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International Karachi, Thursday, May 19, 2011, Jumadi-ul-Saani 15, Price Rs12 Pages 12

CCP head highlights role of competition policies

US slaps sanctions on Syrian President, top aides KESC CEO told to face Senate panel

See page 12

Stealth drone compound on OBL compound See page 12

- Page 2 Economic Indicators

Pacts inked in gold mining, banking, & economic coaction

$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

China set to raise stake in Pakistan Gilani meets Jiabao; says China will remain 'forever-friend' China agrees to give Pakistan 50 JF-17 Thunder jets

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

Max-Temp Min-Temp

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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BEIJING: Prime Minister Syed Yousuf Raza Gilani and Chinese Premier, Wen Jia Bao witnessing the agreement signing ceremony in Beijing. -APP

No evidence Pak knew bin Laden: US Defence

US lawmakers pull punches on Pak aid WASHINGTON: The Senate Armed Services Committee chairman, Carl Levin, said the US should curtail economic aid to Pakistan unless that government stops harboring insurgent groups that target American troops in neighboring Afghanistan. Levin, a Michigan Democrat, said that continued US financial support to Pakistan should hinge on whether the Pakistani military takes action against the Haqqani network, an Afghan Talibanallied group based in Pakistan's northwestern border region with Afghanistan. "There is a real problem with continuing financial support for Pakistan when they continue to support the Haqqani network," Levin told reporters in Washington. "These are people killing us. These people are killing us. And this is open." Levin spoke to reporters after Senator John Kerry, the Massachusetts

Democrat who leads the Foreign Relations Committee, briefed members of the Senate Democratic Caucus about his weekend trip to Pakistan and Afghanistan. Pakistan should also arrest members of the Quetta Shurah, a group of Afghan Taliban leaders, thought to be based in Pakistan, Levin said. Levin didn't elaborate on exactly how much and what he would cut from US economic aid to Pakistan. He said he would allow "certain kinds of military aid" to continue. In particular, he said he supports reimbursing Pakistan for securing the port where US oil is delivered and subsequently the routes leading into Afghanistan where the US and NATO troops are conducting fighting the Taliban. Levin said he is also willing to support Pakistani military training along See # 5 Page 11

Iran ready to provide gas, power to Isb

Pak attitude puts projects in limbo ISLAMABAD: Iranian Ambassador to Pakistan Mashallah Shakiri on Wednesday again made it clear that Iran completed all homework on projects for providing gas and power to Pakistan on emergent basis however some of the Pakistani officials' non-seriousness had led to delay in the said projects. Iranian Ambassador to Pakistan Mashallah Shakiri expressed these views while addressing a seminar under the aegis of Institute of Policies Studies here. Iran has renewed its offer for Pakistan to get cheap electricity on urgent basis in the wake of worsening power crisis, he said. Iranian ambassador said Pakistani officials are yet to respond to the offer. "In energy field, Iran and Pakistan have

made several deals, including supply of 80MW of electricity for Balochistan and 100MW of electricity for Gwadar Port," he said. Iran and Pakistan have also entered into an agreement on gas pipeline pact, he said, adding Tehran is now awaiting sovereign guarantee from Islamabad. Shakiri said despite Indian withdrawal from the deal, Iran went ahead with the project for Pakistan and laid a 1000km long gas pipeline without waiting for the completion of legal procedures. "It now depends upon Pakistani officials to step up the work for supply of gas," the Iranian envoy stressed. Talking on the issue of terrorism, he See # 6 Page 11

10M textile exports up 32pc at $11.15bn Ahmed Siddique KARACHI: The export of textile products showed a significant improvement and achieved record 10-month export proceeds of $11.15 billion in (JulyApril) of current financial year against $8.44 billion in the same period of previous year, depicting a rise of around 32.1 per cent, Federal Bureau of Statistics (FBS) reported. The rise in the country's textile exports can be attributed to global economic recovery and higher per unit price of Pakistani textile products. As per details available, readymade garments export increased by See # 7 Page 11

10M food, oil import bill up 20pc Ghulam Raza Rajani KARACHI: Country's food and oil import bill hiked 20.3 per cent to $13.08 billion during the ten-month of current fiscal year compared with $10.87 billion in the corresponding period of the previous year, the official data released by the See # 9 Page 11

17 dead in militants-forces clash PESHAWAR: More than 70 militants armed with rockets and mortars attacked a security post on the outskirts of Pakistan's northwestern city of Peshawar Wednesday, the latest in an upsurge of violence since Osama bin Laden was killed in the country this

month. Two members of the security forces and at least 15 insurgents were killed in a four-hour gun-battle that erupted following two successive attacks on the security post set up to defend Peshawar, See # 8 Page 11

BEIJING: Pakistan and China on Wednesday inked three agreements on banking, economic and technical cooperation and extension of gold and copper extraction from the Sandak mines. Prime Minister Syed Yousuf Raza Gilani and his Chinese counterpart Wen Jiabao witnessed the signing of agreements after holding talks at the Great Hall of the People here. The agreements include a Memorandum of Understanding (MoU) between China Banking Regulatory Authority and State Bank of Pakistan, and two agreements; one on economic and technical cooperation, while the other on extending the

Sandak Gold and Copper Mining Project up to year 2017. The two leaders also agreed to further strengthen their existing close and deep rooted multifaceted ties and strategic partnership through increased cooperation in diverse fields. Prime Minister Gilani and Premier Wen held a frank exchange of views on various issues of mutual interest, including bilateral relations and situation in the region. Premier Wen Jiabao said he had "an in-depth exchange of views on bilateral relations and major international and regional issues." "We have also reached a broad con-

sensus that no matter what the global landscape is we will remain good neighbors, friends and partners." Prime Minister Gilani and Premier Wen first had a 45-minute one-onone meeting, before they were joined by their respective delegations for official talks that also continued for around 45 minutes. During the delegation level talks, Prime Minister Gilani was assisted by Defence Minister Chaudhry Ahmad Mukhtar, Law Minister Maula Bakhsh Chandio and Pakistan's Ambassador to China Masood Khan. During the talks, which were held See # 3 Page 11

NEC to approve FY12 PSDP on 21st ISLAMABAD: The National Economic Council (NEC) is scheduled to meet here on May 21 to give final approval to Rs710 billion including foreign aid component of Rs38.44 billion for the next financial year 2011-12 recommended by the

Annual Plan Coordination Committee (APCC). The NEC which is likely to preside over by Prime Minister Syed Yousuf Raza Gilani would also review the performance of national economy in the outgoing financial

year 2010-11 and approve the development budget for the next financial year 2011-12. It may be mentioned here that APCC on May 13 recommended a development budget of Rs710 See # 4 Page 11


2 CCP head speaks highly of competition policies

Qutubuddin KARACHI: The Chairperson, Competition Commission of Pakistan (CCP), Rahat Kaunain Hassan, has said that the Competition Act, 2010 protects consumers from anti competitive trade practices and urged the business community to assist CCP in identifying the elements involved in exploitation of consumers. She said this while addressing a seminar on Competition Law organized by CCP in Karachi Wednesday. The seminar was attended by the Chairman, Consumer Association of Pakistan Kaukab Iqbal, the Advisory Council Members of the Consumer Association of Pakistan, Director General

Al Meezan seminar on employee benefits Staff Reporter KARACHI: Al Meezan Investment Management Limited (Al Meezan) organized a seminar titled 'Employee Benefit - Tax saving & Retirement Planning'. The seminar was attended by top Human Resource personnel from various leading companies of the corporate sector. The speakers of the seminar were Talha Anwar Regional Sales Manager, Al Meezan Investment Management Ltd and Shahid Gul Motiwala - Head of Sales and Marketing, Al Meezan Investment Management Ltd. The aim of the seminar was to educate Human Resource personnel about how their employees can benefit by investing in Al Meezan funds. Employee will not only get Tax Benefit according to the income tax laws, but will also be able to get attractive returns on their investments in a shariah compliant manner. Al Meezan Investments has a track record of over 15 years in investment management and is currently managing over Rs.29 billion in assets, making it the largest Asset Management Company in the private sector in Pakistan. It offers a complete range of Shariah Compliant investment solutions to cater to the needs of the investors. Speaking on the occasion about Meezan Tahaffuz Pension Fund, Anwar said, "Meezan Tahaffuz Pension Fund (MTPF) is a longterm retirement saving scheme with different options available according to the risk profile of the investor. The fund offers investment portability, tax benefit along with free Takaful protection." While discussing Investment options for retirement funds, Motiwala highlighted, "The current investment philosophy of retirement funds is based on passive portfolio management, minimal portfolio diversification and No tactical investment strategy'. He added, "Al Meezan offers investment solutions to rectify the above situation by offering both direct investments in its funds as well as separately managed accounts to cater to the specific needs of individual retirement funds, says a press release.

CCP Ikramul Haq Qureshi and representatives of media. and Senator Abdul Haseeb Khan. The CCP Chairperson further said that Competition law fosters productivity and economic efficiency resulting in lower prices for consumers. The point of convergence for competition policy and consumer protection policy is to enhance consumer sovereignty, choice and improvement of services. She added that both competition law and consumer protection law addresses market distortion where situations, transactions and outcomes cause market to fail producing consumer choice. Both target greater economic efficiency, productivity and competitiveness for the nation.

She informed that the Commission has taken a number of enforcement actions in areas such as deceptive marketing, collusive bidding and cartelization. These enforcement actions were aimed at protecting consumers from exploitation by certain elements in the business community. She urged business community to approach the Commission on consumer issues and help identify anti competitive business practices. President, Consumer Association of Pakistan, Kaukab Iqbal thanked the Commission for coming close to the business community and vowed to extend full cooperation to CCP in implementation of the Competition Law. He was appreciative of the

actions taken by CCP for the consumer protection. The participants of the seminar brought several consumer related issues into the knowledge of CCP, most of them related to deceptive marketing. The CCP Chairperson urged the business community to approach the Commission with information leading to any anti competitive practices and formally file complaints and the Commission will examine the information. Earlier, the officials of CCP Ms. Wajeeha Saif and Ms. Amun Sikandar gave presentation on the Competition Act, 2010 and the Office of Fair Trading (OFT), respectively. They answered various questions raised by the participants of the seminar.

Sindh achieves 49pc cotton sowing target ISLAMABAD: The Sindh Province has achieved 49 percent of proposed cotton cultivation targets set for the year 2011-12 as it has cultivated the crop over 3,18971 hectare of land. The cotton sowing during the same period of last year was recorded at 41 percent, said Khalid Abdullah, Cotton Development Commissioner in the Ministry of Food and Agriculture (MinFA) here Wednesday. He informed that Sindh has set aside about 6,50,000 acre of land for cotton cultivation to fulfill the domestic requirements as well as for exporting the commodity. Some districts of the province have achieved 100 percent cotton sowing whereas in some areas the sowing has touched 105 percent of the target, he added.

Khalid Abdullah said that districts including Thatha and Tandu Muhammad Khan has achieved 105 percent of cotton sowing while Umer Kot 94 percent and Hyderabad 86 percent. Meanwhile, he said that crop sowing in Punjab has registered a slow trend as the province has completed the cultivation over 39 percent of proposed targets showing a decline of 21 percent as against the sowing of same period of last corresponding year. The main reason for this decline was unexpected rains during last month which led delay in the wheat harvesting and land preparations for next crop, he added. Cotton Commissioner said that usually the experts prescribe to cultivation of BT varieties of the cotton by the end of

May for getting better output and avoiding any insects attack on the crop. However, he said that the cotton cultivation was getting momentum in Khyber Pakhtunkhwa as farmers were putting more area under the crop because of its increasing price. Besides, the provincial government was also providing technical assistance and organizing the field level seminar to educate the farmers for the promotion of cotton and increasing the output of the commodity in the country, he added. It may be mention here that this year government has proposed to produce about 14.9 million cotton bales however the estimates would be revised in the meeting of Federal Committee on Agriculture (FCA) which is scheduled here soon.-APP

Dubai traders set to chip in Pak marble, granite industry ISLAMABAD: A delegation of businessman from Dubai visited Islamabad Chamber of Commerce & Industry (ICCI) for B2B meetings with entrepreneurs having common interest in various fields. Muhammad Azam, chairman PURE PZE RAK Free Trade Zone Dubai said that the aim of their visit to ICCI was to explore the possibilities of investment potential in Pakistan's marble, limestone, granite and construction markets. Nabil Akiki, Patner and General Manager Free Ray Dubai said that Dubai was considered to a hub of entire region. However, he said that it was the right time to invest in Pakistan, especial-

ly in the concrete, marble, limestone and granite sector. Mahfooz Elahi, President Islamabad Chamber of Commerce & Industry (ICCI) expressing his views, said that Pakistan is the land of opportunities, it offered profitable investment opportunities to both local and foreign investors while private investment was being encouraged in major sectors of the economy. ICCI president said that Marble and granite sector was fast growing sector in the country with huge investment potential. Foreign business community should come forward and invest in marble and granite industry, he stresses.

He said marble and granite were among the major minerals extracted in Pakistan after coal, rock salt, limestone and China clay, but there was still lot more potential to develop this sector. He said that ICCI was constructing an Export Display Centre and marble industry would be given proper opportunity to display its products in that Centre for further enhancing its sale and exports. He said that Pakistan have processing Units with complete range of machinery and equipment capable of processing stones in accordance with International Standards, adding that there was no problem of quantity.- NNI

Pakistani project among finalists

Global green energy awards announced TFD Report KARACHI: The world's leading green energy prize announced that eight sustainable energy pioneers from the African continent, India and Pakistan have been selected as finalists for the prestigious Ashden Awards for Sustainable Energy 2011. The finalists will compete for over ÂŁ120,000 prize money. The

winners will be announced at a ceremony in London on 16 June 2011. The Aga Khan Planning and Building Service, Pakistan's (AKPBS,P) innovative programme BACIP (Building and C o n s t r u c t i o n Improvement Programme) has been selected as one of the finalists for the Ashden Awards 2011. BACIP is providing families in

remote mountain villages with access to affordable, energy efficient technologies which insulate their homes, heat their water and reduce their consumption of fuel wood. The programme tackles deforestation and climate change by saving 100,000 tonnes of wood a year and preventing emissions of around 160,000 tonnes of CO2 a year.

Thursday, May 19, 2011

PTCL connects BoP to its state of art MPLS network ISLAMABAD: Pakistan Te l e c o m m u n i c a t i o n Company Limited (PTCL) and Bank of Punjab (BoP) have finally inked an agreement to cater for their entire branches connectivity through state of art IP MPLS (Multi Protocol label Switching) service over physically and geographically redundant network. According to press release issued here on Wednesday, this will help the BoP for their multi application connectivity in secure, reliable and costeffective manner. The agreement will allow Bank of Punjab to carry out its online core banking transactions in a secure, faster and cost effective manner. The MPLS service provided to Bank of Punjab is fully flexible to meet the ever-increasing demand of bandwidth due to multiple applications securing over the same network. MPLS can also provide the different Classes of Service (CoS) as per customer's requirement such as voice, video and data traffic. SEVP commercial; Naveed Saeed on the occasion stated "PTCL has become the obvious choice for customers looking for quality services and with this trust building step of BOP, PTCL enhances its market share in corporate services to the next step and is keen to bring Bank of Punjab on board with PTCL for the products that have been introduced by PTCL keeping in view requirements of Financial Sector including Data Center services. With the finalization of this contract, PTCL corporate services will keep on expanding its clientele and winning the trust of major corporate customers". EVP Corporate Services and Product Development Niaz Malik stated "This agreement with The Bank of Punjab is a radical milestone achieved by PTCL in expanding its horizons and works as an engine of economic growth for the country by not only exploring new ventures in the arena of information technology but also extending its network and services to newer areas. Thus cater perfection in all fields of life as it is constantly improving and upgrading its services to ensure customer satisfaction and has the fastest growing network in the country".-Online

New Vfone internet and SMS tariff KARACHI: Pakistan Te l e c o m m u n i c a t i o n Company Ltd (PTCL), reinforcing its aim to make communication more affordable for its customers, has come up with a new exciting internet and SMS tariff for its valued customers of Vfone, the country's largest WLL network. According to details, PTCL is offering an internet tariff of Rs2 per 15 minutes (15 min plus) and an SMS tariff of Rs0.30 per SMS for all networks having an objective to ensure the continuity of quality service and facilitation of its customers. PTCL Vfone has the country's largest WLL coverage, with the liberty of prepaid and post paid options. It gives its customers the facility to have unlimited free calls from Vfone to Vfone and Vfone to PSTN in family and unlimited packages at extremely affordable rates. -APP

PTA advise to mobile users

Call 789 to avoid SIMs blocking ISLAMABAD: In a comprehensive effort to register the SIMs against CNICs of the actual users, Pakistan Te l e c o m m u n i c a t i o n Authority (PTA) has initiated intelligent blocking from May 18th 2011where 0.875 million left over targeted mobile connections has been blocked as a first batch. During the intelligent blocking a particular SIM/connection shall only be allowed to call 789 for re-verification of user's antecedents, says a press release issued here on Wednesday. The 789 system is an automated real time verification system where a customer has to approach Call Center of the concerned mobile company by dialing short code 789 and re-register and verify his antecedents through NADRA's database by answering mandatory secret questions i.e. mother's name and place of birth so as to activate his nonactive SIM.

With a view to further facilitate the mobile users, individual SMS shall again be sent to all left over target mobile connections advising them to approach 789 so as to avoid completely blocking of their SIMs. P a k i s t a n Te l e c o m m u n i c a t i o n Authority (PTA) is in a continuous effort for electronic re-verification of all mobile users through SIM Information System - 668 since 15th October 2009. For the purpose a centralized database has been maintained at PTA where the information is being provided by mobile operators on monthly basis and updated accordingly. It is pertinent to mention that all these connections are already registered against a CNIC, however, to ensure that a particular SIM is registered against CNIC of its actual user, the electronic re-verification process has been started. Till now, in a process of

cleaning of mobile subscribers' data, a total of 16.2 million unregistered/unverified SIMs/mobile connections have already been blocked during Phase-I and PhaseII of SIM Information System - 668. After successful completion of Phase-I and PhaseII, only 16.78 million connections, out of 105 million connections were left over to re-verify their antecedents that have been termed as Target Mobile Connections for Phase-III of 668 i.e. "Proper ID Verification" project. During Phase-III of 668, CMTOs & PTA started approaching the target mobile connections through sending multiple SMSs and launching awareness campaign via print and electronic media since 20th April, 2011. A total of 13.28 million targeted mobile connections have approached and reverified their antecedents through 668 data base till 17th May, 2011.-NNI

KARACHI: The prominent music star Komal Rizvi, launched her latest video" Yehi Pyar Hai" at her residence. It was attended by music lovers, elite of town and jam-packed media. The music of the video is composed by Vicky Haider.-Staff Photo

KPCCI sends budget Komal Rizvi releases proposals to Fed Govt PESHAWAR: Khyber Pakhtunkhwa Chamber of Commerce and Industry (KPCCI) has submitted proposals to the Federal Government for the upcoming budget, demanding two-year extension of Prime Minister's Financial Package for the province and expansion of tax net. According to a statement issued here on Wednesday,

the KPCCI proposed inclusion of agriculture sector and services sector in the tax net so that burden on those who are paying taxes could be reduced. The budget KPCCI proposals also include non enforcement of Reformed GST besides some incentives for the revival of industry in KP badly hit by militancy.-APP

OFFICE OF THE DISTRICT OFFICER (BUILDINGS) DISTRICT JAMSHORO No. DO/(B)/TC/G-55/1225. Jamshoro Dated. 17-05-2011

NOTICE INVITING TENDERS Sealed Tenders on B-I tenders form are invited from the Interested Firms / Agencies / Contractors Under SPP Rules - 2010 for the following works:Sr. Name of Schemes I Sectors No.

1

2

3

4

5

6

7

Proposed by Dr. Mohan Lal (M.P.A Sindh) Construction of CC Block and Drains Different Streets of Taluka Thana Bula Khan, District Jamshoro Construction of Shaheed Mohtarma Benazir Bhutto Library at Gharho Goth UC Bolhari, Taluka Kotri, District Jamshoro Construction of Retaining Wall Dargah Peer Arri, Taluka Sehwan, District Jamshoro Construction of Musafir Khana at Village Wadda Chhachar Taluka Manjhand, District Jamshoro. Proposed by Mr. Lal Chand (M.P.A Sindh) Construction of Residence Hall at Jhullay Lal Mandar Mole Taluka Thana Bula Khan, District Jamshoro (1st Floor). Proposed by Mr. Pitanbar Sewani (M.P.A Sindh) Construction of 25 Rooms for Old Women at Jhollay Lal Mandar, Taluka T.B. Khan, District Jamshoro. Construction of Water Supply Tank (HSR 30000) at Jhollay Lal Mandar Mole, Taluka T.B. Khan, District Jamshoro.

Cost of Estimate Earnest Printing & Time of Cost Money Providing Completion (In Million) Documents

2.0000

2%

3000

08 Months

1.8500

2%

3000

08 Months

6.0000

2%

3000

12 Months

1.4000

2%

1500

08 Months

4.8000

2%

3000

12 Months

4.8000

2%

3000

12 Months

5.0000

2%1

3000

12 Months

Tender will be issued to the contractors on payment of cost of printing and providing documents shown above (Non Refundable) upto 03-06-2011, from the office of undersigned. Tender will be received back on 03-06-2011 at 01:00 PM and will be opened on same day at 02:00 PM in presence of contractor or their representitve who wish to remain present before committee, comprises over the Executive District Officer (Works & Services) Department, Jamshoro, District Officer Buildings (Works & Services) Department Jamshoro & Divisional Accounts Officer Buildings (Works & Services) Department, Jamshoro. Conditional tender / tenders not with the Call deposit from any recognized Bank in Pakistan equal to 2% of the bid will not be entertained. Blank Tender forms/description of work/scheme can be had from the office of the undersigned on any working day. "The Procuring Agency may reject all or any bids subject to the relevant provision of SPP Rules" 2010. In case of no response the issue and opening date of tender will be as under. Second Attempt Tender will be issued upto 04-06-2011 at 01:00 PM received and Opened on 04-06-2011 02:00 PM. Note: This NIT can be seen on Sindh Govt Web Site at www.sindh.gov.pk. Note: This NIT can be seen on SPPRA Web Site at www.pprasindh.gov.pk. INF-KRY.No-1735/11

'Yehi Pyar Hai'

KARACHI: Famous music star Komal Rizvi launched her latest video before a packed audience and the media. Speaking on the occasion she said, "Let me take this opportunity to thank you very sincerely for being a part of the launch of my second music video and a song that is very close to my heart "Yehi Pyar Hai". Speaking about how she felt about music, she said that there is something about my relationship with music which I feel is very important for everyone to know and that is that music has been a savior for me, and the reason for my being. It was only recently, that I began to understand the depth and intensity of the influence that music has on me. It has, on many occasions, given my soul immense peace and has lent to me the strength to stay a very happy and positive person. --PR

'Pakistan, opportunity for Swiss investors' KARACHI: President Swiss Business Council Pakistan Farukh Mazhar, currently leading a delegation of heads of Pakistan based Swiss companies and prominent Pakistani businessmen to Zurich, said that Pakistan is a huge opportunity destination for investors despite all odds. Mazhar was addressing a seminar in Zurich at the start of an extensive interaction between the business leaders of the two countries. Presenting the opening address in Zurich, Farukh Mazhar said, "The Pakistani delegation is anxious to explore possibilities of mutual interest.


3

Thursday, May 19, 2011 Top Economic Events

Euro drifts higher vs dollar, boosted by stocks, oil Analysts see risk of dollar selling on FOMC minutes NEW YORK: The euro turned higher against the dollar on Wednesday in volatile trade, boosted by firmer stocks and commodities, although its near-term outlook was clouded by Greece's unresolved debt situation. A lack of new negative headlines on Greece encouraged investors to buy back risky assets, some analysts said. And while market participants were still worried about a Greek debt restructuring, it seemed investors were pricing in the move. "It looks like risk appetite is a little better. Stocks and commodities are up while US yields have come back up. All these are positive for the likes of the euro, Aussie, and Canadian dollar," said Brian Kim, currency strategist, at UBS in Stamford, Connecticut. He added that fears about a Greek restructuring lingered but "the ques-

tion right now is not if Greece will restructure but when it will restructure." There were opposing views on whether or not Greece should overhaul its massive debt. Euro-zone finance ministers on Tuesday floated the idea of a "soft" restructuring, but the Greek government did not seem keen to adopt their suggestion. Greece's Finance Minister George Papaconstantinou said on Wednesday that no magic scenarios can take Greece out of its crisis. His comments pushed the euro lower earlier in the session, but the impact has since dissipated.

In midday New York trading, the euro was up 0.2 per cent at $1.4267, although it faced a near-term hurdle at its 55-day moving average around $1.4290.

Investors also were focused on the minutes of the latest Fed meeting due this afternoon. They expect the US Federal Reserve will emphasize its determination to keep rates near zero even after it ends its cheap-money policy of quantitative easing in June. An even more dovish stance could

Asian currencies rise, ringgit off 2-mth low

Indian rupee higher

Ringgit gets respite after sell-off, up from 2-mth low TOKYO: Emerging Asian currencies rose broadly against the dollar and the Malaysian ringgit pulled up from a twomonth low on Wednesday, as the dollar's recent short-covering rally showed signs of ebbing. The Malaysian ringgit stabilised after a sharp slide earlier in the week and pulled up from a two-month low against the dollar touched earlier on Wednesday. The South Korean won inched higher, tracking gains in South Korean shares and the euro's rise against the dollar. There were doubts, however, about whether Asian currencies are ready to see a sustained rebound at this juncture. The latest Reuters poll on market positioning in the Chinese yuan, South Korean won, Singapore dollar,

Indonesian rupiah, Taiwan dollar, Indian rupee, Malaysian ringgit and the Philippines peso, showed that investors held long positions in all but one of those currencies, with the sole exception being the Indian rupee. While investors cut bets on currencies such as the Singapore dollar and Chinese yuan compared to a month earlier, they increased their long positions in the Indonesian rupiah and the Taiwan dollar. The South Korean won edged higher against the dollar, helped by a 1.6 per cent rise in South Korean equities. The won pulled away from a one-month low of 1095.2 hit earlier this week, in the wake of the Bank of Korea's surprise decision last week to keep interest rates unchanged at 3.0 per cent. The move stunned the

market, which had been bracing for a rate hike. CBA's Ji said the central bank will probably raise interest rates to around 3.5 per cent to 3.75 per cent by year-end, with the next rate rise likely to take place in June. That outlook for higher interest rates, coupled with the fact that the South Korean won looks undervalued, bodes well for the won in coming months, Ji said, adding that the won's real effective exchange rate is still substantially lower than its five-year average. The dollar edged lower against the Singapore dollar. "The market feels toppish around 1.2450/60," said a trader for a European bank, adding that there were some dollar sellers around that level. "Still tracking the euro which can be very whippy these days," the trader said. -Reuters

Sterling plunges on BoE vote, data LONDON: Sterling fell to a six-week low against the dollar and slipped against the euro on Wednesday as a mixed UK employment report and a slightly dovish tone to Bank of England policy minutes painted a cloudy picture. The minutes of the BoE's May meeting showed an unchanged 6-3 majority seeing no need for an increase in UK interest rates, but two of the hawks, Spencer Dale and Martin Weale, said their decisions were finely balanced. The number of Britons claiming unemployment benefit unexpectedly rose in April, posting its biggest rise in more than a year, although the figure was skewed by recent changes to benefit rules, data showed on Wednesday. The wider ILO measure of unemployment continued to suggest modest improvement in the labour market. "The minutes and the labour

data have left sterling on the weaker side. Spencer Dale and Martin Weale have showed their dovish credentials," said Kathleen Brooks, research director at FOREX.com. Sterling was trading down around 0.6 per cent versus the dollar at $1.6142, after falling to a six-week low of $1.6105 in afternoon trade. It had come under pressure in the run-up to the BoE minutes as traders

speculated on Dale or Weale voting for no change in rates. Traders said the break below sterling's 100-day moving average at $1.6135 was making the picture increasingly negative. The pound has traded above the 100-day moving average since January. The euro traded with gains of around 0.6 per cent at 88.16 pence, close to its session

Swiss franc edges lower vs euro ZURICH: The Swiss franc drifted lower against the euro on Wednesday as markets paused for breath and digested mixed messages following meetings of Europe's top finance officials in Brussels. While euro-zone finance ministers approved a 3-year loan programme to help Portugal, lingering concern over the region's debt problems and acknowledgement for the first time that Greece may have to restructure its debt capped optimism. But Greek Prime Minister George Papandreou later rebuffed talk of a possible "soft restructuring", saying it would do more harm than good. The franc dipped 0.3 per cent against the euro compared to the New York close, trading at 1.2563 per euro at 0721 GMT. Against the dollar the Swiss franc was unchanged at 0.8809 francs per dollar, as markets prepared to comb the minutes of the latest FOMC meeting for any indication of the future direction of U.S monetary policy. Reuters

prompt selling in the dollar. Ongoing US fiscal issues are also expected to limit demand in the US currency, which has bounced following a heavy selling trend this month, as investors trimmed overstretched bets to sell the greenback. The dollar index fell 0.1 per cent to 75.300, pulling further away from a six-week high around 76.0 hit earlier in the week. "Doubts over the extent to which the recent dollar rally washed out extreme short positioning warns against expectations for USD to return sharply lower, but we suspect that the dollar index will head below 75.0 before long," ING analysts said in a note. The dollar traded slightly down against the yen at 81.35 yen, but off its lows as benchmark 10-year US Treasury yield inched up from its lowest in five months. -Reuters

highs of 88.24. Data on Wednesday showed UK annual inflation hit a 2-1/2 year high of 4.5 per cent in April, above consensus forecasts for a 4.2 per cent reading. But markets continue to factor out the first rise in interest rates until at least the turn of the year Adam Posen reiterated his lone call for an extra 50 billion pounds of quantitative easing, the BoE minutes showed, saying that consumption spending would be lower than forecast in the bank's Inflation Report. "Sentance is now an ex-MPC member, and it would be reasonable to expect new boy Broadbent to vote with the pack until the August meeting at least," said David Tinsley, economist at National Australia Bank. "So a series of 7-2 votes looks likely in coming months, with the majority of the Committee not looking to raise rates at all soon." -Reuters

MUMBAI: The rupee ended marginally higher on Wednesday on the back of the dollar's losses against key currencies, but traders expect it to remain range bound with a bearish trend in the near term. Defence-related dollar demand from state-run banks also kept the rupee in a tight band in the day. The partially convertible rupee ended at 45.0550/0650 per dollar, stronger than 45.155/165 at close on Monday. It traded in a narrow range of 45.0150-45.1025 per dollar intraday. The markets were closed on Tuesday for a local holiday. Despite the day's gains, outlook for the Indian unit is neg-

ative due to the sustained dollar outflows from Indian equities. The one-month onshore forward premium was at 22.25 points, up from 21.75 on Monday when it had fallen from 28. The one-month offshore non-deliverable forward contracts were quoted at 45.28, 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 MCX-SX were both at 45.1500, and on the United Stock Exchange they were at 45.1475. Total volume was $8.8 billion. Reuters

Source GBP JPY AUD GBP CHF GBP USD USD USD USD

Events Nationwide Consumer Confidence Prelim GDP q/q MI Inflation Expectations Retail Sales m/m ZEW Economic Expectations CBI Industrial Order Expectations Unemployment Claims Existing Home Sales Philly Fed Manufacturing Index Mortgage Delinquencies

Source

Events

GBP GBP GBP GBP CAD CAD USD

Claimant Count Change MPC Meeting Minutes Average Earnings Index 3m/y Unemployment Rate Leading Index m/m Wholesale Sales m/m Crude Oil Inventories

Forecast 48 -0.5% 0.9% -5 421K 5.21M 20.2

Previous 44 -0.3% 3.5% 0.2% 8.8 -11 434K 5.10M 18.5 8.22%

Previous Day Actual

Forecast

12.4K 3-0-6 2.3% 7.7% 0.8% 0.1% 0.0M

0.4K 3-0-6 2.0% 7.9% 0.8% 1.3% 1.4M

Previous

6.4K 3-0-6 2.1% 7.8% 0.6% -0.9% 3.8M

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

Bid 1.4228 0.8826 1.6140 0.9836 1.0601 115.71 0.8814 1.2562 131.31 92.10 1497.46

As per 22.00 PST Ask High 1.4231 1.4288 0.8830 0.8842 1.6144 1.6288 0.9740 0.9757 1.0605 1.0664 115.75 116.38 0.8817 0.8824 1.2567 1.2579 131.40 132.48 92.16 92.76 1498.08 1498.19

Low 1.4198 0.8786 1.6109 0.9708 1.0573 115.24 0.8762 1.2531 130.82 91.90 1484.70

Division of National Bank of Pakistan (NBP) KARACHI, May 18,2011 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

85.35 138.86 121.85 87.88 97.04 90.94 13.55 1.05 15.38 68.76 16.34 22.76 10.98 309.69 28.15 67.44 23.44 23.24 0.08 2.82

85.15 138.53 121.57 87.67 96.81 90.73 13.52 1.05 15.34 68.59 16.30 22.71 10.95 308.96 28.09 67.28 23.38 23.18 0.08 2.82

84.93 138.16 121.21 87.44 96.56 90.49 13.49 1.05 15.30 68.41 16.26 22.65 10.92 308.15 28.01 67.10 23.32 23.12 0.08 2.81

Yuan ends higher SHANGHAI: The yuan closed up slightly against the dollar on Wednesday after the People's Bank of China set a stronger daily mid-point and banks rushed for funds to meet the latest rise in reserve requirements. Spot yuan closed at 6.5047 versus the dollar compared with Tuesday's 6.5060. The Chinese currency has now appreciated 4.94 per cent since it was depegged from the dollar in June 2010, and 1.30 per cent since the start of this year. Before trade began, the PBOC set the yuan's daily mid-point at 6.5074 against the dollar, stronger than Tuesday's 6.5108. The central bank uses the mid-point to express the government's intention for the yuan's movements. Most dealers said the yuan was likely to climb as gradual appreciation could help China beat imported inflation. "Recent trade has been bound in a range which may continue," said a dealer at an Asian bank in Shanghai, adding that the yuan could mainly move between 6.49 and 6.50 per dollar in the short term. An estimated 370 billion yuan ($57 billion) will be drained from the banking system to meet Wednesday's deadline for the RRR payments after the PBOC announced the increase last Thursday. Dealers said the yuan still had potential to rise 5-6 per cent this year as China needs to use the yuan's exchange rate to help fight consumer inflation, which in April eased a touch to 5.3 per cent from a 32-month high in March of 5.4 per cent. The PBOC has set a slew of record high fixings this year to express the government's intentions for the yuan to appreciate against the dollar. Offshore, one-year non-deliverable forwards (NDFs) were bid at 6.3720, down slightly from 6.3770 at Tuesday's close. Their implied yuan appreciation in a year's time edged up to 2.12 per cent from 2.04 per cent. -Reuters

Aussie holds firm on USD, New Zealand dlr exceeds SYDNEY/WELLINGTON: The Australian dollar held firm while the New Zealand dollar climbed to a three-day high against the greenback on Wednesday, helped by a bounce in equities and commodities. The Aussie was last at $1.0635 compared with $1.0624 late in New York, having clawed off a onemonth low of $1.0505 offshore. It recovered from a brief dip late in the session following Moody's one notch downgrade of Australia's top four banks to Aa2, bringing them in line with Standard & Poor's AA ratings. Earlier in the day, the local dollar slipped to a session low of $1.0607 after data showed slower-thanexpected wage growth in the March quarter, which further reduced the case for a June rate hike. The Reserve Bank of Australia (RBA) minutes on Tuesday warned that rates will rise at some point to restrain inflation, but recent soft data have convinced markets there will be no imminent move. Markets have reduced the chance of a rate hike in June to 13 per cent from 17 per cent before the wages data, and priced in a total tightening of just 33 basis points in the next 12 months.

Time 4:01 4:50 6:00 13:30 14:00 15:00 17:30 19:00 19:00 19:00

Support for the Aussie is seen at around $1.0520 - the 38.2 pct retracement of the March-May rally with resistance at around $1.0642, the May 16 session high. It has fallen nearly 4 per cent from a 29year peak of $1.1012 set on May 2. Across the Tasman sea, the New Zealand dollar rose 0.6 per cent on short covering and improved risk sentiment to last trade around $0.7893. Near term support is seen at around $0.7835 with $0.7919 and then $0.7945 the topside hurdles. The kiwi outperformed the neighbouring Aussie with the cross rate last at NZ$1.3482 from a session high of NZ$1.3552. Last week it plumbed a twoweek low of NZ$1.3341 after soft Australian job report. The euro rose against the Aussie, though investors are still nervous about how Greece might restructure its massive debt. The single currency, which has been slowly recovering from a four-month low of $1.3320 last week was last at around A$1.3400. Against the kiwi, it held at NZ$1.8084, well above a three-month low of NZ$1.7828 struck last week. -Reuter

Notice Inviting Tender (Under SPPR-2010) Resident Engineer, North East Karachi (pumping & Filter) Old, KW&SB invites sealed Tenders on (ITEM RATE BASIS) in terms SPPR-2010 on single stage-single envelope for the following works from the intending participants reputed/experienced contracting firms (equivalent to Category C/6 of PEC), manufactures and authorized dealers/Sole distributors. S. No

Description Of Work

1.

Overhauling OF DWT PUMP SET No. 1 AT N.E.K. PUMP HOUSE (OLD) PROVIDING/FIXING OF SPARE PARTS FOR VACUUM DEMAND UNITS AAB-7248 (W&T) OF 2000 POUNDS CAPACITY CHLORINATOR AT N.E.K. FILTER PLANT (OLD).

2.

Estimated Cost

Time Limit for Completion of work Itmen Rate basis 10 Days

Tender Cost in Rupees 500/-

Budgeting Allocation

Item Rate Basis

500/-

6343-21

10 Days

6343-21

1. Tender Documents will be available for sale w.e.f. the date of publication of during working hours (except the date of opening of tenders) from the office of the Accounts Officers (Revenue), Finance Department, KW&SBhaving his office KW&SB Head Office, Civic Centre Annex Building, Gulshan-e- Iqbal, Karachi, office of the DyManaginf Director, (T/S), KW&SB & Chief Engineer (E&B), KW&SB, situated at Block-B, at 9th Mile, Shahrah-e-Faisal, Karsaz, Karachi on payment of non refundable cost of tender price through pay order from any scheduled bank in favour of KW&SB on submission of written application on their original letterhead upto 04.06.2011. 2. Eanest Money equal to 2% of the bid cost of the work in shape of pay order from any scheduled bank to favour of KW&SB should be enclosed. The tender in sealed cover superscribed with the name of the work should be dropped in the Tender box kept in office of the Chief Engineer (E&M) / Staff Engineer (E&M) at Block “B” , 9th Mile, Karsaz, Karachi by 06.06.2011 at 2:00 PM. 3. The Tender will be opened at 02:30 PM on the same day by the tender Opening Commitee, KW&SB, in the Office of Chief Engineer (E&M)/ Staff Engineer (E&M) Block “B”, 9th Mile, Karsaz, Karachi in the presence of bidders or their representatives who wish to be present. 4. The Participants must mention their complete & present address including contact number in Tender Documents for any future correspondence. 5. The Participants must quote the rates both in words & figures. Incomplete/Conditional tenders will not be accpted. 6. Security Deposit, G.S.T. Income Tax, Water Charges & other levies will be deal in acoording to law. 7. The Contractors registered with appropriate category of PEC is eligible to participate in the Tender. 8. In case of non-opening of tenders on the scheduled date due to any unavoidable circumstances, the next official working day shall be deemed to be the date of submission and opening of tenders at the same time and venue. 9. Specification and details regarding above jobs can be seen and discussed with the resident Engineer, NEK (P&F) Old in Division Office situated at New Subzi Mandi, Super Highway at any working day during office hours and Contacts Nos: 0300-9299610 & 0323-2023277 at any working day during office hours. 10. The procuring agency reserves the right to accept or reject any or all bids without assigning any reason as per relevant provision of SPPR-2010. 11. Tender can be seen on SPPRA website www.pprasindh.gov.pk.


4

Thursday, May 19, 2011

The Financial Daily International

China growth spurs rethink in auto sector

Vol 4, Issue 192

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

All’s well that ends well The outcome of discussions between officials of the Government of Pakistan (GoP) and the International Monetary Fund (IMF) can certainly be termed 'satisfactory', under the given circumstances. Since the Fund has not imposed any new conditions, a lot of space has been given to Pakistan to plan its revenues and expenditures. The only condition likely to upset those believing in extravaganzas is curbing level of next year budget deficit to 4 per cent as opposed to 4.5 per cent suggested by the economic managers. The difference seems real huge; bringing it down to 4 per cent from likely 6 per cent for the current fiscal year will not be an easy task. It is also the test for those who have been accusing the present government of 'begging' rather than learning to live within means. The nation is least bothered about numbers rigmarole. The question is simple will there be any reduction in tax incidence? Historically, rulers have been saying 'no new tax will be imposed in the budget' but decisions have been contrary. On top of this a few heads consume almost the entire outlay and minuscule amounts are left for education, healthcare and infrastructure development. The situation may be worse in the forthcoming budget because external assistance may reduce to notional amounts. It also seems that the Fund is fully cognizant of the situation where extracting more from the existing tax payers seems highly improbable. Withdrawal of subsidies in the name of recovery of full cost from electricity and gas consumers is likely to prove counter productive. Historically, hike in electricity and gas tariffs has only proliferated theft. As such the real issue is not recovery of cost but blatant theft, corruption and inefficiency, evident from huge T&D losses hovering around 40 per cent and UFG of one gas marketing companies as high as 9 per cent. A large percentage of affluent people either does not submit annual income tax returns or whatever income is declared can only be termed humiliating when compared with their life styles. Simply because they club all sorts of income under 'income from agriculture' which has remained tax exempt for decades. Feudal lords enjoying majority in legislative don't wish to be taxed. They have reacted to a statement of the finance minister that members of the parliament are a hurdle in imposition of tax on income from agriculture. However, it is the harsh reality and denying it can't improve stature of elected representatives. Why can't they accept the reality that all sorts of income irrespective of the source should be taxable? As long as the rulers keep on borrowing, they should not talk about 'sovereignty' of the country. Can this nation stand up and say we can live without aid? The nation has the courage but the rulers don't. There are too many 'me too' who are ready to do any thing to come and remain in power. Then why to blame one and other? The rulers borrow only for their extravaganzas and not for an ordinary man. While the burden of borrowing is on the rise more and more people are being pushed below the poverty line.

Disclaimer:

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

hina's growth prospects combined with Western firms' fear of being shut out of the world's largest auto market are leading to a shift in attitude toward Chinese rivals buying into Europe's auto sector. Takeovers by Chinese buyers were often stymied by European targets' refusal to sell, three bankers familiar with the auto sector told Reuters, and European makers sought to differentiate themselves from Korean and Chinese rivals with premium high technology offerings. Chinese acquisitions of key technology companies in Europe remain the exception and not the rule, the bankers said. So far, the sale of European assets to Chinese companies has happened on terms set by the Europeans, or after European buyers declined to make an offer. That way Geely was able to snare Volvo, and Nanjing Auto bought the UK's Rover. But the Chinese market's meteoric rise to the world's No. 1 spot has led Europe's auto sector to focus less on defending their home turf against Chinese incursion, and more on maintaining access to Asia through good relations with joint venture partners,

C

one of the bankers said. "It's early days yet, but we could see a large deal involving a European auto supplier," one banker active in the auto sector, who declined to be named, said. How sensitively the European auto sector reacted to acquisitions by outsiders was demonstrated when Volkswagen Chairman Ferdinand Piech threatened to cancel all of the group's contracts with Magna if the Canadian auto supplier bought General Motors' German-based Opel unit. General Motors ended up keeping Opel. More recently, Chinese companies have been able to strike deals that only a few years ago would have seemed unthinkable. "One cannot afford to ignore Chinese investors, given the size of the Chinese market," said Robert Clausen, an investment banker with BNP Paribas. "We see a trend whereby investors from China or India will play a bigger role in (auto sector) M&A," Clausen said. CHINESE DECISIVENESS The speed with which China's

Wanhua took control of Hungarian auto supplier Borsod Chem in February showed a new level of decisiveness on the part of Chinese companies as they seek access to key Western technologies, one of the bankers said. Borsodchem, a maker of resins and specialty chemicals used in the automotive and electronics industry, went through financial restructuring in June last year, giving China's Wanhua an opportunity to take a 38 percent stake before clinching full control in February this year. Earlier this month, Chongquing Light and Textile struck a deal to buy insolvent Saargummi, a supplier of auto body seals and mouldings, for around 130 million euros ($185.4 million). In other deals, China's largest listed car distributor, Pangda Automobile Trade Co Ltd has come to the rescue of Saab, and Preh, a maker of vehicle electronics, was sold to China's Joyson automotive. As European auto suppliers and auto makers seek to expand in China, they need to work with a local joint venture partner, a factor that makes it difficult for European companies to shut the door when Asian buyers come shop-

ping in Europe. Creating further pressure to maintain good relations, China is now showing signs of becoming more protective of its market. This month, China said it found some US-made passenger cars benefited from unfair subsidies, damaging domestic carmakers. But with growth in China set to continue, resistance to Asian buyers has softened. Car sales in China jumped 33.2 percent in 2010, and according to a KPMG study, Germany exported more than twice as many cars to China than a year earlier. Growth in China is seen slowing this year, but prospects for premium automakers remain bright, Bernstein Research said in a report published in April, echoing upbeat comments from companies such as Daimler and BMW. German premium auto sales in China rose almost 100 per cent in 2010, and premium auto sales penetration as a percentage of overall vehicle sales there are still 30 percent below the world average, leaving some room to expand, Bernstein Research said.-Reuters

Europe austerity backlash in votes more than riots E

uropeans angry at austerity are largely showing it at the ballot box rather than on the streets, delivering a string of local poll rebukes to those in power and favouring more unconventional parties. Recent elections across Europe have suggested a backlash against painful economic measures and a rise in Eurosceptic groups, leading some to fear the continent's leaders are becoming dangerously out of touch with what their people want. That raises fears that even if countries avoid widescale social unrest, they may simply be unable to deliver essential reforms to tackle their debts. "There is significant and growing political risk in Europe," said Charles Robertson, chief economist of Russian bank Renaissance Capital. "The gap between voters and the ruling elite is probably as wide as it has ever been. The political risk attached to the euro has probably risen to a record level and is only likely to increase." Europe's streets have not been entirely quiet. Students and other youths hit the streets in December and March to protest against hikes in tuition fees in some of Britain's worst violence in two decades. Greeks renewed protests and strike action last week. The unrest has been much more limited than many expected, however, with nothing on the scale of last May's Athens riots. "There seems a mood of resignation when it comes to protest," said David Lea, Western Europe political analyst at Control Risks. "But it's not apathy, because people are voting and looking for targets to give a real kicking to." POLITICAL SETBACKS Chancellor Angela Merkel's party was savaged in

state elections in March, Britain's junior coalition partner Liberal Democrats were battered in local polls and a referendum on their keystone electoral reform policy in May. Ireland's Fianna Fail, one of Europe's longest serving ruling parties, was swept from power in February general elections. Supporters of Italy's Silvio Berlusconi this week suffered defeats in local elections -- a move analysts said would bring greater instability and uncertainty -- and Spain's ruling Socialists are also expected to suffer in weekend local polls. The discontent with established political parties looks to be good news for less mainstream parties with more unconventional policies -- Finland's April elections delivered a much stronger than expected result for the Euro sceptic True Finns, who are opposed to any further Eurozone bailouts. In France, anti-euro right wing leader Marine Le Pen is expected to come a strong third in 2012's presidential vote, her position bolstered further by the dramatic implosion of likely Socialist challenger Dominique Strauss Kahn. WEAK COALITION GOVERNMENTS Adding to the uncertainty is the fact that so many European countries are now ruled by coalition governments, making pushing through difficult policies increasingly challenging. Portugal, for example, faces snap elections after failing to pass a budget, although all major parties have now signed up to a new austerity package after the country was forced to seek its own bailout. Analysts worry that kind of political crisis will only become more common in the years ahead. "France and Greece are the only two one-party

majority governments left in Europe," said Control Risks' Lea. "And in countries with coalitions, it's getting harder and harder to push through meaningful policies. Even the UK coalition -- which looked promising at the beginning -- is beginning to fray at the edges." More than two years into the Eurozone debt crisis, there are few signs that it is being brought under control. Europe's top officials for the first time this week acknowledged the continent's most troubled economy Greece might have had to restructure some of its debt, most likely meaning bondholders would have to except late payment. But most analysts believe other countries will avoid such action and expect the single currency to survive -- but not without a few occasional scares for markets. "We believe that ultimately Europe will stick to its chosen course but in the meantime persistent uncertainties could further unsettle bond market in particular," Nomura political analyst Alastair Newton wrote. Perhaps, those who favour emerging markets argue, in the aftermath of the economic crisis the perceived strength of developed economies -- their relative stability versus poorer countries -- will prove their Achilles' heel. "Stability can also lead to inflexibility, an inability to adapt," said emerging markets fund Ashmore in a research note, arguing policy paralysis might only get worse. "The risk is that... political myopia becomes a greater constraint on economic policy...As job losses build so will political pressure in favour of economic short-sightedness."-Reuters

Power protests threaten Iraq government Aseel Kami

I

raq's punishing summer heat will fuel angry street protests over the nation's feeble power supply but the rallies are unlikely to topple the government, even if some ministers are sacked as scapegoats. The electricity grid, hobbled by years of war and under-investment, will probably supply less than half of Iraq's 15,000-megawatt peak demand this summer as temperatures head to 50 degrees Celsius plus. An emergency plan to place temporary generators around the country is a year away and faces major problems, officials say. The power issue is one of the most visible benchmarks for Iraq's nascent democracy and among the most frustrating elements of Iraqi life more than eight years after the invasion that toppled Saddam Hussein and unleashed war and chaos. "There will be crisis and shortage this year," said Laith al-Mamury, head of contracts and investment at the electricity ministry. "The gas, diesel and thermal turbines which we made contracts to buy will not be ready ... this summer." What impact that might have on a fragile governing alliance of Shi'ite, Kurdish and Sunni political blocs is a big question facing Iraq in coming weeks, with sweltering heat likely to drive Iraqis out of their un-aircondi-

tioned homes and onto the streets in protest. "I expect that a lot of people will go out. They will not endure the heat. That will put the government under pressure," said Yaseen al-Bakri, a political science professor in Baghdad. "But for the government to resign, no, I do not believe that will happen... I believe there will be firing of some ministers who will carry the burden ... they will be scapegoats." POWERLESS Electricity officials concede there will be little change in the power supply this year despite windfall oil profits pouring into Iraq. They expect the summer of 2012 will see some relief, and say the power shortage will end by 2013. Years of wars and economic sanctions left the electricity infrastructure in tatters and the rebuilding has been slow as Iraq ramps up oil production and fights off a stubborn Islamist insurgency that sometimes targets the power supply. The electricity ministry has signed multibillion-dollar deals to build power stations and to buy turbines which could add thousands of megawatts, but says it needs more time. At the beginning of May, for example, Turkey's Calik Enerji started work on a 1,250-MW plant near the city of Kerbala. But will not be finished until April 2013. Calik also won a $389 million contract last month to build a 750-MW

power plant near Mosul in northern Iraq but needs up to 20 months to complete the installation. A $1 billion deal Iraq signed in April with China's Shanghai Electric will nearly double the size of a plant south of Baghdad. Supply this summer is projected at 7,000 MW, enough for just eight hours of power a day compared with peak demand of 15,000 MW, Electricity Minister Raad Shallal said in March. An emergency plan to install 50 mini-power stations around the country with a total capacity of 5,000 MW could help while long-term projects get under way. But the turbines, which could boost daily supply to Iraqi homes to 16 hours, will not be added to the grid until next summer, the minister said. Even that plan faces big logistical problems, Mamury said. The stations would be fueled by diesel, which must be delivered to each location by truck on congested roads in poor repair. "If all of them work, there will be fleets of oil tankers, because there are no pipes to reach these stations," he said. FREE ELECTRICITY Long before the massive protests that swept the Arab world, toppling autocracies in Egypt and Tunisia and threatening others in Libya, Syria and Bahrain, Iraqis had taken to the streets to send a message to their new, democratically elected leaders. Protests last summer led to the resignation of then- electricity minister

Karim Waheed and awakened officials to public anger. Prime Minister Nuri al-Maliki's government this year promised Iraqis 1,000 kilowatt-hours of free power each month. It also cancelled a decision to double electricity fees. But analysts said public anger may be greater this summer as patience with unfulfilled promises wears thin. Bahaa al-Araji, a senior member of the Sadrist political bloc in parliament, a key faction in Maliki's coalition, doesn't rule out the possibility the fragile coalition could fall. "If we see that dictatorship in other countries has led to the fall of governments, it is possible electricity in Iraq could lead to the fall of the whole regime," Araji said. But analysts note the government may be able to deploy huge oil profits -- Iraq budgeted for $76.50-abarrel oil but world prices have been running around $100 for months -to cool public anger with increased food rations and jobs programmes. "We are facing a considerable increase in oil prices and subsequently high revenues for the Iraqi government. It could play with these revenues to bribe the citizens," said Yahya Kubaisi, an analyst at Iraq's Institute for Strategic Studies. "Yes, there will be protest movements. But we cannot say that these protests will lead to the fall of the government."-Reuters


5

Thursday, May 19, 2011

South East Asian stocks

Generally a bit higher but outlook cloudy

European shares close higher; techs get Dell boost

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

Dullness eats away 45pts from 100-Index

11,930.24 11,884.61 45.63 0.38 36.77

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

3,179.65 3,170.73 8.92 0.28 1.56

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

2,679.30 2,668.73 10.57 0.39 0.11

Nawaz Ali

Major Gainers

Symbol

Close

Change

BATA BHAT MTL WYETH AGTL

460.56 249.00 531.47 853.00 230.45

15.55 11.35 4.64 4.61 4.08

Major Losers

Symbol

Close

Change

NESTLE 3,501.66 ULEVER 5,184.60 COLG 740.00 ILTM 223.14 PAKT 95.61

-21.34 -18.65 -16.66 -6.85 -3.39

Top 5 Volume Leaders

Symbol

Close Vol (mn)

BAFL JSCL LOTPTA SILK ANL

10.40 7.15 14.83 2.90 5.66

4.40 3.90 2.90 2.53 1.41

Active Issues Plus Minus Unchanged

96 145 102

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

LAHORE: Mian Tajjamul Hussain, a leading industrialist and senior member of the Board of Directors along with Wazir Ali Khoja Chairman NIT at the inauguration of branch.-Staff Photo

Indian shares close lowest in two mnth NEW DELHI: Indian shares fell for the third straight day on Wednesday to their lowest close in nearly two months as investors fret over rising interest rates and higher fuel prices that could curb demand in the world's second-fastest growing major economy and hit corporate earnings. Top private sector firm Reliance Industries led the losses in the main index, while leading lender State Bank of India extended its losing streak after posting an unexpected slump in quarterly profit on Tuesday. The 30-share BSE index closed 0.28 per cent down at 18,086.20 points, its lowest close since March 22. Sixteen of its components fell on Wednesday, which was the third-straight day of losses in the main index. The 50-share NSE Index lost 0.34 per cent to 5,420.60. "The short-term market trend is weak technically," said D.D. Sharma, senior vice president at brokerage Anand Rathi in Mumbai, who expects Indian stock markets to remain "muted" in the coming days. Rise in interest rates to tame high inflation should hit manufacturing companies' profits and margins for the current quarter that ends in June, Sharma said, but expected inflation to gradually decline. "The long-term story remains intact," he said.

India's central bank has increased interest rates nine times since March last year. High inflation and the prospect of rising energy costs are likely to keep pressure on the central bank to raise rates when it reviews policy on June 16. State-run refiners raised petrol prices by about 8.6 per cent, a record increase, on Sunday. Diesel and cooking gas prices, which are controlled by the government, are also expected to go up soon. "In the short to medium term, there will be pressure on markets due to worries about inflation and interest rate hikes. Monetary loosening is not going to happen in a hurry, which will keep the market's upside capped," Gajendra Nagpal, CEO of Unicon Financial, said. State Bank of India, the country's top lender, fell 2.4 per cent to 2,355.75 rupees, which was its lowest close since July 7 last year. The shares had slid 7.7 per cent on Tuesday. Brokerages including Morgan Stanley, Goldman Sachs and Bank of AmericaMerrill Lynch cut their target price on the bank after its March-quarter profit plummeted on higher provisions, operating costs and taxes. Morgan Stanley said in a note that credit costs could rise sharply if lending rates remain at current levels and the economy slows. See # 13 Page 11

Commodities lift FTSE LONDON: Strong energy stocks and miners drove Britain's top shares higher on Wednesday as investors welcomed results from Land Securities, ahead of a Federal Reserve announcement which could drive markets. Minutes from the latest Federal Open Market Committee meeting, due at 1800 GMT, may provide clues on the US central bank's exit strategy from QE2, a policy which has been credited with boosting stocks. The FTSE 100 index ended up 62.49 points, or 1.1 per cent, at 5,923.49. While the index managed to erase the previous session's 1.1 per cent drop on the back of weak US housing data, concerns about the strength of the recovery lingered. "It just feels very lacklustre. There are very poor volumes. Everyone's just a bit worried about the economy. I can't see what's going to spur it on," Joe Rundle, head of trading at ETX Capital, said. Rallying metals prices helped miners bounce back after a recent sell-off, with investor sentiment buoyant in advance of a heavily oversubscribed IPO from commodities trader Glencore. Eurasian Natural Resources was the best off, up 4.3 per cent, as Citigroup lifted its rating on the company to "buy". "Miners are firm today ahead of the Glencore IPO but it does See # 12 Page 11

Hong Kong, China shares rise HONG KONG: Hong Kong shares held above their 200-day moving average, while banks and energy-related counters helped China's benchmark index rise for a second session although weak turnover in both markets suggested investor conviction remained low. The Hang Seng Index rose 0.5 per cent, still holding above a chart level that has provided good support over the past two months. The China Enterprises Index outperformed, rising 1.1 per cent, helped by gains in financials and another day of strength in coal plays. The Shanghai Composite Index ended up 0.7 per cent at 2,873.5, led by the heavily weighted energy and financial plays. The index has moved within a narrow 30-point range over the past five sessions, Market players have shied away from making big bets and remain wary of persistent high inflation in China. Turnover remained tepid with Shanghai's the lowest since February while Hong Kong saw another day of sluggish activity with less than a third of the benchmark constituents hitting their average 30-day traded volumes.

"If the US engages in quantitative easing or continues with the current QE2 in some form or the other, inflationary pressures in the developing world would remain and would even escalate," said V. Ananthanageswaran, chief investment officer of Julius Baer. That could result in further tightening and create volatility and downward pressure on asset prices, he said. While banking shares rose on light volumes, Chinese coal plays continued to power ahead. A supply shortage and expectations of an electricity crunch on the mainland as well as attractive valuations are buoying coal miners. China Shenhua Energy Co Ltd , China's largest coal producer, which trades at a 10 per cent discount to its five-year median forward 12-month price-to-earnings multiple according to Thomson Reuters data, rose 1.7 per cent in Hong Kong. China Coal Energy Co Ltd rose 2.1 per cent in Hong Kong. Lawrence Lau, an analyst with Bank of China International in Hong Kong, said in a note that Shenhua's

strong output growth in April continued to support his "buy" rating. Shenhua reported a 25.4 per cent jump in output for last month. Of the 28 analysts covering the counter, none have a "sell" rating, according to Thomson Reuters Starmine. An over one percent rise in crude oil prices on the back of a weaker dollar lifted shares of China's large oil producers up from technically oversold levels on the charts. CNOOC Ltd rose 1.5 per cent. SHANGHAI EDGES UP Financials were the biggest boost on the Shanghai market with Industrial & Commercial Bank of China Ltd up 1.1 per cent and China Merchants Bank Co Ltd rising 2.1 per cent. The Shanghai Composite has moved within a narrow 30point range over the past five sessions as market players have shied away from making big bets. Turnover hit a four-month low on Wednesday. "In such a tight market, investors are likely to go for large caps when they have spare liquidity," said a Shanghai-based trader. "Banks are particularly attractive, given valuations."-Reuters

KARACHI: Karachi Stock Exchange went through a dull session on Wednesday ending downwards with low volumes as investors preferred to stay on the sidelines ahead of the budget and monetary policy announcement. The benchmark KSE-100 index fell by 45 points to close at 11,884 points, KSE-30 index was down by 27 points to close at 11,548 points and KSE allshare index dropped 28 points to close at 8,266 points. "Volume hit an 8-month low ahead of the announcement of federal budget in which investors believe new taxes would be imposed as the government needs to bridge the mounting fiscal deficit", said Samar Iqbal, equity dealer at Topline Securities. About 36.7 million shares exchanged hands during the day which was 26.6 million shares less as compared to a turnover of 63.3 million shares a day earlier. After opening on a positive note with 15 points up, market witnessed some lethargic activities

throughout the day. Benchmark index moved between 11,959 points (+ve 29) and 11,864 points (-ve 65). According to experts investors are staying cautious due to fears of imposition of new taxes in budget. Further, due to uncertainties over release of tranche by the International Monetary Fund (IMF) under Standby Arrangements and on monetary policy announcement due later this week investors stayed quiet and some locals preferred to book profits. Despite buying by the foreign investors market closed the day on a negative note. According to NCCPL data, foreign investors did a net buying worth $2.24 million on Wednesday. Most of the shares were traded in low cap stocks. Bank Alfalah was the volume leader with 4.4 million shares followed by Jahangir Siddiqui & Co. with 3.9 million shares and Lotte Pakistan with 2.9 million shares. Out of total 343 active issues; 145 declined and 96 advanced while 102 issues remained unchanged.

Nikkei up one pct TOKYO: Japan's Nikkei average advanced one per cent on Wednesday as receding concerns about a strong yen spurred short-covering, but further gains may be hard-won amid ongoing concerns about nuclear operator Tokyo Electric's compensation scheme. A weaker yen had pulled the benchmark Nikkei index into positive territory in late trade the previous day, and foreign investors piled back into the market on Wednesday placing basket orders for exporters and domestic-demand shares for some 17 billion yen ($210 million), traders said. Utilities and banking stocks

also rose as investors covered short positions after those sectors had tumbled in the past few sessions on worries about how much they will have to contribute to help Tokyo Electric Power (Tepco) compensate those affected by the crisis at its tsunami-hit nuclear plant. "We're seeing short-covering helped by moves in the euro/yen rate, but my midterm view hasn't changed while I don't think there's a huge downside risk, I don't see more than one per cent jumps any time soon either," said Yuuki Sakurai, head of Fukoku Capital Management. See # 10 Page 11

US stocks late-morning

Wall Street gains on oil rebounds NEW YORK: US stocks edged higher on Wednesday, boosted by energy shares as oil prices rebounded and before the Federal Reserve released its assessment of the economy later on Wednesday. The Federal Open Market Committee, which sets interestrate policy, will release minutes of its April 26-27 meeting at 2 p.m. (1800 GMT). Investors will look for hints about the Fed's "QE2" stimulus program, which is widely expected to end in June, and will scrutinize any disagreements among officials. US crude oil futures rose nearly 3 per cent after a weekly government report showed inventories of crude fell slightly in the United States last week as refinery utilization rose. Chevron Corp gained 1.7 per cent to $102.16 as the top boost to the Dow and Exxon Mobil Corp advanced 1.4 per cent to $81.54. The PHLX oil service sector index climbed 2.2 per cent and the S&P energy index added 1.6 per cent as the top performing S&P sector. "Today you had some decent data it seems you are getting a little bit of a relief rally in commodities, just given the magnitude of the selloff the last few days or weeks," said Uri Landesman, president of Platinum Partners in New York. "You are going to see that certainly through the summer - you are definitely going to see heavy correlation (between stocks and commodity prices)." Recent soft economic data has put investors on the defensive, increasing uneasiness about the strength of the recovery and sending the benchmark S&P 500 down 2.3 per cent for the month. Data on Tuesday showed weakness in factory output and housing starts. The Dow Jones industrial average gained 16.23 points, or 0.13 per cent, to 12,495.81. The Standard & Poor's 500 Index rose 5.40 points, or 0.41 per cent, to 1,334.38. The Nasdaq Composite Index added 13.60 points, or 0.49 per cent, to 2,796.81. See # 11 Page 11

Dhiyan

INVENTORS WAITING FOR TRIGGERS Khalid Iqbal Siddiqui, Head of Research, Invest & Finance Securities The dull activities are expected to continue in the market due to budget related and political uncertainties. Investors are advised to stay on the sidelines and hold their current positions. The positive conclusion of meeting with the IMF and approval of stock exchange proposal on Capital Gains Tax could trigger the market. Market would be range bound today with low volumes.

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

We would see the lackluster activities in the market to sustain moving forward. Thereafter budget announcement and its impact on listed companies and developments on Pak-US relationship could drive the market. Investors are suggested to invest in oil and fertiliser stocks at dips. Market would be dull today.


6

Thursday, May 19, 2011

Market

KSE 100 Index

Symbols

Volume

36,772,436

Value

1,309,608,012

Trades

27,504

Advanced Declined Unchanged Total

Current High Low Change

96 145 102 343

All Share Index

11,884.61 11,959.69 11,863.19 i45.63

Current High Low Change

8,266.07 8,314.68 8,251.49 i28.85

OIL AND GAS

Paid up Cap(mn)

Company Attock Petroleum Attock Refinery BYCO Petroleum

PE

Open

High

High Low 1,486.78 1,465.77 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.33 32.54 Low

Close Chg

Last 60 days High Low

Volume

375.00 373.00 373.36

0.35

11987

387.98

321.00

300

853

4.04 122.81

123.75 122.64 123.14

8.07

2011 Div BR (%) (%)

20B115.00

-

0.33

177271

129.40

98.25

-

-

-

-

8.13

0.06

440559

10.43

7.93

-

-

-

-

105.49 101.10 101.67

0.03

8.40

8.08

Mari Gas Company

735

98.50

31

National Refinery

800

4.54 332.31

334.50 328.75 329.05 -3.26

162875

356.50

254.00

200

-

-

Oil & Gas Development 43009

9.98 148.59

149.30 146.25 147.45 -1.14

991508

160.49

128.21

55

- 30.00

-

11950

7.46 203.67

204.66 203.10 204.03

0.36

143279

216.50

190.10

90

20B 50.00

-

2365

7.17 325.62

326.90 324.90 325.12 -0.50

190205

332.45

277.09

255

-100.00

-

-

-

-

- 80.00

-

Pak Petroleum Pak Oilfields Pak Refinery Limited

4.16 101.64

% Change -0.20 5-Day High 1,477.23 5-Day Low 1,474.10

2010 Div BR (%) (%)

6.75 373.01 -

350 46.92

P.S.O XD

1715

Shell Gas LPG

226

Shell Pakistan

685

83.26

3.99 275.96 -

22.88

7.54 209.12

86.65

83265

119.97

83.98

0.72

57559

110.50

81.23

-

280.50 277.00 279.52

3.56

630938

294.49

265.00

80

23.00

83.50 22.11

22.90

0.02

851

213.87 209.00 212.21

3.09

30856

- 23.43 -

28.70

22.11

-

-

-

-

217.90

186.83

120

-

-

-

Performance of SR Chemicals Index

Paid up Cap(mn)

PE

Open

BOC (Pak)

250

7.36

94.50

Clariant Pak

341

4.88 160.16

Company

High Low 1,834.73 1,811.11 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.09 35.00

Close 1,819.19 Listed cap 52,251.88 mn Payout (%) 48.81

Change -6.99 Market cap 374,611.71 mn Div Yield (%) 5.53

Last 60 days High Low

% Change -0.38 5-Day High 1,836.53 5-Day Low 1,819.19

2010 Div BR (%) (%)

2011 Div BR (%) (%)

High

Low

Close Chg

Volume

98.49

94.00

97.71 3.21

19605

98.49

82.00

60

-

-

-

2301

201.40

140.00

135

25B

-

-

160.60 159.50 160.00 -0.16

Dawood Hercules

4813

3.49

61.06

60.90

60.01

60.20 -0.86

70010

294.00

56.10

-

-

Descon Chemical

1996

-

2.16

2.22

2.11

2.15 -0.01

62161

3.23

2.10

-

-

-

-

Descon Oxychem Ltd.

1020 11.12

7.34

7.90

7.31

7.56 0.22

463869

9.60

6.00

-

-

-

-

Dewan Salman

3663

2.25

2.29

2.15

2.20 -0.05

522232

3.10

2.11

-

-

-

-

Engro Corporation Ltd

3933

194.80 192.11 192.31 -1.89

812649

238.50

189.00

60

20B

-

-

Engro Polymer

6635

Fatima Fertilizer

22000

-

8.59 194.20 -

11.01

-

12.40

11.11

10.91

10.97 -0.04

55000

- 27.5R

-

-

12.40

12.30

12.35 -0.05

115446

13.60

10.75

-

-

-

143.66 142.00 142.97 -0.12

769132

145.21

108.00

130

25B 45.00

-

41.51 -0.06

434938

43.89

37.86

65.5

- 12.50

-

11.46 -0.19

32941

14.49

10.43

-

-

-

-

179066

172.00

142.00

175

-

-

-

Fauji FertilizerSPOT

8482

8.80 143.09

Fauji Fert. Bin Qasim

9341

6.21

41.57

41.72

41.45

725

9.63

11.65

11.77

11.40

Ghani Gases Ltd ICI Pakistan

1388

Ittehad Chemical Lotte Pakistan Nimir Ind Chemical Sitara Peroxide

150.84 149.00 149.24 -1.37

10.75

-

360

4.27

28.22

29.40

26.81

29.40 1.18

6324

29.85

20.11

5

-

5

-

15142

4.14

14.98

15.14

14.80

14.83 -0.15

2901775

17.36

14.05

5

-

-

-

1106 10.57

2.46

2.52

2.39

2.43 -0.03

179282

3.40

2.10

-

-

-

-

5.41

17.53

17.74

17.30

17.48 -0.05

134645

19.99

11.81

-

-

-

-

-

15.47

16.00

16.00

16.00 0.53

500

16.40

12.07

-

-

-

-

551

United Distributors

8.29 150.61

13.95

50 300B

92

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,086.72 Turnover 2,503 P/E (x) 5.58

High Low 1,105.80 1,084.38 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.42 7.47

Close 1,090.42 Listed cap 1,186.83 mn Payout (%) 25.28

Change 3.69 Market cap 3,008.07 mn Div Yield (%) 4.53

Last 60 days High Low

% Change 0.34 5-Day High 1,090.42 5-Day Low 1,070.40

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Century Paper

707

-

16.46

16.90

16.30

16.33 -0.13

1548

17.50

13.85

-

-

-

-

Security Paper

411

7.06

39.41

39.90

39.50

39.88 0.47

918

39.90

34.00

50

-

-

-

Company

2010 Div BR (%) (%)

Open 691.67 Turnover 117,847 P/E (x) 4.96 Company

Company

Close 1,004.02 Listed cap 3,596.11 mn Payout (%) 30.91

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

565

1.82

27.10

27.50

26.90

26.93 -0.17

12602

Crescent Steel

Change -6.87 Market cap 9,311.27 mn Div Yield (%) 9.53

Last 60 days High Low 29.75

25.67

2010 Div BR (%) (%) 30

Dost Steels Ltd

675

-

1.74

1.85

1.75

1.76 0.02

5763

2.42

1.63

-

International Ind

1199

8.94

50.47

50.00

49.00

50.00 -0.47

10302

54.50

45.81

40

310

-

9.97

8.97

8.97

9.97 0.00

226

14.89

8.97

-

Metro Steel

2011 Div BR (%) (%)

- 20.00

-

-

-

-

20B 15.00

-

-

-

Open

High

Low

Close Chg

Volume

Last 60 days High Low

71.25 26.31

72.30 27.62

70.00 26.99

71.24 -0.01 27.31 1.00

107062 10785

76.25 33.45

Company Al-Abbas Cement

PE

Open

High

High Low 861.57 841.50 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.41 7.10 Low

Close Chg

Close 848.81 Listed cap 54,792.74 mn Payout (%) 19.04

Change 0.93 Market cap 61,628.79 mn Div Yield (%) 3.29

Open 1,132.87 Turnover 54,027 P/E (x) 3.88 Company

Paid up Cap(mn)

Atlas Battery Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors Sazgar Engineering

101 626 1087 56 598 450 200 1428 786 150

Last 60 days High Low

Volume

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

2011 Div BR (%) (%)

1828

-

2.55

2.66

2.52

2.52 -0.03

501

3.50

2.15

-

-

Attock Cement

866

6.65

52.72

52.89

51.81

52.50 -0.22

1003

56.70

48.50

50

-

-

-

Balochistan Glass Ltd

858

-

2.13

2.28

1.90

1.96 -0.17

20014

2.90

1.90

-

-

-

-

Berger Paints

182

-

14.61

14.75

14.48

14.75 0.14

11901

17.40

13.55

- 122R

-

-

Cherat Cement

956 44.29

9.35

9.50

9.29

9.30 -0.05

21761

11.90

8.00

-

-

-

-

Dadabhoy Cement

982 15.31

1.98

2.00

1.85

1.99 0.01

36050

2.24

1.50

-

-

-

-

Dewan Cement

3891

-

1.44

1.47

1.43

1.45 0.01

38784

2.19

1.41

-

-

-

-

DG Khan Cement Ltd

3651 28.64

21.38

21.80

21.36

21.48 0.10

927094

26.44

21.20

-

20R

-

20R

Fauji CementSPOT

6933

7.19

4.13

4.40

4.08

4.17 0.04

515273

4.69

3.97

-

-

-

92R

Fecto Cement

502

5.78

6.78

6.70

6.70

6.70 -0.08

55000

8.90

6.10

-

-

-

-

Flying Cement Ltd

1760

-

1.38

1.35

1.31

1.34 -0.04

5120

1.84

1.26

-

-

-

-

Gharibwal Cement

4003

-

6.56

6.78

6.16

6.23 -0.33

4216

13.50

5.00

-

-

-

-

Kohat Cement

1288

-

6.15

6.27

6.20

6.27 0.12

6401

7.87

5.12

-

-

-

-

13126 71.25

2.84

2.93

2.75

2.85 0.01

80606

3.45

2.10

-

-

-

-

Lafarge Pakistan Cmt. Lucky Cement

3234

5.67

69.66

70.25

69.51

69.77 0.11

79793

73.69

59.55

40

-

-

-

Maple Leaf Cement

5261

-

2.05

2.09

2.00

2.02 -0.03

166148

2.89

1.92

-

-

-

-

Pioneer Cement

2271

-

4.79

4.84

4.52

4.64 -0.15

14970

6.40

4.50

-

-

-

-

361

-

6.10

6.77

6.00

6.26 0.16

10535

8.50

5.13

-

-

- 100R

Shabbir Tiles

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 956.09 Turnover 76,067 P/E (x) 2.70 Company Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd Siemens Engineering Tri-Pack Films

High Low 965.98 940.55 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.18 43.91

Close 956.61 Listed cap 3,043.31 mn Payout (%) 15.55

Change 0.52 Market cap 35,278.17 mn Div Yield (%) 5.77

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

115

2.50

51.95

52.00

50.51

50.86 -1.09

10579

56.99

1.46 -0.02

22825

230

-

1.48

1.40

2010 Div BR (%) (%) 20

2011 Div BR (%) (%)

25B

-

50R

2.68

1.31

-

-

-

-

1067

5.49

53.63

54.40

53.50

54.00 0.37

8814

56.07

49.00

25

10B

-

-

389

2.58

13.38

13.90

12.52

12.94 -0.44

14101

15.21

3.55

-

-

-

-

47 12.56

28.63

29.50

28.00

28.00 -0.63

1006

32.00

26.50

-

-

-

-

844 18.13 108.77

1.49

46.45

% Change 0.05 5-Day High 960.72 5-Day Low 956.09

108.00 105.00 108.77 0.00

208

124.50

103.01

32.5

-

-

-

82 18.75 976.65 1004.50 975.00 975.30 -1.35

123

1120.00

915.00

900

-

-

-

172.00

125.00

100

-

-

-

300

6.47 164.92

166.50 163.05 165.95 1.03

18411

Company

Paid up Cap(mn)

PE

Open

Low

Close Chg

Open

High

Low

Close Chg

Volume

209.55 147.92 1.58 194.53 22.50 2.59 3.32 9.23 219.95 23.00

211.00 148.68 1.66 200.00 23.30 2.82 3.49 9.25 223.00 22.75

209.50 147.00 1.56 194.90 22.30 2.70 3.20 9.15 220.00 22.75

209.60 0.05 147.00 -0.92 1.60 0.02 197.99 3.46 22.34 -0.16 2.82 0.23 3.46 0.14 9.15 -0.08 220.03 0.08 23.00 0.00

609 2293 2600 232 22369 19500 4292 1547 307 240

Last 60 days High Low

2010 Div BR (%) (%)

2011 Div BR (%) (%)

215

3480

239.00

199.05

400

-

-

-

124

-

87.60

87.00

85.10

85.63 -1.97

355

128.00

85.00

-

-

-

-

132

-

39.08

39.70

37.15

38.80 -0.28

1813

62.00

37.01

12.5

-

-

-

Millat Tractors

366

4.64

22811

546.75

466.27

650

25B325.00

-

0.00

109

144.99

90.40

100

-

94.00

533.00 525.50 531.47 95.24

90.40

94.00

2011 Div BR (%) (%) -

-

Change 0.18 Market cap 42,090.49 mn Div Yield (%) 5.26

Last 60 days High Low 216.30 153.93 2.45 206.99 26.17 4.50 4.60 10.88 250.00 25.50

180.00 120.30 1.50 170.11 21.08 2.16 2.90 9.00 205.51 20.50

2010 Div BR (%) (%) 100 50 60 20 150 10

% Change 0.02 5-Day High 1,137.72 5-Day Low 1,128.77 2011 Div BR (%) (%)

20B 15B 65.00 - 50.00 20B 10.00

15B -

-

-

-

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

55.32

Total Assets (Rs in mn)

9,610.12

MA (10-day)

1.57

Total Equity (Rs in mn)

3,400.99

MA (100-day)

1.94

Revenue (Rs in mn)

2,414.18

MA (200-day)

2.14

Interest Expense

530.45

1st Support

1.62

Profit after Taxation

698.46

2nd Support

1.51

EPS 10 (Rs)

2.328

1st Resistance

1.86

Book value / share (Rs)

11.34

2nd Resistance

1.99

PE 11 E (x)

2.90

Pivot

1.75

PBV (x)

0.15

TELE closed up 0.02 at 1.70. Volume was 325 per cent above average (trending) and Bollinger Bands were 14 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 20.5 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into TELE (mildly bullish). Trend forecasting oscillators are currently bearish on TELE.

Hira Textile Mills Limited

FOOD PRODUCERS Open 2,097.72 Turnover 109,079 P/E (x) 43.01 Company AL-Noor Sugar Ansari Sugar Chashma Sugar Dewan Sugar Fecto Sugar Habib Sugar Habib-ADM Ltd Hussein SugarSPOT Kohinoor Sugar Mirpurkhas Sugar Mirza Sugar National Foods Nestle Pakistan Noon Pakistan Noon Sugar Quice Food Sakrand Sugar Sanghar Sugar Shahtaj Sugar Shakarganj Mills Tandlianwala

Paid up Cap(mn) 186 244 287 365 146 750 200 121 109 84 141 414 453 48 165 107 223 119 120 695 1177

PE

Open

High

High Low 2,119.92 2,056.36 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 13.03 30.30 Low

Close Chg

1.09 41.61 43.69 43.65 43.69 7.76 7.76 7.75 7.75 3.52 9.99 9.00 9.00 9.00 2.56 2.60 2.40 2.50 38.00 39.70 38.00 38.00 4.23 23.70 23.75 23.50 23.75 4.90 12.12 12.16 12.16 12.16 2.86 9.94 10.93 9.00 9.94 0.63 3.40 4.00 2.60 3.40 2.61 43.93 41.85 41.80 41.81 3.00 2.82 2.82 3.00 11.05 63.99 63.50 62.26 63.99 26.58 3523.00 3598.00 3346.85 3501.66 5.72 21.85 21.00 21.00 21.00 1.67 16.59 16.49 15.59 15.60 5.70 2.75 2.52 2.50 2.51 2.00 2.00 2.00 2.00 2.23 12.16 12.20 11.50 12.15 4.42 65.83 65.90 65.90 65.90 0.46 6.00 6.99 5.21 6.40 28.94 49.50 51.96 47.09 51.80

2.08 -0.01 -0.99 -0.06 0.00 0.05 0.04 0.00 0.00 -2.12 0.00 0.00 -21.34 -0.85 -0.99 -0.24 0.00 -0.01 0.07 0.40 2.30

Close 2,090.45 Listed cap 11,335.33 mn Payout (%) 30.57

Volume

Change -7.26 Market cap 294,534.82 mn Div Yield (%) 0.71

Last 60 days High Low

11105 49.50 37.65 1000 8.65 5.00 1498 10.20 8.00 5002 3.70 2.31 2520 50.00 33.51 19881 24.50 20.25 1000 13.00 10.80 281 11.97 8.00 101 4.69 2.52 610 52.50 39.51 210 4.49 2.50 103 68.89 52.01 183 3700.00 2891.68 500 25.65 19.75 6821 21.80 10.11 2500 3.90 2.25 500 2.21 1.60 1600 12.70 11.00 1200 68.83 59.72 32024 7.49 4.01 20033 54.49 39.00

2010 Div BR (%) (%) 50 10 25 40 15 10 12 750 12 15 -

25B 20B -

% Change -0.35 5-Day High 2,099.49 5-Day Low 2,090.45 2011 Div BR (%) (%) -40.49R -

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

32.80

Total Assets (Rs in mn)

3,356.84

MA (10-day)

4.24

Total Equity (Rs in mn)

1,312.24

MA (100-day)

4.22

Revenue (Rs in mn)

3,116.91

MA (200-day)

4.09

Interest Expense

263.53

1st Support

3.91

Profit after Taxation

248.83

2nd Support

3.76

EPS 10 (Rs)

3.478

Book value / share (Rs)

18.34

1st Resistance

4.30

2nd Resistance

4.54

PE 11 E (x)

0.80

Pivot

4.15

PBV (x)

0.22

HIRAT closed down -0.24 at 4.01. Volume was 55 per cent above average and Bollinger Bands were 1 per cent wider than normal. The company's profit after taxation stood at Rs269.197 million which translates into an Earning Per Share of Rs3.76 for the nine months of fiscal year (9MFY11). HIRAT is currently 2.0 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of HIRAT at a relatively equal pace. Trend forecasting oscillators are currently bearish on HIRAT.

Dewan Salman Fibre Limited

HOUSEHOLD GOODS Performance of SR Household Goods Index Open 733.51 Turnover 13,660 P/E (x) 1.75 Company Pak Elektron Singer Pak XB Tariq Glass Ind

Paid up Cap(mn)

High Low 770.14 709.81 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.19 10.64

Close 723.17 Listed cap 3,763.71 mn Payout (%) 6.27

PE

Open

High

Low

Close Chg

Volume

1219 375 119.69 231 1.54

7.87 16.30 11.73

8.43 17.30 12.00

7.52 15.31 11.61

7.78 -0.09 15.56 -0.74 11.70 -0.03

6709 2298 4651

Change -10.35 Market cap 4,028.58 mn Div Yield (%) 3.57

Last 60 days High Low

2010 Div BR (%) (%)

14.50 22.83 18.49

17.5

7.26 15.31 11.20

10B 10B -

% Change -1.41 5-Day High 744.43 5-Day Low 723.17 2011 Div BR (%) (%) - 200R

PERSONAL GOODS Performance of SR Personal Goods Index Open 957.28 Turnover 2,824,172 P/E (x) 6.03 Company

Paid up Cap(mn)

(Colony) Thal 56 Ali Asghar Textile 222 Amtex Limited 2594 Azam Textile 133 Azgard Nine 4493 Babri Cotton 37 Bannu Woolen XD 76 Bata (Pak) XD 76 Bhanero Tex Mills 30 Chenab Limited 1150 Colgate Palm 316 Crescent Jute 238 D M Textile 31 D S Ind Ltd 600 Dawood Lawrencepur XB 591 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 Island Textile 5 J K SpinningSPOT 184 Khalid Siraj 107 Kohinoor Ind 303 Kohinoor Spinning 1300 Kohinoor Textile 2455 Leather Up 60 Mehmood Textile 150 Mohd Farooq 189 Nagina Cotton 187 Nishat (Chunian) 1620 Nishat Mills 3516 Olympia Textile 108 Pak Synthetic 560 Ravi Textile 250 Reliance Weaving 308 Rupali Poly 341 Saif Textile 264 Salfi Textile 33 Sana Ind 55 Sapphire Fibre 197 Saritow Spinning 133 Service Ind XD 120 Thal Ltd 307 Treet Corp 418 Yousuf Weaving 400

High Low 961.34 950.92 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.52 8.64

Close 955.56 Listed cap 47,070.70 mn Payout (%) 16.68

PE

Open

High

Low

Close Chg

Volume

0.47 0.26 0.77 5.42 0.79 20.82 0.67 3.16 0.40 0.80 3.24 1.65 0.20 0.77 0.33 0.52 4.87 7.64 0.99 0.62 3.65 5.11 2.40 0.56 2.94 0.28 0.26 2.84 0.99 0.31 3.00 6.38 0.58

2.05 1.00 1.94 2.50 5.79 14.92 17.95 445.01 237.65 2.00 756.66 0.61 3.70 1.09 36.51 69.61 50.01 9.83 1.50 4.25 45.20 4.35 229.99 7.05 1.55 1.17 1.48 4.17 2.99 61.00 0.75 16.00 24.04 58.18 0.51 18.94 0.99 10.80 39.01 8.23 50.97 37.38 117.60 1.51 175.99 99.38 51.84 1.35

2.10 1.10 2.00 2.60 5.95 15.50 18.95 462.34 249.53 2.23 740.01 0.75 3.70 1.14 36.65 71.09 50.05 10.00 1.60 4.39 45.49 4.99 226.00 8.00 1.24 1.19 1.49 4.30 2.75 64.05 1.20 15.25 24.29 58.40 0.50 19.94 1.00 10.81 39.05 8.45 53.51 37.75 118.00 1.69 179.00 99.98 52.00 1.39

2.00 0.90 1.90 2.50 5.63 15.25 18.00 446.51 248.00 1.66 740.00 0.75 3.70 1.02 35.60 68.69 50.01 9.52 1.50 4.00 43.57 4.20 220.00 7.97 1.20 1.07 1.49 4.06 2.75 64.05 1.00 15.25 23.60 57.50 0.30 18.10 0.84 10.70 39.00 7.75 51.60 37.25 117.20 1.50 174.10 98.00 51.04 1.22

2.05 0.00 1.03 0.03 1.93 -0.01 2.59 0.09 5.66 -0.13 15.25 0.33 18.38 0.43 460.56 15.55 249.00 11.35 1.83 -0.17 740.00-16.66 0.61 0.00 3.70 0.00 1.03 -0.06 36.00 -0.51 68.99 -0.62 50.01 0.00 9.61 -0.22 1.50 0.00 4.01 -0.24 45.41 0.21 4.30 -0.05 223.14 -6.85 7.05 0.00 1.20 -0.35 1.18 0.01 1.49 0.01 4.24 0.07 2.75 -0.24 64.05 3.05 1.00 0.25 15.25 -0.75 23.72 -0.32 57.63 -0.55 0.31 -0.20 19.21 0.27 0.98 -0.01 10.79 -0.01 39.00 -0.01 8.04 -0.19 50.97 0.00 37.43 0.05 117.88 0.28 1.61 0.10 176.06 0.07 98.00 -1.38 51.05 -0.79 1.30 -0.05

400 1732 62416 6616 1406189 4700 84504 322 1100 25006 201 102 2000 32391 1055 1102 501 39019 3320 207117 53114 8010 210 101 2000 12778 2000 582 500 500 6043 1000 277153 358656 4100 4917 3518 3500 26500 1360 370 950 1288 9971 2726 156188 3910 2006

Open 969.65 Turnover 30,687 P/E (x) 6.76

% Change 0.83 5-Day High 1,590.57 5-Day Low 1,558.29

KSB Pumps XD

8.07 526.83

4.08

-

Last 60 days High Low 2.84 1.45 3.44 2.98 10.08 18.41 23.27 609.00 265.00 3.40 900.00 1.43 4.00 1.85 49.05 102.24 53.65 11.68 2.10 5.20 50.74 6.00 250.80 9.35 1.79 1.90 1.98 5.58 3.50 64.05 1.69 17.95 29.50 66.75 1.98 21.21 1.74 14.00 44.40 11.50 73.51 42.90 121.44 2.33 215.44 117.40 53.51 1.88

Company

Paid up Cap(mn)

Abbott (Lab) XD 979 GlaxoSmithKlineXDXB 1963 Highnoon (Lab)XDXB 182 IBL HealthCare Ltd 200 Searle Pak 306 Wyeth Pak 142

PE

Open

5.59 91.05 10.66 76.05 6.03 25.55 3.90 9.72 5.76 59.10 9.24 848.39

High

High Low 980.85 955.08 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.51 22.31

2010 Div BR (%) (%)

% Change -0.18 5-Day High 958.00 5-Day Low 955.03 2011 Div BR (%) (%)

0.50 0.61 1.81 - 30B 2.00 7.5 4.40 10.90 - 15B 13.00 20 411.00 280 226.20 200 1.65 647.01 135 15B 0.25 2.45 0.95 35.00 5 15B 68.52 70 33.00 12.5 7.00 10 20B 0.42 3.50 10 43.02 20 3.05 10 133.99 50 6.06 20 5B 10.00 0.71 1.05 0.25 5 3.60 1.21 54.99 60 0.51 14.54 20SD 22.30 15 56.80 25 45R 0.30 12.50 0.40 9.25 25SD 37.56 40 5.38 50.26 25 36.50 60 102.87 15 1.22 154.00 75 97.00 80 20B 44.10 50 900B 1.08 -

Low

Close Chg

91.99 91.25 91.26 0.21 77.00 74.00 74.65 -1.40 26.20 25.60 26.04 0.49 10.70 9.35 9.51 -0.21 59.50 58.90 59.00 -0.10 863.95 805.98 853.00 4.61

Close 963.52 Listed cap 3,904.20 mn Payout (%) 44.54

Volume 857 6754 11475 3740 5932 1917

Change -6.13 Market cap 31,301.42 mn Div Yield (%) 6.59

Last 60 days High Low 94.00 90.00 33.50 12.80 66.15 1050.00

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

32.96

Total Assets (Rs in mn)

15,343.38

MA (10-day)

2.33

Total Equity (Rs in mn)

(7,218.97)

MA (100-day)

2.78

Revenue (Rs in mn)

MA (200-day)

2.31

Interest Expense

1st Support

2.11

Loss after Taxation

2nd Support

2.06

EPS 10 (Rs)

(4.176)

Book value / share (Rs)

(19.71)

1st Resistance

Change -1.72 Market cap 124,164.53 mn Div Yield (%) 2.77

-

Performance of SR Pharma and Bio Tech Index

Change 13.02 Market cap 32,283.63 mn Div Yield (%) 16.61

Hinopak Motor

57

230.99 227.50 230.45

Volume

40 15

PHARMA AND BIO TECH

Close 1,590.57 Listed cap 1,336.62 mn Payout (%) 131.49

AL-Ghazi Tractor

Pak Engineering

3.98 226.37

High

2010 Div BR (%) (%)

Performance of SR Food Producers Index

Performance of SR Industrial Engineering Index High Low 1,595.79 1,570.00 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 3.01 38.02

Close 1,133.04 Listed cap 6,768.53 mn Payout (%) 20.42

PE

INDUSTRIAL ENGINEERING Open 1,577.55 Turnover 28,573 P/E (x) 7.92

High Low 1,146.20 1,127.29 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.98 25.35

5.57 9.17 4.85 4.26 6.53 7.60 1.13

-

% Change 0.11 5-Day High 871.56 5-Day Low 847.88

63.00 25.18

AUTOMOBILE AND PARTS

Performance of SR Construction and Materials Index

Paid up Cap(mn)

Telecard Limited

% Change 0.59 5-Day High 695.93 5-Day Low 681.84

Performance of SR Automobile and Parts Index

CONSTRUCTION AND MATERIALS Open 847.88 Turnover 1,995,283 P/E (x) 5.79

Change 4.11 Market cap 11,636.47 mn Div Yield (%) 2.23

PE

2011 Div BR (%) (%)

% Change -0.68 5-Day High 1,020.19 5-Day Low 1,004.02

Close 695.77 Listed cap 3,242.17 mn Payout (%) 11.08

6.55 8.01

Performance of SR Industrial Metals and Mining Index High Low 1,009.01 990.12 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.07 33.10

High Low 705.54 684.52 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.27 25.53

1092 1321

INDUSTRIAL METALS AND MINING Open 1,010.89 Turnover 28,998 P/E (x) 3.24

20,140.78 20,220.48 20,102.62 i15.23

Paid up Cap(mn)

Pak Int Cont. Terminal PNSC

-

CHEMICALS Open 1,826.18 Turnover 6,584,406 P/E (x) 8.83

Current High Low Change

11,548.07 11,609.24 11,525.55 i27.51

Alert ! Unusual Movements

Performance of SR Industrial Transportation Index

Close Change 1,474.32 -2.91 Listed cap Market cap 65,194.15 mn 1,094,107.01 mn Payout (%) Div Yield (%) 55.94 5.46

691 3921

Current High Low Change

KMI 30 Index

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,477.23 Turnover 2,480,594 P/E (x) 10.25

KSE 30 Index

78.59 68.00 24.50 9.35 58.05 800.00

2010 Div BR (%) (%) 50 40 25 30 10

15B 10B -

% Change -0.63 5-Day High 977.51 5-Day Low 963.52 2011 Div BR (%) (%) -

-

2.25

2nd Resistance

2.34

PE 11 E (x)

Pivot

2.20

PBV (x)

137.50 125.73 (1,529.67)

(0.11)

DSFL closed down -0.05 at 2.20. Volume was 55 per cent below average (consolidating) and Bollinger Bands were 0 per cent narrower than normal. The company's loss after taxation stood at Rs738.311 million which translates into a Loss Per Share of Rs2.02 for the nine months of fiscal year (9MFY11). DSFL is currently 4.7 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of DSFL at a relatively equal pace. Trend forecasting oscillators are currently bearish on DSFL.

SilkBank Limited

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

65.22

Total Assets (Rs in mn)

MA (10-day)

2.72

Total Equity (Rs in mn)

MA (100-day)

2.43

Revenue (Rs in mn)

68,664.34 196.91 5,913.32

MA (200-day)

2.58

Interest Expense

1st Support

2.86

Loss after Taxation

5,855.52

2nd Support

2.76

EPS 09 (Rs)

1st Resistance

3.00

Book value / share (Rs)

2nd Resistance

3.04

PE 10 E (x)

18.13

Pivot

2.90

PBV (x)

13.26

(2,902.91) (3.224) 0.22

SILK closed up 0.04 at 2.90. Volume was 49 per cent above average and Bollinger Bands were 110 per cent wider than normal. The company's profit after taxation stood at Rs101.991 million which translates into an Earning Per Share of Rs0.04 for the 1st quarter of current calendar year (1QCY11). SILK is currently 12.4 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into SILK (bullish). Trend forecasting oscillators are currently bullish on SILK.

BOOK CLOSURES Company

From

To

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 Shaheen Insurance # Ittehad Chemicals # (TFC) Engro Fertiliser Crescent Steel (Un-Consolidated)

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 03-Jun 04-Jun 04-Jun 08-Jun

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 10-Jun 10-Jun 17-Jun 14-Jun

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

Spot AGM/Date 12-May 12-May 12-May 13-May 16-May 16-May 25-May 31-May

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

INDICATIONS # Extraordinary General Meeting

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

Open 8.38 50 2.5 106.86 32.83 99 33.5 14 2.3 2.78 20.8 3.15

High 9.38 51.5 2.68 109.9 32.5 99 34.9 13.02 2.38 2.89 20.82 3.15

Low Close 7.6 49.51 2.46 106.45 31.6 95.12 33.5 13 2.28 2.72 20.46 2.51

7.71 49.52 2.56 107.01 32.83 95.61 33.51 13.01 2.34 2.79 20.52 3.01

Change -0.67 -0.48 0.06 0.15 0 -3.39 0.01 -0.99 0.04 0.01 -0.28 -0.14

Vol 539 1003 453083 4505 320 17535 1510 1645 37181 497709 89901 10198


7

Thursday, May 19, 2011

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 971.16 Turnover 2,355,233 P/E (x) 5.30 Paid up Cap(mn)

Company

High Low 982.55 956.07 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.68 12.84

PE

Open

High

Low

Close Chg

Pakistan Telecomm Co A 37740 13.63 Telecard 3000 2.88 WorldCall Tele 8606 Wateen Telecom Ltd 6175 -

16.81 1.68 2.12 2.50

16.90 1.88 2.24 2.57

16.57 1.64 2.05 2.45

16.63 -0.18 1.70 0.02 2.13 0.01 2.53 0.03

Close 962.39 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 595472 1130571 629165 52222

Change -8.77 Market cap 66,905.99 mn Div Yield (%) 11.80

% Change -0.90 5-Day High 971.16 5-Day Low 962.39

Last 60 days High Low

2010 Div BR (%) (%)

18.90 2.35 2.89 3.50

17.5 1 -

16.05 1.40 1.94 2.41

2011 Div BR (%) (%)

-

-

Atlas Insurance

443

3.30

26.02

27.05

26.50

26.50 0.48

43302

42.90

26.00

Central Insurance

391

1.48

68.02

68.00

68.00

68.00 -0.02

2021

115.90

Century Insurance 457 4.63 EFU General Insurance 1250 12.06 New Jub InsuranceXDXB 989 9.78 Pak Reinsurance XD 3000 5.29

8.34 32.77 57.44 15.37

8.38 34.35 57.50 15.64

8.25 32.20 55.00 15.20

8.34 32.33 55.63 15.24

225 8314 5511 247525

10.85 38.90 74.90 20.80

Paid up Cap(mn)

Company

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

198 11572 1560 7932 1695 8803 3673 3541 1367 150

PE

Open

High

Low

7.43 5.06 5.49 2.89 2.35 -

0.61 36.82 1.26 2.30 16.25 42.83 16.07 16.51 1.38 1.00

0.67 37.00 1.25 2.34 16.75 43.00 16.25 16.75 1.40 0.98

0.61 36.70 1.18 2.25 16.69 42.71 16.00 16.40 1.23 0.98

Close 1,333.46 Listed cap 95,369.29 mn Payout (%) 104.13

Change 3.17 Market cap 104,045.40 mn Div Yield (%) 7.82

Close Chg

Volume

Last 60 days High Low

0.61 36.98 1.24 2.27 16.75 42.80 16.06 16.45 1.27 0.98

5001 1016009 7354 160891 15000 158924 284430 789845 27537 3180

0.85 40.75 1.70 2.89 18.50 44.99 17.00 17.75 1.98 1.37

0.00 0.16 -0.02 -0.03 0.50 -0.03 -0.01 -0.06 -0.11 -0.02

0.49 35.90 0.97 2.25 15.41 40.26 14.05 14.85 1.13 0.31

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

7.8R -

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

-

25

50B

-

-

8.00 29.01 51.16 12.43

10 12.5 20 30

25B -

-

-

-

-

-

-

25 - 12.5B

-

-

-

-

7.33

9.16

9.00

8.80

8.80 -0.36

2508

13.00

7.08

Premier Insurance XD Reliance Insurance XB

303 284

3.66 3.98

8.07 6.52

8.60 7.00

8.20 6.95

8.20 0.13 6.52 0.00

1375 101

13.27 8.25

8.00 5.76

Universal Insurance

263

-

1.70

1.70

1.70

1.70 0.00

7455

3.42

1.32

Open 1,274.12 Turnover 231,545 P/E (x) 8.30 Paid up Cap(mn)

Company Sui North Gas Sui South Gas

High Low 1,285.91 1,268.46 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.95 11.41

Close 1,270.66 Listed cap 12,202.80 mn Payout (%) 66.79

Change -3.46 Market cap 28,352.01 mn Div Yield (%) 8.05

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 13.08 8390 4.92

18.33 21.90

18.60 22.00

18.30 21.75

18.31 -0.02 21.81 -0.09

27911 203634

23.74 26.15

17.64 20.52

% Change -0.27 5-Day High 1,305.86 5-Day Low 1,270.26

2010 Div BR (%) (%) 20 15

2011 Div BR (%) (%)

25B

-

-

BANKS Performance of SR Banks Index Open 1,136.33 Turnover 9,979,562 P/E (x) 7.32 Paid up Cap(mn)

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

8603 7070 13492 8786 5004 5288 5280 7327 11021 Habib Metropolitan Bank XB 10478 JS Bank Ltd 8150 KASB Bank Ltd 9509 MCB Bank Ltd 8362 Meezan Bank XB 8030 Mybank Ltd 5304 National Bank 16818 Network Mic Bank 300 NIB Bank XR 40437 Samba Bank 14335 Silkbank Ltd 26716 Soneri Bank 6023 Stand Chart Bank 38716 Summit Bank Ltd 7251 United Bank Ltd 12242

PE

Open

6.02 61.21 5.18 11.54 5.47 10.43 6.04 28.67 2.56 5.75 5.09 10.57 3.92 7.20 9.50 7.34 118.51 4.92 17.20 48.60 2.41 1.40 8.29 204.42 5.99 17.48 2.11 4.02 51.40 2.15 1.62 24.13 1.95 18.13 2.86 3.05 6.10 6.63 8.10 2.92 7.48 63.94

High

High Low Close 1,143.23 1,128.48 1,134.98 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.02 13.94 40.49 Low

Close Chg

61.90 61.00 61.03 -0.18 11.59 11.38 11.40 -0.14 10.55 10.20 10.40 -0.03 28.89 28.45 28.49 -0.18 5.75 5.60 5.74 -0.01 5.15 5.01 5.12 0.03 3.97 3.76 3.91 -0.01 9.78 9.45 9.50 0.00 118.75 117.15 117.48 -1.03 17.27 17.10 17.13 -0.07 2.47 2.32 2.43 0.02 1.43 1.40 1.41 0.01 205.45 203.95 205.06 0.64 17.60 17.50 17.50 0.02 2.25 2.06 2.08 -0.03 51.56 51.05 51.15 -0.25 2.30 2.26 2.28 0.13 1.64 1.56 1.61 -0.01 1.95 1.91 1.93 -0.02 2.94 2.80 2.90 0.04 6.24 6.00 6.10 0.00 8.25 8.20 8.22 0.12 2.98 2.76 2.82 -0.10 64.00 63.48 63.64 -0.30

Volume

Change -1.35 Market cap 670,494.77 mn Div Yield (%) 5.53

Last 60 days High Low

5520 70.00 158978 14.90 4403409 11.20 491554 36.95 42191 6.25 262125 7.60 101776 4.18 94306 14.44 13411 131.00 39572 25.00 23889 3.16 20732 1.69 241489 230.80 33540 19.70 11302 2.90 321230 81.78 20000 3.49 877263 2.94 12011 2.20 2529519 2.99 28693 6.99 4851 9.90 20767 3.58 242201 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 1.56 1.50 2.02 5.00 6.28 2.36 56.70

% Change -0.12 5-Day High 1,143.23 5-Day Low 1,132.06

2010 Div BR (%) (%)

2011 Div BR (%) (%)

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

20R -

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 727.36 Turnover 379,874 P/E (x) 10.53 Paid up Cap(mn)

Company

Adamjee Insurance XD

1237

High Low 739.87 715.68 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.55 5.20

Close 720.40 Listed cap 11,111.34 mn Payout (%) 79.54

Change -6.96 Market cap 44,851.46 mn Div Yield (%) 7.56

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

7.09

66.81

68.00

65.11

66.07 -0.74

61346

83.40

62.00

% Change -0.96 5-Day High 730.41 5-Day Low 720.40

2010 Div BR (%) (%) 25

2011 Div BR (%) (%)

-

-

-

-

Open 802.27 Turnover 38,562 P/E (x) 85.73

High Low 821.79 789.20 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.30 3.85

Close 817.98 Listed cap 2,290.72 mn Payout (%) 355.53

Change 15.71 Market cap 9,137.41 mn Div Yield (%) 4.15

% Change 1.96 5-Day High 817.98 5-Day Low 797.73

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

American Life

500

6.20

16.12

16.20

16.18

16.12 0.00

400

17.98

14.02

-

-

-

-

EFU Life Assurance New Jub Life Insurance

850 8.22 627 14.02

57.95 50.00

58.90 52.25

57.50 48.10

58.54 0.59 52.15 2.15

12101 26061

64.50 54.00

50.70 42.01

50 15

-

-

-

Company

2010 Div BR (%) (%)

2011 Div BR (%) (%)

FINANCIAL SERVICES Performance of SR Financial Services Index Open 292.23 Turnover 4,346,470 P/E (x) 21.28 Paid up Cap(mn)

Company

High Low 299.32 281.34 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.19 0.91

PE

Open

High

Low

Close Chg

1.00 5.71

0.45 22.40

0.50 22.74

0.35 22.01

0.48 0.03 22.40 0.00

Close 284.90 Listed cap 30,336.44 mn Payout (%) 99.56

Change -7.33 Market cap 13,728.18 mn Div Yield (%) 4.68

AMZ Ventures Arif Habib Investments

225 360

Last 60 days High Low

Volume

Arif Habib Limited

450 15.68

16206 3003

0.93 24.97

% Change -2.51 5-Day High 292.23 5-Day Low 280.13

2010 Div BR (%) (%)

0.34 20.10

-

20B

2011 Div BR (%) (%) -

-

14.85

14.90

14.36

14.90 0.05

5200

22.80

12.01

-

20B

-

-

21.07 1.75

21.18 1.60

20.80 1.21

20.82 -0.25 1.37 -0.38

408263 7617

26.14 2.04

18.75 1.10

30 -

-

-

-

Arif Habib Corp 3750 Dawood Cap Mangt. XB 150

2.79 2.17

First Credit & Invest Bank Ltd 650

575

-

215

-

2.50

2.90

2.90

2.90 0.40

1000

4.00

1.34

-

-

-

-

2121 8.95 600 20.84

1.71 7.51

1.89 7.94

1.70 7.60

1.70 -0.01 7.71 0.20

5507 8101

2.46 9.29

1.61 5.15

11.5

-

-

-

First National Equity Grays Leasing IGI Investment Bank Invest and Fin Sec Invest Bank

4.99 2.33

4.50 1.56

0.39

4.90 -0.09 2.41 0.08

0.35

0.35 0.01

57901 756

6.00 5.80

1.20

-

- 140R

2849

-

-

-

3166 626

0.67

2.77 1.41

2.89 1.50

2.71 1.50

3.67 2.00

2.45 1.24

-

10B -

-

-

7633 508 500 5.73 1000 44.42 1000 -

7.46 2.65 20.01 5.48 3.52

7.60 2.77 20.94 5.59 3.68

7.12 2.55 19.15 5.25 3.25

7.15 2.63 19.95 5.33 3.30

-0.31 -0.02 -0.06 -0.15 -0.22

3896279 126862 13592 22648 11553

10.05 3.98 27.00 6.43 4.97

4.82 2.31 16.42 4.53 3.10

10 50 -

-

-

-

821 3.20 775 5.57 300 10.16 586 0.32

5.45 1.54 9.25 1.30

5.33 1.65 9.25 1.55

5.28 1.50 9.25 1.07

5.28 1.56 9.25 1.30

-0.17 0.02 0.00 0.00

22557 185469 500 237

6.40 2.49 9.95 2.00

5.00 1.21 9.25 0.61

-

-

-

-

8127 500

0.25

-

Ist Cap Securities Ist Dawood Bank

2.73 -0.04 1.50 0.09

10749

2.30 1.56

Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Sigma Leasing Trust Inv Bank

0.34

4.90 2.79

-

-

EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,499.43 Turnover 354,068 P/E (x) 20.39

High Low 1,528.02 1,501.47 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.45 2.21

Paid up Cap(mn)

PE

Open

High

Low

1st Fid Leasing 264 AL-Meezan Mutual F. 1375 B R R Guardian Mod. 780 Equity Modaraba 524 First Dawood Mutual F. 581 Golden Arrow 760 Habib Modaraba 1008

4.49 2.04 8.42 1.15 2.15 3.89

1.40 10.50 1.93 1.62 2.01 3.28 7.60

1.64 10.47 2.15 1.65 2.30 3.30 7.50

JS Growth FundSPOT JS Value FundSPOT Meezan Balanced Fund Nat Bank Modaraba

3180 1186 1200 250

2.44 0.62 2.66 4.31

7.26 6.07 9.25 5.99

Pak Modaraba Pak Oman Advantage Paramount Modaraba PICIC Energy Fund PICIC Growth Fund

125 1000 59 1000 2835

5.46 2.09 2.62

PICIC Inv Fund Prud Modaraba 1st Stand Chart Modaraba Tri-Star 1st Modaraba Trust Modaraba U D L Modaraba

2841 2.24 872 1.60 454 5.25 212 45.00 298 2.90 264 2.20

Company

Close 1,486.40 Listed cap 29,771.58 mn Payout (%) 104.74

Change -13.04 Market cap 19,034.57 mn Div Yield (%) 7.98

% Change -0.87 5-Day High 1,499.43 5-Day Low 1,482.79

Close Chg

Volume

Last 60 days High Low

2010 Div BR (%) (%)

2011 Div BR (%) (%)

1.40 10.35 1.91 1.40 1.92 3.24 7.45

1.40 10.47 1.96 1.60 1.92 3.25 7.50

0.00 -0.03 0.03 -0.02 -0.09 -0.03 -0.10

1076 28350 5100 40074 1006 20263 3055

2.35 11.20 2.91 2.50 2.39 3.95 8.44

1.15 8.95 1.12 1.31 1.79 2.92 6.99

18.5 0 17 21

-

5.00 -

-

7.22 6.00 9.25 6.00

7.11 5.81 9.24 5.30

7.11 5.90 9.25 5.73

-0.15 -0.17 0.00 -0.26

56563 24640 77700 1500

7.45 6.68 9.49 6.25

4.76 4.20 8.12 4.50

12.5 10 15.5 10

-

5.00 -

-

0.60 5.75 10.00 7.10 12.85

1.05 6.75 10.48 7.39 12.90

0.90 6.75 9.99 7.06 12.75

0.60 5.75 10.00 7.10 12.75

0.00 0.00 0.00 0.00 -0.10

305 110 2297 15002 32400

1.25 9.75 10.48 8.50 13.86

0.45 5.75 8.05 6.92 12.00

3 1.04 18 10 20

- 10.00 - 12.50

-

5.66 0.98 9.91 1.05 2.00 6.40

5.80 1.04 9.80 0.90 2.00 6.42

5.67 0.85 9.50 0.71 2.00 6.40

5.67 0.88 9.50 0.90 2.00 6.41

0.01 -0.10 -0.41 -0.15 0.00 0.01

9500 5044 16883 2352 8000 2820

6.56 1.10 10.50 2.20 2.49 7.25

5.10 0.80 9.50 0.20 1.50 5.67

10 3 17 5 12.5

-

-

7.50 7.50

UPTO 100 VOLUME

-

Performance of SR Life Insurance Index

GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index

-

-

LIFE INSURANCE

-

% Change 0.24 5-Day High 1,340.37 5-Day Low 1,330.29

65.00

350

Performance of SR Electricity Index High Low 1,338.95 1,325.12 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.25 9.35

20B

PICIC Ins Ltd

ELECTRICITY Open 1,330.29 Turnover 2,468,171 P/E (x) 13.32

0.00 -0.44 -1.81 -0.13

40

Symbols

Open

AGL CSMD IGIIL PNGRS POML PRWM SZTM MRNS FRCL JDWS HSPI HICL RCML SCL STPL PPP PSMC ADMM ULEVER PAKD GATI UNIC DADX FZTM JDMT FPJM STML BAFS FEROZ SMTM ASFL BAPL DINT PKGI SHNI SMCPL TATM THAS DNCC ELSM SURC ESBL SHSML BCL CFL CML CSM FCONM GHNI IDSM MODAM MWMP PAKL SCLL SITC AASM ADOS AGIL AGSML CSUML CWSM DEL DYNO GVGL HUSI PSEL

High

18.94 7.77 70.51 3.77 41.66 14.64 7.35 55.00 3.50 74.00 11.55 11.67 25.55 80.66 9.02 41.00 67.83 22.56 5203.25 30.50 51.88 5.03 16.31 300.00 14.80 0.68 20.00 48.45 93.00 4.61 4.55 7.31 27.20 5.10 12.60 5.48 34.43 4.00 1.56 25.00 38.10 2.00 9.20 49.75 11.77 1.88 0.58 1.10 8.17 6.98 1.25 1.00 2.00 2.52 102.00 23.92 8.30 72.24 5.90 2.79 1.49 1.39 10.94 23.10 4.70 142.50

19.93 7.81 70.40 3.49 40.31 14.60 7.01 57.40 2.70 75.50 12.00 11.60 26.48 81.00 8.85 41.25 69.00 22.00 5249.00 30.50 53.01 5.02 15.41 300.00 14.00 0.99 20.00 46.05 92.99 5.00 5.50 8.25 27.55 5.93 12.99 5.15 36.15 5.00 1.50 26.00 39.50 1.65 9.40 48.50 12.77 1.90 0.57 1.47 8.45 7.00 1.28 1.23 2.50 2.87 101.75 25.11 8.75 72.00 5.98 2.30 1.45 1.40 10.75 24.25 4.25 149.62

Low

Close

19.92 7.81 70.40 3.49 40.30 14.60 7.01 56.05 2.50 75.45 11.82 11.60 26.45 81.00 8.85 41.25 66.25 22.00 5172.50 30.50 52.66 5.02 15.41 285.00 13.85 0.99 20.00 46.05 91.00 4.65 5.50 8.25 27.55 5.93 12.99 5.15 36.15 3.01 1.50 25.90 39.50 1.65 8.51 47.32 12.70 1.90 0.57 1.47 8.30 6.00 1.28 0.84 1.01 2.87 101.74 25.11 8.75 72.00 5.98 2.30 1.45 1.40 10.75 24.25 4.25 149.62

18.94 7.77 70.51 3.77 41.66 14.64 7.35 55.00 3.50 74.00 11.55 11.67 25.55 80.66 9.02 41.00 67.83 22.56 5184.60 30.50 52.66 5.03 16.31 300.00 14.80 0.68 20.00 48.45 93.00 4.61 4.55 7.31 27.20 5.10 12.60 5.48 34.43 4.00 1.56 25.00 38.10 2.00 9.20 49.75 11.77 1.88 0.58 1.10 8.17 6.98 1.25 1.00 2.00 2.52 102.00 23.92 8.30 72.24 5.90 2.79 1.49 1.39 10.94 23.10 4.70 142.50

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 0.00 0.00 0.00 -18.65 0.00 0.78 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

100 100 100 100 100 100 100 99 92 65 55 51 51 50 50 37 37 36 27 25 21 20 17 14 14 12 12 11 11 11 10 10 10 10 10 6 6 5 4 4 4 3 3 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1

FUTURE CONTRACTS Symbols

Open

DGKC-MAY

21.28

High

Low

21.69

21.35

Close

Change

21.48

0.20

Vol 475500

ENGRO-MAY 194.95

195.40

192.60

192.94

-2.01

300500

POL-MAY

326.40

325.06

325.63

-0.27

104000

325.90

NML-MAY

58.19

58.30

57.56

57.85

ATRL-MAY

-0.34

91500

123.59

0.40

78000

NBP-MAY

51.59

51.70

51.24

51.31

-0.28

FFC-MAYB

123.19 139.12

124.00 139.25

123.00 137.70

138.40

-0.72

PPL-MAY

204.53

205.19

203.80

204.68

0.15

36500

MCB-MAY

205.25

206.00

204.52

205.66

0.41

33000

FFBL-MAY

41.66

41.83

41.60

41.64

-0.02

30500

UBL-MAY

64.26

63.91

63.80

61500 46500

63.81

-0.45

28500

PTC-MAY

16.91

16.81

16.50

16.68

-0.23

20500

LUCK-MAY

69.75

70.00

69.60

70.00

0.25

11500

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 612,149 250 50,649 190,200 39,100 1,022,437 474,490 65,925 119,835 5,500 40,000 5,000 2,953,540 25,154 47,771 594,711 400,000 130,636 26,200 50,300 500 32,600 63,025 26,000 9,500 6,985,472

Total Value 9,583,198 12,225 427,150 792,187 3,606,627 7,985,451 7,691,818 9,582,316 3,736,281 585,480 1,111,139 161,388 33,498,931 1,317,578 7,290,461 22,617,548 7,135,397 5,659,282 2,911,769 571,931 122,259 4,989,458 13,056,514 329,463 442,724 145,218,573

MTS Rate 20 19 20 15 16 17 16 16 16 15 20 17.95

BOARD MEETINGS

Bank Al-Falah Ltd

KSE 100 INDEX

Oil & Gas Development Co Ltd

Hub Power Co Ltd

Company

Date

Time

Pangrio Sugar Mills Ltd Sindh Abadgar Sugar Ltd Shell Gas LPG (Pak) Fateh Ind Ltd Mirza Sugar Mills Ltd Sakrand Sugar Mills Ltd Mirpurkhas Sugar Mills

19-May 20-May 20-May 23-May 23-May 23-May 26-May

12:00 4:00 3:30 10:00 10:30 4:00 3:30

TECHNICAL LEVELS Company Al-Abbas Cement

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

49.14

Support 1

11,845.30

MA (5-day)

11,929.30

Support 2

11,806.00

MA (10-day)

11,941.42

Resistance 1

11,941.80

MA (100-day)

11,988.36

Resistance 2

11,999.00

MA (200-day)

11,245.29

Pivot

11,902.50

Arif Habib Ltd

Target Price

Recommendations

11.6

Hold

Arif Habib Ltd

Accumulate

AKD Securities Ltd

42.1

Positive

TFD Research

50.3

AKD Securities Ltd TFD Research

11 14.01

Brokerage House

Technical Outlook Technical Analysis

Leverage Position

Brokerage House

Target Price

Recommendations

50

Buy

Arif Habib Ltd

Accumulate

AKD Securities Ltd

Positive

TFD Research

Technical Analysis

Buy

Arif Habib Ltd

AKD Securities Ltd

28.72

Accumulate

AKD Securities Ltd

TFD Research

36.45

Positive

TFD Research

Arif Habib Ltd

30.1

Technical Analysis

Leverage Position

29.69 MTS Shares `000 474.49 22.35 MTS Rs `000 7,691.82 25.98 MTS Rate 15.00 26.44 ** NOI Rs (mn) 156.18 Free Float Shares (mn) 200.80 Free Float Rs (mn) 4,313.28 Target price for Dec-11 & **Net Open Interest in future market

Buy

66.40

11.65

11.45

5.85

6.05

374.60 375.80 373.80

Attock Refinery

47.09

122.60

122.05

123.70 124.30 123.20

Bank Al-Falah

50.94

10.20

10.05

BankIslami Pak

54.68

Bank.Of.Punjab

37.36

Dewan Cement

36.53

1.40

1.35

1.50

1.55

1.45

D.G.K.Cement

29.69

21.30

21.10

21.75

22.00

21.55

Dewan Salman

32.98

2.15

2.05

2.25

2.35

Dost Steels Ltd

38.24

1.75

1.70

1.85

1.90

Leverage Position

57.51 MTS Shares `000 26.20 147.85 MTS Rs `000 2,911.77 154.44 MTS Rate 15.00 153.20 ** NOI Rs (mn) N/A Free Float Shares (mn) 630.61 Free Float Rs (mn) 92,982.85 Target price for Dec-11 & **Net Open Interest in future market

EFU General Insurance 45.91

64.80 11.35

3.80 5.05

31.55

63.50 11.25

3.65 4.95

30.80

10.55 4.00 5.15

10.75 4.10 5.25

5.75

10.40 3.90 5.10

2.20 1.80

33.70

35.10

32.95

59.10

59.70

58.30

EFU Life Assurance

56.88

57.70

56.90

39.46

191.35

190.40

Faysal Bank

34.01

9.40

9.25

HUBC is currently 1.2 per cent above its 200-day moving average and is OGDC is currently 3.8 per cent below its 200-day moving average and is

Fauji Cement

51.18

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

Fauji Fert Bin

49.65

41.40

41.30

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

Fauji Fertilizer

61.94

142.10

141.20

143.75 144.55 142.90

Habib Bank Ltd

40.11

116.85

116.20

118.45 119.40 117.80

Hub Power

44.66

36.80

36.60

ICI Pakistan

36.22

148.55

147.85

150.40 151.55 149.70

Indus Motors

48.02

219.00

218.00

222.00 224.00 221.00

J.O.V.and CO

43.14

2.55

2.45

2.75

2.85

2.65

Japan Power

54.67

1.15

1.10

1.25

1.30

1.20

JS Bank Ltd

45.38

2.35

2.25

2.50

2.55

2.40

Jah Siddiq Co

44.21

7.00

6.80

7.45

7.75

7.30

and Bollinger Bands were 51 per cent narrower than normal.

age and Bollinger Bands were 16 per cent narrower than normal.

reflect moderate flows of volume into HUBC (mildly bullish). Trend fore- erate flows of volume into OGDC (mildly bullish). Trend forecasting oscilcasting oscillators are currently bearish on HUBC.

lators are currently bullish on OGDC.

Pakistan State Oil Co Ltd

Brokerage House

Target Price

Recommendations

144

Brokerage House

Target Price

Recommendations

Hold

Arif Habib Ltd

AKD Securities Ltd

120.7

Reduce

AKD Securities Ltd

301.82

Accumulate

129.4

Neutral

TFD Research

362.05

Positive

Trend forecasting oscillators are currently bearish on ENGRO.

69.30

11.55

5.45 371.80

Arif Habib Ltd

Technical Analysis

Leverage Position

61.93 MTS Shares `000 5.50 141.25 MTS Rs `000 585.48 137.77 MTS Rate 123.49 ** NOI Rs (mn) 23.14 Free Float Shares (mn) 466.49 Free Float Rs (mn) 66,693.70 Target price for Dec-11 & **Net Open Interest in future market

Buy

Technical Outlook

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

377.6

Technical Analysis

Leverage Position

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

55.08 MTS Shares `000 63.025 278.90 MTS Rs `000 13,056.51 283.26 MTS Rate 277.05 ** NOI Rs (mn) N/A Free Float Shares (mn) 77.49 Free Float Rs (mn) 21,661.11 Target price for Dec-11 & **Net Open Interest in future market

DGKC closed up 0.10 at 21.48. Volume was 65 per cent below average ENGRO closed down -1.89 at 192.31. Volume was 65 per cent below average FFC closed down -0.12 at 142.97. Volume was 67 per cent below average PSO closed up 3.56 at 279.52. Volume was 2 per cent below average and

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

67.65

5.55

TFD Research

(consolidating) and Bollinger Bands were 0 per cent narrower than normal. (consolidating) and Bollinger Bands were 72 per cent narrower than normal. DGKC is currently 18.7 per cent below its 200-day moving average and is ENGRO is currently 0.4 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to displaying a downward trend. Volatility is extremely low when compared to the 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 DGKC at a relatively equal pace. Trend forecasting oscillators are currently bearish on DGKC. Momentum oscillator reflect volume flowing into and out of ENGRO at a relatively equal pace.

14.70

372.60

Positive

Leverage Position

20.95

15.25

50.67

Neutral

39.45 MTS Shares `000 65.925 195.79 MTS Rs `000 9,582.32 206.42 MTS Rate 15.54 193.15 ** NOI Rs (mn) 154.66 Free Float Shares (mn) 176.98 Free Float Rs (mn) 34,034.62 Target price for Dec-11 & **Net Open Interest in future market

52.40

21.30

15.10

41.28

245.4

Technical Analysis

53.50

21.05

14.20

37.97

195.41

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

53.00

20.55

14.55

Engro Corp

Technical Outlook

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

224

51.30

20.70

41.67 40.72

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

Fauji Fertiliser Co

Recommendations

51.90

34.35

Arif Habib Limited

Attock Petroleum

Engro Corporation

Target Price

61.30

46.74

Arif Habib Corp

Azgard Nine

Dera Ghazi Khan Cement Co Ltd

Brokerage House

62.20

Attock Cement

Askari Bank

HUBC closed up 0.16 at 36.98. Volume was 26 per cent below average OGDC closed down -1.14 at 147.45. Volume was 2 per cent above aver-

Recommendations

61.60

Adamjee Insurance

BAFL closed down -0.03 at 10.40. Volume was 126 per cent above average and Bollinger Bands were 32 per cent narrower than normal. BAFL is currently 5.8 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 BAFL at a relatively equal pace. Trend forecasting oscillators are currently bearish on BAFL.

Target Price

60.40

Hold

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

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

60.70

Neutral

50.95 MTS Shares `000 1,022.437 10.35 MTS Rs `000 7,985.45 10.50 MTS Rate 20.00 9.83 ** NOI Rs (mn) N/A Free Float Shares (mn) 674.58 Free Float Rs (mn) 7,015.61 Target price for Dec-11 & **Net Open Interest in future market

Brokerage House

40.00 1,111.14 0.35 29,954.10

1st 2nd Pivot Resistance 2.60 2.70 2.55

47.11

Accumulate

Technical Outlook

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

145

KSE 100 INDEX closed down -45.63 points at 11,884.61. Volume was 65 per cent below average (consolidating) and Bollinger Bands were 61 per cent narrower than normal. As far as resistance level is concern, the market will see major 1st resistance level at 11,941.80 and 2nd resistance level at 11,999.00, while Index will continue to find its 1st support level at 11,845.30 and 2nd support level at 11,806.00. KSE 100 INDEX is currently 5.7 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are currently bullish on INDEX.

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

44.66 36.95 37.98 36.55 Free Float Shares (mn) 810.01

Recommendations

143.2 145.25

Technical Outlook Technical Analysis

Target Price

RSI 1st 2nd (14-day) Support 42.63 2.50 2.45

Allied Bank Limited

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

Bollinger Bands were 43 per cent narrower than normal.

4.05

9.90

9.60

4.35

4.55

4.20

41.65

41.85

41.55

37.10

51.00 33.06

2.25

2.20

2.35

2.40

2.30

35.64

14.70

14.60

15.05

15.25

14.90

Lucky Cement

48.06

69.45

69.10

70.15

70.60

69.85

MCB Bank Ltd

50.67

204.20

203.30

Maple Leaf Cement

34.99

2.00

1.95

2.10

2.15

2.05

National Bank

33.67

50.95

50.75

51.45

51.75

51.25

Nishat (Chunian)

29.76

23.45

23.20

24.15

24.55

23.85

Netsol Technologies

31.37

20.40

20.25

20.75

20.95

20.60

NIB Bank

28.58

Nimir Ind.Chemical

38.54

Nishat Mills

32.20

57.30

56.95

Oil & Gas Dev. XD

57.51

146.05

144.60

PACE (Pakistan) Ltd.

43.11

2.70

2.65

45.08

1.50

1.50 2.30

1.40

43.15

36.90

Lotte Pakistan

2.40

42.95

37.20

K.E.S.C

1.55

42.55

9.70

Kot Addu Power

Pervez Ahmed Sec

42.70

3.90

194.05 195.75 193.05

42.85

205.70 206.30 204.80

1.65

1.70

1.60

2.50

2.60

2.45

58.20

58.75

57.85

149.10 150.70 147.65 2.90 1.65

2.95 1.70

2.80 1.55

P.I.A.C.(A)

40.95

2.30

2.25

2.40

2.45

2.35

Pioneer Cement

35.04

4.50

4.35

4.80

5.00

4.65

Pak Oilfields

49.98

324.40

323.65

326.40 327.65 325.65

Pak Petroleum

40.75

203.20

202.35

204.75 205.50 203.95

Pak Suzuki

46.01

66.40

64.95

P.S.O. XD

55.06

277.50

275.50

P.T.C.L.A

40.54

16.50

16.35

Shell Pakistan

57.23

209.50

206.80

69.15

70.45

67.70

281.00 282.50 279.00 16.85

17.05

16.70

214.40 216.55 211.70

Sui North Gas

43.06

18.20

18.10

18.50

18.70

18.40

FFC is currently 15.8 per cent above its 200-day moving average and is PSO is currently 0.9 per cent above its 200-day moving average and is dis-

Sitara Peroxide

46.89

17.30

17.05

17.70

17.95

17.50

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

Sui South Gas

43.65

21.70

21.60

21.95

22.10

21.85

the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of FFC at a relatively equal pace. Trend reflect moderate flows of volume into PSO (mildly bullish). Trend forecastforecasting oscillators are currently bearish on FFC.

ing oscillators are currently bullish on PSO.

Telecard

55.32

TRG Pakistan

43.74

2.45

2.35

2.70

2.80

2.55

United Bank Ltd

51.32

63.40

1.60

63.20

1.50

63.95

1.85

64.25

2.00

63.70

WorldCall Tele

42.39

2.05

1.95

2.25

2.35

2.15

1.75


8

Thursday, May 19, 2011

PIA Airbus emergency centre confirms response inaugurated record A320 output hike * European firm to build 42 A320s a month from late 2012 Output could rise further if supply chain strong enough

LONDON: Employees work in the fuselage section of the A380 Airbus in Montoir-de-Bretagne near Saint-Nazaire. Reuters

WTO to decide on Airbus subsidy appeal GENEVA: European planemaker Airbus will find out later on Wednesday whether trade judges have upheld a ruling that it benefited from billions of dollars in illegal subsidies that punished its rival Boeing . The World Trade Organization said it would publish a verdict by its appellate body, marking the latest chapter in a six-year transatlantic battle that has shattered the record for the time and cost spent on an international trade spat. Attention will focus mainly on whether the European Union has managed to reverse a WTO panel's finding last year that Airbus received prohibited export subsidies to help it build and sell the world's largest airliner, the A380 superjumbo. The three counts of export aid are the most serious examples of public aid which the United States says allowed Airbus to push past Boeing

unfairly as the world's number one planemaker. But the appeal court will also decide whether to back a key point appealed by the United States, which wants to prove that the subsidies are part of a continuous system that would allow it to challenge future loans for Airbus's next jet, the A350. The panel rejected this part of the U.S. case, which has implications for some 4 billion euros of European funding at a time when both jetmakers are preparing for an upswing in demand. If its case against A380 funding is upheld, the United States is likely to argue Airbus must pay back the difference between interest on ordinary market loans and government cash, something one source involved in the case said could cost a billion euros. The U.S. says failure to comply could lead to reprisals. But trade analysts say it could be years before appeals

are exhausted and the case could lead to any trade sanctions. The case is running in close parallel with a counter-suit filed by the EU against alleged U.S. subsidies to Boeing. Together they have entered the record books as the world's largest and costliest trade dispute as both sides have entered appeals and counter-appeals, providing a bonanza to lawyers. In March, a separate WTO panel rapped some $5 billion of U.S. payments to Boeing, including some already covered by an earlier trade dispute. Both sides have appealed the verdict, which the U.S. says is dwarfed by aid to Airbus. The case against EU aid to Airbus - lodged by the United States - is several months ahead in the WTO appeals process, raising concern among the Europeans that Airbus could have to stop receiving disputed aid months before its U.S. rival. -Reuters

Cathay’s emergency landing spurs probe SINGAPORE: An investigation has been launched after a Cathay Pacific jetliner made an emergency landing in Singapore with an engine problem on Monday. Terrified passengers prayed together as their aircraft, one of its engines apparently on fire, made its way back to safety, a Reuters witness said. Cathay Pacific Airways said the Airbus A330, bound for Jakarta with 136 passengers on board, landed back in Singapore "without incident" just before 2 a.m. It said the crew shut down the engine after receiving a "stall warning". The Hong Kong-based airline said that it and engine maker Rolls-Royce were investigating the incident. Rolls-Royce and European planemaker Airbus both said they would support the investigation, which comes six months after a far more dramatic Rolls-Royce engine blowout forced a Qantas A380 to turn back to Singapore. Reuters photographer Beawiharta was aboard the Cathay Pacific plane with his wife, two sons and daughter. About 20 minutes after take-off, there were two sharp bangs, sending cabin

staff scurrying to retrieve the meals they had only just begun serving. The plane began shaking violently, he said, and the lights went out. He could smell something burning. His son, Pradipta, 15, said he could see fire from the cabin window and Beawiharta said a stewardess "told us an engine had caught fire and we were on our way back to Singapore". "Behind us, passengers were praying: 'God, save our flight! Give us your protection!'," the photographer said. "RARE EVENT" The Cathay plane was powered by Rolls-Royce's Trent 700 engines, which are specifically designed for Airbus' A330 family and captured the lion's share of that market in the past three years. "We're aware of the incident and are working closely with our customer to provide support and technical assistance," a Rolls-Royce spokesman said. A spokesman for Airbus said it would "provide every assistance to the airline and Rolls-Royce in order to determine the cause of the incident". An uncontained engine

failure or blow-out in a Rolls-Royce Trent 900 engine forced a Qantas Airbus A380 to make an emergency landing in Singapore last November and prompted the temporary grounding of the Australian carrier's A380 fleet. Singapore's Air Accident Investigation Bureau is expected to lead the probe into the Cathay Pacific incident. Safety expert Paul Hayes at Ascend Aviation said uncontained engine fires were rare, as were uncontained engine failures. But he said it was too early to tell from witness reports to what extent any flames had been kept under control. Cathay said the crew had shut down the affected engine as soon as they received the alert of a possible malfunction, but it also said sparks had been reported from the same engine after the aircraft had stopped on the taxiway. Firefighters were seen dousing the engine as passengers disembarked. In a waiting room, the pilot greeted assembled passengers. "The best that we can ever ask of passengers is to stay cool, stay calm ... which you did," he said. "And for that we thank you." -Reuters

Spirit Airlines sets IPO price range, eyes $320 million LONDON: Spirit Airlines, a private U.S. carrier specializing in low-priced flights to Latin America and the Caribbean, could raise as much as $320 million after it priced its initial public offering at $14-$16 a share. It initially filed with U.S. regulators to raise up to $300 million in its IPO last September. The company said it plans to use the IPO proceeds to repay debt and pay private equity firm Indigo. Citigroup Global Markets and Morgan Stanley are lead underwriters for the offering, which will see Spirit list its shares on NASDAQ under the "SAVE" symbol. The airline, which calls itself an "ultra low-cost" carrier, keeps ticket prices low by unbundling items and services from its base fares. Major airlines have adopted similar structures in recent years and have managed to generate substantial ancillary revenue streams by unbundling services like bag checks. "They're perhaps the most aggressive among U.S. carriers on ancillary fees," said Robert Mann, airline consultant at RW Mann & Co. "But at the same time in fairness, they have significantly reduced prices associated with removing services." Spirit began operations in 1980 as Charter One, a Detroitbased charter tour operator that provided travel packages to entertainment destinations. In 1992, Charter One changed its name to Spirit Airlines and began offering flights from Detroit to Atlantic City. The carrier added destinations throughout the 1990s and added Latin American cities starting in 2001. It now serves 40 destinations. Spirit employs 2,300 people to run its EADS Airbus fleet. Spirit's pilots, represented by the Air Line Pilots Association, staged a six-day strike in June after U.S.-mediated talks failed to bridge differences with management over pay, scheduling and benefits. The strike at Spirit was the first notable job action at a U.S. passenger airline since Northwest Airlines mechanics walked off the job in 2005. Delta Air Lines Inc bought Northwest in 2008. Florida-based Spirit operates more than 150 flights a day, but carries less than 1 percent of U.S. air passenger traffic. Reuters

PARIS: European planemaker Airbus Wednesday confirmed plans to increase production of its best-selling A320 family of aircraft to a record 42 planes a month, underlining signs of a global economic recovery. The increase consolidates Airbus's position as the world's largest planemaker ahead of Boeing and coincides with a WTO appeal verdict expected later on Wednesday over alleged subsidies which Boeing says bankrolled its rival's success. Boeing and Airbus suffered a slump in orders in 2008 and 2009 amid the recession. Now, demand is reviving as air traffic trends recover and funds flow back into the leasing market. "With a backlog of over 2,300 A320-family aircraft to deliver, we need to increase production to accommodate continuing strong customer demand for these new eco-efficient aircraft," Airbus programmes chief Tom Williams said. The increase, from 36 planes a month now and a previously planned peak of 40 a month which Airbus intends to reach in early 2012, will take place from that year's fourth quarter. EADS last week said it was considering increasing production to meet a rebound in avia-

tion demand led by emerging markets. Industry sources said on Friday Airbus had made the decision internally to lift production to 42 planes a month and was still studying a potential further rise to 44 -- a level EADS's finance chief has called a "bit of a stretch". The Airbus A320 competes with Boeing's 737 for sales estimated at $1.7 trillion over the next 20 years. Boeing currently churns out 31.5 737s a month and is aiming to boost production to 38 by the second quarter of 2013. The competing 100-200 seat aircraft are the backbone of most airlines' medium-haul fleets and are credited with powering the dramatic growth of low-cost carriers. Airbus recently announced a new version of its A320 with newer and more efficient engines from 2015, to be known as the A320neo. Boeing is pondering how to respond to the threat. The World Trade Organization is expected to issue an appeal verdict later on Wednesday on whether Airbus received billions of dollars of illegal subsidies. Funds challenged by the United States include government loan payments for development of the A320 from the 1980s, though a more controversial part of the case relates to the recent A380 superjumbo and the future wide-bodied A350. -Reuters

Etihad Airways introduces "Swarovski" amenity-kits KARACHI: Etihad Airways, the national airline of the United Arab Emirates, has launched new amenity kits for male and female passengers travelling in First class on flights between Abu Dhabi and the following destinations: London; Paris; Geneva; Sydney; and Melbourne. The Pakistani passengers travelling to any of these destinations will also receive these desirable gifts during their flight. In the following weeks, the new kits will be made available progressively across the airline's First class long-haul route network. The new amenity kits will include: For Women, a fashionable black cosmetic purse detailed with exclusive crystals by "Swarovski" and products from luxury brand La Prairie such as moisturiser, hand cream and lip balm; and For Men, an exclusive black leather cufflink box with quality amenities, such as a shaving kit with Schick Xtreme 3 razor and shaving cream. Further items include toothbrush and toothpaste, ear plugs, socks and eyeshades.

The amenity kits are designed to provide a comfortable inflight experience during longhaul flights, though design and style were also a priority consideration. This was a first time airline amenity collaboration for Swarovski, responsible for the design of the female cosmetic purse, an attractive, custom design intended to be taken away for future use. Amer Khan, the Country Manager of Etihad Airways in Pakistan said: "In our market research, we found that very few airlines are developing products suited to the needs of female travellers, so we created these separate amenity product-lines to suit to the specific tastes of both our male and female guests. "Further, the kits are complemented by high-quality tailored, male and female loungewear, an offering exclusive to Etihad Airways First Class passengers. These offerings have been recognised as the best in the industry by prestigious accolades such as the recently awarded World's Leading First Class by the World Travel Awards." PR

Low-cost fly dubai to employ 600 pilots DUBAI: Low-cost carrier flydubai said on Wednesday that it will hire 600 pilots over the next five years as it expands its fleet and adds new routes. The Dubai-based carrier, which already has over 200 pilots, will recruit another 600 by 2016, its chief executive officer Ghaith Al Ghaith said in an emailed statement. The airline currently operates a fleet of 16 Boeing 737-800 NG aircraft. It placed an order for 50 Boeing planes in 2008, the last of which is due to be delivered in 2016. Government-owned flydubai started commercial flights in 2009 and competes with regional low-cost carriers like United Arab Emirates-based Air Arabia and Kuwait's Jazeera Airways. -Reuters

KARACHI: A PIA Emergency Response Centre (ERC) was inaugurated by Nadeem Khan Yousufzai, Managing Director Pakistan International Airlines. A PIA spokesman said here that though PIA pays its utmost attention towards passenger care and takes every step to make its operation safe and sound, considering the eventualities arising from weather disruptions and other factors, it has established a state of the art facility to manage the exigencies in a coordinated and organised manner. He said that this ERC is first of the sort not only in Pakistan but the first in Saarc region as well. Describing the main features of the centre at the occasion, Chief Pilot Safety and Quality Assurance, Capt S Adnan Haris, highlighted that the (ERC) centre has got dedicated work stations with full IT support for different departments in Command and Control Centre. Speaking at the occasion, Managing Director Nadeem Khan Yousufzai expressed his satisfaction over the emergency preparedness level of the airline and offered the utilisation of this centre to other local and international carriers operating in the country. He also invited other national institutions to get full advantage of PIA Emergency Response Centre in handling emergencies in their organisations as well. The ceremony was also attended by Deputy Managing Director PIA, Salim Sayani, Director HRA & C, Shahnawaz Rehman, Director Flight Operations, Captain Ilyas Malik, Director Information Technology, Irshad Ghani and other senior officials of the airline. -Agencies

Flights delayed in Malaysia airport KUALA LUMPUR: National carrier Malaysian Airlines said Sunday 13 of its scheduled flights had been delayed and over 300 bags left behind following a "total blackout" at the capital's international airport. "Kuala Lumpur International Airport (KLIA) suffered a total blackout early this morning. Although it was restored within a short period of time, it had resulted in several flight delays," the airline said in a statement. "Out of the 42 scheduled flights, a total of 13 flights were delayed and in excess of 300 bags were left behind due to the power interruption," it said. "We would like to advise our customers to check with the destination Malaysia Airlines offices upon arrival, in the event that they have missing baggage." The national carrier said it was working with airport operator Malaysia Airports Holdings to reunite passengers with baggage left behind during the interruption and restore normal flight operations. Airline officials told AFP that the cause of the blackout was being investigated but declined to say when it occurred or how long it lasted. Officials from Malaysia Airports Holdings could not be reached for details on how many other airlines were affected by the power cut. APP


9

Thursday, May 19, 2011

European vegetable oil prices

WUHAN - CHINA: Farmers carry water to water the 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. -Agencies

Sugar, coffee rally; cocoa firm NEW YORK/LONDON: Sugar and coffee rallied on Wednesday, on the coattails of the commodity-wide rebound, with the sugar trade eyeing the growing lineup of ships at Brazilian ports. Cocoa closed quietly higher as the market took a pause, while exports picked up from top producer Ivory Coast after a political crisis lasting several months. ICE raw sugar futures surged more than 3 per cent and appeared on track to reach the 200-day moving average at 23.31 cents. ICE July raw sugar futures rose 0.80 cent, or 3.7 per cent, to 22.73 cents a lb at 1609 GMT, while Liffe August white sugar traded up $19.70 or 3.2 per cent, to $632.30 per tonne. Additional support came from the slow start to the new centre-south Brazilian harvest and the growing build up of ships in the top producer. Arabica coffee futures surged over 3 per cent before paring gains, correcting up after the recent drop in commodity markets. "I think coffee had become oversold and its fundamentals are still very supportive," Smith said. Dealers said the arabica market remained underpinned by a shortage of high-quality beans after key producer Colombia saw lower than average production for two consecutive crops, with below-average production expected this year. ICE July arabica coffee jumped 5.40 cents, or 2 per cent, at $2.7150 per lb at 1611 GMT, while Liffe July robustas climbed $30, or 1.2 per cent, at $2,522 a tonne. Total open interest in arabica coffee futures that trade on ICE fell to a 1-1/2-year low Tuesday. Cocoa futures moved slightly higher and remained vulnerable to further hedging pressure from Ghana, where output estimates have jumped in recent months. ICE July cocoa finished up $15 at $2,995 per tonne, while Liffe July cocoa ended 10 pounds higher at 1,865 pounds per tonne. -Reuters

Indian sugar ends steady MUMBAI: India's spot sugar prices ended steady for the second straight session on Wednesday as strong supply negated good summer demand for the sweetner from north Indian states, analysts and traders said. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety closed steady at 2,635 rupees per 100 kg. The most active sugar for June delivery on National Commodity and Derivatives Exchange (NCDEX) closed down 1.49 per cent at 2,697 rupees per 100 kg. "Demand from north India is picking up but supplies are more, prices may see some correction in near future as demand may decline during rainy season," said a member of Bombay Sugar Merchants Association. 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 has said, diminishing prospects of further exports from the world's top consumer. -Reuters

Copper rallies to 2-wk high, falls seen overdone LONDON: Copper rallied to a two-week high on Wednesday, as investors returned to commodity markets, but doubts about shortterm fundamentals are expected to cap prices. Benchmark copper on the London Metal Exchange closed at $9,061 a tonne from $8,799 at the close on Tuesday. The metal used in power and construction earlier touched $9,075 a tonne, its highest since May 5. Other metals climbed. Zinc and lead rose some 5 per cent, with the latter also touching a twoweek high. "Generally sentiment has improved ... and generally more stable equity markets, and the feeling maybe that what we went through in the last few weeks was simply overdone," Credit Agricole analyst Robin Bhar said. A stronger dollar and renewed concerns about global economic growth were behind crashing commodity prices in the first two weeks of May. Last week copper fell to $8,504 a tonne, its lowest since December last year. "Investors are feeling their way back slowly, there's a general feeling the sell-off was overdone," a metal trader said. "But I don't think we've seen an end to losses. Dollar strength and some bad economic news from China or the United States is all it will take." Weighing on copper are rising inventories, which in LME warehouses have surged about 35 per cent to 467,800 tonnes since December 9.

LME stocks of aluminium rose 1,325 tonnes to hit a record high of 4.71 million tonnes. A backwardation, or premium for the cash aluminium contract against the three-month contract - $25 a tonne on Monday -- in recent days has attracted metal to LME warehouses. However, cash aluminium to

Shanghai copper gains The most-active July copper contract on the Shanghai Futures Exchange gained 0.6 per cent to 66,920 yuan. the three-month contract is now in an $11 a tonne contango or discount and that could discourage deliveries to LME warehouses. Aluminium closed at $2,556 a tonne from $2,501 at the close on Tuesday. Aluminium prices are up more than 30 per cent since last June, partly because of expectations of stronger demand and partly because of bank financing deals which have tied up about 70 per cent of LME stocks. Zinc closed at $2,188 a tonne from $2,091 while lead ended at $2,445 -- its highest since May 5 - from $2,309 a tonne. The global lead market was in surplus by 24,000 tonnes in the first quarter, the latest monthly bulletin from the International Lead and Zinc Study Group showed. The zinc market was in surplus by 111,000 tonnes in the same period. Nickel ended at $24,675 from $24,150 and tin ended at $28,400 from Tuesday's last bid at $27,875 a tonne. -Reuters

Gold up as investors use softer dlr to buy LONDON: Gold was set for its largest one-day rise in over a week on Wednesday, after a modest retreat in the dollar encouraged a steady stream of buyers, while oil and other commodity prices also rebounded. Prices are down over 4 per cent this month, with investor sentiment towards the precious metal turning more cautious as gold holders worried it may struggle to rise significantly after hitting record highs this month. Spot gold was bid at $1,496.90 an ounce at 1412 GMT, against $1,484.85 late in New York on Tuesday. US gold futures for

June delivery rose $17.40 an ounce to $1,497.40. Gold demand was supported by the dollar's slip against the euro as the single currency recovered from the seven-week low it hit earlier this week. "There has just been a general pick-up in stocks and other commodities and it looks as though there is a bit of a resumption of the bull trend," said ANZ head of metal sales Peter Hillyard. "I don't think the day has been dramatic, it's had a nice, steady tone all day." Consumer demand has materialised with gold's three-day slide earlier this week, although investment has remained fairly patchy, with global holdings of gold in the world's largest exchange-traded funds falling

for an eleventh straight day. "The demand for physical is rather interesting again," said Afshin Nabavi, head of trading at MKS Finance. "Gold could not break $1,470 yesterday, and so a bit of short covering overnight, as well as this demand, has taken us higher." Premiums for gold bars in Asia increased slightly from a week earlier, as buyers from China and elsewhere in the region took advantage of a dip in prices to buy physical materials. Silver put on a robust performance, rising by more than 3 per cent and bringing the gold/silver ratio down for a second day,

ROTTERDAM: The following were the Wednesday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill May11 900.00+9.00, Jun11 902.00+7.00, Jul11 902.00+7.00, Aug11/Oct11 908.00+7.00, Nov11/Jan12 913.00+7.00. RAPEOIL: Dutch/EU euro tonne fob exmill Aug11/Oct11 995.00+15.00, Nov11/Jan12 1000.00+15.00, Feb12/Apr12 995.00+10.00. SUNOIL: EU dlrs tonne extank six ports option Jul11/Sep11 1405.00+20.00, Oct11/Dec11 1355.00+15.00, Jan12/Mar12 1375.00+10.00. LINOIL: Any origin dlrs tonne extank Rotterdam May11/Jun11 1050.00-430.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam May11/Jun11 1155.00+5.00, Jul11/Sep11 1150.00+10.00, Oct11/Dec11 1140.00+10.00. PALMOIL: RBD dlrs tonne cif Rotterdam Jun11 1255.00, Jul11/Sep11 1210.00. PALMOIL: RBD dlrs tonne fob Malaysia Jun11 1200.00, Jul11/Sep11 1155.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Jun11 1210.00, July11 1162.50, Aug11/Sept11 1162.50, Oct11/Dec11 1130.00, Jan12/Mar12 1127.50. PALM STEARIN: Dlrs tonne fob Malaysia May11/Jun11 1125.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Apr11/May11 2350.00+50.00, May11/Jun11 2250.00+50.00, Jun11/Jul11 2200.00+50.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Jul11/Aug11 2650.00+0.00. Reuters

Tokyo rubber eases TOKYO: Key Tokyo rubber futures eased in range-bound trade on Wednesday as investors lacked clues on market direction, with a rise in oil prices lending support while a firmer yen hurt sentiment. Benchmark TOCOM rubber futures for October delivery settled down 3.3 yen, or 0.9 per cent, at 378.1 yen per kg. While the benchmark has ended above a key technical level for two straight sessions, traders remained cautious about market direction, which has been influenced by moves in other commodity markets. They also said expected supplies from producing countries were likely to weigh on prices. The most active Shanghai rubber futures contract for September delivery closed down 250 yuan, or 0.8 per cent, at 31,320 yuan ($4,814.197) per tonne on Wednesday. Volume fell to 1.1 million lots from Tuesday's 1.4 million lots. Oil rebounded more than $1 on Wednesday, after two straight sessions of declines, as a surprise drop in gasoline stocks allayed concerns about weaker demand ahead of the peak summer driving season. Reuters

Crude oil soars up on surprise storage data API reports 676,000-barrel decline in gasoline inventories LONDON: Oil prices rebounded on overnight reports of a surprise drop in US gasoline inventories, followed by an unexpected draw in crude supplies published by the US government on Wednesday. Crude oil stored at the NYMEX Cushing, Oklahoma hub dropped 1.59 million barrels to 40.02 million barrels, against forecasts of a build, the E n e r g y Information Administration (EIA) reported on Wednesday. US crude was up $3.42 at $100.33 by 1554 GMT, extending gains as the dollar index slipped into negative territory, providing an extra boost, after the market had closed at a 12-week settlement low of $96.91 on Tuesday. Brent crude was up $2.51 at $112.52 a barrel. Gasoline stocks grew as expected but modestly, rising 119,000 barrels versus expectations of an 800,000 barrel build. On Tuesday, the American Petroleum Institute

had said supplies had fallen by 676,000 barrels last week. "There's not much there in these stats. The market was looking for a reason to trade higher and the draw at Cushing is that reason, I guess," said Bill O'Grady, chief investment strategist at Confluence Investment

Management, adding soft gasoline demand numbers made the report rather bearish. Distillate stockpiles also posted a surprise draw, dropping 1.16 million barrels versus expectations of a 700,000 barrel buildin the EIA report. Traders are closely watching gasoline stocks for a signal that demand for the fuel is picking up, as concerns high fuel prices will cut into peak summer driving season demand have contributed to recent volatility in gasoline markets.

Price graphs pointed to likely further weakness, with crude still down 13.7 per cent in May, chartists said. Analysts sounded a cautious tone, with disappointing US data and concern about the euro-zone debt crisis in peripheral economies clouding the outlook. "The macroeconomic picture is fairly miserable. Not only do we have the sovereign debt crisis to deal with, there's the aftermath of the nuclear crisis in Japan and the huge US deficit to worry about," said Jeremy Batstone Carr, head of research at Charles Stanley. He added withdrawal of monetary stimulus on the expiry of QE 2, the second round of quantitative easing in the United States, would also lead to further market jitters. "We've had continuous infusion of fiscal and monetary steroids to support the patient, so we'll have to see if the patient can stand on his feet when that's withdrawn." -Reuters

Palm at 2wk high on demand hopes KUALA LUMPUR: Malaysian crude palm oil futures climbed to a two-week high on Wednesday as traders bet on strong demand in the next few weeks as top vegetable oil buyers India and China restock. Palm oil may also get a boost as harsh wet weather is likely to affect soybean seeding in the US and dry weather in Europe could cut the rapeseed crop. Both soy and rapeseed are crushed into oils that directly compete with palm oil for use in the food and fuel sector. Any jump in the prices of these vegetable oils could lift palm oil, which has fallen nearly 13 per

cent so far this year. "Palm oil is not about to go down anytime soon. Demand in Asia is picking up and the crop scares in the United States and Europe will support prices," said a trader with a foreign commodities broker in the Malaysian capital. The benchmark August crude palm oil contract on the Bursa Malaysia Derivatives Exchange closed 1.3 per cent higher at 3,297 ringgit($1,083.648)a tonne after rising as high as 3,305 ringgit in the previous session -- a level unseen since May 3. Overall traded volume stood at 29,486 lots of 25 tonnes

each compared to the usual 25,000 lots, after a public holiday on Tuesday in Malaysia. Reuters technical analysis showed the Malaysian palm oil benchmark turned neutral as it has returned into a range of 3,215-3,282 ringgit per tonne. Malaysian palm oil exports jumped by nearly a third in the first half of May, cargo surveyors reported on Monday, and traders expect more orders to come in from China and India as production recovers in Southeast Asia. China's most-active January 2012 Dalian soyoil contract rose 1.2 per cent. -Reuters

NY cotton up on tight supplies in spot month NEW YORK: US cotton futures settled higher Tuesday on investor buying as talk there will not be enough cotton to be delivered in the spot month fueled the contract's surge, analysts said. Benchmark July cotton contract on ICE Futures US increased 3.89 cents to conclude at $1.5504 per lb, dealing from $1.5083 to $1.5786. New-crop December rose 1.10 cents to finish at $1.2113 after moving between $1.17 and $1.222. Volume stood at around 16,600 lots, a quarter below

the 30-day norm, Thomson Reuters preliminary data showed. Traders said top merchant Allenberg was supposed to have decertified the cotton it took delivery on in the May contract, causing certified cotton stocks to fall the past few sessions. The failure of the July contract to race past the topside target of $1.60 could see the market falter. "If we can't go by the $1.58-$1.60 area, we'll go right down," said Jobe Moss, an analyst for brokers and merchants MCM Inc in Lubbock, Texas.

The back of the board in turn was supported by the withering drought menacing cotton crops in Texas, the biggest producing state in the country. Aside from Texas, another drought-stricken area is southern Georgia, the second biggest cotton growing state here. Open interest stood at 147,516 lots, the lowest level since October 2009, data from the ICE Futures US exchange showed. Volume amounted to 13,590 lots as of May 16, versus the previous tally of 15,094 lots, according to the exchange. -Reuters

National Commodity Exchange Ltd Trading Summary Date

Commodity

18-May-2011 CRUDE100 18-May-2011 CRUDE100 18-May-2011 CRUDE100 18-May-2011 SILVER - 500oz 18-May-2011 SILVER - 500oz 18-May-2011 GOLD 01oz 18-May-2011 GOLD 01oz 18-May-2011 GOLD 01oz 18-May-2011 GOLD 100oz 18-May-2011 GOLD 100oz 18-May-2011 GOLD 100oz 18-May-2011 GOLD 18-May-2011 GOLD 18-May-2011 GOLD 18-May-2011 KILOGOLD 18-May-2011 KILOGOLD 18-May-2011 TOLAGOLD50 18-May-2011 TOLAGOLD100 18-May-2011 MINIGOLD 18-May-2011 MINIGOLD 18-May-2011 MINIGOLD 18-May-2011 MINIGOLD 18-May-2011 MINIGOLD 18-May-2011 TOLAGOLD 18-May-2011 TOLAGOLD 18-May-2011 TOLAGOLD 18-May-2011 TOLAGOLD 18-May-2011 TOLAGOLD 18-May-2011 IRRI6W 18-May-2011 RICEIRRI - 6 18-May-2011 RBD PALMOLEIN 18-May-2011 KIBOR3M 18-May-11 KIBOR3M

Contract Date

Price Quotation

Open

High

Low

Close

JU11 JY11 AU11 JU11 JY11 JU11 JY11 AU11 JU11 JY11 AU11 MY11 JU11 JY11 AP11 MY11 MY11 MY11 MON TUE WED THU FRI MON TUE WED THU FRI 19MY11 JU11 JU11 11-Jun 11-Sep

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

97.49 98.04 98.98 33.99 34.00 1492.50 1492.90 1494.00 1480.80 1493.50 1492.00 41131.00 40850.00 41158.00 41103.00 41113.00 47942.00 47942.00 42248.00 42295.00 42202.00 42217.00 42233.00 48900.00 48689.00 48559.00 48600.00 48300.00 3503.00 3537.00 5220.00 86.68 85.47

98.65 99.11 99.08 34.87 34.85 1496.30 1497.00 1497.50 1495.60 1493.50 1494.80 41236.00 41245.00 41263.00 41208.00 41218.00 48064.00 48064.00 42341.00 42387.00 42403.00 42310.00 42325.00 48912.00 48850.00 48790.00 48909.00 48701.00 3503.00 3537.00 5264.00 86.68 85.49

95.08 95.63 98.40 33.03 33.07 1472.20 1472.50 1472.50 1474.00 1492.40 1474.50 41131.00 40550.00 41158.00 41103.00 41113.00 47942.00 47942.00 42248.00 42295.00 42202.00 42217.00 42233.00 48350.00 48300.00 48559.00 48300.00 48300.00 3501.00 3536.00 5220.00 86.65 85.47

98.26 98.72 99.08 34.58 34.58 1491.80 1492.40 1493.00 1491.80 1492.40 1492.40 41236.00 41245.00 41263.00 41208.00 41218.00 48064.00 48064.00 42341.00 42387.00 42403.00 42310.00 42325.00 48719.00 48772.00 48790.00 48683.00 48701.00 3501.00 3536.00 5264.00 86.65 85.49

Traded Volume in lots 179 119 1 63 224 2,617 3,892 3,451 63 31 26 5 20 15 1 -

Previous Settlement Price 97.50 98.01 98.40 34.10 34.10 1492.90 1493.50 1494.10 1492.90 1493.50 1494.10 41131.00 41140.00 41158.00 41103.00 41113.00 47942.00 47942.00 42248.00 42295.00 42202.00 42217.00 42233.00 48613.00 48667.00 48559.00 48577.00 48595.00 3503.00 3537.00 5220.00 86.68 85.47

meaning it takes 42.7 ounces of silver to buy one ounce of gold compared with 44.4 ounces at the start of the week. Silver was last up 3.4 per cent on the day at $35.07. While holdings of the world's biggest silver exchange-traded fund, the iShares Silver Trust , rose by nearly 150,000 ounces on Tuesday, investors' sentiment towards the metal remains wary after its sharp price correction. Among other precious metals, platinum was flat at $1,762.74, while palladium rose 1.3 per cent to $729.47. Palladium prices have risen 3 per cent so far this week as miners, refiners, analysts, traders and end-users of the platinum group metals meet in London for Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day Platinum Week. -Reuters

Current Open Interest Settlement in Lots Price 98.26 28 98.72 41 99.08 1 34.58 9 34.58 37 1491.80 761 1492.40 2,045 1493.00 2,209 1491.80 7 1492.40 1493.00 3 41236.00 41245.00 5 41263.00 41208.00 41218.00 48064.00 48064.00 42341.00 42387.00 42403.00 42310.00 42325.00 48719.00 13 48772.00 17 48790.00 48683.00 11 48701.00 15 3501.00 3536.00 5264.00 86.65 85.49 -


France's Jo-Wilfried Tsonga reacts during his match against Stanislas Wawrinka of Switzerland at the Guinot Mary Cohr Masters in Rueil-Malmaison near Paris

10

Thursday, May 19, 2011

West Indies duo moves up Test rankings Captain Darren Sammy and pacer Ravi Rampaul have made significant jumps in the latest International Cricket Council (ICC) bowlers' rankings, following outstanding performances in the first Test against Pakistan which West Indies won by 40 runs on Sunday. Sammy, a steady mediumpacer, leaped 16 spots to 29th, while Rampaul jumped 36 places to 58th in the rankings, to be some of the biggest movers in the latest rankings. Both seamers had a huge impact on the outcome of the match, with Sammy taking five for 29 in the second innings for match figures of seven for 45 while Rampaul supported with four for 48 to finish with seven for 75 in the match. Pakistan, resuming the day on 80 for three, were dismissed for 178 as they chased down 219 to win at the National Stadium at Providence. Debutant leg-spinner Devendra Bishoo, who took four for 68 in the first innings, has entered the rankings at 81st. There has been no change to the top 10 with South African speedster Dale Steyn heading the rankings. There was no good news for the Windies on the batting side of the rankings as only veteran left-hander Shiv Chanderpaul experienced any positive movement by easing one place into seventh, replacing Sri Lankan stroke-maker Mahela Jayawardene. Chanderpaul hit a top score of 36 not out in the Windies second innings to steer them towards 152 all out. Ramnaresh Sarwan, meanwhile, dropped two places to 34th; left-hander Brendan Nash slipped four places to 45th; Darren Bravo five spots to 70th, while opener Devon Smith slid three slots down to 72nd. Indian legend Sachin Tendulkar continues to lead the rankings with the top six also unchanged -Online

Haider accuses Akmal of harassment

DUBAI:

PARIS: Stanislas Wawrinka of Switzerland returns the ball to France's Jo-Wilfried Tsonga at the Guinot Mary Cohr Masters in Rueil-Malmaison near Paris. -Reuters

Sohail to lead Pakistan ‘A’ against Afghanistan KARACHI: Left arm Test pace bowler, Sohail Tanveer has been named to lead Pakistan "A" squad in three match One-day series against the visiting Afghan team, Pakistan Cricket Board (PCB) announced on Wednesday. Selectors announced 15-member squad besides picking 4-member management for the series. Coached by former Pakistan captain Rashid Latif, neighboring Afghan team is due to arrive here on May 23 for the series with opening day/night game at Iqbal Stadium Faisalabad on May 25. Second match will be played at Rawalpindi on May 27 and third final match on May 29 at Abbotabad. Sohail Tanveer, who toured New Zealand with Pakistan team last year and was not picked in the national team for the World Cup on fitness ground, has been named the captain. Karachi's talented Test wicketkeeper Sarfraz Ahmed, who failed to get selectors' nod for current West Indies tour, has also been named in the squad with another Karachi Test paceman Sohail Khan. Pakistan "A" squad included Sohail Tanveer (Captain) Babar Azam, Shan Masood, Sharjeel Khan, Umer Amin, Naveed Yasin, Usman Salahuddin, Rameez Raja, Mansoor Amjad, Sarfraz Ahmed (wicketkeeper), Zulfiqar Babar, Yasir Shah, Sohail Khan, Muhammad Talha and Sadaf Hussain. Sajjad Akbar (Coach-cum-Manager), Imranullah (Trainer), Iftikhar (Physiotherapist) and Muhammad Imran (Masseur) are officials of the team. -APP

Clark quits full-time cricket to focus job SYDNEY: Former Australia bowler Stuart Clark has quit full-time cricket to concentrate on the administrator's job he recently landed, his state team New South Wales (NSW) said Wednesday. The 35-year-old right-arm paceman, however, will make himself available when NSW compete in this year's Champions League Twenty20 in India, provided it does not affect his job as general manager of the Sydney Sixers Big Bash League franchise. "The Sydney Sixers is now my professional focus, however I will still be available to play in this year's Champions League in India which NSW has qualified for... given that it does not

impact upon my Big Bash League commitments," Clark was quoted as saying in an NSW statement. "I am going to continue playing club cricket as I still love playing the game, but more importantly I believe I can still help develop Australia's future talent. "Playing cricket has given me many opportunities in life and I feel by continuing to play club cricket I am giving something back to the game," said the bowler who claimed 94 wickets in the 24 test matches he played from 20062009. Clark also played 39 one-day internationals -- his last was against Pakistan in May, 2009 in Abu Dhabi -- claiming 53 wickets.

KARACHI: Pakistan's runaway wicketkeeper Zulqarnain Haider has accused batsman Umar Akmal of harassment and mental torture. A well-informed source in the Pakistan Cricket Board (PCB) told PTI that Zulqarnain, in his reply to the Board, has claimed that one of the reasons for his decision to abruptly leave the team hotel without informing the management last year in November in Dubai was because he was under severe mental stress. "Although he has not clearly explained the reasons for his leaving the team hotel and flying off to London but he has listed the alleged harassment by Umar Akmal and some other players as upsetting him a lot," the source said. "In his reply to the PCB notice, Zulqarnain has mostly repeated the same things he has been saying all along but two significant things he has said -one is about the harassment he faced at the hands of Umar and secondly that he didn't have trust and confidence in the team management and that is why he didn't inform them about the threats he got," the source added. The source also said that Zulqarnain had listed incidents where Umar and some other players mentally harassed him

Haider faces disciplinary action LONDON: Pakistan wicketkeeper Zulqarnain Haider could face disciplinary charges for fleeing the team hotel in Dubai last November and seeking asylum in Britain. The 25-year-old claimed he had received death threats for refusing to take part in match fixing, reported BBC. Since then he has returned home and said he wants to be considered for team selection again. The Pakistan Cricket Board will set up a disciplinary committee after Haider sent a reply to questions it sent him.

from time to time, even in the dressing room and in net sessions. Zulqarnain had fled the team hotel last November during the One-day series against South Africa in Dubai. He landed up in London and sought asylum, claiming he had been threatened by an unknown person in Dubai who wanted him to fix a match, in which Zulqarnain was the only keeper in the side. Zulqarnain returned home in late April after meeting Pakistan's interior minister, Rehman Malik, who assured him of full safety and security in Pakistan. "He has written that in a bid to pressurise him and cause him mental stress the team management even started to have Umar Akmal keep wickets in the nets to send him a message he was not a certain selection in the

team," the source said. "The keeper has said that the treatment he faced at the hands of Umar was basically linked to the fact that he had replaced Umar's elder brother Kamran Akmal as keeper in the team and for some other inexplicable reasons." The source said that privately the PCB was not satisfied with Zulqarnain's reply to their notice as he had mentioned no names as far as the spot-fixing or threats were concerned and had neither stated clearly who had threatened him and what specifically happened between him and his alleged stalker. The PCB has formed a three-member disciplinary committee to hear out Zulqarnain's case and take a decision on whether he can play domestic cricket and for Pakistan again -Online

SFA to promote footie in Sindh KARACHI: Newly elected member of Sindh FA General Council and renowned football promoter from Jacobabad, Ali Bahar Brohi, has stated that football in Sindh would be revolutionized under the new Sindh Football Association (SFA) Presidency of Syed Khadim Ali Shah Bukhari. Football shall be given back its lost prestige throughout Sindh in this new era, Ali Bahar added. Ali Bahar stated that the new SFA President Khadim

Ali Shah, who currently also holds the Senior Vice President posts in both the Pakistan Football Federation (PFF) and South Asian Football Federation (SAFF), is determined to fulfill all promises made to uplift and improve football at all levels not just in Sindh, but also in rest of Pakistan. A yearly calender for planned football activities will be released and followed with full vigour to make sure regular competitive football is played across the province the whole year.

Four years on, lustre fades from IPL MUMBAI:- For a show it was hard to beat: A DJ blasted Bollywood songs, fans decked out in the colours of the home side danced in the aisles, and the wife of the billionaire team owner perched on an electric-blue sofa near the Mumbai Indians' dugout. But just as local hero Sachin Tendulkar struggled with his cricket on the field, India's glamour-packed cricket league is having difficulty sustaining momentum four years after it burst forth with a TV-friendly format, cheerleaders and big salaries. A series of scandals has tarnished the league's image, teams are losing money as player costs escalate, TV ratings are down, and franchise owners are still figuring out how to make the most of their investments from a season lasting less than two months. "We haven't broken even yet. We're hoping we'll get there this year, but the last three years have been difficult for us," said Arvinder Singh, chief operating officer of the Kings XI Punjab, a team co-owned by Bollywood actress Preity Zinta. "Sports franchises in the EPL and NBA build a year-round connect with their fans. Also, merchandising is a huge part of their business, but in India, it's yet to take off," Singh said. An April study by UK-based Brand Finance figures the IPL brand is worth $3.67 billion, a drop of 11 percent from a year ago but still above an estimated $2 billion in 2009. Average TV ratings for the first 49 matches

of the season were down more than 25 percent from the same point last year to their lowest level in the IPL's four-year history, according to viewership analysis firm TAM Sports. That may be the result of cricket fatigue following India's World Cup win on home soil, but it's bad news for teams looking to build year-round buzz, as well as for ad sales for next year. At the same time, player salaries are up 4045 percent from last year, a report by Kotak Institutional Equities found. The cost of franchises has soared. Two teams paid a combined $703 million to begin play this season -- far more than the roughly $90 million paid on average by the eight original sides. IPL teams face the challenge of building brands and loyalty among fans obsessed with the national side and its stars, to the extent that opposing fans often root for the likes of Tendulkar and India captain Mahendra Singh Dhoni against their own team. "I've come because I want to see Sachin Tendulkar batting. If he wasn't here, I wouldn't have come all the way," said Vaishali Ranadive, who was wearing a Tendulkar tshirt and drove 180 kilometers from Nashik with her husband and two children to see the Mumbai Indians and their hometown star. REVOLUTIONARY AND EXILE Under the leadership of former chairman Lalit Modi, the IPL revolutionised the game as "cricketainment", with its short Twenty20 format, player auctions, post-game parties and

heavy advertising, dazzling fans and offending purists. Celebrity owners are part of the show and include Mukesh Ambani, India's richest man, as well as spirits and airline magnate Vijay Mallya and Bollywood superstar Shah Rukh Khan. The IPL's rise underscored the emergence of a brash, youthful India as a player on the global stage. At the same time it became symptomatic of a darker side of India and the confluence of money and politics, erupting in scandal last year. Hailed as a gamechanger who helped make India the centre of the global cricket economy, Modi was accused of mismanagement and ousted from his position last year by the Board of Control for Cricket in India (BCCI), which owns the league. Shashi Tharoor, an author who was one of India's highest-profile officials, was forced to resign as a junior minister last year after Modi accused him of using political muscle to influence team bids. Now based in London, Modi was unwilling to return to India because he feared for his life, his lawyer was quoted as saying in October. Accused of financial irregularities, Modi has denied any wrongdoing. A chaotic offseason saw the BCCI terminate the contracts of two teams -- Kings XI Punjab and Rajasthan Royals over ownership questions -- only to see them win reprieves by court order. LOCATION, STAR POWER

IPL Chief Executive Sundar Raman said some teams are run better than others, and that factors including location and the stature of a team's stars help determine success. "If you have a Sachin Tendulkar in your team, or if Shah Rukh Khan owns your team, you will expect a larger following or a greater appeal," Raman told Reuters. Part of the challenge is having access to those star players beyond the short season. Top three finishers compete in the Champions League later in the year, but teams have limited claim on players with heavy commitments in a crowded calendar. "The difficulty is that this is a six-week tournament but we have to keep our brand alive for the rest of the year," said Amrit Mathur, chief executive of the Delhi Daredevils. "At some point we have to have a conversation with the BCCI on availability of players and the kind of activities we can do all year around," he said. CLUB VS COUNTRY The World Cup ended a week before the IPL season began, and India heads for a tour of the West Indies days after the season finishes, meaning franchises are not just competing for access to players, but also for advertisers. Japan's Yamaha Motor Co , a first-time advertiser this year through its sponsorship of the Hyderabad-based Deccan Chargers, has not yet decided whether it will be back next year. "It all depends. There are many (India) series

in between this and next year's IPL and we will have to re-evaluate and see which is better -IPL or maybe a series," Roy Kurian , who heads Yamaha's business in India, told Reuters. "When you have country matches, like India versus Australia or Sri Lanka, obviously, people will watch those more than a local IPL match," he said. The 10 teams earn revenue from broadcasting rights, IPL sponsorships, team sponsorships, merchandise and gate receipts. That may not be enough in a short, tightlypacked season. Indiawin Sports, the subsidiary of Ambani's Reliance Industries that owns the Mumbai Indians, seen as one of the best-run teams, lost 154 million rupees ($3.4 million) on sales of 1.13 billion rupees in the financial year that ended in March, the conglomerate's annual report said. According to Brand Finance, the Mumbai Indians -- which retained its core stars from its previous three seasons -- Chennai Super Kings, and Mallya's Royal Challengers Bangalore have done best at building their brands. On a recent night in Mumbai, the loyalties of the home crowd appeared to be diluted -- for better or worse. "Nothing, absolutely nothing can compare to the high we got when India won the World Cup -- not even if Mumbai Indians win the IPL," said Mahesh Shinde, who along with his wife and 14 friends wore t-shirts that spelled out Sachin Tendulkar. -Reuters


IMF warns Greece, ECB cautions on debt n ECB officials reject idea of "soft restructuring" ATHENS: The IMF warned Greece on Wednesday that a drive to shore up its troubled finances would fail unless Athens redoubled its reform efforts, and the ECB hit back at suggestions a debt restructuring might be the solution. European finance ministers broke a taboo this week and acknowledged for the first time that some form of restructuring might be required to ease Greece's debt burden, which at 150 percent of annual output is among the highest in the world. They have said they could ask private creditors to agree to extend the maturities of their Greek debt but have also made clear that their first priority is ensuring Prime Minister George Papandreou's government steps up reforms. "The programme will not remain on track without a determined reinvigoration of structural reforms in the coming months," Poul Thomsen, an International Monetary Fund envoy who arrived in Greece last week to assess its progress in meeting fiscal targets linked to its EU/IMF bailout. "Unless we see this invigoration, I think the programme will run off track," he said, using some of the strongest language since Greece sealed

the 110 billion euro rescue one year ago. After Thomsen spoke, Greek Finance Minister George Papaconstantinou vowed to press ahead with budget consolidation efforts. He raised the prospect of firing some public sector employees and said the government would seek talks with the opposition to discuss ways out of the crisis. Facing a third straight year of recession, Papandreou's government is struggling to rein in rampant tax dodging and has come under pressure to sell off tens of billions of euros in state assets to plug gaping budget holes. Under its rescue terms, Athens was to cut its deficit to 7.6 percent of GDP this year. Without further measures, Thomsen said, Athens would not be able to get it much below 10 percent. Concerns about Greek debt pushed the euro below $1.42 and sent the risk premiums on Greek 10-year bonds to their highest level in a week. The cost of insuring government debt against default also rose. Euro zone ministers have not spelled out how what they refer to as a "reprofiling" of Greek debt would work. Convincing private holders of Greek bonds to voluntarily

accept later repayment could be difficult and require costly guarantees to avoid a hit to banks. Such a move would buy Greece more time but not reduce its overall debt burden. Many economists believe it would be followed by a more aggressive restructuring involving "haircuts", or forced losses, of 50 percent or more from 2013, when policymakers have said they could opt for radical steps. ECB STANDS FIRM The European Central Bank, which holds up to 50 billion euros in Greek sovereign bonds on its own books, has warned that even a "soft restructuring" would put the stability of the euro zone at risk and officials were out in force reiterating that message on Wednesday. "I'm opposed to soft restructuring because I don't know what it means. Nobody knows what it means," Lorenzo BiniSmaghi, a member of the bank's executive board, said in Milan. Speaking in Athens at the same conference as Thomsen, ECB board member Juergen Stark warned policymakers that it was an "illusion" to think such a move would resolve Greece's problems.Reuters

Canadian data points to frothy economic growth OTTAWA: Canadian wholesale trade volumes rose in March, providing further evidence of what appears to be stronger-than-expected firstquarter economic growth, while April data suggested the strength may persist. Statistics Canada figures on Wednesday showed that in dollar terms Canadian wholesalers regained in March only a fraction of the trade they lost in February, with sales climbing 0.1 percent as declines in several sectors offset partial gains in the auto sector. But in volume terms, which is what counts for gross domestic product, sales rose 0.4 percent. "Despite the headline disappointment in wholesale sales, today's release reinforces that the macro backdrop is very robust," said Mazen Issa, a strategist at TD Securities. "First-quarter annualized real GDP is shaping up to be very strong -- we are currently tracking a growth rate near 5 percent," he said. The Bank of Canada projected 4.2 percent first-quarter growth in its latest report in April, followed by a sharp drop to 2 percent in the second quarter. Economic performance in the April-June period had been expected to be dampened by disruptions in the auto sector caused by the Japanese earthquake as well by lower exports due to the strength of the Canadian dollar. -Reuters

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involved another US aircraft with stealth features, a Black Hawk helicopter equipped with special cladding to dampen noise and evade detection during the 90-minute flight from a base in Afghanistan. Satellites can typically provide snapshots of fixed locations every 90 minutes. "Geosynchronous" satellites can keep pace with the Earth's rotation and train their lenses on a fixed site, but they orbit at 22,500 miles up. By contrast, drones fly at altitudes between 15,000 and 50,000 feet. Stealth aircraft typically use a range of radar-defeating technologies. Their undersides are covered with materials designed to absorb sound waves rather than bouncing them back at sensors on the ground. -Online

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Minister Gilani and his delegation. Prime Minister Gilani's delegation also includes Senators Maulana Abdul Rasheed of JUI-F and Syed Zafar Ali Shah of PML-N, MNAs: Nawabzada Malik Amad Khan (PPP), Palwasha Khan (PPP), Chaudhry Liaquat Abbas Bhatti (PML), Noor-ul Haq Qadri (FATA), Salahuddin (MQM), Jameela Gilani (ANP), Maulana Abdul Rashdi (JUI) and Syed Sadaruddin Rashdi (PMLF). -Agencies

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billion including foreign aid component of Rs38.44 billion for the next financial year 2011-12 to National Economic Council (NEC) for final approval and its subsequent announcement in the budget. Federal Minister for Finance Dr Abdul Hafeez Shaikh and Deputy Chairman Planning Commission, Dr Nadeem Ul Haq cochaired the meeting which recommended 743 developmental projects in various sectors. Out of the total development budget the federal government share would be Rs280 billion including Rs10 billion for ERRA while the provincial share in the development budget would be Rs430 billion. Later talking to media Deputy Chairman Planning Commission said that the committee has recommended Rs148 billion for infrastructure development projects, Rs118 billion for social sector development and Rs14 billion for other projects in the country. He informed that APCC in its meeting has recommended total 743 developmental projects in different sectors including water and power, health, and education. It has also recommended that the work on projects which as completed about 80-90 percent would be speed up for their swift completion, he added. The APCC also recommended Rs18 billion for Diamer-Bash Dam project, Rs11 billion for Neelum-Jhelum Hydro Project. -APP

Gauhar in his written statement to committee adopted a stance that he did not breach privilege of JUI-F Senator Ismail Baledi and PPP Senator Lashkari Raisani. Their allegations are mala fide, he said. The committee also rejected the stance of Tabish Gauhar. On another privilege motion, Secretary Election Commission Ishtiaque Ahmed Khan informed the committee that EC do not have the authority to verify BA degrees of Parliamentarians. Higher Education Commission, he said, has asked Parliamentarian to submit their degrees for verification. 223 Parliamentarians have not submitted their degrees, he said, adding that, the degrees of 1117 Parliamentarians out of 1170 have been declared valid and 53 have been declared bogus and fake. Cases against 20 Parliamentarians for holding fake have been dispatched to concerned DPOs while the cases of other Parliamentarians are being reviewed, he said. The committee was told that the degrees of Senator Wasim Sajjad, Ishaq Dar, Babar Awan and Nilofar Bakhtiar are not Continued from page 12 No #5 bogus. the border regions with Afghanistan. There were reservations on degrees of 19 senators out of which While members from both parties questioned continued US 7 have been cleared, he said. The committee unanimously adopted a stance that Election assistance to Pakistan, Senate Majority Leader Harry Reid and the Commission and HEC has mishandled the issue with regard to Senate Minority Leader Mitch McConnell cautioned against verification of Parliamentarians educational certificates. -Online threats to withdraw aid. Reid, Democrat of Nevada, said the US should "withhold judgContinued from page 12 No #3 ment" and wait for hearings and other fact-finding first. in a very cordial atmosphere, there was commonality of views on "We need a good relationship with Pakistan, and hope we can various issues of regional and international importance, with partic- have a good relationship with Pakistan," he said. "But this isn't the ular reference to peace and stability of the region. time to start flexing our muscle." The Chinese Premier noted the role Pakistan was playing in counMcConnell, a Kentucky Republican, warned against pulling tering the terrorists and said the international community should not back from Pakistan. forget the huge sacrifices rendered by Pakistan in the global cam"I don't think disengaging from Pakistan, a nuclear power, is in paign against terrorism and extremism. America's best interests," he said. "There are certainly as we have Both the leaders expressed their firm resolve to further strength- learned a lot of different factions in Pakistan, some of which are en their bilateral ties in diverse fields, including trade and economy, friendly to us and some of which are not. We knew that before the science and technology, defence and energy sectors. Osama bin Laden raid, and we still know that." -Agencies They noted that increased collaboration at the highest level Continued from page 12 No #6 between the two countries in the recent past has proved beneficial, said that like Pakistan, Iran too has become a target of the said with both Pakistan and China making steady progress in all spheres. The Chinese Premier noted the frequent visits of the Pakistani menace and both countries must chalk out strategies to eliminate it. We want to see Pakistan on its feet without giving it financial leadership to China and said it reflected close ties between the two support, he argued. countries. Pak-Iran trade relations must be further bolstered, he stressed. Both Gilani and Jiabao discussed bilateral relations, strategic matSecurity situation in Pakistan is a serious concern for Iran ters and host of other issues, including Abbottabad operation. The two leaders also discussed Abbottabad operation and its after affects too, Iranian ambassador to Islamabad Mashallah Shakiri concluded. -Online on the regional situation. According to media reports, China will give 50 JF-17 aircraft to Continued from page 1 No #7 Pakistan on emergency basis. 39 per cent to $1.43 billion against $1.03 billion in 10MFY10. The two prime ministers agreed in principle to enhance volume of Similarly, cotton yarn, knitwear, cotton cloth, bed-wear and trade between the two countries and launching development projtowel exports increased 36.5 per cent, 34.5 per cent, 31.6 per cent, ects in Pakistan. Both the sides noted that Pakistan and China enjoy an exemplary 22.3 per cent and 18.7 per cent respectively. On the other hand, the food exports during the period under relationship with a high degree of mutual trust, understanding and convergence of views on bilateral, regional and international issues. review hiked 29.1 per cent to $3.53 billion against $2.73 billion Prime Minister Gilani also apprised Premier Wen of the several during the same period last year. Among the food group, exports of fish and fish-preparations challenges facing Pakistan, including economic problems, which he said, were mainly due to the peculiar security situation in the increased 28.6 per cent, fruits by 14.7 per cent, vegetables by 104 per cent, tobacco by 65.3 per cent, spices by 28.1 per cent, meat region. and meat preparations by 53 per cent. Later Premier Wen Jiabao hosted a banquet in honor of Prime

Murky outlook keeps BoE rate-setters divided LONDON: The Bank of England is no closer to raising interest rates, minutes of its latest rate-setting meeting showed on Wednesday, as mixed jobs data highlighted the patchy nature of Britain's economic recovery. Britain's central bank has kept interest rates at a record low 0.5 percent for more than two years, and despite inflation rising to more than double its target the hawks on the monetary policy committee are not gaining ground. May's 6-3 voting split was unchanged from the previous three months, and two of the three Monetary Policy Committee (MPC) members

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who voted to raise rates -Martin Weale and Spencer Dale -- felt the case remained "finely balanced." In another sign of the cloudy economic outlook, separate figures on Wednesday showed the number of people claiming jobless benefit unexpectedly rose by 12,400 last month, the biggest rise in over a year. However, the overall number of people without work fell by 36,000 in the three months to March, taking the unemployment rate down a notch to 7.7 percent. "In the highly uncertain environment, it seems the best that MPC members can do is remain in wait-and-see mode," said Hetal Mehta at Daiwa Capital Markets.

The biggest proponent of higher rates, Andrew Sentance, leaves the MPC at the end of this month and will be replaced by former Goldman Sachs economist Ben Broadbent who on Tuesday struck a distinctly less hawkish tone. With the bulk of the government's austerity measures yet to take effect, most investors do not believe the BoE will raise rates before the end of the year. ECONOMIC WEAKNESS Britain's economy grew by 0.5 percent in the first three months of the year, barely making up for output lost at the end of 2010 and lagging well behind its major European trading partners.

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the gateway to the troubled northwest region. "They were well-armed. They had heavy weapons, rockets, mortars everything. The fighting lasted for about four and a half hours," Ejaz Khan, a city police officer, said. Two members of the security forces were killed and five wounded, Khan said. At least 15 insurgents were killed. Security forces repulsed the first attack by the militants which was carried out just before midnight, officials said. "Then they carried out a big attack early in the morning. We also called in reinforcements to counter the attack and we did it," a Peshawar security official said. There was no immediate claim of responsibility. -Reuters

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Federal Bureau of Statistics said. According to TFD analyst, major increase in food and oil import has been caused by higher volume of sugar, soyabean palm oil and curde oil. According to the sector-wise trade data, oil imports bill surged almost 8.4 per cent to $8.76 billion in 10MFY11 against $8.09 billion in the corresponding period last year. The major increase was witnessed on import of crude oil which surged 36.8 per cent to $3.85 billion versus $2.81 billion in 10MFY10. However, imports of manufactured petroleum products down by 6.8 per cent to $4.92 billion against $5.27 billion witnessed in 10MFY10 mainly due to liquidity crunch facing by PSO. Likewise, food group import registered a hike of 54.9 per cent to $4.31 billion in 10MFY11 in which sugar import registered a substantial growth of 263 per cent whereas spices import increased by 49.5 per cent, Palm oil import increased by 54 per cent and tea import bill registered an increase of 26.6 per cent over the corresponding period of last fiscal year.

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"Despite gains in banks and utilities today, the market's doubts about the way the government is dealing with the Tokyo Electric issue are still there and will probably weigh on the market," said Sakurai. The Nikkei average closed up one per cent at 9,662.08 on Wednesday, while the broader Topix gained 1.1 per cent to 837.96. At one point the Nikkei topped a closely watched technical level, its 25-day moving average at 9,686.72, but slipped back below it, leaving that level as its immediate resistance. Analysts said investors will continue to see 9,500 as a strong support line in the next few weeks, with buying on dips expected at that level by long-term investors such as pension funds. The euro found support against the yen after reports that Japan's Toshiba Corp could be close to buying Swiss-based Landis+Gyr. Separately, Takeda Pharmaceutical will reach an agreement on Wednesday with Swiss-based Nycomed to acquire the company for about 1 trillion yen ($12 billion), the Nikkei financial daily reported. The euro was slightly lower at the end of the session and changed hands around 115.81 yen. MIZUHO GAINS Mizuho Financial Group gained 3.2 per cent to 131 yen, outperforming the banking subindex's 2.3 per cent rise, after sources said Japan's second-biggest lender by assets may merge its corporate and retail banking units to revamp operations following the collapse in March of its cash machine network. A pullback in risk assets amid volatile commodities prices and worries about the expected end of the US Federal Reserve's stimulus programme had pressured the Nikkei since late last week. The Nikkei has tumbled almost 7.4 per cent since the March 11 earthquake, while Asian stocks outside Japan have gained about 6 per cent. Adding to evidence the American economy is hitting a soft patch, both U.S. housing starts and industrial production slowed. Figures from Hewlett-Packard and Wal-Mart underlined weakness in the U.S. economy with Wal-Mart saying same-store sales have fallen for two straight years while HP cut its forecast due to problems stemming from Japan's earthquake and soft PC sales. "As long as investors remain jittery about US economic growth, investment in Japanese manufacturers may be subdued," said Yutaka Miura, a senior technical analyst at Mizuho Securities. Chipmaker Renesas Electronics jumped 5.8 per cent to 744 yen after the Nikkei business daily reported that the company plans to resume operations at its Naka plant, which was damaged in the earthquake. Output at the plant, which makes microcontrollers and system chips, will return to 10 per cent of pre-quake levels in June rising to 50 per cent by August and 100 percent by October, the Nikkei said. Budget carrier Skymark Airlines tumbled 15.1 per cent to 1,047 yen after saying on Tuesday it will issue new shares to raise up to 21.3 billion yen ($261 million) to finance the purchase of Airbus A380 planes and other capital spending. The move will increase the number of its shares outstanding by 28 per cent. Volume was thin, with 1.83 billion shares changing hands on the main board, falling below its last week's daily average of 2.1 billion shares for the third straight day. Advancing shares outpaced decliners by 1,338 to 224.-Reuters

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Dell's shares climbed 4.5 per cent to $16.10 after the PC manufacturer reported profits late on Tuesday that exceeded expectations. The company also raised its fiscal 2012 outlook for operating income. But Staples Inc's shares tumbled 15.5 per cent to $16.60 as the biggest drag on the S&P 500 after the office supply retailer slashed its full-year outlook on weak demand and higher costs. Through Wednesday, 471 of the S&P 500 have reported earnings, with 69 percent posting results that beat Wall Street estimates, according to Thomson Reuters data.-Reuters

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start to feel as if everybody owns the market already and the marginal buyer has gone on holiday," said Lex van Dam, hedge fund manager at Hampstead Capital, which has $500 million of assets under management. "The next few days will be critical for the direction of the market over the next couple of months," he said. It was a similar story with integrated oil stocks, which rebounded from recent losses in tandem with crude, with BG Group leading the charge, up 3.1 per cent, after an upgrade to "buy" from UBS. "The macro environment will continue to be supportive for the European oil and gas sector and as a result we remain positive on the sector as a whole," UBS analyst Jon Rigby said. India-focused refiner and power generator Essar Energy added 3.3 per cent, with traders citing an upgrade from Morgan Stanley as a catalyst after Tuesday's results. Land Securities was the standout FTSE 100 riser, up 6.4 per cent, after the landlord and developer posted a double-digit rise in full-year net asset value, prompting Panmure Gordon to hike its target price for the stock. Buyers came in for other real estate investment trusts. British Land, due to unveil full-year results on May 23, added 4.6 per cent, Hammerson climbed 3.2 per cent, and Capital Shopping Centres was 1.2 per cent firmer. Elsewhere, British oil services and engineering group AMEC rose 1.8 per cent after buying US engineer MACTEC for $280 million to boost its presence in North America in a deal that will be earnings enhancing this year. On the downside, Compass Group slipped 0.7 per cent as investors locked in profits after a strong run-up by the stock as the caterer reported solid first-half results. Admiral, HSBC and Sainsbury all fell after going ex-dividend.-Reuters

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Energy major Reliance Industries fell 2 per cent to 901.85 rupees, its lowest close since Feb. 10. The stock, which has the heaviest weight on the benchmark index, has shed nearly 15 per cent this year, mainly on concerns over decline in gas output from its blocks off India's east coast. Bajaj Auto, the country's second-largest motorcycle maker, closed 1.7 per cent lower after its March-quarter net profit nearly tripled mainly due to a one-time gain. Tata Motors fell 3.4 per cent to 1,149.15 rupees. In the broader market, there were more than two losers for every gainer on volume of about 439 million shares.-Reuters


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Judges lose appeal in PCO review case JALALABAD: Afghan policemen carry a body away from the site of a suicide attack in Jalalabad. -Reuters

EDB would soon present plan to ECC

Policy for entrants automakers ready ISLAMABAD: The Engineering Development Board (EDB) is all set to present the new entrant auto policy to Economic Coordination Committee (ECC) of the cabinet for final approval. "EDB is giving final touches to the new entrant auto policy, which is expected to be submitted before the ECC shortly," sources in the board said. The new policy envisages investor-friendly measures to attract leading auto assemblers and manufacturers into country's potential market; they said adding the entrant manufacturers would be given an incentivized progressive localization regime. However, the government would seek some guarantees from the new entrants so that they do not wind up their business whenever they want an leave the county, the sources added. The new entrant under Auto

Industry Development Programme (AIDP) has been defined as a potential assembler/manufacturer of global significance who had no assembly or manufacturing of similar vehicles in Pakistan in the past and intends to assemble of manufacture a vehicle by himself or through an agreement with an local company. Under the present AIDP, the new entrant should have 500,000 units annual production in counties other than Pakistan and a significant global presence by way of manufacturing at least 25,000 units of trucks and buses separately, 40,000 Light Commercial Vehicles (LCVs) and at least 50,000 units in the case of agriculture tractor annually in countries other than Pakistan. The new entrant will also have a plan for the progressive manufacturing of vehicles and a serious and demonstrable intention to develop parts local-

ly, either in-house or through the vendors to achieve competitiveness. Registration is required to produce road worthy vehicles that comply with environment standards with EDB and Ministry of Industries and Production for entitlement of benefits under the scheme. The new entrants will have to submit a proof of land acquisition in the case of green held project or an agreement with the owner, in the case of existing assembly facilities. A qualifying new entrant will be required to submit a detailed business plan to EDB which will verify complete in-house assembly or manufacturing facilities. AIDP will asses the business plan and other relevant documents to determine the eligibility criterion and to qualify the potential new entrant for the entitlement of benefits under AIDP or otherwise. -Agencies

No delay in ministries shift, says Khursheed ISLAMABAD: The devolution of Ministries of Health and Manpower and Labor has been opposed on the grounds that several international agreements and aid would suffer if these ministries are devolved. The opposition was made by concerned minister and bureaucrats at a meeting of the parliamentary commission for implementation of 18th amendment which was chaired by Chairman Raza Rabbani. The Commission reviewed devolution of ministries of health, labor and manpower to provinces. Sources told that Federal Minister Syed Khurshid Shah

said workers welfare fund department an important dept of Labor Ministry be not devolved to provinces. Laborers would come on the roads if it was done so, he cautioned. Funds collection by provinces is far less while their requirement is enormous and they cannot utilize this fund with transparency, he added. He proposed that ministry of labor and manpower be divided into two parts. Labour department be devolved to provinces while manpower department be kept under federation, he said. Talking to media men after the meeting Senator Raza

Rabbani said ministry of heath and labor and manpower had given their briefings, which would be reviewed in informal meeting of the commission. Then any decision would be taken for transferring these ministries to the provinces. He acknowledged that the concerned stakeholders had their reservations and "We will review them." There would be given no extension in the deadline of June 30, he declared 10 ministries had been transferred to provinces while the remaining 7 would be devolved to provinces within stipulated period, he announced. Agencies

Stealth drone spied on OBL compound WASHINGTON: The CIA employed sophisticated new stealth drone aircraft to fly dozens of secret missions deep into Pakistani airspace and monitor the compound where Osama bin Laden was killed, current and former US officials said. Using unmanned planes designed to evade radar detection and operate at high altitudes, the agency conducted clandestine flights over the compound for months before the May 2 assault in an effort to capture high-resolution video that satellites could not provide, according to The Washington Post. CIA flew stealth drones into Pakistan to monitor bin Laden house The aircraft allowed the CIA

to glide undetected beyond the boundaries that Pakistan has long imposed on other US drones, including the Predators and Reapers that routinely carry out strikes against militants near the border with Afghanistan. The agency turned to the new stealth aircraft "because they needed to see more about what was going on" than other surveillance platforms allowed, said a former US official familiar with the details of the operation. "It's not like you can just park a Predator overhead - the Pakistanis would know," added the former official, who, like others interviewed, spoke on the condition of anonymity, citing the sensitivity of the program.

The monitoring effort also involved satellites, eavesdropping equipment and CIA operatives based at a safe house in Abbottabad, the city where bin Laden was found. The agency declined to comment for this article. The new drones represent a major advance in the capabilities of remotely piloted planes, which have been the signature American weapon against terrorist groups since the attacks of September 11, 2001. In 2009, Air Force acknowledged the existence of a stealth drone, a Lockheed Martin model known as the RQ-170 Sentinel, two years after it was spotted at an airfield in Kandahar, Afghanistan. The operation in Abbottabad See # 1 Page 11

ISLAMABAD: All serving PCO judges will not be judges of the High Courts under the Constitution since April 20, 2010, the day when 18th Amendment was approved, said Supreme Court of Pakistan in its verdict, announced on Wednesday, over PCO judges' intra-court appeals. The six-member bench of the Supreme Court, headed by Chief Justice Iftikhar Muhammad Chaudhry announced this verdict while dismissing the intra-court appeals (ICAs) filed by six PCO judges, including Justice Yasmin Abbasi of Sindh High Court, Justice Shabbar Raza

11 killed in Afghan protests over Nato killings KUNDUZ, Afghanistan: Eleven people were killed and over 50 others injured, including two German soldiers, at protests in Afghanistan on Wednesday over the deaths of four people in a NATO raid, officials said. Police opened fire as around 2,000 people took to the streets in Taloqan, capital of the usually peaceful northeastern province of Takhar. The troubles erupted after NATO-led forces said they killed four insurgents including two armed women in an overnight raid in the town. A spokesman for the International Security Assistance Force (ISAF) said the raid targeted the Islamic Movement of Uzbekistan (IMU), a militant group that operates from bases including in Afghanistan. But the protesters claimed those killed during the NATO raid were civilians. The issue of civilian deaths during foreign military operations is explosive in Afghanistan and has drawn repeated, sharp criticism from Afghan President Hamid Karzai. During the Taloqan protest, demonstrators threw rocks at the Provincial Advisory Team compound, Afghan interior ministry spokesman Zemerai Bashary told AFP. The local PAT is a German-led group of soldiers and civilians working to help Afghan government institutions improve their performance. -Reuters

Rizvi, Justice Hasanat Ahmad Khan, Justice Hamid Ali Shah, Justice Sajjad Hussain Shah of Lahore High Court and Justice Jahanzeb Rahim of Peshawar High Court. According to the judgment, the PCO judges had committed contempt of court by taking oath under the Provisional Constitution Order (PCO) initiated by former president Pervez Musharraf on November 3, 2007. The apex court said, "The appellants are no more judges and there will be contempt proceedings against them under Article 204 of the Constitution, if ultimately they are found to be guilty for

the contempt of court by this court," adding that all the perks and privileges received by the judges during the last one year had to be returned. They will not remain on their posts with effect from April 20, 2010 as parliament has not ratified PCO judges in 18th Amendment, the court further adjudged. The court also asked the Federal Government to notify PCO judges about their termination in this regard. It is pertinent to mention here that these PCO judges filed intra-court appeals in the Supreme Court against February 2, 2011 ruling of the court against them and the SC

223 MPs yet to submit degrees

KESC CEO told to face Senate panel ISLAMABAD: The Senate Standing Committee on Rules, Procedure and Privileges on Wednesday informed that 223 parliamentarians including MPAs have not submitted their matriculation and FA degrees for verification so far. The committee was informed that the degrees of 1170 MPAs, MNAs and senators have been declared authentic and genuine. The committee met under the chairmanship of Syed Tahir Hussain Mashhadi to review the privilege motion submitted by JUI-F Senator Ismail Baledi and PPP Senator Lashkari Raisani against CEO KESC. CEO KESC had refused to meet both senators. The committee took strong notice with regard to continuous absence of Chief Executive

Officer Karachi Electric Supply Company Tabish Gauhar in committee despite several notices to him. JUI-F Senator Ismail Baledi and PPP Senator Lashkari Raisani requested the committee to bring CEO KESC in committee meeting forcefully. A director level officer of KESC appeared before the committee on behalf of company CEO but committee members refused to hear him. The committee decided to lend last chance to CEO KESC otherwise he would be brought in the committee with help of police. The Committee has also decided to issue arrest warrant against CEO KESC Tabish Gauhar. CEO KESC Tabish See # 2 Page 11

US AfPak special envoy due today WASHINGTON: As part of President Barack Obama's effort to smoothen relationship with Islamabad, following the killing of Osama bin Laden in Pakistan, Special US Representative for Afghanistan and Pakistan Mark Grossman has left for a tour of the region. This is his second visit to the region in less than a month. Besides Pakistan, Grossman would also travel to Afghanistan and four Central Asian nations including

Kazakhstan, Kyrgyzstan, Uzbekistan, and Tajikistan during his visit. "Ambassador Grossman departed on May 17 for travel to Astana, Bishkek, Tashkent, Dushanbe, Islamabad and Kabul," the State Department said in a statement. Grossman would meet senior government officials in each nation and reaffirm the AfPak policy of the Secretary of State Hillary Clinton, the statement said. -Online

reserved its judgment on April 4. Earlier, a four-member bench of the Supreme Court, headed by Justice Mahmood Akhtar Shahid Siddiqui, on February 2 had announced its verdict on law points as to whether it could initiate contempt proceedings against the judges who had taken oath under the PCO in defiance of a restraining order by a sevenmember bench of the Supreme Court on November 3, 2007. The Supreme Court declared Musharraf's Nov 3, 2007 steps in its July 31, 2009 verdict as unconstitutional. APP

IMF head on suicide watch in New York City jail NEW YORK: The maid came from one of the world's poorest countries to the U.S., working to support the teen daughter she raised alone. The penthouse suite at the Sofitel Hotel was just another room. She says she had no idea the man was a famous French politician. She says he tried to rape her. The man, Dominique StraussKahn, remained jailed under a suicide watch Wednesday as a lawyer for the woman sought to rebut whispered allegations that her charges were a conspiracy and a setup. Calls intensified for the 62year-old Strauss-Kahn to step down as head of the powerful International Monetary Fund, with U.S. Treasury Secretary Timothy Geithner saying Strauss-Kahn "is obviously not in a position to run" the agency. Strauss-Kahn was one of France's most high-profile politicians and a potential candidate for president in next year's elections. His arrest on charges including attempted rape shocked France and cast intense attention on his accuser, a 32year-old chambermaid from the West African nation of Guinea. "She came from a country in which poor people had little or no justice, and she's now in a country where the poor have the same rights as do the rich and the powerful," Shapiro said. "What (Strauss-Kahn) might be able to get away with in some countries, he can't here in this country." Reuters

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