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International Karachi, Saturday, June 4, 2011, Rajab-ul-Murajjab 1, Price Rs12 Pages 8

Govt lacks will power to solve crisis: Nisar

Yemen: President hurt in palace hit

See on Page 8

5 killed in Khi strike violence

See on Page 8

Nato urged to stop infiltration into Pak

See on Page 8

Economic Indicators $17.34bn 14.00% $20.15bn $32.26bn $(12.11)bn $748mn $9.05bn $1.53bn Rs 1147bn $59.54bn Rs 5617bn $649.9mn 6.75% 4.10% $1,051 176.22mn

Forex Reserves (28-May-11) Inflation CPI% (Jul 10-May 11) Exports (Jul 10-Apr 11) Imports (Jul 10 - Apr 11) Trade Balance (Jul 10 - Apr 11) Current A/C (Jul 10- Apr 11) Remittances (Jul 10 - Apr 11) Foreign Invest (Jul 10-Apr 11) Revenue (Jul 10 Apr 11) Foreign Debt (Mar 11) Domestic Debt (Apr 11) Repatriated Profit (Jul- Apr 11) LSM Growth (Mar 11)

GDP Growth FY10E Per Capita Income FY10 Population

Portfolio Investment SCRA(U.S $ in million)

247.35 2.33 2.33 2791

Yearly(Jul, 2010 up to 1-Jun-2011) Monthly(May, 2011 up to 1-Jun-2011) Daily (1-Jun-2011) Total Portfolio Invest (21-May-2011)

NCCPL (U.S $ in million)

FIPI (2-Jun-2011) Local Companies (2-Jun-2011) Banks / DFI (2-Jun-2011) Mutual Funds (2-Jun-2011) NBFC (2-Jun-2011) Local Investors (2-Jun-2011) Other Organization (2-Jun-2011)

0.91 -0.76 -2.33 -2.62 0.49 3.57 0.74

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13.43% 13.68% 13.88% 14.00% 13.55% 13.57% 13.79% 14.13% 14.25% 14.00% 14.04% 14.10% 14.24% 14.48% 14.78%

Commodities *Crude Oil (brent)$/bbl 115.49 *Crude Oil (WTI)$/bbl 100.48 *Cotton $/lb 139.09 *Gold $/ozs 1,537.60 *Silver $/ozs 36.74 Malaysian Palm $ 1,130 GOLD (NCEL) PKR 42,731 KHI Cotton 40Kg PKR 9,109 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)

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GST cut, incentives for govt staff; Rs2.76tn budget unveiled Finance Minister Shaikh presents budget for next fiscal; govt employees pay up 15pc; pension 15-20pc; revenue target set at Rs1.952 trillion; Provinces share up 16.4pc to Rs1203bn Shabbir Kazmi ISLAMABAD: Federal Minister for Finance, Dr Abdul Hafeez Shaikh Friday unveiled the Federal Budget for the fiscal year 2011-12 with an outlay of Rs 2,767 billion showing an increase of 14.2 per cent against last year. It offers a raft of incentives to the government employees including pensioners and

Rs149.72mn for Petroleum Ministry ISLAMABAD: The Public Sector Development Programme (PSDP) features no new projects for Ministry of Petroleum and Natural Resources for the financial year 2011-12. The ministry has been allocated only Rs 149.723 million for its seven ongoing projects. According to the PSDP, the allocations for the ongoing schemes include total of Rs 43.340 million for the construction of Petroleum House, See # 1 Page 7 gives top priority to increasing economic growth for generating more job opportunities. Presenting the National Budget for 2011-12 in the National Assembly, the Minister expressed the government's resolve to bring down fiscal deficit to 4 per cent, bringing inflation down to single digit, enhancing resources to meet the development requirements for the socioeconomic development of the country. He said that the government in the outgoing budget approved 50 per cent ad hoc relief to its employees besides ensuring their medical allowances and pension. He said that despite the difficult economic situation, the government is fully aware of the problems of the government employees. In this regard the government in the national budget 2011-12 has also taken a number of measures and proposed

a 15 per cent increase in pension of those government employees, who had retired on July 1, 2002 and onwards while for those pensioners who had retired on June 30, 2002 or before would be given 20 per cent raise in the pension with effect from July 1, 2011. Similarly, he said that it has been proposed that the government employees from Grade 1 to 15 will be given 25 per cent raise in their conveyance allowance in the budget. He said that all civil and armed forces employees irrespective of their station of duty would get the allowance according to its rate. The Finance Minister said that for the reduction of government expenditures, it is necessary to review and know which public sector expenditures were vital for the welfare of the people. In this regard, he said that a committee is being set up which will overview all the expenditures and submit its recommendations in this regard. Pakistan will aim to cap its deficit at 4 per cent of gross domestic product in its 2011/12 fiscal year. Finance Minister said economy had improved, with growth expected to pick up steam after shrinking to 2.4 per cent in the outgoing year. "We have set a fiscal deficit

target of 4 per cent for the next fiscal year," Shaikh said in presenting the budget in parliament. Total tax revenue and nontax revenue is targeted at 2.732 trillion rupees, out of which the Federal Board of Revenue will collect 1.952 trillion rupees, compared with 1.588 trillion in 2010/11 fiscal year. Defence spending will increase to 495 billion rupees from 442 billion. Special exemptions and zero ratings previously available under a general sales tax have been eliminated so that additional revenue can be generated. Pakistan hopes to get 414 billion rupees in foreign inflows, including 287 billion rupees in loans and 126 billion rupees in grants in the next fiscal year. Revenue receipts are esti-

CGT remains intact on stock markets Ghulam Raza Rajani KARACHI: The much awaited relaxation on Capital Gain Tax (CGT) was not mentioned in the Finance Bill issued as a part of the Federal Budget FY12 and given future capital gain tax schedule. After the recent round of meetings with Ministry of Finance and FBR, it was expected that CGT may be deferred at least for the individual investors who have been deserting the market causing volumes in FY11 to decline to 8-year low of Rs4bn a day down 50 per cent from last year According to the analyst of Topline Securities, this will not only affect the market depth and volumes but will have adverse implications to the government plan to privatize its units through the stock market. The trend of IPO that slowed down last year with only one offering (versus 10 IPOs a year on an average) will remain affected thereby having impact on the capital formation He expect the market to react negatively on Monday by 100200 points unless some See # 4 Page 7

mated at 1529 billion rupees during next year which are eleven percent higher than estimates of the outgoing year. Provincial share in federal revenue receipts is estimated at 1203 billion rupees which is 16.4 per cent higher than the current year.

There is an increase of 64.4 percent in the Development expenditure for the next year as compare to revised allocations for the current year. Current expenditure constitutes 83.7 percent of the total outlay of the new budget as compared to 89.7 percent of

Salient Facets of Budget 2011-12 ISLAMABAD: Following are salient features of the national budget for Fiscal Year 2011-12: l The total outlay of budget 2011-12 is Rs.2767 billion. The size is 14.2 per higher than the size of budget estimates of 201011. l The resource availability during 2011-12 has been estimated at Rs 2463 billion against Rs 2256 billion in the budget estimates of the outgoing fiscal year. l Net revenue receipts for 2011-12 have been estimated at Rs 1529 billion indicating an increase of 11 per cent over the budget estimates of fiscal year 2010-11. l The provincial share in federal revenue receipts is estimated at Rs 1203 billion during 2011-12 which is 16.4 per cent higher than the budget estimates for 2010-11. l The capital receipts (net) for 2011-12 have been estimated at Rs 396 billion against the budget estimates of Rs. 325 billion in 2010-11 indicating an increase of 11 per cent. l The external receipts in 2011-12 are estimated at Rs 414 billion. This shows an increase of 7.1 per cent over the budget estimates for 2010-11. l The overall expenditure during 2011-12 has been estimated at Rs 2767 billion of which the current expenditure is Rs 2315 billion and development expenditure at Rs 452 billion. l Current expenditure shows increase of less than one per cent over the revised estimates of 2010-11, while development expenditure will increase by 64.4 per cent in 2011-12 over the revised estimates of 2010-11. l The share of current expenditure in total budgetary outlay for 2011-12 is 83.7 per cent as compared to 89 per cent in revised estimates for 2010-11. l The expenditure on General Public Services (inclusive of debt servicing transfer payments and superannuation allowance) is estimated at Rs. 1660 billion which is 71.1 per cent of the current expenditure. l The size of Public Sector Development Programme (PSDP) for 2011-12 is Rs 730 billion. While for Other Development Expenditure an amount of Rs. 97 billion has been allocated. The PSDP shows an increase of 58 per cent over the revised estimates of 2010-11. l The provinces have been allocated an amount of Rs 430 billion for budget estimates 2011-12 in their PSDP as against Rs 373 billion in 2010-11. l An amount of Rs.10 billion has been allocated to Earthquake Reconstruction and Rehabilitation Authority (ERA) in the PSDP 2011-12. Capital receipts are estimated at 396 billion rupees as against 325 billion rupees during current year, showing an eleven percent increase. Out of total expenditure of 2767 billion rupees, 2315 billion rupees have been allocated for current expenditure and 452 billion rupees for developmental expenditure.

the revised estimates of the outgoing year. The Minister for Finance said infrastructure, education and health would be focus of the federal public sector development programme next year. Infrastructure would get 155 billion rupees, social sector 122 See # 6 Page 7

Rs 36.13bn for water projects ISLAMABAD: The government has earmarked a sum of Rs 36136.040 million for 57 ongoing and 13 new schemes for Water Sector under Public Sector Development Programme (PSDP) for the year 2011-12. According to PSDP 2011-12, out of the total, an amount of Rs 32866.040 million has been proposed for ongoing projects and Rs. 3270 million for new See # 3 Page 7

Rs2.15bn for Industries & Production ISLAMABAD: The government has fixed Rs 2137.754 million for 52 ongoing and new schemes of Industries and Production Division in Public Sector Development Projects (PSDP) 2011-12. According to Budgetary document issued here on Friday, out of total allocation, Rs. 1914.329 million have been earmarked for 29 ongoing projects whereas Rs. 223.425 million for 23 new schemes. Out of ongoing projects, See # 5 Page 7

Defence outlay up at Rs495bn ISLAMABAD: Pakistan today hiked allocation for defence in its budget for fiscal 2011-12 to Rs 495 billion (about $5.75 billion), marking an increase of nearly 12% over the outlay for the current fiscal. Official budget documents presented in parliament said defence spending will increase to Rs 495 billion for 2011-12, compared with Rs 442 billion in the fiscal year ending June 30. Further details were not See # 2 Page 7


2

Saturday, June 4, 2011

Chief Minister Qaim terms budget historic and ‘Awami’

PMA hopes for raise in health sector budgets KARACHI: Pakistan Medical Association's (PMA) Sindh chapter hopes allocation of a minimum three percent of GDP for health sector, once it is transferred to the provinces by end of this month. President PMA, Sindh Dr. Samrina Hashmi, told APP that the doctors' body, both at federal and provincial levels, had for past many years been demanding substantial raise in the health budget. "Ideally it should be six percent of the total GDP, however, in the given situation we do hope that it would be at-least two and a half percent to three percent of the GDP," she said. PMA -Sindh's President said the government must also ensure that 75% budgetary allocation for health sector is spent to strengthen primary healthcare instead of the current trend, focused on tertiary care. "Focus on primary healthcare would pave way for prevention of diseases and also helps us achieve millennium development goals (MDGs 04 and 05) by 2015," she said. "Setting right our priorities will immediately improve our mortality and morbidity rates," she said. Dr. Samrina urged the policy makers to realise that construction of impressive and huge buildings and procurement of hi-tech gadgets are not the answer to the health needs of masses. "Small, simple but efficient steps are needed and must be supplemented by efficient management of available resources," said the PMA President. In reply to a question about tax imposed on surgical goods, she said locally produced tools and other items must be promoted while heavy tax on imported items particularly luxury items was very much needed.APP

Qutubuddin

Hafeez Shaikh, for presenting a historic budget. He said that a huge amount has been allocated in the budget for development projects. Sindh Chief Minister said that revolutionary steps have been taken in the budget which included bringing down fiscal deficit to four per cent, controlling the price hike and increasing the salaries of the government employees by 15 percent and in the pension between 15 to 20 per cent. said that in spite of last year's devastating floods, incidents of terrorism and

limited fiscal resources, this is an excellent budget which is in accordance with the aspirations of the people. This can be termed as `Awami' budget, he added. Qaim Ali Shah said that in accordance with the vision of Shaheed Zulfikar Ali Bhutto and Shaheed Mohtarma Benazir Bhutto, huge funds have been allocated in the budget for the progress and development of the people as well as their welfare. He stated that far-reaching results of these steps would start coming to the fore.

KARACHI: Sindh Chief Minister, Syed Qaim Ali Shah, has hailed the federal budget for the fiscal year 2011-12 presented by Federal Finance Minister, Dr. Abdul Hafeez Shaikh, in the National Assembly on Friday. KARACHI: Smoke rising high as angry people burn tyres and vehicles at AlIn a statement here, he Asif Square during a strike called by religious and political parties against the described the budget as a electricity loadshedding in Karachi. - Online historic one and peopleEPZA shows 30pc overall growth friendly. Qaim Ali Shah congratulated President Asif Ali Zardari, Prime Minister, Syed Yusuf Raza Gilani, and Federal Finance Dr. Abdul KARACHI: The Saddar Minister, Town administration and National Forum for Environment and Health (NFEH) organised a beach KARACHI: The exports period of July-May (2009- cleaning programme. According to an from Karachi Export 2010) where exports were announcement here Friday, Processing Zones (KEPZ) US$ 383.979 million. during EPZA expects to bring school kids cleaned 300 the month of May,2011 the cumulative export for square metres of the beach showed a record growth of the financial year ending at Clifton and picked all 34per cent . According to June, 2011 to US$540 mil- the waste including plastic statistics released by lion, an increase of US$ bags, tins and other trash EPZA, the exports during 100 million over the pre- and also disposed it. School children from the period under review ceding year. EPZA is stood by 34 per cent high- geared to cross US$1.00 N.J.V. High School, Akbar er at over US$ 31.951 as billion targeted in next two Public School, Scholar Academy, Best Public compared to US$23.802 years. million in corresponding This significant growth School and Apex Model month of May, 2010. in exports reflects the con- School took part in beach The overall exports from fidence of the investors on cleaning programme. Saddar Town sanitation EPZA are 30 per cent high- EPZA and its policies. It er during July-May 2010- also indicates that EPZA is staff also took part in the KARACHI: A car torched by angry mob during a strike called by religious and political parties against the electricity loadshedding in Karachi. - Online 2011 as compared to the doing well to fulfill its campaign and removed corresponding period of mandate to enhance the waste from Beach View 2009-10. During the peri- exports. In the economic Park. Speaking on the od of July-May (2010- growth of the country, the occasion, Town Officer 2011) the exports from performance of EPZA has Asim Ali said that the town EPZA are US$ 497.672 as been a substantial contri- has initiated environment friendly activities in colcompared to the preceding bution.-PR laboration with NFEH and beach cleaning programme tomorrow with the KESC KARACHI: Sindh Chief Friday. is one of them. -APP He directed the KESC management and the Minister, Syed Qaim Ali Shah, has directed a five- management to take employees so as to help member committee to immediate steps for resolve their dispute. The Chief Minister also hold talks with the man- resolving the problem KARACHI: The lawmak- people of Karachi are facagement of the Karachi keeping in view the pre- urged both the parties to ers of Muttahida Qaumi ing many hardships due to Electric Supply vailing situation in the hold unconditional talks Movement (MQM) staged excessive load shedding by peacefully for immediate Company (KESC) and metropolis. a protest in Sindh the KESC. Qaim Ali Shah also resolution of their dispute the workers of the utility The provincial sports Assembly against the kidto resolve the dispute instructed the Inspector so that relief could be napping of Aleem-ur minister, Dr Mohammad KARACHI: An `Adabi' peacefully. General of Police Sindh provided to the people. Rehman, an MPA here on Ali Shah, demanded the corner has been set up at The meeting was The Chief Minister to ensure the protection government to remove the Sindh Assembly buildFriday. Sindh Health Minister Chairman of Pakistan ing here on Friday. Speaker who had expressed con- of KESC's installations attended by the Sindh Dr Sagheer Ahmed Cricket Board (PCB), Ijaz of the Sindh Assembly, cern at the situation aris- and equipment and that minister for Power, Ms. ing out of the strike of the action be initiated against Shazia Marri, IGP Sindh, demanded the provincial Butt, immediately. He Nisar Ahmed Khuhro, per- workers of the KESC, the miscreants. Fayyaz Leghari, CCPO government to take imme- added charges against formed the inauguration. He also asked the five- Karachi, Saud Mirza, was chairing a high-level diate action against cul- Shahid Afridi should be The Corner has been prits involved in the kid- withdrawn. Agha Siraj committee KESC's Dr. Naveed, meeting with the man- member napping. Rehman was kid- Durrani said that the next established under the aus- agement of the utility at which had already been Brig. (Retd) Mazhar ul napped from near old PCB chairman should be pices of Sindhi Adabi the CM House here on formed to hold meeting Haq.-APP from Sindh. The session of Board. Speaking on the Subzi Mandi. PPP's Rafiq Engineer Sindh Assembly was occasion, Khuhro said that told the assembly that the adjourned till Monday.-INP the corner is important towards the promotion of Sindhi literature. He also lauded the role of Sindhi Adabi Board for the promotion of Sindhi language and culture. The Speaker also highlighted the significance of the habit of reading and asked the The Sindh Assembly Anniversary of the youngsters to read books. Speaker who was accom- Proclamation of the Italian Chairman of the Sindhi panied by Education Republic and150 years of Adabi Board, Makhdoom Minister Pir Mazhar ul Italian Unity. Jamil-uz-Zaman, who is Haq, while talking infor- Franceschinis said that he also a provincial minister, mally to the media said was striving to promote said that the Board would that Italian cities like cultural bonds and continue to play its role Rome, Florence, Milan strengthen and expand towards the promotion of and Venice conjured dif- economic relations as well Sindhi language and literaferent images pertaining to as further enhance bilateral ture. Sindh Law Minister, KARACHI: A truck torched by angry mob during a strike called by religious and art, culture, industry and ties between Pakistan and Muhammad Ayaz Soomro, political parties against the electricity loadshedding in Karachi. - Online even love. Italy. in his address on the occaThe Consul of Italy in The reception was sion also lauded the contriKarachi, Roberto attended by diplomats, butions of the Board.-APP Franceschinis said the politicians, top businessreception was hosted to men, the media and elite of commemorate the 65th the city.

KEPZ records 34pc increase in exports

MQM protests MPA's kidnapping

School kids clean Clifton Beach

CM asks committee to resolve KESC issue

Adabi Corner at Sindh Assembly

Italy, Pakistan ties exemplary: Khuhro TFD Report KARACHI: Pakistan and Italy enjoy close fraternal relations and Pakistanis have great respect and admiration for the many qualities to be found in Italy. These views were expressed by Speaker Sindh Assembly Nisar Khuhro who was chief guest at the glittering National Day reception hosted by Consul of Italy in Karachi, Roberto Franceschinis.

KARACHI: The Consul of Italy and Roberto Franceschinis, hosted a reception on the occasion of 65th anniversary of the Proclamation of the Italian Republic and 150 years of Italian Unity at Avari Towers Hotel. Picture shows Chief guest Speaker Sindh Assembly Nisar Ahmed Khuhro, with host, hostess and other prominent guests.-Staff Photo

EDO escapes unhurt in attack on car

KARACHI: Executive District Officer (Health)of City District Government Karachi, Dr. Nasir Jawaid Hussain escaped unhurt when his car allegedly came under attack by miscreants in North Nazimabad area on Friday. "Dr. Hussain is safe and in office now," said Dr. Hamid, his close associate at the EDO (Health) office in Civic Centre. Dr. Hussain was on his way to office from his residence at Abbassi Shaheed Hospital when his official car reached near North Nazimabad Bridge, armed miscreants already engaged in forcing shops to shut down, allegedly fired a volley of bullets on his car, he added. -APP

PSO announces CSR donations

KARACHI: Pakistan State Oil (PSO) intensified its CSR drive by pledging support through donations to stakeholders across the platforms of healthcare, education and community building. According to a press release issued here on Friday, the PSO in an effort to uplift the community and adopt greater social responsibility distributed cheques amongst representatives of 23 social and welfare NGOs operating in the health, education and community development sectors. The ceremony was held at PSO House, where Jehangir Shah, MD, PSO distributed cheques

amongst the NGOs which included the Marie Adelaide Leprosy Center which will use the amount to intensify its efforts on its National Tuberculosis Program (NTP), blindness control and leprosy elimination programs. Other notable beneficiaries included the Children's SOS Villages, Fatimid Foundation, Helpline Trust, Child Aid Association, Sindh Institute of Urology and Transplantation (SIUT), All Pakistan's Women Association (APWA), Patients Aid Foundation, etc. Addressing the audience, Jehangir Shah said: "PSO is proud of its sta-

tus as the country's largest public sector organization, and has never overlooked its national and moral obligations to the people of Pakistan and that PSO believe in making a difference in lives - a difference that permeated the very fabric of our society.PSO has often been a trailblazer in CSR activities and it is initiatives such as these which separate the company from other organizations. As the largest energy sector company, Pakistan State Oil is cognizant of its responsibilities and continues to serve the nation in a responsible manner.NNI

Scholarships approved under HEC-USAID Staff Correspondent ISLAMABAD: A meeting of the Scholarship Management Committee, which is the steering committee under HEC-USAID Merit and Needs based Programme, has approved cases of s99 needy students for the academic year 2010-11. According to a press release, Dr. Sohail Naqvi, Executive Director, HEC chaired the meeting of Scholarship Management Committee held at Commission secretariat, Islamabad. Dr. Arturo Acosta, the representatives of USAID, was also present. The HEC, in partnership with the US Government, initiated the Merit and Needs Based Scholarship Program aimed to provide assistance to talented but needy students who are unable to start their higher education due to financial disadvantages. These scholarships are available since 2004 in the field of Business Administration and Agriculture at 11 participating universities/institutions. The selected students are from rural and remote areas across Pakistan and studying at KPK Agriculture University, Peshawar; Balochistan University of Information Technology Engineering and Management Sciences(BUITEMS), Quetta; Sindh Agriculture University(SAU), Tandojam. The offered scholarships cover tuition fee, transportation, books, lodging and incidental costs. Speaking on the occasion Dr. Naqvi stressed on the need for fund raising activities for sustainability of the Financial Aid system at universities. He added that the involvement of the local community is very essential in order to raise funds for generating scholarships for needy students. He reiterated that universities should invest in better outreach and developing alumni association to generate funds for scholarships and other activities. Dr. Acosta added that this scholarship is an excellent opportunity for talented needy youth belonging to remote areas especially female students. The representative of BUITEMS quoted a success story of Ms. Memona Shaheen, a daughter of retired clerk belongs to rural Quetta, was unable to start her higher education. She completed her education on Merit and Needs based scholarships and currently working as Data Management Officer and controlling and maintaining records of 12 districts of Balochistan. Since Program's inception in 2004, 1440 needy students have received scholarships in the field of Business Administration and Agriculture while 827 students have completed their education under the program. The goal of the program is to award a total of 1,807 through six year life of the project.

KSE extends trading suspension of 3 cos KARACHI: The Karachi Stock Exchange (KSE) has extended the suspension period of three companies for another 60 days upon failing to comply with its listing requirements, effective on Tuesday. They are Crescent Spinning Mills Ltd, Colony Woolen Mills Ltd and Schon Textile Ltd. According to KSE here Friday, the action has been taken to protect the interest of trade and public.-APP


3

Analysis

Saturday, June 4, 2011

VITAL SHIPPING LANES CAN WEATHER TURMOIL IN YEMEN * Bab-al Mandab gateway seen at stake * Militant groups see merchant ships as targets

M

erchant ships using a vital trade route off Yemen's coast are unlikely to face major disruptions even if the country slides into civil war as militant groups lack the capability to regularly attack vessels. World powers have been pressing President Ali Abdullah Saleh to sign a Gulf-mediated deal to end his three-decade rule and stem spreading chaos in unstable Yemen, a haven for al Qaeda and neighbour to the world's

"Yemen has a long 1,900km (1,181-mile) coastline fronting both the Gulf of Aden and the Red Sea." Militants have launched successful maritime attacks in the area before. An al Qaeda suicide bombing killed 17 sailors on the U.S. warship Cole in Aden's port in 2000. Two years later, al Qaeda hit a French tanker in the Gulf of Aden, south of Bab al-Mandab. Al Qaeda also plotted to hijack or sink oil tankers last year, U.S. officials said last month, based on intelligence

"It is unlikely that AQAP would be able to gain enough of a foothold to really impact upon the Bab al-Mandab, despite past statements indicating they would aim to disrupt the strait," said Alan Fraser, Middle East analyst with security firm AKE. biggest oil exporter, Saudi Arabia. At stake is the Bab alMandab gateway off Yemen's coast, through which more than 3 million barrels of oil are shipped daily to Europe, the United States and Asia. "In theory, should the regime collapse, security in the region could very well spiral downward," J. Peter Pham of U.S. think tank the Atlantic Council said.

found in Osama bin Laden's Pakistan compound.. Al Qaeda in the Arabian Peninsula (AQAP), the Yemen-based wing of the militant group, is seen by analysts as one of the main groups that could target shipping in strategic sea lane. Yet while the risks would rise if Yemen collapsed, analysts played down the likelihood of an upswing in major AQAP attacks.

"It is unlikely that AQAP would be able to gain enough of a foothold to really impact upon the Bab al-Mandab, despite past statements indicating they would aim to disrupt the strait," said Alan Fraser, Middle East analyst with security firm AKE. "Sporadic maritime attacks are a possibility. However, as was shown by the attack on the Japanese tanker near the Strait of Hormuz in July 2010, these are logistically hard to carry out so the threat would be unlikely to escalate beyond a sporadic threat." One seaman was hurt in the

Japanese tanker attack and there was no oil spill or disruption to shipping, suggesting that the way modern vessels are built minimises the risk of major damage. With international naval warships now operating an anti-piracy sea corridor that passes by Yemen, maritime analysts say AQAP could also find it harder to operate without detection. John Dalby, with maritime security specialists MRM, said that to mount a maritime attack, AQAP would need to "marshal resources, hardware and personnel somewhere on

the coastline". "It's to be hoped that such a move would be detected by the intelligence community and in real time by the naval and military assets stationed there," he said. Peter Hinchliffe with the International Chamber of Shipping, said there appeared to be a will "to maintain the current level of warships to protect shipping." PIRATE RISK Turmoil in Yemen could embolden the Islamist al Shabaab group, which analysts say has ties with AQAP and operates in nearby

Somalia, to try and launch attacks. "While there is no evidence that AQAP and its Somali friends possess the weapons and boats necessary to shut down the strait, this does not mean that they do not have the capability to disrupt navigation through this vital sea lane," said Pham. Maritime specialists said it was difficult to blow up or sink a tanker as they are built with a large number of separate cargo tanks, making the hull able to withstand a lot of damage. Trying to attack a moving tanker can also be

made difficult. "A tanker can deflect small boats if it knows they are approaching, by altering course to create a wash effect. So attacks can be planned, but to carry them out you need people who know what they are doing and have a good degree of luck," a shipping source said. "As all large tankers are now built with a double hull, or skin, around the cargo tanks, any attack would need to penetrate both hulls. These have a gap of around 3.5 metres between them. Sinking such a ship would be very difficult." Despite fears that Somali pirates, who have been operating along the Yemeni coastline, could also try exploit the turmoil, analyst say it is unlikely they would link up with militant groups because they have different objectives. "Even if AQAP takes over large swathes of Yemen along with rebel tribesmen, we don't anticipate Somali pirates and Islamist terrorists creating some new alliance from hell," said Michael Frodl, with Washingtonbased C-Level Maritime Risks and an adviser to Lloyd's of London underwriters. "Their interests are still very different. Pirates won't help terrorists blow up ships as long as they can still hijack them and fetch fat ransoms."

SYRIA BLOODSHED UNDERMINES ASSAD'S GESTURES * DOZENS KILLED AS POLITICAL CONCESSIONS PLEDGED * ASSAD'S RULE "NOT DISINTEGRATING", BUT PROTESTS SPREAD * OPPOSITION HAS NOT SHOWN PLAN FOR "SUCCESSFUL TRANSITION"

P

resident Bashar alAssad has tried brute force and political concession, often simultaneously, to quell protests in Syria but neither has halted the uprising and his doubleedged tactic may alienate a vital support base. Since the outbreak of unrest 11 weeks ago, the Syrian president has combined violent repression with efforts to appease demonstrators, a pattern repeated again this week. On the day he declared an amnesty for political prisoners, activists said security forces killed dozens of civilians in the central town of Rastan, which had seen protests against Assad. Tuesday's amnesty was followed by steps towards a "national dialogue" to address popular grievances, while a dozen more people were reported killed in the military assault on the town. Whether the mixed messages are a deliberate strategy or a rushed reaction to

Syria's turmoil, analysts say they risk undermining the argument made by Assad supporters that the only alternative to his rule is civil strife. "Syria's minorities, middle classes and business establishment -- all three basically fear the alternatives to Assad and were initially receptive to the regime's message of 'Us or Chaos'," said a Damascus-based analyst. "But the regime has been very inconsistent on all fronts: repression, reform, handling the economic fallout, as well as in terms of dialogue. It's been arresting people at the very moment when it needs interlocutors on the ground". "So the formulation of "us or chaos" is gradually turning against it," said the analyst, who declined to be named. Rights groups say 1,000 civilians have been killed in the unrest, which has seen protests sweep from the southern city of

Deraa to the Mediterranean coast and eastern Kurdish regions. But protests have been most intense in poorer, rural areas while the capital Damascus and second city Aleppo, with wealthier businesses and middle classes, have seen less disturbance, partly because of heavy security. Authorities blame the violence on armed groups, Islamists and foreign agitators and say more than 120 police and soldiers have been killed. Most international media are prevented from operating in Syria, making it impossible to verify accounts from activists and authorities. ANGER AT BOY'S DEATH While the demonstrations show no sign yet of reaching the scale needed to overthrow Bashar, they have continued to spread and analysts say protesters' anger is growing. The death of 13-year-old

Hamza al-Khatib focused local and international fury at perceived brutality in Syria. Activists say he was tortured horrifically in captivity, a charge denied by authorities who say he died in crossfire at a protest. People in the southern towns of Dael and Deraa held posters of the young boy on Friday, witnesses said. U.S. Secretary of State Hillary Clinton said this week his death symbolised the "total collapse" of any effort to address peoples' grievances and that Assad's legitimacy had "nearly run out". Despite Clinton's condemnation, and the fact that the protests have lasted far longer than uprisings which toppled Arab leaders in Tunisia and Egypt, the United States appears reluctant to make a clear call for Assad to go. That reluctance stems partly from uncertainty over who might take over in Syria, a mainly Sunni

Muslim country ruled for 41 years by Assad's minority Alawite sect. Under Assad and his father, Syria has been allied to Iran and backed militant groups Hezbollah and Hamas, but also held peace talks with Israel. A meeting of Syrian opposition figures in Turkey this week called for Assad to step down to pave the way for democracy, but gave little indication of how it might govern in his place. "Although the regime may be losing ground with the silent majority, the opposition are not gaining anything because they are not answering any of the key questions that the crisis raises," the Damascus-based analyst said. "In a state which is so fragile, how do you ensure successful transition? What is these people's agenda? They are focused on the issue of toppling the regime and they have been completely absent on key issues

which people want answers on." As the protests and crackdown continue -- a Syrian human rights group said 27 people were shot dead at a protest in the city of Hama on Friday -- there have been increasing reports of protesters responding with force. Analysts say that protest marches have been overwhelmingly peaceful but that since the start of the unrest there were isolated cases of protesters taking up arms in Deraa, Tel Kelakh on the Lebanese border and most recently in Rastan. "For the first time there have been real clashes and people are fighting back," said Rime Allaf, Associate Fellow in Chatham House. "It is drastic that it is coming to this ...(though) it's not widespread yet." A senior Western diplomat in Beirut said Lebanese politicians, allies and foes of Damascus alike, believed "the situation in Syria is

irreversible: "Nothing like this has happened in modern Syrian history. The regime is extraordinarily vulnerable." Resistance from Russia and China has so far obstructed U.S. and European efforts for a United Nations resolution condemning Syria's crackdown, and Assad has emerged once before from a period of Western isolation. But he has seen two regional allies, Turkey and Qatar, distance themselves from his government in recent weeks, and Syria's economy will suffer as tourism revenues dry up, investments are put on hold and sanctions against senior officials deter some international firms from doing business. "(Assad's rule) is not disintegrating," Allaf said. "But this notion that little bits of so-called reform can be given and things will get back to normal, this is not going to happen." -Reuters

NEW CO2 FINANCE TOOLS GROW BUT MAY NOT DELIVER * INVESTORS SEEK NEW TOOLS AS GLOBAL CO2 MARKET STALLS * NEW MECHANISMS UNLIKELY TO DELIVER CAPITAL FAST ENOUGH

N

ew, innovative finance tools are emerging to help combat climate change as the global carbon market and U.N. talks stall, but they are unlikely to deliver the billions of dollars needed quickly enough. The growth of the global carbon market dipped in 2010, and the U.N.'s major tool to finance clean energy projects, the Clean Development Mechanism (CDM), lost half its value to around $1.5 billion. A binding U.N. climate agreement to succeed the Kyoto Protocol, which ends in 2012, looks out of reach again this year after two past attempts to clinch a deal, leav-

ing a legal gap and possible makeshift arrangements for years. The U.N. wants to raise $100 billion in climate aid annually by 2020 and is looking to leverage capital from the private sector. The cost of combating climate change is estimated at $46 trillion up to 2050 -- about $1 trillion a year. "Financial innovation will be very critical for enabling the market," Mohsen Khalil, the global head of climate business at the International Finance Corporation (IFC), told Reuters at a carbon conference in Barcelona, Spain. "There are alternative measures to accompany the Kyoto

Protocol. The market should not stop there but think creatively to provide complementary alternatives," he added. Uncertainty has pushed many investors to seek alternative ways to generate capital, ranging from green bonds and new funds to credits from renewable energy or forestry as well as other mechanisms. The IFC, which launched a 150 million euro ($215 million) fund to buy carbon credits this month, is looking at Indian renewable energy certificates, green bonds and instruments aimed at tapping capital from pension funds. GREEN BONDS, BILATERAL DEALS

According to the OECD, green bonds could raise hundreds of billions of dollars a year to spur a shift to cleaner economic growth. Morgan Stanley has proposed a green bond mechanism, which could be administered by an international body, to help partner the public and private sector for financing clean technology projects in developing nations. Since 2008, the World Bank has issued over $2 billion in green bonds through 37 transactions. But some investors are unconvinced that such instruments can deliver enough money.

The OECD said this week that the market size of all green bond issuance to date was about $11 billion, just 0.012 percent of the estimated at $91 trillion held in global bond markets. "It's good to see that people are looking at new things," said an asset manager, who is seeking to build up an energy efficiency fund. "But is it enough to leverage the kind of money we need?" One carbon market player described green bonds in particular as a "mirage" and said they are unlikely to generate huge amounts of capital for a long time. Many carbon market players hope to see bilateral deals emerge between the

EU and other countries that would allow U.N.-backed carbon credits from new projects into the EU's emissions trading scheme from 2012, except for those in the least developed countries. This would ensure that the CDM could continue, at least in the short term. But the European Commission said no formal decision has been made on this. "We strongly support bilateral agreements in the short term, which are vital for Mediterranean and African countries and for their green growth," said Jean-Pierre Sicard, deputy chief executive at French carbon investment company CDC Climat.

Without bilateral deals, project mechanisms would come to an untimely end, drive experienced players out of the market and stop investment flows, investors said. "If we don't have bilateral deals, what else is on the table?" said Matteo Mazzoni, carbon analyst at Nomisma Energia. "A forestry market is not in the Commission's plan and is only being discussed at a national level," he added. But interest in a U.N.-backed forest preservation scheme, called REDD, has grown; its carbon credit transactions shot up by almost 500 percent last year from 2009. -Reuters


4

Saturday, June 4, 2011

The Financial Daily International Vol 4, Issue 212

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

S. Muneer Hussain Rizvi

Asim Abbas Ashary, CPA

Khurram Shehzad, CFA

Akhtar M. Zaidi, FCA

Prof. Zakaria Sajid (KU)

Dr. A. Hadi Shahid, FCA

Zahid Bukhari SVP HBL (retd)

Muhammad Arif

Ismat Sabir Head office

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

Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-36675595 Fax: 92-42-36664349 Email Address: editor@thefinancialdaily.com

Hopes on Exports This year Pakistan may succeed in exporting over half a million tons wheat and also in achieving 25 million tons product target but there are concerns about emerging shortfall and skyrocketing flour prices in the country. The country may have ample wheat but its price may not be affordable. The single largest factor responsible for hike in wheat prices is skyrocketing crude oil prices. However, added to this will decline in cultivable area due to the rising population. The sooner the policymakers come up with a strategy to meet the emerging challenges the better it will be, else be ready to face outburst of anarchy in the country. Historically, Pakistan has been producing sufficient wheat to meet the local demand, but failure to contain its smuggling forced the country to import it. With the growing population the country need to produce more but increasing areas under wheat cultivation is not possible and increase yield is the key to maintaining food security. One of the inputs required is optimum use of nutrients but persistent hike in fertilizer prices is adding to the cost of production. Added to this has been rising cost of diesel used in tractors and trucks. Pakistan needs to focus on protecting and preserving wheat produced in the country. Lately fears have been expressed that standing wheat crop of suffering from various types of pest attacks. It was also being said this year certain varieties have been cultivated which are more susceptible to such attacks. Experts fear if corrective measures are not taken immediately the country made not succeed in achieving production target. To protect wheat for rainy days there is also a dire need to construct modern storage silos. Experts say up to one-fourth of the quantity produced is destroyed due to inadequate storage facilities. One of the reasons for opting for wheat export was that if it is not exported it would go stale ultimately. Since commodities are also skyrocketing it is necessary to save each kilogram of wheat produced in the country. Along with this there is also a need to plug highly porous borders. Along with wheat Pakistan will have to focus on increasing local production of edible oil. At an average country spends over two billion dollars on import of edible oil. In this regard Pakistan will have to focus on increasing production of canola, sunflower and corn. It must be kept in mind that increase in production of these three oil seeds can make the country self sufficient in edible oil. Experts even say that by focusing on agriculture Pakistan can save billion of dollars spent on import of food items but also earn foreign exchange by exporting value added goods. However, to achieve food security fertilizer and pesticide prices must be contained and availability of water be ensured. If all this is not done Pakistan may also suffer from food shortage.

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.

Political ‘accident’ could derail new Greek bailout A

new bailout of Greece looks harder to put together than previous euro zone rescues, as rising political opposition within the country and in some donor states threatens to delay or conceivably block the deal. Euro zone officials agreed in principle on Thursday to launch a second Greek bailout that would effectively replace the 110 billion euro ($160 billion) scheme put together by the European Union and the International Monetary Fund in May last year, a source close to the talks told Reuters. The new plan would run until mid-2014, giving Athens an extra year of financial support beyond the original bailout. It would include some limited participation by private sector holders of Greek bonds, which the original plan lacked. But Europe's experience with rescues of Greece, Ireland and Portugal over the past year suggested translating the consensus into a concrete, detailed bailout plan accepted by all parties will be difficult, risky and time-consuming. Political conditions in Greece, Germany and some other euro zone states have worsened in the past year, so a political "accident" that blocks a new deal -- with one or more parties simply refusing to sign up to it -- cannot be ruled out. "The market is still anticipating a significant probability that an accident could happen," Commerzbank said in a research note this week. European officials have indicated they aim to put together a detailed plan by the end of this month, leaving national governments to sort out the mechanics of implementation in the following few weeks or months. Because governments are desperate to prevent a Greek debt default that could destabilise the entire euro zone, this timetable may ultimately be met. But even then, Europe will only have bought itself time; it will remain unclear for months or years whether Greece's economy can recover strongly enough for the country to start reducing its sovereign debt mountain. "They will prevent a forced default, but

this still leaves the threat of it eventually happening. It will probably haunt us again next year," said ING's euro zone economist Martin van Vliet in Amsterdam. GREEK POLITICS Political resistance to fresh austerity steps in Greece may be the biggest threat to a new bailout deal. The two main parties have been unable to reach consensus on a medium-term fiscal strategy; even if they achieve this, opinion polls show support for both parties dwindling, and Prime Minister George Papandreou faces a growing revolt within his PASOK party. A group of 16 backbench members of parliament from the ruling party on Thursday demanded a full debate on further austerity measures and privatisations. Papandreou's party has 156 seats in the 300-member parliament, so he may be able to continue managing internal discontent without losing control of the legislative process. The government is expected to ram through a corrective budget for 2011 as a single text without line-by-line voting. But he must also cross another minefield: Socialist-controlled unions are trying to stop planned privatisations, a key element in the second bailout. Unions at energy utility PPC have threatened blackouts if the government insists on selling a 17 percent stake in the firm. "The political planning and handling of the whole bailout plan has not been optimal so far," a senior Greek government official said on condition of anonymity. "We need to do a much better job from now on." GOVERNMENTS Bailout plans need to be approved by all 17 national governments in the euro zone, and hostility to further funding for Greece is mounting in some of the rich north European countries which would contribute most to a new rescue. "It is definitely harder getting this programme through than previous ones. The Greek bailout in May 2010 was the first, and back then people still thought it was a one-off," said Juergen Pfister, chief economist at BayernLB in Munich. "There's a certain bailout fatigue now

among parliaments and voters. It is certainly harder to sell this now to the German taxpayer." It is unclear whether the new Greek rescue would be funded by the euro zone bailout fund, the European Financial Stability Facility, in which case German Chancellor Angela Merkel would not need to seek formal parliamentary approval. If the rescue were conducted outside the EFSF, she would probably have to go to parliament, exposing her to criticism from backbench rebels. Because Berlin is keen to keep the euro zone together, many analysts think Merkel will spend whatever political capital is needed to ensure German participation in rescuing Greece. But support for the bailout in the Netherlands and Finland, while likely, is not completely certain. The Dutch government would be expected to seek majority support in parliament for fresh funding; the minority Liberal-Christian Democrat government would almost certainly win such support, but it would probably face opposition from its main ally, the Freedom Party, whose leader Geert Wilders is an outspoken critic of bailouts. Also, the position of the IMF on the new bailout is not yet clear. The IMF was a key player in past bailouts and could be expected to participate in this one, but it has not so far commented on the agreement in principle. Former IMF chief Dominique StraussKahn, who resigned last month, may not be replaced on a permanent basis for weeks, which could create a leadership vacuum at the Fund. PRIVATE SECTOR Many EU officials think it is important for private sector investors in Greek bonds to share part of the burden of a second bailout, to allow the governments of euro zone donor states to sell the deal to their taxpayers. But credit rating agencies and the European Central Bank appear for now to have blocked any substantial burden-sharing, by saying a restructuring of Greek debt would probably amount to a default and damage markets around the region.

So EU officials are focusing on the idea of a voluntary rollover of debt under which investors would agree to maintain their exposure by purchasing new Greek bonds as their existing ones matured. It is still unclear, though, what incentives could be given to investors to convince them to cooperate. There is talk of giving new bonds preferred creditor status or backing them with assets from Greece's privatisation scheme, but these steps would be legally controversial and might still prove insufficient. "There are no good options. Everything is a hard option or at least a very problematic one," one source involved in discussions of the rollover idea told Reuters. Capital Economics said in a report that the hurdles to the rollover idea's success "seem extremely high". "We are still far from convinced that enough bells and whistles can be attached to make such bonds an attractive proposition at interest rates of 6, 7 or even 10 percent," it said. LONG TERM If the second Greek bailout goes ahead, Europe will leave itself open to the charge that by shying away from a major debt restructuring, it is again failing to address the root of Greece's problem and storing up trouble for the future. "We now view Greece's public debt dynamics as unsustainable and believe a restructuring to be inevitable" in the long run, said Barclays Capital, estimating private creditors might in the end only recover 25 to 28 percent of their investments. The EU can argue that it makes sense to put off a restructuring until Europe's economies and markets are stronger, and until Ireland and Portugal are emerging from their bailouts. But Europe's economic recovery is showing signs of slowing and the Greek economy is still shrinking. Business and household deposits at Greek banks dropped 12 percent in the year to March. So it is possible that Greece could remain in poor shape when the second bailout ends in mid-2014. In that case, political trends suggest it would be very difficult for Europe to arrange a third bailout.-Reuters

Moroccan protests draw tougher response A n increasingly tough police response to street protests in Morocco may hand the "Arab Spring" demonstrations a political asset they have conspicuously lacked so far -- widespread sympathy among the population. Squads of police and pro-government thugs charged thousands of protesters in the commercial capital Casablanca on May 29 and shoved, punched and kicked them until they dispersed. Many of those who resisted were thumped with batons. In Tangiers, a similar clash degenerated into stonethrowing, with injuries on both sides. The scenes were a far cry from the lethal violence of Syria, Yemen or Bahrain, and Moroccan police to date have not used rubber bullets or tear gas, let alone firearms. But the muscular response contrasted to an earlier hands off approach to the demonstrations for major constitutional change in the kingdom, where the political landscape is dominated by a powerful dynasty that has ruled for 350 years. A man wounded by security forces at a May 29 prodemocracy demonstration died of his injuries on Thursday, opposition groups said, in what activists said was the first such death in the current wave of protests. The government said the death of the man, Kamal Amari, was unrelated to the street protests. The government's chief spokesman said the May 29 demonstrations were banned and that police had acted in response to what he described as provocative behaviour by the protesters. To some, however, the police response seems an overreaction. DEATHS WOULD CHANGE THE DYNAMIC "The authorities made a mistake," said Toufik Bouachrine, editor of the independent daily Akhbar Alyoum. "But the state is afraid of change that comes from the street. It wants any change to come from the summit of power." He said the authorities appeared to have used vio-

lence because the February 20 youth movement spearheading the protests had sought to stir unrest in low-income neighbourhoods with a history of labour militancy. "A few people getting beaten up is not going to create a huge problem (for the government)," said Michael Willis, a lecturer in North African politics at Oxford University. "If people get killed, then yes." Mohamed Tarek Sebai, who leads the Organisation for the Protection of Public Goods, an anti-corruption group, said: "If the repression continues ... all the Moroccans will sympathise with the February 20 movement. The message the violence would send would be that the lobby of corruption did not want reform." The European Union, a big trade partner and source of aid, said the May 29 violence was "worrying" and urged restraint and respect for fundamental liberties. Earlier in May the EU announced that 2.23 billion euros in aid for Morocco and other Arab states on condition that they favoured "durable democracy" and inclusive economic policies. Amnesty International called the police action a draconian response to people merely exercising freedom of assembly. These were rare reprimands for a country that cherishes a reputation as stable and moderate, and where for years police in the capital Rabat have usually allowed regular protests outside parliament by the unemployed demanding government jobs. The next test for the government comes on Sunday when the February 20 movement stages the latest in its weekly series of demonstrations in major towns. To date, the movement, a loose coalition of secularists, leftists, Islamists and independents, has yet to show that its demands have struck a chord with the majority of Moroccans. KING OFFERS CHANGE The movement wants King Mohammed to reign, rather than rule, and curb his economic influence and that of the secretive and influential court elite known

as the Makhzen. Experts say periodic parliamentary elections seem to change little in a system where the royal palace controls key ministries and has the last word on policy. The king reacted quickly, on March 9 promising reforms that would bolster parliamentary powers under constitutional changes to go to a referendum later this year. In a cafe in Casablanca's low-income Sbata district, February 20 activist Mounaim Ouihi said the movement wanted liberty and modernity and the reforms needed to go further. "We want a representative government that is truly held to account by the people," he said. Referring to a traditional Moroccan gown, he added: "We are not against cultural traditions, but we are against the djellabah of the mind." While many agree with protesters' complaints about corrupt politicians and bureaucrats, some fear instability or worse if demonstrators push harder for deep changes. "We are not Yemen, Syria or Tunisia. Our country is a model of democracy in the region," said Ahmed Amerani, 39, placing elegant outfits in the display window of his Rabat clothes shop. SOCIAL INEQUALITY "The king unifies us. What we lack is a little reform, above all the elimination of poverty and social inequality." A 56-year-old taxi driver who gave his name as Abdallah M. said the protests risked plunging Morocco into a "bloodbath". Reforms to limit social inequality were needed, so "the young must be patient and not exploit the regional situation". Bouachrine, the newspaper editor, said the king enjoyed legitimacy in part because of his record of social and human rights reform and a large project to build homes for the poor. "It's true there's been a bit of a retreat on the liberty front, above all in press freedom, but the era of King Mohammed remains flexible, and that's what allows the street to be flexible in its demands."-Reuters

Brazil’s rousseff weakened by scandal, lula return

A

s Dilma Rousseff coasted to Brazil's presidency last year, one doubt kept cropping up -- would the career bureaucrat be savvy enough to handle Brazil's dog-eat-dog political world? After a turbulent few weeks that have shaken her young administration, the evidence is mounting that she isn't -- a failing that could have serious policy consequences as the government manages a slowing economy and high inflation. Rousseff has emerged weaker from a scandal that has embroiled her influential chief of staff Antonio Palocci and revealed cracks in the coalition that exacerbated a defeat in Congress last week. At the heart of the crisis are doubts over the leadership style of Rousseff, a former leftist militant who lacks the easy charm of her popular predecessor Luiz Inacio Lula da Silva. Her advisors acknowledge she paid too little attention to political matters in her first five months in office, focusing more on technical and administrative issues. That left the government vulnerable when revelations emerged last month that Palocci, whose position now appears at risk, had enjoyed a surge in his personal wealth that could result in a federal

investigation. Rousseff's problems have been compounded by lingering health issues following her successful cancer treatment in 2009. Aides say she has learned from her mistakes and is devoting her attention to defending Palocci -- a Wall St. favorite whose departure would likely rattle markets -- and patching up ties with her main coalition partner, the PMDB party. But the risk is that Rousseff's agenda will get bogged down further as she is forced to give more concessions to lawmakers and her approval ratings likely fade along with Brazil's economic growth. "The political cost for Dilma to govern could rise sharply," said Cristiano Noronha, an analyst for political consultancy ARKO. One senior government official acknowledged that Palocci had been weakened by the scandal, but that Rousseff would not seek to replace him unless damaging new evidence emerges over his earnings as a consultant while he was a lawmaker. "It's difficult to say whether the worst is over," the official said. 'POWER BEHIND THE THRONE' Nothing illustrated Rousseff's prob-

lems more starkly than the sight last week of Lula striding back on to the political stage in Brasilia five months after he bowed out with stratospheric approval ratings. He was there to scratch backs and soothe the concerns of disgruntled members of the ruling Workers' Party and the PMDB, which turned rebellious in a vote on a new forestry code over what it perceives as a lack of favors from the Planalto presidential palace. He helped broker a truce between the coalition allies but the return of the former union boss, who has not ruled out running for president again in 2014, was a clear blow to Rousseff's efforts to shape her own presidency. Rousseff did not request his help and was dismayed that he did not do it in a more low-profile way, another senior government aide told Reuters. "Dilma has been gravely affected by Lula's interference in the crisis," said Amaury de Souza, a senior partner at consultancy MCM Associados. "It essentially showed that he is the power behind the throne, that he will come and sort things out whenever necessary." Rousseff could well bounce back from the first major crisis of her admin-

istration. Lula himself was almost felled by a far bigger corruption scandal in his first term that led him to pay more attention to political coordination with Congress. But the lower house defeat on the forestry bill last week was an ominous sign for a government that has yet to advance an agenda that includes bills to reform Brazil's sclerotic tax system and tap huge new oil reserves. Rousseff's low-profile approach -- reinforced by health problems that have resulted in her taking frequent breaks -has made her appear aloof in a political culture that thrives on personal contact. PALOCCI AT RISK Backed by a resounding election win and improved majorities in Congress, Rousseff made a conscious effort in the first weeks of her presidency to emerge from the shadow of Lula. She projected an image of quiet diligence and efficiency, and insisted on filling prized political posts on "merit" rather than as political favors to coalition allies. Lawmakers from the Workers' Party and the PMDB have complained of a lack of access to the president, whose minister responsible for relations with Congress is regarded as a political lightweight with little influence. -Reuters


5

Saturday, June 4, 2011

Market

KSE 100 Index

Symbols

Volume

65,315,892

Value

2,462,556,252

Trades

40,243

Advanced Decline Unchanged Total

Current High Low Change

148 104 102 354

All Share Index

12,236.66 12,267.10 12,162.60 h56.85

Current High Low Change

8,520.21 8,542.38 8,469.33 h39.72

OIL AND GAS

Company

Paid up Cap(mn)

PE

High Low 1,554.58 1,530.11 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.48 32.54

Open

High

Low

Close Chg

Volume

386.50 141.39 9.91 106.99 386.00 154.90 214.49 338.00 87.79 291.50 229.00

381.50 138.10 9.54 105.20 375.00 152.00 212.25 334.50 86.50 286.16 226.00

385.38 2.70 139.89 0.11 9.83 0.09 106.58 0.74 377.77 -1.89 154.09 1.89 213.60 0.20 337.09 -0.49 86.70 -0.58 290.17 2.35 227.94 0.52

48752 1569566 1137640 9118 546849 679907 443335 658781 34639 351047 8927

Last 60 days High Low 388.90 141.69 10.10 113.75 387.35 156.40 217.75 341.25 105.60 291.50 231.00

338.18 115.00 7.93 98.50 277.25 128.21 199.50 307.50 81.23 269.47 201.00

% Change 0.59 5-Day High 1,554.66 5-Day Low 1,519.93

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

2011 Div BR (%) (%)

20B115.00 - 23.43 - 30.00 20B 50.00 -100.00 - 80.00 -

-

Paid up Cap(mn)

PE

High Low 1,870.32 1,840.58 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.11 35.00

Open

High

Low

Agritech Limited 3924 - 19.87 Biafo Ind XD 200 5.65 48.99 BOC (Pak) 250 7.22 95.25 Clariant Pak 341 5.07 166.00 Dawood Hercules 4813 3.68 63.59 Descon Chemical 1996 2.51 Descon Oxychem Ltd. 1020 11.68 7.81 Dewan Salman 3663 2.90 Dynea Pak 94 3.28 10.29 Engro Corporation Ltd 3933 8.58 193.49 Engro Polymer 6635 - 11.62 Fatima Fertilizer 22000 - 13.44 Fauji Fertilizer XD 8482 8.71 140.99 Fauji Fert. Bin Qasim 9341 6.49 43.42 Gatron Ind 384 3.77 55.24 Ghani Gases Ltd 725 10.68 12.54 ICI Pakistan 1388 8.79 157.15 Ittehad Chemical 360 4.54 30.00 Lotte Pakistan 15142 4.18 14.96 Mandviwala 74 1.00 Nimir Ind Chemical 1106 12.09 2.67 Shaffi Chemical 120 27.75 2.24 Sitara Peroxide 551 5.57 18.09 United Distributors 92 - 15.12

20.50 50.00 96.75 166.98 63.90 2.69 7.99 2.97 10.90 194.75 11.80 13.85 141.70 43.58 55.00 12.89 159.00 31.50 15.05 1.29 2.84 2.34 18.19 14.50

18.87 48.05 95.75 164.52 63.00 2.50 7.77 2.85 9.51 189.80 11.50 13.32 140.25 43.02 55.00 12.60 156.01 30.00 14.85 0.61 2.67 2.05 17.71 14.35

Close Chg 19.12 50.00 95.83 166.02 63.48 2.50 7.94 2.89 10.01 192.04 11.68 13.55 141.48 43.37 55.00 12.71 158.30 31.25 14.97 1.00 2.78 2.22 17.99 15.12

-0.75 1.01 0.58 0.02 -0.11 -0.01 0.13 -0.01 -0.28 -1.45 0.06 0.11 0.49 -0.05 -0.24 0.17 1.15 1.25 0.01 0.00 0.11 -0.02 -0.10 0.00

Close 1,858.92 Listed cap 52,251.88 mn Payout (%) 48.81

Last 60 days High Low

Volume 50854 525 501 3135 58364 16009 93221 564221 24904 1782809 64821 3080224 402581 1170589 490 119088 359552 600 2267657 6205 380410 1035 79042 200

Change 0.21 Market cap 382,869.25 mn Div Yield (%) 5.50

24.50 51.97 99.80 201.40 294.00 3.23 9.60 3.65 11.50 237.35 13.95 13.85 145.21 43.75 58.80 14.49 172.00 32.57 17.36 1.40 3.40 2.99 19.99 16.50

17.86 44.40 87.71 140.00 56.10 2.00 6.95 2.11 9.50 188.55 10.70 11.80 124.50 37.86 43.15 10.65 148.02 20.11 14.64 0.18 2.26 2.00 14.41 13.08

% Change 0.01 5-Day High 1,874.88 5-Day Low 1,849.27

2010 Div BR (%) (%)

2011 Div BR (%) (%)

45 - 49.50 60 135 25B 50 300B 15 60 20B - 27.5R 130 25B 45.00 65.5 - 12.50 20 175 5 5 5 -

-

FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,139.35 Turnover 39,321 P/E (x) 5.55 Company

Paid up Cap(mn)

Century Paper Security Paper

707 411

PE 7.19

Open 17.32 41.33

High 17.98 41.70

High Low 1,161.87 1,125.33 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.41 7.47 Low 17.20 40.60

Close Chg 17.37 0.05 40.62 -0.71

Open 834.41 Turnover 15,519 P/E (x) 5.72 Company

Close 1,130.01 Listed cap 1,186.83 mn Payout (%) 25.28

Last 60 days High Low

Volume 27364 11957

Change -9.35 Market cap 3,117.18 mn Div Yield (%) 4.56

18.00 42.80

13.85 37.00

% Change -0.82 5-Day High 1,159.69 5-Day Low 1,130.01

2010 Div BR (%) (%) 50

-

Company

Paid up Cap(mn)

PE

Open

High

Low

Crescent SteelSPOT Dost Steels Ltd Huffaz Pipe XD Inter.Steel Ltd.

565 1.94 675 555 21.36 4350 -

28.95 2.39 12.14 14.74

28.90 2.47 12.50 14.90

28.26 2.30 11.95 14.16

28.61 2.43 11.96 14.40

International Ind

1199

51.50

52.00

51.35

51.75 0.25

9.26

Close Chg -0.34 0.04 -0.18 -0.34

Close 1,046.52 Listed cap 3,596.11 mn Payout (%) 30.91

Change -1.19 Market cap 15,915.91 mn Div Yield (%) 9.12

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

88.29

90.00

87.50

89.53

15517

90.00

Last 60 days High Low

Volume

2010 Div BR (%) (%)

Open 1,148.60 Turnover 138,689 P/E (x) 3.93 Paid up Cap(mn)

Agriautos Ind Atlas Battery Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Honda Atlas Cars Indus Motors Pak Suzuki Transmission

45650 27419 1204 145084

29.75 2.98 14.69 15.06

26.20 1.62 11.05 0.00

30 -

- 20.00 25B 15.00 -

-

12412

54.50

48.52

40

20B

-

15

Company

Paid up Cap(mn)

Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Buxly Paints Cherat Cement Dadabhoy Cement Dadex Eternit Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Shabbir Tiles Thatta Cement XR

1828 866 858 182 14 956 982 108 3891 3651 6933 502 1760 4003 32 1288 13126 3234 5267 2271 361 798

PE

Open

High

Low

6.92 47.95 16.15 22.08 32.89 8.45 5.46 80.00 6.07 -

2.75 53.30 2.02 15.76 7.73 9.90 2.05 17.66 1.93 23.79 4.64 6.33 1.55 6.10 0.50 6.65 3.04 71.97 2.28 5.51 6.25 19.00

3.09 55.39 2.45 15.95 7.35 10.40 2.10 17.69 2.15 24.97 4.99 7.00 1.80 6.99 0.60 7.00 3.25 75.56 2.63 6.00 6.85 19.00

2.70 53.50 1.99 15.85 7.30 9.53 1.99 17.61 1.80 23.46 4.59 6.31 1.45 5.62 0.42 6.31 2.95 71.40 2.23 5.43 6.25 18.30

Close 930.05 Listed cap 54,792.74 mn Payout (%) 19.04

PE

Open

High

Low

72.40 215.03 149.12 2.80 194.53 23.27 3.70 10.25 221.20 66.98 1.40

72.95 216.99 149.80 2.80 195.00 23.35 3.85 10.50 223.99 67.85 1.40

72.50 214.10 148.81 2.65 194.99 23.25 3.30 10.20 221.10 65.50 1.10

Close Chg

Volume

Last 60 days High Low

3.01 54.66 2.02 15.76 7.73 10.07 2.10 17.66 1.95 24.67 4.90 6.33 1.72 5.90 0.50 6.69 3.20 74.75 2.53 5.92 6.47 18.54

34238 65921 254 225 400 88540 3699 1003 548142 6533873 2200486 102 342334 852 2542 22401 1577460 2387456 513591 115207 4294 1851

3.23 56.70 2.90 17.40 10.00 11.90 2.24 19.60 2.67 26.44 4.99 8.90 1.84 13.50 0.90 7.87 3.45 75.56 2.89 6.40 8.50 19.19

0.26 1.36 0.00 0.00 0.00 0.17 0.05 0.00 0.02 0.88 0.26 0.00 0.17 -0.20 0.00 0.04 0.16 2.78 0.25 0.41 0.22 -0.46

2.31 49.22 1.51 13.55 6.63 8.81 1.50 15.41 1.36 21.31 3.99 6.10 1.26 5.00 0.26 5.70 2.10 62.50 1.97 4.50 5.25 16.50

% Change 3.62 5-Day High 930.05 5-Day Low 891.36

2010 Div BR (%) (%)

2011 Div BR (%) (%)

- 100R 50 - 122R - 20R 40 - 50R

- 20R - 92R - 100R -

GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 990.83 Turnover 302,342 P/E (x) 2.83 Company Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Packages Ltd Tri-Pack Films

High Low 1,008.32 987.40 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.24 43.91

Close 983.36 Listed cap 3,043.31 mn Payout (%) 15.55

Change -7.48 Market cap 36,942.48 mn Div Yield (%) 5.50

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

172 230

2.55 -

51.25 1.75

52.50 1.78

50.80 1.45

51.92 0.67 1.61 -0.14

76797 70206

1067

5.62

56.50

58.50

55.00

55.25 -1.25

389 2.50 12.85 844 18.49 112.61 300 6.96 176.57

13.00 12.40 12.50 -0.35 113.00 110.90 110.94 -1.67 179.00 177.90 178.54 1.97

% Change -0.75 5-Day High 992.33 5-Day Low 983.36

2010 Div BR (%) (%)

2011 Div BR (%) (%)

56.90 2.38

46.45 1.31

20 -

25B -

-

50R -

100136

58.50

49.00

25

10B

-

-

52817 758 1627

15.21 124.50 180.80

6.06 103.01 126.51

32.5 100

-

-

-

Company Adam Sugar Ansari Sugar Chashma Sugar Colony Sugar Mills Crescent Sugar Dewan Sugar Faran Sugar Habib Sugar Habib-ADM Ltd Mehran Sugar Mirza Sugar National Foods Noon Pakistan Shahmurad Sugar Shahtaj Sugar Shakarganj Mills Tandlianwala UniLever Pakistan

Paid up Cap(mn) 58 244 287 990 214 365 217 750 200 157 141 414 48 211 120 695 1177 665

PE

Company

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Ados Pak

66

2.97

8.50

8.75

8.12

Dewan Auto Engineering 214 Ghandhara Ind 213 10.44

1.23 9.00

1.30 9.50

1.18 8.52

Hinopak Motor Millat Tractors

124 366

Pak Engineering

57

- 86.44 8.34 548.44 -

90.00

94.48

85.50

-

-

72.93 214.89 148.99 2.72 195.00 23.25 3.55 10.21 221.86 66.59 1.21

0.53 -0.14 -0.13 -0.08 0.47 -0.02 -0.15 -0.04 0.66 -0.39 -0.19

Close 1,149.09 Listed cap 6,768.53 mn Payout (%) 20.42

Volume 940 4324 2545 96641 217 4100 18300 515 1044 558 9500

Change 0.49 Market cap 42,670.27 mn Div Yield (%) 5.20

Last 60 days High Low 74.85 216.99 153.93 3.46 206.99 26.17 4.50 10.77 233.75 76.90 1.71

70.00 189.00 132.07 1.50 176.10 22.01 2.16 9.00 205.51 60.10 1.10

% Change 0.04 5-Day High 1,154.72 5-Day Low 1,142.99

2010 Div BR (%) (%) 90 100 50 60 20 150 5 -

2011 Div BR (%) (%)

20B 15B 65.00 - 50.00 -

15B -

Open

High

High Low 2,129.50 2,051.82 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 14.62 30.30 Low

Close Chg -0.29 0.99 -0.59 -0.60 -0.20 0.07 0.95 0.35 0.00 2.11 0.08 2.24 0.00 -0.20 0.08 0.15 2.66 39.76

Close 2,090.46 Listed cap 11,335.33 mn Payout (%) 30.57

Volume

Change 24.66 Market cap 292,835.51 mn Div Yield (%) 0.63

Last 60 days High Low

5121 19.00 11.50 4000 9.95 5.45 3997 10.90 8.00 1001 3.70 2.11 600 10.48 6.05 12676 3.85 2.16 1130 19.90 17.50 42947 26.00 21.51 200 13.00 10.80 506 68.00 50.30 77970 3.90 2.47 14359 87.20 52.10 318 23.70 19.75 10800 10.79 7.91 400 71.50 59.72 3568 7.49 4.35 11609 57.56 39.61 103 5988.18 4535.01

% Change 1.19 5-Day High 2,111.54 5-Day Low 2,041.11

2010 Div BR (%) (%) 25 10 25 25 40 35 10 12 12 10 492

2011 Div BR (%) (%)

25B 20B 15.00 -

10B -

Company

High Low 746.40 722.63 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.20 10.64

Close 731.64 Listed cap 3,763.71 mn Payout (%) 6.27

Paid up Cap(mn)

PE

Open

High

Low

Close Chg

Volume

134 1219 693

3.87 1.62

24.01 7.54 12.37

25.21 7.79 12.60

25.21 7.45 11.86

25.21 1.20 7.58 0.04 12.30 -0.07

503 179845 2039

AL-Abid Silk Pak Elektron Tariq Glass Ind

Change 3.68 Market cap 4,653.35 mn Div Yield (%) 3.27

8.12 -0.38

3500

10.70

7.40

-

-

-

-

1.18 -0.05 8.77 -0.23

8002 5552

2.15 10.84

0.71 8.01

-

-

-

-

1.68 0.41

448 12888

120.70 558.00

85.00 504.00

650

25B325.00

-

4.48

1002

144.99

85.50

100

-

2011 Div BR (%) (%)

-

-

71.36

Total Assets (Rs in mn)

5,548.30

MA (10-day)

1.46

Total Equity (Rs in mn)

1,598.52

MA (100-day)

1.54

Revenue (Rs in mn)

MA (200-day)

1.72

Interest Expense

1st Support

1.50

Loss after Taxation

2nd Support

1.30

EPS 10 (Rs)

1st Resistance

1.85

Book value / share (Rs)

2nd Resistance

2.00

PE 11 E (x)

Pivot

1.65

PBV (x)

80.62 28.12 (172.17) (0.978) 9.08 0.19

FLYNG closed up 0.17 at 1.72. Volume was 656 per cent above average (trending) and Bollinger Bands were 65 per cent wider than normal. The company's loss after taxation stood at Rs99.232 million which translates into a Loss Per Share of Rs0.56 for the nine months of fiscal year (9MFY11). FLYNG is currently 0.1 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into FLYNG (bullish). Trend forecasting oscillators are currently bullish on FLYNG. Momentum oscillator is currently indicating that FLYNG is currently in an overbought condition.

Lafarge Pakistan Cement Limited

Fundamental Highlights As on Dec 31, 2009

Technical Analysis RSI (14-day)

64.06

Total Assets (Rs in mn)

19,704.24

MA (10-day)

3.01

Total Equity (Rs in mn)

9,763.73

MA (100-day)

3.09

Revenue (Rs in mn)

MA (200-day)

3.07

Interest Expense

1st Support

3.05

Loss after Taxation

2nd Support

2.85

EPS 09 (Rs)

1st Resistance

3.35

8,129.96 1,230.81 (1,278.96) (0.974)

Book value / share (Rs)

2nd Resistance

3.45

PE 10 E (x)

Pivot

3.15

PBV (x)

7.44 0.43

LPCL closed up 0.16 at 3.20. Volume was 126 per cent above average and Bollinger Bands were 9 per cent narrower than normal. The company's profit after taxation stood at Rs13.847 million which translates into an Earning Per Share of Rs0.01 for the 1st quarter of current calendar year (1QCY11). LPCL is currently 4.4 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into LPCL (mildly bullish). Trend forecasting oscillators are currently bullish on LPCL.

Ravi Textile Mills Limited

% Change 0.51 5-Day High 737.81 5-Day Low 727.96

Last 60 days High Low

2010 Div BR (%) (%)

28.00 14.50 14.47

-20B 20R - 10B 17.5 -

22.65 7.26 11.20

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

PERSONAL GOODS Performance of SR Personal Goods Index Open 969.95 Turnover 5,640,139 P/E (x) 5.20 Paid up Cap(mn)

Amtex Limited Artistic Denim Ashfaq Textile Azgard Nine Babri Cotton Bata (Pak) Blessed Tex Mills Chenab Limited Colony Mills Ltd Crescent Jute D S Ind Ltd Dawood Lawrencepur Dewan Farooque Spin. Dewan Mushtaq Textile Elahi Cotton Faisal Spinning Gadoon Textile XD Gul Ahmed Textile Gulistan Spinning Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres Ishaq Textile Kohinoor Ind Kohinoor Mills Kohinoor Textile Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Olympia Spinning Olympia Textile Paramount Spinning Prosperity Ravi Textile Redco Textile Saif Textile Sally Textile Samin Textile Sargoda Spinning Service Ind Shadman Cot Suraj Cotton Tata Textile Thal Ltd Treet Corp Zil Limited

2594 840 70 4493 37 76 64 1150 2442 238 600 591 978 34 13 100 234 635 146 222 716 3105 97 303 509 2455 145 187 1620 3516 120 108 174 185 250 213 264 88 267 312 120 176 180 173 307 418 53

PE

Open

2.69 7.44 24.16 1.95 4.11 6.66 0.28 16.98 6.21 502.70 0.67 67.00 2.26 2.08 2.01 0.60 1.24 - 35.00 1.53 2.79 0.21 4.00 6.50 0.61 44.36 0.68 70.10 3.26 50.10 0.41 7.49 0.49 11.16 0.79 3.88 3.27 45.31 0.56 7.00 1.19 1.75 5.06 4.25 0.31 0.61 15.00 3.97 25.89 5.27 59.83 1.26 1.94 0.69 0.68 13.00 0.96 14.75 1.03 2.63 0.50 0.29 7.97 0.31 7.96 2.35 4.82 1.35 3.31 2.98 173.90 15.72 15.98 0.77 38.85 0.47 33.29 - 103.61 6.75 54.59 6.86 61.62

% Change 0.19 5-Day High 1,641.05 5-Day Low 1,611.56

2010 Div BR (%) (%)

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

HOUSEHOLD GOODS Open 727.96 Turnover 182,422 P/E (x) 1.92

High

High Low 980.72 964.83 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.45 8.64 Low

Close Chg

2.89 2.65 2.74 0.05 23.50 23.50 23.50 -0.66 5.11 5.11 5.11 1.00 6.79 6.45 6.53 -0.13 16.50 16.00 16.50 -0.48 527.83 509.00 527.83 25.13 70.25 67.00 70.06 3.06 2.35 2.16 2.30 0.04 2.50 1.99 2.00 -0.01 0.70 0.60 0.69 0.09 1.34 1.20 1.26 0.02 35.48 33.50 34.71 -0.29 2.42 2.31 2.32 -0.47 4.25 4.00 4.01 0.01 6.50 6.50 6.50 0.00 43.75 43.75 44.36 0.00 71.75 70.00 70.10 0.00 51.50 51.25 51.48 1.38 7.75 7.01 7.75 0.26 12.16 11.49 11.70 0.54 4.05 3.63 3.97 0.09 45.89 44.60 45.88 0.57 6.76 6.76 7.00 0.00 1.54 1.15 1.20 0.01 2.10 1.80 1.85 0.10 4.44 4.05 4.40 0.15 0.50 0.36 0.50 0.19 15.25 15.25 15.00 0.00 26.00 25.60 25.82 -0.07 59.90 58.40 59.37 -0.46 2.00 2.00 2.00 0.06 0.75 0.65 0.70 0.01 14.00 13.50 13.79 0.79 14.75 14.75 14.75 0.00 1.18 0.93 1.12 0.09 0.50 0.50 0.50 0.00 8.50 7.55 8.43 0.46 8.94 7.75 7.96 0.00 5.50 4.67 4.82 0.00 3.89 3.25 3.26 -0.05 175.00 174.00 174.46 0.56 16.98 16.95 16.98 1.00 39.75 39.00 39.75 0.90 34.95 34.50 34.67 1.38 107.90 103.10 106.59 2.98 55.48 53.90 54.01 -0.58 63.50 62.00 63.33 1.71

Close 975.00 Listed cap 47,070.70 mn Payout (%) 16.68

Volume 386281 500 500 1812806 2200 8678 28810 3012 49677 7504 32617 1998 550 4016 500 200 324 5547 11303 8100 7505 1485 200 5513 926 6515 502 257 341853 2439368 500 8950 4600 362 116541 2000 502 201 468 2530 911 12683 3000 720 304959 9897 1750

Change 5.05 Market cap 126,960.89 mn Div Yield (%) 3.21

Last 60 days High Low 3.05 24.16 5.98 9.45 18.41 555.37 70.25 3.00 2.85 1.40 1.70 49.05 5.00 5.40 7.50 44.36 102.24 53.65 9.00 12.16 5.14 49.92 8.24 1.78 2.90 5.25 0.77 17.95 29.50 66.19 2.64 1.98 15.49 16.90 1.74 1.00 11.40 9.35 6.80 5.01 204.00 16.98 42.00 42.40 112.19 59.20 68.00

2010 Div BR (%) (%)

1.81 - 30B 18.55 20 4.11 4.40 14.00 - 15B 411.00 280 58.00 50 1.65 1.50 0.25 0.95 33.50 5 15B 1.81 3.02 4.50 35.00 50 66.00 70 40.86 12.5 6.30 10 9.20 10 20B 3.63 10 43.25 20 5.00 8 0.75 0.67 3.60 0.16 14.10 20SD 23.15 15 56.80 25 45R 0.70 0.30 11.50 10 10B 13.60 30 0.40 0.31 7.22 5.50 10 4.10 - 100R 3.00 5 154.00 75 12.90 5 36.98 50 31.75 25 97.00 80 20B 46.00 50 900B 55.00 35 -

% Change 0.52 5-Day High 975.00 5-Day Low 968.73 2011 Div BR (%) (%) -

-

Performance of SR Pharma and Bio Tech Index

Change 3.15 Market cap 33,197.95 mn Div Yield (%) 29.33

Last 60 days High Low

94.48

2011 Div BR (%) (%)

-

PHARMA AND BIO TECH

Close 1,639.11 Listed cap 1,336.62 mn Payout (%) 131.49

Volume

89.00 86.20 88.12 551.50 547.50 548.85

Close Chg

1.08 18.72 19.00 18.11 18.43 8.95 9.95 9.92 9.94 0.70 10.69 10.10 10.00 10.10 3.44 2.80 2.99 2.20 2.20 - 10.36 10.20 9.95 10.16 2.92 3.15 2.71 2.99 1.41 18.50 19.50 18.50 19.45 4.62 25.61 26.00 25.50 25.96 5.06 12.55 13.00 12.50 12.55 2.03 64.85 67.35 63.00 66.96 0.28 2.52 2.70 2.57 2.60 14.73 83.05 87.20 83.65 85.29 5.72 21.01 21.00 21.00 21.01 1.10 9.61 10.48 9.35 9.41 1.80 62.92 63.00 63.00 63.00 1.21 5.85 6.00 5.99 6.00 32.11 54.82 57.56 55.00 57.48 18.77 5035.78 5200.00 5000.00 5075.54

INDUSTRIAL ENGINEERING High Low 1,647.93 1,630.32 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 1.70 38.02

40

Performance of SR Household Goods Index

Performance of SR Industrial Engineering Index Open 1,635.96 Turnover 31,444 P/E (x) 4.48

2010 Div BR (%) (%)

FOOD PRODUCERS Open 2,065.81 Turnover 191,808 P/E (x) 48.25

Company

Change 32.49 Market cap 66,368.43 mn Div Yield (%) 2.89

66.03

Performance of SR Food Producers Index

CONSTRUCTION AND MATERIALS High Low 943.73 884.29 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.47 7.10

1.24

High Low 1,161.06 1,142.55 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 1.00 25.35

144 4.49 101 5.71 626 9.29 1087 56 4.78 598 4.43 450 1428 786 7.66 823 15.00 117 -

2011 Div BR (%) (%)

Performance of SR Construction and Materials Index Open 897.56 Turnover 14,444,934 P/E (x) 6.59

Flying Cement Company Limited

% Change 1.19 5-Day High 844.32 5-Day Low 809.55

Performance of SR Automobile and Parts Index

-

% Change -0.11 5-Day High 1,049.97 5-Day Low 1,035.56

Change 9.91 Market cap 13,708.16 mn Div Yield (%) 1.93

8.24

INDUSTRIAL METALS AND MINING High Low 1,060.08 1,037.80 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.12 33.10

Close 844.32 Listed cap 3,242.17 mn Payout (%) 11.08

1092

2011 Div BR (%) (%) -

High Low 851.93 825.67 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.46 25.53

AUTOMOBILE AND PARTS

Performance of SR Industrial Metals and Mining Index Open 1,047.71 Turnover 86,688 P/E (x) 3.39

20,940.60 20,992.73 20,778.88 h100.98

Paid up Cap(mn)

Pak Int Cont. Terminal

Company

CHEMICALS Performance of SR Chemicals Index

Company

Current High Low Change

11,810.79 11,830.56 11,729.96 h26.36

Alert ! Unusual Movements

Performance of SR Industrial Transportation Index

Close Change 1,546.42 9.08 Listed cap Market cap 65,194.15 mn 1,147,135.05 mn Payout (%) Div Yield (%) 55.94 5.24

Attock Petroleum 691 6.96 382.68 Attock Refinery 853 4.59 139.78 BYCO Petroleum 3921 9.74 Mari Gas Company 735 4.36 105.84 National Refinery 800 5.22 379.66 Oil & Gas Development 43009 10.43 152.20 Pak Petroleum 11950 7.81 213.40 Pak Oilfields 2365 7.43 337.58 Pak Refinery Limited 350 48.44 87.28 P.S.O XD 1715 4.15 287.82 Shell Pakistan 685 8.10 227.42

Open 1,858.71 Turnover 7,430,804 P/E (x) 8.88

Current High Low Change

KMI 30 Index

INDUSTRIAL TRANSPORTATION

Performance of SR Oil and Gas Index Open 1,537.34 Turnover 4,350,921 P/E (x) 10.68

KSE 30 Index

Open 962.69 Turnover 12,533 P/E (x) 6.09 Company Abbott (Lab) XD Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Searle Pak

Paid up Cap(mn) 979 250 1963 182 200 306

High Low 968.15 959.85 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.36 22.31

Close 962.44 Listed cap 3,904.20 mn Payout (%) 44.54

PE

Open

High

Low

Close Chg

Volume

5.68 7.55 10.59 6.11 3.93 5.76

92.69 92.12 74.01 26.38 9.50 59.01

93.00 92.00 74.39 26.94 10.19 59.75

92.50 91.25 73.95 26.01 9.01 58.85

92.70 0.01 91.25 -0.87 74.11 0.10 26.38 0.00 9.60 0.10 59.01 0.00

1700 1060 1638 341 7645 149

94.00 99.49 90.00 33.50 12.80 66.15

81.00 87.10 70.60 24.51 9.00 58.05

62.57

Total Assets (Rs in mn)

MA (10-day)

1.00

Total Equity (Rs in mn)

404.42 44.04

MA (100-day)

1.11

Revenue (Rs in mn)

MA (200-day)

1.43

Interest Expense

1st Support

1.02

Loss after Taxation

(36.14)

2nd Support

0.85

EPS 10 (Rs)

(1.446)

1st Resistance

1.27

432.37 12.64

Book value / share (Rs)

2nd Resistance

1.35

PE 11 E (x)

Pivot

1.10

PBV (x)

1.76 0.64

RAVT closed up 0.09 at 1.12. Volume was 184 per cent above average (trending) and Bollinger Bands were 37 per cent narrower than normal. The company's loss after taxation stood at Rs37.191 million which translates into a Loss Per Share of Rs1.49 for the nine months of fiscal year (9MFY11). RAVT is currently 21.7 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into RAVT (mildly bullish). Trend forecasting oscillators are currently bullish on RAVT.

Nimir Industrial Chemicals Limited

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

58.70

Total Assets (Rs in mn)

MA (10-day)

2.62

Total Equity (Rs in mn)

MA (100-day)

2.54

Revenue (Rs in mn)

2.04

Interest Expense

1st Support

2.66

Profit after Taxation

2nd Support

2.58

EPS 10 (Rs)

1st Resistance

2.83

Book value / share (Rs)

2nd Resistance

2.92

PE 11 E (x)

2.75

PBV (x)

118.91 1,742.80

MA (200-day)

Pivot

1,694.64

51.71 4.57 0.021 0.54 12.26 5.17

NICL closed up 0.11 at 2.78. Volume was 78 per cent below average (consolidating) and Bollinger Bands were 25 per cent narrower than normal. The company's profit after taxation stood at Rs37.293 million which translates into an Earning Per Share of Rs0.17 for the nine months of fiscal year (9MFY11). NICL is currently 33.8 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NICL at a relatively equal pace. Trend forecasting oscillators are currently bullish on NICL.

BOOK CLOSURES Company

From

To

JS Bank # Jahangir Siddiqui & Company # Crescent Steel (Un-Consolidated) Treet Corporation # (TFC) Saudi Pak Leasing Co Lotte Pakistan PTA # PTCL OGDC Fauji Fertilizer Bin Qasim Hinopak Motors Pakistan Oilfields # National Bank of Pakistan # Atlas Honda Invest Cap. Inv Bank Sui Northern Gas Pipelines # Mehran Sugar Mills Fateh Industries # Media Times # JDW Sugar Mills

06-Jun 06-Jun 08-Jun 08-Jun 10-Jun 10-Jun 11-Jun 14-Jun 14-Jun 14-Jun 14-Jun 14-Jun 15-Jun 17-Jun 17-Jun 17-Jun 21-Jun 21-Jun 23-Jun

14-Jun 15-Jun 14-Jun 14-Jun 16-Jun 20-Jun 21-Jun 20-Jun 20-Jun 20-Jun 20-Jun 23-Jun 24-Jun 23-Jun 23-Jun 27-Jun 28-Jun 30-Jun

D/B/R

Spot AGM/Date

10(II) 31-May 17.5(I) 03-Jun 15(II) 06-Jun 12.5(I) 06-Jun 65,15(B) 07-Jun 7.5(II),10(B)(I) 10(R) -

15-Jun 15-Jun 14-Jun 16-Jun 20-Jun 20-Jun 20-Jun 23-Jun 24-Jun 23-Jun 27-Jun 28-Jun -

INDICATIONS

Change -0.26 Market cap 31,312.26 mn Div Yield (%) 7.31

Last 60 days High Low

Fundamental Highlights As on Jun 30, 2010

Technical Analysis RSI (14-day)

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

% Change -0.03 5-Day High 965.49 5-Day Low 960.17 2011 Div BR (%) (%)

20B 12.50 15B 10B -

-

# Extraordinary General Meeting

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

Open 7.71 49 2.8 107.24 2.5 48.61 101.93 32 16.55 2.5 40 2.82 21.54 3.2

High 8.71 50.1 2.85 110 2.01 49.95 106 32.05 17.2 2.55 40.4 2.96 21.7 3.43

Low Close 8.71 50 2.74 106 2.01 48.5 105.98 32 15.55 2.42 39.5 2.6 21.25 2.96

8.71 50.1 2.78 107.1 2.01 48.61 106 32.01 15.61 2.44 40.2 2.84 21.5 3.2

Change 1 1.1 -0.02 -0.14 -0.49 0 4.07 0.01 -0.94 -0.06 0.2 0.02 -0.04 0

Vol 501 2010 87130 10275 500 106 440 501 836 57002 2201 890592 173248 203


6

Saturday, June 4, 2011

FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,013.63 Turnover 1,234,975 P/E (x) 5.59 Paid up Cap(mn)

Company

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

High Low 1,022.76 1,008.28 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.72 12.84

PE

Open

High

Low

Close Chg

78 33.88 37740 14.39 3000 3.19 8606 6175 -

33.57 17.52 1.79 2.22 2.68

35.24 17.60 1.94 2.29 2.97

34.76 17.45 1.75 2.17 2.56

35.24 17.55 1.88 2.20 2.70

1.67 0.03 0.09 -0.02 0.02

Close 1,016.69 Listed cap 50,077.79 mn Payout (%) 62.56

Volume 6693 975953 149864 102465 33990

Change 3.06 Market cap 70,634.45 mn Div Yield (%) 11.20

% Change 0.30 5-Day High 1,023.22 5-Day Low 1,013.63

Last 60 days High Low

2010 Div BR (%) (%)

50.00 18.00 2.11 2.89 3.20

80 17.5 1 -

28.71 16.05 1.40 1.94 2.41

2011 Div BR (%) (%)

- 15.00 -

-

Ask Gen Insurance Atlas Insurance Central Insurance Century Insurance Crescent Star Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance PICIC Ins Ltd Premier Insurance Universal Insurance

280 3.58 443 3.51 391 1.60 457 4.74 121 10.00 1250 13.82 450 7.85 970 5.88 989 10.24 3000 5.98 350 9.33 303 3.81 263 -

9.60 27.97 73.17 8.31 2.65 37.81 11.43 70.96 59.00 17.14 11.16 8.31 2.03

Paid up Cap(mn)

PE

Open

High

Low

Genertech 198 Hub Power 11572 Japan Power 1560 KESC 7932 Kot Addu Power 8803 Nishat Chunian Power Ltd XD 3673 Nishat Power Ltd 3541 S G Power 178 Sitara Energy Ltd 191 Southern Electric 1367

7.57 5.58 2.79 2.41 5.98 -

0.65 37.73 1.24 2.39 43.56 15.52 17.00 1.10 21.05 1.50

0.63 37.95 1.33 2.44 43.90 15.73 17.05 1.45 22.10 1.59

0.58 37.50 1.16 2.36 43.25 15.45 16.76 0.90 20.00 1.45

Company

Close 1,360.93 Listed cap 95,369.29 mn Payout (%) 104.13

Change -0.61 Market cap 105,711.99 mn Div Yield (%) 7.59

Close Chg

Volume

Last 60 days High Low

0.59 37.71 1.31 2.40 43.49 15.50 16.89 1.20 21.60 1.52

12922 244323 21005 114314 117676 174759 229408 21060 5056 16987

0.80 40.05 1.70 2.87 44.19 17.25 17.75 1.73 23.26 1.98

-0.06 -0.02 0.07 0.01 -0.07 -0.02 -0.11 0.10 0.55 0.02

% Change -0.04 5-Day High 1,364.53 5-Day Low 1,360.93

2010 Div BR (%) (%)

0.49 36.12 0.97 2.25 40.26 14.30 15.45 0.40 15.35 1.13

50 50 20 -

Paid up Cap(mn)

Company

East West Life EFU Life Assurance New Jub Life Insurance

2011 Div BR (%) (%)

- 25.00 7.8R - 30.00 - 10.00 -

Paid up Cap(mn)

Company Sui North Gas Sui South Gas

High Low 1,333.88 1,306.46 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.98 11.41

Close 1,315.04 Listed cap 12,202.80 mn Payout (%) 66.79

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

5491 13.58 8390 5.08

19.27 22.66

19.50 22.61

18.85 22.40

19.01 -0.26 22.51 -0.15

139067 36120

21.37 25.70

% Change -0.98 5-Day High 1,328.08 5-Day Low 1,299.09

2010 Div BR (%) (%)

17.64 20.52

20 15

2011 Div BR (%) (%)

25B

-

-

BANKS Performance of SR Banks Index Open 1,142.66 Turnover 7,797,116 P/E (x) 7.34 Paid up Cap(mn)

Company

PE

Open

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

8603 6.01 61.39 7070 5.39 11.91 13492 5.37 10.21 8786 6.03 28.41 5004 2.21 4.75 5288 6.12 5280 10.14 3.75 7327 7.57 9.90 11021 7.30 117.60 Habib Metropolitan Bank XB 10478 5.39 18.30 JS Bank Ltd 8150 54.60 2.80 KASB Bank Ltd 9509 1.68 MCB Bank Ltd XD 8362 8.09 201.07 Meezan Bank XB 8030 6.01 17.51 Mybank Ltd 5304 2.90 National Bank 16818 4.11 52.33 Network Mic Bank 300 2.70 NIB Bank XR 40437 1.70 Samba Bank 14335 25.00 1.94 Silkbank Ltd 26716 17.63 2.78 Soneri Bank XR 6023 3.13 6.21 Stand Chart Bank 38716 7.26 8.90 Summit Bank Ltd 7251 3.68 United Bank Ltd 12242 7.41 63.19

High

High Low Close 1,152.01 1,133.82 1,141.75 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.02 13.94 40.49 Low

Close Chg

61.60 60.95 60.98 -0.41 12.19 11.85 11.85 -0.06 10.34 10.10 10.21 0.00 28.50 28.35 28.44 0.03 5.13 4.55 4.94 0.19 6.59 6.05 6.35 0.23 3.88 3.72 3.75 0.00 10.15 9.80 9.99 0.09 117.40 116.71 116.95 -0.65 19.00 18.20 18.77 0.47 2.75 2.70 2.73 -0.07 1.70 1.60 1.60 -0.08 201.74 199.75 200.20 -0.87 17.98 17.55 17.55 0.04 2.99 2.70 2.89 -0.01 52.56 51.66 52.32 -0.01 2.69 2.69 2.69 -0.01 1.70 1.65 1.69 -0.01 2.10 1.90 2.00 0.06 2.90 2.77 2.82 0.04 6.34 6.16 6.25 0.04 9.20 9.00 9.00 0.10 3.85 3.50 3.75 0.07 63.34 62.85 63.03 -0.16

Volume

Change -0.91 Market cap 673,868.85 mn Div Yield (%) 5.51

Last 60 days High Low

17959 64.03 172190 14.25 514078 11.20 7253 30.65 6923 6.25 4288047 7.40 617 4.18 23081 13.90 24111 128.50 91553 24.00 30820 3.00 211471 1.77 350203 228.40 31141 19.70 114037 2.99 893948 79.90 1000 3.49 484570 2.18 51500 2.20 419338 3.00 11180 6.99 1001 9.75 599660 3.87 51095 65.50

57.00 10.90 9.01 26.95 3.30 4.51 3.26 9.00 104.16 17.00 2.06 1.16 192.20 16.26 1.60 49.57 0.80 1.47 1.62 2.02 5.62 7.90 2.36 56.70

% Change -0.08 5-Day High 1,162.06 5-Day Low 1,141.75

2010 Div BR (%) (%)

2011 Div BR (%) (%)

40 10B - 10B 20 20B -64.41R - 20B 65 10B - 20B - 33R -105.16R 115 10B 30.00 - 15B 75 25B -154.79R -63.46R - 311R 6 - 20R 50 -

NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 763.65 Turnover 430,121 P/E (x) 11.10 Paid up Cap(mn)

Company

Adamjee Insurance XD

1237

High Low 767.91 751.64 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.58 5.20

Close 760.18 Listed cap 11,111.34 mn Payout (%) 79.54

Change -3.47 Market cap 46,826.78 mn Div Yield (%) 7.17

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

7.18

67.31

67.24

66.50

66.92 -0.39

90666

82.15

% Change -0.45 5-Day High 768.55 5-Day Low 760.18

2010 Div BR (%) (%)

62.00

25

2011 Div BR (%) (%)

-

-

-

High Low 909.38 883.96 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.70 3.85

12.49 40.74 115.90 10.85 4.68 39.50 16.05 103.00 74.90 20.80 13.00 13.27 3.42

9.15 26.00 65.00 8.00 2.02 29.01 11.00 65.10 51.16 12.43 7.08 8.00 1.32

Close 892.52 Listed cap 2,290.72 mn Payout (%) 355.53

-10B 25R 40 20B 25 50B 10 12.5 25 12.5B 30 55B 10.00 20 25B 30 25 -

Change 0.86 Market cap 9,896.32 mn Div Yield (%) 3.70

PE

Open

High

Low

Close Chg

Volume

Last 60 days High Low

1.85 66.95 51.93

2.24 68.39 52.00

1.41 67.00 50.01

1.42 -0.43 67.30 0.35 51.90 -0.03

4501 600 67771

2.49 68.39 54.00

-

% Change 0.10 5-Day High 899.61 5-Day Low 877.08

2010 Div BR (%) (%)

1.41 50.70 44.00

50 15

2011 Div BR (%) (%)

10R -

-

-

FINANCIAL SERVICES Open 306.46 Turnover 3,042,855 P/E (x) 11.57 Paid up Cap(mn)

Company

Change -13.04 Market cap 29,323.66 mn Div Yield (%) 7.81

386 1584 844 5954 501 4469 1505 16218 1000 293059 10977 954 2000

Performance of SR Financial Services Index

GAS WATER AND MULTIUTILITIES Open 1,328.08 Turnover 175,187 P/E (x) 8.55

0.00 0.24 0.26 0.23 0.95 -0.78 -0.13 0.02 -0.75 0.07 0.03 0.23 0.17

500 8.88 850 9.45 627 13.95

-

Performance of SR Gas Water and Multiutilities Index

9.60 28.21 73.43 8.54 3.60 37.03 11.30 70.98 58.25 17.21 11.19 8.54 2.20

LIFE INSURANCE Open 891.65 Turnover 72,882 P/E (x) 5.35

ELECTRICITY High Low 1,373.23 1,353.70 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.28 9.35

9.45 28.00 73.00 8.40 2.60 36.65 11.30 70.00 58.25 16.80 10.17 8.20 2.20

Performance of SR Life Insurance Index

Performance of SR Electricity Index Open 1,361.54 Turnover 957,514 P/E (x) 13.72

9.46 28.30 75.00 8.55 3.60 37.90 11.55 71.00 58.25 17.39 12.00 8.90 2.20

High Low 313.71 297.83 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.20 0.91

PE

Open

High

Low

225 1.13 450 18.91 3750 3.15 40 127.54 250 441 First Credit & Invest Bank Ltd 650 First National Equity 575 Grays Leasing 215 IGI Investment Bank 2121 9.16 Invest and Fin Sec 600 20.81 Invest Bank 2849 Ist Cap Securities 3166 Ist Dawood Bank 626 0.65 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap 500 6.31 JS Investment 1000 46.33 KASB Securities 1000 Orix Leasing 821 3.40 Pervez Ahmed Sec 775 6.39 Saudi Pak Leasing 452 Sec Inv Bank 514 4.63 Stand Chart Leasing 978 3.58 Trust Inv Bank 586 0.32

0.53 18.33 23.63 15.58 1.63 1.56 4.99 2.66 3.00 1.77 7.70 0.50 2.87 1.54 7.80 3.05 21.03 5.64 3.96 5.70 1.88 0.80 1.85 2.52 1.29

0.58 18.55 23.71 16.58 1.80 2.10 5.10 2.85 3.00 1.99 7.71 0.50 3.03 1.59 7.87 3.18 21.20 5.78 4.10 5.90 1.92 0.82 1.85 2.85 2.29

0.50 17.65 23.16 16.58 1.65 1.65 5.10 1.68 3.00 1.71 7.70 0.37 2.72 1.40 7.61 3.03 20.50 5.51 3.75 5.61 1.61 0.82 1.85 2.54 1.40

AMZ Ventures Arif Habib Limited Arif Habib Corp Arpak Int Dawood Equities Escorts Bank

Close Chg 0.54 17.96 23.52 16.58 1.65 1.56 5.10 2.66 3.00 1.74 7.70 0.48 2.90 1.45 7.68 3.11 21.96 5.56 3.81 5.61 1.79 0.82 1.85 2.54 1.29

0.01 -0.37 -0.11 1.00 0.02 0.00 0.11 0.00 0.00 -0.03 0.00 -0.02 0.03 -0.09 -0.12 0.06 0.93 -0.08 -0.15 -0.09 -0.09 0.02 0.00 0.02 0.00

Close 303.36 Listed cap 30,336.44 mn Payout (%) 99.56

Volume 2709 47171 1017691 4700 24999 251 5000 406 500 16504 1550 124413 10031 7310 2283620 108451 575 49542 115879 1102 240537 1200 200 1002 200

Change -3.09 Market cap 14,925.02 mn Div Yield (%) 4.48

Last 60 days High Low

2010 Div BR (%) (%)

0.74 22.80 26.14 16.58 1.99 3.00 6.00 5.80 4.00 2.25 9.29 1.20 3.67 2.00 9.39 3.83 27.00 6.43 4.90 6.40 2.18 1.30 4.20 3.20 2.29

30 11.5 10 50 -

0.34 12.01 20.53 10.97 1.15 1.56 3.10 1.56 2.17 1.61 5.15 0.22 2.45 1.26 4.82 2.31 16.42 4.53 3.10 5.00 1.45 0.55 1.31 2.10 0.83

% Change -1.01 5-Day High 307.49 5-Day Low 295.21 2011 Div BR (%) (%)

20B 10B -

- 140R -

EQUITY INVESTMENT INSTRUMENTS

UPTO 100 VOLUME Symbols FECS FPRM PMRS SANSM SSML NESTLE PAKMI HUSS DNCC KSBP IDYM ILTM TRPOL DIIL WAZIR MFFL FZTM NONS SMCPL ALICO BILF FECM MEHT PSYL GAMON FFLM TRSM FCONM FEM BNWM GAIL JDMT JKSM AHI BROT DSML KOHP KOHS KSTM PNSC RMPL SAZEW SING SSIC STPL ZTL AACILR ARM BPL CWSM DATM DCM DKTM FRCL GLPL

Company

Paid up Cap(mn)

AL-Noor Modaraba Atlas Fund of Funds B F Modaraba B R R Guardian Mod. Crescent St Modaraba First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund XD JS Value Fund XD Meezan Balanced Fund Mod Al-Mali Pak Oman Advantage PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Punjab Modaraba Stand Chart Modaraba

High Low 1,567.24 1,546.69 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.45 2.21

PE

Open

High

Low

210 2.47 525 1.73 75 1.83 780 2.39 200 3.93 581 1.26 760 2.32 397 4.09 1008 4.10 3180 2.24 1186 0.61 1200 2.86 184 15.71 1000 1000 2.18 2835 2.72 2841 2.46 872 1.67 340 454 5.51

3.99 6.50 4.75 2.26 0.54 2.24 3.46 7.86 7.98 6.80 5.62 9.95 1.15 6.25 7.40 13.25 6.24 0.92 1.04 9.72

3.90 6.50 4.70 2.35 0.55 2.25 3.68 8.35 8.00 6.53 5.79 10.19 1.28 5.29 7.99 13.30 6.22 0.92 1.50 10.00

3.85 6.50 4.70 2.15 0.52 2.10 3.39 8.35 7.90 6.50 5.79 10.14 1.10 5.29 7.36 13.12 6.22 0.92 0.91 9.95

Close 1,544.56 Listed cap 29,771.58 mn Payout (%) 104.74

Change -14.56 Market cap 19,495.07 mn Div Yield (%) 7.98

Volume

Last 60 days High Low

2010 Div BR (%) (%)

3.88 6.50 4.70 2.29 0.55 2.11 3.50 8.35 7.91 6.52 5.79 9.95 1.10 5.29 7.39 13.27 6.22 0.92 1.05 9.98

1000 50050 3605 702 37000 45003 36626 500 62700 972 500 400 802 869 3221 21736 10500 2000 2009 3500

4.00 6.94 5.00 2.91 0.84 2.39 3.95 8.48 8.44 7.45 6.68 10.19 1.84 9.75 7.99 13.74 6.59 1.10 1.99 10.50

5 2.2 0 1.2 17 11 21 12.5 10 15.5 1.04 10 20 10 3 1 17

2.85 5.61 3.65 1.29 0.36 1.79 3.08 7.00 7.00 5.41 4.91 8.46 1.00 4.75 6.92 12.00 5.10 0.80 0.50 9.50

38.00 11.50 38.20 11.97 1.80 3498.00 1.25 12.56 2.09 40.44 329.35 240.00 0.93 9.79 8.62 75.00 328.00 15.60 5.68 18.00 1.94 3.00 68.00 20.25 1.69 2.00 1.50 1.99 1.80 18.59 3.50 15.45 6.74 22.89 1.20 4.50 2.95 4.00 1.60 28.80 2764.00 23.90 17.33 5.59 9.39 3.50 0.01 19.50 24.99 0.76 0.79 1.83 2.00 2.02 51.73

Low

Close

38.00 11.50 38.20 11.97 1.80 3350.00 0.90 11.26 1.23 37.70 329.35 239.99 0.93 9.79 8.62 75.00 298.30 15.60 5.68 18.00 1.94 3.00 68.00 18.76 1.03 1.64 1.50 1.99 1.80 17.68 3.20 13.60 5.70 22.89 0.55 3.06 2.95 4.00 1.60 27.30 2586.05 23.30 17.00 5.50 8.90 2.80 0.01 19.50 24.99 0.76 0.79 1.83 2.00 2.02 51.73

38.00 10.99 40.21 12.00 1.70 3452.28 0.76 11.56 1.40 38.80 325.90 230.91 0.70 9.73 7.63 75.00 314.00 16.10 4.71 17.00 0.95 2.92 64.94 19.75 0.70 1.44 2.00 1.50 1.55 17.90 3.34 14.50 6.50 21.93 0.30 3.50 3.00 3.73 1.59 27.88 2665.09 23.10 17.00 5.39 8.96 3.25 0.02 18.50 23.80 1.49 0.60 1.50 1.83 2.80 54.40

Change

Vol

0.00 0.00 0.00 0.00 0.00 81.50 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

100 100 100 100 100 83 80 55 54 52 50 50 50 33 28 17 15 15 11 10 10 10 10 9 7 6 6 5 5 3 3 3 3 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1

FUTURE CONTRACTS Symbols

Open

High

Low

Close

Change

Vol

23.90

25.05

23.60

24.50

ATRL-JUN

139.66

140.95

138.63

140.16

0.50

399000

NML-JUN

60.17

60.10

58.87

59.59

-0.58

0.60 1243500 287000

ENGRO-JUN 194.83

194.99

191.05

193.56

POL-JUN

339.31

339.99

336.50

339.11

-0.20

221500

NBP-JUN

52.71

52.85

52.03

52.61

-0.10

142500

LUCK-JUN

72.15

75.50

71.52

74.49

2.34

119500

PPL-JUN

214.78

216.00

213.52

215.33

0.55

117000

MCB-JUN

202.51

202.90

201.20

201.67

-0.84

FFBL-JUN

42.51

42.50

42.20

42.50

-0.01

33500

FFC-JUN

141.72

142.51

141.11

142.41

0.69

23500

PTC-JUN

15.90

16.00

15.75

15.97

0.07

22500

NIBTFC

98.50

96.50

96.50

-1.27

261500

56000

96.50

-2.00

10000

ENGROTFC 100.00

99.25

99.00

98.70

-1.30

1900

UBL-JUN

63.95

63.95

63.95

0.35

1500

63.60

MTS LEVERAGE POSITION

Close Chg -0.11 0.00 -0.05 0.03 0.01 -0.13 0.04 0.49 -0.07 -0.28 0.17 0.00 -0.05 -0.96 -0.01 0.02 -0.02 0.00 0.01 0.26

High

38.00 10.99 40.21 12.00 1.70 3370.78 0.76 11.56 1.40 38.80 325.90 230.91 0.70 9.73 7.63 75.00 314.00 16.10 4.71 17.00 0.95 2.92 64.94 19.75 0.70 1.44 2.00 1.50 1.55 17.90 3.34 14.50 6.50 21.93 0.30 3.50 3.00 3.73 1.59 27.88 2665.09 23.10 17.00 5.39 8.96 3.25 0.02 18.50 23.80 1.49 0.60 1.50 1.83 2.80 54.40

DGKC-JUN

Performance of SR Equity Investment Instruments Index Open 1,559.11 Turnover 283,909 P/E (x) 20.39

Open

% Change -0.93 5-Day High 1,559.11 5-Day Low 1,521.02 2011 Div BR (%) (%)

10B - 5.00 - 10.00 - 12.50 - 7.50 -

-

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 UBL TOTAL

Total Volume 818,255 20,625 85,897 213,200 77,500 1,285,937 89,589 68,153 94,500 700 20,000 113,750 3,284,230 111,000 33,500 738,429 443,538 11,000 355,798 47,400 316,400 34,411 56,167 52,999 24,050 13,000 8,410,028

Total Value 13,713,906 1,033,479 758,905 957,841 8,093,424 9,935,944 1,610,309 9,920,307 3,069,849 74,697 566,640 3,738,870 36,861,434 6,238,068 5,092,468 28,639,544 8,179,087 176,877 15,881,577 5,423,452 3,950,349 8,736,868 8,921,525 11,398,450 305,322 619,935 193,899,126

MTS Rate 19.99 20.00 16.48 16.08 16.03 17.21 16.21 15.44 16.62 16.00 17.98 16.51 16.00 20.00 15.42 15.99 16.00 20.00 16.02

BOARD MEETINGS

Dera Ghazi Khan Cement Co Ltd

KSE 100 INDEX

Lucky Cement Ltd

Nishat Mills Ltd

Company

Date

Time

First Cap Security Ltd Amtex Ltd

06-Jun 07-Jun

11:30 11:30

TECHNICAL LEVELS Company Al-Abbas Cement

Technical Outlook Technical Analysis RSI (14-day)

Brokerage House

Leverage Position

60.92

Support 1

MA (5-day)

12,199.85

Support 2

12,117.60

MA (10-day)

12,175.23

Resistance 1

12,177.15

12,281.65

MA (100-day)

11,989.84

Resistance 2

12,326.60

MA (200-day)

11,361.97

Pivot

12,222.10

Arif Habib Ltd

Target Price

Recommendations

Brokerage House

30.1

Buy

AKD Securities Ltd

AKD Securities Ltd

28.72

Buy

TFD Research

TFD Research

36.45

Positive

Technical Outlook Technical Analysis

Leverage Position

Target Price

Recommendations

74.65 78.6

Brokerage House

Buy

Arif Habib Ltd

Positive

Buy

AKD Securities Ltd

87.61

Buy

TFD Research

86.15

Positive

Technical Outlook

Leverage Position

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

DGKC closed up 0.88 at 24.67. Volume was 264 per cent above average (trending) and Bollinger Bands were 17 per cent narrower than normal. DGKC is currently 6.0 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into DGKC (mildly bullish). Trend forecasting oscillators are currently bullish on DGKC.

NML closed down -0.46 at 59.37. Volume was 25 per cent above average LUCK closed up 2.78 at 74.75. Volume was 133 per cent above average and Bollinger Bands were 36 per cent narrower than normal.

Engro Corporation

Fauji Fertiliser Bin Qasim Ltd

Brokerage House

Target Price

TFD Research

Recommendations

224

Brokerage House

Target Price

Recommendations

55.55

56.40

54.50

22.90

23.75

24.00

23.45

17.55

17.15

18.45

18.95

18.05

Adamjee Insurance

46.43

66.55

66.15

67.30

67.65

66.90

Askari Bank

49.70

11.75

11.60

12.05

12.30

11.95

Azgard Nine

52.98

6.40

6.25

6.75

6.95

Attock Petroleum

61.44

382.40

379.45

387.40 389.45 384.45

Attock Refinery

73.55

138.20

136.50

141.50 143.10 139.80

Bank Al-Falah

44.93

10.10

10.00

46.11 61.97

Dewan Cement

57.98

1.80

1.60

2.15

2.30

1.95

D.G.K.Cement

64.28

23.75

22.85

25.30

25.90

24.35

Dost Steels Ltd

59.52 67.60

2.85 2.35

5.80

2.80 2.25

3.85 6.60

2.95 2.50

3.95

6.60

10.20

Bank.Of.Punjab

6.05

3.60

10.45

BankIslami Pak

Dewan Salman

3.70

10.35

6.85

3.00 2.55

3.80 6.35

2.90 2.40

EFU General Insurance 62.70

36.50

35.95

37.75

38.45

37.20

EFU Life Assurance

71.98

66.75

66.15

68.10

68.95

67.55

Engro Corp

42.24

189.65

187.25

Faysal Bank

51.13

Fauji Cement

73.26

Fauji Fert Bin

65.74

43.05

42.75

Fauji Fertilizer

54.09

140.60

139.70

142.05 142.60 141.15

Habib Bank Ltd

39.62

116.65

116.35

117.35 117.70 117.00

Hub Power

9.80 4.65

9.65 4.45

194.60 197.15 192.20 10.15

10.35

10.00

5.05

5.25

4.85

43.60

43.90

43.30

37.50

37.25

156.55

154.80

159.55 160.75 157.75

220.65

219.45

223.55 225.20 222.30

61.73

3.05

2.95

3.20

3.25

3.10

Japan Power

56.87

1.20

1.10

1.40

1.45

1.25

JS Bank Ltd

59.01

2.70

2.65

2.80

2.85

2.75

Jah Siddiq Co

44.21

7.55

7.45

7.85

8.00

7.70

oscillators are currently bullish on LUCK.

National Bank of Pakistan

Pakistan Telecommunication Co Ltd

Brokerage House AKD Securities Ltd

Neutral

TFD Research

Arif Habib Ltd

Technical Outlook

Target Price

Recommendations

Brokerage House

24.7

Buy

Arif Habib Ltd

23.91

Buy

AKD Securities Ltd

Positive

TFD Research

25.8

Leverage Position

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

64.40 MTS Shares `000 24.05 17.35 MTS Rs `000 305.32 17.66 MTS Rate 20.00 18.35 ** NOI Rs (mn) 4.80 Free Float Shares (mn) 585.06 Free Float Rs (mn) 10,267.80 Target price for Dec-11 & **Net Open Interest in future market

Recommendations

65

Buy

64.99

Buy

92.3

Positive

Technical Outlook

Technical Outlook Technical Analysis

Target Price

Technical Analysis

Leverage Position

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

43.78 MTS Shares `000 738.429 52.85 MTS Rs `000 28,639.54 64.35 MTS Rate 16.00 65.73 ** NOI Rs (mn) 61.61 Free Float Shares (mn) 398.12 Free Float Rs (mn) 20,829.76 Target price for Dec-11 & **Net Open Interest in future market

ENGRO closed down -1.45 at 192.04. Volume was 7 per cent below aver- FFBL closed down -0.05 at 43.37. Volume was 67 per cent below average PTC closed up 0.03 at 17.55. Volume was 39 per cent below average and NBP closed down -0.01 at 52.32. Volume was 65 per cent below average (con(consolidating) and Bollinger Bands were 28 per cent narrower than normal.

52.65

23.20

61.31

51.78

Accumulate

age and Bollinger Bands were 63 per cent narrower than normal.

53.65

56.63

Arif Habib Limited

54.14

44.25

66.21 MTS Shares `000 94.50 42.89 MTS Rs `000 3,069.85 41.37 MTS Rate 17.21 36.47 ** NOI Rs (mn) 25.51 Free Float Shares (mn) 326.94 Free Float Rs (mn) 14,179.32 Target price for Dec-11 & **Net Open Interest in future market

61.20

57.40

Arif Habib Corp

54.60

45.52

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

61.85

Attock Cement

J.O.V.and CO

TFD Research

42.36 MTS Shares `000 68.153 194.16 MTS Rs `000 9,920.31 205.93 MTS Rate 16.03 193.64 ** NOI Rs (mn) 174.70 Free Float Shares (mn) 176.98 Free Float Rs (mn) 33,986.83 Target price for Dec-11 & **Net Open Interest in future market

61.40

Indus Motors

Arif Habib Ltd

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

60.55

ICI Pakistan

AKD Securities Ltd

Leverage Position

60.75

ing oscillators are currently bullish on NML.

Positive

Technical Analysis

1st 2nd Pivot Resistance 3.15 3.30 2.95

43.58

reflect moderate flows of volume into NML (mildly bullish). Trend forecast- reflect very strong flows of volume into LUCK (bullish). Trend forecasting

Neutral

Technical Outlook

and Bollinger Bands were 40 per cent narrower than normal.

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

Buy

Leverage Position

Hold

68.91 MTS Shares `000 111.00 71.61 MTS Rs `000 6,238.07 69.56 MTS Rate 15.44 70.97 ** NOI Rs (mn) 104.14 Free Float Shares (mn) 129.35 Free Float Rs (mn) 9,668.91 Target price for Dec-11 & **Net Open Interest in future market

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

245.4

Technical Analysis

42.2

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

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

NML is currently 2.0 per cent above its 200-day moving average and is dis- LUCK is currently 5.3 per cent above its 200-day moving average and is

195.41

Arif Habib Ltd

355.798 15,881.58 16.51 60.80 10,437.24

Leverage Position

65.15 MTS Shares `000 89.589 23.28 MTS Rs `000 1,610.31 25.14 MTS Rate 16.08 26.23 ** NOI Rs (mn) 100.14 Free Float Shares (mn) 200.80 Free Float Rs (mn) 4,953.85 Target price for Dec-11 & **Net Open Interest in future market

AKD Securities Ltd

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

Technical Analysis

KSE 100 INDEX closed up 56.85 points at 12,236.66. Volume was 29 per cent below average and Bollinger Bands were 30 per cent narrower than normal. As far as resistance level is concern, the market will see major 1st resistance level at 12,281.65 and 2nd resistance level at 12,326.60, while Index will continue to find its 1st support level at 12,177.15 and 2nd support level at 12,117.60. KSE 100 INDEX is currently 7.7 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX.

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

46.01 59.76 63.21 58.20 Free Float Shares (mn) 175.80

Recommendations

97.7

Technical Outlook Technical Analysis

Target Price

RSI 1st 2nd (14-day) Support 61.52 2.75 2.55

Allied Bank Limited

Bollinger Bands were 9 per cent narrower than normal.

solidating) and Bollinger Bands were 74 per cent narrower than normal.

ENGRO is currently 0.8 per cent below its 200-day moving average and is FFBL is currently 18.9 per cent above its 200-day moving average and is PTC is currently 4.3 per cent below its 200-day moving average and is dis- NBP is currently 20.4 per cent below its 200-day moving average and is

55.05 49.66

2.35

2.30

2.45

2.50

2.40

Lotte Pakistan

41.45

14.85

14.75

15.05

15.15

14.95

Lucky Cement

68.28

72.25

69.75

76.40

78.05

73.90

MCB Bank Ltd

37.33

199.40

198.55

Maple Leaf Cement

70.71

2.30

2.05

2.70

2.85

2.45

National Bank

43.51

51.80

51.30

52.70

53.10

52.20

Nishat (Chunian)

50.59

25.60

25.40

26.00

26.20

25.80

Netsol Technologies

47.06

21.25

21.05

21.70

21.95

21.50

NIB Bank

44.17

Nimir Ind.Chemical

58.08

Nishat Mills

45.66

58.55

57.70

Oil & Gas Dev. XD

64.99

152.40

150.75

PACE (Pakistan) Ltd.

47.98

2.65

2.45

53.77

2.70

1.60

1.60 2.60

1.45

43.85

44.20

37.70

K.E.S.C

1.65

42.90

38.15

Kot Addu Power

Pervez Ahmed Sec

43.20

37.95

43.55

201.35 202.55 200.55

1.75

1.80

1.70

2.85

2.95

2.75

60.05

60.70

59.20

155.30 156.55 153.65 3.00 1.95

3.15 2.10

2.80 1.75

P.I.A.C.(A)

51.79

2.40

2.35

2.50

2.55

2.45

Pioneer Cement

66.35

5.55

5.20

6.15

6.35

5.80

Pak Oilfields

63.03

335.05

333.05

338.55 340.05 336.55

Pak Petroleum

57.50

212.40

211.20

214.65 215.70 213.45

Pak Suzuki

43.05

65.45

64.30

P.S.O. XD

64.09

287.05

283.95

P.T.C.L.A

63.78

17.45

17.40

Shell Pakistan

70.78

226.30

224.65

Sui North Gas

51.58

18.75

18.45

19.40

19.75

19.10

Sitara Peroxide

50.74

17.75

17.50

18.20

18.45

17.95

Sui South Gas

53.39

22.40

22.30

22.60

22.70

22.50

67.80

69.00

66.65

292.40 294.60 289.30 17.60

17.70

17.55

229.30 230.65 227.65

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

Telecard

61.55

1.80

1.65

1.95

2.05

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

TRG Pakistan

54.39

2.75

2.70

2.85

2.90

2.80

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

United Bank Ltd

42.42

62.80

62.60

63.30

63.55

63.05

WorldCall Tele

48.27

2.15

2.10

2.25

2.30

2.20

Trend forecasting oscillators are currently bullish on ENGRO.

oscillators are currently bullish on FFBL.

ing oscillators are currently bullish on PTC.

forecasting oscillators are currently bullish on NBP.

1.85


7

International/ Continuations

Saturday, June 4, 2011

Stocks, oil slide on US jobs report shock

MUMBAI: Reliance Industries Chairman Mukesh Ambani with his wife Nita and daughter Isha pose on their arrival at the company's annual general meeting in Mumbai. Reuters

French Navy Boss Sees Libyan Military Humanitarian Aid PARIS: Coalition forces are likely to be deployed in Libya once the conflict ends to provide humanitarian relief but France will not send ground troops to speed up the outcome, the head of the its navy said in an interview. Admiral Pierre-Francois Forissier said the NATO-led military operation in Libya would have been helped if Britain had been able to field an aircraft carrier but France's Charles de Gaulle flagship could continue operating there until the autumn. "The political objective is to not commit troops on the ground and we are not working on that option as long as the crisis is not resolved," Forissier told Reuters. France and Britain led the push for a no-fly zone over Libya to prevent attacks on civilians by Muammar Gaddafi's forces, under a U.N. Security Council resolution agreed in March. "Once we have achieved the set military objectives...then no

doubt we will need humanitarian assistance," he said. "Without a doubt it will be military means that will be used in the first phase because it's the fastest and easiest to put in place." French and British attack helicopters are set to be deployed in Libya to ratchet up the NATO-led military intervention to break a deadlock that has seen Gaddafi cling to power despite weeks of air strikes and a rebel uprising. The 60-year-old former nuclear submarine commander declined to provide any details. "There's a 3,000 year old principle of war: when you go to war you have to surprise the enemy." The Libyan conflict comes as France and Britain, Europe's only nuclear powers with a centuries-old history of military rivalry, edge toward military cooperation as they look to cut costs while retaining their capabilities. The cooperation may eventually lead to the creation of iden-

tical ships, equipment and similar training, Forissier said. After reaching a framework deal in November, both sides are finalising steps for greater integration, which could include cooperation between British and French defence industries on equipment for nuclear submarines and military satellites. Britain's BAE System's and France's Dassault Aviation have already said they will work on an unmanned spy plane capable of launching weapons. "When we compare the European industry with America's, we see a huge number of companies in Europe and just a few in America," he said. "It's clear these European firms won't survive and mergers will be needed to be competitive globally." ENTENTE CORDIALE One area earmarked for cooperation is the use of aircraft carriers. In a sweeping review last year, Britain cut its defence budget of 36.9 billion pounds by 8 percent in real terms up to

2015, scrapping its only aircraft carrier. While the short distance between coalition bases and Libya means an aircraft carrier is not essential, Forissier said a British carrier would have been useful to reduce air time, boost attacks and relieve the Charles de Gaulle. Forissier would like the French flagship to return to base to replace older Super Etendard jet fighters with the latest Rafales. If it were forced to continue its operations "it would only begin to have serious problems in the autumn," he said. A new British carrier, the Queen Elizabeth, due by 2020 will be designed so each country could fly its planes off the other's ship. The aim is to have one carrier at sea at all times. British crew will learn on the Charles de Gaulle so that the Queen Elizabeth can enter operation once finished. One British watch officer is currently operating on the French vessel. -Reuters

CONTINUATIONS No #1

Continued from page 7

G-5 Islamabad, Rs 12 million for strengthening and capacity building of Mineral Wing, Rs 38.676 million for upgradation and strengthening of Geosciences Advance Research Laboratories, GSP Islamabad, Rs 47.457 million for Accelerated Geological Mapping and Geochemical Exploration of the Outcrop Area of Pakistan, Rs 0.750 million for Review and Upgradation of National Mineral Policy, Rs 5 million for National Coal Policy and Rs 2.500 million for Thar coal Gasification District Tharparkar, Sindh. -APP

No #2

Continued from page 7

immediately available. Reports had said that the military and the defence ministry had sought an outlay of more than Rs 500 billion but the figure was slashed by the finance ministry in view of a severe financial crunch and stagnant economic growth. The total outlay for fiscal 2011-12 was Rs 2,767 billion ($32.17 billion), 14.2% higher than the size of the budget estimates for 201011. The government also earmarked Rs 1,454.73 million under its Public Sector Development Programme for ongoing schemes of the Defence Production Division for 2011-12. According to details provided in budget documents.. Moreover, Rs 365.3 million was allocated for civil works for upgrading Karachi Shipyard and Engineering Works. An allocation of Rs 22,000 million was made for the Pakistan Atomic Energy Commission under the Public Sector Development Programme, budget documents said. The Pakistan government has traditionally made defence allocations with the objective of maintaining conventional parity with India. APP

No #3

Continued from page 7

schemes in the upcoming financial year. Rs 6000 million has been allocated for Raising of Mangla Dam including resettlement and Rs. 1000 million each for Satpara, Gomal Zam, Winder, Ghabir, Naulong and Darwat dams, Lower Indus Right Bank irrigation and Drainage Sindh and Balochistan Effluent Disposal into RBOD. An amount of Rs 1500 million each have been specified Kachhi Canal (Phase-1) and Rainee Canal (Phase-1) in the fiscal year 201112. A sum of Rs 1000 million has been earmarked for new schemes including Nai Gag Dam, Rs.700 million for Hingol Dam and Rs 500 million for 100 small dams in Balochistan. -APP

No #4

Continued from page 7

confidence building comments in this regard is made by Finance Ministry officials in the post budget press conference. Pakistan's once vibrant and actively traded Karachi bourse that used to trade Rs40bn a day in cash (Rs28bn) and single stock futures (Rs12bn) on an average is on the verge of loosing its once famous slogan of most liquid market of Asia and the government has totally ignored this market once again. According to details, 10% CGT remained on shares sold within six months which would be increased to 17.5% by 2014 while 7.5% CGT has been imposed on shares sold within one year but more than six months and it will increase to 10% by 2015. However, there will be no CGT on shares sold after one year. -APP

No #5

Continued from page 7

Rs. 851.174 million have been allocated for Development of Marble and Granite sector, Rs. 205.450 million for Development projects of Pakistan Gems & Jewelry Development Co, Rs 148. 580 million for Sports Industries Development Centre Sialkot, Rs 124.684 million were fixed for Ceramics Development and Training Complex, Rs. 99.390 million for Foundry Service Centre, Lahore and Rs. 92.24 million were allocated for Red Chilies Processing Centre Kunnri, Sindh. Out of new schemes, Rs 100 million have bee allocated for Establishment of Chromite Benefication Plant at Muslim Bagh, Baluchistan and Rs. 16.425 million have been fixed for CFTC for Light Engineering Cluster Mardan. -APP

No #6

Continued from page 7

billion rupees and others 23 billion rupees. Shaikh said water has been given priority in the infrastructure for which 33.2 billion rupees have been allocated in the PSDP. Second priority is electricity for which 32.5 billion rupees have been allocated. In addition WAPDA and PEPCO would make investments worth 83 billion rupees from their own resources which would help overcome the crisis of load shedding. He said 15.5 billion rupees have been allocated in the budget for Chashma Nuclear power plants three and four which would generate six hundred megawatts of electricity. Transport and communication would get fifteen billion rupees out of which 35 billion rupees have been earmarked for National Highway Authority and fifteen billion rupees for Railways. The Minister pointed out that although Health and Education have been devolved to the province, but the federal government has taken upon itself some of the important responsibilities in this sector like EPI, Lady Health Workers and Mother-China Healthcare programs. Fifteen billion rupees have been allocated for these programs. Higher Education Commission would continue to be the fiscal responsibility of the federal government and it will get forty billion rupees in the next budget. Four billion rupees have been allocated for Population Welfare progamme of the federal government. The budget has allocation worth 28 billion rupees for development of FATA, Gilgit-Baltistan and Azad Jammu and Kashmir. Thirty-three billion rupees have been allocated for small infrastructure schemes under Peoples Works Programs to be implemented on recommendations of the members of the parliament. Defence allocations for the next year have proposed at 495.2 billion rupees while 166.4 billion rupees have been allocated for subsidies. The new budget allocates 790.9 billion rupees for payment of interest on loans. The Minister for Finance announced fifteen percent increase in the salaries of the Government employees with effect from 1st of July.

NEW YORK: Global stocks and oil prices slid on Friday after U.S. jobs growth for May came in way below market expectations, heightening worries that the world's largest economy is in a protracted slowdown. However, a report showing encouraging expansion in the U.S. services sector, one of the few bright spots in a week inundated with gloomy data, helped to trim losses. Wall Street's benchmark S&P 500 index was down slightly more than half a percent, after earlier hitting a six-week low. The dollar tumbled against the yen and Swiss franc, traditionally seen as the currency market's safe havens, after the government's monthly labour report showed the U.S. economy adding the smallest number of jobs since September. "This highly disappointing report is a real shocker," said Mohamed El-Erian, co-chief investment officer at Pimco, the largest U.S. bond manager, in Newport Beach. California. "It confirms that America has an unemployment crisis that involves worrisome economic, political and social dimensions. It speaks to a large unemployment problem that is becoming increasingly structural, and therefore protracted, in nature." Global stocks, measured by MSCI's world equity index, fell 0.2 percent. European

Moody's Underscores Need To Act On Debt

shares were also down about 0.2 percent, retreating from an earlier loss of 1 percent. U.S. crude oil was down half a percent, trading just below the key $100 per barrel level. It fell 2 percent earlier on worries that any further erosion of the U.S. labour market would hit consumer spending, reducing fuel demand. While some fund managers brooded over the depressing jobs report, others wondered whether the Federal Reserve will send more cheap money their way to support markets in these difficult times. "It doesn't matter what the reality is, it matters what the perception is, and the perception is that QE3 will at least be debated again instead of being tossed on the fire," said Dennis Gartman, author of a markets commentary letter. The Fed's $600 billion bondbuying program, known as QE2, ends later this month. The Labour Department said the U.S. jobless rate rose to 9.1 percent in May as high energy prices and the effects of Japan's earthquake bogged down the economy. Closely watched nonfarm payrolls increased 54,000 last month. Private employment rose 83,000, the smallest amount since June, while government payrolls dropped 29,000. Economists polled by Reuters had expected payrolls

to rise 150,000 and private hiring to increase 175,000 in May. The government revised employment figures for March and April to show 39,000 fewer jobs created than previously estimated. In a separate report, the Institute of Supply Management said the U.S. services sector picked up modestly in May after a sharp drop in the previous month. The Dow Jones industrial average was down 93.09 points, or 0.76 percent, at 12,155.46. The Standard & Poor's 500 Index was down 9.43 points, or 0.72 percent, at 1,303.51. The Nasdaq Composite Index was down 22.53 points, or 0.81 percent, at 2,750.78. The benchmark 10-year U.S. Treasury note was up 7/32, with the yield at 3.0041 percent. Ten-year Treasury yields fell below 3 percent this week, the first time since December, as investors became wary about the near-term economic outlook. The euro rose to a fresh onemonth high against the dollar after Greece said the European Union's and International Monetary Fund's inspection of the country ended positively. The single currency climbed as high as $1.45530, its strongest since May 6, and last traded at $1.45680, up half a percent. Reuters

Airline fares set to rise on oil price surge SINGAPORE: Air travelers face more expensive ticket prices as airlines do their best to pass on an estimated $50 billion rise in fuel costs this year, Asia's leading industry body said on Friday. Andrew Herdman, director general of the Association of Asia Pacific Airlines, said fares would need to increase by 10 percent to compensate for high oil prices, but analysts have questioned whether carriers will be able to completely pass the costs along. His remarks came ahead of next week's annual meeting of the International Air Transport Association. "Last year we almost got used to (the oil price of) $80 a barrel and had a great year. But with oil prices at $100 and above, the challenge is how do you pass on that higher cost," Herdman said in an interview. "The industry right now is basically looking at an annualised $50 billion cost increase and that is bound to push up fares. When revenues are (around) $500 billion, fares have to go up by 10 percent," he added. Last year, the industry recovered faster than expected from the recession, post-

ing a record profit of $16 billion, thanks to rising demand and moves to shed capacity. But the IATA has said its recent 2011 forecast for $8.6 billion profits now looks optimistic and it may cut it on Monday. Herdman said an average oil price of more than $120 barrel could result in annual losses for the industry because it operates on razor thin margins. At the peak of the global recession in 2009, the industry posted an annual loss of nearly $10 billion, forcing carriers to cut capacity by grounding aircraft and reducing their headcount. Some airlines have reintroduced fuel charges as Middle East tensions helped push up oil prices this year, but analysts question whether they have succeeded in passing on the full impact to customers because demand remains volatile in the face of a sluggish economy. Singapore Airlines and Qantas have increased fuel charges three times so far this year and warned that fuel price as the biggest risk for the industry. Cathay Pacific Airways also received approval in March to raise its fares. -Reuters

ON BOARD AIR FORCE ONE: A warning of a possible credit rating cut by Moody's underscores the need for a bipartisan deal on the U.S. debt ceiling, a White House spokesman said on Friday. The Thursday report from the ratings agency made clear that Congress needs to act for the United States to meet its financial obligations, White House spokesman Josh Earnest told reporters on Air Force One. "It also demonstrates that we need to act in a bipartisan fashion to engage in long-term deficit reform," he said on the way to Toledo, Ohio, where U.S. President Barack Obama was to visit a Chrysler plant. Moody's said it would consider cutting the United States' top-notch credit rating if the White House and Congress do not make progress by mid-July in talks to raise the debt limit, which constrains the amount the government can borrow. Earnest said there was "a lot of cause for optimism" on the U.S. economy and said a debt deal could give a further boost. "The president believes that long-term deficit reduction is something that is good for the economy," Earnest said. Reuters There is also proposal to increase the conveyance allowance of employees in grade-1 to 15 and their counterparts in armed forces by 25 per cent. All government employees and members of the armed forces would get conveyance allowance at specified rates irrespective of their place of postings. Similarly, there is also proposal to increase other allowances for employees from grade one to fifteen. He said the General Sales Tax rate has been reduced from 17 per cent to 16 percent which will benefit millions of people. In order to bring reforms into the system of duties, it is proposed to abolish all special excise duties. He said out of three hundred ninety-seven regularities duties, three hundred and ninety-two are being abolished. Shaikh said the exemption limit on income tax has been raised from three hundred thousand rupees to three hundred and fifty thousand rupees. He said withholding tax on withdrawal of cash from banks is being reduced from 0.3 per cent to 0.2 per cent. There is also proposal to lower federal excise duty on cement from seven hundred rupees per metric ton to five hundred rupee per metric ton. Federal excise duty on soft drinks has been reduced from twelve to six per cent. The Minister said a number of other steps are also being taken that would promote investment, help improve capital market and generate more employment opportunities. Despite difficulties, it raised salaries of the government employees by 15 percent besides increasing exemption on taxable limit to three hundred thousand rupees benefiting 1.2 million employees. It did not increase customs duty and instead reduced it on 29 items to provide relief to the people. Dr Hafeez Sheikh said as we are about to enter new financial year, there are signs of improvement and economic difficulties are decreasing. Later, the Finance Minister laid the Finance Bill 2011-12 before the House. The House will now meet on Monday at 5pm to commence general debate on the budget.


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16 killed in Baghdad bomb blast

SANAA: An army soldier keeps watch over a rally to demand the ouster of Yemen's President Ali Abdullah Saleh in Sanaa. Reuters

Nato urged to stop infiltration into Pak WASHINGTON: Pakistan Ambassador to US Husain Haqqani expressing his concerns over the Taliban attack in Dir has asked the Nato and US to control infiltration of militants from the Afghanistan side. Meeting with the officials of the US State Department, Pakistan's ambassador Haqqani expressed his reservations regarding the attack of Afghanistan's Taliban on the Pakistani security forces in Dir in which 70 people were killed including 25 security officials and 45 militants. Haqqani said that the Nato and Afghan forces should stop the Afghan Taliban on attacking Pakistan. He also said that the forces should conduct operations against the Taliban hideouts. He said that there is dire need to enhance security at the Pak-Afghan border, so that Pakistan can concentrate on its work. -Online

World sugar price fall on surplus ISLAMABAD: As global sugar prices need to drop below the domestic price of ethanol in Brazil, top producer of the sweetener, to curb output at a time when the surplus on world markets was surged, the officials said on Thursday. "The prices have been in a downward trend since February, but in a wide channel with very volatile daily movements, a private TV channel reported. Sugar futures fell on Wednesday, weighed down by weaker commodity markets, a strong dollar and the sting of news that China s economy appears to be cooling. New York's July raw sugar contract dropped 0.93 cent or by 4 percent to settle at 20.94 cents per lb. August white sugar futures in London fell $18.20 to close at $594.40 a tonne. -APP

5 killed in Khi strike violence Staff Reporter KARACHI: At least five people have been killed and scores injured including two policemen in the incidents of violence and riots linked to the call of strike against energy crisis by some political groups here on Friday. Meanwhile, unidentified miscreants have set five trucks on fire near Al-Asif square here in metropolis. Several incidents of firing in areas including Al-Asif, Quaidabad, Sohrab Goth, Malir, Maripur, superhighway, Mosamyat Chowrangi and many others have been reported after the dawn. A man has been shot dead near Mosamyat roundabout, another man has been gunned down in Malir 15. A man has been shot and

injured in Quaidabad area, media reports confirmed. A number of miscreants have come out on superhighway and blocked the traffic after setting on fire five trucks, which left five men injured including two police personnel. Later, miscreants resorted to aerial firing to trigger panic among people and ran rampage after blocking the highway at Al-Asif. More than seven people have been injured and five have been killed so far in incidents of violence and firing across metropolis since dawn. Police and law enforcement agencies including Rangers have reached the places of riots and started bringing the situation to normalcy. Injured are being shifted to Civil, Jinnah and other hospitals for medical treatment.

Waived loan case

Banks told to submit record KARACHI: The State Bank of Pakistan (SBP) Friday directed all the banks and the development finance institutions (DFIs) to immediately submit the entire record of all the written-off, remitted, reversed, and /or waived off loans/ advances/ finances of Rs 2.5 million and above, for the period from 1971 to 1991, and Rs 25 million and above from 1992 onward, to the Commission constituted by the Supreme Court of Pakistan in suo moto case No 26 of 2007 for its examination and consideration as to whether they were allowed without validity and justification, or because of political reasons or considera-

tions other than law or bona fide business considerations. The SBP has also directed the banks/ DFIs to ensure compliance of the above instructions and provide any and all assistance and co-operation in the work of the Commission as well as comply with any general or special instructions of the Commission, according to BPRD Circular No 08 of June 03, 2011. These instructions/ directives have been issued by the State Bank on the advice of Honorable Supreme Court of Pakistan to the Presidents/ Chief Executives of all the banks/ DFIs. -NNI

EU, IMF talks end positively ATHENS: Greece said on Friday that international lenders had concluded an inspection of its bailout program positively, as the country's prime minister outlined plans for deeper austerity measures. The prospect of a second bailout for debt-stricken Greece calmed market fears of a default, but a brief statement by the Greek Finance Ministry made no mention of any agreement on further assistance. "The discussions of the Greek government with the representatives of the EC, the ECB and the IMF concluded today positively," it said, referring to the European Commission, the European Central Bank and the International Monetary Fund. The inspectors are due later on Friday to issue their own verdict on Greece's troubled implementation of a 110 billion euro ($160 billion) bailout plan agreed last year. The Greek statement was made as Prime Minister George Papandreou met Jean-Claude Juncker, head of the group of euro zone finance ministers, to deliver a medium-term budget plan. -Reuters

No win in WoT without Pak: US WASHINGTON: The White House has said Pakistan is vital to US success against terrorists in the region and pledged to continue cooperative ties with the country, despite complicated nature of the relationship. "I think we have made clear that our cooperative relationship with Pakistan is important. It's been complicated, obviously. But it is vital to our successful effort against terrorism and terrorists," President Barack Obama's Press Secretary said. Jay Carney spoke amid signs of renewed joint efforts against terrorist as the two countries -

who have been working closely against Taliban and al Qaeda operatives - worked to repair strains that developed from American unilateral action against Osama bin Laden in Pakistani town of Abbottabad. Questioned as to why the US should continue to pursue close ties with Pakistan, the White House spokesman reminded journalists at a briefing of Islamabad's key help against terrorists over the years. "The cooperation we've received from Pakistan in the past has led to a variety of successes in our effort against terrorists. And we look forward

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to continuing that cooperative relationship." Pressed on the issue of trust between the two countries, Carney remarked "there's no secret to the fact that this is a complicated relationship and at times a difficult relationship." But, he emphasized, "it is an important relationship and one we're committed to because the cooperation between the United States and Pakistan, between our governments, our militaries, our security services, our intelligence services, is so vital to America's national security interests. "And so because of that, we will continue to pursue it." -NNI

BAGHDAD: A bomb targeting worshippers attending Friday prayers at a mosque north of Baghdad killed 16 people and wounded dozens more, the top medical official in the province said. It was the second major attack in as many days in Iraq and highlighted the difficulties Iraqi security forces still face in protecting their own people as American forces prepare to leave by the end of the year. Sixteen dead were brought to the main hospital in Tikrit, said the medical official, Dr Raeid Ibrahim. He said an additional 54 people were wounded, indicating that the death toll could rise. Tikrit is the home town of deposed ruler Saddam Hussein, and many of his relatives and associates live there. There was no immediate claim of responsibility for the bombing. One of the injured was a provincial council member, Mohammed Fadhil, who was in the operating room, Ibrahim said. Mohammed al-Asi, a media official from the governor's office, confirmed that Fadhil was injured in the blast. A media adviser to the Salahuddin province governor, Ali al-Samarraie, said ambulances were still bringing casualties to the hospital. Tikrit is 80 miles (130 kilometers) north of Baghdad. There were conflicting accounts of whether the blast was caused by a suicide bomber. A police officer in Tikrit said a suicide bomber walked into the crowd of worshippers inside the mosque as prayers were starting and blew himself up. But al-Samarraie said initial reports indicated that it was a bomb planted inside the building. The mosque is located inside a compound of palaces built during deposed ruler Saddam's era. On Thursday night, series of bombings ripped through the capital of Iraq's western Anbar province, killing nine people, Iraqi officials said. -Agencies

CJ gags counsel citing ZAB trial case ISLAMABAD: Chief Justice of Pakistan Iftikhar Muhammad Chaudhry on Friday restrained a senior counsel to cite murder trial of late Zulfiqar Ali Bhutto (ZAB) as case reference. Heading a three-member bench over a review of murder case, the Chief Justice stopped a senior counsel, appearing in appeal for acquittal titled Shaukat Ali versus Haji Bashir Ahmed, from citing the ZAB's murder trial case as it had never been made a base for any case law. "The case has never been referred and especially when we are seized with the matter," he told him. A larger bench of the apex court will resume hearing on June 27 of a Presidential Reference seeking its advisory jurisdiction over murder trial of late ZAB under Article 186 of the Constitution. The Chief Justice during last month's proceedings over the issue had remarked that law students never referred to the verdict as case law. The ZAB's murder trial had been termed by almost all segments of society as the most controversial verdict handed down in the judicial history of the country. -APP

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Yemen President hurt in palace hit SANAA: Yemeni President Ali Abdullah Saleh was "slightly injured" during an attack on the presidential palace in Sanaa Friday, Al Arabiya reports. The country's prime minister and speaker of parliament were also injured in the attack. Four presidential guards were killed. This comes as tens of thousands of Yemenis held a mass funeral Friday for 50 people killed in regime-sponsored violence in the capital. Heavy shelling expanded into new sections of the capital. At least 155 people have been killed in street battles over the past ten days, About 370 have been killed since the uprising began. Soon after Friday prayers, witnesses said heavy shelling rocked the commercial neighborhood of Hadda in southern Sanaa. Residents fled to basements for cover. One witness said the target appeared to be the home of a tribal notable and brother of the tribal leader whose forces have been in a confrontation with by forces loyal to President Ali Abdullah Saleh for two-weeks. The witnesses spoke on condition of anonymity fearing retribution. In the south, activist Bushra

al-Muktari said security forces opened fire on protesters in the city of Taiz. She said two protesters were injured. She reported scattered small rallies across the city after their main protest camp was broken up violently this week. The city was locked down, and travelers barred from entering the city. Mohammed al-Said said he and his family escaped the violence in Sanaa to Taiz, only to be left waiting on the outskirts of the city since daybreak. For months, youth-led protesters have sought to peacefully oust Saleh, but their campaign has been overtaken and transformed into an armed showdown between Yemen's two most powerful families, the president's and the alAhmar clan. The al-Ahmar family heads the country's strongest tribal confederation, which has vowed to end Saleh's 33 years in power. Violence in Sanaa escalated to new heights overnight as shelling expanded beyond the neighborhood where al-Ahmar clan chief lives. Troops attacked and burned the headquarters of a private TV station owned by one of the 10 al-Ahmar broth-

ers. A building housing an airline office also was set alight. On Friday, shelling moved to the southern side of the capital. The witness said the target was the home of another of the alAhmar brothers. As the country slid deeper into an all-out fight for power, thousands of tribesmen were poised to descend on Yemen's capital to join the battle against forces loyal to Saleh. The president "wants to overturn this revolution and show the world that it is a conflict between al-Ahmar and Saleh," Imam Taha al-Mutawakil told the crowd. A young man speaking to the crowd said the Friday gathering also meant to show support for the protesters in the southern city of Taiz. "By declaring war on the Yemeni people, Saleh's regime is committing suicide," the man said in a microphone. The protesters distributed leaflets in the crowd, giving them instructions on how to deal with the recurrent shelling, particularly in the middle of the night. "Keep your cool. Keep the windows open, shut off the gas and water, go to the basement." Agencies

Afghan parliamentarians meet Zardari

Pak urges strong Afghan MPs link ISLAMABAD: President Asif Ali Zardari on Friday stressed for frequent exchange of parliamentary delegations between Pakistan and Afghanistan and urged for forging stronger links among women parliamentarians in the two countries. Talking to a delegation of Afghan women parliamentarians at the Aiwan-e-Sadr, President Zardari called for enhancing Pak-Afghan bilateral relations. Briefing newsmen, Spokesperson to the President Farhatullah Babar said the President called upon the women parliamentarians to make joint efforts and participate actively at advancing the cause of gender equality and emancipation of women. The President stressed for ending all forms of discrimination against women both in Pakistan and Afghanistan. He expressed the hope that the visit by the Afghan parliamentarians would further strengthen cordial relations between the two countries. The Spokesperson said the President recalled his meeting with the first Convention of Women Parliamentarians from Afghanistan and South Asia last year and said the convention that also included

Afghan women parliamentarians was as a giant leap towards a meaningful participation of women leaders for peace, security and reconciliation in the region. The President while referring to the current wave of militancy and extremism in the region said the world would be a better place if more women were in positions of power. The President said Pakistan wanted to further enhance trade and investment ties with Afghanistan and urged for increasing the current bilateral trade which is around US $ 2 billion to new heights. He expressed the hope that the new AfghanistanPakistan Transit Trade Agreement (APTTA) would boost trade and economic opportunities to the mutual benefit and its smooth implementation would have dividends for peoples of both the countries. The President said it was a moment of pride that Pakistan Peoples Party had to its credit many firsts on the road of women emancipation, adding that Shaheed Mohtarma Benazir Bhutto was the first woman Prime Minister of Pakistan and she was also the first woman

Prime Minister anywhere in the Muslim World. Discussing Afghanistan situation, the President said Pakistan stood for a peaceful, stable and prosperous Afghanistan, which he said, was in its own interest as any development in Afghanistan had its impact on Pakistan. He reiterated that Pakistan would support every effort to bring in peace and stability in Afghanistan adding that Pakistan desired an Afghanled solution to the current situation in Afghanistan. The members of the delegation thanked the President for the meeting and appreciated various efforts being taken by the government for sociopolitical and economic empowerment of women of the country. The delegation included among others Asila Wardak Jamal, Director Human Rights and Women's International Affairs, Shinkai Karokhail, Razai Sadat Mangal, Golalei Nur Safi and Elay Ershad. Salman Faruqui, Secretary General, Dr Nafisa Shah, MNA, Dr Donya Aziz, MNA, Farhanaz Ispahani, MNA and Spokesperson to the President Farhatullah Babar were also present. NNI

Next round of talks will be in Isb: Antony

Siachen ice takes more time to melt NEW DELHI: With India and Pakistan agreeing to continue their talks on the Siachen Glacier, Defence Minister AK Antony Friday said both countries needed more time to debate issues concerning the world's highest battlefield. Antony told reporters here that the talks between the neighbors were "free and frank" and the atmosphere at the meeting was "cordial." "But they were not able to come to a conclusion or agreement. So ultimately, they decided they needed more time both sides. So India and Pakistan will meet again at a mutually convenient time

and the next round will be in Islamabad," he said. At a meeting May 30-31 between the defence secretaries of the two countries, it was decided that they would meet again for the 13th round of talks on Siachen Glacier at a mutually convenient date in Islamabad. At the 12th round of talks, the two sides reiterated their respective positions on the 70-km-long glacier dispute lingering over 27 years now since 1984. Pakistan also gave a "nonpaper" to India explaining their suggestions and proposals for the peaceful resolution of the conflict along the 110-

km Actual Ground Position Line (AGPL) on the Saltoro Ridge. "It is a very complicated issue. Both sides need more time to study this," Antony added. India and Pakistan are estimated to have spent over $10 billion in cumulative budgetary allocations for fighting the battle at altitudes ranging from 16,000 to 20,000 feet, where they have lost nearly 2,300 troops, mostly due to inhospitable weather with temperatures dipping to minus 50 degree Celsius in winter. A truce has been holding on the glacier since November 2003. -NNI

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