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International Karachi, Wednesday, April 20, 2011, Jumadi-ul-Awwal 16, Price Rs12 Pages 12

No risk US will lose AAA rating: Geithner

'New National Government on Cards'

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Bill on dual nationality tabled

See Page 12

President urges plan to up cotton yield

See Page 12

See Page 12

Exports, remittances, FDI depict growth

Economic Indicators Forex Reserves (9-Apr-11) Inflation CPI% (Jul 10-Mar 11) Exports (Jul 10-Mar 11) Imports (Jul 10 - Mar 11) Trade Balance (Jul 10 - Mar 11) Current A/C (Jul 10- Mar 11) Remittances (Jul 10 - Mar 11) Foreign Invest (Jul 10-Mar 11) Revenue (Jul 10 Mar 11) Foreign Debt (Dec 10) Domestic Debt (Dec 10) Repatriated Profit (Jul- Feb 11) LSM Growth (Jul 10- Feb 11)

GDP Growth FY10E Per Capita Income FY10 Population

$17.31bn 14.20% $17.80bn $29.02bn $(11.22)bn $99mn $8.02bn $1.32bn Rs 1012bn $58.39bn Rs 5497.4bn $386.3mn 0.98% 4.10% $1,051 175.79mn

Indicators show upturn signs: PM Gilani says MQM, JUI can return to govt

Portfolio Investment SCRA(U.S $ in million)

221.29 45.20 4.34 2793

Yearly(Jul, 2010 up to 18-Apr-2011) Monthly(Apr, 2011 up to 18-Apr-2011) Daily (18-Apr-2011) Total Portfolio Invest (9-Apr-2011)

NCCPL

WASHINGTON: Finance Minister, Abdul Hafeez Shaikh answering to audience’s quiestion at Woodrow Wilson center. -APP

(U.S $ in million)

FIPI (19-Apr-2011) Local Companies (19-Apr-2011) Banks / DFI (19-Apr-2011) Mutual Funds (19-Apr-2011) NBFC (19-Apr-2011) Local Investors (19-Apr-2011) Other Organization (19-Apr-2011)

1.11 -1.01 -2.60 2.77 -0.13 -0.44 0.30

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

Close 11,599.28 9,441.03 23,520.62 19,121.83 2,703.57 2,999.04 5,893.27 12,212.49

Change 75.55 115.62 309.69 30.66 5.76 58.29 23.19 10.90

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 2.60 109.46 15.88 133.71 2.00 42.10 1.70 35.78 10.96 36.90

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)

13.25% 13.66% 13.83% 14.00% 13.39% 13.48% 13.75% 14.10% 14.21% 13.98% 14.02% 14.10% 14.44% 14.69% 14.90%

06-Apr-2011 06-Apr-2011 06-Apr-2011 26-Mar-2011 19-Apr-2011 19-Apr-2011 19-Apr-2011 19-Apr-2011 19-Apr-2011 19-Apr-2011 19-Apr-2011 19-Apr-2011 19-Apr-2011 19-Apr-2011 19-Apr-2011

Commodities *Crude Oil (brent)$/bbl 120.88 *Crude Oil (WTI)$/bbl 107.68 *Cotton $/lb 172.00 *Gold $/ozs 1,493.60 *Silver $/ozs 43.29 Malaysian Palm $ 1,077 GOLD (NCEL) PKR 40,605 KHI Cotton 40Kg PKR 12,325 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

Australian $ 87.70 Canadian $ 86.80 Danish Krone 16.30 Euro 119.60 Hong Kong $ 10.70 Japanese Yen 1.008 Saudi Riyal 22.37 Singapore $ 67.00 Swedish Korona 13.50 Swiss Franc 92.70 U.A.E Dirham 22.88 UK Pound 136.60 US $ 84.20

88.70 87.80 16.50 121.00 11.30 1.034 22.58 68.00 13.90 93.90 23.10 138.00 84.50

Inter-Bank Currency Rates Symbols

Buying

Selling

TT Clean

TT & OD

Australian $ 88.05 Canadian $ 87.20 Danish Krone 16.05 Euro 119.70 Hong Kong $ 10.81 Japanese Yen 1.021 Saudi Riyal 22.44 Singapore $ 67.36 Swedish Korona 13.33 Swiss Franc 93.90 U.A.E Dirham 22.91 UK Pound 136.71 US $ 84.20 Weather Forecast Cities

88.26 87.40 16.09 119.98 10.84 1.024 22.49 67.52 13.36 94.12 22.96 137.04 84.38

Max-Temp Min-Temp

Islamabad

28°C

12°C

Karachi

36°C

22°C

Lahore

30°C

15°C

Faisalabad

31°C

16°C

Quetta

25°C

4°C

Rawalpindi

28°C

13°C

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Pak yet to get aid under Kerry Lugar Bill

US urged to give Pak trade access King-size US aid to Pak only a myth: Shaikh WASHINGTON: Finance Minister Dr Abdul Hafeez Shaikh has urged the United States to remove barriers in the way of greater trade access for Pakistani products in the American market. "If we ought to have lasting relationships, and if we ought to break some stereotypes then it is important that we focus on trade. But if there are barriers to trade then obviously they have to be tackled," he said in a reach-out to American experts and intellectuals. Dr Shaikh said Pakistan does not want to depend on aid for its economic advancement and argued that greater trade access for Pakistan and proper disbursement of U.S. assistance

under Kerry-Lugar-Berman program would also help improve America's image in Pakistan. He noted that both sides need to do a lot of work to improve mutual perceptions. "There is a perception (in the United States) that a lot of money is going to Pakistan at a time when there is a requirement for fiscal restraint (in Washington) and expenditure cutting at home (US). There we have to come out and explain the facts," he said at a Washington think tank. "It is largely a myth that Pakistan is a beneficiary of tens of billions of dollars. The truth is that in the KerryLugar-Berman arrangement

LSM grows 1pc during Jul-Feb ISLAMABAD: The Large Scale Manufacturing (LSM) has registered a growth of 0.98 per cent during the first eight months of the current financial year over the corresponding period of the last year. Oil Companies Advisory Committee (OCAC) monitored products showed a negative growth of 4.79 per cent in JulyFebruary (2010-11) over last year, according to provisional figures released by Federal Bureau of Statistics (FBS). The data compiled by Ministry of Industries and Production (MoIP) of all major industries showed positive growth of 0.92 per cent during the time under review while the data of 54 items collected by Provincial Bureaus of Statistics also showed positive growth of 1.93 per cent.

Among the petroleum products, jet fuel oil production decreased by 12.66 per cent, kerosene oil by 27.31, motor spirits by 6.88 per cent, high speed diesel by 2.79, diesel oil by 27.33 per cent, furnace oil by 5.74, jute batching oil by 20.57 per cent and LPG by 15.97 per cent. Only petrol products that showed positive growth included lubricating oil and solvent naphtha, production of which decreased by 10.42 and 17.58 per cent respectively. Among the products monitored by Provincial Bureaus of Federal Bureau of Statistics, vegetable ghee production increased by 2.6 per cent, cooking oil by 11.33 per cent, tea blended by 2.4 percent, wheat and grain milling See # 21 Page 11

Qamar warns of rising fuel price KUWAIT: Pakistan will not be able to afford subsidies on fuel this summer and much of the rising oil price burden will have to be shifted to the consumer, the country's minister of water and power told Reuters. Pakistan, where tens of millions of people live in poverty, is struggling to control inflation. "Pakistan has not yet recovered from the 2008 oil price rise and we have no planned subsidies for the summer months because we can't afford it," Syed Naveed Qamar told Reuters in an interview on the

sidelines of a ministerial meeting in Kuwait. Pakistan imports about 80 per cent of its oil and spent around $3.99 billion on the import of 6.9 million tonnes of petroleum products and $2.45 billion on 4.3 million tonnes of crude oil in the first seven months of the July 2010 to June 2011 financial year. "Every time oil price goes up this leads to instability in developing countries like Pakistan," said Qamar. "And since the start of the year the government had tried See # 22 Page 11

this year we have not even received $300 million," added the finance minister, who also held economic dialogue with senior US officials at the State Department. The finance minister said Islamabad believes sustainable development lies in forging international trade and commerce ties. "We don't want to think of Pakistan as a country that is primarily attempting to simply get foreign assistance." For its part, Pakistan will facilitate American investment, he said, explaining that the US businesses have historically had profitable investments in Pakistan. Dr Shaikh faced a number of See # 16 Page 11

Castro resigns from party leadership HAVANA: Fidel Castro confirmed he had resigned from the top leadership of the Cuba Communist Party in an article published Tuesday, after the party approved a raft of economic reforms. "Raul knew that I would not accept a formal role in the party today," Castro said in an article on the Cubadebate cu portal, referring to his brother Raul and his own absence from the party's new Central Committee, elected Monday. Castro, 84, had served as first secretary in the Central Committee of the party which underpins the country's Communist government since the party's creation in 1965. Fidel said he had handed over the functions of the party head to Raul when he ceded power to his brother because of his own declining health in 2006, though he retained the first secretary title. "Raul has always been who I described as First Secretary and Commander in Chief," Fidel wrote in the article. "He never failed to convey to me the ideas that were planned," he added. The move came after the sixth Communist Party Congress approved a flurry of measures on Monday aimed at keeping Cuba's centrally planned economy from collapse but without any broad embrace of market-oriented economic change. The changes inject a modicum of the free market into the See # 20 Page 11

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani said on Tuesday that economic situation of the country was improving with the increase in exports, receipt of foreign remittances and enhanced foreign direct investment (FDI). He maintained that the expected bumper crops of wheat and other cash crops would help spare more funds to be utilized for the development and welfare of the general public. Prime Minister expressed these views while talking to parliamentarians who called on him separately here at his Parliament House Chamber. Prime Minister observed that the government was focusing on the equivalent and simultaneous development of all the areas. Referring to the drone attacks in Waziristan Agency, he said that these attacks were counter productive and causing hindrance in the development

Cabinet expansion as per constitution: Firdaus ISLAMABAD: Federal Minister for Information and Broadcasting, Dr Firdaus Ashiq Awan said Tuesday that cabinet expansion would be made according to the constitution. "Pakistan Peoples Party government believes in the politics of reconciliation and take on-board all the political forces on the national issues", she said while talking to reporters outside the Parliament. She called upon all the parties to come forward in order to strengthen the democratic process and resolve the issues faced by the country. -Agencies of the area, adding that this aspect had been conveyed to the coalition partners. Ayaz Amir, member of the National Assembly (MNA) during his call on with the Prime Minister appreciated the government's initiative to help Afghan peace process during the Prime Minister's recent visit to Afghanistan. The MNA apprised the Prime Minister that Railways land in Chakwal was being encroached and suggested that the land might be temporarily

IMF red-signals Pak’s $3.3 billion WASHINGTON: Federal Finance Minister Abdul Hafeez Shaikh said that a deal could not be reached with the International Monetary Fund (IMF) regarding the two outstanding installments amounting to $3.3 billion through a stand-by programme kept for the assistance of Pakistan. Addressing a press conference here, Minister said that the matter the matter would be resolved in next meeting. Hafeez Shaikh said that the next round of talks with the IMF would be held in May. He said that the aid would not be affected because of US economic crisis while the aid was utilising transparently. He said that for making economic system better, the government controlled its expens-

es while a large number of matters have been transferred to provinces in this regards. Shaikh said that the US and other friend countries should change their opinions about Pakistan and demanded of access of Pakistani goods in European markets. He said that good results could be achieved if economic reforms would be continued. Minister said that he cleared to IMF, US and World Bank that Pakistan was making good decisions even many problems. He said that the United States was right that rather than being dependent, Pakistan required to be self-reliant. He said that it was imperative to control expenses to improve the Pakistan s economy. -NNI

Malik constitute committee under PTA

Govt bans illegal import of mobiles ISLAMABAD: The government has decided to ban import of mobile phones without authorisation of PTA and ensure no use of unauthorised SIM in Pakistan. The decisions were made at a high level meeting of heads of cellular companies chaired by Federal Minister for Interior, Senator A Rehman Malik here at Ministry of Interior. "The use of unauthorised mobile SIMs in spite of grave concern of government is not being addressed properly by cellular companies.

Criminals/terrorists used such SIMs for their ulterior motives," the interior minister told the heads. It was decided that all prepaid SIMs should be verified within 30 days and SIMs with IMEI numbers need to be synchronized with the help of service provider and NADRA. All cellular companies are to advise their contract customers to re-verify their IDs and SIMs again. It was also decided that no body will be able to import mobile phones without See # 18 Page 11

Syria lifts emergency BEIRUT: Syria's government approved lifting the country's nearly 50-year-old state of emergency Tuesday to meet a key demand of anti-government protesters, but opposition leaders dismissed it as an attempt by President Bashar Assad to claim reforms but maintain his hard-line rule. The blunt response suggested

the month-old uprising could be entering a more volatile stage: protesters now aiming higher to seek Assad's ouster and his regime warning that the demonstrations must now end. "This is a maneuver to gain time," said prominent Syrian writer who spent 16 years in jail for being a member of a pro-democracy group. -Reuters

allowed to be used as a playground for the promotion of sports in the city. Dr Zill-e-Huma, MNA, during her meeting with the Prime Minister, appreciated the government for paying special attention to the problems of Balochistan and taking special initiative for its development. Prime Minister directed the concerned to ensure that the job quota for Balochistan in the Capital Development Authority (CDA) should be See # 17 Page 11

Pakistan tests new N-missile ISLAMABAD: Pakistan on Tuesday successfully conducted the first flight test of the newly developed short range surface to surface Multi Tube Ballistic Missile Hataf IX (NASR). According to ISPR, the missile has been developed to add deterrence value to Pakistan's Strategic Weapons Development Programme at shorter ranges. The Multi Tube Ballistic Missile, NASR, with a range of 60 km can carry nuclear warheads of appropriate yield with high accuracy, shoot and scoot attributes. This quick response system addresses the need to deter evolving threats, ISPR said. The test was witnessed by Director General Strategic Plans Division, Lieutenant General (Retired) Khalid Ahmed Kidwai Chairman Nescom Irfan Burney, senior officers from the strategic forces, scientists and engineers of strategic organisations. President Asif Ali Zardari, Prime Minister Syed Yousuf Raza Gilani and other political leaders congratulated the nation on successful test of newly made short range surface to surface missile. -Online

Mullen due today ISLAMABAD: United States Chairman Joint Chief of Staff Committee (JCSC) Admiral Michael Mullen is visiting Pakistan today. During his one-day tour he would be deliberating in detail over cooperation and coordination between armed forces of Pakistan and US, ongoing reconciliation dialogue with Taliban in Afghanistan, and agenda for the forthcoming Pak-USA strategic dialogue in May 2011. Among other important issue to be deliberated, include intelligence sharing cooperation in operations against extremists on both sides of the See # 19 Page 11


2 Wednesday, April 20, 2011

Small industries to get skilled manpower thru GENPROM KARACHI: The 10th round of GENPROM, which aims at reducing the existing skilled labour gap commenced at Pakistan Readymade Garments Technical Training Institute jointly organised by Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) in Sindh and United Nations Development Program (UNDP) recently. The speakers on the occasion agreed to the point that the apparel sector constitutes mainly of small scale stitching units whose exports are below

$5 million. There is a consistent lack of skilled labour especially female workers. However, all over the world, female workers constitute a majority of the garment industry but in Pakistan, their participation remains at a paltry 1520%. Syed M. Nawab: National Project Manager, GENPROM-UNDP discussed the global apparel scenario, including the opportunities and challenges faced by the sector. He briefed the participants on the project's role in the apparel manufacturing sector that was followed by a

short orientation of the training program. Free of cost training materials were provided to all the trainees. He said that gender promotion through skills development training program was initiated in 2007 and has contributed to the Industry effectively. The skills development-training program has been successfully implemented in over 53factories in Sindh and Punjab. The Project has delivered complete training system, course curriculum, manuals and consulting guidelines to these factories. To-date 587 Master

Young leaders' moot in Jul

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talking to Rauf Engin Soysal Special Envoy of the UN Secy Gen for Assistance to Pakistan who called on him at PM House.-APP

New drug pricing policy on anvil, says DG Health ISLAMABAD: Director General Health Dr Asad Hafeez said on Tuesday that the Health Ministry is formulating a new policy to bring the prices of drugs at a reasonable level. Talking to a Private TV Channel, Dr Asad said that work on the new policy has commenced and all the stakeholders in this regard are being taken into confidence. However, he claimed that 70 per cent drugs in Pakistan are still

cheaper than those of neighboring countries. He said that 10 years ago in Pakistan 30 per cent medicines were prepared at the national level and 70 per cent were ordered from outside the country. Whereas today almost 70 per cent of the drugs are prepared at the national level while 30 per cent are imported from abroad. This justifies that pharmaceutical companies are growing in the country, he added.-Online

Violence claims five more lives KARACHI: At least five more persons were killed in different firing and torture incidents here in the city on Tuesday, police said. A 40 -year- old man's bullet riddled body was found under a bridge in Lasbela's Gulbahar area. The body of 21 -yearold boy Najmul Haq was found from Sirajul Daula College's ground near Karimabad area. The victim was a resident of Apsara Apartments. Ziaullah, 32, was gunned

Haider terms house-count controversial KARACHI: General Secretary Pakistan Peoples Party Sindh and Head of the PPP Sindh Monitoring Committee on Census Taj Haider has proposed that electronic data of the national population compiled by NADRA should be made the basis of National Census. In a press statement Taj Haider said that large scale manipulations specially in Karachi had made the census exercise extremely controversial. Complaints were pouring in from almost all quarters and from ordinary citizens to the Census Commissioner Sindh every one was questioning the correctness of the house numbers, enumeration and the data collected. 75% of houses in rural Karachi still remained un-numbered. Instead of using official forms for entering particulars of family heads unauthorised persons were noting down such particulars on plain papers with pencils.-PR

down by unidentified people at Jogi Mour in Landhi. A 22 -year- old youth Naeem succumbed to his injuries at Abbasi Shaheed Hospital after he was injured in a firing incident in Surjani Town's Sector 7. The bullet riddled body of a 25- year-old man was found near Degree College, Korangi. Sources said that the victim was kidnapped earlier. Police have registered cases and started investigations.- NNI

Staff Reporter KARACHI: Young Leaders' Conference celebrates its first decade of changing lives for the better. The theme for this year is Eman (Faith), Itthad (Unity), Tanzeem (Discipline). Preparations are at their peak as the big conference is just two months away. About 350 youth of ages 18 to 24 from all over the country and other parts of the world will unite to spread the light of change. This year two champions, Maalik Khashkilly from Khairpur and Bilal Nazar from Nawabshah, are leading the 10th YLC; assisted by passionate young facilitators specifically trained for the mega-event. Mentors of this team are Kamran Rizvi, director SoL; Shireen Naqvi, CEO, SoL; Saima Khan, COO, SoL.

Sharmila for strengthening tax culture ISLAMABAD: Sectary Information PPP Women's Wing, Sharmila Farooqi said that tax system exists in the country but the need is to expedite the tax paying culture in the society and to make the people willing to pay it. Sharmila while giving interview to a state run TV channel said that almost 18 million people come under the tax net in the country but unluckily only 21 or 22 lac people pay taxes, therefore, the government gains only 7 or 8 percent because top industrialists and businessmen try to avoid taxes. She added that only salaried class is bound to pay taxes and without proper focusing on collection of taxes, this system can not prevail.-APP

Trainers/middle management professionals and 10,028 workers have been trained. The Apparel sector has tremendously benefited by this project, in the words of Yousuf Raza, Export Manager at Mustaqim Dyeing & Printing Industries Pvt. Ltd. "We wanted to initiate a decent platform especially for the unskilled females of the neighboring areas to. However, with the passage of time we gladly realized that their skilled level is in fact better than conventionally categorized skilled workers due to modern

training techniques and continuous monitoring program of GENPROM team". On the occasion, Maham Nasira: National Project Director, GENPROM - UNDP accentuated the Small and Medium factories belonging to knits, woven, towels and home textile sector to participate and benefit from the ongoing training program. She further added that the training program is not limited to large-scale factories only but the SME's are equally encouraged joining. World-renowned interna-

Hina meets UAE FM

Pak, UAE set to cement ties ISLAMABAD: Hina Rabbani Khar, Minister of State for Foreign Affairs met the Foreign Minister of UAE on the margins of the International Conference on piracy which was resurgent and posed serious threat to the world, says a press release received here today from Dubai. Hina praised the vision and commitment of the UAE leadership that has resulted in remarkable progress and prosperity for the people of UAE. The two Ministers reviewed the status of bilateral relations and existing on-going cooperation in various fields. They also exchanged views on the emerging regional and global geopolitical scenario. Both Ministers reaf-

firmed their strong commitment to further strengthen the bonds of friendship that have historically existed between the two fraternal countries. They acknowledged that the evolving regional scenario called for ever greater cooperation and collaboration between all countries of the region and stressed the need to find local and home grown solutions. The two Ministers expressed their resolve to further expand and consolidate bilateral cooperation in all areas of mutual interest. The Pakistani minister conveyed Pakistan's deep appreciation for the continued interest of UAE investors in Pakistan, particularly in the Petroleum, Banking and Telecommunication sectors.-Online

Rehman Malik says Nadra not graft-free ISLAMABAD: Federal Interior Minister Rehman Malik told National Assembly that we accept the fact that there was corruption in NADRA, however, we have taken control of it adding all out efforts are being made to make it a corruption free zone. On a point of order in the NA, Federal Interior Minister Rehman Malik said that during three years, NADRA has shown remarkable improvement and drastic changes have took place. He opined that each and every citizen of Pakistan can seek a National Identity Card adding it will help immensely in curtailing crimes. He praised the performance of NADRA, saying the authority had been a

pro-active partner in the government's quest for documentation, e-governance, bringing innovative ideas to serve the citizens of the country and to contribute towards the uplift of society. Rehman Malik said NADRA had contributed towards achievement of Shaheed Benazir's vision of democracy. He said women registration with NADRA was increasing with each day passing. In response to another question, Malik said that he has talked to Chief Minister Punjab regarding the prevailing law and order situation in South Punjab adding after his return from China, methodical discussion will be made in this regard.-Online

tional consultants, Technopak is hired to provide the training in collaboration with PRGMEA who has contributed M Shad Nasir Ali Khan, Shamsa Kiran, Misba-ulHaq and Afaq Ahmed as their local program coordinators being monitored by Moin Haider Zaidi of Genprom UNDP. 20 Master Trainers or middle management professionals from 4 companies have participated in the ongoing training, which includes Naz Textiles, Prime Safety, Grace Apparel and Quality Knits.-Online

Rewterz & Qualys to provide PCI solutions TFD Report KARACHI: Rewterz, an end-to-end information security firm, announced its partnership with Qualys, a leading provider of On Demand Vulnerability Management and Policy Compliance Solutions. The partnership will leverage Qualys' Software-as-aService (SAAS) QualysGuard PCI service to help Pakistani financial services customers achieve PCI compliance. The PCI Data Security Standard (PCI DSS) provides organisations with guidelines that they need to meet to protect credit card holder information and prevent potential security breaches. Securing customer credit data is predominant on the agenda for Pakistani CIOs and CISOs.

Staff Correspondent

effective role in multiplying the existing volume of bilateral trade for the benefit both the nations. Expressing concern over the existing level of twoway trade, the Austrian diplomat suggested that frequent exchange of trade delegations, single country exhibitions and Country Weeks could prove vital to strengthen bilateral trade. He said that the Austrian Government was ready to provide assistance to the potential businessmen. He also informed the LCCI office-bearers that a number of projects for strengthening Pakistan Railways infrastructure are in the pipeline and with the execution of these projects the trade relations between the two countries go to new heights. He said that Austria, with its well-developed market economy and high standard of living, is closely tied to other EU economies, espe-

cially Germany. The economy features up-to-date industrial and agricultural sectors. He said that the country has drawn an influx of foreign investors attracted by Austria's access to the single European market and proximity to the Major EU economies. To meet increased competition from both EU and Central European countries, particularly the new EU members, Austria is emphasizing knowledge-based sectors of the economy by deregulating the service sector He said that Austrian businessmen were interested to initiate joint ventures with their Pakistani counterparts as the country is fast becoming the hub of economic activities due to strategically important location and cheaper raw material and Labour. Speaking on the occasion, the LCCI President Shahzad Ali Malik invited

Austrian businessmen to initiate joint ventures with local industrialists on 100% equity basis. He said that such experiences have been very successful in Pakistan e.g. Suzuki, Hyundai, Hino Pak, Nissan, Dong Feng, Master, Isuzu in the transport sector, Massey Ferguson Tractors in the agriculture machinery sector and Schering, Glaxo, Pfizer, Abbot and Searle in the pharmaceutical sector. Pakistan has a liberal investment policy. No sanction is required. There is no restriction on sending back the principal, dividends, profits and royalties. He said that despite the fact that Pakistan has abundant natural resources and skilled manpower it lacks technology. It is a gateway to the markets of Central Asian Republics and the Gulf countries. Construction industries have attracted huge investment in Pakistan over the

Fehmida for support to nascent democracies ISLAMABAD: Dr. Fehmida Mirza, Speaker National Assembly Tuesday stressed for a strong and mutually agreed global support mechanism for supporting fragile economies and nascent democracies in the world. She was talking to President of the General Assembly of the United Nations Joseph Deiss on sidelines of the 124th IPU conference being held in Panama City, Panama, according to a message received from Panama on Tuesday. Fehmida Mirza lamented the fact that although the world was made to suffer in a decade-long war on terror, no immediate end to it was in sight. She said as a result, the fragile economies and nascent democracies continued to be at risk in the absence of a strong and mutually agreed global support mechanism. She also pointed that in this war, nations were confronted against an enemy with remained largely invisible and operated beyond national boarders. She also said that the UN had not succeeded in enabling the nations to agree on a com-

mon definition of terrorism. She also called for addressing the real root-causes of terrorism if the world body wished to eliminate this menace. The issue was also forcefully highlighted in various Standing Committee meetings of the Assembly, where matters of concern are brought for a threadbare debate. Aasia Nasir MNA, while representing Pakistan in the First Standing Committee on Peace and Security moved a motion for consideration of the next Assembly, expressing concern on the unabated growth of all forms of extremism. She recalled Shaheed Mohtarma Benazir Bhutto's message of global reconciliation and tolerance through dialogue among different faiths and beliefs and called upon parliaments of the world to check this dangerously rising trend in their respective societies. Ms. Shagufta Jumani, MNA, while speaking at a Panel Discussion on Mother and Child Healthcare, called upon the developed nations to support the developing world in meeting the Millennium Development Goal targets by 2015.-APP

TFD Report KARACHI: Accounting for changing customer needs, wi-tribe, rated Pakistan's No.1 Broadband Company for Quality of Service by PTA, has launched new packages that are bigger, better and smarter than ever before. wi-tribe believes in improving their customers' online experience. To achieve an optimal customer lifecycle, wi-tribe conducts regular studies to analyze its communities' usage habits. After gauging regular customer feedback and behavior, witribe felt that their customers' internet needs are changing.

In an effort to deliver superior services to their community, wi-tribe has upgraded all its current packages by offering more affordable rates, with as much as 50% higher value in some packages. Existing customers will be thanked for their loyalty by receiving the upgrade automatically. The package enhancement has taken effect for all active customers from April 1, 2011. Commenting on the realignment of wi-tribe packages, VP Sales & Marketing, wi-tribe Pakistan, Wahib Aslam said, "wi-tribe believes in delivering services that complement our customers' lifestyles.

MQM opposes removal Bigger, better, of DDOs smarter - it's wi-tribe KARACHI: Muttahida Qaumi Movement (MQM) on Tuesday strongly opposed removal of three Deputy District Officers (DDO), three days before completion of house count. According to sources, the MQM expressed its reservations regarding the issue, saying the action seems to be taken for getting favorite results of the house count. The party stressed to restore the removed DDIOs to obtain authentic results.- NNI

Pak likely to win GSP-plus status in next EU summit LAHORE: The Austrian Ambassador Axel Wech has expressed the optimism that Pakistan is very likely to win GSP plus status in next EU-Pakistan summit as the things to this regard are moving in right direction. The Ambassador was speaking at the Lahore Chamber of Commerce and Industry on Tuesday. LCCI President Shahzad Ali Malik, Austrian Trade Commissioner Dr Wolfgang Penzais, Representative of Austrian Trade Commission in Karachi Saleem Hashmi, Honourary Consul Sarmad Amin also spoke on the occasion. The Ambassador said that there was a great potential for stronger economic and trade ties between Pakistan and Austria and the Lahore Chamber of Commerce and Industry could play an

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talking to General Khalid Shamim Wyne, Chairman, Joint Chiefs of Staff Committee who called on him at PM House.-APP

last couple of years. Automobile industry is booming but still not in a position to meet the demand for vehicles in the country. He said that Austria has highly advanced industries such as construction, machinery, chemicals, vehicles and ports, food, lumber and wood processing, paper and paper board. There are immense possibilities of gains for Austrian investors in setting up these industries in Pakistan. He said that it is time to tell the Austrian industrialists and businessmen to invest in Pakistan as the output of any investment made in Pakistan would not remain confined to Pakistan only would find its market in the Central Asian Republics and Gulf States. At the end of the function, Ms Saeeda Nazar presented vote of thanks to the Ambassador and his team.


3

Wednesday, April 20, 2011 Top Economic Events

Euro rebounds after data; Greece still risk potential France continued to outpace the rest of the 17-member common currency bloc. "Coupled with recent data showing elevated price pressures, robust economic data in core euro-zone countries have helped sustain rate hike expectations," said Samarjit Shankar, managing director of global FX strategy at BNY Mellon in Boston. "This has buoyed the single currency despite the lingering sovereign debt crisis in the region's peripheral markets." The euro was last trading up 0.5 per cent at $1.4309, after rising as high as $1.4327 on Reuters data. It fell about

1.4 per cent on Monday, the biggest one-day percentage drop since November. Expectations the European Central

Bank will continue raising interest rates to control inflation after hiking this month for the first time since 2008 pushed the euro above $1.45 last week. The currency, however, has come under renewed selling pressure in recent days as worries about debt troubles in

peripheral economies resurfaced. The Canadian dollar firmed to a oneweek high after data showed Canada's annual inflation rate in March jumped to its highest since September 2008, ratcheting up pressure on the Bank of Canada to resume raising interest rates soon. The US dollar fell as low as C$0.9548 and last traded at C$0.9581, down 0.6 per cent on the day. A German government adviser said on Tuesday that a restructuring of Greek debt was inevitable, raising pressure on Athens to seek a solution to the debt woes that are shaking investor confidence in the euro-zone. Athens has repeatedly denied such a possibility. The US dollar slipped 0.3 per cent to 82.41 yen, while against a basket of currencies, it fell 0.6 per cent to 75.050. -Reuters

Yuan closes lower Won falls on profit-taking; on global $ strength Asian currencies

exporters limit losses SINGAPORE: The South Korean won and the Indian rupee led Asian currencies lower on Tuesday as investors took profits amid a drop in the stock market, but losses in the region were limited by exporters and a view that their bullish trend remains intact. The Taiwan dollar has risen 4.2 per cent against the greenback so far this year and the won also has gained about 4 per cent. The Singapore dollar hit a record high on Friday. However, their rising trend remain intact and currency players are likely to buy them on dips, analysts and dealers said. The won slid as investors added dollar positions to take profits from the won's recent gains but recovered some of its earlier losses from exporters' demand for settlements. Exporters bought the South Korean currency as it found

strong support around 1,102, which the foreign exchange authorities had defended. The won lost 0.8 per cent to 13.2654 versus the yen, but the fall may provide investors to build up yen-short positions, dealers and analysts said. The ringgit fell on dollarshort covering but interbank speculators sought chances to buy it whenever it weakened past 3.0300 per dollar, as it has supports around 3.0300 and 3.0400. Earlier, the Malaysian currency weakened to 3.0350, the weakest since Mar 24. The ringgit faces support at 3.0351, a 55-day moving average, and at 3.0400, a 50 per cent retracement line of its MarchApril rising trend. "I had expected USD/MYR to test 3.03503.0400, but people are selling it around 3.0300-3.0310 today,"

Stg slips vs euro, steady against dollar LONDON: Sterling gave back ground to a broadly firmer euro on Tuesday which recovered from the previous day's sell off, though the pound was likely to be supported in the medium term as markets focused on fiscal consolidation. Sterling had risen over one per cent against the euro on Monday as the single currency was weighed by speculation

Greece would need to restructure its debt soon. The euro bounced back on Tuesday in thin trade as dealers adjusted positions ahead of the Easter break. "From the fiscal side, the UK looks far better placed, and I think we'll see growing concern about fiscal problems in the second half of this year," said Simon Derrick, head of currency research at Bank of New York Mellon. "In three to six months the euro should be heading towards 80 pence against sterling as markets focus on fiscal

consolidation," he added. The euro was up 0.3 per cent for the day at 87.76 pence after falling to an 11-day low on Monday of 87.42. "I am short (of the euro) here and looking for an initial target of 86.10 and then sub 85.00. On the upside we should not break 0.8800-30 for this scenario to play out," said a trader at a major US bank.

Last week, the euro rose to five-month highs against the pound on expectations that UK interest rates would continue to lag those in the euro-zone. Markets now expect the Bank of England to put off raising rates until October, while another euro-zone rate hike is widely anticipated in the next few months following hawkish comments from European Central Bank policymakers. Sterling rose 0.2 per cent against the dollar to $1.6294 after dropping to a two-week low on Monday of $1.6166. -Reuters

said a Kuala Lumpur-based dealer. The ringgit also found support from selling Singapore dollar against the Malaysian currency. The ringgit edged down to 2.4244, but market is targeting its next support at 2.4150. The Singapore dollar slid on sales from leveraged accounts and interbank speculators. The city-state's currency found some demand when it weakened past 1.2500, but market players stayed wary of further risk aversion and US dollar-short coverings by interbank speculators. The peso slid on dollar-short coverings, but leveraged accounts showed interests in buying the Philippine currency on dips at its session low of 43.47 per dollar. Markets are also wary of dollar selling from the central bank at the 43.50 support. -Reuters

Swiss franc slips vs euro ZURICH: The Swiss franc eased from a one-month peak against the euro on Tuesday, with traders taking profits following hawkish comments by a European Central Bank policymaker. The European Central Bank needs to remain "very alert" on inflation dangers to avoid falling behind the curve, policymaker Nout Wellink was quoted as saying. The safe-haven Swiss franc rose on Monday after Standard & Poor's affirmed the 'AAA/A1+' sovereign credit rating on the United States but revised the outlook on the long-term rating to negative from stable. The franc was little moved against the euro compared to the New York close, trading at 1.2756 per euro at 0713 GMT. The franc was flat against the dollar at 0.8965 per dollar. Owing to the strength of the franc, the Swiss National Bank expects growth to slow somewhat this year as exports decline. Between March 2009 and June 2010 the SNB intervened in markets to prevent the franc from rising excessively. According to a study by Deloitte, most Swiss companies do not expect the strong franc to hurt their business and do not favour renewed central bank intervention. -Reuters

Aussie & NZ dlrs weighed by stocks, debt woes SYDNEY/WELLINGTON: The Australian and New Zealand dollars slipped on the US dollar and yen on Tuesday as falling stocks, escalating euro debt woes and a credit warning for US debt sparked a wave of risk aversion. The global concerns overshadowed a generally upbeat outlook from the Reserve Bank of Australia (RBA). Minutes of the April board meeting showed it remained focused on the challenge of accommodating a mining boom at home without generating too much inflation. "Markets were not looking for anything new from the RBA... The broad picture remains intact," said Grant Turley, FX strategist at ANZ. Indeed, interbank futures imply a mere 40 per cent chance of a 25 basis-point-hike by December, while markets are priced for just 18 basis points worth of hikes over the next 12 months. The Australian dollar barely reacted to the minutes but stayed under pressure as steep falls in Asian stocks hurt risk appetite. It last traded at $1.0467, from $1.0510 in New

York and a high of $1.0572 on Monday. It dipped as far as $1.0454 offshore with investors preoccupied by US and European sovereign debt issues. Still, analysts underscored the relative resilience of the local currency to overnight events and are upbeat the Aussie. Support for the Aussie is seen from $1.0423, with resistance at $1.0520 and $1.0585, its 29year peak struck on April 8. Similarly to its neighbour, the New Zealand dollar slipped to $0.7845, from $0.7904 in New York. It touched a five-day low of $0.7842 on Monday after softer-than-expected inflation data. Risk aversion also pushed commodity currencies lower on the yen after recent rapid run-up, skidding to 86.14 yen, from 87.80 for the Aussie and 64.52 for the kiwi. Yet, the Antipodeans fared better on the depressed euro, with the single currency at A$1.3587 against the Aussie, off a sevenweek low of A$1.3523 overnight. The euro also slipped on the kiwi to NZ$1.8126, after hitting an eight-week trough of NZ$1.7859. -Reuters

SHANGHAI: The yuan closed lower against the dollar on Tuesday after the People's Bank of China set a slightly weaker mid-point to take into account the global dollar rally overnight. The pullback came after the PBOC engineered a series of record highs for the yuan this year, partly because a generally weakening dollar has helped send global commodity prices surging, boosting imported inflation for China, the world's fastest growing market for staple goods. Traders said the momentary fallback of the yuan from record highs would not affect the longer-term rising trend as China uses the exchange rate as one of its inflation-fighting tools. The official China Securities Journal said in a front-page commentary on Tuesday that China was expected to let the yuan rise at a faster pace. Referring to remarks over the weekend by Zhou Xiaochuan, China's central bank governor, who said the yuan will be used to curb inflation, the newspaper asserted that the currency is

set to pull more weight as a monetary policy tool. Consumer price inflation in March sped to 5.4 per cent from a year earlier, the fastest since July 2008 and topping market forecasts for a 5.2 per cent increase. Spot yuan closed at 6.5305 against the dollar on Tuesday, down from Monday's close of 6.5287 but still within reach of its record high of 6.5276 hit in intraday trading on Monday. The currency has now appreciated 4.52 per cent since it was depegged in June 2010, and 0.88 per cent so far this year. Before trading began, the PBOC fixed the yuan's midpoint at 6.5346, slightly weaker than Monday's 6.5310. The fixing is used by the PBOC to express the government's intentions for the currency. Offshore, one-year nondeliverable forwards were bid at 6.3800 in late trade, down slightly from 6.3870 at Monday's close. Their implied yuan appreciation in a year's time edged up to 2.42 per cent compared with 2.31 per cent. -Reuters

Indian rupee off lows on local share MUMBAI: The Indian rupee weakened on Tuesday, but recovered from a two-and-a-half week low aided by dollar sales by some corporates and a rebound in the euro. A late session turnaround in choppy domestic equities also supported the local unit. The partially convertible rupee ended at 44.4800/4900 per dollar, 0.07 per cent weaker than its 44.45/46 close on Monday, but 0.5 per cent stronger than its day's low of 44.7050 -- a level not seen since March 31. "Rupee's recovery was partially due to stability in the euro and some dollar selling from corporates," said Kunal Khanolkar, foreign exchange dealer at Saraswat Co-operative Bank. Larsen & Toubro , India's top engineering and construction firm, was said to have sold the US unit at around 44.60-44.65 level. Traders expect the Indian unit to move in 44.20-44.75 range this week. Investors will have to weigh surging inflation and fear of central bank rate hikes against views of continued dollar inflows into emerging markets like India, they said. Foreign funds have poured

Source JPY JPY EUR GBP USD USD

Events Tertiary Industry Activity m/m Trade Balance German PPI m/m MPC Meeting Minutes Existing Home Sales Crude Oil Inventories

Source

Events

CNY EUR EUR EUR EUR EUR CAD CAD CAD CAD USD USD

HSBC Flash Manufacturing PMI German Flash Manufacturing PMI German Flash Services PMI Current Account Flash Manufacturing PMI Flash Services PMI Core CPI m/m CPI m/m Leading Index m/m Wholesale Sales m/m Building Permits Housing Starts

Forecast 0.2% 0.33T 0.8% 3-0-6 5.02M 0.7M

Previous 2.1% 0.56T 0.7% 3-0-6 4.88M 1.6M

Actual

Forecast

Previous

51.8 61.7 57.7 -7.2B 57.7 56.9 0.7% 1.1% 0.8% -0.6% 0.59M 0.55M

60.1 59.9 -2.3B 57.2 57.0 0.3% 0.7% 0.5% 0.1% 0.55M 0.53M

51.8 60.9 60.1 -5.6B 57.5 57.2 0.2% 0.3% 1.1% 1.6% 0.53M 0.51M

Previous Day

Canadian dollar hits one-week high after inflation data NEW YORK: Solid euro-zone economic data helped the euro rebound against the dollar on Tuesday after its worst day in five months but nagging worries about debt troubles in Greece looked set to keep the single currency vulnerable. The euro climbed above $1.43, well off a two-week low of $1.4155 reached on Monday, when fears mounted that Greece will have to restructure its debt possibly as early as summer. Traders cited technical support near $1.42 and automatic buy orders that were triggered above $1.4250. The euro-zone composite PMI, a measure of the private sector combining services and manufacturing, nudged up to 57.8 from March's 57.6, beating forecasts for a fall to 57.1 and showing business activity in Germany and

Time 4:50 4:50 11:00 13:30 19:00 19:30

$3.1 billion into Indian equities since the start of March after being net sellers in January and February. The one-month onshore forward premium was at 27 basis points, up 1 basis point from previous close. The threemonth was steady at 83.00 basis points and the one-year was at 320 basis points versus 317.25. The one-month offshore nondeliverable forward contracts were quoted at 44.77, weaker than the onshore spot rate. In the currency futures market , the most traded near-month dollar-rupee contracts on the National Stock Exchange, on the MCX-SX and the United Stock Exchange were at 44.5600, 44.5650 and 44.5625 respectively, with total volume at $11.13 billion. -Reuters

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

As per 22.00 PST Ask High 1.4318 1.4328 0.8989 0.8997 1.6318 1.6326 0.9564 0.9664 1.0519 1.0528 118.0200 118.3500 0.8771 0.8793 1.2862 1.2871 134.6300 134.8000 91.7700 92.2900 1491.5300 1498.0400

Bid 1.4316 0.8985 1.6315 0.9559 1.0515 117.9800 0.8767 1.2859 134.5400 91.7100 1490.7300

Low 1.4209 0.8948 1.6235 0.9550 1.0446 117.0900 0.8744 1.2733 133.8200 91.6800 1487.8500

London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 19/04/2011 A USD GBP CAD EUR JPY O/N 0.13350 0.56688 0.96833 1.09625 SN 0.11563 1WK 0.18010 0.58188 1.00667 1.12475 0.12375 2WK 0.19375 0.58938 1.04250 1.11725 0.13000 1MO 0.21260 0.62250 1.08250 1.10750 0.14563 2MO 0.24325 0.69813 1.13250 1.15313 0.16125 3MO 0.27375 0.81938 1.20000 1.29125 0.19813 4MO 0.32075 0.89500 1.27083 1.38438 0.24563 5MO 0.38300 1.00250 1.33917 1.47750 0.30000 6MO 0.43375 1.11625 1.39917 1.59188 0.34563 7MO 0.49275 1.20063 1.48833 1.67000 0.39563 8MO 0.54700 1.28875 1.57000 1.75000 0.44250 9MO 0.59525 1.37000 1.64667 1.83500 0.48688 10MO 0.65175 1.45250 1.74000 1.91250 0.51438 11MO 0.70475 1.52250 1.83167 1.98375 0.54125 12MO 0.76250 1.59063 1.92667 2.06563 0.56438

Major Central Banks Overview Central Bank

Next Meeting

Last Change

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

May 31, 2011 May 5, 2011 April 28, 2011 May 5, 2011 April 27, 2011 June 16, 2011 May 3, 2011

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

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

Division of National Bank of Pakistan (NBP) KARACHI, April 19,2011 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

84.35 137.04 119.98 87.40 94.12 88.26 13.36 1.02 15.38 67.52 16.09 22.49 10.84 304.67 27.85 66.18 23.17 22.96 0.08 2.80

84.15 136.71 119.70 87.20 93.90 88.05 13.33 1.02 15.34 67.36 16.05 22.44 10.81 303.94 27.78 66.02 23.11 22.91 0.08 2.79

83.94 136.34 119.35 86.97 93.65 87.82 13.30 1.02 15.30 67.18 16.01 22.38 10.79 303.14 27.71 65.85 23.05 22.85 0.08 2.79

Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for April 19, 2011

0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years

KASB 12.90 13.00 13.05 13.15 13.20 13.32 13.55 13.65 13.80 13.95 14.03 14.05 14.07 14.08 14.10 14.11 14.12 14.12 14.40 14.65

BMA 12.95 13.00 13.05 13.12 13.15 13.30 13.59 13.64 13.82 13.85 13.95 14.03 14.01 14.04 14.05 14.07 14.08 14.09 14.40 14.65

ELXIR 12.85 12.95 13.05 13.16 13.22 13.33 13.59 13.64 13.81 13.95 13.97 13.98 13.99 14.08 14.09 14.00 13.98 14.08 14.42 14.68

GSL 12.75 12.95 13.05 13.15 13.25 13.40 13.61 13.72 13.84 13.95 14.00 14.01 14.02 14.05 14.05 14.06 14.08 14.10 14.50 14.80

ICSL 12.95 13.00 13.10 13.15 13.27 13.35 13.60 13.62 13.83 13.96 13.95 14.00 14.00 14.05 14.07 14.06 14.08 14.09 14.45 14.70

JSCM AvgRate 13.05 12.91 13.00 12.98 13.05 13.06 13.12 13.14 13.22 13.22 13.32 13.34 13.59 13.59 13.70 13.66 13.82 13.82 13.95 13.94 13.96 13.98 13.99 14.01 14.00 14.02 14.05 14.06 14.08 14.07 14.05 14.06 14.04 14.06 14.09 14.10 14.45 14.44 14.65 14.69

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

AUD/USD EUR/CHF EUR/GBP EUR/USD GBP/USD NZD/USD

week month months months year years

-0.48 0.88 0.88 0.69 0.21 -0.55

0.98 0.74 0.43 0.31 0.45 0.92

0.24 0.67 0.79 0.71 0.65 0.67

0.52 0.84 0.88 0.88 0.44 0.72

0.01 0.57 0.62 0.76 0.18 0.49

USD/CAD USD/CHF

-0.94 0.86 0.43 0.29 0.16 -0.50

-0.42 -0.98 -0.88 -0.64 -0.41 0.59

0.95 -0.10 -0.64 -0.58 -0.04 0.35

Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)19/04/2011 1WEEK

2 WEEK

1 MONTH

3 MONTH

6 MONTH

9 MONTH

1YEAR

2YEARS

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

BID

ASK

ABLN 12.60

13.10

12.65

13.15

12.70

13.20

13.15

13.40

13.50

13.75

13.60

14.10

13.70

14.20

13.90

14.40

JSBL

12.50

13.00

12.70

13.20

13.05

13.55

13.25

13.50

13.50

13.75

13.60

14.10

13.70

14.20

13.80

14.30

ASPK 12.70

13.20

12.80

13.30

12.90

13.40

13.20

13.45

13.50

13.75

13.60

14.10

13.70

14.20

13.80

14.30

CIPK

12.70

13.20

12.80

13.30

13.00

13.50

13.10

13.35

13.50

13.75

13.60

14.10

13.70

14.20

13.80

14.30

DBPK 12.60

13.10

12.70

13.20

12.80

13.30

13.00

13.25

13.45

13.70

13.55

14.05

13.65

14.15

13.75

14.25

FBPK 12.65

13.15

12.75

13.25

12.80

13.30

13.25

13.50

13.50

13.75

13.65

14.15

13.80

14.30

13.90

14.40

FLAH 12.70

13.20

12.80

13.30

12.90

13.40

13.25

13.50

13.50

13.75

13.60

14.10

13.70

14.20

13.80

14.30

HBPK 12.70

13.20

12.80

13.30

12.95

13.45

13.25

13.50

13.50

13.75

13.65

14.15

13.75

14.25

13.85

14.35

HKBP 12.60

13.10

12.75

13.25

12.95

13.45

13.25

13.50

13.50

13.75

13.60

14.10

13.70

14.20

13.80

14.30

NIPK

12.75

13.25

12.80

13.30

13.10

13.60

13.30

13.55

13.40

13.65

13.50

14.00

13.60

14.10

13.70

14.20

HMBP 12.70

13.20

12.90

13.40

13.00

13.50

13.25

13.50

13.50

13.75

13.60

14.10

13.75

14.25

13.85

14.35

SAMB 12.50

13.00

12.70

13.20

12.95

13.45

13.25

13.50

13.50

13.75

13.65

14.15

13.75

14.25

13.85

14.35

MCBK 12.50

13.00

12.60

13.10

12.80

13.30

13.20

13.45

13.50

13.75

13.60

14.10

13.70

14.20

13.80

14.30

NBPK 12.65

13.15

12.75

13.25

12.85

13.35

13.20

13.45

13.50

13.75

13.60

14.10

13.70

14.20

13.80

14.30

SCPK 12.60

13.10

12.60

13.10

12.80

13.30

13.20

13.45

13.50

13.75

13.60

14.10

13.70

14.20

13.80

UBPL 12.75

13.25

12.75

13.25

12.75

13.25

13.20

13.45

13.45

13.70

13.50

14.00

13.65

14.15

13.90

14.40

AVE

13.15

12.75

13.25

12.89

13.39

13.23

13.48

13.50

13.75

13.60

14.10

13.71

14.21

13.82

14.32

12.65

14.30


4 Wednesday, April 20, 2011

PAKISTAN MILITARY

The Financial Daily International Vol 4, Issue 163

Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi

STRIVES TO SECURE CENTRAL AFGHAN ROLE

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

IMF has be a little considerate With the return of Pakistani delegation from Washington some of the quarters are trying to create an impression that the mission has come back with empty hands. The argument is that IMF has not only refused to release remaining amount of US$3.3 billion but has also indicated that until the 6th tranche is released, it is highly unlikely that the IMF holds any negotiations on another arrangement. The IMF's concerns are high inflation rate, mounting fiscal deficit, and failure to withdraw exemptions incorporated in the reformed general sales tax and energy subsidies. A notification issued by the government of Pakistan on April 1, exempting textiles and leather and sporting goods from the RGST has upset the IMF. Fund's argument is since these are the biggest income generating sectors; giving exemptions to them will further weaken the government's ability to raise money, particularly when it was reluctant to impose agriculture tax. All the concerns of the IMF may be justified but it must keep in mind the devastation caused by deluge of August last year. Added to this have been destruction caused by the militants and extremists, target killing and load shedding of electricity and gas. Keeping these factors in mind it is necessary to highlight some major achievements. The Fund must also take into account that during the first nine-month of the fiscal year Pakistan's current account has registered a surplus of US$99 million as against a deficit of US$3.106 billion for the same period last year. It is worth mentioning that Pakistan has achieved surplus after seven years. The became possible mainly because of reduction in trade, services and income deficits and country receiving logistical support along with record workers' remittance. Pakistan's export of textiles and clothing touched level of U$9.88 billion against US$7.57 billion during this period depicting rise of around by more bthan30 per cent. Initially the government had set an export target of US$21.5 billion, which subsequently revised that to US$20 billion after the unprecedented floods. The rise in the country's textile exports can be attributed to global economic recovery and higher per unit price of Pakistan textile products. However, the real cause of concern is rise in oil import bill to U$8.08 billion as compared to US$7.34 billion during this period. The surge in oil import bill was because of increase in prices of crude oil and petroleum products in international market along with lower consumption of CNG due to shedding of gas. According to the data, major surge in oil imports bill was witnessed on import of crude oil which increased by nearly 28 per cent to US$3.4 billion against US$2.66 billion. However, import of manufactured petroleum products showed marginal growth only. It is also to remind the IMF that increasing electricity and gas tariffs and imposition of new taxes could prove detrimental to the growth of economy. Let us not forget, enhance economic activities not only jack up GDP growth but also help in increasing tax collection.

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.

Chris Allbritton

T

he Pakistani military is scrambling to shore up ties with Afghanistan to ensure a central role in a negotiated settlement of the conflict as the beginning of a U.S. military withdrawal draws closer. Uneasy neighbours Pakistan and Afghanistan took an important step last weekend, agreeing to include Pakistani military and intelligence officials in a commission seeking peace with the Taliban, giving Pakistan's security establishment a formal role in any talks. Relations between Pakistan and Afghanistan have been fraught for decades largely because Pakistan has seen successive Afghan governments as too close to its main enemy - India. Pakistan's military has had long-running ties to the Afghan Taliban and has repeatedly said that the road to a settlement of the 10-year conflict inAfghanistan runs through Islamabad. It has in the past frowned upon efforts by Kabul to independently launch dialogue with the Taliban and is unlikely to countenance a similar outreach by Washington to the insurgent group without its involvement. In recent months, Pakistan has sought to improve relations with Afghan President Hamid Karzai as the United States begins its withdrawal in July, and regional powers including India jostle for influence. "This is part of General Kayani's relentless outreach to President Karzai ever since the Obama administration announced withdrawal plans," said C. Raja Mohan, a prominent Indian foreign affairs expert, referring toPakistani army chief, General Ashfaq Kayani. Mohan said Karzai - who has often blamed Pakistan for fueling the insurgency in his country - had responded to the Pakistani military overtures because he saw Pakistan as his hope for survival once the United States leaves. "Karzai is looking to his political future after the U.S. withdrawal and he has asked for 'Pindi's help to find a way to work things out with the Taliban," he added, referring to Pakistani army headquarters in the city of Rawalpindi. Feelers have gone out between the Afghan government and Taliban sympathisers, although no formal peace process has begun. At the same time, Afghanistan and Pakistan have

Uneasy neighbours Pakistan and Afghanistan took an important step last weekend, agreeing to include Pakistani military and intelligence officials in a commission seeking peace with the Taliban, giving Pakistan's security establishment a formal role in any talks.

turned to each other when their own relations with the United States are strained. U.S. ties with Karzai have soured since his election was called into question and over corruption. Relations with Pakistan have suffered over covert U.S. actions, including missile attacks by drone aircraft that Washington says are necessary to hunt down al Qaeda and the Taliban and which Pakistan sees as a violation of its sovereignty. Above all, driving the flurry of diplomacy is the worry that the United States will leave Pakistan to clean up the mess after it leaves, just as it did following the Soviet withdrawal from Afghanistan in 1989. "As we're coming to the end game, it's created a sense of urgency for an opening for all sides to come back to the table," said Cyril Almeida, a columnist for Pakistan's Dawn newspaper.

But the question, he said, is whether the younger generation of Taliban commanders is war-weary or war-hardened, and how much authority supreme Taliban leader Mullah Mohammad Omar retains over them. That uncertainty calls into question how much sway Pakistan itself has over the militants, given its ostensible abandonment of them in 2001 after an American ultimatum COMPLICATED TIES Pakistan's once close relationship with the Taliban - it was one of only three countries to recognize the brutal regime toppled by the United States in the wake of the Sept. 11, 2001, attacks - has become more complicated. "The Taliban are not a manageable force anymore. The blowback that has happened in Pakistan,the whole insurgency. They're really worried about the emboldening of characters on their side of the border," said Kamran Bokhari, Middle East and South Asia director for the global intelligence firm STRATFOR. "They don't want the Talibanisation of Afghanistan," he said, referring to Pakistani leaders. One scenario that Pakistan is working towards is a coalition government - perhaps similar to the one in Iraq - that sees thes Taliban embedded in a political process that grants them a major say, but prevents them from taking over entirely, Bokhari said. It is unclear if the United States would be happy with that, but it may have little choice given that a military victory looks impossible. "Ultimately, the Americans don't like the idea that there should be some negotiations with the Haqqanis and Mullah Omar," Bokhari said, referring to the most dangerous Afghan Taliban faction. "But it's in their interest to see a little bit of a load taken off their plate," he said, referring to a Pakistani role in pressing the Taliban to talk peace. But before Pakistan can play a major role, it must overcome distrust in Afghanistan, and a belief that it will always see the Taliban as its long-term allies in achieving its aims, including keeping India at bay, analysts in Kabul say. "One thing is clear," said Thomas Ruttig, co-director of the Afghanistan Analysts Network. "Pakistan needs to play a more constructive role in Afghanistan. I don't see signs that Pakistan has given up its ideas of using the Taliban as an asset for post2014 Afghanistan."-Reuters

FEW OPTIONS FOR CBANK AS INDIA LOSES GRIP ON INFLATION I

ndia is risking losing control of inflation, leaving the central bank with few tools other than the blunt instrument of more aggressive interest rate increases even as growth momentum slows. The near-9 percent annual rise in the March headline inflation rate reported on Friday and a sharp upward revision in the January figure stunned investors and fuelled calls for tougher rate action by the Reserve Bank of India. In addition to more hawkish language, the central bank may lift rates by 50 basis points (bps) at its May 3 policy review, twice as much as expected earlier, or more likely increase the number of times it will raise rates in its current tightening cycle. "They have to move by about half a percentage point in the May policy just to signal to the market that they are trying to catch up to the curve," said Abheek Barua, chief economist at HDFC Bank in New Delhi. Although most market players said they still expect the RBI to stick with its usual 25 bps point move, the 1-year overnight indexed swap has risen more than 25 bps since last week's inflation data, implying expectations for an added rate hike over the next year. The yield on the 7.8 percent 2021 bond is up 8 bps over the same period. Nobody accuses the RBI of being passive. It has raised rates eight times since March 2010, even as inflation for the past year has been driven mainly by the prices of food as well as energy and other global commodities that it can do little about. Fast-growing India is prone to inflation after years of underinvestment in everything from power and roads to agriculture and education, which creates capacity constraints that will take years to rectify and leave the economy vulnerable to shocks like a bad harvest or a spike in coal prices. "India needs to address several structural reform issues on a priority basis to make monetary policy more effective," said Rupa Rege Nitsure, chief economist at Bank of Baroda. "The ultimate solution for the current inflation problem is not within the control of the RBI alone," she said. However, core inflation, driven by demand of the sort that is more receptive to monetary fixes, has also been on the rise in Asia's third-largest economy, hitting a 29-month high in March, according to Barclays. That may compel the central bank and its mild-mannered governor,Duvvuri Subbarao, to shed its oft-stated "calibrated" approach to monetary tightening and make a bolder gesture. CREDIBILITY GAP Unlike China, which has been raising reserve ratio requirements for banks to tame inflationary lending, India is unlikely to pull this lever, with liquidity already tight and the government's need to fund its borrowing programme. Meanwhile, the likely increase by New Dehli in

diesel prices once elections in a handful of states are completed next month will only add to near-term inflationary pressure. Diesel in India sells at 30 percent below cost, according to Standard Chartered, which said a 5 percent increase in the fuel price could add about 30 bps to headline inflation, not counting knock-on effects. Standard Chartered on Monday doubled its prediction for rate rises for the remainder of 2011 to 100 bps from 50, while Barclays raised its forecast to 75 bps of increases by September, from 50 bps earlier. "Tightening monetary policy to engineer a soft landing is a better option than allowing inflation to persist and risking a hard landing at a later stage," Standard Chartered economists wrote, lifting their average inflation forecast for the fiscal year that started this month to 8.4 percent from 7.9 percent. Beyond raising fuel prices, growth-obsessed New Delhi is unlikely to implement new fiscal restraint, leaving it to the central bank to manage the aftermath of financial crisis-era stimulus and other programmes that have helped fuel demand, especially in rural areas. "Other than rate hikes, not many options are available to the RBI as liquidity is tight and expected to tighten further," said Sandeep Bagla,senior vice president at ICICI Securities Primary Dealership in Mumbai. While the March inflation figure surprised just about every forecaster, the fact that the RBI's own prediction was so far off also hurt its credibility. It raised its outlook for end-March inflation to 8 percent on March 17, adding to upward revisions it made in November and January. "At this stage I think the RBI is very seriously concerned about its credibility, and the fact that inflation expectations are getting sort of revised up to a permanently high level," said HDFC Bank's Barua. SLOWING GROWTH RBI action will, however, be tempered by signs of weakness in India's growth story, including sluggish investment activity and industrial output. Almost no private economist shares New Delhi's view that India will grow at 9 percent in the fiscal year that started this month. Rather, many predict a decline from last year's growth of about 8.6 percent to below 8 percent. In addition to an economy running up against capacity constraints, the impact of the RBI's tightening programme is starting to bite, raising the cost of capital. The central bank has also expressed concern about sluggish investment. Robert Prior-Wandesforde, an economist with Credit Suisse in Singapore, said slowing growth is just what India needs. "In my view, the overall policy stance, particularly what's happened to interest rates, is now enough to send growth below trend," he said. "India does require now a period of sub-trend growth to alleviate these bottlenecks, these constraints."-Reuters

Unlike China, which has been raising reserve ratio requirements for banks to tame inflationary lending, India is unlikely to pull this lever, with liquidity already tight and the government’s need to fund its borrowing programme.


5

Wednesday, April 20, 2011

South East Asian stocks

Mostly down on US debt woes; Singapore at three week low

European shares rise as earnings lift confidence KSE-100 Index Opening Closing Change % Change Turnover (mn)

11,674.83 11,599.28 75.55 0.65 56.30

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

3,234.78 3,200.32 34.46 1.07 1.52

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

2,514.95 2,504.13 10.82 0.43 0.01

Major Gainers

Close

Change

ULEVER 4,944.00 NESTLE 3,538.75 SHEZ 155.32 MUREB 101.79 PPP 39.41

Symbol

44.19 13.13 7.18 2.64 1.54

Major Losers

Symbol

Close

Change

SIEM MCB ICI ENGRO POL

1,081.00 197.67 151.45 191.80 319.03

-35.97 -4.05 -3.91 -3.73 -3.46

Top 5 Volume Leaders

Symbol

Close Vol (mn)

AHCL PACE JSCL LUCK NIB

24.55 3.19 7.23 69.96 1.98

5.91 3.36 3.30 3.03 2.98

Active Issues Plus Minus Unchanged

97 158 104

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) Production (Feb 11)

10,444 1,555

Sales (Feb 11)

1,665

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

186 133 0 20

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

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

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

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

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

Bears Overtake Bulls at KSE Nawaz Ali KARACHI: Decline in global stock markets and fears of further selling by foreigners kept the Karachi Stock Exchange in the grip of bears on Tuesday also forcing the index to close below 11,600 levels despite some good corporate result announcements. The benchmark KSE-100 index fell by 75 points to close at 11,599 points; KSE-30 index dropped 115 points to close at 11,282 points while KSE allshare index lost 50 points to close at 8,089 points. "Plunge in global and regional markets coupled with the sell off from foreign fund managers at local bourse dampened already weak sentiments", said Samar Iqbal, equity dealer at Topline Securities. After a positive opening, bulls failed to stay on for long due to selling by local investors after a heavy sell-off by foreigners a day earlier. Further,

Standard & Poor's lowered its credit outlook for the United States, citing risks that policy makers may not reach agreement on a plan to slash the huge federal budget deficit. Index then stayed in the bearish territory till the closing bells despite some good corporate results announcements by Attock group of companies, Pakistan Oilfields and Hub Power. The index just before the closing bells touched an intra-day low of 11,597 points (-ve 77) and closed the day near those levels. Pakistan Oilfields announced its nine months results posting profit after tax of Rs7.838 billion (EPS: Rs33.14), Hub Power Company earned a net profit of Rs4.228 billion (EPS: Rs3.67) and Attock Petroleum announced a profit of Rs2.75 billion (EPS: Rs39.83). KARACHI: An investor reacts in front of an electronic board displaying stock prices at the After heavy selling on Karachi Stock Exchange.-Reuters Monday foreign investors were decline in global capital mar- for US debt too compelled ings taking the index in the red on the buying side on Tuesday. kets on S&P's negative outlook investors to offload their hold- zone. See # 8 Page 11

POL, APL, NRL & ATRL register earning growth Ghulam Raza Rajani KARACHI: Pakistan Oilfields limited (POL), Attock petroleum Limited (APL), National Refinery Limited (NRL) and Attock Refinery Limited (ATRL), the subsidiaries of the Attock Oil Company Limited announced on Friday their results of first nine month of the current ending March 31, 2011. POL's profit after tax surged by 40.1 per cent to Rs7.83 billion against Rs5.59 billion for corresponding period last year which translates into earning per share as Rs33.14 against Rs23.66 during the same period last year due to

surge in oil and gas volume. Net sales of the company increase by 41.8 per cent to Rs18.15 billion from Rs12.8 billion, whereas the gross profit increased by 46.3 per cent to Rs11.32 billion from Rs7.73 billion during the period under review. Exploration cost went up by 6.1 per cent to Rs924 million in 9MFY11 as compared to Rs870 million in 9MFY10. Administrative expenses were up by 11.7 per cent to Rs59.6 million as compared to Rs53.3 million during the corresponding period last year. See # 12 Page 11

Nikkei hits 3wk low TOKYO: Tokyo stocks hit a three-week low on Tuesday after chipmaker Texas Instruments warned the impact from Japan's earthquake last month would result in slower sales growth and after the yen climbed on Standard & Poor's threat to cut its US credit rating. While market participants said that the impact from the S&P's move would likely be temporary, weaker US earnings have begun to reveal the severity of the state of global supply chains after the March 11 quake, putting more pressure on shares before Japanese firms start reporting next week. Texas Instruments said it was contending with supply short-

ages as well as damage to its own factories and those of its customers in Japan. "We need to look at demand. We already know about problems with supplies due to the quake, but I'm worried that if a drop in demand is behind TI's weaker earnings, that may dampen the sentiment for stocks further," said Kiyoshi Noda, chief fund manager at MU Investments. In thin trade, the Nikkei fell 1.2 per cent or 115.62 points to 9,441.03, breaking out a trading range between 9,516 and 9,822 that had been in place for the last few weeks. Decliners outnumbered advancers 1,281 to 274. See # 13 Page 11

ANNOUNCEMENTS Company IGI InsuranceXDXB Biafo Industries Attock Petroleum Attock Refinery Habib Modaraba Hub Power Co.(Consolidated) Hub Power Co.(Unconsolidated) Mari Gas Co. National Refinery Otsuka Pak Pak Oilfields Ltd. Packages LimitedXD

Period 1st Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 1st Qtr

Div/Bon/Right 10%(i)(D) 22%(iii)(D) -

PAT (Rs in mn) 217.31 132.89 2,752.79 881.96 195.11 4,228.99 4,284.46 1,347.64 4,846.93 22.00 7,838.91 126.28

EPS(Rs) 3.02 6.64 39.83 22.87 0.97 3.67 3.70 18.34 60.60 2.20 33.14 1.50

Miners lead FTSE rebound LONDON: Strength in oversold commodity issues fuelled a modest rally by Britain's top share index on Tuesday, while sovereign debt worries continued to dog banking stocks. At the close, the FTSE 100 index was up 26.79 points, or 0.5 per cent at 5,896.87, having dropped 2 per cent on Monday to hit its lowest level since March 23 after S&P cut its credit outlook for the United States to negative. "A bounce back following Monday's plunge was to be expected, but the moderate nature of it indicates that investors are unsure there will be any really solid advance in the near term," said Mic Mills, head of electronic dealing at ETX Capital. Specialty mining and metals was the top performing sector as UK blue chips saw some of Monday's flight from risk reversed. Precious metals group Fresnillo was the best sector performer, adding 3 per cent as the price of gold hit record highs near $1,500 an ounce for a second successive day. Integrated oils also recovered after Monday's falls as crude prices ticked higher, with BG Group up 0.8 per cent. Banks, however, were the worst performers, led by partnationalised lenders Royal Bank of Scotland and Lloyds Banking Group, down 0.6 per cent and 0.5 per cent, respectively, as global sovereign debt concerns kept them on the back foot. Barclays slipped 0.1 per cent ahead of first-quarter results due next week. The sector got no help from forecast-beating first-quarter results from US peer Goldman Sachs, as the Wall Street bank warned there were fewer opportunities to make money in the current environment. See # 14 Page 11

HK, China stocks fall on profit-taking HONG KONG/SHANGHAI: Hong Kong stocks traded lower on Tuesday, weighed by property and energy shares, as weak global markets gave investors further reason to take money off the table, following a warning on the United States' credit rating. Standard & Poor's on Monday lowered its credit outlook for the United States, citing risks that policymakers may not reach agreement on a plan to slash the

huge federal budget deficit. Turnover was just shy of HK$70 billion, a fresh April low, as the benchmark Hang Seng Index closed down 1.3 per cent to 23,520.6, outperforming the Shanghai Composite Index, which dipped 1.9 per cent to 2,999.0, its largest percentage fall in two months. "Fund flow concerns are coming up again," said Ben Kwong, Chief Operating

Officer at KGI Asia Ltd. "It's too early to say that funds are flowing out, but what's clear is that the flow of funds into Hong Kong is slowing down." There are worries that funds could be trickling out of the territory, evidenced by the weakening of the Hong Kong dollar in the last seven days, but Kwong said it was most likely not long-term funds. See # 15 Page 11

Result Preview

KAPCO profits likely up by 46pc Amir Abidi KARACHI: The after-tax earnings of Kot Adu Power Company Limited (Kapco), country's largest independent power producer is likely to show a growth of 46.4 per cent to Rs5.44 billion for the nine month ending March 31, 2011, translating into an EPS (earning per share) of Rs6.18, an analy-

sis conducted byThe Financial Daily (TFD) Research reveals. In 9MFY10, the company had posted a profit of Rs3.72 billion translating into an EPS of Rs4.22. Kapco is scheduled to announce its quarterly results today for the period ending March31, 2011. The major reason likely to increase in earning See # 9 Page 11

Narowal COD within April

Hubco profit

at Rs4.28bn Ahmed Siddique KARACHI: The Hub Power Company Limited (Hubco) has posted net earnings of Rs4.28 billion versus Rs4.29 billion profits during the 9MFY10, showing a marginal decline of 0.2 per cent. The earning per share of the Hubco also declined to Rs3.70 as against Rs3.71 in 9MFY10.

Turnover for the period was up by 12 per cent to Rs80.32 billion from Rs71.74 billion mainly due to power plants operating at an average load factor of 73.5 per cent and an average complex availability (ACA) of 86.4 per cent. Electricity sold to Wapda was 5,801 GWh. See # 10 Page 11

US stocks mid-day

Wall St flat on mixed earnings reports NEW YORK: US stocks were little changed on Tuesday as sliding revenue in financial companies pointed towards a struggling economy. Earnings from healthcare company Johnson & Johnson and a stronger-than-expected reading in housing starts buoyed specific sectors, but the S&P 500 index struggled to rise solidly above the key 1,300 level. Goldman Sachs Group Inc, the largest US investment bank, fell 1.4 per cent to $151.64 after it posted a decline in quarterly earnings as trading revenue dropped, and cautioned there were fewer opportunities to make money in the current environment. For details, see. "Revenues in financial earnings are below expectations, and (other sectors) are not providing enough of a positive surprise either," said Subodh Kumar, chief investment strategist at Subodh Kumar & Associates in Toronto. "That means future business is not as strong as markets have thought, and future business in financials is a glimpse that the economy is still fairly fragile." Johnson & Johnson, up 2.8 per cent to $62.15, was the top boost to the Dow after reporting stronger-than-expected sales and earnings. An index of pharmaceutical shares gained 0.4 per cent. Homebuilders largely outperformed the market after government data showed U.S. housing starts and permits for future home construction rose more than expected in March. PulteGroup rose 3.2 per cent to $8.09 and KB Home added 1 per cent to $11.41. The Dow Jones industrial average gained 12.26 points, or 0.10 per cent, to 12,213.85. The Standard & Poor's 500 Index added 0.34 points, or 0.03 per cent, to 1,305.48. The Nasdaq Composite Index dropped 4.90 points, or 0.18 per cent, to 2,730.48. Seagate Technology Plc fell 3.4 per cent to $17.23 after it posted results and announced a deal to buy Samsung Electronics Co's hard disk See # 11 Page 11

Dhiyan

MARKET TO REMAIN DIRECTIONLESS Aqeel Karim Dhedhi, Chairman, AKD Group The dull activities in the market are mainly due to diversion of investors' interest towards commodities. On the other side, below expected success of Margin Trading System (MTS) is also a reason for the low investors' interest. Therefore in my opinion MTS rules should be relaxed. I think there is value in the market and corporate results are good and after a couple of dull sessions I foresee some bullish activities jacking up volumes. Investors are advised to invest in oil and textile stocks with main focus on blue chips.

Muhammad Ahsan Rasheed, Director Research & Marketing, AMJ Growth Due to lack of local interest and foreign outflows along with corporate results without payouts, market would continue to see dull activities. Index has a strong support at 11,560 points and if it breaks this level on closing basis then we might see further bearish activities and index may fell to 11,100 points. Investors are advised to gradually invest in blue chips stocks at dips. They are also recommended to take positions with stop loss, trade in limit and don't hold positions on margin. Market outlook is mixed today.


6

Wednesday, April 20, 2011

Market

KSE 100 Index

Symbols

Volume

56,301,902

Value

2,851,446,224

Trades

42,954

Advanced Declined Unchanged Total

Current High Low Change

97 158 104 359

All Share Index

11,599.28 11,704.05 11,596.59 i75.55

Current High Low Change

8,089.17 8,159.02 8,089.17 i50.57

OIL AND GAS

Paid up Cap(mn)

Company Attock Petroleum Attock Refinery BYCO Petroleum National Refinery

Open

High

Low

Close Chg

6.57 367.01

369.25 363.10 363.64 -3.37

853

5.11 124.51

126.80 123.82 125.56

3921

Mari Gas Company

PE

High Low 1,405.14 1,386.27 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.09 32.54

691

-

9.00

9.09

8.81

1.05

8.85 -0.15

735

7.46 106.57

107.97 105.25 107.43

0.86

Last 60 days High Low

Volume 40793

401.00

321.00

1629932 143.58

% Change -0.37 5-Day High 1,407.46 5-Day Low 1,390.95

2010 Div BR (%) (%) 300

2011 Div BR (%) (%)

20B115.00

-

98.25

-

-

-

-

300973

11.13

8.20

-

-

-

-

13160

136.95

99.46

31

- 23.43

-

-

800

6.75 327.08

331.99 324.00 325.33 -1.75

412527

335.00

254.00

200

-

-

8.74 129.48

131.00 128.75 129.13 -0.35

2376362 175.80

128.21

55

- 15.00

-

Pak Petroleum

11950

7.54 206.23

206.70 205.50 206.21 -0.02

355501

218.50

190.10

90

20B 50.00

-

2365

7.35 322.49

322.50 318.40 319.03 -3.46

1038939 337.33

277.09

255

-100.00

-

-

-

-

- 50.00

-

Pak Refinery Limited

350

P.S.O

1715

-

90.31

4.58 272.61

Shell Gas LPG

226

Shell Pakistan XD

685 10.68 209.40

-

25.73

92.50

1.29

291360

120.50

83.00

-

272.65 270.00 270.67 -1.94

233583

308.00

265.00

80

27.01

89.30 25.27

91.60 26.34

0.61

208.95 207.21 208.20 -1.20

22882

34.24

23.04

-

-

-

-

2839

218.99

186.83

120

-

-

-

CHEMICALS Performance of SR Chemicals Index Open 1,827.67 Turnover 8,823,340 P/E (x) 8.81 Company

Paid up Cap(mn)

PE

High Low 1,833.06 1,789.83 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.08 35.00

Open

High

Low

Agritech Limited 3924 20.50 21.01 Biafo Ind 200 5.28 46.64 BOC (Pak) XD 250 9.34 91.15 Clariant Pak 341 5.12 144.26 Dawood Hercules 4813 3.47 64.54 Descon Chemical 1996 2.61 Descon Oxychem Ltd. 1020 10.74 8.30 Dewan Salman 3663 2.61 Dynea Pak 94 5.22 9.61 Engro Corporation Ltd 3933 10.54 195.53 Engro Polymer 6635 - 12.40 Fatima Fertilizer 22000 - 12.99 Fauji Fertilizer 8482 8.56 141.94 Fauji Fert. Bin Qasim 9341 7.65 40.69 Ghani Gases Ltd 725 10.66 12.34 ICI Pakistan XD 1388 8.65 155.36 Leiner Gelatine 75 - 25.55 Lotte Pakistan XD 15142 5.57 15.43 Mandviwala 74 1.18 Nimir Ind Chemical 1106 28.20 2.82 Shaffi Chemical 120 2.29 Sitara Chem Ind 214 2.51 103.00 Sitara Peroxide 551 7.33 17.29 United Distributors 92 - 14.41

21.11 48.97 91.55 144.00 64.15 2.70 8.34 2.67 9.71 195.49 12.59 13.00 142.00 41.25 12.60 156.17 26.82 15.45 1.33 2.95 2.40 103.50 17.75 15.41

20.00 44.40 90.75 142.50 61.71 2.62 8.10 2.57 9.62 191.26 12.30 12.86 138.73 40.42 11.92 150.50 24.28 15.10 1.09 2.80 2.30 101.00 16.90 13.50

Close Chg 20.50 46.69 90.98 143.14 61.92 2.62 8.16 2.61 9.70 191.80 12.38 12.89 139.07 40.53 12.15 151.45 24.61 15.15 1.09 2.82 2.39 101.35 17.00 14.95

-0.51 0.05 -0.17 -1.12 -2.62 0.01 -0.14 0.00 0.09 -3.73 -0.02 -0.10 -2.87 -0.16 -0.19 -3.91 -0.94 -0.28 -0.09 0.00 0.10 -1.65 -0.29 0.54

Close 1,795.28 Listed cap 52,251.88 mn Payout (%) 48.81

Change -32.39 Market cap 375,466.45 mn Div Yield (%) 5.54

Last 60 days High Low

Volume 54304 35326 3301 3407 285151 28610 33218 119745 5901 1296344 102228 230800 2347563 1504078 200947 127044 3183 2184065 6606 345075 1857 573 135395 28006

26.73 49.95 101.00 213.30 294.00 3.58 9.60 3.39 11.98 238.50 14.38 13.60 157.90 43.89 13.75 172.00 26.82 16.80 1.87 3.40 2.50 122.00 19.75 15.44

20.00 41.11 82.00 140.00 61.71 2.34 6.00 2.26 9.54 189.00 11.56 10.70 108.00 37.86 10.43 138.00 9.15 14.05 0.57 1.69 1.55 90.78 11.81 12.02

% Change -1.77 5-Day High 1,831.26 5-Day Low 1,795.28

2010 Div BR (%) (%)

2011 Div BR (%) (%)

45 - 49.50 60 135 25B 50 300B 15 60 20B - 27.5R 130 25B 65.5 175 5 25 5B -

-

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,004.37 Turnover 23,704 P/E (x) 5.06 Company

High Low 1,033.33 990.46 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.38 7.47

Close 1,003.35 Listed cap 1,186.83 mn Payout (%) 25.28

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

707 50 411

1.68 6.75

14.84 37.87 37.05

15.30 39.75 37.98

13.85 38.50 37.75

14.25 -0.59 39.41 1.54 37.82 0.77

18283 3550 1871

Century Paper Pak Paper Product Security Paper

Change -1.02 Market cap 2,768.33 mn Div Yield (%) 5.00

Last 60 days High Low 18.37 46.20 44.39

13.85 35.17 34.00

2010 Div BR (%) (%)

Company

Paid up Cap(mn)

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

PE

Open

High

Low

565 2.88 675 555 430.67 1199 18.68 785 40.91

27.70 2.00 12.72 52.49 8.81

27.65 2.00 13.00 52.99 9.15

27.36 1.90 12.60 50.01 8.56

Close Chg 27.50 2.00 12.92 51.36 9.00

-0.20 0.00 0.20 -1.13 0.19

Close 1,035.59 Listed cap 3,596.11 mn Payout (%) 30.91

2533.33B 50 -

Change -12.03 Market cap 9,709.89 mn Div Yield (%) 9.92

Last 60 days High Low

Volume 6715 27144 3111 20410 6064

31.00 2.95 15.70 58.75 9.60

25.67 1.80 12.26 45.81 8.51

-

-

- 10.00 25B 15.00 20B 15.00 -

-

Performance of SR Construction and Materials Index High Low 911.25 888.25 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.52 7.10

Close 894.38 Listed cap 54,792.74 mn Payout (%) 19.04

Change -3.36 Market cap 66,176.16 mn Div Yield (%) 2.60

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

866

6.88

54.95

54.75

53.20

54.39 -0.56

29705

61.00

48.50

Berger Paints Cherat Cement Dadabhoy Cement Dewan Cement

182 956 46.00 982 14.77 3891 -

16.22 11.09 1.92 1.65

16.24 11.90 1.93 1.75

15.90 11.00 1.66 1.60

16.00 11.04 1.92 1.66

4801 51718 33120 26821

22.25 11.90 2.00 2.25

DG Khan Cement Ltd Fauji Cement

3651 10.47 6933 5.85

24.42 4.31

24.55 4.35

24.11 4.14

24.19 -0.23 4.21 -0.10

515407 179047

Fecto Cement Flying Cement Ltd

502 1760

2.43 -

8.00 1.50

8.60 1.54

7.81 1.42

8.03 0.03 1.47 -0.03

Gharibwal Cement Kohat Cement

4003 1288

-

9.55 7.13

10.55 7.20

9.00 6.50

13126 3234 5261

5.68 -

3.11 69.94 2.39

3.18 70.45 2.44

Safe Mix Concrete

200

-

5.35

Shabbir Tiles XR Thatta Cement

361 798 934.50

7.00 18.47

Company Attock Cement

Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement

% Change -0.37 5-Day High 897.73 5-Day Low 891.34

2010 Div BR (%) (%)

2011 Div BR (%) (%)

-

-

-

14.72 8.00 1.50 1.50

- 122R -

-

-

30.25 5.07

21.20 3.97

-

20R -

-

20R 92R

3711 20272

8.90 1.95

6.30 1.30

-

-

-

-

10.38 0.83 7.00 -0.13

46649 28614

10.55 7.87

4.70 5.11

-

-

-

-

3.07 69.60 2.35

3.08 -0.03 69.96 0.02 2.36 -0.03

88303 3025719 35069

3.56 75.25 2.89

2.65 59.55 1.92

40 -

-

-

-

5.24

5.00

5.00 -0.35

5486

7.50

4.41

-

-

-

-

7.55 18.75

7.15 17.47

7.16 0.16 18.69 0.22

1012 5501

9.00 19.19

5.13 16.20

-

50R

-0.22 -0.05 0.00 0.01

50

- 100R -

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 1,000.37 Turnover 116,098 P/E (x) 2.79 Company Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack

High Low 1,006.05 976.54 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.22 43.91

Close 984.51 Listed cap 3,043.31 mn Payout (%) 15.55

Change -15.86 Market cap 36,580.27 mn Div Yield (%) 5.58

Paid up Cap(mn)

PE

115

2.41

230

-

1.67

1.72

1.60

1.62 -0.05

35912

2.85

1.53

-

-

-

-

1067 5.51 389 3.09 47 16.27

53.70 11.03 29.28

53.90 11.95 30.27

52.51 10.75 29.50

53.01 -0.69 11.38 0.35 29.28 0.00

505 53728 116

55.25 14.70 33.80

49.00 2.61 25.50

25 -

10B -

-

-

Open 53.77

High 53.50

Low 52.50

Close Chg 52.57 -1.20

Volume 21410

Last 60 days High Low

% Change -1.59 5-Day High 1,000.37 5-Day Low 968.64

75.40

47.80

2010 Div BR (%) (%) 20

25B

2011 Div BR (%) (%) -

50R

Packages Ltd XD Siemens Engineering

844 19.09 115.59 116.50 114.51 114.51 -1.08 82 10.96 1116.97 1120.00 1066.00 1081.00-35.97

3607 117

143.00 1250.00

105.02 915.00

32.5 900

-

-

-

Tri-Pack Films

300

703

172.00

120.70

100

-

-

-

9.15 151.51

152.00 149.10 150.96 -0.55

Company Ados Pak AL-Ghazi Tractor Ghandhara Ind Millat Tractors Pak Engineering

Paid up Cap(mn) 66 215 213 366 57

PE

Open

5.91 7.80 4.62 205.49 8.66 9.80 7.95 514.57 - 101.99

High

Low

Close Chg

8.25 7.80 7.80 205.99 203.15 205.50 10.00 9.10 9.87 517.00 513.60 515.99 102.99 97.19 102.99

0.00 0.01 0.07 1.42 1.00

Close 1,553.91 Listed cap 1,336.62 mn Payout (%) 131.49

Volume

SilkBank Limited

Open

High

Low

Close Chg

Volume

Last 60 days High Low

70.00 29.26

71.00 29.75

68.81 29.00

69.96 -0.04 29.75 0.49

80833 1283

76.25 38.00

511 743 1533 8519 502

17.70 240.00 12.44 556.97 155.95

7.80 199.05 8.25 466.27 92.00

63.00 29.00

% Change 0.25 5-Day High 699.12 5-Day Low 694.03

2010 Div BR (%) (%) 40 15

-

2011 Div BR (%) (%) -

-

AUTOMOBILE AND PARTS Performance of SR Automobile and Parts Index Open 1,138.41 Turnover 184,886 P/E (x) 3.96 Company

Paid up Cap(mn)

High Low 1,148.74 1,128.26 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 1.00 25.35

PE

Open

High

Low

Atlas Battery 101 5.48 Atlas Honda 626 9.79 Baluchistan Wheels Ltd. 133 1.61 Dewan Motors 1087 Exide (PAK) 56 4.76 General Tyre 598 4.75 Ghandhara Nissan 450 Ghani Automobile Ind 200 4.86 Honda Atlas Cars 1428 Indus Motors 786 9.57 Pak Suzuki XD 823 12.51 Sazgar Engineering 150 4.10 Transmission 117 -

207.53 139.44 36.40 1.81 197.96 24.25 3.80 3.80 10.19 220.36 68.12 22.71 1.30

208.00 142.00 35.68 1.87 198.90 24.49 3.99 4.25 10.15 222.36 68.94 22.90 1.69

206.15 140.10 34.60 1.81 190.11 23.75 3.70 3.50 10.00 218.70 67.00 22.50 1.50

Close Chg 206.48 140.92 34.61 1.82 194.50 23.95 3.72 3.50 10.01 221.00 68.18 22.71 1.50

-1.05 1.48 -1.79 0.01 -3.46 -0.30 -0.08 -0.30 -0.18 0.64 0.06 0.00 0.20

Close 1,138.04 Listed cap 6,768.53 mn Payout (%) 20.42

Volume 125 9872 534 19997 7021 11522 9510 77524 17127 25124 5317 201 1010

Change -0.37 Market cap 42,065.67 mn Div Yield (%) 5.16

Last 60 days High Low 213.89 144.00 37.99 2.45 207.90 25.45 4.99 5.48 12.32 302.00 76.90 24.35 2.00

180.00 120.30 31.35 1.50 170.11 21.08 2.82 3.50 9.52 205.51 60.00 20.50 1.11

2010 Div BR (%) (%) 100 50 25 60 20 150 5 10 -

% Change -0.03 5-Day High 1,155.51 5-Day Low 1,138.04 2011 Div BR (%) (%)

20B 15B - 50.00 20B 10.00 -

-

2010 Div BR (%) (%) 400 650 100

25B325.00 -

-

55.02

Total Assets (Rs in mn)

MA (10-day)

2.14

Total Equity (Rs in mn)

MA (100-day)

2.46

Revenue (Rs in mn)

68,664.34 5,913.32

MA (200-day)

2.62

Interest Expense

5,855.52

1st Support

2.16

Loss after Taxation

2nd Support

2.08

EPS 09 (Rs)

1st Resistance

2.33

Book value / share (Rs)

2nd Resistance

2.42

PE 10 E (x)

Pivot

2.25

PBV (x)

196.91

(2,902.91) (3.224) 0.22 10.56

SILK closed down -0.07 at 2.24. Volume was 43 per cent below average and Bollinger Bands were 30 per cent narrower than normal. The company's loss after taxation stood at Rs1.131 billion which translates into a Loss Per Share of Rs0.49 for the year ended CY10. SILK is currently 14.4 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into SILK (mildly bullish). Trend forecasting oscillators are currently bullish on SILK.

Sitara Energy Limited

FOOD PRODUCERS Open 2,031.12 Turnover 317,951 P/E (x) Company

Paid up Cap(mn)

Ansari Sugar Colony Sugar Mills Dewan Sugar Habib Sugar Habib-ADM Ltd J D W Sugar Mehran Sugar Mirpurkhas Sugar Noon Sugar Pangrio Sugar S S Oil Shahmurad Sugar Shakarganj Mills Tandlianwala

244 990 365 750 200 539 157 84 165 109 57 211 695 1177

PE 6.30 9.31 7.17 1.31 1.88 2.62 2.01 0.26 3.25 0.43 25.19

Open 7.00 2.98 3.08 23.67 11.70 73.90 57.84 41.86 17.77 3.96 4.20 9.60 6.19 45.09

High 8.00 3.30 3.05 23.63 11.99 75.00 58.75 43.95 18.77 3.99 4.25 9.49 6.95 47.02

High Low 2,059.13 2,026.02 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 13.11 30.30 Low 8.00 2.30 3.05 23.00 11.60 74.00 56.76 40.12 18.20 3.70 4.25 9.49 6.05 46.90

Close Chg 8.00 2.52 3.05 23.45 11.76 73.90 57.83 41.86 18.77 3.96 4.25 9.49 6.05 45.09

1.00 -0.46 -0.03 -0.22 0.06 0.00 -0.01 0.00 1.00 0.00 0.05 -0.11 -0.14 0.00

Close 2,042.68 Listed cap 11,335.33 mn Payout (%) 30.57

Volume 4000 30753 5000 59840 7200 245 1576 120 36609 125 154000 6010 12001 180

Change 11.56 Market cap 289,174.00 mn Div Yield (%) 0.71

Last 60 days High Low 8.00 4.00 3.99 24.10 12.60 77.99 60.00 53.47 18.77 5.49 5.10 10.75 7.20 48.50

4.95 2.11 2.52 20.25 10.80 68.00 50.12 40.12 9.21 3.00 2.50 8.00 4.01 38.00

2010 Div BR (%) (%)

% Change 0.57 5-Day High 2,050.96 5-Day Low 2,031.12 2011 Div BR (%) (%)

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

-

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

61.96

Total Assets (Rs in mn)

3,547.15

MA (10-day)

16.52

Total Equity (Rs in mn)

1,183.42

MA (100-day)

17.86

Revenue (Rs in mn)

3,875.48

MA (200-day)

19.51

Interest Expense

303.74

1st Support

17.00

Profit after Taxation

107.20

2nd Support

16.60

EPS 10 (Rs)

5.615

Book value / share (Rs)

61.99

1st Resistance

17.90

2nd Resistance

18.40

PE 11 E (x)

5.30

Pivot

17.50

PBV (x)

0.28

SEL closed up 0.89 at 18.27. Volume was 305 per cent above average (trending) and Bollinger Bands were 71 per cent wider than normal. The company's profit after taxation stood at Rs31.297 million which translates into an Earning Per Share of Rs1.64 for the half year of current fiscal year (1HFY11). SEL is currently 7.1 per cent below 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 moderate flows of volume into SEL (mildly bullish). Trend forecasting oscillators are currently bullish on SEL.

Soneri Bank Limited

HOUSEHOLD GOODS Performance of SR Household Goods Index Open 907.09 Turnover 57,023 P/E (x) 1.51 Company

Paid up Cap(mn)

Diamond Ind Pak Elektron Tariq Glass Ind

High Low 939.76 889.92 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.16 10.64

Close 906.60 Listed cap 3,763.71 mn Payout (%) 6.27

PE

Open

High

Low

Close Chg

Volume

90 20.43 1219 8.65 231 1.80

8.15 10.84 13.49

8.99 11.44 13.79

7.51 10.60 13.07

8.99 0.84 10.73 -0.11 13.64 0.15

521 43930 12572

Change -0.49 Market cap 4,638.97 mn Div Yield (%) 4.15

Last 60 days High Low

2010 Div BR (%) (%)

13.90 14.85 24.00

17.5

7.15 10.60 12.00

10B -

% Change -0.05 5-Day High 919.34 5-Day Low 898.86 2011 Div BR (%) (%) - 200R

PERSONAL GOODS Performance of SR Personal Goods Index Open 962.87 Turnover 3,775,553 P/E (x) 6.58 Company

Paid up Cap(mn)

(Colony) Thal Al-Azhar Textile Amtex Limited Artistic Denim Azgard Nine Bannu Woolen XD Brothers Textile Chenab Limited Colony Mills Ltd Crescent Fibres Ltd Crescent Jute Crescent Textile D S Ind Ltd D. Lawrencepur XB Dewan Mushtaq Textile Din Textile Gadoon Textile XD Gul Ahmed Textile Gulistan Spinning Gulshan Spinning H M Ismail Hira Textile Mills Ltd. Ibrahim Fibres Ishaq Textile J K Spinning Janana D Mal Khalid Siraj Kohat Textile Kohinoor Mills Kohinoor Spinning Kohinoor Textile Maqbool Textile Mukhtar Textile Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Quality Textile Ravi Textile Regent Textile Reliance Weaving Rupali Poly Sally Textile Salman Noman Samin Textile Sargoda Spinning Service IndSPOT Thal Limited Treet Corp Tri-Star Poly ZahidJee Textile Zil Limited

56 86 2594 840 4493 76 98 1150 2442 124 238 492 600 591 34 204 234 635 146 222 120 716 3105 97 184 48 107 208 509 1300 2455 168 145 1617 3516 560 174 160 250 48 308 341 88 42 267 312 120 307 418 215 341 53

PE

Open

1.75 0.55 2.22 7.34 20.40 7.04 0.54 19.29 0.32 2.33 1.84 2.06 0.65 11.79 0.95 2.44 13.50 1.20 18.93 38.17 0.13 3.85 0.73 30.00 0.88 90.09 3.41 50.00 0.31 7.70 0.37 10.42 1.50 0.91 4.70 3.47 48.25 1.22 5.75 0.97 8.28 0.35 16.39 0.30 1.37 0.47 1.51 2.00 0.46 1.29 7.60 4.46 4.05 9.00 0.40 4.18 27.51 5.51 62.53 3.09 19.32 0.59 12.50 2.48 15.05 1.08 72.69 18.90 0.63 12.25 3.61 40.49 0.25 6.75 0.61 2.80 3.75 5.80 1.16 3.85 6.32 173.76 5.24 104.37 6.10 50.03 0.88 1.30 6.97 4.62 64.45

High

High Low 970.89 954.46 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.57 8.64 Low

Close Chg

1.70 1.70 1.70 -0.05 0.25 0.25 0.25 -0.30 2.30 2.19 2.25 0.03 20.41 20.40 20.40 0.00 7.23 7.00 7.10 0.06 19.85 18.80 19.02 -0.27 0.50 0.42 0.50 0.18 2.59 2.57 2.57 0.24 2.29 2.05 2.10 0.04 11.00 10.79 10.79 -1.00 0.97 0.53 0.97 0.02 13.49 13.00 13.26 -0.24 1.24 1.10 1.15 -0.05 39.90 36.81 36.91 -1.26 3.90 3.50 3.77 -0.08 28.52 28.50 28.50 -1.50 93.00 88.50 89.25 -0.84 52.50 47.50 48.68 -1.32 7.75 7.50 7.50 -0.20 10.20 10.05 10.06 -0.36 1.50 1.50 1.50 0.00 4.85 4.50 4.52 -0.18 47.98 47.07 47.93 -0.32 5.75 5.60 5.60 -0.15 8.00 8.00 8.00 -0.28 16.00 15.50 15.99 -0.40 1.72 1.32 1.53 0.16 1.48 1.20 1.48 -0.03 1.99 1.65 1.90 -0.10 1.12 1.06 1.12 -0.17 4.64 4.22 4.41 -0.05 9.00 9.00 9.00 0.00 0.50 0.30 0.48 0.08 27.77 27.01 27.15 -0.36 62.82 61.60 62.09 -0.44 20.22 18.81 19.33 0.01 12.00 11.85 12.00 -0.50 15.40 15.35 15.35 0.30 1.20 1.00 1.09 0.01 18.90 18.90 18.90 0.00 12.10 12.00 12.10 -0.15 40.10 38.76 38.89 -1.60 7.44 6.51 6.51 -0.24 3.00 1.90 2.80 0.00 6.79 5.20 5.25 -0.55 3.91 3.85 3.86 0.01 179.00 171.00 172.43 -1.33 106.00 103.10 105.72 1.35 50.99 49.60 49.66 -0.37 0.98 0.76 0.81 -0.07 7.25 7.24 7.25 0.28 64.49 63.00 63.14 -1.31

Close 958.10 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change -4.77 Market cap 126,779.77 mn Div Yield (%) 2.53

Last 60 days High Low

1300 2.70 500 0.55 113787 4.32 500 23.98 1815009 12.84 46645 23.27 1025 0.99 5580 3.40 237780 2.95 15904 16.09 10004 1.43 2740 18.69 125948 1.89 45147 49.05 4551 8.65 1302 33.69 2252 102.24 2475 52.50 2523 9.23 2000 11.29 4000 1.60 88839 5.20 2806 55.00 7500 8.70 3800 8.80 2501 17.47 129110 1.72 61000 2.50 750 3.80 3000 1.72 7224 5.58 1000 9.89 899 0.81 399044 29.50 425147 68.30 1302 21.21 36119 15.49 325 15.40 51352 1.74 59000 26.25 1900 13.79 11325 44.40 8503 7.94 210 5.75 1016 7.40 4000 5.01 7913 236.42 5837 131.89 3320 61.35 7120 1.49 1004 7.74 1302 87.90

2010 Div BR (%) (%)

0.50 0.25 2.16 - 30B 18.55 20 6.53 13.00 20 0.13 2.05 1.77 10.75 10 0.25 13.00 15 1.03 35.00 5 15B 3.02 26.08 20 10B 68.50 70 26.37 12.5 5.02 10 6.56 10 20B 0.42 3.50 10 43.02 20 5.00 8 5.60 20 5B 13.15 0.25 0.85 0.67 0.80 5 3.60 7.30 22.5 0.13 22.30 15 57.20 25 45R 9.37 8.50 10 10B 12.25 15 0.40 18.90 8.70 25SD 36.55 40 3.63 10 1.90 5B 4.45 - 100R 2.50 5 171.00 75 100.51 80 20B 44.10 50 900B 0.33 2.27 50.50 35 -

% Change -0.50 5-Day High 967.46 5-Day Low 955.71 2011 Div BR (%) (%) -

-

PHARMA AND BIO TECH Open 973.65 Turnover 74,597 P/E (x) 6.10

% Change 0.27 5-Day High 1,553.91 5-Day Low 1,548.01 2011 Div BR (%) (%)

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

Performance of SR Food Producers Index

Performance of SR Pharma and Bio Tech Index

Change 4.23 Market cap 31,076.96 mn Div Yield (%) 17.21

Last 60 days High Low

Change 1.73 Market cap 11,782.99 mn Div Yield (%) 2.19

PE

INDUSTRIAL ENGINEERING High Low 1,559.04 1,544.52 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 2.90 38.02

Close 695.76 Listed cap 3,242.17 mn Payout (%) 11.08

6.73 8.26

Performance of SR Industrial Engineering Index Open 1,549.67 Turnover 11,919 P/E (x) 7.64

High Low 704.07 683.43 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.29 25.53

1092 1321

2011 Div BR (%) (%)

CONSTRUCTION AND MATERIALS Open 897.73 Turnover 4,095,570 P/E (x) 7.31

19,780.60 19,946.77 19,759.46 i127.62

Paid up Cap(mn)

Pak Int Cont.Terminal PNSC

% Change -1.15 5-Day High 1,054.60 5-Day Low 1,035.59

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

Company

2011 Div BR (%) (%)

INDUSTRIAL METALS AND MINING High Low 1,056.90 1,012.93 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.03 33.10

Open 694.03 Turnover 82,116 P/E (x) 5.06

% Change -0.10 5-Day High 1,036.00 5-Day Low 1,003.35

Performance of SR Industrial Metals and Mining Index Open 1,047.63 Turnover 63,444 P/E (x) 3.12

Current High Low Change

11,282.01 11,410.90 11,272.21 i115.21

Alert ! Unusual Movements

Performance of SR Industrial Transportation Index

Close Change 1,390.95 -5.22 Listed cap Market cap 65,194.15 mn 1,014,973.24 mn Payout (%) Div Yield (%) 55.94 5.89

Oil & Gas Development 43009 Pak Oilfields

Current High Low Change

KMI 30 Index

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,396.17 Turnover 6,417,878 P/E (x) 9.50

KSE 30 Index

Company

Paid up Cap(mn)

Abbott (Lab) XD Ferozsons (Lab) GlaxoSmithKlineXDXB Highnoon (Lab)SPOT IBL HealthCare Ltd Otsuka Pak

979 250 1963 165 200 100

High Low 987.94 970.74 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.36 22.31

Close 980.74 Listed cap 3,904.20 mn Payout (%) 44.54

PE

Open

High

Low

Close Chg

Volume

7.16 6.22 15.11 7.76 4.33 11.57

85.11 90.75 76.00 33.38 11.00 33.89

86.20 92.45 77.43 33.35 11.00 32.25

85.17 92.00 75.51 32.50 10.81 32.20

86.05 0.94 92.10 1.35 76.75 0.75 33.04 -0.34 11.00 0.00 33.89 0.00

705 560 24640 42122 6008 498

Change 7.08 Market cap 31,634.11 mn Div Yield (%) 7.30

Last 60 days High Low 104.00 98.00 90.00 33.50 12.80 35.50

78.59 85.00 68.00 24.50 8.10 29.50

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

% Change 0.73 5-Day High 980.74 5-Day Low 966.80 2011 Div BR (%) (%)

20B 12.50 15B 10B 15

-

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

48.46

Total Assets (Rs in mn)

95,310.27

MA (10-day)

6.15

Total Equity (Rs in mn)

7,803.20

MA (100-day)

6.87

Revenue (Rs in mn)

9,337.28

MA (200-day)

6.77

Interest Expense

6,602.78

1st Support

6.05

Profit after Taxation

2nd Support

5.94

EPS 09 (Rs)

1st Resistance

6.36

Book value / share (Rs)

15.55

2nd Resistance

6.56

PE 10 E (x)

29.57

Pivot

6.25

PBV (x)

145.35 0.29

0.40

SNBL closed down -0.05 at 6.16. Volume was 32 per cent above average and Bollinger Bands were 69 per cent narrower than normal. The company's profit after taxation stood at Rs125.44 million which translates into an Earning Per Share of Rs0.21 for the year ended CY10. SNBL is currently 9.0 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into SNBL (mildly bullish). Trend forecasting oscillators are currently bullish on SNBL.

Southern Electric Power Co Ltd

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

37.57

Total Assets (Rs in mn)

11,457.73

MA (10-day)

1.63

Total Equity (Rs in mn)

2,081.08

MA (100-day)

1.98

Revenue (Rs in mn)

5,541.96

MA (200-day)

2.27

Interest Expense

1st Support

1.58

Profit after Taxation

52.68

2nd Support

1.51

EPS 10 (Rs)

0.385

1st Resistance

1.67

Book value / share (Rs)

15.23

2nd Resistance

1.69

PE 11 E (x)

Pivot

1.60

PBV (x)

987.88

0.11

SEPCO closed down -0.08 at 1.52. Volume was 81 per cent below average (consolidating) and Bollinger Bands were 33 per cent narrower than normal. The company's loss after taxation stood at Rs140.588 million which translates into a Loss Per Share of Rs1.03 for the half year of current fiscal year (1HFY11). SEPCO is currently 32.7 per cent below 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 volume flowing into and out of SEPCO at a relatively equal pace. Trend forecasting oscillators are currently bullish on SEPCO.

BOOK CLOSURES Company

From

To

Al Meezan Mutual Fund # Efu Life Assur Efu Gen Insur American Life Insur Premier Insur ICI Pak # Dawood Lawrencepur Silver Star Ins Co Highnoon Laboratories Libaas Textile # Adamjee Insur Central Insur Dawood Hercules Chemicals # Faysal Bank Reliance Ins Co Wyeth Pak # Lafarge Pak Cement Crescent Star Insur Hallmark Insur Service Ind Pace (Pak) # Shield Corp # Pak ReInsur

20-Apr 20-Apr 20-Apr 20-Apr 20-Apr 20-Apr 20-Apr 20-Apr 21-Apr 21-Apr 21-Apr 22-Apr 22-Apr 22-Apr 22-Apr 22-Apr 22-Apr 23-Apr 23-Apr 23-Apr 23-Apr 23-Apr 23-Apr

27-Apr 27-Apr 27-Apr 26-Apr 29-Apr 27-Apr 28-Apr 29-Apr 28-Apr 28-Apr 27-Apr 30-Apr 28-Apr 28-Apr 30-Apr 29-Apr 28-Apr 30-Apr 30-Apr 30-Apr 30-Apr 29-Apr 30-Apr

D/B/R

Spot AGM/Date

50(F) 12-Apr 12.5 12-Apr 25(F) 12-Apr 120(F) 12-Apr 15(B) 12-Apr 25,10(B) 13-Apr 15(F) 13-Apr 15(F),40(B) 14-Apr 12.5(B) 14-Apr 75(F) 15-Apr 30 15-Apr

27-Apr 27-Apr 27-Apr 26-Apr 29-Apr 27-Apr 28-Apr 30-Apr 27-Apr 29-Apr 27-Apr 30-Apr 28-Apr 28-Apr 30-Apr 29-Apr 28-Apr 30-Apr 30-Apr 30-Apr 30-Apr 29-Apr 30-Apr

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Shezan International Pak Tobacco XD Shifa Int.Hospitals P.I.A.C.(A) Pace (Pak) Ltd. Netsol Technologies

Open 51.5 2.7 99.15 2.72 148.14 95.9 30.04 2.54 3.14 22.34

High 52.5 2.75 101.9 3 155.54 99.75 31.38 2.6 3.53 22.5

Low Close

Change

50.1 2.61 99 2.71 150 93 30 2.51 3.09 22.2

0 -0.06 2.64 0.28 7.18 -2.9 0.91 -0.03 0.05 0.02

51.5 2.64 101.79 3 155.32 93 30.95 2.51 3.19 22.36

Vol 426 319929 1220 16500 24106 1847 1085 9426 3357837 98046


7

Wednesday, April 20, 2011

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 962.55 Turnover 1,071,788 P/E (x) 5.23 Paid up Cap(mn)

Company

High Low 978.94 953.11 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.67 12.84

PE

Open

High

Low

Close Chg

Pakistan Telecomm Co A 37740 10.93 Telecard 3000 1.13 WorldCall Tele 8606 Wateen Telecom Ltd 6175 -

16.41 1.72 2.37 2.97

16.60 1.77 2.58 2.97

16.27 1.66 2.33 2.81

16.40 -0.01 1.71 -0.01 2.36 -0.01 2.88 -0.09

Close 961.58 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 342425 66786 662477 53205

Change -0.96 Market cap 66,590.74 mn Div Yield (%) 11.96

% Change -0.10 5-Day High 977.21 5-Day Low 958.91

Last 60 days High Low

2010 Div BR (%) (%)

19.70 2.35 2.98 4.08

17.5 1 -

16.05 1.60 2.15 2.65

2011 Div BR (%) (%)

-

-

-

Ask Gen Insurance XB 280 4.51 10.50 Atlas InsuranceXDXB 443 4.26 27.96 Central Insurance XB 279 5.82 103.86 Century InsuranceSPOT 457 5.81 9.37 EFU General Ins. XD 1250 - 33.23 Habib InsuranceXDXB 450 5.48 11.53 IGI InsuranceXDXB 970 5.80 66.99 New Jub InsuranceXDXB 989 9.37 54.23 Pak ReinsuranceSPOT 3000 11.11 20.15 Pak Gen InsuranceSPOT 250 32.16 7.07 PICIC Ins Ltd 350 77.07 10.20 Premier Insurance XD 303 4.44 9.11 Silver Star Insurance XB 291 3.76 5.74 United InsuranceSPOT 400 2.40 7.50

Paid up Cap(mn)

Company

PE

Altern Energy 3426 Genertech 198 Hub Power 11572 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 Kohinoor Power 126 Kot Addu Power 8803 Nishat Chunian Power Ltd 3673 Nishat Power Ltd 3541 Sitara Energy Ltd 191 Southern Electric 1367 Tri-star Power XD 150

2.88 6.78 7.39 2.42 5.38 3.03 2.41 5.57 -

Open 9.00 0.56 37.10 1.28 2.54 17.00 3.40 41.84 15.07 15.99 17.38 1.60 1.09

8.93 0.66 37.25 1.30 2.60 17.48 3.34 42.15 15.30 16.53 18.38 1.80 1.05

Low 8.93 0.63 36.80 1.23 2.50 17.00 3.10 41.60 14.90 15.90 17.00 1.52 0.87

Close Chg 8.93 0.63 37.00 1.28 2.51 17.00 3.10 41.91 15.10 16.49 18.27 1.52 0.92

-0.07 0.07 -0.10 0.00 -0.03 0.00 -0.30 0.07 0.03 0.50 0.89 -0.08 -0.17

Close 1,334.63 Listed cap 95,369.29 mn Payout (%) 104.13

Volume 1000 5001 240069 35952 70225 3001 2005 978210 187404 581316 101900 60124 4462

Change -1.43 Market cap 103,672.31 mn Div Yield (%) 7.43

Last 60 days High Low 11.40 0.90 40.75 1.82 3.20 19.60 4.95 44.99 17.30 18.40 18.74 2.29 1.35

8.93 0.50 35.90 1.20 2.31 16.00 2.45 40.26 14.05 14.85 15.35 1.41 0.31

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

Open 778.77 Turnover 104,646 P/E (x) 5.49

% Change -0.11 5-Day High 1,336.06 5-Day Low 1,332.73 2011 Div BR (%) (%)

- 25.00 7.8R - 10.00 - 30.00 -

-

Paid up Cap(mn)

Company Sui North Gas Sui South Gas

High Low 1,355.51 1,308.10 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.98 11.41

Close 1,313.19 Listed cap 12,202.80 mn Payout (%) 66.79

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 10.95 8390 3.44

19.16 23.41

19.50 23.30

18.51 22.80

18.61 -0.55 22.86 -0.55

157082 88472

28.95 27.90

18.51 21.41

% Change -2.59 5-Day High 1,404.77 5-Day Low 1,313.19

2010 Div BR (%) (%) 20 15

2011 Div BR (%) (%)

25B

-

-

BANKS Performance of SR Banks Index

Paid up Cap(mn)

Company

PE

Open

Allied Bank Ltd.XDXB Askari Bank XB Bank Alfalah Bank AL-Habib Bank Of Khyber Bank Of Punjab BankIslami Pak Faysal Bank Habib Bank LtdXDXB

8603 5.62 59.99 7070 5.73 12.17 13492 7.83 10.81 8786 6.25 29.98 5004 3.78 4.22 5288 6.13 5280 43.67 3.95 7327 6.24 10.12 11021 7.67 124.86 Habib Metropolitan Bank XB 10478 5.85 19.50 JS Bank Ltd 8150 2.61 KASB Bank Ltd 9509 1.32 MCB Bank Ltd 8362 8.90 201.72 Meezan Bank XB 8030 7.38 17.50 Mybank Ltd 5304 2.36 National BankXDXB 16818 4.63 53.58 Network Mic Bank 300 2.65 NIB Bank 40437 1.96 Samba Bank 14335 2.00 Silkbank Ltd 26716 2.31 Soneri Bank 6023 29.33 6.21 Stand Chart Bank XD 38716 9.13 8.61 Summit Bank Ltd 7251 3.01 United Bank Ltd 12242 7.49 64.06

High

High Low Close 1,152.91 1,129.49 1,134.78 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.03 13.94 40.49 Low

Close Chg

60.35 59.00 59.58 -0.41 12.18 12.01 12.03 -0.14 10.83 10.49 10.57 -0.24 29.85 29.50 29.51 -0.47 4.28 4.20 4.27 0.05 6.20 6.10 6.12 -0.01 3.99 3.72 3.93 -0.02 10.39 10.00 10.17 0.05 124.50 122.67 122.79 -2.07 19.30 19.00 19.12 -0.38 2.79 2.55 2.65 0.04 1.35 1.28 1.28 -0.04 201.07 197.11 197.67 -4.05 17.74 17.02 17.41 -0.09 2.43 2.35 2.36 0.00 53.70 52.80 53.00 -0.58 2.89 2.55 2.61 -0.04 2.05 1.95 1.98 0.02 2.05 2.00 2.00 0.00 2.34 2.21 2.24 -0.07 6.44 6.12 6.16 -0.05 8.89 8.50 8.67 0.06 3.05 3.00 3.00 -0.01 64.25 63.40 63.77 -0.29

Volume

Change -16.63 Market cap 677,960.94 mn Div Yield (%) 5.48

Last 60 days High Low

25383 73.50 165601 18.80 781638 11.99 223175 39.00 12087 4.65 363610 9.50 38792 4.20 14800 15.74 72315 131.00 52655 27.40 33714 3.16 18401 2.17 241711 237.60 23819 19.70 159999 3.22 1839484 81.78 20005 2.89 2980692 3.00 224726 2.09 781137 2.72 177515 7.73 23295 9.90 73571 4.18 2330503 69.95

57.00 12.01 8.75 26.95 3.30 5.95 3.06 10.00 104.16 18.50 2.30 1.20 192.20 16.26 1.70 52.80 0.76 1.85 1.50 2.02 5.00 6.28 2.36 56.70

% Change -1.44 5-Day High 1,161.08 5-Day Low 1,134.78

2010 Div BR (%) (%)

2011 Div BR (%) (%)

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

-

20R -

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 740.31 Turnover 1,008,909 P/E (x) 11.41 Paid up Cap(mn)

High Low 750.55 724.00 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.59 5.20

Close 730.19 Listed cap 11,111.34 mn Payout (%) 79.54

Change -10.11 Market cap 46,287.64 mn Div Yield (%) 6.97

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

Adamjee InsuranceSPOT 1237 16.28

68.68

68.75

67.90

68.20 -0.48

48954

96.40

Company

-10B 25R 40 20B 25 50B 10 12.5 25 12.5B 30 55B 20 25B 30 - 10B 25 - 15B - 24B

-

-

67.90

% Change -1.37 5-Day High 756.29 5-Day Low 730.19

2010 Div BR (%) (%) 25

2011 Div BR (%) (%)

-

-

-

High Low 797.60 761.52 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.19 3.85

Close 779.26 Listed cap 2,290.72 mn Payout (%) 355.53

Change 0.49 Market cap 8,725.85 mn Div Yield (%) 4.29

% Change 0.06 5-Day High 783.71 5-Day Low 778.77

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

500

6.25

16.03

16.24

16.10

16.24 0.21

7900

18.50

14.02

-

-

-

-

EFU Life Assurance XD

850 12.88

55.86

57.00

55.00

55.00 -0.86

8649

71.39

51.31

50

-

-

-

New Jub Life Insurance

627 21.46

48.80

50.50

46.75

50.21 1.41

88097

50.50

39.05

15

-

-

2010 Div BR (%) (%)

2011 Div BR (%) (%)

-

FINANCIAL SERVICES Performance of SR Financial Services Index Open 289.65 Turnover 4,149,811 P/E (x) 11.38 Paid up Cap(mn)

Company

Change -34.87 Market cap 29,397.66 mn Div Yield (%) 7.79

PE

Open 1,151.40 Turnover 10,605,057 P/E (x) 7.39

9.51 26.60 61.30 8.90 32.01 11.20 65.51 52.11 13.80 6.10 8.02 8.60 5.52 5.50

American Life

Company

GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,348.06 Turnover 245,554 P/E (x) 8.58

12.49 42.90 115.90 11.45 42.99 16.05 103.00 74.90 20.80 10.00 13.00 13.27 7.64 8.49

Performance of SR Life Insurance Index

High Low 1,346.98 1,325.05 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.31 9.35

High

400 3025 2257 25614 3013 26651 19076 501 850798 1249 8066 10401 1821 7047

LIFE INSURANCE

ELECTRICITY Performance of SR Electricity Index Open 1,336.06 Turnover 2,270,669 P/E (x) 14.01

10.50 10.50 10.50 0.00 28.00 27.75 28.00 0.04 103.75 102.50 102.50 -1.36 9.54 9.20 9.30 -0.07 34.48 32.01 32.25 -0.98 12.00 11.20 11.50 -0.03 69.00 65.51 67.51 0.52 55.00 53.30 53.30 -0.93 20.20 19.30 19.44 -0.71 7.49 6.11 6.11 -0.96 11.00 10.20 10.79 0.59 9.78 8.60 8.87 -0.24 6.73 5.52 5.52 -0.22 7.50 7.05 7.09 -0.41

High Low 301.14 285.33 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.19 0.91

Close 293.22 Listed cap 30,336.44 mn Payout (%) 99.56

Change 3.56 Market cap 14,304.48 mn Div Yield (%) 4.72

Last 60 days High Low

PE

Open

High

Low

Close Chg

AMZ Ventures Arif Habib Investments

225 360

0.98 4.21

0.54 24.64

0.53 24.97

0.34 24.02

0.47 -0.07 24.73 0.09

11450 9076

0.93 24.97

0.34 18.75

Arif Habib Limited

450 14.82

2010 Div BR (%) (%) -

20B

2011 Div BR (%) (%) -

-

17.71

18.30

17.35

18.08 0.37

17703

26.90

17.21

-

20B

-

-

4.79 1.42

23.52 1.48

24.68 1.48

23.30 1.48

24.55 1.03 1.48 0.00

5911714 2500

27.60 2.10

18.75 1.10

30 -

-

-

-

250 483.33

1.40

1.69

1.44

1.45 0.05

18399

2.57

1.06

-

-

-

-

Arif Habib Corp 3750 Dawood Cap Mangt. XB 150 Dawood Equities

Volume

% Change 1.23 5-Day High 305.17 5-Day Low 282.62

First National Equity IGI Investment Bank Invest and Fin Sec Invest Bank Ist Cap Securities Ist Dawood Bank

First Credit & Invest Bank Ltd 650

575 2121 600 2849 3166 626

7.95 5.81 0.74

3.85 2.97 1.90 7.20 0.39 2.86 1.35

4.85 3.50 1.94 7.50 0.54 3.27 1.42

3.31 3.50 1.75 7.00 0.32 2.77 1.40

3.85 3.50 1.75 7.20 0.40 2.77 1.40

0.00 0.53 -0.15 0.00 0.01 -0.09 0.05

241 1500 157003 8100 20012 173729 6601

5.20 7.89 2.75 8.98 0.88 3.74 2.00

2.30 2.60 1.75 5.15 0.31 2.76 1.24

11.5 -

10B -

-

-

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

7633 508 742.50 500 6.45 1000 1000 5.64 821 3.76 775 3.54 514 12.89 978 3.45

7.08 2.82 21.51 5.53 3.50 5.41 1.75 2.50 2.55

7.29 3.04 22.55 5.75 3.80 5.45 1.78 2.45 2.55

6.98 2.81 21.50 5.47 3.36 5.40 1.70 2.45 2.55

7.23 2.97 22.46 5.71 3.44 5.41 1.70 2.45 2.55

0.15 0.15 0.95 0.18 -0.06 0.00 -0.05 -0.05 0.00

3304440 55146 9016 213318 12314 243 119229 1500 8500

12.59 4.09 29.48 7.33 4.97 6.55 2.49 4.20 3.00

6.26 2.58 20.00 5.00 3.36 5.25 1.21 2.01 1.67

10 50 -

-

-

-

EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,516.06 Turnover 1,507,501 P/E (x) 21.06 Paid up Cap(mn)

Company 1st Fid Leasing

PE

Open

High Low 1,547.99 1,493.95 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.47 2.21

High

Low

Close Chg

Change -0.35 Market cap 19,421.05 mn Div Yield (%) 7.73

Last 60 days High Low

Volume

% Change -0.02 5-Day High 1,519.73 5-Day Low 1,503.85

2010 Div BR (%) (%)

2011 Div BR (%) (%)

264

-

1.40

1.60

1.31

6428

2.35

1.16

-

-

-

-

600 1375 210 780 200

4.20 4.10 1.91 1.64 1.25

18.89 10.25 3.25 1.50 0.59

18.90 10.24 3.30 1.59 0.59

18.90 10.15 3.28 1.40 0.47

18.90 10.17 3.28 1.51 0.55

0.01 -0.08 0.03 0.01 -0.04

2500 14080 1400 23154 6512

19.03 11.50 3.50 1.88 0.75

15.00 8.51 2.85 1.12 0.39

22.5 18.5 5 0 1.2

-

5.00 -

-

Equity Modaraba 524 First Dawood Mutual F. 581 Golden Arrow 760 Habib Modaraba 1008

0.96 0.68 1.63 6.05

1.60 2.00 3.56 7.84

1.90 2.00 3.55 8.44

1.57 2.00 3.50 7.80

1.57 2.00 3.55 7.80

-0.03 0.00 -0.01 -0.04

8012 5000 14643 172183

2.38 2.57 3.95 8.44

1.55 1.79 2.92 6.95

17 21

-

-

-

JS Growth Fund JS Value Fund Meezan Balanced Fund NAMCO Balanced Fund Paramount Modaraba

3180 1186 1200 1000 59

2.58 1.40 2.60 3.66 5.29

6.70 5.90 9.26 4.50 8.75

6.96 5.88 9.07 4.79 8.15

6.51 5.52 9.00 4.25 8.15

6.71 5.84 9.05 4.79 8.15

0.01 -0.06 -0.21 0.29 -0.60

73383 11801 938550 579 3000

7.45 6.61 10.24 5.28 9.90

4.65 4.20 7.31 2.92 8.15

5 10 15.5 15 18

-

-

-

PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund

1000 2835 2841

3.05 3.82 3.13

7.14 12.75 5.80

7.38 12.83 5.79

7.00 12.52 5.61

7.38 0.24 12.75 0.00 5.75 -0.05

18600 76000 131532

8.83 16.49 7.95

6.70 12.00 5.10

10 20 10

- 10.00 - 12.50 - 7.50

-

Allied Rental AL-Meezan Mutual F. AL-Noor Modaraba B R R Guardian Mod. Crescent St Modaraba

1.33 -0.07

Close 1,515.71 Listed cap 29,771.58 mn Payout (%) 104.74

UPTO 100 VOLUME Symbols

Open

BAWS DWAE MZSM PAKD SALT SAPT AKDCL SEARL FTSM FZTM LMSM NATF ARPAK PMRS TSMF FECM UVIC GUTM ICCT BAPL DNCC BCML FCONM AACIL FZCM PIOC ULEVER BUXL GRAYS BGL COLG EMCO FRCL IDYM JOPP KCL NAGC NESTLE RICL BATA HADC KSBP BCL CPMFI GATI SHNI ALNRS HINO LIBM MODAM PAKMI SAIF AGIL ALQT ATEL AZAMT BILF BWCL CSIL DADX ELSM FHBM FIMM FNBM FPJM ICL

7.30 1.21 2.90 47.81 61.53 111.52 36.56 63.13 0.95 315.01 1.50 59.48 11.97 35.94 1.32 2.99 2.00 20.00 1.07 8.04 2.49 16.44 1.20 2.80 57.00 5.83 4899.81 8.55 45.53 2.50 681.43 1.90 2.00 288.35 7.93 7.10 15.50 3525.62 7.49 477.39 0.54 45.83 46.78 2.50 55.04 13.10 42.50 107.12 67.00 1.25 0.92 9.00 71.85 11.70 36.34 2.21 0.71 13.66 3.73 16.89 27.00 7.80 62.75 5.00 1.00 26.50

High 7.35 1.28 3.09 47.75 58.50 106.09 36.95 64.50 1.35 330.76 1.10 60.89 12.97 36.94 1.29 3.10 2.40 19.40 2.00 8.90 2.49 15.50 1.98 2.80 57.00 5.90 4979.99 9.40 45.00 2.48 712.00 2.15 2.59 287.90 8.90 7.10 16.25 3570.00 7.50 479.00 0.60 47.79 46.90 2.25 57.70 13.48 42.40 111.50 69.50 1.35 1.20 9.20 71.75 10.70 38.15 2.30 1.16 14.66 3.73 17.88 28.00 7.80 65.55 5.99 1.99 27.45

Low

Close

7.35 1.28 3.09 47.75 58.50 106.00 34.75 63.00 0.20 325.00 1.10 60.10 12.97 34.23 1.01 3.10 2.12 19.40 1.20 8.01 1.51 15.50 1.46 2.79 57.00 5.82 4900.00 9.39 45.00 2.48 712.00 2.15 2.59 287.90 8.90 7.10 16.25 3500.00 7.50 479.00 0.44 46.00 46.90 2.00 57.00 13.48 42.40 110.00 69.50 1.35 1.20 8.35 71.75 10.70 38.15 2.30 1.16 14.66 3.73 17.88 28.00 7.80 65.55 5.99 1.99 27.45

7.30 1.21 2.90 47.81 61.53 111.52 36.56 63.13 0.95 315.01 1.50 59.48 11.97 35.94 1.32 2.99 2.00 20.00 1.07 8.04 2.49 16.44 1.20 2.80 57.00 5.83 4944.00 8.55 45.53 2.50 681.43 1.90 2.00 288.35 7.93 7.10 15.50 3538.75 7.49 477.39 0.54 45.83 46.78 2.50 55.04 13.10 42.50 107.12 67.00 1.25 0.92 9.00 71.85 11.70 36.34 2.21 0.71 13.66 3.73 16.89 27.00 7.80 62.75 5.00 1.00 26.50

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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 44.19 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 13.13 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 95 73 64 60 53 52 35 32 32 30 28 22 20 20 17 17 15 14 13 12 12 12 11 11 10 10 10 10 10 10 10 10 10 10 5 5 5 4 3 3 3 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1

FUTURE CONTRACTS Symbols

Open

POL-APR ENGRO-APR NBP-APR FFC-APR ATRL-APR FFBL-APR MCB-APR UBL-APR PPL-APR DGKC-APR LUCK-APR HUBC-APR NML-APR PTC-APR

322.66 196.42 53.79 142.44 125.11 40.83 202.27 64.45 207.11 24.49 70.05 37.00 63.00 16.55

High 322.01 195.25 53.52 142.15 126.80 41.00 201.15 64.20 207.00 24.48 70.32 38.45 62.55 16.42

Low

Close

318.50 191.61 53.00 138.90 123.80 40.50 197.55 63.50 206.00 24.20 69.52 37.00 61.80 16.35

319.12 192.43 53.15 139.30 125.97 40.56 198.27 63.98 206.76 24.31 70.22 37.00 62.25 16.35

Change -3.54 -3.99 -0.64 -3.14 0.86 -0.27 -4.00 -0.47 -0.35 -0.18 0.17 0.00 -0.75 -0.20

Vol 648000 532500 434500 288500 271500 185500 87000 78000 71000 70000 57500 38000 38000 11000

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 2,693,593 5,500 22,449 37,000 165,570 84,000 267,500 1,027,727 5,500 27,485 25,000 100 3,674,875 34,000 77,047 104,106 600,000 38,600 80,500 33,000 46,700 1,000 15,000 411 307,000 9,373,663

Total Value 48,101,478 283,305 204,903 187,590 15,042,939 652,275 4,845,199 150,521,802 165,900 2,930,528 693,750 3,134 41,769,302 1,778,640 11,646,469 4,183,065 12,343,125 1,805,282 7,844,850 475,448 11,294,559 154,673 3,066,863 5,018 14,673,461 334,673,554

MTS Rate 21 17 16 18 16 20 16 21 16 16 19.37

BOARD MEETINGS

Lucky Cement Ltd

KSE 100 INDEX

Technical Outlook Technical Analysis RSI (14-day) MA (5-day) MA (10-day)

Brokerage House

Leverage Position

40.06

Support 1

11,562.55

11,669.12

Support 2

11,525.85

11,769.84

Resistance 1

11,670.05

MA (100-day)

11,907.87

Resistance 2

11,740.75

MA (200-day)

11,050.23

Pivot

11,633.30

Arif Habib Ltd

Target Price

Recommendations

97.1

Buy

Arif Habib Ltd

87.61

Buy

AKD Securities Ltd

Positive

TFD Research

AKD Securities Ltd TFD Research

86.15

Leverage Position

RSI (14-day) 59.31 MTS Shares `000 34.00 MA (10-day) 69.68 MTS Rs `000 1,779 71.08 MTS Rate KSE 100 INDEX closed down -75.55 points at 11,599.28. Volume MA (100-day) MA (200-day) 70.21 ** NOI Rs (mn) 156.50 was 47 per cent below average and Bollinger Bands were 40 per Free Float Shares (mn)129.35 Free Float Rs (mn) 9,049.33 cent narrower than normal. As far as resistance level is concern, the Target price for Dec-11 & **Net Open Interest in future market market will see major 1st resistance level at 11,670.05 and 2nd LUCK closed up 0.02 at 69.96. Volume was 121 per cent above resistance level at 11,740.75, while Index will continue to find its 1st average and Bollinger Bands were 12 per cent wider than normal. support level at 11,562.55 and 2nd support level at 11,525.85. KSE 100 INDEX is currently 5.0 per cent above its 200-day moving LUCK is currently 0.4 per cent below its 200-day moving average average and is displaying an upward trend. Volatility is extremely low and is displaying an upward trend. Volatility is extremely low when when compared to the average volatility over the last 10 trading ses- compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of sions. Volume indicators reflect very strong flows of volume into INDEX at a relatively equal pace. Trend forecasting oscillators are LUCK (bullish). Trend forecasting oscillators are currently bullish currently bullish on INDEX. on LUCK.

National Bank of Pakistan

United Bank Ltd.

Brokerage House Arif Habib Ltd AKD Securities Ltd TFD Research

Brokerage House

55.99 MTS Shares `000 307.00 64.05 MTS Rs `000 14,673 64.01 MTS Rate 59.60 ** NOI Rs (mn) 120.95 Free Float Shares (mn) 306.04 Free Float Rs (mn) 19,516.48 Target price for Dec-11 & **Net Open Interest in future market

23.01 132.43 159.50 153.49 Free Float Shares (mn) 630.61

Neutral

Technical Outlook

Leverage Position 80.50 7,845 16.00 N/A 81,430.15

Technical Analysis

Leverage Position

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

57.15 MTS Shares `000 27.485 138.65 MTS Rs `000 2,931 132.25 MTS Rate 119.79 ** NOI Rs (mn) 68.28 Free Float Shares (mn) 466.49 Free Float Rs (mn) 64,874.40 Target price for Dec-11 & **Net Open Interest in future market

FFC is currently 15.9 per cent above its 200-day moving average and is playing a downward trend. Volatility is extremely low when compared to the displaying an upward trend. Volatility is low as compared to the average average volatility over the last 10 trading sessions. Volume indicators reflect volatility over the last 10 trading sessions. Volume indicators reflect modvolume flowing into and out of OGDC at a relatively equal pace. Trend forecasting oscillators are currently bearish on OGDC. Momentum oscillator is cur- erate flows of volume into FFC (mildly bullish). Trend forecasting oscillarently indicating that OGDC is currently in an oversold condition.

tors are currently bullish on FFC.

Engro Corporation

Fauji Fertiliser Bin Qasim Ltd

44.25

Brokerage House

Technical Outlook 20.11 MTS Shares `000 104.106 55.92 MTS Rs `000 4,183 70.94 MTS Rate 16.00 68.42 ** NOI Rs (mn) 118.90 Free Float Shares (mn) 398.12 Free Float Rs (mn) 21,100.48 Target price for Dec-11 & **Net Open Interest in future market

Reduce

129.4

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

45.52

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

Hold

120.7

TFD Research

OGDC is currently 15.8 per cent below its 200-day moving average and is dis-

TFD Research

Leverage Position

Recommendations

144

AKD Securities Ltd

OGDC closed down -0.35 at 129.13. Volume was 266 per cent above aver- FFC closed down -2.87 at 139.07. Volume was 2 per cent below average age (trending) and Bollinger Bands were 31 per cent narrower than normal. and Bollinger Bands were 49 per cent narrower than normal.

AKD Securities Ltd

Technical Analysis

Target Price

Arif Habib Ltd

Positive

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

Arif Habib Ltd

92.3

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

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

Positive

60.4

TFD Research

Leverage Position

Technical Analysis

Accumulate

AKD Securities Ltd

Positive

Brokerage House

Hold Accumulate

Technical Outlook

Buy

Arif Habib Ltd

Accumulate

Technical Analysis

145

Recommendations

Buy

Recommendations

143.2 145.25

65

Recommendations

72.5 67.5

Technical Outlook

Target Price

Target Price

Target Price

78.44

Brokerage House

Technical Outlook Technical Analysis

Fauji Fertiliser Co

Oil & Gas Development Co Ltd

Brokerage House

Target Price

Recommendations

42.2

Hold

Arif Habib Ltd

Accumulate

AKD Securities Ltd

Neutral

TFD Research

Leverage Position

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

47.04 MTS Shares `000 5.50 41.00 MTS Rs `000 166 39.31 MTS Rate 34.15 ** NOI Rs (mn) 67.00 Free Float Shares (mn) 326.94 Free Float Rs (mn) 13,250.82 Target price for Dec-11 & **Net Open Interest in future market

Recommendations

224

Hold

195.41 245.4

Neutral Positive

Technical Outlook

Technical Outlook Technical Analysis

Target Price

Technical Analysis

Leverage Position

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

32.43 MTS Shares `000 1,027.727 201.16 MTS Rs `000 150,522 204.87 MTS Rate 16.05 191.66 ** NOI Rs (mn) 239.54 Free Float Shares (mn) 176.98 Free Float Rs (mn) 33,944.36 Target price for Dec-11 & **Net Open Interest in future market

UBL closed down -0.29 at 63.77. Volume was 110 per cent above average NBP closed down -0.58 at 53.00. Volume was 54 per cent below average FFBL closed down -0.16 at 40.53. Volume was 76 per cent below average ENGRO closed down -3.73 at 191.80. Volume was 52 per cent below average (consolidating) and Bollinger Bands were 65 per cent narrower than normal. (consolidating) and Bollinger Bands were 44 per cent narrower than normal. NBP is currently 22.5 per cent below its 200-day moving average and is FFBL is currently 18.4 per cent above its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average displaying a downward trend. Volatility is extremely low when compared to volatility over the last 10 trading sessions. Volume indicators reflect volume the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators flowing into and out of NBP at a relatively equal pace. Trend forecasting reflect moderate flows of volume into UBL (mildly bullish). Trend forecast- oscillators are currently bearish on NBP. Momentum oscillator is currently reflect moderate flows of volume into FFBL (mildly bullish). Trend forecast-

and Bollinger Bands were 16 per cent narrower than normal.

(consolidating) and Bollinger Bands were 43 per cent narrower than normal.

UBL is currently 6.9 per cent above its 200-day moving average and is dis-

ENGRO is currently 0.0 per cent above its 200-day moving average and is

playing an upward trend. Volatility is extremely low when compared to the

ing oscillators are currently bullish on UBL.

indicating that NBP is currently in an oversold condition.

ing oscillators are currently bearish on FFBL.

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 ENGRO at a relatively equal pace. Trend forecasting oscillators are currently bearish on ENGRO.

Company

Date

Time

Gharibwal Cement Ltd Kot Addu Power Comp Ltd Maqbool Textile Mills Ltd Habib-Adm Ltd Dawood Lawrencepur Ltd Al-Ghazi Tractors Ltd Al Meezan Mutual Fund Pak Refinery Ltd First Udl Modaraba Balochistan Particle Board Ltd Soneri Bank Ltd National Foods Ltd Glaxosmithkline Pak Allawasaya Textile Mills Ltd Samin Textiles Ltd Dadex Eternit Ltd Altern Energy Ltd The Bank Of Khyber Asian Stocks Fund Ltd

20-Apr 20-Apr 20-Apr 20-Apr 20-Apr 20-Apr 20-Apr 20-Apr 20-Apr 20-Apr 20-Apr 20-Apr 20-Apr 20-Apr 20-Apr 21-Apr 21-Apr 21-Apr 21-Apr

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

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

RSI 1st 2nd (14-day) Support 44.07 58.95 58.30 53.86 53.45 52.55 54.60 23.70 22.80 32.51 17.50 16.95 30.27 67.80 67.45 28.56 11.95 11.90 28.59 7.00 6.90 49.93 361.40 359.20 56.33 124.00 122.40 54.75 10.45 10.30 56.43 3.75 3.60 36.89 6.10 6.05 43.15 1.60 1.50 43.36 24.00 23.85 43.91 2.55 2.50 44.02 1.90 1.85 31.48 31.35 30.45 32.65 54.35 53.65 32.48 190.20 188.60 27.39 10.00 9.80 43.87 4.10 4.00 47.07 40.20 39.90 57.18 137.85 136.65 57.56 122.15 121.50 42.49 36.80 36.55 31.53 149.25 147.05 45.16 219.00 217.05 42.65 2.85 2.70 39.62 1.20 1.15 44.51 2.55 2.40 44.21 7.05 6.85 56.47 41.65 41.35 41.36 2.50 2.45 38.55 15.00 14.90 59.21 69.55 69.15 34.94 196.15 194.65 46.50 2.35 2.30 20.15 52.65 52.25 43.83 26.85 26.55 41.43 22.20 22.05 36.78 1.95 1.90 46.85 2.75 2.70 37.78 61.50 60.95 23.05 128.25 127.40 47.67 3.00 2.85 37.96 1.70 1.65 42.77 2.50 2.45 44.82 5.80 5.75 46.47 317.45 315.90 45.59 205.60 204.95 48.21 67.15 66.10 40.54 269.55 268.45 31.82 16.25 16.10 47.47 207.30 206.40 32.08 18.25 17.90 46.53 16.70 16.35 37.15 22.70 22.50 32.19 1.65 1.60 31.15 2.60 2.55 55.94 63.35 62.95 38.88 2.25 2.15

1st

2nd

Resistance 60.30 61.00 55.00 55.65 25.05 25.55 18.45 18.85 68.65 69.15 12.15 12.25 7.20 7.35 367.55 371.50 126.95 128.35 10.75 10.95 4.05 4.15 6.20 6.25 1.75 1.80 24.45 24.70 2.65 2.70 2.00 2.05 33.80 35.40 56.35 57.65 194.45 197.10 10.40 10.60 4.30 4.45 41.05 41.55 141.15 143.20 123.95 125.15 37.25 37.45 154.90 158.40 222.70 224.35 3.05 3.15 1.30 1.35 2.75 2.90 7.35 7.50 42.20 42.45 2.60 2.65 15.35 15.60 70.40 70.85 200.15 202.60 2.45 2.50 53.55 54.05 27.60 28.05 22.50 22.65 2.05 2.10 2.90 3.00 62.75 63.40 130.50 131.90 3.45 3.70 1.80 1.85 2.60 2.65 5.90 5.95 321.55 324.10 206.80 207.35 69.10 70.00 272.20 273.75 16.55 16.75 209.05 209.85 19.25 19.85 17.55 18.05 23.20 23.50 1.75 1.80 2.75 2.80 64.20 64.65 2.50 2.65

Pivot 59.65 54.10 24.20 17.90 68.30 12.05 7.10 365.35 125.40 10.65 3.90 6.15 1.65 24.30 2.60 1.95 32.90 55.65 192.85 10.20 4.25 40.75 139.95 123.30 37.00 152.70 220.70 2.95 1.25 2.65 7.15 41.90 2.55 15.25 70.00 198.60 2.40 53.15 27.30 22.35 2.00 2.85 62.15 129.65 3.25 1.75 2.55 5.85 320.00 206.15 68.05 271.10 16.40 208.10 18.85 17.20 23.00 1.70 2.65 63.80 2.40


8

Wednesday, April 20, 2011

AIOU'S MA Urdu Workshops starts across Pakistan ISLAMABAD: Department of Urdu, Allama Iqbal Open University has scheduled the workshops of different courses for the Students of MA Urdu which were offered in the Semester Autumn, 2010 which is going to be started today (20th April, 2011) around the country. Workshop to be conducted ISLAMABAD: Sindh Education Minister Pir Mazharul Haq addressing during through Video Conferencing two-day International Conference on Empowerment through Girls Education in in the Regions of Islamabad, Contemporary Muslim Societies.-APP Lahore, DG Khan and Karachi. The students belongs to the Regions of Rawalpindi, Chakwal, Gilgit, Skardu, AJK and Khyber Pukhtoonkhwa have been merged in Islamabad Region, The students of Sahiwal region has been merged in Lahore, Zhob Region's stuStaff Reporter the Future: Annual Report 2030', Pakistan, Ali Hassan Habib, dents have been merged in followed by the ACCA-WWF Director General, WWF DG Khan while the students KARACHI: ACCA is the glob- Pakistan Environmental Pakistan, Arif Masud Mirza, of Sindh & Balochistan

ACCA-WWF Business Earth Talk

al body for professional accountants aimed to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. It uses expertise and experience to work with governments, donor agencies and professional bodies to develop the global accountancy profession and to advance the public interest. ACCA and WWF have partnered to organise ACCA-WWF Business Earth Talk in Islamabad, encompassing discussion forums: 'Climate Change: A Business Challenge or Opportunity' and 'Predicting

Reporting Awards ceremony. Bringing together stakeholders from different walks of life, the event on Earth Day (22nd April), provides an excellent opportunity to discuss current trends in best sustainable practices and the evolving nature of business reporting whereas the Awards scheme recognises that report corporate environmental, social and sustainability performance to a broad range of stakeholders, says a press release. Minister for Environment, Ms Samina Khalid Ghurki would be our chief guest for the evening. The panelists for the event include Rahat Kaunain Hassan, Chairperson, Competition Commission of

Head of ACCA Pakistan, Parvez Ghias, Chief Executive Officer, Indus Motor Company Limited, Shah Murad, Country Representative, IUCN Pakistan, Azhar Ali Syed, Managing Director, Tetra Pak Pakistan Ltd, Dr Afra Sajjad, Head of Education and Policy Development of ACCA Pakistan, Sarfraz A Rehman, Chief Executive Officer, Engro Foods Limited, Aqueel Merchant, Partner & Country Leader - Advisory Services, Ernst & Young Ford Rhodes Sidat Hyder & Co. Chartered Accountants and Sohail Wajahat H. Siddiqui, CEO, Siemens Pakistan Engineering Co. Ltd.

Gold medal for READ Foundation ISLAMABAD: Students of READ Foundation who excelled in the Secondary and Higher Secondary School Certificate Examinations 2010, received gold medals here. The ceremony `Academic Excellence Awards' sponsored by the P&G Pakistan, was chaired by Saudi Ambassador to Pakistan Abdulaziz bin Ibrahim Al-Ghadeer and the Managing Director Pakistan Bait ul Maal (PBM), Zamurrad Khan. Speaking on the occasion, the Saudi ambassador said that people and government of Saudi Arabia always stood by their Pakistani brethren, especially in the hour of need. He lauded READ Foundation for its remarkable contributions in the education sector and congratulated the recipients of the awards, their parents as well as teachers of the accomplished schools. He stressed on importance of education along with the core Islamic values to appreciate new perspectives and to have satisfac-

tion in applying them. "You must learn to work together and to leverage on each other's strengths to overcome the challenges we face as a vibrant part of the global village," he added. He said that the relations between Saudi Arabia and Pakistan are above any geographical divide and have strengthened more and more over decades. "The Saudi people as well as government would continue to support Pakistan under the leadership of the Custodian of the two Holy Mosques, His Royal Majesty King Abdullah Bin Abdul Aziz Al-Saud," he said. Managing Director Pakistan Bait ul Maal, Zamurrad Khan appreciated READ Foundation for addressing the quality education needs of more than 70,000 children in its 340 schools. He added that the Pakistan Bait ul Maal is taking care of 1,500 orphans in its 14 Sweet Pakistan Homes set up in different cities across all provinces, AJK and Gilgit-Baltistan. He vowed to extend all-out

support to the private sector organizations in the provision of quality education, especially to the underprivileged. Speaking on the occasion, External Relations Manager P&G Pakistan, Najia Amin said that access to basic education is the right of every child. The very belief inspires P&G to provide opportunities to young children to seek quality education, she added. She informed that in Pakistan, P&G has provided access to education to thousands of children ranging from the slums of Karachi to the villages of Muzzafarabad. She said that P&G Pakistan and READ Foundation established three schools, where 3,000 boys and girls are getting quality education. Founder of the READ Foundation, Mahmood Ahmed, said that the Academic Excellence Awards were created in 2008 to recognize the academic accomplishments of the students at various levels in READ Foundation schools. -APP

KCCI, SSUET join hands for industrial interaction KARACHI: President KCCI Saeed Shafiq has again cautioned that country is confronted with a severe challenge of energy crisis and it needs to be solved on an emergency basis for the sake of national economic growth and development. "Time has come to work on alternate energy projects to resolve the issue for which it is necessary to find out resources to cope with the increasing demand for energy", he said while addressing a meeting organised by Sir Syed University of Engineering & Technology (SSUET) in collaboration with KCCI. The meeting was convened to review the progress of industrial interaction between KCCI and SSUET. The Chamber Chief said that KCCI is planning to hold a country-wide competition for the projects on how to deal with the energy crisis. Cash awards will be given to students, professors and institutions for their best feasible projects. He offered a free of cost space for SSUET stall

at the forthcoming `My Karachi Exhibition' at Expo Center for the promotion of students' innovative projects. Saeed Shafiq said that KCCI being the apex body for promotion of healthy industrial climate, trade and commerce is determined to avail the package of services being offered by Sir Syed University to industrial and trading establishments for their capacity building to contribute efficiently to the national economy. Both KCCI and SSUET have joined hands to strengthen the collaboration in order to lay foundation for industrial interaction by involving academia of the university and marketers of the chamber. Both organisations will jointly organize workshops and seminars for the greater good of the industry. KCCI shall sponsor students' projects in the final year and select few economically viable and feasible projects for industrial scale production.-APP

excluding Zhob will attend the workshop in Karachi region. MA (Urdu) Workshop to be conducted as per previous practice in the Regions of Faisalabad, Gujranwala, Multan and Sargodha. The students belong to Jhang region have been merged in Faisalabad, the students of Sialkot have been merged in Gujranwala, Bahawalpur & R.Y.Khan have been merged in Multan and the students of Minawali region have been merged in Sargodha region. Information letters to all the eligible students have already been sent through registered post. In case of non receipt the information letter so far, the students may contact the nearest Regional Office of the University or Department of Urdu, AIOU, Islamabad at phone Nos. 051-9250069 and 051-9057767. -Online

431 exam centres set up

Matric examination begins amid problems Absence of water, light,7 benches reported as some centres Staff Reporter KARACHI: The board examination this year was not an easy task for students to accomplish across Sindh including Karachi as two cities severely suffering from prolong load-shedding while absence of basic amenities at various exam centres added to examinees difficulties. This was widely reported in the media that at various exam-centres students were compelled to sit on the floor and scribble down their paper due to non-availability of benches, while potable water was also not available at some centres, whereas it was also reported that exams had not started on time due to delayed arrival of questionnaire. Acting Chairman of BSEK Prof Anwar Ahmed Zai, who visited various centres said the Board has 12 printing machines, which were not enough to print more than 327,000 question papers. This, he said, was the main cause for delays on Monday. Zai admitted that the load-shedding by KESC was a major problem but assured that the board would meet with the utility's management and come up with a solution. Overall 431 examination centres were established in private and government schools by Board of Secondary Education Karachi and Hyderabad. According to the details examinations of Secondary School Certificate (SSC) -- Science and General Groups -- started Monday across the province including Karachi amidst mismanagement at various centers. While most of the students were in distraught due to not get-

ting admit cards and thus could not appear for matriculation exams. The time of the paper was scheduled at 9:30 but it started late at several centers. Some of the candidates appearing in the examinations also suffered either because of the absence of fans in classrooms or the chairs were not provided to them at the centres set up at different government schools. Meanwhile setting an unprecedented example of carelessness, BISE officials have failed to issue admit-cards to a number of students. Governor Sindh Dr Ishrat-ulEbad Khan directed Chairman BISE that students who could not receive admit cards should be allowed to appear in supplementary exams in order to save their academic year. Furthermore it was reported that female candidates at the Waseem Government Girls Secondary School, North Nazimabad Town had to sit on the floor and scribble down their answers due to non availability of benches. The BSEK has established an examination complaint cell to monitor the exams and cater to complaints from parents and school managements. Parents, however, alleged that there was no staff at the centre on Monday. Meanwhile, over 106,000 students sat for their exam in 206 centres set up by the Board of Intermediate and Secondary Education (BISE) in Hyderabad. Section 144 has been imposed and police personnel were deployed outside the centres to ensure only authorised people could enter.

FPCCI, ICMAP Govt plans pre-budget seminar to educate labours children

LAHORE: Provincial Minister for Labour Haji Ehsaan-ud-Din Qureshi has said the government is implementing a comprehensive programme for providing modern education and health facilities to labourers and their children. Talking to different delegations on Tuesday, he said the government was giving top priority to the provision of modern health facilities to all segments of society, especially labourers. He said that the main objective of the labour department was to provide free healthcare to workers and their families and more than 6,005,265 workers were provided with health facilities at a cost of Rs 3,387 million last fiscal year. He said Daanish schools of the Punjab chief minister would not only help the cause but also open up new avenues of progress and development. He said all government schools would become English medium schools in 2011 while the Punjab government was also launching a vigorous campaign for primary enrolment this year. - APP

TFD Report KARACHI: The Karachi Branch Council (KBC) under the aegis of Institute of Cost and Management Accountants of Pakistan (ICMAP) is organising the Pre-Budget Seminar 20112012 in collaboration with The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) at FPCCI Head Office Auditorium, Clifton, Karachi on Wednesday, April 20, Chief Guest of Makhdoom Amin Fahim ,Federal Minister for Commerce, guests of Honour, Haji Ghullam Ali (President, FPCCI), Hasan A.

Bilgrami (FCMA) PresidentICMAP and President & CEO of BankIslami Pak. Ltd. Speakers are Syed Mohammad Shabbar Zaidi, FCA (Partner, A. F. Ferguson & Co.) . Gohar Ejaz, Chairman (All Pakistan Textile Mills Association), Fawad Ijaz Khan, Chairman (Pak. Leather Garments Manu. & Exporter Association), Babar Mirza Chughtai, Chairman (Association of Builders And Developers of Pakistan), Javed Ghulam Mohammad (Rep. - Pak Pharmaceutical Manufacturers Association), Javed Kayani, Chairman (Pakistan Sugar Mills Association) will share their views on the subject.

IUB starts distance learning education BAHAWALPUR: The Islamia University of Bahawalpur (IUB) has established an Institute of Distance Education to provide an opportunity to those students who are aspiring to seek higher education but can not fulfill their ambition either due to some constraints. Spokesman of the university Shahzad Ahmad told APP on Tuesday, that the university had embarked upon this exclusive programme with a vision that the future of higher education must not remain confined to the boundaries of the campuses, but it should make access to the students through the latest development in information technology at their door step. "Hence, taking this factor into consideration and visualizing the future needs, IUB has initially launched an M.Phil programme in education through distance learning," he added. He further said a group of 35 students had been enrolled in first batch of the program. One day training workshop was conducted on April 17, 2011, to mpart skills in the students about the salient features of the distance education, he said. Founder Director of the Institute of Distance Education, IUB, Prof. Dr. Muhammad Aslam Adeeb, on the occasion informed the participating students that they would have to spend 50 per cent of their academic learning in various workshops before their mid and final term examinations. The remaining 50 per cent time had been reserved for independent learning that would be assessed through assignments, he said. He further said regular contact would be maintained through video conferences and discussions through internet while guidance on cell phones would also be provided to the students, when and where needed. On each Saturday, between 11am to 01pm, the teachers would be available for discussion on line to explain the concepts related to their studies. Later on the students were provided with the learning material for all courses and comprehensive booklet defining rule for writing assignments. Prof. Dr. Muhammad Aslam Adeeb further informed that in September 2011, IUB had planned to offer various programs through distance education aiming to enroll about 2,000 students in the disciplines of Applied Psychology, Economic, Education, Educational Training, English, International Relations, Islamic Studies, Library Science, Media Studies, Physical Education, Political Science, Social Work and Urdu & Iqbaliat. He said it would be a rare opportunity for those who were unable to seek admission in the University on the regular basis due to unavoidable circumstances. - APP

ISLAMABAD: Head of UN Mission in Pakistan Rauf Engin Soyal presentig shield to a participant during a ceremony organized by Roots School System. -Online


9

Wednesday, April 20, 2011

US oil rebounds on dollar, technical help OPEC says no shortage of oil in global market NEW YORK: US crude futures edged higher on Tuesday in seesaw trading as a weaker dollar and stronger equities provided a lift to prices that had slumped on lingering concerns about sovereign debt and demand. The expiring US front-month May contract bounced off support above last week's low trade of $105.31 a barrel. Brent crude slumped below the $120 a barrel level for the first time in two weeks intraday before paring its losses as the US contract turned higher. Brokers and analysts also cited support from news that Treasury Secretary Timothy Geithner said there was "no risk" that the United States would lose its prized AAA credit rating. Geithner's comments came a day after Brent and US crude prices were pressured by rating agency Standard & Poor's announcement that, although it reaffirmed its credit rating, the outlook for the United States was lowered from stable to negative.

Brent crude for June fell 54 cents to $121.07 a barrel by 1155 GMT, after slipping as low as $119.03. US crude for May rose 65 cents to $107.77, trading having bounced off an earlier $105.50 low. US June crude futures rose 53 cents to $108.22, also in choppy trading, having found support

above its $105.98 low from last week. Brent's premium to the US June contract narrowed $1.80 to $12.69 a barrel, in a range on Tuesday from $12.38 to $14.31. US housing starts and permits rose more than expected in March, snapping back from the prior month's winter depressed levels and adding to the respite from fears about high prices eroding oil demand. Solid euro-zone economic data helped the euro rebound against the dollar after its worst

day in five months, but there remained nagging worries about debt troubles in Greece. OPEC Secretary General Abdullah al-Badri, speaking at an oil and gas trade fair in Tehran, said he did not expect oil to fall below $100 this year, even though there was no shortage in the market. He reiterated OPEC's call on consumer nations to revise their tax systems to address what he called "exceptional c i r c u m stances," and bring down prices. The Organization of the Petroleum Exporting Countries (OPEC) has so far declined to take any formal action to cool oil's rally. Underlining that stance on Tuesday, Iran's oil minister said any increase in output would not bring down prices. Weekly oil inventory reports are expected to show US crude oil stocks rose last week, which would be a seventh consecutive rise in the government's data. -Reuters

European vegetable oil prices ROTTERDAM: The following were the Tuesday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Apr11 898.00+8.00, May11 900.00+10.00, Jun11/Jul11 903.00+8.00, Aug11/Oct11 907.00+7.00, Nov11/Jan12 912.00+7.00. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 990.00+0.00, Aug11/Oct11 960.00+5.00, Nov11/Jan12 965.00+5.00, Feb12/Apr12 970.00. SUNOIL: EU dlrs tonne extank six ports option May11/Jun11 1395.00+5.00, Jul11/Sep11 1395.00+5.00, Oct11/Dec11 1355.00+10.00. LINOIL: Any origin dlrs tonne extank Rotterdam Apr11/May11 1482.50-10.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam May11 1122.50+7.50, Jun11 1122.50+5.00, Jul11/Sep11 1122.50+2.50, Oct11/Dec11 1122.50+2.50. PALMOIL: RBD dlrs tonne cif Rotterdam May11 1200.00, Jun11 1185.00, Jul11/Sep11 1170.00, Oct11/Dec11 1165.00. PALMOIL: RBD dlrs tonne fob Malaysia May11 1145.002.50, Jun11 1130.00-2.50, Jul11/Sep11 1115.00-2.50, Oct11/Dec11 1110.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Mar11/Apr11 2220.00-10.00, Apr11/May11 2135.00-15.00, May11/Jun11 2090.00-10.00, Jun11/Jul11 2070.00-10.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Jun11/Jul11 2695.00+0.00. Reuters

Tokyo rubber slips on S&P warning LAHORE: A farmer checks his wheat crop on the outskirts of Lahore.-APP

Palm oil higher despite slow demand KUALA LUMPUR: Malaysian palm oil futures ended off three-week lows on Tuesday on short-covering although lingering worries over slower overseas demand due to large soybean crop harvest in South America continued to weigh. The benchmark July crude palm oil contract on Bursa Malaysia Derivatives rose 0.3 per cent to 3,255 ringgit ($1,076.567) per tonne. It earlier hit its lowest level since March 24 of 3,212 ringgit. Traded volumes stood at

25,047 lots of 25 tonnes each, compared to the usual 25,000 lots. "With the concerns of raising interest rates, supply build up, low demand and fund liquidation we've to acknowledge the market was terribly oversold," said a trader in Kuala Lumpur. "This explains the rally at the close, suggesting widespread profit taking, although there were expectations that overseas demand will be lower." Traders forecast Malaysian palm oil exports during April 1-20 to fall 15-18 per cent, a day before cargo surveyors

Intertek Testing Services and Societe Generale de Surveillance unveil the key exports data. A Reuters analysis set a bearish target of 3,163 ringgit per tonne for Malaysian palm oil based on a Fibonacci retracement analysis. US May soyoil contract inched down in Asian trade hours. In China, the most active January 2012 contract on the Dalian Commodity Exchange fell 0.3 per cent after Chinese buyers deferred soy cargoes for delivery in June and July. -Reuters

US cotton snaps losing streak; ends up with grains NEW YORK: US cotton futures ended up for the first time in five trading sessions on Monday, influenced by strength in the grains markets and ongoing concerns about drier weather in the Southern part of the country. Cotton's gains bucked the trend in the broader softs complex, which came under pressure from Standard & Poor's negative outlook on the United States' top-notch credit rating. As fears about the US's longterm debt escalated, investment money flows began to funnel back into some commodity markets as a hedge against inflation, dealers said. The front-month May cotton contract on ICE Futures US firmed 0.93 cent to end at

$1.9645 per lb. Most-active July closed up 0.76 cent at $1.7816 per lb, after dealing between $1.7316 and $1.7980. New-crop December cotton rose 1.45 cents to $1.3063. Trading volumes picked up from last week. More than 31,800 lots were traded by the close, more than 20 per cent above the 30-day norm, Thomson Reuters preliminary data showed. Cotton received a boost from the firmer grains markets, where

US wheat futures jumped more than 4 per cent as dry weather threatened crop prospects in top producing nations, including the United States. Looking at supplies, domestic cotton arrivals in Indian spot markets till April 17 in the 2010/11 season edged up 2.2 per cent on year, state-run Cotton Corp of India said on Monday. Open interest in the cotton market stood at 191,919 lots as of April 15, down from a previous 194,708 lots, data from ICE Futures US showed. -Reuters

LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for April 18 2011 POLYPROPYLENE(PP)

LINEAR LOW (LL)

Cash & Settlement

N/A

N/A

December (3rd Wednesday)

N/A

N/A

January (3rd Wednesday)

N/A

N/A

LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for April 18 2011

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY

Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller

2360 2361 2370 2380 2360 2370 2360 2370

2658 2659 2676.5 2677.5 2752 2757 2808 2813

9355.5 2719.5 9356.5 2720 9375 2639 9375.5 2640 9365 2588 9375 2593 9135 2545 9145 2550

26105 26110 26025 26075 25500 25600 24850 24950

TIN

32995 33000 33090 33095 32970 33020

ZINC NASAAC

2373 2540 2374 2540.5 2385 2565 2386 2575 2440 2625 2445 2635 2455 2680 2460 2690

BANGKOK: Tokyo rubber futures fell 5 per cent to a threeweek low on Tuesday as a warning by Standard & Poor's to cut the United States' AAA credit rating triggered heavy stop-loss selling. Weaker oil prices also added to the downward pressure on prices, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for September delivery was down 15.3 yen to settle at 409.7 yen ($4.956)per kg. It fell as much as 21.3 yen, or 5 per cent, to an intra-day low of 403.7 yen per kg, the lowest since March 29. The most-active Shanghai rubber contract for September delivery fell 1,090 yuan to settle at 33,870 yuan ($5,187.868)per tonne. "The warning by S&P encouraged players to rush to sell contracts in a bid to stop losses. It's purely a technical sale today ... prices finally rebounded after finding a strong support level of 400 yen," a Tokyo-based trader said. Standard & Poor's revised its outlook on the United States credit rating downward to "negative" on a poor US budget outlook, while China took additional measures to curb liquidity. The warning also pushed oil prices down on fears of falling demand as the global economic outlook turned poor after the warning. -Reuters

Copper rebounds but debt concerns cap advances LONDON: Copper rose more than 1 per cent on Tuesday, clawing back some ground after six straight sessions of losses as risk sentiment improved and the focus shifted to long-term supportive fundamentals. But investors remained nervous about debt problems in the United States and Europe. Three-month copper on the London Metal Exchange closed at $9,340 from $9,225 at the close on Monday, while aluminium nudged to new two-and-ahalf year highs. In the previous session, copper fell almost 2 per cent to its lowest in a month. "The market panicked a bit yesterday, and they're feeling a little less panicked today," said BNP Paribas analyst Stephen Briggs. "The reserve requirement rise in China and the S&P move was something (metals) had to react to, but the default position is that things are not as bad as all that." Standard & Poor's threatened on Monday to downgrade the US AAA credit rating, raising concerns over the debt situation of the world's largest economy and second-largest consumer of copper. Earlier this week, China's central bank announced an increase in bank reserve requirement ratios. "Yesterday the bombshell of the US downgrade caused mayhem in the market. Today copper bounced back, supported by technicals but it is still vulnerable," an LME ring trader said.

In the metals markets, expectations of a supply deficit this year and an optimistic long-term demand outlook provided support. Increasing copper inventories, however, have raised concerns about some short-term demand weakness from China. Inventories of copper on the London Metal Exchange rose

Shanghai copper declines Shanghai copper fell on Tuesdays, while London copper rose paring the previous session's losses with support from a positive near-term technical outlook, but the market remains under pressure after S&P's warning on the US government's credit outlook. Shanghai's most-active copper futures contract fell 1.9 per cent to 69,720 yuan a tonne.

175 tonnes to 451,950 tonnes, its highest since June, the latest data showed. Inventory levels have been on the rise since December. Aluminium rebounded to $2,714 from $2,674, having hit $2,724, the highest since August 2008 in the aftermarket. The metal used in transport, packaging and construction has been boosted by rising power prices, which account for about 35 per cent of total aluminium smelting costs. Tin ended at $32,400 from $32,350, while zinc closed at $2,329 from $2,325, Monday's close. Nickel closed at $25,300 from $25,500. -Reuters

Gold hits new high, risk appetite fragile LONDON: Gold hit record highs near $1,500 an ounce for a second successive day on Tuesday, with appetite for risk fragile after Standard & Poor's cut its US outlook and eurozone sovereign debt concerns simmered. Prices earlier rose to a record $1,497.86 as the dollar wilted, just above the level they hit the previous day after the S&P announcement hit the markets. They have since slipped back after running into strong resistance at higher levels, however.

after the previous day's sell-off, but debt problems in the eurozone kept investors wary of the single currency. "Most of the trends out there -- whether that's worries about the euro, worries about coming inflation, worries about US debt, Chinese buying seeming relatively strong -- suggest the price ought to be going higher," said David Jollie, an analyst at Mitsui Precious Metals. Signs that inflation is becoming a major issue in emerging markets, particularly China,

Spot gold was bid at $1,492.59 an ounce at 1344 GMT, against $1,495.08 late in New York on Monday. US gold futures for June delivery rose 30 cents to $1,493.30. Afshin Nabavi, head of trading at MKS Finance in Geneva, said gold was being driven by safe-haven buying. "Gold, silver and (the Swiss franc) are all attracting lots of attention," he said. "Every corner of the world you look at, there is a problem politically or economically." The euro edged higher against the dollar on Tuesday

has been identified as another support to the precious metal. Silver also held near the previous session's 31-year high of $43.51 an ounce, last bid at $43.20 an ounce against $43.32 on Monday. Silver has outperformed gold this year, up 40 per cent so far against gold's 5 per cent rise. The gold:silver ratio slipped to a 28-year low below 35 on Monday. Among other precious metals, platinum was at $1,776.24 an ounce against $1,772.65, while palladium was at $733.99 against $739.93. -Reuters

Cocoa steady, eyes on ICoast exports LONDON: Cocoa futures were little changed on Tuesday as dealers awaited information on the resumption of exports from top producer Ivory Coast, while arabica coffee neared a 34-year high on tight supplies. Sugar futures firmed in modest volumes, with the upside limited by expectations of big supplies from Thailand and Brazil. Cocoa prices consolidated after tumbling more than 3 per cent on Monday in light volumes, as dealers awaited information on the resumption of exports from Ivory Coast and the state of the country's mid crop. ICE front-month, May cocoa futures traded down $17, or 0.5 per cent, at $3,110 a tonne in just 12 lots at 1510 GMT, while ICE July cocoa futures were up $30 or 1 per cent at $3,087 a tonne in light volume of 3,698 lots. Liffe July cocoa traded up 7 pounds or 0.4 per cent at 1,938 pounds a tonne in modest volume of 3,376 lots. Coffee prices rose as arabicas remained on track to test the 34-year peak of $2.9665 cents a lb, last touched on March 9, as the high prices stimulated origin activity. ICE July arabica futures traded up 6.4 cents or 2.2 per cent at $2.9380 a lb at 1512 GMT. July robusta coffee traded up $38 or 1.6 per cent at $2,463 a tonne in moderate volume of 8,526 lots. Sugar futures consolidated, having fallen by around a third since touching a 30-year high of 36.08 cents a lb on Feb. 2, pressured by expectations of ample supplies from Brazil and Thailand. ICE July raw sugar was up 0.16 cent or 0.7 per cent at 24.56 cents a lb at 1514 GMT. May goes off the board on April 29. London August white sugar was up $6.10 or 1 per cent to $628.10 per tonne in slim volume of 1,808 lots. -Reuters

Indian sugar strengthens MUMBAI: India's sugar edged higher on Tuesday on an improvement in the demand due to ongoing wedding season and as a rise in temperature prompt cool drink makers to raise purchases, dealers said. Demand for the sweetener from ice-cream and cold-drink makers typically goes up during the summer months. "Slowly cold drink makers are raising their purchases. Summer is getting hot so obviously we can see more demand from cold drink makers in coming weeks," said a member of Bombay Sugar Merchants Association (BSMA). In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety rose by 0.3 per cent to 2,661 rupees ($59.8) per 100 kg. The most-active sugar for May delivery on National Commodity and Derivatives Exchange (NCDEX) closed at 2,724 rupees per 100 kg, up 0.15 per cent. The country, which consumes about 22-23 million tonnes of sugar annually, is likely to produce 25 million tonnes in 2010/11, up 33 per cent from the previous year. India has made available 1.7 million tonnes of non-levy sugar for April including 100,000 tonnes of unsold stocks from last month, little changed from 1.684 million tonnes for March. -Reuters

National Commodity Exchange Ltd Trading Summary Date

Commodity

April 19, 2011 CRUDE100 April 19, 2011 CRUDE100 April 19, 2011 CRUDE100 April 19, 2011 SILVER - 500oz April 19, 2011 SILVER - 500oz April 19, 2011 GOLD 01oz April 19, 2011 GOLD 01oz April 19, 2011 GOLD 01oz April 19, 2011 GOLD 100oz April 19, 2011 GOLD 100oz April 19, 2011 GOLD 100oz April 19, 2011 GOLD April 19, 2011 GOLD April 19, 2011 GOLD April 19, 2011 KILOGOLD April 19, 2011 KILOGOLD April 19, 2011 TOLAGOLD50 April 19, 2011 TOLAGOLD100 April 19, 2011 MINIGOLD April 19, 2011 MINIGOLD April 19, 2011 MINIGOLD April 19, 2011 MINIGOLD April 19, 2011 MINIGOLD April 19, 2011 TOLAGOLD April 19, 2011 TOLAGOLD April 19, 2011 TOLAGOLD April 19, 2011 TOLAGOLD April 19, 2011 TOLAGOLD April 19, 2011 IRRI6W April 19, 2011 RICEIRRI April 19, 2011 RBD PALMOLEIN April 19, 2011 KIBOR3M April 19, 2011 KIBOR3M

Contract Date

Price Quotation

Open

High

Low

Close

MY11 JU11 JY11 MY11 JY11 MY11 JU11 JY11 MY11 JU11 JY11 AP11 MY11 JU11 AP11 MY11 AP11 AP11 MON TUE WED THU FRI MON TUE WED THU FRI 21AP11 AP11 AP11 11-Mar 11-Jun

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

108.05 108.55 107.50 42.76 42.70 1479.00 1480.00 1480.80 1480.80 1480.00 1480.80 40204.00 40202.00 40550.00 40177.00 40186.00 46861.00 46861.00 41314.00 41256.00 41270.00 41285.00 41300.00 48750.00 47465.00 47482.00 47499.00 47516.00 3304.00 3333.00 5060.00 86.14 85.26

108.25 108.90 109.18 43.53 43.57 1498.20 1498.50 1499.00 1497.20 1498.00 1496.20 40671.00 40681.00 40695.00 40644.00 40654.00 47407.00 47407.00 41774.00 41819.00 41729.00 41744.00 41759.00 50450.00 48121.00 48017.00 48034.00 48052.00 3332.00 3333.00 5060.00 86.15 85.30

105.86 106.30 107.43 42.26 42.25 1477.80 1478.00 1478.30 1479.90 1480.00 1480.80 40204.00 40202.00 40227.00 40177.00 40186.00 46861.00 46861.00 41314.00 41256.00 41270.00 41285.00 41300.00 47533.00 47465.00 47482.00 47499.00 47516.00 3304.00 3330.00 5048.00 86.14 85.26

106.66 107.22 107.67 43.33 43.34 1495.80 1496.20 1496.70 1495.80 1496.20 1496.20 40671.00 40681.00 40695.00 40644.00 40654.00 47407.00 47407.00 41774.00 41819.00 41729.00 41744.00 41759.00 48069.00 48121.00 48017.00 48034.00 48052.00 3332.00 3330.00 5048.00 86.15 85.30

Traded Volume in lots 180 222 4 215 1,287 1,447 4,951 2,981 49 86 12 7 55 -

Previous Settlement Price 108.14 108.70 109.18 42.77 42.80 1479.90 1480.30 1480.80 1479.90 1480.30 1480.80 40204.00 40213.00 40227.00 40177.00 40186.00 46861.00 46861.00 41314.00 41256.00 41270.00 41285.00 41300.00 47533.00 47465.00 47482.00 47499.00 47516.00 3304.00 3333.00 5060.00 86.14 85.26

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

Current Open Interest Settlement in Lots Price 106.66 7 107.22 53 107.67 3 43.33 41 43.34 17 1495.80 1,048 1496.20 2,278 1496.70 1,435 1495.80 6 1496.20 6 1496.70 40671.00 89 40681.00 7 40695.00 8 40644.00 40654.00 47407.00 47407.00 41774.00 41819.00 41729.00 41744.00 41759.00 48069.00 38 48121.00 48017.00 48034.00 48052.00 3332.00 3330.00 5048.00 86.15 85.30 -


Japan’s Nagoya Grampus forward Nagai Kensuke (L) celebrates his goal against South Korea’s FC Seoul during the AFC Champions League Group F match in Seoul.

Pak-hockey series between arch-rivals to boost ties ISLAMABAD: Federal Minister for Information and Broadcasting Firdaus Ashiq Awan on Tuesday underlined that holding of Pak-India mega hockey series will further improve relations between the two arch rivals. She expressed these views while talking to President of the Pakistan Hockey Federation Qasim Zia during a meeting held at the Parliament House. She opine that possible revival of sporting ties between Pakistan and India would have a big impact on hockey, not only in this region but through out the world. "Each and every sport needs the attention of masses and it truly gets a boost when spectators turn up to watch the match in great numbers. We have seen the height of enthusiasm among fans when Pakistan played against India in the semifinals of Cricket World Cup. I expect relative interest among hockey fans, when the arch-rivals would play against each other in hockey matches," she underlined She further added that the Federal Ministry for Information and Broadcasting will be fully cooperating for the coverage of national and other events while hockey is the national sport of the country hence all efforts will be made for its prompt revival.

Faisalabad wins basketball contest KHANEWAL: All Punjab 'Youngs Five' floodlit basketball tournament was won by Faisalabad Ravians club at Khanewal on Tuesday. Faisalabad players scored 70 points to defeat Mianchannu (60) in the final match. Hafiz Sana of Faisalabad scored 28 baskets to win the man of the match title in the final match. Suhail Jatt and Shabbir Gullu were declared men of the tournament with 42 baskets each. Basketball teams from different parts of Punjab participated in the championship. Office-bearers of wrestling, cricket associations besides officials from Punjab basketball association distributed prizes among winners. District information officer Imran Aslam attended the ceremony as the special guest. -APP

Trials forU-19 Team start today PESHAWAR: Pakistan Cricket Board announced names of the Trails and Selection Committee members to select players for FATA Cricket Team for the U-19 Cricket Tournament today(Wednesday). Trials for the selection of players for Fata Cricket Team to start today in Qayyum Cricket Stadium that would last for one day only. Selection Committee comprised Saqib Faqeer , Janas Khan and Riaz Ka'el to select players for U-19 Cricket Tournament. U-19 Cricket Tournament would kick off in the coming month under the sponsorship of PCB. -Online

10

Wednesday, April 20, 2011

Hafeez, Rehman start in convincing win ST LUCIA: Pakistan made a winning start to their tour of West Indies, as stand-in captain Mohammad Hafeez's ton and Abdul Rehman's fourwicket haul steered them to a comfortable 68-run victory against University of West Indies vice-chancellor's XI. Pakistan chose to bat, and immediately benefited from the hosts' generosity. Hafeez was dropped in the first over by Keron Cottoy, off the bowling of Fidel Edwards. Hafeez made the home side pay, slamming ten fours and two sixes in his 93-ball 101 , before retiring out. He was supported well by opening partner Taufeeq Umar, who dominated the 77-run firstwicket stand with a score of 44 before becoming the first of three Carlos Brathwaite victims. Ahmed Shehzad took over where Taufeeq left, contributing 49 to a 130-run stand as Hafeez shifted gears. Umar Akmal went after the bowling in the end overs, carting eight fours and a six in his aggressive unbeaten 57. His flurry lifted the Pakistanis to a

strong total of 287 for 7. Dwayne Bravo had a forgettable time with the ball, leaking 69 runs in his eight-over spell. Miles Bascombe and Omar Phillips began the chase well, adding 40 for the opening wicket, before wickets began to tumble. The seam trio of Tanvir Ahmed, Junaid Khan and Wahab Riaz struck once each to reduce the hosts to 75 for 3 before Nkruma Bonner and Bravo began a repair job. They added 48 for the fourth wicket after which Rehman began to make incisions. Bonner's dismissal for 43 triggered a mini-collapse as 123 for 3 became 146 for 6 in quick time. Bravo scored a breezy 63 off 70 balls and showed little evidence of the injury that curtailed his participation in World Cup. He hit four fours and two sixes before holing out against Rehman. Kevin McLean and Cottoy added an unbroken 39 for the ninth wicket to reduce the margin of defeat, but Pakistan still won the game by 68 runs. -Online

Indo-Pak boards talk cricket ties LAHORE: Pakistan Cricket Board (PCB) Chief Operating Officer Subhan Ahmed has said that official talks with the Board of Cricket Control in India (BCCI) to restore Indo-Pak cricket series will resume after the ongoing Indian Premier League (IPL). Ahmed was quoted as saying by a private TV channel that the PCB is in contact with Indian cricket board, If both sides bring minor changes to their schedule, an Indo-Pak series would be possible this year, he added. Ahmed also said that the PCB was in contact with the ICC task team, and there would soon be good news about the restoration of international cricket in Pakistan. Responding to a question related to runaway former wicketkeeper Zulqarnain Haidar, who will return to Pakistan on April 25, Ahmed said that the player has yet to respond to the PCB's letter. The now retired wicketkeeper had stunned one and

all by fleeing the team hotel in Dubai hours before the final one-day international against South Africa last year. After reaching London, he had claimed that he had got death threats from a person who wanted him to fix matches, and subsequently sought asylum in the United Kingdom. Zulqarnain, however, voluntarily withdrew his application for asylum in Britain after the Pakistan government assured him and his family of "the highest level of security" in the country. According to a report, the PCB intends to investigate Zulqarnain on his return from Britain, as it says the cricketer had breached his central contract and was in direct violation of the code of conduct. According to the board, Zulqarnain will have to appear before the PCB's Disciplinary, Interrogative and Integrity committees before he can be cleared for selection at any level in Pakistan. -Online

Pak-China Friendship

Hockey matches held in HK ISLAMABAD: To commemorate the 60th anniversary of China-Pakistan Diplomatic Relations, Jinnah-Perrier Hockey Tournament was held in Hong Kong (HK) under the auspicious of Consulate General of Pakistan and Hong Kong Hockey Association. According to a press release issued here on Tuesday, the Jinnah-Perrier plate final was played between Singh Sabha Sports Club (SSSC) and Kowloon Cricket Club (KCC) in the King's Park Hockey Stadium, Kowloon. The SSSC Hockey team won this match. After that women's exhibition match was played between HKFC-A and Chairwoman's XI. Chairwomen's XI won this match by plenty strokes. The big event of the day was the Jinnah-Perrier Cup Final. The final match was played between Pakistan Association Hockey team and Hong Kong Football Club Hockey team, which was won by HKFC. Prize award ceremony started with the recitation of Holy Quran and National Anthem of Pakistan was played. -Agencies

NEW DELHI: Deccan Chargers bowler Shikhar Dhawan, center left, celebrates with Sunny Sohal, center right, after taking the wicket of Delhi Daredevils David Warner during an Indian Premier League (IPL) cricket match between Delhi Daredevils and Deccan Chargers. Reuters

BARCELONA: Spain's Rafael Nadal plays with a racket during a training session at the Barcelona Open tennis tournament. -Reuters

ICC urged to revisit decision on WC 2015 DUBAI: The International Cricket Council (ICC) Executive Board would be requested to reconsider the composition of the ICC Cricket World Cup 2015 during the ICC Annual Conference in Hong Kong at the end of June 2011. According to a press release issued here on Tuesday, at the recent ICC Executive Board meeting in Mumbai on April 04, the Board decided to allow only the 10 Full Members to participate in the ICC Cricket World Cup in 2015. The Board had also confirmed its previous

decision made in October 2010 that the next two World Cups (in 2015 and 2019) would comprise 10 teams. These decisions were part of a strategic restructure of ICC events and the context and content for international cricket. As part of the restructure, a Test play-off for the top four teams was introduced and the ICC World Twenty20 was expanded to 16 teams. The Board had also agreed in Mumbai that the 10 teams for the ICC Cricket World Cup 2019 in England would be determined on the basis of

qualification. However, after receiving representations from the Associate and Affiliate Members of the ICC, the ICC President Mr Sharad Pawar has decided to request the ICC Executive Board to revisit the issue in Hong Kong in June. Mr Pawar said: "I have given this matter further serious thought and will request the Board to consider this topic once more. I can understand the views of the Associates and Affiliates and ICC will seek to deal with this issue in the best way possible." NNI

Wimbeldon Champs get prize money boost LONDON: Wimbledon's singles champions will benefit from a prize money rise taking their earnings to #1.1 million ($2.9 million) at the 2011 Championships, organisers announced on Tuesday. If men's champion Rafael Nadal and women's winner Serena Williams successfully defend the titles they won last year they will bank a cheque that represents a 10 percent rise of #100,000 on the #1 million prize awarded 12 months ago. Although the rest of the world continues to endure tough times as the global financial recession continues, there is no sign of the All England Club tightening its belt. The singles runners-up will earn #550,000, the beaten semi-finalists will get #275,000 and even a firstround loser pockets #11,500 for their efforts. The total prize money for the 125th Championships, which run from June 20 to July 3, is now #14.6 million, a 6.4 percent increase on last year's amount. Phillip Brook, the new chairman of the All England Club, defended the annoucement of the rises on Tuesday and said: "Leading international sports

events such as Wimbledon are all about the quality of the players on show. "In the competitive world of top-level sport, it is important that we offer prize money which suitably rewards the players both for the box office appeal they bring to the event and their supreme performances on court." Although Wimbledon remains one of the sport's biggest cash cows, the tournament's bosses are concerned that other tennis events in the United Kingdon could be hit by withdrawals from star players concerned by high taxation. Athletes who compete in individual sports like tennis and golf are currently taxed a percentage of their endorsements for each day they spend in the UK, whereas team sports like football are exempt from those rules. That infuriates Wimbledon chief executive Ian Ritchie, who has called on the government to drop the law before events like Queen's and the ATP World Tour Finals -- both staged in London -- lose their appeal to stars like Nadal, Novak Djokovic and Andy Roddick. "To be fair there's been some sympathy from the govern-

ment but what we need is some action," Ritchie said. "To put it in perspective, the money gained from taxation is about #7 million, while the economic impact of the Tour Finals alone is around #100 million. "In contrast, Barcelona's Lionel Messi can come here for the Champions League final and he doesn't get taxed but Roger Federer does. And there was a situation with the sprinter Usain Bolt when he didn't come recently. "We have raised it with the government and we will continue to do that. "We know it is a politically difficult situation in the current economic climate but we hope they recognise the bigger picture. "I think it will inevitably concern players. We don't believe it is a problem for Wimbledon in terms of people coming here, but we want to encourage people to come for other events and in the discussions we've had with players and agents,it is on their radar." Ritchie also called on the government to help clamp down on ticket touts at Wimbledon by using the same hefty fines they plan to employ during the 2012 Olympics in London.-Reuters


Economy & Continuations

Wednesday, April 20, 2011

US home building rises, foreclosures a threat Housing starts rise 7.2 per cent in Mar WASHINGTON: U.S. home building and permits for future construction rebounded strongly last month from February's weather-depressed levels, but a glut of housing on the market will make further gains difficult. Housing starts rose 7.2 percent to an annual rate of 549,000 units from an upwardly revised 512,000unit pace in February, the Commerce Department said on Tuesday. The rise marked a bounce back after an 18.5 percent drop in February when severe winter weather restrained activity. Although the increase beat Wall Street's expectations for a 549,000-unit pace, economists said it did not signal a decisive shift in construction, which continues to be dragged down by stiff competition from a flood of foreclosed properties. "The rebound in housing starts in March does little to hide the fact that home building activity remains close to rock bottom," said Paul Dales, a senior US economist at Capital Economics in Toronto. "With both the demand and need for new homes still very low, housing starts aren't going to enjoy a more meaningful recovery for a few years yet."

Residential construction accounts for about 2.4 percent of gross domestic product, and the latest data suggest it would do little, if anything, to lift the economy in the first quarter. Investment in home building grew at a 3.3 percent annual rate in the last three months of 2010. Faced with a poor market, builders have shown little appetite to break ground on new projects. An index of builder sentiment in April, released on Monday, slipped a notch with builders viewing sales conditions now and in the next six months as unfavorable. LIGHT AT END OF TUNNEL? Housing starts have declined about 76 percent from their 2006 peak of 2.27 million units, but some economists see light at the end of the tunnel. "Even though there remains a huge glut of unsold properties inhibiting construction activity, that glut is diminishing. There is a relative scarcity of new properties," said Richard DeKaser, an economist at Parthenon Group in Boston. "Though used properties are super-abundant and are a very effective competitor for new properties ... some people put a premium on new homes and

at some point that scarcity is likely to result in improved construction." According to the National Association of Realtors, new home prices have been running 45 per cent higher than prices for existing homes. That premium is historically about 15 per cent, and the unusually wide spread indicates previously owned homes are currently selling well below the cost of construction. US financial markets were little moved by the data as investors focused on other issues ranging from solid earnings from banking giant Goldman Sachs to European debt worries and concern over the United States' credit outlook. Groundbreaking for single-family homes rose 7.7 per cent last month, while construction of multifamily units climbed 5.8 per cent. New building permits advanced 11.2 per cent to a 594,000-unit pace last month, rebounding from a record low in February. The rise in permits reflected a 25.2 per cent jump in the multifamily segment to the highest level since January 2009, likely reflecting growing demand for rental properties. Permits to build singlefamily homes rose 5.7 per cent. -Reuters

China cbank: room to lift reserve ratio more BEIJING: China has "considerable" scope to further increase its reserve requirement ratio for banks, Hu Xiaolian, a deputy governor at China's central bank said in comments published on Tuesday. "In both theory analysis and real situation estimates, there is considerable room to increase the deposit reserve ratio in the future," Hu said in a speech made on Friday, two days before the People's Bank of China (PBOC) increased the ratio to an all-time high of 20.5 percent for big banks. "It should be noted that increases in the deposit reserve ratio are mainly aimed at soaking up liquidity generated by foreign exchange inflows, and the increases have no big impact on normal positions of financial institutions with an overall neutral effect," Hu added. Her comments were in line with remarks of Central Bank governor Zhou Xiaochuan who said there was no limit to how high the deposit reserve ratio could be raised. Hu added that four increases in benchmark interest rates had helped to lessen the real negative interest rates, but added that China must let interest rate "play a bigger role" in managing inflation. "Long-term, continuous real negative interest rates will affect saving and spending behavior, encourage investments and undermine inflation management," she said. China's inflation hit a 32month-high of 5.4 percent in March, while China's one-year benchmark deposit rate is set at 3.25 per cent. -Reuters

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measures being undertaken in this regard. The matter concerning low average yield per acre was discussed in detail and measures were suggested to enhance optimum yield potential of the varieties besides bridging the gap between progressive and non progressive growers in per acre yields. The President said that the growers who are able to produce maximum yields while adopting new technologies and agronomic practices need to be given incentives. Similarly, the researchers also need to encouraged and provided incentives, he added. The President reiterated the commitment of the present government to improve the livelihood of small farmers and growers and the rural population. -APP

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said and asked the business community to support the government in achieving this target. He asked the pharmaceutical and other sectors to send their budget proposals to FBR so that they could be considered for the upcoming federal budget. He said that five export oriented sectors have been declared zero rated which is a big breakthrough for the industrial sector. President India-Pakistan Chamber of Commerce and Industry and leader of business community S. M. Munir said that the wealth tax should not be imposed as its imposition will encourage capital flight from the country. The wealth tax is not imposed in any country in the world, he added. He advocated the construction of more dams to overcome the serious issue of shortage of power and water in the country. Referring to two-weekly holidays, Muneer suggested that it should be observed only in the government departments and the banks should be exempted from these holidays so that industrial activity could continue.

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committee observed that at one time the Nato supply trucks were damaging the already battered road network in the tribal areas while on the other hand Nato authorities are not paying tax to Pakistan authorities. The committee was informed that the fiscal budget of Port authority for next financial year would be Rs13.72 billion. The total assets of authority stand at Rs34 billion and it would collect revenue worth Rs7.60 billion this year. The committee also sought details with regard to Plots, allotted to industrialists and employees in Gulshan Housing scheme of Port Qasim authority. The committee also expressed concern over captivity of Pakistani on the hands of Somali Pirates and directed Government to take appropriate measures to protect their lives. The committee was informed that country is facing financial loss over Rs700 billion annually under the skin of Pak-Afghan transit trade. The committee directed the Government to look into the matter. -Agencies

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would curb the possibilities of tax evasion and facilitate to compile the correct information of the industry regarding its production, sales and exports. He assured that the APCMA members would extend full support to the government and facilitate Excise Inspectors or any firm at the border posts in the larger interest of the country. While highlighting the problems in cement exports, the spokesman urged the government to resolve the issue of Gumrak on urgent basis, which was hampering the boost in cement exports. He said that Custom authorities demand the original document of Gumrak, an Afghan Customs document allowing the duty draw back on cement exports to Afghanistan, which is illogical as the original document is retained by Afghani authorities and only

Gumrak's photocopy is available with the exporters. He urged the government to permanently resolve the pending cases due to non-availability of original Gumrak. The spokesman hoped that this measure will help the government and cement industry to ascertain and facilitate cement exports to Afghanistan which are on the rise, posting 16.8 per cent growth to reach 2.818 million ton in Jul 2010 - Feb 2011. -NNI

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assemblies. He said the disqualification would be applied: - If an individual maintains an account in his name or in the name of his spouse, children or dependents of as the case may be, If he/she holds a dual nationality or has a permanent resident status of any other country whether in his own name or in the name of his spouse, children or dependents, as the case may be. -If he/she holds an office of profit or interest in any company or organization established in a foreign country or any in the name of his spouse, children or dependents of as the case may be. -If he/she owns any property whether free hold, lease hold or even in the form of licence, assets, shares or any interest in any company based in foreign country, whether in his own name or in the name of his spouse, children or dependents, as the case may be, and -If he/she carries out business including any commercial activity in any organisation or establishment based in a foreign country whether in his own name or in the name of his spouse, children or dependents, as the case may be. Raza Hiraj in his statement of objects and reasons of the bill said that the bill would eradicate the misery of those under privileged class who were unaware of their association with their motherland. He said "the situation once again necessitates that we should rise for the resurrection and fulfill the dream of the Quaide-Azam and ancestors. We should earn respect, not for ourselves but for Pakistan." The bill was referred to the standing committee concerned for consideration. The National Assembly admitted a total of four private member bills and referred them to the standing committees concerned for further deliberations. -APP

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its nation. He has also mentioned that in Brazil millions of vehicles run on ethanol and in industries and factories it is the basic commodity to be used there. He assured that Brazil would materialize several projects which are in-pipe between the two countries to produce ethanol and bring stability in petroleum prices and price-hiking in Pakistan. He while appreciating Pakistan role in war on terror has said that Pakistan is top of the list in terms of its role in regional peace and the international community has agreed that peace in Afghanistan is impossible without Pakistan. Senator Saleem Saifullah Khan has also appreciated Brazil development and said that Brazil for being four fast developing countries of the world has become a role model for most of the countries of the world. He further said that Pakistan and Brazil should further develop their bilateral cooperation for the best interest of both the nations and this region. He said that Pakistan has suffered 42 billion dollars due to war on terror and urged upon international community to help Pakistan economy at this critical time who is fighting war on terror for the sack of world peace. He also mentioned that Pakistani forces sacrifices in war on terror is more than that of Nato forces as 3000 Pakistani army officials have sacrificed their lives in war against terror.-NNI

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attacks are creating anti-US feeling among tribesmen and increasing trend of suicide attacks. -Online

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According to NCCPL data, foreigners did a net buying worth $1.11 million on Tuesday. On the local side; banks and companies did a net selling of $2.6 and $1 million respectively while mutual fund did a net buying of $2.76 million. Volumes remained thin but witnessed some improvement on day-to-day basis as 56.3 million shares traded during the day which were 9.1 million shares more as compared to a turnover of 47.2 million shares a day earlier. Arif Habib Corporation was the top traded stock with 5.91 million shares followed by Pace Pakistan with 3.36 million shares and Jahangir Siddiqui Capital with 3.3 million shares. Out of total 359 active issues; 158 declined and 97 advanced while 104 issues remained unchanged.

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is lower repair & maintenance cost and higher operating income, while depreciation of Pak rupee also supported bottom-line Sales revenue for the period likely to dip by 22.5 per cent to Rs48.72 billion from Rs62.88 billion mainly due to lower load factor. TFD analysts expect gross profit is expected to increase by 15.1 per cent to Rs8.37 billion against Rs7.28 billion recorded in identical period last year. Other income likely to surge by 188% to Rs6.63 billion as against 2.30 billion for corresponding period last year mainly due to Kapco's entitlement to receive markup from WAPDA on delayed payments which will boost the operating profit to Rs14.67 billion. On the other hand, financing cost is likely to restrict the likely hike in profit by 81.1 per cent to Rs6.4 billion versus Rs3.54 billion the same period last year.

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On the other hand, operating cost also hiked by 11.9 per cent due to escalating fuel prices and higher load factor. Gross profit increased by 12.3 per cent to Rs6.48 billion. Other income declined by 57.1 per cent to Rs16 million compared to Rs37 million posted last year. Furthermore finance cost increased by 51.8 per cent to Rs1.9 billion. As on April 19, 2011, an amount of Rs101 billion is outstanding against Wapda (Rs94 billion overdue) and company in turn owes Rs90 billion to PSO. The Company has also announced that due to a major CVT equipment failure on August 26, 2010, the commissioning of 214MW Narowal Project has been delayed. Now, pre-commissioning tests are taking place and commercial operation is expected to commence before April end.

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business for $1.4 billion in cash and stock. Seagate's third-quarter profit was below market expectations on lower hard-drive shipments. Other companies scheduled to report quarterly results later on Tuesday include Intel Corp, International Business Machines Corp, Yahoo Inc and CSX Corp.-Reuters

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APL's profit after tax surged by 18.5 per cent amounted to Rs2.75 billion as compared to Rs2.32 billion over the corresponding period of last year which translates into earning per share of Rs39.83 as against Rs33.61 during the same period last year. Likewise, net sales for the period surged by 16.5 per cent to Rs68.13 billion from Rs58.46 billion mainly due to hike in volumetric sales and prices. Cost of sales also climbed by 16.7 per cent at R 65.38 billion in 9MFY11. Still, gross profit increased by 13.3 per cent to Rs2.74 billion against Rs 2.42 billion posted during the same period last year. NRL's profit after tax jumped whopping 146 per cent to Rs4.84 billion as compared to Rs1.96 billion in 9MFY10. The earning per share of the company remained at Rs60.60 as against Rs24.60 in 9MFY10.Sales revenue of the company increased by 42.3 per cent from Rs106.52 billion to Rs74.85 billion during this period. Similarly, gross profit increased by 98.7 cent to Rs7.17 billion as against Rs3.61 billion for the same period last year. Gross profit margins increased to 6.7 per cent as against 4.8 per cent during the corresponding period last year. Nevertheless, net margin surged from 2.6 per cent to 4.5 per cent during this period, mainly due to higher GRMs. ATRL also announced profit after tax of Rs1.95 billion versus Rs69 million in 9MFY10. Earning per share grew to Rs22.87 as against Rs 0.81 in 9MFY10. However, the net sales for the period surged by 30.3 per cent to Rs81.93 billion from Rs62.86 billion. ATRL posted gross profit of Rs961 million against gross loss of Rs683 million posted in the same period preceding year.

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The broader Topix shed 1.1 per cent to 827.56. "S&P's downgrade of its US credit outlook may have a short-term impact on Japan stocks in terms of concerns about the stronger yen," said Makoto Nagahori, head of sales trading at Instinet. "But its long-term impact should be limited." -Reuters

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US blue chips were flat by London's close, as early strength from earnings news from Goldman and healthcare conglomerate Johnson & Johnson dissipated. -Reuters

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A Daiwa report released last Friday warned that an expected rise in the cost of the long Hong Kong dollar carry trade as a second round of quantitative easing by the US Federal Reserve approaches its end in June, may increase the risk of outflows. "We believe the (Hong Kong Monetary Authority) are deeply uncomfortable with the level of liquidity inflow due to the two QE programmes and the potential negative impact of a reversal," said Kevin Lai, a Daiwa analyst, in a note released on Tuesday. -Reuters

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questions on the lack of progress toward realization of long-delayed preferential trade access program known as Reconstruction Opportunity Zones at a Press Conference. He said the administration has promised a date when the bill, which itself has been around in modified shapes for many years, would be reintroduced on Capitol Hill. The finance minister told APP after holding economic dialogue with senior US officials at the State Department that discussions focused on a combination of things including the promotion of US private sector investments, the use of Kerry-Lugar funds, sharing macro-economic framework of Pakistan and the economic reform efforts Islamabad is making. "I think this is the new phase of the strategic dialogue and economic plank is the first one. We hope that in the next few weeks and months, in this dialogue other planks will also be covered." Meanwhile, the United States has pledged to improve materialization of economic assistance for Pakistan as a senior official acknowledged shortcomings in disbursement of funds under the multiyear Kerry-Lugar-Berman program. "It starts to build trust surplus in place of trust deficit," Lipton remarked. -Agencies

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strictly observed like other departments and ministries. Sherry Rehman, MNA, discussed various aspects of the Prime Minister's visit to Afghanistan with him. Faryal Talpur discussed party matters with the Prime Minister during her call on. The parliamentarians apprised the Prime Minister about various development schemes in their respective constituencies. The parliamentarians included Raja Pervaiz Ashraf, MNA, Changez Khan Jemali, MNA, Tasneem Qureshi, MNA, Mazhar Hayat Khan, MNA, Nawabzada Ghazanfar Gul, Khwaja Muhammad Khan Hoti, MNA, Haji M Mansha Khichi and Sajjad, MPA. Furthermore, Prime Minister Gilani said that the UN should help Pakistan in developing the flood forecasting and early weather warning system before the monsoon season sets in next two months. The Prime Minister was talking to Rauf Engin Soysal, Special Envoy of the UN Secretary General for Assistance to Pakistan who called on him at the PM House.-Agencies

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authorization of PTA. PTA will issues licenses of importing phones after doing due diligence. The Minister for Interior, constituted a high level committee headed by PTA Chairman including reps from all five service providers of private sector, a member from FIA and Intelligence Agencies. Minister for Interior has given strict directions that with immediate effect no mobile phone SIMs should be given to buyer on the spot, rather it will be posted on their residential address after necessary verification from NADRA. The meeting was attended by Federal Secretary Interior, chairman PTA, Provincial home secretaries, Chief Commissioner Islamabad, IGP Islamabad and reps of Intelligence Agencies and FIA. -Agencies

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Pak-Afghan border. The military leadership of Pakistan would also be again raising the issue of drone attacks, while sources have also expressed a possibility of Mullen's meetings with important government functionaries/officials. -Online

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island's economy ahead of a vote on Tuesday expected to officially relieve 84-year-old Castro of his position as party head after more than four decades. -Agencies

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by 6.61 percent, starch and its products by 12.75 percent and footwear by 20.97 percent. The overall LSM growth remained static in February 2011 as compared to the same month of last financial year, the FBS data revealed. During the month under review, the OCAC monitored items registered increase of 6.49 per cent while the data compiled by Ministries of Industries showed positive growth of 2.03 percent and BOS monitored items showed negative growth of 6.23 per cent as against the same month of last financial year. It may be recalled that the Provisional Quantum Index Numbers of Large Scale Manufacturing Industries (QIM) has been computed in FBS on the basis of latest production data of 100 items received from sources, including OCAC, Ministry of Industries and Production and BOS. -APP

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to put subsidies on an on-and-off basis, but it's really putting a strain on our economy," he added. Oil prices had reached $127 a barrel this month, the highest level in 2-1/2 years amid unrest in North Africa and the Middle East. Sign of slowing demand was one factor that had already led top oil exporter Saudi Arabia to slash its output by 800,000 barrels per day in March. Earlier this month, Pakistan raised fuel prices by up to 13 per cent, which political parties were quick to criticize as fear built about the rising cost of living.


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‘New National Government on Cards’

'Q' says yes to Cabinet; MQM, 'F' turn nose up

KARACHI: Students solving their papers while sitting on the floor due to non-availability of chairs during exams government girl’s school in Block 6 in Gulshan-e-Iqbal. -Online

PQA says only Rs410 being paid for one truck

Nato pays 'peanuts' for trailers clearance ISLAMABAD: Senate Standing Committee on Ports and Shipping was informed Tuesday that Port Qasim Authority received only Rs410 from North Atlantic Treaty Organization (NATO) to clear one truck carrying logistics and fuel for its Forces operating in Afghanistan. Daily 86 Nato-containers or trucks are being cleared at Port Qasim Authority. The committee while expressing annoyance over clearance of Nato trucks without any custom duty or

tax as well as cheap handling charges has convened representative of defense, trade, FBR, Ports and Shipping ministries in next meeting. The committee met under the chairmanship of Chairperson Gulshan Saeed to review matter with regard to Port Qasim Authority and Nato supply. Chairman Port Qasim Authority Vice Admiral Muhammad Shafi informed the committee that Rs136.8 million was received from Nato authorities from July 2008 to March 2011 and

these charges were received under the head of recovery, royalty, storage and wharfage. He informed the committee that Port Qasim Authority clears 86 Nato truck daily and receives only Rs410 to clear each truck. FBR, he said, is authorised to handle matter of custom duty and it is not in our jurisdiction to carryout cargo checking of Nato trucks, he said. Expressing annoyance over the situation, the See # 3 Page 11

APCMA urges resolution of hurdles in Afghan exports

India waves green flag to Pak cement ISLAMABAD: The Indian Quality Control Institution has accorded approval to Pakistan to resume cement exports to neighboring India. According to a private news channel, Pakistan is likely to export about 100,000 tonnes of cement to India during the remaining period of the current fiscal year. According to experts, Pakistan cement industry will earn enough profit due to resumption of Indo-Pak

cement exports. Meanwhile, All Pakistan Cement Manufacturers' Association (APCMA) has said that cement-makers would support re-enforcement of Supervised Clearance System (SCS) while the government should resolve illogical impediments in exports especially to Afghanistan. In a statement, the spokesman APCMA categorically denied any misdeclaration by the members and said that as representa-

tive of cement manufacturing units across Pakistan, APCMA fully supported the government to reinstate the supervised clearance system at the Afghan border to bring transparency in sales and exports data of the industry. In fact, the association would even welcome supervised clearance for local dispatches as well, he said. He added that the supervised clearance system See # 4 Page 11

Brazilian Ambassador calls on Senator Saifullah

Brazil to assist Pak in making bio-fuel ISLAMABAD: Brazil and Pakistan produce huge amount of sugarcane and Brazil would soon establish its industry to help Pakistan in producing Ethanol from sugarcane which would bring about stability in petroleum prices and also control price-hiking in Pakistan. This was stated in a meeting by Alfredo Leoni Ambassador of Brazil with President Pakistan Muslim League and Chairman Senate Standing Committee on Foreign Affairs Senator

Saleem Saifullah Khan. Both the leaders discussed important bilateral, regional and international issues of high importance. Alfredo Leoni has said that Pakistan has huge potential in agriculture but the problem was that it has not included modern techniques in its agriculture sector. He highlighted that Brazil produced huge amount of ethanol from sugarcane which has decreased its dependency on petrol and price-hiking has also con-

trolled. He further highlighted that production of sugarcane in both Brazil and Pakistan was probably the same however; Pakistan did not develop its industry to produce ethanol from sugarcane. He has told that if Pakistan developed its industry to produce ethanol from sugarcane, it will help Pakistan to decrease its dependency on petrol and it can easily control pricehiking and can give relief to See # 6 Page 11

‘No risk US will lose AAA rating’ WASHINGTON: US Treasury Secretary Timothy Geithner on Tuesday said there was "no risk" that the United States would lose its prized AAA credit rating, saying political prospects for long-term deficit reduction were improving. "No risk of that," Geithner told Fox Business Network when asked if theUnited States would see

a downgrade after Standard & Poor's on Monday slapped a negative outlook on its Treasury debt rating. "Again, if you listen carefully now, you see the leadership of the United States of America ... recognizing now this is the right thing to do for the economy." Geithner made the comments in a morning blitz of three major business net-

work interviews to voice disagreement with the S&P move and emphasize Washington was serious about putting in place mechanisms that would bring down deficits. "Actually, I think things are better than they've been if you want to think about the prospects for improving our long-term fiscal position," Geithner told CNBC television. -Reuters

Stakeholders 'say' vowed on new tax Staff Reporter KARACHI: Member Tax Federal Bureau of Revenue (FBR) Israr Rauf on Monday assured the business community that they would be consulted over the imposition of new taxes in the upcoming federal budget. Speaking at a reception, organized by Pakistan P h a r m a c e u t i c a l Manufacturers' Association (PPMA), he pointed out that the tax-to-GDP ratio of 9.1 percent in Pakistan is the lowest in the region and there is a need to expand the tax net in the country at an appropriate level. The FBR has planned to increase tax-to-GDP ratio to 9.5 per cent by 2012. Eventually the tax-to-GDP ratio would be increased to 12-13 per cent by 2014; he See # 2 Page 11

ISLAMABAD: Deputy Parliamentary leader of the Muttahida Qaumi Movement (MQM) Haider Abbas Rizvi has said that the party has again refused the government's offer to join federal cabinet. Talking to media persons outside the Parliament House, Haider Abbas said that MQM was again offered to join the cabinet but they have politely refused, added if the cabinet is working efficiently then it makes no difference if the whole parliamentarians are made ministers. Similarly, he added, if the cabinet performance is not up to the mark then it could not improve even if the whole lot of MPs are made ministers. On the flip side, the effort to establish new government, based on national reconciliation, has entered in last stage. Pakistan Peoples Party has also

offered 12 ministries including a slot of senior minister to Pakistan Muslim League (Q) while Government has failed to convince Jamiat Ulema-e-Islam (F) and MQM to rejoin federal cabinet, a senior government office-bearer on condition of anonymity informed Online on Tuesday. The senior officer also said that President Asif Ali Zardari, Prime Minister Syed Yousuf Raza Gilani and main leadership of Pakistan Muslim league (Q) have completed consultation to form national reconciliation Government and now PPP leadership is awaiting response of PML-Q leadership. President PML-Q Chaudhry Shujat has conveyed to PPP leadership that he would respond to their offer after having consultations with office-bearers of his party, senators, MNAs and MPAs. The senior officer disclosed that the PPP leadership has offered 4

federal ministries, 8 state ministries, slot of two ambassadors and a senior minister to PML-Q. Under the national reconciliation government, PML-Q would also get representation in KhyberPakhtunkhwa. On the other hand, former coalition Partner of Government, JUI-F has turned down PPP's fresh offer to join federal cabinet. There are also differences in the JUI-F over rejoining of Federal Cabinet, sources said, adding that, Party leaders including Rehmatullah Kakar and Maulana Mohammad Sherani are in favor to join federal government but vast majority of Party are against this. The senior officer said that the situation would become clear within next two or three days and if PML-Q agrees to join Government then 12 to 15 ministers would take oath in upcoming days. -Online

President urges plan to up cotton yield ISLAMABAD: President Asif Ali Zardari Tuesday called upon the Ministry of Food and Agriculture for taking all public and private sector stakeholders on board to evolve a comprehensive strategy for enhancing cotton productivity in the country besides strengthening cotton seed production system. Strengthening and streamlining of cotton research and development system in the country needs to be updated by learning from the experience of other cotton growing countries and making use of the new technologies, he added. The President was chairing a meet-

ing of Food and Agriculture Committee here at the Aiwan-e-Sadr on Tuesday, which was attended among others by Minister for Food and Agriculture Mir Israrullah Zehri Minister for Textile Makhdoom Shahabuddin, Secretary General M Salman Faruqui, Special Assistant to PM on Water Resources Kamal Majidullah Nazar Muhammad Gondal, MNA, Rana M. Farooq Saeed Khan, MNA, Federal Secretaries Food and Agriculture and Textile Industry, Chairman PARC, Agriculture Development Commissioner, provincial secretaries agriculture of the four provinces and

other high officials. Chairmen Aptma, Karachi, Lahore, Balochistan, Punjab, Chairman Pak Cotton Forum Lahore and Secretary General Anjuman-e-Kashtkaran Rana Iftikhar Muhammad were also present in the meeting. Today's meeting was in continuation of earlier meeting held in February to achieve food security, improve the lot of the farmers, increase export earnings and to address the issues of the stakeholders. The meeting was updated on the progress made so far in the food and agriculture development and the new See # 1 Page 11

Bill on dual nationality tabled ISLAMABAD: A bill to disqualify a person for the services of Pakistan as well as for the parliament and provincial assemblies in case of holding dual nationality was introduced in the National Assembly on Tuesday. Muhammad Raza Hayat Hiraj of Pakistan Muslim League-Quaid (PML-Q) introduced the bill further to amend the Constitution -The Constitution (Amendment) Bill, 2011] (Insertion of new Article 63B). Hiraj said that under the proposed amendment no person having dual nationality, foreign accounts and property abroad would be eligible for holding a public office or become a member of parliament or provincial See # 5 Page 11 Resolution against drones

KP sends copy to US consulate PESHAWAR: The government of KhyberPakhtunkhwa has dispatched the copy of unanimously approved resolution against drone attacks to US Consulate. As per details, unanimous resolution was passed against drone attacks in meeting of provincial assembly here on the other day. After approval of the resolution Assembly Secretariat sent the copy of the resolutions to US Consulate. It has been stated in the resolution that in wake of law and order situation in the region the drone attacks should be stopped as soon as possible while the drone See # 7 Page 11

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TheFinancialDaily-Epaper-20-04-2011