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International Karachi, Tuesday, July 26, 2011, Shaban-ul-Muazzam 23, Price Rs12 Pages 12

Check posts to be set up in troubled areas: CM Qaim See on Page 2 Economic Indicators $18.23bn 13.92% $24.83bn $40.41bn $(15.59)bn $542mn $11.20bn $1.92bn Rs 1598bn $59.54bn Rs 5873bn $758mn -2.28% 4.20% $1,051 176.73mn

Forex Reserves (16-July-11) Inflation CPI% (Jul 10-Jun 11) Exports (Jul 10-Jun 11) Imports (Jul 10-Jun 11) Trade Balance (Jul 10-Jun 11) Current A/C (Jul 10-Jun 11) Remittances (Jul 10-Jun 11) Foreign Invest (Jul 10-Jun 11) Revenue (Jul 10-Jun 11) Foreign Debt (Mar 11) Domestic Debt (May 11) Repatriated Profit (Jul 10 - Jun 11) LSM Growth (May 11)

GDP Growth FY12E Per Capita Income FY10 Population

Portfolio Investment SCRA(U.S $ in million)

-14.65 -14.65 -6.78 2768

Yearly(Jul, 2011 up to 22-Jul-2011) Monthly(Jun, 2011 up to 22-Jul-2011) Daily (22-Jul-2011) Total Portfolio Invest (16-Jul-2011)

NCCPL (U.S $ in million)

FIPI (25-Jul-2011) Local Companies (25-Jul-2011) Banks / DFI (25-Jul-2011) Mutual Funds (25-Jul-2011) NBFC (25-Jul-2011) Local Investors (25-Jul-2011) Other Organization (25-Jul-2011)

-1.30 -0.25 -0.08 -0.51 0.07 1.01 1.06

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

Close 12,394.49 10,050.01 22,293.29 18,871.29 2,663.13 2,688.75 5,925.26 12,626.63

Change 82.28 82.10 151.51 148.99 24.04 82.04 9.76 54.53

GDR update $.Price PKR/Shares Symbols 111.97 MCB (1 GDR= 2 Shares) 2.60 147.72 OGDC (1 GDR= 10 Shares) 17.15 43.07 UBL (1 GDR= 4 Shares) 2.00 36.61 LUCK (1 GDR= 4 Shares) 1.70 39.47 HUBC (1 GDR= 25 Shares) 11.46

Money Market Update T-Bills (3 Mths) 13-Jul-2011 T-Bills (6 Mths) 13-Jul-2011 T-Bills (12 Mths) 13-Jul-2011 Discount Rate 20-May-2011 Kibor (1 Mth) 25-Jul-2011 Kibor (3 Mths) 25-Jul-2011 Kibor (6 Mths) 25-Jul-2011 Kibor (9 Mths) 25-Jul-2011 25-Jul-2011 Kibor (1 Yr) 25-Jul-2011 P.I.B (3 Yrs) 25-Jul-2011 P.I.B (5 Yrs) 25-Jul-2011 P.I.B (10 Yrs) 25-Jul-2011 P.I.B (15 Yrs) 25-Jul-2011 P.I.B (20 Yrs) 25-Jul-2011 P.I.B (30 Yrs)

13.48% 13.74% 13.90% 14.00% 13.76% 13.61% 13.80% 14.14% 14.24% 13.97% 14.01% 14.03% 14.24% 14.33% 14.41%

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

118.08 99.48 97.72 1,616.60 40.43 1,042 44,320 5,573

Open Mkt Currency Rates Symbols

Buy (Rs)

Sell (Rs)

Australian $ 92.50 93.50 Canadian $ 90.00 91.00 Danish Krone 16.10 16.40 Euro 122.90 124.40 Hong Kong $ 10.75 11.00 Japanese Yen 1.092 1.102 Saudi Riyal 22.85 23.05 Singapore $ 70.70 71.70 Swedish Korona 13.20 13.50 Swiss Franc 98.90 99.90 U.A.E Dirham 23.35 23.55 UK Pound 139.50 141.00 US $ 85.95 86.25 Inter-Bank Currency Rates Symbols

Buying

Selling

TT Clean

TT & OD

Australian $ 93.02 93.24 Canadian $ 90.34 90.55 Danish Krone 16.58 16.62 Euro 123.57 123.86 Hong Kong $ 11.03 11.06 Japanese Yen 1.098 1.101 Saudi Riyal 22.92 22.97 Singapore $ 71.12 71.29 Swedish Korona 13.56 13.60 Swiss Franc 105.75 106.00 U.A.E Dirham 23.40 23.45 UK Pound 140.07 140.40 US $ 86.13 86.32 Weather Forecast Cities

Islamabad Karachi Lahore Faisalabad Quetta Rawalpindi

Max-Temp Min-Temp

35°C 35°C 33°C 34°C 37°C 36°C

20°C 29°C 29°C 30°C 15°C 20°C

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Voice sampling not allowed in Pak, says Malik

See on Page 12

44 deaths in 3 days; no breakthrough as yet

See on Page 12

Iran to supply gas to Iraq, Syria

See on Page 12

Gilani inaugurates mango festival

Exports help stabilise economy: PM ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has said that long-term solution of the country's economic problems lies in increasing exports. He was speaking at the mango festival, organized by the Ministry of Commerce and Trade Development Authority of Pakistan here on Monday. The Prime Minister said the objective of increased exports can be achieved if we encourage indigenous agriculture sector through provision of costeffective inputs, declaration of

support prices, exploration of new markets and aggressive marketing for our products. Syed Yousuf Raza Gilani noted that Pakistan was fifth largest producer of mango in the world. Punjab has the share of 67 per cent and Sindh 33 per cent in mango production while Multan, Rahimyar Khan and Mirpurkhas are major production areas. He said the country exported 30 million dollars worth of mango in 2009-10 and the figure is expected to reach 35 million dollars for 2010-11.

The Prime Minister said though Pakistan mangoes are known for quality and taste all over the world but we need to work hard to increase our share in one billion dollar world-wide trade in mangoes. The Government is taking steps to improve the infrastructure for production, processing and export of mangoes. The Prime Minister, on the occasion, visited various stalls and showed keen interest in varieties and qualities of mangoes. - NNI

Revenue officials afraid to spy on militants

SBP announces relief on business loans for KP

SAHIWAL: Police struggling to stem a growing Islamist insurgency are recruiting traditional village tax collectors to snoop on militant groups but critics say the plan is ill conceived and unlikely to be of much use. On a recent day about 100 of the tax collectors, known as numberdars, sat under a big tent in the town of Sahiwal, in Punjab province, listening to lectures from policemen and lawyers about their new duties. A police official read instructions from a briefing booklet to the men, many of them wearing turbans and other traditional garb, before the day-long session ended with a question ses-

sion during which some of the men raised fears for their safety if militants caught on to their spying. "We asked the government to issue us with arms licences so we can protect ourselves," said one of the men after the session. "Otherwise we and our families will be at risk of attack," said the would-be informant, who declined to be identified for security reasons. Violence has surged in Pakistan since a 2007 government crackdown on militants who had long been tolerated, and even nurtured, for use as tools against old rival India. See # 12 Page 11

PR suffered Rs26bn losses in FY11 ISLAMABAD: Pakistan Railways (PR) suffered Rs26.252 billion losses during the year 2010-11 mainly due to non-rehabilitation of tracks and out of order locomotives. According to a ministry official, the ministry has taken numerous steps for rehabilitation and development of Pakistan Railways during the year 2011-12 however, these are subject to provision of funds from international and national financial institutions. He said the project of doubling of track from Khanewal to Raiwind was taken in hand at cost of Rs12617.400 million. Out of which only 90 kilometer from Okara-Raiwind is left

which will be completed during current financial year. The rehabilitation of existing track from Lahore to Rawalpindi-Peshawar is under process with the help of Asian Development Bank and will start during current fiscal year. The project for realignment of track from Kaluwal to Pindora on Jhelum Rawalpindi section is likely to start in 2011-12. Similarly, the project of restoration of damaged assets on Mirpur Mathelo to Shahdadpur section and Bin Qasim stations damaged in the aftermath of December 27, 2007 incident has been taken in hand and shall be completed this year. See # 14 Page 11

TFD Report KARACHI: The State Bank of Pakistan (SBP) on Monday announced the release of third installment of mark-up rate subsidy on business loans for the period from January 01 to June 30, 2011 under the Prime Minister's Fiscal Relief Package to rehabilitate the economic life in Khyber Pakhtunkhwa, Federally Administered Tribal Area (FATA) and Provincially Administered Tribal Area (PATA). According to a press release issued here on Monday, Duly completed claims for reimbursement of mark-up rate subsidy for the period from January 01 to June 30, 2011 may be submitted separately See # 11 Page 11

Pak-India secy-level talks today NEW DELHI: The foreign secretaries of India and Pakistan will meet here today (Tuesday) to firm up details of confidence building measures (CBMs) and other initiatives that will be announced by their foreign ministers the following day. Accompanied by senior officials, Pakistan's foreign secretary Salman Bashir, who arrives here Monday evening, will hold talks with his counterpart Nirupama Rao today (Tuesday). See # 13 Page 11

AMRITSAR: Foreign Secretary Salman Bashir walks with his delegation after crossing over to India for the foreign secretary-level talks at the Pak-India joint check-post at the Wagah border, on the outskirts of the northern Indian city of Amritsar. - Reuters

Zero short-term foreign financing in FY11

Outlanders financing moving back TFD Report KARACHI: Foreign lending to Pakistan has continuously been at declining trough for the previous three years, as shown by the data - off and on - released by State Bank of Pakistan. According to consolidated figures, foreign financing at the end of previous fiscal year reached $2.245 billion by reducing 39 per cent or $1.445 billion as compare to that of $3.690 billion in fiscal year 2008-09. The inflows of finances on account of programme and

project loans into the terrorismhit South Asian country have been witnessing a downward trend on a monthly, quarterly and yearly basis. The recently-concluded FY11 was no exception with foreign disbursements to Pakistan falling down by a massive 46 per cent to $2.245 billion. If compared with that of FY10's $4.134 billion these figures depict a decrease of $1.889 billion. Most interestingly FY11 could, rather, be dubbed as the worst in terms of foreign financing since the country received

"zero" financing from international money lending agencies under short-term loans that include commercial loans and disbursements from the Islamic Development Bank (IDB). The last short-term commercial loan Pakistan received from the IDB amounted to $570 million during FY10. However, during the year under review, the country received long-term loans worth $2.245 billion, 37 per cent or $1.319 billion less than $3.564 billion the country had been disbursed a year earlier in FY10. See # 9 Page 11

Fertilizers’ sales down 6.8pc in six months Up 2.4pc in June Aamir Abidi KARACHI: Fertilizers offtake showed a fall of 6.8 per cent in first half of calendar year 2011 (1HCY11) to 3.59 million tonne as compared to 3.85 million tonne in 1HCY10. Drop in sales was primarily driven by gas curtailment and 45 days closure of fertilizer plant on Sui network in the beginning

of current calendar year. According to the latest fertilizer data, urea sales down by 11.8 per cent to 2.67 million tonne in 1HCY11 against 3.03 million tonnes of identical period last year. Similarly, Di ammonium phosphate (DAP) offtake remained weak during 1HCY11 period with the industry registering decline in

growth of 2.3 per cent on a YOY basis. DAP sales remained at 313,000 tonne compared to 321,000 tonne in 1HCY10 mainly due to higher DAP prices. On the other hand, fertilizer offtake up by 2.4 per cent MoM in the month of June 2011 at 658,000 tonne versus 643,000 tonne in May 2011 mainly due See # 10 Page 11

Who is next, Shaikh or Bengali? TFD Report KARACHI: After no any clarification issued so far from government on resignation of Dr Jaffer Qamar, from the post of chief economist of Planning Commission, it is now pretty much clear that technocrats are unable to cope with political adventurism in economic policy making. According to a recent report, two top economic managers one at the helm of Sindh province and other at federal

level are seriously considering to leave the government owing to undue pressures and illogical demands of political leadership. One of them is Dr Qaiser Bengali, who is said to have developed serious difference with the Sindh government. He was recently appointed as deputy chairman of Planning and Development Board. Earlier he was removed from the post of advisor to CM Sindh on planning and development to accommodate new allies in

Sindh cabinet. It is learnt that certain elements in the bureaucracy do not want Dr Bengali to remain a provincial authority as the people at the helm of affairs are not happy with his strategy to stamp out corruption from the department by dropping nearly 400 schemes from the ADP 2011-12. Simultaneously Dr Hafeez Shaikh is still insisting to appoint federal secretary finance Waqar Masood Khan as Governor State Bank of

Pakistan but some high officials in Presidency are supporting acting governor Yaseen Anwer to become full-fledge chief of the central bank. Likewise, Dr Hafeez Sheikh has strong reservations over unbridled government borrowing and more than once he brought this issue to the notice of Prime Minister and President to control government borrowing by slashing non-development expenditures. However, government is helpless over the ever-rising

non-development expenditures to achieve its political goals, especially to keep happy its demanding allies for the sake of retaining power. It may be recalled that after one week of the resignation of governor SBP Shahid Kardar in early July, another key figure of economic scene of the country Dr Jaffer Qamar, chief economist of Planning Commission resigned in third week of July. State Bank governor Shahid Kardar stepped down in early July and Auditor-General of

Pakistan Syed Tanvir Ali Agha left a few months before his retirement. The resignation of Pakistan central bank governor Shahid Kardar last week reflects badly on the government's management of the economy, a senior vice president at Moody's Investor Service said last week. Ratings agency Standard & Poor's had said the resignations of the central bank chiefs send out a negative signal but were not surprising. See # 15 Page 11


2 Tuesday, July 26, 2011

Global Food Safety Awards Conferred Staff Reporter KARACHI: Speaker Sindh Assembly Nisar Ahmad Khuhro and President, Petroleum Marketing Business, Byco Petroleum, Kalim A Siddiqui and many other eminent personalities conferred Global Food Safety Awards-2011 to CEO's, QHSE heads and Food Safety Heads of 22 national and multinational companies of the food industry at an impressive and enthralling ceremony held at local hotel. Global Food Safety Awards-2011 is organized by Global Media Links in collaboration with Pakistan Food Association, Business Milestones and many other relevant stakeholders. It should be mentioned here that some 42 companies working in the food industry and related services expressed their interest and submitted their nominations for participation in the Global Food Safety Awards 2011.

After short-listing of these contending companies, 22 companies were adjudged winners of the award with each of the company winning one award in a particular category of award, three out of these 22 companies secured two awards each in different two categories, while two of these successful companies won three awards each in different three categories of food safety and quality. Evaluation of nominations of the contending companies was carried out by an independent and confidential three-member jury comprising subject specialists concerned associated with University of Karachi. The successful companies were conferred awards on basis of their untiring efforts, innovation, and stringent mechanism for upkeep and promotion of the cause of food safety in view of its essential importance for well-being of human health and general good of the society. Besides Sindh Assembly's Speaker Khuhro who graced the award cere-

mony as its chief guest, various eminent personalities from different walks of life also attended the ceremony as Guests of Honour of the event. Their names included President, Petroleum Marketing Business, Byco Petroleum, Kalim A Siddiqui; Senior Vice-President Federation of Pakistan Chambers of Commerce & Industry, S Khalid Tawwab; Executive-Director, Roots School System, Chaudhry Faisal Mushtaq; and Pro Vice-Chancellor, University of Karachi, Prof Dr Shahana Urooj Kazmi. In his address, Chief Guest Khuhro said: "I have been keenly observing that in our homeland award ceremonies are regularly being held on various important topics of trade, business, socio-economy, and public life and in my opinion, furthering this spirit, some award would be instituted as a permanent and regular feature by any of the concerned event organizers in the country."

Nat Pinyo visits LCCI

Thai minister stresses on early FTA with Pak

The LCCI Actin President Sh. Mohammad Arshad is souvenir to the Thai Minister Nat Pinyo WattanaCheep. LCCI VP Sohail Azhar and EC Members are also present on the occassion.presenting the LCCI

LAHORE: Nat Pinyo WattanaCheep, Thai Minister, Department of South Asian, Middle East and African Affairs, has said that the Thai government is giving top priority to early signing of Free Trade Agreement between Pakistan and Thailand and for the purpose it is focusing on an early meeting of Pak-Thai Joint Trade Commission. The Thai Minister was speaking at the Lahore Chamber of Commerce and Industry on Monday. LCCI Acting President Sheikh Mohammad Arshad presided over the function while Vice President Sohail Azhar, Thai Ambassador to Pakistan Marut Jitpatima, former LCCI Senior Vice President Abdul Basit, Executive Committee Members Mian Zahid Javaid and Dr Shahid Raza

also spoke on the occasion. Nat Pinyo said that both Pakistan and Thailand have very strong credentials to give new strengths to their respective economies as both the countries have good geographical locations making them a safe heaven for investment. Speaking on the occasion, the LCCI Acting President Sheikh Mohammad Arshad said that the import and export profiles of the two countries indicate that there is a potential of increasing Pakistan's export to Thailand, while Pakistan also has huge potential of importing goods from Thailand. Sheikh Mohammad Arshad said that Pakistan is strategically located and is a gateway to the markets of Central Asian Republics and the Gulf countries.

The LCCI Acting President said that Thai investors who are interested to weigh up the energy sector of Pakistan especially untapped potential of coal and renewable/alternate energy would be facilitated all the way. The other members of the delegation, who gave their views on Pakistan and Thailand trade relations included Chairman Thai Chamber Committee on South Asian Affairs Mingpant Chayavichitsilp, Suthiket Thatptak-kul from Thailand Board of Investment, Somyod Tangmeelrap from Federation of Thai Industries, Nuttha Toonsuwan, Sorayos Kijparkorn, Piyanut Tumnukasetchai, Chotika Suwanwattana and Honrary Trade Advisor of Thai Ministry of Commerce Arif Suleman.-PR

30 couples tie knot in mass ceremony

Intel eyes Fulcrum Microsystems PAKISTAN: Intel Corporation recently announced it signed a definitive agreement to acquire Fulcrum Microsystems Inc., a privately held fabless semiconductor company that designs Ethernet switch silicon for data center network providers. "Intel is transforming from a leading server technology company to a comprehensive data center provider that offers computing, storage and networking building blocks," said Naveed Siraj, Country Manager Intel Pakistan. "Fulcrum Microsystems' switch silicon, already recognized for high performance and low latency, complements Intel's leading processors and Ethernet controllers, and will deliver our customers new levels of performance.-PR

TV PROGRAMMES TUESDAY Time Programmes 7:00

News

8:00

News

9:05

Subah Savere Maya ke Sath

11:00 News 11:05 Awam ki Awaz(Rpt) 12:00 News 13:05 Tafteesh (Rpt) 14:00 News 14:05 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Aap Ki Baat 19:05 Masail Kahani 19:30 Crime Scene 20:03 Tajziya 21:00 News 22:03 Tonight With Jasmeen 23:00 News 23:05 Mutsareen

Staff Reporter KARACHI: Thirty blushing brides sat next to their beaming grooms during a mass marriage ceremony on Saturday which was organised to give the underprivileged an opportunity to celebrate the occasion with their families in a manner they could not otherwise afford. The festivities took place at the YMCA ground, organised by the Upleta Memon Association, the Women Development Foundation Pakistan and the Falah Welfare.

The happy couples hailed from coastal areas such as Rehri Goth and Ibrahim Haidery, while some came from Interior Sindh. Separate Nikkah arrangements were made for both the bride and groom with the men signing the binding document on stage while the woman fulfilled the legal formality in a small room. The Nikkah was performed by a religious dignitary from Makkah, Abdul Manan, who is in the city at the time. The brides slowly made their way to the marriage lawn where stage was surrounded by photographers

and guests who showered them with attention. The chairperson of the WFD-P, Sabiha Shah, said that the organisers had not only arranged for the wedding ceremony, but had also counseled the couples on life after marriage. Another mass wedding event is in the pipeline for the Islamic month of Zilhaj which will fall at the end of this year. Vice President Upeta Memon Association Haji Masood Parekh said that during the next event as many as 100 couples would be the lucky ones chosen to be married on that day.

KARACHI: Group Photo of Global Food Safety Awards 2011 winners with Chief Guest Nisar Khuhro, Speaker Sindh Assembly, Guest of Honor, Kalim Siddiqui, President BYCO Petroleum, Musaddiq Aziz, Nazia Aziz, Saquib Khattak & others.-Staff Photo

Checkposts to be set up in troubled areas: CM Qaim KARACHI: Sindh Chief Minister Syed Qaim Ali Shah on Monday directed the law enforcement agencies to take strict action against miscreants behind worsening law and order situation in Karachi. Talking to media persons after presiding over a meeting in connection with restoration of peace in the city, the Sindh chief minister said permanent check

posts of the Rangers and Commando Police would be set up in all affected areas like Kati Pahari. The meeting was attended by Home Minister Manzoor Wasan, Inspector General Police Sindh, Wajid Ali Durrani and officers of all five districts of the city. The meeting reportedly discussed a strategy to bring back peace to the city and elimi-

nate the ongoing violence. The chief minister said that he directed the concerned officials to restore peace in Karachi at any cost. He said that some steps were decided in the meeting to bring back normalcy in the city. He said that strict action would be taken against those persons who were found involved in violence in Karachi. -APP

KCCI awards prizes to young scientists

Karachiites hail education pavilion KARACHI: "Karachi Chamber of Commerce & Industry's Education Pavilion in My-Karachi Exhibition will act as cornerstone to link Academia with Industry and encourage youth for self-employment." This was stated by Muhammad Saeed Shafiq, President-KCCI, in the My-Karachi Education Pavilion Prize Distribution Ceremony held at Karachi Expo Centre. During the ceremony cash prizes worth over Rs one million were distributed amongst top four projects keeping in view the productivity and advantage to the society. Rear Admiral Syed Khawar Ali, Commander Karachi graced the ceremony as Chief Guest while the students and faculty of various universities exhibiting their projects/ innovations in the field of engineering, IT, Textiles & Business Studies extensively attended the ceremony. Commander Karachi Rear Admiral Syed Khawar Ali in his address endorsed the vital role of KCCI to uplift national economy and promote trade & industry. He stated "I am deeply impressed with the great

efforts of KCCI to revive peace in the city". He stated that KCCI's My-Karachi Exhibition is a bold initiative to give a

President-KCCI, highlighted the vision of KCCI to promote education, produce talented and skilled human resource to cater the

Rear Admiral Syed Khawar Ali, Commander Karachi, Mr. Mohammad Saeed Shafiq, PresidentKCCI and Mr. Khalil Nanitalwala presenting cash award to SSUET Students. Mr. Talat Mahmood, Senior Vice President-KCCI, Mr. Junaid Esmail Makda, Vice President-KCCI and Mr. Majyd Aziz, Ex President-KCCI are also seen in the picture.

message to the Nation and countries around the globe that we are resilient Nation and accomplished to handle all challenges. Senior Vice President KCCI Talat Mahmood asserted upon the youth to boost their passion to serve Pakistan. He said "the Education Pavilion will be regular feature of Annual MyKarachi Exhibition." AQ Khalil, former

national industrial and commercial needs. Ateequr Rehman, ex-executive member-KCCI articulated that Education Pavilion will encourage entrepreneurship and stop brain drain. Cash Awards were sponsored by prominent members of KCCI, Khalil Nanitalwala, Shameem Ahmed Firpo, and Chaudhry Ansar Javed who also spoke at the occasion.

SBP announces relief for KP loans Staff Reporter

KARACHI: The State Bank of Pakistan (SBP) Monday announced the release of third installment of mark-up rate subsidy on business loans for the period from January 1 to June 30, 2011 under the Prime Minister's Fiscal Relief Package to rehabilitate the economic life in Khyber Pakhtunkhwa, Federally Administered Tribal Area (FATA) and P r o v i n c i a l l y Administered Tribal Area (PATA). Duly completed claims for reimbursement of mark-up rate subsidy for the period from January 01 to June 30, 2011 could be submitted separately for Textile Sector and other eligible sectors to SBPBSC (Bank), Peshawar up-to August 31, 2011, it added. SBP has informed all banks/Development Finance Institutions (DFIs)/Microfinance Banks (MFBs) that the rate of mark up differential for 3rd installment, for six months ending on 30th June 2011, has been worked out at 6.18 per cent. The banks have been asked to calculate the amount of mark up rate differential on outstanding business loans of above areas, on the basis of above rates and keeping in view the terms & conditions contained in above Scheme, according to Circular Letter No. 14 of July 25, 2011. However, MFBs may calculate mark up rate differential to the extent of 22.5% p.a. i.e. differential between 7.5% per annum and Weighted Average Lending Rates of MFBs i.e. 30% p.a. or actual rate whichever is lower, as communicated in September, 2010, the Circular Letter added.

PaCCS alone collects Rs300mn custom duty daily KARACHI: The Pakistan Customs Automated System (PaCCS) alone collects customs duty ranges between Rs250 and Rs300 million on daily basis. It has always shown higher volume of cargo both in import and export. It is operational at three of the international trade terminals in the country. President PaCCS User Club Rizwan Khadim Rathore told that PaCCS is an electronic environment in which no documents are required to be filed to Customs with the declaration. This is in order to ensure that the trade is not forced to travel to Customs house in order to file each declaration and tax payer is not forced to come in contact with the tax collector which has numerous undesirable consequences. Even then PaCCS collected such a higher volume of Customs duty. The conflict between Federal Board of

Revenue and Agility - the owner of PaCCS is not logical when the system generates huge revenues for the national kitty and serves trade bodies successfully, a concern raised by President PaCCS Users Club during Traders monthly meeting. He further said, the officials of both companies have met several times focusing on to resolve the issue but negotiations remained unfilled. The reluctant attitude of government officials left no choice to Agility except to shut down the system. The recent shut down notice by Agility has threatened the trade bodies and doubtful if the company shut down its system. Rathore further added that to continue PaCCS the Agility stance to FBR for purchasing the system is quite logical, because Agility mentioned that it will not run this system on public-private partnership. If FBR wants to continue, it should purchase it.-PR


3

Tuesday, July 26, 2011

Dollar slides as US debt tensions weigh Safe-haven Swiss franc rises, hits record high vs dollar NEW YORK: The dollar fell to a record low against the Swiss franc and a four-month trough versus the yen on Monday as a deadlock in negotiations to raise the US debt ceiling spooked the market and spurred demand for currencies viewed as safe havens. Analysts warned of further sharp selling in the dollar if Washington fails to increase the US debt limit and enters a technical default on its debt next month, a scenario for which analysts have priced in a roughly 10 per cent chance. Overall, the Swiss franc was the biggest beneficiary of the demand for safe havens, pushing the dollar to an all-time low of 0.80210 francs on trading platform EBS. The dollar has fallen in three of the last four sessions against the Swiss currency. The euro also fell versus the franc, dropping 1.7 per cent, as did sterling. Traders reported heavy selling of the pound ahead of Tuesday's UK gross domestic product data for the second

quarter, on views it could show a contraction and not the 0.2 per cent rise forecast by economists. M o s t investors expect a deal will be done before the Aug. 2 deadline to avert a US default, but the lack of progress in talks over how to cut the budget deficit and the possibility of a ratings downgrade of US debt made investors more risk averse, which analysts said would dog the dollar. "The budget impasse and the general bickering of politicians in the US in deciding what their stance would be on the debt ceiling is weighing on dollar sentiment," said Ravi Bharadwaj, market analyst at Travelex Global Business Payments in Washington. He added that Moody's further slash-

ing of Greece's debt rating on Monday did not benefit the dollar much as a safe haven alternative to the euro, but

instead boosted the Swiss franc and gold. The US Treasury said it will run out of money to pay the country's bills after Aug. 2, though some analysts say the Treasury may be able to scrape some money together to get by for a week or two. Some portfolio managers have readied back-up plans in the event of a US default. Paul Dietrich, who runs Foxhall Capital with assets under management of $1 billion, said he's looking at gold and the sovereign debt of coun-

tries with more robust economic fundamentals such as Australia and Canada. "The problem everyone faces is that if the US defaults, the next day all the people who are owed pensions and social security will be marching on the homes of these congressmen, with torches and pitchforks." Against the yen, the dollar fell as low as 78.055 yen, its weakest level since mid-March, and was last at 78.310 yen, down 0.3 per cent. The ICE Futures' dollar index slipped 0.08 per cent to 74.143 versus a currency basket, near 73.889, a six-week low hit last week. The euro was little changed against the dollar at $1.43615, as the euro-zone's lingering fiscal crisis kept traders wary over the single currency. The euro initially slipped against the dollar after Moody's downgraded Greece by three notches to Ca from Caa1, though the impact was limited because the move was not a surprise and traders were focused on the US debt saga. -Reuters

Yuan hits record high Baht, peso dip on dlr-short covering; BOT on US debt woes intervention spotted Singapore central bank intervenes, dealers say SINGAPORE: The South Korean won led falls in most of its Asian peers on Monday as interbank speculators and some real money funds reduced exposure in emerging Asian currencies on worries that a US default would cause a risk-off trade environment. Short-term investors also adjusted positions in some emerging Asian currencies including the Thai baht as they have been seen as technically overbought and some central banks were spotted buying dollars for intervention, dealers said. US lawmakers have not agreed on a deal to prevent what would be a disastrous default. The deadlock has pushed down riskier assets such as stocks while sending investors to safe heavens including gold. "A worst case scenario hasn't (been factored in markets), simply because everyone believes that the two parties will come together in the end to work things out, no matter how acrimonious the process is," said Sacha Tihanyi, senior currency strategist for Scotia Capital in Hong Kong. Tihanyi said he remains bullish on the region and would play long emerging Asian currencies against the dollar. But he said some of them such as the won, the Malaysian ringgit and the Philippine peso could come off quickly if no US deal debt is reached by the August 2 deadline, or if rating agencies

downgrade the US. Early Monday, the trend was checked by some central banks again with Monetary Authority of Singapore and Bank of Thailand spotted buying dollars to slow down strength in their currencies, dealers said. The intervention caused some investors to book profits from their recent gains. European debt problems remain a burden to emerging Asian currencies. The won slid as investors covered dollar-short positions amid caution over intervention and on dollar demand linked to a corporate takeover announced in May. In the transaction, Fila Korea agreed to buy the Titleist golf equipment brand for $1.2 billion. Some dealers estimated that on Monday, there were dollar bids connected with the deal of about $500 million. Still, the South Korean currency found relief from exporters' end-month demand for settlements, especially around mid-1,050 levels per dollar, dealers said. "Now 1,055 looks great to exporters," said a local bank dealer in Seoul, adding dollar/won positions do not look short. The 14-day dollar/won Relative Strength Index (RSI), which on Friday dipped below the 30 threshold and indicated the pair was seen as oversold, rebounded to 41.4.

On Friday, South Korean foreign exchange authorities were spotted buying an estimated $500 million-$1 billion to defend 1,050 level, dealers said. Meanwhile, South Korea plans to carry out a stress test on banks operating in the country next month to examine their ability to secure foreign exchange funding during a financial emergency, a financial authority source said. The baht edged down as local interbank speculators covered dollar short positions on the central bank's intervention. The dollar/baht 14-day RSI stayed around 20, suggesting the pair is seen as oversold. Still, foreign banks kept buying the Thai currency, reflecting its firm trend on capital and stock-related inflows. Gold exporters also bought it. The Philippine peso dipped as investors covered dollar short-positions with the US debt-ceiling deadlock unresolved. Investors are likely to take defensive stance on the peso, keeping an eye on if rating agencies would downgrade US, although the Philippine currency is seen as getting relief from bond inflows, dealers said. The 14-day dollar/peso RSI rebounded , but it still stayed below the 30 threshold, indicating the pair remained in oversold territory. -Reuters

SHANGHAI: The yuan hit a record high against the dollar on Monday, reversing the morning's fall and in spite of a slightly lower mid-point fixing as the market braces for further losses in the dollar. "The dollar index fell again which make us speculate tomorrow's fixing could hit a new high," said a dealer at a European bank in Shanghai. The dollar is under pressure as the US government has been unable to reach a deal to raise the country's debt ceiling. Spot yuan closed at a record high of 6.4450 against the dollar, firmer than 6.4455 on Friday. It has now appreciated 5.91 per cent since it was depegged from the dollar in June 2010 and 2.22 per cent so far this year. Before trade began the People's Bank of China fixed the yuan's mid-point at 6.4503, down slightly from Friday's historical high of 6.4495. But dealers said a fall of only eight pips in the midpoint may reflect the central bank's intention of keeping the

yuan around 6.44 to 6.45 in the near term. Dealers expected the yuan could rise 4 per cent this year to around 6.25. But the pace of yuan appreciation could slow from yearearlier expectations due to relatively stable global commodity prices and despite the dollar's weakness, dealers said. Fighting imported inflation is one of the top reasons for the PBOC to let the yuan appreciate so far this year. The benchmark Reuters Jefferies CRB index , which covers 19 mostly US-traded commodities, edged up 0.77 per cent on Monday, but has slumped around 6 per cent since late April along with a general rally in the US currency from its two-year and eightmonth low touched on May 2. Offshore, benchmark oneyear dollar/yuan non-deliverable forwards (NDFs) were bid at 6.3820 at midday, down slightly from 6.3910 at Friday's close. Their implied yuan rise in a year's time rose to 1.07 per cent from 0.93 per cent. -Reuters

Stg comes off 5-wk high vs dollar LONDON: Sterling slipped from a five-week peak against the dollar on Monday, with investors wary of pushing the pound higher in case forthcoming UK activity data is weaker than expected. Sterling was last at $1.6285, having struck a five-week high of $1.6345 in the Asian session on heightened worries about a US debt default. Traders said sterling above $1.63 looked vulnerable to a downside correction, especially

sons investors are so risk averse at this point in time." Traders cited decent bids at $1.6260 while technical analysts highlighted support at the 100day moving average around $1.6244 and then the 55-day moving average at $1.6205. Strategists have compared moves between sterling, euro and dollar to an ugly contest in recent weeks. Although the UK economy has a credible fiscal plan in place, concerns over weak economic growth have

if second quarter gross domestic product (GDP) on Tuesday disappointed. Britain's economy is expected to have grown at 0.2 per cent over the previous quarter, but a bad number could boost expectations of more monetary stimulus from the Bank of England. . Last week the pound posted its best weekly performance since May against the dollar as investors cheered a euro-zone deal on Greece, but analysts said it looked poised for a selloff. "The market is looking for close to flat or modest growth but we could see a negative print tomorrow. That is not entirely priced into the market so we could see the pound come under pressure," said Lee Hardman, currency economist at Bank of Tokyo-Mitsubishi UFJ. "A poor reading would reinforce questions over the sustainability and strength of economic recovery in the developed world, which is one of the rea-

hampered sterling strength. In the United States, political wrangling over whether to raise the debt ceiling by the August 2 deadline to avoid a debt default and possible credit rating downgrade continued to drag on the greenback. Meanwhile, rating agency Moody's cut Greece's debt by three notches and said a default was nearly certain in spite of last week's bailout package. The euro was 0.2 per cent higher at 88.13 pence, with near term resistance at 88.54 pence -the high struck on Friday. Resistance levels beyond that include 88.85 pence, its 21-day moving average, and 88.95, the 50 per cent retracement of euro's fall from 90.84 on July 1 to a low of 87.06 in mid-July. Prime Minister David Cameron said on Monday the UK faced a tough task in restoring economic growth, even with the right strategy in place. -Reuters

NZ, Aussie dlrs edge down on US debt jitters WELLINGTON/SYDNEY: The New Zealand dollar loitered near 30-year highs on Monday, while the Aussie gave ground only grudgingly as foreign exchange investors held their nerve in the face of uncertainty over the US debt ceiling. The Aussie dollar eased to $1.0819, from $1.0851 in New York on Friday, as the danger of a US default prompted some profit taking. Congress has, so far, failed to achieve a budget as Aug 2 deadline looms. "The markets still got the impression that they will come up with a solution before August 2," said David Scutt, a trader at Arab Bank Australia. "Until that moment comes, there will be an element of doubt in the mind of traders and that will be enough to put a cap on risk currencies." Having gained 2 per cent last week, the Aussie remained within sight of a two-month peak of $1.0875 struck during the offshore session. The New Zealand dollar held firm at $0.8648, having struck a fresh 30-year peak of $0.8676. The kiwi is showing no sign of retreat, with resistance around the latest high and minor support around $0.8580. Local investors are keenly awaiting the New Zealand central bank's next rate review due

later this week in the wake of bullish growth and inflation data over the past two weeks. "All eyes will be on the Reserve Bank of New Zealand on Thursday, for their take on the timing of the next move in interest rates, and no doubt some currency chidings as well," said Derek Rankin of Rankin Treasury in a note to clients. Further gains will depend on US debt talks progress, Rankin said, adding the kiwi's stellar rise makes it vulnerable to sharp downside corrections. The kiwi has gained around 4.5 per cent this month, driven by the belief rates will rise sooner than expected. A clear majority of analysts in a Reuters poll expect the RBNZ to start increasing rates in December, although a growing view is that September and October cannot be ruled out as the bank looks to stifle growing inflation pressures. For now, technical momentum for the Aussie currency remains positive, with strong resistance seen around $1.0889 and support at $1.0807. A move below $1.0800 targets the 38.2 Fibonacci of the recent $1.0560/$1.0875 range at $1.0755, according to a trader. Against its kiwi neighbour, the Aussie fell to around NZ$1.2500, not far from a near 12month trough of NZ$1.2471 struck last week on the divergent market rate outlook. -Reuters

Top Economic Events Time 3:45 4:50 5:00 8:05 11:00 11:00 13:30 13:30 18:00 19:00 19:00 19:00

Source NZD JPY AUD AUD CHF EUR GBP GBP USD USD USD USD

Events Trade Balance CSPI y/y CB Leading Index m/m RBA Gov Stevens Speaks UBS Consumption Indicator GfK German Consumer Climate Prelim GDP q/q Index of Services 3m/3m S&P/CS Composite-20 HPI y/y CB Consumer Confidence New Home Sales Richmond Manufacturing Index

Source

Events

AUD JPY AUD GBP EUR

PPI q/q BOJ Gov Shirakawa Speaks RBA Assist Gov Edey Speaks BBA Mortgage Approvals Belgium NBB Business Climate

Forecast 391M -0.9%

5.6 0.2% 0.9% -4.6% 57.1 321K 5

Previous 605M -0.9% 0.1% 1.91 5.7 0.5% 0.9% -4.0% 58.5 319K 3

Previous Day Actual

Forecast

0.8%

0.6%

Previous

1.2%

31.7K -2.5

31.3K -2.2

30.8K -1.1

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

Bid 1.4368 0.8040 1.6283 0.9465 1.0843 112.33 0.8820 1.1548 127.31 97.24 1617.74

As per 22.00 PST Ask High 1.4369 1.4414 0.8043 0.8178 1.6286 1.6342 0.9468 0.9523 1.0847 1.0863 112.38 113.00 0.8822 0.8843 1.1552 1.1751 127.39 128.02 97.29 97.44 1618.16 1623.24

Low 1.4329 0.8023 1.6263 0.9456 1.0798 112.13 0.8802 1.1534 127.16 95.93 1599.00

Major Central Banks Overview Central Bank

Next Meeting

Last Change

9/7/2011 8/4/2011 8/5/2011 8/4/2011 8/9/2011 9/15/2011 8/2/2011

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

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

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

Division of National Bank of Pakistan (NBP) KARACHI, July 25,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG KUWAIT MALAYSIA NEWZEALAND QATAR U.A.E. KR WON THAILAND

86.15 140.40 123.86 90.55 106.00 93.24 13.60 1.10 15.92 71.29 16.62 22.97 11.06 314.82 28.95 74.56 23.66 23.45 0.08 2.89

85.95 140.07 123.57 90.34 105.75 93.02 13.56 1.10 15.89 71.12 16.58 22.92 11.03 314.09 28.89 74.39 23.60 23.40 0.08 2.88

85.73 139.69 123.21 90.10 105.47 92.77 13.53 1.09 15.84 70.93 16.53 22.86 11.00 313.26 28.81 74.19 23.54 23.34 0.08 2.88

Indian rupee ranged on choppy euro MUMBAI: The Indian rupee treaded water on Monday weighed by a choppy euro and dollar demand from local oil importers, with most traders preferring to stay on the sidelines a day prior to the central bank's policy review. The partially convertible rupee ended at 44.3950/4050 per dollar, 0.09 per cent weaker than its Friday's close of 44.3625/3725, after moving in a narrow 44.3800-44.4350 band intra-day. "Why should people take risks until there is clear view on where interest rates are headed? There is a view in the market the Reserve Bank of India (RBI) could pause on rates on Tuesday," said Naveen Raghuvanshi, an associate vice president at Development Credit Bank. "So we could see the rupee in a thin range on Tuesday till the policy is released." View the central bank may be near the end of its credit tightening cycle have strengthened as the 10 interest rate increases since March 2010 take a toll on growth in a once-roaring economy. A Reuters poll of economists last week too predicts the RBI will raise repo rate by 25 basis

points on Tuesday and once again by the end of the year, before pausing its long rate tightening campaign. But after market hours on Monday, the central bank said high inflation warrants continued tight monetary policy despite rising risks to growth. Indian shares shrugged off weak world equities and firmed 0.8 per cent to their highest close in more than two weeks on Monday, as telecom stocks rallied in huge volumes on hopes tariffs will rise and improve margins. The one-month onshore forward premium was at 24.75 points versus 23.50 points on Friday, while the three-month was at 71.75 points from 72.25 points and the one-year was at 232.75 points versus 234.25. One-month offshore nondeliverable forward contracts were quoted at 44.54, weaker than the onshore spot rate. In the currency futures market , the most traded nearmonth dollar-rupee contracts on the National Stock Exchange were at 44.4025, while on the MCX-SX and the United Stock Exchange were both at 44.4075. The total volume stood at $8.80 billion. Reuters

Swiss franc rises as US debt talks stall ZURICH: The Swiss franc rose sharply against both the dollar and the euro on Monday as ongoing wrangling in US debt ceiling talks sapped appetite for risky assets. With the clock ticking for Republicans and Democrats in the US Congress to agree a deal to avert a default, investors sought refuge in the safe-haven franc, which has shot to one record high after another this year. The euro clawed back ground against the franc at the end of last week after European leaders agreed a rescue package to help debt-stricken Greece. But positive sentiment waned on Monday as ratings agency Moody's cut Greece's debt rat-

ings to just one notch above what is considered default. Marcus Hettinger, head of global forex research at Credit Suisse said the euro could remain under pressure in the near term. "Technicals indicate that downside risks are not over. We therefore still see downside risks for euro-Swiss over one month and expect 1.16," Hettinger said in a note." The key technical resistance to stabilize the technical picture is at 1.18." The franc rose some 1 percent against the dollar compared to the New York close on Friday to trade at 0.8092 by 0647 GMT. Against the euro the franc gained over 1 percent to trade at 1.1632. -Reuters


4 Tuesday, July 26, 2011

The Financial Daily International

US investors wary of no recovery plan

Vol 4, Issue 262

Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA

S. Muneer Hussain Rizvi

Asim Abbas Ashary, CPA

Khurram Shehzad, CFA

Akhtar M. Zaidi, FCA

Prof. Zakaria Sajid (KU)

Dr. A. Hadi Shahid, FCA

Zahid Bukhari SVP HBL (retd)

Muhammad Arif

Ismat Sabir Head office

111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com

Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com

Facing deluge The current monsoon has already started. Thousands of those who had lost everything, including lives of their dear-ones have not been rehabilitated by the government as yet. However, a point of consolation is that some of the NGOs and a few celebrities have done whatever, they could. One could still recall that Pakistan faced the worst deluge that broke nearly 150 year record. While the magnitude of destruction was high, international community also made the commitments but actual disbursement was only a fraction of the promised amount. Some of the donors openly expressed reluctance in giving money to the government, due to the adverse campaign of opposition. The rulers were blamed for misappropriation of funds, distribution among the favorites and transfer of eatables, medicines and tents to those areas where the losses were minimal. Though, some NGO's received the aid in cash and kind, they often suffered from limited outreach. Visits of politicians belonging to ruling parties as well as opposition proved to be photosessions. And only one trusted institution, Pakistan Army did a marvelous job. It must be kept in mind that Army was busy in operation in northern areas and its attention was distracted. Experts have been saying that due to climate change many of the areas are likely to face excessive rains, others to endure drought. Incidentally Pakistan is a victim of extremities. There have been excessive rains that also cause worst floods. However, soon after floods these areas face drought-like situation because the country has not be able to construct adequate water storage facilities. Experts attribute excessive losses in Pakistan to various factors that include (1) people constructing their houses and cultivating lands too close to river beds (2) absence of early warning system and (3) resistance against evacuation in times of danger. However, experts say that the real cause of massive destruction is rampant corruption in the irrigation department. Millions of rupees are spent on papers every year on refurbishing of embankments and cleaning of water courses but their conditions are going from bad to worse. The Wadera Shahi Nizam, still prevalent in the country also aggravates woes of the poor. When water availability is low feudal lords divert it to their lands but when gushing water becomes a threat for their houses and standing crops, breaches are created in the embankments and deluge create a havoc to the farmers. The situation often becomes real precarious because no prior warnings are issued. While properties of a few elites are saved millions of poor lost their lives, livestock, and standing crops are washed away.

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.

N

ot for the first time, asset managers may be playing a high-risk game as they face the threat of a US debt default without concrete contingency plans. It highlights the investment community's reluctance actively to seek insurance for a low probability or "tail risk" event, even after suffering huge losses following the collapse of Lehman Brothers in 2008. This was the tail risk that materialized. At the same time, those investors who have hedged may end up suffering bigger losses in the event that US lawmakers do reach a deal because the risk of default is political, not a case of real solvency. The clock is ticking toward an August 2 deadline to avoid a default, with politicians deeply divided over a broad deficit reduction deal that would clear the way for Congress to raise the $14.3 trillion debt ceiling. The risk of a US default that would, to say the least, trigger a sell-off among pension and money market funds which must hold triple-A assets and push up long-term rates is getting bigger day by day. Yet mainstream investors appear to be insufficiently prepared for the worst. Illustrating their relaxed stance, fund managers polled by Bank of America

this month did not even list the US default risk as one of their top 5 biggest tail risks. The yield on oneyear US Treasuries stands at just 0.17 percent, near all-time lows, supporting the view that investors are not panicking. "The main scenario of most investors is they will reach an agreement, I don't think investors are prepared. It's hard to prepare for such a tail risk," said Alessandro Bee, fixed income strategist at Sarasin. "It's like preparing for a nuclear fallout. Risk cannot be insured. Normal risk can be insured but insuring this sort of tail risk is something that is not possible." According to Sarasin, households, pension funds and money market funds held a combined $1.8 trillion of US government bonds, out of $9.6 trillion outstanding. The bigger holders are foreign central banks -- mainly China and Japan - which hold a total of $3.3 trillion. Here, the decision is a political one. Xia Bin, academic adviser to the People's Bank of China, said China should not worry about stalled US debt talks, predicting that politicians will ultimately reach a deal. Japanese Finance Minister Yoshihiko Noda, when asked about the break-

down in the US debt talks, only said that he would be watching the situation. Given the lack of alternatives and the depth of the market, investors have been sticking to US Treasuries for the time being. Triple-A euro zone government bonds, by contrast, have debt outstanding of just $4.3 trillion. DEFAULT REPERCUSSIONS A default would knock triple-A US ratings down to at least selective default category overnight. Conventionally, those who must hold triple-A securities for regulatory reasons are likely to be forced to sell in that event, although it's not clear cut. If all US government debt were to be rated in the default category, that would trigger downgrades on debt issued by related state entities and others who are benchmarked against government debt. This leaves no investable triple-A securities in the United States. "The perceived wisdom is that they would have to sell, although there may be room for maneuver for this sort of default. It's not outright default," said Phyllis Reed, head of fixed income research at private asset manager Kleinwort Benson. "The probability is less than one percent. If all of investors decided to posi-

tion for this low probability event, and if nothing happens, they are going to lose a lot of money." The International Swaps & Derivatives Association said it is not clear whether credit default swaps referencing the United States would trigger if a debt deal was not reached by Aug 2. The cost of insuring the United States against default stands at just 56 basis points, nearly half the March 2009 peak. The CDS curve is nearly flat -- this in itself shows investor jitters, but not the sort of pricing in the market that expects an imminent default. "Our view is the US will go into some kind of technical default but they are unlikely to go into technical default on government traded debt obligations. They are more likely to default on other government payments such as defense contractors or social security obligations," said Percival Stanion, head of multi-asset strategy at Baring Asset Management. "The delay of payments to other parts will slow the US economy and cause the Federal Reserve to move quantitative easing back on the agenda. So perversely we could see a rally on US government bonds even when there is talk of default." -Reuters

US, South Korea firm against Pyongyang A

rare visit by one of North Korea's top diplomats to the United States this week has renewed hopes for stalled nuclear talks, but Seoul and Washington's terms have not changed: Pyongyang has to show it is sincere about scrapping its atomic bomb. North Korea's Vice Foreign Minister Kim Kaegwan travels to New York at the end of the week in what will be the first such contact between the sides since a visit by Stephen Bosworth, the top US envoy on peninsula affairs, to Pyongyang in 2009. His visit comes on the heels of the first meetings in more than two years between the two Koreas' nuclear envoys and foreign ministers last week, defusing tensions and raising hopes for a restart of the long-delayed six-party talks. The secretive North stormed out of aid-for-denuclearization talks in 2009 after the United Nations imposed a new round of sanctions for conducting nuclear and missile tests, but has since said it wants to rejoin the forum. Relations on the peninsula crashed to their lowest level in nearly two decades last year after two deadly attacks killed 50 South Koreans, and only a few weeks ago the North swore it would never again negotiate with Seoul's conservative government. "North Korea's reversal is dramatic but the US and South Korea remains properly suspicious that Pyongyang has no intention of actually fulfilling its denuclearization commitments," Bruce Klingner, of the Washington-based Heritage Foundation think tank, told Reuters. "Vague promises simply to 'make efforts to resume six-party talks' are not grounds for exuberant optimism." Seoul and Washington are adamant their terms have not changed for the resumption of six-party talks, which also involve China, Russia and Japan. US Assistant Secretary of State Kurt Campbell said on Monday this week's talks were "preliminary" and should not necessarily be seen as a move toward restarting six-party talks. "We have very clear pre-steps related to nuclear issues, related to proliferation concerns, that we will need to see clearly articulated by the North Koreans if we are to go forward," he said.

A South Korean presidential aide, who asked not to be named, said: "We are ready to talk with them anytime and anywhere only if the North shows its willingness to abandon its nuclear weapons development program."

negotiating table, and that Pyongyang will probably use dialogue as a platform to seek aid as it battles a food crisis. "Pyongyang leaders need concessions, largely of monetary nature," says Andrei Lankov of Kookmin

"North Korea's reversal is dramatic but the US and South Korea remains properly suspicious that Pyongyang has no intention of actually fulfilling its denuclearization commitments," Bruce Klingner, of the Washington-based Heritage Foundation think tank, told Reuters. Washington and Seoul say North Korea has repeatedly rowed back on promises made in a series of denuclearization deals over the past two decades. This time, they say, Pyongyang must take concrete steps to demonstrate it is serious. Analysts say such a step would be to allow the return of international nuclear inspectors who were expelled in 2009. In return for disabling its nuclear program, which has already produced up to 10 atomic bombs, the North would receive economic aid, diplomatic recognition from the United States and a formal treaty to end the Korean War. But analysts say there is next to no chance the recalcitrant state will ever give up its nuclear bombs because they are the ultimate deterrent against attack by the United States and the South, and also its biggest bargaining chip in negotiations. PUSH FOR ECONOMIC AID Analysts say pressure from China and the United States has driven the destitute North back to the

University in Seoul. "If they are not getting what they want, they will switch to confrontational mood again." Experts agree the talks themselves serve a purpose even if the end-goal of complete denuclearization is unattainable while Kim Jong-il maintains his iron rule. They say the North's willingness to talk with the United States lowers tensions in northeast Asia, responsible for about one-sixth of the global economy. Victor Cha, a North Korea expert from Georgetown University in the United States, tracked 60 years of US-North Korea dialogue, and found that when they were talking Pyongyang did not resort to acts of aggression, or so-called provocations. "This report has apparently resonated in the administration and animated the discussions about re-engaging the North," said Michael Green, a colleague at Georgetown. -Reuters

Pressure builds on James Murdoch N

ews Corp executive James Murdoch was under pressure on Monday over his handling of a phone-hacking scandal that has hit the Murdoch family's media empire and could jeopardize his own position at the company. British police are considering a request from opposition Labour politician Tom Watson to investigate claims the 38-year-old son of News Corp head Rupert Murdoch gave "mistaken" testimony to a high profile hearing in parliament last week. Separately Labour lawmaker Chris Bryant has written to News Corp's independent directors calling on them to suspend both James and his 80-year-old father for failing to exercise proper corporate control. Later this week James Murdoch is expected to retain the support of investors and independent directors of BSkyB when the pay-TV company which he chairs and in which

News Corp holds a 39 percent stake announces its financial results. James and his father appeared before parliament's media committee on Tuesday to answer questions on phone-hacking. The scandal aroused public fury earlier this month after revelations the phone of missing school girl Milly Dowler had been hacked in 2002. The body of the murdered 13-year-old was found several months after she disappeared. News Corp's British arm News International had maintained until then that previously known about incidents of the illegal practice at its News of the World tabloid was the work of a lone "rogue reporter." However, two former senior figures at its British newspaper arm on Friday disputed James Murdoch's claim at the committee hearing that he had been unaware in 2008 of an e-mail that suggested such wrongdo-

ing was more widespread. OUT OF COURT PAYMENT The email related to a 700,000 pound ($1.1 million) out-of-court settlement paid to the head of English soccer's players union and signed off by James Murdoch in 2008, shortly after he took charge of News Corp's European operations. In a letter to the media committee's chairman James Murdoch said he had answered questions in parliament truthfully. But lawmakers may now contact the men disputing his account, exNews of the World editor Colin Myler and the newspaper group's top legal officer Tom Crone, to hear their version of events. "James Murdoch is in a precarious position," said media analyst Steve Hewlett. "If it emerges that he knew the details of what he was signing, then he's in trouble," said Hewlett.

"But if he knew absolutely nothing about why he was signing away so much money, then another question arises, as to whether he is competent to run the business, and whether he is a worthy successor to his father." James Murdoch's position as chairman of BSkyB will come under scrutiny later this week when independent directors meet to discuss corporate governance. But they are expected to back him, as are investors who are looking for a share buy back or special dividend when the firm reports its financial results on Friday. James Murdoch can point to a highly successful four years as the company's chief executive before becoming as non-executive chairman in late 2007. Several shareholders told Reuters last week they were supportive of James as chairman but would want to discuss the situation..-Reuters


5

Tuesday, July 26, 2011

South East Asian stocks

Mostly flat to lower but banks outperform KSE-100 Index Opening Closing Change % Change Turnover (mn)

12,476.77 12,394.49 82.28 0.66 32.82

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

3,203.99 3,169.02 34.97 1.09 1.42

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

2,799.40 2,785.49 13.91 0.50 0.03

Major Gainers

Symbol

Close

Change

NESTLE 4,192.31 BHAT 244.52 IDYM 356.18 BATA 682.48 SRVI 210.18

12.06 11.64 7.35 7.06 3.28

Major Losers

Symbol

Close

Change

ULEVER 5,833.57 COLG 726.86 ATBA 230.15 PSO 255.57 MCB 192.45

-15.41 -9.14 -6.79 -5.00 -4.95

Top 5 Volume Leaders

Symbol

Close Vol (mn)

FATIMA PAKRI FFBL WTL AHCL

16.74 15.58 47.28 1.81 28.32

2.38 1.73 1.53 1.31 1.22

Active Issues Plus Minus Unchanged

85 142 99

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

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

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

HONDA ATLAS CAR Production (July 10 to Apr 11) 14,062 Sales (July 10 to Apr 11) 13,754 Production (Apr 11) 1,582 Sales (Apr 11)

1,640

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

186 203 -

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

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

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

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

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

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

European shares fall on renewed Eurozone worries

KSE remains under pressure Nawaz Ali KARACHI: With continued selling by the foreigners and tense security situation in country's financial hub, Karachi Stock Exchange (KSE) began the new week on a bearish note with low investors' participation on Monday. The benchmark KSE-100 index lost 82 points to close at 12,394 points, KSE-30 index dropped 101 points to close at 11,815 points and KSE allshare index was down by 54 points to close at 8,590 points.

"Deteriorating law and order situation in the city kept market under selling pressure as investors remained jittery", said Samar Iqbal, equity dealer at Topline Securities. In the fresh wave of ethnic, political and sectarian violence in the city about 40 people have been killed in the metropolis during last three days. Therefore, investors preferred to either book gains or stay on the sidelines as reflected by the low volumes. Only 32.8 million shares exchanged hands during the

Result Preview

FFBL net likely to up by 97pc Ahmed Siddique KARACHI: Fauji Fertilizer Bin Qasim (FFBL) is scheduled to announce its result today. The Company is expected to post profit after tax of Rs3.39 billion (EPS: Rs3.63) for 1HCY11 as compare to Rs1.72 billion (EPS: Rs1.84) for the corresponding period last year, mainly driven by higher urea and DAP prices. FFBL is also expected to announce interim dividend of Rs1.75 per share for 2QCY11, which may take the cumulative payout to Rs3 per share for CY11. s Topline of the Company is likely to surge by 51 per cent YoY to Rs17.99 billion on the back of higher DAP and urea prices. Average urea price was recorded at Rs1,060 per bag in 1HCY11, showing surge of 32 per cent YoY against price of Rs806 per bag recorded in 1HCY10. Similarly, average price of DAP surged by 30 per cent to Rs3,225 per bag compared to Rs 2,481 per bag during this period. Primary margins are likely to remain

around $332 per ton for 1HCY11 as compared to $258 per ton for 1HCY10. Gross profit of the Company is expected to go up by 68.5 per cent to Rs6.46 billion versus Rs 3.83 billion for the period under review. According to industry sources, SSGC has increased gas curtailment to FFBL from 20 per cent to 40 per cent due to annual turnaround of Bhit gas field. According to TFD Research Analyst, SSGC which was supplying around 80mmcfd of gas (against 100mcfd gas allocation) is now supplying 60mmcfd gas. However, it is not clear whether the gas curtailment is temporary or long-term as no formal notice has been served in this regard. Our sources suggest that Bhit gas field which usually supplies 250mmcfd is now under annual turnaround for a week. After the restoration some 75-80mmcfd of gas would be available in the system before Ramadan when there is generally higher gas demand.

Nikkei falls on US debt worries TOKYO: The Nikkei average snapped a three-day run of gains on Monday after US debt ceiling worries nudged the yen higher, but a key technical support held on hopes that a last minute deal will be reached and upcoming corporate earnings will be strong. Most investors still assume that sanity will reign in Washington and a debt deal will

be done, but the lack of progress in talks over how to cut the US budget deficit is making market players nervous. Banking shares, which have outperformed recently as euro zone officials agreed on steps to solve Greece's debt woes, bore the brunt of today's selling, with the sector subindex falling 1.5 per cent and traders See # 18 Page 11

day which was 93.4 million shares less as compared to a turnover of 126.2 million shares on Friday. FFBL and FFC closed in the negative zone after the news popped up regarding further gas curtailment of FFBL. In the coming days result announcements may trigger some activity in the selected stocks, Samar added. Though, results season has already started but it would pick up the pace in the coming days. Fauji Fertilizer Bin Qasim and MCB Bank are

Financial pulls FTSE lower LONDON: Britain's leading share index slipped back on Monday, weighed by weakness in financial issues on fears of a possible debt default by the United States, with investors' attention switching to precious metal miners and defensivelyperceived sectors. At the close, the FTSE 100 index was down 9.76 points or 0.2 per cent at 5,925.26, snapping a four-session rally of over 3 per cent, but hanging on to the 5,900 level. "Even though there are concerns about a US default on its debt repayments the markets seem convinced that a resolution will be agreed before the August deadline," said Angus Campbell, Head of Sales at Capital Spreads. Banks, which led last week's rally, were the biggest blue chip casualties on Monday, with Barclays and Lloyds Banking Group the worst off, down 4.4 per cent and 4.2 per cent respectively. US blue chips were 0.4 per cent lower by London's close as the political brinkmanship continued in Washington over the US debt ceiling talks. If Congress and President Obama's administration fail to come to an agreement by August 2, the United States will suffer its first ever major debt default. "This is the biggest hurdle faced by financial markets at the moment and until common ground is found we can expect volatility to remain high and gains hard to come by," said Capital Spreads' Campbell. British insurers were also weak, led by Aviva down 3.0 per cent, with the sector's funds having massive exposure to sovereign debt, and especially US treasuries. See # 17 Page 11

Rail crash pushes China shares to one-month low HONG KONG: Stocks linked to railways led Hong Kong and China shares broadly lower on Monday after the worst train accident in the mainland since 2008 compounded continuing concerns over a potential United States default. The Shanghai Composite Index had its biggest single day fall in six months, 3.0 per cent, and it closed at 2,688.8 points, the lowest level in a month. In a clear bearish sign, the index broke below the 70point range it has moved in for the last three weeks as turnover hit 120 billion yuan, almost 7 per cent above the 20day average. In the wake of the weekend's deadly train disaster, some investors dumped shares linked with rail stocks. The accident further weighed down markets already fragile after China's banking regulator said last Thursday it will strictly control risks associated with lending to property developers in second

and third-tier cities. Railway equipment names accounted for the bulk of the 1.3 per cent decline on the China Enterprise Index with China South Locomotive plunging more than 13 per cent in volumes almost 12 times its 30-day average to hit its lowest in a year. Its Shanghai listing lost almost 9 per cent in almost 5 times its 30-day average volume. Its peer China Northern Locomotive lost 9.7 per cent in more than four times its 30-day average volume to hit its lowest since last November. Property counters were also underperformers with the Shanghai property sub-index down 4.1 per cent. Poly Real Estate was down 4.6 per cent, its worst daily performance in six months. A Credit Suisse report on Monday said developments in cities along new railway lines could be compromised in the near term after Saturday's high-

speed train accident. LOW TURNOVER NO PANIC In Hong Kong, the benchmark Hang Seng Index closed down 0.7 per cent at 22,293.3 points in declining turnover as many investors stayed on the sidelines, but there were no signs of panic selling. With no signs of a resolution to the deadlock in Washington over the debt ceiling, turnover declined on Monday to HK$58.6 billion, almost 12 per cent below its 20-day average. "A lot of people who were cashed up were expected to get back into the market this week partly to dress-up portfolios for month-end and partly ahead of earnings," said a trader at an Asian brokerage in Hong Kong. While railway-related names fell sharply, airlines, including Air China, China Southern Airlines and China Eastern Airlines saw solid gains in good volumes.-Reuters

scheduled to announce thes results today (Tuesday). The first session of the week started on a positive but the index could not gain more than 11 points as selling by the investors took the index to the red zone. After the initial 10 minutes index stayed in the red zone till the closing bells rang. Due to continued selling in oil, fertilizer and banking stocks index touched its lowest level of the day of 12,373 points (-ve 103). Foreign investors remained on the selling side as according

to NCCPL offshore investors did a net selling worth $1.29 million on Monday. It should be noted that foreign investors had done a net selling of $22.3 million last week. Fatima Fertilizer Co. was the most traded scrip of the day with 2.38 million shares followed by Pak Reinsurance with 1.73 million shares and NIB Bank (R) with 1.64 million shares. Out of total 326 active issues; 142 declined and 85 advanced while 99 issues remained unchanged.

Revising Code of Corporate Governance

SECP to consult stakeholders Staff Reporter ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) is holding roundtable meetings with concerned stakeholders to finalise the amendments in the Code of Corporate Governance. These consultations are aimed providing a platform for discussion between the SECP and various stakeholders, prior to implementation of the revised Code.

The first roundtable will be held in Karachi on July 29, 2011. The SECP has assigned the task of reviewing the Code to the Pakistan Institute of Corporate Governance (PICG), which has constituted a twelve member task force, headed by Ebrahim Sidat, a noted chartered accountant. After detailed deliberations and three further roundtables, the taskforce will submit its recommendations.

Indian shares up on improving outlook MUMBAI: Indian shares shrugged off weak world equities and firmed 0.8 per cent to their highest close in more than two weeks on Monday, as telecom stocks rallied in huge volumes on hopes tariffs will rise and improve margins after Bharti Airtel increased call prices. Top cellular carrier Bharti Airtel's move to increase call prices in some regions could mark a turning point for the world's fastest growing market battered by a vicious price war over the last two years. Bharti rose as much as 6.6 per cent to 438.20, the highest since

October 2009. Smaller rival Reliance Communications soared 16.1 per cent at one point. The 30-share BSE index rose for the second day and ended 148.99 points higher at 18,871.29, its highest close since July 8. Twenty-five of its components advanced. Foreign funds were sellers in three sessions last week, trimming the net inflow to $2.7 billion over the past one month. All eyes are now set of the central bank's policy review on Tuesday, where it is widely expected to raise interest rates, See # 16 Page 11

ANNOUNCEMENTS Company Adam Sugar Wyeth Pak Limited Sanghar Sugar Sind Abadgar

Period 3rd Qtr Half Yearly 3rd Qtr 3rd Qtr

Div/Bon/Right -

PAT (Rs in mn) 70.93 79.65 43.45 -0.90

EPS(Rs) 12.31 56.03 3.64 -0.09

US stocks mid-day

Wall Street declines on stalled debt talks NEW YORK: US stocks fell on Monday as continued political sparring in Washington over the US debt ceiling heightened worries of a US rating downgrade, sending world equities lower. The US Congress pursued rival budget plans that appeared unlikely to win broad support, pushing the country closer to a debt default and the loss of its coveted triple-A credit rating. "This whole game of chicken is fraught with risk ... risk for everybody. Risk for the investors, for the consumer, to the economy, to Americans, to Europeans, risk across the board," said Ken Polcari, managing director at ICAP Equities in New York. Still, analysts ultimately expected a deal by the Aug. 2 deadline. "What the market is telling you is that although it thinks a deal is going to get done, it's going to wait and see what the ultimate deal is to decide whether the market likes it or not," Polcari said. The Dow Jones industrial average dropped 63.58 points, or 0.50 per cent, to 12,617.58. The Standard & Poor's 500 Index slipped 6.39 points, or 0.48 per cent, to 1,338.63. The Nasdaq Composite Index took off 12.65 points, or 0.44 per cent, to 2,846.18. Reflecting investor anxiety, the CBOE Volatility Index climbed nearly 10 per cent, the biggest percentage increase in two weeks. The MSCI world equity index fell 0.4 per cent. The uncertainty over the debt ceiling pushed gold prices to record highs as the fear of a default raised the appeal of the bullion versus the greenback. The dollar fell to a record low against the Swiss franc, while gold hit a new high. Through Monday morning, 154 S&P 500 companies reported quarterly results, with 75 per cent topping estimates, according to Thomson Reuters data. Volume was light with about 2.52 billion shares traded on the New York Stock Exchange, NYSE Amex and Nasdaq, below the daily average of 7.44 billion.-Reuters

Dhiyan

CORPORATE RESULTS EUPHORIA Salman Naqvi, Head of Sales, Aba Ali Habib Securities Market may see positive activities on corporate results announcements and if law and order situation improves. Otherwise range bound activities with low volume would be observed moving forward. Political stability, reduction in interest rate and successful meeting with International Monetary Fund (IMF) could also trigger the market. Investors are recommended to take positions in fertilizer and oil sectors and in selective banking stocks. Market would be positive today where MCB and FFBL are expected to announce good corporate earnings.

Mohammad Imran, AVP Arif Habib Limited

Outlook of the market is positive on the back of corporate results season. Index can touch 13,000 levels in the coming days. Banking and fertilizer sectors are likely to announce good results therefore investors should invest in these sectors. Market may show some recovery today.


6

Tuesday, July 26, 2011

Market

KSE 100 Index

Symbols

Volume

32,820,117

Value

1,391,470,911

Trades

26,766

Advanced Decline Unchanged Total

Current High Low Change

85 142 99 326

All Share Index

12,394.49 12,476.77 12,394.49 i82.28

Current High Low Change

8,590.05 8,644.60 8,590.05 i54.55

OIL AND GAS

Paid up Cap(mn)

Company Attock Petroleum Attock Refinery BYCO Petroleum

PE

Open

High

High Low 1,587.09 1,568.59 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.52 32.54 Low

Close Chg

Last 60 days High Low

Volume

2010 Div BR (%) (%)

18124

394.90

369.56

300

853

4.31 131.92

132.60 130.80 131.56 -0.36

209644

143.50

120.40

-

-

-

-

162578

10.10

7.93

-

-

-

-

- 23.43

-

-

-

-

- 30.00

-

9.28

9.25

9.11

9.15 -0.13

735

4.25 104.02

104.75 103.70 104.00 -0.02

4561

113.75

98.50

31

National Refinery

800

5.06 367.30

369.45 365.75 366.34 -0.96

74584

390.00

323.50

200

Oil & Gas Development 43009 10.45 155.83

155.99 154.21 154.50 -1.33

51834

157.51

141.10

55

Pak Oilfields Pak Refinery Limited Shell Pakistan

20B115.00

-

11950

7.83 215.09

215.50 213.05 214.24 -0.85

228129

219.70

202.50

90

20B100.00

-

2365

8.41 382.72

384.00 380.51 381.17 -1.55

318265

391.69

321.10

255

-100.00

-

350 43.13

P.S.O

2011 Div BR (%) (%)

379.98 376.05 378.89 -0.64

Mari Gas Company

Pak Petroleum

% Change -0.70 5-Day High 1,584.09 5-Day Low 1,573.06

6.85 379.53 -

78.27

79.95

77.00

77.21 -1.06

12239

89.25

77.00

-

1715

3.65 260.57

260.35 255.25 255.57 -5.00

139123

291.50

255.25

80

685

7.96 224.04

225.00 223.25 224.01 -0.03

4550

233.00

207.50

120

-

-

-

- 80.00

-

-

-

-

CHEMICALS

Company

High Low 1,909.93 1,877.95 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.13 35.00

Paid up Cap(mn)

PE

Open

200

5.93

51.00

250

7.90 104.97

341

4.82 158.47

158.10 157.50 157.92 -0.55

Biafo Ind

Open 767.95 Turnover 23,927 P/E (x) 5.24 Company

Close 1,890.17 Listed cap 52,251.88 mn Payout (%) 48.81

Change -14.49 Market cap 387,960.94 mn Div Yield (%) 5.45

Last 60 days High Low

High

Low

Close Chg

Volume

52.50

52.00

52.50 1.50

615

55.12

105.00 104.05 104.90 -0.07

820

2010 Div BR (%) (%)

PE

Open

High

Low

7.63 7.04

81.77 24.45

84.99 24.45

82.00 23.95

Close Chg 82.95 24.00

1.18 -0.45

Close 775.49 Listed cap 3,242.17 mn Payout (%) 11.08

Volume

Last 60 days High Low

23291 636

91.20 29.50

67.31 22.90

Open 1,109.01 Turnover 222,628 P/E (x) 3.71 Paid up Cap(mn)

Atlas Battery Atlas Honda Dewan Motors Exide (PAK)XDXB General Tyre Ghani Automobile Ind Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering

High Low 1,119.57 1,100.99 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.94 25.35

PE

Open

High

Low

101 6.11 719 7.74 1087 71 3.44 598 4.29 200 6.85 1428 786 7.12 823 14.41 150 1.15

236.94 124.07 2.91 166.30 22.50 3.50 10.10 206.00 64.02 23.52

235.10 124.89 2.85 168.75 22.80 3.63 10.29 209.50 64.80 23.50

230.00 121.25 2.79 166.50 22.50 3.30 10.11 206.00 63.35 23.11

Close Chg 230.15 124.07 2.80 168.10 22.53 3.63 10.11 206.00 64.00 23.50

-6.79 0.00 -0.11 1.80 0.03 0.13 0.01 0.00 -0.02 -0.02

Close 1,106.47 Listed cap 6,768.53 mn Payout (%) 20.42

Volume 2101 118 133394 245 1493 31600 11455 36051 5027 1128

Last 60 days High Low 241.00 160.00 3.46 235.00 24.85 3.75 11.58 232.53 72.50 24.90

206.00 112.10 1.50 163.10 22.01 2.90 9.00 201.00 61.35 22.01

- 49.50

-

105.00

90.50

60

-

-

FOOD PRODUCERS

3110

167.00

154.41

135

25B

-

-

Performance of SR Food Producers Index

59.00

59.05 -0.51

34039

66.00

56.10

50 300B

-

-

Descon Chemical

1996

-

1.98

1.99

1.91

1.93 -0.05

11501

2.79

1.83

-

-

-

-

Descon Oxychem Ltd.

1020

9.37

6.46

6.50

6.35

6.37 -0.09

141909

8.40

5.60

-

-

-

-

Dewan Salman

3663

-

2.41

2.49

2.29

2.30 -0.11

633360

3.65

2.11

-

-

-

-

94

3.28

10.20

10.00

10.00

10.00 -0.20

11.49

9.51

15

-

-

-

200.00

148.00

60

20B

-

-

Engro Polymer Fatima Fertilizer

3933

6.64 151.59

6635

-

10.15

22000

-

16.95

Fauji Fertilizer

8482 10.03 163.90

Fauji Fert. Bin Qasim

9341

Ghani Gases Ltd ICI Pakistan

7.08

47.52

725 10.76

12.81

915636

10.17

10.05

10.06 -0.09

23675

- 27.5R

-

-

17.19

16.66

16.74 -0.21

2383316

17.60

12.10

-

-

-

807834

172.97

137.51

130

25B 45.00

-

48.05

41.10

65.5

- 12.50

-

164.11 161.75 163.04 -0.86

12.67

47.75

47.06

47.28 -0.24

1526710

13.74

12.61

12.81 0.00

393

9.64

-

13.90

11.40

-

-

-

-

356267

160.00

148.02

175

-

-

-

12.76

12.83

12.65

12.75 -0.01

759490

16.26

12.43

5

-

-

-

1106 13.83

3.11

3.23

3.07

3.18 0.07

598013

3.30

2.26

-

-

-

-

104.25

94.67

25

5B

-

-

15142

Nimir Ind Chemical

1000

3.56

1388

Lotte Pakistan

151.65 148.00 148.51 -3.08

8.70 157.03

158.25 156.10 156.52 -0.51

Sitara Chem Ind

214

2.46

98.75

99.15

97.14

99.15 0.40

1164

Sitara Peroxide

551

5.36

16.83

17.43

16.78

17.31 0.48

306816

19.12

16.05

-

-

-

-

92

-

14.64

14.25

13.64

13.64 -1.00

37000

16.50

12.65

-

-

-

-

United Distributors

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,076.49 Turnover 9,664 P/E (x) 5.19

High Low 1,089.12 1,072.30 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.39 7.47

Close 1,085.42 Listed cap 1,186.83 mn Payout (%) 25.28

Change 8.93 Market cap 2,995.44 mn Div Yield (%) 4.87

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Century Paper

707

-

15.05

15.25

14.80

15.24 0.19

4763

18.00

14.31

-

-

-

-

Security Paper

411

7.26

40.75

41.25

40.90

41.02 0.27

4901

42.80

37.00

50

-

-

-

Company

Last 60 days High Low

% Change 0.83 5-Day High 1,085.50 5-Day Low 1,076.49

2010 Div BR (%) (%)

2011 Div BR (%) (%)

Open 2,340.74 Turnover 182,213 P/E (x) 56.20 Company

Paid up Cap(mn)

Abdullah Shah Ghazi Sugar793 Adam Sugar 58 AL-Noor Sugar 186 Chashma Sugar 287 Colony Sugar Mills 990 Fecto Sugar 146 Habib Sugar 750 Habib-ADM Ltd 200 J D W Sugar 539 Mehran Sugar 173 Mirpurkhas Sugar 84 Mirza Sugar 141 Nestle Pakistan 453 Noon Pakistan 48 Pangrio Sugar 109 Quice Food 107 S S Oil 57 Sakrand Sugar 223 Shakarganj Mills 695 UniLever Pakistan 665

PE

Company

Paid up Cap(mn)

Crescent Steel

565

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

PE

Open

High

Low

Close Chg

Close 1,047.33 Listed cap 3,596.11 mn Payout (%) 30.91

Change 4.05 Market cap 15,522.37 mn Div Yield (%) 11.28

Last 60 days High Low

Volume

% Change 0.39 5-Day High 1,047.33 5-Day Low 1,024.38

2010 Div BR (%) (%)

2011 Div BR (%) (%)

1.89

27.77

28.15

27.72

27.89 0.12

75575

29.25

25.70

30

- 20.00

-

675 555 21.43 4350 1199 9.21

2.32 12.50 13.86 51.20

2.40 12.45 13.85 51.58

2.35 12.00 13.61 51.10

2.40 12.00 13.65 51.50

7370 8005 1011 4314

3.10 12.95 15.06 52.75

1.62 11.05 0.00 48.52

40

25B 15.00 20B 15

-

0.08 -0.50 -0.21 0.30

Company

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

3657

-

2.41

2.90

2.46

2.61 0.20

866

6.21

14

Al-Abbas Cement Attock Cement Buxly Paints Cherat Cement Dadabhoy Cement

Close 871.42 Listed cap 54,792.74 mn Payout (%) 19.04

Change -11.08 Market cap 67,008.15 mn Div Yield (%) 3.20

Last 60 days High Low

Volume 40267

3.25

2.35

% Change -1.26 5-Day High 882.50 5-Day Low 867.27

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

2011 Div BR (%) (%) -

-

49.05

49.25

48.72

49.05 0.00

102

56.01

48.00

50

-

-

-

-

7.50

8.15

8.15

8.15 0.65

700

8.45

6.63

-

-

-

-

956 42.86

9.15

9.43

9.00

9.00 -0.15

567

10.60

8.50

-

-

-

982 15.54

-

2.10

2.02

2.02

2.02 -0.08

502

2.24

1.50

-

-

-

Dewan Cement

3891

-

1.69

1.67

1.60

1.64 -0.05

18637

2.67

1.36

-

-

-

-

DG Khan Cement Ltd

4381 31.32

23.71

23.85

23.40

23.49 -0.22

631509

25.85

21.31

-

20R

-

20R

EMCO Ind

-

350

-

1.61

1.60

1.60

1.60 -0.01

600

2.59

1.60

-

-

-

-

Fauji Cement

13311

7.02

4.14

4.15

4.07

4.07 -0.07

122596

5.04

3.99

-

-

-

92R

Fecto Cement

502

4.38

5.12

5.28

5.00

5.08 -0.04

5197

7.44

4.55

-

-

-

-

Flying Cement Ltd

1760

-

1.28

1.29

1.24

1.28 0.00

25708

1.95

1.20

-

-

-

-

Gharibwal Cement

4003

-

5.59

5.51

5.00

5.01 -0.58

110000

9.40

4.25

-

-

-

-

Haydery Const

32

-

0.42

0.45

0.31

0.45 0.03

787

0.83

0.21

-

-

-

-

Kohat Cement

1288

-

6.39

6.45

6.02

6.08 -0.31

4009

7.60

5.85

-

-

-

-

13126 64.00

2.65

2.65

2.54

2.56 -0.09

140440

3.35

2.10

-

-

-

-

74.57

74.95

73.40

73.55 -1.02

789684

77.43

66.93

40

-

-

-

2.05 -0.02

68816

1.97

-

-

Lafarge Pakistan Cmt. Lucky Cement

3234

5.97

Maple Leaf Cement

5267

-

-

-

Safe Mix Concrete

200

-

5.00 -0.50

500

4.17

-

-

-

-

Shabbir Tiles

721

-

7.00

6.75

6.66

6.71 -0.29

1300

7.49

5.25

-

-

- 100R

Thatta Cement

997

-

15.46

16.00

16.00

15.46 0.00

449

20.90

15.46

-

50R

2.07 5.50

2.19 5.00

2.04 5.00

3.05 6.34

-

-

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 971.93 Turnover 85,505 P/E (x) 2.28

High Low 977.97 960.30 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.00 43.91

Close 971.85 Listed cap 3,043.31 mn Payout (%) 15.55

Change -0.08 Market cap 36,260.35 mn Div Yield (%) 6.82

% Change -0.01 5-Day High 975.48 5-Day Low 971.85

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

Cherat Packagin

172

2.38

48.93

49.49

48.20

48.45 -0.48

48811

54.48

46.00

20

25B

-

50R

ECOPACK Ltd

230

-

1.39

1.48

1.11

1.40 0.01

5160

1.80

1.10

-

-

-

-

47 11.88

27.34

26.50

25.98

26.50 -0.84

1136

29.50

24.02

-

-

-

-

Company

Merit Pack

2010 Div BR (%) (%)

2011 Div BR (%) (%)

Packages Ltd

844 17.17 103.11

103.89 103.00 103.00 -0.11

50091

118.00

101.75

32.5

-

-

-

Tri-Pack Films

300

175.88 173.00 174.47 0.48

29090

181.99

158.10

100

-

-

-

6.80 173.99

Company

Paid up Cap(mn)

Company

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Ados Pak

66

3.57

10.00

10.24

9.70

9.75 -0.25

AL-Ghazi Tractor

215

Dewan Auto Engineering 214 Millat Tractors Pak Engineering

366 57

4.04 233.71 -

1.15

9.25 613.40 -

56.20

238.55 233.55 234.00 1.60

1.60

1.60

53.97

53.39

100 50 60 20 150 5 10

20B 15B 20B

Change -0.01 Market cap 339,406.45 mn Div Yield (%) 0.54

Last 60 days High Low

4001 6.90 4.00 1109 19.24 12.30 210 54.20 37.05 3313 11.29 8.00 2507 3.24 1.51 2758 48.10 38.00 45205 28.00 23.00 10800 13.74 12.01 1929 90.49 72.75 600 68.48 52.11 1562 53.00 39.51 24613 3.50 2.30 1371 5675.00 3299.00 150 22.15 19.26 400 4.52 3.15 7000 3.50 2.00 43500 5.78 3.80 4500 3.40 1.75 25179 6.99 5.00 1119 6135.00 4915.70

2010 Div BR (%) (%)

2011 Div BR (%) (%) 65.00 60.00 50.00 10.00

15B 25B -

% Change 0.00 5-Day High 2,381.24 5-Day Low 2,340.73 2011 Div BR (%) (%)

25 50 10 25 25B 40 7010B 12.5R 35 20B 15.00 15 20B 10 750 12 10 492 -

10R 10B -

High

Low

Gauhar Engineering Ltd 22 Hala Enterprise 68 Pak Elektron 1219 Singer Pak 375 116.69 Tariq Glass Ind 693 1.39

1.05 8.40 6.49 15.17 10.88

1.00 7.40 6.70 16.15 11.49

1.00 7.40 6.32 15.25 10.48

Close Chg 1.00 7.40 6.50 15.17 10.50

-0.05 -1.00 0.01 0.00 -0.38

Close 646.75 Listed cap 3,763.71 mn Payout (%) 6.27

Volume 500 600 508 220 51139

Change -2.55 Market cap 4,332.78 mn Div Yield (%) 5.29

Last 60 days High Low

2010 Div BR (%) (%)

2.79 10.00 8.70 20.35 13.64

17.5

0.31 7.40 6.06 13.10 10.25

10B 10B -

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

1102

10.24

7.70

-

0.29

1477

244.00

217.00

400

0.45

5001

2.15

0.81

-

46294

625.80

512.50

650

1278

102.30

53.39

100

2011 Div BR (%) (%)

-

-

-

-

-

-

-

-

-

25B325.00

-

-

-

-

42.56

Total Assets (Rs in mn)

12,372.62

MA (10-day)

15.72

Total Equity (Rs in mn)

6,785.66

MA (100-day)

16.78

Revenue (Rs in mn)

2,170.95

MA (200-day)

16.48

Interest Expense

1st Support

15.11

Profit after Taxation

2nd Support

14.71

EPS 09 (Rs)

1st Resistance

16.10

Book value / share (Rs)

2nd Resistance

16.69

PE 10 E (x)

5.41

Pivot

15.70

PBV (x)

0.69

0.00 269.91 0.90 22.62

PAKRI closed up 0.12 at 15.58. Volume was 76 per cent above average and Bollinger Bands were 84 per cent narrower than normal. The company's profit after taxation stood at Rs214.513 million which translates into an Earning Per Share of Rs0.72 for the 1st quarter of current calendar year (1QCY11). PAKRI is currently 5.5 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into PAKRI (mildly bullish). Trend forecasting oscillators are currently bearish on PAKRI.

Gharibwal Cement Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

33.26

Total Assets (Rs in mn)

MA (10-day)

5.84

Total Equity (Rs in mn)

MA (100-day)

6.97

Revenue (Rs in mn)

MA (200-day)

6.55

Interest Expense

1st Support

4.79

Loss after Taxation

2nd Support

4.64

1st Resistance

12,922.11 (43.72) 2,113.82 1,184.66 (1,027.49)

EPS 10 (Rs)

5.30

(4.431)

Book value / share (Rs)

2nd Resistance

5.66

PE 11 E (x)

Pivot

5.15

PBV (x)

(0.19) (26.57)

GWLC closed down -0.58 at 5.01. Volume was 737 per cent above average (trending) and Bollinger Bands were 17 per cent narrower than normal. The company's loss after taxation stood at Rs699.304 million which translates into a Loss Per Share of Rs2.43 for the nine months of fiscal year (9MFY11). GWLC is currently 21.1 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of GWLC (mildly bearish). Trend forecasting oscillators are currently bearish on GWLC.

WorldCall Telecom Limited

Open 968.05 Turnover 1,405,826 P/E (x) 5.79 Company

Paid up Cap(mn)

Accord Textile Amtex Limited Artistic Denim Azgard Nine Bata (Pak) Bhanero Tex Mills Bilal Fibres Blessed Tex Mills Chakwal Spinning Colgate Palm Colony Mills Ltd D S Ind Ltd Dawood Lawrencepur Dewan Farooque Spin. Dewan Khalid Textile Dewan Mushtaq Textile Din Textile Gadoon Textile XD Gillette Pakistan Gul Ahmed Textile Hira Textile Mills Ltd. Ideal Spinning Idrees Textile Indus Dyeing Kohinoor Mills Kohinoor Textile Nadeem Textile Nagina Cotton Nishat (Chunian) Nishat Mills Olympia Textile Pak Synthetic Sally Textile Saritow Spinning Service Ind Shadman Cot Shahpur Textile Shahtaj Textile Suhail Jute Suraj Cotton Taj Textile Tata Textile Thal Ltd Treet Corp

93 2594 840 4493 76 30 141 64 400 316 2442 600 591 978 57 34 204 234 192 635 716 99 180 181 509 2455 120 187 1621 3516 108 560 88 133 120 176 140 97 37 180 334 173 307 418

High Low 978.83 965.53 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.50 8.64

PE

Open

High

Low

7.85 8.03 0.78 1.14 0.83 0.63 20.45 1.56 1.20 0.29 0.19 0.69 0.63 27.86 2.97 0.78 0.33 1.84 3.40 3.60 2.07 0.63 3.15 4.49 2.49 0.25 0.28 3.59 20.06 0.36 1.57 0.68 0.43 6.60

0.20 2.68 24.81 6.30 675.42 232.88 0.75 91.06 1.47 736.00 1.50 1.02 30.51 1.82 1.70 3.50 36.20 66.58 57.12 48.25 3.75 4.44 4.60 348.83 1.60 3.14 35.82 15.10 20.61 51.46 0.62 19.98 6.14 1.60 206.90 22.80 0.20 28.55 10.00 35.10 0.30 31.75 99.12 52.88

0.33 2.70 25.48 6.32 709.00 244.52 1.47 94.70 1.60 750.00 1.50 1.05 30.75 2.02 1.99 3.99 34.51 67.00 56.40 47.00 4.00 4.44 4.80 366.10 1.99 3.14 37.61 15.50 20.95 51.60 1.62 18.99 6.88 1.60 214.95 21.66 0.26 28.20 9.00 35.10 0.50 30.17 100.49 53.80

0.33 2.60 24.60 6.12 676.01 244.52 0.77 87.00 1.40 706.00 1.50 0.91 29.75 2.01 1.85 3.50 34.48 64.65 54.27 47.00 3.70 4.15 4.55 332.02 1.60 2.80 34.03 15.49 20.35 50.41 0.70 18.98 6.01 1.40 210.00 21.66 0.26 28.00 9.00 35.00 0.30 30.17 99.49 52.77

Close Chg 0.33 2.69 24.81 6.16 682.48 244.52 1.46 87.04 1.55 726.86 1.50 1.02 30.06 1.82 1.99 3.70 34.50 64.65 57.12 47.00 3.89 4.44 4.80 356.18 1.60 3.13 37.61 15.50 20.47 50.62 0.62 19.98 6.43 1.42 210.18 21.66 0.26 28.10 9.00 35.10 0.50 31.75 100.04 52.82

0.13 0.01 0.00 -0.14 7.06 11.64 0.71 -4.02 0.08 -9.14 0.00 0.00 -0.45 0.00 0.29 0.20 -1.70 -1.93 0.00 -1.25 0.14 0.00 0.20 7.35 0.00 -0.01 1.79 0.40 -0.14 -0.84 0.00 0.00 0.29 -0.18 3.28 -1.14 0.06 -0.45 -1.00 0.00 0.20 0.00 0.92 -0.06

Open 993.60 Turnover 107,535 P/E (x) 7.00 Company Abbott (Lab) XD Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Searle Pak

Paid up Cap(mn) 979 250 2019 182 200 306

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

32.70

Total Assets (Rs in mn)

17,566.02

MA (10-day)

1.86

Total Equity (Rs in mn)

11,379.05

MA (100-day)

2.25

Revenue (Rs in mn)

MA (200-day)

2.47

Interest Expense

1st Support

1.75

Loss after Taxation

2nd Support

1.70

EPS 09 (Rs)

1st Resistance

PERSONAL GOODS Performance of SR Personal Goods Index

% Change -0.71 5-Day High 1,795.54 5-Day Low 1,777.68

2010 Div BR (%) (%)

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

% Change -0.39 5-Day High 652.87 5-Day Low 646.75

Close 968.28 Listed cap 47,070.70 mn Payout (%) 16.68

Volume 500 108872 201 631255 182 250 522 503 1900 173 1049 5663 1986 117 10999 2060 4602 1201 376 2500 31000 1308 9301 775 35010 10911 210 600 157670 321835 423 415 3004 1100 10767 500 3200 1005 1000 150 30000 200 5489 4446

Change 0.22 Market cap 121,812.24 mn Div Yield (%) 2.88

Last 60 days High Low 0.33 3.76 27.10 7.09 709.00 257.25 1.97 94.70 3.00 825.00 2.64 1.39 38.95 4.18 2.48 5.00 39.70 85.70 57.12 52.50 4.70 8.45 5.74 398.00 2.83 5.25 37.61 16.50 27.19 62.10 1.66 20.62 8.94 1.98 214.95 23.94 0.90 29.89 11.00 40.50 1.01 41.00 108.00 59.20

2010 Div BR (%) (%)

% Change 0.02 5-Day High 968.28 5-Day Low 960.59 2011 Div BR (%) (%)

0.20 1.81 - 30B 20.60 20 4.40 411.00 280 225.00 200 0.75 56.07 50 0.76 5 684.50 135 15B 1.32 0.90 29.75 5 15B 1.56 1.10 2.80 26.35 20 10B 64.00 70 51.73 47.00 12.5 3.60 10 3.50 3.80 10 276.70 50 - 50.00 0.71 2.80 18.96 20 14.10 20SD 20.00 15 48.80 25 45R 0.30 17.01 5.62 10 1.13 170.00 75 12.90 5 0.15 23.55 45 9.00 35.00 50 0.11 30.17 25 97.00 80 20B 47.95 50 900B -

-

High Low 1,001.00 989.72 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.56 22.31

Close 996.41 Listed cap 3,904.20 mn Payout (%) 44.54

PE

Open

High

Low

Close Chg

Volume

5.91 7.79 10.71 6.71 4.10 5.95

96.10 94.30 75.00 29.15 10.00 60.00

96.50 97.90 75.20 29.00 10.35 61.00

95.25 93.55 74.99 29.00 9.75 59.99

96.50 0.40 94.07 -0.23 75.00 0.00 29.00 -0.15 10.00 0.00 61.00 1.00

715 2162 2426 6128 31003 65000

97.00 98.73 79.99 33.45 11.49 62.80

87.26 88.21 71.00 25.00 9.00 54.00

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

% Change 0.28 5-Day High 996.41 5-Day Low 992.63 2011 Div BR (%) (%)

20B 12.50 15B 10B -

-

523.03 (490.82) (0.570)

Book value / share (Rs)

2nd Resistance

2.00

PE 10 E (x)

Pivot

1.85

PBV (x)

13.22 0.14

Sitara Peroxide Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

57.92

Total Assets (Rs in mn)

2,747.78

MA (10-day)

16.65

Total Equity (Rs in mn)

219.69

MA (100-day)

17.41

Revenue (Rs in mn)

MA (200-day)

14.94

Interest Expense

1st Support

16.87

Loss after Taxation

2nd Support

16.50

EPS 10 (Rs)

1st Resistance

17.52

727.02 243.27 (179.15) (3.251)

Book value / share (Rs)

3.99

2nd Resistance

17.80

PE 11 E (x)

5.36

Pivot

17.15

PBV (x)

4.34

SPL closed up 0.48 at 17.31. Volume was 34 per cent below average and Bollinger Bands were 67 per cent narrower than normal. The company's profit after taxation stood at Rs134.241 million which translates into an Earning Per Share of Rs2.42 for the nine months of fiscal year (9MFY11). SPL is currently 14.0 per cent above its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into SPL (mildly bullish). Trend forecasting oscillators are currently bearish on SPL and have had this outlook for the last 30 periods.

BOOK CLOSURES Company

From

Pak Int Cont Term

27-Jul

To

D/B/R

03-Aug

29-Jul

04-Aug

33.20(R)

21-Jul

-

Al-Meezan Mutual Fund

29-Jul

04-Aug

-

-

(TFC) United Bank

31-Jul

13-Aug

-

-

Silkbank Ltd #

03-Aug

10-Aug

-

-

KASB Bank

03-Aug

06-Aug

105.16(R) -

Trust Investment Bank #

05-Aug

12-Aug

-

-

12-Aug

General Tyre & Rubber #

07-Aug

18-Aug

-

-

18-Aug

08-Aug

22-Aug

-

-

22-Aug

29-Aug

04-Sep

-

-

-

28-Oct

03-Nov

-

-

-

Hussein Ind

03-Aug

50(S.D)

Spot AGM/Date 19-Jul

Ruby Textile Mills

Fauji Fertilizer

Change 2.81 Market cap 32,662.33 mn Div Yield (%) 6.36

Last 60 days High Low

1.90

8,408.28

WTL closed unchanged at 1.81. Volume was 144 per cent above average and Bollinger Bands were 3 per cent narrower than normal. The company's loss after taxation stood at Rs182.323 million which translates into a Loss Per Share of Rs0.21 for the 1st quarter of current calendar year (1QCY11). WTL is currently 26.7 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of WTL at a relatively equal pace. Trend forecasting oscillators are currently bearish on WTL.

Nishat Power #

Performance of SR Pharma and Bio Tech Index

Change -12.64 Market cap 35,275.36 mn Div Yield (%) 15.78

Volume

53.45 -2.75

-0.05 -0.47 0.00 0.56 -0.05 0.00 -0.31 0.19 -0.08 -0.25 0.74 -0.03 12.06 0.00 0.00 -0.11 0.19 -0.05 0.45 -15.41

Volume

2010 Div BR (%) (%)

% Change -0.23 5-Day High 1,115.09 5-Day Low 1,106.47

PHARMA AND BIO TECH

Close 1,777.68 Listed cap 1,336.62 mn Payout (%) 131.49

Last 60 days High Low

613.89 607.00 608.98 -4.42

Close Chg

Close 2,340.73 Listed cap 11,335.33 mn Payout (%) 30.57

High Low 671.47 639.14 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.13 10.64

Open

Performance of SR Industrial Engineering Index High Low 1,791.80 1,771.35 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 3.17 38.02

Low

PE

INDUSTRIAL ENGINEERING Open 1,790.32 Turnover 55,221 P/E (x) 8.33

-

HOUSEHOLD GOODS

Performance of SR Construction and Materials Index High Low 889.44 870.41 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.42 7.10

High

Open 649.30 Turnover 52,367 P/E (x) 1.19

CONSTRUCTION AND MATERIALS Open 882.50 Turnover 1,962,026 P/E (x) 5.94

2011 Div BR (%) (%)

- 50SD -

Performance of SR Household Goods Index

INDUSTRIAL METALS AND MINING High Low 1,052.30 1,040.58 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 0.91 33.10

Open

High Low 2,363.97 2,286.18 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 17.03 30.30

2.05 5.00 5.00 4.95 4.95 1.08 18.27 17.95 17.27 17.80 2.24 38.99 40.00 38.90 38.99 0.75 10.30 11.29 10.55 10.86 3.14 2.06 2.14 1.86 2.01 38.00 38.00 38.00 38.00 4.80 27.31 27.29 26.75 27.00 5.32 13.00 13.19 13.19 13.19 1.72 86.49 88.39 84.20 86.41 1.68 55.52 56.00 55.00 55.27 3.27 50.11 51.39 48.35 50.85 0.54 2.43 2.51 2.40 2.40 31.83 4180.25 4213.98 4004.08 4192.31 5.51 20.23 19.26 19.26 20.23 3.53 3.65 3.65 3.53 4.75 2.20 2.10 2.00 2.09 0.32 4.30 4.50 4.30 4.49 21.91 2.46 2.46 2.41 2.41 1.16 5.31 6.00 5.35 5.76 21.57 5848.98 5910.00 5701.10 5833.57

Performance of SR Industrial Metals and Mining Index Open 1,043.28 Turnover 95,264 P/E (x) 2.74

40 15

Change -2.54 Market cap 41,010.14 mn Div Yield (%) 5.50

59.90

-

2010 Div BR (%) (%)

Performance of SR Automobile and Parts Index

59.56

Engro Corporation Ltd

Pakistan Reinsurance Co Ltd

% Change 0.98 5-Day High 779.70 5-Day Low 754.10

AUTOMOBILE AND PARTS

3.43

Dynea Pak

21,642.63 21,732.03 21,642.63 i89.40

Change 7.55 Market cap 12,477.34 mn Div Yield (%) 2.11

4813

Clariant Pak

45

2011 Div BR (%) (%)

High Low 793.68 767.69 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.34 25.53

Dawood Hercules

BOC (Pak)

45.10

% Change -0.76 5-Day High 1,916.32 5-Day Low 1,890.17

Paid up Cap(mn)

Pak Int Cont.TerminalSPOT 1092 PNSC 1321

Company

Performance of SR Chemicals Index Open 1,904.66 Turnover 6,147,933 P/E (x) 8.95

Current High Low Change

11,815.91 11,917.40 11,815.91 i101.49

Alert ! Unusual Movements

Performance of SR Industrial Transportation Index

Close Change 1,573.06 -11.03 Listed cap Market cap 65,194.15 mn 1,151,036.01 mn Payout (%) Div Yield (%) 55.94 5.18

691 3921

Current High Low Change

KMI 30 Index

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,584.09 Turnover 1,061,053 P/E (x) 10.80

KSE 30 Index

10-Aug -

INDICATIONS # Extraordinary General Meeting

OTHER SECTORS Symbols

Open

High

Pakistan Cables TRG Pakistan Ltd. Shakarganj Food Grays of Cambridge Pak Hotels P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies

46 2.42 4.45 35.14 29.2 2.17 35.68 2.1 20.69

46.75 2.5 4.25 36.89 30.5 2.3 35 2.14 20.84

Low Close 45.05 2.32 4.25 35.5 30.5 2.15 34 2.04 20.25

46.54 2.34 4.25 36.56 30.5 2.15 34.24 2.06 20.39

Change 0.54 -0.08 -0.2 1.42 1.3 -0.02 -1.44 -0.04 -0.3

Vol 4541 620863 500 885 1000 29891 5990 287879 68875


7

Tuesday, July 26, 2011 Century Insurance

FIXED LINE TELECOMMUNICATION

EFU General Insurance

Performance of SR Fixed Line Telecommunication Index Open 824.94 Turnover 2,103,093 P/E (x) 4.05 Paid up Cap(mn)

Company Pak.Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd

High Low 837.18 811.53 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.52 12.84

PE

Open

High

Low

Close Chg

37740 10.43 3000 2.39 8606 6175 -

12.82 1.42 1.81 1.92

12.95 1.47 1.95 2.09

12.60 1.41 1.80 1.83

12.72 1.41 1.81 1.96

-0.10 -0.01 0.00 0.04

Close 819.02 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 780191 8014 1314868 286615

Change -5.93 Market cap 51,431.39 mn Div Yield (%) 15.45

% Change -0.72 5-Day High 839.07 5-Day Low 819.02

Last 60 days High Low

2010 Div BR (%) (%)

17.70 1.94 2.50 2.97

17.5 1 -

12.60 1.31 1.75 1.83

457

2011 Div BR (%) (%)

-

-

4.32

7.90

8.23

7.61

7.78 -0.12

10650

8.98

7.50

10

1250 12.69

34.61

39.65

29.01

12.5

Paid up Cap(mn)

Company

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

PE

3426 198 11572 1560 7932 8803 3673 3541 191 1367 150

7.96 5.52 2.55 2.27 5.26 -

Open

High

8.10 0.51 39.06 1.12 2.13 43.00 14.46 16.15 19.00 1.25 0.90

8.10 0.55 39.94 1.21 2.21 43.20 14.65 16.49 18.50 1.43 0.81

Low 7.50 0.51 38.76 1.14 2.11 42.80 14.10 15.85 18.20 1.25 0.81

Close Chg 7.50 -0.60 0.51 0.00 39.62 0.56 1.15 0.03 2.15 0.02 43.00 0.00 14.20 -0.26 15.91 -0.24 19.00 0.00 1.27 0.02 0.81 -0.09

Close 1,386.10 Listed cap 95,369.29 mn Payout (%) 104.13

Volume 4498 2650 1106069 114182 68352 514575 35611 116070 300 12409 1000

Change 10.41 Market cap 112,916.73 mn Div Yield (%) 7.57

Last 60 days High Low 9.93 0.80 39.94 1.70 2.57 44.19 17.25 17.70 23.26 1.69 1.27

7.50 0.16 36.70 0.97 2.03 41.75 13.47 15.39 18.20 1.13 0.36

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

33.65

34.02 -0.59

5212

-

-

7.60

11.00

11.10

10.95

10.95 -0.05

2700

11.90

10.10

25 12.5B

-

-

970

5.94

70.68

71.75

71.75

71.75 1.07

500

76.12

67.00

30

55B 10.00

-

New Jub Insurance

989

9.67

56.10

55.02

54.20

55.01 -1.09

535

62.37

51.16

20

25B

-

-

15.46

16.29

15.30

15.58 0.12

1732729

18.30

Pak Reinsurance

3000

5.41

12.43

30

-

-

Premier Insurance

303

3.57

8.25

8.24

7.82

8.00 -0.25

4222

8.99

7.82

25

-

-

-

Shaheen Insurance

250

9.08

13.44

13.00

13.00

13.44 0.00

150

14.35

11.50

-

-

-

25R

-

Performance of SR Life Insurance Index Open 907.04 Turnover 15,224 P/E (x) 5.34

GAS WATER AND MULTIUTILITIES Open 1,274.34 Turnover 674,146 P/E (x) 8.14 Paid up Cap(mn)

Company Sui North Gas Sui South Gas

PE

5491 14.29 8390 4.53

Open

High

19.96 20.24

20.00 20.23

High Low 1,275.30 1,253.67 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.93 11.41 Low 19.55 20.00

Company

PE

20.00 0.04 20.09 -0.15

Volume 98527 575619

23.60 23.75

17.64 19.95

2010 Div BR (%) (%) 20 15

2011 Div BR (%) (%)

25B

-

-

Open

High

Low

Close Chg

64.23 63.15 63.41 -0.09 11.78 11.61 11.67 -0.09 10.79 10.52 10.53 -0.18 29.50 28.65 29.07 0.03 4.53 4.17 4.26 0.06 6.84 6.63 6.71 -0.02 3.80 3.68 3.80 0.00 10.70 10.00 10.09 -0.28 122.00 120.20 120.51 -1.47 19.40 18.77 19.02 -0.39 2.20 2.10 2.20 0.07 1.49 1.44 1.47 0.00 198.20 192.00 192.45 -4.95 18.34 18.00 18.00 -0.20 55.10 54.00 54.18 -0.64 1.46 1.41 1.42 -0.01 2.52 2.41 2.45 0.01 5.06 5.00 5.01 -0.03 8.14 8.03 8.08 0.12 3.42 3.22 3.25 -0.15 61.64 60.80 61.02 -0.26

Open 719.20 Turnover 2,065,890 P/E (x) 9.82

1237

6.65

Close Chg

Volume

Last 60 days High Low

68.00

69.51 1.51

623

73.25

50.70

50

-

-

-

New Jub Life Insurance

627 14.77

54.00

Volume

Change -16.81 Market cap 666,768.90 mn Div Yield (%) 5.60

Last 60 days High Low

459 68.99 83116 12.35 859208 11.02 1034371 29.98 10820 6.25 406621 7.35 52537 4.09 260321 10.73 81091 123.90 5833 22.45 9261 3.00 34213 1.77 740781 210.95 74129 19.49 899836 55.80 472360 1.95 218212 3.06 18978 6.69 550 9.20 71171 4.75 282882 65.01

60.00 10.79 9.42 28.25 4.17 4.51 3.25 9.00 114.10 17.00 2.06 1.16 190.99 16.60 49.51 1.41 2.34 4.91 7.53 2.67 60.22

% Change -1.48 5-Day High 1,137.03 5-Day Low 1,120.23

2010 Div BR (%) (%)

55.00

54.50

54.93 0.93

14600

58.99

48.00

15

-

-

Open 62.49

High 64.00

High Low 731.47 709.16 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.51 5.20 Low 61.50

Close Chg 61.98 -0.51

Close 715.66 Listed cap 11,111.34 mn Payout (%) 79.54

-

Open 288.26 Turnover 621,750 P/E (x) 11.47 Paid up Cap(mn)

Company

360

Volume 309168

Last 60 days High Low 69.90

61.50

% Change -0.49 5-Day High 724.20 5-Day Low 715.66

2010 Div BR (%) (%) 25

2011 Div BR (%) (%)

-

-

-

High Low 297.19 284.43 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.19 0.91

PE

Open

High

Low

Close Chg

4.85

19.55

19.05

19.00

19.00 -0.55

450 19.54

Close 288.88 Listed cap 30,336.44 mn Payout (%) 99.56

Change 0.62 Market cap 14,176.57 mn Div Yield (%) 4.87

Last 60 days High Low

Volume 1155

23.25

% Change 0.22 5-Day High 288.88 5-Day Low 287.80

2010 Div BR (%) (%)

18.90

-

20B

2011 Div BR (%) (%) -

-

18.94

18.90

18.50

18.56 -0.38

4050

20.20

12.01

-

20B

-

-

3750

3.79

28.51

28.89

28.20

28.32 -0.19

1223714

29.24

20.53

30

-

-

-

Dawood Cap Mangt. XB 150

2.68

1.30

1.74

1.69

1.69 0.39

2032

2.04

1.15

-

-

-

-

Dawood Equities

250

-

1.20

1.45

1.35

1.43 0.23

1578

1.80

1.01

-

-

-

-

Escorts Bank

441

-

1.56

2.23

2.00

2.00 0.44

2000

2.33

1.55

-

-

-

-

2121

6.63

1.33

1.49

1.15

1.26 -0.07

2510

1.99

1.05

-

-

-

-

600 18.78

7.20

7.67

6.95

6.95 -0.25

1502

9.29

6.95

11.5

-

-

-

IGI Investment Bank Invest and Fin Sec

UPTO 100 VOLUME Symbols

100 100 100 100 100 100 100 100 80 75 71 70 59 50 50 42 40 26 25 23 20 20 16 15 15 14 11 10 10 10 10 10 10 10 10 9 8 5 5 4 3 2 2 2 2 2 2 2 2 2 2

Low

Close

162.01

163.29

148.00

148.66

-3.41

195000

54.10

54.35

-0.63

192500

-0.21

189000

1.20

0.22

-

-

-

-

Ist Cap Securities

3166

-

2.46

2.88

2.39

2.78 0.32

3015

3.27

2.22

-

10B

-

-

Ist Dawood Bank

626

0.70

1.45

1.58

1.55

1.57 0.12

6001

1.96

1.30

-

-

-

-

NBP-JUL

4.82

Open

FFC-JUL

54.98

High

Change -1.11

Vol 214500

7.39 -0.11

476708

10

-

-

-

NBP-AUG

54.98

55.30

54.70

54.77

508

-

2.60

2.72

2.55

2.56 -0.04

45055

3.40

2.31

-

-

-

-

ENGRO-AUG 152.07

153.00

149.00

149.30

500

5.75

19.10

20.00

19.99

20.00 0.90

501

22.94

16.42

50

-

-

-

POL-JUL

383.92

383.39

381.50

382.46

-1.46

174500

FFBL-JUL

47.61

47.55

47.20

47.37

-0.24

166500

1000 42.58

5.15

5.18

5.02

5.11 -0.04

8311

6.43

4.10

-

-

-

-

MCB-JUL

198.08

198.20

192.30

192.96

-5.12

149500

3.53

3.60

3.40

3.41 -0.12

3816

4.79

3.04

-

-

-

-

ATRL-JUL

132.28

132.15

131.00

131.79

-0.49

139000

LUCK-JUL

74.79

75.10

73.55

73.79

-1.00

113000

FFC-AUG

164.40

165.90

163.00

164.84

0.44

91500

DGKC-JUL

23.79

23.75

23.41

23.49

-0.30

77500

EQUITY INVESTMENT INSTRUMENTS

PPL-JULB

215.71

215.40

214.00

214.53

-1.18

MCB-AUG

198.08

198.00

194.20

194.57

-3.51

Performance of SR Equity Investment Instruments Index

FFBL-AUG

47.61

47.99

46.80

47.70

0.09

65000

LUCK-AUG

74.79

75.10

74.00

74.01

-0.78

55500

POL-AUG

383.92

384.75

383.00

384.50

0.58

52000

PPL-AUG

215.71

215.50

214.55

215.13

-0.58

46000

NML-JUL

51.47

51.10

50.66

50.80

-0.67

45500

DGKC-AUG

23.79

24.00

23.70

23.72

-0.07

45500

PTC-AUG

12.85

12.86

12.80

12.81

-0.04

31000

JOV and CO

-

Orix Leasing

821

3.61

5.80

6.00

5.62

5.96 0.16

4477

6.45

5.25

-

-

-

-

Pervez Ahmed Sec

775

5.14

1.41

1.50

1.40

1.44 0.03

52924

1.99

1.32

-

-

-

-

Open 1,559.59 Turnover 710,776 P/E (x) 21.01 Paid up Cap(mn)

Company

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 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

55.00

6042

8.34

Change

152.60

0.44 0.09

7.38

0.31 13.10 37.95 17.00 7.00 145.01 14.20 5.95 1.00 7.99 18.03 0.56 7.81 93.80 17.70 10.67 0.95 17.76 3.00 1089.92 29.24 30.00 66.60 68.88 73.00 0.73 41.55 0.55 3.50 23.75 10.66 3.52 111.27 7.38 1764.58 8.10 0.80 5.35 11.22 45.99 5.01 2.40 8.99 8.40 1.96 13.93 4.56 1.18 8.28 11.90 9.99

164.10

0.35

7.57

Close

ENGRO-JUL 152.07

0.49

7.50

Low 0.40 14.00 38.00 16.85 7.00 145.00 14.00 6.82 0.90 7.60 17.41 0.77 7.80 93.80 18.70 10.82 0.86 17.75 2.85 1050.00 29.44 29.00 63.27 68.50 73.98 0.65 41.40 0.55 3.76 23.00 10.99 3.90 105.80 6.70 1840.99 8.10 0.41 5.67 12.00 48.28 5.19 2.70 8.99 7.75 2.45 13.01 4.20 1.00 9.28 11.80 9.75

FUTURE CONTRACTS

0.35

-

High 0.40 14.00 38.00 16.85 7.25 145.00 14.00 6.82 1.25 7.60 18.99 0.79 8.38 93.80 18.70 10.82 0.95 18.20 2.85 1095.00 29.44 29.00 63.27 68.50 73.98 0.98 41.40 0.55 3.76 23.00 10.99 3.90 105.80 7.95 1850.00 8.10 0.60 5.67 12.00 48.28 6.00 2.70 9.80 8.00 2.45 13.02 5.00 1.49 9.28 12.38 10.30

164.40

-

7633

0.31 13.10 37.95 17.00 7.00 145.01 14.20 5.95 1.00 7.99 18.03 0.56 7.81 93.80 17.70 10.67 0.95 17.75 3.00 1089.92 29.24 30.00 66.60 68.88 73.00 0.73 41.55 0.55 3.50 23.75 10.66 3.52 111.27 7.38 1764.58 8.10 0.80 5.35 11.22 45.99 5.01 2.40 8.99 8.40 1.96 13.93 4.56 1.18 8.28 11.90 9.99

Symbols

2849

Jah Siddiq Co

Open

MTIL PASM IBFL NONS SASML SAPL BERG WAZIR MUBT GUSM AGL SPLC GHNI PAKT DADX HUSS RAVT KOHE KOHP SIEM ATIL PAKD SALT AGIL NATF CJPL BAFS CSM DSML ELSM GSPM SRSM HINO BAPL UPFL SAIF MFTM PIOC MACFL FASM FCIBL SCLL AGIC RICL AZAMT JDMT SMTM YOUW HWQS SANSM SHSML

Invest Bank

PE

Open

High

High Low 1,566.91 1,524.27 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.46 2.21 Low

Close Chg

Close 1,543.89 Listed cap 29,771.58 mn Payout (%) 104.74

Change -15.70 Market cap 19,619.44 mn Div Yield (%) 7.75

Last 60 days High Low

Volume

% Change -1.01 5-Day High 1,570.80 5-Day Low 1,543.89

2010 Div BR (%) (%)

51.47

52.24

51.10

178500

74500 72000

51.20

-0.27

30000

12.85

12.65

12.63

12.65

-0.20

11000

132.28

133.00

132.25

133.00

0.72

9500

PTC-JUL HUBC-JUL

38.90

38.90

38.90

38.90

0.00

4000

UBL-JUL

61.50

61.50

61.50

61.50

0.00

2000

4.91

11.30

11.49

11.25

11.45 0.15

148602

11.60

10.15

18.5

-

5.00

-

Atlas Fund of Funds

525

1.76

6.90

6.61

6.61

6.61 -0.29

50000

6.95

6.11

2.2

-

-

-

B R R Guardian Mod.

780

2.60

2.53

2.78

2.21

2.50 -0.03

1904

2.91

1.41

0

-

-

-

Elite Cap Modaraba

113

4.24

3.05

3.89

3.89

3.05 0.00

280

3.89

2.10

5

-

-

-

Equity Modaraba

524

6.58

1.25

1.40

1.19

1.25 0.00

2612

2.50

1.10

-

-

-

-

First Dawood Mutual F.

581

1.34

1.78

2.23

2.21

2.23 0.45

1580

2.47

1.70

-

-

-

-

Golden Arrow

760

2.24

3.40

3.45

3.37

3.38 -0.02

67965

3.72

3.11

17

-

-

H B L Modaraba

397

4.04

8.00

8.25

7.99

8.24 0.24

750

8.44

7.10

11

-

-

-

Habib Modaraba

1008

4.15

8.15

8.18

8.01

8.01 -0.14

5505

8.44

7.32

21

-

-

-

JS Growth Fund

3180

2.02

6.00

5.87

5.86

5.87 -0.13

2023

7.40

5.32

12.5

-

-

-

JS Value Fund

1186

0.54

Meezan Balanced Fund

1200

Nat Bank Modaraba

NML-AUG

-2.77

2011 Div BR (%) (%)

AL-Meezan Mutual F.SPOT 1375

Mod Al-Mali

Change -3.54 Market cap 44,712.35 mn Div Yield (%) 8.10

2011 Div BR (%) (%)

Performance of SR Financial Services Index

2011 Div BR (%) (%)

40 10B - 10B 20 20B -64.41R - 20B 65 10B - 20B - 33R -105.16R 115 10B 30.00 - 15B 75 25B -154.79R - 311R 6 - 20R 50 -

2010 Div BR (%) (%)

FINANCIAL SERVICES

1000

NON LIFE INSURANCE

Adamjee Insurance XD

Low

70.00

KASB Securities

Performance of SR Non Life Insurance Index

PE

High

68.00

Performance of SR Banks Index

8603 6.25 63.50 7070 5.30 11.76 13492 5.54 10.71 8786 6.16 29.04 5004 1.90 4.20 5288 6.73 5280 10.27 3.80 7327 4.67 10.37 11021 7.53 121.98 Habib Metropolitan Bank XB 10478 5.47 19.41 JS Bank Ltd 8150 44.00 2.13 KASB Bank Ltd 9509 1.47 MCB Bank Ltd 8362 7.78 197.40 Meezan Bank XB 8030 6.16 18.20 National Bank 16818 4.26 54.82 NIB Bank 40437 1.43 Silkbank Ltd 26716 15.31 2.44 Soneri Bank 6023 2.51 5.04 Stand Chart Bank 38716 6.52 7.96 Summit Bank Ltd 8701 3.40 United Bank Ltd 12242 7.17 61.28

Company

Open

JS Investment

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

Paid up Cap(mn)

PE

JS Global Cap

High Low Close 1,144.54 1,114.96 1,120.23 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.01 13.94 40.49

% Change 1.92 5-Day High 924.43 5-Day Low 907.04

9.76

BANKS Open 1,137.03 Turnover 5,545,579 P/E (x) 7.23 Paid up Cap(mn)

Close Chg

Last 60 days High Low

% Change -0.27 5-Day High 1,274.34 5-Day Low 1,268.41

Change 17.40 Market cap 10,242.70 mn Div Yield (%) 3.93

850

Arif Habib Corp

Change -3.42 Market cap 27,836.97 mn Div Yield (%) 8.21

Close 924.43 Listed cap 2,290.72 mn Payout (%) 355.53

Paid up Cap(mn)

Company

Arif Habib Limited

Close 1,270.92 Listed cap 12,202.80 mn Payout (%) 66.79

High Low 929.92 910.53 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.49 3.85

EFU Life Assurance

Arif Habib Investments

Performance of SR Gas Water and Multiutilities Index

-

LIFE INSURANCE

2011 Div BR (%) (%)

- 25.00 7.8R - 30.00 - 10.00 -

-

34.87

450

-

% Change 0.76 5-Day High 1,386.10 5-Day Low 1,365.12

-

IGI Insurance

Performance of SR Electricity Index High Low 1,402.86 1,362.78 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.29 9.35

-

Habib Insurance

ELECTRICITY Open 1,375.68 Turnover 1,975,767 P/E (x) 13.75

-

-

5.25

5.38

5.15

5.16 -0.09

1518

6.40

4.91

10

-

5.00

-

2.85

9.99

10.39

9.91

9.91 -0.08

2506

10.39

8.46

15.5

-

-

-

184 12.86

1.05

1.08

0.90

0.90 -0.15

1325

1.40

0.85

-

-

-

-

250

4.14

5.85

5.50

5.50

5.50 -0.35

500

6.00

4.60

10

-

-

-

Pak Oman Advantage

1000

-

8.17

8.00

7.17

7.76 -0.41

700

9.99

4.26

1.04

-

-

-

PICIC Energy Fund

1000

2.15

7.24

7.30

7.17

7.30 0.06

203649

8.25

6.92

10

- 10.00

-

PICIC Growth Fund

2835

2.70

13.39

13.30

13.10

13.15 -0.24

27850

13.84

12.00

20

- 12.50

-

PICIC Inv Fund

2841

2.37

6.09

6.04

6.00

6.00 -0.09

52500

6.95

5.50

10

-

7.50

-

Prud Modaraba 1st

872

1.73

0.94

0.99

0.95

0.95 0.01

73500

1.05

0.75

3

-

-

-

Safeway Mutual Fund

545

3.16

7.67

8.63

6.70

8.63 0.96

56000

8.65

5.75

18.2

-

-

-

Stand Chart Modaraba

454

5.80

10.52

10.50

10.10

10.50 -0.02

9493

11.00

9.50

17

-

-

-

ATRL-AUG

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

Total Volume 740,343 17,199 444,283 220,850 37,600 871,000 660,695 73,935 330,375 108,300 7,500 49,375 2,589,451 559,000 52,932 969,068 347,081 10,000 276,078 500 265,597 152,887 37,675 21,500 30,156 3,000 127,500 9,003,880

Total Value 14,490,109 816,962 3,690,579 970,401 3,575,442 6,569,044 11,480,227 8,459,144 11,452,339 13,319,423 217,201 1,596,654 24,616,682 30,848,475 7,793,979 38,340,865 5,435,408 155,862 10,350,754 57,553 3,113,617 43,783,436 6,047,626 4,218,339 290,988 45,247 5,831,521 257,567,878

MTS Rate 19.77 19.00 21.78 19.00 18.37 19.00 20.88 17.83 16.00 15.00 18.00 19.08 18.00 16.23 19.56 19.00 18.03 21.78 21.78 15.00 16.00 17.00 18.00 16.94

BOARD MEETINGS

Fauji Fertiliser Bin Qasim Ltd

KSE 100 INDEX

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

51.52

Support 1

12,367.05

MA (5-day)

12,444.55

Support 2

12,339.65

MA (10-day)

12,360.91

Resistance 1

12,449.35

MA (100-day)

12,075.34

Resistance 2

12,504.20

Target Price

Arif Habib Ltd

Recommendations

42.2

Arif Habib Ltd

45.52

Neutral

AKD Securities Ltd

TFD Research

47.75

Neutral

TFD Research

Technical Outlook Technical Analysis

Leverage Position

Brokerage House AKD Securities Ltd

Target Price

Recommendations

Brokerage House

65

Buy

Arif Habib Ltd

64.99

Buy

AKD Securities Ltd

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

Leverage Position

57.34 53.55 56.03 63.68

MTS Shares `000 969.068 MTS Rs `000 38,340.87 MTS Rate 19.56 ** NOI Rs (mn) 76.22 Free Float Shares (mn) 398.12 Target price for Dec-11 & **Net Open Interest in future market

Free Float Rs (mn) 21,570.27

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

Positive

TFD Research

245.95

Positive

49.05

Technical Analysis

Technical Outlook

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

7.50 217.20 18.00 0.19 810.01

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

Technical Analysis

HUBC closed up 0.56 at 39.62. Volume was 16 per cent above average ENGRO closed down -3.08 at 148.51. Volume was 51 per cent below average (consolidating) and Bollinger Bands were 30 per cent narrower than normal. ENGRO is currently 22.8 per cent below its 200-day moving average and HUBC is currently 6.4 per cent above its 200-day moving average and is is displaying a downward trend. Volatility is extremely low when compared displaying an upward trend. Volatility is relatively normal as compared to to the average volatility over the last 10 trading sessions. Volume indicathe average volatility over the last 10 trading sessions. Volume indicators tors reflect volume flowing into and out of ENGRO at a relatively equal pace. Trend forecasting oscillators are currently bearish on ENGRO. reflect volume flowing into and out of HUBC at a relatively equal pace. Momentum oscillator is currently indicating that ENGRO is currently in an Trend forecasting oscillators are currently bullish on HUBC. oversold condition.

Hold

Arif Habib Ltd

165.3

Accumulate

TFD Research

164.95

58.33 10.42 10.16 10.24

MTS Shares `000 871.00 MTS Rs `000 6,569.04 MTS Rate 19.00 ** NOI Rs (mn) N/A Free Float Shares (mn) 674.58 Target price for Dec-11 & **Net Open Interest in future market

Leverage Position

RSI (14-day) 24.23 MTS Shares `000 73.935 MA (10-day) 153.43 MTS Rs `000 8,459.14 MA (100-day) 188.88 MTS Rate 17.83 MA (200-day) 192.35 ** NOI Rs (mn) 241.90 Free Float Rs (mn) 26,282.99 Free Float Shares (mn) 176.98 Target price for Dec-11 & **Net Open Interest in future market

and Bollinger Bands were 4 per cent wider than normal.

Recommendations

Free Float Rs (mn) 7,103.31

Buy

AKD Securities Ltd

Lucky Cement Ltd

Fauji Fertiliser Co

Leverage Position

Buy

Arif Habib Ltd

Accumulate

12.2

Technical Analysis

Recommendations

224 195.41

Buy

RSI (14-day) 66.70 MA (10-day) 38.80 MA (100-day) 37.83 MA (200-day) 37.25 Free Float Rs (mn) 32,092.52

Brokerage House

Technical Outlook

Technical Outlook Technical Analysis

Target Price

Recommendations

50 42.1

Target Price 11.75

Brokerage House

Target Price

Technical Outlook

Bank Al-Falah Ltd

National Bank of Pakistan

Arif Habib Ltd

Brokerage House

Sell

AKD Securities Ltd

RSI (14-day) 73.41 MTS Shares `000 330.375 MA (200-day) 11,817.55 Pivot 12,421.90 MA (10-day) 46.54 MTS Rs `000 11,452.34 42.40 MTS Rate 16.00 KSE 100 INDEX closed down -82.28 points at 12,394.49. Volume was MA (100-day) MA (200-day) 39.38 ** NOI Rs (mn) 77.49 53 per cent below average (consolidating) and Bollinger Bands were 23 Free Float Rs (mn)15,457.65 Free Float Shares (mn) 326.94 per cent narrower than normal. As far as resistance level is concern, the Target price for Dec-11 & **Net Open Interest in future market market will see major 1st resistance level at 12,449.35 and 2nd resistFFBL closed down -0.24 at 47.28. Volume was 40 per cent below average ance level at 12,504.20, while Index will continue to find its 1st support and Bollinger Bands were 124 per cent wider than normal. level at 12,367.05 and 2nd support level at 12,339.65. KSE 100 INDEX is currently 4.9 per cent above its 200-day moving FFBL is currently 20.0 per cent above its 200-day moving average and is average and is displaying a downward trend. Volatility is extremely displaying an upward trend. Volatility is relatively normal as compared to low when compared to the average volatility over the last 10 trading the average volatility over the last 10 trading sessions. Volume indicators sessions. Volume indicators reflect moderate flows of volume into reflect moderate flows of volume into FFBL (mildly bullish). Trend forecastINDEX (mildly bullish). Trend forecasting oscillators are currently ing oscillators are currently bullish on FFBL. Momentum oscillator is curbearish on INDEX. rently indicating that FFBL is currently in an overbought condition.

Engro Corporation

Hub Power Co Ltd

Target Price

Recommendations

Brokerage House

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

Recommendations

Arif Habib Ltd

97.7

Buy

Neutral

AKD Securities Ltd

87.61

Buy

TFD Research

84.65

Leverage Position

61.21 162.41 143.04 133.83

MTS Shares `000 108.30 MTS Rs `000 13,319.42 MTS Rate 15.00 ** NOI Rs (mn) 137.12 Free Float Shares (mn) 466.49 Target price for Dec-11 & **Net Open Interest in future market

Free Float Rs (mn) 76,056.10

Positive

Technical Outlook

Technical Outlook Technical Analysis

Target Price

Buy

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

Leverage Position

58.30 72.53 70.37 71.55

MTS Shares `000 559.00 MTS Rs `000 30,848.48 MTS Rate 18.00 ** NOI Rs (mn) 116.22 Free Float Shares (mn) 129.35 Target price for Dec-11 & **Net Open Interest in future market

Free Float Rs (mn) 9,513.69

NBP closed down -0.64 at 54.18. Volume was 49 per cent below average BAFL closed down -0.18 at 10.53. Volume was 48 per cent below average FFC closed down -0.86 at 163.04. Volume was 54 per cent below average LUCK closed down -1.02 at 73.55. Volume was 24 per cent below average and Bollinger Bands were 47 per cent narrower than normal.

and Bollinger Bands were 19 per cent wider than normal.

(consolidating) and Bollinger Bands were 88 per cent wider than normal.

and Bollinger Bands were 29 per cent narrower than normal.

NBP is currently 14.9 per cent below its 200-day moving average and is BAFL is currently 2.8 per cent above its 200-day moving average and is FFC is currently 21.8 per cent above its 200-day moving average and is LUCK is currently 2.8 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is low as compared to the average displaying an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect very volatility over the last 10 trading sessions. Volume indicators reflect volume the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NBP (mildly bullish). Trend forecast- strong flows of volume into BAFL (bullish). Trend forecasting oscillators are flowing into and out of FFC at a relatively equal pace. Trend forecasting reflect very strong flows of volume into LUCK (bullish). Trend forecasting ing oscillators are currently bullish on NBP.

currently bullish on BAFL.

oscillators are currently bullish on FFC.

oscillators are currently bullish on LUCK.

Company

Date

Time

MCB Bank Ltd Askari Bank Ltd Hinopak Motors Ltd Fauji Fertilizer Bin Qasim Ltd Chashma Sugar Mills Ltd Premier Sugar Mills Kohinoor Sugar Mills Ltd First Habib Modaraba Mirpurkhas Sugar Mills Ltd Faran Sugar Mills Ltd Honda Atlas Cars Mehran Sugar Mills Ltd Habib Sugar Mills Ltd Security Papers Ltd JDW Sugar Mills Ltd Crescent Steel Colgate-Palmolive (Pak) Ltd First Dawood Investment Bank Ltd Atlas Honda Ltd Noon Sugar Mills Ltd

26-Jul 26-Jul 26-Jul 26-Jul 26-Jul 26-Jul 26-Jul 26-Jul 26-Jul 26-Jul 26-Jul 27-Jul 27-Jul 27-Jul 27-Jul 28-Jul 28-Jul 28-Jul 28-Jul 28-Jul

9:00 11:00 12:00 10:30 11:00 11:30 11:30 11:30 15:30 15:30 11:00 11:00 12:00 12:00 11:00 10:00 9:30 11:00 11:30 11:30

TECHNICAL LEVELS Company Al-Abbas Cement 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) 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 51.78 2.40 2.20 48.25 62.95 62.50 44.21 48.75 48.50 70.84 28.05 27.80 54.82 18.40 18.25 25.65 61.00 60.00 55.44 11.60 11.50 54.97 6.10 6.00 46.91 376.65 374.40 57.25 130.70 129.85 58.33 10.45 10.35 51.78 3.70 3.65 54.97 6.60 6.50 44.53 1.60 1.55 53.66 23.30 23.15 28.57 2.25 2.15 51.00 2.35 2.30 39.63 33.50 32.95 52.71 68.35 67.15 24.27 147.15 145.75 60.54 9.80 9.55 41.24 4.05 4.00 73.37 46.95 46.65 61.20 161.85 160.60 58.74 119.80 119.10 66.67 38.95 38.25 55.70 155.65 154.80 30.95 204.85 203.65 41.98 2.50 2.45 46.86 1.10 1.05 40.64 2.10 2.05 44.21 7.35 7.25 56.36 42.80 42.60 46.18 2.10 2.05 35.01 12.65 12.55 58.28 73.00 72.40 32.04 190.25 188.00 41.39 2.00 1.95 57.29 53.75 53.35 25.22 20.25 20.00 37.18 20.15 19.90 29.20 1.40 1.35 62.31 3.10 3.00 40.52 50.15 49.70 55.50 153.80 153.10 35.43 2.05 2.00 43.65 1.40 1.35 43.69 2.10 2.05 63.84 379.80 378.40 57.87 213.00 211.80 45.86 63.30 62.60 31.86 253.75 251.95 17.69 12.55 12.40 51.12 223.20 222.35 48.83 19.70 19.40 57.89 16.90 16.50 35.30 20.00 19.90 33.96 1.40 1.35 27.92 2.30 2.20 42.15 60.65 60.30 32.74 1.75 1.70

1st

2nd

Resistance 2.85 3.10 64.05 64.70 49.30 49.55 28.75 29.15 18.80 19.05 63.50 65.00 11.75 11.85 6.30 6.40 380.55 382.25 132.50 133.45 10.70 10.90 3.80 3.85 6.85 6.95 1.70 1.75 23.75 24.05 2.45 2.55 2.45 2.50 34.70 35.40 70.35 71.15 150.80 153.05 10.50 10.95 4.15 4.20 47.65 48.05 164.20 165.35 121.60 122.70 40.10 40.60 157.80 159.10 208.35 210.65 2.65 2.80 1.20 1.25 2.20 2.25 7.50 7.65 43.20 43.40 2.20 2.25 12.85 12.90 74.55 75.50 196.45 200.40 2.15 2.25 54.85 55.55 20.85 21.20 20.75 21.10 1.50 1.55 3.25 3.30 51.35 52.05 155.60 156.70 2.15 2.20 1.50 1.55 2.25 2.35 383.25 385.40 215.45 216.70 64.75 65.50 258.85 262.15 12.90 13.10 224.95 225.85 20.15 20.30 17.55 17.80 20.20 20.35 1.50 1.55 2.45 2.55 61.50 62.00 1.90 2.00

Pivot 2.65 63.60 49.00 28.45 18.65 62.50 11.70 6.20 378.30 131.65 10.60 3.75 6.75 1.65 23.60 2.35 2.40 34.20 69.15 149.40 10.25 4.10 47.35 162.95 120.90 39.45 156.95 207.15 2.60 1.15 2.15 7.45 43.00 2.15 12.75 73.95 194.20 2.10 54.45 20.60 20.50 1.45 3.15 50.90 154.90 2.10 1.45 2.20 381.90 214.25 64.05 257.05 12.75 224.10 19.85 17.15 20.10 1.45 2.40 61.15 1.85


8

Tuesday, July 26, 2011

PTA receives Best Regulatory Leadership Award

ISLAMABAD: CEO and President of Pakistan Telecommunications Company Limited (PTCL) Walid Irshaid receives “TeleTimes International Leadership Award for Best Broadband Services� from Federal Minister for Finance Dr Abdul Hafeez Sheikh at the Annual TeleTimes Industry Awards Ceremony. -Online

Teledensity reaches 62.5pc ISLAMABAD: Cellular teledensity in the country has reached 62.5 per cent from just 33 per cent in 2004 while almost 92 per cent of the land area and more than 1,000 cities, towns and villages are under the umbrella of cellular services. From only 2000 cell sites to 30,417 in just six years, cellular services have reached to every nook and corner of the country. According to official data available, from a mere 5 million cellular subscribers in 2004, cellular subscribers jumped to 100 million in 2010. Voice has been the focus of cellular operators since the inception of cellular mobile services in Pakistan but now the focus is shifting towards utilizing the huge potential lying in data and value added services. Sources in Pakistan Telecommunication Authority (PTA) told APP they were aware of the situation and constantly pursuing the government to announce 3G licensing policy which is believed to be the right ingredient required to boost up the data services scenario in Pakistan. Cellular penetration in the country has reached 62.5 per cent at the end of January 2011 which means that every 6 out of 10 people in Pakistan owns cellular connection. Cellular penetration had a topsy-turvy trend in the recent past due to continuous data cleaning process by the operators. According to latest available statistics, there are currently 104 million cellular subscribers in Pakistan at the end of January, 2011 as compared to 99.2 million at the end of June 2010, showing a net increase of 4.8 million subscribers over the last seven months.-APP

Telenor Opens Sales & Service Center in Multan Staff Correspondent MULTAN: Telenor Pakistan has started operations at a new Sales & Service Center in Multan on Abdali Road here. The new S&SC will provide support services to 4 franchises and cover the area ranging from Khanewal, Kabirwala, Muzaffargarh to Lodhran, Bahawalpur and Khanpur. The opening ceremony was attended by Chief Marketing Officer, Telenor Pakistan Aamir Ibrahim, management officials and the Sales and Service staff of the Center. Commenting on the importance of the Center, Aamir Ibrahim said, "Multan has consistently

been an important nerve center for the Southern Punjab region. In the first half of 2011, our growth in Multan has been the highest in all regions at about 25% YoY which says volumes about the potential of business in this area. We are very pleased to have started operations in the new Center which will cater to a large number of daily customers." The first Multan Telenor Office was inaugurated in Sept 2005 with the aim to service the customer base for Southern Punjab, ranging from Chichawatni to Saqidabad. The reported traffic trends for the Center can go up to 500 customers in a day.

MULTAN: Chief Marketing Officer, Telenor Pakistan Aamir Ibrahim inaugurating the new branch office here in Multan-Staff i Photo

Mobile donates school bags ISLAMABAD: A local mobile company Monday donated 1,200 recycled school bags to the underprivileged students of the Pehli Kiran School System (PKSS) along with cellular handsets for its faculty members. On the occasion of PKSS Parent's Day, mobile company Foundation's Torchbearers handed school bags to children and distributed cellular handsets amongst the faculty members of the school; said a press release. Children at the School presented skits and tableaux in a colorful event and earned the applause of the audience. While interacting with children and their parents, the Torchbearers talked about the importance of education and how it would benefit their lives and those of the people around them, they also distributed gifts amongst the children of the school. Director Public Relations (Mobile Company), Omar Manzoor stated: "our volunteers are deeply committed towards making a difference in the lives of the underprivileged across the country. The distribution of recycled bags to the children and new cellular handsets to the faculty are a token of support and continued effort to give back to the deserving in the society." Since the launch of the Recycled Schoolbags initiative in 2007, the mobile company has donated over 30,000 bags made from recycled advertising skins to CARE Foundation, Zindagi Trust, Kaghan Memorial Trust and students at camps for IDPs.-APP

ISLAMABAD: In recognition of his significant contributions for the proliferation of Information Communication Technologies (ICTs) in the country, Chairman Pakistan Telecommunication Authority (PTA), Dr Mohammed Yaseen has been awarded the Best Regulatory Leadership Award 2011 by Monthly "Teletimes". The award was presented to him in "Teletimes International Industry Awards" ceremony held here Monday by Monthly "Teletimes". Director ICT, PTA Amir Malik was presented an Excellence Award for individual contribution to Research in ICT, said a press release issued. Lately, Chairman PTA received award of excellence for ICT Development in Pakistan by NetSol Technologies. He was also recognized as Best Telecom Regulatory Leader of the Year 2010 by South Asian, Middle Eastern and North African (SAMENA) Telecommunication Council. Dr Mohammed Yaseen with

his untiring efforts has made regulatory body a model organization in the Asia Pacific Region. He has participated in the international forums and contributed in a variety of areas, such as promotion of ICT market, telecom market liberalization, legal and regulatory framework for the telecom sector. His major achievements during the past years include introduction of consumer protection structure for telecommunication subscribers, development of multiple international communication links, provision of free Internet dialup services to the masses, establishment of 350 tele-centers as a rural telephony project, giving a special emphasize on progress and development of broadband services in the country, introduction of a unified regulatory framework for mobile banking services, launching of new systems for effective resolution of Mobile SIMs issues, arrangement of local Internet peering point between international bandwidth providers, transition of Pakistani's ccTLD (.pk), ini-

tiatives to engage key industry players for enhancing local ICT content market and 100 million cellular mobile subscribers is another feather in the cap. According to the LIRNEasia's 2011 Telecom Regulatory Environment (TRE) survey, Pakistan saw an increase in almost all dimensions including fixed market entry, mobile access to score resources and mobile inter connection. In 2010, PTA acclaimed with global awards as most progressive Telecom Regulator in South Asia. In 2011 Pakistan ranked top for best regulatory regime among the South Asian countries with penetration of Information & Communication (ICTs). Pakistan has maintained its top position with highest score of 3.3 percent in TRE survey followed by India having 2.9 points in 2010-11. In 2007-08, the TRE survey evaluated regulatory regime of Pakistan as best among the South Asian growing economies with 3 points followed by Philippines with 2.8 in the same year. -APP

Thalassemia Centre in Vehari District

Ufone, Plan Int'l join hands for healthcare Staff Reporter KARACHI: In continuation to the health initiatives, Ufone has partnered with Plan International for the establishment of a thalassemia center at the district headquarters hospital Vehari. Ufone has been very keen on fulfilling its social responsibilities and believes in giving back to the society, whereas Plan International is a development organization established in 1937, working for lasting improvements in children's lives in over 66 countries. Ufone will be providing medical supplies & equipment required for treating the thalassemia patients in the upcoming facility and Plan International along with the district headquarter Vehari will be facilitating in the effective implementation of the project. Abdul Aziz, CEO Ufone, expressed great pride at being a part of this initiative and

proclaimed that Ufone's goal is to achieve a strengthened health sector and responsive governance to ensure that the citizens of the country are provided with basic healthcare. He also mentioned the various benefits of establishing the facility in Vehari where the number of thalassemia

patients is very high. Haider Yaqub, Country Director, Plan International Pakistan said, "The establishment of the Thalassemia Centre, in partnership with the UFONE GSM, will give the children of the area the opportunity to get the kind of health care they critically need.

FDIs in Pak telecom sector drop 79pc $79.1 million invested during FY11 KARACHI: The telecom industry that contributed highest in the Foreign Direct Investment (FDI) among all different industries has failed to continue its spending on infrastructure and technology, as telecom operators are reluctant to invest in the country where their returns are constantly squeezing against their increasing operational expenses. The FDI in the telecom sector has fell by 79 per cent in the closing financial year of 2010-11, State Bank of Pakistan (SBP) statistics said.

The overall telecom sector including LDI, cellular, broadband and various class value-added service providers have brought merely $79.1 million FDI in the closing fiscal year 2010-11 as compared with $374 million in the previous fiscal year 2009-10. The share of telecom sector in overall FDI has contracted to merely 5 per cent in the outgoing fiscal year against 17 per cent of the share recorded in the last fiscal year. The FDI level is the lowest since year 2003-04 in the telecom sector as FDI con-

tinued to increase till 2009-10. The sector used to be considered highly potential as landing billion dollar investment with host of economic activities. In 2005-06, the telecom sector brought US $ 1.905 billion in the country with 54 percent share in the overall FDI, SBP figures showed. An Official said that the cellular sector had invested huge money on the telecom infrastructures over the past couple of years, expanding their network more than 90 percent

through out the country. The FDI volume has witnessed significant cut in the outgoing fiscal year

however FDI is still landing in the country on upgradation of network and introduction of value-

added services, he added. The revenues of the cellular operator declined substantially owing to stiff

competition, which made investors reluctant to refrain from investing more capital into Pakistan's land. He said the cellular operators' have adopted extremely cautious approach to invest money on technology and trying to adjust their growing expenses with cost-cutting strategies, another official of the cellular operator said. They further said the telecom operators have curtailed to send revenues to their headquarter countries whatever they earned in Pakistan and re-investing their earnings on their operations and businesses. -Agencies


9

Tuesday, July 26, 2011

Crude oil slips as US debt talks stall US Congress weekend talks collapse as deadline nears LONDON: Oil futures dropped to $118 on Monday a barrel after a breakdown of budget talks in the US Congress over the weekend helped drive investors away from volatile and risky assets. Worries about a US credit rating downgrade or even default dampened hope for stronger global economic growth after a new bailout deal for Greece helped propel Brent to a high of $118.80 a barrel on Friday. "After all the excitement on the economic front last week, attention will return to the fundamentals, particularly US weekly data," said Christophe Barret, global analyst at Credit Agricole Corporate & Investment Bank. Brent crude for September was 57 cents lower at $118.10 a barrel at 1445 GMT, after falling by more that $1 earlier in the session. US oil was 42 cents lower at $99.45, paring losses of more than $1 but off a six-week high of $99.87 on Friday. With oil prices only marginally off last week's highs, some

analysts maintained that worries about a US default remained remote and were unlikely to translate into a real economic crisis. "The political circus over the US debt level will probably last until the last hours before Aug. 2nd," Olivier Jakob of Petromatrix said in a note. "There are enough demand

uncertainties to maintain speculators on the sideline of the oil trade," he concluded. The US Congress collision sent gold to a fresh peak, and the Swiss franc rose to a record high against the dollar as money flowed to safer assets on Monday and pre-weekend optimism over the euro-zone debt solution faded. Not all analysts were convinced the outlook for oil was untouched by the weekend's developments. "We are slipping away a bit, waiting to see if the US sorts

out its debt. Markets will be nervous until a solution is found," said Rob Montefusco, an oil trader at Sucden Financial. The United States is the world's largest oil consumer. Further US debt discussions have been planned for Monday, and broadly investors have been banking on a lastminute deal. While raising the borrowing limit would avoid default, it would not necessarily end the threat by rating agencies to cut the US economy's triple-A rating, now clouded by its huge debt burden. "The most significant influence on the oil market is the concern that failing to raise the debt ceiling would mean the US could either default or have to cut spending on a variety of social services," said Ben Westmore, a commodities economist at the National Australian Bank. "If either of these happens, it would have a negative impact on US oil demand, hence lower prices." -Reuters

Copper buttressed by $, tight supply outlook LONDON: Copper eased on Monday by less than half a per cent as a lower dollar and a tight supply outlook helped to shield it from risk-averse investors concerned over the worsening credit outlook for the United States. Aluminium touched $2,624, its highest since June 15, on technical buying and as a looming power crunch in China threatened to curb output of the energy-intensive metal. Benchmark copper on the London Metal Exchange traded at $9,655 a tonne at 1603 GMT, down 0.2 per cent from $9,675 at the close on Friday. The metal used in power and construction hit its highest since April 11 at $9,873.50 one week ago. Trading volumes stagnated on Monday as markets awaited the results of a deadline for US lawmakers to sort out a debt ceiling plan. "It's a failure in the US of the parties to reach agreement on raising the country's debt limit," analyst Daniel Briesemann of Commerzbank said. "Also I think prices are being affected by macro indicators, or negative sentiment regard-

ing some data to be published in the US this week - GDP and consumer confidence," he added. Prospects of a budget breakthrough that would allow the United States to raise its debt ceiling and avoid default on its bond payments faded over the weekend as lawmakers missed a self-imposed deadline to produce a deal. This failure has driven down the dollar against other major currencies such as the yen and Swiss franc. A falling US currency makes commodities priced in dollars cheaper for holders of other currencies. The US is due to report consumer confidence for July on Tuesday and its advance gross domestic product data on Friday. "Both the US and the eurozone are important in terms of sentiment, but really for demand we should be looking at China," a LME copper trader said. China is the world's largest consumer of copper, accounting for nearly 40 per cent of global demand estimated at around 21 million tonnes this year. In a sign of supply problems, a strike at the world's biggest copper mine, Chile's Escondida, entered a fourth

day on Monday with no sign of a solution. Three-month zinc ended at $2,470 a tonne, down from $2,498 at Friday's close, while lead closed at $2,675 from $2,691, tin finished at $28,150 from $28,250. Nickel ended at $23,800 from $23,950. Aluminium, which is used in transport and packaging, closed higher at $2,620 a tonne from $2,591 on Friday. Stocks of aluminium in LME-registered warehouses at more than 4.38 million tonnes are down more than 34,000 tonnes since July 18. A spike in cancelled warrants -- the metal tagged for removal from warehouses -- was not indicative of consumer demand, a London physical metal trader said, and was a result of metal being shuffled among warehouses. "At the moment there's hardly any big activity that would explain these cancelled warrants. I think it's rather movement between warehouses," he said. "There are certain rumours about power shutdowns in China. In general, that is holding the ally (aluminium) market at the moment." China is the world's top producer of aluminium. -Reuters

Gold hits record with US debt talks deadlocked LONDON: Gold prices hit record highs on Monday after negotiations to lift the US debt ceiling hit stalemate over the weekend, raising fears over a possible default and boosting the appeal of bullion versus US assets like Treasuries and the dollar. Democrats and Republicans in Congress are bitterly divided over plans to cut the US deficit, a necessary move before the debt ceiling can be raised. With the Aug. 2 deadline for a resolution fast approaching, the world's largest economy is facing an unprecedented debt default. If this h a p p e n s , investors could dump the dollar and US Treasuries. While most investors believe a deal will be done, nervousness ahead of the decision is still pressuring the dollar, hurting long-dated US Treasuries and benefiting gold. "Ultimately you need some sort of political resolution, some sort of acknowledgement that there are long-term financial problems that need to be dealt with," said Natixis analyst Nic

Brown. "There are ultimately two options -- you either have monetisation of debt, or you have a move towards fiscal consolidation, and a move towards fiscal sustainability. Until we get the latter, the market will assume the former. That is just a great bid for the gold market." Spot gold peaked at $1,622.49 an ounce and was up 1.1 per cent at $1,615.74 an ounce at 1354 GMT. It has reached record highs in

each of the last five consecutive quarters, and is on track for its biggest monthly gain since April this month on concerns over euro-zone debt levels as well as the US negotiations. The stalemate in Washington led to safe-haven German Bunds outperforming US Treasuries on Monday, as risks of a US default outweighed worries over eurozone debt. US Treasury yields rose and European shares slipped.

Long-dated US Treasury debt prices fell and the cost of insuring the country's debt from default rose on Monday on investor concern that the world's biggest economy could lose its prized top-notch credit rating after debt talks collapsed. The dollar dipped against a basket of currencies, while the Swiss franc, often seen as a haven for investors, rose against the euro and the US unit. The euro slipped after Moody's downgraded Greece by three notches. "With little optimism on US debt talks at the moment, the gold price acutely reflects investor nervousness that limited progress will be made before the Aug. 2 deadline," UBS said in a note. "This nervousness is in many ways justified as the threat of a US ratings downgrade is very real." "S&P has threatened that a ratings downgrade is possible even this month, if progress on the negotiations is insufficient. With just a few days left in the month, it is increasingly likely that investors will continue to buy gold as a defensive trade." Reuters

Sugar turns lower after setting contract high LONDON: Raw sugar futures on ICE turned lower on Monday after earlier setting contract highs, as the market consolidated following a strong upward move driven by a reduced outlook for output in top producer Brazil. Arabica coffee futures on ICE were slightly higher, regaining some ground after Friday's fall to a six-month low, while cocoa prices eased. October raw sugar on ICE was off 0.28 cents to 0.9 per cent at 31.06 cents a lb at 1403 GMT after earlier setting a contract high of 31.68 cents. Dealers said any fall in Brazilian production is likely to tighten supplies in the third quarter although a favourable global crop outlook for the 2011/12 season should eventually help to drive prices back down again. A top industry body in India has sought the government's approval for an additional 500,000 tonnes of sugar exports in the year to September, a demand that, if met, could help ease global prices that are creeping up on supply worries from top exporter Brazil. "Perhaps the bears have a friend at last," brokers Sucden Financial said in a market report on Monday noting the request from the National Federation of Cooperative Sugar Factories. October white sugar on Liffe was off $6.80 or 0.8 per cent at $805.90 per tonne after earlier setting a contract high of $821.00. Arabica coffee futures on ICE edged up although they remained within striking distance of Friday's six-month low. September arabica futures rose 0.85 cent or 0.35 per cent to $2.4235 per lb. The contract touched $2.38 on Friday, its lowest level since January 2011. -Reuters

Tokyo rubber rises but stronger yen limits gains TOKYO: Key Tokyo rubber futures rose on Monday, after the market ended above a key technical level last week and oil prices rose, but sentiment was weighed down by a stronger yen. The key Tokyo Commodity Exchange rubber contract for December delivery rose 2.9 yen or 0.8 per cent to 384.0 yen per kg as of 0022 GMT. The front-month July contract will expire later in the session. The contract for January 2012 delivery will become the new benchmark from Tuesday. The most active Shanghai rubber contract for January delivery closed on Friday at 36,110 yuan ($5,597.061) per tonne, up from the previous day's close of 35,965 yuan per tonne. Volume slipped to 708,164 lots from Thursday's 736,124 lots. US crude futures fell on Monday after settling at a six-week high on Friday, taking their cue from a decline in US stock futures amid uncertainty over talks to avert an unprecedented US default. -Reuters

ISTANBUL: Bars of 100 gram fine gold are displayed at a branch of Istanbul Gold Refinery.

Palm slips on concerns over US debt default KUALA LUMPUR: Malaysian palm oil futures dropped on Monday as traders booked profit after pricing in firm exports and eyed growing concerns of a US debt default that may slow global economic growth and demand. The palm oil market has been choppy in the past few days and could come under more pressure due to mounting worries about US debt. The market has lost more than 18 per cent so far this year on higher production in top suppliers Indonesia and Malaysia. "There has been some selling pressure in commodity markets but not in a panic stricken way as yet. Good exports should hold the palm oil market up temporarily," said a trader with a foreign commodities brokerage. "Market players said that the weather is bringing bad yields, therefore production in July is down slightly," said a trader in Kuala Lumpur. The benchmark October crude palm oil contract on Bursa Malaysia Derivatives had fallen 1.3 per cent, or 40 ringgit, to 3,100 ringgit ($1,042.017) per tonne. Overall traded volume rose to 27,685 lots of 25 tonnes

each from the usual 25,000 lots. Cargo surveyor Intertek Testing Services signalled firmer demand for Malaysia palm oil, with data showing exports for July 1-25 rising 2.3 per cent to 1.28 million tonnes from the same period a month ago. Another surveyor, Societe Generale de Surveillance also showed exports up 5.7 per cent during July 1-20. Robust demand comes as some traders and planters expect production next month to start slowing as mostly Muslim estate workers take leave for the Ramadan fasting observance that begins in August for a month. Grains and crude oil also fell on Monday over the prospect of a US debt default, adding pressure to the price of vegetable oils crushed from soybeans and also used in competing biodiesel. Also, forecasts for rain this week in the heat stricken US Midwest added to the selling momentum. US soyoil for August delivery fell 0.8 per cent in Asian trade hours. The most active May 2012 soyoil contract on China's Dalian Commodity Exchange lost 1.6 per cent. Reuters

Indian sugar flats as mkt eyes exports decision MUMBAI: India's sugar futures were steady on Monday as traders were waiting for a government decision on exports of the 500,000 tonnes of the sweetener demanded by a trade body, dealers said. At 4:20 pm, the most active sugar for August delivery on the National Commodity and Derivatives Exchange was 0.21 percent up at 2,842 rupees per 100 kg. It hit a contract high of 2,858 rupees last week. In Kolhapur, a key market in top producer Maharashtra, the most traded S-variety fell by 0.6 percent to 2,710 rupees per ($61.04) per 100 kg. A leading industry body has asked the Indian government to allow exports of an additional 500,000 tonnes of sugar in the year to September. "Even after allowing exports of 500,000 tonnes supply situation will remain comfortable (in the country)..market is waiting for a decision over exports," said Ashwini Bansod, a senior analyst at MF Global Commodities India. India, the world's top consumer and the biggest producer after Brazil, should churn out 24.2 million tonnes in the current 2010/11 season and output may jump to 26.5 million tonnes in 2011/12, higher than the country's estimated consumption of around 22 million tonnes, industry estimates. -Reuters

National Commodity Exchange Ltd Trading Summary Date

25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011 25-Jul-2011

Commodity

Crude10 Crude10 Crude10 Crude100 Crude100 Crude100 SL100OZ SL100OZ SL100OZ SL500OZ SL500OZ SL500OZ GO1OZ GO1OZ GO1OZ GO100OZ GO100OZ GO100OZ GO100OZ GOLD GOLD GOLD GOLDKILO GOLDKILO TGOLD50 TGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD

Contract Date

Price Quotation

Open

High

Low

Close

SE11 OC11 NO11 SE11 OC11 NO11 AU11 SE11 OC11 AU11 SE11 OC11 AU11 SE11 OC11 AU11 SE11 OC11 DE11 AU11 SE11 OC11 AU11 SE11 AU11 AU11 MON TUE WED THU FRI MON TUE WED THU FRI

US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per Ounce US$ Per 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

99.08 99.69 99.69 99.04 99.00 99.69 39.81 39.75 39.77 40.09 39.78 39.77 1598.00 1598.30 1598.90 1600.90 1598.40 1603.00 1605.30 44399.00 44223.00 44237.00 44185.00 44195.00 51537.00 51537.00 45315.00 45367.00 45384.00 45401.00 45419.00 53071.00 52,450 52,267 52,443 52,413

100.12 100.34 99.69 100.20 99.80 99.69 41.03 41.06 40.75 40.74 41.09 40.75 1623.40 1624.00 1625.00 1621.30 1617.70 1622.90 44768.00 44800.00 44796.00 44810.00 44758.00 44768.00 52205.00 52205.00 45965.00 45896.00 45913.00 45931.00 45948.00 53071.00 52,974 52,885 52,905 52,925

98.47 99.00 99.68 98.60 99.00 99.68 39.76 39.75 39.77 39.76 39.77 39.77 1596.80 1597.80 1597.80 1597.80 1598.40 1598.80 1599.90 44213.00 44223.00 44237.00 44185.00 44195.00 51537.00 51537.00 45315.00 45367.00 45384.00 45401.00 45419.00 52188.00 52,247 52,267 52,287 52,307

98.98 99.30 99.68 98.98 99.30 99.68 40.74 40.74 40.75 40.74 40.74 40.75 1617.10 1617.70 1618.20 1617.10 1617.70 1617.70 44768.00 44786.00 44796.00 44810.00 44758.00 44768.00 52205.00 52205.00 45965.00 45896.00 45913.00 45931.00 45948.00 52945.00 52,865 52,885 52,905 52,925

Traded Volume in lots 1,022 347 252 4 65 484 1 156 1,060 3,012 2,535 7 34 8 9 3 70 10 6

Previous Settlement Price 99.03 99.34 99.69 99.03 99.34 99.69 39.76 39.77 39.77 39.76 39.77 39.77 1597.80 1598.40 1598.80 1597.80 1598.40 1598.80 1599.90 44213.00 44223.00 44237.00 44185.00 44195.00 51537.00 51537.00 45315.00 45367.00 45384.00 45401.00 45419.00 52188.00 52,247 52,267 52,287 52,307

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 98.98 411 99.30 90 99.68 98.98 104 99.30 4 99.68 40.74 27 40.74 138 40.75 1 40.74 2 40.74 54 40.75 1617.10 1,692 1617.70 2,693 1618.20 2,648 1617.10 9 1617.70 1618.20 12 1619.30 1 44786.00 4 44796.00 44810.00 44758.00 44768.00 52205.00 52205.00 45965.00 45896.00 45913.00 45931.00 45948.00 52945.00 2 52,865 56 52,885 52,905 38 52,925 6


10

Tuesday, July 26, 2011

SLanka yet to confirm Pakistan series in UAE ISLAMABAD: Sri Lanka Cricket (SLC) officials are sending conflicting signals from Colombo even as Pakistan Cricket Board (PCB) officials are in the UAE to finalise arrangements for the forthcoming series between Sri Lanka and Pakistan in October-November, website emirates247.com reported on Monday. Since foreign teams are reluctant to travel to Pakistan, the PCB had requested the Emirates Cricket Board (ECB) to 'host' the series against Sri Lanka. Chief Operating Officer of ECB Dilawar Mani told Emirates that he would be meeting PCB officials to finalise the tour itinerary for the Pakistan-Sri Lanka series which comprises five Tests, five one-day internationals and a Twenty20 match. Zayed International Cricket Stadium in Abu Dhabi and Dubai International Cricket Stadium in Dubai Sports City are the two most likely venues. "They are also inspecting Sharjah Cricket Stadium which is also under consideration as a venue for a Test match or one-day internationals," he added. But the newly-appointed chairman of SLC's interim committee Upali Dharmadasa, has recently said that the UAE venue for the series has not been confirmed. We haven't been informed of venues for the series yet. In fact the other day, I read on BBC website that series was confirmed to be played at Abu

Dhabi. I learnt about it only then. We are going to discuss this matter at our Interim Committee meeting and then only we can communicate with PCB (Pakistan Cricket Board) and finalise the venues, Dharmadasa was quoted as saying by the Daily Mirror. He said that SLC would try to convince the PCB again to host the series in Sri Lanka as it would also give the Sri Lankan fans the chance to watch the matches. The PCB had previously refused to play the series in Sri Lanka and preferred the UAE because it offered better profits. The PCB and ECB officials expressed surprised that Dharmadasa professed ignorance that the UAE had been announced as the venue for the series. "We are very surprised because before making a formal announcement about the series we had formal approval of the SLC. There could be some misunderstanding that needs to sorted out but the series is in the UAE and we have started making arrangements for it," a PCB was quoted as saying. "This is a matter entirely between the PCB abnd SLC but the statement by Dharmadasa surprised me. We have confirmed everything for the series and have already started preparations," said ECB's Chief Operating Officer Mani said. He pointed out that the PCB had also signed a deal with ECB to have the series with England in the UAE beginning early next year. -APP

Sohail out-pots Sattar to enter NBP Snooker final KARACHI: Pakistan number five Sohail Shahzad of Sindh entered the final of 3rd NBP National Ranking Snooker Championship when he outpotted province-mate Abdul Sattar 6-3 in the first semifinal at Table Hall of Karachi Club here on Monday. Sattar placed 16th in national ranking chart, made a whirlwind start with a smart tactical break of 65 in the first frame. However, Sattar made a couple of crucial missing which cost him the second frame and the match when he was leading by 18 points in the second frame. After a poor start lanky Sohail bounced back in the match by winning the next three frames including a break of 50 in the fourth frame. Bearded Sattar was under pressure as he was playing the national ranking event infront of the camera for the first time which brought his downfall.

After narrowly missing the fourth frame, Sattar won the 6th frame with two small breaks of 27 and 31. But Sohail took the next to gain a solid 5-2 advantage. At one staged 7th frame could have gone either way but Sohail proved lucky to seize the opportunity on the black ball 68-65. After lagging behind, Sattar seemed under intense stress and exploiting the situation, Sohail won the 9th frame and the match laced with a break of 41. Two former National Champions Imran Shahzad and Naveen Perwani will clash each other in the second semifinal on Tuesday while the 15-frame final will be contested on Wednesday. First semifinal result: Sohail Shahzad (Sindh) bt Abdul Sattar (Sindh) 6-3 (01-76, 68-66, 62-24, 662-5, 35-50, 10662, 68-65, 40-72, 68-30). -APP

Aisam to leave for New York on Tuesday ISLAMABAD: Pakistan's tennis star Aisam-ul-Haq Qureshi is leaving for New York on Tuesday from Lahore to participate in various international tournaments of North American Tennis Circuit. During the trip he will first appear in the ATP 500 Series Tennis Championship in

Washington and thereafter in two ATP Masters 1000 Series Championships in Montreal Canada and Cincinnati USA and eventually in next month's US Open Grand Slam Tennis Championship in Flushing Meadows New York, said a press release issued on Monday. -APP

KARACHI: Cyclists stand at to start Cycle Race from Karachi to Gwadar organized by Pakistan Coast Guard. The race has been organized in a series of Independence Day Celebrations. -Online

Shama, Sarhad Gymkhana reach semi-final in Twenty20 PESHAWAR: Shama club and Sarhad Gymkhana took berth into the semi-final of the onging Shama Twenty20 Cricket Tournament being played here at University Campus ground on Monday. Shama club skipper, Kashif Hayat won the toss and elected to bat first by setting up 157 runs for the loss of five wickets. Kashif Hayat (58) with three boundaries and two sixes, Majid Khan scored 34 runs with three boundaries, Samad scored 12 runs. For Richard club Zahir took two wickets, Murad Khan and Bilal Khan took one wicket each. In reply, Richard club bundled out for 93 runs after playing 15.1 overs. For Richard club Zabi Ullah scored 25 runs, Hasnain scored 16 runs and Waji Ul Hasan scored 13 runs. -APP

Pak pugilists to get training at Amir’s gym ISLAMABAD: President Pakistan Boxing Federation (PBF) Doda Khan Bhutto said on Monday that the federation would soon send a group of five young pugilists to England to obtain training at WBA champion Amir Khan's gym. He said that Amir won the light welterweight world title because of his ability, fitness and hard training. He added that the boxer had announced that he was ready to assist Pakistan boxers, especially in the run up to the 2012 London Olympics and offered the PBF to send young boxers to his gym for getting training. Amir Khan, also known as King Khan on Saturday night defeated Zad Judah of the US in Las Vegas. He said he had a special place in his heart for Pakistan and was ready to assist the sport in the country. "I'll do whatever I can to help Pakistan boxing," he said. "I'm in touch with the PBF President Doda Khan and I'm ready to provide any assistance," he said adding that the Pakistan boxers will be trained at his academy in UK ahead of the London Olympics qualifiers. "We'll be extending our boxing facility to Pakistan during the camp."-Agencies

National Inter-District Women Softball Tourney begins in Abbottabad PESHAWAR: National InterDistrict Women Softball Championship under the aegis of Khyber Pakhtunkhwa Softball Association got under way at the indoor half the Education Board Abbottabad on Monday. Dr. Himayat Ullah, Chairman of the Board of Intermediate and Secondary Education Abbottabad was the chief guest on this occasion. Secretary Khyber Pakhtunkhwa Softball Association Wisal Khan, office-bearers of the District Abbottabad Softball Association, teams officials and players were also present on this occasion. A total of seven district teams comprising Islamabad, Swabi, Mardan, Nowshera, Haripur, Peshawar, and host

Abbottabad are taking part in the two-day event, followed by National District Women Baseball Championship to be starting from July 26-27. The aim and object of holding both Softball and Baseball Women Championship in Abbottabad is involved the districts (North) in competitive activities. There are the schedule calendar events, Muhammad Wisal Khan told APP. He said that accommodation is provided both the Softball and Baseball teams and a total of 110 girls players are part of the two events. Before the start of the matches, the players of all the participating teams were introduced to the chief guest. Chairman BISE, Abbottabad Himayat Ullah lauded the efforts of the

Khyber Pakhtunkhwa Softball and Baseball Associations for organizing the events in hilly resort Abbottabad in order to avoid scorching heats. Earlier in the opening match host Abbottabad, who have also edged of the vociferous crowd present on this occasion, to beat Islamabad by 5-2 in the thrilling battle. Islamabad setup two runs target against Abbottabad as they failed to make any runs due to tight bowling by Abbottabad, thus Abbottbad won the match by 5-2 runs. In the second match Mardan defeated Swabi by 4-0 in onesided affairs. Nowshera outclassed Haripur by 3-0 while Peshawar faced tough resistance against Mardan in the last encounter. Peshawar won he match by 2-1. -APP

Right-to-Play Summer Football coaching camp concluded in Mardan PESHAWAR: The Right-to-Play Summer Football Coaching Camp concluded on Monday at Younis Stadium Mardan with 85 probables imparted training under qualified coaches hired for this purpose. The camp was organized by Right-to-Play, an international humanitarian organization that uses sport and play as a tool for social development and behavior change in some of the most disadvantaged communities in the world. The camp was attended by more than 85 youth and children from all across the district and such camps would also be organized in other districts under the aegis of Right-to-Play, particularly in Swat, which badly affected by militancy and insurgency. Young football players, who were all the age of 16 years or less, participated in the camp and learnt advance skills of the game by trained young coaches of Right-to-Play. The significant aspect of the camp was the lesson of learning basic life skills through the game of football. The ex-district Nazim of Mardan,0 Himayat Ullah Mayar was the chief guest of the final ceremony of the football coaching camp. Mayar encouraged all the young participants of the camp and stressed the need of more sporting activity for youth in the society. "Countries which have more play grounds need less number of hospitals," said Mr. Mayar while speaking to a gathering of football players, DFA Officials and community members. He appreciated the efforts of Right to Play in district Mardan for the promotion of sport and play activity in the area. Right to Play not only promotes sports but also uses them for the community and individual's development. Such an approach to use sport for development is named as "Sport for Development". The UN also plans to achieve Millennium Development Goals through sports by using the same philosophy of "Sport for Development". Right-to-Play is implementing its program in more than 150 schools in Pakistan in the districts of Peshawar, Mardan, Mansehra and Thatta. Right-to-Play's Mardan project is working with an objective to promote the idea of peaceful co-existence and a healthy life style for youth and children through sport and play. More than 24,000 school children and local youth are getting the benefits of this program in district Mardan, which is working with 50 partner schools. Right to Play has also trained more than 50 local youth as head coaches to implement its program in schools across Mardan. -APP

England beat India at Lords LONON: James Anderson led the charge as England blitzed India to win the first Test by a whopping 196 runs. The king of swing got his name on the honors board - and prevented Sachin Tendulkar doing the same - with figures of 5-65 to skittle the tourists for 261 at Lord's. It was a superbly ruthless display from Andrew Strauss' side, who took the nine wickets required on a sell-out day five at Lord's to seal a 1-0 lead in the series. Two declared innings, a double century from Kevin Pietersen, a sparkling rearguard ton from Matt Prior and a return to form for Stuart Broad - no wonder skipper Strauss was beaming from ear-to-ear. It also laid to rest some of the demons of four years ago, when a single wicket and torrential rain denied England and they went on to lose the series. India, with injury and illness wrecking their best-laid plans, looked far from the world's No1 Test side. And they now go to Trent Bridge with fears over gun fast bowler Zaheer Khan and with him, their ability to take 20 English wickets. Rahul Dravid and VVS Laxman had a steely determination when they marched through the famous Long Room to resume on 80-1 first thing though. But the man dubbed The Wall for his famous defence and patience could not resist swishing at a wide one from Anderson on 36 to give Matt Prior a simple caught behind. Laxman, one of the game's great stylists, was lucky to survive a referred caught behind when Broad's swore he heard the faintest of nicks. While Hot Spot showed no mark, snicko later appeared confirmed the fast bowler's theory. Laxman didn't last much longer though, reaching his half century only to pull the first ball of a fresh Anderson spell to Bell at mid-wicket. With his time served for a prolonged absence yesterday, Tendulkar strode out to the middle to join fellow crock Gautam Gambhir. Normally an opener, the left-handed Gambhir was batting down the order after spending the previous evening having a scan on an elbow injury. And while he was able to grind out 22, Graeme Swann made him the third scalp of the morning session when he trapped him plumb lbw. -Agencies


International & Continuations

Tuesday, July 26, 2011

Moody’s warns Greek default almost certain

DHAKA: India's Congress Party chief Sonia Gandhi (L) and Bangladesh's Prime Minister Sheikh Hasina look on during a conference on autism in Dhaka. - Reuters

Agencies look for credit rating alternatives WASHINGTON: Banking regulators expect to release proposals for replacing the work of credit rating agencies in their regulations later this year when comprehensive proposals on tougher capital standards are unveiled, the Federal Reserve said on Monday. Credit rating agencies, such as Moody's Corp and McGrawHill Cos' Standard & Poor's, have been criticized for fueling the 2007-2009 financial crisis by assigning gold-plated ratings to securities that proved to be far more risky than advertised. In response, the 2010 DoddFrank financial oversight law requires regulators to strip from their regulations the reliance on credit rating agencies' work to determine such things as capital requirements for banks based on the riskiness of their assets. In a report to Congress released on Monday, the Fed said that banking agencies are still working to find alternatives to the credit raters.-Reuters

No #1

Swift US action on debt in global interest: IMF WASHINGTON: The International Monetary Fund warned on Monday the United States must raise the debt ceiling quickly and get its debts under control for the sake of the global economy. The IMF made the appeal as part of a review of US economic prospects in which it concluded a slow-paced recovery can continue with some fiscal tightening but stressed that public debts were a concern. "Directors (on the IMF board) highlighted the urgency of raising the federal debt ceiling and agreeing on the specifics of a comprehensive medium-term consolidation program," the IMF said as efforts continued between the Obama administration and lawmakers to craft some plan to avoid a potential US debt default. With an August 2 deadline approaching, after which the United States may not be able to issue more debt, lawmakers

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have so far refused to compromise on a plan to raise the $14.3-trillion (8.78 trillion pound) legal borrowing limit and come to grips with spending and tax issues. The IMF said some action to get debts under control must start in fiscal 2012, which begins on October 1, or the United States will face a disruptive loss of credibility. "The strategy should include entitlement reforms, including additional savings in health care, as well as revenue increases, including by reducing tax expenditures," it said. IMF staff said risks to the US outlook were rising. Those include the possibility of a sudden increase in interest rates or a sovereign downgrade in US debt -- basically a decision to rank the United States as less creditworthy -- if agreement to raise the debt ceiling and install a medium-term plan for debt reduction is not soon reached.-Reuters

ATHENS: Moody's cut Greece's credit rating further into junk territory on Monday and said it was almost certain to slap a default tag on its debt as a result of a new EU rescue package. It was the second rating agency to warn of a default after euro zone leaders and banks agreed last week that the private sector would shoulder part of the burden of a rescue deal that offers Greece more cash and easier loan terms to keep it afloat and avoid further contagion. "The announced EU programme along with the Institute of International Finance's statement implies that the probability of a distressed exchange, and hence a default, on Greek government bonds is virtually 100 percent," Moody's said in a statement. Bank lobby IIF, which led private sector negotiations, aims to attract 90 percent investor participation in the bond exchange plan which comes on top of the EU's new 109 billion euro (96.2 billion pound) bailout. Moody's cut Greece's rating by three notches to Ca, just one notch above default, to reflect the expected loss implied by the proposed debt exchanges. Greece now has the lowest rating of any country in the world covered by Moody's, which, like Fitch last week, said it would review Greece's rating after the debt swap is completed. "Once the distressed exchange has been completed, Moody's will reassess Greece's rating to ensure that it reflects the risk associated with the country's new credit profile, including the potential for further debt restructurings," it said. However, whereas Fitch pledged to quickly give Greece a higher, "low speculative grade" after its bonds had been exchanged, Moody's said .-Reuters

He maintained that scrutiny of assets declarations of officers in BPS-17 and above had also been completed and letters of explanations were issued to those

Human Rights Commission of Pakistan said 1,138 people were officers in whose declarations discrepancies were found. The bench appreciatkilled in Karachi in the first six months of 2011, of whom 490 ed efforts of the FBR Chairman and adjourned further hearing till date in were victims of political, ethnic and sectarian violence. - Reuters office. - APP

No #2

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"I will still say that you will not be disappointed. But one must understand that we are being governed by certain sections of the Constitution. So, now what is important is how to get that. I discussed (that) with Mr Chidambaram in detail," he said. Referring to the trial of the seven accused in the 2008 Mumbai attacks in a Pakistani court, Malik said "Delay is there and the delay is not solely because of Pakistan. It is because the incident had happened in a second country". "Now since the final charge-sheet is already submitted and the accused have been arrested and their bails were rejected at the level of Supreme Court, the moment the judicial commission returns (from India) after their work, I am sure it will go in fast track but you know they (India) examined our request for the judicial commission almost a year," he said. Malik said his government has done its best and the investigators produced enough proof against the accused and they are likely to be convicted. He said there were two parts in the issue - one was the investigation and prosecution and the other was judicial process. "As far is the investigation is concerned, we have done our part. We have brought them to justice. Now it is up to the court. Obviously, no side can influence the court. Our intention is very clear," he said. The Minister said the matter got delayed because the court wanted a judicial commission and now the government was taking permission for the Constitution of the judicial commission and it was sure that the permission would be given. "So it is important that you cannot bypass the law," he said. On India's request to send a commission to Pakistan in connection with the 26/11 probe, Malik said his country agreed on the commission. When a request will come, it will be examined by the concerned law department and if they agree, it will be allowed to visit, he added. "That is what we did. We sent the request, it was examined by your government and they allowed us. And when they will send the request, we will examine and we will respond positively," he said. - Online

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Referring to complaint against Ogra's cold response, the acting chairman said Ogra doors were open to resolve LPG distributors' and all the authority officials were supposed to cooperate as they were drawing salaries from tax payers' fund. The acting chairman sought two weeks' time to resolve demands including raise in commission from Rs70 to Rs100 on 11.8 kg cylinder, announcement of LPG prices one in month, ban on manufacturing small cylinders to discourage decanting, bringing uniformity prices of imported and local LPG etc. The chairman also administered oath to chairman distributors association, Muhammad Irfan Khokhar and his cabinet for another five years term. Muhammad Irfan said that his association was enjoying support across the country and presence of representatives from the provinces and even districts in the convention was reflecting this fact. He appreciated the acting chairman for extending his support in resolving the issues of the distributors. The association also lauded the draft of LPG production and distribution policy 2011, which aims to increase LPG supplies through indigenously produced and imported product to cater to rapidly increasing demand and stabilize prices. The other speakers also discussed suggestions for working out an effective LPG price mechanism seeking announcement of prices on monthly basis and ban on sub-standard cylinder which causes fatal incidents. - APP

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It said show cause notices in respect of a total missing 6,830 Chaman bound containers had been issued which also involved an estimated total revenue of Rs13 billion. It said in addition to 3,688 containers, (earlier figures submitted with the Court) another 3,142 containers destined for Chaman had been identified as missing and the Collector Customs, Quetta had also confirmed that they did not receive them at Chaman. The report said the record of about 108,000 Cross Border Certificates (CBCs) of Peshawar Customs were obtained from the Federal Tax Ombudsman and retained by Peshawar Customs pertaining to goods crossing border at Torkhum under Customs escort. It said initially non-commercial cargo cleared through customs during the four year period of January 2007 to December 2010 was investigated. For this purpose, the record of Goods Declarations (GDs) retained by Chaman and Torkhum Customs at the stage of cross border had been obtained and got digitized, it added. The record had been compared with the record of non- commercial cargo cleared through Karachi as a result approximately 5,000 GDs had been identified as suspect, it added. About its steps against the responsible, the FBR Chairman told the court that instructions for lodging FIRs for 147 containers had been issued. In addition to these 147 containers, 48 suspect Cross Border Certificates (CBCs) available with Karachi Customs were sent to Quetta Customs for verification of the authenticity. The Quetta Customs had confirmed that 45 of these CBCs were fake/fabricated; the report said and added that further efforts were on to trace out other cases. The FBR Chairman said to verify these figures, the data of commercial transit cargo had been sent to the Afghan government and their response was still awaited.

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he was sworn in at the US Embassy in Kabul, in an apparent nod to Afghanistan's powerful and wary neighbors. "We will stay as long as we need to and not one day more." Afghanistan has complex relationships with Pakistan and Iran, who see the country as vital to their own security and fear US efforts to undermine their influence there, while both China and Russia are wary of US ambitions in the region. However, despite billions being poured into building up the Afghan security forces, the problems they face - from illiteracy to corruption - means both Afghans and foreigners expect some kind of continued military support beyond 2014, even if foreign troops are no longer on the front lines. The United States may also be keen to keep bases for attacks on targets in Pakistan's lawless tribal areas believed to pose a terrorist threat, such as the base that was used to launch the raid that killed al Qaeda head Osama bin Laden earlier this year, analysts say. Crocker said the United States had no hidden agenda. "We have no interest in using Afghanistan as a platform to project influence into neighboring countries," he said. "Our sole interest is in Afghanistan's security and sustainable stability and ensuring it will never again become a haven for international terrorism." - Reuters

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The Iranian official had on Sunday said he hoped the final agreement launching the project could be signed before the end of the year. Iran has the second largest proven gas reserves in the world after Russia. It currently consumes almost all of the approximately 600 million cubic meters (21.8 trillion cubic feet) per day of gas production, but hopes to double its production and export some 250 million cubic meters per day to its neighbours and to Europe from 2015 through developing a giant offshore gas field in the Gulf, which it shares with Qatar. - APP

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Pakistan People's Party (PPP) leads the assembly with 29 seats, Pakistan Muslim League-Nawaz (PML-N) is runner up with 11 seats. Last AJK Legislative Assembly's leading party Muslim Conference is at third position with five seats and Muttahida Qaumi Movement (MQM) is at fourth place with two seats. - NNI

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The enquiry was concluded that three companies were involved in the supply of LT TOU Meters and had colluded to rig the Fesco tender number 6, dated August 4, 2009. The enquiry report revealed that the bidders had colluded to fix the price and divided the share of supply of LT TOU Meters procured under the Fesco Tender deliberately. The companies have been given fourteen days to show cause in writing and to avail the opportunity of being heard before CCP. CCP in its earlier enforcement orders held that collusive bidding poses serious concerns for public procurement. Due to the collusion between bidders, the cost of public procurement artificially increases and the taxpayer suffers at the end. - APP

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In long-term finances, the government's receipts under project and programme loans amounted to $856 million and $1.389 billion respectively. If compared with previous year's inflows of $1.048 billion and $2.516 billion it shows a respective dip of 18 per cent and 44.7 per cent. On a quarterly basis, foreign financing into the country remained in the red zone with the second quarter of FY11 being the worst for Pakistan where it received only $276 million. The remaining three quarters, July-September 2010, January-March 2011 and April-June 2011, saw disbursements amounting, respectively to $623 million, $648 million and $698 million.

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to buying in anticipation of increase in feed gas prices resulted into surge in fertilizer prices. Similarly, urea sales increase by 4 per cent to 492,000 tonne in June 2011 compared to 473,000 tonne in same period last year. While DAP sales significantly up by 127 per cent at 68,000 tonne versus 30,000 tonne in May 2011. Average retail prices of urea were recorded at Rs1,407 per bag, showing surge of 6 per cent MoM against price of Rs1,328 per bag recorded in May 2011. However, average retail price of DAP dipped marginally by 0.4 per cent during June 2011 to stand at Rs4,031 per bag compared to Rs4,049 per bag during May 2011.

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for textile sector and other eligible sectors to SBP-BSC (Bank), Peshawar up-to August 31, 2011. SBP has informed all banks / development finance institutions (DFIs) /microfinance banks (MFBs) that the rate of mark up differential for 3rd installment, for six months ending on 30th June 2011, has been worked out at 6.18 per cent. 'Accordingly, banks and DFIs may calculate the amount of mark-up rate dif-

11

ferential on outstanding business loans of above areas, on the basis of above rates and keeping in view the terms & conditions contained in above Scheme,' says IH& SMEFD Circular Letter No. 14 of July 25, 2011. However, MFBs may calculate mark up rate differential to the extent of 22.5 per cent pa ie differential between 7.5 per cent pa and weighted average lending rates of MFBs ie 30 per cent pa or actual rate whichever is lower, as communicated in September, 2010, the circular letter added.

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Now authorities are turning to any means they can to try and end the bloodshed and police in Punjab hope the force of collectors of taxes on water for irrigation, first set up under British colonial rule, can augment their efforts. "We want numberdars to become the eyes and ears of police and help us in eliminating terrorism," senior Sahiwal police official Shahzada Ghous Ahmed, who is organising the workshops, told Reuters. The plan is being field-tested in Sahiwal, 340 km (210 miles) south of Islamabad, and about 800 numberdars have been trained since the beginning of June. During the workshops, the numberdars are given a booklet containing the names of 32 militant organisations, including al Qaeda, the Taliban, Lashkar-e-Taiba and Sipah-e-Sahaba, and asked to provide information about their members. The Lashkar-e-Taiba is an anti-Indian militant group with historically close ties to Pakistan's top spy agencies. It is accused of being behind the 2008 Mumbai attack that killed 166 people. Sipah-e-Sahaba is a sectarian organisation allied with the Pakistani Taliban. It's off-shoot, Lashkar-e-Jhangvi, is allied with al Qaeda and has killed hundreds of a sect over the years. "It is now the duty (of the numberdars) to point out religious extremists and those having links with terrorist organisations," police said in the 12-page booklet. Punjab is home to some of its most violent militant groups and the numberdars are told to get information about militants collecting donations and recruiting youngsters. Security officials in Sahiwal said they had prepared a list of 111 hardcore militants in the district and numberdars have been told to find out what they're up to. OLD SYSTEM, NEW THREAT Under the old numberdari system, influential landlords were appointed to collect water taxes for the government and help police control crime. But the system virtually disappeared after Pakistan's independence in 1947 when the government appointed its own officials to collect revenue and strengthened the police. The bid to revive the numberdari system in Punjab mirrors government efforts to mobilise ethnic Pashtun elders in the northwest to tackle militancy there. There, some tribal elders have raised militias to help the military but the militants have struck back hard, killing hundreds of elders and militia members. Security analysts said the numberdars' fears that the same fate could await them were justified. "The numberdar is part of the society. If he started telling this then he can be killed," said military expert and security analyst Ayesha Siddiqa. "Why should he do it?" Police official Ahmed said they had promised to allow numberdars to keep weapons if they provided good information about militants. Another analyst said the plan had not been properly thought through. "It's a half-hearted and not very well-thought out effort because it is risky for those who will do this job and apparently there is no backup plan to protect them," said political and security analyst Hasan Askari Rizvi. For years, the militant groups have been woven into the political fabric of Punjab with provincial governments pandering to the Islamists to drum up electoral support. The Punjab provincial law minister, Rana Sanaullah, last year campaigned openly with the head of Sipah-e-Sahaba and courted the votes of group members and supporters. Given such long-standing links, authorities didn't need the numberdars to expose the militants' secrets, and the programme was little more than political theatre, said Siddiqa. "It's a drama. They already have this information," she said. "Historically, we've seen when leaders of banned organisations are arrested then they (government officials) make phone calls for their release." - Reuters

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The two diplomats will firm up the agenda for talks between External Affairs Minister S M Krishna and his Pakistani counterpart Hina Rabbani Khar tomorrow (Wednesday), reported PTI. Khar, Pakistan's first woman foreign minister and the youngest to occupy the post, arrives here today (Tuesday) for talks. Rao and Bashir are expected to review an entire gamut of bilateral issues and firm up deliverables that will be unveiled by the foreign ministers Wednesday. India is ready to discuss "all issues with an open mind", and will push for speedy justice for victims of the 26/11 Mumbai carnage, a government source said. Pakistan is expected to raise the Kashmir issue. A top government source said the two sides tomorrow (Wednesday) will announce a slew of CBMs aimed at lowering barriers to expanded trade and travel across the two divided halves of Kashmir. An increase in the frequency of cross-Kashmir bus links between Srinagar and Muzaffarabad and Poonch and Rawalakot, an increase in the number of trading days across the Line of Control (LoC), and opening of more trading points are expected to be the tangible outcomes of talks. "We are discussing increasing the frequency of the trading days, improving the bus communication, resolving issues relating to entry permits used by traders. The idea is to make LoC trade easier," the source said. The meeting between the foreign ministers marks the high point of the peace process India resumed with Pakistan after an over two-year hiatus following the Nov 26-28, 2008 Mumbai terror spree that was perpetrated and masterminded by Pakistani terrorists and elements from across the border. - Online

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Online reservation system has been introduced on the Pakistan Railways system. So far 42 stations have been computerized; 10 more stations are planned during current fiscal year. He said the procurement of 530 high capacity freight wagons amounting to $36.995 million will be completed in June 2011. The project of procurement of 150 new diesel locomotives at the cost of Rs55,488 millions was approved by Ecnec in December 2010. Contract agreement is being executed and expected to mature within three-year. He said contract agreement for manufacturing and procurement of 75 new diesel locomotives amounting to $105.143 million was signed with Fong Fang Company of China. The matter is in Islamabad High Court. The official said that procurement and manufacturing of 202 new design passenger coaches amounting to $134.452 million will be completed during 2012-13. Replacement of three breakdown/rescue cranes and procurement of five sets of relief trains equipment at the cost of Rs1674 million was approved by CDWP and included in Ecnec's next meeting, he added. The official said that rehabilitation and improvement of track from Quetta to Taftan bears the estimated cost of $671 million. The work might be completed in next five years, subject to provision of funds. He further added that installation of automated arrive/departure board at major railway stations is likely to be completed in this financial year. The official informed that Pakistan Railways is yet to receive Rs11.6 billion bailout package approved by the Federal Cabinet, adding that Pakistan Railways needs funds to purchase new locomotives and repair the old-ones besides improving its infrastructure. - APP

No #15

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"It reflects the difficulties of the central bank governor to do his job: to maintain price stability in the backdrop of the dominance of the fiscal side in the form of large borrowings," said Agost Benard, S&P credit analyst. "Given Pakistan's unstable domestic political situation, the resignation does not come as a surprise." S&P rates Pakistan B-, just one notch above a CCC rating that would imply an impending default, but Benard said the B-rating reflected a lack of stability of key institutions. The International Monetary Fund (IMF) has also criticised the government for its patchy implementation of fiscal reforms and has held back the sixth tranche of an $11 billion loan programme since August last year. IMF and Pakistan officials were due to meet this month though no official date has been announced. Last week, the U.S. confirmed it would hold back $800 million to Pakistan, or nearly a third of its total security aid, in part because Pakistan had expelled American military trainers and imposed other limits on visas for U.S. personnel.

No #16

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and investors are also awaiting the Reserve Bank of India's accompanying comments for cues on the outlook for rates. "I believe we might see a 25 basis point hike tomorrow, which is factored in," said Rakesh Rawal, head of private wealth management at brokerage Anand Rathi. Bharti Airtel and Reliance Communications closed 5.2 per cent and 15.1 per cent higher, respectively, while Idea Cellular gained 8.3 per cent at close. Reliance Communications was the most-traded stock on the NSE, with 31.6 million shares traded, more than five times their 90-day average daily volume. "We believe positive news flow for the sector is likely to continue and post increase in voice prices, we also expect 2G data rates to move up, and this will facilitate 3G growth,' HSBCS ecurities said in a note. However, an ongoing investigation into the award of 2G phone licences, is expected to keep sentiment cautious. "The investigations over 2G scam are still on. It is difficult to infer what will be the conclusion," Anand Rathi's Rawal said. Energy major Reliance Industries, which has the heaviest weight on the main index, climbed 1.1 per cent after the government approved its plans to sell a stake in some oil and gas blocks to BP in a deal worth up to $7.2 billion. The company is also due to release June-quarter results after market hours, and a Reuters poll last week showed profit would have risen 18 per cent. Financials closed higher ahead of the central bank policy review. Leading lenders State Bank of India, ICICI Bank and HDFC Bank advanced between 0.6 per cent and 0.7 per cent. The 50-share NSE index firmed 0.8 per cent to 5,680.30. Around 610 million shares were traded on the NSE, higher than the 90-day daily average volume of 577 million shares, while gainers outnumbered losers in the ratio of 1.4 to 1. -Reuters

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Morgan Stanley strategists also downgraded their stance on Insurance to "equal-weight", taking European financials overall back to that level. "We think until a comprehensive solution to solvency and growth concerns is reached, that ultimately any hope-driven rallies in financials are likely to remain ones to sell into," said Morgan Stanley strategist Matthew Garman. Conversely, the strategist upgraded his stance on the European pharmaceuticals sector to "overweight", helping drugmakers provide the main underlying strength for the FTSE 100 index. GlaxoSmithKline was up 1.7 per cent ahead of second-quarter results due on Tuesday, with traders also citing the impact of a BofA-Merrill Lynch hike in target price to 1,500 pence from 1,400 pence in a preview. EARNINGS EYED Integrated oils also got a boost ahead of the start of the sector's reporting season, with BP and BG Group both up 1.1 per cent ahead of second-quarter numbers on Tuesday. And precious metals groups were in demand as investors looked for relative safety, with Mexican miner Fresnillo the top riser blue chip riser, ahead 2.9 per cent. Peer Randgold Resources added 0.5 per cent as gold hit a record high on Monday above $1,620 an ounce. Bullish broker comment added support, with Investec resuming coverage of UK-listed gold firms on Monday with a positive outlook across the board, naming Randgold and midcap African Barrick Gold , up 1.3 per cent, as its preferred picks. African Barrick will report first-half results on Tuesday.-Reuters

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noting light volumes and a lack of major foreign players. "Everyone is looking at how the debt ceiling talks affect the dollar/yen moves," said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments. "The market has already priced in the post-quake recovery by Japanese manufacturers and exporters, but the yen's rise comes as a big negative surprise. With such a strong currency it's hard to imagine a long-term recovery in corporate earnings," added Ogawa. The dollar slipped in early Asia trade on Monday, falling to a near four-month low of 78.13 yen, from 78.52 yen on Friday. It trimmed its gains and was trading at 78.35 by late afternoon. The benchmark Nikkei average closed down 0.8 per cent at 10,050.01 on Monday, holding above support at its 5-day moving average at 10,018. The broader Topix also shed 0.8 per cent, to 861.91. Volume fell to a two-month low with 1.4 billion shares changing hands on the main board, below last week's lukewarm daily average of around 1.6 billion shares. After the bell, Canon Inc posted a 31 per cent decline in quarterly operating profit on Monday, hurt by production halts due to parts shortages after the March 11 earthquake, but it raised its full-year forecast due to a faster recovery than expected. The world's biggest maker of digital cameras lifted its annual operating profit forecast to 380 billion yen, above a market consensus of 365 billion yen. Republicans and Democrats in the US Congress were each trying to put together their own plan after talks with President Barack Obama broke down over the weekend, heightening fears of a catastrophic US debt default that could roil the global economy. Kawasaki Heavy Industries, a major foreign supplier of train technology to China, were hit by a slide in shares of Chinese rail equipment makers after a deadly train crash at the weekend triggered concerns about the safety of China's fast-growing rail network. Kawasaki ended down 2.9 per cent at 298 yen. Chinese rail equipment makers fell as much as 16 per cent. Initial reports from China were that the trains involved in the collision were made with Chinese technology, but media reports Monday laid the blame on "foreign technology." -Reuters


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Tuesday, July 26, 2011

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26/11 accused

Voice sampling not allowed in Pak, says Malik THIMPHU: Pakistan says its Constitution does not permit taking voice samples of any accused but still it would ''exhaust'' all possible means to give voice samples of 26/11 suspects to India. It also says it cannot be alone held responsible for the delay in the trial of Mumbai attack accused in a Rawalpindi court and that India should share the blame for taking almost a year in granting permission to a Pakistani judicial commission to visit India. Interior minister Rehman Malik has said according to the Pakistan Penal Code and the Act of Evidence, the only identification of an accused acceptable was the thumb impression and officially no photograph or voice of any accused can be taken. "If I give the samples by any other means by recording their voice and send it to India, that will be chal-

lenged in Pakistani court and there will be contempt of court on the investigators and prosecutors," he told an Indian news agency in an interview. Malik said Pakistan government's appeal to allow it to take voice samples of the accused was rejected by a lower court and he had discussed the issue with his Indian counterpart P Chidambaram. "What is important is to go through the legal channel. So in the first level in the court, it was rejected -- that government was not allowed to take samples of voice. Then we move to the next stage -- the higher court. "The High Court, where we have appealed against the order of the lower court to allow the government to take the samples from the accused enabling us to send it to India," he said. Making it clear that his government's intention was very clear about

bringing the perpetrators of 26/11 Mumbai attacks to justice, the Minister said his government will "exhaust" all possible means to give voice samples to India. "The moment the court permits us, we will definitely send (the voice samples to India). If the High Court rejects, we will go to the Supreme Court. We will exhaust every possible stage. We are doing (it) transparently and you can examine the law," he said. When reminded that he had told Chidambaram, during their one-onone meeting in Islamabad last year, that India would "not be disappointed" over its request for the voice samples, Malik said he stood by the assurance and New Delhi must understand the fact the Pakistan government was being governed by its Constitution. See # 2 Page 11

Ogra not to register LPG firms ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Monday announced to abandon plan, envisaging registration of the Liquefied Petroleum Gas(LPG) distributors. "If you (distributors association) don't accept registration, so does the authority but you have to avoid disastrous practice of decanting which forces for registration like measure", acting chairman Mansoor Muzafar said while addressing at a LPG distributors' convention here. The Ogra has sought list of authorized distributors of marketing companies to be registered in order to ensure safety. He said the Ogra wanted to extend relief to common man by resolving problems of the distributors association which was performing instrumental role in this regard. However, he added, the distributors were needed to strictly observe the checklist prepared by the authority to ensure safety. He asked the distributors to register complaints with the authority against marketing companies that were not returning security fee to them, adding the authority would redress and could refer cases to the FIA. See # 3 Page 11

‘Rs50bn tax evaded on missing containers’ ISLAMABAD: Chairman of the Federal Board of Revenue (FBR) Salman Siddique on Monday submitted a report with the Supreme Court, saying that a total of 23,882 commercial transit containers meant for Afghanistan had been missing, causing an estimated loss of Rs50 billion to the national exchequer in tax evasion/pilferage. The report said that after going through relevant record, it was learnt that 17,052 containers which had left Karachi for Torkhum border area did not arrive at the destination and were pilfered / smuggled inside Pakistan. The report was presented before the three-member bench comprising Chief

Justice Iftikhar Muhammad Chaudhry, Justice Tariq Parvez and Justice Amir Hani Muslim that resumed hearing of a suo motu taken on media reports about a large number of missing containers meant for transportation of goods for the International Security Assistance Forces (ISAF) stationed inside Afghanistan. According to contents of the report, the FBR had issued directives for initiation of proceedings to Customs authorities concerned in Karachi. It was feared in the report the figure of missing commercial containers might swelled by 500. See # 4 Page 11

US denies Afghan stay plans KABUL: The United States has no interest in creating permanent military bases in Afghanistan and does not want to use the country as a platform to influence neighboring countries, the new US ambassador to Afghanistan said Monday. Washington is negotiating with the Afghan government on a deal to define the long-term American role in Afghanistan beyond the end of 2014, when Nato-led combat troops are due to leave after handing security control to

the Afghan army and police. It remains unclear whether the "strategic partnership" agreement would explicitly refer to possible US military bases in Afghanistan beyond 2014. Afghan President Hamid Karzai has said the possibility of long-term US bases can only be addressed once peace has been achieved. "We have no interest in permanent bases in Afghanistan," said US Ambassador Ryan Crocker shortly after See # 5 Page 11

Iran to supply gas to Iraq, Syria TEHRAN: Iran, Iraq and Syria inked on Monday a Memorandum of Understanding for the construction of pipelines designed to deliver Iran's natural gas to the two Arab nations in the next three to five years and possibly to Lebanon and Europe in the future, local media reported. "The overall cost of the project is estimated around $10 billion," deputy oil minister and chairman of the Iranian National Gas Company (INGC), Javad Ouji, was quoted by the Mehr news agency as saying after the signing ceremony. The construction of pipelines stretching for several thousand kilometers (miles) "should take three to five years once funding is secured," according to

an estimate by Ouji on Sunday. The MoU was signed in the southern Iranian port of Assalouyeh, the nation's gas hub, by Iraqi oil minister Abdelkarim al-Luaybi, his Syrian counterpart Sufian Allaw and Iran's oil ministry caretaker Mohammad Aliabadi, media reported. According to Mehr, the document envisages setting up within a month three working groups to look respectively at the technical, financial and legal aspects of the project, which has been under discussion since 2008. "Soon the feasibility studies will be given to an international consultant," Ouji said without detailing any timetable. See # 6 Page 11

KARACHI: Police person stands alert on a roof of a building during police operation in terror hit area of Malir.-Online

65 nabbed in Karachi operation

44 deaths in 3 days; no breakthrough as yet KARACHI: Police, in their bid to restore peace in the metropolis, Monday completed a nominal search operation in Malir, where a TT pistol was recovered. According to a private television channel, at least 65 suspected people have been nabbed during raids in Landhi-89, Bilal Colony, Mohabbat Nagar, Liaquatabad, Orangi Town, Gulberg, North Nazimabad and Malir. Raids were conducted overnight in various areas including Landhi. Later on, a gatecrash operation was carried out in Malir areas including Jaffer Tayyar Society, Ansu Goth and Sahibdar Goth. In an operation announced two

days back by Additional IG, police personnel recovered a TT pistol and some bullets from an uninhabited house. Fresh political and ethnic violence over the past three days left up to 44 people dead and taking the death toll for July to about 185, city police said on Monday. Most of the weekend's casualties were reported in the city's eastern Malir, Landhi and adjoining areas - a multi-ethnic, lower middle class neighbourhood. "We have identified the people and at least 200 police commandos will be dispatched to search and arrest these people," said Naeem Boroka, a senior police official in Karachi's

eastern area. Police said there was no clear reason for the latest bout of fighting. The two political parties representing the two ethnic groups have a history of enmity and violence between them. The Muhajir-backed Muttahida Qaumi Movement, the Pashtunbacked Awami National Party and the Pakistan People's Party have often used street thugs and ethnic gangs over the years as foot soldiers in a city-wide turf war over political power in Karachi, which contributes 68 per cent of Pakistan's tax revenues and hosts the country's largest ports. A recent report from the See # 1 Page 11

45 AJK lawmakers take oath MUZAFFARABAD: Azad Jammu and Kashmir Legislative Assembly's newly elected 45 members have taken oath on Monday. Pakistan People's Party (PPP) candidate Sardar Ghulam Sadiq has been elected speaker and Shaheen Kausar Dar deputy speaker of Azad Jammu & Kashmir (AJK) Assembly. Previous Speaker of AJK Legislative Assembly, Anwarul-Haq, presided over assembly's session last time and took oaths from 45 newly elected members. Two members were not present on the occasion while two seats remained vacant in 49member AJK Legislative Assembly. After completion of oath taking ceremony, newly elected members voted for new Speaker and Deputy Speaker of the assembly. Owing to victory of Raja Farooq Haider on two seats and cancellation of polling on one seat, two seats of AJK Legislative Assembly remained unoccupied while two newly elected members did not take oaths. See # 7 Page 11

CCP issues show-cause notices to 3 firms ISLAMABAD: The Competition Commission of Pakistan (CCP) has issued show cause notices to three companies for indulging in collusive bidding in Faisalabad Electric Supply Company's (FESCO) tender to procure 3000 units of LT TOU Meters. According to a statement issued here on Monday, CCP had initiated enquiry into possible collusive bidding in Fesco's tender after reviewing details of public procurement carried out by Fesco in the past few years. The review was part of the CCP's "Bid Rigging Detection Program" aimed at identifying and curtailing collusive bidding in public procurement. See # 8 Page 11

Printed & Published by Amir Abbas Ashary at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.

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