this year as investors have favoured safer assets due to hold an emergency meeting still unable to agree on how to Macquarie analysts wrote in a later on Monday amid mounttame the budget deficit. note. uncertainty in the euro-zone, The New Zealand dollar Despite the fall, the Aussie and thanks also to the country's ing fears the crisis could spread to Italy, following Friday's retreated to $0.8343 from remained well within the robust economy. Friday's peak of $0.8400, its $1.0655-$1.0790 range seen in The franc was slightly weak- sharp selloff in Italian assets. The euro fell to a six-month highest since 1981 when the past two weeks. er against the dollar, trading at around NZ$1.6970. exchange rate was managed. The Aussie briefly touched 0.8377 per dollar compared low The kiwi, which has risen NZ$1.2789, just surpassing the with 0.8361. "From a technical Against the Aussie, it lanpoint of view, it cannot be guished near a two-month about 7 percent so far this year, June trough of $1.2791 to a was seen supported at $0.8324, low not seen since late January. ruled out that the dollar will trough of A$1.3220. "The clear theme is at this with $0.8400 as resistance. It last traded at NZ$1.2824. fall towards 0.8275," the anatime of heightened sovereign The Aussie dollar shed about Reuters lysts said. -Reuters

Baht eases on dlr short-covering; rate increase eyed

Indian rupee edges down on weak euro, local shares MUMBAI: The Indian rupee ended down on Monday dragged by the euro's weakness against the dollar and weak local shares, with importer demand for the greenback also weighing. But continued dollar inflows into Indian equities prevented a sharper fall, traders said. The partially convertible rupee ended at 44.4750/4850 per dollar, 0.3 percent weaker than Friday's close of 44.325/335, after trading in a 44.35-44.49 range intra-day. "Weak equities, a strong dollar and importers' bidding kept the rupee weak," said Vikas Chittiprolu, a senior forex dealer with Andhra Bank. The Indian unit is likely to trade in a 44.20-44.70 range during the week, he added. The euro fell on Monday on concerns that the region's debt crisis is spreading, as top EU finance officials gathered for an emergency meeting in

Swiss franc up vs euro on Italy debt worries ZURICH: The Swiss franc rose on Monday as investors sold the euro and piled money into the safe-haven currency as they worried the euro-zone debt crisis might spread to Italy, Europe's third-largest economy. At 0709 GMT, the franc was trading at 1.1872 per euro compared with 1.1934 at Friday's New York close, moving back towards the all-time high of 1.1808 it hit at the end of last month. News that European Council President Herman Van Rompuy had called an emergency meeting of top officials dealing with the euro-zone debt crisis on Monday morning has put the euro under renewed pressure. ctions can follow," analysts

NZD hits six-month high vs euro; Aussie lags

-24% 0.8% 2.4%

Previous -2.1% -28% 2.6% 2.2% 6

<0.10% 0.1% 0.1%

<0.10% 0.1% 0.1%

Actual

Forecast

Previous

2.9% 4.4% 35.3 53.3% 2.0%

2.8% 4.6% 35.7 0.5%

2.7% 4.6% 34.2 34.0% -0.5%

197K

182K

194K

Previous Day

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

Bid 1.4066 0.8345 1.5918 0.9672 1.0689 113.10 0.8833 1.1740 128.03 96.35 1554.03

As per 22.00 PST Ask High 1.4069 1.4229 0.8349 0.8387 1.5922 1.6040 0.9676 0.9693 1.0692 1.0733 113.14 114.75 0.8836 0.8890 1.1744 1.1927 128.12 129.40 96.41 96.59 1554.71 1556.40

Low 1.4029 0.8333 1.5888 0.9607 1.0671 112.74 0.8798 1.1697 127.83 96.15 1541.50

Major Central Banks Overview Central Bank

Yuan flat; mkt awaits PBOC for direction

Forecast

Next Meeting

Last Change

7/19/2011 8/4/2011 7/12/2011 8/4/2011 8/9/2011 9/15/2011 8/2/2011

9/8/2010 3/5/2009 12/19/2008 7/7/2011 12/16/2008 3/12/2009 11/2/2010

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

Current Interest Rate 1% 0.50% 0.10% 1.50% 0.25% 0.25% 4.75%

Division of National Bank of Pakistan (NBP) KARACHI, July 11,2011 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

86.00 137.68 122.10 89.29 102.60 92.18 13.40 1.06 15.81 70.41 16.37 22.93 11.05 313.81 28.62 71.84 23.62 23.41 0.08 2.83

85.80 137.36 121.81 89.08 102.36 91.97 13.37 1.06 15.77 70.25 16.33 22.88 11.02 313.08 28.55 71.67 23.56 23.36 0.08 2.83

85.58 136.98 121.45 88.84 102.09 91.73 13.34 1.06 15.73 70.06 16.29 22.82 10.99 312.26 28.48 71.48 23.50 23.30 0.08 2.82

Sterling falls as risk shunned on EZ debt woes LONDON: Sterling fell to a five-month low against the dollar on Monday, and struck a three-month trough versus the yen, as concerns that Italy may be the next country to be engulfed by the euro-zone debt crisis prompted investors to seek safe-haven currencies. The pound dropped sharply as stops were triggered in the pound-yen pair, although buying by a UK clearer helped it climb from lows. With consumer price data on Tuesday likely to bring inflationary pressures back to

ling would be swayed by the euro and developments in the euro-zone as finance ministers hold an emergency meeting on Monday to discuss Greece's debt crisis, galvanised by the growing threat of contagion to Italy. Analysts say euro-negative comments or developments would drag the pound lower. The pound fell to a threemonth low against the yen of 127.80 yen, hurt by a bout of stop-loss selling as it fell past 128.15 yen. The yen and the Swiss franc outperformed on

the fore, losses in sterling are likely to be checked for now at $1.5881 -- the 61.8 percent retracement of the pound's rally from a low of $1.5345 on Dec. 28 to its Apr. 28 high of $1.6747. Still, the overall outlook for sterling remained bearish as the Bank of England is unlikely to raise interest rates in coming months and worries about eurozone debt and a global slowdown drive investors to seek safe-haven currencies like the yen, the Swiss franc and the US dollar. Sterling was down 1 percent on the day at $1.5900, having fallen past support at $1.5912 -the low struck on June 28 and a level where there was plenty of bids from Asian central banks and Middle East investors. "A close below $1.5900 is very negative for sterling," said a London-based spot trader. "It won't be a one-way street, though. There will be lots of knee-jerks and spikes up and down this week as we have plenty of event risks. I just think that a close below $1.59 is a negative signal and determines whether we play it from a sell on rallies or buy on dips perspective." Market participants said ster-

Monday on the back of safehaven inflows. The euro was down 0.6 percent at 88.24 pence, having fallen to a low of 87.96 pence, its weakest since late June. The single currency has been unable to maintain gains above 90 pence hit earlier this month as investors shifted their focus from favourable interest rate differentials to the euro-zone's debt problems. Given the spotlight on eurozone debt problems, market participants said the pound showed limited reaction to data indicating the UK economy grew only slightly in the second quarter. Signs that the UK economy is struggling to recover have been dogging the pound, as such fragility is expected to keep the Bank of England from raising interest rates anytime soon. The central bank has acknowledged the possibility that it may even consider more quantitative easing (QE) if the economy is unable to snap out of its rout. Low interest rates and QE are negative for sterling as they add to its rate disadvantage versus currencies of countries where rates are rising. -Reuters


4 Tuesday, July 12, 2011

The Financial Daily International

China unlikely to yield on rare earths

Vol 4, Issue 249

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

Pakistan facing serious debt crisis Reportedly Pakistan's debt has broken all the previous records and experts have already started raising alarm that if no corrective steps are taken immediately, the country could end up in a big mess. Since Pakistan has also lost the support of the US administration little could be expected from the lender of last resort, International Monetary Fund (IMF) and other multilateral financial institutions. Added to this are delays in releasing payments falling under CSF. Therefore, the government has no option but to resort to excessive borrowing from the commercial banks as well as the central bank. The government intends to mobilise Rs750 billion Treasury Bills auctions during 1QFY12 alone. This target is set against a maturity of Rs702 billion denoting additional borrowing of Rs48 billion from the banking system to finance the budget deficit. The government also aims at mobilizing Rs50 billion through auctions of Pakistan Investment Bonds (PIBs) during the quarter. The total government debt reached Rs10.447 trillion at end-March 2011. The borrowing against Treasury Bills is likely to cross Rs2 trillion during the current financial year. The 'grand plan' of the government also includes issue of bonds worth Rs400 billion in an attempt to resolve circular debt issue and mobilize funds for commodity finance. In year 2005 the government had promulgated the Fiscal Responsibility and Debt Limitation Law, which puts limits on not only the government's ability to stretch its fiscal and revenue deficits, but also on government's total borrowing in terms of percentage of GDP. This law was intended make the future governments more fiscally prudent, and to ensure self-sustaining funding avenues to avoid a debt trap such as the one Pakistan seems to be hurtling head-on into. As per the said Law, there is a limit of 60 per cent of GDP on total government debt, which has long been surpassed. The State Bank of Pakistan as well as the IMF had been repeatedly warning the government of the adverse consequence of excessive borrowing highlighting the dangers of excessive issue of Treasury Bills in a slow-growth economy. This excessive bank borrowing not only crowding out the private sector, but also maintains inflationary pressure, thus keeping interest rates in double digits. Interestingly the government keeps on saying that external funding is drying up due to arm-twisting by the US administration when it comes to release of CSF money, and the IMF refuses to release the withheld tranches of the standby arrangement. Towards the end of FY11, Pakistan's government tried its best to garner close to $2 billion worth of external funding, but to no avail. All the political parties, coalition partners as well as the opposition parties are equally responsible for the precarious prevailing situation. While the government has been borrowing indiscriminately, Public Accounts Committee headed by Leader of the Opposition (belonging to PML-N) has failed in bringing any discipline in government borrowing.

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.

hina will probably not yield to demands to ease export restrictions on rare earths, unlike its flexibility in some previous trade disputes, even after the World Trade Organization ruled against it in a related case. The WTO ruled last week that China breached trade law by curbing exports of eight raw materials including bauxite and zinc. Europe and the United States said the judgment meant China should also be forced to increase exports of 17 rare earths as the almost exclusive supplier of these minerals crucial to global electronics, defense and renewable energy industries. EU negotiators head to China this Thursday to pressure Beijing into relenting on rare earths. The meeting will be watched keenly by governments and businesses concerned about an increasing trend among resource-rich countries to curb exports of scarce minerals and raw materials, which the WTO has warned could trigger shortages and price shocks. Beijing has said it is willing to discuss rare earths with Europe. But while it has backed down on several highprofile rows since joining the WTO in 2002, China is expected to take a hard line in this dispute -- appealing last week's WTO ruling and standing up to pressure over rare earths. China risks multiple similar challenges if it were to back down on this precedent-setting row, which the government says affects its power to con-

C

trol resources and protect the environment. "We are obviously not satisfied with the ruling, with regards specifically to the rare earths," Song Zhe, China's ambassador to the European Union told Reuters. "The fundamental purpose of our policy is to protect the environment because this resource is exhaustible." Export controls also play a role in China's industrial policy by potentially attracting foreign high-tech goods producers to set up shop in the country to obtain access to key minerals. These companies would bring valuable knowhow into joint ventures with domestic firms and boost Chinese ambitions to climb up the industrial value chain. With such interests at stake, the dispute ultimately could raise questions about China's long-term willingness to abide by WTO rules. Relent CHINA UNLIKELY TO RELENT To be sure, Beijing has backed down on several high-profile rows since it joined the WTO, and Chinese diplomats say negotiations over rare earths are ongoing. When Europe closed its ports in 2005 to shipments of Chinese-made clothing that were threatening Europe's textile industry, Beijing limited its exports. More recently, China eased rules on foreign public procurement bids and reduced wind power subsidies after pressure from the United States and other governments. But other disputes that had a poten-

tially wider effect on China's long-term industrial policy are better indicators of how it will respond in the current row. It took the United States to court over China's right to hand out subsidies to growth industries, for example, and has taken on European trade barriers to Chinese goods that it feared would spawn similar measures. "The issue of whether China can legitimately hold on to its resources or whether it will be forced in the future to keep exporting them is surely an argument that China would want to win," said a person familiar with the case. The WTO ruled against China in part because it failed to prove that raw materials were also being curtailed for domestic users - a crucial element for backing up the claim that it wants to conserve resources, say EU officials. China is likely to provide stronger evidence when it comes to defending its right to restrict rare earths, say trade analysts and officials. If China files an appeal, a final ruling come by the end of the year. But WTO rules leave space for an indefinite number of counter-appeals, which could delay China's compliance on raw materials and any other export curbs by many years. Such a prospect is dangerous, particularly at a time when the WTO's credibility is in trouble thanks to the recent high-profile failure of global trade talks. "This may be a test of China's willingness to abide by and respect the

findings of the WTO," said Joseph Francois, a senior fellow and trade expert at the London-based Center for Economic Policy Research. CREEPING PRECEDENT In theory, China need not worry that Tuesday's ruling could have wider implications for other cases. The founding treaty of the WTO includes no mention of the Anglo-American legal concept of precedent, whereby past rulings shape the result of subsequent claims. But in reality, legal experts refer to WTO decisions as having a quasi-binding effect on future cases. "You cannot ignore previous panel or Appellate Body rulings. The WTO's dispute settlement system overall and the Appellate Body in particular aims at ensuring consistency in its case law. They are not operating in a vacuum," said Vasiliki Avgoustidi, associate director at international law firm Berwin Leighton Paisner. Precedent matters in this case in particular, because it is the first time the WTO has ruled on the murky issue of the right of nations to control exports of their resources. It could prompt similar challenges not just against China but against other states that curb exports. "This ruling will create leverage to challenge export curbs by China, India and Russia on other raw materials such as iron ore, scrap metal and alloys," said Karl Tachelet, director of international affairs at European steel lobby Eurofer. -Reuters

Confiscated Iran arms blow up in Cyprus massive blast at a military base in Cyprus of confiscated Iranian munitions killed at least 12 people on Monday and knocked out the island's largest power station, officials said. Witnesses said metal rained down on a nearby motorway and the explosion was felt for miles around in the olive groves and small farming villages that surround the Evangelos Florakis navy base on the south coast. Cyprus's defense minister and army chief both resigned hours after the explosion, a government spokesman said. The Iranian armaments were the cargo from the Monchegorsk, a ship Cyprus intercepted in 2009 sailing from Iran to Syria in violation of U.N. sanctions on Iran. In Nicosia, the capital some 65 kms to the north east, residents were woken by power cuts. Communications in the popular holiday island was patchy, as mobile networks were jammed. Military sources said they believed all 98 containers of the Iranian armaments -- kept exposed in scorching temperatures -- went up in the early morning blast which badly damaged the Vassilikos power plant. The facility, one of three in Cyprus and the newest, provides the Mediterranean island with half its electricity. "We can't assess the extent of the damage, but it's a biblical disaster," electricity authority spokesman Costas Gavrielides told Reuters.

A

Photographs of the power station showed the outer walls of two large multi-storey buildings had been shredded by the explosion. Lines of search and rescue workers walked through nearby olive groves. "It was huge. I fell out of bed and ran to check on the kids," said Eleni Toubi, a resident of Mari, a village which is separated from the navy base by a small hill. Windows and doors of her small home were blown out and the roof damaged. "Where can I go? I don't have anywhere else to stay," she said. ECONOMIC IMPACT There were no indications of the economic cost of the disaster, but it will add pressure on a government already facing a need to slash deficits to stave further cuts by credit ratings agencies. The island was hit by rolling power cuts as authorities attempted to juggle demand in a peak season. The agriculture ministry said all water desalination plants would shut. Farmer Nicos Aspros was out tilling his field when the blast occurred. "My tractor jumped about half a meter high," he said. "There isn't a house in the community which hasn't been damaged." Police and army officials gave little detail about the incident which happened just before 0300 GMT. The island's cabinet met in an emergency session. A government spokesman said 12 people had been killed in the blast.

"There isn't a house in the community which hasn't been damaged." Britain, which has troops stationed on Cyprus, said its personnel were on stand-by to assist the local authorities. As news of the explosion emerged, the public rushed to hospitals to donate blood. Authorities issued emergency appeals for people to switch off nonessential electrical equipment and the commerce ministry urged residents to use their own generators where possible. -Reuters

Exxon to retool Yellowstone spill plan F

ederal regulators said on Sunday they want Exxon Mobil to retool its preliminary plan to clean up oil spilled into the Yellowstone River in Montana from a ruptured pipe at the start of July. A US Environmental Protection Agency official, Steve Merritt, said three elements of the plan were incomplete. He said Exxon must revise how it will capture spilled oil, remove the broken pipe without causing pollution downstream, and restore the wildlife habitat and private property. Merritt, the EPA's on-scene coordinator for the spill, said officials wanted Exxon to finish the revisions by "one week from today". Exxon said it "will continue to work closely with the EPA on the draft work plan and will comply with this request," spokesman Pius Rolheiser said in a statement. Details of the preliminary plan will not be released until the EPA and Montana approve it. Merritt said the government had given preliminary approval to several elements of the plan, including for disposing of hazardous waste and for sampling. Exxon is facing an EPA-ordered deadline of September 9 to clean up a

river renowned for its scenic beauty, near pristine waters and wealth of wildlife and fish. The company has apologized for the spill and pledged to restore the Yellowstone. Mop-up is under way along shorelines but high water has prevented an inspection of the pipeline and damage downriver. Exxon estimates that 42,000 gallons of crude were released during the accident. Record flows in the Yellowstone have delayed a probe of the damaged 12-inch pipeline, which was buried in the streambed. Federal regulators estimate the oil has traveled 240 miles downstream from the site of the rupture, west of Billings, crossing near the south-central Montana community of Laurel. HEALTH EFFECTS Helicopter flights along the river corridor by government and Exxon officials showed oiled riverbanks, wetlands and cropland 70 miles downstream of the spill. Water testing by the EPA on July 4 showed no detectable levels of three known carcinogens associated with crude oil, and air monitoring revealed no major health threats so far. Yet at least five residents have been

treated in hospital emergency rooms for symptoms like dizziness, nausea and respiratory distress linked to exposure to petrochemicals, according to the Montana Department of Environmental Quality. Lisa Williams, contaminants specialist with the US Fish and Wildlife Service, said that biologists were monitoring a handful of oil-tainted wildlife, including Canada geese, a white pelican and a heron. The company has logged nearly 300 calls to its hotline, including from 100 people volunteering for clean-up efforts. Exxon is responding to roughly 100 claims stemming from property, agriculture or health concerns, a statement said. Handling of the spill has cooled relations between the oil giant and Montana, one of just two states whose constitutions guarantee a "clean, healthful environment." Montana Governor Brian Schweitzer has pulled the state from a panel, including Exxon and EPA, overseeing the spill response. He said its closed meetings and withholding of documents from the public violated opengovernment laws. Schweitzer opened a state office in

Billings to respond to any health and property concerns. A trained soil scientist, he encouraged those affected by the spill to document damage and collect water and soil samples for testing. While some landowners have praised Exxon for picking up the tab for everything from hotel rooms to livestock feed, others have expressed frustration and worry in the absence of a detailed timeline for cleaning their oil-fouled lands. Kelly Goodman, who lives on riverside property homesteaded by her family over a century ago, said her livelihood has been disrupted by contamination of pastures and wetlands. Goodman's sheep and horses have been confined to a small fenced area to prevent them from exposure to oilstained grasses and tainted water. She said she has been unable to work the champion sheep-herding dogs she raises, shows and sells. Goodman said she is also uneasy about wells that supply drinking water, and over the safety of crops fed by river water. "I can't remember the last time I ate a decent meal or had a full night's rest," she said. "The main thing I would like is to have everything like it was." -Reuters


5

Tuesday, July 12, 2011

South East Asian stocks

Mostly lower after bearish global data KSE-100 Index Opening Closing Change % Change Turnover (mn)

12,390.12 12,291.90 98.22 0.79 31.59

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

3,123.02 3,109.92 13.10 0.42 1.54

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

2,768.15 2,741.83 26.32 0.95 0.02

Major Gainers

Symbol

Close

Change

ULEVER 5,467.25 SEARL 58.81 MTL 617.75 SHEZ 149.30 NATF 76.69

192.08 2.80 2.54 1.96 1.63

Major Losers

Symbol

Close

Change

NESTLE 4,153.06 PKGS 105.64 PECO 74.20 NRL 362.04 PICT 81.50

-218.58 -5.36 -3.9 -3.88 -3.71

Top 5 Volume Leaders

Symbol PACE PTC FFBL JSCL ENGRO

Close Vol (mn) 2.18 14.08 44.11 7.29 158.96

3.31 2.36 2.23 2.04 1.43

Active Issues Plus Minus Unchanged

73 145 154

Sector Updates FERTILISER 000 tonnes Urea Offtake (Jan to Apr 11) 1,714 Urea Offtake (Apr 11) 487 Urea Price (Rs/50 kg) 1,234 DAP Offtake (Jan to Apr 11) 215 DAP Offtake (Apr 11) 55 DAP Price (Rs/50 kg) 4,050

AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Apr 11) 71,096 Sales (July 10 to Apr 11) 69,203 Production (Apr 11) 7,220 Sales (Apr 11) 7,510

INDUS MOTOR CO Production (July 10 to Apr 11) 42,670 Sales (July 10 to Apr 11) 41,940 Production (Apr 11) 4,219 Sales (Apr 11) 4,681

HONDA ATLAS CAR Production (July 10 to Apr 11) 14,062 Sales (July 10 to Apr 11) 13,754 Production (Apr 11)

1,582

Sales (Apr 11)

1,640

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

186 203 -

BANKING SECTOR Scheduled bank (Rs in mn) Deposit (May 27,11) Advances (May 27,11) Investments (May 27,11) Spread (April 11)

5,220,669 3,087,531 2,341,433 7.52%

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

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

1,867 196 134 14 1,148 117 5,719 567 44 2 7,252 739 143 15

Rs 62.83 59.35 5.86% 73.63 68.95 6.79% 73.86 70.88 4.20% 78.79 75.02 5.03% 71.55 65.27 9.62% 57,253 56,777

European shares drop as contagion fears intensify

Wariness dominates KSE trading Nawaz Ali KARACHI: Rising political temperature and suspension of security assistance by the United States kept the Karachi Stock Exchange (KSE) bearish on the first day of the new week with low volumes as investors preferred to adopt 'wait and see' stance. The benchmark KSE-100 index lost 98 points to close at 12,291 points, KSE-30 index dropped 58 points to close at 11,731 points and KSE allshare index was down by 65 points to close at 8,531 points. "Broader market failed to

generate decent volumes owing to the prevailing political, law and order situation and the news that the US has withheld US$800 million military assistance", said Zohaib Zaheer, analyst at Aba Ali Habib Securities. Moreover, SECP's decision to allow 50 per cent initial margin as eligible securities and 50 per cent as cash in Future Contracts brought no respite to the equities, he added. After a positive beginning, the market witnessed some mix activities during the first half an hour with index moving on both sides and at a moment it

Hong Kong dragged down by bank stocks

China shares up HONG KONG: Shares declined broadly as turnover hit its lowest in six weeks on Monday after disappointing global economic data, but strength in defensives helped China shares eke out gains on average turnover. Investors continued to short Chinese banks, which have a large weighting in benchmark indexes, and show a reluctance to put money in the financial sector. "The US jobs debacle and this ongoing euro zone problem is really not creating an environment where funds want to get in," said a Hong Kong-based trader, who added long-only funds were receiving money from investors but

fund managers were more keen to sit on cash at the moment. After data on Friday showed the US economy added a much lower than expected 18,000 jobs in June, Chinese data over the weekend showed inflation at a 3-year high and a wider trade surplus than expected, and stoke fears that China's central bank could take further steps to stem higher capital inflows that have increased price pressures. The Hang Seng Index fell 1.7 per cent to 22,347.23 points, slipping further below its 250day moving average that has proved stiff resistance over the past week. See # 8 Page 11

Nikkei down on US data TOKYO: The Nikkei average fell on profit-taking on Monday after three weeks of gains, hurt by weak US and Chinese economic data, but it held the 10,000 line as investors avoided building large positions with the US corporate earnings season starting. The market avoided any broad sell-off in the Nikkei, though it is still down 3.5 per cent since the March 11 earthquake, with some investors saying inflation in China may have passed its peak and others awaiting the start if US corporate earnings reports this week. "Many people still expect fairly strong US earnings despite poor jobs data as US firms restructure and boost growth without taking on new

employees," said Yuuki Sakurai, CEO and president of Fukoku Capital Management in Tokyo. "So even if the economy improves, I don't think we can expect American companies to start employing more people," said Sakurai. The benchmark Nikkei closed down 0.7 per cent at 10,069.53, while the broader Topix shed 0.5 per cent to 870.16, outperforming AsiaPacific shares outside Japan , which fell more than 1 per cent. With traders pondering their next move, volume faltered to one of the lowest levels this year with 1.51 billion shares changing hands on the first section, below the last week's average of 1.83 billion. See # 9 Page 11

touched an intra-day high of 12,420 points (+ve 30). Thereafter, the market then stayed in the grip of bears as investors offloaded their holdings. As a result of continued selling, index kept on accumulating losses and breached 12,300 levels and just near the closing bells touched its lowest level of the day of 12,284 points (-ve 105). According to a news report the Obama administration plans to suspend and/or suspend millions of dollars assistance for Pakistan in a move to chasten Pakistan for expelling American military trainers and

Recovery fears send FTSE lower LONDON: Concerns over Europe's debt crisis and the global economy sent Britain's top shares sharply lower on Monday, leaving investors anxious for a strong earnings season to kick-start further buying of equities. The UK benchmark index ended down 61.42 points or 1.0 per cent at 5,929.16, its lowest close since June 29, extending a 1.1 per cent drop from the previous session when a dismal US jobs report dented optimism that the economy was coming out of a soft patch. Banks, typically large holders of European government debt, weighed heavily on the index on fears Italy could be the next casualty of the euro zone debt crisis, and after reports which said some European Unionleaders were considering allowing a selective default by Greece. "It's another risk-off day continuing from Friday where obviously the payrolls are still figuring on everyone's minds, and then you've got deep concerns towards Italy potentially being dragged into the sovereign debt crisis as well," Joshua Raymond, market strategist at City Index, said. The FTSE 100 volatility index, a barometer of investor anxiety, jumped 18.6 per cent, its biggest one-day percentage gain since midApril. As investors shunned riskier assets, miners bore the brunt of the selloff, tracking steep declines in metals prices.-Reuters

DIBL set to progress more as Burj Bank Staff Reporter KARACHI: Dawood Islamic Bank Limited (DIBL) has been renamed as BURJ BANK, effective July 11, 2011, with the approval of the State Bank of Pakistan (SBP). This is a result of over US$ 21 million invested by the Islamic Corporation for Development of the Private Sector (ICD), Jeddah and Unicorn Investment Bank, Bahrain, in-Dawood Islamic Bank (DIBL). BURJ BANK has emerged with a new vision and a new mission. The new vision of the bank is to become the benchmark for Islamic Banking backed by a new mission to be among the top 10 banks of Pakistan within a decade. The foreign investment made by ICD and Unicorn in the bank is a reflection of the confidence in Pakistan in general and prospects of Islamic banking in the country in particular. Burj Bank (formerly Dawood Islamic Bank) has 50 branches throughout Pakistan and is rep-

resented in 17 cities. DIBL started its operations in 2007. Its new identity as Burj Bank is a reflection of the re-profiling of its shareholding wherein ICD and Unicorn have become its major shareholders. CEO ICD Khalid Al- Aboodi is the Chairman of the Board of Burj Bank while other Directors include Nicolas Martin of Unicorn and COO of ICD Ahmed Khizer. The President and CEO of the bank Pervez Said has been with Dawood Islamic Bank since November 2009. Pervaiz Said is considered as the architect of Islamic banking having spent 6 years as Director Islamic Banking SBP and advisor to the Governor SBP. He has given

the Bank a new direction and has positioned it in a manner that ICD and Unicorn had the confidence to make the additional investment. The bank has an AA Shariah rating from the International Islamic Rating Agency (IIRA) while JCR-VIS has rated it A- for long term and A2 for short term. The bank is planning to launch exciting new Shariahcompliant consumer products that will be market competitive. These will cover both asset and liability-related offerings. The bank showed strong growth in the first quarter of the year (2011) and the trend will be further reflected in the six-monthly results for the period ending June 30, 2011.

to press its army to fight militants more effectively. Altogether, about $800 million in military aid and equipment, or over one-third of the more than $2 billion in annual American security assistance to Pakistan is in jeopardy according to some media reports. Investors remained cautious over rising differences between the major political parties of Sindh i.e. Pakistan Peoples Party (PPP) and Muttahida Qaumi Movement (MQM), after MQM announced to part away. Most of the index losses were contributed by NESTLE which continued its downward trend

losing Rs218.58 to close at its lower limit of the day at Rs4,153.06. Foreign investors however were mainly on the buying side as according to NCCPL data, offshore investors did a net buying worth $2.73 million on Monday. Investor participation remained on the lower side however saw marginally improvement as 31.5 million shares exchanged hands during the day which was 2 million shares more as compared to a turnover of 29.5 million shares a day earlier. See # 7 Page 11

Indian shares slip 0.7pc MUMBAI: Indian shares slipped for the second straight session on Monday, ending down 0.7 per cent as renewed concerns about the health of the global economy turned investors cautious ahead of key earnings later this week. The decline was led by technology and financial stocks on worries of a likely dampening in growth after a spate of weak economic data from China and the United States pulled down global markets. Software services bellwether Infosys, which gets more than half its revenue from the United States, and rivals Tata Consultancy Services and Wipro were among the key losers. US jobs growth ground to a near halt in June as employers hired the fewest workers in nine months, frustrating hopes that data would start to show an improving economy into the second half of the year. "The weakness has more to do with the worries in the global markets, although there is also some nervousness ahead of results," said Deepak Jasani, head of retail research at HDFC Securities. "FIIs (foreign institutional investors) seem to be selling, but buyers have also stayed back," he added. The 30-share BSE index ended 136.65 points lower at 18,721.39 points, with 23 of its components losing ground. It fell nearly 1 per cent in after-

noon trade. "We believe the fall is only temporary," said Kishor Ostwal, chairman and managing director at CNI Research. "The trend is more bullish now. We are also seeing money flowing in from foreign funds," he said. Foreign funds have bought shares worth $2.42 billion over 11 sessions to last Thursday, data from the market regulator showed, helping the main index rise for three consecutive weeks. However, slowing global and domestic growth are concerns. China's import growth fell sharply to its slowest pace in 20 months in June, while Beijing remained focused on fighting inflation. Infosys, which reports quarterly earnings on Tuesday, fell 1.9 per cent. The company is expected to see profit growth of 16 per cent for its fiscal first quarter, according to a Reuters poll of analysts. Profit at larger rival Tata Consultancy is seen rising 24 per cent. TCS fell 1.3 per cent, while Wipro lost 2.3 per cent. Infosys and TCS may report a decline of 241 basis points and 205 basis points, respectively, in June-quarter operating margins, compared with the March quarter, due to wage hikes, Standard Chartered analysts wrote in a report on July 4. Financial stocks, which had seen some respite in the past See # 10 Page 11

Meezan Bank declared best Islamic bank in Pakistan TFD Report KARACHI: Meezan Bank, Pakistan's first and largest Islamic bank, has been awarded the Best Islamic Financial Institution in Pakistan by Global Finance magazine at its Annual Awards for the World's Best Islamic Financial Institutions 2011. The winners were judged on the basis of contributing to the growth of Islamic financing and successfully meeting customers' needs for Shariahcompliant products and creating the foundation for continued fast growth in the future. All selections were made by the editors of Global Finance, after extensive consultations with bankers, corporate finance executives and analysts throughout the world. Other factors that were considered included growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Subjective criteria included opinions of equity analysts, banking consultants and others involved in the industry. The mix of these factors yields leading banks that may not be the largest, oldest or the most diversified in a given country, but rather the best the banks with which customers around the world would most likely want to do business.

EFU General appoints chairman, MD TFD Report KARACHI: The Board of Directors of EFU General Insurance has elected Saifuddin Zoomkawala as Chairman of the Board in place of Rafique Bhimjee, effective July 11, 2011. According to a communiquĂŠ received by Karachi Stock Exchange, Hasanali Abdullah has been appointed Managing Director and Chief Executive of EFU General in place of Saifuddin Zoomkawala.

Dhiyan

REBOUND SEEN REMOTE Mohammad Imran, AVP, Arif Habib Limited Due to ongoing political confrontation in the country we would continue to see dull activities in the market moving forward. Therefore, investors are advised to wait for dips to invest. Any positive development on Capital Gains Tax (CGT) filing issues and political stability could trigger the market while corporate results would further boost the sentiments. Market would be positive today.

Faizan Haider, Analyst, SMH Financial Solution Market might see some more correction in the coming days where index is likely to bounce back from the support level of 12,130 points. We therefore, recommend traders to buy near the support level at 12130 and invest in fertilizer and banking sectors. Trading pattern still indicating bullish trend to continue in the market and it will mark new 52 week high by the end August. Market would be mixed today.


6

Tuesday, July 12, 2011

Market

KSE 100 Index

Symbols

Volume

31,591,183

Value

1,363,978,717

Trades

25,653

Advanced Decline Unchanged Total

Current High Low Change

73 145 154 372

All Share Index

12,291.90 12,420.91 12,278.76 i98.22

Current High Low Change

8,531.63 8,617.62 8,525.53 i65.09

OIL AND GAS

Paid up Cap(mn)

Company

PE

Open

High

High Low 1,570.78 1,545.36 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.46 32.54 Low

Close Chg

Last 60 days High Low

Volume

% Change -0.72 5-Day High 1,570.69 5-Day Low 1,552.74

2010 Div BR (%) (%)

2011 Div BR (%) (%)

691

6.89 383.97

386.00 375.50 381.09 -2.88

4767

394.90

363.10

300

Attock Refinery BYCO Petroleum

853 3921

4.15 126.93 9.21

127.90 126.02 126.45 -0.48 9.20 9.05 9.08 -0.13

299938 148245

143.50 10.10

120.40 7.93

-

735 800

4.31 106.69 5.00 365.92

106.00 105.00 105.32 -1.37 367.70 361.10 362.04 -3.88

2804 66578

113.75 387.35

98.50 323.50

31 200

Oil & Gas Development 43009 10.29 153.72

154.00 151.10 152.07 -1.65

210161

157.51

128.75

55

- 30.00

-

Pak Petroleum Pak Oilfields

7.63 210.75 8.22 372.74

211.50 208.25 208.81 -1.94 377.15 372.50 372.99 0.25

366076 682097

219.70 378.75

202.50 318.16

90 255

20B100.00 -100.00

-

350 44.12 79.50 1715 3.83 267.95 226 - 24.50

79.50 78.68 78.98 -0.52 269.00 266.16 268.06 0.11 23.35 23.35 23.35 -1.15

2304 179882 700

93.00 291.50 28.29

78.20 262.31 22.11

80 -

- 80.00 -

-

224.94 221.00 223.69 -0.34

3712

233.00

207.21

120

-

-

11950 2365

Pak Refinery Limited P.S.O Burshane LPG Shell Pakistan

685

7.95 224.03

20B115.00 -

-

-

-

- 23.43 -

-

-

Company

Paid up Cap(mn)

Agritech Limited

3924

BOC (Pak) Clariant Pak

250 341

Dawood Hercules Descon Chemical Descon Oxychem Ltd. Dewan Salman Dynea Pak Engro Corporation Ltd

4813 1996 1020

PE

Open

-

18.05

7.24 96.00 4.85 159.00 3.52 9.50

61.63 2.13 6.45

3663 94

3.51

2.77 10.30

3933

7.10 160.40

Engro Polymer Fatima Fertilizer Fauji Fertilizer Fauji Fert.Bin Qasim Ghani Gases Ltd ICI Pakistan

6635 - 10.36 22000 - 15.81 8482 9.42 154.02 9341 6.60 43.90 725 10.92 12.95 1388 8.57 156.00

Lotte Pakistan Nimir Ind Chemical Pak PVC SPOT Shaffi Chemical

15142 3.69 1106 13.48 150 120 27.38

Sitara Peroxide Wah-Noble

551 90

5.19 5.17

High Low 1,862.02 1,834.08 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.03 35.00

Close 1,840.62 Listed cap 52,251.88 mn Payout (%) 48.81

Change -10.60 Market cap 378,558.38 mn Div Yield (%) 5.64

Last 60 days High Low

2010 Div BR (%) (%)

2011 Div BR (%) (%)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

85.21 25.42

85.53 25.80

80.95 24.30

81.50 -3.71 25.45 0.03

53250 588

91.20 30.99

Open 1,143.21 Turnover 694,536 P/E (x) 3.95 PE

Open

High

Low

Close Chg

Volume

144

4.25

70.47

70.10

69.00

69.00 -1.47

2656

Atlas Battery

101

5.96 226.05

228.00 224.12 224.57 -1.48

3860

235.89

205.01

100

122.20 117.00 119.81 -2.29

277

160.00

112.10

50

718

36.34

30.26

25

Dewan Motors

1087

Exide (PAK)SPOT

56

General Tyre

598

Ghandhara Nissan

450

Pak Suzuki

823 14.34

63.61

63.90

62.06

63.67

0.06

32470 5038 139994

66.00 2.79 8.59

56.10 1.83 5.60

50 300B -

-

-

Sazgar Engineering

150

22.65

23.00

23.00

23.00

0.35

222960 2001

2.11 9.50

15

-

-

60

20B

-

-

10.11 12.10 137.51 40.42 11.40 148.02

- 27.5R 130 25B 45.00 65.5 - 12.50 175 -

-

-0.08 -0.04 1.00 -0.21

1197520 737367 862 30461

17.36 3.28 4.00 3.25

12.56 2.26 2.00 1.57

5 -

-

-

-

43752 400

19.99 37.99

16.05 34.19

50

-

-

-

13.18 3.08 3.90 1.57

13.22 3.10 4.00 2.19

17.00 36.62

17.40 37.99

16.75 36.90

16.76 -0.24 36.62 0.00

High Low 1,077.59 1,067.28 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.41 7.47

707 50 411

1.80 7.17

15.48 42.20 40.22

15.10 42.20 41.00

14.99 42.20 40.50

15.00 -0.48 42.20 0.00 40.50 0.28

7029 1000 1502

Ghani Automobile Ind

Last 60 days High Low 18.00 44.49 42.80

13.85 38.50 37.00

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

2011 Div BR (%) (%) -

-

High 27.25 2.69 12.95 13.75 50.48

High Low 1,033.68 1,015.08 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.03 33.10 Low 26.51 2.50 12.49 13.75 49.80

Close Chg 27.21 2.54 12.50 13.75 50.10

-0.04 -0.11 0.00 0.00 -0.45

Close 1,026.64 Listed cap 3,596.11 mn Payout (%) 30.91

Company

Paid up Cap(mn)

22075 42227 4011 5000 1824

29.75 3.10 13.00 15.06 53.00

1.13

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

1828

-

2.60

2.75

2.56

2.56 -0.04

866

Attock Cement Berger Paints

Close 869.68 Listed cap 54,792.74 mn Payout (%) 19.04

2399

3.25

2.40

2011 Div BR (%) (%)

- 20.00 25B 15.00 20B 15

-

48.03 13.41

2010 Div BR (%) (%) - 100R 50

-

2011 Div BR (%) (%) -

6.12

48.92

49.70

48.10

48.33 -0.59

-

14.25

14.90

14.16

14.25 0.00

30

-

3.50

3.50

3.50

3.50 0.00

1000

3.50

3.50

-

-

-

-

8.86

9.00

8.80

9.00 0.14

11420

11.90

8.51

-

-

-

-

2.18

2.20

1.76

2.18 0.00

103

2.24

1.55

-

-

-

-

- 122R

-

-

182

982 16.77

56.01 16.62

% Change -0.69 5-Day High 884.75 5-Day Low 869.68

956 42.86

Dadabhoy Cement

5416 104

0.11 0.02

-

3.46

1.50

-

-

-

2889

235.00

190.00

60

- 60.00

25B

14149

26.17

22.01

20

-

5000

4.50

15100

2.16

4.25

2.90

-

-

-

9384

11.58

9.00

-

300

232.53

215.00

150

24550

72.50

61.35

5

500

25.50

22.01

10

-

57.11

Total Assets (Rs in mn)

MA (10-day)

2.94

Total Equity (Rs in mn)

(747.01)

MA (100-day)

2.17

Revenue (Rs in mn)

1,025.34

MA (200-day)

2.01

Interest Expense

1st Support

2.87

Loss after Taxation

2nd Support

2.80

EPS 10 (Rs)

1st Resistance

3.12

Book value / share (Rs)

2nd Resistance

3.30

PE 11 E (x)

Pivot

3.05

PBV (x)

4,204.55

8.92 (437.50) (4.917) (8.40) (0.36)

DFML closed down -0.21 at 3.00. Volume was 80 per cent above average and Bollinger Bands were 35 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 49.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into DFML (mildly bullish). Trend forecasting oscillators are currently bullish on DFML.

Soneri Bank Limited

-

-

-

-

-

-

- 50.00

-

-

-

-

-

20B 10.00

-

High Low 2,315.47 2,226.24 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 17.08 30.30

Last 60 days High Low

% Change 0.22 5-Day High 2,377.02 5-Day Low 2,259.29

2010 Div BR (%) (%)

2011 Div BR (%) (%)

High

Low

7.53

6.74

6.74

6.74

-0.79

500

10.85

6.74

-

-

-

-

Colony Sugar Mills

990

3.13

2.15

2.19

2.00

2.00

-0.15

1003

3.30

1.51

-

-

-

-

Crescent Sugar

214

-

10.40

11.40

10.36

11.30

0.90

13150

11.91

7.00

-

-

-

-

Faran Sugar

217

1.34

18.50

19.00

18.00

18.50

0.00

202

19.50

17.50

25

-

-

-

Fecto Sugar

146

-

38.00

39.00

38.00

38.00

0.00

1071

50.00

38.00

-

-

-

-

1152332 28.00

23.00

25

25B

211

750

4.63

26.64

27.00

12.85

12.99

26.00

-0.63

40

-

-

10.88

11.35

10.40

10.50

-0.38

1032

13.00

9.14

10

-

-

-

10.43

11.00

10.75

10.43

0.00

111

12.56

8.50

-

-

-40.49R

0.65

173

1.69

3.50 56.30

4.00 57.91

3.00 55.00

3.50

0.00

55.55

-0.75

102

5.84

1002

2.45

68.48

52.11

-

-

11.50

0.62

109

13.74

-

0.00

324 121

Mehran SugarXDXB

12.50

26.01 12.85

Haseeb Waqas Hussein Sugar Kohinoor Sugar

5.18

Volume

Change 4.95 Market cap 329,102.81 mn Div Yield (%) 0.54

Open

200

Close Chg

Close 2,264.24 Listed cap 11,335.33 mn Payout (%) 30.57

35

-

-

20B 15.00

-

10B

Mirza Sugar

141

0.29

2.56

2.70

2.60

2.70

0.14

2501

3.50

2.40

10

-

-

-

National Foods

414

13.25

75.06

77.00

76.49

76.69

1.63

401

88.00

58.10

12

-

-

-

Nestle Pakistan

453

31.53 4371.64 4340.00 4153.06 4153.06 -218.58

261

5675.00 3299.00

750

-

-

-

Quice Food

107

2.20

-

-

-

-

3.80

-

S S Oil Sakrand Sugar Shakarganj Mills Tandlianwala

5.25

57

0.32

223

22.27

2.30

0.01

500

4.52

3.50

-0.23

2500

-

-

-

2.45

-0.08

31500

1.75

-

-

-

1.21

6.00

6.40

6.00

6.00

0.00

2001

7.49

5.05

-

-

-

14.83

52.50

52.00

50.50

52.50

0.00

101

60.30

46.65

-

-

-

-

5600.00 4900.00

492

-

-

-

2.52

4.52

2.31

695

2.53

4.75

2.31

1177 665

4.75

2.31

2.40

20.22 5275.17 5538.00 5300.00 5467.25 192.08

6.45

5898

3.00

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

37.21

Total Assets (Rs in mn)

MA (10-day)

5.12

Total Equity (Rs in mn)

7,803.20

MA (100-day)

5.97

Revenue (Rs in mn)

9,337.28

MA (200-day)

6.51

Interest Expense

95,310.27

6,602.78

1st Support

5.09

Profit after Taxation

2nd Support

5.04

EPS 09 (Rs)

0.290

1st Resistance

5.15

Book value / share (Rs)

15.55

2nd Resistance

5.16

PE 10 E (x)

2.55

Pivot

5.10

PBV (x)

0.33

145.35

SNBL closed unchanged at 5.10. Volume was 211 per cent above average (trending) and Bollinger Bands were 27 per cent narrower than normal. The company's profit after taxation stood at Rs303.387 million which translates into an Earning Per Share of Rs0.50 for the 1st quarter of current calendar year (1QCY11). SNBL is currently 21.7 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 SNBL at a relatively equal pace. Trend forecasting oscillators are currently bearish on SNBL.

KASB Bank Limited

-

Performance of SR Household Goods Index

Change -6.01 Market cap 64,695.36 mn Div Yield (%) 3.00

Last 60 days High Low

Volume

3.36 10.33

-

-

-

Open 664.33 Turnover 77,943 P/E (x) 2.01 Company

-

-

High Low 685.10 671.87 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.21 10.64

Close 663.25 Listed cap 3,763.71 mn Payout (%) 6.27

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

1219 693

1.52

6.90 11.93

6.99 11.75

6.75 11.45

6.95 0.05 11.50 -0.43

8242 69610

Pak Elektron Tariq Glass Ind

Change -1.08 Market cap 4,416.49 mn Div Yield (%) 3.12

% Change -0.16 5-Day High 672.55 5-Day Low 661.96

Last 60 days High Low

2010 Div BR (%) (%)

11.45 14.20

17.5

6.50 11.20

10B -

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

PERSONAL GOODS Performance of SR Personal Goods Index Open 967.55 Turnover 2,220,270 P/E (x) 7.03

Performance of SR Construction and Materials Index High Low 883.46 865.01 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.45 7.10

3.16 10.25

15B

-

PE

CONSTRUCTION AND MATERIALS Open 875.69 Turnover 1,071,460 P/E (x) 6.34

3.45 10.59

219.00 218.50 218.52 -1.49

-

15B 65.00

244

% Change -0.61 5-Day High 1,032.97 5-Day Low 1,018.97

2010 Div BR (%) (%) 30 40

10.31

20B

2011 Div BR (%) (%)

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

HOUSEHOLD GOODS

Change -6.33 Market cap 15,396.82 mn Div Yield (%) 9.96

25.70 1.62 11.05 0.00 48.52

3.25

-

615153

-

Ansari Sugar

UniLever Pakistan

Last 60 days High Low

Volume

6.34

7.55 220.01

Open 2,259.29 Turnover 1,216,442 P/E (x) 56.38

Performance of SR Industrial Metals and Mining Index Open 1,032.97 Turnover 70,187 P/E (x) 3.10

-

Performance of SR Food Producers Index

-

% Change -0.76 5-Day High 1,081.78 5-Day Low 1,067.53

-

FOOD PRODUCERS

Habib Sugar

Change -8.15 Market cap 2,945.58 mn Div Yield (%) 4.64

200 1428

Habib-ADM Ltd

Close 1,067.53 Listed cap 1,186.83 mn Payout (%) 25.28

Volume

Central Forest

3.10 -0.05

786

Close Chg

Cherat Cement

3.10

Honda Atlas Cars

Low

Al-Abbas Cement

3.00 -0.21 22.34 -0.57

Indus Motors

INDUSTRIAL METALS AND MINING

Company

3.10

22.30

-

13.44 3.25 4.00 2.20

27.25 2.65 12.50 13.75 50.55

23.01

-

High

565 1.84 675 555 22.32 4350 1199 8.96

2.98

232.00 229.00 230.56 -0.15

-

Open

Crescent Steel Dost Steels Ltd Huffaz Pipe XD Inter.Steel Ltd. International Ind

3.15

3.23

31.00 -0.90

-

13.30 3.14 3.00 2.40

Open

-

22.91

31.00

-

PE

PE

3.21

4.71 230.71 4.26

31.00

25B

Paid up Cap(mn)

Paid up Cap(mn)

-

31.90

-

155.00

90

7.47 122.10

60 135

3.65 11.50

2011 Div BR (%) (%)

% Change -0.91 5-Day High 1,143.21 5-Day Low 1,132.86

2010 Div BR (%) (%)

68.00

1.45

17.01

1434516 200.50

Last 60 days High Low 74.85

719

90.50 142.50

126827 12.83 256976 17.05 706133 157.74 2232034 44.38 8387 14.49 20643 161.00

-

Change -10.35 Market cap 41,683.74 mn Div Yield (%) 5.17

133

22.68

-0.06 -0.16 -0.96 0.21 0.05 -1.81

40 15

Atlas Honda

99.80 167.00

2.66 -0.11 10.70 0.40

2010 Div BR (%) (%)

Baluchistan Wheels Ltd.

1490

2.65 10.70

Close 1,132.86 Listed cap 6,768.53 mn Payout (%) 20.42

Paid up Cap(mn)

288 2715

FORESTRY AND PAPER

Company

High Low 1,142.82 1,125.64 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 1.00 25.35

17.64 -0.41

10.50 10.27 10.30 15.88 15.60 15.65 154.65 152.80 153.06 44.38 43.90 44.11 13.39 12.97 13.00 155.00 154.00 154.19

67.31 22.90

Performance of SR Automobile and Parts Index

Close Chg

2.76 10.75

Dewan Farooque Motors Limited

% Change -3.69 5-Day High 811.55 5-Day Low 769.98

AUTOMOBILE AND PARTS

Low

161.70 157.71 158.96 -1.44

Change -29.52 Market cap 12,510.56 mn Div Yield (%) 2.12

7.50 7.46

17.50

60.73 -0.90 2.13 0.00 6.46 0.01

Close 769.98 Listed cap 3,242.17 mn Payout (%) 11.08

1092 1321

High

60.40 2.13 6.32

21,250.84 21,403.22 21,230.49 i79.62

Paid up Cap(mn)

Pak Int Cont.Terminal PNSC

18.00

61.80 2.20 6.54

Volume

% Change -0.57 5-Day High 1,865.86 5-Day Low 1,840.62

High Low 803.65 760.77 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.33 25.53

96.10 96.00 96.10 0.10 159.00 157.81 158.81 -0.19

Open 1,075.69 Turnover 9,531 P/E (x) 5.45

Century Paper Pak Paper Product Security Paper

Company

Agriautos Ind

Performance of SR Forestry & Paper Index

Company

Open 799.50 Turnover 53,838 P/E (x) 5.23

Company

CHEMICALS Performance of SR Chemicals Index Open 1,851.22 Turnover 6,940,924 P/E (x) 8.66

Current High Low Change

11,731.96 11,827.62 11,717.78 i58.09

Alert ! Unusual Movements

Performance of SR Industrial Transportation Index

Close Change 1,552.74 -11.19 Listed cap Market cap 65,194.15 mn 1,133,764.05 mn Payout (%) Div Yield (%) 55.94 5.26

Attock Petroleum

Mari Gas Company National Refinery

Current High Low Change

KMI 30 Index

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,563.93 Turnover 1,818,319 P/E (x) 10.63

KSE 30 Index

Company

Paid up Cap(mn)

Amtex Limited Artistic Denim Azgard Nine Bannu Woolen XD

2594 840 4493 76

Bata (Pak) Blessed Tex Mills Brothers Textile

76 64 98

High Low 976.22 962.96 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.61 8.64

PE

Open

High

Low

7.91 0.70

2.68 23.80 5.99 16.00

2.70 24.99 6.05 16.79

2.55 24.80 5.86 16.40

7.63 649.99 0.77 82.07 0.44

Close 966.25 Listed cap 47,070.70 mn Payout (%) 16.68

Change -1.30 Market cap 122,518.18 mn Div Yield (%) 2.37

Close Chg

Volume

Last 60 days High Low

2.65 24.99 5.96 16.79

92347 1537 1398888 1025

3.76 26.00 7.29 20.99

1.81 20.40 4.40 14.70

20 20

-0.03 1.19 -0.03 0.79

659.50 640.00 647.91 -2.08 84.00 77.99 80.00 -2.07 0.49 0.49 0.49 0.05

Chenab Limited

1150

-

1.87

2.10

2.09

2.09 0.22

% Change -0.13 5-Day High 968.77 5-Day Low 966.25

2010 Div BR (%) (%) 30B -

2011 Div BR (%) (%) -

58.25

Total Assets (Rs in mn)

MA (10-day)

1.40

Total Equity (Rs in mn)

MA (100-day)

1.43

Revenue (Rs in mn)

MA (200-day)

1.87

Interest Expense

1st Support

1.46

Loss after Taxation

2nd Support

1.39

EPS 09 (Rs)

1st Resistance

1.57

Book value / share (Rs)

2nd Resistance

1.61

PE 10 E (x)

Pivot

1.50

PBV (x)

466 602 900

680.56 84.50 1.20

411.00 56.07 0.11

280 50 -

-

-

-

2.72

1.65

-

-

-

-

59,223.06 4,958.87 5,061.63 5,490.40 (4,227.75) (4.446) 5.22 0.29

KASBB closed up 0.10 at 1.50. Volume was 35 per cent below average and Bollinger Bands were 29 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 19.9 per cent below its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of KASBB at a relatively equal pace. Trend forecasting oscillators are currently bearish on KASBB.

WorldCall Telecom Limited

-

501

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

-

1.75

1.77

1.66

1.66 -0.09

46477

2.67

1.36

-

-

-

-

DG Khan Cement Ltd

4381 31.08

23.69

23.90

23.29

23.31 -0.38

614883

25.85

21.31

-

20R

-

20R

Colony Mills Ltd Crescent Jute Crescent Textile

2442 238 492

1.72 4.27

1.65 0.56 15.90

1.65 0.69 16.84

1.32 0.60 15.30

1.65 0.00 0.60 0.04 15.90 0.00

7014 994 1002

2.64 1.35 16.87

1.32 0.26 12.50

15

-

-

-

Fauji Cement

6933

7.07

4.13

4.17

4.09

4.10 -0.03

55022

5.04

3.99

-

-

-

92R

D S Ind Ltd

600

-

1.10

1.09

1.02

1.07 -0.03

21458

1.39

0.95

-

-

-

-

502

4.34

5.48

5.10

5.00

5.03 -0.45

2600

8.60

5.00

-

-

-

-

4003

-

7.27

6.60

6.55

6.55 -0.72

8400

13.50

4.25

-

-

-

-

Dawood Lawrencepur Din Textile Gul Ahmed Textile

591 204 635

0.64 3.10

32.00 30.34 50.01

31.90 31.85 51.00

31.00 31.50 49.00

32.00 0.00 31.85 1.51 49.00 -1.01

151 13050 523

39.90 31.85 53.65

30.50 26.35 47.50

5 20 12.5

15B 10B -

-

-

RSI (14-day)

39.89

Total Assets (Rs in mn)

17,566.02

Gulistan Spinning

11,379.05

Dewan Cement

3891

Fecto Cement Gharibwal Cement Haydery Const

32

Lafarge Pakistan Cmt.

-

13126 70.25

0.42

0.56

0.54

0.42 0.00

504

0.83

0.21

-

-

-

-

2.79

2.88

2.76

2.81 0.02

61422

3.35

2.10

-

-

-

-

Lucky Cement

3234

5.85

72.33

72.35

71.71

71.96 -0.37

139608

77.43

66.93

40

-

-

-

Maple Leaf Cement

5267

-

2.06

2.14

2.05

2.05 -0.01

111198

3.05

1.97

-

-

-

-

Pioneer Cement

2271

-

5.33

5.58

5.55

5.56 0.23

904

6.34

4.50

-

-

-

-

Safe Mix Concrete

200

-

5.00

5.50

5.49

5.50 0.50

2000

6.34

4.17

-

-

-

-

Shabbir Tiles

721

-

6.86

7.30

6.50

6.58 -0.28

9772

7.55

5.25

-

-

- 100R

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 999.37 Turnover 79,253 P/E (x) 1.89 Company Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Packages Ltd Tri-Pack Films

Paid up Cap(mn)

PE

Open

172

2.32

48.00

230

-

1.35

1067 5.40 53.95 389 2.17 11.74 844 17.61 111.00 300

6.72 173.40

High Low 1,002.28 975.45 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 0.83 43.91

High

Low

Close Chg

49.50

46.99

47.26 -0.74

1.35

1.20

Close 978.43 Listed cap 3,043.31 mn Payout (%) 15.55

Volume 16996

Change -20.95 Market cap 36,473.31 mn Div Yield (%) 8.22

Last 60 days High Low 56.60

46.45

% Change -2.10 5-Day High 999.37 5-Day Low 978.43

2010 Div BR (%) (%) 20

25B

2011 Div BR (%) (%) -

50R

1.22 -0.13

42998

1.90

1.10

-

-

-

-

53.50 53.05 53.12 -0.83 12.70 10.80 10.85 -0.89 110.90 105.45 105.64 -5.36

1566 6060 10982

58.50 15.21 118.00

51.50 9.78 103.01

25 32.5

10B -

-

-

176.75 170.30 172.30 -1.10

551

181.99

149.10

100

-

-

-

INDUSTRIAL ENGINEERING

146

0.44

8.08

8.25

8.19

8.25 0.17

9.00

6.30

10

-

-

-

MA (10-day)

2.02

Total Equity (Rs in mn)

Hira Textile Mills Limited716 Ibrahim Fibres 3105 Idrees Textile 180

0.77 2.85 1.67

3.68 40.01 4.75

3.88 40.15 5.15

3.87 39.03 4.06

3.87 0.19 39.90 -0.11 4.36 -0.39

25051 602 5211

4.90 49.92 5.98

3.60 39.03 3.80

10 20 10

-

-

-

MA (100-day)

2.31

Revenue (Rs in mn)

MA (200-day)

2.50

Interest Expense

1st Support

1.90

Loss after Taxation

Ishaq Textile Janana D Mal

97 48

0.48 0.38

5.99 14.08

6.00 14.90

5.99 13.15

5.99 0.00 13.15 -0.93

375 3002

8.24 17.80

5.25 12.90

8 -

-

-

-

2nd Support

1.87

EPS 09 (Rs)

(0.57)

Kohinoor Ind Kohinoor Textile

303 2455

3.80

1.24 3.30

1.25 3.43

1.01 3.30

1.14 -0.10 3.31 0.01

10798 8521

1.75 5.25

0.75 3.26

-

-

-

-

1st Resistance

2.03

Book value / share (Rs)

13.22

2nd Resistance

2.13

PE 10 E (x)

Leather Up Mukhtar Textile

60 145

6.67 -

2.41 0.40

2.50 0.39

2.40 0.27

2.40 -0.01 0.28 -0.12

3001 2100

3.50 0.97

1.65 0.16

-

-

-

-

Pivot

2.00

PBV (x)

Nishat (Chunian) Nishat Mills

1621 3516

3.48 4.59

22.53 52.56

22.90 52.70

22.46 51.53

22.60 0.07 51.72 -0.84

143004 406969

29.35 66.00

22.22 49.80

15 25

45R

-

-

Olympia Textile Pak Synthetic

108 560

2.40

0.99 19.78

0.90 20.50

0.70 18.78

0.89 -0.10 19.24 -0.54

9519 5389

1.98 20.62

0.30 17.01

-

-

-

-

Company Ados Pak

Paid up Cap(mn)

Open

3.38

8.85

Bolan Casting 104 Dewan Auto Engineering 214

4.91 -

48.59 1.40

KSB Pumps Millat Tractors

- 32.27 9.38 615.21

Pak Engineering

66

PE

132 366 57

-

78.10

High

High Low 1,819.86 1,800.48 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 1.91 38.02 Low

9.25

9.20

50.00 1.57

48.00 1.21

Close Chg 9.24

49.76 1.17 1.32 -0.08

32.60 32.01 32.40 621.87 615.25 617.75 74.20

74.20

0.39

0.13 2.54

74.20 -3.90

Close 1,809.21 Listed cap 1,336.62 mn Payout (%) 131.49

Volume 500

Change 5.66 Market cap 35,533.33 mn Div Yield (%) 26.15

Last 60 days High Low

Prosperity Reliance Weaving Rupali Poly

185 308 341

0.93 0.58 2.95

14.39 11.25 40.27

14.25 11.25 39.99

14.25 11.20 39.00

14.25 -0.14 11.20 -0.05 39.13 -1.14

1439 9500 1310

16.90 14.00 43.73

14.00 30 10.70 25SD 38.05 40

-

-

-

264 33

0.27 0.34

8.00 70.04

7.70 71.90

7.70 66.60

7.70 -0.30 66.60 -3.44

2000 505

11.40 76.50

7.00 49.00

25

-

-

-

60 75 50

Sana Ind Service Ind Suraj Cotton

55 120 180

2.95 40.00 3.20 187.21 0.69 35.92

39.99 38.01 38.96 -1.04 191.98 185.00 187.34 0.13 37.00 36.80 35.92 0.00

15231 808 151

41.85 198.90 42.00

36.50 154.00 35.11

-

-

-

Tata Textile Thal Ltd Treet Corp

173 307 418

0.43 33.33 - 102.10 6.67 54.00

32.50 31.75 31.75 -1.58 102.90 100.50 101.06 -1.04 54.50 53.05 53.36 -0.64

513 18661 3161

42.40 108.90 59.20

31.55 97.00 47.95

25 80 20B 50 900B

-

-

Yousuf Weaving Zil Limited

400 53

0.51 6.18

1270 821

1.99 67.20

1.00 55.00

35

-

-

9.85

7.40

-

920 37434

50.33 2.15

44.00 0.71

25 -

648 37534

47.95 625.70

30.50 510.00

12.5 650

395

108.13

74.20

100

-

10B -

-

-

25B325.00

-

-

-

-

-

1.22 58.47

1.15 56.50

1.16 -0.02 57.00 -0.06

-

Open 983.55 Turnover 22,388 P/E (x) 6.24 Company Abbott (Lab) XD GlaxoSmithKline Highnoon (Lab) Searle Pak

Paid up Cap(mn) 979 2019 182 306

High Low 993.05 979.46 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.39 22.31

Close 988.97 Listed cap 3,904.20 mn Payout (%) 44.54

Change 5.42 Market cap 32,502.48 mn Div Yield (%) 7.14

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5.81 10.74 6.72 5.74

94.58 75.30 29.85 56.01

95.50 75.95 29.20 58.81

94.00 75.05 29.00 57.00

94.88 0.30 75.19 -0.11 29.04 -0.81 58.81 2.80

2122 1580 2450 16233

95.50 79.99 33.45 65.00

84.11 71.00 24.51 54.00

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

15B 10B -

% Change 0.55 5-Day High 988.97 5-Day Low 981.90 2011 Div BR (%) (%) -

-

8,408.28 523.03 (490.82)

0.15

WTL closed down -0.02 at 1.98. Volume was 73 per cent below average (consolidating) and Bollinger Bands were 38 per cent narrower than normal. The company's loss after taxation stood at Rs182.323 million which translates into a Loss Per Share of Rs0.21 for the 1st quarter of current calendar year (1QCY11). WTL is currently 20.7 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 WTL at a relatively equal pace. Trend forecasting oscillators are currently bearish on WTL.

BOOK CLOSURES Company

From

To

Sapphire Fibres #

14-Jul

20-Jul

-

-

Exide Pakistan #

18-Jul

25-Jul

-

-

25-Jul

Nina Industries

18-Jul

23-Jul

-

-

-

Service Industries #

23-Jul

30-Jul

-

-

Singer Pakistan #

25-Jul

04-Aug

-

-

04-Aug

Ruby Textile Mills

29-Jul

04-Aug

33.20 (R)

-

-

(TFC) United Bank

31-Jul

13-Aug

-

-

-

29-Aug

04-Sep

-

-

-

Fauji Fertilizer

Performance of SR Pharma and Bio Tech Index

2011 Div BR (%) (%)

-

1.18 57.06

PHARMA AND BIO TECH

% Change 0.31 5-Day High 1,809.21 5-Day Low 1,768.31

2010 Div BR (%) (%)

606

Saif Textile Salfi Textile

Performance of SR Industrial Engineering Index Open 1,803.56 Turnover 77,453 P/E (x) 5.03

Fundamental Highlights As on Dec 31, 2009

Technical Analysis

D/B/R

Spot AGM/Date 20-Jul

30-Jul

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols TRG Pakistan Ltd. Shakarganj Food Shezan International Grays of Cambridge Pak Tobacco Co. Shifa Int.Hospital P.I.A.C.(A) Pace (Pak) Ltd. Netsol Technologies

Open 2.62 4.25 147.34 40.05 93.8 33.15 2.25 2.23 21.34

High 2.65 4.38 149.34 40.01 97.99 32.55 2.28 2.44 21.49

Low Close 2.54 4.05 147.35 40.01 97.99 32.3 2.16 2.14 21

2.57 4.05 149.3 40.01 93.8 32.34 2.25 2.18 21.05

Change -0.05 -0.2 1.96 -0.04 0 -0.81 0 -0.05 -0.29

Vol 217430 2000 400 500 200 600 12612 3313924 75414


7

Tuesday, July 12, 2011

FIXED LINE TELECOMMUNICATION

NON LIFE INSURANCE

Performance of SR Fixed Line Telecommunication Index Open 908.77 Turnover 2,582,608 P/E (x) 4.50 Paid up Cap(mn)

Company

Close 903.78 Listed cap 50,077.79 mn Payout (%) 62.56

Last 60 days High Low

Volume

% Change -0.55 5-Day High 916.83 5-Day Low 903.78

2010 Div BR (%) (%)

PE

Open

High

Low

Close Chg

30.13

30.99

29.15

30.13 0.00

259

47.75

28.71

80

37740 11.54

2355429

Symbols

Performance of SR Non Life Insurance Index

Change -4.99 Market cap 56,806.27 mn Div Yield (%) 13.91

78 28.97

Pak Datacom Pak.Telecomm Co A

High Low 921.54 899.17 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.58 12.84

UPTO 100 VOLUME

2011 Div BR (%) (%)

- 15.00

-

Open 744.64 Turnover 296,286 P/E (x) 9.92 Paid up Cap(mn)

Company

Adamjee Insurance XD

High Low 750.61 734.36 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.52 5.20

Close 739.29 Listed cap 11,111.34 mn Payout (%) 79.54

Change -5.35 Market cap 45,949.74 mn Div Yield (%) 8.02

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

6.98

65.41

65.74

65.00

65.06 -0.35

4212

71.99

62.00

443

3.54

28.50

29.44

27.72

28.46 -0.04

4826

29.44

26.00

121

9.58

3.70

3.47

2.70

3.45 -0.25

4.68

2.02

1250 13.24

35.97

35.71

35.00

35.48 -0.49

5685

39.65

29.01

1237

2010 Div BR (%) (%)

2011 Div BR (%) (%)

25

-

40

20B

-

-

-

-

-

-

12.5

-

-

-

-

-

-

-

14.14

14.30

14.01

14.08 -0.06

17.83

14.01

17.5

-

-

-

Atlas Insurance

Telecard

3000

2.54

1.55

1.57

1.50

1.50 -0.05

75256

1.94

1.40

1

-

-

-

Crescent Star Insurance

WorldCall Tele

8606

-

2.00

2.10

1.97

1.98 -0.02

151664

2.58

1.94

-

-

-

-

EFU General Insurance

Wateen Telecom Ltd

6175

-

2.17

2.16

1.96

2.07 -0.10

620323

3.09

1.94

-

-

-

-

Habib Insurance

450

7.67

11.20

11.40

11.00

11.05 -0.15

32375

12.00

10.95

25 12.5B

IGI Insurance

970

6.04

72.00

73.00

71.97

73.00 1.00

40441

76.12

65.10

30

55B 10.00

New Jub Insurance

989 10.22

59.50

62.37

56.56

58.16 -1.34

3315

62.37

51.16

20

25B

-

-

54889

20.20

12.43

30

-

-

-

ELECTRICITY

Pak Reinsurance

Performance of SR Electricity Index Open 1,364.35 Turnover 698,167 P/E (x) 13.42

High Low 1,374.58 1,357.15 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.26 9.35

Company

Paid up Cap(mn)

PE

Open

High

Low

Genertech

198

-

0.51

0.60

0.57

Hub Power

11572

7.78

38.74

38.99

38.60

38.72 -0.02

Japan Power

1560

-

1.24

1.27

1.17

1.22 -0.02

KESC

7932

-

2.16

2.20

2.15

2.19

0.03

Kohinoor Energy

1695

4.98

16.00

16.75

16.00

16.50

0.50

Kot Addu Power

Close Chg 0.57

Close 1,363.66 Listed cap 95,369.29 mn Payout (%) 104.13

Last 60 days High Low

Volume

0.06

Change -0.69 Market cap 104,555.28 mn Div Yield (%) 7.76

3001

% Change -0.05 5-Day High 1,375.15 5-Day Low 1,363.66

2010 Div BR (%) (%)

0.80

0.16

-

373183

39.45

36.70

50

55053

1.70

0.97

-

58417

2.68

2.10

-

5401

18.05

15.41

25

3000

5.47

16.02

16.00

15.71

15.75 -0.27

Silver Star Insurance

291

0.91

5.19

5.55

5.00

5.19 0.00

301

6.73

4.21

-

15B

-

-

Universal Insurance

263

-

1.50

1.70

1.70

1.50 0.00

223

2.50

1.32

-

-

-

-

LIFE INSURANCE Performance of SR Life Insurance Index Open 941.95 Turnover 1,050 P/E (x) 5.25

2011 Div BR (%) (%)

-

-

-

- 25.00

-

-

-

-

7.8R

-

-

- 10.00

-

8803

5.46

42.70

42.89

42.45

42.57 -0.13

63754

44.19

41.60

50

- 30.00

-

Nishat Chunian Power Ltd 3673

2.57

14.50

14.58

14.15

14.30 -0.20

34791

17.25

13.47

-

- 10.00

-

Nishat Power Ltd

3541

2.25

16.01

16.00

15.70

15.77 -0.24

101173

17.70

15.40

-

-

-

-

Southern Electric

1367

-

1.35

1.45

1.31

1.38

0.03

3012

1.80

1.13

-

-

-

-

Tri-star Power XD

150

-

0.97

0.98

0.97

0.97

0.00

377

1.37

0.70

-

-

-

-

Paid up Cap(mn)

Company

New Jub Life Insurance

Paid up Cap(mn)

Company Sui North Gas Sui South Gas

Close 1,285.58 Listed cap 12,202.80 mn Payout (%) 66.79

Change -12.92 Market cap 28,260.28 mn Div Yield (%) 8.02

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 14.21 8390 4.66

20.00 20.97

19.90 20.99

19.82 20.60

19.90 -0.10 20.66 -0.31

2966 21015

23.60 23.75

17.64 20.40

% Change -1.00 5-Day High 1,298.50 5-Day Low 1,285.58

2010 Div BR (%) (%) 20 15

2011 Div BR (%) (%)

25B

-

-

BANKS Open 1,140.81 Turnover 5,212,686 P/E (x) 7.27

High Low Close 1,151.60 1,130.83 1,140.40 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.01 13.94 40.49

Change -0.41 Market cap 672,011.97 mn Div Yield (%) 5.57

% Change -0.04 5-Day High 1,155.00 5-Day Low 1,140.40

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

Allied Bank Limited

8603

6.31

64.25

64.25

62.50

63.95 -0.30

110375

68.99

59.00

40

10B

-

-

Askari Bank XB

7070

5.28

11.38

11.75

11.26

11.61

0.23

400206

12.35

10.79

-

10B

-

-

13492

Company

Bank Alfalah

2010 Div BR (%) (%)

2011 Div BR (%) (%)

5.35

10.08

10.21

9.92

10.17

0.09

459128

11.02

9.42

-

-

-

-

Bank AL-Habib

8786

6.21

29.23

29.39

29.15

29.29

0.06

33489

30.10

28.25

20

20B

-

-

Bank Of Khyber

5004

2.20

4.69

5.15

4.50

4.93

0.24

2271

6.25

4.05

-

-

-64.41R

Bank Of Punjab

5288

-

6.77

6.88

6.60

6.64 -0.13

756946

7.35

4.51

-

-

-

-

BankIslami Pak

5280 10.41

3.85

3.89

3.31

3.85

0.00

241

4.09

3.25

-

-

-

-

Faysal Bank

7327

9.60

9.69

9.35

9.62

0.02

23626

10.50

9.00

-

20B

-

-

117.50 116.50 116.97 -0.39

13274

125.50

114.10

65

10B

-

-

Habib Bank Ltd

7.29

11021

7.31 117.36

Habib Metropolitan Bank XB 10478

Open

High

Low

Close Chg

Volume

Last 60 days High Low

56.50

55.55

55.00

55.13 -1.37

1050

58.99

Open 293.49 Turnover 2,266,306 P/E (x) 11.47 Company

Close 287.65 Listed cap 30,336.44 mn Payout (%) 99.56

2010 Div BR (%) (%) 15

2011 Div BR (%) (%)

-

Change -5.84 Market cap 14,186.89 mn Div Yield (%) 5.52

PE

Open

High

Low

Close Chg

225

0.94

0.45

0.48

0.30

0.45 0.00

35761

0.64

0.26

450 18.98

Arif Habib Limited

-

-

Last 60 days High Low

Volume

% Change -1.99 5-Day High 293.49 5-Day Low 278.49

2010 Div BR (%) (%) -

-

2011 Div BR (%) (%) -

-

18.32

18.44

18.00

18.03 -0.29

12297

20.20

12.01

-

20B

-

-

3750

3.41

25.15

25.85

25.00

25.44 0.29

1080757

27.29

20.53

30

-

-

-

107

1.35

1.50

1.51

1.51

1.51 0.01

10000

2.95

1.06

-

-

-

-

Dawood Cap Mangt. XB 150

Arif Habib Corp Cap Assets Leasing

25.5 2 13.11 6.22 3.82 4 3.14 9 15.1 8 61.4 79 107 330 1.35 1564.5 54.45 4.84 7.9 80.5 7.05 1.45 770 0.99 7.35 115 12 1.75 19.61 2699 2.3 1.3 8.65 1.85 1.7 1.1 1.15 1.74 9.49 1.55 2.29 2.19 1.68 31.24 5.5 28.8 5.18 71.58 19.6 2.9 12.4 14.9 955 6.8 5.99 11.05 5.49 2.25 5 21 1.59 1.25

Low

Close

25.5 2 13.11 6.02 3.82 3.7 3.14 9 15.1 8 60.47 78 106.76 310 1.35 1425 54.27 4.83 7.9 79.75 7.05 1.25 735 0.9 6.75 115 10.51 1.31 19.61 2575.01 0.6 1 8.65 1.85 1.7 1.1 1.14 1.74 9.49 1.25 2.29 2.19 1.3 31.24 5 28.5 5.18 71.57 19.5 2.45 12.39 14.89 938.57 6.8 4.3 11.05 5.49 2.25 5 21 1.59 1.25

26.23 2 13.9 6 2.82 4.2 2.9 9 16 7 63.65 78.25 111.27 322 1.33 1490 57.12 4.68 7.4 79.75 7.73 1.25 735 1.24 7.1 118 11.2 2.31 19.47 2691.63 1.52 0.96 7.67 1.5 1.51 1 1.11 1.5 9 0.86 2.11 2 1.5 29.76 4.56 28 4.21 68.18 18.65 2.51 11.85 13.9 987 5.95 5.25 10.92 4.5 1.95 4.82 20 1.43 1.72

Change

Vol

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

100 100 100 87 86 80 70 50 41 21 21 21 20 15 15 14 12 11 10 10 10 10 9 7 6 5 5 4 4 4 3 3 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1

FUTURE CONTRACTS

2.06

1.40

1.50

1.50

1.30 -0.10

2001

2.04

1.15

-

-

-

-

250

-

1.28

1.49

1.25

1.25 -0.03

1482

1.99

1.01

-

-

-

-

Symbols

441

-

2.00

2.20

1.56

1.56 -0.44

50001

2.33

1.55

-

-

-

-

ENGRO-JUL 161.69

162.5

First National Equity

575

-

2.91

2.95

2.03

2.54 -0.37

2307

5.35

1.56

-

-

- 140R

FFBL-JUL

44

44.55

44.1

44.37

0.37

388000

POL-JUL

374.28

377.5

373.7

374.92

0.64

235000

FFC-JUL

155.12

2005

1.20

0.22

-

-

-

-

Ist Cap Securities

3166

-

2.44

2.99

2.45

2.52 0.08

29305

3.27

2.22

-

10B

-

-

Jah Siddiq Co

7633

-

7.53

7.60

7.26

7.29 -0.24

2044941

8.34

4.82

10

-

-

-

JOV and CO

2849

508

-

-

2.59

2.70

2.55

2.62 0.03

23050

3.40

2.31

-

-

-

-

JS Investment

1000 43.33

5.26

5.40

5.17

5.20 -0.06

5006

6.43

4.53

-

-

-

KASB Securities

1000

-

3.37

3.64

3.36

3.36 -0.01

3266

4.79

3.10

-

-

-

Orix Leasing

821

3.85

6.32

6.44

6.00

6.36 0.04

1552

6.44

5.00

-

-

Pervez Ahmed Sec

775

5.18

1.55

1.55

1.45

1.45 -0.10

43326

1.99

1.32

-

-

0.43

0.42

0.37

0.42 -0.01

Company

High Low 1,593.35 1,558.76 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.44 2.21

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Equity Modaraba

Close 1,553.62 Listed cap 29,771.58 mn Payout (%) 104.74

153.9

154.01

-1.11

107500

54.2

53.3

53.49

-0.51

104500

51.81

52.03

-0.95

98500

23.45

23.49

-0.34

93000

-

ATRL-JUL

127.97

128.6

127.25

127.39

-0.58

-

PPL-JULB

211.63

212

209.8

210.13

-1.5

36500

-

-

MCB-JUL

203.43

203.39

202

203.24

-0.19

32500

-

-

LUCK-JUL

72.94

72.75

72.3

72.3

-0.64

% Change -0.10 5-Day High 1,555.16 5-Day Low 1,541.19

2010 Div BR (%) (%)

2011 Div BR (%) (%)

9.21

1.39

1.79

1.10

1.75 0.36

12753

2.50

1.10

-

-

-

-

2.27

2.50

3.00

3.00

3.00 0.50

1599

4.60

1.51

-

-

-

-

2.13

3.35

3.32

3.21

3.21 -0.14

22351

3.72

3.11

17

-

-

-

397

3.92

7.75

7.99

7.99

7.99 0.24

8000

8.44

7.10

11

-

-

-

Habib Modaraba

1008

4.25

8.20

8.20

8.17

8.20 0.00

50047

8.44

7.26

21

-

-

-

JS Growth Fund

3180

2.05

6.02

6.15

5.90

5.96 -0.06

60102

7.40

5.32

12.5

-

-

-

JS Value Fund

1186

0.59

5.34

5.72

5.31

5.66 0.32

3002

6.68

4.91

10

-

5.00

-

Meezan Balanced Fund

1200

2.72

9.50

9.90

9.45

9.45 -0.05

4900

10.19

8.46

15.5

-

-

-

184 15.00

1.00

1.05

1.05

1.05 0.05

500

1.40

0.85

-

-

-

-

7.50

7.50

7.40

7.40 -0.10

13200

8.25

6.92

10

- 10.00

-

171601

13.84

12.00

20

- 12.50

-

22.45

17.00

-

20B

-

-

32300

3.00

2.06

-

33R

-

-

1.50

0.10

149068

1.77

1.16

-105.16R

-

-

MCB Bank Ltd

8362

8.15 201.82

203.10 200.90 201.74 -0.08

118688

210.95

190.99

115

10B 30.00

-

Meezan Bank XB

8030

6.00

17.87

17.84

17.50

17.53 -0.34

602660

19.49

16.60

-

15B

-

-

National Bank

16818

4.18

53.55

54.00

52.95

53.11 -0.44

1306925

55.15

49.51

75

25B

-

-

NIB Bank

40437

-

1.53

1.55

1.50

1.53

0.00

562204

2.05

1.47

-

-

Samba Bank

14335 21.25

1.70

1.79

1.70

1.70

0.00

6003

2.20

1.62

-63.46R

-

-

Mod Al-Mali

Silkbank Ltd

26716 15.94

2.55

2.65

2.52

2.55

0.00

166933

3.06

2.15

- 311R

-

-

PICIC Energy Fund

1000

2.18

6023

2.55

5.10

5.11

5.05

5.10

0.00

413010

6.94

5.00

-

-

-

-

PICIC Growth Fund

2835

2.71

13.45

13.40

13.20

13.20 -0.25

Stand Chart Bank

38716

6.73

8.17

8.50

8.09

8.34

0.17

4411

9.75

7.70

6

-

-

-

PICIC Inv Fund

2841

2.38

6.05

6.10

5.92

6.03 -0.02

770

6.95

5.50

10

-

7.50

-

Summit Bank Ltd

8701

-

3.86

3.90

3.75

3.76 -0.10

44562

4.75

2.67

-

-

-

20R

872

1.64

0.81

0.90

0.82

0.90 0.09

20500

1.10

0.75

3

-

-

-

United Bank Ltd

12242

7.29

61.88

62.44

61.50

27178

65.01

61.00

50

-

-

-

50

0.73

0.63

1.40

1.07

1.10 0.47

569

2.00

0.72

-

-

-

-

Prud Modaraba 1st Tri-Star Mutual

84500

6000

14.29

14.23

14.06

14.06

-0.23

4000

62.52

62.39

62.25

62.39

-0.13

3500

MTS LEVERAGE POSITION

760

23750

2.26 -0.11

1.43

Vol 454500

23.99

524

19.00 -0.18

2.26

1.54

-1.57

52.35

H B L Modaraba

19.00

2.39

1.40

Change

54

PTC-JUL

155.5

Close 160.12

23.83

Golden Arrow

19.69

2.37

159

52.98

First Capital Mutual Fund 300

19.18

Low

DGKC-JUL

UBL-JUL

Change -1.55 Market cap 19,663.01 mn Div Yield (%) 8.09

Last 60 days High Low

Volume

High

NML-JUL

EQUITY INVESTMENT INSTRUMENTS Open 1,555.16 Turnover 369,978 P/E (x) 20.11

Open

NBP-JUL

Performance of SR Equity Investment Instruments Index

5.46

0.14

High

26.23 2 13.9 6 2.82 4.2 2.9 9 16 7 63.65 78.25 111.27 322 1.33 1490 57.12 4.68 7.4 79.75 7.73 1.25 735 1.24 7.1 118 11.2 2.31 19.47 2691.63 1.52 0.96 7.67 1.5 1.51 1 1.11 1.5 9 0.86 2.11 2 1.5 29.76 4.56 28 4.21 68.18 18.65 2.51 11.85 13.9 987 5.95 5.25 10.92 4.5 1.95 4.82 20 1.43 1.72

Escorts Bank

9509

62.02

Open

Dawood Equities

8150 45.20

Soneri Bank

High Low 301.84 286.45 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.16 0.91

Paid up Cap(mn)

AMZ Ventures

KASB Bank Ltd

-154.79R

45.10

% Change -0.73 5-Day High 952.12 5-Day Low 935.12

Performance of SR Financial Services Index

JS Bank Ltd

-

Change -6.83 Market cap 10,356.83 mn Div Yield (%) 9.78

FINANCIAL SERVICES

Invest Bank

Performance of SR Banks Index

Close 935.12 Listed cap 2,290.72 mn Payout (%) 355.53

PE

GAS WATER AND MULTIUTILITIES High Low 1,295.92 1,281.13 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.95 11.41

High Low 937.21 934.47 Total cos Defaulter cos 4 P/BV (x) ROE (%) 1.40 3.85

627 14.82

Performance of SR Gas Water and Multiutilities Index Open 1,298.50 Turnover 23,981 P/E (x) 8.32

150007

MERIT BGL UDPL KOHC HUSI DMTM FECM STPL NSRM SZTM LIBM MFFL HINO FZTM FLYNG UPFL GLPL IDSM RICL JDWS BUXL GAMON COLG RAVT JKSM SFL BWCL CWSM SEL RMPL PAKL MWMP SFWF FCONM FFLM PAKMI FPJM IGIBL AGIC AATM DFSM DKTM KSTM PRET SMTM STJT GFIL MEHT MSOT DWSM SANSM SING WYETH WAZIR AKGL AMMF ASFL FDMF NBF AHI FDIBL SIBL

% Change -0.72 5-Day High 744.64 5-Day Low 739.29

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

Total Volume 694,195 18,700 569,927 310,650 37,355 948,100 431,633 423,606 328,175 46,300 84,687 2,953,107 20,126 22,350 1,299,444 347,581 339,943 4,000 250,776 21,000 29,000 34,866 4,156 3,000 102,500 9,325,177

Total Value 12,548,130 914,229 4,694,659 1,349,596 3,491,326 6,872,572 7,510,413 51,413,433 10,612,140 5,341,202 2,723,680 29,175,344 1,089,418 3,371,178 50,934,319 5,894,473 12,992,657 460,843 3,001,202 5,812,438 4,537,171 7,019,832 44,438 46,697 4,770,259 236,621,650

MTS Rate 19.00 18.95 17.00 18.00 15.00 15.00 17.48 21.64 20.00 15.06 16.00 17.27 16.21

BOARD MEETINGS Company

Pakistan Telecommunication Co Ltd

KSE 100 INDEX

Engro Corporation

Fauji Fertiliser Bin Qasim Ltd

Date

Time

Shakarganj Foods Ltd

12-Jul

7:12

Shezan International Ltd

13-Jul

11:00

Mitchell's Fruit Farms

14-Jul

1:30

Unilever Pakistan Ltd

09-Aug

10:30

Unilever Pakistan Foods Ltd

11-Aug

2:30

Kot Addu Power Company Ltd

05-Sep

1:00

TECHNICAL LEVELS Company Adamjee Insurance

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

45.57

Support 1

12,240.15

MA (5-day)

12,446.69

Support 2

12,188.35

MA (10-day)

12,455.97

Resistance 1

12,382.30

MA (100-day)

12,001.84

Resistance 2

12,472.65

MA (200-day)

11,699.07

Pivot

12,330.50

Target Price

Recommendations

Brokerage House

Target Price

Recommendations

Buy

Arif Habib Ltd

Sell

Arif Habib Ltd

Buy

AKD Securities Ltd

45.52

Accumulate

AKD Securities Ltd

195.41

Neutral

Positive

TFD Research

47.75

Neutral

TFD Research

245.95

Positive

Technical Analysis

Leverage Position

Brokerage House Arif Habib Ltd AKD Securities Ltd TFD Research

Target Price

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

Bollinger Bands were 25 per cent narrower than normal.

2.50

2.45

2.70

2.80

2.60

50.05

62.90

61.80

64.65

65.30

63.55

Arif Habib Corp

54.44

25.00

24.60

25.85

26.30

25.45

Arif Habib Limited

52.52

17.90

17.70

18.30

18.60

18.15

Askari Bank

55.45

11.80

12.05

11.55

Attock Cement

32.56

47.70

47.10

49.30

50.30

48.70

Attock Petroleum

50.45

375.70

370.35

386.20 391.35 380.85

Attock Refinery

48.99

125.70

124.90

127.55 128.65 126.80

11.35

11.05

Azgard Nine

48.21

5.85

5.75

6.05

6.15

5.95

Bank Al-Falah

55.30

10.00

9.80

10.30

10.40

10.10

Bank.Of.Punjab

54.10

6.55

6.45

6.80

7.00

BankIslami Pak

60.88

3.45

3.10

4.05

4.25

3.70

D.G.K.Cement

49.41

23.10

22.90

23.70

24.10

23.50

Dewan Cement

44.66

1.65

1.60

1.75

1.80

Dewan Salman

46.85

2.60

2.60

2.75

2.80

Dost Steels Ltd

59.10

2.45

2.40

2.65

2.75

2.60

EFU General Insurance 47.40

35.10

34.70

35.80

36.10

35.40

6.70

1.70 2.70

155.45

FFBL is currently 14.8 per cent above its 200-day moving average and is ENGRO is currently 17.8 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the displaying an upward trend. Volatility is extremely low when compared to average volatility over the last 10 trading sessions. Volume indicators reflect the average volatility over the last 10 trading sessions. Volume indicators volume flowing into and out of ENGRO at a relatively equal pace. Trend fore-

Fauji Cement

37.50

4.05

4.05

Fauji Fert Bin

63.17

43.90

43.65

Fauji Fertilizer

57.79

152.35

151.65

Faysal Bank

52.30

9.40

9.20

reflect volume flowing into and out of FFBL at a relatively equal pace. casting oscillators are currently bearish on ENGRO. Momentum oscillator is

Habib Bank Ltd

45.97

116.50

116.00

Hub Power

61.89

38.55

38.40

ICI Pakistan

46.44

153.80

153.40

154.80 155.40 154.40

Indus Motors

36.91

218.35

218.15

218.85 219.15 218.65

Trend forecasting oscillators are currently bullish on FFBL.

Brokerage House

currently indicating that ENGRO is currently in an oversold condition.

Dera Ghazi Khan Cement Co Ltd

Brokerage House

Target Price

Recommendations

405

Buy

Arif Habib Ltd

Accumulate

AKD Securities Ltd

Neutral

TFD Research

Arif Habib Ltd AKD Securities Ltd

386.5

Neutral

TFD Research

388.3

Leverage Position

42.98

Allied Bank Limited

157.20

Sell

57.80 MTS Shares `000 46.30 153.37 MTS Rs `000 5,341.20 138.78 MTS Rate 15.00 130.98 ** NOI Rs (mn) 82.99 Free Float Shares (mn) 466.49 Free Float Rs (mn) 71,400.55 Target price for Dec-11 & **Net Open Interest in future market

age and Bollinger Bands were 17 per cent wider than normal.

Al-Abbas Cement

28.76

Buy

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

Leverage Position

28.72 MTS Shares `000 423.606 160.95 MTS Rs `000 51,413.43 194.84 MTS Rate 18.00 193.43 ** NOI Rs (mn) 233.17 Free Float Shares (mn) 176.98 Free Float Rs (mn) 28,132.40 Target price for Dec-11 & **Net Open Interest in future market

1st 2nd Pivot Resistance 65.55 66.00 65.25

Engro Corp

Pakistan Oilfields Ltd

Recommendations

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

FFBL closed up 0.21 at 44.11. Volume was 16 per cent below average and ENGRO closed down -1.44 at 158.96. Volume was 31 per cent below aver-

120.7

Technical Analysis

328.175 10,612.14 15.00 66.95 14,421.26

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

165.3 164.95

Buy

Technical Outlook

Leverage Position

63.21 43.02 41.80 38.41 Free Float Shares (mn) 326.94

Technical Outlook

Technical Outlook Leverage Position

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

Fauji Fertiliser Co

Buy

42.2

Technical Outlook

224

Recommendations

24.7

Buy

55.89 MTS Shares `000 1,299.444 52.27 MTS Rs `000 50,934.32 57.91 MTS Rate 21.64 64.16 ** NOI Rs (mn) 61.65 Free Float Shares (mn) 398.12 Free Float Rs (mn) 21,144.28 Target price for Dec-11 & **Net Open Interest in future market

Target Price

20.15

65

Technical Analysis

Brokerage House

23.91

Technical Outlook

64.99

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

Recommendations

TFD Research

National Bank of Pakistan

AKD Securities Ltd

Target Price

AKD Securities Ltd

Arif Habib Ltd

RSI (14-day) 22.54 MTS Shares `000 4.156 MA (10-day) 14.20 MTS Rs `000 44.44 16.64 MTS Rate KSE 100 INDEX closed down -98.22 points at 12,291.90. Volume was MA (100-day) MA (200-day) 17.90 ** NOI Rs (mn) 1.27 52 per cent below average (consolidating) and Bollinger Bands were 35 Free Float Shares (mn) 585.06 Free Float Rs (mn) 8,237.65 per cent narrower than normal. As far as resistance level is concern, the Target price for Dec-11 & **Net Open Interest in future market market will see major 1st resistance level at 12,382.30 and 2nd resistPTC closed down -0.06 at 14.08. Volume was 92 per cent above average ance level at 12,472.65, while Index will continue to find its 1st support and Bollinger Bands were 0 per cent wider than normal. level at 12,240.15 and 2nd support level at 12,188.35. KSE 100 INDEX is currently 5.1 per cent above its 200-day moving PTC is currently 21.3 per cent below its 200-day moving average and is average and is displaying an upward trend. Volatility is relatively nor- displaying a downward trend. Volatility is extremely low when compared to mal as compared to the average volatility over the last 10 trading the average volatility over the last 10 trading sessions. Volume indicators sessions. Volume indicators reflect volume flowing into and out of reflect very strong flows of volume out of PTC (bearish). Trend forecasting INDEX at a relatively equal pace. Trend forecasting oscillators are oscillators are currently bearish on PTC. Momentum oscillator is currently currently bullish on INDEX. indicating that PTC is currently in an oversold condition.

Arif Habib Ltd

Brokerage House

RSI 1st 2nd (14-day) Support 43.63 64.80 64.55

Leverage Position

69.98 MTS Shares `000 21.00 366.51 MTS Rs `000 5,812.44 331.91 MTS Rate 15.06 306.67 ** NOI Rs (mn) 235.62 Free Float Shares (mn) 107.95 Free Float Rs (mn) 40,264.66 Target price for Dec-11 & **Net Open Interest in future market

Recommendations

4.15

4.20

4.10

44.35

44.60

44.15

154.20 155.35 153.50 9.75

9.90

9.55

117.50 118.00 117.00 38.95

39.15

38.75

J.O.V.and CO

43.18

2.55

2.45

2.70

2.75

2.60

Jah Siddiq Co

44.21

7.15

7.05

7.50

7.70

7.40

Japan Power

49.35

1.15

1.10

1.25

1.30

1.20

JS Bank Ltd

38.97

2.20

2.15

2.35

2.45

2.30

K.E.S.C

44.04

Kot Addu Power Lotte Pakistan

2.15

2.15

2.20

2.25

2.20

45.12

42.40

42.20

42.85

43.10

42.65

34.01

13.10

13.00

13.40

13.55

13.30

Lucky Cement

52.39

71.65

71.35

72.30

72.65

72.00

Maple Leaf Cement

38.06

2.00

2.00

2.10

2.15

MCB Bank Ltd

47.19

200.70

199.70

National Bank

55.78

52.70

52.30

53.75

54.40

53.35

Netsol Technologies

46.23

20.85

20.70

21.35

21.65

21.20

NIB Bank

37.66

29

Buy

Nimir Ind.Chemical

64.06

3.05

2.95

3.20

3.30

3.15

Buy

Nishat (Chunian)

38.60

22.40

22.20

22.85

23.10

22.65

Positive

Nishat Mills

36.26

51.25

50.80

52.45

53.15

52.00

Oil & Gas Dev. XD

48.43

150.80

149.50

P.I.A.C.(A)

49.65

P.S.O. XD

30.6

Technical Analysis

Leverage Position

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

49.49 MTS Shares `000 431.633 23.36 MTS Rs `000 7,510.41 23.68 MTS Rate 17.00 26.02 ** NOI Rs (mn) 67.28 Free Float Shares (mn) 200.80 Free Float Rs (mn) 4,680.76 Target price for Dec-11 & **Net Open Interest in future market

1.50

1.50

2.10

202.90 204.10 201.90

28.72

Technical Outlook

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

Target Price

161.20 163.45 159.45

1.55

1.60

1.55

153.70 155.30 152.40

2.20

2.10

39.56

266.50

264.90

P.T.C.L.A

22.65

13.95

13.85

14.25

14.40

PACE (Pakistan) Ltd.

36.68

2.05

1.95

2.35

2.55

Pak Oilfields

69.94

371.25

369.55

375.90 378.85 374.20

Pak Petroleum

44.99

207.55

206.25

210.80 212.75 209.50

Pak Suzuki

40.81

62.50

61.35

2.25

64.35

40.55 52.12

5.55

5.55

48.68

221.50

219.25

Sitara Peroxide

41.20

16.55

16.30

17.20

17.60

16.95

NBP is currently 17.2 per cent below its 200-day moving average and is FFC is currently 16.8 per cent above its 200-day moving average and is POL is currently 21.6 per cent above its 200-day moving average and is DGKC is currently 10.4 per cent below its 200-day moving average and is

Sui North Gas

46.75

19.85

19.80

19.90

19.95

19.85

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

Sui South Gas

38.97

20.50

20.35

20.90

21.15

20.75

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

Telecard

38.55

1.45

1.45

1.55

1.60

TRG Pakistan

44.36

2.55

2.50

2.65

2.70

2.60

United Bank Ltd

42.10

61.55

61.05

62.50

62.95

62.00

WorldCall Tele

39.91

1.95

1.90

2.05

2.15

2.00

(consolidating) and Bollinger Bands were 53 per cent narrower than normal.

reflect volume flowing into and out of NBP at a relatively equal pace. Trend reflect volume flowing into and out of FFC at a relatively equal pace. Trend reflect very strong flows of volume into POL (bullish). Trend forecasting flowing into and out of DGKC at a relatively equal pace. Trend forecasting forecasting oscillators are currently bullish on NBP.

forecasting oscillators are currently bullish on FFC.

oscillators are currently bullish on POL.

oscillators are currently bullish on DGKC.

5.55

1.60

2.25

63.20

Shell Pakistan

(consolidating) and Bollinger Bands were 24 per cent wider than normal.

1.50

65.05

14.15

Pioneer Cement

(consolidating) and Bollinger Bands were 5 per cent wider than normal.

1.40

2.35

Pervez Ahmed Sec

NBP closed down -0.44 at 53.11. Volume was 35 per cent below average FFC closed down -0.96 at 153.06. Volume was 57 per cent below average POL closed up 0.25 at 372.99. Volume was 51 per cent below average DGKC closed down -0.38 at 23.31. Volume was 70 per cent below average and Bollinger Bands were 55 per cent narrower than normal.

1.40

2.30

269.30 270.60 267.75

5.60

1.50 5.55

225.40 227.15 223.20

1.50


8

Tuesday, July 12, 2011

SK Telecom, STX battle for $2.3bn

HONG KONG: An employee of Hynix walks at the company's main office building. -Reuters

Bharti mobile phone tower arm eyes $500mn IPO Regulatory filing for Bharti Infratel IPO likely in Sept-Oct Standard Chartered, Morgan Stanley among frontrunners MUMBAI: Bharti Infratel, the mobile phone tower arm of India's Bharti Airtel , plans an initial public offering for at least $500 million and is expected to file regulatory papers in September or October, sources with direct knowledge of the matter said on Friday. Bharti Infratel, which has more than 30,000 mobile phone towers, also holds a 42 percent stake in joint venture tower company Indus Towers, which is the world's top telecoms tower firm with more than 110,000 towers. Standard Chartered and Morgan Stanley are among the frontrunners to help manage the initial public offering, three of the sources told Reuters. Details of an IPO by Bharti Infratel are being worked out and the deal size could change depending on valua-

tion, said two of the sources, who declined to be named as the matter was not public yet. A spokesman for Bharti Airtel, India's largest cellular carrier, declined to comment. In 2007, Bharti Airtel sold up to a 9 percent stake in the tower unit to seven international investors, including Temasek Holdings and Goldman Sachs for a total $1 billion. Other investors in Bharti Infratel include Macquarie Group , Citigroup , India Equity Partners, Investment Corporation of Dubai and AIF Capital. In February 2008, Kohlberg Kravis Roberts & Co also agreed to invest $250 million in the tower arm. Bharti Airtel last year acquired telecoms operations in 15 African countries from Kuwait's Zain in a $9 billion deal and became the world's

fifth-biggest mobile operator by subscribers. Bharti has previously said that it would take its tower unit public but has not disclosed the issue size or the timeline for the share sale. India's equity capital market has been sluggish this year with companies raising $7.1 billion in the first half of 2011, down nearly 42 percent from the same period last year, data from Thomson Reuters showed. Many companies, including state-run firms such as explorer Oil and Natural Gas Corp and steelmaker Steel Authority of India Ltd , have delayed their shares sale plans due to poor market sentiment. India's main share index is down 8 percent this year making it one of the world's worst performing markets. -Reuters

PTA awards gold medals to winners of best research projects ISLAMABA: Pakistan Telecommunication Authority (PTA) has awarded gold medals with cash prizes to the students of two best research projects in IT & Telecom for the year 2010. Chairman PTA Dr Muhammed Yaseen presented gold medals to the winners of the competition during a ceremony held at PTA Headquarters here , a press release issued said. Member (Technical) Dr Khawar Siddique Khokhar and Member Finance (acting), Shabbir Ahmed were also present on the occasion. The event was attended by senior officers of the Authority, faculty members of the universities and parents of the awardees. The gold medals were awarded on the basis of a competition among accredited national uni-

versities held by PTA for the best research projects on IT & Telecom. Total 10 research projects were received from different universities which were later on scrutinized and evaluated by a PTA committee through a transparent procedure of marking. On the basis of highest obtained marks two research projectsof Faran Mahmood (Team Lead) from institute of Space Technology Islamabad (IST ISB) and Absar-ul-Hasan Shah (Team Lead) from national University of Science and Technology Rawalpindi (NUST) were selected for the award of Rs. 50,000 each and gold medals. Moreover team members of the winning projects Bilal Akhtar, Areeb Riaz, Syed

Muhammad Athar Ali, and Ali Raza Anjum were also awarded gold medals and cash prizes. Addressing the ceremony, Chairman PTA said that as reflected from the telecom indicators, growth in the telecom sector has been immense in recent past years. Similarly education sector has also shown tremendous growth in terms of adding an increased number of educational and professional institutions, development of faculty and students' enrollments whereas growth in research on IT & telecom in Pakistan has not been proportionate. He said that PTA has always been an academia friendly organization and this initiative is a testimony of the utmost respect and regard we hold for academia in our hearts. -APP

Spaniards win right to switch mobile cos MADRID: Spanish mobile operators will have one day, instead of four at present, to implement requests for customers switching company while keeping their phone number, under a change to the law designed to boost competition. The clock will start ticking when a customer signs a contract to switch operator, rather than from the moment the new company requests the number from the old provider, telecoms regulator CMT said on Monday. The new rules, to come into force from June 1, will mean a customer signing with one firm on Monday will have their old number fully operational with the new firm by Wednesday at 0400 GMT (5 a.m. British time), said the CMT. "In this way, Spain becomes the country in the European Union where mobile users will be able to enjoy their right (to take their old number to a new operator) more quickly," the CMT said. Some 4.8 million mobile lines switched mobile provider last year, with many customers abandoning Spain's dominant operator, Telefonica, and no. 2 operator Vodafone for TeliaSonera's Yoigo.

SEOUL: South Korea's SK Telecom and STX Corp entered the fray to buy a $2.3 billion stake in Hynix Semiconductor , raising hopes of a successful sale by creditors of the world's No. 2 computer memory chipmaker at the third attempt. SK Telecom, the nation's biggest telecoms firm, and shipping-to-shipbuilding group STX said separately they had submitted their initial interest to creditors for the 15 percent stake in the first round of bidding which closed on Friday. A successful bid would mean a shift in focus and a first step into the highly cyclical computer chip business for either firm, something investors and analysts have been cool on. "The acquisition plan is not in line with what SK Telecom has presented for its future strategy," said Choi Yoon-mi, an analyst at Mirae Asset. "It is a distracting development when it has to put resources into the stated goal of growing its content and mobile platform operations." Shares of SK Telecom tumbled as much as 6.8 percent on Friday to its lowest level in more than eight years. "We expect the deal to pave the way for us in securing future growth from promising semiconductor industry, which will benefit from expanding smartphones, tablets and Internet TV segments," SK said in a statement. "It will also help us shift away from intensively competitive local mobile market." Shares of STX Corp edged up 0.7 percent after losing more than 6 percent in the past two days following its announcement of a likely bid for Hynix, which trails local rival Samsung Electronics . Prior to the auction closing, shares in Hynix finished up 0.8 percent, while SK Telecom shares pared losses to close down 3.2 percent. CYCLICAL SECTOR STX Corp reiterated its plan on Friday to sell assets and tie up with a Middle East-based sovereign wealth fund to finance the acquisition. It said the group will reveal the name of the fund before the final bidding. "The two firms seem quite seri-

ous about the bidding as STX Corp showed its financing plan with a Middle East fund at an early stage... This bid race could drive up premiums to over 10 percent to the current Hynix share price," said Nam Tae-hyun, an analyst at IBK Securities. "In terms of synergy, there's nothing much for the two bidders to gain from a Hynix deal." Deutsche Bank cut its target price for SK Telecom by 8 percent, citing uncertain synergies from the potential deal. "We suspect the primary motivation for SK Group could be the desire to shed its image as a domestic-oriented conglomerate, by acquiring a manufacturing exporter," it said in a research note. Hynix declined to comment on the auction on Friday. Creditors rescued Hynix from a debt crisis in 2001, stemming from one of the industry's worst downturns. They have since scaled back their stake, but have failed to complete a full sale with investors reluctant to jump into the cyclical memorychip sector. They have been tapping Korea's big business groups to attract bidders and planned to allow Hynix to sell up to 10 percent of new shares as part of the auction to raise the odds of success after two previous auctions failed. Nine Hynix shareholders including Korea Exchange Bank, Shinhan Bank and Woori Bank are offering 88.5 million shares of Hynix worth around 2.4 trillion Korean won ($2.3 billion) at the current market value. The auction is part of a series of corporate asset sales by Korean banks and the government after they took control of liquiditystrapped firms in the wake of the Asian financial crisis in late 1990s. Sales attempts have been not very successful, partly because failed attempts over several years by U.S. fund Lone Star to sell its stake in a local bank cooled foreign interest in Korean assets. Creditors of Hynix plan to hold the next round of bidding in August and close the deal before the end of this year.

Ufone donates Rs5mn for Kidney Center expansion ISLAMABAD: Keeping a strong conviction to provide progressive health facilities for the under served in the society, Ufone, recently joined hands with The Kidney Center and has donated a sum of Rs. 5 million to help in expansion of the state-of-the-art kidney related medical facilities at the centre. Ufone, as a responsible corporate organization, follows a very optimistic philanthropic path. In the recent past Ufone under its child health care initiative revamped the PAEDS department at Policlinic Islamabad which has henceforth provided facility at par with any private hospital in the country. The expansion at The Kidney Centre, Karachi comes in lieu of the fact that there is an alarming increase of End Stage Renal Disease (ESRD) patients who visit the Kidney Center every day and the available dialysis facility was being strained. The existing dialysis facility will be moved to the new floor with 45 additional machines, raising the number to 67, along with allied equipment and professional services. This expansion will engage more than 500 patients and 83,884 dialysis sessions per year. While handing over the cheque to Mr. Nasser Jaffer, Chairman Board of Governors, The Kidney Center Training Institute, Mr. Abdul Aziz, CEO Ufone expressed the desire to form a long lasting commitment between the two organizations and to improve the state of deteriorating health facilities in the country. Aziz also acknowledged the time and effort put in by the pioneers of the kidney center and hoped that the general public will come forth and help establish more facilities like this one. -NNI

Mobilink provides relief to affected ISLAMABAD: Mobilink, Pakistan’s market leader in cellular services and a part of Orascom Telecom Holding, has marked the completion of the first phaseof model homes in RohailanWali, Muzzaffargarh as part of its continued effort to provide relief and rehabilitation to flood affectees. The Mobilink Foundation has always been at the forefront to help the nation in critical times. Mobilink’s Corporate Social Responsibility (CSR) philosophy goes beyond philanthropy and donations. Mobilink is constructing over 60 homes across Pakistan through the Mobilink Foundation. Mobilink’s Director Public Relations and CSR, Omar Manzur said; “Our aim is to ensure that these new homes will prove to be a secure and comfortable residence for the deserving families.-NNI

SEOUL: South Korea's actor Won Bin (R) and singer and actress IU (L) pose with Choi Chang-soo, who was chosen as the first honorary client of SK Telecom's fourth-generation (4G) LTE service, during an event to launch the 4G LTE service of the company in Seoul.-Reuters


9

Tuesday, July 12, 2011

Oil drops on demand slowdown worries China's crude imports tumble 11.5 per cent in June LONDON: Brent crude futures fell by around $2 a barrel on Monday as worries about the widening euro-zone debt crisis and a drop in Chinese crude imports rekindled concerns about a demand slowdown. After Friday's dismal US employment data, investors remain on edge about a meeting of top European officials on fears the crisis could spread to Italy, the region's third-largest economy. By 1400 GMT, Brent crude futures for August fell by $1.63 to $116.70 a barrel, but firming from earlier lows of $115.67 a barrel. US crude futures traded 47 cents down at $95.73 a barrel by the same time, recovering modestly after touching lows of $94.32 a barrel before. "Concerns about Europe keep getting ratcheted up and demand expectations lower and China's inflation and worry about slowing growth add to worries about demand in the fourth quarter," said Phil Flynn, analyst at PFGBest Research in Chicago. CA-CIB analyst Christophe

Sugar falls, strong dollar and euro debt weigh LONDON: ICE raw sugar futures fell on Monday as a stronger dollar, along with concerns that the euro-zone debt crisis was worsening, weighed on commodity prices. Cocoa and coffee prices also eased as a fall in Chinese crude imports signalled a slowdown in demand and triggered risk aversion. "There is concern again of falling demand in the general world economy this morning as China apparently has recent relatively low levels of commodity importing, particularly oil, which is at the lowest levels for a year," said Thomas Kujawa of brokerage Sucden Financial. "So far today all commodities are under pressure." October raw sugar on ICE was off 0.18 cent or 0.6 percent at 29.18 cents a lb at 1449 GMT, paring earlier losses after dipping to 28.64 cents. Uncertainty over the size of top producer Brazil's cane crush supported the market, helping the market to rally around 7 percent higher last week. August white sugar on Liffe was up $0.60 or 0.1 percent at $818.90, below the contract high of $821.50 set on Friday. Cocoa futures were also lower, consolidating after choppy trade last week as questions remained over the outlook for top producer Ivory Coast's 2011/12 production following months of unrest which halted exports and saw farmers leave their farms untended earlier this year. September cocoa futures on ICE fell $34 to $3,055 a tonne. The contract remained above the near five-month low of $2,868 hit in June. "There's a lot of supply coming in, and some stuff is still unsold, so the market could dip lower," a European dealer said. London's September cocoa traded down 3 pounds at 1,941 pounds a tonne as dealers eyed the imminent expiry of the July contract, due later this week. As of Friday, July's open interest stood at 26,493 lots. Arabica coffee prices edged lower as weather in Brazil was favourable for harvest progress and development of the 2011/12 crop, with no sign of frost. The stronger dollar weighed on prices and robusta was tracking losses on the arabica market, a London-based broker said. September arabica coffee futures on ICE fell 5.8 cent or 2.2 percent to $2.5740 per lb. The contract peaked at $2.7190 on Thursday, the highest level for the second month since June 15. September robusta coffee futures on Liffe were down $53 or 2.2 percent at $2,383 a tonne. -Reuters

Barret added that in light of the impact of high oil prices on growth, "the very high oil prices are the best cure to very high oil prices." European Council President

sis would continue to weigh on the euro. The euro fell by more than 1.17 percent against the dollar. A stronger greenback can hurt dollar-denominated commodities such as oil by rendering

Herman Van Rompuy over the weekend called an emergency meeting for Monday morning of top officials dealing with the euro-zone debt crisis, reflecting concern that the crisis could spread to Italy. "Risk aversion is back after the disappointing US jobs data and concerns about the debt situation in Italy," Commerzbank analyst Carsten Fritsch told Reuters. "This is putting oil prices under pressure, and it seems Brent in particular is vulnerable to further losses." Fritsch said Europe's debt cri-

them more expensive for holders of other currencies. Investor appetite also remained subdued after China's crude imports tumbled by 11.5 percent in June from a year earlier to 4.8 million barrels per day (bpd), their lowest in eight months. "The fall in oil prices this morning is a result of fears that China's commodity-driven inflation is yet to peak, coupled with worries that Europe's sovereign debt crisis may be spreading," said Christin Tuxen, an analyst with Danske Bank in

Copenhagen. Last week's gains in Brent pushed prices well above the level prior to the release of global emergency stockpiles coordinated by the West's energy watchdog, the International Energy Agency as traders bet the extra 60 million barrels of oil would be insufficient to stop market tightening later this year. The IEA said on Monday it will release slightly less oil and oil products than initially expected under its emergency release plan. Analysts expect OPEC's monthly report due on Tuesday will provide insight into oil stock estimates after the IEA's move. Saudi Arabia's offer for additional crude in August met scant interest from refiners across northeast Asia, who are just taking their full contractual volumes. Limited demand for extra barrels from Asia, the world's fastest-growing market, would leave the Saudis with few options to find homes for additional cargoes. -Reuters

Palm oil down on growing stocks

Tokyo rubber hits 1-wk low due to weak oil

Palm Oil Board data showed Malaysia's June palm oil stocks climbed to an 18-month high of 2.05 million tonnes July's export trend also looks weak with cargo surveyor Intertek Testing Services reporting a 1.3 percent rise in Malaysian exports for the first ten days of this month from the same period in May. Another surveyor, Societe Generale de Surveillance said exports dropped 3.3 percent in the same period. Other vegetable oils were firm in Asian trade hours. US soyoil for July delivery rose 0.3 percent and the most traded May 2012 contract up 0.1 percent on Monday. Traders are awaiting the United States Department of Agriculture's (USDA) monthly supply-demand report on Tuesday, which will update its estimate of ending stocks and offer its first forecast of spring wheat production this year. Reuters

BANGKOK: Tokyo rubber futures dropped 2.5 percent to a one-week low on Monday as weak US economic data raised concern about demand, and falling oil prices added to the downward pressure, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for December delivery fell 9.8 yen, or 2.5 percent, to settle at 369.4 yen ($4.92) per kg. It fell to an intra-day low of 369.2 yen, the lowest since July 4. The most active rubber contract on the Shanghai futures exchange for January delivery fell 680 yuan to finish at 33,665 yuan ($5,207) per tonne. US jobs growth ground to a near halt in June as employers hired the fewest workers in nine months, frustrating hopes the economy would bounce back quickly from a slowdown in the first half of the year. That signalled poor demand for commodities. "The US data was not good and weaker oil prices were an additional factor that hammered rubber prices down," one dealer said. Oil fell for a second day on Monday, pushed down by the US data plus a drop in China's crude imports. In addition, China's annual inflation accelerated to a threeyear high in June, increasing the chances that the central bank will keep raising interest rates to tame price pressures and raising fears for growth in the car sector. However, dealers said TOCOM rubber could rebound on Tuesday if it found support at 365 yen and oil prices recovered. -Reuters

KUALA LUMPUR: Malaysia palm oil futures fell on Monday, weighed by stocks that hit an 18-month high last month and lacklustre exports. But losses were limited thanks to firmer competing soyoil markets that gained on concerns that hotter weather in US Midwest may affect the soy crop. "The growing stocks triggered some profit-taking. There may be further declines in the days to come although weather developments in the US could change that," said a trader with a foreign commodities brokerage in Kuala Lumpur. The benchmark September crude palm oil contract on Bursa Malaysia Derivatives fell 0.1 percent to 3,074 Malaysian ringgit ($1,027)a tonne, reversing gains made earlier in the day. Overall traded volume was a tad lower at 18,760 lots of 25 tonnes each, compared to the usual 25,000 lots. There could now be more selling pressure after Malaysian

Copper falls on Italy debt fears; supply in focus LONDON: Copper fell on Monday as concerns over Italy's sovereign debt curtailed appetite for risky assets, and the dollar rose but strikes in producer countries highlighted supply constraints and lent support to prices. Three-month copper on the London Metal Exchange closed at $9,570 a tonne at 1431 GMT, from the $9,661 close on Friday. The metal used in power and construction reached $9,789.75 on Friday, whichwas its highest since April 12, and within 5 percent of record highs of $10,190hit in February. "It seems like the European debt problems are going to be a source forcontinual dips all year long," analyst David Thurtell at Citi said. Stocks fell sharply and the euro slid across the board on Monday on concernItaly could be the next casualty of the euro-zone debt crisis. A strongerdollarmakes commodities more expensive for holders of other currencies. "Also the fears are that the Chinese will have to keep on tightening which isn't going to be that supportive for copper, but the supply problems seem to be underpinning things at the moment," Thurtell added. A weaker-than-expected US jobs report on Friday and data showing China's import growth fell to its slowest pace in 20 months also encouraged investors to sell their risky assets. China raised rates last week, but further decisive tightening looks needed.

Fighting inflation remains the top priority for the Chinese government and Beijing will maintain its current economic policy, Premier Wen Jiabao said onMonday. The country's copper demand bounced back strongly in June, but the outlookwas marred by falls in other key commodities, showing that Beijing's cooling

Shanghai copper ends lower The most-active September copper contract on the Shanghai Futures Exchange ticked down 0.6 percent to close at 71,470 yuan per tonne.

AHMEDABAD - India: Indian farmer, Chandubha Gohil displays mangos from his orchard at Meethi Virdi village in Bhavnagar district, some 260 kms from Ahmedabad. -Agencies

Gold soars on euro concerns as $ rises LONDON: Gold rose for a sixth day on Monday in its longest stretch of gains since March, driven by investor concerns over the potential spread of the eurozone debt crisis. The euro fell by more than 1 percent against the dollar, which hit two-week highs against a basket of currencies , as European Union officials held an emergency meeting to discuss whether the troubles that have plagued Greece, Portugal and Ireland could spread to Italy. That followed Friday's US

tainty over the European sovereign debt, as well as the dollar," said Suki Cooper, an analyst at Barclays Capital. "So it's being pulled in two directions. Had the sovereign debt issues escalated during a seasonally strong period such as in April, there would have been a larger price pull towards the upside on the back of safe-haven buying and physical demand support." Consumers tend to retreat from the gold market in the northern hemisphere summer months.

non-farm payrolls data, which showed job creation had virtually ground to a halt, dampening hopes that the world's largest economy would bounce back from its slowdown in the first half of this year and helping gold stage a 3.9 percent weekly rise in its best week since November 2009. Spot gold rose to a 2-1/2-week high of $1,556.59 before trading at $1,554.50 an ounce, up 0.7 percent by 1407 GMT. US gold August futures were up 0.9 percent at $1,555.50 an ounce. "Given that we're in a seasonally weak period for physical demand, the downside is not as well supported as it could be. In turn given the period we're in, prices have held up really well on the back of the macro uncer-

Gold was just over 1 percent below early May's record high at $1,575.79 an ounce, but the price of bullion hit record highs in both euros and sterling on Monday. Euro-denominated gold hit record highs above 1,091 euros ($1,583) an ounce, while sterling-priced gold rose for a sixth day to a record 977.65 pounds ($1,571)an ounce. Last week, holdings of gold in exchange-traded products (ETFs) rose for a fourth consecutive week, reflecting a pick-up in investor demand for the metal over the last month. So far this year, however, gold ETF holdings have barely changed, although they have risen in three of the last four months. -Reuters

Indian sugar extends gains MUMBAI: India's sugar futures extended last week's gains into Monday on good retail and stockist demand amid lower nonlevy supplies for July, analysts and dealers said. At 4:15 pm, the most active sugar for August delivery on the National Commodity and Derivatives Exchange was 0.25 percent higher at 2,807 rupees per 100 kg. In Kolhapur, a key market in top producer Maharashtra, the most traded S-variety rose 0.37 percent to 2,720 rupees ($61.12) per 100 kg. "Retail demand was good. Stockists were also active as key festivals are slated next month," MukeshKuvadia, secretary of the Bombay Sugar Merchants Association, said. "The government's decision to allow additional exports of 500,000 tonnes was also supporting sentiment." India last month allowed exports of an additional 500,000 tonnes of sugar. India has made available 1.56 million tonnes of non-levy sugar for July, lower than the 1.65 million tonnes it had released last month, the government said in a statement. Non-levy, or free-sale sugar, is sold by millers in the open market, but the quantity each mill can sell is fixed by the federal government on a monthly basis. India, the world's top consumer and the biggest producer behind Brazil, should churn out 24.2 million tonnes in the current 2010/11 season and output may jump to 26.5 million tonnes in 2011/12, higher than the country's estimated consumption of around 22 million tonnes, industry estimates. -Reuters

National Commodity Exchange Ltd Trading Summary Date

11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011 11-Jul-2011

Commodity

CRUDE10 CRUDE10 CRUDE10 CRUDE100 CRUDE100 CRUDE100 SILVER - 100oz SILVER - 100oz SILVER - 100oz SILVER - 500oz 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 SUGAR

Contract Date

Price Quotation

Open

High

Low

Close

AU11 SE11 OC11 AU11 SE11 OC11 AU11 SE11 OC11 AU11 SE11 OC11 AU11 SE11 OC11 AU11 SE11 OC11 JY11 AU11 SE11 JY11 AU11 JY11 AU11 MON TUE WED THU FRI MON TUE WED THU FRI SE11

US$ Per Barrel US$ Per Barrel US$ Per Barrel 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 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 Kg

98.56 99.38 99.38 98.55 99.00 99.38 36.29 36.28 36.27 36.60 36.45 36.27 1526.60 1527.00 1528.20 1526.40 1527.90 1531.80 42270.00 42444.00 42292.00 42243.00 42250.00 49271.00 49271.00 43355.00 43403.00 43420.00 43436.00 43452.00 49954.00 50621.00 50,618 50,013 50,013 64

99.10 99.51 99.38 99.07 99.00 99.38 36.83 36.83 36.50 36.85 36.86 36.50 1550.80 1551.30 1551.80 1549.70 1550.30 1550.40 42920.00 42927.00 42941.00 42892.00 42899.00 50028.00 50028.00 44078.00 44012.00 44029.00 44045.00 44062.00 50750.00 50667.00 50,700 50,705 50,724 64

94.59 95.10 95.70 94.62 95.19 95.70 36.19 36.25 36.27 36.26 36.25 36.27 1526.00 1526.50 1527.00 1526.40 1527.90 1528.40 42270.00 42278.00 42292.00 42243.00 42250.00 49271.00 49271.00 43355.00 43403.00 43420.00 43436.00 43452.00 49901.00 49957.00 49,976 49,994 50,013 64

94.69 95.19 95.70 94.69 95.19 95.70 36.49 36.49 36.50 36.49 36.49 36.50 1549.70 1550.30 1550.70 1549.70 1550.30 1550.30 42920.00 42927.00 42941.00 42892.00 42899.00 50028.00 50028.00 44078.00 44012.00 44029.00 44045.00 44062.00 50743.00 50667.00 50,686 50,705 50,724 64

Traded Volume in lots 1,368 385 309 54 82 225 49 63 2,520 4,884 1,319 54 46 12 60 111 5 5 -

Previous Settlement Price 98.48 98.95 99.38 98.48 98.95 99.38 36.26 36.27 36.27 36.26 36.27 36.27 1527.40 1527.90 1528.40 1527.40 1527.90 1528.40 42270.00 42278.00 42292.00 42243.00 42250.00 49271.00 49271.00 43355.00 43403.00 43420.00 43436.00 43452.00 49901.00 49957.00 49,976 49,994 50,013 64

measures were weighing on the economy. China is the world's top consumer of base metals. Strikes and weather-related shutdowns have kept already tight copper supplies in focus. Most analysts expect supply to fall short of demand this year. Workers at Codelco's No. 2 copper mine, Chile's El Teniente, began acompanywide strike on Monday after union leaders blocked access roads to the underground deposit, union officials said. Codelco is the world's top copperminer. But workers at Freeport Indonesia's Grasberg mine, one of the world's largest sources of copper and gold, will end a week-long strike after a deal between the firm and union leaders. According to a document seen by Reuters,workers would return to work on Tuesday. - 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 94.69 477 95.19 124 95.70 94.69 96 95.19 16 95.70 1 36.49 23 36.49 81 36.50 36.49 4 36.49 54 36.50 1549.70 2,036 1550.30 1,770 1550.70 814 1549.70 13 1550.30 1550.70 1 42920.00 42927.00 5 42941.00 42892.00 42899.00 50028.00 50028.00 44078.00 44012.00 44029.00 44045.00 44062.00 50743.00 46 50667.00 151 50,686 8 50,705 11 50,724 9 64 -


10

Tuesday, July 12, 2011

Gilgit lift Shandur Trophy CHITRAL: A 3-day Shandur Polo festival known in the world for highest polo ground having the altitude of 12500 feet and unrivaled resilience of local polo teams concluded. Chief Minister Gilgit Baltistan Province Syed Mehdi Shah was the chief while Governor Gilgit Baltistan, Provincial Minister for Sports and Tourism of Khyber Pahtunkhwa Syed Aqil Shah, Provincial Minister for Population Welfare Saleem Khan, MPAs Muhammad Anwar Khan, Shagufta Malik, Chief Advisor Sadia Danish and large number of civil and military officers attended the ceremony. Final Polo match was played between Gilgit and Chitral teams. Both teams successfully scored 3 goals in

first half while Gilgit team won the match by scoring 7 goals against 4 goals of Chitral team. Chief Minister Gilgit Baltistan distributed trophies and shields among players and participants. The event which attracted spectators all over the world was sponsored by Tourism Corporation of Khyber Pahtunkhwa. Shandur Polo Festival was participated by manufacturers of local handicrafts besides a team of paragliders stunned spectators by their breath taking stunts in the air. Participants praised the efforts made by the government for successfully holding Sandur festival in a peaceful manner and expressed hope that the government would continue its endeavors for promoting sports in future. -APP

SHANDUR: Chief Minister Gilgit Baltistan Syed Mehdi Shah giving away winner trophy to Gilgit Team Captain in Shandur. Gilgit Beat Chitral by 7-4 goals in the final match. -Online

Dreamtime for Prom at British Open SANDWICH: Prom Meesawat's childhood dream of competing in a Major championship will become a reality when he makes his maiden appearance at the British Open here this week. The 26-year-old, who earnestly followed the world's oldest Major from the comforts of his living room previously, will be part of an elite field at Royal St George's after he earned his place by winning the International Final Qualifying - Asia in February. "I learned about the British Open when I was a junior golfer and I have only been watching the Majors on TV. It's great now that I'm going to play in one," said Prom, who holds one victory on the Asian Tour. Following his maiden success in Korea in 2006, Prom has struggled to regain his winning form but four top-10s this season has provided the muchneeded confidence. Sessions with Thai sports psychologist Pichit Namuangpo, who also looks after the national boxers, has put Prom in a good frame of

mind. "It's a good comeback to play the Open after my dip in form the last few years," said Prom, who is nicknamed the 'Big Dolphin' due to his burly physique and because he comes from the coastal town of Hua Hin, south of Bangkok. "Previously, when I didn't play well, I started getting negative thoughts. When I got to the tee box, I would think if I was going to end up left or right with my shots. "Now, I'm more relaxed. I focus hard on my routine. I've managed to cut out the bad things in my head. These are part of the things I've learnt (from Dr Pichit)." The Thai, whose entourage includes his wife, caddie, manager and coach, hopes he will be able to tackle and overcome the blustery conditions which are often linked with the British Open. "I know that it's going to be very windy and it's probably the toughest condition in any Major. I'll try to play good, do my best when I'm there," said Prom. "I've played the Dunhill Links Championship in 2008

previously which is held at St Andrews, Carnoustie and Kingsbarns. But I think the set up for the Open will be different. The rough will certainly be longer and the greens could be faster. "In Hua Hin (several weeks ago), it rained and I put on my rain gear to put in some practice of playing in the rain and with the rain-gear on. We don't get much rain in Hua Hin. So I just practiced in those conditions although I know it won't be the same in the Open." Without any huge expectations hanging over him, Prom believes it will play to his advantage as he makes his Major bow. "I'm not going to put pressure on myself and keep to my game plan. I'll be trying my best and see what happens," said Prom. Prom's countrymen Thongchai Jaidee and Prayad Marksaeng will also be at Royal St George's along with reigning Asian Tour number one Noh Seung-yul of Korea, Japanese veteran Tetsuji Hiratsuka and Singapore's Lam Chih Bing. -APP

HYDERABAD: Youngsters giving trails on the 2nd day for selection of under-16 cricket team for Hyderabad region organized by PCB at Niaz Stadium. -APP

Fast track programme for pace bowlers in full swing LAHORE: Pakistan cricket board's fast track coaching programme for fast bowlers and batsmen is in full swing here at National Cricket Academy. On the eight successive day of the training,Intikhab Alam, Aaqib Javed, Mansoor Rana, and Ijaz Ahmed supervised two training session and gave useful tips to the participants on various aspects of the game. Chief selector,Mohsin Hasan Khan also visited the camp and watched the players in action. -APP

Zone-VI wins PCB Inter District title fifth time in a row KARACHI: KCCA Zone-VI created a piece of history when they won the PCB Senior Interdistrict title for a record fifth time in a row. Zone-VI ended the event 42 points in six matches after playing a draw against Zone-VII, with a first-innings lead against their opponents at the RLCA Ground North Karachi, the other day, said a news release issued on Monday. Off-spinner Misbah Khan claimed 37 wickets in the campaign, while Akbar-ur-Rehman and Fakhar Zaman, Fazal Subhan were the contributors with the bat for the winning side. Summarized scores: KCCA Zone-VI 246 (Fakhar Zaman 52, Saad Ali 40, Fazal Subhan 26, Muhammad Hassan 27,Mansoor Ahmed 5/83, Junaid Ilyas 3/77) & 161/2 Ali Asad 77, Fakhar Zaman 42, Muhammad Hassan 20 not out Junaid Naeem 2/44) KCCA Zone-VII 131 (Faraz Patel 73,Muhammad Danish 13, Adnan Kaleem 4/36,Tabish Khan 3/44). -APP

Spanish second tier clubs facing financial ruin MADRID: Spain's heavilyindebted second division clubs cannot continue to spend more then they earn and wages and transfer fees need to be cut substantially if they are to survive, a study said on Monday. Spanish second-tier sides, much worse off than rivals in England, Germany and France, made a combined net loss of some 43.1 million euros (37.9 million pounds) in the 2009-10 season, the study by an accounting professor at Barcelona University showed. More than half of the 22 teams were in administration and their total income of just under 170 million euros was only a 10th of the revenue in the top flight. By contrast, clubs in Germany's top division, the Bundesliga, made about 5.7 times more than those in the second division and the difference in France and England was roughly the same. "We are the world champions and the champions of Europe at senior and Under21 level, we have two of the game's best teams, Barca and Madrid," wrote Jose Maria Gay, the report's author. "If the first division's finances are very precarious, the second division is worse. It is impossible that the second division remains viable," he added. "The solution is very simple: the second division should cut wages and enormously reduce the cost of transfers." Gay, an expert on soccer finances, published his latest study a day before Spain's professional soccer league (LFP) -- which

includes first and second division clubs -- is due to vote on rules designed to control spending. The proposals are in line with UEFA regulations that begin to come into force next season and aim to stop clubs accumulating unsustainable debts. Racing Santander became the latest to seek protection from creditors last week, joining fellow La Liga clubs Real Mallorca and Real Zaragoza as well as all three promoted teams Real Betis, Rayo Vallecano and Granada in administration. DISHONOURABLE STAIN A separate study Gay published last month showed the 20 clubs in the top flight made a combined net loss of some 100 million euros in the year to the end of June 2010, up from 19 million in the year-earlier period. Total debt fell slightly from the previous year, to 3.43 billion euros, but was still more than double revenue of 1.61 billion euros. In the second division, total debt was more than 550 million euros at the end of the 2009-10 season and labour costs accounted for 113 percent of operating income. Gay was scathing about the failure of many second division clubs to deposit their accounts at Spain's mercantile registry as they are obliged to do by law. Only Real Sociedad, Hercules, Elche, Numancia, Cordoba, Celta Vigo and Huesca had provided their 2009-10 accounts by July 2011, he said. "The lack of transparency in our football is a dishonourable stain on Spanish sport," Gay said. -Reuterss

Boos for Marta bemuse Brazil coach Lima DRESDEN: After his side's dramatic quarter-final exit from the women's World Cup at the hands of the USA, Brazil coach Kleiton Lima said he fails to understand the jeers for star striker Marta. The 25-year-old, who has been voted women's world player of the year for the last five seasons, scored both Brazil goals as they drew 2-2 with the USA here in Sunday's quarter-final, but lost 5-3 on penalties. The Americans equalised deep in injury time of extra time when Abby Wambach's 122nd minute header took the game to penalties after Marta had earlier put her side 2-1 up with a strike in the 92nd minute following her 68th minute penalty. Despite her obvious talent, Marta was booed and jeered several times by the Dresden crowd, just as she has been at all four of Brazil's matches at Germany 2011. Lima said he was surprised by the reaction from the football-mad German public and said it was a pity Marta's talents will no longer feature in the tournament. "I actually don't understand why there were so many whistles, she is one of the best players in the world with her creativity and style," said Lima. "I don't understand it because there were whistles from the first game, she has made a huge contribution to the team, she scored two goals and supported the team, she was a genius. "It is a shame we couldn't reach the semi-final to show more of what she can do." -APP


Is a bookless library still a library? TFD Monitoring e've been hearing about it for years, but the bookless library has finally arrived, making a beachhead on college campuses. At Drexel University's new Library Learning Terrace, which opened just last month, there is nary a bound volume, just rows of computers and plenty of seating offering access to the Philadelphia university's 170 million electronic items. Scott Erdy, designer of the new library, says open, flexible space - the furniture is movable and the walls act as one giant whiteboard - allows student and staff "knowledge transfer," a concept reinforced by Danuta Nitecki, dean of Drexel's libraries. "We don't just house books, we house learning," she says. The trend began, naturally, with engineers, when Kansas State University's engineering library went primarily bookless in 2000. Last year, Stanford University pruned all but 10,000 printed volumes from its new engineering library, making more room for large tables and study areas. And the University of Texas at San Antonio ditched print in lieu

W

of electronic material when it renovated its engineering library in 2010. But when books disappear, does a library lose its definition? "The library is a societal tent pole," says Michael Connelly, best-selling author of The Fifth Witness. "There are a lot of ideas under it. Knock out the pole and the tent comes down." Connelly says that browsing through physical books brings inspiration of the kind that led him from wandering his campus library's stacks straight to a writing career. "Can something like that happen in a bookless library? I'm not so sure," he says. From a design perspective, some architects also lament the inevitable trend toward booklessness. Steven Holl, architect of Queens Library's new branch, in New York City, says books still provide character and are a nice counterpoint to technology. "Acknowledging the digital and its speed and putting it in relation to the history and physical presence of the books makes it an exciting space," Holl says. "A book represents knowledge, and striking a balance in a library is a good thing." (See "The

The next big hit to the economy? TFD Monitoring he recovery is weak now--but it could be headed for a major T hit that will leave it even weaker.

E-Book Era Is Here: Best Sellers Go Digital.") But other designers, like Dutch architect Rem Koolhaas who designed the Seattle Central Library, seem inspired by the challenge presented by a world going bookless. His vertical "book spiral" can house over 1 million books while opening floor space for the "equal presentation" of emerging media. Others are hedging their bets that if the library isn't bookless now, someday it probably will be. The upcoming transformation of the New York Public Library's main branch "anticipates the parallel and integrated worlds of electronic digital systems and traditional books" as they complement each other in flexible space that can endure changes, says architect Norman Foster. And although he celebrates the analog world of printed books in his design of the brain-shaped library at Berlin's Free University, he places the stacks in the center of the curved, modern building with digital technology around them, allowing room to adapt "for life beyond the book."

At the start of 2012, the extended unemployment benefits approved by Congress in December 2010, which cover a maximum of 99 weeks per person, will expire. Though the benefits are hardly lavish--a little more than $300 a week for most recipients--their total impact on the economy is huge, because so many Americans are currently taking advantage of them. Moody's Analytics estimates that when the benefits expire, $37 billion will be taken out of the economy, the New York Times reports. That's enough to exert a significant slowing effect--at a time when the recovery is already a long way from robust. Government benefits that go to poorer Americans, like unemployment insurance, tend to boost consumer spending more than other kinds of stimulus, because people living paycheck to paycheck have little choice but to spend the money, rather than saving it. So the disappearance of jobless benefits will take money out of circulation when economic growth is seeking to gain some traction. Indeed, economists say that the withdrawal of jobless benefits will create a major ripple effect on growth as a whole. Consumer spending accounts for around 6070 percent of U.S. economic activity, economists say. But with so many Americans having lost wealth in the housing bust, spending has been tepid for a while, preventing the recovery from gaining any momentum.

CONTINUATIONS No #1

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population: about the balance between resources and numbers. "We do need some national level consensus about our position on population size," he said and said Pakistan would not like to become the fifth largest nation with large segments of the population falling below the poverty line. Gilani said sixth Population Census was being conducted to determine the exact population size. He said the country's population had increased from 32.5 million to 177.1 million, during 1947 to 2011. Gilani said the 18th amendment was an opportunity for optimum utilization of resources for delivery of services by the provinces at the grassroots level. He said everywhere in the world, health care facilities were the responsibility of local governments and said it would improve the services, particularly for health sector. He said after the 18th Amendment, the Population Welfare Programme was devolved to the provinces. The functions of the Ministry of Population Welfare such as, Planning, Coordination of National Policy on Population, Population Projections, Research and Coordination, etc., have been given to the Planning Commission. Deputy Chairman Planning Commission Nadeem Ul Haque said Pakistan was adding population equivalent to New Zealand every year and Australia - every five years, but without providing the necessary institutions to cater for their needs. He said for providing opportunities to the youth it was vital that the national growth rate is over 7 per cent. Earlier, speaking on the occasion of distribution of certificates among district information secretaries of PPP here at PM House on Monday, Prime Minister urged the district information secretaries of Pakistan People's Party to promote vision and policies of their government. He said the party office-bearers should inform the public about the government's policies to alleviate poverty, curb price hike and improve law and order. He said the PPP has numerous achievements to its credit including restoration of the Constitution and passing of 18th and 19th constitutional amendments. The PPP is a federal party with roots in the four provinces, Azad Kashmir and Gilgit-Baltistan besides branches in foreign countries, he added. Twenty-seven district information secretaries of Pakistan People's Party hailing from all parts of Pakistan took part in the seven-day summer training course on political communication and media management. During the training in the federal capital, the PPP office bearers met ministers, leading politicians and media personalities and took briefings on achievements of successive PPP governments. Gilani said he worked with Shaheed Benazir Bhutto for more than 20 years and she always wished that the decisions of the government, cabinet and party should be communicated at the grassroots level. The Prime Minister said information was a powerful tool in today's world and the information secretaries should equip themselves with the latest technology to keep informed the public about the latest developments and decisions of the government and the PPP's Central Executive Committee (CEC). The PPP will hold more training programmes for its office-bearers, who will be facilitated to attend proceedings and watch debates of Senate, National Assembly and provincial assemblies, he added. The Prime Minister assured that he would talk to the party's provincial presidents for provision of offices, computers and equipment to the information secretaries and office-bearers. Gilani said," women, who are more than 50 per cent of the population, should be included in the future training programmes of the party". The government has made laws to protect rights of women, allocated 10 per cent job quota for them and gave them financial assistance through Benazir Income Support Programme (BISP), he added. He said five per cent development grants of the parliamentarians would be used on the recommendations of the party workers, who would identify schemes in their areas. He said the party's office bearers would be sent abroad with delegations to learn from the experiences of other countries. He congratulated the PPP for holding such a unique training course and said these courses should make workers familiar on subjects like Pakistan's nuclear policy and relations with US, Afghanistan and other countries. Central secretary information PPP Qamar Zaman Kaira said after getting training, the PPP office bearers would be in a better position to communicate the party's message to people. He said more such courses would be held and other political parties would be encouraged to train their cadres as it would help

11

International & Continuations

Tuesday, July 12, 2011

the ongoing process of political reconciliation and further the cause of political stability. Chairman of Pakistan Baitul Mal Zamurd Khan and MNA Nazar Muhammad Gondal also attended the event. - Agencies

No #2

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that short circuit or negligence of concerned officials was the reason behind the blasts. He informed the media men that the blasts at army depot were not terrorism act. On the other hand, high level civil and defense officials informed Online in its initial report said that the reason behind the blasts was short circuit; however, a court of inquiry has been constituted to investigate the incident. The initial report has been dispatched to military leadership, they said, adding that, an army Personnel lost his life and three other injured in the blasts. The blasts, they said, also destroyed a building. The final investigation report would also be dispatched to military leadership after formal investigation. - Online

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Pakistan was destined for failure. "I think it is unwise to expect the Pakistanis to buckle under what is a publicly delivered snub," said Fatemi. "It will strengthen those elements in the armed forces that have always had grave misgivings of the relationship with the United States." It also stoked anger among ordinary Pakistanis. "Our country threw the whole country into the inferno of the war on terror and made poverty our destiny, but it could not appease the Americans," said Mohammad Nauman, a 41-year-old information technology specialist in the southern port of Karachi. Many Pakistanis have never forgiven the US for slapping sanctions on the country in 1990 because of its work to develop a nuclear weapon. The decision came only a year after Pakistan and the US were successful in a decade-long quest to drive the Soviets out of Afghanistan. The sanctions left many Pakistanis with a sense that the US was only interested in a "transactional" relationship that it could abandon once its interests were served. Fatemi, the former ambassador, said the US decision appeared to undercut claims by Obama administration officials that the US was interested in a long-term relationship that encompassed much more than counterterrorism cooperation. Pakistan army spokesman Maj. Gen. Abbas said Sunday that the military had received no official notice from the US that aid was being suspended. He also said that the loss of aid would have no effect on military operations against Islamist militants in the country because they were being conducted with Pakistan's own resources. "I think it hurts Washington more than it hurts Islamabad," said Lodhi, the former ambassador. "Assistance is influence, and when you withhold it or suspend it, you deprive yourself of influence." Pakistan army chief Gen Ashfaq Parvez Kayani seemed to pre-empt the effect of the aid cut in a speech after the Osama bin Laden raid saying all US military assistance now should be diverted to improve the country's economy and help common Pakistanis. "They want to end any impression that they are some kind of hired help," said Lodhi. Some analysts have predicted that the suspension of military aid could hurt the military's war against the Pakistani Taliban over the long run, especially since the country is suffering an economic slump. But Ayesha Siddiqa, a Pakistani defense analyst, said that Pakistan's close relationship with China could offset the impact. Pakistan has long purchased military equipment and missiles from China at lowercost rates and bought fighter aircraft from the country last year, she said. The Pakistani military is "trying to go the Chinese way," said Siddiqa. It is unclear what other actions Pakistan will take in response to the suspension of US military aid. It could be less helpful in targeting al-Qaida fighters within the country and in pushing Afghan Taliban militants with whom it has historical ties to negotiate an end to the Afghan war. Pakistan is also believed to secretly support US drone strikes against militants in the country's mountainous tribal region. That support has been shaken in the wake of the bin Laden raid and could be further imperiled by the suspension of aid. One of the most high-profile points of leverage that the Pakistanis have with the US is the shipment of a large percentage of non-lethal supplies through the country to Nato troops in Afghanistan. Pakistan temporarily closed the border to Nato supplies last year after an accidental US helicopter strike killed two Pakistani troops. It is unclear if the suspension of aid could provoke a similar response. "When you take this kind of action, you reinforce the transactional nature of the relationship," said Lodhi. "The moment you do that all bets are off because the response will not be a very positive one." But Lodhi also noted that Pakistan and the US do share common interests in combatting terrorism and fostering a stable Afghanistan - even if the details don't always match up.

Royals charm Californians with casualness, grace TFD Monitoring LOS ANGELES: The Duke and Duchess of Cambridge returned to Britain on Monday after charming Californians ranging from Hollywood household names to inner-city school children with their mix of youthful casualness and graceful glamour. The nonstop weekend, which included playing a few chukkers of polo, mingling with Hollywood stars, and chatting with inner-city kids and jobless veterans, capped the couple's first official overseas tour since their storybook wedding in April. Before stopping in Southern California, Prince William and his bride Catherine visited Canada for nine days, where they received an enthusiastic reception. In California, excitement was considerably more muted, though small crowds of wellwishers waving British and American flags lined up for an in-person view of the newlyweds outside their scheduled events. The duke said he and Catherine appreciated the friendly reception. "I would just say, on behalf of us both, how grateful we are to have been welcomed so warmly in the Golden State and the City of Angels," he told the crowd at the couple's last

event Sunday, a military veterans' job fair. "Thank you so much." The trip was a tightly scripted, formal affair, but a few moments revealed glimpses of personality. Much to fans' delight, the couple took a few impromptu minutes early Sunday morning to shake hands and exchange pleasantries outside the British consul's residence in Los Angeles where they stayed. Later Sunday, William, who is a military helicopter pilot, generated laughs when he took a friendly dig at his younger brother Harry, also a chopper pilot, calling him his "low-flying, Apache, very average brother" during a speech at the job fair. Apache is a type of helicopter.

The couple even indulged in a chaste, but rare display of royal affection: William kissed his wife on each cheek when she presented him with the trophy. The trip was designed around promoting Prince William's causes. The prince played in a charity polo match on Saturday in Santa Barbara, where a ticket in the stands fetched $400 and a champagne reception with the royals $4,000. The event benefited the prince and his brother's foundation, which supports a variety of causes. That evening, the couple starred among Hollywood's version of royalty at a black-tie gala to promote British film industry talent to the likes of Tom Hanks, Nicole Kidman and Barbra Streisand.

"The common interest is there, but the question is can we walk back from the brink and find common ground to rebuild trust step by step?" The US decision to withhold near $800 million of aid to Pakistan, will not affect ongoing military operations against militants in the bordering tribal belt, said the military spokesman. The suspension of nearly $800 million, including military assistance, to the country, will not hamper the ongoing offensives by the security forces against militants in the tribal areas, military spokesman Athar Abbas was quoted as saying by media on Monday. White House Chief of Staff Bill Daley told ABC television on Sunday that Pakistan had "taken some steps that have given us reason to pause on some of the aid". "We have been doing these operations on our own in the tribal areas and we have sufficient resources to continue them," said Major-General Athar Abbas. However, he added, the US had not yet "informed us in writing about the withholding of military assistance". "We have achieved success in the past against al Qaeda in South Waziristan, Bajaur and other tribal regions without any external assistance," he said while emphasizing that the ongoing operations against Al-Qaeda in the tribal regions were not only in the interests of Pakistan but also the US and the world at large. "Al Qaeda is a common enemy of both Pakistan and the US," said the spokesman. Some newspapers citing military sources said that the announcement was not 'unexpected'. The sources termed the development as "pressure tactics" and said that the US "may temporarily suspend our aid but in the long-run they cannot". Pakistan has come under pressure to do more since US killed Osama Bin Laden in a unilateral operation in May in Abbottabad city. - Agencies

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Chairmanship of Prime Minister. He appreciated the efforts made by KSEW for the improvement, development and up-gradation of the organization to make it a profitable entrepreneur. The delegation comprised of MNAs included Muhammad Moazzam Ali Khan Jatoi, Mian Abdus Sattar, Sher Muhammad Baloch, Tariq Mahmood Bajwa, Sahibzada Muhammad Fazal-e-Karim, Malik Numan Ahmed Langrial and Fouzia Ejaz Khan. - APP

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Latest words from Rustam Minnikhanov, president of the Russian republic of Tatarstan, indicated that there were 196 aboard the 56-years-old double decker "The Bulgaria" when it sank at 13:58 Moscow time (0958 GMT) Sunday near the village of Syukeyevo in the Kansko-Ustinovsky district of Tatarstan. - Reuters

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Cyprus's defence minister and army chief quit hours after confiscated Iranian armaments exploded at the Evangelos Florakis navy base on the southern coast of the island, a popular holiday destination. A government spokesman ruled out sabotage. - Reuters

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Pace Pakistan was the most traded scrip with 3.31 million shares followed by Pakistan Telecommunication with 2.36 million shares and Fauji Fertilizer Bin Qasim with 2.23 million shares. Out of total 372 active issues; 145 declined and 73 advanced while 154 issues remained unchanged.

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While institutions have held back, company executives have bought into the recent market weakness, a sign that there could still be value to be found at current levels, according to some analysts. "Company insiders, who tend to time the market well, are selling less and buying more, both in Hong Kong and mainland China stock markets," HSBC strategists said in a Monday note. Agricultural Bank of China, Industrial and Commercial Bank of China and China Construction Bank (CCB) were among the most shorted stocks in Hong Kong. Turnover hit the lowest in six weeks, but CCB fell more than 2 per cent in relatively healthy volume as another potential stake sale continued to trump historically low valuations. The lock-up period for Bank of America's 10.2 per cent stake, valued at about $19 billion, expires next month and shares are unlikely to see a big move higher till that gets out of the way. The Shanghai Composite Index clawed back early losses to close up 0.2 per cent to 2,802.7 points, with gains in water resources and airlines negating losses in financials and energy names. Shanghai A-share turnover equalled its 20-day average on Monday, totaling over 100 billion yuan. "The market doesn't seem to be reacting too adversely to the inflation and trade data," said Zhang Qi, an analyst with Haitong Securities in Shanghai. -Reuters

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"While there are still uncertainties for the global economy's recovery speed, stocks such as retailers that reflect domestic demand are gaining attention," said Hiroyuki Fukunaga, chief executive of Investrust. Fast Retailing, which operates the Uniqlo casual-clothing chain and is expected to benefit from demand for light summer clothing as the nation strives to cut down on power use during the summer heat, added 2 per cent to 13,550 yen. The firm, which reports its March-May earnings on Thursday, has outperformed the Nikkei since the earthquake, gaining 7.4 per cent while the index has shed 3.5 per cent. Rival Ryohin Keikaku, the operator of Muji stores, jumped 6.9 per cent to 4,185 yen after hiking its earnings outlook for the current business year citing a quicker-than-expected recovery in sales after the March disaster. Thomson Reuters Starmine showed the stock is trading at a 26 per cent discount to its peers, with its price-to-book ratio at 1.2, below its 10-year historical median of 2.0 and the average PBR for its peers is 1.9. The US earnings season starts with aluminum producer Alcoa Inc reporting on Monday. S&P 500 components' earnings expected to have increased an average of 7.3 per cent in the second quarter from a year earlier, down from first-quarter growth of 18.9 per cent, Thomson Reuters data showed. But the number could jump if most companies beat analysts' forecasts. Early estimates for first-quarter profit growth were at about 13 per cent. -Reuters

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few sessions, suffered on worries that hardening interest rates are likely to impact growth. Top lender State Bank of India, ICICI Bank and HDFC Bank fell between 1 and 2 per cent. The 50-share Nifty index fell 0.8 per cent to 5,616.10 points. In the broader market, losers beat gainers 856 to 540 on a volume of about 434.3 million shares.-Reuters


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ANP delegation meets President

Govt committed to protect citizens, says Zardari ISLAMABAD: A seven member delegation of Awami National Party (ANP) called on President Asif Ali Zardari at Aiwan-e-Sadr here on Monday. The delegation comprised of Senator Zahid Khan, MNA Ms. Jamila Gillani, Senior Minister KPK Bashir Ahmed Bilour, Provincial Minister KPK Mian Iftikhar Hussain, Shahi Syed, Lala Ajab Khan and Mr. Bashir Jan. Senator Sardar Ali Khan was also present during the meeting.

The delegation appreciated the steps taken for restoration of peace in Karachi and for making the local administration more responsive to any emerging law and order situation in the province. They also welcomed the decision to immediately fill the vacant posts of judges of the anti-terror courts and to strengthen the prosecution side of justice system. The President while talking to the delegation said that the Government was committed to

safeguard life and property of the citizens at every cost as it was the prime responsibility of every democratic government. He said that the Government while pursuing the policy of reconciliation would continue with its efforts to take along all the political forces with it on all major decisions. He reiterated the Government's resolve to restore peace and law and order and to bring the culprits to books regardless of their political affiliations, if any. NNI

MQM record its worries through talks: Malik KARACHI: Federal Minister Rehman Malik has said that MQM always stood shoulder to shoulder with PPP in every hard time and if they have any apprehension, it may be resolved on negotiation table. He was talking to the journalists at Karachi here on Monday. He said that the government would not allow anybody to destroy the peace of Karachi and those elements which are involved in subversive activities would be dealt with iron hands no matter from which political party they belong. He said that the telephones of

Nine-Zero were disconnected due to some technical fault. PTCL is a private organization and the government had nothing to do with the issue. If MQM wants to investigate the matter, they can send their engineer "Government would never use any jarring tactics. MQM and PPP remained good friends in the past and unity among both parties is imperative for restoration of peace in Karachi. Our doors are still open for them. Muttahida should resolve all the issue through dialogue process", Interior minister added.

He said that heart of every Pakistani is weeping over the circumstances of Qasba Colony and Katti Pahari, where even mosques were also demolished. He said that 500 personnel of FC have been directed to take stern action against the miscreants. The people and media should also cooperate with the law enforcing agencies in curbing troublemakers. Responding a question about threat given by Zulfiqar Mirza to a journalist, Rehman Malik said that everyone should respect each other. However some elements of media are also adding fuel to fire. - Online

India exults as US scrubs aid to Pak NEW DELHI: India on Monday welcomed the United States' decision to suspend $800 million military aid to Pakistan, saying a heavy presence of arms would have disturbed the equilibrium in the region. "With reference to the special circumstances between India and Pakistan and how India has consistently taken the view that it is not desirable that this region had to be heavily armed by the US which will upset the equilibrium in the region itself. To that extent India welcomes this step," External Affairs Minister S M Krishna told

Russia boat accident; 110 dead bodies found MOSCOW: About 110 dead bodies, including those of 30 children, were found inside the wreck of a Russian cruise ship that sank in the Volga river on Sunday, rescuers said Monday. "A preliminary examination conducted by divers from the Republic of Tatarstan showed that there are about 110 bodies aboard the sunken cruise ship, 30 of them are children," the rescuers was quoted by the Interfax news agency as saying. See # 5 Page 11

12 killed in blast at Cyprus navy base MARI, Cyprus: An explosion at a military base killed at least 12 people in Cyprus on Monday, blew out the windows of nearby homes, knocked out the Mediterranean island's largest power station and rained metal on a motorway. See # 6 Page 11

reporters here. Krishna was reacting to the US' decision to cut military aid to Pakistan. The suspended aid, which is about one-third of the $2 billion in annual American security assistance to Pakistan, includes about $300 million to reimburse Pakistan for some of the costs of deploying more than 100,000 soldiers along the Afghan border to combat terrorism. It also comprises millions of dollars in training assistance and military hardware. Krishna said, "Simultaneously the US must

take note of the fact that we are working in a very committed manner to normalise our relations with Pakistan to reduce trust deficit, and efforts are on." The Minister said he was expecting his Pakistani counterpart to visit the country around the end of this month to carry forward the dialogue process. He also condemned the suicide attacks in Islamabad on Monday. "If this is an attack by terrorists or terror-oriented organisations, then India condemns all such attempts. India condemns terror attacks across the globe," he said. - Online

MQM flays govt support to terrorists KARACHI: Co-ordination Committee of the Muttahida Qaumi Movement (MQM) has denounced the unabated terrorism of the criminals of Layari gang war against Kutchis and other communities living in Layari and adjoining areas. In a statement issued here on Monday, the Co-ordination Committee condemned the targeting of the Kutchi community with the overt support of government ministers. The Co-ordination Committee said that the Kutchi community was being targeted in only because it was raising voice against the terrorism of the Layari gang war. The Coordination Committee said that the criminals of Layari gang war had attacked an office

of the MQM in Agra Taj Colony. The terrorists of the gang war were not only using latest automatic weapons but also bombs and grenades freely. No action was taken against the terrorists because of their connection with government ministers. The Co-ordination Committee sympathized with the Kutchi community and assured them full support of the MQM. The Committee also demanded of President Asif Zardari, Prime Minister Yousuf Raza Gilani, Federal Interior Minister Rehman Malik, and Chief Minister Sindh to take indiscriminate action against the terrorists in order to protect the life and property of the citizens. INP

ISLAMABAD: President Asif Ali Zardari talking to ANP delegation which called on him at Aiwan-e-Sadr.-APP

Firing on Nato oil tanker, 2 dead QUETTA: Indiscriminate firing at the Nato oil tanker on Monday led to the murder of the two persons including driver in a suburb of Quetta. Nato oil tanker was targeted by unidentified men while it was passing through Western Bypass. Resultantly, two men including the driver of the tanker shot dead and torched the tanker. Police removed dead bodies to the hospital for their identifications. Registered FIR against the unidentified men, Police initiated search operations. - Online

German bishop fined on holocaust denial BERLIN: Ultra-traditionalist bishop Richard Williamson was fined 6,500 euros Monday by a German court for publicly denying the Holocaust in 2009, a court spokesman said. British-born Williamson, 71, who belongs to a controversial Catholic splinter group, Society of Saint Pius X (SSPX), was appealing a 2010 fine of 10,000 euros for telling Swedish TV that no more than 300,000 Jews perished in the Holocaust. He also denied in the interview the existence of gas chambers at Nazi concentration camps. Holocaust denial is a hate crime in Germany. Consensus among historians is that the Nazis killed six million Jews in the Holocaust. Williamson's statements became an embarrassment for the Vatican which readmitted him after a 22-year excommunication only days following the interview. In his 2010 book, Light of the World, Pope Benedict XVI said he would not have lifted the ban on Williamson if he had known of his far-right views, adding that the Vatican's poor communications in the matter was a "total meltdown." German prosecutors demanded increasing the fine to 12,000 euros during the appeals process. Williamson's lawyers said he never explicitly agreed to the interview's distribution outside Sweden and had been surprised regarding the interview's thematic focus. Williamson did not intend to deny the Holocaust, his lawyers said. The decision is not yet legally binding as the court's judgement can be appealed again within the next week. It comes days after the Catholic Church condemned a series of ordinations by the SSPX, which are deemed illegal by the Church as the group's priests are not recognized as Catholic clergy or allowed to exercise an official ministry. Williamson and three other bishops were excommunicated from the Catholic Church in 1988 when they accepted ordination from the SSPX's rebel founder, Archbishop Marcel Lefebvre, despite the Vatican's clear opposition. They were readmitted in January 2009 after the SSPX's leader Bishop Bernard Fellany, one of the excommunicated, wrote to the Vatican pledging they accepted the pope as head of the Church. - Reuters

Expats remit $11bn in FY11, NA panel told ISLAMABAD: Overseas Pakistanis has sent over US$ 11 billion remittances during the last fiscal year July 1, 2010 to June 30, 2011 while 24 per cent increased during last three years. This was stated by Director General of Bureau of Emigration and Overseas Employment (BEOE), Habibur-Rehman Khan in the meeting of National Assembly Standing Committee on Overseas Pakistanis here Monday. The meeting was held under the Chairmanship of Muhammad Jadam Mangrio.Among others Nazir Ahmed Bughio, Fauzia Wahab, Dr Mahesh Kumar Malani, Rubina Saadat Qaimkhani, Abdul Qayum Khan Jatoi, Rana Tanveer Hussain,Khalida

Mansoor,Begum Shahnaz Sheikh, Farhat Muhammad Khan and high official of Ministry of Overseas Pakistanis also attended the meeting. Habib-ur-Rehman informed the committee that 2001 to 2011 BEOE has export over 2.6 million labour abroad and from the date of establishment of BEOE to till date sent 5.5 million people to the different countries of the world. The NA body expressed concern over the costly construction of BEOE tower in Islamabad and asked concerning authorities to submit reports within two weeks. Jadam Mangrio said usage of raw material for the construction of OPF college in Sangarh and extension block of F-8/2 girls college to submit the report within two weeks.

The committee also recommended the construction of medical college along with teaching hospital and nursing school in federal capital for the children of Overseas Pakistanis. Managing Director of Overseas Employment Corporation Saeed Ahmed Sheikh informed the Committee that during the last three years 2,300 Pakistanis were sent to South Korea. Saeed Sheikh said that during the last year Overseas Pakistanis from Korea send Rs300 million remittances. Managing Director of OPF Israr Khan Jamali said that 51 per cent developing work of OPF housing schemes ZoneV completed and within nine month all work would be final. - APP

Hydel power generation up in FY11 LAHORE: The Pakistan Water and Power Development Authority (WAPDA) generated 31.45 billion units of hydel electricity during the fiscal year 2010-11, registering an increase of 3.84 billion units as compared to 2009-10. This increased hydel generation was made possible due to efficient operation and management of hydropower stations and availability of more water in the reservoirs. This additional contribution of low-cost hydel electricity by Wapda to the national grid saved about Rs. 41.64 billion to the national exchequer, which otherwise would have been incurred on generating the equivalent quantum of electricity from thermal resources.

According to the data, more than 31.45 billion units of hydel electricity were contributed to the system during the fiscal year 2010-11, while about 27.61 billion units were supplied during the year 2009-10. Tarbela, the largest hydel power station in the country, generated 15.833 billion units during 2010-11 while 13.833 billion units in 2009-10. Similarly, Ghazi Bartoha, the second in line, produced 7.356 billion units against 6.715 billion units, Mangla, the third in row, 5.953 billion units against 4.638 billion units, and Warsak and other small hydel power stations shared 2.308 billion units in 2010-11 against 2.425 billion units during 2009-10. It is pertinent to mention that

NA body briefed on KSEW projects

Govt help sought for shipbuilding ISLAMABAD: The National Assembly's Standing Committee on Defence Production on Monday was given a detailed presentation about Karachi Shipyard and Engineering Works (KSEW) activities, capability, performance and progress of projects in hand. The Committee under the chairmanship of Sh Aftab Ahmed, MNA, visited the KSEW on Monday. Secretary Defence Production, Lt Gen (Retd) Shahid Iqbal and MD KSEW Cdre Sajid Wazir Khan apprised the Standing Committee about the activities of KSEW. Secretary Defence Production highlighted the efforts being made by KSEW to secure the orders in pipelines from KPT, Navy etc. He informed that two small tanker-cum-utility ships have been delivered to Pakistan Navy and 4th F-22P Frigate has successfully been launched on June 16. The work on the Steel Cutting of Fast Attack Missile Craft for Pakistan Navy is scheduled on July 12. MD KSEW also briefed the house about various issues

being faced by KSEW and requested the Standing Committee to help for resolving the said issues regarding implementation of government directives for the protection of the only Shipbuilding Industry etc. The Committee acknowledged the importance of Shipyard and showed their deep concern about issues hindering it function. Members of the Committee deliberated in details on the said issues highlighted by KSEW and gave suggestions to facilitate KSEW to utilise their full potential. The Committee observed that KSEW could play a vital role in the strengthening the economy of the country by earning huge foreign exchange if provided proper patronage. Secretary defence assured that all out efforts will be made at ministry level to support and resolve all the issues warranting action. The Chairman Standing Committee assured that all possible support will be provided to KSEW. In this regard a joint meeting of all stakeholders will be conducted under the See # 4 Page 11

the installed capacity of hydel power generation in the country stands at about 6,500 megawatt (MW) - about one third of the total installed capacity. WAPDA is executing a leastcost energy Generation plan on priority basis with a view to improve the ratio of hydel electricity in the National Grid. Wapda will add 1,500 MW to this capacity through its under construction projects. Besides, Wapda is also executing a number of mega hydropower projects with a cumulative capacity of more than 20,000 MW including 4,500-MW Diamer Basha Dam, 1350-MW Tarbela 4th Extension, 7,100-MW Bunji, 4,320-MW Dasu and 740-MW Munda hydropower projects etc. - Online

Altaf puts off general meeting KARACHI: The founder and leader of Muttahida Qaumi Movement (MQM) Altaf Hussain has called off the general workers meeting announced for Monday in view of the precarious law and order situation in the country particularly in Karachi. Talking to the members of the Co-ordination Committee on Monday at the MQM Headquarters Nine Zero, Hussain expressed his concerns over the prevailing law and order situation in Karachi. He asked the Co-ordination Committee members to wait for the outcome of the appeal made to the Chief Justice of Pakistan and other authorities at the helm of affairs. He asked the Co-ordination Committee to put off the General Workers Meeting in view of the failing law and order situation in Karachi and other parts of the country. He advised the committee and members of parliament belonging to the MQM to carry forward their peaceful struggle in a constitutional manner and according to the law. He also asked them to consult legal and constitutional experts for seeking their opinion. NNI

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