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International Karachi, Tuesday, May 17, 2011, Jumadi-ul-Saani 13, Price Rs12 Pages 12

Qaim orders tight security for Saudi diplomats

Hilary Clinton telephones PM Gilani PM pledges to push reforms

See page 12

US to act if Pak nukes attacked

See page 12

See on Page 2 Economic Indicators

Kerry meets Pak leaders in bid to repair ties

$17.01bn 14.08% $20.15bn $32.26bn $(12.11)bn $99mn $9.05bn $1.32bn Rs 1012bn $59.54bn Rs 5463bn $491mn 6.75% 4.10% $1,051 176.05mn

Forex Reserves (7-May-11) Inflation CPI% (Jul 10-Apr 11) Exports (Jul 10-Apr 11) Imports (Jul 10 - Apr 11) Trade Balance (Jul 10 - Apr 11) Current A/C (Jul 10- Mar 11) Remittances (Jul 10 - Apr 11) Foreign Invest (Jul 10-Mar 11) Revenue (Jul 10 Mar 11) Foreign Debt (Mar 11) Domestic Debt (Mar 10) Repatriated Profit (Jul- Mar 11) LSM Growth (Mar)

GDP Growth FY10E Per Capita Income FY10 Population

Coaction agreed on future targets US Senator presents list of "specific demands" Sovereignty more important than US aid: PM

Portfolio Investment SCRA(U.S $ in million)

243.16 Yearly(Jul, 2010 up to 13-May-2011) Monthly(May, 2011 up to 13-May-2011) 17.58 1.97 Daily (13-May-2011) 2772 Total Portfolio Invest (7-May-2011)

NCCPL (U.S $ in million)

FIPI (16-May-2011) Local Companies (16-May-2011) Banks / DFI (16-May-2011) Mutual Funds (16-May-2011) NBFC (16-May-2011) Local Investors (16-May-2011) Other Organization (16-May-2011)

1.64 -0.92 -0.21 -0.27 0.20 -0.39 -0.05

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

Close 11902.12 9558.30 22960.63 18345.03 2641.23 2849.07 5918.90 12615.05

Change 65.23 90.47 315.64 186.25 13.87 21.96 6.97 19.30

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

$.Price PKR/Shares 2.60 110.74 16.42 139.87 2.00 42.59 1.70 36.20 10.77 36.68

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

20-Apr-2011 20-Apr-2011 20-Apr-2011 26-Mar-2011 16-May-2011 16-May-2011 16-May-2011 16-May-2011 16-May-2011 16-May-2011 16-May-2011 16-May-2011 16-May-2011 16-May-2011 16-May-2011

13.25% 13.62% 13.87% 14.00% 13.36% 13.25% 13.56% 14.04% 14.18% 14.00% 14.05% 14.11% 14.47% 14.70% 14.90%

Commodities *Crude Oil (brent)$/bbl 113.63 *Crude Oil (WTI)$/bbl 99.15 *Cotton $/lb 149.48 *Gold $/ozs 1,499.70 *Silver $/ozs 34.64 Malaysian Palm $ 1,084 GOLD (NCEL) PKR 40,977 KHI Cotton 40Kg PKR 9,109 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 89.30 Canadian $ 87.30 Danish Krone 16.30 Euro 120.30 Hong Kong $ 10.90 Japanese Yen 1.035 Saudi Riyal 22.68 Singapore $ 67.70 Swedish Korona 13.40 Swiss Franc 96.00 U.A.E Dirham 23.15 UK Pound 137.30 US $ 85.25

90.30 88.30 16.60 122.00 11.25 1.061 22.88 68.70 13.70 97.00 23.35 138.50 85.65

Inter-Bank Currency Rates Symbols

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

Buying

Selling

TT Clean

TT & OD

89.67 87.68 16.06 119.77 10.93 1.053 22.66 68.01 13.29 95.24 23.14 137.53 85.19

89.88 87.88 16.10 120.05 10.96 1.056 22.72 68.17 13.32 95.46 23.20 137.85 85.37

Weather Forecast Cities

Islamabad Karachi Lahore Faisalabad Quetta Rawalpindi

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42°C 37°C 45°C 44°C 37°C 43°C

20°C 27°C 29°C 26°C 15°C 23°C

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ISLAMABAD: President Asif Ali Zardari exchanging views with Senator John Kerry, Chairman US Senate’s Foreign Relations Committee at the Aiwan-e-Sadr. Prime Minister Gilani, Chief of Army Staff General Ashfaq Parvez Kayani and Interior Minister Senator Rehman Malik are also present in the meeting. APP

Earlier IMF postpones board meeting

Pak-Fund talks on despite head crisis Fund chief vows to fight sex assault charges KARACHI: Pakistan's talks with the International Monetary Fund over the release of a tranche in an $11 billion loan are going smoothly and were unaffected by the arrest of the head of the global lender, a senior finance ministry official said on Monday. Pakistan and an IMF team are holding talks in Dubai until Wednesday. When asked if the arrest of Strauss-Kahn will have any impact on IMF operations in Pakistan or the loan talks, a senior ministry of finance official said "nothing to do with our work, which is going smoothly." The official declined to be identified owing to the sensitivity of the issue.

Earlier, International Monetary Fund has postponed until Monday its executive board meeting in the wake of the arrest in New York of managing director Dominique Strauss-Kahn. "The tentatively scheduled informal briefing of the executive board has been postponed pending further developments in New York," IMF spokesman William Murray said in a statement late Sunday. Meanwhile, IMF chief was to face charges in a New York court as lawyers back in France threatened to file another sex assault complaint. While pundits predicted the scandal would scupper the veteran politician's chances of See # 9 Page 11

OGDCL Exchangeable Bonds

Pact signed for advisory group ISLAMABAD: The Privatisation Commission entered into an agreement here Monday with the Consortium of Citibank, Credit Suisse, J P Morgan and BMA Capital, for the appointment of Financial Advisory Consortia for the issuance of Oil & Gas Development Company Limited (OGDCL)'s Exchangeable Bonds by monetising up to 10 per cent of Government of Pakistan shareholding (up to 430,000,000 shares) in OGDCL (Transactions). This is a landmark deal under which the consortium has been tasked to monetise up to 10 per cent of GoP's shareholding in

OGDCL via an Exchangeable Bond Transaction. According to a press release issued here, Secretary Privatisation Commission, Imtiaz Kazi and Syed Sikandar Zulqarnain, representative of the consortium of Citibank, Credit Suisse, J P Morgan and BMA Capital, signed the Financial Advisory Services Agreement for OGDCL Exchangeable Bond on behalf of their respective sides. Citibank's Chief Country Officer, Arif Usmani and Laeq Sheikh, PC Board member, were also present. Following the signing of the agreement, a kick-off meeting See # 10 Page 11

Pak seeks aircraft spares from USA WASHINGTON: Pakistan has requested a 'Foreign Military Sales' deal to acquire spare parts for a number of its air force types, including the Lockheed Martin C-130 transport, F-16 fighter and T-33 trainer, as well as the Cessna T-37 trainer, according to Flight International. A notice issued by the US Defence Security Cooperation Agency on 12 May notified Congress of a possible $62 million sale, but made no mention as to when Pakistan made the request. Relations between Islamabad and Washington have been strained following the US Special Forces raid that killed al Qaeda chief Osama Bin Laden in the Pakistani city of Abbottabad. Earlier this year the Pakistani Air Force inducted 17 new F-16 Block 52+ fighters into 5 Sqn, part of an 18-aircraft deal signed in 2006. Pakistan's 34 F-16A/B Block 15 aircraft are also undergoing mid-life upgrades.

US trainers ordered to quit Pak ISLAMABAD: Pakistan ordered US security officials staying in the country to return back to home. Quoting sources, a private television channel reported that American troops have been pulled out of Charat Tarbela Ghazi and Attock Fort and ordered to quit Pakistan within a week. A small number of US military trainers are staying in Pakistan for training of the Special Services Group of Pakistan Army, US officials See # 8 Page 11

Annual Plan for reforms spelled ISLAMABAD: The Annual Plan for 2011-12 has been designed on the framework of Three-Year Plan (2011-14), which envisages major reforms in the economy to boost private sector investmentdomestic as well as foreign - removal of distortions in the economy, undertake reforms in fiscal sector which include elimination of subsidies and restructuring of lossmaking public sector entities. According to a pre-

budget document released by the Planning Commission, the Plan also visualises improving governance and strengthening institutions which are also the overarching objectives of the annual as well as medium term plans. The Annual Plan 201112 will set the platform for accelerated growth of the economy which will reduce fiscal and current account deficit, improve employment opportunities and reduce poverty.

The Annual Plan for 2010-11 envisaged to regain macroeconomic stability and steady economic growth amid signs of global economic recovery. The Damage and Need Assessment (DNA) Report prepared by the World Bank-ADB estimated an overall loss of around $10 billion to the citizens and public sector infrastructure. The worst affected sector was agriculture that See # 11 Page 11

ISLAMABAD: Chairman US Senate Foreign Relations Committee Senator John Kerry has said that the United States and Pakistani leadership have agreed to take a series of steps immediately in order get the bilateral relationship back on track. He said this in a statement recorded for Pakistani national media on Monday following his meetings with President Asif Ali Zardari, Prime Minister Yousuf Raza Gilani, Army Chief General Ashfaq Parvez Kayani and DirectorGeneral ISI Lt General Ahmad Shuja Pasha. Kerry said the fact remains that Pakistan and United States are strategic partners with common enemy in terrorism and extremism. We must not lose sight of the fact that the countries have sac-

rificed too many citizens and too many troops in this fight and it would not make sense to see this relationship broken or abandoned. He said the United States recognises that like every other nation, Pakistani people and their leaders take their sovereignty very seriously. He said there is need to understand the extraordinary circumstances behind the mission to kill Osama bin Laden who was responsible for killing of three thousand Americans on 9/11 and thirty-five thousand Pakistani citizens and five thousand Pakistani soldiers. Kerry said he explained to the Pakistani leaders that maintaining of extreme secrecy was essential to protecting the lives of the professionals who were involved in Abbottabad operation.

Riyadh condemns; Taliban claim killing

Saudi diplomat shot dead in Khi KARACHI: A Saudi Arabian diplomat was shot and killed by unidentified gunmen in Karachi on Monday just five days after hand grenades were lobbed at the Saudi consulate in the same city. Deputy Inspector General (DIG) South Iqbal Mehmood told media men that the Saudi diplomat was not escorted by bodyguards when the gunmen, on speedy motorcycles, opened fire, hitting his car with at least four bullets, one struck his head, causing his instant death. He said that the Saudi consulate officer, identified as Hassan Al-Qahqani, was going to consulate from his house in a

car, bearing no CC 5264 when the incident happened. According to eyewitnesses, two armed motorcyclists opened fire at the diplomat car. Police and Rangers arrived at the scene and launched investigations into circumstances of the deadly attack. The Saudi Embassy in Islamabad confirmed that the victim was a diplomat. Police have also found a card inside a bullet riddled car. It was the second such attack on Saudi targets in the area. On May 11, two handgrenades were hurled at the Saudi consulate building See # 6 Page 11

FDI down 28.6pc during 10M

Jul-Apr '11 net inflows fall 9pc Ghulam Raza Rajani KARACHI: Net foreign investment inflows in the country dropped 8.6 per cent to $1.53 billion in first ten months of fiscal year 2011 compared with $1.67 billion in same period last year, as per State Bank of Pakistan.

Out of total foreign investment, foreign direct investment (FDI) depicted a decline of 28.6 per cent to $1.23 billion in 10MFY11 as to $1.72 billion in 10MFY10. TFD analyst highlighted that due to not having ideal climate of investment, owing to poor See # 12 Page 11

He said very few in the United States had advance knowledge of the operation and he himself heard about this afterwards. He said during Tora Bora bombing in 2001, regrettably decision was made not to send American troops to capture Osama bin laden and as a result he escaped to Pakistan and began planning more attacks. He said this was second chance to capture him and no American President could afford to take even the slightest chance that he may slip through our grip again. Kerry said his goal in coming to Pakistan was not to apologise over what he considers to be a triumph in fight against terrorism, added his goal in coming to Pakistan was talk to Pakistani leaders on how we See # 5 Page 11

SBP invites applications for PDs Staff Reporter KARACHI: The State Bank of Pakistan (SBP) has invited applications from interested financial institutions for appointment as Primary Dealers (PDs) of Government Securities for Financial Year 2011-12. Applications must reach the Domestic Markets & Monetary Management Department (DMMD), State Bank of Pakistan latest by June 07, 2011. The applicants have also been requested to furnish to DMMD with their applications the latest annual report and the summary of month-wise Secondary Market Transactions in Pakistan Investment Bonds See # 7 Page 11

Monetary Policy on 21st Staff Reporter KARACHI: State Bank of Pakistan (SBP) is due to announce its monetary policy for the two months from May 21 at 4:00PM, said Syed Wasimuddin, chief spokesman for the SBP on Monday. The SBP left its key policy rate unchanged at 14 percent on March 26.


2

Tuesday, May 17, 2011

Industries Ministry looks to mutually beneficial investment: Basharat

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani in a meeting with Federal Minister for Law, Maula Baksh Chandio, and Advisor to PM on Petroleum, Dr Asim Hussain, at PM House.-Online

ICCI pushes for competition focused schemes ISLAMABAD: To survive in a highly competitive regime, product competitiveness is the right recipe to make a strong presence in global market. Trade policy should focus on improving competitiveness of products to boost country's exports. By introducing latest technology in manufacturing processes, products competitive in the international market could be enhanced, Mahfooz Elahi, President Islamabad Chamber of Commerce & Industry (ICCI) has stated in a statement. He was of the view that the South Asian countries have an almost identical pattern of comparative advantage in a relatively narrow range of products.

He said that we should move away from comparative advantage to competitive advantage based policies for strengthening our economy. ICCI President said that there was a dire need to encourage research and development in the industry with an objective of improving existing processes and rationalising cost. He said over the years, the country has focused on expanding its manufacturing base to raise exports. But now is the time that Pakistan should concentrate on adding more value to its products for improving product competitiveness, resulting in rapid and sustainable growth in exports, he added.

Mahfooz Elahi said that improved consistent and world class packaging has played an important role in allowing countries and its companies to expand globally. Efforts should be made by the government and its Trade Policy to highlight importance of quality standard and packing for effective marketing. ICCI President said that attempts should be make to boost exports by producing quality products instead of competing with lowering prices. He said that competitiveness of existing industries and products were notenough, new products were equally important to boost exports and a more diversified industrial base was necessary.-Online

Chief Secy directs edu dept to coordinate with ERSP KARACHI: Chief Secretary Sindh Abdus Subhan Memon has emphasized upon the Sindh Education Department (SED) to strengthen the coordination pertained to Education Sector Reforms Program (ESRP ) in order to achieve the desired goal within the scheduled time. He expressed these views while presiding a meeting of the World Bank and European Union delegates, which was also attended by the Secretary Education Wasim Ursani and others senior officers. The ESRP team apprised the meeting about the distribution of free text books to the students upto matriculation, teachers training programme, and other all necessary points of program. The Chief Secretary noted that proper monitoring and vigilance must be ensured so that work could not suffer. He added that in case of any difficulty,the chief secretary can be contacted" The Team leader of WB Amit and EU teams leader Siddiq Bhatti expressed satisfaction over the ESRP progress and cooperation of the Government of Sindh.- NNI

SITE's concern over KESC strike KARACHI: Asad Nisar Barkhurdaria, Senior Vice Chairman SITE Association of Industry has expressed concern on continuous strike by employees of KESC as a result of which the industries in SITE area are without power for the last six days and the management is worried because their production is suffering. Industries which have their own generation units are burning costly diesel. -NNI

LAHORE: Students use umbrellas to avoid scorching heat in the provincial capital.-Online

Punjab breaks begging bowl

Says ‘No’ to foreign aids LAHORE: Punjab Chief Minister Shahbaz Sharif has said that the nation should refuse to accept foreign aid. Talking to the media on Monday, he said that foreign aid had been proved to be a "poison" for the national sovereignty and its integrity. "We have mortgaged our sovereignty by accepting foreign aid," he said. He said that the nation

had to break the "begging bowl" to live as an independent nation. He said that the Punjab cabinet had decided not to accept the foreign aid and its recommendation were being sent to Pakistan Muslim League (Nawaz) chief Nawaz Sharif. He eulogised Nawaz for not bowing to foreign pressure on the issue of nuclear blasts.-Online

Tameer Bank to provide cash management service to Asasah TFD Report KARACHI: Tameer Microfinance Bank Limited (TMBL) will offer NGO and microfinance institution Asasah cash management and service delivery facilities for loan disbursements and repayments. Asasah clients will be able to receive disbursed loans at any of Tameer's network of 100 branch banking outlets, as well as

at any 1Link ATM in the country, and repay the loans via easypaisa's branchless banking solution. A formal agreement to this effect was signed at Tameer's head office here between Nadeem Hussain, President & CEO Tameer Microfinance Bank Limited and Tabinda Jaferry, CEO Asasah in the presence of Yaseen Anwar, Deputy Governor, State Bank of Pakistan.

Gilani leaves for China today ISLAMABAD: Prime Minister Syed Yousaf Raza Gilani would leave for his four day official visit to China today (Tuesday) to hold talks with Chinese leadership on important bilateral and regional issues. During his visit to China, the Premier would meet Chinese President Hu Jintao and Premier Wen Jiabao to exchange views on bilateral relations and Promote Practical cooperation across the border as well as other issues of common interest. The Premier will start his visit from Shanghai where he is scheduled to address first moot of world cultural farms, aimed to hold dialogue and cooperation for international harmony and common development. During stay in Beijing, Prime Minister Gilani will also ink agreements in field of trade, economic, finance and culture. The Premier will also address students in Beijing University, besides meeting Chinese business tycoon. Gilani's visit is being viewed as most significant by a Pakistan leader in recent times as it comes at a time when a Pakistan is locked in a tense stand off with long time ally US. "The visit assumes added significance in view of the ongoing developments in the region," Rong Ying, Senior Research Fellow at the state-run Chinese Institute of Strategic Studies said, referring to the US-Pakistan tensions in the aftermath of bin Laden's killing by US troops. China-Pakistan relationship is important and significant from its own perspective and history, he said.-Online

Poultry assn opposes sales tax on feed LAHORE: Former Chairman Poultry Association Abdul Basit on Monday urged the government to avoid implementation of 15% sales tax on poultry feed as it would not only double chicken prices but also a cheap source of finest protein would go out of reach of the common man. In budget proposals of the poultry industry, Abdul Basit said that 15% sales tax on poultry feed would also jack up the prices of processed chicken that was already consumed less than 5% in Pakistan. He said the government should make a difference between duty on grand parent poultry stock and duty on its finished goods that has been implemented at the same rate at present. Abdul Basit suggested that there should be a complete ban on import of any item which was being produced or could be produced locally.-APP

ISLAMABAD: Advisor to Prime Minister on Industries has said that the ministry of Industries looks forward for mutually beneficial investment and for promoting Japanese investment in Pakistan. He said this during a meeting with a delegation of Japan International Cooperation Agency (JICA). He further remarked that, through mutual coordination, we will search ways for promoting development and generating job opportunities in Pakistan. He assured the delegation of full support and cooperation of the Ministry. Muhammad Basharat

Raja, Advisor of the Prime Minister on Industries, held a meeting with a delegation of Japanese Donor Agency, JICA, here in the Ministry of Industries Islamabad on Monday. Masao Nagase, JICA special Advisor to BOI, briefed the Advisor about the challenges and opportunities for investment in Pakistan. He opined that Pakistan has huge potential for investment and Japanese are already engaged in many investment projects in Pakistan. However, Nagase pointed out a few problems and challenges that the Japanese investors have to face in Pakistan. He indi-

cated that security of the investors is the most serious problem. In addition to it, infrastructure development; better logistics and minimum power outages need to be ensured by the Government of Pakistan, he further observed. In reply to the reservations raised by the delegates, the Advisor ensured them that the Ministry will seriously consider and try to resolve their problems at the earliest. "We appreciate the concerns and reservations put forward by you", Muhammad Basharat Raja commented. In this regard, he added, the Ministry has already forwarded a draft of new

"Industrial Policy" to the Cabinet. He assured the delegates that the Ministry will try to minimize the hurdles, as much as possible. We will make it sure that the policies and decisions taken in this regard will be implemented without undue delays. Among others, the Secretary of the Ministry of Industries & Production, Aziz Ahmad Bilour and Chairman EPZA Aftab Ahmed Memon also attended the meeting and replied to the questions of the delegates. In the end, Muhammad Basharat Raja thanked the delegates.- NNI

Asim assures construction of tanker's terminal

KARACHI: A delegation representing an association of Media Managers and Journalists from Bangladesh, visited Orient Advertising Karachi to promote mutual coordination and better communications between the two brotherly nations. The picture shows the visiting delegation along with the management team of Orient Advertising (Pvt.) Limited.-Staff Photo

LCCI stresses

Sector-specific steps for upturn stressed LAHORE: The LCCI President Shahzad Ali Malik has stressed the need for sector-specific measures for the revival of economy as the political uncertainty has not only dented business sentiments but also decelerated economic activities in the country. He was speaking at the inauguration of new outlet of Eagle Packages here at New Anarkali on Monday. LCCI Senior Vice President Sheikh Mohammad Arshad and Executive Committee Members Ilyas Majeed Sheikh, Yousaf Shah, Ch. Wajid Ali and Kh. Khawar Rasheed also spoke on the occasion. Shahzad Ali Malik said that country was passing through very critical times of its history and facing various internal and external challenges including power outages, repeated hikes in electricity rates, gas

shortage, price spiral, mismanagement and bad governance. He said that there was a lack of coherence in the government policies and the things on the economic front are not making any forward movement. The power tariff registered almost hundred percent rise in the last three years. Due to this single reason, Pakistani merchandise failed to get due appreciation at the international market and the neighboring countries made huge gains. He urged the government to evolve a comprehensive strategy with the consultation of stakeholders to overcome the economic crisis in the country. "Unless and until dependence on thermal power is curtailed, there are hardly any chances of economic revival and

Qaim orders tight security for Saudis KARACHI: The Sindh Chief Minister Qaim Ali Shah on Monday ordered the home department to ensure the security of every Saudi diplomat. Condemning the killing of a Saudi diplomat, Qaim Ali Shah ordered the Sindh police inspector general and the Karachi capital city police officer to submit an instant report on the matter. Ordering the special security measures for the Saudi consulate, the chief minister said that security guards should be provided to every staffer of the consulate for his security. Federal Interior Minister Rehman Malik has also taken serious

notice of the incident. On the other hand, Te h r e k - e - Ta l i b a n Pakistan (TTP) spokesman Eshanullah Eshan said he could not confirm whether their fighters killed the Saudi diplomat in Karachi but expressed "full support" for the attack. "Whoever has done this has done a very good job because, like Pakistan, Saudi Arabia is also an American slave. In fact, it's two steps ahead of Pakistan. Whichever organizations are engaged in such activities, we fully support them," said Ehsanullah by telephone to media outlets from an undisclosed location.-INP

precious foreign exchange was being spent on oil import." Shahzad Ali Malik also stressed the need for bringing down the fast escalating rate of inflation that has now started taking its toll. While calling for bringing down the rate of interest, he said that the state Bank of Pakistan should divert its attention towards banking spread that is intolerable and taking the equity away from the reach of the business community. He said that it would be better for the policy makers if they concentrate on increasing Taxto-GDP ratio which is lowest in Pakistan. Shahzad Ali Malik said that the LCCI would collaborate with the traders for working out a plan to revitalize economic activities in the country.Online

ISLAMABAD: Dr Asim Hussain, Advisor to Prime Minister on Petroleum and Natural Resources assured the representatives of All Pakistan Oil Tankers Owners Association (APOTOA) that he will ensure the timely construction of tankers' terminal and make arrangements for the necessary funds. He said this while chairing a meeting with the representatives of APOTOA, Oil Marketing Companies (OMC's), City District Government, Karachi and Oil Refineries. The Advisor said that he will ensure that the construction of the terminals at Zulfiqarabad and Machh Goth near Hub Chowki, Lasbela will be expedited and hoped that they will start functioning within few months with basic facilities. He was of the view that the construction of a full fledge tanker terminal require enormous funds and significant time which are difficult to manage under these circumstances therefore instead of constructing state-of-the-art tankers' terminals he will ensure that terminals with essential facilities like leveled parking area, filtered drinking water, rest area, mosque etc. are constructed during the next few months. He said that the necessary funds will be arranged with the support of Oil Marketing Companies, City District Governments and the Ministry of Petroleum and Natural Resources. The City District Government, Oil Marketing Companies, APOTOA, Ministry of Petroleum and Natural Resources shall monitor progress and ensure proper construction of the works of the parking area / oil tankers terminals in collaboration with APOTOA.-NNI

TALUKA MUNICIPAL ADMINISTRATION KHAIRPUR No: TO(R) TMA/TMA/KHP/1307 of 2011

Dated: 14-5-2011

AUCTION NOTICE It is notified for the information of general public that, lease of right of cllection for the following Taxes/Fees of Taluka Municipal Addministration Khairpur for the year 2011-2012 (01-07-2011 to 30-06-2012), will be auctioned as per below given programme. The official bids are shown against each: 1st Attempt on 10-06-2011 11nd Attempt on 13-06-2011 111rd Attempt on 16-06-2011 The terms and conditions of the contracts can be seen in the office of Taluka Officer (Regulation), TMA Khairpur on any working day during office hours.

THE CONTRACTS AND OFFICIAL BIDS: Sno 01 02 03 04 05

Name of Contract Official Bid Vegetable & Fruit Market Fee 58,65,000/Cattle Piri 4,82,713/Hawkers Fee 3,08,670/Parking Fee 63,107/Slaughter Fee 20,236/-

OTHER TERMS AND CONDITIONS: 1. The bidder should bring his CNIC. 2. Defaulters of Taluka Municipal Administration Khairpur will not be allowed to participate in the aucion. 3. The intending person will pay 15% as Security Deposit before taking participation into the Bid. 4. The authority reserves the right to cancel the bid or bids without assigning any reason thereof. INF-KRY 1698

ADMINISTRATOR TALUKA MUNICIPAL ADMINISTRATION KHAIRPUR


3

Tuesday, May 17, 2011 Top Economic Events

Euro advances on hopes of EU support for Greece Asian sovereign demand helps euro pare losses NEW YORK: The euro rebounded from seven-week lows on Monday, boosted by sovereign demand after last week's sharp sell-off, as optimism grew a European Union meeting would support Greece and avert a restructuring of the country's debt. German Chancellor Angela Merkel said as much on Monday as she voiced opposition to debt restructuring by any euro-zone country before 2013. Such a restructuring, she said, would be "incredibly damaging" to the eurozone's credibility. "I expect the European finance ministers to show solidarity and support for Greece," said Richard Franulovich, senior currency strategist at Westpac in New York, which, he said, should put a floor on the euro for now.

The impact of the arrest of International Monetary Fund chief Dominique Strauss-Kahn on sexual assault charges, which earlier dampened sentiment on the euro, faded as central banks started snapping up the euro after it declined to the $1.4050 level. Strauss-Kahn had been due to join the meeting of euro-zone finance ministers on Monday to discuss the bloc's debt crisis and how to handle Greece, which is struggling to meet the terms of a 110 billion-euro EU/IMF bailout granted last year. Deputy Managing Director Nemat

Shafik will be at the meeting instead, the IMF said. Overall, the market mood remained cautious.

Market players said the euro's outlook remained uncertain as meaningful progress on resolving the Greek crisis was unlikely at Monday's meeting. Athens is struggling to put its public finances in order under the EU/IMF bailout.

Asian currencies

Dollar rises vs Asia on short-covering "Market sentiment has turned more cautious of late and that has led to pullbacks in Asian emerging market currencies," he added. The dollar posted a particularly sharp gain against the Malaysian ringgit on Monday, climbing 1.2 per cent to 3.0325 , putting the dollar on track for its biggest one-day percentage rise versus the ringgit since June 2010. The dollar short-covering was taking place in both the spot market and NDFs , with hedge funds adding fuel to the dollar's rise, the analyst said. "Some of these guys sold into the lows and are forced to cut now," he added. The dollar surged against the Malaysian ringgit on the back of

bids by leveraged accounts and interbank speculators. The dollar rose as high as 3.0425 against the ringgit, its highest in about two months, stalling right around resistance at 3.043, the 76.4 per cent retracement of the dollar's March to April side versus the Malaysian currency. SINGAPORE DOLLAR The dollar rose to as high as 1.2510 but later fell back on fresh selling from leveraged accounts and proprietary traders. The euro's bounce off its intraday lows against the dollar on talk of euro-buying by Asian central banks helped trigger fresh selling in the US dollar against the Singapore dollar. -Reuters

Pound falls vs euro, inflation data ahead

Swiss franc down on broad dlr rally

TOKYO: The dollar rose against emerging Asian currencies on Monday, heading for its biggest one-day rise against the Malaysian ringgit in nearly a year, as investors trimmed bets on risky assets on worries about Greece's debt woes. The South Korean won dipped to its lowest level against the dollar in about a month in the wake of the Bank of Korea's surprise decision on Friday to leave interest rates on hold, and the Singapore dollar also eased against the US dollar. "The dollar is pushing higher as concerns mount about the Greece situation in Europe," said Christopher Gothard, Head of FX for Brown Brothers Harriman in Hong Kong.

LONDON: Sterling fell versus a firmer euro on Monday and was seen vulnerable before UK data this week, including inflation and jobs numbers, which could add to the view that interest rates will stay on hold in the coming months. Data on Tuesday is expected to show inflation ticked up to 4.2 per cent in April from 4.0 per cent in March, but most in

the market believe recent signs of a shaky UK economy will prevent the Bank of England from raising rates from historic lows soon. Jobs data on Wednesday and retail sales numbers on Thursday could add to this view, while the release of BoE meeting minutes on Wednesday will be watched closely for any shift in tone from policymakers. "Sterling is very much a sell on rallies at the moment," said Audrey Childe-Freeman, currency strategist at JP Morgan Private Bank.

"The market looks to be focusing on the environment of deteriorating growth and higher inflation, which is not a good backdrop for interest rate hikes". The euro was up 0.6 per cent at 87.60 pence, helped by steady buying by Asian central banks and off a seven-week low of 86.73 pence hit last week. The euro was broadly firmer

as concerns ahead of a meeting of euro-zone finance ministers eased after German Chancellor Angela Merkel said debt restructuring would be "damaging" to euro-zone credibility. Traders said the euro could fall back if concerns over Europe's debt crisis resurface and dent the shared currency. Against the dollar, sterling was up 0.2 per cent at $1.6237, helped higher by gains in the euro against the US currency which kept the pound above a low of $1.6147 hit on Friday, its weakest in more than five weeks. -Reuters

ZURICH: The Swiss franc fell to its lowest level in almost a month against the dollar on Monday on a broad greenback rally fuelled by renewed concern over aid for Greece and other indebted euro-zone countries. The franc slipped against the dollar to 0.8932 per dollar at 0650 GMT. The dollar has steadily gained against the franc since it hit a record low of around 0.8554 francs on May 4. "Gaining further ground, the dollar-franc broke through the key resistance of 0.8893 on Friday stopping just short of the next important resistance at 0.8947," said UBS economist Reto Huenerwadel in a research note. But Credit Suisse analyst Marcus Hettinger said he remained bearish on the dollar against the franc. Concerns about the eurozone debt crisis have put the single currency under pressure again in recent weeks, with uncertainty stoked by the arrest of IMF chief Dominique Strauss-Kahn over the weekend. The franc was slightly weaker against the euro compared to the New York close, trading at 1.2608 per euro. -Reuters

Aussie drifts off 4-wk lows in thin trade, NZD eases SYDNEY/WELLINGTON: The Australian dollar drifted off four-week lows versus the greenback on Monday, helped by China's upbeat growth outlook, but weakness in Asian equity markets capped its upside. The Aussie last traded at $1.0547, off a session low of $1.0526 after a Chinese official said the nation's economy was likely to grow an average of 9 per cent annually over the next five years. The Aussie is typically very sensitive to news from China, the nation's key export market. It has dropped more than 4 per cent in the last two weeks, recoiling from a 29-year high of $1.1012 as some commodity prices corrected sharply. Recent disappointing data including surprisingly weak jobs data last week added more pressure on the Aussie as markets priced out the risk of a near-term interest rate hike. Last Friday, it hit a four-week trough of $1.0520. Earlier, the Aussie tracked a fall in the euro following news of the arrest of IMF chief Dominique Strauss-Kahn for sexual assault, which increased uncertainty on aid for Greece

and other indebted euro-zone countries. Key support for the Aussie is seen around $1.0513 -- the 38.2 Fibonacci retracement of the $0.9705/$1.1012 move -- then $1.0490, the 19 April low, and resistance around $1.0618. The NZ dollar eased to $0.7840, having touched a two-week low around $0.7826, weighed by weak regional equity markets. The kiwi was trading close to key support levels which, if broken, could be a cue for the currency to take a leg lower, analysts at the ANZ bank said in a note to clients. "Technically, we have strong support at 0.7820/30 which if broken, could take the kiwi to a new trading zone of 0.7550 to 0.7700," ANZ said. Topside resistance for the kiwi is seen at $0.7887 then $0.7919. The antipodean currencies held their grounds against the euro. The single currency traded at around A$1.3350, not far from a four-month low of $1.3320 struck last week. Against the kiwi, it traded at NZ$1.7969, not far off from levels last seen in February. -Reuters

The euro rose as high as $1.42450 on trading platform EBS and was last at $1.42370, up 0.8 per cent. Earlier, it fell to $1.40481, the lowest since late March. Traders said the euro's earlier fall was met with strong demand from Asian sovereign accounts that were still keen to buy on dips, while strong bids were seen toward $1.40. Overall, risk sentiment seemed to have improved on Monday as the New York session got under way, with gains in higher-yielding currencies such as the Australian, Canadian and New Zealand dollars. The greenback rose against a basket of six major currencies to a six-week high of 76.001 earlier, but was last down 0.6 per cent at 75.299. -Reuters

Yuan slips vs dlr, less global pressure seen SHANGHAI: The yuan ended down against the dollar on Monday, following a weaker mid-point as the dollar repeatedly hit new peaks, while a Chinese central bank official said he expects political pressure on yuan appreciation to ease. The US dollar index , the US currency's index against a basket of six major currencies, hit a six-week high of 76 lifted by uncertainty over aid for Greece and other indebted euro-zone countries. An unexpected complication is the arrest on sexual assault charges of International Monetary Fund chief Dominique Strauss-Kahn. It has risen more than four per cent since May 4. The strong and safe haven dollar also guided the offshore, one-year non-deliverable forwards (NDFs) to hit a onemonth high of 6.3870, jumping from 6.3680 at Friday's close. Their implied yuan appreciation in a year's time was down to 1.91 per cent from Friday's 2.21 per cent. Spot yuan finished at 6.5074 versus the dollar, compared with Thursday's close of 6.4977. It has appreciated 4.90 per cent since it was depegged

from the dollar in June 2010, and 1.25 per cent since the start of this year. Before trade began, the PBOC set the yuan's daily midpoint at 6.5089 against the dollar, weaker than Friday's 6.5017. The central bank uses the mid-point to express the government's intention for the yuan's movements. "The dollar is really strong these days," said a dealer at a commercial bank in Shenzhen. "We expect the yuan could track the dollar's trade for a while." He and several dealers expected the yuan was likely to move between 6.4950 to 6.5150 in the near term, with no change to expectations of 56 per cent rise for this year. Li Daokui, an adviser to the People's Bank of China, said on Monday that China's narrowing trade surplus could help ease foreign pressures on the country to let the yuan rise at a faster clip. But dealers said inflationary pressures in the domestic economy also adds to reasons for a stronger yuan in the long term as China uses the exchange rate to beat back inflation. -Reuters

Indian rupee down, cash $ shortage seen MUMBAI: The Indian rupee ended down after falling to its lowest in 2 months on Monday on lower domestic shares, strong dollar demand from importers and an overall weakness in the euro. Dollar shortage was also accentuated in the cash market following exporters covering their positions in the forward dollar market, dealers said. "The cash market is in (dollar) demand driven mode as exporters have covered their forwards. There is a dollar demand overrun in the market that has pushed the spot rupee down," said J. Moses Harding, head of global markets at IndusInd Bank in Mumbai. Dealers added that foreign fund outflows are also adding to the dollar demand in the spot market. So far in May, foreign funds have net sold $1.54 billion in Indian equities compared with an inflow of a net around $1.6 billion in April. The partially convertible rupee ended at 45.1550/1650 per dollar after falling to 45.18 -- its weakest since March 17. It had ended at 44.85/86 per dollar on Friday. Some dealers expect the

Reserve Bank of India (RBI) to step in and buy the Indian unit if it falls below 45.25. The one-month onshore forward premium was at 21.75 points versus 28 points last close. The three-month was at 68.25 points against 77.75 points and the one-year was at 267.50 points compared with 292.75 points. The one-month offshore nondeliverable forward contracts were quoted at 45.39, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, and the United Stock Exchange were both at 45.2450, and the MCX-SX at 45.2425 with total volume at $9.2 billion. -Reuters

Time 13:30 13:30 13:30 13:30 14:00 14:00 17:30 17:30 18:15 18:15

Source GBP GBP GBP GBP EUR EUR USD USD USD USD

Events CPI y/y RPI y/y Core CPI y/y DCLG HPI y/y German ZEW Economic Sentiment ZEW Economic Sentiment Building Permits Housing Starts Capacity Utilization Rate Industrial Production m/m

Source

Events

GBP JPY EUR EUR EUR CAD USD USD USD

Rightmove HPI m/m Core Machinery Orders m/m CPI y/y Core CPI y/y Trade Balance Manufacturing Sales m/m Empire State Manufacturing Index TIC Long-Term Purchases NAHB Housing Market Index

Forecast 4.2% 5.3% 3.4% 0.9% 4.8 17.9 0.59M 0.58M 77.7% 0.5%

Previous 4.0% 5.3% 3.2% 0.7% 7.6 19.7 0.59M 0.55M 77.4% 0.8%

Actual

Forecast

Previous

1.3% 2.9% 2.8% 1.6% -0.9B 1.9% 11.9 24.0B 16

-9.7% 2.8% 1.5% 1.7B 1.6% 20.7 57.7B 17

Previous Day 1.7% -1.9% 2.8% 1.3% -2.1B -1.8% 21.7 27.2B 16

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

As per 22.00 PST Ask High 1.4193 1.4192 0.8843 0.8937 1.6215 1.6225 0.9736 0.9768 1.0597 1.0603 114.63 114.63 0.8757 0.8755 1.2552 1.2613 130.99 131.20 91.33 91.36 1499.21 1500.60

Bid 1.4190 0.8840 1.6209 0.9731 1.0592 114.59 0.8753 1.2549 130.90 91.28 1498.68

Low 1.4052 0.8839 1.6164 0.9685 1.0517 113.43 0.8690 1.2529 130.44 90.24 1487.20

London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 16/05/2011 A USD GBP CAD EUR JPY O/N 0.13150 0.57150 0.99250 1.09875 SN 0.11063 1WK 0.16835 0.58775 1.02917 1.13163 0.12000 2WK 0.17925 0.59750 1.05167 1.14750 0.12500 1MO 0.19700 0.62438 1.08917 1.18750 0.14063 2MO 0.23050 0.69875 1.13167 1.23438 0.16000 3MO 0.26050 0.82188 1.20000 1.37750 0.19563 4MO 0.30200 0.89438 1.27583 1.46250 0.24313 5MO 0.35900 1.00063 1.34250 1.55125 0.29750 6MO 0.41250 1.10813 1.40583 1.66563 0.34313 7MO 0.46800 1.19438 1.49250 1.73563 0.39188 8MO 0.52150 1.28125 1.57333 1.81188 0.44000 9MO 0.57250 1.36500 1.65083 1.89688 0.48313 10MO 0.62725 1.44438 1.74417 1.97188 0.51188 11MO 0.67800 1.51688 1.83333 2.03875 0.53750 12MO 0.73550 1.58531 1.92833 2.11500 0.56188

Major Central Banks Overview Central Bank

Next Meeting

Last Change

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

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

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

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

Division of National Bank of Pakistan (NBP) KARACHI, May 16,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG KUWAIT MALAYSIA NEWZEALAND QATAR U.A.E. KR WON THAILAND

85.20 137.85 120.05 87.88 95.46 89.88 13.32 1.05 15.28 68.17 16.10 22.72 10.96 308.98 28.04 66.79 23.40 23.20 0.08 2.81

85.00 137.53 119.77 87.68 95.24 89.67 13.29 1.05 15.24 68.01 16.06 22.66 10.93 308.25 27.98 66.63 23.34 23.14 0.08 2.81

84.78 137.16 119.41 87.45 94.99 89.43 13.26 1.05 15.20 67.83 16.02 22.61 10.90 307.44 27.91 66.46 23.28 23.08 0.08 2.80

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for May 16, 2011

KASB 0-7days 13.20 8-15dys 13.15 16-30dys 13.12 31-60dys 13.10 61-90dys 13.10 91-120dys 13.25 121-180dys 13.46 181-270dys 13.58 271-365dys 13.74 2-- years 13.95 3-- years 14.00 4-- years 14.04 5-- years 14.05 6-- years 14.07 7-- years 14.07 8-- years 13.80 9-- years 14.10 10--years 14.12 15--years 14.50 20--years 14.70

BMA 13.30 12.95 13.00 13.00 13.03 13.18 13.45 13.58 13.72 13.90 13.99 14.04 14.07 14.09 14.09 13.75 14.08 14.11 14.50 14.70

ELXIR 13.20 13.10 13.00 13.05 13.10 13.30 13.45 13.60 13.80 13.99 13.99 14.05 14.06 14.11 14.12 13.70 14.10 14.10 14.47 14.72

GSL 13.20 13.10 13.00 13.05 13.07 13.15 13.46 13.58 13.75 13.95 14.01 14.03 14.06 14.07 14.10 13.80 14.09 14.12 14.45 14.70

ICSL 13.20 13.05 13.00 13.02 13.05 13.20 13.46 13.55 13.74 13.97 14.00 14.03 14.05 14.07 14.10 13.75 14.09 14.10 14.45 14.70

JSCM AvgRate 13.20 13.22 13.10 13.08 13.00 13.02 13.00 13.04 13.05 13.07 13.20 13.21 13.45 13.46 13.55 13.57 13.73 13.75 13.98 13.96 13.99 14.00 14.02 14.04 14.05 14.06 14.07 14.08 14.08 14.09 13.80 13.77 14.10 14.09 14.10 14.11 14.45 14.47 14.65 14.70

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

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

week month months months year years

-0.29 -0.44 -0.07 -0.37 -0.86 -0.85

0.66 0.74 0.86 0.50 0.70 0.86

-0.74 0.06 -0.10 -0.34 -0.56 0.20

-0.19 0.56 0.46 0.01 -0.23 0.75

EUR/USD GBP/USD -0.48 -0.04 -0.14 -0.38 -0.83 0.10

-0.22 -0.12 -0.15 -0.35 -0.87 -0.02

NZD/USD USD/CAD -0.12 0.25 0.08 -0.14 -0.81 -0.82

-0.31 -0.20 -0.11 0.34 0.66 0.75

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)16/05/2011 1WEEK

2 WEEK

1 MONTH

3 MONTH

6 MONTH

9 MONTH

1YEAR

2YEARS

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

ABLN 13.10

13.60

12.80

13.30

12.80

13.30

13.00

13.25

13.40

13.65

13.60

14.10

13.70

14.20

13.90

14.40

JSBL

12.80

13.30

12.90

13.40

12.90

13.40

13.00

13.25

13.50

13.75

13.60

14.10

13.70

14.20

13.80

14.30

ASPK 13.10

13.60

13.00

13.50

12.85

13.35

13.05

13.30

13.35

13.60

13.55

14.05

13.70

14.20

13.80

14.30

CIPK

13.00

13.50

13.00

13.50

13.00

13.50

13.00

13.25

13.20

13.45

13.40

13.90

13.50

14.00

13.75

14.25

DBPK 13.00

13.50

12.90

13.40

12.80

13.30

12.90

13.15

13.25

13.50

13.45

13.95

13.65

14.15

13.75

14.25

FBPK 13.10

13.60

13.00

13.50

12.90

13.40

13.00

13.25

13.30

13.55

13.60

14.10

13.70

14.20

13.90

14.40

FLAH 13.10

13.60

12.90

13.40

12.85

13.35

13.00

13.25

13.30

13.55

13.50

14.00

13.65

14.15

13.75

14.25

HBPK 13.00

13.50

12.90

13.40

12.90

13.40

13.00

13.25

13.30

13.55

13.55

14.05

13.70

14.20

13.80

14.30

HKBP 12.90

13.40

12.80

13.30

12.95

13.45

13.00

13.25

13.30

13.55

13.55

14.05

13.70

14.20

13.80

14.30

NIPK

13.00

13.50

13.00

13.50

13.00

13.50

13.20

13.45

13.30

13.55

13.40

13.90

13.50

14.00

13.60

14.10

HMBP

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

SAMB 13.00

13.50

12.90

13.40

12.90

13.40

13.00

13.20

13.35

13.60

13.50

14.00

13.65

14.15

13.75

14.25

MCBK 13.10

13.60

12.80

13.30

12.80

13.30

13.10

13.35

13.35

13.60

13.60

14.10

13.70

14.20

13.80

14.30

NBPK 13.15

13.65

12.90

13.40

12.80

13.30

13.00

13.25

13.30

13.55

13.60

14.10

13.70

14.20

13.80

14.30

SCPK 13.00

13.50

12.95

13.45

12.85

13.35

13.00

13.25

13.30

13.55

13.50

14.00

13.65

14.15

13.80

UBPL 13.00

13.50

13.00

13.50

12.80

13.30

12.95

13.20

13.30

13.55

13.50

14.00

13.60

14.10

13.90

14.40

AVE

13.53

12.93

13.43

12.86

13.36

13.00

13.25

13.31

13.56

13.54

14.04

13.68

14.18

13.79

14.29

13.03

14.30


4

Tuesday, May 17, 2011

The Financial Daily International

IMF chief’s arrest may speed up succession race

Vol 4, Issue 190

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

Financial stats show downswing One of the indicators of a robust economy and well being of a country is consumption of energy products. A review of ten months data for the current financial year clearly shows that Pakistan's economy is on the downturn. The numbers also indicate that dependence on imported white oil products is on the rise, affecting the economic viability of the local refineries. The situation demands immediate corrective step to put the economy on track. The ever-rising petroleum prices coupled with continuous supply shocks led to an overall decline in petroleum products consumption, declining to 1.64 million tons in April. The two categories, black oil and white oil saw most of their products registering decline except for motor gasoline and JP1 which posted either slower decline or increased in volumes. The two products, furnace oil and HSD, contributing nearly 80 per cent of the total volumes saw the heaviest decline. The total POL consumption during 10MFY11 was 16.2 million tonnes, down 1.8% YoY, mainly owing to declines recorded in furnace oil and HSD volumes. But the point of concern is that local refineries contributed only 40 per cent to the consumption volumes while 60 per cent of the demand was met through imports. During the corresponding period last year the ratio was 43:57 indicating increasing reliance on imported products. Demand for the two products mainly used in transportation, motor gasoline and HSD also contracted amid halted supplies from refineries, lower imports and a spate of back to back increases observed in the product prices. However, motor gasoline demand remained robust up 16 per cent YoY was due to ongoing gas load shedding at CNG stations. Referring to the details was necessary to highlight the myopic vision of the economic mangers and failure to take corrective steps. In a country facing the worst load shedding, furnace oil is being saved by running the power plants on lower capacities. Similarly, suspension of gas supply to industries, particularly fertilizer units and closure of CNG station under 'load management' seem criminal because gas pilferage is as high as 300mmcfd. One completely fails to understand what the economic managers are up to? Oil import bill is likely to remain high due to crude oil price hovering around US$100 a barrel. Electricity and gas crises are self created and failure in exploiting coal unpardonable mistake. The country can generate up t0 40,000MW hydel electricity but more and more thermal power plants, particularly based on fossil oil are being created by people having vested interest influencing policy making.

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.

he shock arrest of the head of the International Monetary Fund may force the world's power brokers into a frantic search to find his replacement. Hours after New York police charged Dominique Strauss-Kahn with the sexual assault of a hotel maid, the IMF said it had appointed John Lipsky, the fund's No. 2, to the position of acting managing director. IMF officials explained Lipsky often runs the financial institution when the managing director (MD) is away and said it remained "fully functioning and operational." But the announcement did not mask concerns among some high-ranking IMF board officials about a possible leadership vacuum, especially as Lipsky only last week said he planned to stand down in August when his term ends. That could leave the world's lender rudderless just as it is immersed in efforts to fix the euro zone's debt debacle and faces the massive task of helping steer the global economy away from the kind of policies that triggered the crash of 2007-09. "Europe is on fire," one board official told Reuters. "It's a good idea to have made Lipsky acting MD but how long will this go on for?" Several officials said it would be

T

important for the board to quickly convey its confidence in Lipsky's ability to run the IMF without Strauss-Kahn. Lipsky, an ex-vice chairman of JP Morgan Chase & Co., was due to meet with the 24-member IMF board on Sunday to brief them on developments regarding the arrest of Strauss-Kahn. But the IMF said the meeting had been postponed "pending further developments in New York." StraussKahn was expected to go before a New York court. His lawyer said he will plead not guilty. The IMF board, made up of representatives from IMF member countries including major shareholders like the United States, France, Germany, China and Japan, has the authority to appoint and to dismiss the managing director. While the 62 year-old Frenchman's experience, charisma and appetite for policy gambles helped the Fund recapture a central role in global finance since he took over in 2007, the latest incident could prove too much for the IMF's member nations, even if he is cleared of the criminal charges. In 2008, the board cleared StraussKahn of abuse of power over a brief affair he had with a female IMF economist but warned him against any further misconduct. Strauss-Kahn on that occasion apologized publicly for an "error in judgment."

Several senior IMF sources have told Reuters they had lingering concerns after the incident about whether their boss had taken the lesson to heart. The magnitude of the financial crisis and the response by the IMF appeared to move the institution beyond the 2008 scandal. Strauss-Kahn won high praise, even from skeptics in the Fund, for his efforts to put the institution at the center of the world's response to the meltdown. EFFECTIVE POWER BROKER The IMF chief has also been central in galvanizing Europe to tackle its debt woes at a time when European leaders have been divided over supporting huge bailouts for countries such as Greece, Ireland and Portugal. Speculation had previously been swirling that Strauss-Kahn would leave the Fund to run for the French presidency in 2012. To do that, he would need to declare himself a candidate by the end of July and step down from his job in Washington. But IMF officials say they had barely begun to think about who the next IMF leader might be. With an abrupt exit of Strauss-Kahn now looking possible before his term is due to expire in September 2012, the process of finding a new leader may be about to begin and this time it could be more fraught than in the past.

Developing countries have made clear they will challenge the status quo under which the IMF captaincy has traditionally gone to a European while an American heads the World Bank. Brazilian Finance Minister Guido Mantega fired a shot in April when he told the IMF's steering panel: "It is high time that we make a political breakthrough in departing from the outdated practice." "The heads of the Bretton Woods institutions should be chosen solely on the basis of an open and merit-based process without regard to nationality." Former Turkish finance minister Kemal Dervis' name has been circulated in recent months as a possible candidate. Dervis was a former head of the United Nations Development Programme and now directs an economics program at the Washingtonbased Brookings Institution think-tank. While some in Britain speculated about a candidacy of former Prime Minister Gordon Brown, who served as finance minister for a decade until 2007, his successor, David Cameron, has urged the IMF to look beyond Europe for its next leader. Current French Finance Minister Christine Lagarde has also been touted by some Europeans as a possible successor. That would make her the first female head of the institution.-Reuters

Palestinian “Arab spring” confronts Israel on borders Dan Williams

F

ounded as a Jewish homeland and postHolocaust haven, forged in border wars with Arab forces, Israel now confronts a redefinition of the conflict after Palestinian refugees massed fearlessly on its frontiers. The thousands of protesters who surged from Syria, Lebanon and Gaza on Sunday, flattening some buffer-zone fences and drawing deadly Israeli gunfire, reminded many in the country of the image-corroding consequences of pitting the region's mightiest military against stonethrowing demonstrators. That the unprecedented rallies fired up annual Palestinian events mourning Israel's creation, and were mobilised like the citizen revolts of the "Arab Spring" welcomed by the West, only deepened Israeli doubt about finding acceptable countermeasures. Repeats of the "Nakba Day" marches looked likely given the Palestinians' campaign to corner Israel at the U.N. assembly in September by declaring independence should peace stay stalled. "The danger is that more mass processions like these will appear, not necessarily near the border, but also other places," Defence Minister Ehud Barak said in a television interview, apparently referring to Jewish settlements in the occupied West Bank, where Palestinians want statehood, or even Israel itself. "We're only at the outset. We could see more complex things and complex challenges in this area. I rec-

ommend not to expect plans to be prepared systematically and be ready right on time." Most Israeli analysts wrote off any option of adapting police anti-riot tactics for such large-scale clashes over tense armistice lines. Some recommended sowing new minefields instead. A senior Barak aide, Amos Gilad, hinted that Israel would hone and perhaps harshen its response. He likened the rallies to lethal raids guerrilla raids that plagued Israelis in the past. "We already had very tough challenges that looked impossible," he told Army Radio. "There were terrorist attacks by sea, of a kind we have not heard about in decades because of our (operational) successes. For many long years, we had suicide attacks. Now the country is quiet and stable." ARMY SAYS SHOWED RESTRAINT With its preparedness and prestige in question, Israel's military -- which killed at least 13 protesters before repelling the rest -- has described its conduct as restrained. "Had we opened fire in a bloodbath with dozens of fatalities, we would now find ourselves in a very different reality," chief spokesman BrigadierGeneral Yoav Mordechai said. As it happened, marches in the West Bank passed relatively quietly, a testament to ongoing Israeli security coordination with the forces of U.S.-backed Palestinian President Mahmoud Abbas. Demonstrations were similarly contained in Jordan and Egypt, the only Arab states to have made peace with Israel.

Israeli officials accused the governments of Lebanon and Syria of encouraging the protesters to reach the borders. Syrian President Bashar al-Assad, they said, may have seen a reprieve in shifting the violence toward Israel after cracking down for weeks on domestic unrest against his authoritarian rule. But the tinderbox issue of Palestinian refugees remains at root. Hundreds of thousands were dispossessed by the 1948 Middle East war and, along with millions of their descendants, they demand the right to return to lands lost to the Israelis. Israel rules that out as demographic suicide and two decades' worth of American-sponsored peace efforts have often foundered over murky proposals -- never taken up formally by the Palestinian leadership -- that refugees be resettled elsewhere. So even if U.S. President Barack Obama, who hosts Netanyahu in Washington last Friday, finds the elusive formula for reviving negotiations, it is unlikely to placate Nakba-style protesters. "(Israel) lacks means to prevent the breaching of its borders by tens and hundreds of thousands of Palestinians who will succeed in organising and fulfilling the dream of return with their own feet," wrote Alex Fishman, defence analyst for Israel's best-selling Yedioth Ahronoth newspaper. "The more people talk about the possibility of a diplomatic arrangement or the establishment of a Palestinian state, the right of return will become the flag of the Palestinian struggle.

Fearing power vacuum, Russia cosies up to Afghanistan S

till haunted by its own disastrous war in Afghanistan, Russia is tiptoeing back into Kabul's affairs ahead of a gradual withdrawal of NATO troops that could leave a dangerous power vacuum in what was once a traditional sphere of influence. Moscow has refused to send troops to the war, which is becomingly increasingly unpopular as it drags into its 10th year, but it has backed drug raids, and increased support for NATO and local forces. It has also showed interest in business deals as it vies to boost its clout in Afghanistan. Russia has welcomed Afghan President Hamid Karzai twice in the past 12 months, where he directly asked his Russian counterpart Dmitry Medvedev for help with security. Long indirectly involved in Afghan affairs through supporting foreign operations, Russia is now pursuing "independent engagement", said Vanda Felbab-Brown, an expert on Afghanistan and fellow at the Brookings Institution. "Russia's primary objective is to avoid having civil war, instability and leakages into Central Asia and into Russia itself," Felbab-Brown told Reuters from Washington. Moscow has also been courting Pakistan, seen as instrumental to peace plans in Afghanistan, where some 15,000 Soviet soldiers died fighting mujahideen insurgents before pulling out in 1989. Russia agreed last year to expand on a transit deal to allow NATO to take armoured vehicles through its territory. It had already allowed the military alliance to ship food and fuel. An agreement to supply the United States with 21 military helicopters is also expected to be completed by year-end.

"Russia certainly does not want America to remain in the region," said Fyodor Lukyanov, editor of the journal Russia in Global Affairs. "At the same time, there is also the concern that the U.S. departure, particularly a swift one, will make the situation much more difficult". Moscow also hopes to be involved in several economic projects, including a proposed gas pipeline and hydroelectric power facilities in Kabul. Russia has said it would rebuild Soviet-era infrastructure, which it built in the 1950s1970s, if the international community footed the bill. VIOLENCE, UNCERTAINTY Despite escalating violence, Washington and NATO have pledged to begin a gradual security transition from July as part of a plan that will see all foreign combat troops leave Afghanistan by the end of 2014. Experts say the first transition phase - to begin in seven areas -- is more about symbolism than substance, but agree the handover is still crucial to determining the readiness of Afghan forces. Violence last year hit its worst levels since US-backed Afghan forces overthrew the Taliban government in late 2001, but Washington and its allies have backed Karzai's peace plan, which includes negotiations with Taliban-led insurgents. However, there is still little idea how that plan will work and the likelihood of more political uncertainty looms. Still wary of a country at the heart of the "Great Game" -- the historic rivalry between Britain and Russia during the 19th and 20th centuries --, Moscow is now also driven by its fear of growing Islamism. Russia is afraid the troop drawdown

will allow militants to filter into the oil and gas-producing mainly Muslim countries of ex-Soviet Central Asia. Last month the head of a Russia-dominated regional security bloc, the Collective Security Treaty Organisation (CSTO), warned member states that Afghan insurgent activity was already spreading to the bordering Central Asian countries. "This is one of the main destabilising factors presenting a real threat to collective security in the Central Asian region," the CSTO's Nikolai Bordyuzha said in Moscow. Moscow is so alarmed, security sources and analysts say, that it is in talks with Tajikistan -- whose southern border with Afghanistan is long and porous -- to send up to 3,000 Russian border guards to protect the country from a spillover of violence. Uzbekistan and Turkmenistan also border Afghanistan. "It is possible we could see a resurgence of the Taliban, and the Islamist movements in Central Asia might be emboldened by this," said Gemma Ferst from the London-based Eurasia Group. Twenty years after the fall of the Soviet Union, homegrown Islamist movements now exist in all Central Asian countries, Ferst added, and links to the international radical community have already been established. UPHILL BATTLE Russia also has worries closer to home. The Kremlin is waging an uphill battle with Islamist insurgents in its mainly Muslim North Caucasus region, underpinned by Soviet-era deportations and two separatist wars in Chechnya since 1994. Potential chaos in Afghanistan after foreign troops leave could encourage

Russia's rebels, who are bent on carving out an independent Islamic state and stage near-daily attacks across the North Caucasus. Escalating their campaign, they also said they carried out the suicide bombings that killed a total of 77 people in Moscow's busiest airport in January and on the Moscow metro last year. "There are fears that (violence) might reverberate into the North Caucasus, and how moral encouragement from Afghanistan could fuel salafism and separatism there," said Felbab-Brown, referring to the ultra-conservative branch of Islam that the Caucasus rebels follow. Afghan militants have openly supported the North Caucasus in the past: the Taliban government recognised Chechnya as independent in 2000 and even set up an embassy in Kabul. Russia's crippling drugs crisis and a looming HIV/AIDS epidemic have also reignited Moscow's interest in Afghan intervention. A quarter of all Afghan heroin reaches Russia through Central Asia, making it the largest per capita user in the world with up to 3 million addicts. Though Russia has vowed repeats of a joint raid with the US last year, in which they destroyed four drug labs and a tonne of heroin near the Afghan border with Pakistan, it also disagrees with its Cold War foe over local drug output. "The drug trade feeds into militant activity, which poses a risk for Central Asia, and this is of course something that motivates us," said anti-drugs tsar Viktor Ivanov, referring to Russia's desire to destroy poppy crops. The United States has said eradicating poppy plantations would push disgruntled Afghan farmers into insurgents' hands.-Reuters


5

Tuesday, May 17, 2011

South East Asian stocks

Down as volumes wane ahead of public holiday KSE-100 Index Opening Closing Change % Change Turnover (mn)

11967.35 11902.12 65.23 0.55 44.90

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

3204.21 3161.63 42.58 1.33 1.80

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

2677.42 2676.17 1.25 0.05 0.11

Major Gainers

Symbol

Close

Change

WYETH 883.39 COLG 756.66 ULEVER 5203.12 AGTL 225.90 INDU 221.51

27.67 10.13 3.12 2.60 2.51

Major Losers

Symbol NESTLE HINO APL NRL HBL

Close

Change

3511.01 85.37 370.08 333.72 118.14

-42.62 -3.90 -3.62 -3.06 -2.98

Top 5 Volume Leaders

Symbol

Close Vol (mn)

JSCL LOTPTA ANL DGKC FFBL

7.19 15.00 5.77 21.57 41.39

6.73 5.76 5.31 1.68 1.14

Active Issues Plus Minus Unchanged

77 169 114

Sector Updates FERTILISER 000 tonnes

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

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

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

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

1,555 1,665

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

186 133 0 20

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

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

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

PRICES (Ex-Refinery)

Rs

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

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

European shares slip as debt-crisis caution weighs

Profit-taking clips gains at KSE Nawaz Ali

KARACHI: Investors at Karachi Stock Exchange preferred to confirm their gains on Monday pushing the index a little down ahead of the important meetings of US Senator with senior government officials while killing of Saudi diplomat too proved additional dampener. The benchmark KSE-100 index fell by 65 points to close at 11,902 points, KSE-30

index dropped 59 points to close at 11,555 points and KSE all-share index lost 46 points to close at 8,273 points. Samar Iqbal, equity dealer at Topline Securities said that investors preferred to sell stocks ahead of crucial talks between Senator John Kerry and Government officials after OBL death. The day started with the sad news of killing of an official of Saudi Consulate in the city. After a positive opening,

Nikkei falls on volatile commodities TOKYO: Japan's Nikkei stock average hit a one-month low to end just under a key technical level on Monday, hurt by volatile commodities as well as concerns about global growth and market participants said a decisive break below that level could trigger further losses. Banks and utilities lost further ground on worries about how much they will have to contribute to help troubled nuclear operator Tokyo Electric Power (Tepco) compensate victims of the crisis at its tsunamihit nuclear plant. The mood was also soured after Goldman Sachs downgraded its recommendation on Japanese stocks to "underweight" from "market weight", citing a weaker global macro backdrop, supply chain and electricity supply problems after the March 11 earthquake as well as a stronger yen. "We have entered a 'risk-off' stage in Tokyo. The earnings season is slowly coming to an end so traders are again shifting their focus from micro factors like earnings to the broader macro picture," said Makoto Kikuchi, chief executive officer at Myojo Asset Management. The benchmark Nikkei average ended down for a third straight day, losing 0.9 per cent to 9,558.30, while the broader Topix shed 1.2 per cent to 829.55. Analysts said a decisive break below its closing level may push the Nikkei to the bottom of its daily Ichimoku cloud at 9,533,88, and if that level is then broken, it would be a major bearish signal triggering more selling. "If overseas stocks slip again, the Nikkei may fall as low as 9,300," he added.

Market participants said risk factors for Tokyo stocks included volatile commodities markets, a possible correction ahead for US stocks as the Federal Reserve ends its supportive policy, and the fear of a worsening euro-zone debt crisis. Goldman Sachs lowered its 12 month target for TOPIX to 970 from 1,050 and said its Japan index targets imply 1 percent, 4 per cent and 15 per cent upside over 3, 6 and 12 months respectively, compared to 8 per cent, 13 per cent and 25 per cent for Asian stocks outside Japan for the same periods. The Nikkei has tumbled more than 8 per cent since the March 11 disasters, while Asian stocks outside Japan have gained 5 per cent over the last two months. BANKS, UTILITIES EXTEND LOSSES Banks fell further after comments from the government's top spokesman sparked concern on Friday that banks are likely to be asked to ease troubled Tepco's loan burden. Although Japanese officials on Sunday denied the government will ask banks to forgive loans to Tepco, investors still seemed worried. "The problem is that there seems to be a difference of opinions on this issue inside the government. The fact is that they don't seem to know what to do and that is undermining investor confidence," said Masayuki Otani, chief market analyst at Securities Japan Inc. "This uncertainty can keep a lid on bank stocks for a longer while," Otani said. Mitsubishi UFJ Financial Group shed 1.6 per cent to 377 yen and Sumitomo See # 15 Page 11

index went into the red zone. But the most important event of the day was the crucial meetings between government officials and US Senator Kerry which kept the investors on the selling side and most of them preferred to stay on the sidelines as reflected by low volumes. About 44.8 million shares exchanged hands during the day which was 11.8 million shares less as compared to a turnover of 56.6 million shares

FTSE ends flat LONDON: Britain's top shares closed flat on Monday as weakness from banks was offset by an aggressive rebound from mining stocks, helping the index break back through a support level which traders said could herald a buying spree. The FTSE 100 ended down 2.18 points at 5,923.69, well off the session low of 5,862.16. "There's a lot of support for the FTSE around the 5,900 level -- in fact only breached once in 2011 when we had the Japan crisis in the middle of March," Ed Woolfitt, head of trading at Galvan Research, said. "We see it as a good level to be buying at ready for the run back up," he said. Miners dominated the bluechip leader board, bouncing back from recent lows as buyers came in for the sector which has hit by falling commodity prices. See # 13 Page 11

Another NIT branch opens at Lahore Staff Reporter KARACHI: National Investments Trust (NIT), Pakistan's first and the largest asset management company is opening its third Branch in Lahore today. It is 21st branch of NIT, on the threshold of its Golden Jubilee celebrations. Mian Tajjamul Hussain, a leading industrialist and senior member of the Board of Directors' of NIT will inaugurate the branch at Township. Wazir Ali Khoja , Chairman and Managing director of NIT along with Bahauddin Khan, See # 14 Page 11

China shares fall

HK flirts with key levels HONG KONG/SHANGHAI: Hong Kong stocks closed down on Monday in thin trade and the benchmark index may close below its 200-day moving average this week as funds keep unwinding their positions in resource-related stocks amid ongoing volatility in the commodities sector. US oil futures slipped to as low as $98.13 a barrel on Monday as the euro fell to a seven-week low against the dollar on worries that Greece may restructure its sovereign debt. "Investors are risk averse right now," said Jackson Wong, vice president of Tanrich Securities in Hong Kong. "Investors are unwinding their dollar carry trades, and it wouldn't be until probably next month that we see the dollar relenting." The benchmark Hang Seng Index finished down 1.4 per cent at 22,960.6 after flirting below its 200-day moving average, currently at 22,960.4, for much of the last hour of trading. In the near term, analysts said the next support for the benchmark is seen at 22,800 if it finishes below the 200-day moving average. Turnover on the day reached

its second-lowest since February, barely hitting HK$60 billion, more than 14 percent lower than its 20-day average. CNOOC Ltd and PetroChina Co Ltd were among the biggest lead weights on the Hong Kong benchmark, losing 2.2 and 2.1 per cent respectively, as the Hang Seng energy sub-index was down 2.1 per cent, underperforming the broader market. The stock has lost more than HKD$ one billion in market cap since the announcement last Thursday that it was leaving the Hang Seng benchmark index. SHANGHAI DOWN In China, large-cap shares weighed with investors wary of more policy moves and liquidity tightening ahead of a rise in the reserve requirements for banks. The benchmark Shanghai Composite Index fell 0.8 per cent at 2,849.1, after a 0.3 percent rise last week, its first weekly gain in a month. It still remains below its 125-day moving average, now at 2,888. A-share turnover fell on Monday to RMB 96 billion ($14.7 billion), down from Friday's RMB104 billion. Reuters data shows Monday's

turnover was 28 per cent below its 2011 average, now at RMB133.5 billion. Large caps such as banks and energy firms were sold off with the sub-index of finance shares sliding 1.2 per cent and the energy sub-index tumbling one percent. Industrial and Commercial Bank of China and PetroChina , the two biggest companies on the Shanghai market, declined 1.5 per cent and 0.7 per cent respectively. Liquidity tightened with the weighted average seven-day repurchase rate , the main barometer of short-term liquidity supply, jumping more than 100 basis points as banks rushed to meet payments for the latest reserve requirement ratio (RRR) hike announced on Thursday. The move takes effect from Wednesday. "Currently investors' sentiment is quite bearish, so the index still has room to fall slightly," said Zhang Gang, an senior analyst at Central Securities in Shanghai. Analysts expect the Shanghai Composite Index to trade between 2,800 and 2,900 points over the next few weeks.-Reuters

on Friday. Apart from above mentioned factors experts said that investors booked profits before the announcement of federal budget and and conclusion of the talks between IMF and government officials. The index remained in the red zone till closing bells during the day it touched an intra-day low of 11,884 points (-ve 82). Jahangir Sidd. Co. was the top traded stock of the day with 6.72 million shares fol-

lowed by Lotte Pakistan with 5.75 million shares and Azgard Nine 5.3 million shares. Some activities were also seen in D. G. Khan Cement right shares due to Tuesday being the last trading day. About 4.46 million shares traded and it closed near to its lower circuit breaker. Out of total 360 active issues; 169 declined and 77 advanced while 114 issues remained unchanged.

India shares drop one pct MUMBAI: Indian shares dropped one percent on Monday, with financials such as ICICI Bank and mortgage lender HDFC among the major losers after data showed inflation in April rose more than forecast, reinforcing expectations of more interest rate increases. The market sentiment was also hit by weaker overseas markets as European shares touched their lowest in more than a week on renewed jitters about the region's debt crisis. US stock index futures also pointed to a lower open on Wall Street. Shares in ICICI Bank, the second-largest lender, dropped 1.4 per cent to 1,057.75 rupees and bigger rival State Bank of India closed down 1.3 per cent at 2,616.30 rupees on worries that high interest rates would curb credit demand. Housing Development Finance shed 1.7 per cent to 634 rupees after the country's top mortgage lender said on the weekend it would raise its retail prime lending rate on housing loans by 50 basis points. The benchmark 30-share BSE index ended down 1.01 per cent, or 186.25 points, at 18,345.03, with all but four of its components closing in the negative zone. The index had

fallen as much as 1.1 per cent during the day. The 50-share NSE index lost 0.83 per cent to end down at 5,499 points. In the broader market, losers were ahead of gainers in the ratio of 2.4:1 on trading volume of more than 443 million shares. "Inflationary pressures are not going to ease in a hurry and that would prompt the central bank to keep raising rates which is the main concern for investors at this stage," said Gajendra Nagpal, CEO of Unicon Financial. "The broader market is not going to go up from the current levels in a hurry as there is no major buying trigger." India's headline inflation, rose an annual 8.66 per cent in April, above the forecast of an 8.48 per cent rise in a Reuters poll, and the prospect of rising energy costs will keep pressure on the central bank to raise rates in June. State-run oil refiners had raised petrol prices by about 8.6 per cent, or 5 rupees a litre ($0.11), from Sunday, a record hike that will fuel inflation in Asia's third-largest economy. The Indian government aims to raise state-controlled prices of fuels such as diesel and cooking gas, possibly as soon See # 16 Page 11

ANNOUNCEMENTS Company Hinopak Motor Honda Atlas Cars Invest Bank (Consolidated) Invest Bank Habib Sugar Mills Khairpur Sugar

Period Yearly Yearly Yearly Yearly Half Yearly Half Yearly

Div/Bon/Right -

PAT (Rs in mn) -30.14 -298.45 -761.12 -748.87 421.32 65.00

EPS(Rs) -2.43 -2.09 -2.74 -2.70 2.81 4.06

US stocks late-morning

Dow, S&P 500 edge higher NEW YORK: The Dow and the S&P 500 edged higher on Monday, recovering from a fall at the open, as a weaker dollar helped commodity-related stocks snap back from a selloff in the last session. An inverse correlation between the dollar and stocks has started to reemerge as volatility in markets increases before the Federal Reserve is expected to end its stimulus program next month. The S&P's materials sector gained 1.4 per cent and was the best performing sector, helped by gains in Cliffs Natural Resources, up 5.1 per cent to $88.67 after Citigroup lifted it price target on the stock to $122. Cliffs produces iron ore pellets and metallurgical coal. "People felt the early morning pessimism was not warranted and then stepped in as a buying opportunity," said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois. The Dow Jones industrial average gained 37.35 points, or 0.30 per cent, to 12,633.10. The Standard & Poor's 500 Index gained 3.80 points, or 0.28 per cent, to 1,341.57. The Nasdaq Composite Index dropped 5.97 points, or 0.21 per cent, to 2,822.50. In deal news, shares of NYSE Euronext fell 10.4 per cent to $36.66 after Nasdaq OMX Group Inc and Intercontinental Exchange withdrew their bid for the rival exchange. Meeting on Monday, euro zone finance ministers are likely to back a bailout package for Portugal, with new conditions set by Finland. During the meeting euro zone officials were expected to pressure Greece to announce more austerity steps to secure further emergency funding. International Monetary Fund Managing Director Dominique Strauss-Kahn entered a New York court for arraignment after a weekend arrest on charges of attempted rape of a hotel maid. The case sent shock waves through French political circles and left the IMF in turmoil.-Reuters

Dhiyan

EYES FIXED AT GOP-IMF MEETING Salman Naqvi, Head of Sales Aba Ali Habib Securities Due to budget uncertainties and capital gains tax concerns we would see some mix to positive activities before the budget announcement. Further, investors are also cautious of the IMF meeting and deteriorating law and order situation. We advise investors to adopt 'buy on dips'. They are advised to invest in fertiliser, oil and gas and in selective stocks of banking and cement sectors. Following the positive outcome of the meetings with Senator John Kerry market is likely to bounce back today.

Syed Faizan Rizvi, Analyst SMH Financial Solution Technical indicators show that market may witness some more pressure moving forward and the index may go down to the level of 11,770. However, long-term outlook of the market is bullish and we expect the index to touch 12,500 levels soon. Traders are recommended to invest at the support levels in fertiliser and oil marketing companies. The release of IMF's 6th tranche and exemption of Gross Asset Turnover (GAT) Tax will be the factors that will trigger the market. Market would be mix today.


6

Tuesday, May 17, 2011

Market

KSE 100 Index

Symbols

Volume

44,895,475

Value

1,094,019,909

Trades

31,058

Advanced Declined Unchanged Total

Current High Low Change

77 169 114 360

All Share Index

11,902.12 11,968.92 11,884.73 i65.23

Current High Low Change

8,273.32 8,321.08 8,261.36 i46.48

OIL AND GAS

Paid up Cap(mn)

Company

PE

Open

High

High Low 1,484.25 1,466.15 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.34 32.54 Low

Close Chg

Last 60 days High Low

Volume

6.69 373.70

374.50 369.56 370.08 -3.62

21415

387.98

321.00

300

Attock Refinery BYCO Petroleum

853 3921

4.02 124.11 8.26

124.45 122.10 122.44 -1.67 8.30 8.10 8.15 -0.11

258188 243361

129.40 10.43

98.25 7.93

-

735 800

4.17 102.43 4.61 336.78

102.02 100.91 101.96 -0.47 339.85 333.15 333.72 -3.06

12755 93449

121.98 356.50

98.50 254.00

31 200

Oil & Gas Development 43009 10.05 147.38

148.90 147.01 148.49

1.11

428572

166.90

128.21

Pak Petroleum Pak Oilfields

7.41 204.54 7.17 327.06

204.80 202.50 202.71 -1.83 327.40 324.03 325.28 -1.78

250899 233590

216.50 332.45

190.10 277.09

350 46.82 84.25 1715 3.97 280.64 685 7.40 209.33

84.01 83.12 83.80 -0.45 280.10 277.02 278.19 -2.45 211.00 208.00 208.06 -1.27

4664 188382 7147

110.50 294.49 217.90

81.23 265.00 186.83

Pak Refinery Limited P.S.OSPOT Shell Pakistan

% Change -0.15 5-Day High 1,489.31 5-Day Low 1,474.10

2010 Div BR (%) (%)

691

11950 2365

Current High Low Change

11,555.84 11,620.56 11,533.19 i59.19

20,126.30 20,232.44 20,092.44 i89.24

2011 Div BR (%) (%)

20B115.00 -

-

-

-

- 23.43 -

-

55

- 30.00

-

90 255

20B 50.00 -100.00

-

80 120

- 80.00 -

-

CHEMICALS

Open 695.93 Turnover 7,308 P/E (x) 4.90 Company Pak Int Cont. Terminal PNSC

High Low 700.93 681.52 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.25 25.53

Close 681.84 Listed cap 3,242.17 mn Payout (%) 11.08

Change -14.09 Market cap 11,337.51 mn Div Yield (%) 2.26

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1092 1321

6.45 7.65

71.61 26.64

71.89 27.30

70.09 26.10

70.13 -1.48 26.10 -0.54

6511 797

76.25 34.00

63.00 25.18

Company

Paid up Cap(mn)

Open

High

Low

BOC (Pak) 250 7.08 Clariant Pak 341 4.84 Dawood Hercules 4813 3.57 Descon Chemical 1996 Descon Oxychem Ltd. 1020 10.81 Dewan Salman 3663 Engro Corporation Ltd 3933 8.69 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji FertilizerSPOT 8482 8.80 Fauji Fert. Bin Qasim 9341 6.20 Ghani Gases Ltd 725 9.69 ICI Pakistan 1388 8.36 Ittehad Chemical 360 3.91 Lotte Pakistan 15142 4.19 Mandviwala 74 Nimir Ind Chemical 1106 10.39 Pak Gum 42 4.94 Sardar Chemical 60 2.73 Shaffi Chemical 120 28.13 Sitara Peroxide 551 5.39

93.00 160.47 62.88 2.35 7.61 2.34 196.81 11.33 12.45 142.69 41.83 11.71 153.01 25.65 15.36 1.00 2.46 16.99 1.30 2.29 17.70

94.15 160.50 63.99 2.34 7.53 2.39 196.85 11.25 12.45 143.50 41.97 11.80 153.00 26.90 15.36 1.14 2.49 17.99 1.50 2.28 17.90

90.50 157.01 61.00 2.17 7.31 2.20 193.81 11.00 12.10 142.50 41.26 11.50 149.94 25.25 14.94 0.26 2.36 17.00 1.50 2.00 17.35

Close Chg 94.00 158.70 61.62 2.20 7.35 2.22 194.39 11.02 12.28 143.01 41.39 11.53 150.44 26.90 15.00 1.00 2.39 17.99 1.50 2.25 17.42

1.00 -1.77 -1.26 -0.15 -0.26 -0.12 -2.42 -0.31 -0.17 0.32 -0.44 -0.18 -2.57 1.25 -0.36 0.00 -0.07 1.00 0.20 -0.04 -0.28

Close 1,825.26 Listed cap 52,251.88 mn Payout (%) 48.81

Last 60 days High Low

Volume 7000 5141 35795 21972 50292 131592 305563 77436 389818 911444 1144409 34323 100387 2300 5758166 102 233950 918 1000 73212 110746

Change -11.27 Market cap 376,413.85 mn Div Yield (%) 5.54

98.35 206.79 294.00 3.30 9.60 3.10 238.50 13.95 13.60 154.49 43.89 14.49 172.00 29.85 17.36 1.40 3.40 18.99 1.90 2.99 19.99

82.00 140.00 56.10 2.10 6.00 2.11 189.00 10.75 10.75 108.00 37.86 10.43 142.00 20.11 14.05 0.26 2.10 15.05 0.75 1.55 11.81

% Change -0.61 5-Day High 1,837.27 5-Day Low 1,825.26

2010 Div BR (%) (%)

2011 Div BR (%) (%)

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

-

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,076.99 Turnover 54,160 P/E (x) 5.48 Company

High Low 1,092.93 1,065.39 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.41 7.47

Close 1,070.40 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

707 50 411

1.71 6.91

16.29 41.46 39.00

16.35 42.00 39.90

16.00 40.00 38.89

16.10 -0.19 40.02 -1.44 39.05 0.05

46632 3186 4342

Century Paper Pak Paper Product Security Paper

Change -6.60 Market cap 2,952.76 mn Div Yield (%) 4.61

Last 60 days High Low 17.50 44.49 39.90

13.85 35.17 34.00

% Change -0.61 5-Day High 1,080.68 5-Day Low 1,019.28

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

Open 1,132.35 Turnover 1,039,723 P/E (x) 3.89

High Low 1,154.05 1,115.70 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.99 25.35

Paid up Cap(mn)

PE

Open

High

Low

Atlas Battery 101 Atlas Honda 626 Baluchistan Wheels Ltd. 133 Dewan Motors 1087 Exide (PAK) 56 General Tyre 598 Ghandhara Nissan 450 Ghani Automobile Ind 200 Honda Atlas Cars 1428 Indus Motors 786 Sazgar Engineering 150

5.60 9.27 1.52 4.74 4.31 6.26 7.65 1.11

211.00 146.61 32.49 1.66 193.16 22.61 3.03 3.17 9.33 219.00 23.00

212.00 149.90 31.57 1.83 194.00 23.49 3.00 3.55 9.50 226.00 23.15

210.00 146.50 31.10 1.54 190.00 22.50 2.16 2.90 9.00 216.50 22.51

Company AL-Abbas Sugar Ansari Sugar Bawany Sugar Chashma Sugar Clover Pakistan Colony Sugar Mills Crescent Sugar Fecto Sugar Habib Sugar Habib-ADM Ltd J D W Sugar Mehran Sugar Mirpurkhas Sugar Mirza Sugar National Foods Quice Food S S Oil Sakrand Sugar Shakarganj Mills

Paid up Cap(mn) 174 244 87 287 94 990 214 146 750 200 539 157 84 141 414 107 57 223 695

PE 7.39 3.52 46.19 6.98 0.76 4.23 4.89 1.31 1.79 2.69 11.08 5.70 0.31 0.43

Company

Close 1,006.08 Listed cap 3,596.11 mn Payout (%) 30.91

Change -14.11 Market cap 9,327.45 mn Div Yield (%) 9.46

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

565

1.86

27.56

27.60

26.96

27.46 -0.10

19380

29.75

25.67

30

- 20.00

-

675 555 21.43 1199 8.84 310 785 25.77

1.85 11.62 50.30 10.97 9.35

1.84 12.00 49.45 10.00 9.20

1.65 12.00 48.85 9.97 9.00

1.74 12.00 49.43 10.97 9.02

31755 5602 80370 101 1299

2.43 14.90 54.50 14.89 9.69

1.65 11.10 45.81 9.97 8.51

40 7.5

25B 15.00 20B 15.00 -

-

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

-0.11 0.38 -0.87 0.00 -0.33

Last 60 days High Low

2010 Div BR (%) (%)

Open 97.99 8.00 8.45 9.50 64.21 2.79 7.60 38.00 23.60 12.17 74.50 55.00 40.99 3.01 65.49 2.65 4.70 1.75 6.00

High 97.90 7.75 9.00 9.00 65.85 2.98 7.60 38.00 24.00 12.45 74.00 55.00 43.00 3.10 64.69 2.85 5.00 2.15 6.00

Open 741.66 Turnover 52,177 P/E (x) 1.48 Company Hussain Industries Pak Elektron Tariq Glass Ind

Close Chg

Close 1,137.72 Listed cap 6,768.53 mn Payout (%) 20.42

211.00 148.54 32.49 1.55 193.64 22.61 2.62 3.32 9.14 221.51 22.60

0.00 1.93 0.00 -0.11 0.48 0.00 -0.41 0.15 -0.19 2.51 -0.40

Volume 3717 6917 287 245117 279 217 732086 15002 10150 24160 1694

High Low 2,116.35 2,076.45 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 14.91 30.30

Change 5.37 Market cap 42,342.22 mn Div Yield (%) 5.25

Last 60 days High Low 216.30 153.93 37.99 2.45 206.99 26.17 4.90 4.60 11.40 276.01 25.50

180.00 120.30 31.10 1.50 170.11 21.08 2.16 2.90 9.00 205.51 20.50

Low 97.90 7.75 7.90 9.00 65.85 2.50 7.50 38.00 23.75 12.12 74.00 53.60 42.50 3.00 63.00 2.51 4.30 2.00 6.00

Close Chg 97.90 7.75 7.97 9.00 64.21 2.79 7.50 38.00 23.75 12.12 74.00 55.00 43.00 3.10 64.13 2.51 4.30 2.08 6.00

-0.09 -0.25 -0.48 -0.50 0.00 0.00 -0.10 0.00 0.15 -0.05 -0.50 0.00 2.01 0.09 -1.36 -0.14 -0.40 0.33 0.00

Close 2,092.44 Listed cap 11,335.33 mn Payout (%) 30.57

Volume

93.00 5.00 5.25 8.00 53.62 2.11 6.02 33.51 20.25 10.80 68.50 50.12 39.51 2.50 52.01 2.25 2.60 1.60 4.01

High Low 758.63 727.81 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.16 10.64

Close 737.67 Listed cap 3,763.71 mn Payout (%) 6.27

High Low 871.81 845.34 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.41 7.10

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

1828

-

2.69

2.84

2.51

2.68 -0.01

Attock Cement Berger Paints

866 182

6.66 -

52.55 14.40

53.47 14.60

52.51 14.50

52.61 0.06 14.40 0.00

Cherat Cement Dadabhoy Cement Dadex Eternit

956 44.52 982 14.31 108 20.39

9.40 1.98 17.07

9.40 1.95 16.31

9.32 1.66 16.10

9.35 -0.05 1.86 -0.12 16.31 -0.76

Company Al-Abbas Cement

Dewan Cement

3891

-

1.43

1.54

1.41

1.42 -0.01

DG Khan Cement Ltd EMCO Ind Fauji CementSPOT

3651 28.76 350 6933 7.10

22.42 1.66 4.17

22.50 1.60 4.24

21.48 1.60 4.12

21.57 -0.85 1.60 -0.06 4.12 -0.05

Fecto Cement Flying Cement Ltd Gammon Pak Haydery Const Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Shabbir Tiles

Close 848.56 Listed cap 54,792.74 mn Payout (%) 19.04

Last 60 days High Low

Volume 23494

% Change -1.93 5-Day High 871.56 5-Day Low 848.56

2010 Div BR (%) (%)

3.50

2.15

- 100R

703 275

56.70 18.60

48.50 13.55

50 - 122R

2000 9752 650

11.90 2.24 20.94

8.00 1.50 16.06

26506 1684322 1500 348531

-

-

2011 Div BR (%) (%) -

-

-

-

-

-

2.19

1.41

-

-

-

-

26.44 3.27 4.82

21.20 1.60 3.97

-

20R -

-

20R 92R

502

5.84

6.75

6.78

6.25

6.78 0.03

1610

8.90

6.10

-

-

-

-

1760 283 32

-

1.34 1.97 0.35

1.34 2.49 0.58

1.26 2.49 0.39

1.29 -0.05 2.49 0.52 0.40 0.05

70350 500 4191

1.84 2.49 0.90

1.26 1.00 0.26

-

-

-

-

13126 69.25

2.93

2.99

2.76

2.77 -0.16

494493

3.45

2.10

-

-

-

-

3234 5261 2271

5.68 -

70.90 2.09 4.86

71.30 2.09 4.80

69.61 2.02 4.50

69.89 -1.01 2.04 -0.05 4.52 -0.34

98788 116446 3103

73.69 2.89 6.40

59.55 1.92 4.50

40 -

-

-

-

361

-

6.29

6.49

6.10

6.10 -0.19

8.50

5.13

-

-

- 100R

505

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 960.72 Turnover 147,280 P/E (x) 2.72 Company Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack

Paid up Cap(mn) 115

PE 2.56

Open 53.05

High 54.48

High Low 962.18 949.54 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.20 43.91 Low 51.60

Close Chg 52.03 -1.02

Close 959.56 Listed cap 3,043.31 mn Payout (%) 15.55

Volume 119963

Change -1.16 Market cap 35,400.89 mn Div Yield (%) 5.71

Last 60 days High Low 61.39

46.45

% Change -0.12 5-Day High 960.72 5-Day Low 958.79

2010 Div BR (%) (%) 20

25B

2011 Div BR (%) (%) -

50R

230

-

1.46

1.50

1.41

1.46 0.00

12898

2.69

1.31

-

-

-

1067

5.48

53.48

53.90

53.15

53.84 0.36

2036

56.07

49.00

25

10B

-

-

389

2.67

13.75

13.95

13.12

13.40 -0.35

6724

15.21

3.55

-

-

-

-

47 12.47

28.49

28.88

27.80

27.80 -0.69

26.50

-

Packages Ltd

844 17.94 107.39

108.90 107.00 107.65 0.26

411

125.51

103.01

32.5

-

-

-

Tri-Pack Films

300

164.50 163.25 163.25 -2.24

2700

172.00

125.00

100

-

-

-

6.37 165.49

2533

32.00

-

-

-

-

PE

Open

High

Low

Close Chg

Volume

106 1219 231

1.52

4.01 8.02 12.18

4.70 8.25 12.44

4.40 7.80 11.20

4.70 0.69 8.00 -0.02 11.51 -0.67

1200 18079 32848

Open 958.00 Turnover 6,999,979 P/E (x) 6.37 Paid up Cap(mn)

(Colony) Thal 56 Ali Asghar Textile 222 Amtex Limited 2594 Ashfaq Textile 70 Azam Textile 133 Azgard Nine 4493 Babri Cotton 37 Bannu Woolen XD 76 Chakwal Spinning 400 Chenab Limited 1150 Colony Mills Ltd 2442 D S Ind Ltd 600 Dawood Lawrencepur XB 591 Elahi Cotton 13 Ellcot Spinning 110 Faisal Spinning 100 Gadoon Textile XD 234 Gul Ahmed Textile 635 Gulshan Spinning 222 H M Ismail 120 Hira Textile Mills Ltd. 716 Ibrahim Fibres 3105 Idrees Textile 180 J K SpinningSPOT 184 Kohinoor Ind 303 Kohinoor Textile 2455 Leather Up 60 Masood Textile 600 Mehmood Textile 150 Mian Textile 221 Nagina Cotton 187 Nishat (Chunian) 1620 Nishat Mills 3516 Pak Synthetic 560 Premium Textile 62 Quality Textile 160 Ravi Textile 250 Reliance Weaving 308 Rupali Poly 341 Saif Textile 264 Sajjad Textile 213 Salman Noman 42 Samin Textile 267 Sana Ind 55 Sapphire Fibre 197 Sargodha Spinning 312 Shahtaj Textile 97 Shams Textile 86 Suraj Cotton 180 Thal Ltd 307 Treet Corp 418 Yousuf Weaving 400 ZahidJee Textile 341

PE

Open

2.27 1.01 2.01 1.91 4.55 0.49 2.55 5.88 0.25 14.49 0.74 17.51 0.60 1.50 2.10 1.96 1.87 1.05 - 36.45 5.50 0.59 26.00 0.58 40.26 0.68 72.02 3.16 50.01 0.43 10.20 1.50 0.85 4.24 3.18 45.99 1.63 4.40 0.77 7.05 1.18 4.92 4.78 8.31 2.72 1.63 17.60 0.95 61.00 0.37 0.65 16.00 3.62 24.56 5.06 58.13 2.29 18.29 0.63 27.17 1.29 18.10 1.00 0.56 11.03 2.94 39.89 0.28 8.10 0.90 0.70 2.70 2.25 5.02 2.87 37.87 0.99 116.50 1.49 3.60 1.34 23.65 0.86 20.00 0.73 38.10 - 99.88 6.34 51.64 0.58 1.35 0.61 7.98

Company Ados Pak

Paid up Cap(mn) 66

PE 3.17

Open 8.46

AL-Ghazi Tractor

215

3.90 223.30

Ghandhara Ind

213

9.92

8.33

-

89.27

Hinopak Motor

124

Millat Tractors

366

7.93 520.10

High 8.80

Low 8.65

Close Chg 8.65

226.50 221.50 225.90 8.40

8.22

87.55

85.00

8.33

0.19

High

High Low 962.68 949.11 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.55 8.64 Low

Close Chg

2.44 2.00 2.38 0.11 1.00 0.95 1.00 -0.01 1.98 1.90 1.94 -0.07 5.00 4.60 5.00 0.45 2.70 2.69 2.70 0.15 6.10 5.70 5.77 -0.11 15.00 15.00 15.00 0.51 17.80 17.14 17.77 0.26 1.49 1.49 1.49 -0.01 2.01 2.00 1.99 -0.11 1.88 1.70 1.88 0.01 1.13 1.02 1.09 0.04 37.50 36.00 36.45 0.00 6.50 6.50 5.50 0.00 26.50 25.00 25.00 -1.00 42.25 42.25 42.25 1.99 73.61 68.52 69.61 -2.41 50.01 50.01 50.01 0.00 10.35 10.05 10.35 0.15 1.50 1.40 1.50 0.00 4.45 4.15 4.25 0.01 46.90 43.70 44.54 -1.45 4.70 4.25 4.25 -0.15 8.05 7.10 7.05 0.00 1.20 1.06 1.17 -0.01 4.70 4.15 4.28 -0.50 3.00 2.99 2.99 0.27 17.60 17.60 17.60 0.00 62.00 61.00 61.00 0.00 0.50 0.50 0.37 0.00 16.25 16.00 16.00 0.00 24.75 23.50 23.52 -1.04 58.30 56.80 56.98 -1.15 19.25 17.62 18.37 0.08 25.90 25.82 25.84 -1.33 17.15 17.15 17.15 -0.95 1.03 0.81 0.99 -0.01 11.10 10.80 10.88 -0.15 39.90 39.00 39.01 -0.88 8.80 7.22 8.10 0.00 1.00 0.90 0.90 0.00 3.39 3.39 3.39 0.69 4.61 4.61 4.61 -0.41 38.01 38.00 37.87 0.00 118.50 110.68 118.02 1.52 3.26 3.25 3.60 0.00 24.00 24.00 24.00 0.35 20.00 20.00 20.00 0.00 39.80 39.80 38.10 0.00 100.19 98.50 98.56 -1.32 51.79 50.00 50.72 -0.92 1.38 1.30 1.30 -0.05 6.98 6.98 6.98 -1.00

Last 60 days High Low

2010 Div BR (%) (%)

3000

16.20

7.40

-

6397

239.00

199.05

400

-

-

-

10.85

8.01

-

-

-

-

-

-

-

25B325.00

-

970

128.00

85.00

-

546.75

466.27

650

-

2011 Div BR (%) (%)

419 11193

Open 974.01 Turnover 277,187 P/E (x) 6.47

% Change 0.35 5-Day High 1,563.78 5-Day Low 1,548.30

2.60

2.00

15B -

2010 Div BR (%) (%)

% Change -0.34 5-Day High 2,108.27 5-Day Low 2,092.44 2011 Div BR (%) (%)

50 10 15 25 25B 40 7010B 12.5R 35 20B 7.50 15 20B 10 12 -

-

-

-

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

27.41

Total Assets (Rs in mn)

MA (10-day)

3.37

Total Equity (Rs in mn)

MA (100-day)

4.08

Revenue (Rs in mn)

3,360.48

MA (200-day)

4.51

Interest Expense

1st Support

2.20

Loss after Taxation

(88.89)

2nd Support

1.76

EPS 10 (Rs)

(1.975)

1st Resistance

3.04

Book value / share (Rs)

2nd Resistance

3.44

PE 11 E (x)

Pivot

2.60

PBV (x)

633.20 2,402.62 147.33

14.07 0.19

GHNL closed down -0.41 at 2.62. Volume was 2,157 per cent above average (trending) and Bollinger Bands were 42 per cent wider than normal. The company's loss after taxation stood at Rs46.321 million which translates into a Loss Per Share of Rs1.03 for the nine months of fiscal year (9MFY11). GHNL is currently 42.1 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume out of GHNL (bearish). Trend forecasting oscillators are currently bearish on GHNL. Momentum oscillator is currently indicating that GHNL is currently in an oversold condition.

BankIslami Pakistan Limited

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

57.61

Total Assets (Rs in mn)

34,286.77

MA (10-day)

3.78

Total Equity (Rs in mn)

4,740.29

MA (100-day)

3.75

Revenue (Rs in mn)

2,193.89

MA (200-day)

3.49

Interest Expense

1,222.17

1st Support

3.80

Loss after Taxation

(478.94)

2nd Support

3.65

EPS 09 (Rs)

1st Resistance

4.05

Book value / share (Rs)

2nd Resistance

4.15

PE 10 E (x)

Pivot

3.90

PBV (x)

(0.907) 8.98 10.65 0.44

BIPL closed up 0.05 at 3.96. Volume was 76 per cent above average and Bollinger Bands were 33 per cent narrower than normal. The company's profit after taxation stood at Rs49.12 million which translates into an Earning Per Share of Rs0.093 for the 1st quarter of current calendar year (1QCY11). BIPL is currently 13.6 per cent above its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of BIPL at a relatively equal pace. Trend forecasting oscillators are currently bearish on BIPL.

Dewan Farooque Motors Limited

Last 60 days High Low

2010 Div BR (%) (%)

7.00 14.50 18.52

17.5

4.00 7.26 11.20

10B -

% Change -0.54 5-Day High 746.35 5-Day Low 737.67 2011 Div BR (%) (%) - 200R

Close 955.03 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change -2.97 Market cap 123,999.02 mn Div Yield (%) 2.62

Last 60 days High Low

716 2.84 3001 1.45 49306 3.84 13500 5.98 3005 2.98 5309588 10.78 1900 18.41 1020 23.27 1807 2.20 8000 3.40 2654 2.87 40353 1.85 391 49.05 205 6.50 2504 28.74 1000 43.00 1977 102.24 700 53.65 1002 11.68 2500 2.10 9109 5.20 107968 50.74 5002 6.00 475 9.35 18972 1.90 15030 5.58 2500 3.50 1000 18.89 300 62.96 498 0.75 103 17.95 535591 29.50 768760 66.75 5908 21.21 3100 33.07 5910 18.50 2939 1.74 1998 14.00 2440 44.40 128 11.50 4000 1.88 500 4.75 2000 7.40 300 43.00 2252 121.44 495 5.01 3000 26.29 8100 23.00 201 42.00 18724 118.99 24269 54.50 2101 1.88 500 7.98

2010 Div BR (%) (%)

% Change -0.31 5-Day High 962.55 5-Day Low 955.03 2011 Div BR (%) (%)

0.50 0.61 1.81 - 30B 4.41 2.00 7.5 4.40 10.90 - 15B 13.00 20 0.77 5 1.65 1.50 0.95 35.00 5 15B 2.50 21.00 35 35.00 50 68.52 70 30.40 12.5 7.00 10 20B 0.42 3.50 10 43.02 20 3.05 10 6.06 20 5B 10.00 1.05 3.60 1.21 16.70 15 100R 53.68 60 0.30 14.50 20SD 22.30 15 56.80 25 45R 12.50 25.82 50 13.25 15 0.40 9.25 25SD 37.56 40 5.38 0.28 1.90 5B 4.10 - 100R 36.50 60 102.87 15 3.00 5 19.15 45 19.83 20 35.77 50 97.00 80 20B 44.10 50 900B 1.08 3.27 -

-

Performance of SR Pharma and Bio Tech Index

Change 5.49 Market cap 31,735.76 mn Div Yield (%) 17.47

0.00

85.37 -3.90

522.96 518.90 522.10

Close 1,563.78 Listed cap 1,336.62 mn Payout (%) 131.49

Volume

2011 Div BR (%) (%)

20B 15B 65.00 - 50.00 20B 10.00

PHARMA AND BIO TECH

INDUSTRIAL ENGINEERING High Low 1,566.67 1,552.46 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 2.86 38.02

% Change 0.47 5-Day High 1,137.72 5-Day Low 1,128.77

Performance of SR Personal Goods Index

Performance of SR Industrial Engineering Index Open 1,558.29 Turnover 21,991 P/E (x) 7.53

-

PERSONAL GOODS

Company

Change -16.70 Market cap 61,945.76 mn Div Yield (%) 3.32

100 50 25 60 20 150 10

Change -3.99 Market cap 4,078.78 mn Div Yield (%) 4.23

Performance of SR Construction and Materials Index Open 865.26 Turnover 2,887,775 P/E (x) 5.74

2010 Div BR (%) (%)

Change -7.05 Market cap 294,814.96 mn Div Yield (%) 0.62

Last 60 days High Low

1000 101.90 500 8.65 1600 9.25 4000 10.20 273 67.42 218 3.80 45825 8.99 1630 50.00 81800 24.50 1013 13.00 500 77.99 167 60.49 1003 52.50 1200 4.99 783 68.89 8000 3.90 7000 6.45 2500 2.21 900 7.49

Paid up Cap(mn)

2011 Div BR (%) (%)

CONSTRUCTION AND MATERIALS

-

Performance of SR Household Goods Index

-

% Change -1.38 5-Day High 1,032.32 5-Day Low 1,006.08

2011 Div BR (%) (%)

HOUSEHOLD GOODS

Performance of SR Industrial Metals and Mining Index High Low 1,009.25 991.80 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.08 33.10

-

FOOD PRODUCERS Open 2,099.49 Turnover 160,566 P/E (x) 49.20

INDUSTRIAL METALS AND MINING Open 1,020.19 Turnover 138,507 P/E (x) 3.27

40 15

Performance of SR Food Producers Index

2011 Div BR (%) (%) -

2010 Div BR (%) (%)

Performance of SR Automobile and Parts Index

Company

High Low 1,843.51 1,818.30 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.09 35.00

PE

Ghandhara Nissan Limited

% Change -2.02 5-Day High 695.93 5-Day Low 681.84

AUTOMOBILE AND PARTS

Performance of SR Chemicals Index Open 1,836.53 Turnover 8,983,861 P/E (x) 8.81

Alert ! Unusual Movements

Performance of SR Industrial Transportation Index

Close Change 1,474.51 -2.21 Listed cap Market cap 65,194.15 mn 1,096,652.02 mn Payout (%) Div Yield (%) 55.94 5.45

Attock Petroleum

Mari Gas Company National Refinery

Current High Low Change

KMI 30 Index

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,476.72 Turnover 1,499,066 P/E (x) 10.27

KSE 30 Index

Company

Paid up Cap(mn)

Abbott (Lab) XD 979 GlaxoSmithKlineXDXB 1963 Highnoon (Lab)XDXB 182 IBL HealthCare Ltd 200 Otsuka Pak 100 Searle Pak 306

High Low 982.95 958.64 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.44 22.31

Close 973.72 Listed cap 3,904.20 mn Payout (%) 44.54

Change -0.29 Market cap 31,693.68 mn Div Yield (%) 6.88

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5.44 11.13 5.99 3.98 11.26 5.77

91.00 76.94 25.79 9.75 33.00 59.75

91.39 78.00 25.90 10.00 31.45 59.40

88.75 76.00 25.55 9.45 31.35 59.00

88.80 -2.20 77.91 0.97 25.86 0.07 9.72 -0.03 33.00 0.00 59.10 -0.65

601 268050 766 5227 120 2374

97.00 90.00 33.50 12.80 33.89 66.15

78.59 68.00 24.50 8.94 29.50 58.05

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

15B 10B -

% Change -0.03 5-Day High 981.98 5-Day Low 973.72 2011 Div BR (%) (%) 15 -

-

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

36.43

Total Assets (Rs in mn)

MA (10-day)

1.67

Total Equity (Rs in mn)

(747.01)

MA (100-day)

2.00

Revenue (Rs in mn)

1,025.34

MA (200-day)

1.81

Interest Expense

4,204.55

1st Support

1.47

Loss after Taxation

2nd Support

1.36

EPS 10 (Rs)

1st Resistance

1.76

Book value / share (Rs)

2nd Resistance

1.94

PE 11 E (x)

Pivot

1.65

PBV (x)

8.92 (437.50) (4.917) (8.40) (0.18)

DFML closed down -0.11 at 1.55. Volume was 94 per cent above average and Bollinger Bands were 16 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 14.2 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of DFML at a relatively equal pace. Trend forecasting oscillators are currently bearish on DFML.

Telecard Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

50.73

Total Assets (Rs in mn)

9,610.12

MA (10-day)

1.54

Total Equity (Rs in mn)

3,400.99

MA (100-day)

1.95

Revenue (Rs in mn)

2,414.18

MA (200-day)

2.15

Interest Expense

530.45

1st Support

1.51

Profit after Taxation

698.46

2nd Support

1.41

EPS 10 (Rs)

2.328

1st Resistance

1.80

Book value / share (Rs)

11.34

2nd Resistance

1.99

PE 11 E (x)

2.81

Pivot

1.70

PBV (x)

0.15

TELE closed up 0.10 at 1.65. Volume was 63 per cent above average and Bollinger Bands were 9 per cent narrower than normal. The company's profit after taxation stood at Rs133.059 million which translates into an Earning Per Share of Rs0.44 for the nine months of fiscal year (9MFY11). TELE is currently 23.2 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of TELE at a relatively equal pace. Trend forecasting oscillators are currently bearish on TELE.

BOOK CLOSURES Company

From

To

(TFC) Engro Fertiliser Mybank Ltd. # Pakistan State Oil Pakistan Refinery # Husein Sugar Mills Fauji Cement Shifa Int. Hospitals J.K. Spinning Mills (TFC) Telecard Gharibwal Cement # Fauji Fertiliser JS Value Fund JS Growth Fund Shakarganj Mills # Pakistan Telephone Cables Haydari Constructuon # Fazal Cloth Mills # Nimir Ind. Chemicals Habib ADM # Husein Sugar Mills # MCB Bank

17-May 17-May 18-May 18-May 20-May 20-May 20-May 20-May 21-May 22-May 23-May 24-May 24-May 24-May 25-May 26-May 27-May 27-May 29-May 31-May 02-Jun

30-May 23-May 25-May 31-May 26-May 26-May 26-May 25-May 27-May 30-May 29-May 30-May 30-May 31-May 30-May 02-Jun 02-Jun 02-Jun 04-Jun 06-Jun 09-Jun

D/B/R 30(II) 40.49(R) 92(R) 15(II) 10(I) 45(I) 5(I) 7.5(I) 30(I)

Spot AGM/Date 10-May 12-May 12-May 12-May 13-May 16-May 16-May 25-May

24-May 31-May 30-May 31-May 30-May 02-Jun 30-May 04-Jun 06-Jun -

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols Climax Eng. Johnson & Philips Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Grays of Cambridge Pak Tobacco Co. Shifa Int.HospitSPOT P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies Pak Telephone

Open 3 7.38 48.02 2.59 106.12 31.4 95 33.95 2.31 38 2.71 21.23 3.04

High 2.27 8.38 50.42 2.65 106 32.9 95 33.5 2.39 38.2 2.72 21.2 3.15

Low Close 2.27 7.5 50 2.45 103 32.5 90.25 33.5 2.26 37.75 2.58 20.25 3.02

2.27 8.38 50 2.51 103.87 32.83 95 33.5 2.3 38 2.61 20.42 3.15

Change -0.73 1 1.98 -0.08 -2.25 1.43 0 -0.45 -0.01 0 -0.1 -0.81 0.11

Vol 500 3502 1300 254526 3292 604 2197 980 29400 192 188326 291226 12000


7

Tuesday, May 17, 2011

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 970.28 Turnover 631,376 P/E (x) 5.37 Paid up Cap(mn)

Company

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

High Low 986.54 965.74 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.69 12.84

PE

Open

High

Low

Close Chg

78 29.33 37740 13.82 3000 2.80 8606 6175 -

30.19 16.90 1.55 2.00 2.55

31.50 17.04 1.89 2.10 2.58

30.50 16.81 1.60 1.97 2.45

30.50 16.86 1.65 2.03 2.49

0.31 -0.04 0.10 0.03 -0.06

Close 970.83 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 1473 68435 425137 136331 34242

Change 0.54 Market cap 67,648.26 mn Div Yield (%) 11.64

% Change 0.06 5-Day High 983.07 5-Day Low 969.93

Last 60 days High Low

2010 Div BR (%) (%)

75.45 19.18 2.35 2.89 3.50

80 17.5 1 -

29.01 16.05 1.40 1.94 2.41

2011 Div BR (%) (%)

- 15.00 -

Atlas Insurance 443 3.35 Central InsuranceXDXB 391 1.48 Crescent Star Insurance 121 8.39 EFU General Insurance 1250 12.45 Habib Insurance 450 8.09 IGI Insurance XD 970 5.74 New Jub InsuranceXDXB 989 9.85 Pak Reinsurance XD 3000 5.29 PICIC Ins Ltd 350 7.50 Premier Insurance XD 303 3.60 Universal Insurance 263 -

27.10 68.00 3.99 33.64 11.64 70.89 54.68 15.69 8.98 8.24 1.65

Paid up Cap(mn)

Company

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

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

PE

Open

High

Low

7.40 4.91 2.25 5.52 2.92 2.38 6.20 -

0.65 36.89 1.11 2.36 16.01 3.00 43.27 16.40 16.96 22.50 1.40 1.01

0.63 36.89 1.25 2.35 16.45 3.25 43.25 16.35 17.14 23.26 1.44 1.00

0.51 36.71 1.13 2.25 16.24 2.90 42.65 16.15 16.56 21.85 1.22 0.87

Close 1,331.05 Listed cap 95,369.29 mn Payout (%) 104.13

Change -6.88 Market cap 104,088.21 mn Div Yield (%) 7.80

Close Chg

Volume

Last 60 days High Low

0.61 36.83 1.14 2.27 16.25 2.90 42.99 16.21 16.70 22.39 1.26 1.00

6493 119136 88865 184926 40101 9605 38985 58204 102465 4110 71015 7600

0.85 40.75 1.70 2.90 18.88 4.95 44.99 17.00 17.75 23.26 1.99 1.37

-0.04 -0.06 0.03 -0.09 0.24 -0.10 -0.28 -0.19 -0.26 -0.11 -0.14 -0.01

0.49 35.90 0.97 2.25 15.41 2.11 40.26 14.05 14.85 15.35 1.13 0.31

% Change -0.51 5-Day High 1,342.30 5-Day Low 1,331.05

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

2011 Div BR (%) (%)

- 25.00 7.8R - 10.00 - 30.00 - 10.00 -

-

GAS WATER AND MULTIUTILITIES Open 1,305.86 Turnover 85,047 P/E (x) 8.31 Paid up Cap(mn)

Company Sui North Gas Sui South Gas

High Low 1,305.69 1,269.09 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.95 11.41

Close 1,276.31 Listed cap 12,202.80 mn Payout (%) 66.79

Change -29.55 Market cap 28,500.13 mn Div Yield (%) 8.04

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 13.09 8390 4.96

18.88 22.35

18.65 22.58

18.31 21.76

18.32 -0.56 21.98 -0.37

38427 46620

25.25 26.15

17.64 20.52

% Change -2.26 5-Day High 1,305.86 5-Day Low 1,252.04

2010 Div BR (%) (%) 20 15

2011 Div BR (%) (%)

25B

-

-

Open 1,141.95 Turnover 4,098,994 P/E (x) 7.29 Paid up Cap(mn)

Company

PE

Open

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

8603 6.00 61.69 7070 5.22 11.57 13492 5.43 10.56 8786 6.12 29.06 5004 2.59 5.71 5288 5.10 5280 10.70 3.91 7327 7.25 9.70 11021 7.38 121.12 Habib Metropolitan Bank XB 10478 4.90 17.21 JS Bank Ltd 8150 45.80 2.26 KASB Bank Ltd 9509 1.45 MCB Bank Ltd 8362 8.23 204.80 Meezan Bank XB 8030 5.84 17.70 Mybank Ltd 5304 2.19 National Bank 16818 4.02 51.91 Network Mic Bank 300 2.50 NIB Bank XR 40437 1.68 Samba Bank 14335 24.38 1.95 Silkbank Ltd 26716 16.25 2.66 Soneri Bank 6023 3.05 6.00 Stand Chart Bank 38716 6.44 8.20 Summit Bank Ltd 7251 2.86 United Bank Ltd 12242 7.51 63.95

High

High Low Close 1,144.83 1,124.24 1,132.06 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.02 13.94 40.49 Low

Close Chg

62.00 60.50 60.85 -0.84 11.75 11.47 11.49 -0.08 10.55 10.26 10.32 -0.24 29.30 28.80 28.88 -0.18 5.96 5.46 5.81 0.10 5.19 5.02 5.06 -0.04 4.00 3.75 3.96 0.05 9.90 9.45 9.57 -0.13 121.02 117.90 118.14 -2.98 17.38 17.00 17.04 -0.17 2.39 2.24 2.29 0.03 1.47 1.36 1.41 -0.04 204.70 202.50 203.77 -1.03 17.50 16.70 17.05 -0.65 2.25 2.20 2.20 0.01 51.69 50.90 51.10 -0.81 2.50 2.23 2.50 0.00 1.67 1.57 1.61 -0.07 1.98 1.95 1.95 0.00 2.70 2.60 2.60 -0.06 6.09 5.75 6.09 0.09 8.49 7.90 7.99 -0.21 2.95 2.80 2.86 0.00 64.00 63.65 63.92 -0.03

Last 60 days High Low

Volume 32878 348279 448237 48737 22878 348592 217919 18042 47887 38769 79812 73362 141631 52693 10999 718193 104 947406 8342 354595 14048 15755 51597 109836

Change -9.89 Market cap 668,482.85 mn Div Yield (%) 5.56

70.00 16.38 11.20 36.95 6.25 7.85 4.18 14.44 131.00 25.70 3.16 1.70 230.80 19.70 2.90 81.78 3.49 2.94 2.20 2.99 6.99 9.90 3.58 67.25

57.00 10.90 8.75 26.95 3.30 4.51 3.18 9.00 104.16 17.00 2.06 1.16 192.20 16.26 1.70 49.57 0.76 1.57 1.50 2.02 5.00 6.28 2.36 56.70

% Change -0.87 5-Day High 1,148.52 5-Day Low 1,132.06

2010 Div BR (%) (%)

20R -

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 730.41 Turnover 679,763 P/E (x) 10.20 Paid up Cap(mn)

Company

Adamjee Insurance XD

1237

PE 7.14

Open 66.89

High 67.00

High Low 733.69 707.84 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.53 5.20 Low 65.05

Close Chg 66.56 -0.33

Close 724.64 Listed cap 11,111.34 mn Payout (%) 79.54

Volume 80820

Change -5.77 Market cap 44,991.47 mn Div Yield (%) 7.80

Last 60 days High Low 83.66

62.00

% Change -0.79 5-Day High 738.59 5-Day Low 724.64

2010 Div BR (%) (%) 25

2011 Div BR (%) (%)

-

-

-

42.90 115.90 5.19 38.90 16.05 103.00 74.90 20.80 13.00 13.27 3.42

26.00 65.00 3.00 29.01 11.00 65.10 51.16 12.43 7.08 8.00 1.32

40 20B 25 50B 12.5 25 12.5B 30 55B 10.00 20 25B 30 25 -

-

High Low 803.35 800.36 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.35 3.85

Close 803.35 Listed cap 2,290.72 mn Payout (%) 355.53

Change -8.52 Market cap 8,966.18 mn Div Yield (%) 4.08

% Change -1.05 5-Day High 811.87 5-Day Low 797.73

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

6.27

16.30

16.31

16.31

16.31 0.01

501

17.98

EFU Life Assurance

850

8.15

57.85

58.00

57.90

58.00 0.15

2301

64.50

50.70

50

-

-

-

New Jub Life Insurance

627 13.44

51.97

50.00

49.57

50.00 -1.97

501

54.00

41.50

15

-

-

-

2010 Div BR (%) (%)

14.02

-

2011 Div BR (%) (%)

-

-

-

FINANCIAL SERVICES Performance of SR Financial Services Index Open 286.38 Turnover 7,518,820 P/E (x) 11.26

High Low 295.92 278.84 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.18 0.91

Close 285.45 Listed cap 30,336.44 mn Payout (%) 99.56

Change -0.93 Market cap 13,713.84 mn Div Yield (%) 4.91

PE

Open

High

Low

Close Chg

225

0.90

0.46

0.48

0.43

0.43 -0.03

Arif Habib Investments

360

5.61

22.00

22.00

22.00

22.00 0.00

1499

24.97

20.10

-

20B

-

-

Arif Habib Limited

450 15.21

14.61

14.70

14.11

14.45 -0.16

31612

24.25

12.01

-

20B

-

-

21.57

21.64

20.53

20.67 -0.90

755518

26.14

18.75

30

-

-

-

Arif Habib Corp

3750

2.77

Last 60 days High Low

% Change -0.33 5-Day High 286.38 5-Day Low 265.75

Paid up Cap(mn)

Company

Volume 27663

0.93

2010 Div BR (%) (%)

0.34

-

2011 Div BR (%) (%)

-

-

-

First Credit & Invest Bank Ltd

650

-

4.99

4.99

4.48

4.84 -0.15

49153

6.00

2.30

-

-

-

First National Equity

575

-

3.07

3.49

2.20

2.33 -0.74

56086

5.80

2.12

-

-

- 140R

IGI Investment Bank

2121

9.00

1.72

1.77

1.70

1.71 -0.01

2058

2.49

1.61

-

-

-

5.15

11.5

Invest and Fin Sec

600 21.62

8.00

-

8.00

7.43

2.80 0.00

23271

3.67

2.45

-

10B

-

-

1.41

1.41 -0.10

20017

2.00

1.24

-

-

-

-

7.02

7.19 0.06

508

-

2.70

2.84

2.51

2.63 -0.07

500

5.68

20.03

21.03

19.15

19.75 -0.28

JS Investment

1000 42.92

KASB Securities

1000

5.09

-

5.39

3.68

4.98

4.25

5.15 0.06

3.21

3.21 -0.47

6727495

0.25

10.76

195633 3608

4.82

10

-

-

2.65

1.53

JOV and CO

1.20

-

-

2.88

1.51

JS Global Cap

77188

-

-

2.80

0.63

7.40

0.35 -0.03

9.29

-

626

7.13

0.31

9546

2849 3166

-

0.48

8.00 0.00

Invest Bank Ist Cap Securities

7633

0.38

-

Ist Dawood Bank

-

-

-

-

3.98

2.31

-

-

-

-

27.00

16.42

50

-

-

-

69811

6.43

9654

4.53

4.97

-

3.10

-

-

-

-

-

-

Pervez Ahmed Sec

775

5.39

1.56

1.64

1.50

1.51 -0.05

262352

2.49

1.21

-

-

-

-

Sec Inv Bank

514

4.25

2.00

1.70

1.70

1.70 -0.30

1264

4.20

1.55

-

-

-

-

Performance of SR Equity Investment Instruments Index Open 1,482.79 Turnover 2,040,737 P/E (x) 20.66 Paid up Cap(mn)

Company 1st Fid Leasing

PE

264

AL-Meezan Mutual F.

High

Low

Close Chg

-

1.30

1.65

1.30

1.30 0.00

4.46

10.50

10.40

10.23

10.39 -0.11

Close 1,484.89 Listed cap 29,771.58 mn Payout (%) 104.74

Change 2.11 Market cap 19,031.22 mn Div Yield (%) 7.88

Last 60 days High Low

Volume 7504

2.35

35691

11.20

% Change 0.14 5-Day High 1,501.82 5-Day Low 1,482.79

2010 Div BR (%) (%)

2011 Div BR (%) (%)

1.15

-

-

-

-

8.95

18.5

-

5.00

-

Atlas Fund of Funds

525

1.74

6.40

6.60

6.55

6.55 0.15

58000

6.97

5.00

2.2

-

-

-

B R R Guardian Mod.

780

2.08

1.77

2.38

1.57

2.00 0.23

206517

2.91

1.12

0

-

-

-

First Capital Mutual F. First Dawood Mutual F.

1375

Open

High Low 1,516.85 1,484.69 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.46 2.21

300

1.89

581

2.50

1.20

2.50

2.00

2.50

2.50 0.00

-

-

3.11

3.16 -0.12

13325

3.95

2.92

17

-

-

-

7.80

7.33 0.00

216

8.48

6.81

11

-

-

-

8.44

-

-

Habib Modaraba

1008

6.99

21

-

-

-

JS Growth Fund

3180

2.44

7.10

7.20

7.05

7.09 -0.01

55440

7.45

4.76

12.5

-

-

-

JS Value Fund

1186

0.63

6.00

6.09

5.80

6.00 0.00

1019754

6.68

4.20

10

-

5.00

-

KASB Modaraba

43552

-

-

3.35 7.80

7.45 0.04

2.49

-

3.28 7.33

7.35

4969

1.51 1.79

2.09 3.59

7.50

2.01 0.01

3.95

760 397

7.41

2.01

3773

Golden Arrow H B L Modaraba

3.86

2.25

283

1.61

2.55

2.55

2.50

2.50 -0.05

6000

3.94

1.50

250

3.95

5.06

5.25

5.25

5.25 0.19

500

6.25

4.50

10

-

-

-

Pak Oman Advantage

1000

-

5.75

6.75

6.50

5.75 0.00

200

9.75

5.75

1.04

-

-

-

PICIC Energy Fund

1000

2.12

7.25

7.20

7.19

7.19 -0.06

20001

8.50

6.92

10

- 10.00

-

PICIC Growth Fund

2835

554025

PICIC Inv Fund

Nat Bank Modaraba

UPTO 100 VOLUME Symbols

Open

ADAMS AGSML DKTM FPRM GFIL NOPK PNGRS TSML SLYT PSMC MODAM HUSS MUKT AASM SALT COLG OLPL BIFO CRTM WYETH BGL IDYM RCML SRVI NESTLE SCM FANM UNIC JDMT ULEVER MUCL ADMM SIEM FECM PECO SCLL FEROZ SHEZ SHSML AGL BAPL DYNO GUSM HWQS SCL BHAT SITC PMI IDSM TREI ALNRS RMPL SGLL WAZIR DEL ISIL LIBM MBF PRWM AGIL CJPL GLPL BATA FCONM FEM HAJT LPGL

2.8

-

-

-

2.64

12.93

13.00

12.70

12.88 -0.05

13.86

12.00

20

- 12.50

-

2841

2.23

5.63

5.70

5.65

5.65 0.02

1600

6.60

5.10

10

-

7.50

-

Punjab Modaraba

340

-

1.00

1.00

0.68

0.68 -0.32

1287

1.99

0.50

1

-

-

-

U D L Modaraba

264

2.33

6.52

6.80

6.33

6.80 0.28

8134

7.25

5.67

12.5

-

7.50

-

High

13.00 5.90 1.74 9.00 7.00 21.85 3.77 49.50 6.98 68.00 1.25 9.94 0.27 23.92 52.76 746.53 5.50 47.30 13.42 855.72 2.13 291.24 25.55 175.67 3553.63 9.91 3.90 5.33 14.61 5200.00 8.75 22.56 1005.68 2.99 94.00 2.52 90.70 152.56 9.20 19.94 7.31 10.94 7.00 9.86 80.66 237.65 102.00 0.98 6.98 1.35 40.00 2705.45 23.52 7.00 1.38 82.13 67.00 8.98 14.64 72.24 0.61 54.40 436.14 1.10 1.40 0.62 21.49

12.50 5.10 1.10 9.51 6.50 21.85 3.51 47.20 7.00 68.33 1.34 10.92 0.40 25.11 50.26 765.00 5.31 45.10 12.61 890.00 2.50 290.00 26.50 174.97 3566.50 9.75 3.90 5.50 15.20 5269.00 8.51 22.10 988.00 3.00 93.99 2.89 91.94 153.00 9.45 20.94 8.30 10.75 7.30 9.60 80.66 226.20 104.00 1.00 7.00 1.44 42.00 2699.00 24.00 6.50 1.49 78.05 65.00 9.25 14.15 71.99 0.70 54.00 426.01 1.47 1.65 0.64 21.06

Low

Close

12.50 5.10 1.10 9.51 6.50 21.85 3.51 47.20 6.61 66.02 1.06 9.00 0.26 25.11 50.26 730.00 5.31 45.10 12.61 826.00 2.01 276.95 26.50 173.01 3480.00 9.75 3.90 5.49 13.62 5170.01 8.50 21.44 986.00 3.00 91.00 2.80 90.10 151.00 8.90 20.94 8.30 10.75 7.30 9.60 80.66 226.20 102.89 0.86 6.00 1.11 42.00 2677.77 24.00 6.50 1.49 78.05 65.00 9.24 14.15 71.99 0.58 54.00 426.00 1.47 1.65 0.22 20.42

13.00 5.90 1.74 9.00 7.00 21.85 3.77 49.50 6.98 68.00 1.25 9.94 0.27 23.92 52.76 756.66 5.50 47.30 13.42 883.39 2.13 291.24 25.55 175.67 3511.01 9.91 3.90 5.33 14.61 5203.12 8.75 22.56 1005.68 2.99 94.00 2.52 90.70 152.56 9.20 19.94 7.31 10.94 7.00 9.86 80.66 237.65 102.00 0.98 6.98 1.35 40.00 2705.45 23.52 7.00 1.38 82.13 67.00 8.98 14.64 72.24 0.61 54.40 436.14 1.10 1.40 0.62 21.06

Change

Vol

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10.13 0.00 0.00 0.00 27.67 0.00 0.00 0.00 0.00 -42.62 0.00 0.00 0.00 0.00 3.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.43

100 100 100 100 100 100 100 100 90 87 69 66 54 50 50 47 46 44 42 38 37 37 35 30 29 29 20 20 19 19 18 16 15 12 12 12 11 11 11 10 10 10 10 10 10 9 9 8 7 7 5 5 5 5 4 4 4 4 4 3 3 3 2 2 2 2 2

FUTURE CONTRACTS Symbols

EQUITY INVESTMENT INSTRUMENTS

2011 Div BR (%) (%)

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

8440 5332 600 3827 550 2338 9780 528367 5898 31629 2161

500

American Life

Jah Siddiq Co

BANKS Performance of SR Banks Index

-0.18 -0.16 -0.97 -0.27 0.01 -1.59 1.36 -0.46 0.02 -0.18 0.05

Paid up Cap(mn)

Company

AMZ Ventures

Performance of SR Gas Water and Multiutilities Index

26.92 67.84 3.02 33.37 11.65 69.30 56.04 15.23 9.00 8.06 1.70

LIFE INSURANCE Open 811.87 Turnover 3,303 P/E (x) 5.55

Performance of SR Electricity Index High Low 1,339.36 1,324.90 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.25 9.35

26.00 67.00 3.00 32.21 11.65 69.10 52.02 14.96 8.99 8.00 1.32

Performance of SR Life Insurance Index

-

ELECTRICITY Open 1,337.92 Turnover 731,505 P/E (x) 13.36

26.95 70.00 3.75 33.45 11.65 71.90 57.41 15.48 9.20 8.26 1.70

Open

High

Low

Close

Change

Vol

DGKC-MAY

22.47

22.31

21.50

21.60

-0.87

898000

NML-MAY

58.44

58.01

56.90

57.14

-1.30

303500

NBP-MAY

52.15

51.70

51.06

51.36

-0.79

262500

ENGRO-MAY 197.25

196.60

194.70

195.22

POL-MAY

327.04

326.00

324.15

325.29

-1.75

140500

FFBL-MAY

41.96

41.80

41.42

41.56

-0.40

-2.03

132000

204000

0.09

120500

FFC-MAYB

139.06

139.40

138.55

139.15

MCB-MAY

205.45

204.62

203.40

204.22

ATRL-MAY

124.59

124.20

122.70

122.84

-1.75

55000

LUCK-MAY

70.98

71.24

69.70

69.99

-0.99

49000

PPL-MAY

205.47

204.80

203.40

203.59

-1.88

36500

UBL-MAY

64.20

64.10

63.75

64.07

-0.13

36500

17.00

16.91

16.90

16.91

-0.09

16500

PTC-MAY

-1.23

56000

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

Total Volume 1,993,258 10,750 50,649 65,200 39,700 12,437 433,570 38,250 94,835 5,500 30,000 5,000 2,760,000 34,704 38,200 559,901 405,000 162,450 16,000 52,400 500 38,450 78,525 22,055 9,500 6,956,834

Total Value 32,197,215 536,622 426,705 274,680 3,701,346 97,785 7,179,649 5,577,411 2,974,990 584,994 835,813 161,847 31,785,841 1,830,511 5,808,106 21,265,334 7,445,492 7,106,809 1,782,601 599,854 122,675 5,903,105 16,416,708 280,012 442,357 155,338,463

MTS Rate 19 20 20 16 16 16 15 16 15 17 17 16 15 21 15 16 16.36

BOARD MEETINGS

Dera Ghazi Khan Cement Co Ltd

KSE 100 INDEX

Fauji Fertiliser Co

Fauji Fertiliser Bin Qasim Ltd

Company

Date

Time

Kohinoor Sugar Mills Ltd JS Bank Ltd Jahangir Siddiqui & Co Ltd Pangrio Sugar Mills Ltd Sindh Abadgar Sugar Mills Ltd

17-May 18-May 18-May 19-May 20-May

11:30 4:00 3:00 12:00 4:00

TECHNICAL LEVELS Company Al-Abbas Cement

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

50.19

Support 1

11,868.25

MA (5-day)

11,976.01

Support 2

MA (10-day)

11,922.83

Resistance 1

11,952.45

MA (100-day)

11,987.89

Resistance 2

12,002.80

Arif Habib Ltd

Target Price

Recommendations

30.1

AKD Securities Ltd TFD Research

Buy

28.72

Accumulate

36.45

Positive

Technical Analysis

Leverage Position

AKD Securities Ltd TFD Research

Target Price 71.45 78.6

Recommendations

Brokerage House

AKD Securities Ltd TFD Research

Recommendations

65

Buy

Neutral

Technical Analysis

Leverage Position

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

62.28 MTS Shares `000 5.50 140.40 MTS Rs `000 584.99 137.36 MTS Rate 123.19 ** NOI Rs (mn) 24.31 Free Float Shares (mn) 466.49 Free Float Rs (mn) 66,712.36 Target price for Dec-11 & **Net Open Interest in future market

solidating) and Bollinger Bands were 82 per cent narrower than normal.

61.10

53.80

52.85

Arif Habib Corp

31.29

20.25

19.85

21.35

22.05

20.95

Arif Habib Limited

37.23

14.15

13.85

14.75

15.00

14.40

Adamjee Insurance

42.07

65.40

64.25

67.35

68.15

66.20

Askari Bank

39.47

11.40

11.30

11.65

11.85

11.55

Azgard Nine

42.52

5.60

5.45

6.00

6.25

Attock Petroleum

46.25

368.25

366.45

373.20 376.30 371.40

Attock Refinery

44.49

121.55

120.65

123.90 125.35 123.00

Bank Alfalah

49.56

10.20

10.10

Bankislami Pak

57.60

Bank.of.Punjab

34.96

Dewan Cement

32.10

1.40

1.35

1.50

1.60

1.45

D.G.K.Cement

29.27

21.20

20.85

22.20

22.85

21.85

Dewan Salman

32.67

2.15

2.10

2.35

2.45

Dost Steels Ltd

36.30

3.80 5.00

1.65

3.65 4.90

1.55

10.50 4.05 5.15

1.85

10.65 4.15 5.25

1.95

5.85

10.40 3.90 5.10

2.25 1.75

EFU General Insurance 52.14

32.55

31.75

33.80

34.25

33.00

EFU Life Assurance

55.14

57.90

57.85

58.00

58.05

57.95

Engro Corp

42.88

193.20

192.00

Faysal Bank

35.21

9.40

9.20

10.10

9.65

41.10

40.85

62.29

142.50

142.00

143.50 144.00 143.00

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

Habib Bank Ltd

41.43

117.00

115.90

120.15 122.15 119.00

reflect moderate flows of volume into FFBL (mildly bullish). Trend forecast- flowing into and out of FFC at a relatively equal pace. Trend forecasting

Hub Power

40.97

36.75

36.65

ing oscillators are currently bearish on FFBL.

ICI Pakistan

37.94

149.25

148.05

152.30 154.20 151.15

Indus Motors

51.67

216.70

211.85

226.20 230.85 221.35

J.O.V.and CO

42.97

2.50

2.35

2.80

3.00

2.65

Japan Power

46.13

1.10

1.05

1.20

1.30

1.15

JS Bank Ltd

31.75

2.25

2.15

2.40

2.45

2.30

Jah Siddiq Co

44.21

7.00

6.80

7.40

7.60

7.20

oscillators are currently bullish on FFC.

Oil & Gas Development Co Ltd

Brokerage House Arif Habib Ltd

Brokerage House

Target Price

Recommendations

11.6

Hold

Arif Habib Ltd

Accumulate

AKD Securities Ltd

Positive

TFD Research

11 14.01

Technical Analysis

Leverage Position

49.56 MTS Shares `000 12.437 10.27 MTS Rs `000 97.78 10.51 MTS Rate 9.82 ** NOI Rs (mn) N/A Free Float Shares (mn) 674.58 Free Float Rs (mn) 6,961.65 Target price for Dec-11 & **Net Open Interest in future market

143.2 145 145.25

Recommendations Hold Accumulate Neutral

Technical Outlook

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

Target Price

Technical Analysis

Leverage Position

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

60.23 MTS Shares `000 16.00 147.16 MTS Rs `000 1,782.60 154.86 MTS Rate 15.49 153.25 ** NOI Rs (mn) N/A Free Float Shares (mn) 630.61 Free Float Rs (mn) 93,638.68 Target price for Dec-11 & **Net Open Interest in future market

NML closed down -1.15 at 56.98. Volume was 67 per cent below average NBP closed down -0.81 at 51.10. Volume was 77 per cent below average (con- BAFL closed down -0.24 at 10.32. Volume was 77 per cent below average OGDC closed up 1.11 at 148.49. Volume was 56 per cent below average (consolidating) and Bollinger Bands were 26 per cent narrower than normal.

(consolidating) and Bollinger Bands were 19 per cent wider than normal.

4.30

4.15

42.25

41.55

36.90

53.57 31.21

2.25

2.20

2.35

2.40

2.30

37.82

14.85

14.70

15.25

15.50

15.10

Lucky Cement

48.50

69.25

68.60

70.95

71.95

70.25

MCB Bank Ltd

47.88

202.60

201.45

Maple Leaf Cement

35.85

2.00

1.95

2.10

2.15

2.05

National Bank

32.43

50.75

50.45

51.55

52.00

51.25

Nishat (Chunian)

25.44

23.10

22.65

24.35

25.15

23.90

Netsol Technologies

27.16

20.05

19.65

21.00

21.55

20.60

NIB Bank

27.91

Nimir Ind.Chemical

34.94

Nishat Mills

24.69

56.40

55.85

Oil & Gas Dev. XD

60.22

147.35

146.25

PACE (Pakistan) Ltd.

32.79

2.55

2.50

42.15

1.45

1.50 2.30

1.40

43.55

36.80

Lotte Pakistan

2.35

43.25

37.00

K.E.S.C

1.55

42.35

4.20 41.80

Kot Addu Power

Pervez Ahmed Sec

42.65

4.05

9.85

48.31

Bank Al-Falah Ltd

4.10

196.25 198.05 195.00

47.43

Technical Outlook

forecasting oscillators are currently bullish on NBP.

62.60

53.20

Fauji Fertilizer

AKD Securities Ltd

is currently indicating that NML is currently in an oversold condition.

61.75

51.90

Fauji Fert Bin

TFD Research

solidating) and Bollinger Bands were 66 per cent narrower than normal. NML is currently 0.9 per cent below its 200-day moving average and is dis- NBP is currently 23.7 per cent below its 200-day moving average and is playing a downward trend. Volatility is relatively normal as compared to the displaying an upward trend. Volatility is extremely high when compared to average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NML at a relatively equal pace. Trend forecasting oscillators are currently bearish on NML. Momentum oscillator reflect volume flowing into and out of NBP at a relatively equal pace. Trend

59.60

52.25

Fauji Cement

Positive

(consolidating) and Bollinger Bands were 57 per cent wider than normal.

60.25

47.55

FFBL is currently 16.5 per cent above its 200-day moving average and is FFC is currently 16.1 per cent above its 200-day moving average and is

Accumulate

Leverage Position

Reduce

Technical Outlook 94.835 2,974.99 61.54 13,531.98

(consolidating) and Bollinger Bands were 65 per cent narrower than normal.

92.3

32.42 MTS Shares `000 559.901 51.57 MTS Rs `000 21,265.33 67.60 MTS Rate 16.90 66.98 ** NOI Rs (mn) 92.97 Free Float Shares (mn) 398.12 Free Float Rs (mn) 20,344.05 Target price for Dec-11 & **Net Open Interest in future market

129.4

Hold

1st 2nd Pivot Resistance 2.85 3.00 2.70

45.96

Attock Cement

displaying a downward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is low as compared to the average

60.4

Technical Analysis

120.7

Recommendations

FFBL closed down -0.44 at 41.39. Volume was 81 per cent below average FFC closed up 0.32 at 143.01. Volume was 61 per cent below average (con-

TFD Research

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

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

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

Arif Habib Ltd

Leverage Position

TFD Research

Neutral

Leverage Position

48.30 41.72 40.61 35.53 Free Float Shares (mn) 326.94

Target Price 144

AKD Securities Ltd

Technical Outlook

AKD Securities Ltd

24.68 MTS Shares `000 162.45 58.90 MTS Rs `000 7,106.81 64.05 MTS Rate 15.97 57.52 ** NOI Rs (mn) 51.77 Free Float Shares (mn) 175.80 Free Float Rs (mn) 10,017.08 Target price for Dec-11 & **Net Open Interest in future market

Accumulate

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

Positive

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

45.52

Brokerage House Arif Habib Ltd

Hold

44.25

Accumulate

Technical Outlook Technical Analysis

Target Price

Recommendations

42.2

National Bank of Pakistan

Nishat Mills Ltd

Target Price

Arif Habib Ltd

Technical Outlook

11,834.40

RSI (14-day) 29.26 MTS Shares `000 433.57 MA (200-day) 11,231.40 Pivot 11,918.60 MA (10-day) 22.55 MTS Rs `000 7,179.65 26.15 MTS Rate 15.54 KSE 100 INDEX closed down -65.23 points at 11,902.12. Volume was MA (100-day) MA (200-day) 26.50 ** NOI Rs (mn) 137.19 58 per cent below average (consolidating) and Bollinger Bands were Free Float Shares (mn) 200.80 Free Float Rs (mn) 4,331.36 44 per cent narrower than normal. As far as resistance level is conTarget price for Dec-11 & **Net Open Interest in future market cern, the market will see major 1st resistance level at 11,952.45 and DGKC closed down -0.85 at 21.57. Volume was 38 per cent below aver2nd resistance level at 12,002.80, while Index will continue to find its age and Bollinger Bands were 10 per cent narrower than normal. 1st support level at 11,868.25 and 2nd support level at 11,834.40. KSE 100 INDEX is currently 6.0 per cent above its 200-day moving DGKC is currently 18.6 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 relatively normal as 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 volume flowing into and out of DGKC at a relatively equal pace. Trend INDEX at a relatively equal pace. Trend forecasting oscillators are forecasting oscillators are currently bearish on DGKC. Momentum oscillator is currently indicating that DGKC is currently in an oversold condition. currently bullish on INDEX.

Brokerage House

Brokerage House

RSI 1st 2nd (14-day) Support 49.04 2.50 2.35

Allied Bank Limited

42.95

204.80 205.85 203.65

1.65

1.70

1.60

2.45

2.55

2.40

57.90

58.85

57.35

149.25 150.00 148.15 2.70 1.60

2.80 1.70

2.65 1.55

P.I.A.C.(A)

35.88

2.25

2.20

2.35

2.40

2.30

Pioneer Cement

28.05

4.40

4.30

4.70

4.90

4.60

Pak Oilfields

50.35

323.75

322.20

327.10 328.95 325.55

Pak Petroleum

36.31

201.90

201.05

204.20 205.65 203.35

Pak Suzuki

46.91

66.55

65.15

P.S.O. XD

52.94

276.80

275.35

P.T.C.L.A

47.40

16.75

16.65

Shell Pakistan

43.09

207.05

206.00

68.90

69.75

67.45

279.85 281.50 278.45 17.00

17.15

16.90

210.05 212.00 209.00

Sui North Gas

43.15

18.20

18.10

18.55

18.75

18.45

BAFL is currently 5.1 per cent above its 200-day moving average and is OGDC is currently 3.1 per cent below its 200-day moving average and is

Sitara Peroxide

46.29

17.20

17.00

17.75

18.10

17.55

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

Sui South Gas

45.57

21.65

21.30

22.45

22.95

22.10

volatility over the last 10 trading sessions. Volume indicators reflect mod- volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into BAFL (mildly bullish). Trend forecasting oscilla- erate flows of volume into OGDC (mildly bullish). Trend forecasting osciltors are currently bearish on BAFL.

lators are currently bullish on OGDC.

Telecard

50.73

TRG Pakistan

39.45

2.45

2.35

2.65

2.75

2.55

United Bank Ltd

54.08

63.70

1.55

63.50

1.40

64.05

1.80

64.20

2.00

63.85

WorldCall Tele

33.50

1.95

1.90

2.10

2.15

2.05

1.70


8

Tuesday, May 17, 2011

PTA rejects hazardous effects of mobile towers on human health

PTA develops database on telecom services SAN FRANCISCO: Pedestrians walk by a window display featuring the iPhone 4 at an Apple Store following an announcement that Apple has become the world's most valuable brand.

Today is World Telecom Day ISLAMABAD: Pakistan, like all other countries will celebrate the World telecom day today, with the basic aim is to help raise awareness of the possibilities that the use of the Internet and other information and communication technologies (ICT) can bridge the gap between societies and economies. Infact, 17 May marks the anniversary of the signing of the first International Telegraph Convention and the creation of the International Telecommunication Union (ITU). Theme of world telecom day in 2011 is "Better Life in Rural Communities with ICTs" which was adopted by ITU Council in 2009 and follows up on the theme for 2010: "Better city, better life with ICTs". Officials in Ministry of Information Technology, talking to APP said ICTs are

increasingly in demand to meet the Millennium Development Goals. In the rural context, ICTs provide enhanced opportunities to generate income and combat poverty, hunger, ill health and illiteracy, they added. Officials further said half the world's population resides in rural districts and far-flung communities. This half - three billion people - represent the poorer, less educated, and more deprived cousins of our urban citizens. "They are also among the least connected to the benefits of ICTs. We cannot allow this situation to continue". It is pertinent to mention here that World Telecommunication Day has been celebrated annually on 17 May since 1969, marking the founding of ITU and the signing of the first International Telegraph Convention in 1865. -APP

Mobilink thanks users for loyalty KARACHI: With a view to thank its customers for their patience and loyalty, Mobilink has announced a phased plan for customers who experienced disruption in service. This is the first time a reward of this scale has been announced and awarded by any telecom operator in the country for disruption caused by a force majeure event. Sharing his views, Mobilink President & CEO Rashid Khan shared that while it was difficult to make up for the missed experience, the company cherishes customers who continue to prefer Mobilink and this is a humble gesture of goodwill by the company for their patience and loyalty. A fire incident at one of the

company's technical hubs in Islamabad on March 6, 2011 caused suspension of cellular services in Islamabad, Rawalpindi and some pockets outside the twin cities. With the support of a dedicated team, the network was partially revived within a few hours and complete connectivity was restored within 24 hours. Customers were updated of the incident and restoration via press announcements by the company at the time. To facilitate customers who were directly affected by the incident, the company has announced free minutes and SMS for prepaid customers whereas postpaid customers will receive an adjustment against their monthly bill.

Sawiris to step down as Orascom chairman CAIRO: Egyptian mobile operator Orascom Telecom's CEO will take over from Naguib Sawiris as executive chairman, the firm said on Monday, as the billionaire moves to get more involved in his country's changing politics. Ahmed Abou Doma, the former head of Orascom's Bangladeshi business, will replace Khaled Bichara as chief executive officer, the firm said. Egypt toppled its president in a popular uprising in February and the telecoms tycoon has been a vocal supporter of the country's transition to democracy. He also saw the completion of a more than $6 billion deal with Russian operator Vimpelcom last month for his holding company Wind Telecom, including a majority stake in Orascom and all of Italy's Wind. The cash-and-shares deal gave Sawiris 30.6 percent of Vimpelcom. "Personally, I have decided to be more focused on social and political work, aiming to play a role in the transformation of post-revolution Egypt into a civil democracy," Sawiris said in a statement. "Yet I will continue to support the business as one of the largest shareholders at the Vimpelcom level." Orascom's shares closed up 4.7 percent, outpacing the main benchmark index .EGX30, which rose 1.3 percent. Vimpelcom said on Monday it would also replace its chief executive, a move seen as attempting to smooth over friction caused by the Sawiris deal between two of the company's major shareholders. Bichara, who took part in antigovernment demonstrations during Egypt's uprising, will take over from Sawiris as Orascom's executive chairman. He was appointed CEO in November 2009, also replacing Sawiris at that time.-Reuters

PTCL, USF join hands to promote telecom in rural areas ISLAMABAD: Pakistan Telecommunication Company Limited (PTCL) Saturday joined hands with Universal Service Fund (USF) to promote the development of telecom services in the un-served areas across the country. PTCL has redefined the established boundaries of the telecommunications market and was shifting the productivity functions to newer heights, said a press release issued here. PTCL was in partnership with USF for projects in basic telephony access, broadband and optical fiber connectivity in underserved/un-served areas of the country and extending optical fiber connectivity to remote areas of Balochistan province to con-

nect them with national optical fiber backbone network. On the International World Telecom Day, PTCL has resolved to fully bind the great potential of the digital revolution in the service of life-saving relief operations, sustainable development and lasting peace in the rural areas. Besides this, PTCL has taken the major initiatives to upgrade its network connecting the small tiny villages in the rural areas believing that ICTs are means of providing accessible and affordable information and education, while allowing marginalized groups to play a key role in the economic development. PTCL Broadband aims to deliver these social and eco-

nomic benefits of ICTs to the rural areas through affordable broadband. President and CEO PTCL Walid Irshaid on the occasion said that PTCL support the WTISD 2011 theme for an improved, secure and healthier world for ourselves and our future generations. "Being the industry leader and a socially responsible organization we are aware of our responsibilities and understand the importance of providing the benefits of ICT growth to the rural areas of the country" he stated. He further said that PTCL was committed to ensure that people everywhere have reasonable access to information and communication technologies. -NNI

ISLAMABAD: Federal Secretary for Information Technology and Telecom Saeed Ahmed Khan inaugurated a database application software), enabling general public, telecom operators and investors, to view availability of telecom services, and its coverage across the country. The database application named "Pakistan telecommunication Coverage Footprint" has been developed by Pakistan Telecommunication Authority (PTA) and is available on its website (www.pta.gov.pk). The Secretary inaugurated this database applicantion during his visit to PTA Headquarters. Chairman PTA Dr. Mohammad Yaseen Member Technical Dr. Khawar Siddique Khokhar and senior officers of the Authority were also present. The Secretary appreciated the role of PTA in the development of telecom sector in country. This application has been categorizeed into four major services broadband, cellular, FFL (Fixed Line Loop) and WLL (Wireless Local Loop ) which are further bifurcated into technologies and number of PTA licenses. This user friendly application gives the flexibility to select any one of the telecom service like GSM, DSI

EVDO. Similarly user can view coverage of particular operator in particular city through the coverage map. By using this application general public can view the growth in mobile and fixedline services all along country including Azad Jammu and Kashmir. It would be helpful for those people who are planning to visit remote areas, whether the coverage of the particular telecom service for particular operator is available in that area or not. It is worth mentioning that this type of applications is the first in the public sector. Pakistan Telecommunication Authority(PTA) Friday brushed aside the impression regarding hazardous effects of the towers on human health and said it is just a myth which has been proved incorrect and misconception. Officials in PTA mentioned that the towers have been installed and are working within the specified parameters defined by Regulator as well as the international bodies concerning the issue. Sources in PTA further mentioned that they along with Frequency Allocation Board (FAB) recently conducted an extensive survey in major cities of the country including Azad Jammu & Kashmir

(AJK) to check the omission of power level from transmitters and receivers of Base Transceiver Stations (BTSs)/Towers installed by mobile companies. The survey was carried out with the help of special tools/equipment in 11 cities across the country including Karachi, Hyderabad, Lahore, Faisalabad, Mirpur, Muzaffarabad, Peshawar, Abbotabad, Quetta, Rawalpindi and Islamabad. The sources mentioned that the results of this survey showed that power level of all BTSs surveyed was much below the prescribed limits and in line with the policy directives of Ministry of Information Technology & Telecom and according to the World Health Organization (WHO) and International Commission on Non-Ionizing Radiation Protection (ICNIRP) guidelines. "PTA is cognizant of the issue and shall continuously monitor the working of the towers to ensure that the set standards are met and masses shall be updated accordingly". When contacted, scientist Aftab Ahmed said, it has not been proved that mobile towers in thickly populated areas are a threat for human health. If at all, there was some danger, it is negligible, he went on to add. -APP

Ufone leads SMS race ISLAMABAD: Pakistan is among the top five countries with the highest SMS traffic and Ufone is one of the telecom companies operating in Pakistan which has the highest SMS traffic on the network. According to official data available, Zong and Mobilink has more outgoing traffic than the incoming traffic and telenor has quite high incoming than its outgoing. When contacted, officials in Pakistan Telecom Authority (PTA) told that total SMS exchanged from July to September in 2010 were 48,846 million. Mobilink has the highest difference in exchange of traffic with ufone.It receives more traffic from Ufone than is sending. Official data further revealed that mobilink is receiving more sms messages from Zong than the sent messages, while its sending more messages to telenor and Warid. As far telenor is concerned, it is receiving more sms from all

other networks, except warid, than its sending. According to report of PTA, ufone sms traffic is the highest landing traffic at the telenor network. Furthermore, zong is also sending more traffic to telenor than is receiving from it. Zong is also sending more sms to all the operators than receiving.The difference in exchange of traffic is highest with Warid, followed by mobilink, then telenor and Ufone. In 2008-09, Pakistan had the largest text messaging growth in Asia pacific.Almost 151.6385 billion text messages were exchanged during 2009, generating a revenue of Rs40.76 billion. All telecom operators in Pakistan offer very attractive bundle packages. Approximately 80% of the total sms traffic is exchanged over bundle packages and rest 20 per cent on flat rate of Rs 1/SMS. An average bundled package of 700-sms/month is approxi-

mately for Rs 60.According to these two rates, the revenue for SMS-traffic is calculated to be approximately Rs 40.76 billion. As far international traffic is concerned, telenor interestingly has its international outgoing not more than 10% of its international incoming sms and telenor receives quite handsome number of sms from the external world. In case of zong also, it has more international incoming than international outgoing traffic. Its outgoing traffic is around 85 per cent of the international incoming traffic. Our country, despite its low income, seems to be most ready for 3G and other broadband applications because of its subscriber's agility and adeptness in using their mobile phones for data applications. Some experts foresee the texting to die out with coming of 3G but yet, unless costs of service and handsets go down,texting, up to some extent will remain the main mode of communication for many Pakistanis.-APP

An employee of mobile phone network company Claro records the speech of Costa Rica's President Laura Chinchilla during a signing ceremony at the presidential house in San Jose.

SK Telecom raises investment in Malaysia firm SEOUL: South Korea's SK Telecom said Monday it has invested another 50 million ringgit ($16.5 million) in a Malaysian broadband operator to expand its presence in the Southeast Asian market. SK Telecom, South Korea's largest mobile operator, last July bought a 25.6 percent stake in Packet One Networks (P1) for $100 million, becoming the secondlargest shareholder of the Malaysian firm. The latest deal will help SK Telecom "secure a bridgehead" for business opportunities in Southeast Asia, the firm said in a statement. About 36 percent of the population in Malaysia will gain access to broadband services by 2020, from the current 18 percent, the company said,adding overall market sales during the period will grow threefold. P1 aims to attract up to one million subscribers by 2013 from the current 300,000, SK Telecom said. Petaling Jaya-based P1 posted annual sales of $68 million last year and has a seven percent share of the nation's broadband market, it said. -APP

SIMS issued on fake ID cards blocked PESHAWAR: The mobile phone companies have started to block SIMS issued to the Afghan migrants on fake Pakistani identity cards here from Monday. Sources said that it has been directed to Interior ministry Khyber Pakhtoonkhwa, Fata Secretariat and owners of mobile phone companies in a circular to scrutinize the SIMS issued to Afghan migrants and blocked the SIMS issued on fake Pakistani identity cards. Sources revealed that more than two lac Afghan migrants received SIMS on fake Pakistani identity cards while the SIMS are being used in terrorism activities. Online

SingTel's customer base tops 400mn SINGAPORE: Asian telecommunications giant S i n g a p o r e Te l e c o m m u n i c a t i o n s (SingTel) said Wednesday it had more than 400 million customers by the end of March, a figure lifted by its Indian associate. SingTel said its mobile customer base of 403 million was up 37 percent from a year ago. Indian associate Bharti registered the largest rise in customers, up 66 percent on the year, or 84.3 million new clients, to 212 million in March. Increases were also reported in SingTel's wholly-owned subsidiary in Australia and its associates in Indonesia, Thailand, the Philippines and Pakistan but a decline was reported in Bangladesh. In the Singapore home market, SingTel added 191,000 new customers during the year to maintain its leadership with a client base of 3.31 million, or a market share of 44.8 percent. SingTel, whose biggest shareholder is state-linked Singapore investment firm Temasek Holdings, will release its full-year earnings repor.-APP


9

Tuesday, May 17, 2011

Oil dips, pares early loss as euro zone fears ease

European vegetable oil prices

Money managers unwinding oil trades in latest CFTC data

ROTTERDAM: The following were the Monday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill May11 893.00+5.00, Jun11 898.00+5.00, Jul11 898.00+5.00, Aug11/Oct11 903.00+5.00, Nov11/Jan12 908.00+5.00, Feb12/Apr12 913.00. RAPEOIL: Dutch/EU euro tonne fob exmill Aug11/Oct11 980.00+13.00, Nov11/Jan12 985.00+13.00, Feb12/Apr12 985.00+10.00. SUNOIL: EU dlrs tonne extank six ports option Jul11/Sep11 1400.00+10.00, Oct11/Dec11 1355.00+10.00, Jan12/Mar12 1375.00, Apr12/Jun12 1395.00. LINOIL: Any origin dlrs tonne extank Rotterdam May11/Jun11 1480.00+0.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam May11/Jun11 1155.00, Jul11/Sep11 1147.50+17.50, Oct11/Dec11 1135.00+12.50. PALMOIL: RBD dlrs tonne cif Rotterdam Jun11 1242.50+45.00, July11 1212.50, Jul11/Sep11 1197.50. PALMOIL: RBD dlrs tonne fob Malaysia Jun11 1187.50, July11 1157.50, Jul11/Sep11 1142.50+0.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Jun11 1195.00, July11 1165.00, Jul11/Sep11 1150.00+0.00, Aug11/Sept11 1142.50, Oct11/Dec11 1120.00+0.00, Jan12/Mar12 1115.00+0.00. PALM STEARIN: Dlrs tonne fob Malaysia Jun11 1120.00+10.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Apr11/May11 2200.00, May11/Jun11 2150.00, Jun11/Jul11 2100.00, Jul11/Aug11 2080.00, Aug11/Sep11 2060.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Jul11/Aug11 2650.00+0.00. Reuters

NEW YORK: Oil pared early losses of almost 2 per cent on Monday after Germany appeared to rule out a restructuring of Greece's debt, though concerns about the economic impact of high crude prices continued to weigh. The euro touched its lowest since March at one point before recovering after G e r m a n Chancellor Angela Merkel said it would be "incredibly damaging" for the euro-zone's credibility if Greece restructured its debt payments. Euro-zone finance ministers met to discuss the debt crisis on Monday but talks were overshadowed by sexual assault charges brought against International Monetary Fund chief Dominique Strauss-Kahn in New York over the weekend, raising fears a new head could be tougher on heavily indebted peripheral members. US crude futures for June fell almost $2 per barrel to a low of $97.67 before rallying to trade

Sugar steady, eyes on Egypt tender LONDON: ICE sugar was firm on Monday, with the market focused on an Egyptian buying tender, while the resumption of Ivory Coast exports limited gains in cocoa prices. Arabicas edged lower, but remained within sight of a 34year high touched on May 3. Sugar futures consolidated, with dealers talking of a bearish mood at last week's Singapore Kingsman sugar conference and noting Egypt's state-owned Sugar and Integrated Industries Company (SIIC) on Monday cancelled a tender to buy 50,000 tonnes of raw sugar for June shipment due to high prices. Another tender to buy 50,000 tonnes for September shipment was postponed, a SIIC official told Reuters, adding the tender could take place on Thursday or early next week. Dealers said the bearish view from the Singapore event was due to bigger-than-expected Thai output, expectations that India could authorise further unrestricted sugar exports, and slack Middle Eastern and North African physical demand for the sweetener due to political turmoil in the regions. However, a growing lineup of vessels at Brazilian sugar ports and terminals due to a lack of availability of prompt physical sugar early in the harvest in the centre-south of Brazil, was supportive of prices. ICE July raw sugar futures were up 0.09 cent or 0.4 per cent to 21.54 cents a lb at 1439 GMT, while Liffe August white sugar was up $2.10 or 0.4 per cent to $604.90 per tonne in slim volume of 622 lots. Cocoa futures edged lower, with a resumption of top producer Ivory Coast's cocoa exports after a political crisis limiting gains in prices. Dealers said the near term outlook for cocoa was bearish due to the backlog of cocoa now being released from Ivory Coast after a disputed presidential election led to conflict which stalled exports for several months. Cocoa prices have fallen nearly 20 per cent since peaking at a 32-year high of $3,775 a tonne on March 4. ICE benchmark July cocoa was up $28 or 0.9 per cent at $3,030 per tonne at 1419 GMT, while Liffe July cocoa was up 14 pounds or 0.8 per cent to 1,885 pounds per tonne. Arabica coffee futures were slightly lower, trading below their 34-year peak of $3.0890 a lb touched on May 3, remaining vulnerable to risk averse sentiment in the market. ICE July arabica coffee was down 0.3 cent or 0.1 per cent at $2.6910 per lb at 1420 GMT, while Liffe July robustas were down $33 or 1.3 per cent at $2,494 a tonne. -Reuters

around $99.27 by 1620 GMT. June Brent fell to an intraday low of $112.00, down $1.83, before bouncing to $113.57, down 26 cents. Oil traders were nervous about the sharp rise in volatility over the last two weeks, with prices whipsawing in the wake of a 10 per cent price crash on May 5.

The latest data from the US Commodity Futures Trading Commission on Friday showed hedge funds and other large financial investors had been substantially cutting bets on higher oil prices, while some had been increasing bets that prices were set to fall. "We continue to expect a very significant correction to oil prices in the coming weeks," said Christophe Barret, global oil analyst at Credit Agricole, adding current

price levels would "have a strong impact on demand" and the economy. "In our base case, which assumes that there is no major destruction to oilfields in Libya ... Brent prices are expected to return to $85 in the second half of the year," Barret said. Dollar-denominated commodities often move inversely to the dollar, and a stronger US currency typically pressures oil. The euro later rallied against the dollar and was up around 0.8 per cent on the day. But strategists said the medium-term euro trend was lower and forecast a relapse. Brent and US oil futures were technically neutral, according to Reuters market analyst Wang Tao, but Brent was biased to fall toward $105.21 per barrel and US oil was trapped within a range of $95.40-$100.75 per barrel. Reuters

Copper higher, capped by growth worries LONDON: Copper turned positive on Monday, as the euro strengthened on expectations a meeting of European finance ministers will offer more clarity on euro-zone debt aid, but worries over slowing global economic growth capped gains. Benchmark copper on the London Metal Exchange finished at $8,840 a tonne from $8,790 at the close on Friday, when it bounced from Thursday's five-month low. The metal used in power and construction fell to a low of $8,504.50 on Thursday from a record $10,190 a tonne hit on Feb. 15, in a broader commodity price fall. "The market just for the past week has been reassessing fundamentals, after we had the major sell-off, and that is leading to some consolidation," analyst Christin Tuxen of Danske said. Tuxen said that while a euro rebound was helping provide a boost for commodities, questions over global growth were likely to keep any sustained advance at bay ahead of a slew of US housing data this week. Data on Tuesday includes housing starts and building permits for April which may give further insight into copper demand. Investors fear a slower economic growth in top copper consumer China would weigh on the metal's price. "Copper is trading bang in the middle of a new range at $8,5009,000 a tonne now," said an LME ring trader. "I still think prices need to go lower. Demand is not that strong." Copper inventories in LME

warehouses fell 1,450 tonnes to 467,075 tonnes, data showed on Monday. They still stand over 30 per cent above levels early in December, fuelling concerns over slower consumption in China. Goldman Sachs, in a report dated May 13, raised its threemonth price forecast for aluminium to $2,700 from $2,200, with

Shanghai copper lower Copper ticked lower on Monday as the euro fell to a seven-week trough against the dollar on worries about the euro-zone debt crisis, while investors were largely unsure where prices were headed following recent volatility. The most-active July copper contract on the Shanghai Futures Exchange closed down 0.8 per cent at 65,890 yuan per tonne. prices boosted by cost pressures as well as improvement in Western manufacturing activity in the six months to end March. LME stocks of aluminium hit a record at 4,687,925 tonnes, data showed on Monday. A tighter backwardation -- premium for cash over three-month material -- attracted hefty inflows of the metal and analysts expect more material will be delivered in the next few days. Aluminium ended at $2,547 a tonne from $2,565. Tin finished at $28,000 from $28,600 while zinc, used in galvanising, ended flat at $2,155. Battery material lead ended at $2,283 from $2,291 and stainless steel material nickel closed at $24,355 from $24,400. -Reuters

Palm oil surges on export rebound KUALA LUMPUR: Malaysian crude palm oil futures rose on Monday in light trade, with some investors buying on a survey showing a jump in exports and firm prices in competing soyoil markets. Traders eyed weather developments in the United States where there was rain and flooding that slowed the pace of corn planting and may affect soybean seeding, potentially boosting grain markets and the vegetable oil complex. Malaysian palm oil futures have fallen 14.1 per cent so far this year on growing stocks although strong export data from a cargo surveyor showed that top buyers China and India would take up more, erasing earlier losses. "The market is getting some support from exports, which is expected, but the real drama will come from the US weather, which is potentially disruptive for grains," said a trader with a foreign commodities brokerage. The benchmark August crude palm oil contract on the Bursa

Tokyo rubber eases on oil drop TOKYO: Key Tokyo rubber futures eased on Monday after gaining 3 per cent last week, pulled lower by a drop in oil prices and weaker technical indicators. The benchmark TOCOM rubber futures for October delivery settled down 1.1 yen or 0.3 per cent at 370.4 yen per kg. The contract's 3 per cent climb last week was the first weekly gain for a benchmark contract since mid-April. The October contract settled below the 200-day moving average, which stood at 379.2 yen on Monday, indicating a bearish technical outlook, traders said. The most active Shanghai rubber futures contract for September delivery closed down 305 yuan or 1 per cent at 31,205 yuan ($4,802.137) per tonne on Monday against Friday's close of 31,510 yuan. Volume rose to 1.2 million lots from Friday's 1.16 million lots. US oil futures slipped as low as $98.13 a barrel on Monday as the dollar index rose to a sixweek high on worries that Greece may restructure its sovereign debt. -Reuters

WUHAN - CHINA: A farmer works on a dried field in Wuhan, Hubei Province of China. Farmers in most parts of central and southern China are worried about the harvest after seeing one of the driest springs on previous records. -Agencie

Gold holds flat but seen vulnerable

Indian sugar steady; weak demand weighs

LONDON: Gold held steady on Monday as the euro lifted off seven-week lows, but the currency remained vulerable to uncertainty about indebted euro-zone countries, which also sparked some safe-haven buying of the precious metal. Spot gold was bid at $1,500.20 a troy ounce at 1355 GMT, from $1,493.25 late in New York on Friday. The precious metal had hit a record high of $1,575.79 on May 2. US gold was $1,497.90 an

deflationary pressures. The US Federal Reserve's latest bond-buying program, or quantitative easing, is due to end in June, and the European Central Bank raised interest rates by a quarter percentage point to 1.25 per cent in April. Euro-zone finance ministers meeting in Brussels are expected to back a bailout for Portugal and tell Greece it must deliver on agreed fiscal and privatisation targets if it

ounce. The dollar earlier rose to a seven-week high against the euro as news that IMF chief Dominique Strauss-Kahn had been accused of attempted rape added to uncertainty. The euro then recovered, boosted by Asian central bank buying. "If you have a strong dollar you will see gold fall, but in euro terms, gold will probably do quite well," said Dan Brebner, an analyst at Deutsche Bank. Gold was around 1,057 euros, little changed from Friday's levels, and within touching distance of all-time highs above 1,075 euros hit in December. Brebner added that the withdrawal of accommodative monetary policy was causing concern, because it could derail growth and lead to

wants new emergency funding next year. Silver fell 3.5 per cent to hit $34.03 but clawed back some of its losses and was last at $34.92 an ounce, from $35.28 on Friday. The industrial precious metal has crashed about 30 per cent since a record high of $49.51 on April 28. A wave of hot money from funds fuelled a rally that saw the silver price nearly double in the space of four months, overwhelming fundamentals in an illiquid market. But investor selling after exchange operators in Shanghai and New York raised the cost of trading silver, saw prices collapse in May. Platinum was bid at $1,760.50 an ounce from $1,756.05 on Friday and palladium was at $712.22 from $705.70 an ounce. -Reuters

MUMBAI: India's sugar prices were steady on Monday as retail and bulk demand was poor, though ongoing exports of the sweetener under Open General Licence (OGL) scheme gave some support to prices, dealers said. The most-active sugar for June delivery on the National Commodity and Derivatives Exchange (NCDEX) was down 0.07 per cent to 2,737 rupees per 100 kg at 4:42 pm. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety edged lower by 0.26 per cent to 2,689 rupees ($59.5) per 100 kg. "This year demand during summer season was lower than last year. Still crushing is going on in Maharashtra. Supply pressure is building up," said Ashok Jain, president, Bombay Sugar Merchants Association (BSMA). Demand for the sweetener from ice-cream and cool-drink makers typically goes up during the summer. India's sugar output is expected to drop 3.2 per cent from a previous forecast for the season that began in October, the chief of a leading industry body said on Friday, diminishing prospects of further exports from the world's top consumer. Co-operative mills in India's Maharashtra state have sold more than 12,500 tonnes of sugar at 29,000-29,300 rupees ($644-$651) per tonne to exporters, getting a premium over London white futures, company officials and traders said on Friday. -Reuters

National Commodity Exchange Ltd Trading Summary Date

Commodity

Contract

Price

Open

High

Low

Close

Traded Volume

Previous

Malaysia Derivatives Date Quotation in lots Settlement Exchange ended 0.2 per cent Price higher at 3,255 ringgit ($1,084) 16-May-2011 CRUDE100 JU11 US$ Per Barrel 99.90 100.35 97.36 98.68 170 99.93 per tonne, after hitting an intra- 16-May-2011 CRUDE100 JY11 US$ Per Barrel 100.49 100.92 97.85 99.15 74 100.45 16-May-2011 CRUDE100 AU11 US$ Per Barrel 100.84 100.84 99.54 99.54 100.84 day high of 3,275 ringgit. US$ Per Troy Ounce 35.60 35.83 33.94 34.53 203 35.57 Overall traded volume was 16-May-2011 SILVER - 500oz JU11 US$ Per Troy Ounce 35.81 35.81 33.92 34.53 218 35.57 light at 18,702 lots of 25 tonnes 16-May-2011 SILVER - 500oz JY11 GOLD 01oz JU11 US$ Per Troy Ounce 1510.30 1510.60 1482.90 1496.00 2,462 1509.60 each compared to the usual 16-May-2011 16-May-2011 GOLD 01oz JY11 US$ Per Troy Ounce 1510.30 1511.50 1483.90 1496.60 3,019 1510.20 25,000 lots as some traders took 16-May-2011 GOLD 01oz AU11 US$ Per Troy Ounce 1511.30 1512.00 1484.00 1497.20 2,790 1510.80 leave ahead of a public holiday 16-May-2011 GOLD 100oz JU11 US$ Per Troy Ounce 1508.00 1510.00 1487.90 1496.00 57 1509.60 on Tuesday in Malaysia. 16-May-2011 GOLD 100oz JY11 US$ Per Troy Ounce 1510.20 1510.20 1496.60 1496.60 1510.20 AU11 US$ Per Troy Ounce 1510.50 1511.00 1489.30 1496.60 23 1510.80 Exports of Malaysian palm 16-May-2011 GOLD 100oz GOLD MY11 Per 10 grms 41100.00 41386.00 41000.00 41168.00 18 41386.00 oil products for May 1-15 rose 16-May-2011 GOLD JU11 Per 10 grms 41138.00 41396.00 40700.00 41178.00 68 41396.00 27.6 per cent to 533,419 tonnes 16-May-2011 16-May-2011 GOLD JY11 Per 10 grms 41414.00 41414.00 41196.00 41196.00 41414.00 from the same period a month 16-May-2011 KILOGOLD AP11 Per 10 grms 41359.00 41359.00 41141.00 41141.00 41359.00 earlier, cargo surveyor Intertek 16-May-2011 KILOGOLD MY11 Per 10 grms 41368.00 41368.00 41150.00 41150.00 41368.00 Testing Services said, showing 16-May-2011 TOLAGOLD50 MY11 Per Tola 48240.00 48240.00 47986.00 47986.00 48240.00 China and India had started 16-May-2011 TOLAGOLD100 MY11 Per Tola 48240.00 48240.00 47986.00 47986.00 48240.00 restocking. 16-May-2011 MINIGOLD MON Per 10 grms 42456.00 42456.00 42302.00 42302.00 42456.00 MINIGOLD TUE Per 10 grms 42500.00 42500.00 42239.00 42239.00 42500.00 Another cargo surveyor, 16-May-2011 MINIGOLD WED Per 10 grms 42515.00 42515.00 42255.00 42255.00 42515.00 Societe Generale de 16-May-2011 MINIGOLD THU Per 10 grms 42530.00 42530.00 42270.00 42270.00 42530.00 Surveillance, said exports for 16-May-2011 MINIGOLD FRI Per 10 grms 42545.00 42545.00 42286.00 42286.00 42545.00 May 1-15 had jumped 33.2 per 16-May-2011 16-May-2011 TOLAGOLD MON Per Tola 48968.00 49073.00 48675.00 48675.00 13 48859.00 cent to 601,984 tonnes. 16-May-2011 TOLAGOLD TUE Per Tola 49000.00 49000.00 48600.00 48603.00 13 48910.00 US soyoil for July delivery 16-May-2011 TOLAGOLD WED Per Tola 48800.00 48927.00 48621.00 48621.00 2 48927.00 rose 0.3 per cent during late 16-May-2011 TOLAGOLD THU Per Tola 48944.00 48944.00 48639.00 48639.00 48944.00 FRI Per Tola 49000.00 49000.00 48600.00 48657.00 25 48962.00 Asian hours as concerns mount 16-May-2011 TOLAGOLD IRRI6W 19MY11 Per 100 kg 3557.00 3557.00 3519.00 3519.00 3557.00 that wet weather in the US 16-May-2011 AP11 Per 100 kg 3552.00 3552.00 3522.00 3522.00 3552.00 Midwest will also affect seed- 16-May-2011 RICEIRRI - 6 16-May-2011 RBD PALMOLEIN AP11 Per Maund 5154.00 5154.00 5150.00 5150.00 5154.00 ing soybeans. 16-May-2011 KIBOR3M 11-Mar Per Rs. 100 86.56 86.64 86.56 86.64 86.56 The most-active January 16-May-11 KIBOR3M 11-Jun Per Rs. 100 85.41 85.47 85.41 85.47 85.41 2012 Dalian soyoil contract Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day slipped 0.4 per cent. -Reuters

Current Open Interest Settlement in Lots Price 98.68 18 99.15 31 99.54 34.53 8 34.53 32 1496.00 944 1496.60 2,217 1497.20 2,629 1496.00 4 1496.60 1497.20 6 41168.00 41178.00 4 41196.00 41141.00 41150.00 47986.00 47986.00 42302.00 42239.00 42255.00 42270.00 42286.00 48675.00 13 48603.00 10 48621.00 17 48639.00 5 48657.00 13 3519.00 3522.00 5150.00 86.64 85.47 -


Australia's Casey Dellacqua returns the ball towards Israel's Shahar Peer, at the Brussels Open tennis tournament in Brussels

10 Pak lost after giving exceptional performance, says Imran IPOH: Depressed Captain Muhammad Imran after losing in Azlan Shah Hockey Tournament's final underlined that team played exceptionally well in the final match and each team member performed superbly during the whole tournament. Captain National Hockey Team, Muhammad Imran, expressed that our team succeeded in playing the 2nd Final of another big event after winning in Asian Games five months earlier. Australian Team comprised strong and experienced players. After losing 5-1 against Australian's in the league match, we performed well in the final and Pakistan were so near yet could not cross the final hurdle. Manager Pakistan Hockey Team Khwaja Junaid expressed that team performed better than the expectations but we missed more than half dozen chances of scoring goals which resulted in our defeat. It was a memorable match. Pakistani junior players performed extraordinarily in the whole tournament that would be helpful to Pakistan in future. -Online

Camp for Summer Games ISLAMABAD: Training camp for Pakistan Special Olympics squad will begin at two different zones Islamabad and Karachi from May 20 till June 10 for the World Summer Games 2011. World Summer Games will commence in Athens, Greece from June 20 to July 5. Special Olympics, National Sports Director, Arshad Javaid, told APP on Monday that the reason to establish camps at two different zones is because the athletes living near or in Islamabad can join this camp and same goes for the Karachi camp. "We have reduced our expenses by holding these two training camps and on the other hand the athletes will too be closer to their families living in Islamabad and Karachi." "This year, our athletes will participate in eight games out of 21. These are Track Games, Aquatics, Badminton, Basketball, Bocce (A ball game for low ability athletes), Cycling, Football and Table Tennis," he told APP. Arshad said that we are eyeing the upcoming event so that we can bring laurels back to our country. The boys for Special Olympic include: Tahir Siddique, Sakhwat Ali, Muhammad Israr Ahmed, Rahim Ullah Baig, Adeel Aamir, Zeshan Rana, Saad Ullah, Hasnain Abbas, Aamir Munawar, Osama Munawar, Ahsan Ali, Habib ur Rehman, Fayyaz Zeshan, Mehmood Razzaq, Ayaz Ahmed, Ali Zeshan, Aziz Kamlani, Bashir Junaid, Raza Muhammad, Umair Ahmed, Wasir Ghafoor, Aqeel Shah, Muhammad Haris, Zulfiqar Ali, Imran Asghar, Atif Ali, Abdul Nasir, Sohail Ahmed Khan, Asif Khan, Nouman Yousaf, Jahanzaib Iqbal, Aslam Bilawal, Muhmamad Nazir, Awais Akhtar, Umair Mubarak, The girls for Special Olympic include: Nousheen Khan, Misbah Tariq, Hifza Afzal, Farah Vorha, Jasmin Sharif, Kainat Riaz, Bushra Parveen, Mirza Asmara, Shumaila Aslam, Iqra Batool, Shermin Akber, Sobia Aslam, Saba Ramzan, Um e Omama, Ruqia Shoaib, Taiba Rais, Hina Mehmood, Alia Zainab, Asma Riasat, Azmat Tara, Saima Tabassum, Shumaila Rubab, Quart ul Ain, Rabia Saeed, Sehrish Bibi, Sana Javaid, Fajar Zaheer, Sumbal Yousaf, Maria Bibi, Atia Khurshid, Mehwish Iftikhar and Maryam Roshin. -APP

Tuesday, May 17, 2011

Skipper Sammy steers squad to success GUYANA: Captain Darren Sammy led his team to their first test win in more than two years on Sunday, taking five wickets as West Indies beat Pakistan by 40 runs after lunch on the fourth day. The victory ended a dreadful run of form for West Indies, who had not won in 17 tests dating back to February 2009. Chasing 219 in their second innings for victory, Pakistan collapsed to be all out for 178 in just 73 overs after they had resumed on 80-3. Sammy, who has been under fire in the Caribbean, ripped

through the Pakistan middle and lower order, finishing with figures of 5-29. Ravi Rampaul also took advantage of the difficult batting surface to take 4-48 as West Indies cleaned up the last six Pakistan wickets for 43 runs in a low-scoring match where only one player managed to make a half-century. West Indies made an early breakthrough when Rampaul clean bowled Asad Shafiq for 42, ending a partnership that had pulled Pakistan back from the dreadful start on Saturday evening.

Fingers pointed at PCB for ignoring Karachi players KARACHI: The secretary of the Karachi City Cricket Association (KCCA), Ijaz Farooqui, has accused the PCB of deliberately neglecting players from Karachi when selecting the national team. "They have used different ways to overlook them and discard those already in the national team," he told reporters. The KCCA had complained about the non-selection of Karachi players like wicketkeeper Sarfraz Ahmed, Danish Kaneria, Khurram Manzoor, Faisal Iqbal and Mohammad Sami - each of whom has represented Pakistan - among others. "Sarfraz did so well and we all were thinking that he will be automatically selected for the longer format but shockingly Mohammad

Salman was picked up [for the West Indies tour]," Farooqui said. The PCB issued a showcause notice to Farooqui over his complaints but he was undeterred. "We will continue to raise our voices in order to provide justice to our players. We wrote letters to the PCB about our reservations over the selection but the board did not pay any attention on the issue, which has forced us to come out on the roads and protest." As far as Pakistan cricket's problems in the recent past are concerned, Farooqui held what he called the "dictatorship" of Ijaz Butt, the PCB chairman, responsible for it. "Our cricket has suffered because of one man's dictatorship. Once the dictatorship starts objectivity ends." -Online

Misbah-ul-Haq continued with Umar Akmal, putting on a 52 run stand that promised to turn the match decisively in Pakistan`s favour. But Sammy brought himself into the attack and removed Misbah-ul-haq lbw for 52 before trapping Mohammad Salman in a similar manner to complete a double wicket maiden that turned the game. After lunch the wickets tumbled with Sammy and Rampaul taking full advantage of a surface that offered plenty of movement. There were a total of 20 lbw dismissals in the match, a record number for a test. -Online

Naek to meet PCB Chairman soon ISLAMABAD: Chairman Senate Farooq H. Naek on Monday assured the Karachi City Cricket Association officials that their thorny issues will be discussed urging he will soon meet with Pakistan Cricket Board's Chairman to raise the said matter. Secretary KCCAK Professor Ejaz Farooqi discussed the matter of neglecting Karachi cricket players continuously with Farroq H. Naek who has great interest in Cricket. Farooq H. Naek said that biased attitude wouldn't be tolerated and talented Karachi players would definitely be taken in the national cricket team. He added that he would definitely have a chat with PCB Chairman Ejaz Butt and other parliamentarians would be taken into confidence about the favoritism matter in the selection players for National Cricket team. -Online

Clijsters given all-clear for French Open

ROME: Spain Rafael Nadal holds the second place trophy of the Men's Rome tennis open tournament. -Reuters

BRUSSELS: Belgium's Kim Clijsters will take part in the French Open which gets underway at Roland Garros here on Sunday, her manager Bob Verdee has told Le Soir newspaper. The 27-year-old former world number one has not played since her quarter-final loss in Miami to Victoria Azarenka on March 31, when she complained of wrist and shoulder pain. She then picked up a serious ankle injury at her cousin's wedding in April. Clijsters resumed training at the start of May with the intention of playing in the French Open for the first time since 2006, but has been unable to play in any tournament. The Belgium has won the last two Grand Slam tournaments - last year's US Open and the Australian Open in January and she will be seeded second in Paris. She has never won the French Open having lost twice in the final. -APP

ROME: Serbia’s Novak Djokovic celebrates with the trophy after winning the Men’s Rome tennis open tournament. -Reuters

Recovering Hauritz aims for Lanka tour MELBOURNE: Australia's forgotten spinner Nathan Hauritz is facing a difficult task to be fit for this year's tour of Sri Lanka, as he continues his recovery from a serious shoulder injury. Hauritz had surgery on his right shoulder in March and hopes to start bowling in three weeks, but he is unlikely to be able to throw at full strength by the time Australia visit Sri Lanka, a trip expected to take place in August. Hauritz hasn't played since January 21, when a fielding mishap during an ODI against England in Hobart left him in severe pain, and an arthroscopy shortly afterwards wasn't enough to get him to the World Cup. In March, Hauritz had a major operation that ruled him out of April's tour of Bangladesh and he watched on as Jason Krejza and Xavier Doherty pressed their cases in the one-day team. "In the back of my mind I probably knew, when we did the fitness testing we knew that it was nowhere near right [for the World Cup]," Hauritz told ESPNcricinfo. "It had to improve pretty rapidly while I was over there to be able to play. I understood the decision, they had to get a spinner over there and start straight away. I wanted it to be me, no doubt, but it just couldn't happen. "It's all progressing really well now. The last couple of weeks we stepped up the training with a bit more strength-based stuff, swimming and push-ups and that sort of thing, and it's really responded well. I'm very happy with where it's at. "I'm hoping to be bowling in about three weeks. Generally it's about a four- to six-month recovery. I'm hoping to be fit for selection [for Sri Lanka in August], and bowling. I probably won't be throwing by then, but definitely bowling and

everything like that should be no drama." However, being fit is one thing; being picked is quite another. The spin-friendly pitches in Sri Lanka might encourage the selectors to take an extra tweaker, but it's far from clear who will have the front-running. The Western Australia left-armer Michael Beer played Australia's most recent Test, the Ashes loss in Sydney, and although he didn't bowl badly, one wicket for the match was not enough to make him a certainty for their next series. Doherty, the Tasmanian leftarmer, played the first two Ashes Tests but was axed and is now likely to be viewed as a limited-overs specialist. The offspinner Krejza won a surprise call-up towards the end of the summer and despite having little impact at the World Cup, he might be seen as a player with greater Test-match potential. Then there's the question of if and how Steven Smith fits into the side. It all adds up to a winter of uncertainty for Hauritz, who fell out of favour after struggling on the Test tour of India last October. However, since his second coming as a Test player began in November 2008, only Mitchell Johnson and Peter Siddle have taken more wickets for Australia than the 58 at 36.22 that Hauritz has collected, and he hopes there are more Test opportunities to come. "Fingers crossed. They went the way of the two left-arm finger-spinners for the Ashes, but I've always believed that if I'm good enough and I'm bowling well enough then I'm going to be there or thereabouts," he said. "I think not playing in the Ashes gave me the opportunity to learn my game that little bit more. There were bits and pieces to improve.-Online

Punjab off to flying start in PSB U-16 PESHAWAR: Punjab off to a flying start in the PSB InterProvincial Girls Badminton Championship which got under way here on Monday. Senator Farah Aqil Shah was the chief guest on this occasion who formally inaugurated the Championship in which teams from Punjab, Sindh, Balochistan, Azad Jammu and Kashmir, FATA and host Khyber Pakhtunkhwa are taking part for the top honor. Director General Engineer Khanzeb Khan, Director Sports (Women) Rashida Ghaznavi, Director Sports (Technical) Tariq Mehmood, officials of the teams and players were also present and witnessed the thrilling battles. Before the start of the opening match the players were also introduced to Senator Farah Aqil Shah. Speaking on this occasion, Farah Aqil Shah appreciated the organizing committee for holding Inter-Provincial Girls Badminton Championship. She also lauded that this time teams from FATA is also part of the Championship and the female players of FATA are coming into the main pool of talent. She assured the FATA female players and players of the other teams to ensure all out facilities to them during the event. She said, all the players and officials were provided good accommodation as desired by Provincial Minister for Sports Syed Aqil. She also welcomed the players from Punjabm, Sindh, Balochistan, AJK for reposing their trust and support to visit Khyber Pakhtunkhwa. Earlier, in the first singles Fariha of Punjab defeated Mehmoona of FATA by 3-0, the score was 21-17, 21-19 and 21-27 while in the doubles Fariha and Bakhtawar of Punjab outclassed Raj Bibi and Marium by 21-18, 21-16 and 21-16 to win the battle by 2-0. The Championship will be played on league basis. The Khyber Pakhtunkhwa Badminton Association led by its Secretary Amjad Khan with other members of the technical committee.-APP


Economy & Continuations

Tuesday, May 17, 2011

US dipping into pensions as debt limit reached WASHINGTON: U.S. Treasury Secretary Timothy Geithner told Congress he would start tapping into federal pension funds on Monday to free up borrowing capacity as the nation hits the $14.294 trillion legal limit on its debt. The U.S. Treasury will issue $72 billion in bonds and notes on Monday, pushing the nation right up against its borrowing cap at some point during the day, according to a Treasury official. Geithner said he would suspend investments in two government retirement funds, which will give the U.S. Treasury $147 billion in additional borrowing capacity.

"I will be unable to invest fully" in the civil service retirement and disability fund and the government securities investment fund, he said in a letter to congressional leaders. The Treasury has said the suspension of the investments and other measures it could take would give the government until about Aug. 2 before it will start defaulting on obligations, such as paying bond investors. Congress is in charge of increasing the debt ceiling, but Republicans are demanding deep cuts to federal spending for the price of their support in raising it. Geithner reiterated previous pleas for action. "I again urge

Congress to act to increase the statutory debt limit as soon as possible," he said. Previous administrations have also tapped the retirement funds at times to avoid breaching the debt limit. Over the past two decades, Treasury has suspended investments five times, with the most recent suspension in 2006. "Federal retirees and employees will be unaffected by these actions," Geithner said, since Treasury must make the funds whole once the debt limit is raised. But the measures still disrupt Treasury's operations, as it must run two sets of books among other things. -Reuters

Eurozone to back Portugal BRUSSELS/ATHENS: Euro zone finance ministers are expected to approve the EU/IMF bailout of Portugal at a meeting on Monday and will discuss further steps Greece must take to meet deficit-reduction targets. The meeting, overshadowed by the arrest of International Monetary Fund chief Dominique Strauss-Kahn on sexual assault charges, will also assess demands by Finland that private sector investors carry more of the risk in Portugal's aid package, and that the country begin privatisations to raise capital. Strauss-Kahn, who has been at the heart of EU/IMF negotiations over bailouts for Greece, Portugal and Ireland, was supposed to attend the meeting, but Deputy Managing Director Nemat Shafik will be there instead, the organisation said. His absence from the top rank of IMF decision-making is not expected to affect any of the bailouts in the short term, but could have an

impact in the longer term if it leads to a change in the nature and style of the IMF's involvement. Strauss-Kahn, who has been at the IMF for nearly four years, is seen as having made the organisation less doctrinaire when it comes to providing assistance to struggling sovereign countries, leading it to take a less strict, more pro-growth stance. The European Commission, which negotiated the Portuguese bailout and earlier assistance packages for Greece and Ireland alongside the IMF, dismissed suggestions Strauss-Kahn's arrest would have any impact on any of the programmes. "I would like to reassure public opinion, the markets and the press, there's absolutely no question: decisions which are under way will not be impacted and this will not have an impact on the programmes being applied," Commission spokesman Amadeu Altafaj told reporters. -Reuters

India inflation eases but rate rise seen in June NEW DELHI: Indian inflation dipped in April, but upward revisions to past readings and the prospect of higher energy prices will keep pressure on the central bank to raise interest rates in June and maintain its hawkish stance. The easing was mostly due to slower rises in prices of some manufactured goods, but analysts said such prices could quicken again because of Sunday's petrol price hike by oil firms and a widely expected increase in state-set diesel prices. The wholesale price index the country's main inflation gauge, rose an annual 8.66 percent in April, above the median forecast for an 8.48 percent rise in a Reuters poll and below an upwardly revised 9.04 percent in March. The February figure was also revised to 9.54 percent, 1.23 percentage points higher than the provisional figure. Some analysts said the steep revision could mean April's revised reading could be closer to 10 percent. "What is worrisome is the large revision in the February inflation, which suggests that there are latent inflationary pressures," said Siddhartha Sanyal, chief India economist at Barclays Capital. Most economists in recent Reuters poll expect the central bank to raise rates by at least another 75 basis points in 2011. The central bank's next review is June 16. -Reuters

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to arrest ICC suspects. Libya is not an ICC member state and is therefore not obliged to arrest the court's suspects. Three months after a revolt began against Gaddafi's four-decade rule, fighting between rebels and government forces on several fronts has come to a near-standstill and Gaddafi is refusing to bow to efforts to force him from power. "If we do not up the ante now there is a risk that the conflict could result in Gaddafi clinging to power," he told Britain's Sunday Telegraph newspaper. "At present, Nato is not attacking infrastructure targets in Libya. But if we want to increase the pressure on Gaddafi's regime then we need to give serious consideration to increasing the range of targets we can hit," he said. A spokesman for the Libyan government responded by saying that Nato had already gone beyond its mandate from the United Nations to protect civilians. "They've already been targeting infrastructure," Khaled Kaim, who is also deputy foreign minister, told a news briefing. "The interest here is Libyan oil, not protection. It should be called blood for oil, this is the proper name," Kaim said. The Libyan official also hit out at the ICC. "The practices of the ICC are questionable. It's a baby of the European Union designed for (prosecuting) African politicians and leaders," Kaim said. In the rebel-held city of Misrata, scene of some of the fiercest fighting in the conflict, rebels said they were braced for renewed attacks by forces loyal to Gaddafi. "The (pro-Gaddafi) brigades still have military equipment enabling them to bombard any area in Misrata," a rebel spokesman called Abdelsalam said from the city. "The revolutionaries are in full control of the port but the danger is still there because the brigades have tanks and rocket-launchers." -Online

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Prime Minister that his Ministry is making concerted efforts to harness natural gas from the Tight and Shale Gas Reservoirs of Pakistan in pursuance of the recently announced Shale Gas Policy by the Government of Pakistan. -Agencies

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after the conclusion of the hearing into the matter by a two member bench of CCP comprising Abdul Ghaffar, Member (C&TA) and Dr Joseph Wilson, Member (MA&IA). Earlier, CCP conducted a suo motto inquiry into the matter after a review of historical data related to Pesco's tenders raised suspicion of collusive bidding in a particular tender numbered ADBPESCO-06-2009 LOT III for the procurement of 4759 High Tension Pre-stressed Concrete and 3678 Low Tension Prestressed Concrete poles. The inquiry was completed vide a report dated 21 July 2010, which concluded that the above mentioned five undertakings had collusively bid for the tender in question. The inquiry found that out of the five undertakings, four entered into a joint venture agreement to collectively bid for the tender, while the fifth submitted a cover bid to give the impression of competitive bidding. On the recommendation of the report, CCP issued show cause notices to the five undertakings on 2 August 2010. Collusive bidding is an area of priority enforcement for the CCP. This case is the third instance where CCP has taken strict action against undertakings involved in collusive bidding. Prior to this case, CCP imposed a fine of Rs23 million and Rs200 million on jute manufacturers and deep sea dredging firms, respectively, for collusive bidding. -Online

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over phone with Prime Minister David Cameron, the Prime Minister underlined the importance of contacts at the highestlevel and regular exchange of visits in order for the two countries to be on the same page on matters relating to bilateral ties as well as on important issues like war against terror, peace and stability in Afghanistan and regional situation. The Prime Minister reiterated his government's commitment to steadfastly pursue its campaign against terrorism and to support an Afghan-owned and Afghan-led peace and reintegration process for restoration of peace. He, however, underlined the need for the world's recognition of negative impact of war against terror on Pakistan's economy and

hoped that the international community would deliver on its pledges to help Pakistan overcome its present difficulties. Alstair Burt MP, UK Foreign and Commonwealth Office Minister stated that UK had always been appreciative of Pakistan's crucial role and had full recognition of its unmatched human and economic sacrifices in the war against terror. UK was also sensitive towards the sentiments of the people in Pakistan in the aftermath of Osama Bin Laden's killing, he added. He assured the Prime Minister that UK would continue using its influence with the allied countries on the imperative of positive messaging about Pakistan at this critical moment. While acknowledging the fact that the success in war against terror and restoration of peace and stability in Afghanistan could not be achieved without Pakistan's pivotal role, he said that UK would steadfastly stand with Pakistan and build consensus among the allies for extending complete support to Pakistan in the war against terror. Minister for Defence Ch Ahmad Mukhtar, Minister for Interior Senator A Rehman Malik, Senator Syeda Sughra Imam, Secretaries Foreign Affairs, Defence, Interior and other senior officers were also present in the meeting. -APP

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manage this important and critical relationship. The Chairman of US Senate's Foreign Relations Committee said his visit was initial step and later this week two senior US Government officials will arrive in Pakistan to work out details to build on these steps. Secretary of State Hilary Clinton will soon announce plan to visit Pakistan to expand on the decisions taken to help develop a new trust and new level of relationship. He said this relationship is not only about threats we face, it is about partnership between our two peoples. Senator John Kerry said during his meetings with Pakistani leadership he conveyed the grave concern that prevails in the US over presence of Osama in Pakistan. He said he emphasised to his Pakistani friends that many in the US Congress are raising tough questions about on-going economic assistance to Pakistan because of the events that have unfolded because of presence of Osama in Pakistan. He, however, said he explained to them that he has backing of the US President and Secretary of the State to find ways to rebuild the trust between our two countries. Earlier, Prime Minister Gilani during his meeting with Senator John Kerry said that national sovereignty is more important than aid for us. During his busy schedule in Islamabad, Kerry met separately with President Asif Ali Zardari, Prime Minister Gilani and Chief of Army Staff General Ashfaq Kayani. According to a private television channel, PM Gilani said "We will not compromise on national sovereignty at any cost and American unilateral secret operation in Abbottabad." He added that the bilateral relations between the US and Pakistan should be trustworthy and equal. PM Gilani pointed out that Pakistan regards ties with US but they should be on equal terms. Kerry underlined the need to improve the relations between the two countries. Furthermore, US Senator called on President Zardari and exchanged views with Pakistan government leaders over Pak-US bilateral ties in aftermath of the US Special Forces raid in Abbottabad. President Asif Ali Zardari also hosted luncheon in the honor of Senator John Kerry. US Ambassador in Islamabad Cameron Munter, Interior Minister Rehman Malik, Defence Minister Ahmed Mukhtar and other top officials were also present during the meeting. Meanwhile, Senator John Kerry gave Army Chief Kayani a list of "specific demands" relating to American suspicions about Pakistan's harboring of militants ahead of meetings. Kerry arrived late Sunday and went quickly to see army chief Gen Ashfaq Parvez Kayani, handing him the list of US demands, according to a Pakistani government official. The official spoke on condition of anonymity and declined to give more details because of the sensitivity of the subject. Kayani told Kerry his soldiers have "intense feelings" about the raid, in apparent reference to anger and humiliation here that Washington did not tell the army in advance about helicopter-borne raid, and the fact it was unable to stop the incursion. -Agencies

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causing minor damage. On the other hand, Federal Interior Minister Rehman Malik took strong notice of the incident and ordered arrest of accused involved in murder of diplomat. He also ordered to enhance security around Saudi consulate, besides providing security to Saudi nationals, living in Pakistan. Meanwhile, Saudi Arabian Ministry of Foreign Affairs expressed "strong condemnation" of the "criminal incident. The Saudi Press Agency quoted a ministry source adding "the Ministry of Foreign Affairs is following up investigations with Pakistani security authorities and has demanded the authorities to strengthen security at the Saudi Consulate in Karachi and the Embassy in Islamabad as well as for all their staff members." On the flip side, Pakistan's al Qaeda-linked Taliban said they killed a Saudi Arabian diplomat. "We take responsibility," a Taliban spokesman said by telephone from an undisclosed location, referring to the killing of the diplomat earlier in the day, China daily reported. -Online

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(PIBs) and Market Treasury Bills (MTBs) from July 1, 2010 to June 04, 2011 as per format attached with DMMD Circular No. 06 dated May 16, 2011. The existing PDs include: National Bank of Pakistan, Standard Chartered Bank (Pakistan) Limited, United Bank Limited, Habib Bank Limited, JS Bank Limited, Pak Oman Investment Co Ltd, NIB Bank Limited, Citibank NA, MCB Bank Limited, and Faysal Bank Limited.

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said. The Pentagon said last year there are about 200 US special operations forces in Pakistan providing training in counter-insurgency. -NNI

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becoming the next French president, Strauss-Kahn's lawyer Benjamin Brafman said his client would vigorously defend himself against claims that he trapped the maid in a luxury Manhattan hotel and sexually assaulted her. The woman, employed for the past three years at the luxury Sofitel hotel near Times Square, picked Strauss-Kahn out of a line-up on Sunday, as police said they had won a warrant to seek DNA evidence on his clothes. "He intends to vigorously defend these charges and denies any wrongdoing," Brafman told reporters. The bombshell news of the arrest of one of the world's most powerful men has left the International Monetary Fund reeling, ahead of critical talks in Brussels on Monday on the fallout of the debt crisis sweeping the eurozone. Strauss-Kahn, 62, has hired a barrage of top lawyers, as questions swirled over whether he could escape prosecution. But late Sunday, a New York police spokesman said the IMF chief did not have the right to diplomatic immunity. Another lawyer, William Taylor, told journalists outside a Manhattan courthouse that the arraignment was postponed until Monday so Strauss-Kahn could undergo further testing by police. "Our client willingly consented to a scientific and forensic examination," Taylor said. -Agencies

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for OGDCL Exchangeable Bond also took place under the chairmanship of the Secretary Privatisation Commission. The Representatives of State Bank of Pakistan, Ministry of Finance and OGDCL were also present in the meeting. The Financial Advisory Consortium for OGDCL Exchangeable Bonds presented the transaction overview and also highlighted the performance benchmarks, timeline and responsibilities of all the professional parties involved in the transaction. The consortium assured Privatisation Commission that the deal would be finalised within the deadlines expectations of government. The meeting resolved to undertake the requisite activities on fast track basis to ensure timely completion of the transaction before the close of the current fiscal year. -Agencies

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suffered loss of around Rs429 billion, followed by housing (Rs135 billion), Transport and communications (Rs. 113 billion) and livestock (Rs57 billion). The challenges are posing a big problem to the fiscal situation and the government has had to borrow heavily from State Bank of Pakistan. Rising inflation and cut in development budget are impacting public investment, construction and employment situation. Due to the widening fiscal deficit, the Government announced extra measures of Rs 210 billion. This included curtailment in expenditure by Rs 120 billion - Rs 100 billion in development expenditure and Rs 20 billion in recurrent expenditure - and to raise Rs 90 billion through additional measures - Rs 53 billion new tax measures and Rs 37 billion by plugging leakages in revenue collection. Keeping in view the difficult situation, the projected growth rate during 2010-11 does not compare badly with the target of 4.5% set for 2010-11 and GDP growth of 3.76% recorded during 2009-10. -Agencies

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law & order, lack of infrastructure, power shortages and political uncertainty Pakistan has unable to attract the foreign investment in the above mentioned period. Due to attractive valuation in equity market and steep discount from regional market, offshore investors remained active as portfolio investment up in 10MFY11 to $302 million compared with an outflow of $46.5 million during 10MFY10. Foreign private investment was $1.59 billion, down 30.8 per cent from $2.29 billion in 10MFY10. On the other hand, foreign public investment showed meager outflow of $53.7 million against outflow of $618 million in 10MFY10.

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Antofagasta was the standout FTSE 100 riser, up 3.8 per cent after a Citigroup upgrade to "hold", while Rio Tinto and Xstrata, which the broker named its preferred stocks, rose 1.9 and 2.1 per cent respectively. Kazakhmys, meanwhile, climbed 2.4 per cent after announcing plans to complete a secondary listing in Hong Kong by the end of June, a move that will boost its presence in China - the world's biggest copper importer. EURO ZONE WORRIES Banks waned as euro zone finance ministers met to discuss a bailout package for Portugal and further steps Greece must take to hit deficit reduction targets, although investors were largely taking the meeting in their stride. "To (an) extent I think a lot of institutions or anyone overseeing funds will already now have factored (it) in and actually be looking on for more relevant or more fresh catalysts," Galvan's Woolfitt said. The meeting was overshadowed by the arrest of IMF chief Dominique Strauss-Kahn on sexual assault charges. Elsewhere among the gainers, Autonomy rose 2.7 per cent after the enterprise search software maker announced a further move into fast-growing cloud computing with a deal to buy assets from Iron Mountain's digital division. On the downside, Centrica, down one per cent, was among a number of defensive stocks heading south as JPMorgan advised investors against chasing defensives. The broker remains "underweight" telecoms, utilities and pharmaceuticals on a 6-12 month horizon, but "overweight" technology, chemicals, autos, capital goods and financials. "There are certainly some dark clouds in terms of the macro environment, potentially enough there to unnerve investors in the short term, whether it's inflation, whether it's a normalisation of interest rates or the European sovereign debt crisis," Henk Potts, market strategist at Barclays Wealth, said. "In saying that, the reporting season has been positive. Earnings estimates have been trending upwards across the board and that should provide an element of stability," he said.-Reuters

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member of Board will also be there to welcome the investing community. This is the third NIT Branch in Lahore after Gulberg and Alfalah Branches. New Branch will cater a very large and potential population of Lahore, living around Quaid-e-Azam Industrial Area, Wapda, Johar and Model Towns and Raiwind area.

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Mitsui Financial Group weakened 2.1 per cent to 2,401 yen. SMFG also said on Friday it expects core lending to remain sluggish this year. Utility stocks extended losses into a third day after the government approved on Friday a plan to help Tepco compensate victims of the crisis at its tsunami-crippled nuclear plant and said other utilities would be asked to pay annual premiums to help fund compensation. Shares initially fell on Thursday in anticipation of the move. Declining shares outpaced advancing ones by 1,265 to 315.-Reuters

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as this week, according to sources. The central bank had raised rates by a hefty 50 basis points earlier this month and has warned inflation would remain around March levels in the first half of the fiscal year that began in April, before easing. Select automobile companies such as Mahindra & Mahindra and Bajaj Auto fell 2.6 per cent and 2.8 per cent, respectively, after state-run refiners raised petrol prices steeply. High fuel prices may slow down demand for vehicles in India, the world's second-fastest growing auto market, where car sales rose at their slowest pace in nearly two years in April as higher interest rates and vehicle costs crimped demand. Wind turbine maker Suzlon Energy ended 0.1 per cent higher to 52.85 rupees, having risen as much as 4.6 per cent during the day after the company on Saturday reported a fourth quarter net profit compared with a loss in the year ago period. Shares in Glenmark Pharmaceuticals closed up 11.7 per cent at 306.10 rupees after the drugmaker said it had signed an out-licensing deal with France's Sanofi to develop and market a monoclonal antibody.-Reuters


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B'stan finmin convoy attacked

KARACHI: Police personnel stand beside Saudi consulate’s vehicle after some unknown persons riding on bike open fire on car killing official of the consulate. -Online

Only 40 remain in Pak out of 375

US mily staff in Pak ‘cut to least’ RAWALPINDI: US military and intelligence staff has been scaled down and unnecessary staff has been sent back in consistent with decisions made at Corps Commanders Conference (CCC) Sources told high top defence authorities took private TV channels owners on board about the situation arising out of US military operation in Abbottabad during briefing and urged the media to keep in view responsibility, patriotism and national interest. Defence authorities told it was decided in CCC on May 5 that US military staff in Pakistan would be slashed and this decision has been implemented. Strength of US military personnel has been reduced from 375 to 40 and these personnel were engaged in imparting training to FC personnel. This is the minimum

strength which is present in Pakistan and the remaining has returned. Defence authorities told there was uniformity of views among government and military leadership on Abbottabad episode and the joint sitting of both the houses of parliament had acted instrumental in bringing them close. Defence Authorities admitted presence of Osama Bin Laden in Pakistan was failure of intelligence and the situation would be placed before the independent commission which would be constituted in the light of resolution adopted in parliament. As per Online defence authorities told US and world was overlooking the successes of ISI as it was ISI which broke the back of al Qaeda and Osama was scared of only ISI. Defence Authorities told Adjutant Gen Lt Gen Javed

Iqbal is investigating the incident and all the facts and figures will be presented before the independent commission to be formed by government. As per Online it was told to the participants that nuclear assets of the country were guarantors of its defence and national security and Pakistan needs no help from any institution or army of any other country to safeguard its nuclear assets. Western media had unleashed baseless propaganda blitz in this regard, they added. "Our nuclear assets are fully secure under a comprehensive command and control system and we know how to protect them. On the other hand it was made clear on all US authorities including Senator John Kerry that recurrence of any such incident in future would subvert the relations between Pakistan and US. -Online

Arrest warrant sought for Gaddafi THE HAGUE: An international prosecutor Monday sought an arrest warrant for Libyan leader Muammar Gaddafi accusing him of committing crimes against humanity by killing protesters during an uprising against his 41-year rule. Luis Moreno-Ocampo, International Criminal Court prosecutor, also asked judges, who now need to see if there is enough evidence to issue warrants, for the arrest of Gaddafi's son Saif al-Islam and his spy chief Abdullah al-Senussi. Moreno-Ocampo signaled his action earlier this month when said he would seek three arrests for the "pre-determined" killing of protesters in Libya after the UN Security Council referred the violence to the Haguebased court in February. jetty "The office gathered direct evidence about orders issued by Muammar Gaddafi himself, direct evidence of Saif al-Islam

organising the recruitment of mercenaries and direct evidence of the participation of alSenussi in the attacks against demonstrators," MorenoOcampo said at the ICC on Monday. The prosecutor moved with unprecedented speed in his investigation into the early violence in the uprising against Gaddafi's rule, with the request for arrest warrants coming just 2-1/2 months after the Security Council referral. He added the office of the prosecutor also documented how the three held meetings "to plan the operations" and Gaddafi used his "absolute authority to commit crimes in Libya." Libyan officials have already denounced the ICC prosecutor's action, saying the court is a creation of the West for prosecuting African leaders. Thousands of people have been killed in the conflict in Libya, the bloodiest of the

revolts which have convulsed the Middle East in what has been called the "Arab Spring." Libyan officials deny killing civilians, saying instead they were forced to take action against criminal armed gangs and al Qaeda militants. They say a NATO bombing campaign is an act of colonial aggression aimed at grabbing Libya's oil. Moreno-Ocampo said the swiftness of his investigation stems from global consensus that the crimes committed in Libya had to be investigated, although judges will now need to decide whether there is sufficient evidence to proceed with the warrants. The ICC has no police force and relies on member states to enforce arrests. Despite NATO bombing operations intended to protect civilians, Libya has been plunged into civil war, seriously complicating efforts See # 1 Page 11

US to act if Pak nukes come under threat KARACHI: A British newspaper has claimed that the Obama administration can deploy its troops in Pakistan in case of a terror threat to the nation's nuclear installations. However, the Pakistan military officials have rebuffed the idea, saying the army is fully capable of protecting the country's nuclear assets. The British newspaper claimed that the United States

would deploy its troops in Pakistan in case al Qaeda posed a threat to the nuclear assets to avenge the killing of Osama bin Laden. Obama has approved a plan to parachute US troops in Pakistan Air Force headquarters in Sargodha and key missile sites to protect the nuclear installations. According to sources, the plan has been prepared fearing any terror threat

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Tuesday, May 17, 2011

to the US national security. "The US places its own national security issues above all other sovereignty issues," the sources claimed, adding that Pak-US relations were at the lowest ebb due to the alleged plan. The Pakistan Army did not need any foreign assistance as it was fully aware of its responsibilities, military sources claimed. -Online

QUETTA: Unidentified armed men opened fire at the convoy of provincial finance minister Mir Asim Kurd here Monday but all the people including civilians and law enforcement personnel comprising the convoy remained safe. According to the police, unidentified assailants attacked convoy of Mir Asim Kurd near provincial capital. In retaliatory fire the attackers fled away from the scene. The Deputy Commissioner Quetta said that the attackers were in fact kidnapers, who were fleeing after kidnapping a driver and conductor of an oil tanker. He said the miscreants got panic when they saw the minister's convoy and opened fire thinking it was a police mobile. The culprits fled away from the scene when police returned the fire, leaving the hostages behind. The Levies personnel cordoned off the area after the attack and launched search operation but the assailants managed to escape. Chief Minister Balochistan Nawab Aslam Raisani taking an immediate notice of the incident has ordered the authorities to arrest the culprits involved in the firing. -Online

ISI warning:

Singh meets Forces chiefs NEW DELHI: A day after ISI chief warned that Pakistan had already "identified targets" and "rehearsed" for an attack on India, Prime Minister Manmohan Singh on Monday met the three service chiefs. Indian media Reports said PM Singh reviewed the defence preparedness of the country with the chiefs of the Army, Navy and Air Force in the wake of hostile comments from Pakistan and the death of al Qaeda chief Osama bin Laden. On Saturday, a newspaper had quoted Inter-Services Intelligence (ISI) chief Ahmed Shuja Pasha as saying that a contingency plan was in place, and that targets inside India had already been identified. "We have also carried out rehearsal for it," Pasha said during his in-camera briefing to a joint sitting of the Pakistan Parliament. -Agencies

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UK delegation meets PM

Gilani pledges fiscal reforms ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani on Monday said his government is determined to implement reforms to ensure macroeconomic stability in the country. Prime Minister Gilani was talking to Alstair Burt MP, UK Foreign and Commonwealth Office Minister and Simson Fraser UK Foreign and Commonwealth Office Permanent under-Secretary who called on him at the Prime Minister House here. The Prime Minister expressed his satisfaction at the launch of the Enhanced Strategic Dialogue between Pakistan and UK during Prime Minister Cameron's visit to Islamabad last month. He called for early progress in the agreed fields under the dialogue framework through institutionalisation of coopera-

tion by utilising the existing fora of bilateral consultation. The Prime Minister noted with appreciation UK Government and its civil society's assistance to Pakistan in the aftermath of earthquake of 2005 and last year's floods as well as for the rehabilitation of IDPs of Malakand and Swat. He hoped that the government of UK would remain engaged with Pakistan in the rehabilitation and reconstruction phases in the flood affected areas. He also expressed his government's gratitude for UK's enhanced economic assistance to Pakistan particularly for its education sector which would enable his government to arrange schooling of four million more children. Referring to his conversation See # 4 Page 11

Law Minister & Advisor meet Gilani

More drilling to meet needs urged ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has stressed upon speeding up the exploration of oil and gas in the country to bridge the gap between demand and supply as soon as possible. According to press release issued here Monday, the Prime Minister was talking to Federal Minister for Law, Maula Baksh Chandio and Advisor to PM on Petroleum Dr Asim Hussain at PM House here. He said that energy shortage has adversely affected the growth of our economy. Prime Minister directed the Advisor on Petroleum to expedite work on exploration of Tight and Shale Gas

Reservoirs. He enquired about the progress on TajikistanAfghanistan-Pakistan and India (TAPI) Gas Pipeline Project. The Advisor appraised the Prime Minister about the details of his recent meeting with Indian counterpart on TAPI Gas Pipeline Project. He also discussed CASA1000 Project in the meeting. Dr Asim Hussain briefed the Prime Minister about Kuwaiti Government's willingness to supply two million tons of oil as well as LPG quotas for Pakistan on deferred payment basis. He further informed the See # 2 Page 11

Rs10mn penalty on undertakings ISLAMABAD: The Competition Commission of Pakistan (CCP) has imposed a sum of Rs10 million as penalty on five undertakings for engaging in collusive bidding in a tender of Peshawar Electric Supply Company. CCP issued its decision regarding the alleged collusive bidding in a Peshawar Electric Supply Company tender, concluding that five undertakings violated Section 4 of the Competition Act, 2010 by par-

ticipating in a collusive bidding arrangement in a 2009 tenders. CCP imposed a sum of Rs10 million on the five undertakings namely, Nam International (Pvt) Limited, Amin Brothers Engineering (Pvt) Limited, Creative Engineering (Pvt) Limited, MR Electric Concern (Pvt) Limited, and Redco Pakistan Limited for the violation. The order has been issued See # 3 Page 11

Say no to aid before anyone stops it: Sharif KARACHI: PML-N Quaid, Mian Muhammad Nawaz Sharif has said they should deny accepting the aid before anyone think to shun it. While speaking to the media after paying a visit to Mazar-eQuaid (Mausoleum of Quaid-eAzam Muhammad Ali Jinnah), Mian Nawaz Sharif stated he stressed that they should say no to aid before anyone think to stop it in order to restore their real respect. He further said that the government would have to make a cut into its expenditures, if they want to boost their economy. The 50 per cent reduction in the expenditures could assist the economy, he maintained. He said that Pakistan would have to come out of obedience policy in order to reinstate its sovereignty and integrity. He further stated that they are pointing out in right direction in order to pull the country out of crises, adding that every policy should be criticized or appraised as per the views. “We will pull the country out of crises, if we move in the right direction,” he added. To a query, the PML-N Quaid was of the opinion the deadline over the formulation of commission ended, as the joint sitting passed a unanimous resolution for the formation of a high-level probe commission. He explained that the commission with the consultation of Prime Minster and Opposition Leader should be formulated as soon as possible. Replying to a question regarding energy crises, Mian Nawaz Sharif said that no power plant had been installed since last three years. He opined that the government has no capability to deal with the power crises, as the miseries of masses were increasing day-by-day. While commenting on the release of Raymond Davis, he stated that the government should clarify who provided the money of Diyet. -Online

Asim to take oath Petroleum minister today ISLAMABAD: Dr Asim, Advisor to Prime Minister on Petroleum and Natural Resources is likely to take oath as Federal Minister for Petroleum and Natural Resources here on Tuesday. President, Asif Ali Zardari will administer the oath in a ceremony to be held at President House. -APP

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