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International Karachi, Wednesday, July 27, 2011, Shaban-ul-Muazzam 24, Price Rs12 Pages 12

3,000MW added to national grid: PM 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% $1,051 176.74mn

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)

-24.03 -24.03 -9.38 2768

Yearly(Jul, 2011 up to 25-Jul-2011) Monthly(Jun, 2011 up to 25-Jul-2011) Daily (25-Jul-2011) Total Portfolio Invest (16-Jul-2011)

NCCPL (U.S $ in million)

FIPI (26-Jul-2011) Local Companies (26-Jul-2011) Banks / DFI (26-Jul-2011) Mutual Funds (26-Jul-2011) NBFC (26-Jul-2011) Local Investors (26-Jul-2011) Other Organization (26-Jul-2011)

-2.29 2.88 -1.00 0.24 -0.39 0.61 -0.06

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

Close 12,364.06 10,097.72 22,572.08 18,518.22 2,673.97 2,703.03 5,933.81 12,527.94

Change 30.43 47.71 278.79 353.07 10.84 14.28 8.55 64.86

GDR update $.Price PKR/Shares Symbols 111.97 MCB (1 GDR= 2 Shares) 2.60 152.80 OGDC (1 GDR= 10 Shares) 17.74 43.07 UBL (1 GDR= 4 Shares) 2.00 36.61 LUCK (1 GDR= 4 Shares) 1.70 39.45 HUBC (1 GDR= 25 Shares) 11.45 13.48% 13.74% 13.90% 14.00% 13.70% 13.61% 13.79% 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

117.97 98.90 95.90 1,614.30 40.29 1,042 44,728 5,358

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See on Page 12

India stuns all with sharp rate hike

See on Page 12

Floods may again hit 2mn: UN

See on Page 12

Pak, India foreign secretaries finalise

Dull agenda with high hopes Hina meets Krishna today NEW DELHI/LAHORE: Foreign secretaries of India and Pakistan on Tuesday discussed a host of issues, including terrorism and Jammu and Kashmir, and firmed up confi-

dence-building measures (CBMs) that will be announced after talks between their foreign ministers today (Wednesday). Indian foreign secretary Nirupama Rao and her Pakistani counterpart Salman Bashir held delegation-level talks that reviewed the progress in bilateral relations since they

last met in Islamabad a month ago. They finalised a slew of CBMs. Welcoming Bashir, Rao called the meeting "preparatory". "We are meeting here today (Tuesday), preparatory to the discussion that will be held tomorrow (Wednesday)

between external affairs minister SM Krishna and Pakistan's foreign minister Hina Rabbani Khar," she said. "We had a very good meeting in Islamabad last month and this in a sense has set the trend for the discussions today (Tuesday)," she added. Thanking Rao for inviting

him and his delegation, Bashir said, "I think we have every reason to be satisfied with our joint endeavours for the cause of peace and stability and for the good relations between our two countries." Bashir stressed that he looked forward to a "productive meeting between the two ministers".

The Pakistani delegation, headed by Bashir, included Zehra H Akbari, director general, South Asia, in Pakistan's foreign office and Pakistan's High Commissioner to India, Shahid Malik. The Indian delegation, headed by Rao, included YK Sinha, See # 1 Page 11

Pak among top AFT recipients in Asia TFD Report LAHORE: Pakistan stands at number seven in Asia which received so far $554.1 million in aid for trade (AFT) which was mainly used in power, agriculture and fisheries sectors. According to details if calculated on individual basis every Pakistani received $3 as aid for trade though its trickledown effect is not tangible enough to verify the veracity of claims. According to a document "Aid for trade at a glance 2011" issued by World Trade Organization recently, India

tops the list of aid for trade recipient in Asia with $1.927 billion while Afghanistan ranked number two with $1.710 billion followed by Vietnam $1.466 billion, Indonesia with $839 million, China with $619.7 million and Philippines with $559 million. The study shows that Pakistan, one of the top ten recipients of AFT in Asia, is using 31.1 per cent of the AFT inflows for improving energy generation, while 19.2 per cent is being used for the development of agriculture, forestry and fisheries sectors while

banking and other business services are consuming 18.1 per cent and 10 per cent respectively. Figures show that around 8.7 per cent of AFT inflows are being used for the development of industry and 7.3 per cent for improving transport and storage infrastructure while 5.2 per cent is spent for the development of mining and mineral sectors. Figures reflect that Pakistan received $5.208 million on account of trade policy and regulations, $187.08 million for See # 2 Page 11

Fake revenue figures

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 26-Jul-2011 Kibor (1 Mth) 26-Jul-2011 Kibor (3 Mths) 26-Jul-2011 Kibor (6 Mths) 26-Jul-2011 Kibor (9 Mths) 26-Jul-2011 26-Jul-2011 Kibor (1 Yr) 26-Jul-2011 P.I.B (3 Yrs) 26-Jul-2011 P.I.B (5 Yrs) 26-Jul-2011 P.I.B (10 Yrs) 26-Jul-2011 P.I.B (15 Yrs) 26-Jul-2011 P.I.B (20 Yrs) 26-Jul-2011 P.I.B (30 Yrs)

'Pak arsenal no worry for India'

Reshuffle on cards in economic team TFD Report ISLAMABAD: Owing to confirmation of incorrect calculation or presumably portrayal of FBR's tax collection figures for the fiscal year 2010-11, overhaul in economic management team is under perusal, sources disclosed to The Financial Daily. It may be recalled that FBR chairman's boast that they had managed to meet their revised tax collection target of Rs1,588 billion was nothing but rhetoric. In fact, the figure was short of Rs38 billion, not a negligible sum which according to a report, now puts our budget

deficit at 6.5 per cent of gross domestic product. According knowledgeable sources of ministry of finance, government on the proposal of Dr Hafeez Shaikh is seriously considering to change entire top slot of FBR including its chairman Salman Siddique It is very interesting to note that during three and a half years of present regime total seventeen key members of economic management team have been removed or replaced so far. Out of them four were finance ministers, five finance secretaries, four deputy chairmen planning commission and three central

bank governors. According to reports, secretary finance Dr Waqar Masood and acting governor central bank Yaseen Anwar are the top contenders for the slot of SBP chief. Similarly, economic affairs division secretary Wajid Rana is the most favourite for the position of secretary finance. Meanwhile, the FBR chairman is likely to be appointed as the auditor general of Pakistan. Quite recently State Bank of Pakistan Governor Shahid Kardar and Chief Economist Dr Jaffer Qamar had quit their offices. See # 5 Page 11

NEW DELHI: Foreign secretary Salman Bashir shakes hands with his Indian counterpart Nirupama Rao ahead of their secretary-level talks. - Reuters

Majeed elected as 11th AJK PM MIRPUR, AJK: Seasoned Kashmiri politician and President of Pakistan People's Party (PPP) Azad Jammu & Kashmir (AJK) Ch Abdul Majeed was elected Azad Jammu and Kashmir (AJK) Prime Minister on Tuesday. The newly-elected AJK Legislative Assembly elected Majeed as leader of the House (Prime Minister). He holds the distinction of becoming the 11th Prime Minister of AJK in the parliamentary history of the state. Majeed obtained 35 votes against 11 votes secured by his only rival Raja Farooq Haider Khan, the candidate of PML (N) for the slot. The newly elected 47 lawmakers participated in the See # 4 Page 11

Discount rate decision

Economists for hold, traders for cut TFD Report KARACHI: Decision with respect to discount rate is eagerly eyed by all and sundry where traders are quite upbeat on a slash while economists are in favour of holding the discount rate at its current level of 14 per cent. SBP is announcing monetary policy for next two months on July 30. In its two earlier announcements central bank kept the discount rate unchanged and on this very reason now there are wider expectations that this time apex banker may slightly cut the interest rate. Following the resignation of governor Dr Shahid H Kardar, the acting SBP governor, Yasin Anwar is expected to announce

the change in the monetary policy. Informally, some SBP officials say that Yasin is under the government pressure to cut the policy rate. Traders fraternity is staunch supporter of rate cut decision to bring on momentum in manufacturing sector for which lower lending rates are inevitable for cheap financing. However, economists and monetary analysts support the idea of keeping the discount rate unchanged on the premise that first two months of new fiscal years may be minutely monitored under current level of interest rate regime and thereafter in next policy decision any alteration may be made accordingly. See # 3 Page 11


2 Wednesday, July 27, 2011

Munter addresses function at National Library

Helping Pak to make it stronger, says US ISLAMABAD: US Ambassador to Pakistan Cameron Munter Tuesday said his country has been providing help and assistance to Pakistan to make it a strong with improved basic needs of life available to the people living in different parts of the country. He was addressing a function here at National Library to commemorate completion of renovation work of schools in FATA and Malakand areas which were damaged by the terrorists and extremists. Referring to the repair of schools in FATA and Malakand under USAID assistance, he said, "It is our effort to improve education system in Pakistan especially in under developed areas of KhyberPakhtunkhwa." The ambassador said, "It is common task for Pakistan and US to secure the future of children through imparting them education." He said, "We want that Pakistani children be stronger and stronger and providing them maximum

facilities especially educational facilities at their door steps." The ambassador said a strong and stable Pakistan is in the interest of America therefore, USAID and other organizations are working in Pakistan to improve the infrastructure. He said more than 700 schools in FATA and Malakand have been repaired and equipped with books, furniture and other basic needs at the schools with training to the teachers. The project started three years ago and continued despite many hardships especially the security issue in the areas where military started its operation against the militants and extremists. He also appreciated the leadership of KPK for taking strong and difficult decisions to fight the militants and reviving the educational system especially for the girl students. The ambassador said, with cooperation and joint efforts, "we can fulfill our dreams" for a better, prosperous and progress

Pakistan. Education Minister of KPK Sardar Hussain Babak speaking on the occasion said the USAID provided valuable support in repairing the educational institutions and reviving the educational facilities. The Minister said some people are involved in propaganda that American are not friends of Pakistan, which is wrong adding that the real enemies of Pakistan are those who destroyed these educational institutions, threatening to the peace and security of the country. Appreciating the contribution of USAID and other international donor agencies, the Minister said, there is need to promote education system. He said educated people could be in a better position to identify their enemies. The Minister said KPK people sacrificed their lives for the security and prosperity of the province and assured that they will continue to give sacrifices in future for the national interest. USAID Pakistan Chief

Dr. Andrew Sisson and other officials also attended the function. The Ambassador also interacted with some of the students who especially visited Islamabad from FATA and Malakand schools to attend the ceremony. On a question 'why the US is helping them?' asked by one of the students, the US ambassador said, "We want to make you strong, so that you can make a strong Pakistan as a strong Pakistan is in our interest." The ambassador also asked questions from the students about their hobbies and interests besides the education and had a very friendly conversation with them. The school students from FATA and Malakand were very comfortable with US ambassador and asked questions in English. The ambassador was satisfied that with the USAID assistance to these schools, the students are confident and now feeling proud to discuss any thing with foreigners. -APP

Bikes output up 9.75pc in FY11

KARACHI: Chief Minister Sindh Syed Qaim Ali Shah giving award to Board Member South Asian Federation of Accountants Abdul Raheem Sooriya during the Golden jubilee Conference of Institute of Chartered Accountants. -Online

Farewell Reception for German CG

'Germany keen for better Pak links'

KARACHI: Ambassador of Germany Dr Michael Koch, hosted a dinner to bid farewell to Dr Christian Brecht, Consul General of Germany at a local hotel. Picture shows Saifuddin Zoomkawala, President PGBF, Justice (r) Saeed ul Zaman Siddiqui, Barrester Abdul R Sattar, and Mr. Sohail Shams, with other guests.-Staff Photo

Staff Reporter KARACHI: Pakistan is a vast and diverse country, and Karachi is its most important city that possesses dynamics different to the rest of the country, but foreigners, particularly Europeans who don't know much about Pakistan, have different perceptions that are not wholly in consonance with reality. These views were expressed by German Ambassador to Pakistan Dr Michael Koch at a farewell reception that he hosted for the departing German Consul General in Karachi Dr Christian

Brecht. The Consul General is leaving Karachi later this week after completion of his tenure. Dr Michael Koch said that he and Dr Christian Brecht were posted to Pakistan at almost the same time and arrived in the country within a week of each other. He added that the departing German Consul General was a particularly effective networker who possessed a unique ability to get people to work together in different sectors. He said Dr Brecht had shown what can be achieved by determination, perseverance and

cooperation. The German Ambassador concluded by saying that he was sad to see Dr Christian Brecht leave before him, and wished him well in his future endeavors. Consul General Dr Christian Brecht in his speech thanked the German Ambassador for what he said added that he felt greatly honored. Referring to his threeyear tenure in Karachi, he said his stay had been very enjoyable and interesting. He added that Karachi had a very important role to play in Pakistan's economy and development.

ISLAMABAD: The production of motorcycles increased by 9.75 percent during eleven months (July-May) of the last fiscal year, Federal Bureau of Statistics (FBS) reported. The motorcycle production was recorded at 1,488,426 units in JulyMay (2010-11) against the production of 1,262,021 units in the corresponding period of 2009-10, FBS data revealed. However, as compared to the production of 135,052 units in May 2010, the motorcycle production in May 2011 increased to 148,223 units. Thirteen manufacturers produced about 500 units each, four manufactured 100 units and two produced less than 100 units. The smallest player produced only 16 motorcycles, according to the data whereas ten manufacturers produced just over 5,000 motorcycles and 16 produced just over 1,000 units. According to information gathered from the Engineering Development Board (EDB), Honda was the only one to produce more than half a million motorcycles during the year under review. During the period, only four motorcycles assemblers produced more than 100,000 units of which three were Chinese models and one Japanese brand. -APP

SDPI's seminar today ISLAMABAD: Sus-tainable Development Policy Institute (SDPI) will hold seminar "Pakistan: A year After Flood 2010" here on July 27. Speakers including LtGeneral Nadeem Ahmad, Former Chairman, National Disaster Management Authority, Naseer Memon, Chief Executive, Strengthening Participatory Organization, Dr Qamar-uz-Zaman Chaudhry, Director General, Pakistan Meteorological Department and M. Zafar Iqbal, Recovery Advisor, United Nations Development Programme will addressed to the participants, says a press release here on Tuesday. -APP

ISLAMABAD: US Ambassador to Pakistan Cameron Munter talks to students during Closeout event of USAID-Sponsored Education Activities in FATA and Malakand at National Library. INP

Thai traders, SMEDA discuss JVs for SMEs LAHORE: A 10-member Thai trade delegation discussed the scope of joint ventures in SME sector with Small and Medium Enterprises Development Authority at SMEDA head office here Tuesday. Marut Jitpatima, Ambassador of Royal Thai Embassy, led the delegation, whereas on behalf of SMEDA, General Manager (Operation and Outreach) Iqbal A Kidwai led the discussion along with GM (Policy & Planning) Bakhtiar Khan. The delegates observed that Pakistan was tremendous natural resources supplemented by a plenty of raw material and agri produces and it can bring prosperity to its people by proper exploitation of

these resources through modern technologies. They identified fields of agro-food processing, gems and jewelry, textile, livestock, fisheries and marine aquaculture for joint ventures between the two countries and offered SMEDA to initiate a serious follow-up of this direction in collaboration with the local Thai Embassy. Ambassador Marut Jitpatima assured them of initiatives for training of trainers and exchange of trade delegations between the two countries. He put special emphasis on sharing Thai expertise in value addition of aquaculture and precious stones in Pakistan. He proposed MoU between SMEDA and its Thai counterpart

for the continuous followup of joint ventures in the SME sector. Earlier, Iqbal Kidwai gave a presentation to the visiting delegation on services and projects of SMEDA. He said that besides developing services, projects and policies for SME (Small and Medium Enterprise) sector, SMEDA was striving hard to bring modern technologies, training and marketing techniques through international agencies like World Bank, USAID, GTZ, JICA, ADB, UNIDO and UNDP. He called for strengthening relations with Thai development agencies through continued interaction with the Royal Thai Embassy in Pakistan. -APP

Pak still unready for floods: Oxfam ISLAMABAD: One year on from the worst flooding in the history, Pakistan is still not prepared for this year's monsoon floods and other natural disasters, International aid agency Oxfam warned here on Tuesday. According to Pakistani authorities and United Nations two to five million people are likely to be affected by floods during this year's monsoon season. In a new report, "Ready or Not: Pakistan's resilience to disasters one year on from the floods," Neva Khan, Head of Oxfam in Pakistan told a press conference here that millions of people were still struggling to recover from the last year's floods. She said that these people would fall even deeper into poverty if hit by floods again, adding that reconstruction after last year's floods is estimated to cost more than $10 billion and further disasters will put an additional strain on the country's economy.

ISLAMABAD: Neva Khan, Oxfan’s country director in Pakistan addressing a press conference at national press club. -INP

Neva informed that around 37,000 people affected by 2010 floods are still living in camps in Sindh alone, while more than 800,000 families are still without proper home. She said lives and scarce resources could be saved in the future if the government with support from international-donors invests more in measures to reduce the impacts of disasters. She also called upon donors to invest in measures to reduce the impact of disasters as part of their overall aid packages for

Pakistan. The agency also requested donors to allocate atleast 10 per cent of humanitarian and recovery assistance to projects that mitigate the impact of disasters. "Pakistan needs to act now. Investing in measures today that reduce the impact of disasters is essential to save lives and safeguard development gains in the future. It will ensure schools built with aid funds are not washed away and that farmers can keep the crops they have toiled over." -APP

Multilateral Conference on investment 30th July Staff Reporter KARACHI: A joint press conference will be held at the Board of Investment Office in Karachi on 30th July 2011 at 3pm. Heads of the following bilateral bodies will attend the conference. Pakistan Australia Business Forum, Pakistan Belgium Business Forum, Pakistan France Business Alliance, Pakistan German Business Forum, Pakistan Italy Business Forum, Pakistan Japan Business Forum, Pakistan Korea Business & Friendship Council, Pakistan Malaysia Friendship Association, Pakistan Russia Business Forum, Pakistan Sri Lanka Business Forum, Swiss Business Council. This private sector initiative to hold a multilateral Conference on `investment and trade' is spearheaded by Pakistan Japan Business Forum. This will be the first Multilateral Conference being held in Karachi inviting investors and buyers of Pakistani goods. This private initiative is supported fully by the Board of Investment and Trade Development Authority of Pakistan. Both Chairman BoI Salim Mandviwalla and Chairman TDAP were present to lend their support to the Business initiative. Advisor to the Chief Minister Sind Zubair Motiwala and the Director of Punjab Board of Investment and Trade were also present. It was explained that the Conference will be different as it is being arranged by the private sector and devolves around 5 focused working groups rather than lengthy speeches. The discussion will explore all the dimensions and possibilities of investment in the field of E n g i n e e r i n g , Infrastructure, Agriculture & Dairy, Mines & Minerals and Pharmaceuticals.-

TV PROGRAMMES WEDNESDAY Time Programmes

ISLAMABAD: Federal Minister for Information and Broadcasting Firdous Ashiq Awan talking to German Media delegation. -APP

7:00 8:00 9:05 11:00 11:05 12:00 13:05 14:00 14:05 15:00 16:00 17:30 18:00 18:30 19:05 19:30 20:03 21:00 22:03 23:00 23:05

News News Subah Savere Maya ke Sath News Awam ki Awaz(Rpt) News Mutasareen (Rpt) News Tonight With Jasmeen (Rpt) News News Samaa Metro News Aap Ki Baat Masail Kahani Crime Scene Tajziya News Tonight With Jasmeen News Interrogation


3

Wednesday, July 27, 2011

Dollar skids as US debt impasse drags on Deadlock over US debt limit raises default worries NEW YORK: The US dollar slumped across the board on Tuesday as the standoff in negotiations to raise the US debt ceiling dragged on, fanning default fears and dimming the greenback's prospects. The US currency hit a record low against the Swiss franc, a traditional safe haven, falling below a key option barrier at 0.80 franc. It also dropped to a four-month trough versus the yen and a three-week low versus the euro. A warning from President Barack Obama that failure to raise the US borrowing limit by the Aug. 2 deadline would severely hurt the nation sparked selling of the dollar and tarnished its traditional safe-haven appeal. Most markets participants, however, expect a debt agreement to be reached in some shape or form and are quite unprepared if Congress fails to strike a deal. While most investors expect that in such a scenario the dollar would

plunge, there is also a contrarian view that the greenback could benefit from risk aversion. "What the market is not pricing in is 'no deal.' Everyone thinks there's going to be a deal, so I would be very careful about selling the dollar too much," said Geoffrey Yu, senior currency strategist at UBS in Stamford, Connecticut. Yu added that he would still s e l l dollar/Swiss and marginally sell dollar/yen, unless Japan intervenes, "but if things go wrong the dollar could rally on risk aversion." A debt default would ramp up the cost of US government borrowings and could lead to a loss of faith in liquid US assets as one of the safest destinations for investors. That would trigger more

selling in the dollar. The dollar hit a record low versus the Swiss franc at 0.79970 on trading platform EBS. It was last at 0.80330 franc, down 0.4 per cent on the day, with losses of 4.4 per cent so far this month. Against the yen, another safe-haven rival, the dollar also fell, hitting 77.883 yen, its weakest level since mid-March,

when major central banks acted in concert to stem the yen's rise. It pulled back to 78.020 yen, down 0.3 per cent. Given deteriorating dollar sentiment, traders said the US currency could test 76.25 yen -- the record low hit earlier this year -- in the next week.

The dollar's slide has raised concerns Japan may enter the market to stem the strength in the yen, and sources familiar with Japanese currency policy said policymakers are becoming increasingly alarmed by persistent gains in the yen. Also in focus was a series of US Treasury auctions this week, beginning with an offer of two-year notes later in the day. Market participants said if demand for short-dated paper is weak that would offer another cue to sell the dollar. Treasuries have taken a slight hit in past sessions, which has raised yields and expanded the spread between US 10-year yields and their German counterparts to about 23 basis points, according to Reuters data. The euro traded as high $1.45229, its strongest since July 5. It was last at $1.44992, up 0.9 per cent. Against a currency basket, the dollar fell 0.7 per cent to 73.576, after falling as low as 73.526, its weakest since early June. -Reuters

Sing dlr, ringgit lead Asian Yuan hits record, up 6pc since gains on US debt impasse Singapore, S.Korea, Philippine spotted buying dlr SINGAPORE: The Singapore dollar hit a record high and the Malaysian ringgit broke through a key resistance level on Tuesday, leading Asian currencies higher, as investors feared that squabbling US politicians will not be able to agree on a debt ceiling deal in time to avoid a default. US President Barack Obama, in a prime-time address to the nation, warned that failure to raise the US borrowing limit by Aug 2 would severely hurt the country, but Republicans and Democrats remained deadlocked over competing plans to increase the ceiling and cut future spending. The political impasse may lead rating agencies to lower US credit ratings, prompting leveraged funds and interbank speculators to add exposure in emerging Asian currencies. On Monday, short-term players trimmed positions in the regional units on worries that the deadlock and possible US downgrades may cause investors to shun risker assets in general. But that did not hurt Asian currencies' bullish trend, dealers and analysts said. Emerging Asian currencies have enjoyed inflows to the region on stronger economic fundamentals and policymakers' inflation fighting efforts.

Singapore wealth fund GIC said longer-term concerns over fiscal strains in the US and Europe were prompting it to shift more money into emerging markets such as China, Taiwan, South Korea and India. Though some Asian currencies are showing technical signs of being overbought, corrections from position adjustments were not that severe yet. Still, regional foreign exchange authorities are expected to continue intervening to slow down gains in their currencies, dealers and analysts said. Some authorities were spotted buying dollars on Tuesday, they added. The Singapore dollar hit a fresh record high as investors increased their bets that the Monetary Authority of Singapore (MAS) will accommodate a stronger currency to curb inflation. The Singapore dollar nominal effective exchange rate has stayed persistently high at above 3.50 per cent, above the middle of the assumed MAS band, but the authority's interventions to check its gains are deemed only attempts to smooth volatility. Agent banks were spotted buying the greenback at 1.2040, dealers said. The ringgit bolted through

technical resistance as investors continued to build up dollar-short positions and on lack of intervention by the central bank. Absence of intervention also provided more selling pressure in Singapore dollar/ringgit. The Malaysian currency appreciated to as high as 2.9530 per dollar, according to dealers, breaking through resistance at 2.9600. If that level had been held, that would have created a double bottom formation on the daily chart. The 14-day dollar/ringgit Relative Strength Index (RSI) fell more to 20.9, crossing the 30 threshold and indicating the pair is in oversold territory. The won got closer to a near three-year high against the dollar hit on Friday, helped by exporters' end-month demand and as local speculators reduced dollar-long positions. South Korea foreign exchange authorities, which had not been spotted most of the day, were suspected of buying dollars last minutes to defend 1,050 per dollar before the local market closed, dealers said. Their intervention was not seen as strong as action last Friday, but today's move increased caution over further intervention, they added. Reuters

Swiss franc hits fresh peak vs dlr ZURICH: The Swiss franc soared to another record peak against the dollar on Tuesday as investors became increasingly doubtful about a breakthrough in US debt talks. Fiscal uncertainty in both the euro-zone and the United States has fuelled demand for safe-haven assets, such as the franc, and this has pushed Switzerland's currency to one high after another against the euro and the dollar this year. "Our near-term outlook for dollar/Swiss franc remains bearish and our one-month target of 0.81 was reached yester-

day," analysts at Credit Suisse said in a note. At 0715 GMT, the franc was 0.5 percent higher compared to the New York close, trading at 0.8016 per dollar, having earlier risen to an all-time high of 0.7997 per dollar on trading platform EBS. Against the euro, the franc was 0.5 percent weaker at 1.1638 per euro, pulling away from the peak hit earlier this month. "We remain bearish on euro/Swiss franc, backed by negative technical momentum rating. Our one-month target of 1.16 has been undershot. The

key resistance level to stabilize the technical picture is at 1.18," the Credit Suisse analysts said. But the analysts said they expect the franc to weaken to 1.30 per euro in 12 months due to the rich valuation of the Swissie, while they also expect the euro risk premium to fall. The strong franc is worrying Swiss policy makers, politicians and businesses as its strength is hitting exporters, while Swiss consumers are likely to start going abroad more often for their shopping. Reuters

NZD & Aussie charge ahead, US dollar in disarray WELLINGTON/SYDNEY: The New Zealand and Australian dollars surged on Tuesday as a dearth of progress in US debt talks led investors to dump the greenback across the board and flock to currencies backed by stronger economies. The mighty kiwi scaled a fresh 30-year summit of $0.8708, up 0.8 per cent on the day, while the Aussie leapt to a three-month peak of $1.0922. The US dollar struck an all-time low against the Swiss franc and a four-month trough versus the yen as markets remained sceptical that US President Barack Obama's call for compromise would lead to a swift breakthrough in deadlocked debt talks. "Right now markets are simply bashing the US dollar," Westpac senior markets strategist Imre Speizer said. The kiwi, which has gained 5 per cent this month, has been rising on expectations interest rates will increase soon to counter an economy gathering pace faster than expected. It last traded at just below $0.8600. The Reserve Bank of New Zealand is expected to stand pat at this Thursday's rate review, but market pricing sees a strong chance of a rise in October, if not September.

A clear majority of analysts in a Reuters poll expect the RBNZ to start increasing rates in December. Support for the kiwi is seen from $0.8605 with the first technical resistance level at $0.8728 ahead of $0.88. Across the Tasman sea, the Aussie leapt by almost a full cent and was last trading at $1.0920, up 0.7 per cent. The local currency received a boost from an upbeat Reserve Bank of Australia (RBA). Governor Glenn Stevens said there were reasons to be optimistic about the nation's economy because of the current rebuilding of household savings. The speech certainly didn't validate market expectations of easing and led the interbank market to pare back the chances of a rate cut. Financial markets pricing, however, still implies a total easing of 40 basis points over the next 12 months. Investors will now focus on key consumer inflation data due on Wednesday. Against its kiwi neighbour, the Aussie held firm at around NZ$1.2555. Last week, it touched a near 12-month trough of NZ$1.2471 on the divergent market rate outlook. -Reuters

depegging SHANGHAI: The yuan closed up against the dollar after hitting a record trading high on Tuesday as the People's Bank of China set its mid-point at an all-time high after the dollar index sank to a seven-week low. The dollar index dropped sharply on Tuesday as US lawmakers' standoff over dueling debt plans caused investors to seek alternate safe-haven currencies. "The yuan was pushed up by a weak dollar," said a dealer at a Chinese bank in Shanghai. "And, it seems the dollar is likely to fall further." Spot yuan closed at 6.4414 versus the dollar, stronger than Monday's close of 6.4450. It has now appreciated 6 per cent since it was depegged from the dollar in June 2010 and 2.3 per cent so far this year. In intraday trading, the currency hit an all time high of 6.4382 after the PBOC fixed

its mid-point at a record high of 6.4470, stronger than Monday's 6.4503 and toppling the fixing's historical high of 6.4495 set last Friday. But dealers said the pace of yuan appreciation could slow from expectations in early 2011 due to relatively stable global commodity prices and despite the dollar's weakness. Mainland-based traders now estimate the yuan may rise about 2 per cent versus the dollar in the second half of this year, adding to a 2 per cent increase in the first half. That compares with a 5 to 6 per cent full-year increase forecast by most dealers early this year. Offshore, benchmark oneyear dollar/yuan non-deliverable forwards (NDFs) were bid at 6.3680 in late trade, down slightly from 6.3830 at the previous day's close. Their implied yuanappreciation in a year's time was up slightly at 1.24 per cent from 1.00 per cent. -Reuters

Top Economic Events Time

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6:00

NZD

NBNZ Business Confidence

6:30

AUD

CPI q/q

Events

Forecast 0.7%

Previous 1.6%

6:30

AUD

Trimmed Mean CPI q/q

0.7%

0.9%

11:00

EUR

German Import Prices m/m

0.0%

-0.6%

All Day

EUR

German Prelim CPI m/m

0.3%

0.1%

13:00

EUR

M3 Money Supply y/y

2.4%

2.4%

13:00

EUR

Private Loans y/y

2.8%

2.7%

14:30

CHF

KOF Economic Barometer

2.12

15:00

GBP

CBI Industrial Order Expectations

-2

1

17:30

USD

Core Durable Goods Orders m/m

0.5%

0.7%

17:30

USD

Durable Goods Orders m/m

0.4%

2.1%

19:30

USD

Crude Oil Inventories

-1.2M

-3.7M

22:30

GBP

MPC Member Miles Speaks

23:00

USD

Beige Book

Source

Events

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

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

46.5

2.23

Previous Day Actual

Forecast

230M -0.7% -0.1%

391M -0.9%

1.48 5.4 0.2% 1.2% -4.5% 59.5 312K -1

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

Previous

552M -0.9% 0.2% 1.88 5.5 0.5% 0.9% -4.2% 57.6 315K 3

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

As per 22.00 PST Ask High 1.4479 1.4523 0.8030 0.8068 1.6389 1.6419 0.9448 0.9473 1.0951 1.0965 112.99 113.53 0.8834 0.8882 1.1622 1.1662 127.96 128.28 97.27 97.92 1611.71 1616.24

Bid 1.4476 0.8026 1.6387 0.9444 1.0946 112.95 0.8830 1.1619 127.88 97.21 1611.10

Low 1.4362 0.8003 1.6267 0.9408 1.0825 112.28 0.8820 1.1543 127.10 97.06 1608.16

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 1,2011 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.

86.30

86.10

85.88

U.K.

141.00

140.67

140.29

EURO

124.90

124.61

124.24

CANADA

91.42

91.21

90.97

SWITZERLAND

107.62

107.37

107.09

AUSTRALIA

94.10

93.88

93.63

SWEDEN

13.72

13.68

13.65

JAPAN

1.10

1.10

1.10

NORWAY

16.06

16.02

15.98

SINGAPORE

71.65

71.48

71.29

DENMARK

16.76

16.72

16.67

SAUDI ARABIA

23.01

22.96

HONG KONG

11.08

11.05

11.02

KUWAIT

315.94

315.21

314.38

MALAYSIA

29.14

29.08

29.00

22.90

Sterling rallies after UK GDP; helped by weak $ Indian rupee climbs LONDON: Sterling jumped to a six-week high against a broadly weaker dollar on Tuesday after data showed the UK economy grew by 0.2 per cent in the second quarter, confounding some speculators who had positioned for a weaker number. Sterling's gains were aided by a slump in the dollar as US lawmakers remained deadlocked in talks over raising the debt ceiling only a week before a deadline to act. UK growth was tepid but the number was met with relief by the market as some investors had positioned for something weaker, with traders saying talk

high of $1.6443 and the June 7 peak of $1.6474. "It was a relief that the UK avoided a contraction in the economy and clearly the special factors had a negative impact," said Audrey Childe-Freeman, EMEA head of currency strategy at JP Morgan Private Bank. "But the bottom line is that from a cyclical perspective the environment is negative for sterling and the outlook for the third quarter is sluggish". Options traders said sterling's rally coincided with a pullback in implied volatilities, suggesting the market was less concerned about sterling weakness,

had been circulating ahead of the release that the data could show a contraction. Sentiment towards the pound was also helped as the UK statistics office said quarterly growth could have been as high as 0.7 per cent but for one-off effects including an extra public holiday in April. But analysts said near-term gains in the pound may be limited due to concerns that weak growth will hamper the government's efforts to bring down debt as well as keep interest rates at record low levels for a prolonged period. The pound rose to $1.6414, its strongest since mid-June, before dipping back to $1.6380 in afternoon trade as traders cited an Asian sovereign account selling into the rally. Further gains would see it target the June 14

while technically the outlook for the pound against the dollar was constructive. "The target is 1.6425, beyond which would point to a return to 1.6470 and 1.6540 in the coming weeks," said Phil Roberts, technical analyst at Barclays Capital. "We are sticking with the uptrend in the absence of a move back below 1.6260." he added. The pound also trimmed losses against the euro, which traded close to flat for the day at 88.34 pence , well below an earlier two-week high of 88.83 pence. Analysts expect favourable rate differentials will continue to support the euro against the pound despite the euro-zone sovereign debt crisis, because the European Central Bank has already embarked on a monetary tightening cycle. -Reuters

NEWZEALAND

75.02

74.85

74.65

QATAR

23.70

23.65

23.69

U.A.E.

23.50

23.44

23.38

KR WON

0.08

0.08

0.08

THAILAND

2.91

2.90

2.89

as rate hike boosts inflow outlook MUMBAI: The Indian rupee raced to a near threeand-half month high on Monday propelled by the central bank's higher-thanexpected interest rate increase that boosted outlook on portfolio inflows. The partially convertible rupee ended at 44.1750/1850 per dollar, a level not seen since April 11, and 0.5 per cent stronger than Monday's close of 44.3950/4050. "After today's rate hike, dollar inflows into India will definitely rise. If not into equities, they will move into debt, but flows will trickle in steadily," said Sudarshana Bhat, head of forex trading at state-run Corporation Bank. So far in July, foreign funds have bought around $1.7 billion of local shares apart from investing around $813 million in domestic debt. Gains in the euro and Asian currencies against the dollar also helped the rupee's climb, traders said. "We could see the rupee move towards $44 if the dollar continues to weaken," said Rohan Naik, head of foreign exchange trading at Standard Chartered Bank in Mumbai. Corporation Bank's Bhat too sees the rupee inching towards 43.80 in coming days. Earlier on Tuesday, the Reserve Bank of India

stunned investors by raising interest rates 50 basis points, showing unexpected resolve in fighting persistently high inflation despite slowing growth in Asia's third-largest economy and uncertain global demand. Local shares fell the most in more than a month on Tuesday after the rate action as investors fretted over rising borrowing costs and the slow down in the economic growth. The weakness in domestic equity market clipped the rupee's rise along side robust dollar demand from oil importers as month-end payments become due. The one-month onshore forward premium was at 25.25 points, steady from Monday, while the threemonth was at 74.25 points from 72.25 points and the one-year was at 246.50 points versus 233.25. One-month offshore nondeliverable forward contracts were quoted at 44.26, 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 44.1700, while on the MCX-SX and the United Stock Exchange they were both at 44.1750. The total volume stood at $15.04 billion. -Reuters


4 Wednesday, July 27, 2011

The Financial Daily International Vol 4, Issue 263

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

Living without foreign aid Sundus Nazir Qureshi

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

Don’t play it by ears Many people considered the opposition leaders cynics when they say the present rulers have failed in managing the affairs of the country diligently. However, at times it seems that economic management is proving disastrous. Quick change in the team of senior economic managers highlights the wide difference in the thinking of elected representatives and the technocrats. Not only that the elected representatives have their own agenda, they even don't tolerate who beg to differ. The departure of Shaukat Tareen, Syed Salim Raza and Shahid Kardar clearly indicate that any attempt to differ with the rulers becomes unpardonable crime. Added to these are dozens of postings/ transfers on the key positions. One hate to say that over the last three years the elected government has failed miserably in meeting many of the targets agreed with the International Monetary Fund (IMF), which led to withholding of last two tranches. Despite this, the rulers wants to enter into another standby arrangement with the IMF, may be because they believe that being subservient to the super power can help them getting the assistance approved. They tend to forget that the IMF Board has to follow a clearly laid down procedure and even the pressure from the United States will not allow them to make some exceptions. On top of this after the OBL incidence the two countries don't enjoy very cordial relationship. Many Pakistani experts have been saying that if the rulers just get rid of extravaganzas the revenue collection is enough to keep the budget deficit within the limit acceptable by the IMF. It is not correct to say that IMF is insisting on enhancing revenue collection, it is only asking the government to contain budget deficit within an agreed-limit. The prudent approach would have been containing expenses rather than squeezing the taxpayers. The experts are also of the opinion that instead of begging the IMF to release the withheld tranches, Pakistan should tell the Fund that it no longer requires the amount. After 2004 Pakistan has once again achieved current account surplus, though the surplus may seem too small. The trend can be contained by focusing on containing imports and boosting exports. Containing import of POL products and edible oil can bring down imports by $5 billion. Similarly focusing on greater value addition can boost export of textiles and clothing by equivalent amount. One has confidence that the IMF is fully cognisant of the adverse impact of August 2010 floods on Pakistan's economy and also ready to make certain concessions. However, it is justified in asking a question how the government will finance budget deficit of over Rs1.5 trillion in the prevailing conditions. It is certain that prolonged outages of electricity and gas will not allow the country to achieve even 2 per cent GDP growth rate against a target of 4.5 per cent. Let one point be clear that no outside force can pull Pakistan out of the current malice. Pakistanis will have to prepare a home-grown-plan, follow austerity drive and above all resolve the energy crisis. The present energy crisis is only because of gross mismanagement and bad governance. Top this and see the difference.

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.

A

question is often asked, can Pakistan live without foreign aid? Many Pakistanis have the conviction that the country can live without foreign aid, but it has to make a few tough decisions. Currently, Pakistan's economy is in a bad shape because of mismanagement, corruption and war against terror. According to estimates, Pakistan economy has suffered direct and indirect losses of close to US$70 billion because of its engagement in the war. In recent times Pakistan's foreign debt has crossed $58 billion mark. Its economy is heavily dependent on aid from World Bank, International Monetary Fund (IMF), Asian Development Bank (ADB), Japan, China and the United States. The time has come to realize that Pakistan has the potential and means for its development and growth. Pakistan is a blessed country; it has skilled manpower/young people, abundance of natural resources and an effective Diaspora abroad. But what we lack is a visionary leadership. As of today 70 per cent of Pakistani population is below the age of 35. This is a blessing that we are the youngest nation on planet earth. We have to utilise this asset. Our youth is optimistic as far as the future of Pakistan is concerned. They are hopeful that the days of misery and dismay will soon be over and they will be able to see a stronger Pakistan. The youth needs a leader who can lead them and show them a way out of this impasse. Our leaders must benefit from this young population and formulate a longterm farsighted policy to make the most of this young force, only then can we ensure a bright future for our coming generations. Pakistan is among the few countries in the world that are blessed with immense natural resources. It possesses huge energy resources that include natural gas, oil, coal and large hydropower potential. Pakistan is sitting on huge coal reserves. According to different estimates, it has 175 billion tonnes of coal, which is equivalent to 618 billion barrels of crude oil, which is more than Saudi Arabia, Iran, Iraq and Qatar cumulatively have. The estimated value of Thar coal is $25 trillion. These resources can change the destiny of Pakistan in next few years. What we need is proper utilisation of these resources. Our energy problem will be solved forever. Dr. Samar Mubarakmand, who is running a pilot project on Thar coal reserves, says: "Thar coal reserves valued at $25 trillion, will not only generate electricity for 500 years, but also save about four billion dollars spent on oil import every year". But due to lack of political will and other gruesome reasons these reserves could not be utilised. Pakistan also has immense reserves of oil and gas in Balochistan, Sindh, Khyber Pakhtunkhwa and other parts of Pakistan. A few years back in Karak District huge reserves of oil and gas were discovered by the foreign companies. Pakistan has to develop expertise in the exploration of natural resources because there are huge reserves lying in the mountains of KPK and the deserts of Sindh and Balochistan that are yet to be

discovered. Pakistan is also blessed with fertile land with the world's best irrigation system in place. It produces best quality of cotton and rice. Almost 30 per cent of Pakistan's area is under cultivation and is irrigated by one of the largest man-made irrigation systems in the world. The most important crops are cotton, wheat, rice, sugarcane, maize, sorghum, millets, pulses, oil seeds, barley, fruits and vegetables, which together account for more than 75 per cent of the value of total crop output. Due to vast coastline of about 1,200 km Pakistan has enough fisheries that remain to be fully developed. Fishery and fishing industry can play a vital role in the development of Pakistan's economy. This industry has the potential to lure foreign buyers but what is needed is a helping hand from the government to improve the technology to meet the standards of foreign buyers. Pakistan is also blessed with vast areas of forests. Pakistan's 4 per cent of land is covered with forests, these forests can be a major source of food, timber,

would generate thousands of jobs for the people of Pakistan. It is imperative for the leadership of the country to take wise decisions in the long term interests of Pakistan. Another important asset of Pakistan is its population living abroad. The remittances of Pakistanis living in foreign countries have played an important role in saving an already fragile economy and also bolstered foreign exchange reserves of Pakistan. Pakistanis living in Middle East, Europe and America have sent billions of dollars in last few decades. According to State Bank of Pakistan, seven million Pakistanis contributed almost $11.2 billion to the Pakistani economy in FY 2011. Pakistan is not at all a poor country; it has enough natural resources, skilled man power and strength of character to develop and grow. Pakistan has been mismanaged from the very day of its inception. It needs an honest, sincere, credible, charismatic and visionary leadership. Pakistan has to change its mindset and must have peace with India and other neigh-

Dr. Samar Mubarakmand, who is running a pilot project on Thar coal reserves, says: "Thar coal reserves valued at $25 trillion, will not only generate electricity for 500 years, but also save about four billion dollars spent on oil import every year". paper, fuel wood, latex, medicine etc. There is no dearth of natural resources in Pakistan, but proper management and sincere leadership is missing. With proper utilisation of these resources Pakistan can become a viable and prosperous nation in next few years. Pakistan is also rich in other minerals like gold and copper. In Balochistan Reko Diq area, almost $270 billion of proven and $3 trillion estimated gold and copper reserves are lying. Foreign companies are striving hard to get the contracts of exploration and mining in this area. According to Dr Samar Mubarakmand, "There is a belt of copper, which comes from the Central Asia and passes through KPK, Balochistan and then goes to Afghanistan and Iran. This is the famous belt called Tethyan Copper Belt. Saindak copper and gold also comes in this belt. This belt is so rich that one can't imagine. Miners can get tired mining but the resources can't finish." According to Dr. Samar, Pakistan has enough manpower to explore these resources and with the initial investment of $3.3 billion Pakistan can dig out these minerals worth of $273 billion. With such enormous resources Pakistan can overcome its financial breakdown. Projects on these reserves

bors. Its peaceful relations with India would help it to focus on its economy than defense. India is an emerging economy; peace with India will open its markets for Pakistani products. Pakistan's volatile internal security situation has discouraged foreign investment. The government must ensure peace in tribal areas as soon as possible. Karachi is its financial hub of Pakistan but target killing, clashes between armed groups backed by political parties and land mafia has jeopardized peace in the city. It is imperative for the government and security forces to establish peace in Karachi, because breakdown of Karachi means collapse of Pakistan economy. After the induction of nukes in the Pakistani arsenals, it is madness to spend billions of rupees on the purchase of conventional arms. We have to reduce our arms acquisition and use that money for the betterment and development of Pakistan. It is a fact that we cannot afford an arms race with India. Pakistan has enough capability and credibility to deter India from any undesirable action. This is the time to focus on real threat, which is haunting us in the shape of economic meltdown, internal subversion and foreign involvement.

Fallout of US policies in Afghanistan Lubna Umar ealing the porous border between Pakistan and Afghanistan was never on the US agenda despite the easy slippage of militants that can be seen as an extension of the grossly ambiguous AfPak policy of the US. Gradually, the battleground was to shift from Afghanistan into Pakistan through this porous border along with the Afghan based militants including the al Qaeda and Taliban operatives to forge associations with extremist factions in Pakistan. While talking about sealing of the Pak-Afghan border, the US commander in Afghanistan Col Viet Luong had said, "As far as the border itself, I think it's naive to say that we can stop forces coming through the border", thus implying that an easy escape route for the militants was purposefully left on the illogical premise that the to and fro movement of the militants could not be stopped. During her recent visit to India, US secretary of State, Hillary Clinton while verbally articulating the fact that the US viewed Pakistan as a key ally, declared that terrorism had threatened both Pakistan and India. Apparently, the primary focus has been on terrorism that emanates from the tribal regions of Pakistan while sidetracking the new brand of Saffron terrorism that is now being termed as a more potent and threatening form than the Islamic one. Almost all terror incidents in India have been perpetuated by the Hindutva groups that have no link with the groups operating in Pakistan. Thus, both nations are threatened by terror may be a partially correct statement. However, it needs to be augmented by defining the true nature of the threat. Highlighting the US commitment towards the war on terror and the intolerance towards on presence of "safe havens for terrorists anywhere", Ms Clinton has very conveniently missed out on all the safe havens and breeding grounds in Afghanistan during her passionate speech targeting Pakistan. The time, she defined has come "for Pakistan to act on its own to fight against militancy on its soil." Thus, validating the fact that militant infiltrating from the neighboring Afghanistan where lawlessness is on the rise despite presence of US and allied troops is something that Pakistan ought to accept as a reward

S

for being the partner in war against terror. The underlined message is primarily aimed at exalting the host while presenting a dismal picture of Pakistan and undermining all its efforts. This can be viewed as an explicit US blessing offered to India to enable it to become more assertive in the region. Pakistan's concerns regarding the prolonged war are far from being heard by the US. The withholding of military aid and the withdrawal of its troops from areas that still serve as sanctuaries and safe havens for terrorism are just a few such instances. Pakistan has had to face cross border incursions from time to time over the decade which has increased considerably in the past few months resulting in the killing of hundreds of Pakistani soldiers. This has turned into an uncured sore that is causing great concern for Pakistani security forces. It ought to be treated by the Allied forces still deployed in Afghanistan along with the Afghan forces that have been in training for the past decade since Pakistani troops can hardly enter the Afghan soil. Scores of mortar shells have been fired indiscriminately from across the border from Kunar and Nuristan province that are known to be the safe havens for militants. One needs to ask Ms Clinton to define the term 'sanctuary' in detail and to elaborate upon the supposed degree of 'intolerance' that the US suffers as a result of their presence. How do sanctuaries formed in Pakistan attain a more lethal status and be termed as extremely dangerous for the US as compared to those in Afghanistan that are easily brushed aside? Does the fact that whatever highlights the failure of the US soldiers is not deemed worthy plays a central role in it? Or that what draws emphasis to and amplifies the danger Pakistan poses to South Asia is more attractive a point to be missed at such crucial forums? For unearthing the launching pads of hard core militants one needs not travel too deep into Afghanistan. The two provinces of Kunar and Nuristan have become terrorist sanctuaries. The lawless terrain is being used to direct attacks into the Pakistani areas of Bajaur, Dir Chitral etc. It can be easily inferred that either the Nato/Isaf forces have failed in dismantling the terrorist networks in the Pech valley, known for being a safe

haven or that what proves to be harmful for others-Pakistan in this case-and does not affect the US interest in the region can easily be ticked off the US security laundry list. Underlying the premature withdrawal is the unease with the historical precedence is amplified by the number of American soldiers being killed in the valley where the Soviet forces had receded the territory to Mujahideen groups in 1988. The withdrawal of American forces therefore is symbolic in this backdrop and is being termed as 'victory in the Pech valley' by the Afghan Taliban. This pull back however is not without international implications. The rationale of American troop pullout from the area is decipherable not even to the local inhabitants who confirm the Taliban recapturing the area. According to local and western officials and security analysts the Taliban's reemergence began when the Americans, who had lost 120 soldiers in Nuristan and neighbouring Kunar province, began to move out to focus on more heavily populated areas. They left behind a governor, an intelligence chief and a police chief but the three men preferred to spend their time in Kabul. Voicing his opinion a local claimed that "Nuristan is about to fall, Nato has no strategy and the Taliban's morale is higher than ever". Many senior Pakistani commanders have voiced their concern regarding the volatile situation that arises as a result. Pakistani security officials have complained that as American troops withdraw from Kunar Province, fighters and some commanders from militant groups including Maulana Fazlullah, Faqeer Muhammad, Abdul Wali and Hakeemullah have taken over to create a "reverse safe haven" from which to carry out attacks against Pakistani troops in the tribal areas. Talking about the virtual absence of security on check posts adjacent to the Pakistan border, the army spokesperson has confirmed that the apprehensions of the Pakistani security forces have been proven true with cross border attacks into our territory. The Pakistani fear of such an eventuality had been articulated many times to both the Nato and Afghan forces while the plan of withdrawal was underway. How can the US shift the entire responsibility upon the Pakistani forces and not even lend an ear to its

genuine concerns in the region? What is the rationale behind the Taliban attacks upon Pakistani soil? If the withdrawal of foreign troops is what the Taliban were aiming for then why target Pakistan? Have they changed their original stance and borrowed a new one? If so, then who is the power that seeks to destabilise Pakistan?

The underlined message is primarily aimed at exalting the host while presenting a dismal picture of Pakistan and undermining all its efforts. This can be viewed as an explicit US blessing offered to India to enable it to become more assertive in the region.


5

Wednesday, July 27, 2011

South East Asian stocks

Indonesia hits another record high; others mostly up

European shares end lower on earnings and debt worries

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

12,394.49 12,364.06 30.43 0.25 54.54

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

3,166.31 3,174.92 8.61 0.27 1.27

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

2,785.49 2,772.74 12.75 0.46 0.05

Major Gainers

Symbol

Close

Change

EXIDE COLG BTL INDU BOC

176.29 733.68 91.24 209.86 107.82

8.19 6.82 4.20 3.86 2.92

Major Losers

Symbol

Close

Change

ULEVER 5,730.81 RMPL 2,811.89 NESTLE 4,179.99 MTL 597.42 PMPK 158.89

-102.76 -41.36 -12.32 -11.56 -8.30

Top 5 Volume Leaders

Symbol JSIL FFBL JOVC ANL FFC

Close Vol (mn) 5.11 47.08 2.67 6.20 163.72

4.15 2.10 2.01 1.58 1.41

Active Issues Plus Minus Unchanged

95 172 101

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

KARACHI: Wazir Ali Khoja, Chairman National Investment Trust along with the employees on the occasion of Bara Khana arranged to appreciate their contribution in achieving the outstanding performance during 2010-11. Staff Photo

Indian shares fall after rate increase MUMBAI: Indian shares fell the most in more than a month on Tuesday after a higher-thanexpected rate increase by the central bank stunned investors and its comments indicated the tightening cycle may not be over as yet. Investors were worried that rising borrowing costs would slow down the economic growth engine, dent corporate earnings and dampen the market outlook. Banks and property developers led the slide after the Reserve Bank of India (RBI) raised rates by a hefty 50 basis points to fight stubbornly high inflation. It was the 11th increase in 16 months. The 30-share BSE index shed 1.87 per cent or 353.07 points to 18,518.22, with 29 components losing ground. It was the biggest one-day per centage fall since June 20. Traders said the outlook was downbeat and the benchmark, which has fallen 9.7 per cent year-to-date, would drop further. "Clearly, we could see earnings downgrades going ahead, as the robust economic growth story is compromised and borrowing costs rise," said Ambareesh Baliga, chief operating officer at Way2Wealth

Securities. "This would be a dampener for investments in our market." Foreigners have poured in $2.8 billion in the last one month, but the inflows have been dwindling recently and they were sellers in three sessions last week. The banking sector index and real estate sector plummeted 2.4 per cent and 3.6 per cent respectively. Leading lenders State Bank of India, ICICI Bank and HDFC Bank dropped between 1.4 per cent and 3.3 per cent, on concerns loan growth could slow down. Top-listed real estate firm dived 4.1 per cent. Auto stocks were in the reverse gear. Tata Motors, Mahindra & Mahindra and Bajaj Auto fell between 1.4 per cent and 4.1 per cent. Top car maker Maruti Suzuki erased early gains after it smashed estimates with an 18 per cent rise in June quarter profit, and closed 0.4 per cent lower. Energy major Reliance Industries shed 1.3 per cent to 871.50 rupees, after its quarterly net profit lagged forecasts as slowing gas production weighed on results. See # 12 Page 11

Robust incomes offset strong yen at Nikkei TOKYO: The Nikkei stock average rose on Tuesday as robust quarterly earnings and higher profit forecasts from the likes of digital camera and copier maker Canon Inc helped offset a yen that has strengthened on US debt woes. Japanese corporate results and smaller Wall Street losses than expected on the deadlocked debt talks encouraged short-covering with sporadic buying by Asian investors detected, market players said. The Nikkei, however, did not quite regain all the losses it made the previous day. "Investors are confident that Japanese companies can generate profits even with current foreign exchange rates," said a portfolio manager at a US asset management firm, who declined to be quoted by name. "If the dollar stays near 80 yen, there probably won't be a big sell-off," he said. The benchmark Nikkei rose 0.5 per cent at 10,097.72 and the broader Topix index also gained 0.5 per cent, to 866.20. The Nikkei is not that far

from a four-month intraday high of 10,207.91 hit this month, a break of which could open the way for a return to pre-quake levels a bit above 10,250 -- although many don't expect that break just yet. Worries about a deadlock in talks to raise the US debt ceiling are making investors increasingly nervous, although most expect lawmakers to clinch a deal before the Aug. 2 deadline. In the morning, the dollar hit a four-month low of 77.883 yen on trading platform EBS, edging closer to a record low of 76.25 yen hit in March. "It's difficult to bid stocks up further from here unless we see a conclusion on the US debt ceiling," said Yutaka Miura, senior technical analyst at Mizuho Securities. Traders said the Nikkei was likely to be supported above its 200-day moving average, now around 9,916, as Japan's earnings season kicks into high gear next week, with expectations high for results to show more evidence of a recovery from the quake. See # 13 Page 11

ANNOUNCEMENTS Company MCB Bank Ltd Habib Modaraba Chashma Sugar Mills Dewan Sugar Faran Sugar Fecto Sugar Kohinoor Sugar Premier Suger Mills Hinopak Motor Honda Atlas Cars

Period Half Yearly Yearly 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 1st Qtr 1st Qtr

Div/Bon/Right 30%(D) 22%(D) -

PAT (Rs in mn) 10,571.41 277.92 32.63 -63.28 164.55 -169.19 -4.25 -51.00 -83.95 -51.10

EPS(Rs) 12.64 1.38 1.14 -1.73 7.60 -11.60 -0.38 -13.60 -6.77 -0.36

Khoja hosts lunch for NIT staff TFD Report KARACHI: In recognition of the outstanding performance Wazir Ali Khoja, Chairman NIT hosted a special lunch (Bara Khana) for the employees at a posh club in Karachi. He congratulated all the employees in making NIT the undisputed leader of the mutual fund industry in Pakistan. NIT is in process of celebrating its golden jubilee. NIT workers from all ranks and files attended this lunch and Khoja interacted with every individual to acknowledge and appreciate his relentless efforts in taking NIT to this enviable position. He especially mentioned the good work performed by NIT's female staff. While talking to the employees, Khoja briefly reviewed the initiatives taken by him for their betterment during last financial year and promised to do more this year, if the staff continues to perform with the same dedication that was demonstrated last year.

MCB profit up 33pc for 1HCY11 Ahmed Siddique KARACHI: MCB Bank (MCB) has been announced its financial result for 1HCY11. Profit after tax for the period was up by impressive 33 per cent to Rs10.57 billion (EPS: Rs12.64) as compared to Rs7.94 billion (EPS: Rs9.50) in the same period last year. Higher net interest income and non interest income were the key drivers of the profitability. The Bank also announced an interim dividend of Rs3.00 per share, taking the total payout to Rs6.00 per share for CY11. Interest income of the Bank was up by 24.4 per cent to Rs32.84 billion for 1HCY11 as against Rs26.39 billion for the See # 14 Page 11

Robust earnings lift FTSE LONDON: Top shares managed modest gains on Tuesday as solid results from blue-chips including drugmaker GlaxoSmithKline and energy firm BG Group more than offset the earnings miss from heavyweight BP. Volume on the FTSE 100 was thin, however, as investors waited for clarity from US debt ceiling talks. The benchmark index ended up 4.47 points, or 0.1 per cent, at 5,929.73, having traded within a 55-point range. Gains were capped by data showing anemic British economic growth and an Italian debt auction which reignited investors' worries over the euro zone debt crisis. BG Group was best off, up 4.3 per cent, after posting a See # 15 Page 11

Foreign exodus leaves KSE amid bears KARACHI: Foreign investors continued to sell off their holdings at Karachi Stock Exchange (KSE) on Tuesday amid the global debt crisis as bears kept control over the trading proceedings with volumes staying at lower levels. The benchmark KSE 100Index dropped 0.25 percent or 30.43 points to close at 12,364.06 levels, KSE All Share Index shed 0.25 percent or 21.69 points to end at 8,568.36, KSE 30-Index inched up by 0.01 percent or 1.48 points to conclude at 11,817.39, whereas KMI 30Index fell by 0.29 percent or 62.37 points to finish the day at 21,580.26 levels here. Market analysts are of the view that the grim security situation in Karachi has strangulated bulls at the KSE while investors are also worried about future of Pakistani economy as the International

Monetary Fund (IMF) is unlikely to extend its support for the South Asian country after its tax officials failed to complete the revenues collection target. Market volumes improved by 21.718 million shares to 54.538 million shares on Tuesday as against trading of 32.820 million shares recorded on Monday. Market capitalization declined by 5.067 billion rupees (58.926 million dollars) to 3.266 trillion rupees (37.97 billion dollars) on Tuesday when compared with a market capitalization of 3.271 trillion rupees (38.03 billion dollars) registered the other day. Syed Faran Rizvi, director SMH Financial Solution informed Xinhua here that the market is likely to complete 50 percent retracement of the recent rally which stands near 12,350 levels. "We recommend buying near

support level with a firm stop below 12,307 while penetrating below 12,307 will push market towards 12, 150 levels," he added. NIB Bank(R) was the top traded company of the day with trading of 18.048 million shares in its scrip, followed by JS Investments Limited, Fauji Fertilizer Bin Qasim, JOV & Co, and Azgard Nine Limited with turnovers of 4.154 million, 2.102 million, 2.014 million, and 1.576 million shares respectively. Exide Pakistan XDXB emerged as the top price gainer of the day with 8.19 rupees (9.52 U.S. cents) increment in its per share price that ended the day at 176.29 rupees (2.04 U.S. dollars) while on the other hand UniLever Pakistan led the major decliners with 102.76 rupees (1.19 dollars) decrement to finish the day at 5, 730.81 rupees (66.63 dollars).-Agencies

HK, China shares rise with low volumes HONG KONG: Hong Kong and China shares gained on Tuesday, as investors bought into blue chip stocks ahead of earnings but low turnover suggests they remained reluctant to buy in a big way. Any signs of resolution of the US debt ceiling impasse could combine with the slew of first half corporate earnings announcements among heavyweight blue chips could help lift both markets going into August, analysts say. "From a foreigner's point of view, I just want the US debt situation to be resolved, and most people seem to be betting that will happen in some form," said Jackson Wong, a vice-

president at Tanrich Securities. "People are buying into blue chips ahead of earnings, and it's a pretty broad base of people buying out there," he said. The Hang Seng Index clawed back Monday's losses, closing up 1.3 per cent at 22,572.1 points but volumes were a low HK$62.6 billion, more than 5 per cent below its 20-day moving average. Chinese banks, trading at valuation troughs last seen during the 2008 financial crisis, were among the most traded and the biggest percentage gainers among Hang Seng components. Bank of China, Industrial and Commercial Bank of China and China Construction Bank

jumped about 3 per cent apiece. RAIL COS SLIDE FURTHERS Chinese railway equipment extended Monday's slide after the worst train accident in China since 2008 over the weekend. China South Locomotive lost 1.3 per cent in volumes exceeding five times its 30-day average. Its Shanghai listing and China Northern Locomotive both lost about 4 per cent each. Even before Monday's plunge, China South Locomotive's Hong Kong listing has declined more than 38 per cent since hitting its 2011 peak in early January. See # 11 Page 11

Dhiyan

RESULT BASED RALLY AWAITED Samar Iqbal, Equity Dealer, Topline Securities Market is likely to witness dull activities till the monetary policy announcement scheduled for Saturday (July 30). However, we might see some positive activities due to results season but volumes would remain low on account of Holy month of Ramadan. Any decrease in the interest rate in the monetary policy would also improve the sentiments. Investors are advised to invest in dividend yielding and in those stocks which are expected to announce good results. They can invest in stocks belonging to oil, banking and fertilizer sectors. Market may be positive in the beginning today due to result announcement of Fauji Fertilizer Bin Qasim.

Faran Rizvi, Technical Analyst, Invisor Securities The index is expected to consolidate around 12,300 levels in the coming days. However if index slips below 12,300 then investors should sell because we might see some more selling which can plunge the index to 12,150. After this brief correction a major bullish rally may take the index above 13,000 points. We recommend investors to take positions in fertilizer, banking and cement sectors. Market would be range bound today.


6

Wednesday, July 27, 2011

Market

KSE 100 Index

Symbols

Volume

54,538,244

Value

1,774,762,076

Trades

31,330

Advanced Decline Unchanged Total

Current High Low Change

95 172 101 368

All Share Index

12,364.06 12,459.75 12,343.08 i30.43

Current High Low Change

8,568.36 8,634.20 8,554.83 i21.69

OIL AND GAS

Company

Paid up Cap(mn)

PE

High Low 1,582.36 1,563.78 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.51 32.54

Open

High

Low

Attock Petroleum 691 6.82 378.89 Attock Refinery 853 4.32 131.56 BYCO Petroleum 3921 9.15 Mari Gas Company 735 4.29 104.00 National Refinery 800 5.02 366.34 Oil & Gas Development 43009 10.45 154.50 Pak Petroleum 11950 7.76 214.24 Pak Oilfields 2365 8.43 381.17 Pak Refinery Limited 350 43.34 77.21 P.S.O 1715 3.60 255.57 Burshane LPG 226 - 24.29 Shell Pakistan 685 7.91 224.01

380.39 133.18 9.25 105.00 368.88 154.99 215.50 385.01 81.00 257.60 23.50 224.69

377.50 131.50 9.00 104.20 362.50 154.10 211.75 381.52 77.31 250.00 23.10 222.05

Close Chg 377.64 131.78 9.03 104.98 363.21 154.48 212.29 382.18 77.58 251.70 24.29 222.50

-1.25 0.22 -0.12 0.98 -3.13 -0.02 -1.95 1.01 0.37 -3.87 0.00 -1.51

Current High Low Change

KMI 30 Index Current High Low Change

11,817.39 11,882.25 11,802.90 h1.48

21,580.26 21,723.10 21,567.28 i62.37

Last 60 days High Low

Volume 12697 332368 576901 8155 112579 44828 265540 561999 57850 413614 111 4000

394.90 143.50 10.10 113.75 390.00 157.51 219.70 391.69 89.25 291.50 25.60 233.00

369.56 120.40 7.93 98.50 323.50 141.10 202.50 321.10 77.00 250.00 22.11 207.50

% Change -0.33 5-Day High 1,584.09 5-Day Low 1,567.93

2010 Div BR (%) (%) 300 31 200 55 90 255 80 120

2011 Div BR (%) (%)

20B115.00 - 23.43 - 30.00 20B100.00 -100.00 - 80.00 -

-

CHEMICALS

Company

Paid up Cap(mn)

Agritech Limited

3924

Biafo Ind BOC (Pak)

PE

Open

Open 775.49 Turnover 20,514 P/E (x) 5.00 Company

High Low 808.15 760.95 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.28 25.53

Close 780.63 Listed cap 3,242.17 mn Payout (%) 11.08

Change 5.14 Market cap 11,998.16 mn Div Yield (%) 2.22

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1092 1321

7.23 7.04

77.95 24.00

81.70 24.24

76.26 23.93

78.56 24.00

19813 701

91.20 29.50

Pak Int Cont.Terminal PNSC

0.61 0.00

67.31 22.90

-

18.03

Low

Close Chg

18.50

18.00

18.01 -0.02

Close 1,890.45 Listed cap 52,251.88 mn Payout (%) 48.81

Change 0.29 Market cap 386,992.77 mn Div Yield (%) 5.40

Last 60 days High Low

Volume 16680

21.89

2010 Div BR (%) (%)

16.60

-

200 250

5.98 52.50 8.12 104.90

53.53 51.00 52.93 0.43 108.00 105.40 107.82 2.92

1534 8626

55.12 108.00

45.10 90.50

Clariant Pak Dawood Hercules

341 4813

4.80 157.92 3.34 59.05

158.50 157.00 157.18 -0.74 59.85 57.18 57.50 -1.55

2608 140822

167.00 66.00

154.41 56.10

Descon Chemical

1996

-

1.93

2.08

1.97

2.00 0.07

90501

2.79

1.83

-

Descon Oxychem Ltd. Dewan Salman

1020 3663

9.41 -

6.37 2.30

6.50 2.45

6.35 2.33

6.40 0.03 2.35 0.05

68027 431272

8.40 3.65

5.60 2.11

94

3.25

10.00

9.90

9.65

9.90 -0.10

Dynea Pak

-

45 60

2011 Div BR (%) (%) -

- 49.50 -

-

Open 1,106.47 Turnover 92,887 P/E (x) 3.56 Paid up Cap(mn)

PE

Open

High

High Low 1,122.30 1,098.37 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.90 25.35 Low

Close Chg

Close 1,117.55 Listed cap 6,768.53 mn Payout (%) 20.42

Volume

Last 60 days High Low

FOOD PRODUCERS

-

-

-

-

15

-

-

-

ICI Pakistan Lotte Pakistan Mandviwala Nimir Ind Chemical Sitara Chem Ind Sitara Peroxide

157.84 155.55 156.05 -0.47 12.98 12.70 12.76 0.01 1.00 0.80 0.95 0.02 3.24 3.11 3.17 -0.01 100.39 98.01 100.01 0.86 17.55 16.95 17.02 -0.29

31810 160.00 1106246 16.06 1502 1.90 619756 3.30 2184 104.25 98202 19.12

148.02 12.43 0.15 2.26 94.67 16.05

175 5 25 -

-

5B -

-

FORESTRY AND PAPER Performance of SR Forestry & Paper Index

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

707 50 411

1.90 7.35

15.24 44.50 41.02

15.90 43.45 41.63

14.87 43.45 41.00

15.53 0.29 44.50 0.00 41.51 0.49

68859 200 5133

Century Paper Pak Paper Product Security Paper

Change 14.80 Market cap 3,036.10 mn Div Yield (%) 4.62

Last 60 days High Low 18.00 45.59 42.80

14.31 39.36 37.00

% Change 1.36 5-Day High 1,100.22 5-Day Low 1,076.49

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

2011 Div BR (%) (%) -

Open 2,340.73 Turnover 195,634 P/E (x) 56.32 Company

Paid up Cap(mn)

Adam Sugar AL-Abbas Sugar AL-Noor Sugar Bawany Sugar Chashma Sugar Clover Pakistan Dewan Sugar Habib Sugar J D W Sugar Mehran Sugar Mirpurkhas Sugar Mirza Sugar Mithchells Fruit National Foods Noon Sugar Pangrio Sugar Premier Sugar Punjab Oil Quice Food S S Oil Sakrand Sugar Shahmurad Sugar Shak(RCPf)8.5 Perc Shakarganj Mills UniLever Pakistan

58 174 186 87 287 94 365 750 539 173 84 141 50 414 165 109 38 54 107 57 223 211 346 695 665

PE

Company

Paid up Cap(mn)

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

PE

565 1.88 675 555 21.43 4350 1199 9.05 310 785 25.86

Open 27.89 2.40 12.00 13.65 51.50 9.09 9.00

High 28.20 2.49 12.00 13.89 52.11 9.15 9.40

Low 27.70 2.09 11.85 13.65 50.50 8.09 8.76

Close Chg 27.73 2.39 12.00 13.65 50.58 9.09 9.05

-0.16 -0.01 0.00 0.00 -0.92 0.00 0.05

Close 1,035.83 Listed cap 3,596.11 mn Payout (%) 30.91

Change -11.51 Market cap 15,406.29 mn Div Yield (%) 9.37

Last 60 days High Low

Volume 7556 4632 510 1586 32245 210 4916

29.25 3.10 12.95 15.06 52.75 12.99 10.00

25.70 1.62 11.05 0.00 48.52 8.09 8.31

% Change -1.10 5-Day High 1,047.33 5-Day Low 1,031.01

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

2011 Div BR (%) (%)

- 20.00 25B 15.00 20B 15 -

Company

High Low 884.90 863.45 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.42 7.10

Close 867.43 Listed cap 54,792.74 mn Payout (%) 19.04

Company

PE

Open

High

Low

Close Chg

3657

-

2.61

2.65

2.50

2.56 -0.05

6215

3.25

2.35

- 100R

-

-

866 182 14

6.12 -

49.05 14.20 8.15

48.65 14.21 7.50

48.31 14.00 7.20

48.32 -0.73 14.15 -0.05 7.22 -0.93

5801 5972 3279

56.01 16.50 8.45

48.00 12.76 6.63

50 - 122R -

-

-

Attock Cement Berger Paints Buxly Paints Dadabhoy Cement Dandot Cement Dewan Cement DG Khan Cement Ltd Fauji Cement

Last 60 days High Low

% Change -0.46 5-Day High 882.50 5-Day Low 867.43

Paid up Cap(mn)

Al-Abbas Cement

Volume

2010 Div BR (%) (%)

2011 Div BR (%) (%)

982 16.85 948 -

2.02 1.22

2.20 1.50

1.65 1.50

2.19 0.17 1.22 0.00

49002 158

2.24 2.90

1.50 1.15

-

-

-

-

3891 4381 31.19 13311 6.98

1.64 23.49 4.07

1.70 23.71 4.15

1.61 23.32 4.02

1.62 -0.02 23.39 -0.10 4.05 -0.02

10470 685553 236727

2.67 25.85 5.04

1.36 21.31 3.99

-

20R -

-

20R 92R

Flying Cement Ltd

1760

-

1.28

1.34

1.25

1.28 0.00

5666

1.95

1.20

-

-

-

-

Frontier Ceramics Gharibwal Cement Kohat Cement

77 4003 1288

-

3.00 5.01 6.08

2.56 5.99 6.44

2.56 4.61 5.90

2.56 -0.44 5.00 -0.01 6.00 -0.08

570 23134 3504

3.87 9.40 7.60

1.35 4.25 5.85

-

-

-

-

13126 65.00 3234 5.96

2.56 73.55

2.73 74.54

2.52 73.10

2.60 0.04 73.31 -0.24

3.35 77.43

2.10 66.93

40

-

-

-

2.05 5.35

2.10 5.24

2.04 5.11

2.04 -0.01 5.11 -0.24

3.05 6.34

1.97 4.50

-

-

-

-

Lafarge Pakistan Cmt Lucky Cement Maple Leaf Cement Pioneer Cement Shabbir Tiles Thatta Cement

5267 2271 721 997

-

6.71 15.46

6.81 15.50

6.50 14.51

6.54 -0.17 15.01 -0.45

26505 1363767 16530 5004 1396 799

7.49 20.90

5.25 14.51

-

50R

- 100R -

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 971.85 Turnover 219,651 P/E (x) 2.73 Company Cherat Packagin ECOPACK Ltd MACPAC Films Packages Ltd Tri-Pack Films

Paid up Cap(mn) 172 230

PE 2.36 -

Open 48.45 1.40

389 2.20 11.22 844 17.25 103.00 300

6.81 174.47

High 49.45 1.48

Low 48.00 1.25

Close Chg 48.13 -0.32 1.34 -0.06

12.15 10.80 11.00 -0.22 105.50 103.00 103.51 0.51 177.90 173.01 174.60 0.13

Close 973.14 Listed cap 3,043.31 mn Payout (%) 15.55

Volume 11211 7925

Last 60 days High Low 54.48 1.80

2659 208752 213

Change 1.29 Market cap 36,345.25 mn Div Yield (%) 5.69

15.21 118.00 181.99

46.00 1.10 9.78 101.75 158.10

% Change 0.13 5-Day High 974.55 5-Day Low 971.85

2010 Div BR (%) (%) 20 -

25B -

32.5

-

100

-

2011 Div BR (%) (%) -

50R -

Close Chg

Volume

Last 60 days High Low

800 19.24 12.30 1200 103.49 84.65 617 54.20 37.05 1000 9.20 7.50 39350 11.75 8.00 152 73.05 61.00 20010 3.85 2.16 28475 28.00 23.00 2156 90.49 72.75 259 68.48 52.11 305 53.00 39.51 13291 3.50 2.30 720 82.95 68.51 14336 88.00 61.70 145 18.20 14.16 300 4.52 3.15 1130 42.97 35.87 434 43.74 38.00 3000 3.50 1.95 10500 5.78 3.80 2000 3.40 1.75 53648 10.99 7.91 500 4.42 2.45 500 6.99 5.00 1015 6135.00 4915.70

High Low 655.25 614.78 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.14 10.64

PE

Open

High

Low

90 68 1219 375 113.69 693 1.36

8.25 7.40 6.50 15.17 10.50

8.25 7.00 6.72 15.00 10.50

7.25 7.00 6.11 14.17 10.26

Close Chg 8.25 7.40 6.41 14.78 10.30

0.00 0.00 -0.09 -0.39 -0.20

Close 637.95 Listed cap 3,763.71 mn Payout (%) 6.27

Volume

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Change -33.37 Market cap 34,602.10 mn Div Yield (%) 16.05

Last 60 days High Low

2011 Div BR (%) (%)

AL-Ghazi Tractor

215

3.95 234.00

233.01 227.50 228.50 -5.50

11396

244.00

217.00

400

-

-

-

213 124

9.30 7.81 - 111.27

8.24 7.75 7.81 105.76 105.75 111.27

112 140

9.78 116.83

7.60 84.01

-

-

-

-

KSB Pumps Millat Tractors

132 366

- 31.85 9.08 608.98

32.10 31.50 31.94 0.09 605.00 581.04 597.42 -11.56

1752 111683

43.40 625.80

30.30 513.00

12.5 650

25B325.00

-

99.20

50.78

100

57

-

53.45

54.00

50.78

0.00 0.00

50.79 -2.66

779

-

-

-

2010 Div BR (%) (%)

% Change 1.00 5-Day High 1,117.55 5-Day Low 1,106.47 2011 Div BR (%) (%) 65.00 60.00 50.00 10.00

15B 25B -

% Change -1.03 5-Day High 2,370.75 5-Day Low 2,316.69 2011 Div BR (%) (%)

25 50 50 10 15 25 25B 7010B 12.5R 35 20B 15.00 15 20B 10 40 12 10 10 15 28R 10 10 492 -

10R 10B 10B -

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

35.83

Total Assets (Rs in mn)

9,610.12

MA (10-day)

1.44

Total Equity (Rs in mn)

3,400.99

MA (100-day)

1.70

Revenue (Rs in mn)

2,414.18

MA (200-day)

1.96

Interest Expense

530.45

1st Support

1.40

Profit after Taxation

698.46

2nd Support

1.35

EPS 10 (Rs)

2.328

1st Resistance

1.50

Book value / share (Rs)

11.34

2nd Resistance

1.55

PE 11 E (x)

2.42

Pivot

1.45

PBV (x)

0.13

TELE closed up 0.01 at 1.42. Volume was 0.01 per cent above average and Bollinger Bands were 33 per cent narrower than normal. The company's profit after taxation stood at Rs133.059 million which translates into an Earning Per Share of Rs0.44 for the nine months of fiscal year (9MFY11). TELE is currently 27.7 per cent below its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of TELE (mildly bearish). Trend forecasting oscillators are currently bearish on TELE.

Karachi Electric Supply Co Ltd

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

55.33

Total Assets (Rs in mn)

MA (10-day)

2.14

Total Equity (Rs in mn)

MA (100-day)

2.41

Revenue (Rs in mn)

MA (200-day)

2.49

Interest Expense

1st Support

2.15

Loss after Taxation

2nd Support

2.10

EPS 10 (Rs)

1st Resistance

2.30

Book value / share (Rs)

2nd Resistance

2.40

PE 11 E (x)

Pivot

2.25

PBV (x)

207,629.50 (525.11) 103,936.52 6,823.64 (14,641.22) (0.684) (0.02) (92.59)

KESC closed up 0.12 at 2.27. Volume was 33 per cent above average and Bollinger Bands were 24 per cent narrower than normal. The company's loss after taxation stood at Rs5.416 billion which translates into a Loss Per Share of Rs0.25 for the nine months of fiscal year (9MFY11). KESC is currently 9.0 per cent below its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of KESC at a relatively equal pace. Trend forecasting oscillators are currently bearish on KESC.

NetSol Technologies Limited

251 400 10822 501 24642

2010 Div BR (%) (%)

10.18 10.00 8.70 20.35 13.33

17.5

7.25 7.00 6.06 13.10 10.25

10B 10B -

% Change -1.36 5-Day High 649.78 5-Day Low 637.95 2011 Div BR (%) (%) - 200R

PERSONAL GOODS Performance of SR Personal Goods Index Open 968.28 Turnover 2,429,974 P/E (x) 6.08 Paid up Cap(mn)

Amtex Limited Artistic Denim Ashfaq Textile Azgard Nine Babri Cotton Bannu Woolen XD Bilal Fibres Blessed Tex Mills Chakwal Spinning Chenab Limited Colony Mills Ltd Crescent Jute D S Ind Ltd Dar-es-Salaam Dawood Lawrencepur Dewan Mushtaq Textile Din Textile Ellcot Spinning Faisal Spinning Gadoon Textile XD Ghazi Fabrics Gillette Pakistan Gul Ahmed Textile Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres ICC Textile Ideal Spinning Idrees Textile Indus Dyeing Int Knitwear J K Spinning Khalid Siraj Kohinoor Mills Kohinoor Spinning Kohinoor Textile Mian Textile Nagina Cotton Nishat (Chunian) Nishat Mills Olympia Textile Pak Synthetic Paramount Spinning Prosperity Ravi Textile Rupali Poly Salman Noman Sana Ind Sargoda Spinning Service Ind Service Textile Shadman Cot Shahpur Textile Shahtaj Textile Shield Corp Taj Textile Tata Textile Thal Ltd Treet Corp Tri-Star Poly Yousuf Weaving Zil Limited

2594 840 70 4493 37 76 141 64 400 1150 2442 238 600 80 591 34 204 110 100 234 326 192 635 222 716 3105 300 99 180 181 32 184 107 509 1300 2455 221 187 1621 3516 108 560 174 185 250 341 42 55 312 120 44 176 140 97 39 334 173 307 418 215 400 53

PE

Open

2.69 7.85 24.81 1.72 4.78 6.16 0.25 15.60 0.66 15.82 0.78 1.46 0.87 87.04 0.63 1.55 1.70 1.61 1.50 0.73 1.02 3.50 - 30.06 0.17 3.70 0.66 34.50 0.57 23.75 0.66 45.99 0.62 64.65 0.42 4.20 27.86 57.12 3.10 47.00 0.42 10.66 0.74 3.89 2.65 37.95 0.75 0.34 4.44 1.76 4.80 3.40 356.18 5.86 0.80 8.35 0.38 1.50 1.60 0.44 1.40 3.74 3.13 0.31 0.60 15.50 3.11 20.47 4.47 50.62 0.62 2.51 19.98 0.61 13.10 0.88 14.30 0.95 2.87 39.16 0.45 2.90 3.07 40.00 1.52 3.52 3.51 210.18 0.13 0.70 19.06 21.66 0.35 0.26 1.57 28.10 12.23 81.42 0.50 0.41 31.75 - 100.04 6.59 52.82 0.55 0.49 1.18 6.22 58.97

% Change -1.88 5-Day High 1,790.32 5-Day Low 1,744.30

2010 Div BR (%) (%)

20B 15B 20B

Last 60 days High Low

High

High Low 978.88 961.27 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.53 8.64 Low

Close Chg

2.69 2.56 2.65 -0.04 24.80 24.80 24.80 -0.01 4.50 4.50 4.50 -0.28 6.40 6.16 6.20 0.04 15.00 15.00 15.00 -0.60 16.40 16.39 15.82 0.00 1.00 0.75 1.00 -0.46 91.39 86.00 91.24 4.20 1.65 1.40 1.55 0.00 1.89 1.65 1.80 0.10 1.55 1.45 1.55 0.05 1.25 0.45 0.73 0.00 1.02 0.80 0.94 -0.08 3.50 3.50 3.50 0.00 30.50 29.51 29.79 -0.27 3.65 2.71 3.38 -0.32 34.13 32.88 33.00 -1.50 24.00 22.65 23.91 0.16 48.28 48.28 48.28 2.29 65.50 64.00 64.22 -0.43 5.20 4.10 4.14 -0.06 55.00 54.27 57.12 0.00 49.10 48.75 49.00 2.00 10.00 9.80 10.00 -0.66 3.71 3.70 3.70 -0.19 37.70 36.50 37.16 -0.79 0.71 0.66 0.70 -0.05 4.75 4.60 4.62 0.18 4.65 4.51 4.60 -0.20 366.35 338.39 356.15 -0.03 4.95 4.95 4.95 -0.91 7.35 7.35 7.35 -1.00 1.41 1.40 1.40 -0.10 1.80 1.50 1.60 0.00 1.83 1.26 1.26 -0.14 3.50 3.10 3.25 0.12 0.25 0.25 0.25 -0.06 15.00 14.75 14.89 -0.61 20.65 20.15 20.22 -0.25 51.00 50.20 50.41 -0.21 1.60 0.78 0.78 0.16 20.39 18.98 20.10 0.12 12.31 12.25 12.30 -0.80 13.55 13.50 13.50 -0.80 0.96 0.85 0.93 -0.02 39.70 37.85 38.15 -1.01 2.20 2.20 2.20 -0.70 40.50 40.50 40.50 0.50 4.50 3.66 3.66 0.14 213.90 204.01 205.53 -4.65 0.52 0.52 0.52 -0.18 20.98 20.58 20.58 -1.08 0.25 0.25 0.25 -0.01 28.95 27.40 28.05 -0.05 83.50 83.25 83.50 2.08 0.30 0.30 0.30 -0.20 30.20 30.17 30.17 -1.58 100.99 100.00 100.91 0.87 53.75 52.71 52.71 -0.11 0.65 0.50 0.54 -0.01 1.11 1.01 1.11 -0.07 61.88 56.76 57.45 -1.52

Close 968.51 Listed cap 47,070.70 mn Payout (%) 16.68

Volume

Change 0.23 Market cap 121,484.62 mn Div Yield (%) 2.75

Last 60 days High Low

115265 3.76 800 27.10 500 5.50 1576566 7.09 2270 17.90 200 19.55 1500 1.97 29000 94.70 1002 3.00 17991 2.44 702 2.64 340 1.60 60050 1.39 3000 5.50 1286 38.95 992 5.00 680 39.70 2617 27.30 1032 48.28 4090 81.00 8310 8.00 110 57.12 1755 52.10 10515 12.16 6020 4.70 659 48.50 1510 1.49 590 8.44 3501 5.74 828 398.00 1075 8.29 500 8.45 2140 2.24 223 2.83 5007 2.00 528 5.25 1000 0.63 2652 16.50 68608 26.90 399135 61.99 6606 1.66 18733 20.62 864 14.50 1121 15.45 1515 1.30 1261 42.50 1050 3.75 1000 41.48 1121 4.50 8034 214.95 500 0.89 1210 23.94 500 0.90 5421 29.89 1171 84.69 3000 1.01 25746 41.00 1500 108.00 7958 59.20 806 1.58 5000 2.16 633 67.00

Open 996.41 Turnover 16,029 P/E (x) 6.99 Company Abbott (Lab) XD Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Searle Pak

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

High Low 992.24 986.06 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.56 22.31

PE

Open

High

Low

5.88 7.71 10.64 6.88 4.06 5.86

96.50 94.07 75.00 29.00 10.00 61.00

96.25 93.25 74.70 29.70 10.20 60.10

95.51 93.10 74.50 29.35 9.90 59.00

Close 990.09 Listed cap 3,904.20 mn Payout (%) 44.54

2011 Div BR (%) (%)

Close Chg

Volume

95.91 93.10 74.50 29.70 9.90 60.06

1485 1403 512 1491 9303 1785

97.00 98.73 79.99 33.45 11.40 62.80

87.26 88.21 71.00 25.00 9.00 54.00

-

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

42.34

Total Assets (Rs in mn)

MA (10-day)

20.78

Total Equity (Rs in mn)

3,337.21

MA (100-day)

21.93

Revenue (Rs in mn)

1,845.02

MA (200-day)

21.34

Interest Expense

3,980.15

1st Support

20.19

Profit after Taxation

951.86

2nd Support

19.74

EPS 10 (Rs)

12.217

1st Resistance

21.15

Book value / share (Rs)

2nd Resistance

21.66

PE 11 E (x)

1.78

Pivot

20.70

PBV (x)

0.48

24.80

42.83

NETSOL closed up 0.22 at 20.61. Volume was 44 per cent below average and Bollinger Bands were 41 per cent narrower than normal. The company's profit after taxation stood at Rs692.414 million which translates into an Earning Per Share of Rs8.69 for the nine months of fiscal year (9MFY11). NETSOL is currently 3.4 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 NETSOL at a relatively equal pace. Trend forecasting oscillators are currently bearish on NETSOL.

Dewan Salman Fibre Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

33.30

Total Assets (Rs in mn)

15,343.38

MA (10-day)

2.50

Total Equity (Rs in mn)

(7,218.97)

MA (100-day)

2.65

Revenue (Rs in mn)

MA (200-day)

2.58

Interest Expense

1st Support

2.35

Loss after Taxation

2nd Support

2.28

EPS 10 (Rs)

(4.176)

1st Resistance

2.47

Book value / share (Rs)

(19.71)

2nd Resistance

2.52

PE 11 E (x)

Pivot

2.40

PBV (x)

137.50 125.73 (1,529.67)

(0.12)

DSFL closed up 0.05 at 2.35. Volume was 67 per cent below average (consolidating) and Bollinger Bands were 22 per cent narrower than normal. The company's loss after taxation stood at Rs738.311 million which translates into a Loss Per Share of Rs2.02 for the nine months of fiscal year (9MFY11). DSFL is currently 8.8 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of DSFL at a relatively equal pace. Trend forecasting oscillators are currently bearish on DSFL.

BOOK CLOSURES Company

From

Pak Int Cont Term

To

27-Jul

D/B/R

03-Aug

50(S.D)

Spot AGM/Date 19-Jul

03-Aug

Ruby Textile Mills

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

Nishat Power #

08-Aug

22-Aug

-

-

22-Aug

Fauji Fertilizer

29-Aug

04-Sep

-

-

-

Hussein Ind

28-Oct

03-Nov

-

-

-

10-Aug -

INDICATIONS

Change -6.33 Market cap 32,461.32 mn Div Yield (%) 6.38

Last 60 days High Low

-0.59 -0.97 -0.50 0.70 -0.10 -0.94

2010 Div BR (%) (%)

% Change 0.02 5-Day High 968.51 5-Day Low 960.59

1.81 - 30B 20.60 20 4.11 4.40 14.30 - 15B 14.70 20 0.75 56.07 50 0.76 5 1.55 1.32 0.26 0.80 1.56 29.51 5 15B 2.71 26.35 20 10B 22.65 35 40.25 50 64.00 70 4.00 10 51.73 47.00 12.5 9.52 10 20B 3.60 10 36.50 20 0.60 3.50 3.80 10 276.70 50 - 50.00 3.26 6 5.05 20 5B 10.00 1.00 0.71 0.65 5 2.80 0.25 14.10 20SD 20.00 15 48.80 25 45R 0.30 17.01 12.00 10 10B 13.50 30 0.53 37.85 40 2.10 5B 36.50 60 2.51 5 170.00 75 0.25 12.90 5 0.15 23.55 45 76.47 10 0.11 30.17 25 97.00 80 20B 47.95 50 900B 0.49 1.00 56.00 35 -

PHARMA AND BIO TECH

Close 1,744.30 Listed cap 1,336.62 mn Payout (%) 131.49

90 100 50 25 60 150 5 10

Change -8.80 Market cap 4,293.32 mn Div Yield (%) 4.90

Performance of SR Pharma and Bio Tech Index

High Low 1,766.63 1,699.57 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 3.11 38.02

2010 Div BR (%) (%)

Change -24.04 Market cap 336,906.84 mn Div Yield (%) 0.54

INDUSTRIAL ENGINEERING

Ghandhara Ind Hinopak Motor

Pak Engineering

Low

Close 2,316.69 Listed cap 11,335.33 mn Payout (%) 30.57

Performance of SR Industrial Engineering Index Open 1,777.68 Turnover 125,872 P/E (x) 8.19 Company

High Low 973.74 960.36 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.20 43.91

Paid up Cap(mn)

Diamond Ind Hala Enterprise Pak Elektron Singer Pak Tariq Glass Ind

Company

Change -3.99 Market cap 70,436.98 mn Div Yield (%) 3.24

-

HOUSEHOLD GOODS

CONSTRUCTION AND MATERIALS Open 871.42 Turnover 2,450,134 P/E (x) 5.88

High

Open 646.75 Turnover 36,226 P/E (x) 1.28

-

Performance of SR Construction and Materials Index

2011 Div BR (%) (%)

- 50SD -

Performance of SR Household Goods Index

-

Performance of SR Industrial Metals and Mining Index High Low 1,062.74 1,027.16 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.09 33.10

Open

High Low 2,367.36 2,264.56 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 17.07 30.30

1.04 17.80 17.10 17.06 17.08 -0.72 5.10 90.93 91.00 86.50 90.24 -0.69 2.35 38.99 40.93 40.50 40.93 1.94 8.94 8.50 8.50 8.50 -0.44 6.51 10.86 11.75 9.86 9.90 -0.96 48.50 67.41 64.80 64.25 67.41 0.00 2.28 3.00 2.25 2.57 0.29 4.82 27.00 27.49 27.00 27.07 0.07 1.66 86.41 87.20 83.00 83.80 -2.61 1.68 55.27 55.25 54.90 55.27 0.00 3.27 50.85 50.75 49.00 50.85 0.00 0.56 2.40 2.50 2.40 2.49 0.09 7.31 79.00 79.00 79.00 79.00 0.00 12.00 73.00 72.90 69.35 69.50 -3.50 1.56 17.00 16.50 16.50 17.00 0.00 3.53 3.80 3.65 3.53 0.00 - 38.84 40.70 39.50 40.65 1.81 3.07 40.00 38.00 38.00 40.00 0.00 4.52 2.09 2.00 1.95 1.99 -0.10 0.33 4.49 4.74 4.47 4.66 0.17 24.09 2.41 2.65 2.65 2.65 0.24 1.29 9.99 10.99 10.24 10.99 1.00 2.45 2.50 2.50 2.50 0.05 1.29 5.76 6.39 6.39 6.39 0.63 21.19 5833.57 5878.78 5667.01 5730.81 -102.76

INDUSTRIAL METALS AND MINING Open 1,047.33 Turnover 50,069 P/E (x) 3.30

68.00 206.00 112.10 26.70 1.50 163.10 2.16 2.90 9.00 201.00 61.35 22.01

Performance of SR Food Producers Index

60 20B - 27.5R 130 25B 45.00 65.5 - 12.50 20 -

Company

73.00 241.00 160.00 35.70 3.46 235.00 4.41 3.75 11.58 232.53 72.50 24.90

-

9.51

Close 1,100.22 Listed cap 1,186.83 mn Payout (%) 25.28

3100 5824 2067 548 38921 8345 510 1814 16574 3637 5948 5599

-

147.26 9.64 12.10 137.51 41.10 47.00 11.40

High Low 1,109.74 1,073.81 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.41 7.47

70.00 69.10 69.90 1.02 235.99 230.00 231.61 1.46 124.99 121.50 121.59 -2.48 28.01 27.55 27.75 -1.25 2.93 2.77 2.89 0.09 176.50 167.00 176.29 8.19 3.00 2.85 2.86 -0.14 3.55 3.30 3.49 -0.14 10.21 10.05 10.13 0.02 210.00 204.50 209.86 3.86 64.00 63.60 64.31 0.31 23.15 23.11 23.11 -0.39

-

11.48

Open 1,085.42 Turnover 74,192 P/E (x) 5.47

Agriautos Ind 144 4.31 68.88 Atlas Battery 101 6.15 230.15 Atlas Honda 719 7.59 124.07 Baluchistan Wheels Ltd. 133 1.29 29.00 Dewan Motors 1087 2.80 Exide (PAK)XDXB 71 3.60 168.10 Ghandhara Nissan 450 3.00 Ghani Automobile Ind 200 6.58 3.63 Honda Atlas Cars 1428 - 10.11 Indus Motors 786 7.25 206.00 Pak Suzuki 823 14.48 64.00 Sazgar Engineering 150 1.14 23.50

-

1160496 200.00 109283 12.67 979166 17.60 1412906 172.97 2102443 48.05 570 58.27 7643 13.90

40 15

Change 11.08 Market cap 41,243.60 mn Div Yield (%) 5.74

-

150.70 147.26 147.63 -0.88 10.15 10.01 10.04 -0.02 17.00 16.50 16.58 -0.16 164.55 163.20 163.72 0.68 47.65 46.88 47.08 -0.20 49.00 48.00 49.00 -0.01 13.70 12.70 12.78 -0.03

2010 Div BR (%) (%)

Performance of SR Automobile and Parts Index

-

135 25B 50 300B

Engro Corporation Ltd 3933 6.60 148.51 Engro Polymer 6635 - 10.06 Fatima Fertilizer 22000 - 16.74 Fauji Fertilizer 8482 10.08 163.04 Fauji Fert.Bin Qasim 9341 7.05 47.28 Gatron Ind 384 3.36 49.01 Ghani Gases Ltd 725 10.74 12.81 1388 8.67 156.52 15142 3.56 12.75 74 0.93 1106 13.78 3.18 214 2.48 99.15 551 5.27 17.31

1012

% Change 0.02 5-Day High 1,906.78 5-Day Low 1,890.17

% Change 0.66 5-Day High 780.63 5-Day Low 754.10

AUTOMOBILE AND PARTS

Company

High Low 1,910.81 1,883.20 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.16 35.00

High

Telecard Limited

Performance of SR Industrial Transportation Index

Close Change 1,567.93 -5.13 Listed cap Market cap 65,194.15 mn 1,147,811.50 mn Payout (%) Div Yield (%) 55.94 5.19

Performance of SR Chemicals Index Open 1,890.17 Turnover 7,323,783 P/E (x) 9.04

Alert ! Unusual Movements

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,573.06 Turnover 1,813,630 P/E (x) 10.78

KSE 30 Index

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

% Change -0.63 5-Day High 996.41 5-Day Low 990.09 2011 Div BR (%) (%)

20B 12.50 15B 10B -

-

# Extraordinary General Meeting

OTHER SECTORS Symbols

Open

Pakistan Cables

46.54

High

Low Close 46.5

Change

Vol

46.5

45

-0.04

2671

2.34

2.45

2.07

2.36

0.02

207619

Murree Brewery Co.

111

110.01

110

110.01

-0.99

Shezan International

139.01

135

133.05

134.87

-4.14

1666

Grays of Cambridge

1639

TRG Pakistan Ltd.

36.56

38.38

37

38.38

1.82

Pak Tobacco Co.

93.8

93.8

89.5

90.22

-3.58

Shifa Int.Hospital

33.775

32.22

P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies

33.45

32.09

2149

297

-1.555

2205

2.15

2.3

2.17

2.23

0.08

12114

34.24

35.85

33.55

33.75

-0.49

1304

2.06

2.18

2.05

2.07

0.01

218648

20.39

21.21

20.25

20.61

0.22

168031


7

Wednesday, July 27, 2011 Atlas Insurance

FIXED LINE TELECOMMUNICATION

Central Insurance

Performance of SR Fixed Line Telecommunication Index Open 819.02 Turnover 1,912,713 P/E (x) 4.02 Paid up Cap(mn)

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

High Low 827.83 805.47 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.52 12.84

PE

Open

High

Low

Close Chg

78 28.74 37740 10.31 3000 2.41 8606 6175 -

30.00 12.72 1.41 1.81 1.96

29.50 12.80 1.50 1.90 2.05

29.50 12.50 1.40 1.79 1.90

29.89 12.58 1.42 1.80 1.94

-0.11 -0.14 0.01 -0.01 -0.02

Close 810.85 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 661 1412028 187581 312443 37824

443

Century Insurance

Change -8.17 Market cap 50,884.21 mn Div Yield (%) 15.57

% Change -1.00 5-Day High 834.01 5-Day Low 810.85

Last 60 days High Low

2010 Div BR (%) (%)

36.70 17.70 1.94 2.50 2.97

80 17.5 1 -

28.71 12.50 1.31 1.75 1.83

2011 Div BR (%) (%)

- 15.00 -

EFU General Insurance

3.61

29.24

29.45

29.00

29.05 -0.19

391

1.31

60.00

60.00

59.90

457

4.28

7.78

7.94

7.71

1250 12.70

34.02

34.30

33.55

Paid up Cap(mn)

Company

Altern Energy Genertech Hub Power Japan Power KESC Kohinoor Energy Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Southern Electric

3426 198 11572 1560 7932 1695 8803 3673 3541 1367

PE

Open

High

Low

7.97 5.36 5.51 2.55 2.27 -

7.50 0.51 39.62 1.15 2.15 17.76 43.00 14.20 15.91 1.27

7.45 0.60 40.00 1.22 2.35 17.80 43.20 14.40 16.19 1.32

7.45 0.50 39.60 1.11 2.20 16.80 42.85 14.03 15.85 1.26

Close 1,390.34 Listed cap 95,369.29 mn Payout (%) 104.13

Change 4.24 Market cap 113,134.08 mn Div Yield (%) 7.47

Close Chg

Volume

Last 60 days High Low

7.45 0.50 39.69 1.16 2.27 17.75 42.90 14.16 15.90 1.26

4052 851 940160 22508 391981 21470 83746 41176 125933 13001

9.93 0.80 40.00 1.70 2.57 18.20 44.19 17.25 17.70 1.69

-0.05 -0.01 0.07 0.01 0.12 -0.01 -0.10 -0.04 -0.01 -0.01

7.45 0.16 36.70 1.00 2.03 15.60 41.75 13.47 15.39 1.13

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

-

GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,270.92 Turnover 401,745 P/E (x) 8.17 Paid up Cap(mn)

Company Sui North Gas Sui South Gas

High Low 1,272.80 1,258.48 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.93 11.41

Close 1,261.95 Listed cap 12,202.80 mn Payout (%) 66.79

Change -8.96 Market cap 27,677.43 mn Div Yield (%) 8.18

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 14.10 8390 4.53

20.00 20.09

20.00 20.15

19.70 20.00

19.74 -0.26 20.07 -0.02

107055 294690

23.60 23.75

17.64 19.95

% Change -0.71 5-Day High 1,274.34 5-Day Low 1,261.95

2010 Div BR (%) (%) 20 15

2011 Div BR (%) (%)

25B

-

-

BANKS Performance of SR Banks Index Open 1,120.23 Turnover 5,092,865 P/E (x) 7.23 Paid up Cap(mn)

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

8603 7070 13492 8786 5004 5288 5280 7327 11021 Habib Metropolitan Bank XB 10478 JS Bank Ltd 8150 KASB Bank Ltd 9509 MCB Bank Ltd 8362 Meezan Bank XB 8030 National Bank 16818 NIB Bank 40437 Samba Bank 14335 Silkbank Ltd 26716 Soneri Bank 6023 Stand Chart Bank 38716 Summit Bank Ltd 8701 United Bank Ltd 12242

PE

Open

6.29 63.41 5.13 11.67 5.61 10.53 6.15 29.07 1.90 4.26 6.71 10.22 3.80 4.57 10.09 7.59 120.51 5.46 19.02 43.80 2.20 1.47 7.89 192.45 6.16 18.00 4.28 54.18 1.42 21.88 1.69 15.19 2.45 2.53 5.01 6.10 8.08 3.25 7.16 61.02

High

High Low Close 1,135.80 1,116.29 1,126.50 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.01 13.94 40.49 Low

Close Chg

64.00 63.02 63.83 0.42 11.75 11.25 11.29 -0.38 10.70 10.53 10.66 0.13 29.24 28.95 29.01 -0.06 4.38 4.20 4.25 -0.01 6.79 6.61 6.65 -0.06 3.89 3.67 3.78 -0.02 10.38 9.84 9.87 -0.22 121.70 120.60 121.50 0.99 19.01 18.85 19.01 -0.01 2.39 2.11 2.19 -0.01 1.48 1.44 1.44 -0.03 196.00 192.70 195.32 2.87 18.20 18.00 18.00 0.00 54.89 54.00 54.38 0.20 1.46 1.40 1.40 -0.02 1.95 1.69 1.75 0.06 2.50 2.41 2.43 -0.02 5.10 5.00 5.06 0.05 7.97 7.57 7.57 -0.51 3.49 3.10 3.16 -0.09 61.39 60.85 60.90 -0.12

Volume

Change 6.27 Market cap 668,338.11 mn Div Yield (%) 5.60

Last 60 days High Low

16372 68.99 168752 12.35 981607 11.02 65627 29.98 7910 6.25 538985 7.35 5941 4.09 40475 10.73 117213 123.90 3799 22.45 64262 3.00 1900 1.77 1069222 210.95 113721 18.70 898052 55.80 482785 1.95 48567 2.18 345400 3.06 49895 6.69 6281 9.20 98402 4.75 66099 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 1.40 1.62 2.34 4.91 7.53 2.67 60.22

% Change 0.56 5-Day High 1,137.03 5-Day Low 1,120.23

2010 Div BR (%) (%)

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 715.66 Turnover 541,961 P/E (x) 10.21 Paid up Cap(mn)

Company

Adamjee Insurance XD

1237

High Low 723.57 708.68 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.53 5.20

Close 716.78 Listed cap 11,111.34 mn Payout (%) 79.54

Change 1.12 Market cap 44,840.49 mn Div Yield (%) 7.79

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

6.55

61.98

62.40

60.60

61.01 -0.97

47074

69.90

60.60

% Change 0.16 5-Day High 723.62 5-Day Low 715.66

2010 Div BR (%) (%) 25

2011 Div BR (%) (%)

-

-

-

60.00 0.00

277

75.00

58.61

7.71 -0.07

5100

8.85

7.50

34.03 0.01

3020

39.65

29.01

12.5

-

25

50B

-

-

10

-

-

-

-

-

-

70.00

70.88 -0.87

12863

76.12

67.00

30

55B 10.00

-

New Jub Insurance

989 10.02

55.01

56.99

56.99

56.99 1.98

500

62.37

51.16

20

25B

-

-

458800

Pak Reinsurance

3000

5.58

15.58

16.10

15.61

16.06 0.48

18.30

12.43

30

-

-

-

Premier Insurance

303

3.57

8.00

8.00

7.82

8.00 0.00

7416

8.99

7.82

25

-

-

-

Reliance Insurance

284

5.19

8.40

8.70

7.75

8.51 0.11

5250

8.70

6.00

- 12.5B

-

-

LIFE INSURANCE Performance of SR Life Insurance Index Open 924.43 Turnover 9,823 P/E (x) 5.33 Company

High Low 929.57 902.23 Total cos Defaulter cos 4 P/BV (x) ROE (%) 2.06 3.85

Close 925.96 Listed cap 2,290.72 mn Payout (%) 355.53

Change 1.52 Market cap 10,258.00 mn Div Yield (%) 6.64

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

850

9.79

69.51

70.00

67.07

69.69 0.18

9812

73.25

EFU Life Assurance

50.70

% Change 0.16 5-Day High 925.96 5-Day Low 907.04

2010 Div BR (%) (%) 50

2011 Div BR (%) (%)

-

-

-

FINANCIAL SERVICES Performance of SR Financial Services Index Open 288.88 Turnover 7,366,777 P/E (x) 11.47 Paid up Cap(mn)

Company Arif Habib Limited

High Low 299.41 281.61 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.19 0.91

Close 287.32 Listed cap 30,336.44 mn Payout (%) 99.56

Change -1.57 Market cap 14,081.15 mn Div Yield (%) 4.85

Last 60 days High Low

Volume

% Change -0.54 5-Day High 288.88 5-Day Low 287.32

2010 Div BR (%) (%)

PE

Open

High

Low

Close Chg

450 19.16

18.56

18.75

18.15

18.20 -0.36

48824

20.20

12.01

-

20B

965057

2011 Div BR (%) (%) -

-

Arif Habib Corp

3750

3.80

28.32

28.95

28.30

28.42 0.10

29.24

20.53

30

-

-

-

Dawood Equities

250

-

1.43

1.40

1.20

1.21 -0.22

502

1.80

1.01

-

-

-

-

Escorts Bank

441

-

2.00

2.43

1.57

2.00 0.00

111

2.43

1.55

-

-

-

-

First Credit & Invest Bank Ltd

650

-

5.01

5.19

4.53

5.01 0.00

10021

6.10

4.26

-

-

-

-

2121

7.89

1.26

1.58

1.26

1.50 0.24

21001

1.99

1.05

-

-

-

-

600 18.95

IGI Investment Bank Invest and Fin Sec

6.95

7.45

7.00

7.01 0.06

9460

9.29

6.95

11.5

-

-

-

Invest Bank

2849

-

0.44

0.40

0.34

0.40 -0.04

13514

1.20

0.22

-

-

-

-

Ist Cap Securities

3166

-

2.78

3.05

2.40

2.79 0.01

114440

3.27

2.22

-

10B

-

-

Ist Dawood Bank

626

0.68

1.57

1.65

1.51

1.51 -0.06

3800

1.96

1.30

-

-

-

-

Jah Siddiq Co

7633

-

7.39

7.52

7.28

7.31 -0.08

901333

8.34

4.82

10

-

-

-

JOV and CO

508

-

2.56

3.15

2.60

2.67 0.11

2014365

JS Global Cap

500

5.61

20.00

20.00

19.50

19.51 -0.49

2050

UPTO 100 VOLUME

-

71.50

3.40

2.31

-

-

-

-

22.94

16.42

50

-

-

-

Symbols

Open

GHGL SURC UNIC UVIC WAHN LATM NESTLE BATA HUSS GVGL AATM REWM SSIC UDPL COLG FECTC FPJM SAPL DKTM GUTM GUSM FDMF CPMFI DFSM FIBLM SALT FRSM HWQS FPRM BAPL EWLA FTSM GAMON HADC HAL HICL CSMD DCM EMCO FANM FFLM FNBM FNEL FUDLM HAJT HMIM HUSI MUKT NATM WYETH RMPL ADOS CHCC DWAE

53.70 35.10 5.10 1.50 36.13 6.74 4192.31 682.48 10.67 24.07 0.95 11.40 4.90 13.64 726.86 5.08 1.00 145.01 1.99 18.60 7.99 2.23 2.94 1.82 2.00 66.60 18.50 8.28 10.25 7.38 1.70 1.55 1.00 0.45 13.19 10.95 10.50 1.69 1.60 4.00 1.50 5.50 2.01 6.66 0.50 1.50 3.26 0.58 37.61 987.00 2853.25 9.75 9.00 1.60

High 54.00 36.00 5.05 1.99 35.10 6.00 4280.00 716.00 10.76 23.90 0.80 11.60 5.25 12.70 743.00 5.34 1.14 145.99 1.90 19.60 7.79 2.21 3.00 1.81 1.13 63.38 18.50 9.28 10.00 7.25 1.92 1.39 1.34 0.43 13.30 10.60 10.80 1.69 1.60 3.50 1.40 5.01 2.10 6.63 0.26 1.00 3.25 0.74 35.73 980.00 2849.00 10.24 9.42 1.48

Low

Close

54.00 36.00 5.05 1.99 35.10 6.00 3984.00 652.00 9.75 23.90 0.80 11.60 5.24 12.70 729.00 4.81 0.71 145.99 1.80 18.06 7.00 2.00 3.00 1.81 1.13 63.30 18.50 8.25 10.00 6.75 1.35 0.85 0.81 0.31 12.50 10.60 10.80 1.69 1.60 3.50 1.40 5.01 2.00 6.63 0.26 1.00 3.25 0.74 35.73 979.00 2720.00 10.24 9.42 1.48

53.70 35.10 5.10 1.50 36.13 6.74 4179.99 679.02 10.67 24.07 0.95 11.40 4.90 13.64 733.68 5.08 1.00 145.01 1.99 18.60 7.99 2.23 2.94 1.82 2.00 66.60 18.50 8.28 10.25 7.38 1.70 1.55 1.00 0.45 13.19 10.95 10.50 1.69 1.60 4.00 1.50 5.50 2.01 6.66 0.50 1.50 3.26 0.58 37.61 987.00 2811.89 9.75 9.00 1.60

Change

Vol

0.00 0.00 0.00 0.00 0.00 0.00 -12.32 -3.46 0.00 0.00 0.00 0.00 0.00 0.00 6.82 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -41.36 0.00 0.00 0.00

100 100 100 100 100 99 84 77 74 71 50 50 50 50 45 45 40 40 35 31 26 22 20 20 20 20 15 14 12 11 11 11 11 11 11 11 10 10 10 10 10 10 10 10 10 10 10 10 10 10 9 5 5 5

FUTURE CONTRACTS Symbols

Open

NBP-JUL

54.35

54.85

54.25

54.41

ENGRO-JUL 148.66

150.70

High

147.60

Low

Close

Change 0.06

Vol 341500

JS Investment

1000 42.58

5.11

5.30

5.00

5.11 0.00

4154727

6.43

4.10

-

-

-

-

148.01

-0.65

320000

47.37

47.60

47.00

47.08

-0.29

319000

KASB Securities

1000

-

3.41

3.60

3.41

3.42 0.01

8327

4.79

3.04

-

-

-

-

ENGRO-AUG 149.30

151.70

149.00

149.34

0.04

256000

Orix Leasing

821

3.37

5.96

5.98

5.56

5.56 -0.40

2340

6.45

5.25

-

-

-

-

FFC-JUL

163.29

164.60

163.55

164.04

0.75

219500

Pervez Ahmed Sec

775

5.32

1.44

1.57

1.44

1.49 0.05

63503

1.99

1.32

-

-

-

-

POL-JUL

382.46

385.50

382.50

383.03

0.57

185500

Saudi Pak Leasing

452

-

0.56

1.48

0.61

0.70 0.14

5519

1.48

0.51

-

-

-

-

FFC-AUG

164.84

165.99

165.10

165.35

0.51

NBP-AUG

54.77

55.40

54.80

54.97

0.20

Trust Inv Bank

586

0.25

1.25

1.23

1.00

1.00 -0.25

2936

2.29

0.83

-

-

-

-

MCB-JUL

192.96

196.15

193.00

195.61

2.65

144500

23.72

23.82

23.65

23.68

-0.04

122500

ATRL-JUL

131.79

133.01

131.70

132.13

0.34

109500

PPL-JULB

214.53

215.89

212.00

212.53

-2.00

81000

Performance of SR Equity Investment Instruments Index Open 1,543.89 Turnover 1,044,593 P/E (x) 21.02 Paid up Cap(mn)

Company

PE

Open

High Low 1,552.92 1,510.00 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.46 2.21

High

Low

Close Chg

Close 1,533.46 Listed cap 29,771.58 mn Payout (%) 104.74

Change -10.43 Market cap 19,480.52 mn Div Yield (%) 7.74

Last 60 days High Low

Volume

2010 Div BR (%) (%)

168500

DGKC-JUL

23.49

23.75

23.42

23.46

-0.03

79500

FFBL-AUG

47.70

48.20

47.30

47.36

-0.34

75000

215.13

216.50

213.25

213.75

-1.38

2011 Div BR (%) (%)

4.85

11.45

11.40

11.10

11.29 -0.16

410765

11.60

10.15

18.5

-

5.00

-

Atlas Fund of Funds

525

1.83

6.61

6.89

6.61

6.89 0.28

54000

6.95

6.11

2.2

-

-

-

B R R Guardian Mod.

780

2.60

2.50

2.68

2.10

2.50 0.00

181104

2.91

1.41

0

-

-

-

Constellation Modaraba

65

2.70

1.50

1.89

1.27

1.27 -0.23

510

1.99

1.10

-

-

-

-

200

3.57

0.55

0.59

0.50

0.50 -0.05

1011

0.89

0.30

1.2

-

-

-

Elite Cap Modaraba

113

3.75

3.05

3.80

2.55

2.70 -0.35

5825

3.89

2.10

5

-

-

-

Equity Modaraba

524

6.84

1.25

1.40

1.15

1.30 0.05

1522

2.50

1.10

-

-

-

-

Golden Arrow

760

2.25

3.38

3.42

3.33

3.40 0.02

132093

3.72

3.11

17

-

-

-

H B L Modaraba

397

3.82

8.24

7.80

7.76

7.80 -0.44

5010

8.44

7.10

11

-

-

-

Habib Modaraba

1008

5.98

8.01

8.50

8.00

8.25 0.24

144885

8.50

7.32

21

-

22

-

JS Growth Fund

3180

2.01

5.87

5.86

5.85

5.85 -0.02

676

7.40

5.32

12.5

-

-

-

JS Value Fund

1186

0.56

5.16

5.35

5.12

5.30 0.14

1216

6.40

4.91

10

-

5.00

-

Meezan Balanced Fund

1200

2.85

9.91

10.28

9.91

9.92 0.01

26501

10.39

8.46

15.5

-

-

-

125

-

0.85

1.28

0.90

1.00 0.15

1696

1.50

0.25

3

-

-

-

Pak Oman Advantage

1000

-

7.76

6.76

6.76

6.76 -1.00

1100

9.99

4.26

1.04

-

-

-

PICIC Energy Fund

1000

2.10

7.30

7.40

7.12

7.13 -0.17

5100

8.25

6.92

10

- 10.00

-

PICIC Growth Fund

2835

2.68

13.15

13.15

13.03

13.07 -0.08

42502

13.84

12.00

20

- 12.50

-

PICIC Inv Fund

2841

2.34

6.00

6.10

5.90

5.91 -0.09

19620

6.95

5.50

10

-

7.50

-

Prud Modaraba 1st

872

1.76

0.95

0.97

0.85

0.97 0.02

7759

1.05

0.75

3

-

-

-

Stand Chart Modaraba

454

5.94

10.50

10.90

10.50

10.76 0.26

813

11.00

9.50

17

-

-

-

Tri-Star Mutual

50

0.67

1.00

1.40

1.01

1.00 0.00

218

2.00

0.25

-

-

-

-

Trust Modaraba

298

2.90

2.78

2.00

2.00

2.00 -0.78

500

3.00

1.50

5

-

-

-

Pak Modaraba

176500

% Change -0.68 5-Day High 1,570.80 5-Day Low 1,533.46

AL-Meezan Mutual F.SPOT 1375

Crescent St Modaraba

FFBL-JUL

DGKC-AUG

EQUITY INVESTMENT INSTRUMENTS

2011 Div BR (%) (%)

40 10B - 10B 20 20B -64.41R - 20B 65 10B - 20B - 33R -105.16R 115 10B 60.00 - 15B 75 25B -154.79R -63.46R - 311R 6 - 20R 50 -

20B

71.75

2011 Div BR (%) (%)

- 25.00 7.8R - 10.00 - 30.00 - 10.00 -

40

5.87

-

% Change 0.31 5-Day High 1,390.34 5-Day Low 1,365.83

26.00

970

Performance of SR Electricity Index High Low 1,403.70 1,383.36 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.30 9.35

29.60

IGI Insurance

ELECTRICITY Open 1,386.10 Turnover 1,644,879 P/E (x) 13.94

1400

PPL-AUG

384.50

387.50

384.50

384.77

194.57

197.90

195.00

197.38

ATRL-AUG

133.00

134.40

133.00

133.42

0.42

44500

LUCK-JUL

73.79

74.60

73.40

73.47

-0.32

36000

LUCK-AUG

74.01

75.00

74.05

74.05

0.04

34500

NML-JUL

50.80

51.00

50.40

50.56

-0.24

30000

NML-AUG

51.20

51.40

50.50

51.03

-0.17

27500

PTC-JUL

12.65

12.65

12.50

12.50

-0.15

26500

12.81

12.68

12.68

12.68

-0.13

500

PTC-AUG

0.27

56500

POL-AUG MCB-AUG

2.81

50000 45000

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 735,718 18,183 443,533 297,850 34,500 871,000 657,526 85,872 383,250 105,300 117,500 49,375 2,590,451 522,100 43,132 969,068 347,081 10,000 396,078 500 258,597 150,887 42,175 21,800 30,156 3,000 127,500 9,312,132

Total Value 14,396,091 849,594 3,685,524 1,327,818 3,299,426 6,572,257 11,430,646 9,643,028 13,322,548 12,907,414 3,485,879 1,597,358 24,645,154 28,798,819 6,280,075 38,298,352 5,401,010 153,696 14,891,108 57,576 3,031,530 43,167,382 6,758,239 4,191,184 288,872 45,247 5,834,065 264,359,892

MTS Rate 19.00 21.00 21.00 18.05 18.00 15.16 15.00 17.82 17.14 17.00 15.10 17.93 16.00 18.00 18.00 17.03

BOARD MEETINGS

Fauji Fertiliser Bin Qasim Ltd

KSE 100 INDEX

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

49.51

Support 1

12,318.15

MA (5-day)

12,428.65

Support 2

12,272.30

MA (10-day)

12,378.14

Resistance 1

12,434.85

MA (100-day)

12,079.24

Resistance 2

12,505.65

Arif Habib Ltd

Target Price

Recommendations

42.2

Brokerage House

Target Price

165.3

Neutral

TFD Research

164.95

TFD Research

47.75

Neutral

Technical Outlook Technical Analysis

Leverage Position

Brokerage House

Leverage Position

Technical Analysis

Brokerage House

Technical Outlook Leverage Position

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

23.41 MTS Shares `000 85.872 152.28 MTS Rs `000 9,643.03 188.10 MTS Rate 18.00 192.21 ** NOI Rs (mn) 246.13 Free Float Rs (mn) 26,127.24 Free Float Shares (mn) 176.98 Target price for Dec-11 & **Net Open Interest in future market

Leverage Position

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

16.46 MTS Shares `000 30.156 13.01 MTS Rs `000 288.87 16.09 MTS Rate 17.59 ** NOI Rs (mn) 4.71 Free Float Rs (mn) 7,360.06 Free Float Shares (mn) 585.06 Target price for Dec-11 & **Net Open Interest in future market

and Bollinger Bands were 35 per cent wider than normal.

reflect volume flowing into and out of PTC at a relatively equal pace. Trend flowing into and out of FFC at a relatively equal pace. Trend forecasting forecasting oscillators are currently bearish on PTC. Momentum oscillator oscillators are currently bullish on FFC.

AKD Securities Ltd

Technical Analysis

MTS Shares `000 105.30 MTS Rs `000 12,907.41 MTS Rate 15.00 ** NOI Rs (mn) 138.01 Free Float Shares (mn) 466.49

FFC is currently 22.1 per cent above its 200-day moving average and is PTC is currently 28.5 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is high as compared to the average the average volatility over the last 10 trading sessions. Volume indicators

Arif Habib Ltd

Positive

56.63 MTS Shares `000 522.10 72.74 MTS Rs `000 28,798.82 70.42 MTS Rate 17.00 71.56 ** NOI Rs (mn) 116.72 Free Float Rs (mn) 9,482.65 Free Float Shares (mn) 129.35 Target price for Dec-11 & **Net Open Interest in future market

Positive

Technical Outlook

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

Buy

245.95

Buy

20.15

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

Buy

TFD Research

Buy

TFD Research

FFC closed up 0.68 at 163.72. Volume was 20 per cent below average and PTC closed down -0.14 at 12.58. Volume was 1 per cent above average

Recommendations

AKD Securities Ltd

Recommendations

24.7 23.91

AKD Securities Ltd

Bollinger Bands were 92 per cent wider than normal.

224

Arif Habib Ltd

Positive

Target Price

Arif Habib Ltd

Neutral

Leverage Position

62.11 163.51 143.40 134.12 Free Float Rs (mn) 76,373.31

195.41

Buy Buy

84.65

Technical Analysis

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

Target Price

97.7 87.61

TFD Research

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

Brokerage House

Buy

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

Bank Al-Falah Ltd

MCB Bank Ltd

AKD Securities Ltd

Technical Outlook

Recommendations

Technical Outlook

Engro Corporation

Recommendations

Target Price

Arif Habib Ltd

45.52

Lucky Cement Ltd

Arif Habib Ltd

Brokerage House

Sell

AKD Securities Ltd

RSI (14-day) 70.64 MTS Shares `000 383.25 MA (200-day) 11,828.41 Pivot 12,388.95 MA (10-day) 46.80 MTS Rs `000 13,322.55 42.44 MTS Rate 15.16 KSE 100 INDEX closed down -30.43 points at 12,364.06. Volume was MA (100-day) MA (200-day) 39.47 ** NOI Rs (mn) 75.31 51 per cent below average (consolidating) and Bollinger Bands were 22 Free Float Rs (mn) 15,392.26 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 12,434.85 and 2nd resistFFBL closed down -0.20 at 47.08. Volume was 18 per cent below average ance level at 12,505.65, while Index will continue to find its 1st support and Bollinger Bands were 124 per cent wider than normal. level at 12,318.15 and 2nd support level at 12,272.30. KSE 100 INDEX is currently 4.5 per cent above its 200-day moving FFBL is currently 19.2 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 low as compared to the average low when compared to the average volatility over the last 10 trading volatility over the last 10 trading sessions. Volume indicators reflect modsessions. Volume indicators reflect moderate flows of volume into erate flows of volume into FFBL (mildly bullish). Trend forecasting oscillaINDEX (mildly bullish). Trend forecasting oscillators are currently tors are currently bullish on FFBL. Momentum oscillator is currently indicatbearish on INDEX. ing that FFBL is currently in an overbought condition.

Pakistan Telecommunication Co Ltd

Fauji Fertiliser Co

Brokerage House

Target Price

Recommendations

217

Hold

Arif Habib Ltd

Accumulate

AKD Securities Ltd

209.89

Technical Analysis

Leverage Position

40.17 MTS Shares `000 43.132 197.19 MTS Rs `000 6,280.07 204.73 MTS Rate 15.10 210.18 ** NOI Rs (mn) 51.87 Free Float Rs (mn) 65,333.48 Free Float Shares (mn) 334.49 Target price for Dec-11 & **Net Open Interest in future market

Recommendations

12.2

Hold

11.75

Accumulate

Technical Outlook

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

Target Price

Technical Analysis

Leverage Position

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

61.27 MTS Shares `000 871.00 10.47 MTS Rs `000 6,572.26 10.17 MTS Rate 10.25 ** NOI Rs (mn) N/A Free Float Rs (mn) 7,191.00 Free Float Shares (mn) 674.58 Target price for Dec-11 & **Net Open Interest in future market

LUCK closed down -0.24 at 73.31. Volume was 30 per cent above aver- ENGRO closed down -0.88 at 147.63. Volume was 37 per cent below aver- MCB closed up 2.870 at 195.320. Volume was 174 per cent above average BAFL closed up 0.13 at 10.66. Volume was 40 per cent below average and age and Bollinger Bands were 34 per cent narrower than normal. LUCK is currently 2.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to

age and Bollinger Bands were 23 per cent narrower than normal.

Bollinger Bands were 19 per cent wider than normal. (trending) and Bollinger Bands were 26 per cent narrower than normal. ENGRO is currently 23.2 per cent below its 200-day moving average and is MCB is currently 7.1 per cent below its 200-day moving average and is dis- BAFL is currently 4.0 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the playing a downward trend. Volatility is relatively normal as compared to the displaying an upward trend. Volatility is low as compared to the average

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

average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect very volume flowing into and out of ENGRO at a relatively equal pace. Trend forereflect moderate flows of volume into LUCK (mildly bullish). Trend forecast- casting oscillators are currently bearish on ENGRO. Momentum oscillator is reflect volume flowing into and out of MCB at a relatively equal pace. Trend strong flows of volume into BAFL (bullish). Trend forecasting oscillators are currently bullish on BAFL. forecasting oscillators are currently bearish on MCB. ing oscillators are currently bullish on LUCK. currently indicating that ENGRO is currently in an oversold condition. the average volatility over the last 10 trading sessions. Volume indicators

Company

Date

Time

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 Al-Abbas Sugar Mills Ltd Sakrand Sugar Mills Ltd United Bank Ltd United Bank Ltd Clariant Pak Ltd Al-Noor Sugar Mills Ltd Shahmurad Sugar Mills Ltd Siemens (Pak) Husein Sugar Mills Ltd Tariq Glass Ind Ltd Fauji Fertilizer Company Ltd

27-Jul 27-Jul 27-Jul 27-Jul 28-Jul 28-Jul 28-Jul 28-Jul 28-Jul 28-Jul 28-Jul 28-Jul 28-Jul 28-Jul 28-Jul 28-Jul 28-Jul 28-Jul 28-Jul 29-Jul

11:00 12:00 12:00 11:00 10:00 9:30 11:00 11:30 11:30 15:00 16:00 10:00 10:00 15:00 11:30 16:00 17:00 11:00 11:00 13:00

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) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele

RSI 1st 2nd (14-day) Support 49.42 2.50 2.40 51.50 63.25 62.65 39.46 48.20 48.10 71.39 28.15 27.90 50.50 18.00 17.75 21.46 60.30 59.55 46.66 11.10 10.95 56.19 6.10 6.00 44.38 376.65 375.60 57.68 131.10 130.45 61.26 10.55 10.45 50.63 3.65 3.55 52.63 6.55 6.50 42.96 1.60 1.55 51.94 23.25 23.10 33.24 2.30 2.25 50.63 2.15 1.90 39.73 33.60 33.20 53.49 67.85 66.00 23.44 146.35 145.10 54.21 9.70 9.50 39.97 4.00 3.95 70.61 46.75 46.45 62.11 163.10 162.45 62.11 120.85 120.15 67.33 39.50 39.35 53.64 155.10 154.20 41.58 206.25 202.60 49.88 2.45 2.25 47.86 1.10 1.05 39.97 2.05 1.95 44.21 7.20 7.15 53.25 42.75 42.65 55.31 2.20 2.10 35.30 12.65 12.55 56.61 72.75 72.20 40.21 193.35 191.35 40.45 2.00 1.95 58.35 53.95 53.55 23.63 20.05 19.85 42.31 20.15 19.75 27.11 1.35 1.30 61.66 3.10 3.05 39.72 50.10 49.75 55.43 154.05 153.65 36.47 2.00 1.95 48.17 1.45 1.35 50.30 2.15 2.10 40.75 5.05 5.00 64.77 380.80 379.40 52.52 210.85 209.45 48.60 63.90 63.85 28.52 248.60 245.50 16.52 12.45 12.35 46.12 221.45 220.45 43.77 19.60 19.50 51.90 16.80 16.55 35.03 20.00 19.90 35.81 1.40 1.35 30.99 2.15 1.90 41.10 60.70 60.50 32.03 1.80 1.75

1st

2nd

Resistance 2.65 2.70 64.20 64.60 48.55 48.75 28.80 29.20 18.60 18.95 62.10 63.15 11.60 11.95 6.35 6.50 379.50 381.40 132.80 133.85 10.75 10.80 3.90 4.00 6.75 6.85 1.70 1.75 23.60 23.85 2.45 2.50 2.55 2.70 34.35 34.70 70.75 71.85 149.80 151.95 10.20 10.55 4.10 4.20 47.50 47.95 164.45 165.15 121.95 122.35 39.90 40.15 157.40 158.75 211.75 213.60 3.00 3.35 1.20 1.25 2.35 2.50 7.45 7.60 43.10 43.35 2.35 2.40 12.90 13.10 74.20 75.10 196.65 197.95 2.10 2.15 54.85 55.30 20.55 20.85 21.15 21.65 1.45 1.50 3.20 3.25 50.90 51.35 154.95 155.40 2.15 2.25 1.55 1.65 2.30 2.35 5.20 5.30 384.30 386.40 214.60 216.95 64.00 64.35 256.20 260.70 12.75 12.95 224.10 225.70 19.90 20.10 17.40 17.75 20.15 20.20 1.50 1.55 2.50 2.65 61.25 61.60 1.90 1.95

Pivot 2.55 63.60 48.45 28.55 18.35 61.35 11.45 6.25 378.50 132.15 10.65 3.80 6.70 1.65 23.45 2.40 2.30 33.95 68.90 148.55 10.05 4.05 47.20 163.80 121.25 39.75 156.50 208.10 2.80 1.15 2.25 7.35 43.00 2.25 12.80 73.65 194.65 2.05 54.40 20.35 20.70 1.40 3.15 50.55 154.50 2.10 1.50 2.25 5.15 382.90 213.20 63.95 253.10 12.65 223.10 19.80 17.15 20.05 1.45 2.30 61.05 1.85


8

Wednesday, July 27, 2011

Plans for edu reforms ready, says CM Qaim

ISLAMABAD: Senator S M Zafar addressing during 7th Degree Awarding ceremony of Hamdard University at International Islamic University. -APP

AIOU to set up campus in GB soon ISLAMABAD: Allama Iqbal Open University (AIOU) will soon establish a well-equipped regional campus in Gilgit-Baltistan. The campus will have the facilities of hostel for students, library, computer labs, examination hall, video conferencing facility, FM radio, Model Study Centre and a workshop hall. This was announced by Vice-Chancellor, AlOU Professor Dr Nazir Ahmed Sangi while addressing a press conference held. Dr Sangi said that, in first phase, an amount of Rs 30 million has been allocated for the establishment of Regional Campus in GB. The negotiation with government functionaries has almost been finalized and work on establishing a full-fledged campus will begin soon. Dr Sangi said that AIOU has focused its full concentration towards improving quality of education especially among women. -Agencies

HEC places 415 PhDs in 66 Pak universities ISLAMABAD: The Higher Education Commission (HEC) has successfully placed 415 Pakistani PhDs as Assistant Professors at 66 public and private sector universities across the country. The task has been accomplished through HEC's Interim Placement of Fresh PhDs (IPFP) programme. The specific faculty requirements of the host institutions and the priority of returning scholars were duly taken into consideration prior to every placement so that the services of the PhD scholars are optimally utilized by HEC. The programme has also attracted non HEC scholars as out of 415,168 are non HEC scholars who have benefitted from IPFP programme. Among the new universities brought on board this year are mostly young HEIs such as Abdul Wali Khan University, Mardan, Balochistan University of I n f o r m a t i o n T e c h n o l o g y ,

Engineering and Management Sciences, Quetta, Beaconhouse National University, Lahore, Dawood College of Engineering and Technology, Karachi, College of Business Management, Karachi and Karakorum I n t e r n a t i o n a l University, Gilgit. The other universities included Dow University of Health Sciences, Karachi, Hazara University, Mansehra, Khyber Medical University, Peshawar, Kinnaird College for Women, Lahore, Mirpur University of Science and Technology, AJK, National Institute of Biotechnology and Genetics Engineering, Faisalabad, Riphah I n t e r n a t i o n a l University, Islamabad, Sindh Agriculture University, Tando Jam, Sarhad University of I n f o r m a t i o n Technology, Peshawar, University of Gujrat, University of Science and Technology, Bannu and University of Wah. The placed scholars belong to diversified

fields like Solid State Physics, Poultry and Animal Nutrition, Fisheries, Intelligent Systems and Robotics, Geophysics, Rural Developments, Pathology, Toxicology, Water Resource E n g i n e e r i n g , Environmental Science, B u s i n e s s Administration, Anatomy, Genetics, MEMS, Anthropology, Psychology, Veterinary Science, Urban Planning, Electrical and M e c h a n i c a l E n g i n e e r i n g , Biomedical Textiles, International Relations, Gender Issues, Islamic Studies, Education and other Physical Sciences. The scholars have been initially employed for a period of one year on a salary package of Rs 80,000 per month. HEC also offers these scholars a startup research grant of Rs 0.5 million immediately upon joining the host institution which serves as an impetus for the scholars to excel in their fields and secure permanent positions ahead. -APP

Hamdard University to celebrate Pak-China 'Year of friendship' ISLAMABAD: Hamdard University will celebrate Pak-China 'Year of Friendship' (2011) on July 26 on occasion of Degree Awarding Ceremony 2011 at Quaid-eAzam Hall, International Islamic University Faisal Masjid Islamabad. Liu Jian, Ambassador of People's Republic of China in Pakistan will be the guest of honor for Degree Awarding Ceremony" a press release issued here said. Degrees, medals and merit certificates will be awarded in the disciplines of Engineering, Pharmacy and Management Sciences. Degrees will be awarded to 195 students, merit certificates to 6 students and gold medals to 6 students. 2011 has already been declared Pakistan-China 'Year of Friendship. The Pak-China Friendship year 2011 also marks the 60th anniversary of the establishment of diplomatic relations between the two countries. China and Pakistan are closely linked with mountains and rivers and there has been a long history of friendly exchanges between the people.-NNI

HYDERABAD: Sindh Chief Minister Syed Qaim Ali Shah said that the government had planned to bring about extensive reforms in the education sector with the help of international assistance. He said that financial year 2011-12 would be a year of development. "Recently President Asif Ali Zardari visited the United Kingdom where he was assured of Rs 20 billion support for improvement in the education system," the Chief Minister said while addressing a public meeting at Matli, district Badin. The event was organised by PPP Matli chapter to mark the 18th death anniversary of a former provincial finance minister Shaheed Ismail Odhejo. The Chief Minister said the government would carry out mega development projects in the current year for which huge funds had been set aside. "Besides, reinforcement of the ravaged irrigation infrastructure, education, health and agriculture sectors have been put on the priority list of development," he added. He said that in addi-

tion to the indigenous resources, foreign assistance was being utilized in development schemes. "With the help of successful foreign visits of President Asif Ali Zardari, the international community is today offering economic assistance to Pakistan for development," Qaim said. Chief Minister stressed that despite the international economic recession, the PPP government managed to create 65,000 jobs for the youth in Sindh while also extending benefits to over one million poor women through Shaheed Benazir Bhutto Income Support Programme (BISP). "We also distributed free agricultural land to poor peasants so that they can cultivate their own land," he said, adding that 62,000 acres of land had been distributed so far and the remaining 45,000 acres would be given soon. Responding to the complaints of local people about the shortage of irrigation water, the Sindh Chief Minister said the government was working on several schemes for the rehabilitation of canals and

water-courses to increase their capacity. "Shortage often occurs due to long neglect of the capacity of canals and watercourses which has reduced and this hampers water supply to the tail-end areas," he explained. Lauding the services of Shaheed Ismail Odhejo, Qaim Ali Shah recalled that Odhejo was a brave and sincere worker of PPP who was gifted with a natural talent to organize the party in his area. "Besides his medical profession, he was an expert of accounting and administration," he added, saying the PPP was bestowed with brave and loyal workers who always rendered sacrifices for the cause of democracy. "No political party in the South Asian region including the Congress Party of India has such a record of sacrifices like the PPP," he pointed out. He said the PPP was still a popular party among the people, adding that the party's government would foil all nefarious designs of anti democratic elements which were against democracy, development and peace in Pakistan.-Agencies

KARACHI: Students of Karachi University, French Certificate Language Course in Area Study for Europe performing French drama about the problems of Karachi. -Staff Photo

Importance of Vocational Training

Export of skilled workers can help raising remittances Shabbir Kazmi Training and skills development play vital role in the development a country. The demand for vocationally trained and technically educated human resource rises with industrialisation and modernisation of production units and work premises. Therefore, skill and capital are complementary. A review of the status of vocational training, policies and practices and their impact on the development of human resource in Pakistan demands urgent measures to enhance skill development programmes. It is also evident that there exists a wide gap between demand and supply of efficient manpower and lack of coordination amongst government and private sector. There is a need to update and revise the existing curriculums, enhance expertise of the teachers, and strengthen the Institutions. Pakistan has favourable demographic transition trend, therefore, there is a need to exploit it properly. The key industries of Pakistan include textiles and clothing, sugar, automobiles, fertilizer, refining etc. However, a quick review shows an

acute shortage of institution which can impart contemporary education. Vocational training can improve efficiencies, minimise wastages and achieve greater value addition. Though, textiles and clothing sector has the most elaborate infrastructure, it suffers from gross inefficiencies. The ginning factories still use highly obsolete technology which damages the fiber. The ultimate result is that Pakistan still produces coarse counts of yarn from cotton capable of producing medium and fine counts. Weaving and processing is done on outdated machines. Output of workers involved in stitching (assembly lines) is very low. Wastages are highest at cutting level, due to nondeployment of computer-aided technology. If modern technology is used fabric waste can be reduced by twothird. Sugar is the largest agro based industry and the driving engine of rural economy. However, the average capacity utilisation is pathetically low. The industry is capable of producing 9 million tons refined sugar but average annual production hovers around 3.5 million tons. The factors responsible for poor capacity

utilisation include from an acute shortage of sugarcane to inefficient plants. Production and productivity of sugarcane can be doubled by planting high yielding varieties and better crop management without enhancing area under sugarcane cultivation. A little attention on sugarcane crop can help in saving millions of dollars being spent on import of refined sugar. In fact this industry can help in earning millions of dollars by exporting sugar, molasses and ethyl alcohol. However, this is not possible without improving skills of all those involved, from growers to sugar technologists. NAVTEC Realising the role of skilled and technically educated manpower for development of overall national economy, the Government of Pakistan has established the National Vocational & Technical Education Commission (NAVTEC). The Commission has been assigned the mandate to facilitate, regulate, and provide policy direction for technical education and vocational training to meet national and international demand for skilled manpower. The Commission reviews, devises

policy and evolves strategy/prepares training programmes relating to human resource development focusing on technical education. NAVTEC is also responsible for developing national occupational skills standards, curricula and trade testing certification systems for all sectors in which technical education and vocational training is imparted. NAVTEC in collaboration with the Ministry of Tourism, Pakistan Institute of Hotel & Tourism Management (PITHM), Tourism Development Corporation of Punjab (TDCP), Pak-Austrian Institute for Tourism & Hotel Management (PAITHOM) and Lahore Institute of Technical Education (LITE) organizes courses of different duration for tourism and hospitality sector.These courses are organised at Karachi, Lahore, Faisalabad, Rawalpindi, Swat, Gilgit, Hunza, Skardu and Chitral. As a model of public-private partnership, NAVTEC in collaboration with Marriott Hotel also runs courses in hospitality at Islamabad. Training courses include front office (receptionist), food service (waiter), food production (cooking) and housekeeping. Courses are designed

to impart skills to both men and women with minimal literacy and comprise theory and on-the-job practice at selected hotels. Responding to the demands of skilled manpower for the construction sector, NAVTEC in collaboration with Construction Technology Training Institute (CTTI), Islamabad, Lahore Institute of Technical Education (LITE) Lahore, Balochistan Institute of Technical Education at Quetta organizes training courses ranging from three to six months duration. Training courses include construction material laboratory technician, civil draughtsman, basic civil surveyor, mechanic, heavy machinery operator, electrician, turner mechanist, carpenter, building painter, steel fixer, plumber, sanitary and brick layer/mason. Keeping in view the key role of agriculture sector in creating job opportunities, NAVTEC in collaboration with the best agricultural universities organizes skills development courses in livestock and dairy sector. Courses are conducted at Agriculture University Faisalabad, University of Veterinary and Animal

Sciences Lahore, Islamia University Bahawalpur, and Bahauddin Zakariya University Multan. Manpower Export Many experts term large population of Pakistan a curse. However, they don't realise that it is one of the biggest assets of the country. At presently workers remittances amounts are getting close to one billion dollars per month and there is potential for further growth. Some of the critics are also afraid of 'brain drain' but do not take into account high unemployment rate prevailing in the country. Till recently Pakistan has been exporting unskilled or semi skilled workforce, often accused of suffering from low productivity as compared to the workers from India, Sri Lanka, Thailand and Bangladesh. A little focus on vocational training in the trades most demanded in the Middle East can help in getting better recognition for themselves as well as earning more foreign exchange for the country. A better interaction with the consulates of these countries can help in removing the label that Pakistanis are not good workers.


9

Wednesday, July 27, 2011

Oil seesaws on US debt fears, weak dollar Weak German, UK data taken in stride by markets LONDON: Oil prices rose in choppy tradeon Tuesday as investors looked to the US debt talks, changingdirection as the focus shifted back to a weaker dollar fromconcerns about the impact of a potential debt default on demand. By 1513 GMT, US crude oil rose 38 cents to $99.57 abarrel, flipping direction between gains early in the day, thena drop of more than $1 and then another rise. ICE Brent crudefutures were up 33 cents to $118.37. Trading volumes were relatively low for both contracts. A weak dollar supports oil prices, making dollar-denominatedoil cheaper for holders of other currencies. Better-than-expected data on US consumer confidence alsoprovided some support for oil. "There is a political circus, and everyone is saying itcould be a disaster if the ceiling is not

act could costjobs and do serious damage to the world's biggest economy. If the debt ceiling is not raised, the US would not beable to pay bills that include monthly Social Security checks,which may lead to a drop in energy consumption. "The view is that any default or ratings downgrade for theUSwould hurt demand for oil, at least initially," said PhilFlynn, an analyst at

Indian sugar eases on higher supply outlook

Palm oil gains as output seen slowing

MUMBAI: India's sugar futures fell on Tuesday on profit taking and hopes the government will release higher amount of nonlevy quota for August to dampen prices during the festival season, dealers said. The most active sugar for August delivery on the National Commodity and Derivatives Exchange ended 1.27 per cent lower at 2,795 rupees per 100 kg. It had 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 0.44 per cent to 2,700 rupees per ($61.09) per 100 kg. Non-levy, or free-sale sugar, is sold by millers in the open market, but the quantity each mill can sell is fixed by the federal government on a monthly basis. 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. 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

KUALA LUMPUR: Malaysian palm oil futures bounced back in light trade on Tuesday as investors bet on talks of slower production due to drier weather in major planting areas, although uncertainty about the global economy still weighed. Palm oil, which has lost 18 percent so far this year, has been choppy due to talks of higher output in top suppliers Indonesia andMalaysia as well as mounting concerns about US debt. "Weather is still in play, any significant movement in grains futures and the global market is going to impact Malaysia palm oil," said a trader with foreign brokerage in Kuala Lumpur. "The market is looking for new leads." The benchmark crude palm oil contract on Bursa Malaysia Derivatives rose 0.3 percent or 10 ringgit to 3,110 ringgit ($1,046.081) per tonne by midday. Overall traded volume was more than halved to 6,234 lots of 25 tonnes each from the usual 12,500 lots. "Market is trading in technical range of 3,000 to 3,150 ringgit a tonne, it is expected to last until the end of fasting month," said another trader in

raised, but the marketis not pricing in any catastrophic potential," said OlivierJakob, analyst at Petromatrix in Zug, Switzerland. President Barack Obama urged Republican and Democraticleaders to reach a fair compromise on raising the US debtceiling to avoid default, warning that failure to

PFGBest Research in Chicago. Despite investor concerns, many analysts expect the UnitedStates to reach an agreement soon and prices to recover, drivenby expectations of steady demand amid reduced global output. Jakob at Petromatrix pointed to thin volumes and entrenchedranges, with Brent crude hemmed in between its 100day movingaverage of $116.50 and the psychological level of $120 and UScrude seeing resistance at the $100 per barrel level. "On London's ICE, for example, not even half as many Brentcontracts have been traded over the past few days as on averagein June," the note said. US crude oil inventories were forecast to have fallen forthe eighth straight week last week as the import level is likelyto have leveled off, a preliminary Reuters poll showed ahead ofthe data. -Reuters

Kuala Lumpur, referring to the Muslim holy month of fasting, Ramadan, next month. Production in major producing countries is expected to start slowing during the onemonth fasting observance starting from August. Output may slow down further as mostly Muslim estate workers take a break for a key holiday, Eid Al-Fitr. "Except news on debt crisis there isn't much momentum pushing the palm oil market," the trader said. US President Barack Obama on Monday called on divided congressional leaders to compromise and break a deadlock over raising the US debt limit that he said risked a "reckless" national default. Prices of vegetable oils held steady by midday on Tuesday on the back of firmer crude oil. Soyoil futures for August delivery on Chicago Board of Trade rebounded 0.2 percent in Asia trade hours after it ended lower due to improved weather in US Midwest and weaker crude oil the previous session. In China, the most active May soyoil on Dalian Commodity Exchange barely moved in Asian hours. Reuters

Copper hits 1-wk high on weak dlr, fund buys LONDON: Copper rallied to its highest in a week onTuesday, lifted by a sagging dollar, fund buying and a strike at the world'sbiggest copper mine, which focused investors on supply. LME copper closed at $9,820 a tonne, up from a close of $9,655 onMonday. The metal used in power and construction last week rallied to $9,873.50,its highest since mid-April. Earlier on Tuesday, it hit $9,850.25 a tonne. Base metals are being buffeted by the global economic outlook, and US andeuro-zone sovereign debt in particular, during the seasonal summer slowdown whenbuying from top consumer China is typically weak. Funds that buy on momentum signals, known as commodity trade advisers(CTAs), have played a part in the price run-up of the past few days, traderssaid. "Looking forward, the key to the entire complex is the dollar," head ofmetals trading Steve Hardcastle at Sucden Financial said. "Technically thedollar is oversold and is due for a correction, and that is liable to coincidewith a resolution to the US debt negotiations taking place at the moment." Rising prices may entice larger hedge funds to open fresh long positions,especially given supply side concerns that could crimp concentrate supply goingforward, another LME category one trader said.

The world's top copper mine, Chile's Escondida, said on Tuesday it would notaccept an invitation by a government mediator for talks with striking workerswhose work stoppage is in its fifth day. Escondida, which produces nearly 7 per cent of the world's mined copper,stands to lose production of about 3,000 tonnes per day during the strike. "The daily loss of production is

Shanghai copper rallies The most-active October copper contract on the ShanghaiFutures Exchange climbed 1.8 percent to close at 72,810yuan per tonne.Other Shanghai-traded metals including aluminium and zinc rose at least 2 percent to 18,015 yuan and18,900 yuan, respectively. quite sizeable and may exacerbate theongoing tightening process in the global refined market," Credit Suisse PrivateBanking said in a note. A poll of 24 commodities analysts expect copper to be in a deficit of morethan 340,000 tonnes this year. Copper was little changed after a swathe of US data. US consumerconfidence edged higher in July as jitters over the outlook eased, thoughconsumers remained gloomy about their cur-

rent situations, according to a privatesector report. New US single-family home sales unexpectedly fell in June, but a sharprise in prices and declining supply suggested the market for new houses wasstarting to stabilise, a government report showed. Among other metals, overall economic uncertainty may dent demand foraluminium, but producer Norsk Hydro still plans to further increaseoutput, Chief Executive Svein Richard Brandtzaeg said. "We remain optimistic about the prospects for aluminium demand," he said. "However, recent increased uncertainty due to a more volatile macroenvironment and sovereign debt issues may result in increased demandfluctuations in the coming months." Aluminium ended at $2,652 -having hit its highest in six weeks at$2,659 -- from $2,620 a tonne. Zinc, used in galvanising, closed at $2,532 -- its highest in morethan three months, spurred on by momentum-based fund buys. It had closed at$2,470 on Monday. Battery material lead was untraded in rings but bid at $2,720 from$2,675 a tonne and nickel ended at $24,100 from $23,800 a tonne. Tin, having hit a two-month high at $28,625 a tonne, closed at$28,600 a tonne from $28,150. -Reuters

Sugar up on Brazil crop prospects, coffee rises LONDON: Sugar futures rose on Tuesday, underpinned by uncertainty over top producer Brazil's crop size, while coffee futures were also higher but with the upside capped by investor jitters over potential for US debt default. ICE Cocoa was steady, supported by the weaker dollar. Sugar futures rose on fund and investor buying linked to a weaker dollar, with diminishing prospects for Brazil production supporting prices. "The weaker dollar is fuelling fund buying of sugar futures," a senior sugar futures dealer said. "The market is awaiting the latest Brazil production numbers from (industry group) Unica later today." ICE raw sugar futures remained below October's contract high of 31.68 cents per lb hit the previous session, supported by lower-than-expected production in Brazil. "ICE sugar prices have edged up in early trade this morning with worsening expectations of the Brazilian crop dominating prices and sentiment that has seen front month prices hovering around five month highs," Barclays Capital said in a daily commodities note. October raw sugar on ICE was up 0.28 cents or 0.9 per cent at 31.02 cents a lb at 1447 GMT. Prices hit a five-month high on Monday but quickly eased back. October white sugar on Liffe rose $6.70 or 0.8 per cent to $804.10 per tonne after touching a contract high of $821.00 on Monday. Arabica coffee futures on ICE were higher as dealers said macro economic developments were key to investor sentiment in soft commodities. September arabica coffee on ICE rose 1.1 cents or 0.5 per cent to $2.4405 per lb. The contract dipped to $2.38 on Thursday, its lowest level since January. -Reuters

Tokyo rubber higher, US debt woes cap gains BANGKOK: Tokyo rubber futures ended higher on the back of firmer US oil prices on Tuesday, but gains were limited by the stalemate in the United States over the government debt ceiling, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for January 2012 delivery, which made its debut on Tuesday, rose 3.8 yen from the opening price to settle at 387.6 yen ($4.95) per kg. The most active contract on the Shanghai futures exchange for January delivery rose 650 yuan to finish at 36,340 yuan ($5,638) per tonne. "Rubber found support from firmer oil prices ... But gains were limited by concerns about the inconclusive US debt issue," one dealer said. Oil prices were steady to higher on Tuesday. President Barack Obama urged Republican and Democratic leaders to reach a fair compromise on raising the United States' debt ceiling to avoid the first default in the country's history. -Reuters

BUDAPEST: Farmers harvest wheat at a field near Mezokovesd, Budapest. -Reuters

NY cotton finishes easier in slow dealings NEW YORK: Cotton futures ended easier Monday on investor sales as a lack of leads and the negative mood brought on by the US debt crisis conspired to keep fiber contracts on the defensive, analysts said. The key December cotton futures on ICE Futures US fell 1.88 cents to end at 96.76 cents per lb, trading from 95.13 to 98.99 cents. It was the lowest close for the second-position contract since mid-September 2010, Thomson Reuters data

showed. Business was light. Total market volume hit around 8,000 lots at 1746 GMT, potentially the lowest since May 23 and over 50 per cent below the 30-day norm, Thomson Reuters preliminary data showed. "We're in the doldrums," said independent cotton analyst Mike Stevens in Louisiana. Mills are shying away from cotton futures because they are wrestling with an "overhang" of bumper supplies that has yet to

be drawn down, analysts said. The stalemate in talks in Washington to raise the US debt ceiling added to the glum mood in cotton futures because outside markets like stocks slid and safe-haven funds flocked into gold and Swiss francs. "The outside markets are not helping any," said Stevens. Traders are now looking toward the USDA's weekly crop progress report to gauge the condition of the US cotton crop. -Reuters

Gold steady below record; US debt talks eyed SINGAPORE: Gold held steady below itsrecord high on Tuesday as investors waited to see if PresidentBarack Obama's appeal for lawmakers to break a deadlock in US debt talks would succeed, while the euro-zone debt crisis lentsupport. Spot gold was little changed at $1,615.36 an ounce by0634 GMT, slightly firmer after Obama warned that failure toreach agreement to avert default could cause a deep economiccrisis and urged Republican a n d Democratic leaders to reach acompromise. US gold edged up 0.2 per cent to $1,615.60. "President Obama tried to add some confidence on the debttalks, but people still have doubt," said Peter Fung, head ofdealing at Wing Fung Precious Metals in Hong Kong. An agreement on raising the US debt ceiling beyond $14.3trillion could take some heat off gold and trigger a correction to the $1,560 to $1,570 level, Fung said. "But over the medium- to long-term, gold is still going tobe on the upside as people will still be seeking a safe haven ingold with the problems around the world."

Spot gold hit a record high of $1,622.49 on Monday, and islikely to reach $1,644 in the short term on the chart, Reutersmarket analyst Wang Tao said. Last week Standard & Poor's warned there was a 5050 chancethe US AAA credit rating could be cut within three months. "There is an increasing chance of downgrading, even if thedebt ceiling is raised in

the last minute," said Ong Yi Ling, ananalyst at Phillip Futures in Singapore. "Unless a long-term, more credible deficit reduction plancomes along, rating agencies will keep the US on negativewatch, which will benefit gold." Underpinning sentiment in bullion, Moody's cut Greece'scredit rating further into junk territory on Monday and said itwas almost certain to slap a default tag on its debt as a resultof a new EU rescue package. India, the world's largest gold consumer, raised interestrates by a higher-thanexpected 50 basis points on Tuesday tofight against stub-

bornly high inflation. Investors in majoremerging economies, such as India and China, have shown growinginterest in gold, seen as a good hedge against inflation. South Africa's National Union of Mineworkers (NUM) said onMonday wage talks with the country's big gold miners had brokendown and it would give them a 48hour strike notice on Tuesday. South Africa was the world's fourth-largest gold producer in2010, after China, Australia and the United States, Reuters datashow. Holdings in the SPDR Gold Trust, the world's largestgold-backed exchange-traded fund, remained unchanged at1,241.769 tonnes, while holdings in iShares Silver Trust,the world's biggest silver ETF, rose 42.44 tonnes to 9,891.61tonnes -- their highest since June 10. Spot silver gained half a per cent to $40.51. It hit$41.05 in the previous session, its highest since May 4 whenprices were tumbling from a record high of $49.51 set on April28. Silver could rise towards $42 to $43 if gold strengthensfurther, as investors look for a cheaper alternative to gold,Ong of Phillip Futures said. -Reuters

National Commodity Exchange Ltd Trading Summary Date

26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-Jul-2011 26-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

99.09 99.68 99.68 99.15 99.33 99.68 40.43 40.75 40.75 40.41 40.93 40.75 1618.70 1617.50 1618.10 1618.40 1617.70 1615.30 1613.00 44725.00 44796.00 44810.00 44758.00 44768.00 52205.00 52205.00 45965.00 45896.00 45913.00 45931.00 45948.00 52855.00 52,909 52,885 52,814 52,925

99.80 100.16 100.46 99.72 100.05 100.46 40.75 40.97 40.75 40.74 40.93 40.75 1620.30 1620.60 1621.00 1620.00 1617.70 1621.00 44638.00 44786.00 44796.00 44810.00 44758.00 44768.00 52205.00 52205.00 45965.00 45896.00 45913.00 45931.00 45948.00 52954.00 52,909 52,885 52,905 52,925

98.60 98.98 99.68 98.63 99.30 99.68 40.04 39.89 40.35 40.24 40.04 40.35 1609.00 1609.00 1610.00 1611.40 1611.70 1612.60 1613.00 44600.00 44665.00 44679.00 44628.00 44638.00 52053.00 52053.00 45816.00 45867.00 45765.00 45782.00 45799.00 52700.00 52,828 52,711 52,730 52,750

99.63 100.02 100.46 99.63 100.02 100.46 40.34 40.35 40.35 40.34 40.35 40.35 1611.00 1611.70 1612.20 1611.00 1611.70 1611.70 44638.00 44655.00 44665.00 44679.00 44628.00 44638.00 52053.00 52053.00 45816.00 45867.00 45765.00 45782.00 45799.00 52769.00 52,828 52,711 52,730 52,750

Traded Volume in lots 594 300 130 18 45 402 62 148 1,142 2,485 1,811 19 13 2 3 23 5 10 -

Previous Settlement Price 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 1618.20 1619.30 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

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 99.63 477 100.02 145 100.46 99.63 105 100.02 11 100.46 40.34 21 40.35 121 40.35 1 40.34 20 40.35 40 40.35 1611.00 1,473 1611.70 2,555 1612.20 2,349 1611.00 9 1611.70 1612.20 12 1613.40 1 44655.00 4 44665.00 44679.00 44628.00 44638.00 52053.00 52053.00 45816.00 45867.00 45765.00 45782.00 45799.00 52769.00 4 52,828 5 52,711 52,730 48 52,750 6


10

Wednesday, July 27, 2011

Arafat deems to return to Int’l cricket

PCB rules out change of venues for Pak-Lanka series ISLAMABAD: The Pakistan Cricket Board (PCB) has ruled out any change of venues for this year's series between Pakistan and Sri Lanka. Pakistan are scheduled to play their home series against Sri Lanka in OctoberNovember in the UAE which comprises five Tests, five oneday internationals and a Twenty20 match. But the newly-appointed chairman of Sri Lanka Cricket (SLC) interim committee Upali Dharmadasa recently made a conflicting statement that the UAE venue for the series had not been confirmed yet. 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

Sahi for all efforts in getting Sajjad his cash prize ISLAMABAD: Pakistan Athletics Federation (PAF), President, Muhammad Akram Sahi has said that he will do all efforts for athlete Muhammad Sajjad to get his cash prize for the bronze medal which he won in Asian Indoor Games held at Macau,China. Sahi told APP on Tuesday that he has asked Pakistan Air Force to provide him with detailed information of their athlete Muhammad Sajjad so that he can be rewarded with his cash prize. Sajjad claimed the medal competing in 60 metre hurdle raceduring the event. Akram told APP that all this happened in the previous tenure and he was unaware of complete details of the issue that is why this matter got delayed so much. "I have asked the air force to provide me with complete details of Sajjad so that I can help him in getting his cash reward that he deserves," he said. Akram, however, promised to look into the matter himself saying that he could do anything for the betterment of athletes. -APP

Committee meeting and then only we can communicate with the PCB and finalise the venues, Dharmadasa was quoted as saying by the Daily Mirror. He has also said that the SLC would again try to convince the PCB to host the series in Sri Lanka as it would also give the Sri Lankan fans the chance to watch the matches. The PCB which had previously refused to play the series in Sri Lanka and preferred the UAE because it offered better profits again made it clear that the series would be held in UAE. A PCB official said that there was no chance of change of venue for the series. "The venue and dates for the series were finalised after approval from the previous management of Sri Lankan Cricket (SLC). And their interim management must be knowledge-

able about that as it is on records," PCB Media Manager Nadeem Sarwar told APP. He said that the PCB had not received anything in written from the current SLC management about the change of venue and the board was trying its best to hold the series in a befitting manner. "A PCB team is currently on visit to UAE to finalise tour itinerary and make arrangements for the series," he informed. 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. Zayed International Cricket Stadium in Abu Dhabi and Dubai International Cricket Stadium in Dubai Sports City are the two most likely venues. While Sharjah Cricket Stadium is also under consideration as a venue for a Test match or oneday internationals. -APP

Lawyer informs court doubts over Kaneria integrity KARACHI: Pakistan test spinner Danish Kaneria will not be considered for national selection until the Pakistan Cricket Board have no remaining doubts about his integrity, the PCB told a High Court hearing on Tuesday. The board's legal counsel, Tafazzul Rizvi, made the statement at a hearing of the Sindh High court that is hearing a petition filed by Kaneria against the PCB's refusal to clear him to play international cricket. Kaneria claims the PCB should not consider him ineligible. The leg-spinner had his contract terminated by English county Essex last season after he had come under investigation in a spot-fixing case involving a Pro-40 match. Essex police cleared Kaneria, 30, who submitted letters to the PCB from the International Cricket Council (ICC) and his county team to prove he was not under investigation. "Kaneria cannot be considered for selection unless he produces the documents and material related to his ques-

tioning by the police last year," Rizvi told the court after Kaneria asked the court to direct the PCB to consider him for next month's tour of Zimbabwe. "I told the court we don't want to mislead anyone but after the embarassment Pakistan cricket faced last year in the spot-fixing case involving three of our players we are taking no chances at all on this issue," Rizvi later told Reuters. Rizvi said he had told the court the PCB had formed its integrity commitee as per the new anti-corruption laws of the ICC and until the player submitted transcript and tapes of the statement he gave to Essex police the commitee would not clear him. "He was investigated in a spot-fixing case and the committee wants to be absolutely sure he is in the clear once for all," Rizvi added. Kaneria, who has taken 261 wickets in 61 tests, last appeared for Pakistan against England in Nottingham in August 2010. The court set a date of Aug. 18 for the next hearing. -Reuters

SHANGAI: Bronze medalist Irie Ryosuke of Japan celebrates after the men's 100m backstroke final at the 14th FINA World Championships.-Reuters

Butt refuses to talk to media ISLAMABAD: Pakistan Cricket Board (PCB), chairman, Ijaz Butt arrived at Lahore on Tuesday after fourweek but refused to talk to media upon his arrival. A large number of media personnel were present at the Allama Iqbal International Airport, Lahore to ask the PCB chairman questions about his foreign tour but when Ijaz Butt saw them, he changed his course and headed towards the parking lot, a private news channel reported. However, when media chased Butt to the parking lot, he said that he could not answer any questions because he is tired after travelling. Butt returned to the country after attending the International Cricket Council (ICC) conference in Hong Kong. -APP

Maryam Jannat clinch 1st position in swimming gala

HUB: Participants of Jashn-e-Azadi Cycle Rally passing through Hub. -Online

ISLAMABAD: Maryam Jannat stood first in breaststroke U-12 (25 metre) event by displaying excellent skill and technique in the annual swimming gala organised by Islamabad Club at its pool. A large number of people of different age groups participated in the two-day event. Rafa Niazi was declared the best swimmer in men's category, while Ara Ghani and Amna Hayat clinched top positions in ladies' category. Medals and certificates were awarded to position holders by the management of the Islamabad Club. -APP

ISLAMABAD: Pakistan allrounder Yasir Arafat, whose career has been largely curtailed due to injuries, feels that there is still plentiful of international cricket left for him. "I have always had faith in my ability. I have always believed that I am good enough to play on a consistent basis for Pakistan and I still believe that I am good enough to play for Pakistan," PakPassion.net quoted Arafat on Tuesday as saying. "Whether that opportunity presents itself is something that is in the hands of the selectors, but I know that if I ever get the chance to play for my country again, then I will give my all, as I always do," he added. The 29-year-old further insisted that he could fill the all-rounder slot for Pakistan in any format of the game. "I'm eager to make a return for Pakistan and at the age of 29 I feel that I am not past my best," Arafat said. Arafat is currently playing county cricket in England. He has also appeared in domestic Twenty20 competitions in South Africa and New Zealand. Arafat's last appearance for Pakistan was in February last year in Dubai against England. -APP

Dhoni blames illness for Tendulkar's Lord’s lows LONDON: India captain Mahendra Singh Dhoni said illness played a key role in Sachin Tendulkar's poor returns during the first Test against England here at Lord's. Tendulkar was kept waiting for an unprecedented 100th international hundred after being dismissed for 34 and 12 as England won what was the 2,000th Test of all-time by 196 runs on Monday to go 1-0 up in the four-match series. 'The Little Master', whose 51 Test centuries and 48 in one-day internationals are both world records, was rested from India's recent tour of the West Indies. Tendulkar, who owns a property near Lord's, had spent much of the past month practising at the 'home of cricket'. But during the course of the first Test he was struck down by a viral infection which forced him to spend most of Sunday's fourth day off the field and that meant he had to bat out of position in India's second innings.

"He was much better (Monday) but I wouldn't say he was like 100 percent fit," Dhoni said. "But in both innings he really felt it, especially after the first innings when he felt quite weak. "That was one of the main reasons he didn't turn up on the field in the first half of the second innings. He's much better right now but of course not 100 percent." Tendulkar struck several impressive boundaries during his first innings before edging a good length ball from Stuart Broad to second slip Graeme Swann. But the 38-year-old's second innings was a far more muted affair, featuring just one four in 85 minutes at the crease. Tendulkar spent 38 balls on 11 and was then dropped by England captain Andrew Strauss at first slip off James Anderson on 12. But, two balls later, Anderson nipped one back to have Tendulkar lbw.-Reuters

Controversy averted at launch of KG Ramzan Cricket KARACHI: A major controversy was averted at media briefing of 26th Karachi Gymkhana Ramazan Festival Cricket Tournament 2011 for the Bahria Town Trophy on Tuesday after club's President Ali Rahim's timely intervention. For the first time no pre-draw ceremony was held and last year's finalists were placed in the same group to which some participants and media raised objection and declared it unfair. Considering the situation, KG President ordered fresh draw which was held after the press conference. The draws of the tournament were taken out in the open and the previous schedule, circulated at the start of the press conference was declared null and void by the organising committee. The formal launching of the event was performed by Zain Malik, Director, Bahria Town, in presence of former Sindh Sports Minister Dr. Muhammad Ali Shah, Siraj-ul-Islam Bokhari, President, Karachi City Cricket

Association (KCCA), and other Gymkhana officials, Iqbal Umar, Jahangir Moghul and Saleem Yousuf. Tournament Director, Mian Azmat Hussain and Sports Convener Saleem Yousuf who unveiled the details of the tournament in media briefing at the Gymkhana's Banquet Hall took the hard-hitting questions of media in a sporting fashion. The tournament starts on the first of Ramazan-ul-Mubraik, carries an enhanced purse of Rs 825,000. The winners grab Rs 400,000 and the runners-up to pick-up Rs 200,000. Following are the group formations: Group "A": Omar CC, Dollar East, KG Blues, Brothers CC. Group "B": KESC, Advance Telecom, Dubai Islamic Bank, Karachi Stars. Group "C": Vital Five Club, Fazal-ur-Rahman Sports, AO CC, Medicam. Group "D": Tapal CC, KG Whites, Ali Sports and Bahria Town. -APP

Nowshera lift National Women trophy PESHAWAR: Nowshera lifted the coveted trophy after defeating Abbottabad in a thrilling final of the National InterDistrict Women Softball Championship played at Abbottabad Cricket Stadium on Tuesday. The final provided great thrill for the sitting spectators as the team of Nowshera comprising Hira Khan, Khatijah, Sana, Fatima, Sajida and Lubna played excellent game against strong Abbottabad in the final. The Abbottabad team including Palwasha, Maria, Sumaira, Iqra, Faiza and Shazia gave tough resistance to the Nowshera team. Abbottabad won the toss and decided to bat first by setting up six runs target. Maria, Palwasha and Faiza contributed two runs each against Nowshera team who despite tight marking got the runs. Faiza was also good in the fielding as well along with batting.-APP


Maharaja's tiger-hunting vehicle may fetch $1mn

GENEVA: World Trade Organization (WTO) Director General Pascal Lamy greets UN Secretary-General Ban Ki Moon as he arrives to attend the second day of the third Global Review of Aid for Trade at the WTO headquarters in Geneva. - Reuters

Third of world’s people infected with hepatitis: WHO GENEVA: Around one third of the global population, or 2 billion people, have been infected with the liver disease hepatitis which kills about a million victims annually, the World Health Organization said on Tuesday. And although most of those carrying hepatitis do not know they have it, they can unknowingly transmit it to others and at any time in their lives it can develop to kill or disable them, the United Nations agency warned. "This is a chronic disease across the whole world, but unfortunately there is very little awareness, even among health policy-makers, of its extent," WHO hepatitis specialist Steven Wiersma told a news conference. The conference marked the first U.N. World Hepatitis Day,

No #1

called by the world body to raise awareness of the viral disease, largely spread by contaminated water and food, blood, semen and other body fluids. Wiersma said the disease -which has five main viruses -produced a "staggering toll" on health care systems around the globe and had the potential to spark epidemics, as well as being the main cause of liver cirrhosis and cancer. Of the five viruses dubbed A, B, C, D and E, a new WHO document says, B was the most common and could be transmitted by mothers to infants at birth or in early childhood as well as through contaminated injections or injected drug use. The E virus, transmitted through infected water or food, is a common cause of outbreaks of the disease in developing countries and is increas-

Continued from page 1

joint secretary in charge of Pakistan in the external affairs ministry, Sharat Sabharwal, India's high commissioner to Pakistan, and Vishnu Prakash, the spokesperson of the External Affairs Ministry The CBMs that are expected to be announced by Krishna and Khar today (Wednesday) could include 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) from two to four, and opening of more trading points. A government source said the two sides will also discuss measures to liberalise the visa regime. The two sides also discussed possibilities of upgrading their dialogue in some areas to the ministerial level, said sources. Meanwhile, foreign minister Hina Rabbani Khar arrived in New Delhi on Tuesday for talks with her Indian counterpart S M Krishna tomorrow hoping the two countries can "move forward" as good neighbours with a stake in each other's future. "I hope that the two countries have learnt lessons from history, but are not burdened by history and we can move forward as good, friendly neighbours who have stake in each other's future and both the countries understand their responsibilities to the region and within the region", Hina said on her arrival in the Indian capital. Before departure for New Delhi Hina Rabbani Khar told reporters in Lahore that Pakistan is looking forward to a "proactive, productive and result-oriented" engagement with India on all issues, including Kashmir on which "we should not be held hostage to history". "Both the countries are looking forward to, and are committed to, an uninterrupted and uninterruptible process as has been proven in the last few months and (this) relates to peace and development in the region," she said. To a query, she said the upcoming minister level dialogue would yield positive results, expressing hope that the dialogue would achieve a breakthrough. "The bilateral dialogue is being held on equal footing and all longstanding issues, including Kashmir, will be taken up at the dialogue," the minister added. However, experts say expectations of a breakthrough in peace talks between India and Pakistan today (Wednesday) remain low, but the fact the nuclear armed rivals keep talking is a sign that neither side wants to slide back toward conflict in the world's most dangerous region. "We have told Pakistan we are willing to discuss all issues with an open mind," a senior Indian government source said. "It will be an incremental process. It's not a 'big bang' thing," said the source, who declined to be identified, referring to the unlikelihood of any dramatic breakthrough. US Secretary of State Hillary Clinton visited New Delhi last week and urged India and Pakistan to normalize ties. Distrust runs deep and US plans to start pulling troops out of Afghanistan, a country both India and Pakistan have long competed over for influence, adds a fresh challenge to an already volatile, yet strategic region. - Agencies

11

International & Continuations

Wednesday, July 27, 2011

ingly observed in developed economies, according to the WHO. The WHO says effective vaccines had been developed to combat the A and B viruses and could also be used against D. A vaccine for hepatitis E had been developed but was not widely available, while there was none for the C virus. Vaccination campaigns had scored considerable success in many countries, with about 180 of the WHO's 193 member states now including the B vaccine in infant immunization programs, the agency said. But more needed to be done to prevent or control the disease. It was vital to ensure that people already infected could be tested and given quality care and treatment without delay, the WHO document declared. - Reuters

NEW DELHI: Auction house Bonhams will put under the hammer a rare Rolls Royce Phantom modified for tiger hunting by an Indian maharaja during the days of the British Raj, featuring a mounted machine gun and a cannon, that may fetch up to $1 million. The custom-made 1925 Rolls Royce was originally commissioned by Umed Singh II, the maharaja of Kotah in the 1920s at a time when tiger hunting was hugely popular in India. The flaming red vehicle, with a convertible canvas roof and bespoke hunting features including a double-barreled shotgun, spotlights for night hunting and a mountable Lantaka cannon, is expected to fetch up to $1 million when it goes on the block in midAugust in Carmel, California. "It was quite common, most of the maharajahs had specialized customized cars manufactured in the U.S. and they even had gilted frames and all sorts of things," said Pran Nevile, a writer and expert on India's colonial era known as the British Raj. The car's 8.0-liter, 6-cylinder engine with a low gearing ratio allowed "it to creep powerfully through the roughshod jungles of Rajasthan," wrote Bonhams. For centuries, big game hunting of tigers, leopards and Asiatic lions in India's forests was a favored pastime of India's rulers from the Mughal emperors to the British elite. While much tiger hunting was carried out on elephant-back, some Indian maharajahs, or "great kings" of princely states across India including arid Rajasthan, took things to the extreme. "It was more for a show but everything would be ready and then they would then go and take this Rolls Royce up to a point or the hills and from there shoot the tiger that was already captured by their servants," Nevile told Reuters. - Reuters

Norwegian killer probably insane: lawyer OSLO: The lawyer of a Norwegian who killed at least 76 people in a bombing and a shooting spree said on Tuesday his client appeared to be a madman. Friday's attacks by Anders Behring Breivik traumatised normally peaceful Norway, which has been struggling to come to terms with its worst peace-time massacre of modern times. "This whole case indicated that he is insane," Geir Lippestad said of the 32-yearold Breivik, who has confessed to "atrocious but necessary" actions, but denies he is a criminal. The lawyer said it was too early to say if Breivik would plead insanity at his trial, adding that his client might oppose this as he felt that only he "understands the truth." Lippestad said Breivik had stated he belonged to an antiIslam network that has two cells in Norway and more abroad. But police believe Breivik probably acted alone in staging his bloody assaults, which have united Norwegians in revulsion. "He hates all Western ideas and the values of democracy ... he expects that this is the start of a war that will last 60 years. He looks upon himself as a warrior. He starts this war and takes some kind of pride in that," Lippestad said. Lippestad, a member of the Labour party whose youth wing was the target of shooting rampage on an idyllic island, said he would quit if Breivik did not agree to psychological tests. "He has a view of reality that none of the rest of us share," said Lippestad. He was previously best known for defending a right-winger who

in 2002 got 17 years in prison for the racially motivated murder of Benjamin Hermansen, 15, whose father was African. Justice Minister Knut Storberget deflected criticism that police had reacted too slowly to the shooting massacre, hailing as "fantastic" their work after the attacks. "It is very important that we have an open and critical approach...but there is a time for everything," Storberget told reporters after talks with Oslo's police chief. RESPONSE TIME An armed SWAT team took more than an hour to reach Utoeya island, where Breivik was coolly shooting terrified youngsters at a Labour Party youth camp. He killed 68 there and eight in an earlier bombing of Oslo's government district. Storberget also denied police had ignored threats posed by right-wing zealots in Norway, saying: "I reject suggestions that we have not had the far-right under the microscope." Many Norwegians seem to agree the police do not deserve opprobrium for their response. At a march of more than 100,000 in Oslo on Monday night, people applauded rescue workers. The streets were full of red and white roses left after the rally, Norway's biggest since World War Two. Norwegian newspapers published pictures and names of some of those killed on the island northwest of Oslo. The youngest was 14. Many were teenagers or in their early 20s. Norway has felt some relief that Breivik seems to have acted alone in trying to save Europe from "cultural Marxism" and a "Muslim

invasion" by striking at the ruling Labour Party. Storberget told Reuters television that Norway had received a "hard lesson" but would remain an open and free democracy, even as it made unspecified changes to improve security. There would be, he said, "more openness, more political activity, a better democracy, more safety for the people, but we have to come back to the concrete measures for that." Raymond Johansen, general secretary of the Labour Party, also said Norway should remain an open society. "I see it as a quality within Norwegian society that politicians are still close to the people," he said. "I don't think society can fence itself in, but to be open and transparent is the response." Police defended themselves from suggestions that some alarm bells should have rung about Breivik. The PST security police say Breivik's name appeared only once, on an Interpol list of 50 to 60 Norwegians, after he paid 120 crowns ($22) to a Polish chemicals firm on a watch list. They found no reason to react. Researchers doubt Breivik's claim that he is part of a wider far-right network of anti-Islam "crusaders," seeing it as bragging by a psychopathic fantasist who has written that exaggeration is a way to sow confusion among investigators. "NOT PSYCHOTIC" Yngve Ystad, a Norwegian forensic psychiatrist and adviser to the police, said it was unlikely that Breivik would be found to be psychotic and thus unaccountable for his actions, or would even be able to claim diminished responsibility.- Reuters

lems would deepen further hurting the economic growth", said a corruption case had not been recovered. It seems as if government is not interested in recovering this leader of trade association. It may be recalled that the State Bank of Pakistan has kept dis- money. The court directed AG to inform court's decision to DG FIA. The hearing has been adjourned count rate unchanged at 14 percent in previous monetary policy till Monday. - Online for June-July 2011. Prior to this SBP had announced its policy on Continued from page 12 No #10 March 26 and kept the rate unchanged at 14 per cent for Aprilresulting in some 14 million people in need of humanitarian aid. Livestock was killed, crops were May 2011. destroyed, and infrastructure and other livelihood assets were damaged on an unprecedented scale. Immediately after the floods, humanitarian agencies, coordinating with the Pakistani government Continued from page 1 No #4 voting in the 49-seat State Legislative Assembly, according to and local authorities, provided food for 7 million people, safe drinking water for 8 million, and medicines for 12 million people. As the government declared a transition from relief phase to early reports. - APP recovery at the end of January 2011, humanitarian communities have been actively supporting early Continued from page 1 recovery activities and help people to restart a normal life. Major activities have included rehabiliNo #5 Secretary commerce Zafar Mahmood, Secretary statistics divi- tating water wells, improving the primary health care system, and rebuilding schools. However, much more needs to be done, and there are other key humanitarian needs in the counsion Asif Bajwa and additional secretary economic affairs division Hassan Nawaz Tarar are potential candidates for the post of try. In northwestern Pakistan, displaced people still need food, shelter, and income opportunities, the UN aid agency said. Next week in Pakistan, the United Nations and partners will commemorate the FBR chairman. anniversary in Islamabad and other areas, it said. - Online

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ballistic missile which can hit targets in the range of 60 kms. Asked if there was any need to be concerned over the assessment in some quarters that Pakistan had an edge over India in terms of the nuclear warheads, the IAF chief said, "there is no need to be worried on this." Meanwhile, responding to a query on the role of HAL, Naik said that the aerospace PSU had provided great support to the IAF in the last 50-60 years. He said already some steps were being initiated by the government to streamline the procedures in the company for "improving the quality". - Online

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The deceased hailed from Karachi and were residing in Houston city of US to earn livelihood for their families. It should be mentioned that it was third shooting incident at Pakistani nationals during last few months. The bodies of the Pakistan nationals killed in the firing, would be brought back home in the next couple of days after fulfilling the legal requirements. Meanwhile, Pakistani nationals residing in different states of US have expressed grave concern over killings and urged the US administration to bring the culprits to book and take solid steps to avoid such incidents in future. - INP

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was unevenly spread and risks are "clearly to the downside". - Reuters

No #9

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Government has transferred Hussain Asghar, former investigation officer in Hajj corruption case to FIA and he will now investigate the Hajj corruption scandal. Secretary establishment has presented notification to court in this respect Tuesday. The court ordered that DG FIA should appear before the court in person today (Wednesday) and assure the court that Hussain Asghar has been handed over the investigation into Hajj corruption case along with his previous investigation team and he has taken the charge of investigation officer and started his work. Secretary establishment Sohail Ahmad presented written explanation in the court with reference to Hussain Asghar saying that issuing notification about the transfer of grade-21 officer does not fall under his competency. CJP remarked "court has issued orders in this regard and you are Continued from page 1 No #2 bound to comply with court's orders under article 190. Bring the economic infrastructure and $410.10 million for building pronotification in the court otherwise contempt of court proceedings ductive capacity in 2009. can be initiated against you. We give another opportunity to you It indicates that though the country received AFT commitments for the sake of dignity of institution. Bring the notification", of $965.20 million from international donor institutes but only The court also inquired about DG FIA. Attorney General (AG) $554.03 million could be materialised in the year under review. told he was in Karachi in connection with some issue of illegal refugees. CJP inquired "you have not told him court has sumContinued from page 1 No #3 moned him. AG said court had given not such order in his previIn a high interest rate regime, the cost of domestic debt servicous day decision. ing increases, cost of production moves up, private sector credit in CJP said "you could tell him all the institutions were bound to general and consumer credit in particular starts contracting. All comply with the orders of SC under article 190. Later secretary this has happened in the last two years in the presence of a tight establishment presented notification of transfer back of Hussain monetary policy. Asghar. CJP remarked amount of Rs460 million had been "Now, if the SBP does not relax the monetary policy, these prob- returned to Hajjaj from national kitty but money looted in Hajj

No #11

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The Shanghai Composite Index edged up 0.5 per cent to 2,703.0 points on Tuesday, with A-share turnover hitting its lowest in a month as investors stayed away from a fragile market that has been battered over the last few sessions. Chinese oil giants and benchmark heavyweights, PetroChina Co and Sinopec Corp were among the biggest supports to the Shanghai Composite. Tuesday's gains helped lift PetroChina from technically oversold conditions ahead of the earnings season. "We are very positive on the China market outlook," Malcolm Wood, Morgan Stanley Smith Barney's Head of Asia-Pacific Strategy, told Reuters Television, pointing to "unusually low" valuations and macro data so far that points to a likely soft landing in the world's second-largest economy.-Reuters

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"We remain concerned about E&P (exploration and production) owing to a lack of clarity on D-6 production ramp-up and slow progress in exploration acreage," Goldman Sachs said in a note. It cut its 12-month target price on Reliance shares to 1,000 rupees from 1,070 earlier, while maintaining a 'neutral' rating. Telecom stocks dropped as investors took profits after Monday's huge gains. Bharti Airtel, Reliance Communications and Idea Cellular fell between 1.9 per cent and 5.7 per cent, after they had soared 5.2-15.1 per cent on Monday on hopes the tariffs would improve after Bharti raised call prices in some regions. The 50-share NSE index fell 1.9 per cent to 5,574.85 points. Market breadth was negative with losers beating gainers in the ratio of 2.6 to 1 on the NSE. Around 595 shares were traded, higher than the 90-day daily average volume of 578 million shares.-Reuters

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Some analysts said further improvements in earnings outlooks were necessary for the Nikkei to recover to pre-quake levels. "The Nikkei's P/E is already above 15, so for the Nikkei to rise further, we'll need to see more upward revisions in annual earnings outlooks," said Mizuho Securities' Miura. Utilities underperformed the market after the Nikkei business newspaper reported that fuel costs at Japan's five largest electric power companies are expected to surge a combined 2 trillion yen ($25.5 billion) this fiscal year as they rely on fossil fuel-fired plants to make up for capacity lost from offline nuclear reactors.-Reuters

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same period last year. Interest expenses grew by 22 per cent to Rs10.61 billion as compared to Rs8.69 billion for 1HCY10. Net interest income surged by 25.60 per cent to Rs22.22 billion from Rs17.69 billion during this period. The Bank recorded Rs2.43 billion as non-performing loans for 1HCY11 versus Rs 2.05 billion for 1HCY10, depicting an increase of 18.6 per cent. Operating expenses were up 21.2 per cent to Rs7.78 billion for the period ended 1HCY11 from Rs6.42 billion for 1HCY10.

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27-per cent jump in profits for the second quarter, boosted by higher crude prices. GlaxoSmithKline advanced 0.7 per cent as quarterly profits came in markedly higher than a year ago, when it took a huge legal charge. It prompted Seymour Pierce to repeat its "buy" rating. The broker said Glaxo's drugs pipeline remains one of the best in the industry. Anglo American firmed 1.2 per cent, outperforming a weaker mining index, after its 45 per centowned De Beers, one of the world's largest diamond producers, posted a 55 per cent rise in core firsthalf earnings. BP, however, fell 2.6 per cent after its underlying results fell short of analysts' forecasts and as it benefited less than rivals are expected to from a 50 per cent rise in crude prices from the same period in 2010. Its shares contributed nearly 9 points to the downside, Traders said the FTSE 100 is likely to put in future lacklustre showings as long as President Barack Obama's Democrats, and Republican rivals, are deadlocked over competing plans to raise the debt ceiling. "The FTSE is pretty quiet today as we are waiting for the US government to find a solution to the debt limit problem," said Lex van Dam, hedge fund manager at Hampstead Capital, which has about $500 million of assets under management. "If that gets resolved I expect the market to have a relief rally. If it doesn't get resolved ... well, I'd rather not think about that." The general market expectation, however, is for a last-minute solution before August 2, when the US government has said it will no longer be in a position to pay all of its bills.-Reuters


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IMF urges US to resolve debt spat NEW YORK: IMF chief Christine Lagarde on Tuesday urged the United States to quickly resolve a political stalemate over raising the debt ceiling, warning that failure to reach an agreement would have serious consequences for the world economy. "The clock is ticking and clearly the issue needs to be resolved immediately," she told the Council on Foreign Relations according to a text of her remarks. Lagarde, who has been in the job for less than a month, called on the United States to develop a credible fiscal adjustment plan but cautioned against being too hasty. "The United States could face another jobless recovery. That is why we've advised against fiscal consoli-

dation that is unduly hasty -- even as we stress the importance of getting a fiscal consolidation plan agreed soon," she said. Her warning on the dangers of not raising the $14.3 trillion debt ceiling by August 2 came as the dollar fell across the board after U.S. President Barrack Obama gave no sign of a breakthrough in deadlocked talks in a televised speech late on Monday. The U.S. faces a technical default on some of its government bonds outstanding unless it raises the debt limit. "An adverse shock in the United States could have serious spillovers on the rest of the world," Lagarde cautioned. She also urged European leaders to quickly implement measures agreed at a recent EU summit to tackle the

euro zone's debt problems and to strengthen economic governance. Fiscal problems in euro zone periphery states such as Greece, Portugal and Ireland revealed the risks posed by an incomplete economic and monetary union, she said. Turning to Japan, she called for ambitious measures to tackle the country's very high public debt levels, and urged emerging economies to act to curb signs of overheating. "Staying ahead of the curve will be essential to avoid the possible hard landing if policy action comes too late," she added. She said the IMF continued to forecast reasonable near-term global growth of about 4 to 4.5 percent through 2012 although the recovery See # 8 Page 11

Floods may again hit 2 million: UN NEW YORK: The United Nations said that up to two million people in Pakistan are again at risk from flooding, partly due to lack of funds for reconstruction in the 2010 flood-hit areas. "Major efforts are needed immediately to reduce the vulnerability of these families and implement urgent recovery and flood preparedness work on river banks, irrigation channels and other infrastructure," said UN office for the coordination of humanitarian affairs. It said that the humanitarian community is also preparing contingency plans to enable an effective response to any humanitarian needs that may rise.

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"Major preparedness measures include pre-positioning of tents and establishing coordination structures with local authorities," it said. The UN said that more than 600 million US dollars is still needed to support early recovery activities and achieve the objectives set out in the Pakistan Flood Relief and Early Recovery Response Plan. July 28, 2011 will mark the first anniversary of the 2010 floods in Pakistan, one of the world's most devastating natural disasters in recent years. Nearly a fifth of the country was flooded, affecting over 20 million people and See # 10 Page 11

Everyone bound to obey decree, says CJP ISLAMABAD: Chief Justice of Pakistan (CJP) Iftikhar Muhammad Chaudhry has said even if chief executive is impediment on the way to implementation of court's decisions then he will also be dealt with. CJP gave these remarks while presiding over a 6-member Supreme Court (SC) bench during the course of hearing of Hajj corruption case here Tuesday. See # 9 Page 11

Two Pakistanis killed in Texas DALLAS: Two Pakistani nationals were killed while a woman escaped in firing incident in Dallas city of US State of Texas. Sources said that three armed men opened fire at three Pakistani nationals including a woman while they were coming out of a shopping mall in Aurang area of Dallas city and fled from scene. As a result of firing two Pakistanis, identified as Aman alias Mehboob Pirani and Rahim Fateh Ali, a merchant, were killed on the spot while the woman narrowly escaped in the incident. See # 7 Page 11

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‘India not afraid of Pak arsenal’ NEW DELHI: Indian Air Force chief Air Chief Marshal P V Naik on Tuesday said Pakistan's new tactical nuclear missile or expanding arsenal is of no worry to India. He said India followed a 'no-first-use' nuclear policy but warned its response would be "very heavy" in the event of any nuclear attack on the country. The IAF chief's statement came following the news report that Pakistan planned to add 24 nuclear-capable, short-range missiles capable of hitting all major Indian cities to its arsenal this year. The plan is in line with Pakistan's official policy of having what is rhetorically called "maintaining a minimum deterrence", especially against India, the daily quoted sources as saying. "Our nuclear policy is of no first use.

It also talks about a very heavy response in case of a nuclear attack. It talks about a retaliatory and hard response, our policy talks about that," Naik, who demits office this Sunday, told a press conference. Naik was responding to a query on the new Pakistani tactical nuclear missile 'Nasr' which is touted to be a 'gamechanger' in future warfare. He did not agree that the new missile will be a 'game-changer'. "Tactical or strategic, it is a nuclear weapon. So, obviously our response would be absolutely violent as per our existing policy. I don't think it is a gamechanger," he added. Pakistan recently successfully tested 'Nasr', a short-range nuclear capable See # 6 Page 11

India stuns all with sharp rate hike MUMBAI: India's central bank stunned investors by raising interest rates 50 basis points, showing unexpected resolve in fighting persistently high inflation despite slowing growth in Asia's third-largest economy and uncertain global demand. The Reserve Bank of India (RBI) on Tuesday increased the repo rate at which it lends to banks to 8 per cent, topping all 23 forecasts in a Reuters poll that it would raise rates by 25 basis points, and indicated it will continue with its anti-inflationary stance. The rate rise was the RBI's 11th since March 2010 and sent bond yields and swap rates sharply higher and stocks lower.

Investors and industry officials who had expected the central bank to be nearing the end of its tightening cycle were caught off guard, with some observers criticising the RBI for acting too aggressively or too late. Tuesday's half-point rate rise is the second since May for the RBI, which had leaned towards 25 basis point rises and had been criticised for lacking vigilance in fighting inflation. The RBI warned that high nonfood manufacturing inflation and upside risks to food prices after a rise in government-set prices could keep broader inflation high in coming months.

"The RBI remains very wary of a wage-price spiral risk given that wage gains have been strong," said Vishnu Varathan, economist at Capital Economics in Singapore. Despite the steady rise in policy rates, real lending rates in India are nearly flat, giving the RBI more room to tighten. The one-year corporate loan rate is roughly 9.5-10 percent, nearly in line with headline inflation. "This is unfortunate," Sunil Sikka, president of electrical parts maker Havells India , said after the rate rise. "We thought 25 basis points could be okay. But they have not been able to tackle inflation so far," he said. - Reuters

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